Accountants, lawyers and financial advisors, Oh My!

It is important to seek advise from professionals before you formally establish your business. There are various types of business structures, accounting processes, tax elections and retirement planning techniques. It is easiest to formulate the business correctly from the beginning.

Lawyers

An attorney knowledgeable about the formation of businesses can assist you deciding the structure of your practice. Each business structure has a different set of legal and tax considerations. Common forms of businesses include:

sole proprietorship
partnerhsip
corporation
S corp
C corp
Limited Liability Company (LLC)

An attorney can also assist you in creating various documents such as Articles of Incorporation, Articles of Organization, Buy/Sell agreements and By-Laws some of which will be required by the Secretary of State when you file for the initial business entity. Different forms of businesses also have varying requirements for members, meeting minutes and shareholders. Attorneys can assist you with your IRS tax registration (EIN). This insures that the IRS is taxing your business properly. Many attorneys will offer a one time free consultation.

Accountants

Certified Public Accountants will shine the light for you about federal tax payments, state taxes, business deductions, W2/1099s and depreciation schedules. Often times accountants also employ bookkeepers in their offices that can offer support with payroll, annual report filings, and bookkeeping matters. It is beneficial to brainstorm what bookkeeping software is best suited for you and start using it immediately. If you establish the correct categories in the bookkeeping software and log accordingly, reconciliation will be easier. Common bookkeeping programs include

Quickbooks
Quicken
Sage 50

Financial Advisors

Choose a financial advisor that is familiar with self-employment investment options for retirement. As with most aspects of self-employment, there are federal tax implications with how you chose to invest. Common options for self funded retirement savings include

SEP-IRA
Simple IRA
Deferred Benefit
Solo 401 (k)
Traditional or Roth IRA

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Getting Your Name into the Community

It is never to soon to begin getting your name into the community as private practice practitioner. Think about who your ideal clients are and where they gather to shop, go for medial care, take their children for education, go for entertainment, etc. Think about professional offices that treat clients with unmet mental health care needs: doctors offices, laboratories, occupational therapists, counselors at schools and colleges etc. Then start calling and setting up short meetings with the staff to "pitch" your practice. Remember to illustrate what sets your practice apart from others. If a meeting with the staff is not possible, ask to leave information about your business at the front or hang a flyer on the wall. Follow up with the businesses several weeks later to check in. Also discuss the possibility about cross referrals with the businesses you visit. Be sure to take these items with you to the "pitch" meeting Business Cards Brochures Flyers Snacks ...

Continuing Education Credits (CEUs)

Continuing education credits are required to maintain your mental health license (LCSW, LPC, and LMFT). Consider using your mandated CEUs to specialize in the populations you want to serve. This approach will speed you along your path of specialization and allows you to complete your renewal requirements. In Wyoming, clinicians currently need 45 continuing education hours for every two years this typically renews on their birthday. There are many ways to earn the credits you need without breaking the bank. Local trainings offered by companies such as PESI Online training many offer unlimited CEUs for a fixed price Webinars National conferences Travel to trainings offered in other cities (tax deduction for private practices)

Offering Telehealth Services

Many private practitioners offer telehealth services to their clients. There are many benefits to offering this service including flexibility of scheduling, availability of therapist and client and portability. There are few things to remember when offering telehealth services: Be sure that the insurance policy will pay for telehealth sessions (as needed) Be sure that the carrier you chose for telehealth is encrypted and will offer a BAA (good options include VSee, and Zoom) Speak in a private area to assist with confidentialty Have clients sign a specific telehealth release

Mental Health Practice Support

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