Most Recent Blog Posts for Therapists

What’s It Like to Hire TL;DR: Accounting?

29

Dec

Private Practice, Small Business, Taxes, Therapists

What’s It Like to Hire TL;DR: Accounting?

Why tip someone for a job I'm capable of doing myself? I can deliver food, I can drive a taxi, I can and do cut my own hair. I did, however, tip my urologist. Because I am unable to pulverize my own kidney stones.~ Dwight Schrute, “The Office” (TV Show) https://youtu.be/nyiZmb6LvXs Dwight Schrute from the TV show The Office is quite the self-sufficient character, but it could be said that he spends more time than necessary doing things that someone else could do for him. Haircuts, for example, are far easier when you just go to a hair salon and…

2020 Year-End Accounting Wrap Up

2020 has been a tough year for all of us, especially those personally affected by the COVID-19 pandemic. With so much change and so much uncertainty, it can be difficult to keep track of your business’s finances and remember to do all the things you need to do. Despite this year’s tumultuousness, there are still four very important tasks for you to take care of: Reconcile your booksGather a list of business expenses that you paid using a personal card (and vice versa)If you have employees, look over their W-2s for accuracy (especially when it comes to health insurance and…

What Types of Taxes Must I File as a Washington-Based Therapist?

Tax law treats business owners very differently from employees. In the great state of Washington, many employees only have to worry about federal taxes because there’s no personal state income tax. Sure, there’s sales tax, but there’s no requirement to keep track of sales tax that you pay personally — you can just use the IRS sales tax estimator*. *(It’s still a good idea to keep receipts for major purchases such as a car, house, or boat because you may be able to add that sales tax on top of the estimated amount on your 1040 for a larger deduction.)…