Dental CPA Atlanta | Claim Financial Freedom

Dental CPA 30080

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.

Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.

Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.

Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.

Willeford Group 3316-A S. Cobb Drive, Ste. 400
Smyrna, GA 30080
(770) 552-8500

 

Dental CPA 30080 | Strategies to Boost Profitability

Dental CPAs in Smyrna, GA

According to Dr. Charles Blair, DDS, most dental practices are losing between $30,000 and $50,000 in potential profits. How can dental practices maximize return on their services and start to recoup capital? Here are three strategies to boost profits in your practice:

Optimize your Practice

Taking a look at production reports to make sure procedures were coded correctly. This may seem fundamental, but it can save a lot of time and money in the long run. One incorrectly charged procedure can increase costs over the course of a year.

In addition, adding high-dollar procedures to your practice such as endodontics, bleaching, and other cosmetic services can greatly boost your profit. Training dental hygienists in more complex procedures, such as soft-tissue management and bleaching, will also maximize a dental practices’ profitability.

Staff your Practice Well

In order to recruit and hire the best possible candidates, it is worth paying above average wages to experienced people in the field. This avoids employee turnover, which can become costly. A friendly and knowledgeable team will also help with patient retention rates.

Facilities and Equipment

If possible, purchase all your dental and office equipment, rather than leasing it. This avoids a number of issues, including higher retail costs, interest payments, hidden fees, and lease-breaking penalties.

Strive to maximize your office space. If your current patient volume doesn’t allow you to use all your offices, consider subletting either your primary or secondary office space. Also, merging your office with another dentist can help you in fully utilizing your space and also reduces overhead costs.

There are a variety of ways to boost profits and cut costs while owning a practice. To start, think about your services, staff, and office space. Opening a practice can be costly and leave many dentists in debt, especially after finishing school. Contact us today for help on managing your budget and ways to maximize your return on investment.

3316-A S. Cobb Drive, Ste. 400
Smyrna, GA 30080
(770) 552-8500

Dental CPA Near Me | What to Look for in a Dental CPA

Willeford Group

Hiring a certified public accountant (CPA) to your dental practice grants you not only greater financial transparency, but also provides you with an excellent guide in making informed business decisions. You can also gain an increased ability to focus on your patients rather than being glued to QuickBooks between appointments.

If you’re considering hiring a CPA, it’s vital to know what you’re looking for in candidates. Below are the most important steps when looking for an ideal dental CPA.

Determine Your Need

Before you even start looking for an accountant, determine why you need a dental CPA. Are you looking for a CPA to fine-tune your financial business strategy? Do your bookkeeping? Or maybe you just need help filing your taxes? Once you pin down your specific needs, you can determine which skills you should look for in candidates.

Ask Around

Colleagues experienced in running their own practices can be a helpful resource. Don’t be afraid to ask for advice. Find out the traits they look for in a CPA. With their knowledge in mind, begin conducting your own research – guided by your particular needs.

Here are some general questions to ask yourself when looking for a dental CPA:

  • Do they meet my specific needs?
  • Are they up-to-date with their knowledge? Do they use modern software?
  • Are they established and reputable?
  • What dental practices do they currently represent?

Look for Dental Industry Experience

Many general accountants spend a majority of their time working with clients in a vast number of industries and don’t necessarily have specific experience with dentistry. If you are looking for an accountant with industry knowledge, contact us today.

It can take time finding the right team to work beside you. Skip this step and contact us to get to know our team. We offer a variety of services to fit everyone’s needs. We look forward to hearing from you.

Dental CPA | Converting Leads into Patients

Dental CPA Near Me

Marketing is an essential part of attracting new business. Strong print and internet marketing materials can help introduce your practice to potential new patients. Glowing reviews and testimonials tell people that you have a trustworthy team and offer quality care. However, even the best marketing efforts won’t contribute anything to your business if you fail to convert leads into patients. There are a variety of reasons outside of your control that might stop someone from scheduling an appointment at your practice, but it’s important to make sure you do all you can to help motivate people to seek treatment with you. Below are some tips to help your team more effectively sell the value of your service to potential new patients.

Be responsive and available. As a dental professional, you know what it’s like to be busy. Often, your patients have busy lives of their own. Make sure your team is available to take calls as they come and try to offer flexible appointment times to help people work within their limited free time.

