Opening your own Industrial Therapy Services practice can invite freedom and flexibility into your career, and using the KEY Method can help your profits soar. There will be plenty to learn, but the good news is that owning your practice can actually confer many exciting tax advantages. Here is a reminder of some of those tax-related benefits.

Claim a deduction for your health insurance. Depending upon how your business is structured, you can now earn a tax deduction for your health insurance premiums. This can apply to your own health insurance plan as well as that of your employees. Small businesses are eligible for special tax breaks to help them enroll employees into a group health plan.

Write off your travel expenses. Travel expenses for work or work-related reasons can add up to valuable tax deductions. This might mean that a vehicle, used exclusively for business purposes, becomes fully tax deductible. Travel expenses also include gas, parking, tolls, and more. Meals can also be included according to certain guidelines.

But that’s not all! Professional educating and work-related conferences also count as a tax deduction, meaning you can write off airfare, hotel stays, and more. And we know many of these conferences are at exciting destinations!

Deduct expenses related to remote work. Deductions, of course, don’t stop at your office doors. Since much of your Industrial Therapy Services practice can revolve around Employer and Industry locations, expenses such as your cell phone, laptop, software, wifi hotspot, and other portable equipment can be deducted on your tax return.

Home offices count, too. Expenses related to a home office can also count as tax deductions. This can include, but is not limited to, a basic deduction for the space itself, your internet connection, office furniture, equipment such as a desktop computer, and other types of office supplies.

Plan for retirement. IRS rules regarding retirement plan contributions can be complicated, and depend upon factors such as your business structure and type of retirement account. After working with a financial advisor to deduce your options, it can be possible to earn tax deductions for contributions toward employee retirement plans.

And a bonus benefit: As you might have guessed, several of these tax advantages can also benefit your employees. Research them, and learn to maximize their potential, and you can build a practice that attracts and retains top talent.

Obviously, our expertise is Industrial Therapy Services – so we advise you to consult with tax professionals to discuss tax planning and deductions. The important “take-away” today is that there are many tax benefits afforded to you when you take a step in the direction of having an Industrial Therapy Services practice!