Itemized Deductions: From Common and Easy to Unusual and Tricky
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported to you and the IRS shortly after year-end on standard documents…
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Tax Extenders – What You Need to Know
In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
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A Few Thoughts on the Affordable Care Act
We have been talking about the Affordable Care Act for more than four years now. Since 2010, we’ve spent countless hours trying to grasp all of the implications and fine print of the law so we can fully understand its impacts on our clients. Although some of the important provisions have been delayed, most small…
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How Much Cash Should be in Your Practice?
As a practice owner, you get paid last. If you have any cash left over after meeting the payroll and paying your bills, only then can you consider taking a paycheck yourself. But how much should you pay yourself and how much cash should be in your practice? I typically suggest that a practice keep…
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Hiring the Right Financial Professional: The CFO
Part three of four in a SmartMoney series by Mike Baker Read Part One: The Bookkeeper and Part Two: The Controller. The larger the company, the more complicated the financial decisions and the more responsibilities required of those people minding the money. Earlier in this series, I talked about bookkeepers and controllers, professionals who are…
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Financial Performance Measures: A Checklist for Tracking your Practice Performance
Part 1: Goodwill and the Sale of a Dental Practice Part 2: The Taxation of Goodwill Part 3: Building Practice Goodwill Consistent with the thinking that activities that get scheduled get done, I recommend a checklist of practice performance goals and measures to which you refer at least monthly. This checklist ought to reflect what…
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How Latest Tax Changes Will Affect You or Your Company
The U.S. Supreme Court ruling on June 28, 2012, upheld the Patient Protection and Affordable Care Act of 2010. Individuals and business owners can expect to see several changes over the next few years depending on the results of the presidential election on Tuesday, November 6. Listed below are a few highlights of the upcoming…
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Gulf Coast Property Owners Can Receive Over $1,000
Do you own a condo on the Gulf Coast? If you owned it on April 20, 2010, you are eligible for a payment being administered by the U.S. District Court-Eastern District of Louisiana because of the Deepwater Horizon Economic & Property Damage Settlement. Under this settlement, no physical damage to your condominium is required. This…
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