CPAs in South Miami | Are You Getting All Your Tax Deductions?

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Underpaying your taxes is a serious problem, but overpaying taxes by missing eligible deductions can be nearly as harmful to the growth of your dental practice. Tax deductions are powerful tools to reduce your taxable income, allowing you to save more of your revenue. Keep these important and easily-forgotten tax deductions in mind throughout the year so you’ll have your documentation ready for filing.

Marketing and Advertising
Is your dental practice engaged in marketing or advertising? In addition to being an important avenue to grow your patient base, marketing and advertising are also tax deductible. According to the IRS, as long as your expenses related to this are reasonable and are not aimed at promoting business activity outside of your industry, then you can write them off in their entirety.

Utilities and Overhead
Keep detailed records of your practice’s utilities so that you can write them off at the end of the year. Gas, electric, water, internet, phone – these are all deductible. Other overhead payments such as rent or mortgage can also be written off, so make sure to log them.

Lab Fees
A significant part of your annual budget, lab fees can make a substantial difference in your taxable income. Keep track of all expenditures for crowns, dentures, or other outside work that your business relies on to serve your patients. Save on your taxes by writing off these expenses.

Supplies and Equipment
From cotton swabs to top of the line equipment, track everything purchased for your dental practice. Save receipts and invoices, make a spreadsheet, or use software to log and categorize these costs. You will thank yourself at the end of the year for being meticulous.

Tax and Legal Fees
Services such as attorney consultations or tax professionals are also deductible, reducing your taxable income and offering you clarity while navigating tax laws.

Don’t overpay your taxes and stifle your practice’s growth potential. To be certain you are getting every possible deduction, contact our dental CPA office for a consultation.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

South Miami Healthcare CPAs | Common Payroll Mistakes and How to Avoid Them

CPAs 33143

South Miami Healthcare CPAsHandling payroll for a dental practice is often thought of as a simple task. The truth, however, is that there are many minor errors that can easily lead to major problems. Train your team to catch these small mistakes your practice might be making, so you can be sure to avoid them in the future.

Estimated Recordkeeping – Don’t wait until the day before payroll is due to log shifts worked for the pay period. Days can begin to blend together and it can be challenging to recall who worked which days and times after the fact. Looking through notes and emails to figure out past days’ activities can be stressful and even inaccurate, leading to incorrect pay.

Employee Misclassifications – There are many differences, at both federal and state levels, between an employee and a contractor. Make sure you classify your team members, temporary replacement workers, and anyone else in payroll correctly to ensure an accurate, streamlined process. Depending on the infraction and your area, heavy penalties can occur for misclassified worker pay.

Not Tracking Bonuses or Gifts – Work trips or group outings are no problem, but any sort of bonus or gift that has monetary value needs to be tracked. Gift cards are a common example of this. Make sure to keep a running log of any exchanges like these for year-end purposes.

Paying Employees Wrong Rates – When employees are hired, given a raise, or have their pay otherwise adjusted, make sure this is correctly logged in the system or software you use. Using an hourly wage in a program to pay as salary can have rounding problems, so double-check your work. Manual error or forgetting to process a raise on the books right away can lead to owing back-pay or other issues in the future.

Holidays or Haphazard Payroll – Try to set a fixed schedule for your payroll. When holidays affect the normal cycle, have an established plan to deal with it appropriately. Depending on your area, missing or late payroll can create tax headaches or incur penalties, as well as causing hardship for your team.

Payroll can be a straightforward and mistake-free process at your practice, but it requires proper oversight and attention. Keep an airtight system, follow up on any mistakes, and think ahead. For more information on how to handle payroll or tax concerns, contact our office.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

CPAs in South Miami | Data Security Best Practices

South Miami CPA

Though most of the attacks making headlines are those aimed at large organizations or political groups, roughly a third of all data security breaches in the last few years have occurred in the health care industry. Of these, employee error caused three times as many breaches as external attacks. In addition, more than half of the businesses who experience a security breach have fewer than 1,000 employees.

