What You Need to Know About IRS Scam Calls
This summer has seen an uptick in IRS scam calls, and an evolution of strategies from the scammers themselves. We have received many calls and e-mails attempting to verify whether or not a call is legitimate, and most have unfortunately been fraudulent. On August 2nd, the IRS released a bulletin in which Commissioner John Koskinen…
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What Dental Practice Owners Need to Know About Revenue
If a dental practice has a 70% overhead, each extra dollar collected by the practice delivers only 30 cents in profit to its owner, right? Wrong! Dental practices are largely fixed cost operations, meaning that the additional revenue generated by a practice does not pick up the entire slate of overhead expenses. In fact, two…
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Use Tax Compliance for Business Owners
Business owners pay many different kinds of taxes every year. Of those taxes, sales tax is probably the easiest to understand. If a business owner buys $100 in dental supplies and the tax rate is 10%, then the business owner pays an extra $10 to cover the tax. The vendor collects and pays the sales…
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Happy Holidays!
Dent, Baker merges with Moses, Phillips to form Dent Moses, LLP
The addition of the Birmingham-based CPA firm will strengthen the new company’s offerings in all practice areas. December 8, 2015 Dent, Baker & Company, LLP announced they will join forces with CPA firm Moses, Phillips, Young, Brannon, & Henninger LLP, a highly respected full-service company, to create Dent Moses, LLP effective January 1st. The professionals…
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The Impact of New Overtime Laws
July 6, 2015 brought news from the Department of Labor of proposed legislation that could drastically alter the way many employers pay overtime. The proposal would raise the threshold at which certain employees qualify for overtime coverage under the Fair Labor Standards Act. As the current law stands, most workers are no longer eligible for…
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What to Consider when Purchasing a Company Vehicle
Clients often ask if there is an advantage to having a company vehicle, and unfortunately, it is not a simple answer. There are several variables to consider, and several pros and cons that go along with each variable. The first thing you must consider are the possible benefits having a company vehicle could bring to…
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Meals and Entertainment Expenses: Are You Getting Your Full Share of Tax Deductions?
Taking a prospect to lunch is one of the most common business-development activities. Another regular business practice is to provide lunches for employees during meetings, training sessions and social gatherings. One of these activities is 100% deductible on your tax return. The other situation is only 50% deductible. Do you know which is which? The…
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Second Quarter Estimated Tax Payments Due June 15
Second quarter estimated tax payments for individuals, estates and trusts, and C corporations are due on Monday, June 15, 2015. If your payments are not paid or postmarked by this date, penalty and interest charges will incur. Remember you can make your payments online. Electronic payments should be initiated on or before Friday, June 12…
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Capital: How Much is Enough… or Too Much?
“How much capital should I have in my business?” That’s a question I hear quite frequently from business owners. While this may seem like a simple question, the answer is rarely simple at all. The level of capital you need depends on the type of business you have and how quickly you can convert your…
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