6 Steps to Create a Budget for Therapists in 2023
As a therapist, managing your finances can be a daunting task. However, with the right budgeting strategies in place, you can take control of your financial situation and thrive in your practice.
It’s always better to make sure. We constantly help small businesses and freelancers ensure their taxes are prepped for filing well before April 15th to minimize out of pocket costs & end of year surprises.
Tax preparation for small business can be stressful – is your business setup in an optimal way? How do estimated taxes work? Are you paying enough into a retirement fund? How do you handle employees & contractors? These are questions we help small business owners with every day!
As if end-of-year taxes aren’t stressful enough, there’s a good chance you should be paying estimated taxes on a quarterly basis throughout the year. What are estimated taxes? They are an estimation of your annual taxes – divided in bite-sized chunks – to pay the IRS at certain intervals during the year. The worst part is that if you don’t make these payments, chances are you could receive a penalty fee come April 15th. It’s important to speak to an accountant as soon as possible if you aren’t yet paying estimated taxes as a small business owner or freelancer.
As a small business ourselves, we understand that small businesses don't have an endless amount of cash flow. We work with small businesses to maximize their existing revenue and find opportunities to improve cash flow year on year. Whether this is through business structure, tax-advantageous retirement funds, employee structure & more, we will help you position your company to grow.
There are various tax deductions you can make depending on the structure of your practice. Do you use a home office? Do you commute to work? How much do you spend on office supplies? These are all things to take into consideration that may not be top of a mind for a general accountant.
Tax laws vary by state and are constantly changing. And while we are a virtual firm, many of our accountants call Seattle and surrounding areas home. It's important to have an accountant that is familiar with your state laws as well as federal laws in order to stay full across all benefits & tax advantages for each year's return.
As a therapist, managing your finances can be a daunting task. However, with the right budgeting strategies in place, you can take control of your financial situation and thrive in your practice.
QuickBooks is a game-changer for small business financial management, but it’s not always easy to navigate. Let us take the hassle out of accounting tasks so you can focus on growing your business.
Welcome our newest accountant, Usman, to the TL;DR: Accounting team.