The Health Insurance Portability and Accountability Act (HIPAA) requires all health care providers to take steps to protect the private information of their patients from hackers, thieves, and staff. While no data security system is foolproof, there are some best practices that can help to decrease your risk of an information breach, especially from employee error. Here are some of the best practices you should be enforcing:

  • All computers should be placed where screens are not visible to patients or visitors.
  • Every computer should have an encrypted password for access.
  • All passwords should contain a mixture of letters, numbers, and/or symbols and should be changed regularly.
  • Passwords should never be written down in any place accessible by the public. It is preferable that they not be written down at all.
  • Every staff member must be fully educated about the importance of data security practices, their responsibility to follow these practices, and the potential repercussions for failing to comply.
  • Office computers and internet should not be used to check personal email or visit non-work-related websites.
  • Ensure all firewalls, software, and operating systems are kept up to date.
  • Wireless networks should be shielded from public view.
  • Every computer should have antivirus software installed and kept up to date.
  • Do not access office data remotely from a shared computer or unknown WiFi network.
  • Smartphones, tablets, laptops that have access to any work systems or emails should be password protected in case lost or stolen.
  • All hard copies of patient data should be shredded.
  • All transmitted data should be encrypted.
  • Sensitive information, such as social security numbers, financial data, or other private information, should never be sent through email or instant messaging services.
  • Consider purchasing cyber insurance protection.
  • If a breach does occur, take appropriate action immediately. Contact your legal counsel for advice.

Your first and best defense against the theft of sensitive patient information is the integration of data security best practices into your practice policies. Meet with your team to discuss any changes you need to make and your expectations of compliance. Protect yourself, your team, and your patients by working to protect the integrity of your systems.

For more information, contact us today.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

33143 CPAs | How to Prepare for an Audit

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The prospect for an audit can be daunting. The best way to combat the stress and anxiety induced with this process is to prepare yourself and your company before it happens. Below are a few tips to keep your stress levels low and your preparations high through the process.

Know what it will entail

If you are unaware of what an audit entails, it is a good idea to do your research and learn about the process. Knowing what questions the IRS examiner might ask or what documents they will want to see can help control your anxiety and show you are well prepared.

Document thoroughly

Get in the habit of keeping up with your primary and secondary tax records year-round to be better prepared for when an audit happens. Staying organized using a personal filing system will help you know where everything is. Be sure to have a digital and paper trail as well incase anything happens to either filing system.

Gather the Information

Before the audit happens, make sure you have all the necessary documentation that will be asked of you to present. If you believe something is missing, you can try to recreate the records as accurately as possible or contact the place where you submitted it to for their records. Since you will have all your documents in one place, lay out the information and label it for the auditor for an efficient process.

Pre-audit compliance report

If you feel overwhelmed or disorganized, get on track with a thorough examination of your financial data to prepare and compile your documents. Our experienced team will help you set up a system and provide you with confidence if facing an audit.

For more information on audits, or addition accounting advice, contact us today.

5975 Sunset Drive, Suite 802
South Miami, FL 33143

Phone: (305) 670-0400

South Miami CPAs | Are You Setting the Right Goals?

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No matter how effective you are at vision casting, dreams require hard work and strategic planning to become a reality. Highly successful business owners know the benefits of setting realistic and measurable goals. Rethink the way you are setting goals for your business. Your ambitious plans will be successful only if you have a road map to reach them. By mastering the art of setting incremental, measurable goals, you’ll be able to more effectively to reach them. For more tips on managing your practice, contact our firm today.

 


Plan out the steps, not just the big picture.

Start small by establishing smaller goals on a quarterly, monthly, or even daily basis. It can be easy to let ambition take over and lose track of the work required to reach your ultimate objective. Setting smaller, incremental goals provides the opportunity for you to celebrate the small victories along the journey and reassess early if something isn’t working.

Measure your success.

