Ugh, Taxes Again?!

Tax season can feel overwhelming, especially when you're balancing client care, practice management, and financial planning. But with the right approach, you can simplify the process, maximize deductions, and ensure compliance without the stress. Whether you're filing solo or working with an accountant, here’s a guide to help you navigate tax season smoothly.

1. Know Your Tax Responsibilities

Therapists operating as sole proprietors, LLCs, or S-Corps all have different tax filing requirements. Be sure you understand:
✔ Self-employment taxes (for solo practitioners)
✔ Quarterly estimated tax payments
✔ Deductions available to mental health professionals

Need a quick overview of your tax obligations? Check out this IRS guide for small businesses.

2. Maximize Your Tax Deductions

As a therapy practice owner, many business expenses can be deducted, including:
💰 Office rent & utilities
💻 EHR software & practice management tools
📞 Marketing & website costs
📚 Continuing education & professional memberships

Not sure what’s deductible? Consider using a tool like Keeper Tax to automatically find deductions you might have missed.

3. Get Your Financials Organized

If your finances are a mess, now’s the time to organize them. Using accounting software like Quickbooks can help track expenses, categorize transactions, and generate tax reports.

If you’d rather outsource, hiring a bookkeeper who specializes in therapy practices can save you time and stress.

4. Consider an Accountant or Tax Professional

If taxes feel overwhelming, consider working with a CPA who understands mental health practices. Many professionals offer virtual services tailored to small business owners. A few options include:

• TaxFyle Filing Service

• TaxFyle Tax Consultants

5. Plan Ahead for Next Year

Once tax season is over, set yourself up for success next year by:
✔ Keeping business & personal finances separate
✔ Tracking income & expenses monthly
✔ Setting aside 25-30% of income for taxes
✔ Consulting a tax professional for proactive planning

Final Thoughts

Taxes don’t have to be painful. With the right tools, organization, and support, you can breeze through tax season and focus on what matters—helping your clients. Whether you do it yourself or hire an expert, taking control of your tax strategy will save you time, stress, and money.

Need help? Explore the tax tools and professional services linked above, and take the guesswork out of filing your taxes this year!

P.S. If you have any topic you want to yak about, reply to this email and I will do the research and include in the next the Yakity Yak!

P.P.S. - If you want to contribute a post reply, and we can get you plugged in!

Head Yak Out

Get in Touch:

Have any questions or need immediate assistance? Don’t hesitate to reach out to me at [email protected]. We’re here to help you succeed!

Practice Yak - We’re excited to be a part of your journey to a more efficient and successful practice.

We receive commission on purchases made through links in this email.

Best regards,
Lane
Instagram

X (formerly Twitter)