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...

3rd Quarter Estimates Due 9/15

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...

Property and Casualty Insurance For Your Practice

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...

IRS Issues Stern Warning To Business Owners Who Overstate Their ERC

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...

How To Minimize Taxes Following The Sale of Your Practice

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...

Time for Your Mid-Year Tax Projection

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...

Tax Considerations for Recent Newlyweds

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:...

IRS Announces End To Unannounced Revenue Officer Visits

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...

Seven Dental Marketing Strategies To Implement Right Now

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...

S&S Now Offers Our Clients “Audit Insurance”

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...

Do You Need A Practice Tune-Up?

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...

Be on the lookout for 1099-Ks being issued this coming January

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...

Are You A Beneficiary Of An Inherited IRA?

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...

Four Tips For Balancing Personal and Professional Demands

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...

Quick Q&A About PTO With Our Firm’s Payroll Manager Greta

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...

Scam Alert Targeting Physicians

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...

Planning for Your Child’s Summer Job

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...

SECURE 2.0 Revises Retirement Planning Opportunities

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...

Q&A About Staffing Issues With Our Firm’s Payroll Manager Greta

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...

Estimated Taxes For the 2nd Quarter 2023 Are Due Thursday, June 15

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...