How will you know if you achieved your goal if you cannot measure it? Goals should have a measurable standard. Perhaps you want to see 5 more new patients each month or to increase the number of referrals by 50%. Set specific goals that are easy to track. This will help you to definitively know whether or not you’ve reached them and, if not, have a tangible metric of how much you still need to accomplish.

Make your goals visible.

The more visible your goals are, the greater pressure you’ll feel to meet them. Make sure everyone in your practice is aware of what you’re trying to achieve. This will not only ensure that they’re actively helping you reach your goals, but will also provide a source of accountability to hold you to your word. Putting up visual reminders can also be a simple way to accomplish a similar effect. The more you’re reminded of your goal, the more likely you are to work towards it.

Real growth doesn’t happen passively. In order to take your practice to the next level, you need to set goals to help you get there. Whether these goals are financial, patient-oriented, or focused on personal development, we’re here to help. Contact us today to learn more!

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

Healthcare Accountant Near Me | Get Organized, Get Productive

Healthcare CPA

Time is money. If you want your practice to be as efficient and economically prosperous as possible, you don’t want to spend valuable time dealing with the effects of clutter and chaos. Disorganization is shown to have a direct negative impact on productivity and, by extension, your earning potential as a practice.

Whether you feel like you’re drowning in papers or you want to learn tips to take your efficiency to the next level, here are some tips to help you and your team get organized. Contact our team today to learn more about the strategies we can help you implement to ensure you’re getting the most out of your practice.

Clean Up the Clutter

When you have so many different things demanding your attention throughout the day, it can be difficult to keep on top of everything. If you’re not careful, papers and other clutter can accumulate faster than you realize. Once the pile starts to get away from you, it can be hard to ever work your way back through without having to set aside valuable time to sort through everything.

It’s easier to avoid getting yourself into this mess in the first place once you have organizational strategies in place. You might create a unique filing system for handling the various kinds of mail that comes through your office. Perhaps you set specific team members in charge of returning calls. The best system of organization is the one that works for you and your team.

Don’t Let Your Time Manage You

It can be difficult to prioritize the different duties of your work. It’s rare that even an hour will go by without a variety of different distractions. While you’ll have the occasional emergency that demands immediate response, most of these interruptions will not need to be addressed right away.

Resist the urge to drop everything every time a new email or task arises. Operating this way will only make it harder to actually accomplish any of your duties on time. Instead, learn to prioritize which things need to be addressed immediately and which can be done later. Delegate what can be passed to another and clarify deadlines for things that must be completed by you to allow accurate prioritization of tasks.

The day-to-day efficiency of your business can impact its long-term success. Don’t waste your time digging through clutter because you’re working without a plan. For more strategies for your success, contact our office.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

Dental CPA Near Me | Smart Money – Filing Taxes with an Accountant

Dental CPA South Miami

Did you know that more than 65% of failed businesses blame financial mismanagement as their downfall? This is why forming a good relationship with a professional financial advisor is paramount to the longevity of your business.

When is the most important time to have this established relationship in place? That’s right – tax time. If you’re thinking about taking any shortcuts during this time (like using online software), you may want to reconsider. Why risk your entire business by cutting corners on something so crucial? Consider these reasons why you should work with a professional accountant.

Accountants understand tax code. Tax code is not only complicated – it changes frequently. It’s literally a full-time job interpreting and staying up to date. A financial professional will be able to guide you through this and take that stress off your plate. You’re already busy enough without having to keep up to date on tax law. Knowing you’re working with a professional can eliminate the stress of tax compliance. It’s hard to put a price on peace of mind.

Accountants know how to get you more deductions. Everyone wants to maximize their deductions, but only a true professional financial expert can get you everything you deserve.  Don’t leave any money on the table and don’t overpay on your taxes. Working with an accountant throughout the year will ensure you have the documentation you need to get your deductions and not overpay your taxes. This is exceptionally important especially for small businesses, like most dental offices.

