Starting Salary for Therapists by State (2024)
10
Jul
By Khaled Albadawi
Salary,

Starting Salary for Therapists by State (2024)

We get it! You want to run your own therapy clinic and be the master of your destiny. You want to be in charge of everything, from clinic operations to handling client issues.  Although embarking on a private therapy practice can be wrought with challenges, the joy and sense of fulfillment should you see it succeed are priceless. Of the many considerations for establishing a private clinic, the starting salary for therapists remains hotly contested. Some professionals earn more than others, even though they are newbies. So, what gives? How much can you expect to earn as a privately practicing…
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Top Do-It-Yourself Bookkeeping Mistakes to Avoid
12
Mar
By Toni Cameron
0 Comments
Bookkeeping

Top Do-It-Yourself Bookkeeping Mistakes to Avoid

https://youtu.be/AaWwjslzBhQ   When you first start a small business, it might not make sense to hire an outside bookkeeper right away, especially if you’re running a solo service business. Think of a solo therapist for example. There might be office rent and a supply purchase every month. You will probably have recurring software expenses and continuing education to purchase. Throw in utilities and insurance, plus hopefully some owner’s distributions to keep food on your table, and that might pretty much be the extent of your books. But it’s still a good idea to hire a trained eye to review your…
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Bare-Bones Bookkeeping: What Is the Bare Minimum I Need to Do for My Books?
27
Feb
By Toni Cameron
0 Comments
Bookkeeping

Bare-Bones Bookkeeping: What Is the Bare Minimum I Need to Do for My Books?

https://www.youtube.com/watch?v=_RQTcYIN4P0 “Do I have to?” If you have a child at home, remember being a child yourself, or if you are a child right now, you’re probably familiar with these four words. (For any children reading this: congrats on developing an interest in bookkeeping at such a young age!) Bookkeeping isn’t for everybody, which is why hiring a bookkeeper is such an important early step for many business owners. But if you aren’t ready to hire someone else to do your books, then somebody’s gotta do it (which probably means you!). The purpose of this post isn’t to nag you…
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When Excel is not Enough
13
Feb
By Toni Cameron
0 Comments
Apps, Bookkeeping

When Excel is not Enough

https://youtu.be/5uVRP-z33CA After month-end, do you look forward to lighting up the 80’s hair metal, cracking your knuckles, and loading up Excel so that you can rock those financials? Well, maybe you’re not as excited about rocking the financials as we are here at TL;DR Accounting, and that’s okay. But perhaps you’re wondering if Excel is still enough for you. Is it time to fly the Excel nest and look for a different or more robust piece of software that’s custom-made for bookkeeping? It’s Time for Reinforcements We’re not saying that you should uninstall Excel — not at all. However, there…
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3 Common Mistakes we see from Therapists New to Private Practice
07
Jan
By Toni Cameron
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PLLC, Private Practice

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. P.S. Want to learn how to manage your money better as a therapist? Now you can learn directly from Toni Cameron, CPA with our new on-demand webinars! Check out our most…
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What are Self-Employment(SE) Taxes?
31
Oct
By Toni Cameron
0 Comments
Estimated Taxes, Newsletter, Private Practice, Taxes

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,…
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SEP-IRA Contributions: Everything You Need to Know
24
Oct
By Toni Cameron
0 Comments
Newsletter, PLLC, Retirement

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…
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Personal vs. Business Expenses
05
Sep
By Toni Cameron
0 Comments
Bookkeeping, Newsletter, Private Practice, Taxes

Personal vs. Business Expenses

https://www.youtube.com/watch?v=ZjF-Z_7XcCU “Business or pleasure?” You’ve probably heard this phrase before in reference to travel. Today we’re going to examine the same idea with respect to expenses. The distinction between personal and business expenses is super important because it has everything to do with whether you can deduct the expense on your taxes. Let’s break it down: for an expense to qualify as a business expense, it must be all of these: Reasonable,Ordinary, andNecessary …for the running of your business. What is a Reasonable Expense? What is a reasonable expense? It is hard, if not impossible, to come up with a…
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When is Working from Home a Tax Deduction?
16
May
By Toni Cameron
0 Comments
Private Practice, Taxes

When is Working from Home a Tax Deduction?

When is Working from Home a Tax Deduction? 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: You must regularly use part of your home exclusively for your business. Principal place of your business: You must be able to show that you use your home as your principal place of business. If you have another location and you ALSO use your home to substantially and…
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When is Mileage a Tax Deduction
09
May
By Toni Cameron
0 Comments
Private Practice, Taxes

When is Mileage a Tax Deduction

When is Mileage a Tax Deduction? There are only three times when mileage qualifies you for a tax deduction. Medical Mileage: 20 cents per mile Miles driven for medical purposes are deductible on Schedule A. The miles you drive to the doctor’s office, pharmacy, and hospital count. However, you only qualify for this deduction if your medical expenses exceed 10% of your income in a given year. Charitable Mileage: 14 cents per mile Miles driven for charitable purposes, such as donating goods or while volunteering, are deductible on Schedule A. So if you are volunteering for a non-profit to pick…
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