We recently were asked: What happens when taxpayers overfund social security taxes that are withheld from pay from multiple employers in the same calendar year? Our answer: Every employer is required to withhold social security taxes from an employee’s pay until...
At the start of the year, it’s a great time to make a resolution to take care of your financial health. A good start? Review your paystub, employer provided benefits and overall financial plan: Will you turn age 50 in 2023? Include the $7,500 annual...
If you pay estimated tax payments, don’t forget that the 2022 4th quarter’s payment is due on Tuesday, January 17, 2023. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is...
This past November, Massachusetts voters approved the “Massachusetts Millionaires Tax”. This amendment to the Massachusetts Constitution implements a 4% surtax on MA income in excess of one million dollars. The new tax law is effective beginning with the 2023 tax...
By Guest Writer Brenda Loan Baker, Fortune Management This is a great time to look back at the year behind you and measure your accomplishments while also looking at the year ahead perhaps with excitement, perhaps not! Many people rush headstrong into the new year...
A lot of dental practice owners are getting very frustrated with the way the relationship with PPOs has evolved over the years. The most common complaints are large adjustments from their standard fees compounded by very modest annual increases to reimbursements. As...
If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. The Health Resources and Services Administration (HRSA) issued guidance available at: Provider Relief Fund...
Yankee Dental takes place from Thursday January 26th through Saturday January 28th. Please join Andrew Schwartz CPA and Attorney Ben Larkin for the following events: Thursday Evening – Join us at Trillium at the Seaport on Thursday from 5:30 to 8:30 for our annual...
We recently received this question from a client: My newer dental assistant told me that she is a disabled veteran. I knew she was a veteran, but I did not realize that she was considered “disabled.” She also mentioned that this might be advantageous to...
From the IRS News Article – IR-2022-234, December 29, 2022 The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes....
Personal financial planning is an ongoing process. Financially speaking, 2022 was a challenging year for many of us. For the first time in many years, the stock markets were well off their all-time highs. Real estate prices around the country are teetering from their...
Employer retirement plan salary deferrals as well as IRA annual funding limits increases for 2023. The max allowed salary deferral increases to $22,500 from $20,500 for 401(k), 403(b) and 457 plans. The annual catch-up contribution (if age 50 or older) increases to...
The IRS plans to focus on reversing the current trend of deceasing IRS audits that have occurred over the last ten years. The recently passed Inflation Reduction Act provides $79.6 Billion to the IRS to improve its operations and efficiency. The funding is to be...
Are your investments showing an unrealized loss? If so, here are three year-end planning moves to consider: Tax loss harvesting. With the continued volatility and decline in stock prices and stock market indexes, taxpayers that invest regularly are most likely...
We’re excited to be presenting again at the MA Dental Society’s annual Yankee Dental Congress in January. Space is limited so make sure to register soon: Do Your Financial Due Diligence – Presented by Andrew D. Schwartz, CPA Friday, Jan. 27, 2023...
For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act – Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new...
While most healthcare practice owners won’t be eligible for this new program offered by Massachusetts that provides grants to first-time homebuyers to fund down payments and closing cost, perhaps your staff or your kids might qualify. According to information provided...
By Guest writer Bob Cahill, Senior Mortgage Banker and Planner at Leader Bank Last month, the Federal Reserve announced a 0.75% increase to the federal funds rate, raising it to 4.00% — the highest it’s been since 2008. The hike is part of ongoing efforts by the...
By Guest writer John Thomas of Berxi, part of the Berkshire Hathaway Specialty Insurance Finding the right malpractice insurance provider can be complicated. The dental and allied health professionals we serve should be spending their time with their patients and care...
As the year winds down, now is the time to take steps to cut your 2022 tax bill while also not deferring too much taxable income into 2023 to push you into the next tax bracket. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been...
By Guest writer Don Khouri, PhD, Managing Director Fortune Northeast Anyone reading this article likely knows that dental insurance is not really insurance. It is nothing like medical insurance because the more treatment you need from medical, the more your health...
In January 2021, Andrew Schwartz CPA and Ben Larkin ESQ joined together to open Optimal Practice Transitions LLC (https://www.optimalpracticetransitions.com/), a brokerage for dental practices and other professional practices. Together they have more than 40 years of...
Andrew Schwartz CPA and dental consultant Shelley Renee will be presenting a live streamed webinar at noon ET on Friday December 9 for dental practice owners considering going out of network with insurance companies. A lot of dental practice owners are getting very...
