Author: David Leichter
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The Real ROI of Hiring a Bookkeeper for Your Private Therapy Practice
Let’s be honest: you didn’t start your therapy practice because you love tracking expenses and reconciling bank statements. But here’s the thing — your financial health is just as important as your clinical work if you want your practice to thrive long-term. And after decades as a CPA working with mental health professionals, I can…
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The Cost of Avoiding Financial Advice for Your Therapy Practice
You spent years studying mental health, human behavior, and how to guide clients through trauma and transformation. But no one gave you a manual for building a sustainable business. Financial planning? Tax strategy? Retirement plans? None of that was on the syllabus. Many therapists steer clear of financial professionals. Some think it’s too expensive. Others…
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Can You Handle Bookkeeping Yourself as a Therapist? Pros and Cons
Being a therapist means you’re juggling more than client sessions. You’re also a business owner managing financial and administrative tasks, and the entire business structure that supports your private practice. Most mental health professionals weren’t trained for bookkeeping tasks like tracking insurance reimbursements, client payments, business expenses like office supplies and office rent, managing quarterly…
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How to Categorize Private Practice Expenses for Better Financial
A private practice incurs a wide range of business expenses, including office rent, utilities, administrative tasks, and marketing costs. As a business owner, you have to track deductible business expenses carefully to ensure compliance with tax regulations and optimize financial performance. Understanding the differences between deductible expenses and personal expenses will help you separate business…
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How to Build an Emergency Fund for Your Therapy Practice
Running a therapy practice extends beyond client care. Financial challenges like a slow season, a decline in client appointments, or unexpected expenses such as office repairs or software upgrades can quickly disrupt cash flow. Without proper financial planning, these situations can lead to stress, debt, and difficult financial decisions. That’s why you need an emergency…
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The Therapist’s Guide to Filing Taxes for Their Mental Health Practice
As a mental health professional, your focus is on helping clients navigate challenges and improve their well-being. But when tax season comes around, shifting gears to focus on filing taxes for a mental health practice can become overwhelming. Unlike traditional employees, private practice therapists must handle self-employment taxes, business expenses, and quarterly tax payments while…