When Should Your Therapy Practice Become an S Corporation?

When Should Your Therapy Practice Become an S Corporation?

You’re around the table at dinner sharing a drink with your friends (beer, wine, non-alcoholic — we don’t judge). Your friend says, “You know, ever since I elected my PLLC to be treated as an S Corporation, I’ve just been flabbergasted at the tax savings. Sure, there’s some added complexity and I have to shell out payroll taxes now, but it’s worth it. Trust me!” Your other friend chimes in, “Yes, but first you have to make sure that it’s worth your while. At lower amounts of gross income, the tax benefits just don’t pan out and you end up…
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Can I Do My Own S-Corporation Tax Return?

Can I Do My Own S-Corporation Tax Return?

You’ve set up your S-Corporation, you’ve figured out a reasonable compensation (hopefully with the help of a professional), you’ve weathered a whole year of ups and downs, and your business has lived to tell the tale. Unfortunately, we all know that one of the rewards of a successful year of business is paying taxes on your income. Before you became an S-Corporation, maybe you did your own Schedule C and you’re looking to continue doing your own taxes. Can you do your own S-Corporation tax return? The short answer is yes, but we don’t recommend it. Here’s why: https://youtu.be/6FViTx3wlLA The…
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Reimbursing Yourself for Business Expenses: Accountable Plans

Reimbursing Yourself for Business Expenses: Accountable Plans

You’re checking out at Staples, Office Depot, Kinko’s, or another unexciting yet important local store that caters to businesses. Pulling out your wallet, you notice that your business credit card is missing. Oops! Since you don’t want to leave the cashier hanging, and you do want the goods (and they’re all legitimate business expenses), you run your personal card and make a mental note to reimburse yourself later. After all, businesses regularly reimburse their owners or employees for legitimate business expenses, whether those purchases were planned or not. But the IRS isn’t going to like it if you mix business…
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