Blog

Selling Your Dental Practice 101

By Spencer Wesley If you’re among the 77% of dentists who own their practices, this is a message for you. The day will come when you need to sell your practice, which by then will represent a valuable asset in your retirement portfolio. As a practice broker, we’ve facilitated hundreds of these transactions, and we’d like …

Selling Your Dental Practice 101 Read More »

Helping New Dentists Solve Money Problems and Build Satisfying Careers

By Susan Nevenhoven As an accountant at a dental CPA firm, I have a lot of clients who are new or recent graduates. Not surprisingly, they have lots of questions about money. On average dentists graduate with close to $300,000 in student loan debt, while those going into private practice can expect to earn $100,000 – …

Helping New Dentists Solve Money Problems and Build Satisfying Careers Read More »

How to Properly Hire Temporary Hygiene

When you have a member of your hygiene team out, it’s normal to hire temporary help to cover the schedule. As Dental CPAs, we understand a recurring issue dentists face is how to properly pay temporary hygienists. Whether a temporary hygienist is there to help to fill-in for a day or to help your office …

How to Properly Hire Temporary Hygiene Read More »

Is My Trip a Deductible Business Expense?

Here is a scenario for you: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need to meet with is going to be in L.A. when you are. You arrange a dinner on Friday night to discuss …

Is My Trip a Deductible Business Expense? Read More »

Converting Your Residence into a Rental Property

The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal residence into a rental is how to determine the property’s tax basis for depreciation purposes during the rental period …

Converting Your Residence into a Rental Property Read More »

How Corporations Reduce IRS Audits of Home-Office Deductions

If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 percent (2017 returns are still open for audit, so the percentage could increase). Had you reported this income as an S corporation, your chances of audit were …

How Corporations Reduce IRS Audits of Home-Office Deductions Read More »

TCJA Creates New Reasons for Accountable Plan Expense Reimbursements

Failure to use an accountable plan for your employee expense reimbursements (including yourself if you operate as a corporation) turns those improperly reimbursed expenses into taxable wages. In other words, by failing to comply with the accountable plan rules, you turn the tax-free reimbursement into taxable W-2 wages. That’s about as dreadful as it can …

TCJA Creates New Reasons for Accountable Plan Expense Reimbursements Read More »

Creating More Business Meal Tax Deductions After the TJCA

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals. The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense rules. You are going to like these rules. Restaurants and …

Creating More Business Meal Tax Deductions After the TJCA Read More »

The Importance of Beneficiary Designations

Check your beneficiary designations now, before disaster strikes. With the current super-generous federal estate tax exemption of $11.4 million, estate planning may be completely off your radar. After all, with that huge exemption, you may think there’s no way your estate would owe any federal estate tax if you happen to die—expectedly or unexpectedly. Is …

The Importance of Beneficiary Designations Read More »

Impact of Death, Retirement, and Disability on the 179 Deduction

What tax effect would death, retirement, or disability have on you or your business? Here’s an easy example to illustrate. Let’s say that in 2017, you purchased for business use a pickup truck with a gross vehicle weight rating greater than 6,000 pounds. Asserting that you use the pickup 100 percent for business, you expensed …

Impact of Death, Retirement, and Disability on the 179 Deduction Read More »

1 2 3 10