We Minimize Tax Liability for Private Practices
Our job at TL;DR: Accounting is to make filing taxes as simple and painless as possible for therapists & private practices. We have years of experience specializing in tax preparation, tax strategy & tax filing for private practices of all shapes and sizes across the United States. As a small business, we know every dollar counts - that's why we spend valuable time getting to know your business in order to minimize your tax liability come April 15th.
Are you making the wrong private practice tax deductions?
Here are a few of the most common mistakes we see:
Transportation & Mileage Costs
Many people make the mistake of claiming all mileage and transportation costs as private practice tax write offs. Unfortunately, not all mileage counts. There are only three times when mileage counts as a private practice tax deduction: medical, charitable & commuting between offices.
Meals & Entertainment
Unfortunately, not all meals & entertainment receipts are tax deductible. There are various scenarios when 100% of meal tickets are deductible & other times when 50% and less are.
Home Office
The most recent changes to the tax laws stipulate that the home office deduction is no longer available for employees. If you are self-employed or an independent contractor, you might qualify for the deduction if you can pass two tests: regular and exclusive use or principal place of your business.