Are you counting write offs that matter but typically get overlooked? Get ready as we do an assessment whether or not you’re leaving money on the table and know which receipts should be sent over to your tax professional.
Podcast Goals:
- Identify the 5 areas that are overlooked on your tax write-off in your private practice.
Episode Timeline:
- Section #1 - Advertising [01:29]
- What are included under Advertising? [01:34]
- What benefits can we get from using Psychology Today and how much does it cost as an online advertising platform? [01:52]
- Section #2 - Professional Practices [02:45]
- What are the examples for Professional Practices? [03:14]
- The Dope Therapist Academy as a sample category under Professional Practices [03:32]
- Section #3 - Operations [04:23]
- Operations expenses would include but are not limited to.. [04:45]
- What information is needed by your tax professional if you’re operating on your homespace? [05:02]
- What are the things considered under utilities? [05:18]
- Section #4 - Uncollected fees specifically for services not paid with your actual real rate [05:35]
- Insurance panel as an example [05:45]
- Areas that Doctor TK save receipts on include bank fees, no show, and insurance paying a fraction of fee [05:57]
- What are the helpful features of “Simple Practice”? [06:17]
- Section #5 - Structure [07:01]
- Doctor TK’s taxes are done by a CPA/attorney [07:28]
- Consulting with an employment attorney if you have an HR department [08:03]
- Take the Private Practice Quiz for Free! What’s in it for me? [09:02]
Standout Quotes from Doctor TK:
- “You want to think about writing off and saving your receipts for your license for it to be renewed every 2 years. Do you save your receipts for every single continuing educational program that you take whether it be online and/or face-to-face or like a home study program if it’s not live?” [02:55]
- “In that aspect, if you can see how someone is building a profitable mental health practice, then definitely those receipts should be sent over to your tax professional.” [04:09]
- “Simple Practice has a wonderful feature because I can actually go into the back office, type in what the reimbursement rate was, and then click a little circle button. Then it tells me what the difference was (which was the other half) and then I just print that out and give that to my tax person saying I did not receive this amount of money throughout the year for therapy clients because of these insurance panels that chose not to pay me my full rate.” [06:35]
Resources Mentioned:
- Check out Simple Practice here!
- Take Private Practice Quiz
- Learn more about the Dope Therapist Private Practice Academy
Connect:
Find | Doctor TK
On Instagram: @DoctorTKPsych
On Facebook: @DoctorTKPsych
On Pinterest: @DoctorTKPsych
On Youtube: @Doctor TK
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