TL;DR Accounting

28

Nov

Salary, Taxes

Year-End Tax Prep for S-Corporations

https://youtu.be/7FSzuG0l0PY There are specific steps you can do at the end of the year to legally reduce your company’s tax liability. As long as the tax reduction is greater than the value of the time and money you put into these steps, it can be great for your bottom line! Indeed, some deductions were specifically put into place by the government in order to incentivize small business owners. Many business owners go on a shopping spree at the end of the year in order to reduce their taxes by taking business expense deductions on what they buy. A few things…

Taking Money Out of an S-Corp: Draws vs. Salary

https://youtu.be/VSnRp2qnXkM When you do business in your own name as a sole proprietorship, there isn’t really such a thing as a “salary” or a “distribution.” Clients and customers pay you, you pay taxes, done and done. As long as you keep your personal and business expenses separate, ideally using separate bank accounts, you’re good. As an S-Corporation, suddenly you have a choice to make every time money leaves the company’s “hands” and gets into yours: is it a draw or a salary? Draws Owner draws: Are usually either for estimated taxes, due to a specific event, or from business growth…

Accounting for your Therapy Practice

We are hosting a two-hour class for new Practice Owners in February! Come join us and learn about accounting, taxes and your numbers. Does this sound like you? Wondering if you are keeping track of all of your expenses Asking yourself what some of this means? Been stumped at trying to figure out what you should pay yourself? Wanting to save for retirement but not knowing how? If so you should check out our class page and sign up for the class. TL;DR: If you are a new practice owner or have been in business less than a year this…