Comments for Incorporated home health physical therapist?

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Jan 22, 2011
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Independent contractor
by: Johanna

It sounds like you are thinking of independent contractor status. You are then considered a Sole Proprietor of your business and can deduct all sorts of expenses, including paying someone to do your taxes or for a tax program, physical therapy equipment, computer equipment, an answering service, etc. If you have children, you can also assign them a weekly job and deduct the money (i.e., you end up deducting their allowance). Just be sure to keep records.

It's very easy to keep track of expenses and income on an Excel spreadsheet if you do not have a QuickBooks type program - I've done it for years for various types of home based businesses. You will want to record your vehicle's mileage at the beginning of each year, and then each place you go to. You can count both ways if you do not do errands on the way home, and the deduction is around 50 cents a mile now. Make sure to keep all your receipts and cancelled checks or bank statements as proof.

One caveat - with the services you would be providing, it would be good to look into insurance and bonding and see whether this would be more cost effective than working through an agency.

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