- Automated tax calculation for sales, payroll and federal
- Reminders on taxes and compliance filing
- Tax ready reports with P&L, expenses and balance sheets
- Instant access to top tax consultants for therapy practices
- Proficient counsel on therapy practice specific tax frameworks and tax-efficient strategies
- Minimizing tax liabilities and maximizing deductions
- Stay up to date on dynamic tax laws and regulations impacting the healthcare industry
Tax related FAQs for therapists
What deductions can I claim for my therapy practice?
You can often deduct business-related expenses, such as office rent, utilities, office supplies, and professional development. Additionally, expenses related to marketing, insurance, and client management software may be deductible.
To know more about tax deductions for a therapy practice, read here: 10 tax deductions for therapists
How should I keep records for tax purposes?
It's crucial to maintain organized records of your income and expenses. Using accounting software or a dedicated filing system can help you track your financial transactions effectively.
Can I deduct home office expenses as a therapist?
If you have a dedicated space in your home used exclusively for your therapy practice, you may be eligible for a home office deduction. However, there are specific IRS guidelines to follow.
What are estimated quarterly taxes, and do I need to pay them?
Self-employed therapists are generally required to pay estimated quarterly taxes to cover income and self-employment tax liabilities. Failure to pay quarterly taxes may result in penalties.
Are there tax credits or deductions for providing pro bono services?
While you may not receive income for pro bono services, you may still be able to claim deductions for certain expenses related to offering free or reduced-fee therapy, such as mileage or office supplies. Check with a tax professional for specific guidance.
Making payroll painless for therapists
Our comprehensive payroll features help make payroll management super simple.
Stay compliant with mesha
Off Cycle payroll and flexible payment schedules
Next day direct deposit
Payroll Deductions and Garnishments
Overtime and reimbursement calculations
Payroll and taxes across multiple states
Payroll for FTEs, contractors and freelancers
Payroll taxes and compliance
We take care of taxes and compliance to adhere to the local regulations and government declarations.
Stay compliant with mesha
Automated tax calculation
Tax filing and reporting
Tax codes and regulation updates
Multi jurisdiction compliance
Tax liability tracking
Work Classification Compliance
SUI Reporting
Wage Garnishments and Deductions