Accounting/Finance
Medical and Dental Expenses Deductions
With the Affordable Care Act being frequently discussed in the news, we’re paying a lot of attention to medical and dental expenses. What kind of deductions can you take for these expenses? You can take itemized deductions on your Form 1040, Schedule A from the Internal Revenue Service (IRS) for yourself, your spouse and your…
Read MoreHow to Save on Your Taxes When You Work From Home
Many legal nurse consultants start their businesses working out of their homes. It makes sense and it is affordable. You may be wondering how to save on your taxes when you work from home. If you work from home full-time, you may be eligible for a range of tax deductions not available to traditionally employed…
Read MoreTop Tips for a Successful Life Care Planning Business Part 2
Running a successful Life Care Planning business, or a legal nurse consulting business requires skills in 5 areas: expertise, marketing (which I covered in part 1), client management, finances and business development. In this post I share tips about the last 3 pillars. Client Management Maintaining sound relationships with clients is the third pillar of…
Read MoreShould you lower your rates? How to deal with price pressure from attorneys
It’s happened to every legal nurse consultant at one time or another—probably more than once. You quote your hourly rates, only to have your potential client respond with, “That sounds great, but I can’t afford it. You charge THAT much? Can you lower your rates for me?” What do you do? Should you lower your…
Read MoreWhat do You Charge? How to Discuss Your Fees
“What do you charge?” the attorney asks. Your attorney clients will ask this question of you when they are getting seriously interested in hiring you. Does the topic of money make your mouth dry and your hands sweat? Do you dread that point in a conversation when the attorney says, “So what do you charge?”…
Read MoreAn Embezzling Employee – Oh No!
The legal nurse consultant stared at her credit card statement in shock. “Could I have an embezzling employee?” The LNC’s bookkeeper was on vacation when the owner opened up the credit card statement. Her bookkeeper always insisted on paying the bills; the LNC trusted her and did not double check. “There is a $3000 computer…
Read MoreNot Keeping Track of Expenses – LNC Mistake
Not keeping track of expenses is one of the business management mistakes LNCs make. You need to do this whether you or someone else is paying the bills. Systems for keeping track of expenses I became aware of the importance of keeping track of expenses early in my company’s history. My accountant and I worked…
Read MoreOutsourcing Costs Versus What it Costs to do it Yourself
One of the issues that holds LNCs back from outsourcing is the perception of the cost. I always ask for feedback when people are exiting my webinars. One LNC commented, “If you are already existing on a wing and a prayer, this idea is not profitable. You have to have money to make money. If…
Read MoreLegal Nurse Consulting Collection Issues
Legal nurse consulting collection issues plague many LNC businesses. Have you ever done work and not gotten paid by your attorney client? If so, you are part of a large group of LNC business owners who have gotten burned by an attorney. How do legal nurse consulting collection issues occur? The phone rings. It is…
Read MoreLNC Employees – Eligible for Overtime
By December 1, 2016, LNCs who have salaried employees will be required to follow new federal wage laws. The law requires people earning salaries of $47,476 or less to be paid time and one half for every hour they work over 40. The regulation applies to working over 40 hours in one week. If you…
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