Blog Posts About Private Practices

Therapy Metrics: How to Hit Your Target Income

01

Jul

Private Practice, Therapists

Therapy Metrics: How to Hit Your Target Income

Gold Five: Stay on target. Gold Leader: We're too close! Gold Five: Stay on target! ~ Star Wars Episode IV: A New Hope Targets are important: they help us to focus our energies on what’s truly important to us. Sure, you might not be blowing up the Death Star right now, but you’re probably focused on something just as important as interstellar combat: meeting your target salary. Prefer to watch on YouTube? Press play: Let’s talk through this process step-by-step. Step One: Determine your Average Session Fee Before you start plotting how to hit your target salary, figure…

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.

What are Self-Employment(SE) Taxes?

https://youtu.be/StEiHsOdknM What Are Self-Employment (SE) Taxes? For the sake of argument, let’s say you’re an employee. Since 1990, 7.65% of your paycheck has been sucked into the government’s coffers before you even saw it. Your employer has been doing the exact same amount in tandem by paying 7.65% of your paycheck to the government in payroll taxes for each of their employees. By now you’ve probably done the math: 15.3% of every employee’s paycheck goes to the government right away (up to the annual Social Security cap at least, which in 2019 is $132,900). If you want to get technical,…