How Can I Claim the Charitable Deduction for Donated Property?
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 the Fair Market Value is over $5,000, then an appraisal is needed
If you have any questions regarding your dental practice claiming a charitable deduction for donated property, please contact us at bmichael@bmichaelcpa.com.
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 risk. Continue reading
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 will serve to provide the 5 best practices when hiring employees. Continue reading
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 that while his balance sheet is far from perfect, he tried to ensure his reporting was at least accurate. He did not want to enter a $45,000 laboratory charge as it would screw up his reporting and be inaccurate from an accounting perspective. He wanted the monthly payments to be classified as Lab Expenses, but wasn’t sure exactly what to do. Continue reading
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