Author: David Leichter
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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…
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The Therapist’s Guide to Building Financial Stability in Private Practice
Financial stability in private practice requires strategic financial planning, informed decisions, and a business-minded approach. Without a structured financial strategy, therapists may find themselves overwhelmed by operational expenses, fluctuating patient volume, and unpredictable income. Implementing key financial strategies such as diversifying income streams, optimizing business finances, and managing operational expenses can help therapist build a…
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How to Stay Organized for Tax Season as a Therapist
Tax season can be stressful for therapists in private practice, but staying organized throughout the year makes the process smoother and more efficient. Keeping track of business income, deductible business expenses, and necessary documentation ensures compliance with tax laws, minimizes tax liability, and maximizes deductions. This guide will help therapists establish a system for financial…
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5 Bookkeeping Basics Every Therapist Should Know
Managing a therapy practice is more than just client care. For private practice owners, bookkeeping is essential to keep your finances in order, stay compliant with legal regulations, and maintain financial stability. Therapists face unique challenges, such as managing client billing, handling insurance reimbursements, and tracking business expenses like office rent and therapy tools. By…