MA to return excess annual tax revenue to eligible taxpayers

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...

Energy and EV Credits in Recent Inflation Reduction Act

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...

Practice Owners: Leadership Versus Management

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...

Utilizing Your Family’s 529 Accounts For The Upcoming Academic Year

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...

Thinking About Giving Up Your PPOs?

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...

Third Quarter Tax 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. For anyone paying estimated taxes, we now recommend that you make those payments online. ...

Education Tax Planning for the Upcoming Academic Year

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 ...

Save Money and Headaches By Outsourcing Your Dental Billing

You’ve done the work.  Now you need to get paid.  With all the staffing challenges facing dental practice owners, have you considered outsourcing your dental billing processes? Alliadent can help you and your staff take these critical steps each and every time, and do...

Cost Cutting Opportunities For Your Practice

Attracting and retaining staff has never been more competitive and expensive.  Couple that with the highest inflation in more than four decades plus shortages caused by supply chain issues, and it’s no wonder that most practice owners are doing what you can to cut...

MA Practice Owners: Mandatory Sick Time Rules

Our Payroll Department often gets asked about Sick Time Rules so we’ve recapped below: In short, the MA Sick Law allows ALL employees (part-time, full-time, temps etc) to accrue Sick Time starting the first day of work at the rate of 1 hour for every 30 hours...

The Key Ingredient to Being More Mindful

From Guest Writer George Loan Baker, Fortune Management: During a recent coaching call, a discussion that began with time management and making more space in the day led my client to an exasperating “if I only had a minute to breathe”. That got me thinking. Adults...

Get A Mid-Year Checkup

Do any of these situations apply to you? You have self-employment income You made a job change during the year You have a change in marital status You have multiple sources of income If so, contact your tax accountant for a midyear tax projection. It’s a great...

Supercharge Your Practice’s Merchant Services With Rectangle

Consider checking out Rectangle Health, an innovator of healthcare payment solutions since 1993, who now brings you Practice Management Bridge – a simple, safe, and secure payment platform. This turnkey technology interfaces seamlessly with your current EMR system,...

Are You Eligible For Public Service Loan Forgiveness?

Check out the rules available at: Public Service Loan Forgiveness | Federal Student Aid that states If you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness...

IRS increases mileage rate for remainder of 2022

The IRS recently announced an increase of 4 cents to the optional standard mileage rate due to the increase in gas prices.  The new rates are effective July 1, 2022- December 31, 2022: Business travel rate is now 62.5 cents per mile Deductible medical expenses is now...

Tips for Your Kids and Their Employment

It’s summertime and we often get asked about how to handle taxes and forms for a child’s summer job or first job out of college. We’re recapping some tips below: Completing Form W-4 for summer jobs: When you child begins their summer job, their new...

Estimated Taxes Due 6/15/22 for 2nd Quarter 2022

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...

PPP2 Loan Forgiveness Applications Should Be Submitted Soon

If you haven’t already filed for forgiveness of your PPP2 loan, please do so soon.  Otherwise, your PPP2 lender will require that you begin making payments on that loan.  Any payments made will be refunded when the PPP loan is ultimately forgiven, but why not just...

How To Save $100,000 On Your Expiring Lease

By Guest Write Stefan Zelich, President/Founder of FOCUS Healthcare Realty Rent is typically a dental practice’s 2nd or 3rd highest expense behind payroll, but it’s also one of the most negotiable.  This ability to negotiate one of the highest expenses to a practice...

Help – I missed the tax filing deadline!

Did you miss this year’s personal tax filing deadline?Unfortunately, the IRS does not simply look the other way with regard to taxpayers missing the tax filing deadline.  Not filing your taxes by the due date will result in the following assessed IRS penalties...

Health Savings Accounts Keep Getting Better

Contributing to a Health Savings Account is unique by allowing for tax-deductible contributions combined with tax-free distributions.  No other tax-advantaged savings opportunities allow for both. With each passing year, HSAs continue to gain in popularity.  To be...