Don’t be too pushy. While it’s helpful to be clear about all the treatments offered at your practice, patients are often turned off by overly “salesy” approaches. Take the time to get to know a patient and their needs, goals, and budget before trying to sell them on dental solutions. This will make them feel valued and understood, increasing the likelihood of treatment plan acceptance.

Offer a friendly and welcoming environment. There are a number of people who absolutely dread going to the dentist. Because of that, some potential patients may already have a negative feeling towards you and your team despite no fault of your own. Work to overcome this discomfort quickly by offering a personable and kind environment. Make sure your team greets patients by name and gets to know a bit about them. A little can go a long way.

Don’t lose track of people. Repetition is one of the easiest techniques for cementing something into memory. If a potential new patient contacts your office, be sure to follow up if you don’t hear from them again. You never know the reason they didn’t call back, so taking that step for them can offer a second chance to make a connection and help your practice stand out more in their mind.

Many dentists find it difficult to think about their practice as a business. It is likely that you chose dentistry due to a passion for service and healing, not bookkeeping or sales. Yet nearly any successful retailer will say that the only way to gain business is to give customers what they want, when they want it. Contact our firm for more strategies on boosting new patient numbers and patient retention!

2018 Health Insurance Options: Individual or Group Plan?

Are you concerned about health insurance and what plan to choose for 2018? Are you wondering about the state of individual health insurance plans and when it might be time to move back to a group healthcare plan? If you are, then you and I are in the same boat! Yet again, as an employer, I am wondering if a group policy is more cost effective and provides better healthcare options for me and my team than the individual policies we have had for the last few years.

 

The State of Individual Health Insurance Plans

 

In many states, insurance companies are dropping out of the individual policy market. Why? Because the administration cut off payments that would have reimbursed insurance companies for the cost of the ACA rebates they are required to pass on to their insured. However, in an attempt to restore these payments, the Alexander-Murray bill was introduced at the end of October, but the bill, which would help reduce premiums, has not been passed.

 

In some states, you can find a few individual plan options; however, the available options are very expensive. The increase in premiums is what has caused many employers to take another look at group health insurance.

 

The Right Time to Move to a Group Healthcare Plan

 

Nearly all of my insurance specialist colleagues have advised me that now is the time to take a serious look at a group policy because it may not be in our best interests to wait for healthcare reform. In order to look at group policy options, you will need to meet non-discrimination testing, which a good insurance agent can help you do.

 

If you are going to switch from an individual plan to a group plan, you must do so by December 31.

 

One of the insurance brokers I work with most frequently, and who is helping me choose a group policy, is Eric Haglund of Digital Benefits. If you would like to use Eric as a helpful resource, he can be reached at (678) 905-2371 or ehaglund@onedigital.com.

 

Indivdual Plans: An Example from Georgia

 

In Georgia, Blue Cross Blue Shield pulled out of 75 Metro Atlanta counties leaving only 2-3 options for individual plans, depending on where you live. These options include:

  1. Kaiser Permanente
  2. Ambetter (Can only be purchased on healthcare.gov)
  3. Alliant (Only available in a few counties, like Hall)

If you are considering Ambetter or Alliant as an option, make sure you read online reviews of the company first.

 

State Dental Association Insurance Options

 

Should you consider buying insurance through your State Dental Association? Honestly, the rates I have seen thus far are very high; however, this may be the best scenario for your family right now (unless you want Kaiser insurance). I heard of a case recently, with the Georgia program, in which the dentist’s premiums for the family totaled around $2,600 per month for a $6,000 HSA deductible ($12,000 for the family).

 

These are definitely trying times, particularly in the midst of unresolved tax reform, but please know we are here to help you and your family in any way that we can. Of course, as soon as we have more clarity on either healthcare reform or tax reform, we will advise you on ways in which you can use the new regulations to your benefit! In the meantime, let us know how we can be of assistance.

Tax Reform Update #2!

On Friday, the GOP recommended the latest version of a tax reform bill that the GOP hopes will pass the House tomorrow, pass the Senate on Wednesday, and be signed into law by the President by Friday.

 

What are a few key highlights of this bill, and how may it affect you?

 

Some of the most important aspects of the new bill are summarized below for your review; however, please keep in mind that much dissension remains, and the final bill that is passed may be different from this one.

 

Should you change your corporate structure? No, you should not make an entity change until we have the final legislation. While being structured as a C-Corporation may sound as if it would save you more taxes than being structured as an S-Corporation, that does not appear to be the case in the long run. Although C-Corporations may have a lower tax bracket at 21%, the owners will continue to have double taxation when taking cash out of the company and may pay higher taxes when selling the business years from now.

