Q: How should I figure out the best way to set up bookeeping/taxes for my PLLC providing psychotherapy? Too many options!
It took the state a year and a half to process the PLLC paperwork. Meanwhile, to pay the bills, I did contract work (1099) through other businesses. Now that's the bulk of my income. Since that's already taxed, it's hard to know how to set up bookeeping.
A:
Talk with two or three CPAs, get some options, and then speak with an attorney. You should be able to obtain all thus in free consultations.
Jack
A: When setting up bookkeeping and tax structures for your PLLC providing psychotherapy, it's beneficial to consult with a certified public accountant (CPA) who is experienced with healthcare professionals and small business accounting. They can provide tailored advice on how to integrate your 1099 income and your PLLC earnings. The CPA can assist with setting up an accounting system that tracks all of your financial transactions accurately, which is crucial for tax reporting and for the management of your business finances. Since your contract work is already taxed, a CPA can advise you on how to take advantage of business deductions, manage your estimated tax payments for the PLLC income, and prepare for year-end tax obligations. Additionally, consider using bookkeeping software that can simplify the process by categorizing expenses and income, which will make it easier to see your financial picture at a glance. Keep in mind, meticulous record-keeping is key, so maintaining separate accounts for personal and business finances is recommended to streamline your bookkeeping process.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
