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…
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Therapists: Hiring Independent Contractor vs. Employee

Therapists: Hiring Independent Contractor vs. Employee

Because you chose a calling that centers around healing the emotional pain of those around you, you’re probably a helper at heart. Imagine this: Lately things have been picking up and you’ve decided to hire another therapist to take on the additional workload. You’ve found that you could use some help yourself! Well, help us help you take on a helper. Perhaps the biggest question to ask yourself before hiring a team member is: Do you want this team member to be an employee or an independent contractor (AKA a freelancer)? The decision is yours because, chances are, you’ll see…
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Therapy Practice Basics: Retirement Plans for a Sole Practice

Therapy Practice Basics: Retirement Plans for a Sole Practice

“Gosh, I’m so glad I started saving up for retirement years ago!”~ Future You, many years from now Do you ever put on a clean pair of socks, or pull a clean bowl out of the cupboard for breakfast, and silently thank “past you” for setting yourself up for success? Now think about that tiny little mood boost and imagine multiplying it by 10,000. That’s what you just might feel like after retiring, knowing that your retirement savings are so strong that they might survive the complete annihilation of Social Security. (We all know that Social Security isn’t going to…
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