3 Tax Tips for Your Private Practice

3 Tax Tips for Your Private Practice

Taxes get messy. As far as we at TL;DR Accounting are concerned, that is quite the understatement! While you’re free to roll up your sleeves and dig through the gunk of tax law yourself, chances are taxes aren’t your “thing” — after all, you opened a therapy practice, not a tax firm. Still, we’re happy to give you three quick tax tips that will help you save money and stave off some major headaches later on. https://youtu.be/bttdR8AXOzk Tip #1: Keep Track of Your Income and Expenses Have you been tracking the income and expenses of your therapy practice? We highly…
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Private Practice Tax Deductions

Private Practice Tax Deductions

“I shall never use profanity except in discussing house rent and taxes.” Mark Twain Some things never change. Luminaries like Mark Twain were rightfully complaining about rent and taxes 150 years ago, and sure enough these two expenses remain among the top two that befall small business owners. Today we are going to talk about private practice tax deductions, your primary escape from being dragged into ruin by taxes. In general, most of your legitimate business expenses will count as tax deductions for your private practice. Now, when we say legitimate we specifically mean reasonable, ordinary, and necessary expenses. Congress…
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The Profit & Loss Statement for Therapists

The Profit & Loss Statement for Therapists

“... a wiser fella than m'self once said, sometimes you eat the bar and sometimes the bar, well, he eats you.”The Stranger from “The Big Lebowski,” (who was actually talking about bears) If you’re not a fan of the cult classic movie The Big Lebowski, the message here is, “You win some, you lose some.” But if you’re wondering how much you’re winning and losing in your therapy practice, it’s time to pull up the Profit & Loss Statement (the “P&L” for short, also known as the Income Statement). Once you understand how to use it, the P&L is likely…
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