Smart Practice - Saving Money on Taxes
Interview with Richard Wurst, CPA
Dr. Beaton loves to coach therapists on private practice building and managing their businesses. She found these tax tips to be really helpful, so she is sharing them with all of you.
This interview describes a way to save money on taxes as a self-employed therapist. Essentially, you pay yourself partly with a W2 and take the remainder in distributions. If your business is a S-corp or a LLC taxed as an S-corp, self-employment taxes are not collected on the portion taken as a distribution. This can save you a lot of money each year on self-employment tax.
Listen to Richard Wurst, CPA describe this process. We hope you find it helpful!
Richard Wurst CPA has been providing personalized professional accounting services to the Marietta area since 1992. He is extremely personable and truly values his relationships with his clients. He has several clients who are therapists and understands their unique needs. As it states on his website, they are "accessible, flexible, and personal, and make your business [their] business."