Dentists, keep in mind that it’s not just self-employed individuals who are required by the IRS to pay estimated taxes. There are numerous advantages to being self-employed. The top benefit that most full-time, must-report-to-the-office employees most envy the most is your ability to establish your own work schedule. You don’t have the commuting expenses, nor […]
Taxes
Contractor or Employee? How the Income Tax Obligations Differ
It’s a very important distinction, and one that can get you in hot water if you misclassify workers even at a dental practice. Full-time employees of companies often look at independent contractors with envy. They can generally work whatever hours they want. They can sit at a computer, make phone calls, and create products in […]
Age Has Its Privileges: Income Tax Considerations for Seniors
By the time you turn 65, you’ve probably already started enjoying some benefits reserved for senior citizens. Restaurants, exclusive living communities, entertainment venues and many other businesses start offering discounts at 55. You may have already retired from your position in the dental industry and/or started to draw Social Security. Your health care benefits will […]
Severance Pay is Taxable
When you lay off employees, severance pay is often a part of the deal. According to the United States Department of Labor, this pay is not required under any circumstances. However, many employers choose to offer severance pay in order to ease the transition into unemployment or a new job. Unfortunately, even though severance pay […]
What to Do if Your Tax Refund Check is Stolen or Lost
Whether your tax refund check was lost or stolen, swift action is the best course of action to handle the situation. The longer you wait, the more difficult it becomes for the IRS to track the check and get your money to you. These are the steps you need to take. Lost Refund Checks Lost […]
The New Form 1095-A: Reporting Health Insurance Coverage
For the first time, all taxpayers must include information about their health care coverage to the IRS on their 2014 Form 1040. Another year, another tax form or two. The year 2014 was the first tax year that the Individual Shared Responsibility Provision (SRP) of the Affordable Care Act (ACA) went into effect. That means […]