If you own a dental practice, you cannot ignore the possibility of being sued by an employee at some point in time. In fact, it is a rare business that is not sued by an employee if the business has been operating for more than a few years. The United States is a litigious society […]
5 Tips to Help Prepare for Tax Prep
Prepare for preparation? Yes, it’s more than a good idea. It can have significant impact on your tax obligation. You know how onerous tax preparation itself can be. So you probably don’t like to even think about it until those deadlines loom. But some planning and preparation done throughout the year can make it easier […]
What Happens to Your Practice If You Become Incapacitated or Die?
For most dentists and other small business owners, the thought of suddenly becoming incapacitated, or even dying, is at the top of the list of their biggest nightmares. Dentists, if the thought of something happening to you worries you, your concern is certainly understandable. The question, of course, is “what happens to my practice if […]
Most Common Mistakes That Lead to Lawsuits for Dental Practice Owners
For a dental practice owner, a lawsuit can have a devastating impact, both on company moral and on company finances. The longer you stay in business, the higher the probability that your company will be sued at some point in time. There is no surefire way to prevent every lawsuit; however, there are some common […]
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 […]
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 […]