Federal Tax Payments

Federal taxes as a self employed individual and for a business operate differently then other employment arrangements. You will pay your typical percentage of tax withholding plus an additional self employment tax. Self employment tax is currently about 15%. The rate consists of two parts: 12% for social security (old-age, survivors, and disability insurance) and 3% for Medicare (hospital insurance). Essentially self employment tax is the amount a company pays on your behalf when you work for them. Since you are now self employed, you are responsible for both chunks of the payment. Depending on how you established your practice as a legal entity alters how the business is taxed. Remember that the legislators of the country reform tax law often and your tax liability may change with new laws.

Consider having an CPA in your community complete your taxes rather than an online service. This can maximize your deductions.
Keep accurate logs and books throughout the year for income and expenses in the business.
Weigh the pros and cons of how you employee more staff considering tax liability as well (1099 vs W2).
Set aside a pre set percentage possibly as high as 40% to pay your federal taxes at the end of the year.

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Getting Licensed in Wyoming

Depending on your graduate school specialty area, you can find Wyoming mental health provider application materials and requirements on the following websites: For bachelor or master level social workers, licensed professional counselors and psychotherapists, marriage and family therapists, you can obtain the needed application forms from the Wyoming Mental Health Professions Licensing Board at http://mentalhealth.wyo.gov/ For doctoral level psychologists, school psychologists, post-doctoral psychology interns, and specialists in school psychology, you can visit the Wyoming Board of Psychology at http://psychology.wyo.gov/ School psychologists or Specialists in school psychology who wish to pursue a license as a Licensed Professional Counselor (LPC) should contact the Wyoming Mental Health Professions Licensing Board at http://mentalhealth.wyo.gov/

State Rules and Regulations

The mental health licensing board in each state not only oversees the professional and ethical expectations of counselors but it typically outlines which professional licenses can and cannot own own private practices. For instance in the State of Wyoming, mental health licenses that require temporary or ongoing supervision are not allowed to own a private practice. This includes Certified Social Workers Provisionally Licensed Clinical Social Workers, Professional Counselors and Marriage and Family Therapists Certified Mental Health Worker Clinicians that have full licenses (LCSW, LMFT or LPC) typically have fewer restrictions in owning a private practice. If you are uncertain if you can own a private practice, review the rules and statutes posted by the mental health licensing board in your state. Call or email the board directly with any questions not outlined within the state statutes.

Mental Health Practice Support

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