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,” McLaren noted. “How do you measure what you don’t know about and how will you know if you are making mon...
