Keeping detailed records and hiring a tax consultant are among the practices a psychologist should adopt when starting a business.
That advice and more was offered by David McLaren, founder and partner at McLaren & Associates, CPAs PC in Shrewsbury, Mass., who has more than 35 years of experience offering tax and accounting services.
During a webinar for early career psychologists, McLaren identified common pitfalls for psychologists when filing taxes. These involve company structure, missing deductions, paying too much tax, bad records, and co-pay fraud.
“Most psychologists are excellent at what they do but not trained in business,” McLa...
