Bookkeeping and Accounting for Speech Therapists

As a speech therapist, there are several specific deductions that you can claim on your yearly tax report. These may include:

• Continuing education expenses: If you take additional coursework or attend seminars to maintain your professional certification, these costs can often be deducted.
• Home office expenses: If you use part of your home exclusively for your work, you can typically write off a part of your housing expenses.
• Professional memberships: The fees for membership in professional organizations and unions may be deductible.
• Mileage and travel: If you travel to meet with clients, attend conferences or other professional gatherings, you can often deduct those costs.
• Equipment and supplies: Devices, therapeutic materials, office supplies, and necessaries required in your work are also deductible.

Remember, the specifics of what you can deduct might vary depending on your individual situation. It is always recommended to seek advice from a professional tax accountant or a bookkeeper.

As a self-employed speech therapist, managing your accounting can seem daunting. Here are steps to simplify the process:

<ul><li>Track your income and expenses meticulously. This will help you understand your financial situation and make tax preparation easier. Having a separate business bank account can help with this.</li><li>Save money for taxes. Since self-employed individuals are responsible for paying their own Social Security and Medicare taxes, it's important to set aside money for this purpose.</li><li>Consider investing in bookkeeping software or a professional bookkeeper. This can save you time and can ensure that your records are accurate.</li></ul>

Remember, proper accounting isn't just about staying in compliance with tax laws - it's a crucial part of running a successful business. If you need tailored advice, Bench Accounting can help.

Yes, as a speech therapist, if you hire an assistant, you would generally be responsible for handling payroll, taxes and other related administrative tasks. However, managing these financial responsibilities can be time-consuming and complex, especially when you're also running a therapy practice. That's where a bookkeeping service like Bench Accounting can assist. We handle everything from payroll to tax filing so you can focus more on providing excellent therapy to your clients.

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.