Nov 28, 2023
Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2024, with most of these tax advantaged savings opportunities increasing slightly from the 2023 limits. Most working professionals have...Nov 28, 2023
We first wrote about I-Bonds in an article included with our November Newsletter available at: Earn A Guaranteed And Risk-Free 7.12% Interest Rate Through April While Making Your Portfolio A Little More Conservative By Purchasing I-Bonds I-bonds are a great place to...Nov 10, 2023
In addition to the personal tax deductions allowed to be claimed for medical expenses, mortgage interest, and state & local taxes paid in a year, taxpayers are allowed to claim a tax deduction for donations to charitable organizations and qualifying tax-exempt...Nov 2, 2023
By Guest writers Joel Rosen and Kavita Goyal, Rosen & Goyal, P.C. Dental professionals are held to high standards and are subject to oversight by the Board of Registration in Dentistry. The Board’s function is to protect the public, not to punish dentists for...Nov 2, 2023
By Guest Writer Don Khouri, Executive Coach, Fortune Management When I was a Junior in College in the mid-1980s, I took a full-semester, four-credit course on Artificial Intelligence (AI). AI was in its infancy, its societal implications significant but unknown. It...Nov 2, 2023
Q: I just had a hard credit inquiry alert even though I did not apply for a line of credit. Any advice on what to do? A: That’s unsettling. Are you sure this wasn’t something done by the lender for your practice? Assuming this is in connection with a new line...Nov 2, 2023
Below is a brief summary of reporting foreign accounts, gifts and inheritances. Please note that the penalties for non-compliance can be onerous. If you inherit or receive a gift from a foreign person of more than $100k: Complete a Form 3520 (About Form 3520, Annual...Nov 2, 2023
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2024, the maximum wage base jumps to $168,600, an increase of $8,400, or 5.2%, over the max of $160,200 that was in place for 2023. At a rate of 6.2%, the maximum Social...Oct 10, 2023
Even if your parent files their own personal income tax return and doesn’t meet the criteria for you to claim them as a dependent on your own tax return, you might still have the opportunity to deduct their medical expenses when you file your taxes. If you are...Oct 10, 2023
For 2023, the allowed max salary deferral for a 403b or 401k plan is $22,500 (or $30,000 if age 50 by the end of the year). If you have already funded an amount to an employer sponsored retirement plan via salary deferral, then you will be limited in your allowed...Oct 10, 2023
Heading into the last quarter of 2023, October is the perfect time of year to review your year-to-date paystubs in order to maximize pre-tax benefits and other withholding items. Examining your year-to-date paystub early in the final quarter of the year gives you a...Oct 4, 2023
From guest writers at Fortune Management Hiring the right candidates is crucial for any job, and it holds particular significance when it comes to building a skilled dental team. Making hiring mistakes can lead to inefficiencies and disruptions in your dental...Oct 4, 2023
From guest writer Megan Levy, Transaction Resources There are several key indicators that can signal the need to change providers, such as poor customer service, deceptive pricing practices, and confusing merchant statements. The ability to reliably accept...Oct 4, 2023
According to the rules included at: https://www.findmassmoney.com/app/reporting-guidelines, the Massachusetts Unclaimed Property Law ( M.G.L.c. 200A ), requires business entities and others to review their records each year to determine whether they are in the...Oct 4, 2023
You’ve probably seen or heard the commercials about all the unclaimed assets that the Massachusetts Unclaimed Property Division is trying to return to the rightful owners. According to the website www.findmassmoney.com, unclaimed property consists of unclaimed...Oct 4, 2023
Effective January 1, 2024, the Corporate Transparency Act (CTA) establishes a new filing requirement for small business. Qualifying businesses must file a Beneficial Owner Information (BOI) report with Financial Crimes Enforcement network (FinCEN), a bureau under the...Oct 4, 2023
Interest rates generally move in the same direction as inflation. And with inflation creeping up over the past year or so, interest rates being offered by banks have jumped up too. If you have excess money sitting in your practice bank accounts, please take a few...Oct 4, 2023
Your 2022 tax return needs to be filed by Monday, October 16. With the partnership and S-Corp extension filing date of 9/15 behind us, taxpayers that were waiting on late K-1’s should have received them by now. And, if you had us file an extension for you back in...Sep 13, 2023
If you are starting your own business, opening up a private practice or thinking about implementing a new retirement plan for your existing business, you have several retirement plan options available to you. Below is a list of the primary retirement plan options for...Sep 13, 2023
There are two new updates to the Personal Income Tax Deductionsallowed in Massachusetts: For the 2023 tax year, MA taxpayers will be allowed to claim a tax deduction on their personal income tax return for charitable contributions. After being suspended for more than...Sep 13, 2023
The IRS recently issued proposed regulations requiring brokers to provide reports of digital asset transactions, including cryptocurrency sales, to their customers at year-end. Per the proposed regulations, beginning with the 2025 tax/calendar year, brokers that...Sep 5, 2023
From Guest Writer Fortune Management, dental practice consultants When you think of your heart’s function, what’s the first thing that comes to mind? Vitality? Power? Lifeblood? Our heart is not only our central organ, in Western medicine, it is the organ that pumps...Sep 5, 2023
Third quarter estimated taxes are due 9/15. If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail or by email through your Tax Caddy portal. For anyone paying estimated taxes, we now...Sep 5, 2023
Every practice owner needs to purchase a variety of property and casualty insurance products. For your malpractice insurance, business liability insurance, and workers compensation insurance: Do you have the proper coverage for each of these types of insurance? Are...Sep 5, 2023
From IRS News IR-2023-49, March 20, 2023 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start...Sep 5, 2023
