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  buy modafinil us revised paychecks provided during year-end meetings, if applicable.
  • see 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  order gabapentin cod 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

Atlanta, GA CPA | 4 Ways to Grow Your Confidence as a Business Leader

30080 CPA

The up and down nature of confidence can be exemplified as a business leader because of the stressful nature of maintaining a high-ranking position. Confidence can grow with practice and effort. Here are four ways to grow confidence as a business leader.

Consistency is Key

Rapidly changing methods and ideas can prevent a business leader from feeling confident. The business should work for the business leader, not the other way around. Gaining a sense of consistency and stability with schedules, rules, and realistic expectations can lead to an increase in confidence that the business will run smoothly. Know and understand the key parts of the business, important dates, and the function of each role. You can only become confident in your business operations when you fully grasp the nature of the entire business.

Be Yourself

Being afraid to say what you think can be viewed as a lack of confidence. Speaking your mind, while still having a professional filter, can build confidence as it shows you are part of a team and contributing. Being yourself will also dispel any notion coworkers might have that you are not being a genuine person. Openness and authenticity will not only strengthen your bond with your employees, but are also essential traits for effective leadership.

Be Open to Criticism

Change cannot come from one person alone, and not all criticism should be seen as a slight against you. Listen to feedback from coworkers and customers and tailor that feedback into something positive. Do not let the criticism fester and destroy your confidence, take it and use it to grow as a person. Accepting constructive criticism and negative comments can help increase your confidence.

Know What You Are Talking About

Fully understanding what you are talking about can help improve your confidence. If you are a business leader, strive to know everything you can about the business and its operations. If you are speaking about a topic, research everything you can about that topic. Become the expert. You will be better positioned to demonstrate confidence when it is clear that you are invested in what you are discussing.

Confidence can not only make or break your career, it can impact the business as a whole. You can take your confidence to the next level, while learning how to prevent situations from arising that can be detrimental to your confidence.

For a consultation, contact our team.

Tax Reform Update

As you are probably aware, a tax reform bill has passed both the House and the Senate; however, we expect it will be at least another two weeks before we will have final legislation to rely upon for next year. The two bills have much in common with each other, yet the distinctions are important ones that must be negotiated and then combined into one final bill that will be voted on again by both the House and the Senate.

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 you and your business for 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. 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.
  • Possibly prepay your state income taxes by December 31Both 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.

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. That being said, we now know the following about potentialtax brackets:

  • The top individual tax bracket will probably either decrease to 38.5% or remain the same at 39.6%.
  • Partnership and S-Corporation “pass-through income” (the income you are taxed on above and beyond the W-2 wages) may be as low as 23% or 25%, yet there is much debate as to how this income will be defined and exactly what will pass in the final bill.  It is this provision of the tax reform bill we are hoping will create the most tax savings for small business owners.

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. We will send you updates as necessary, but please reach out to us if you have any questions in the meantime!

CPA in Atlanta | Finding Opportunity in Hygiene Appointments

 Dental Consultant Atlanta

Dental Financial ConsultantWhat percentage of your total production consists of hygiene appointments? For many dentists, hygiene appointments make up a significant portion of total production numbers. According to a study last year, hygiene appointments comprise nearly one-third or greater of total production numbers for approximately 80% of all dentists.

Hygiene is a significant source of overall production, but is there room for improvement? The same study uncovered a startling statistic – only 17% of dentists indicated that the majority of their active patients are receiving regular hygiene appointments every six months. This means there is a significant opportunity here. Hygiene numbers could increase as much as five times among current, active patients.

What steps can you take to encourage patients to schedule, and attend, regular hygiene appointments?

It is necessary to have an action plan in place. Create a consistent system that can be followed for confirmations. Some practices call or text one or two days prior to the appointment. This can help reduce the number of no-shows. Instill in your team the need to address the importance of hygiene examinations to patients. Most patients are not fully aware of all that goes on during the appointment and view it merely as a cleaning. Emphasize the need for regular oral cancer screenings as well.

Opportunity exists within your practice. Harness the potential that each patient brings with regular hygiene visits.

Boost hygiene production to improve your bottom line. Contact us for financial insight and assistance.

