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Morning Reader, We’re a few months into the year… Have you looked at your numbers yet? Not just your bank balance — but what’s actually happening in your business? Now is a great time to check in. Q1 gives you your first real data point of the year. Here are 3 things to look at: 1. Are you on track with revenue? Compare what you expected to earn vs. what actually came in. If there’s a gap, ask: Do I need more referrals? Are my rates aligned? Is my schedule as full as I thought? (QBO: Run your...
Morning Reader, Most financial stress in private practice doesn’t come from one big mistake…It comes from small things that don’t happen consistently. Putting important things off until “later” because they’re not urgent. The good news? There are just a few habits that make a huge difference. Here are 3 to focus on: 1. Keep your books up to date (monthly) This doesn’t have to be perfect. But if your numbers are 2–3 months behind, it’s almost impossible to make confident decisions — or know...
Hey Reader, If you’ve ever Googled “Should I be an S-Corp?”… you’re not alone. Around this time of year, a lot of therapists start wondering about this. Let’s simplify it. First: an LLC is a legal structure.Sole prop or S-Corp is a tax classification. And yes… it can affect how much you pay in taxes. Here’s the high-level breakdown: Sole Proprietor (or single-member LLC taxed as sole prop)You pay income tax + self-employment tax (15.3%) on your net profit. Simple. Straightforward.But once...