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How The Proposed New Tax Bill Affects Therapists & Small Practice Owners

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 […]

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Five Tips for Building a Cash Reserve in Your Mental Health Practice

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.

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New Federal Filing Requirements May Subject Business Owners to Hefty Fines

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

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The ABCs of Estimated Taxes for Mental Health Pros: Why You Can’t Afford to Ignore Them

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

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