3316-A S. Cobb Drive, Suite 400
Smyrna, GA 30080

Atlanta CPA | 3 Ways to Buy Time: Boost Your Practice’s Productivity with Time-Saving Measures

CPA in Atlanta

Atlanta, GA CPATime is your most precious resource. On certain days, managing your time is not just difficult, it is downright impossible. Ask yourself about the strategies you are currently using to organize your day. What other tools could you be leveraging to save your practice’s most precious commodity? Here are 3 methods you can implement to maximize your time.

  1. Re-evaluate Your Management Tactics

You can buy time without spending a dime. Employ a new way of keeping track of practice productivity. You can have your team record their tasks for the day in a quick email. Each staff member can quantitatively list their duties, allowing for simple reference later. This cuts down on micromanaging your staff by way of asking, “What did you do today?” Managerial work is difficult to implement after a full day of back-to-back appointments.

You can cut back on daily meetings because you will have a clear picture of what each team member is contributing. Having a list of completed tasks at the end of the day allows for everyone at your practice to be keenly aware of who is to be held accountable for each task.

  1. Utilize Apps to Maximize Efficiency

“Lost time is never found again.” Ben Franklin knew this more than 200 years ago, so how can you apply this knowledge to running your practice? There are numerous tools available for your phone that can be a valuable resource for keeping track of your practice. You can benefit from the use of efficiency apps. In today’s world, there is no need to manage all aspects of your business manually.

Take advantage of scheduling apps and software. You can schedule emails to remind patients to book their next visit to your office without having to send it in real time. This can be an indispensable tool for patient retention, by keeping you in consistent contact with your patients. Apps such as these will help you save time, and keep track of your practice’s performance.

  1. Consider Express Check-In

It is not always your team that is responsible for lost time slipping through your fingers. One late patient can set the whole day off-schedule. Make it easy for your patients to register. Provide compliant forms online for patients to fill out before coming into the office. Saving time at the front desk will help your entire practice run on schedule. Never allow for your practice to earn a reputation of running behind schedule, instead work with your patients to create a smoother, faster registration. Your patients will not want to fill out redundant forms. Rework any documents or forms where possible to prevent your patients from filling out information such as their name and address multiple times.

Successful business leaders are experts at time management. Put methods in place that allow for concrete, quantitative results to measure productivity. Utilize technology to make your life easier and allow your patients to work with you to save time. Don’t get caught watching the sand fall through the timer, take action and rethink your time management strategies.

Contact us for more information.

3316-A S. Cobb Drive, Suite 400
Smyrna, Georgia 30080

Smyrna CPA | Combat Burnout to Increase Production

CPA in Smyrna

Combat Burnout to Increase Production

Have you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers? Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it.

 

Identify Signs of Burnout

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude.

 

Identify the Problem Areas

When production numbers begin to slip, look at where your numbers are starting to drag. A dental CPA can help you identify areas where your numbers a falling. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads.

 

Identify New Areas to Explore

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale.

 

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout.

 

A dental CPA team can help you evaluate areas of opportunity. Contact us today.

3316-A S. Cobb Drive, Suite 400
Smyrna, Georgia 30080

Atlanta CPA | Combat Burnout to Increase Production

Dental Consultant Atlanta

CPA in AtlantaHave you ever felt tired, stressed, and overwhelmed to the point where it impacts your production numbers? Burnout can happen to all dentists and their teams. Yes, this includes you. Before burnout starts to significantly impact your practice, you need to know how to recognize it and how to manage it.

Identify Signs of Burnout

If you start to feel unfocused, tired, or bored, you may be experiencing burnout. Does your team lack the enthusiasm they once possessed? When you start to notice these clues and behaviors, take action immediately. You and your team have invested countless hours in building a fulfilling career in dentistry. Don’t allow a temporary period of burnout to cause you to question your work. Instead, it’s time to reinvigorate your attitude.

Identify the Problem Areas

When production numbers begin to slip, look at where your numbers are starting to drag. A dental CPA can help you identify areas where your numbers a falling. When a department’s numbers begin to sink, your team members can start to feel low, impacting the office’s overall morale. Identifying the problem area allows you and your team to find and implement a solution before dissatisfaction spreads.

Identify New Areas to Explore

If you are experiencing burnout, the time may be right to learn a new skill. Sign up for a CE course or workshop on a subject that is new or intriguing. By expanding your skills, you can increase the number of services you provide, which can turn sagging appointment numbers around. Could your team benefit from additional courses? You may want to try selecting a course the entire team can participate in together. Not only will you all be learning new applicable skills, but you will be improving your relationships with each other which will lead to improved morale.