Quick Reminder: It’s a good time to make year-end donations of clothing & household items to charitable organizations. Don’t forget to make a list, including each item’s condition, since only items “good or better” qualify for...
As a general “rule of thumb”, 3 years is all you need to keep copies of tax returns and related tax documents. The IRS has a 3-year statute of limitations – meaning they generally will not go back more than 3 years to audit your tax returns, assuming the tax returns...
With the recent surge in home prices over the past couple of years, many taxpayers are selling their residences for significant capital gains. Under the current tax rules, when selling a primary residence: a married couple filing a joint tax return is allowed to...
Most years, the government bumps up the maximum Social Security taxes that you can pay. For 2023, the maximum wage base jumps to $160,200, an increase of $13,200, or 9.0%, over the max of $147,000 that was in place for 2022. At a rate of 6.2%, the maximum Social...
By Guest writer George Baker, Fortune Management Partner and Executive Coach Your business needs vision and focus to drive it to its goals. Do you create a vision and goals for 2023? Vision There are two parts to your vision: a philosophical vision and a structural...
From Mohamed Abdullah, Northeast Sales Division Executive How quickly October has flown by and we are on to the 4th Quarter! As mentioned in a previous communication, we continuously look to develop and make improvements to our processes and products. Bank of...
We’re pleased to announce that we will once again be hosting our client appreciation event on the Thursday night of Yankee at Trillium Fort Point. Please join us for yummy food and drinks while bumping into your friends and colleagues who you often see at our Yankee...
If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. On 10/22/22, the Health Resources and Services Administration (HRSA) issued guidance available at:...
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...
An update from our firm’s payroll manager: One of our clients is being audited by the Mass Department of Unemployment Assistance. What we have been told is that an associate should be treated as a W2 employee and not a 1099 contractor unless that associate has an LLC...
The IRS recently announced the cost of living adjustments applicable to the various retirement plan limitations for 2023, with most of these tax advantaged savings opportunities increasing substantially from 2022 limits. Most working professionals have access to a...
For many taxpayers, retirement choices often include relocating to a warmer year-round climate. But what about tax considerations? Currently nine states have no state income tax requirements: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas,...
October is the perfect time of year to review your year-to-date paystubs 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 chance to make any needed adjustments before the...
Your 2021 tax return needs to be filed by Monday, October 17. 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. For Mass residents, filing by October 17 will ensure that...
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 www.findmassmoney.com, unclaimed property consists of unclaimed financial assets...
From Guest writers Fortune Management: Inflation is at 9%, your overhead is increasing, your profitability is increasing. Despite this, many dentists are fearful that a raise in fees will cause a loss of patients. Those dentists end up sacrificing profitability. Just...
With the stock markets well below recent all-time highs, now might be a great time to consider converting your IRAs and other retirement accounts to a Roth to benefit with decades of tax-free growth. Start by figuring out how much post-tax dollars you have in your...
Recently, Massachusetts announced it would be returning tax revenue back to eligible taxpayers. Why? In this past fiscal year, Fiscal Year 2022 (FY22), Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts...
If your 2021 personal income tax return is waiting to be completed and currently on extension, please note that the filing due date, October 17, 2022, is less than a month away. With the partnership and S-Corp extension filing date now behind us (Sept. 15), taxpayers...
The primary goal of the bill signed by President Biden this past August 16 was to provide assistance to America’s working families to help them manage the recent surge in inflation. The Act’s objectives are to lower prescription drug costs, healthcare costs, and...
Leadership and management are two distinct functions at your practice. Leadership Did you know that great business leaders don’t ask what their staff can do for them? Instead, great leaders ask what they can do to help their staff improve. Perhaps the next time a...
Have you saved money in a 529 plan to pay for your kids’ college? Wondering which education expenses you can pay from the 529 account as qualified expenses and which expenses are non-qualified? With students heading back to school, now is a great time to begin...
Dentistry has really changed in just a handful of years. Due to the consolidation we’re all witnessing, dental practice owners are now competing with huge dental factories taking every possible type of insurance. How can the single practice owner even think about...
Andrew Schwartz CPA will be presenting on How to Turbocharge Your Savings Using Tax Advantaged Accounts at the BU Endodontic Alumni Meeting on Friday September 23rd. Ever wonder how much you need to retire? And then wonder how in the world you’ll be able to save that...
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. For anyone paying estimated taxes, we now recommend that you make those payments online. ...
With students heading back to school in the next few weeks, now is a great time to think about education tax planning. We’ve recapped various options to think about: 529 Plan distributions – Learn about qualified and non-qualified education costs ...
