When Should a Psychologist Incorporate?

When Should a Psychologist Incorporate?

As a psychologist, you are an expert in the realm of the mind, and you understand better than we do how the build-up of stress can affect other areas of a person’s life. We can make an educated guess that you might be stressing about taxes and liability protection, because pretty much every business owner stresses about these things. Incorporating can protect you from liabilities, and potentially reduce your tax burden but it involves a lot of administrative work. The best time for a psychologist to incorporate is at one of three major junctures of the life cycle of your…
Read More
Keeping Annual Meeting Minutes for Your PLLC/LLC

Keeping Annual Meeting Minutes for Your PLLC/LLC

Deposition Reporter: [reading off paper] "Mr. Scott, do you realize you just contradicted yourself?" "I did?" "Yes you did." "Can I go to the bathroom?" "No." "I really have to, I've been drinking lots of water." "You went five minutes ago." "That wasn't to go to the bathroom, that was to get out of a question." "You still have to answer it." "First can I go to the bathroom?" "No."~ “The Office” Season 4 Episode 12, “The Deposition” Taking notes is important. It got you through school (you did take notes, right?) and it helps you remember things that were…
Read More
How Does An S-Corporation Save Me Money?

How Does An S-Corporation Save Me Money?

How Does An S-Corporation Save Money? If you have read our post about S-Corporations and determining a reasonable salary, you’re probably wondering how S-Corps help save you money. Because it’s a requirement to pay yourself a reasonable salary when operating an S-Corp, savings on your taxes comes into play when your reasonable salary is more than your net income. This lets you take a distribution. Distributions are amounts of cash that you can take out of your business. Distributions are not subject to payroll taxes so by taking a distribution, you save by not paying payroll taxes on that amount…
Read More