Updated October 2026 · By Mark Schwarz · Reviewed by WellnessFi’s tax team Continuing education is part of the job when you’re a therapist, and so is the bill for it. If you own your practice, a CEU tax deduction can cover far more than the course fee: certifications like EMDR and Gottman, books, consultation
Are CEUs and Therapy Certifications Tax Deductible? Read More »
Updated October 2026 · By Mark Schwarz · Reviewed by Wellness Fi’s tax team If you’re a therapist in private practice, every legitimate deduction you miss means paying tax on money you spent running your practice. This guide covers the tax deductions for therapists we see most often, from license fees and supervision to EHR
Tax Deductions for Therapists: The Complete Checklist Read More »
Extension time: Your Apr 15 responsibilities as a taxpayer Many of our customers file their taxes by Apr 15. Many file an extension and finish their taxes by the extended deadline on Oct 15, six months later, too. There is no “right” way to do it. What is required is that the IRS be kept
What You Need to Know If you own an S Corporation (S-corp), the annual federal tax filing deadline is March 15. S-Corps don’t pay federal income taxes directly. Instead, profits and losses pass through to the owners’ personal tax returns, where they are reported and taxed. This allows for potential tax savings but also means
Extension time: What to do on the March 15 S-corp and partnership tax deadline in 2026 Read More »
We love helping you save on your business taxes. Having these two statements gets us both off on the right foot when preparing those taxes accurately and efficiently. 1. Recommendation: Use QuickBooks QuickBooks is the go-to tool for generating professional financial reports. Here are the two key report businesses produce from it: 2. Income Statement
Income statements and balance sheets for your business: Understand them in 8 minutes Read More »
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
Public Information Reports in Texas: Beyond Franchise Tax Reports Read More »
Takeaway: Figuring out your taxes and finances can be overwhelming, especially when you have your own business. In this post, we share some insider tips that can help you make sure you’re getting all the self employed therapist tax deductions that you qualify for. As a private practice therapist, you’re used to helping others. However,
11 Best Self Employed Therapist Tax Deductions in 2023 Read More »
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
Should I Use Tax Software Like TurboTax For My Mental Health Private Practice? Read More »
WHO? Who this is not for – if you are on a payment plan for a prior year’s taxes, just focus on continuing to pay that. If you haven’t completely paid your prior year taxes, you’ll want to focus on paying that. If money is tight right now, maybe hold off on this round of
What are some of the most common mistakes you see therapists making in their private practices? You guys don’t charge enough! If you have yourself a private practice where you are seeing 18 +/- clients a week and you are struggling, a good chance is you are not charging enough. I get that you are in
