Using Fact Sheets to Market Your Practice

Don't want to commit to a newsletter to market your practice? Consider using psychoeducational fact sheets to help clients and referral sources understand the scope of services you provide.

Once you have a relationship with a referral source, you need to keep in touch with them. One of the ways to stay in touch is by supplying them with useful and timely information.

Topics can include general interest items such as Depression, Manging Holiday Stress, Parenting Tips, or Overcoming Your Fears. Or you can target specific populations, such as "Coping with Infertility" or "Helping Teenagers Handle a Divorce."

Identify key audiences for your fact sheets -- for example, pediatricians, OB-GYNs, guidance counselors, family law attorneys, etc. (dpending on the topic). Pick a niche and then plan 4-6 fact sheets for that audience. A quarterly fact sheet is a good frequency to send materials. Less often, and your referral sources might forget you!

Here's some tips to get you started:

• Identify a potential audience of referral sources. Then brainstorm topics that would be most useful to that audience.
• Collect necessary research.
• Create a template for the fact sheet. Make it simple, straightforward, and easy-to-read. Use bullet points for emphasis, and avoid using too much jargon.
• Include lots of helpful tips -- your audience isn't just the referral sources -- you want them to pass the information along to their clients.
• Make sure to have someone edit the fact sheet before you send it out!
  

Tax Strategies Workshop

Thanks to Hugh Hermanek and Janet Osborn of Hancock & Dana, PC for speaking to our APPT members at the Dec. 4 Mini-Series Workshop on "Tax Strategies."

Your choice of business entity can have a big impact on your taxes.

• A sole proprietorship is the easiest to setup. You'll file a regular tax return with a separate Schedule C.
• The Limited Liability Corporation (LLC) offers some limited protection for your personal assets. It's the ideal business structure if you have partners -- it's easy to get into and easy to get out of.
• A S Corporation can also be a good choice for a sole proprietor. If you've been a sole proprietor for a period of time, there can be some tax advantages to evolving into a S Corp. Attorneys will often recommend LLCs, but the S Corp has an advantage from a tax standpoint because you can control the amount of money you pay self-employment tax on. You can elect to pay yourself "a reasonable salary" (which you will pay taxes on), and then receive additional "compensation" in the form of "dividends" as a shareholder of the corporation (not subjec to self-employment tax).

Is record-keeping the bane of your existence?

• Check out this link for a free "Simple Start" version of QuickBooks (Windows only). It's a good way to get into a computerized accounting system (if you've been keeping those records by hand or the "shoebox" method."
• If you'd like the flexibility to access your accounting information from anywhere, QuickBooks also offers an online version, for about $20/month. It can even import your online banking records and allow you to accept credit cards online.
• Compare QuickBooks 2008 Editions
  

Vehicle and Business Mileage Tax Deductions

• If you buy a vehicle for your business, you may be eligible for a tax deduction. But make a good economic and personal decision (not just based on the tax deduction) -- get the vehicle that works for you. If you are considering buying a new vehicle, consult your tax advisor BEFORE you go shopping.
• Do you track your mileage when you drive from your home-based office to the office supply store, the bank, and the post office? How about when you run these errands from work? You should be! The deduction is 48.5 cents for 2007, and 50.5 cents for 2008. It's an 8-mile round trip for me to go to the post office -- so I am able to deduct a little less than $4 per trip using the "Standard Mileage Rate" deduction.
• If you use your car more than 50% exclusively for business, you may wish to use the "Actual Expense" method. Consult your tax advisor for details.

Do you pay for your own health insurance?

• Did you know it may be 100% tax deductible? Have you considered a Health Savings Account (HSA)? I got mine through eHealthInsurance, but shop around for rates. Get a Health Insurance Quote!
  
• Your pretax contributions to an HSA will save you money, and you can roll over your account from year to year. Also, when you turn 65 and are eligible for Medicare, you can convert your HSA account to a retirement account, and not pay tax on distributions.