 

Should you incorporate if you have a Sole Proprietorship? Yes, as we may have discussed with you, it would be wise to consider this for 2018; however, we recommend waiting to make this decision until we have final legislation.

 

Should you prepay state taxes for 2018 and beyond? No. One of the surprising details of the new proposed legislation is that you will NOT be allowed to prepay future state taxes. We know of law firms who set up large fund accounts for their clients to be able to do just this, but the proposed tax law specifically disallows this.

 

Additional provisions of the proposed legislation are listed below.

  • Tax reform will take effect January 1, 2018 and will not be retroactive.
  • State and local tax deduction: This would be limited to only $10,000 and would include the combination of state income tax, property tax, and sales tax.
  • Furniture and equipment deduction: You would be allowed to deduct the full amount of new and used equipment up until 2022. In addition, the Section 179 deduction would be permanent.
  • Pass through income: Pass through entities such as S-Corporations and Partnerships would receive a 20% deduction on their business income. There are proposed limitations to this–for example, a phase out would begin at $315,000 of income for those filing Married Filing Joint.
  • C-Corporation: The new tax rate would be 21%.
  • Individual tax rates: There would be 7 tax brackets with the top rate being 37% (down from 39.6%) and the lowest rate being 10%. These rates would expire in 2026.
  • Child Tax Credit: Increased to $2,000 per child.
  • Medical expense deduction: You would be able to once again deduct expenses over 7.5% of your Adjusted Gross Income.
  • Mortgage interest deduction: This would be limited to interest on $750,000 of mortgage debt. (Some prior purchases may be grandfathered in to the $1M limit.) Mortgage interest would no longer include Home Equity Debt.

What tax strategies should you consider using before year end?

You may want to consider using some of the following tax strategies during the month of December:

  • Possibly prepay your state income taxes by December 31. Both of the current tax bills eliminate the deduction for state taxes that you pay personally; however, keep in mind that depending on whether you pay the Alternative Minimum Tax, you may cost yourself more taxes by prepaying your state taxes, so ask us for more information if you are considering this strategy.
  • Complete ROTH IRA transfers by December 31 if you wish to convert Traditional IRA contributions to a ROTH IRA. We expect this option to be eliminated starting January 1, 2018.
  • Prepay expenses that you will need to pay the first week or two of January.
  • Consider bulk ordering clinical supplies and office supplies.
  • Delay recording additional income until January. This month may not be the best time to push hard to collect and deposit a significant amount of Accounts Receivable.
  • Use your business credit card in December for expenses. You get the tax deduction when you use the credit card in the store or online, not when you pay the bill.
  • Install equipment and new computers by December 31. You get the deduction when you can “plug it in,” not when you pay the invoice.

Unfortunately, we don’t yet know for certain what the highest tax brackets or income ranges for those brackets will be for 2018 and therefore cannot predict exactly how much of an impact these strategies will have on your wallet. That being said, our team continues to research tax reform so we can give you up-to-date information when it becomes important enough to change your financial habits. We will send you updates as necessary, but please reach out to us if you have any questions in the meantime!

Tax Cuts & Jobs Act Highlights

On Dec. 22, the President signed into law The Tax Cuts & Jobs Act, which is the largest tax reform in over 3 decades.  As you have been reading in our Tax Reform Updates, unfortunately, the new tax law probably will not reduce your taxes as much as you had hoped for during the last year.  The Act increases the complexity of tax filing and, because it increases your taxes in some ways yet may decrease it in other ways, we will not be able to calculate the exact effect tax reform will have on your wallet until our tax software publishes the final worksheets for us to use.  As always, we continue to study the Act and look for ways in which we can use the new tax legislation to save you as much in taxes as possible.

 

What are a few key highlights of this bill, and how may it affect you?

 

Some of the most important aspects of the new bill are summarized below for your review and not many changes need to be made before year end, if you have been following our suggestions this year.

 

Should you change your corporate structure? No, under most situations, you should notmake an entity change. While being structured as a C-Corporation may sound as if it would save you more taxes than being structured as an S-Corporation, that does not appear to be the case in the long run. Although C-Corporations may have a lower tax bracket at 21%, the owners will continue to have double taxation when taking cash out of the company and may pay higher taxes when selling the business years from now.

