The barriers to starting a solo practice have never been lower. With a few clicks, a therapist can set up a website, join a telehealth platform, and start taking clients. But while it’s easier than ever to start a private practice, that doesn’t mean it’s a road paved with rainbows. Running a practice is hard work . Many solo practitioners find themselves working long hours for less pay than expected, barely breaking even in their first year. And let’s not forget that a practi

If you’ve ever interacted with a toddler, or a teenager, or anyone with extreme opinions, you probably know that ‘reasonable’ isn’t a universal definition! And if your private practice is an S-corporation, you’ve probably heard the phrase ‘reasonable compensation’. We get a lot of questions about this: What is it? And why does it even matter? The compensation piece is easy to understand - it’s the wage that the shareholder/owner receives. The reasonable part can be much trick

On first impression, starting a group practice with a friend sounds like a fantastic idea, and a good way to split the risk and...

Two questions I often get are: What are the differences between owner’s draws and officer pay? How much is an owner allowed to take? Just...

Your choice of business entity is important! It can have a big impact on your finances, legal security, and the way your business is perceiv