Financial Planning and The Challenge of Sisyphus

I begin with a bit of Greek mythology. I believe it offers a keen lesson on personal finance. Sisyphus, King of Ephyra, was punished by the Gods for chronic deceitfulness. He was condemned to roll a large boulder up a hill, only to have it slip from his hands and roll back down the hill. This he did over and over … forever. This is an excellent representation of our efforts to grow and control wealth. You spend years in college and then years in your profession. You accumulate assets and...Read More

Charitable Donation Substantiation

Giving to charity is great; getting a tax deduction for it is even better. The IRS is not typically known as a “lenient” organization but when it comes to charitable donations, they can be downright ruthless. If not properly substantiated, deductions for charitable donations can be disallowed by the IRS even if there is no doubt that the donation took place. When it comes to substantiating charitable donations, the requirements vary depending on the type and amount of the...Read More

The Benefits of Self-Renting

Tax advantages of self-renting If you’ve spoken to an attorney about owning your practice’s building, chances are they’ve advised the title to be held within a separate entity for asset protection purposes, specifically an LLC. And while there aren’t many one size fits all answers in the world of taxes, owning real estate in an LLC vs any type of corporation is really as close as it gets. That because when real-estate owned in a corporation is repurposed to a different legal entity or...Read More

The E-Payment Solution

MetLife recently instituted a new policy that requires all reimbursements be electronic. The new policy appears to be ideal for our modern dental practices. The dream of claims and payments quickly processed, EOBs readily available online, and a reduced staff burden makes this a no brainer for our clients. This practice, in fact, is standard in medical billing and we welcomed the promise of this new modern technology to our dental clients. The dream, unfortunately, has become a nightmare. Dr....Read More
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