Working a W-2 Job and Private Practice? A Tax Guide for Therapists | Tax Tips for Therapists скачать в хорошем качестве

Working a W-2 Job and Private Practice? A Tax Guide for Therapists | Tax Tips for Therapists

Many therapists begin their private practice while still working a full-time job. That can mean receiving a W-2 from an employer while also earning 1099 income from part-time therapy work. Understanding how those two types of income work together is important for both taxes and tracking business expenses. In this video, I walk through how W-2 income and 1099 income are treated differently on your tax return, and why business expenses only apply to the work connected to your independent practice. We also talk about common questions around travel, software, insurance, and other costs when you’re building a therapy practice on the side. Having clarity around how W-2 income, 1099 income, and business deductions work together can help you stay organized and avoid paying more in taxes than necessary as you grow your private practice. Timestamps: 00:00 – Therapists Working a Full-Time Job and a Side Practice 00:45 – Why This Question Comes Up (Conference Discussion) 01:10 – How W-2 Income Works 02:00 – What a 1099-NEC Means 03:10 – Having Both W-2 and 1099 Income 04:05 – Business Expenses for Part-Time Therapy Work 04:45 – Travel and Mileage as Deductible Expenses 05:25 – Why Employee Expenses Usually Aren’t Deductible 06:05 – Allocating Shared Costs (Like Insurance) 07:15 – Key Difference: W-2 vs 1099 Expenses 08:05 – Why Talking With a Tax Professional Helps 09:00 – Final Thoughts 💚 About Open Books Accounting I’m Lauren Hamilton, founder of Open Books Accounting. I support therapists with bookkeeping, accounting, and tax guidance for private practice, designed to feel clear, judgment-free, and steady. ✨ Want clearer support around your practice finances? Let’s chat. [https://www.openbooks.llc/contact](https://www.openbooks.llc/contact) 👉 Follow me for more support around private practice finances: Facebook: [  / profile.php  ](  / profile.php  ) LinkedIn: [  / lorin-hamilton-ea-mba-6817151b  ](  / lorin-hamilton-ea-mba-6817151b  ) #TherapistTaxes #W2vs1099 #PrivatePracticeFinances #TherapistAccounting #SidePractice