I-Bond Alert: Interest Rate Jumps to 9.62% For The Next Six Months

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...

ELT (Entity Level Tax) Update

Last year around Thanksgiving, Massachusetts issued regulations for the new Entity Level Tax that allows Mass S-Corps and Partnerships to essentially pay the personal Massachusetts income taxes for their owners as a deductible business expense to the practice. The...

IRS Reminds Taxpayers Of Penalty Relief Related To Claims For the ERC

If you received an ERC for 2020, we’ll be preparing an amended 2020 tax return this summer for you to report the amount of the ERC received as a decrease to deductible wages. Expect to owe taxes of about 35% of the ERC received with the amended tax return.  While...

ERC (Employee Retention Tax Credit) Update

Finally, our clients are now receiving IRS Notices as well as checks from the IRS for the Employee Retention Tax Credit based on the paperwork we prepared and our clients signed and submitted months ago. The good news is that it appears that the IRS is processing the...

5 Methods for Curing Imposter Syndrome

From Guest writer Brenda Loan Baker, Fortune Management Have you ever felt like you’re not good enough to do the job you’ve been hired to do — and that everyone might figure it out at any moment? Or maybe you’ve felt like you’re only pretending...

Upcoming Deadlines

Don’t forget – these are the upcoming tax deadlines for 22021 Individual (1040) tax returns: Friday, April 15  Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR) Monday, April 18 Deadline changed due to April 15 Emancipation...

New Hiring and Training Grant Available for MA Employers

Recently, the Governor of Massachusetts announced a new employer grant program to boost hiring.  Called “HireNow”, the program provides eligible employers with a $4,000 per employee grant, which can be used to cover training costs or as a signing bonus for...

Three V’s to Success and Happiness

By guest writer George Baker, Fortune Management Have you met that person who seems to have it all and just isn’t happy? They lack vim and vigor. They complain, blame, and carry on about what’s wrong and who is at fault. My prescription for these folks is the 3 V’s to...

Dental Office Compliance Of New England Is Here To Help

Do you know what you need to satisfy all state and federal regulations?  Dental Office Compliance of New England is here to help you and reduce your stress.  Lisa Kane DMD and her team customize all of your OSHA, CDC, and HIPAA policies.  They have an online portal...

Two tax credits that can help cover the cost of higher education

From IRS Tax Tip # 2022-38 Higher education is important to many people and it’s often expensive. Whether it’s specialized job training or an advanced degree, there are a lot of costs associated with higher education. There are two education tax credits designed to...

Parents Can File Their Kids’ Tax Returns For Free Through IRS.gov

If your high school or college aged child needs to file a tax return only to have federal or state income taxes withheld from their pay refunded, then why not file for free? For federal taxes, this generally applies to dependents who earned no more than $12,550 (in...

Demystifying Crypto Currency

The IRS now requires that all individuals answer this question about cryptocurrency on the first page of their personal tax returns: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?  ...

New Grant Opp for MA Small Biz $10k-$75k

GRANTS RANGING FROM $10,000 – $75,000  –  APPLICATION OPENS FEB 23; ENDS APRIL 4 Commonwealth of Massachusetts has recently launched a new grant opportunity. If your business remains negatively impacted by the pandemic and has between 2-50 FTE employees,...

Five Structural Components Your Practice Must Have

Your house has a structure. Most new homes use metal framing, and some older homes are supported by wood beams. The basic components of your house’s structure are the foundation, floors, walls, beams, and columns. Similarly, your practice has a structure. The...

Non-Competition And Dental Practice Transitions In Massachusetts

By Benjamin C. Larkin, MA, JD, Optimal Practice Transitions, LLC ~ www.optimalpracticetransitions.com One of the most frequent questions that is posed to us is some variation of, “What is the validity and enforceability of a non-competition in the dental community in...