Accountants minimize your risk. Are taxes the place where you want to cut corners and take a risk with your business and your team’s financial future? One mistake can land you in a heap of trouble. No one wants to deal with any sort of issue with the IRS let alone an audit. If you run into one of these scenarios, you’ll wind up paying far more than you would have if you worked with a professional from the beginning.

Everyone is willing to take some risks, especially small business owners and entrepreneurs.  Being brave enough to start your own business or follow your dreams is a risk in itself.  Don’t jeopardize your dream by cutting corners on one of the most important tasks of every year.  Work with a financial professional and allow yourself the peace of mind to protect what you’ve built.

Contact us today for further information. 

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

25 Interesting Facts About Taxes | Dental CPA 33143

Dental CPA Miami FL

1)     The word “Tax” comes from the Latin “Taxo” which means “I estimate”.

2)     The Federal tax code was 400 pages in 1913 – in 2010…it was 70,000 pages

3)     The number of words in “Atlas Shrugged” is 645,000. The Bible has approximately 700,000 words. The number of words in the Federal Tax Code is 3,700,000.

4)     While every person who earns a paycheck pays Federal Income Tax, only 43 of 50 states charge their citizens income tax. The states that do not have income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming.

5)     The IRS is a U.S. government agency that is responsible for collecting taxes and enforcing revenue laws. It is part of the U.S. Department of the Treasury.

6)     Over 1 million accountants are hired each year in America to help with taxes.

7)     In 1691, England taxed the number of windows on a house. As a result, people built houses with very few windows and even boarded up existing windows. This caused nationwide health issues due to lack of airflow and eventually ended in the tax being repealed in 1851.

8)     Emperor Peter the Great of Russia put a tax on beards in 1705.  He hoped this would encourage men to be clean shaved – a look that had become popular in Western Europe.

9)     The word “accountant” is from the French word “compter”, which means “to count or score”.

10)  England has a tax on television. Color TVs are taxed more than black-and-white TVs.  However, if a blind person has a television, he or she pays only half the tax.

11)  Disposable diapers are subject to sales tax in Wisconsin, but cloth diapers are not.

12)  In Texas, cowboy boots are exempt from sales tax.

13)  The Federal form 1040, was introduced in 1913. It was required of any U.S. permanent resident with a net income of $3,000 or more and was only three pages.

14)  Albert Einstein is quoted as saying: “The hardest thing in the world to understand is the income tax.”

15)  Alabama is the only state in the United States to have a playing card tax (10 cents). On the flip side, Nevada gives a free deck of cards with every tax return filed.

16)  The IRS provided approximately $416 billion in refunds in 2011.

17)  WWII led to the creation of the Bureau of Internal Revenue. This later became the IRS, which is the world’s largest accounting and tax-collection organization.

18)  One of the most significant relics of Egyptian history, the Rosetta stone, is actually a tax-related document. It was so important that it was written in three languages.

19)  According to some historians, plane geometry was actually invented by tax collectors and not Euclid (the famous Greek mathematician) in order to determine land size for harvest tax.

20)  In 1787, U.S. citizens could only vote if they were taxpayers.

21)  Newspapers use large sheets of paper because of the “knowledge tax”. In 1816 the British taxed newspapers per page, resulting in them using larger paper to add more content and shorten the number of pages.

22)  There is no known civilization that did not have taxes. The very first civilization, the Sumerians, recorded their tax records on clay cones.

23)  Since 2001, there have been more than 4,500 changes to the tax code.

24)  Taxpayers lose out on millions by not filing returns – tax payers gave up $950 million in refunds in 2012.

25)  More than one-fifth of paper tax returns contain an error.

 

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802, South Miami, FL 33143
(305) 670-0400

Healthcare CPA | Data Security Best Practices

Though most of the attacks making headlines are those aimed at large organizations or political groups, roughly a third of all data security breaches in the last few years have occurred in the health care industry. Of these, employee error caused three times as many breaches as external attacks. In addition, more than half of the businesses who experience a security breach have fewer than 1,000 employees.

