In order for a taxpayer to claim the non-cash donation, the record keeping requirements are: Name of the charity Date and location of the contribution Reasonably detailed description of the property contributed Fair market value and method of valuing the property (Thrift shop values, comparable sales, appraisal) Cost basis (how much did you pay for it?) If […]
Archives for September 2013
Dental Practices: How to Avoid an IRS Audit
Most taxpayers will never have to worry about receiving an IRS audit, except for the one percent that do. However, if you’re a dental practice owner and earn a high income, you’re at a greater risk of getting audited by the IRS. Below are the steps you should take now to reduce your IRS auditing […]
Perfect Homemade Calzone
As a fun addition to our financial posts, we thought we’d share one of our favorite recipes with you. Please enjoy! This recipe is originally from Squidoo. The original recipe can be found here.
5 Best Practices When Hiring Employees
Who you hire for your dental practice can be the most critical decision you make for the future success of your company. Hire the right team and success is almost guaranteed. Hire the wrong group and your company’s very survival can be in jeopardy. In other words, hiring is nothing to take lightly. This article […]
How to Enter CEREC Purchase Into QuickBooks
We were recently approached by a dentist who bought a used CEREC and put it on a newly opened rewards credit card at 0% for 12 months. They were planning on paying $2,000 -3,000 per month and do a balloon payment at the end, but weren’t sure how to enter it into QuickBooks. He admitted […]