Private Practice Accounting Blog

22

Mar

Employees, Small Business

Basics of Being Self-Employed

Whether you’ve decided to strike out on your own and start your own business or you’re considering it, entrepreneurship is exciting, and it’s great to see people with that spark choosing to run things their way. We are so happy for you! But we can’t hold back from talking about some of the more serious stuff, too. There are three very important things you’ll need to do as a business owner to give yourself a solid foundation upon which to grow: Getting started legally, tracking your business income and expenses, and filing business taxes. Registering & Licensing Your Business Business…

How to Set Fees in Private Practice

One of the most important decisions you’ll make in your therapy practice is how to set your fee structure. Setting a fee structure is all about balance. You must balance the needs of your business with your clients’ resources and willingness to pay. Charging too much will likely limit you to mostly high-income individuals. Charging too low can make your practice very inclusive, but keep this in mind: If you close your practice because it’s not financially sustainable, you are no longer benefiting your clients with the therapeutic help they need. In this article, we will cover two classic pricing…

Solo Retirement Plans: The SEP-IRA vs. the Solo-401(k)

As a solo entrepreneur (or “solopreneur” as they say nowadays), do you feel like you’re out in the cold watching your employee friends partying inside, celebrating their juicy tax-advantaged retirement accounts? Okay, that’s a weird metaphor and it’s kind of creepy to stand out in the cold and watch people, but you get the picture. How can you, on your own, enjoy similar tax benefits as people who work for large firms and have a whole department to handle their 401(k) plans? Though you have several different retirement options, we’re going to compare two of your best options. First we’ll…