Our Blog and News
This Month’s Posts
Understanding Business Travel Deductions
From IRS Tax Tips - Issue 2023-15; February 7, 2023 Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable...
Investment Vision 2023
What does the climate look like for investing in 2023? Last year was challenging for almost all asset classes, with persistent inflation leading to rising interest rates and a slowing housing market. The war in Ukraine also added to instability, while past winners in...
Six Steps to Select a Dental Coach
By Guest Writer George Loan Baker from Fortune Management Many dentists will tell you coaching works. The scope and expertise is as varied as types and brands of automobiles. As most vehicles will provide you with transportation, most dental consultants will get...
Two Coding Updates for Dental Practices
At Yankee, a company called MOD Practice (www.MODPractice.com) had a booth this year and provided dentists with these two coding updates: D4355: You can now bill a D0150 or D0120 on the same date of service as a D4355. You can also bill a D0140 same day but your...
Sick Days & Jury Duty – Q&A With Our Payroll Manager Greta
Below are a few payroll related questions that we recently received along with the response provided by our firm’s payroll manager Greta: Q1: Is it by law that sick days have to be rolled over if not used? MA SICK PAY -...
Overfund Your Social Security Taxes?
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 that...
Last Month’s Posts
2023 New Year’s Resolution
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 catch-up...
Reminder – 4th Q Estimated Taxes Due Jan. 17.2023
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 the due date for...
MA Millionaires Tax
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...
Do You Love Your Life and Your Work?
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...
Recorded Webinar Now Available for Dentists Looking to Go Out Of Network
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...
Practice Owners: Phase-4 Self-reporting Season Starts 1/1/2023
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...
S&S + OPT Spells A Few Busy Days At Yankee Dental Later This Month
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...
Work Opportunity Tax Credit Can Be Valuable To Practice Owners With Staff
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 me. What...
IRS announces Higher Standard Mileage Rates For 2023
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....
RE: 2023
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...
Posts From Our Professional Network
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,...
False Assumptions That Dental Offices Make About Compliance (And How To Correct Them)
By Guest Writer Russell Kane, Compliance Consultant Dental Office Compliance of New England LLC Compliance, admittedly, is a dry topic and it’s not the reason you decided to become a dentist, RDH or DA in the first place. Nevertheless, every industry - particularly...
EPLI Can Pay Huge Dividends If A Disgruntled Employee Sues your Practice
The purpose of insurance is to protect against extraordinary or catastrophic financial losses. One potential loss to consider is when a terminated or disgruntled employee hires an attorney to sue your practice for wrongful termination or for an array of other...
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...
IRS Reminds Employers About Special Tax Credits To Help Employers Hire Staff
From IRS News IR-2022-104, May 6, 2022 WASHINGTON — With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers...
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...