Still feeling in the giving spirit? If you’re looking to donate to an organization or charity, the end of the year often ends up being a perfect time! Not only are there personal benefits, charitable donations also have potential tax benefits as well! Here are three quicks tips to help ensure your charitable donations are tax-deductible:

1. Make sure the organization you’re donating to is qualified. Donations to organizations that are considered qualified are eligible to be tax-deductible. If you are unsure if the organization or charity you’d like to donate to is qualified, request to view the organization’s determination letter, check their website, or search online here.
2. Get a receipt. For all donations, even cash, the amount must be verified by some sort of record such as a check duplicate or credit card receipt. The more information the better! It’s recommended that each donation over $250 have a written acknowledgment including the organization’s name, the amount of the donation, and the date on which the donation was received.
3. Watch the calendar. Donations are tax-deductible only in the year of the contribution. To make your donation count for this tax year, donations must be made by December 31st!

Want to know if a donation makes sense for your business before year-end? Interested in bookkeeping services for your private practice or small business needs? Request a free year-end consultation here!

The holidays are always busy for small business owners! This can be a great thing, but can also be stressful preparing for year-end and starting on tax planning. Here are five year-end bookkeeping tips to help close out your small business bookkeeping for the year:

1. Review your personal expenses. This may seem contradictory to our subject “small business bookkeeping” tips, yet if you own a sole proprietorship or partnership, oftentimes your business expenses end up combining accidentally with your personal expenses. Many taxpayers pay additional taxes unnecessarily because they overlook business expenses paid from their personal funds. So, gather those receipts and check duplicates, and log those into your company books!
2. Review your financial ledgers. Be sure all bank and credit card accounts have been reconciled. Ensure the accuracy of your accounts receivable and accounts payable.
3. Write off bad debt. If you’ve been unable to collect on bad debt, write this off in your books now to avoid paying additional taxes on money you may never see.
4. Schedule a professional tax planning session before year-end. Your tax professional may be able to reduce your tax burden by suggesting additional year-end strategies based on your profit. Year-end tends to be a great time to purchase that additional equipment you’ve been eyeing up or donating to your favorite charity!
5. Hire a bookkeeper. If the stress of small business bookkeeping and number-crunching is taking time away from doing what you love, hire a bookkeeper. We’re here to help you start on track and focus on your small business. To request a free bookkeeping consultation, click here!

Happy Holidays!!

A very warm welcome to you! Thanks for taking the time to look around the Therapeutic Bookkeeping website and new blog! First of all, let’s get to know each other. My name is Alicia, and I started Therapeutic Bookkeeping to combine two of my passions: psychology and numbers! With a degree in psychology and a love of all things nerdy and number-related, I pursued a career in bookkeeping.

Clinicians and therapists of all backgrounds give so much of themselves to others; my goal is to help them out by taking on the stress of their finances and books. However, I work with small business owners of all types! My goal is to take off the weight of your books while you take on the weight of the world!

WHAT ARE OUR THERAPEUTIC BOOKKEEPING SERVICES?

• Accounts payable (bills and payments)
• Accounts receivable (invoices and collection)
• Account reconciliation (checking/savings/credit card)
• Benchmarking
• Budgeting
• Custom financial statements
• Expense classification
• Historical cleanup
• Liaison with accountant
• PayPal reconciliation
• Payroll processing
• Preparation and explanation of financial statements
• (Income statements, balance sheet, statement of cash flows)
• Profit & Loss (P&L statements)
• Ready for tax time
• Reporting
• Sales commissions
• Time tracking & job cost reporting

WHO DO WE HELP?

• Chiropractors
• Clinicians
• Counselors
• Massage Therapists
• Mental Health Counselors
• Play Therapists
• Private Practitioners
• Psychologists
• Small Business Owners

Interested in bookkeeping services for your private practice or small business needs? Request a free consultation here! Look forward to chatting with you!