Beloved graduates, peers, friends, and community: It is with great sadness and tremendous gratitude that we share this with you: we will not be enrolling students for the Fall 2021 start... and likely not enrolling any future classes as well.We realize that many of you may be shocked, saddened, disappointed... and we are too. We’ve considered many, many avenues for keeping our doors open, but without sustainable enrollment numbers, we simply cannot continue. While demand for LMTs (nationwide and in WA) continues to grow, enrollment numbers continue to decline. This trend was underway when we first opened our doors nearly 10 years ago, and the pandemic has only widened that divide.We just graduated a lovely and talented group of grads. We are also firmly committed to completing classes (Q3 & Q4) for our final cohort with care, support, and professionalism. They will graduate and join the massage profession in March 2022.The silver lining in all of this, to be honest, is all of you — the students, teachers, and supportive community who have helped us (and each other) grow and learn and develop. We have treasured our time together and appreciate what you brought to us and the profession. You all are a gift, and we're grateful to know and grow alongside you.Remember, a Discoverypoint is neither the beginning nor the end, but a point along the way…part of the journey of our lives, our careers, and the stories we continue to weave. Thank you for joining us on this journey.💜 Pat, Lisa & Julie ... See MoreSee Less

2 months ago  ·  

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What Is The #Trager® Approach?The #TragerApproach is a #somaticeducation practice that helps people #experience themselves as #healthyandwhole. Developed by Dr. Milton Trager, it blends #touch, #movement, and #curiosity to #teach #clients to feel changes in their tissues and return to this feeling state to effect long-lasting changes.#dpsom #discoverypoint #seattle #massageschoolseattle #wfh ... See MoreSee Less

3 months ago  ·  

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#8 #Prepare the #InsuranceMost important, we are going to talk to you about insurance that you may need in your #business.#LiabilityinsuranceIn centers where skin treatment and touching client’s bodies is performed, professional and General Liability (#Malpractice) Insurance is critical. Hence, although it is not usual, there is a risk that the practitioner may cause damage to the #client. Many companies offer policy coverage for at least $2,000,000 limit per occurrence for less than $300 per year. Besides, a massage center must have a #CommercialInsurance with Civil Liability coverage to obtain the licenses.The most common coverage is the Civil Liability of Exploitation. This is responsible for the business activities. It also covers the damages that employees may cause when carrying out their work.The Employer’s Civil Liability covers the business owner if workers suffer injuries or death due to an accident at work.Multi-Risk InsuranceThis insurance covers the damages that can be caused by a fire or a flood in the #assets of the premises that are insured. It also includes glass breaks, moons, mirrors, etc. It is the insurance company that is responsible for the expenses that may involve the repair of the affected goods.The theft coverage is also #essential because in a massage center may have material quality and quite expensive.#dpsom #legalizeit #massagecareers #happyhealing #holistictherapy ... See MoreSee Less

3 months ago  ·  

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#7 Find a #StrategicLocation for #SuccessWhen choosing the location of the #massagecenter, it is best to separate yourself from the #competition. In big cities, there are already many massage centers, and you can find #pricewars and services. What you need to do is look for locations where there are almost no massage centers and little competition.To set up a massage center and have many #clients, you must try to locate it in a street where there is a lot of #movement. The massage rooms must be located in an area of the premises where the sound of the street is not heard. This condition is to avoid disturbing the #tranquility of the clients.A good idea is to locate the massage center in an area where there are people who work all day. In this way, receiving a massage when leaving work will be a perfect #opportunity for them.#dpsom #seattle #caphillseattle #massageschool #massagecareer ... See MoreSee Less

4 months ago  ·  

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#6 #Financing as a Licensed Massage TherapistThe initial #investment can be scary at first, but there are many ways to get financing for #massage therapist school and your practice. The primary source of financing to which #entrepreneurs go to set up a massage center is usually from #family and #friends. You can ask them to contribute #capital to your business. Also, they can help you later #promote your #business with #wordofmouth.On the other hand, the different sources of financing most used by small and medium sized enterprises (SMEs) are:#Loans#Credit account#Leasing#Renting ... See MoreSee Less

4 months ago  ·  

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Tax Preparation for Massage Therapists

tax-preparation

Tax Preparation for Massage Therapists

Tax preparation for massage therapists is an important task that should be included yearly, as well as, daily in one’s massage business. Massage therapy is practiced all over the world as an art of healing ailments since ancient times. In most states, a licensed massage therapist, whether self-employed or as a full-time or part-time employee, receives income that is required to be taxed. So as per the income tax rules, a massage therapist is liable for filing their tax return yearly after making eligible deductions as per tax code.

