Employee Business Expenses & Tax Reform
If you are an employee (i.e., a W-2 wage earner) with substantial work-related business expenses, the Act was not kind to you. It suspended (and effectively repealed), for 2018 through 2025, all… Continue On +
Surprise! Extender Bill Passed: Do You Benefit:
Congress passed the Budget Bill last Thursday night, and the president signed it on Friday. To the surprise of many, the bill included a number of extenders that retroactively apply to 2017… Continue On +
Tax Reform Cracks Down on IRA Recharacterizations
If you have been or are anticipating converting your traditional IRA to a Roth IRA, you should be aware of a tax trap that Congress built into the Act. Background: There are… Continue On +
Have Business Income? If So, You Score Big With The New Tax Reform
As part of the Act, Congress changed the tax-rate structure for C-corporations to a flat rate of 21% instead of the former graduated rates that topped out at 35%. Needing a way… Continue On +
Medical Deductions & The New Tax Law
Article Highlights: Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents Note: The… Continue On +
New Tax Law Cracks Down on Home Mortgage Interest
For years, taxpayers have been able to deduct home mortgage interest on their primary and second homes as an itemized deduction, subject to certain limitations. The interest deduction was limited to the… Continue On +
How Much Production Are You Losing to Write Offs?
Let’s say your practice bills out $5,000 of production today. How much of that production would you expect to collect? There are typically differences between what is produced and collected, and the… Continue On +
Sold Your Home This Year? Thinking of Selling? Read This!
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home… Continue On +
Charitable Contributions
As we approach the end of the year it’s common for taxpayers to start looking at making charitable donations to minimize their tax bill. Depending on the size of the donation there… Continue On +
Expense Series Part 5
Behind staffing costs, direct costs are typically the second largest expense category for dental practices. In the Portland area, a general dentist typically spends 12.3% of their collections on dental supplies and… Continue On +
Expense Series Part 4
Do you often send out hundreds of mailers and ask yourself “Am I paying too much to advertise, and is this even working?” If so, you are not alone. Advertising and promotional… Continue On +
Expense Series Part 3
In the previous post of this series we discussed staffing costs and how to analyze them, along with questions to ask yourself if your costs are below market averages. In this post,… Continue On +