Form 1099 FAQ

It’s that time of the year again when you as a practice owner need to start thinking about 1099s. We have created this FAQ for all things 1099. The process starts with a Form W-9. We will create and file your 1099s but we do need your help collecting information found on Form W-9. Please note 1099s are only for payments made via cash, check, and EFT payments. Therefore, we encourage you to make all payments via credit or debit card. What exactly is Tax Form W-9 and what are they used...Read More

California Employee Paid Sick Leave

In 2015, California began requiring employers to provide paid sick leave to employees. California’s sick pay rules require employers to allow employees to accrue one hour of sick time for every thirty hours worked.  Employers can limit employees from taking more than 24-hours of sick time per year. In San Diego, employers are required to offer employees 40 hours of paid sick leave per year. The employer may choose to provide a lump sum of paid sick time at the beginning of the year or...Read More

Is Student Loan Refinancing Right for You?

  Molly Carapiet, Eagle Lending, Director of Operations, First Republic Bank Young professionals with large student loan balances are often stuck between a rock and a hard place. If you’re currently managing student debt, you’ve probably been hearing about the option to refinance your education loans. But how do you know if refinancing is right for you? Although every borrower has a unique financial situation, below are a number of questions to ask yourself to help you decide if...Read More

Year-end tax planning for dentists

If you find yourself asking your CPA for tax planning ideas in March and April when your corporate and personal tax returns are due, you will most likely have missed the bus when it comes to the most beneficial tax moves.  True tax planning happens before year-end when action can be taken to implement strategies to save you money.  Here are some tax saving moves to consider as we near the end of 2017. Home Office: Set up a home office to be used regularly and exclusively to perform the...Read More

Taxability of Year End Gifts

Its Christmas season, your employees have worked hard all year and you want to give them something to say thank you.  Great idea; there are some rules to follow so that both you and your employees get the best tax treatment.  If the rules are followed correctly this is a win/win. Gifts to employees that qualify as de minimis fringe benefits are deductible by the employer and excludable from the employee’s wages for purposes of both income and social security taxes.  De minimis fringe...Read More

Update on the GOP Tax Bill

Last Thursday the tax community started buzzing with the release of the initial version of the GOP tax bill.  It is possible that reading the new tax bill did not make your top five list of things you wanted to do this weekend.  Fortunately, you have us for that! While the current bill gives us insight into the ultimate goal and intent of the bill, it is important to keep in mind that this is the very beginning of the process and there will most likely be modifications to come as the bill...Read More

4 Recommendations in Financing Your Way from Associate to Owner

If owning your own practice is a professional goal of yours, one of the tasks you are likely to encounter is securing the capital to do so.  There are many possible options to finance a practice acquisition, whether buying an existing one or starting one from scratch.  However, the three most common methods are: Bank Financing- Conventional & SBA loans Private Money Loans (family/friends/hard money) Seller “Carry Back” Financing- Selling practitioner offers to extend the loan to...Read More

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
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