Navigating Taxes and Retirement: Tips for Mental Health Professionals- Part 2
Before private practice and contract clinicians begin to build their caseload, they have to build their businesses. Often, deciding if an LLC or an S-Corporation is the best option for their practice depends on a therapist’s income and tax responsibility.
In this second installment of the series, we again join Certified Public Accountant Austin Murray of Millennial Accounting as he explores S-Corporations, the protections a Professional Limited Liability Company (PLLC) can provide small business owners, and the tax differences of each. In this video, Austin will discuss:
-The pros and cons of choosing to set up one’s business as an S-Corp
-Why it is important for mental health professionals to form a PLLC over a traditional LLC
-How a therapist’s income is actually taxed
Before watching the video above to hear more about these topics, be sure to check out our first video here. Then, click here to learn more about Austin’s firm, Millennial Accounting and stay tuned to the Oklahoma Counseling Institute for part 3 of this series.