As a nutritionist in private practice, there are several specific expenses you can claim for tax deductions. These generally include:

• Equipment and supplies: This includes items such as office supplies, computers, software, and other tools necessary for your practice.
• Professional fees and licenses: Costs related to maintaining your professional certification and license can also be deducted.
• Home office Expenses: If you operate your practice from your home, you may be able to claim parts of your rent, mortgage, utilities, and repair costs.
• Travel and car expenses: If you travel for work-related activities such as conferences, seminars, or visiting clients, these expenses can be deductible.
• Advertising and marketing: Costs associated with promoting your business, such as website maintenance, online advertising, business cards, and other promotional materials.
• Insurance: Business insurance premiums could be claimed as business expense.
• Education and training: If you take courses or attend conferences to keep up-to-date in your field, these expenses can often be deducted.

This is not an exhaustive list and tax laws often change, so please consider consulting with a tax professional or bookkeeper to ensure you're taking advantage of all possible deductions.

At Bench Accounting, our expert bookkeepers have extensive experience with a range of professions and can help you navigate the tax process effectively and efficiently.

Accurate tracking and categorization of income from different services, such as consultations, meal plans, and wellness courses require meticulous monitoring and structured bookkeeping. Bench Accounting offers advanced bookkeeping and financial management services that include:

• Individualized income categorization for each service you provide. Your transactions are organized and categorized accurately for easy access and overview.
• State-of-the-art software to track all your incomes and expenses in real-time. This makes it easier for you to monitor business performance and make informed financial decisions.
• Professional bookkeepers to manage your accounts. Our experts not only handle your day-to-day bookkeeping but provide you with monthly financial statements and expense overviews.

With Bench Accounting, you can be confident that your income from different sources is carefully tracked and categorized consistently, saving you time and worry.

When selling nutritional products in addition to offering consultancy services, it's essential that you implement the proper accounting procedures. Here's a few things you need to consider:

• Inventory Accounting: Nutritional products are tangible items, so you will need to track inventory. You must accurately record the cost of goods sold and maintain up-to-date inventory counts. This includes monitoring for spoilage or theft.
• Revenue Recognition: For your consultancy services, you may follow a different revenue recognition method as compared to your product sales. Ensure you recognize your consultancy revenue as you earn it, not when you receive payment.
• Expense Allocation: Some expenses may be directly tied to either your product sales or your consultation services, while others may be shared. It's important to allocate these costs appropriately for accurate financial reporting.
• Tax Requirements: Depending on your location and the nature of your products and services, different tax laws may apply. You'll want to understand entirely how to collect, report, and pay any sales or service tax obligations.

As these procedures can complex, employing a professional bookkeeper or accountant can ensure you are following all necessary procedures and help keep your business finances in order.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.