Recession Risk: Should We Be Concerned?Rising prices, rising rates, falling stocks, and headlines all mentioning Recession. What does it all mean and where are we going from here? Let’s address the elephant in the room. Recession risk. A recession, by definition, is two consecutive quarters of falling GDP (a measure of total US economic activity). We’ve already posted a negative Q1 […]
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The Student Loans Reporting Rundown: Recertification vs. RecalculationRecertification: Required annual reporting of income to your student loan servicer to update your IDR payment for the upcoming year. Recalculation: Reporting your income anytime outside of your normal recertification timeline. Why would you do this? Read on! Did you know you are NOT required to recertify your income before March 2023? If you get a notice […]
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The Great Student Loans Servicer Shake-UpExtending the previous article, if you have student loans, your servicer likely has, or will very soon, be changing! Although different, a change in servicer may feel a lot like your bank is selling your home loan. Letters arrive notifying you of the new servicer and generally require you to create a new account online. It’s […]
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What You Need To Know About The IDR (Income Driven Repayment) WaiverLast month we wrote about the “PSLF Waiver” that allowed a one-time recount of qualifying loan payments toward the 10-year forgiveness under the PSLF’s program for those with 10-years of employment with a government (including military) or nonprofit organization. In addition to the PSLF waiver, there is also an “IDR Waiver.” Refresher: “IDR” stands for […]
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Wage WoesEvery business in America is feeling the wage pinch right now, and private practices are feeling the brunt. While large corporation happily pass these wage increases onto their customers by raising prices, increasing volume, & reinvesting in more efficient processes, many practices aren’t. Let’s talk about a couple simple things every practice can do to […]
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The Rundown on Back-Door Roth ConversionsGo ahead and breathe a sigh of relief, for now. Congress isn’t showing signs of taking any further action to terminate backdoor Roth IRA conversions. That said, let’s review the basics of a Roth IRA account and why it’s worth considering: The max annual contribution you can make into any IRA, Traditional or Roth IRA, in […]
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Can I Write Off My Car As a Business Expense?When deducting a car, regardless of leased or owned, we (your CPA) will ask you to tell us what percentage of the vehicle was business use and what percentage was for personal use. Only the business portion is deductible, which is almost never 100%. You should keep a log of dates, mileage, departure and arrival locations […]
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What You Need To Know About California's Retirement MandateIf you have more than five employees, California requires you to have a suitable retirement savings plan (e.g. 401K) in your practice by June 30th of this year (2022.) The default state plan is called CalSavers. Action may be required whether you have an existing plan in place not. Here’s what you need to know: You are required […]
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Semi-Monthly Payroll: Why Employers Should Be Doing ThisAlthough employees may not like change, switching to semi-monthly payroll can be a benefit to both them and you, the practice owner. First, a couple of definitions: Bi-weekly: payroll is paid every other week, i.e., every 14 days. With 52 weeks per year, that creates 26 payroll cycles and 2 months per year in which there […]
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