2015 Year End Newsletter, Deductions

Deducting Un-reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession.  The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Deductions

Deducting Un-reimbursed Professional Expenses

According to the IRS, to be deductible, an expenditure must be both "ordinary" and "necessary" in connection with your profession.  The IRS defines "ordinary" as common and accepted in a particular profession and "necessary" as helpful and appropriate for a particular profession. Here’s a list of 16 professional expenditures commonly incurred by young health care… Continue reading Deducting Un-reimbursed Professional Expenses

Practice Management

“Million Dollar Metrics” for General Dentists

Managing a practice requires that you look at "the numbers" on a regular basis. If you're like most practicing Doctors, you probably try to glance at the production and collections figures at least monthly. Did you know that there are a lot of other performance metrics that can help you gauge how your practice is… Continue reading “Million Dollar Metrics” for General Dentists

Uncategorized

Increase your revenue with a Bonus System

You can also watch our six minute YouTube presentation of this article here. “Are You a Doctorpreneur?" That's generally the first question I ask to new clients who own medical and dental practices. While doctors help their patients with some aspect of their health, entrepreneurs run businesses, trying to maximize the long-term profitability of that business.… Continue reading Increase your revenue with a Bonus System

Planning, Taxes

Now’s the time for Mid-Year Projections

Now's the time to get a Mid-Year Tax Projection to see how you'll do on April 15 next year. If you have self-employment income, made a job change during the year, have multiple sources of income, or just want to see where you stand tax-wise, our Mid-Year Tax Projection Service will help! We'll calculate a… Continue reading Now’s the time for Mid-Year Projections

Planning

Disability Business Overhead Expense Insurance

By guest author Lawrence B. Keller, CLU, ChFC, CFP® As the owner of a medical or dental practice, you are the key to its success. Your patients and staff rely on you. If you become disabled, you may be unable to provide the services your patients expect or the leadership that your employees need. Overhead… Continue reading Disability Business Overhead Expense Insurance

Mortgage, Planning, Taxes

Will mortgage rate increases cool a hot housing market?

By our guest writer Bob Cahill: Of course no one really knows if the increase in mortgage rates will cool a hot housing market.  The answer depends on factors that are worth watching in the coming months,  especially if you’re in the market to purchase. First of all, positive economic conditions and improved employment have… Continue reading Will mortgage rate increases cool a hot housing market?

Miscellaneous, Planning

Spring Clean Up Project #3: Your Credit Report

Currently, three companies, Equifax, Experian, and TransUnion, track everyone's credit histories. Don't forget that banks, lenders, retailers, landlords, and other "credit grantors" use credit reports generated by these companies to determine your creditworthiness. Why not take this opportunity to clean up incorrect or misleading information reflected on your credit reports? Your credit report reflects quite… Continue reading Spring Clean Up Project #3: Your Credit Report

Uncategorized

IRS Online Tax Tools for Small Business and Self-Employed

From IRS Tax Tips News: You don’t need to be a tax expert when you’re running a business, but you may need to know the basics so your business can run smoothly. The IRS.gov Small Business and Self-Employed Tax Center has useful tax information and services for business owners. The tax center can help whether… Continue reading IRS Online Tax Tools for Small Business and Self-Employed

Uncategorized

IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

Check out Rev-Proc 2013-13 to learn about a simplified way that taxpayers can calculate the home office deduction starting in 2013. Here is the press release issued by the IRS: IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours… Continue reading IRS SIMPLIFIES CALCULATING HOME OFFICE DEDUCTION

Taxes

COST OF MEDICAL DEVICES TO INCREASE JAN.1 – PT.2

In Part 1, we covered the basics of the increase to medical devices through this Excise Tax, and some basic questions on the Medical Devices Excise Tax.  Today, we'll finish with some steps you can take. Section 179 Deduction: If you pay this 2.3% Excise Tax, you will add the tax paid to the cost of… Continue reading COST OF MEDICAL DEVICES TO INCREASE JAN.1 – PT.2

Practice Management

Chose the Best Entity Type for your Pratice – Part 3

By Andrew Schwartz, CPA In the first two parts of this series, we covered the basic types of entity choices you have when setting up a practice and the benefits and pitfalls of S-Corporations.  Let's wrap up by looking at deducting losses, other considerations you should have, and a final scorecard. Deducting Losses It’s not uncommon… Continue reading Chose the Best Entity Type for your Pratice – Part 3

Practice Management

Series: Choose the Best Entity Type for your Pratice – Part 1

By Andrew D. Schwartz, CPA For doctors in practice, making a lot of decisions every day is just part of the deal.  While some practice management issues come with only one obvious solution, most require that you spend time researching a variety of options only to learn that there is more than one correct answer. … Continue reading Series: Choose the Best Entity Type for your Pratice – Part 1

Books

Andrew’s Book Club Reads

Andrew Schwartz recommends: “First, Break All The Rules” by Marcus Buckingham and Curt Coffman “This book made a huge impact on how I manage my staff of 10 as well as manage my expectations for the performance of each employee. It was extremely eye-opening.” His recommendation was featured on: 37 Must Read Books For Small Business Owners… Continue reading Andrew’s Book Club Reads