TL;DR Accounting

07

Jan

3 Common Mistakes we see from Therapists new to Private Practice

We see 3 common tax and accounting mistakes for therapists in private practice: Only using a Practice Management Software aka not keep track of expenses Not saving for taxes Formed as a sole proprietorship In the video, we discuss some simple solutions to each problem. Download our Steps to creating your PLLC guide TL;DR: If you are doing any of these, don't beat yourself up, correct it moving forward.

What are Self-Employment(SE) Taxes?

https://youtu.be/StEiHsOdknM What Are Self-Employment (SE) Taxes? For the sake of argument, let’s say you’re an employee. Since 1990, 7.65% of your paycheck has been sucked into the government’s coffers before you even saw it. Your employer has been doing the exact same amount in tandem by paying 7.65% of your paycheck to the government in payroll taxes for each of their employees. By now you’ve probably done the math: 15.3% of every employee’s paycheck goes to the government right away (up to the annual Social Security cap at least, which in 2019 is $132,900). If you want to get technical,…

SEP-IRA Contributions: Everything You Need to Know

https://youtu.be/Xjew60bp-9Y Have you established a SEP-IRA and are wondering if you’re doing it right? Or perhaps you’re considering establishing a SEP-IRA for you and your employees. Or maybe you’ve never heard of it or otherwise don’t know what a SEP-IRA is. Don’t worry, we’ve got you covered. What Is a SEP-IRA? Let’s start by spelling out the cumbersome acronym: SEP-IRA stands for Simplified Employee Pension - Individual Retirement Account. You’ve probably heard of IRAs before, but even if you haven’t, here are some basic facts about IRAs and SEP-IRAs: First, let’s talk about the two different types of IRAs and…