TL;DR: Accounting

05

May

LLC, PLLC, Private Practice, Therapists

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…

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…

3 Common Mistakes we see from Therapists New to Private Practice

We see 3 common tax and accounting mistakes for therapists in private practice: Only using a Practice Management Software aka not keep track of expenses Not saving for taxes Formed as a sole proprietorship In the video, we discuss some simple solutions to each problem. Download our Steps to creating your PLLC guide TL;DR: If you are doing any of these, don't beat yourself up, correct it moving forward. P.S. Want to learn how to manage your money better as a therapist? Now you can learn directly from Toni Cameron, CPA with our new on-demand webinars! Check out our most…