Congrats on your first year in PP! I definitely suggest you also seek the advice of a professional, but hopefully this video helps the process seem more manageable!
I'm wondering what category you would put Accounting fees? I don't do my own taxes and need to add the CPA expenses into my Schedule C somewhere. Would it be considered Misc? Part of Taxes & Licenses? Office Expenses? Your videos are very helpful!
I wonder how this works if I’m in a group practice and I’m a contractor, but have to use my own computer, my own supplies like pens and certain books. I pay for my own psychology today!!! I’m bout to download that handout you have. Thanks 🙏🏽
Hi Marie, Thank you for all your videos! Can you make a video on your record keeping of client progress notes, sessions, etc. Do you use an EHR, create your own, paper etc. Thank you in advance.
This was very helpful! I have been enjoying your videos and learning a lot. I have a question? Is there a reason you use square for credit cards instead of what TherapyNotes offer? Or is it one in the same? Thank you so much!
Great question! As of right now, TherapyNotes' billing feature helps with billing insurance, but they don't have a card processing feature available at the moment. It is super easy to still keep a record of client payments within TherapyNotes, but Square makes the whole process easy!
Hi! New subscriber. I emailed you a few days ago. I am a LCSW in NY, looking to start a cash only teletherapy practice. I’m really scared as someone that has been receiving unemployment due to CoVid since March before taking a leap I want to learn do I have to report my cash earnings and how? Will I have to get off unemployment completely? Do I have to become a LLC or sole prop. Before I start my practice? How can I find a mentor someone that can guide me with all of these business or questions regarding taxes etc?
Thank you for all the great advice. I have been loving your tips and video style. Is this video reflective of the new tax laws that took effect in January 2019?
Oh no! I just tested it and it's working for me. I wonder what happened there. Try this link and see if it works: mailchi.mp/7db40761c9ca/tax-deductible-expenses-private-practice?rfsn=4810182.eff115&subid=knnep873vq0002cl0ntyp
Marie I love your videos! They are so helpful and informative. Question- would office decor be tax deductible? Things like pictures, lamps, plants, rugs, etc
Would I fill out that same form if I am an independent contractor? Also, is it required to hire a CPA once you get started, or is it okay to wait until tax time? Thank you
Great questions! I have to be honest that I'm not familiar with what differences apply to independent contractors. Would that mean you're contracted to offer therapy for a certain company? It's a new topic for me and I'd love to hear more! Regarding CPAs, it's not required at any point to hire a CPA, but it can be incredibly helpful to the process! So it's up to you regarding if and when to find a CPA.
Thank goodness someone made a video about this. This has been my first year in private practice and have been super nervous about taxes
Congrats on your first year in PP! I definitely suggest you also seek the advice of a professional, but hopefully this video helps the process seem more manageable!
Another very helpful video, thanks so much!
Just found your videos and am amazed at the depth and variety. Thank you from a full-time employee venturing out in a part time practice :)
Woo hoo! 🙌Good luck to you as you venture out!
As business is gradually growing, this is super helpful for me to keep track of my expenses and all! Thank you!
Love that your business is growing, keep it up!
Just found your videos. You are an answered prayer. Thank you for taking the time to do these! You are wonderful!
Thank you so much for this video!!! Just started as a fee for service contractor LMSW and this was instrumental and very informative.
Glad it was helpful. Best wishes in your new role!
I'm wondering what category you would put Accounting fees? I don't do my own taxes and need to add the CPA expenses into my Schedule C somewhere. Would it be considered Misc? Part of Taxes & Licenses? Office Expenses? Your videos are very helpful!
Would I need a city business license with a tele health only practice? Thank you so much on your content & sending positive vibes for a safe delivery💕
Thank you !! I wonder how to deduct this retirement contribution when filing quarterly tax.. thank you :)
I wonder how this works if I’m in a group practice and I’m a contractor, but have to use my own computer, my own supplies like pens and certain books. I pay for my own psychology today!!! I’m bout to download that handout you have. Thanks 🙏🏽
It actually did, thank you so much!
Is there any deduction for the difference in the amount billed to insurance and amount they pay?
Hi Dr. Fang! Thank you for this incredibly comprehensive video. May I ask if you have a single member or multi member LLC?
Thank you!!! Super helpful
Hi Marie, Thank you for all your videos! Can you make a video on your record keeping of client progress notes, sessions, etc. Do you use an EHR, create your own, paper etc. Thank you in advance.
Love this request! I've been asked this quite a bit so I need to make a video on this one soon!
This was very helpful! I have been enjoying your videos and learning a lot. I have a question? Is there a reason you use square for credit cards instead of what TherapyNotes offer? Or is it one in the same? Thank you so much!
Great question! As of right now, TherapyNotes' billing feature helps with billing insurance, but they don't have a card processing feature available at the moment. It is super easy to still keep a record of client payments within TherapyNotes, but Square makes the whole process easy!
Hi! New subscriber. I emailed you a few days ago. I am a LCSW in NY, looking to start a cash only teletherapy practice. I’m really scared as someone that has been receiving unemployment due to CoVid since March before taking a leap I want to learn do I have to report my cash earnings and how? Will I have to get off unemployment completely? Do I have to become a LLC or sole prop. Before I start my practice? How can I find a mentor someone that can guide me with all of these business or questions regarding taxes etc?
What system do you use for your practice to document progress notes, insurance etc
God bless you! This is amazing information.
Thank you for all the great advice. I have been loving your tips and video style. Is this video reflective of the new tax laws that took effect in January 2019?
Thank you so much for this video! The PDF on expenses that you link to goes to an “invalid link.” Would you be able to link it again? Thank you!
Oh no! I just tested it and it's working for me. I wonder what happened there. Try this link and see if it works: mailchi.mp/7db40761c9ca/tax-deductible-expenses-private-practice?rfsn=4810182.eff115&subid=knnep873vq0002cl0ntyp
Marie I love your videos! They are so helpful and informative. Question- would office decor be tax deductible? Things like pictures, lamps, plants, rugs, etc
So glad you enjoy the videos! Yes, office decor is tax deductible! Those would go in the "supplies" category
Would I fill out that same form if I am an independent contractor? Also, is it required to hire a CPA once you get started, or is it okay to wait until tax time? Thank you
Great questions! I have to be honest that I'm not familiar with what differences apply to independent contractors. Would that mean you're contracted to offer therapy for a certain company? It's a new topic for me and I'd love to hear more! Regarding CPAs, it's not required at any point to hire a CPA, but it can be incredibly helpful to the process! So it's up to you regarding if and when to find a CPA.
I clicked on the link for the PDF for tax deductible expenses but never received it. I'm getting other emails, but that one never came through . . .
It's a link on the confirmation page - sorry for the trouble! Shoot me an email and I'll send it to you! :) marie@privatepracticeskills.com
Thank you.