Businesses Now that we have turned the calendar to a new year, it is that time again to begin planning for the completion of your tax returns and other year-end work. Yes, you have several months until your returns are due, but so does everyone else. That is why it is important for you to beat the rush. To get started, ask your accountant for an information request list. … [Read more...] about Best January Tax Tips 2020
Accounting for Physicians
Year-End Tax Tips for Medical Practices
As the year comes to a close, we share a few tips to help you bring the year in for a smooth landing. Personal Tax Projections Take the time to prepare your personal tax projection and compare your estimated tax liability to the tax you have paid to date. This does not need to be an in-depth process. Take your average tax rate from last year (total tax divided by … [Read more...] about Year-End Tax Tips for Medical Practices
Case Study: MJ Sounds Like a Perfect Employee
MJ has worked with the practice for more than15 years, managing the back-office and the bookkeeping. Not only is he a valued and trusted member of the staff, he is also the senior partner’s brother-in-law. He is dependable, gets his work done, and is ready to chip in when others need help. In fact, MJ rarely takes more than a few days off. Everyone agrees that they don’t know … [Read more...] about Case Study: MJ Sounds Like a Perfect Employee
Case Study: Embezzlement by Front Office Staff
PR works the front desk. She checks people in and collects copays at a geriatrics office. She is always pleasant, and the patients love her. She is one of the least well-compensated people in the office and has thousands of dollars pass through her hands every day. As a single mom, she has trouble making ends meet. The opportunity to justify giving oneself a little extra … [Read more...] about Case Study: Embezzlement by Front Office Staff
Practice Buy-Ins: Don’t Ignore the Real Estate
When buying into a medical practice, it is common to have the opportunity to buy into the medical office building as well. The practice buy-in generally overshadows the real estate buy-in, as it should. A doctor must scrutinize the terms of practice ownership, employment, compensation, governance, the other doctors, and the staff in order to make the best career choice. It … [Read more...] about Practice Buy-Ins: Don’t Ignore the Real Estate