 

Here are some massage therapist tax preparation tips required to file a tax return:

 

Tax preparation tips for massage therapists

Keeping good records: A massage therapist should spend some time daily and throughout the year to keep his records accurately ready as they are required while filing the year’s tax return. These records can help you in assessing your financial position easily and quickly, as well as, to make certain adjustments as required by law. In order to maintain these records you will have to keep your personal and business expenses separate.

 

It should also include the details of your credit card and checking account related to your business, with the date and amounts of all transactions. These records will allow you not only to assess your financial standing but also in the case an audit is conducted by the Internal Revenue Service, as well as, the tax department of the state income is received. As an example, the state of Washington’s tax filing procedures is similar to other states requirements which can be found here.

 

What comes under income and expenditure?

 

Income

When it comes to income, most massage therapist practice as self-employed sole proprietors or independent contractors and accept income on a cash basis or as a 1099 for tax filing. Self-employed individuals generally must pay a self-employment tax, as well as, an income tax and file a yearly return and pay estimated taxes on a quarterly basis.

 

Therapists usually figure net profit and loss from their business by subtracting business expenses from business income. You can avoid such complications and further repercussions by keeping your records well maintained on a daily, monthly, quarterly, and yearly basis.

 

Expenses

The costs you incur in the daily operation of your business includes utilities, rent, supplies, promotions, advertisements etc., and come under the head of expenses. However you can only claim these expenses on your tax return only if you have relevant documents and intent to support them.

 

The way you use the things purchased at your business comes under the head of intent. For instance, you have bought a towel, and if you use it for your massage therapy business only, then deduct its full cost on the return. But if you are using it at your home also, then it will be treated as your personal spending and only a relevant amount can be deducted in the tax return.

 

Other deductible business expenses

 

Massage therapists claiming deductions for certain business expenses under Schedule C, the IRS requires some additional information about them. Some basic rules in this regard may include:

 

Travel expenses: The cost of travelling and staying away from the area of your tax home instead of your residence for a day or more can be deducted on your return. But to support your claim you will have to maintain a calendar or datebook and keep receipts recorded.

 

Entertainment expenses: The IRS does not consider meal expenses as lavish or exaggerated as they are related to your business. But you will have to maintain receipts to support your tax claim for deduction.

 

Gifts: The IRS does not allow more than $25 to gift per person in a calendar year for deducting on the tax return. But if some incidental expenses like mailing and packaging costs are included, then you can deduct more than $25.

 

Car expenses: The cost of maintaining and operating a car used for business purposes can be deducted as standard mileage rate or actual expenses. You can also deduct business related portions of the car you have leased for business travelling away from your home.

 

Tax deductions while working at Home

 

If you are regularly using a part of your apartment or home exclusively as the main place to meet clients of your business then you are also eligible to claim some deductions on your home-office even if the area is not in a completely separate room in your home. However, to support your claim you will have to organize certain documents like the photo of the space you are using. It is necessary to prove your claim as its audit can be done after several years and you might have moved to some other place by that time.

 

If you are using a portion of a property for your business then your deductions can include part of the mortgage interest, tax of the property, insurance, utilities, and depreciation along with repair and maintenance, depending upon the percentage of property you are using. You can also deduct the cost of running your business like maintenance of financial records, paying bills, business licensing and fees, educational courses and materials, making appointments, as well as, upgrading your website etc. Furthermore, cell phone and internet access can be deducted as a percentage used in your business. Such deductions will lower the rate of your tax by reducing your taxable profit.

 

When to call a professional for tax preparation?

 

If you are comfortable with preparing your own taxes as a massage therapist then that is allowed, otherwise, you should call a tax professional to consult in this regard. You may also have to tackle some additional tax related complications depending upon the county or city you work. You can also incur some other complications in this regard.

 

When help is needed, you should call an experienced tax professional who handles tax cases of small businesses like massage therapy. Though it can add to your expenses, it will still help in saving lots of time and money required to pay penalties if you have filed a tax return improperly. A professional accountant can also help you in reducing your tax liability. Doing this will make sure you get your fair share of deductions and that you do not overpay the IRS.

 

Conclusion

 

Thus, by understanding the implications of tax preparation on various aspects of your massage therapist business and keeping good records. You can easily prepare and file your tax return in time and properly. It will also help you in making your business better by knowing your progress in the previous year.

 

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