The Health Insurance Portability and Accountability Act (HIPAA) requires all health care providers to take steps to protect the private information of their patients from hackers, thieves, and staff. While no data security system is foolproof, there are some best practices that can help to decrease your risk of an information breach, especially from employee error. Here are some of the best practices you should be enforcing:

  • All computers should be placed where screens are not visible to patients or visitors.
  • Every computer should have an encrypted password for access.
  • All passwords should contain a mixture of letters, numbers, and/or symbols and should be changed regularly.
  • Passwords should never be written down in any place accessible by the public. It is preferable that they not be written down at all.
  • Every staff member must be fully educated about the importance of data security practices, their responsibility to follow these practices, and the potential repercussions for failing to comply.
  • Office computers and internet should not be used to check personal email or visit non-work-related websites.
  • Ensure all firewalls, software, and operating systems are kept up to date.
  • Wireless networks should be shielded from public view.
  • Every computer should have antivirus software installed and kept up to date.
  • Do not access office data remotely from a shared computer or unknown WiFi network.
  • Smartphones, tablets, laptops that have access to any work systems or emails should be password protected in case lost or stolen.
  • All hard copies of patient data should be shredded.
  • All transmitted data should be encrypted.
  • Sensitive information, such as social security numbers, financial data, or other private information, should never be sent through email or instant messaging services.
  • Consider purchasing cyber insurance protection.
  • If a breach does occur, take appropriate action immediately. Contact your legal counsel for advice.

Your first and best defense against the theft of sensitive patient information is the integration of data security best practices into your practice policies. Meet with your team to discuss any changes you need to make and your expectations of compliance. Protect yourself, your team, and your patients by working to protect the integrity of your systems.

Dental CPA | Claim Financial Freedom

Dental Accounting

Whether you’re starting a new practice or have been an owner dentist for years, the financial stress that can come from being a business owner can sometimes overwhelm even the most seasoned professionals. Our goal is to help you achieve complete financial freedom so that financial worries don’t interfere with your ability to work well.

Below are some tips you can follow on your own to help build a rock-solid foundation for your practice. Staying organized and up-to-date with your financials allows you to focus on delivering quality care to your patients. Contact our firm today to learn how we can help!

Have a plan. As the popular saying goes, “failing to plan is planning to fail.” In order to see true success, you’ll need to have both short and long-term plans for your practice. How will you allocate new earnings? How is your practice prepared to deal with slow seasons? How are you budgeting for new purchases? If you don’t already have answers to these questions, they could be a great place to start. Planning for the unexpected can help safeguard your profitability from being derailed by unforeseen expenses.

Set goals. Don’t be afraid to dream big. Your practice will only be as successful as you make it. Setting goals allows you to have a clear yardstick to measure your success against and can help you make better financial choices in the present. By recognizing the simple truth that every small decision you make now can have a huge impact on the future, you’ll be able to start setting yourself up for success. Your future self with thank you.

Be Smart. When starting or growing your business, there can be benefits to taking on strategic debt. However, doing so in a manner that will benefit, rather than hinder your growth requires an understanding of the returns you can expect on your investment. Don’t jump into big purchases without a plan, rather weigh the potential benefits and risks of all your financial decisions.

Get Organized. Disorganization can be a killer for any business. In order to ensure you’re not letting anything important slip through the cracks, it’s important to have systems in place that will guarantee nothing is missed. In addition to protecting you from unforeseen troubles, efficient organization can also help bring opportunities for improvement to light. Whether it’s money that could be saved or resources that could be conserved, understanding the ins and outs of your financials can help you to understand exactly how your money is being used.

If you feel that you could improve in any of these areas, our firm is here to help! Our goal is to make the process of managing and running your practice as simple as possible, allowing you to focus on delivering quality work to your patients and growing your business. Contact us today to learn more.

Parlade & Schaefer, CPAS, PA
5975 Sunset Drive, Ste 802
South Miami, FL 33143
(305) 670-0400