Taxes

Public Information Reports in Texas: Beyond Franchise Tax Reports

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Texas businesses have long been familiar with the annual requirement of filing franchise tax reports. However, recent changes in regulations have eliminated this obligation for many businesses. Despite this, one crucial document that continues to hold significance is the Public Information Report (PIR).  Maintaining TransparencyThe Public Information Report serves as a tool for upholding transparency …

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Home office deductions: Accountable Plans

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Accountable plans help businesses to optimize their tax footprint, especially for home office deductions. What is an accountable plan? It allows for the reimbursement of legitimate business expenses incurred with personal funds. Think home office setups, mobile phone bills, and even mileage. The key factor? Reimbursements are tax-free for the employee and deductible for the company.  …

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Therapist hiding behind couch attempting to use tax software

Should I Use Tax Software Like TurboTax For My Mental Health Private Practice?

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I think I should be able to do my own taxes, would you suggest a program? You could certainly use TurboTax or TaxAct. Both are user friendly. However, it’s not ideal to do it yourself as a business owner. TurboTax and similar tax software is perfectly fine when you don’t own a business. The tax …

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How To Calculate & Pay Quarterly Estimated Tax Payments For Your Therapy Private Practice

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Quarterly Tax Payments – Paying quarterly taxes is one way to make sure you’re giving the Internal Revenue Service (and state) enough money during the year to avoid owing them a lump sum at filing time – or since they expect to be paid you might incur penalties and interest. There are two types of quarterly tax payments:  …

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