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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Eligible For The PSLF Waiver? Act Now!Note: If you’ve never worked for the government or a non-profit, the following is not applicable. Through October 31st of this year, 2022, you may be eligible to have your student loans forgiven if you previously worked for the government (including the military) or a non-profit organization and were not able to qualify your student loan […]
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Your June 2022 Market UpdateOur Chief Investment Officer, Brandon Hobson, recently did a podcast with Drew Phillips, one of our CFO Advisors at PracticeCFO! We highly recommend you listen to this podcast for your quarterly market update. In the hour-long podcast, we discuss the following: Shifting viewpoints at the federal reserve The timing of interest rate hikes in 2022 The impact of […]
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How Can I Reduce My Tax Liability?Tax reduction is the result of comprehensive planning. All too often, doctors will make a financial decision primarily for the purpose of reducing taxes. But the tax tail should never wag the dog. For example, taking 100% section 179 deductions in the year of purchasing new equipment. This will, undoubtedly reduce your tax bill for the […]
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Defining a Defined Benefits Plan - And Why You Should Have OneWe’re often asked what are the best ways to save on taxes and build wealth. Without a doubt, funding a retirement plan is one of them. And for certain doctors, a specific type of retirement plan is a silver bullet. It’s called a Defined Benefit plan, aka “DB Plan” or “Cash Balance Plan.” Here’s answers […]
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How To Respond To A Team Member Asking For A RaiseHave you had a team member ask for a raise? Yes we know, your favorite part of practice ownership. And it probably happens with some frequency. How do you respond? Assuming you want to retain this individual, here are some suggested steps: Acknowledge the important contributions this team member is making to the practice. Don’t allow this […]
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