 

Should you incorporate if you have a Sole Proprietorship? Yes, as we may have discussed with you, it would be wise to consider this for 2018.

 

Should you prepay state taxes for 2018 and beyond? No. One of the surprising details of the new proposed legislation is that you will NOT be allowed to prepay future state taxes. We know of law firms who set up large fund accounts for their clients to be able to do just this, but the proposed tax law specifically disallows this.  All tax payments made this year for 2018 will be required to be treated as a payment made on the last day of 2018.

 

Business Tax Reform Highlights: 

  • Tax reform will take effect January 1, 2018 and will not be retroactive.
  • Dues, entertainment: these expenses are no longer deductible!  Even Dues paid to groups formed for a business purposes (such as study clubs and State associations) are no longer deductible
  • Meals for employees: these are no longer 100% deductible and will be only 50% deductible, if paid to employees for the convenience of the employer
  • Furniture and equipment deduction: You will be allowed to deduct up to $1 million of new and used equipment, as long as less than $2.5 million was placed in service.
  • Luxury automobile deprecation: the annual deduction will increase from $3,160 first year to $10,000 thus increasing the cap to $50,000, with a sliding scale across years
  • Bonus depreciation: will now have 100% deduction for assets
  • Company vans/automobiles over 6,000 pounds: the deduction remains the same and Section 179 may still be used for these purchases.  When traded in, it will be subject to gain and loss rules and taxed rather than simply rolled forward into the new purchase
  • Pass through income: Pass through entities such as S-Corporations and Partnerships will receive a 20% deduction on their “Qualified Business Income”; however, it only applies to a specific set of businesses.  In addition, note that a new tax code section has been added for this provision, called Section 199A “Qualified Business Income.”  The calculations will relate to income for partnerships, S corporations, and sole proprietorships and will have limitations for the maximum deduction allowed.
  • Service industries and pass through income:  note that the 20% deduction does NOT apply to service businesses unless the owner’s income is lower than $207,500 if filing single or $415,000 if filing married filing joint.  For income between $315,000-415,000 for Married Filing Joint, the deduction will be phased out using a sliding scale.
  • C-Corporation: The new tax rate is a flat 21% and the business alternative minimum tax has been repealed.
  • Business interest not as deductible: interest paid on business debt will only be deductible for up to 30% of your business’ “adjusted taxable income”.  For pass through entities, the deduction will be calculated at the entity level instead of the partner level
  • Sec 199 Manufacturing Deduction: this deduction has been eliminated and was often used for milling crowns, making molds, etc.
  • Section 1031 exchanges: no longer applies to personal property.  Exchanges will be allowed to defer the gain on sale of real property that is not primarily held with the intent to sell it
  • Net operating losses: starting in 2018, losses are limited to 80% of taxable income and may be carried forward only–no longer may they be carried back to prior years; however, for most businesses they may now be carried forward indefinitely

Individual Tax Reform Highlights: 

  • Tax reform will take effect January 1, 2018 and will not be retroactive
  • State and local tax deduction: This is now limited to only $10,000 and includes the combination of state income tax, property tax, and sales tax.  Unfortunately, for most of our clients, this increases their Federal taxes due to the fact they often pay over $30,000 on State and Local taxes
  • Itemized deductions & charitable contributions: amount paid for college games no longer deductible as charitable contributions
  • Miscellaneous itemized deductions: no longer can deduct investment expenses, home office expenses, and unreimbursed employee expenses.
  • Individual tax rates: There would be 7 tax brackets with the top rate being 37% (down from 39.6%) and the lowest rate being 10%. These rates would expire in 2026
  • Standard deduction increased significantly: increased to $24,000 for married filing joint; $18,000 for head of household; $12,000 for all other taxpayers.  Indexed for inflation
  • Child Tax Credit: Increased to $2,000 per child
  • Medical expense deduction: You would be able to once again deduct expenses over 7.5% of your Adjusted Gross Income
  • Mortgage interest deduction: This is now limited to interest on $750,000 of mortgage debt. (Some prior purchases may be grandfathered in to the $1M limit.) Mortgage interest will no longer include Home Equity Debt
  • Kiddie tax repealed: income for children will now be taxed at Single tax rates rather than a portion of it being taxed at the parent’s rate, which is significant for children working for a family business.  And, unearned income will now be taxed at the rate for Estates and Trusts
  • Alimony changes: you will no longer receive a tax deduction for alimony paid, nor will the recipient pay income taxes on alimony received.  This is not retroactive and will not apply to any existing divorce decrees that are modified in future years but does apply to divorces executed after Dec. 31, 2018
  • Alternative minimum tax: it was not eliminated; however, fewer individuals will be impacted by it through 2026.  The threshold is now $1 million for Married Filing Joint and $500,000 for Single filers.

