Bookkeeping and Taxes for Therapists

NYU’s Stern School of Business has one of the most reputable accounting programs in the nation. The program is known for its focus on financial bookkeeping for therapists and forensic accounting and research leadership. Marist College offers an accounting bachelor’s program that includes real-world experience.

Full-Service Accounting and Bookkeeping for Therapists

In 2021, The Department of Health and Human Services Office for Civil Rights handed out penalties totaling $15 million. SUNY Oneonta offers a 150-credit professional accounting major designed for five years of full-time study. This general accounting program includes a combination of accounting, economics, finance, law, and management classes. Enrollees can pursue a 12-credit concentration in finance or marketing to specialize their knowledge.

G-Suite for Therapists

If you know your numbers well, then you will know exactly what your payroll should be. For example, they are required to keep certain documents related to income and expenses to ensure IRS compliance. Many therapists also need to invoice patients and clients directly. Allow Casey Moss Tax to provide an efficient, simple way to invoice your clients and keep your books in order. Our full-service bookkeeping package will also track your expenses for you, allowing you to focus on what you do best.

For example, enrollees can earn credit by participating in the Volunteer Income Tax Assistant Program. Houghton College also provides opportunities for learners to create on-campus businesses and consult other student business owners. Along with study options, New York provides financial support to its students. Per LendEDU, the state awards over $375,000 annually in need-based scholarships and grants. The Empire State hosts more than 200,000 businesses and holds nearly $9 trillion in its financial institutions.

Managing Payroll and Benefits

The local experts serve the real estate, construction, and hospitality industries. In this episode, Gordon and accountant Julie Herres discuss common mistakes private practice owners make in regard to accounting. Some standard numbers every owner should know are how much you are bringing in, your overhead, variable costs, and how much you need to take home each month.

Full-Service Accounting and Bookkeeping for Therapists

One example of knowing your numbers is knowing how much your advertising costs. Then, you can calculate how much it costs you to bring in a new patient to your practice. Whether it’s understanding the nuances of tax laws, selecting the right bookkeeping software, or planning the financial future of your practice, a CFO or business coach can be a trusted ally.

Manhattan College

Others, like QuickBooks Online, a highly-secure platform, are transparent in that they don’t comply with HIPAA standards. Under the Health Insurance Portability and Accountability Act (HIPAA), mental health professionals face strict data security regulations. If you disclose a patient’s Protected Health Information (PHI) for reimbursement or payment, you could face stiff fines and even jail time for extreme violations.

By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Even with the best accounting software on the market, your books aren’t going to keep themselves. It’s critical to stay on top of your bank reconciliations and make sure your transactions match up. If bookkeeping is not your forte, or if you find yourself lagging in maintaining your financial records, the likelihood of costly mistakes increases.