Write Individual Calculated with airSlate SignNow

Write individual calculated

what's up everybody i hope you're doing well so a while back i invited you all to share via instagram what your burning questions were related to taxes and accounting and private practice and one category that came up frequently was all about write-offs what are write-offs how do you even keep track of write-offs what are the benefits of keeping track of those write-offs and how to deal with things like how do i account for the fact that i'm doing teletherapy from my home and so some of my home is a write-off but not all of it i'm so glad you submitted these questions i didn't even know the answers to a lot of them and so i had the wonderful privilege of sitting down with tax expert andrew risen who is the ceo and co-founder of herd bookkeeping and tax which is a software and accounting service specifically designed for therapists so andrew is a legit expert and he answered all of your questions related to write-offs and if you've been following along this is actually the second video in a series of videos of this interview with andrew in today's video i'm gonna share with you all the things that he talked about related to write-offs and there will be more videos in this series to come we'll get into that a little bit later but for now let's dive into that interview with andrew where he answers all of your questions about tax write-offs we're going to keep plugging away because we got some good questions and i want to hit on them so the next category of question which actually we got a lot of questions about this is all about write-offs um and maybe even before we get into some of the questions can you just explain what write-offs are like what does that term mean when people use it yeah a write-off is a it's a term or a jargon that accountants use um to describe a deduction or expense that is associated with your practice that you can or that will be reducing your taxable income that you'll be presenting on your tax return at the end of the year so an example of a write-off could be your liability insurance through cph or the trust it could be the fees that you're paying for simple practice software subscription it could be credit card processing fees for using um the the payment processor through stripe with simple practice so these are all of the expenses that you're paying for the operating expenses that you're paying for to maintain and operate your private practice and uh write-offs are fun to learn about even though it's it's taxes so you name it you can kind of write it off it uh what is the benefit of knowing what the write-offs are like why not just skip it one of the main benefits of knowing what a write-off is in your private practice...