Dental CPA Near Me | Claim Financial Freedom

Dental CPA Near Me

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

  1. Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.
  2. Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.
  3. Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.
  4. Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.

Willeford Client Bulletin December 2017

We hope you are enjoying time with your family while accomplishing the last set of goals you have for this year! As you are doing this, remember that December is also a good time to wrap up final business tasks such as:

  • implementing revised paychecks provided during year-end meetings, if applicable.
  • maximizing your 401(k) deferral from your paycheck by December 31.
  • paying all final expenses and having all final equipment delivered by year end.
  • properly reporting health insurance on your W-2s (for 2% owners of S-corps).
  • gathering paperwork that’s necessary for 1099 preparations in early January.
Christmas & New Year’s Office Closings

 

While some team members may be working limited hours during the rest of December, our office will be officially closed from Friday, December 22 through Monday, January 1 so that our team may spend time enjoying the holidays with family and friends.

 

Revised 2017 Paychecks: Remember to Run Revisions

 

If you received a revised paycheck from us during your year-end meeting, remember tocontact your payroll company to request that the revised paycheck be run before the end of the year, as discussed.

 

401(k) Deferrals: Maximize by December 31

 

Be sure to maximize your 401(k) deferral from your paycheck by December 31. For 2017, the maximum deferral is $18,000 per person and $24,000 for anyone age 50 and over.

 

Final Year-End Expenses & Equipment Deliveries: Complete by 12/31

 

While we are still waiting for final tax legislation to rely upon for next year, one of the key aspects that we now expect, given what has passed Congress thus far, is that tax reform will NOT be retroactive and is now expected to take effect January 1, 2018.

 

What does this mean for your business this December? It means you may want to consider using some of the follow tax strategies during the month of December:

  • Prepay expenses that you will need to pay the first week or two of January.
  • Consider bulk ordering clinical supplies and office supplies.
  • Delay recording additional income until January. December may not be the best time to push hard to collect and deposit a significant amount of Accounts Receivable.
  • Use your business credit card in December for expenses. You get the tax deduction when you use the credit card in the store or online, not when you pay the bill.
  • Install equipment and new computers by December 31. You get the deduction when you can “plug it in,” not when you pay the invoice.

Unfortunately, we don’t yet know what the highest tax brackets or income ranges for those brackets will be for 2018 and therefore cannot predict exactly how much of an impact these strategies will have on your wallet. As always, my team and I continue to research tax reform so we can give you up-to-date information when it becomes important enough to change your financial habits.

 

2% Owners of S-Corporations: W2s & Health Insurance Premiums

 

If you are a 2% owner of an S-Corporation, the following information regarding your W-2s and health insurance premiums for you and your family is extremely important!

 

Per Rev. Rul. 91-26, an S-Corporation must file a Form W-2 for each employee (1) who is a more-than 2% S-Corporation shareholder and (2) on whose behalf health and accident insurance premiums have been paid (or health savings account contributions have been made).

 

Because health and accident insurance premiums paid on behalf of a 2% shareholder are reportable as wages for income tax withholding purposes, but not for FICA tax purposes, the cost of the premiums is included in Box 1 of Form W-2 but not in Box 3 (Social Security Wages) or Box 5 (Medicare Wages and Tips).You may further identify the premiums in Box 14 (Other).

 

By December 31, 2017, call your payroll provider, and give them (1) the amount of SE health insurance premiums paid for 2017 and (2) the amount of HSA contributions paid for 2017 by the S-Corporation on your behalf so that your W-2s can be properly prepared. 
December 31 will be your last chance to double check that you and/or the payroll company have been entering premiums into the correct field, and thus correctly for taxes, during the year.

 

We are providing this information as a courtesy to help you navigate the complex world of health insurance. Please keep in mind that we are not health insurance premium experts, nor do we create your W-2s. In addition, we are not attorneys and cannot provide legal advice as it relates to Medical Reimbursement Plans, Cafeteria Plans, etc.

As the owner of your business, it is your responsibility to make sure you have talked to your insurance carrier to run non-discrimination testing, know the regulations, and call the payroll company to make sure your W-2s are correct.

