Making the Most of Business Deductions, Part One
If you are filing a tax return for your business as a partnership or an S Corporation reality is rearing its ugly misshapen head out of the ashes of the previous tax year. That’s because it’s time to do that return. No putting it off until April for you, either. These two returns are both […]
Tax Season Tips & Tricks
It’s that time of year again. We accountants have prepared for it to the best of our ability, and hopefully taken some time to relax this weekend before the chaos ensues. The IRS is opening e-file season tomorrow, January 29th. Ladies and gentlemen, start your engines. You may have already been to your preparer’s office, […]
How to Survive 1099 Season
This sounds like an article that would pique the interest of bookkeepers and accountants more than medical practices, I admit. However… If you are in business, and you pay people for their services that are not on your payroll? This should be mandatory reading. Reporting 1099-NEC forms is a crucial aspect of financial management for […]
The Critical Importance of the 4th Quarter Estimated Tax Payment
Paying taxes is an integral part of financial management, especially for individuals and businesses with varied income streams. I whip up on this expiring equine mammal quite a bit, I’ll be the first to admit, but it bears repeating with the deadline just two days away. The 4th quarter estimated tax payment, typically due on […]
Does Medicare Part D Work?
I heard a story recently. This story is true, and it’s the primer for the pump this week. It’s a story about a close associate who participates in Medicare Part D. That’s the one George W. signed into law in 2003 for prescription drug coverage. He paid a coinsurance amount for a particular prescription of […]
US Healthcare in 2023, and What to Expect in 2024
The pachyderm in the antechamber is without a doubt the rebuilding of consumer confidence in the wake of the COVID-19 pandemic that began in China a little over 4 years ago. Has it really been that long? I can still remember the July 15th, 2020, extended tax deadline with fear, loathing, and much wailing and […]
Holy Night, and the Final Business Week of the Year
I am enjoying the happily accidental fact that both Christmas Eve and New Year’s Eve are on Sunday this year. As an accounting entrepreneur empowering other entrepreneurs I place a lot of my belief system and work agenda in milestones. Calendar months naturally equal accounting cycles. Anybody with a business knows that, medical office or […]
The High Cost of Budget Bookkeeping
One of the most important decisions you will ever make, whether you’re a physician entrepreneur building a successful practice, or any of a vast variety of other small businesses, is who does your books. Perhaps you reason that it can’t be much harder than balancing a household checkbook. Add to that fallacious misconception (stick with […]
The Crisis of Confidence in American Healthcare
We asked a fairly innocuous question the other day in our social media outreach, one of those things that you’re not sure exactly how people may respond. We were genuinely interested in the responses, certainly, but we weren’t prepared for what came. The question was this: “If you could change one thing about the healthcare […]
How to Grow a Medical Practice Financially
For people that don’t know any better a medical practice sounds like a legal method of minting your own money. After all, they reason, aren’t all doctors rich? If you’re a doctor and you’re reading this, chances are you are viewing this sort of stereotypical thinking as ignorant of what goes into practicing medicine. It […]