Counselor Weekly- 11/14/2024

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Here's the short and skinny of today's newsletter:

  • Meme of the Week

  • Weekly Practice Tip

  • Interesting Articles

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Meme of the Week

This Week’s Practice Management Tip

Income Tax: A Simple Savings Solution

If you’re in private practice, taxes are an unavoidable pill to swallow. Being self-employed sucks when it comes to taxes because you get no employer benefits. I’ll spare you the details, and offer a simple strategy:

Take AT LEAST 30% of your GROSS income and put it immediately into a business savings account.

That’s it. You can do this weekly, or monthly, but it’s crucial you consistently set back income for taxes. I know way too many therapists that panic when it’s time to pay income tax because they failed to save.

I hear therapists talk about all the “write offs” and “deductions” they think will drastically reduce their tax bill. Truth is we don’t have a lot of legal deductions, and you’ll probably pay more in taxes than you anticipated (especially if you’re in the first couple years of owning a private practice).

Paying taxes quarterly is a different post. I actually pay once a year and pay the penalty for failing to pay quarterly taxes, but I have a good reason that I can share on a later post. HINT: I actually make more money by using my strategy than the cost of the quarterly penalties.

You probably owe taxes… This article does a good breakdown of general income tax info.

This is helpful, but nothing shocking here. As I wrote above, we just don’t have that many deductions in our line of work.

Are you an LPC Supervisor in Texas? Need your 6 Supervisor Refresher CEs?

You’re in luck! I offer multiple 6 hour courses specifically designed to meet the 6 hour Supervisor CE requirement for Texas LPC Supervisors. In fact, most of my courses also cover topics such as Ethics and Cultural Diversity, so you can get that CE requirement covered at the same time!