TL;DR: Accounting

28

Jan

Retirement, Salary, Taxes

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…

What is a Reasonable Salary?

What is a Reasonable Salary? If you have been following our series of posts about S-Corps, then you may be familiar with the phrase “reasonable salary.” But what is a reasonable salary? The IRS is particular about paying yourself a reasonable salary since your salary is subject to payroll taxes. There are a variety of ways to calculate your reasonable salary, and the IRS tends to work with a nine-factor test. The factors are: (1) Employee qualifications; (2) The nature, extent, and scope of the employee’s work; (3) The size and complexity of the business; (4) Prevailing general economic conditions;…

How do I hire Someone?

First...take a step back. While you might have someone already picked out for an open position in your practice, you need some lead time before you can hire someone in Washington State. Do you already have a payroll system set up? If you’re an S-Corp, you should. If payroll is already established, the hiring process can often be a little quicker. File a New Business License Application If not, then you will need to file a NEW business license application. When you apply, the purpose will be “hire employees.” We recommend that you file for a new business license online…