We recently received this question from a client: Q: Just wanted to give you a heads up. If all goes according to plan, we will be signing the sale agreement this week for my office. Is there any way to reduce the tax implications of the transaction? A: Here are 5...Sep 5, 2023
Did you recently drop off one or more of your kids at college? As we all know from our undergraduate years, a lot of what college kids learn is learned outside the classroom. Why not take this opportunity to plant the seeds for a few practical personal finance lessons...Aug 7, 2023
August is the perfect time to review your year-to-date taxable income and allowed deductions for 2023, as well as factoring in your projected income and deductions for the remainder of the year. Taking a look at your specific tax situation throughout the year helps to...Aug 7, 2023
May through October is commonly known as “Wedding Season” with July and August generally being the peak months for weddings. If you, or perhaps one of your children, tied the knot this year, here are a few items to add to your checklist before the end of the year:...Aug 7, 2023
With so many people relying on the internet to obtain or provide personal and financial information, it’s often a “guess” for individuals trying to determine what emails that are received are real and which may be phishing scams. For IRS tax issues and...Aug 2, 2023
From IRS News IR-2023-133, July 24, 2023 As part of a larger transformation effort, the Internal Revenue Service announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance...Aug 2, 2023
By guest writer Brenda Loan Baker, Fortune Management In the midst of ever-increasing dental practices in the country, a good dental marketing strategy is a key to success. Since dental practices need new patients on a monthly basis to ensure the growth and success of...Aug 2, 2023
You’ve probably heard the news of the IRS plan to boost their staff by tens of thousands of new hires over the next several years. And along with the IRS’s hiring spree will most likely be more tax return audits! Unfortunately, receiving an IRS notice with the words...Aug 2, 2023
From our affiliate Optimal Practice Transitions Are you considering the sale of your dental practice within the next 1-5 years? Do you want to know what kinds of questions a savvy buyer will ask? Or, do you simply want to have a better practice that is more...Aug 2, 2023
Contributing to a retirement plan is one of the best tax shelters available to people during their working years. Contributions made to non-Roth accounts are tax-deductible and grow tax deferred. With the Roth option, you give up a current year tax deduction in...Jul 13, 2023
What are 1099-Ks? 1099-Ks are issued annually by Payment Settlement Entities (PSE) and third-party settlement networks to report payment transactions taxpayers received during the year via credit cards and other contractual payments. eBay, Venmo, Stub Hub and PayPal...Jul 13, 2023
For taxpayers who are the beneficiary of an IRA or other retirement account, The SECURE Act changed the Required Minimum Distribution (RMD) rules for inherited IRAs. While final regulations are expected in 2023 but have not yet been issued, the IRS did issue guidance...Jul 6, 2023
By Don Khouri, PhD, Managing Director Fortune Northeast As a dentist, you wear three important hats. In your clinical role, you are usually the primary producer, you are the entrepreneur and owner of the business, and the leader of the team. Along with that, you have...Jul 6, 2023
By Camarlengo Dental Institute: According to Cararmengo Dental Institute, they provide a: Hands-on (IDR) training program driven to advocate clinicians hone their problem-solving mindset and build confidence in essential surgical protocols. With this (IDR-experience),...Jul 6, 2023
Practice owners who received Provider Relief Fund (PRF) payments exceeding $10,000 in the aggregate between January 1, 2022 and June 30, 2022 are required to self-report during Reporting Period 5 (RP5) which runs through September 30th. Providers who fail to comply...Jul 6, 2023
From IRS News – IR-2023-112, June 8, 2023 WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. The IRS estimates...Jul 6, 2023
Q: Does an employer need to pay out PTO when an employee quits or is fired? A: PTO must be paid out when an employee leaves. However, if you don’t use PTO but have separate accounts “Sick” and “Vacation” then only the Vacation needs to...Jul 6, 2023
Cloud Dentistry is an innovative online platform that connects dental professionals with job opportunities and helps dental practices find qualified staff. It operates as a dental staffing solution, leveraging technology to streamline the process of matching dental...Jul 6, 2023
Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2022, you are required to file a Form 5500 by 7/31/23 (Form 5500 Corner | Internal Revenue Service (irs.gov). If you aren’t able to submit this paperwork prior to 7/31, please file...Jun 15, 2023
Watch out for a phone scam in which callers pose as agents or investigators for the US Drug Enforcement Administration (DEA) or the state Board of Registration in Medicine (BORIM). If you receive a suspicious call, don’t provide any personal info or agree to...Jun 15, 2023
It’s a rite of passage for teens to get their first summer job. Whether working in retail, hospitality, landscaping or another industry, make sure your child starts their employment off on the right foot using our tips below. Completing your child’s Form W-4...Jun 15, 2023
Most taxpayers will encounter a life-changing event at some point in their lifetime. Being proactive can result in significant long-term benefits, while avoiding the situation can result in missed opportunities. Included below are common life-changing events and...Jun 15, 2023
SECURE 2.0 Act, enacted at the end of 2022, revises retirement planning opportunities for taxpayers. Based on the 2019 Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the law helps individuals better prepare for retirement and saving. The...Jun 1, 2023
Q: We have a Temp hygienist who we are interested in hiring. Her hours would not be consistent, mostly coverage for vacations and an upcoming maternity leave. She seems to have been coached by a temp agency and personal accountant that being a W2 employee is the...Jun 1, 2023
If we set up for you to pay quarterly estimated taxes, please make your Q2 payment by June 15th. Generally, taxpayers who are self-employed, are shareholders in S-Corporations that typically pay out distributions in addition to the wages paid to the owners, partners...