Category: Tax Tips

Believe it or not, we’re already more than halfway through 2024! As the year progresses, it’s crucial for therapists in private practice to start planning for next year’s taxes. Waiting until the last minute can lead to unwelcome surprises, but proactive tax planning helps you manage your financial situation effectively. Why Do Last-Minute Tax Surprises…

Tax Preparation vs. Tax Planning for Therapists: What’s the Difference? When speaking with therapy practice owners, one common reason they leave their current tax firm is the lack of proactive guidance. Many therapists are seeking ways to avoid being blindsided at tax time and optimize their finances throughout the year. The key to this is…

As a therapist running a private practice from your home, understanding how to maximize your home office deduction is vital for reducing your tax liability. Whether you work exclusively from home, have another office, or are a W-2 employee working remotely, knowing the IRS rules and properly tracking expenses is key. This guide will help…