Our Blog and News
This Month’s Posts
Retirement Plan Options Available for Small Businesses and Self-Employed Individuals
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...
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...
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...
Two Practice Financial Planning Lessons Parents Can Teach Their Kids In College
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...
Last Month’s Posts
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 Warns Taxpayers to be Aware of Possible Tax Scams and Phishing Schemes
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...
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...
Take A Moment To Check That You Are On Track To Max Out Your 2023 Retirement Plan Salary Deferrals
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...
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...
Posts From Our Professional Network
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...
Dentists: Earn 2 CE Hours on May 18 While Learning “The Fortune Recipe”
Join Bernie Stolz, the founder of Fortune Management, on Wednesday evening May 18th at 6 pm for a discussion on his new book, The Fortune Recipe: Essential Ingredients for Creating Your Best Life. No matter what goals you’re pursuing, both personally and...
Save Taxes With a Cost Segregation Study If You Own Your Office Space
This year’s most interesting tax season observation has to do with a strategy available for people who own real estate that helps them save more taxes in the early years. As the price of real estate continues to increase, more business property owners are having Cost...
Practice Owners: Credit Card Terminals vs POS?
This month, our friends at Transaction Resources are sharing their tips when choosing between a credit card terminal or a point-of-sale system: What’s the Difference Between Credit Card Terminals & POS Systems? When it comes to accepting payments for goods and...
Dealing with Negativity in the Dental Practice
From Guest writer Brenda Loan, Fortune Management Company Executive Coach Whenever a lot of people work together for many hours, you can expect some sort of negativity to develop. A dental office is one such setting. Dealing with negativity in a dental office can be...
How to Build Your 2023 Business Plan
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...
BOA Practice Solutions Announces New Loan Promotions
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...
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 worked...
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...
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,...