Updated List of Tax Credits for EV Vehicles Purchased in 2023 or After

According to information posted by the US Department of Energy, Office of Energy Efficient and Renewable Energy, the official US government source for fuel economy information: All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new in 2023 or...

Watch Andrew’s Annual Locum Tenens Webinar with Barton Associates

Each winter, Barton Associates, the Locum Tenens Experts, invites Andrew Schwartz CPA to present a live webinar on the tax issues and basic financial planning opportunities applicable to Locum Tenens providers. Much of the information presented is relevant to all...

Free Financial Webinars Presented by Alex Oliver, CFP, CRPS

Our friends at First National Corporation are offering free financial webinars this tax season. REGISTER FOR ONE OR MORE OF THESE WEBINARS AT www.FNCAdvisor.com/webinars INVESTMENT VISION FOR 2024 ~ WATCH RECORDING FROM FEBRUARY 15 What does the climate look like for...

Treatment Acceptance: Three Language Strategies to Overcome Objections

By Guest Writer Frank Clark, Executive Coach, Fortune Management In dentistry, treatment acceptance can often be met with hesitation or objections from patients. Understanding and effectively responding to these objections is crucial for dental professionals. Here are...

Locum Tenens Webinar Feb 7

Are you a Locum Tenens 1099 contractor? You won’t want to miss Andrew Schwartz’s webinar on February 7 at 3pm sponsored by Barton Associates.  Andrew will be focusing on the tax implications of working as a locum tenens and what steps you should take. ...

New MANDATORY Filing for Business Entities including Single Member LLCs

Small businesses can now add another filing requirement onto their “to do” list.  Back in 2021 Congress passed the Corporate Transparency Act (CTA) placing an additional new reporting requirement upon small businesses.  This new reporting requirement begins in 2024...

Planning Tips for Early 2024

Want to get a jump on planning for 2024? Here are a few tips to keep in mind: HSA Self-only coverage funding limits increases to $4,150 from $3,850. HSA Family coverage funding limits increases to $8,300 from $7,750. HSA catch-up contribution (if age 55 or older)...

Recent Tax Law Changes for MA Taxpayers

There are a few tax law chanegs for Massachusetts taxpayers that you may benefit from: This first change does not take effect until 2024.  As a result of the new MA Millionaires tax assessing a 4% tax on tax return income in excess of one million dollars for MA...

4th Quarter Estimated Tax Payments Due 1/16/24

Fourth quarter estimated taxes are due 1/16/24. If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail. For anyone paying estimated taxes, we now recommend that you make those payments online....

RE: 2024 – Ten Prudent Personal Finance Steps To Take

Personal financial planning is an ongoing process. Financially speaking, 2023 was another challenging year for many of us. The stock market was quite volatile this year, but ended the year near all-time highs, which is great for people who remained invested.  Real...

IRS Announces Higher Standard Mileage Rates for 2024

From IRS News IR-2023-239, Dec. 14, 2023 The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the...

Beyond The Operatory: Five Ways to a Successful Dental Practice

By Guest Writer Ayla Narayan, RDH, Fortune Management Executive Coach At Fortune Management, we have the privilege of a front row seat to the evolution of dentistry. What we know is that you, the dentist, in addition to being oral health experts, often take on the...

Have Significant Medical Deductions?

If you or your parents have significant medical tax deductions this year, consider this year-end tax saving idea. It is not unusual for elderly taxpayers to incur significant qualified tax-deductible medical expenses in a year related hospital stays, home healthcare...

Student Loan Repayment Program Update

For taxpayers and borrowers making student loan payments, they should check out the Saving on a Valuable Education (SAVE) Plan that partially went into effect this past summer.  The SAVE Plan replaces the Revised Pay As You Earn (REPAYE) Plan.  Additional SAVE Plan...

Stay Safe Shopping Online This Holiday Season

Shoppers need to remain on the alert for internet predators and scam artists while working on their holiday shopping list this time of year.  As a helpful guide, the IRS has posted the following tips on their website to help protect shoppers doing their on-line...

Ten Tips to Cut Your 2023 Taxes

As the year winds down, now is the time to take steps to cut your 2023 tax bill while being mindful to not defer so much taxable income that you push yourself into the next tax bracket in 2024. Prior to December 31st: Increase your 401(k) and 403(b) contributions if...

IRS Announces Small Increases to Retirement Savings Limits For 2024

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...

I-Bonds Interest Rates Adjusted to 5.27%

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...

Managing Your Charitable Donations

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...

How to Stay Out of Trouble With the BORID

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...

How AI Can Transform Your Dental Practice for Enhanced Patient Care

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...

What to do if you Unexpectedly Receive a Hard Credit Inquiry?

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...

Foreign Account Reporting Reminder

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...

Social Security Max Increases to $168,600 for 2024

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...

Did You Overfund Your Retirement for 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...

Get a Jump on Year-End Planning

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...

Five Common Hiring Mistakes to Avoid Dental Staff Recruitment

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...

When to Switch Credit Card Processing Providers

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...

Claim Your Massachusetts Unclaimed Funds

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...

Another New Filing Requirement for Small Business Owners Starts 1/1/24

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...

Personal 1040 Tax Returns on Extension Due Oct 16

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...

Two Recent Updates for Massachusetts Personal Income Tax Deductions

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...

New Year-End Tax Reporting Rules for Digital Assets on the Horizon

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...

Unlocking Smiles and Revenues: Navigating Dental Insurance Follow-Up

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...