Christine Hradsky No Comments

Selecting Malpractice Coverage and Evaluating Carriers

malpractice coverage

Selecting the terms of medical malpractice coverage is a complex, critical task, as is evaluating insurance carriers.

Medical malpractice insurance isn’t just a requirement — it’s also a major practice expense. Selecting the terms of coverage is a complex, critical task, as is evaluating insurance carriers. In fact, the future of the practice and the reputation of physicians may rest in the balance. Read more

Christine Hradsky No Comments

A Buy-Sell Agreement Can Protect Your Practice and Minimize Disputes

Buy-Sell Agreements

When healthcare practices bring on new physicians, it’s important to make sure they sign buy-sell agreements to protect the practice from disputes.

In the wake of health care reform, you might find your practice inundated with new patients. With the extra workload, you might want to hire one or more physicians to help out.

If so, and if these physicians intend to take an ownership share of your practice, make sure each one signs a buy-sell agreement. Reason: It can safeguard your practice from disgruntled doctors and minimize disputes should they arise. Read more

Christine Hradsky No Comments

Tax Law Expands Accounting Method Options for Small Businesses

Accounting Method

The Tax Cuts and Jobs Act allows more companies to qualify for the cash basis method and elect out of complex inventory and percentage-of-completion accounting rules.

Thanks to changes included in the Tax Cuts and Jobs Act (TCJA), many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for small businesses. Like many TCJA changes that apply to businesses, these provisions are permanent. Here’s what you need to know. Read more

Christine Hradsky No Comments

Effective Retirement Planning Includes Contingencies

Retirement Planning

We’ve been hearing for years that Americans don’t save enough for retirement. Research indicates that many are unaware of the true cost of living during retirement.

Roughly one in five Americans in the workforce believe that “working for pay” will be a major source of their retirement income. This is according to the “2018 Retirement Confidence Survey produced by the Employee Benefit Research Institute (EBRI). Nearly half of respondents believe paid work will be a minor source of retirement income for them. Read more

Christine Hradsky No Comments

A Clear Policy Improves Billing Results

Billing

Medical practices are always looking to speed up third-party payments and keep patients’ accounts current. Here are some ways to make your practice’s billing procedures more efficient to improve cash flow.

You may have heard about the Vermont doctor who was fed up with the way medicine is practiced today and opened an office she calls “Simply Medicine.” The sole practitioner doesn’t accept insurance. Her fee is listed on a board in the waiting room: $2 a minute for labor, plus the cost of supplies. Read more

Christine Hradsky No Comments

Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends

Long-term gains

Under the new tax law, some individuals will still qualify for the 0% federal income tax rate on long-term capital gains and dividends.

Do you have long-term capital gains or qualified dividends? If so, there’s good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for those with relatively low income. But, if your income is too high to benefit, your children, grandchildren or other loved ones may still be eligible for the tax savings. Here are the details. Read more

Christine Hradsky No Comments

How Tax Reform Affects Tax Planning for C Corporations

C Corporations

From a reduced corporate tax rate to expanded depreciation breaks, the Tax Cuts and Jobs Act (TCJA) provides a host of favorable changes for C corporations, including personal service corporations.

One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under prior law, PSCs were taxed more heavily than other C corporations.)

This is great news if you own or manage a C corporation, including a PSC. Here are some specific tax planning considerations for these entities under the TCJA. Read more

Christine Hradsky No Comments

Buying vs. Leasing Equipment: Which Is Right for Your Business?

Leasing Equipment

Although there’s no universal “right” choice, many businesses that formerly leased assets are deciding to buy them, primarily to take advantage of expanded Section 179 and bonus depreciation deductions.

For tax years starting in 2018, the Tax Cuts and Jobs Act (TCJA) provides new and improved tax incentives for buying new and used business equipment. But leasing still offers benefits for some taxpayers. Here are some important considerations when deciding whether to buy or lease equipment. Read more

Christine Hradsky No Comments

Small Business Tax Strategy: Heavy Vehicle Plus a Home Office

Small Business Tax

Every small business owner wants lower taxes. For those who drive a lot for work, buying a ‘heavy’ vehicle may open you up to a deduction under the new tax law.

Small business owners are always looking for easy ways to lower their taxes. Here’s a simple, but effective, tax planning technique that’s available under the Tax Cuts and Jobs Act (TCJA) for 2018 through 2022. To take advantage, you need to purchase a “heavy” vehicle, work from a qualifying home office and keep detailed business expense records. Read more

Christine Hradsky No Comments

New Law, New Limit on Deductions for Business Interest Expense

business interest

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on business interest expense deductions.

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here’s what you need to know. Read more