Navigating Taxes and Retirement: Tips for Mental Health Professionals- Part 1

Posted By: Hayley Twyman Brack Resources ,

Having a private practice or working as a contract clinician can provide flexibility and freedom that salary positions may not grant. When navigating tax season and retirement goals, this independence can also lead to more responsibility--and questions.

In this four-part video series, we join Certified Public Accountant Austin Murray of Millennial Accounting as he explores the most common questions private practice and contract therapists have about forming their businesses, filing taxes, and planning for retirement. In this first video, Austin will discuss:

-Tax responsibility for salary (W2) and private practice or contract (1099) clinicians
-The four types of taxes for which self-employed clinicians may be responsible
-The difference between Limited Liability Corporations (LLCs) and S Corporations (S-Corps)

Watch the video above to hear what Austin has to say. Then, click here to learn more about Austin’s firm, Millennial Accounting and stay tuned to the Oklahoma Counseling Institute for part 2 of this series.