 

1099 Preparations: Gear Up for the January Deadline

 

1099s must be completed and issued no later than Wednesday, January 31, 2018, after which time the IRS will assess penalties for late filing. You will soon receive an email from your staff accountant requesting the information that’s necessary to prepare your 2017 1099s. Keep in mind that we must receive your information no later than Friday, January 19 to give us enough time to (1) process your 1099s and (2) receive final approval from you so that (a) you can submit them to the recipients and (b) we can e-file them by January 31, 2018.

 

In general, we will need the following from you in January:

  • Signed 1099 Engagement Letter
  • Vendor W-9 Forms (blank form available here)
  • Vendor 1099 Review Report (after you’ve confirmed the accuracy of the report)
  • Vendor 1099 Summary Report (after you’ve confirmed the accuracy of the report)

If you plan to prepare and file your own 1099s for 2017, please let your staff accountant know as soon as possible. Even if you file your own 1099s, you should still make plans to forward copies of your finalized 1099s and Form 1096 to us once everything has been filed. Without this documentation, we cannot mark “Yes” on your tax return for the question related to the filing of 1099s. Marking “No” for this question on your tax return can result in penalties from the IRS for not filing your 1099s, which are required by law to be issued each year.

 

Section 199 Deduction: Can You Take Advantage?

 

One of the tax deductions you can potentially use for your on-site CAD/CAM technology is the Manufacturing Deduction, also known as Section 199. Typically, the deduction is between $3,000 and $9,000, and because it takes extra time for us to calculate this deduction, there is an investment in our time and expertise to run the calculations. Typically, in order to determine how sizable this deduction could be for you, we need the following information:

  • How much of your collections was based on production done inside your office and not referred out to another lab?
  • What is the on-site production of crowns?
  • What is the on-site production of in-lays, on-lays, and other restorations using CAD/CAM technology?
  • What is the production of whitening trays?
  • What is the revenue derived from retainers, study models, appliances, etc. that are produced using your in-house laboratories?

If you are interested in having us determine if Section 199 will be valuable for you, please fill out the form we will send you in January with your tax organizer. 

 

Have a wonderful Christmas and happy New Year!

Dental CPA in Roswell, GA | The Impact of Ignoring Negative Reviews

CPA 30076

roswell ga cpaFinding a bad review of your business can feel like your world is turned upside down. Some business owners may choose the approach of dismissing the negative feedback and blaming the customer or client. When ignored, negative reviews can have a detrimental impact on your business. Here’s how:

You Will Lose Clients

Customers and clients will not want to be treated disrespectfully. They want their voices heard and to be valued as an individual. If you ignore negative reviews, you are essentially telling both the reviewer and prospective leads that you don’t care about what they have to say. The clients that do complain are ones that feel passionately enough about your business to voice their concerns. If you don’t validate those concerns, expect them to take their business elsewhere.

Missing a Chance to Learn

Mistakes present an opportunity for business leaders to learn. It’s even better when a client presents those mistakes clearly. This will allow you to learn why the mistake happened and how to fix it so it doesn’t happen in the future. If you ignore the feedback from the client, you will not know what the mistake was and it may happen again. Negative reviews offer a chance to learn and grow your business, if you ignore them you miss that opportunity.

No Response Speaks Volumes

Potential clients that are looking at your online profile will see that a bad review is being ignored. If that were to happen, you could lose out on their business and any referrals they might make in the future because they don’t think you care about your clients. This applies to current clients that keep track of your businesses reviews.

Running Out of Excuses

Due to the nature of reviews being public, once a client writes one, everyone can see it. This creates a lasting list of negative occurrences for your business that can be referenced by others. Address poor reviews when possible. Show the client or customer that you care about their thoughts. While it may not win them back, it may be the perfect set up to capture future loyal clients who see your thoughtful and personal response.

Great reviews are not the only ones that can help improve your business. Bad reviews present an opportunity to learn from them and grow your business. If you choose to ignore poor reviews, the consequences could be disastrous. Not only could you lose current clients, but negative reviews could impact the decisions of future clients looking at your business. When you see a negative review, take a step back and see what you can learn from the experience. Address their concerns, and make an effort to change your business to create positive experiences in the future.

Contact our team for a consultation today.

600 Houze Way, Suite D-6
Roswell GA 30076-1433
(770) 552-8500