New Year’s Resolutions for your Dental Practice
So now that we are moving full steam into 2014, what about those New Year’s resolutions? If you’re like most of us, finding targets for personal and professional improvement is easy. The tough part is following through on that laundry list of good intentions! But it doesn’t have to be that way. In working with…
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IRS Delays Individual Return Processing Until January 31st
If you were counting on filing your tax return early in order to capture a quick refund, the IRS has thrown a wrench into your plan. Because of the 16-day government shutdown in the fall, the IRS has announced that it will not begin processing individual returns until January 31st. This processing date reflects a…
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A Time for Tax-Smart Gift Giving: Qualified Charitable Distributions from IRAs
There’s no time like the present to give to your favorite charitable organizations. Really. Seasonal generosity aside, the provision in the current tax laws that allows for gifts from Individual Retirement Accounts expires at the end of 2013. The American Taxpayer Relief Act of 2012 permits individuals ages 70 ½ or older to distribute up…
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New Repair Regulations for 2014
The IRS has issued long-awaited final regulations on the treatment of costs to acquire, produce or improve tangible property. Taxpayers will need to apply these regulations going forward to determine whether they can deduct costs as repairs and maintenance under Code Sec. 162 or must capitalize the costs and depreciate or amortize them over a…
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Contract Labor v. Employee Status: Are you correctly classifying your workers?
Worker classification is an issue that seems to pop up on the IRS’s radar every few years, and it appears that the IRS is once again focusing resources on making sure that you are classifying your workers appropriately. The issue is this: if you classify your workers as independent contractors, then you shift the payroll…
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Senate Tax Reform Proposals Announced
Momentum appears to be building for a slate of tax changes that could affect most small businesses and their owners. Those changes include: Online reporting of Forms 1099. Eliminating the requirement to correct Forms 1099 for errors less than $25. Requiring the reporting of outstanding mortgage balances along with mortgage interest paid. Reducing the number of…
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Choosing a Dental Practice Accountant
Why should I choose you as my dental practice accountant? This is a question I hear often from dentists who are contemplating a change. My typical response is that I am not saying you should…at least not without doing your homework first. You see, choosing an accountant is a very personal decision, and while I…
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2013 Tax Planning Guide
The good news is: Tax planning for 2013 is much easier than last year. We went into 2013 before we had any clarity as to which Bush-era provisions would be extended. The bad news is: Higher-income taxpayers will face larger tax bills for 2013. As we enter the 4th quarter, year-end is in sight—now is…
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Alabama New-Hire Program Penalty
The Alabama New-Hire Program states that employers are required to report all new or recalled employees within seven days of the date of hire. The program has been mandatory for all employers since October of 1997. Effective immediately, there will be a $25 penalty for employers who fail to report new-hires or recalled workers. New-hires…
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The Alabama Accountability Act
The Alabama legislature recently passed the Alabama Accountability Act during the 2013 session. Basically, the act provides scholarships funds for children attending failing schools who transfer to qualified private schools. The state has earmarked a total of $25,000,000 in Alabama Scholarship Reserves. In an effort to encourage donations, the state will provide a state tax…
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