The majority of Mental Health Practitioners, Licensed Social Workers, and Psychologists we meet are operating in their own names as Sole Proprietors. The majority of these professionals benefit from setting up a PC or a PLLC in order to operate their practice at lower tax rates and with a lower likelihood of being audited.
The Mental Health Practitioners, Licensed Social Workers, and Psychologists we work with save an average of $5,569 each year in tax while enjoying an audit risk that is approximately nine times lower than it was before they hired us.
Some other nuances in the Mental Health Practitioner, Licensed Social Worker, and Psychologist professions that require special accounting and tax treatment include NYS Office of Professions and Department of Education licensing requirements, accounting for payments to other therapists, and payments to outside professionals. Here at Michels & Hanley, we are intimately familiar with these elements and are equipped to help your law firm reduce their annual tax bills. We currently work with professionals in the following areas of practice:
Contact us today to find out how we can help you and your practice.
Michael Hanley, CPA
Brian Michels, CPA