On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. This sweeping legislation makes major changes to both individual and business tax rules — and while some things get easier, others will require smart adjustments. If you’re a therapist or small practice owner, here’s a guide to what’s changed — […]
OBBBA Is Law: Smart Tax Moves Therapists Should Consider Now Read More »
The proposed tax legislation known as “The One Big Beautiful Bill“ is making its way through Congress and, if passed, will reshape both personal and business taxes for millions of Americans. For therapists, psychologists, psychiatrists, and other mental health professionals running small practices, it offers a mix of opportunity and complexity. In this post, we
How The Proposed New Tax Bill Affects Therapists & Small Practice Owners Read More »
I’m often asked by clients if it’s better for them to be filing their tax returns jointly or separately. Let’s take a few minutes to review your options in this regard, and highlight the pros and cons of each. First of all, you may not even realize that you have a choice in the matter.
Should You Be Filing Taxes Jointly or Separately? Read More »
Maintaining a cash reserve is essential for the sustainability of your mental health practice, especially during unexpected income fluctuations such as the recent United Healthcare data breach which shutdown the processing of insurance reimbursements for many practitioners. Here are some practical strategies to build up a cash reserve and protect your practice during uncertain times.
Five Tips for Building a Cash Reserve in Your Mental Health Practice Read More »
As we get ready to wrap up the final weeks of 2023, I thought it would be useful to share some last minute tax savings tips that you can still implement at this point to reduce your 2023 tax liability. Some of these will apply to individuals, and some are more geared towards business owners.
2023 Last Minute Tax Savings Opportunities Read More »
New legislation, a long time in the works, will finally take effect starting January 1, 2024, and it will impact the vast majority of business owners in the United States. The Corporate Transparency Act, enacted in 2021, mandates additional Federal reporting requirements for most small businesses. Specifically, any new business entity that was formed between
New Federal Filing Requirements May Subject Business Owners to Hefty Fines Read More »
Hiring your first staff member is an exciting milestone for your mental health practice. Whether you need a part-time receptionist or another therapist, you must decide if they will be an employee or contractor. This decision isn’t as straightforward as it may appear. Let’s delve into the details together, taking a closer look at control,
The Therapist’s Guide to Hiring: Employee vs. Contractor – What You Need to Know Read More »
Today we’re going to venture into the often-overlooked realm of estimated taxes. Whether you’re a seasoned therapist or fresh out of grad school, if you’re self-employed, this is for you. When it comes to financial health, understanding estimated taxes is kind of like understanding billing codes for your insurance claims – get them right, and
The ABCs of Estimated Taxes for Mental Health Pros: Why You Can’t Afford to Ignore Them Read More »
Well, here we go. The IRS has already started accepting e-filed business tax returns for the 2022 year, and individual returns will be accepted on 1/23/23. In other words, tax season is officially underway. Thank G-d, this tax season should be a general ‘return to normal’ when compared to the past few years of chaos
Important Updates for 2022 Tax Returns Read More »
You might have heard recent news about Portugal creating a new ‘digital nomad’ visa to encourage individuals to come live and work abroad in the coastal European country. Ecuador also recently instituted a similar visa with the same intent. If you’re thinking of moving abroad and wondering how that would affect your taxes, here are
Tax Consequences of Moving or Working From Abroad Read More »