Burnout will happen to even the best dental team. When you start to notice the signs of burnout, don’t wait for things to improve on their own. Be proactive and identify the areas you or the team could improve. Whether it is improving the number of hygiene appointments, or taking a new CE course, take action immediately to combat signs of burnout.

A dental CPA team can help you evaluate areas of opportunity. Contact us today.

Atlanta CPA | How Team Morale can Make or Break Your Dental Practice

Dental Consultant Atlanta

Bay Area, CA CPATeam morale can make or break your dental practice. It’s a bold statement, but there are several reasons why it is true. The morale of every member of your team impacts other team members, your patients, and over time, even your bottom line. If you want your dental practice to be a success, team morale needs to be a priority.

Unhappy staff are less productive. When a member of your team is unhappy in their job, they work more slowly, are less efficient, and are less likely to “go the extra mile” to ensure a great patient experience. When an unhappy staff member isn’t giving a great patient experience, that patient is less likely to be a repeat patient and unlikely to refer anyone else to your practice. Over time, this could potentially cost you dozens of patients and thousands of dollars.

Unhappy staff make other staff unhappy. When one person is feeling unmotivated, unappreciated, or disgruntled, their attitude affects those around them. Other staff are forced to work harder to compensate for the lack of productivity. One person complaining about being unhappy can hurt the morale of every other person in your office. What starts as a seemingly small problem can quickly gain momentum if it isn’t addressed quickly and correctly.

Unhappy staff are more likely to quit. On the surface, this may seem like a good thing: take the poor attitude and low morale out of the equation. However, the cost of finding, hiring, and training a replacement can be high. Even more, the most common reason why an employee quits a job is that they feel unappreciated and/or unsupported by management. Chances are good that if one of your staff feels that way, others aren’t far behind.

Overcome team morale issues with good leadership. As the dentist and CEO of the practice, you are the primary person your team is looking to for leadership. Hold yourself accountable to your team for following through on your promises. Deal with conflicts as soon as they arise. Have an open door policy that makes your staff feel comfortable coming to you with problems so you can address them before they become unmanageable.

Hold regular effective team meetings to ensure every team member understands their place in your vision for the practice. Recognize individual and team successes. Show appreciation. Ensure that you are supportive of any staff empowered to make decisions. If you need to coach them on a change in policy, do so privately to avoid undermining their authority.

You are the leader of your team. The trust, support, recognition, appreciation, and respect you give to your team is the foundation of your team’s morale. When you create a great working environment, your team morale is high. High team morale creates a better patient experience and greater productivity, which benefits everyone. To ensure your practice thrives, make your team’s morale a priority.

Atlanta CPA | Planning for Retirement

Dental Consultant Atlanta

Atlanta, GA CPAWhether you have been working for 3 years or 30, it is important to have a retirement plan in place. Unfortunately, many people have never taken the time to create a realistic estimate of what kind of savings they will need to enjoy the lifestyle they want during retirement years. Here are a few key factors that influence how much you should be saving to ensure that you can retire comfortably on schedule.

  1. How long will you be retired? Advances in modern medicine have increased life expectancy over the past decades. Depending on your health and family history, you may want to plan as though you will live to 100 and estimate your needs accordingly.
  2. What do you plan to do during retirement? If you are planning to travel more, visit family members more frequently, or embrace a hobby, you may have increased living expenses compared to your working years.
  3. What other expenses will change? Your commute, work clothes, and business lunches may stop, but you may have higher costs for medical care and prescriptions. Talk with our financial planner about the types of changes to your budget that are likely to occur during retirement.
  4. How much are you currently saving? When you meet with our financial planner, you will review the details of your current retirement savings plans and how your portfolio is performing. During retirement, it may be beneficial to continue some of your investments to help your savings outpace inflation.
  5. Do you have a withdrawal strategy? If you are an owner or partner in your business, is there a written agreement for buying you out when you retire? Do you plan to transition by working part time for a year or more or should you stop all at once? How are your retirement savings affected by taxes? All these and more should be part of your strategic plan for retirement. Our financial planning expert can guide you through the details of your withdrawal process.

For more information on planning for your comfortable retirement, contact our office and schedule a financial planning consultation.