Posts by Ed Gabriel
5 Keys to Putting Kids and Family Members on the Payroll
Whether you are a small business owner or self-employed, hiring and paying your children or grandchildren is a great strategy for minimizing your tax liability and enjoying a series of secondary benefits. In addition to the potential tax advantages, hiring family members can provide a certain level of comfort and familiarity for the work environment.…
Read MoreRetirement Savings : Maxed Out? Here Are 3 More Ways To Save
If you aggressively save for retirement, you may run into limits. The annual limits for how much you can put toward a tax-advantaged retirement plan depend on the type of plan. Below is a summary of four valuable retirement plans. An HSA A health savings account, or HSA, is a triple-tax benefit. Money goes in…
Read MoreWhy Small Businesses Need a Fractional CFO
If you are a small business owner, your main incentive in how you operate your company is to increase your profit margin. This places a premium of importance on sound money management and competent financial practices as you also, as needed, implement fiscal austerity measures to keep your business in the black. Small business owners…
Read MoreIs the Net Investment Income Tax Still In Effect?
What is it? The Net Investment Income Tax (NIIT) was enacted in 2013. This tax boosted IRS revenue collections by broadening its reach to unearned investment income. The official name is the “Unearned Income Medicare Contribution Tax.” That may suggest it was intended to fund Medicare however the raised funds go into the nation’s general…
Read More7 Dental Practice Management Tips for Profitable Dentists
Being a great dentist may make your patients happy, but it isn’t nearly enough to run a successful dental practice. It may be hard to hear, after all, dentists invest a lot of time and money into becoming a great dentist. However, in today’s competitive marketplace, you need to possess business savvy and have dental…
Read More7 Ways to Improve your Dental Practice Profits
There are nearly 200,000 dentists operating in the U.S. and the American Dental Association predicts this number will grow in the years ahead. It is safe to say that each one of these dentists wants to do everything possible to limit expenses and grow revenue. In order to run a successful dental practice, it is…
Read MoreBookkeeping for Cash Flow for Dental Practices
What is Cash Flow In essence, cash flow is the difference between the money generated by a business – cash inflow – and the cost to operate the business – cash outflow. As it pertains to a small business loan, for example, banks often take it a step further by incorporating personal obligations as part…
Read MoreDental Bookkeeping 101
As a competent dentist, you can fill a cavity with flair and perform root canal with aplomb. But when it comes to immersing yourself in the labyrinth of bookkeeping activities, your confidence level could take a plunge. Afterall, bookkeeping is a specialized field requiring financial acumen and expertise in organizing and preparing financial records so…
Read MoreChoosing Between A Study Club And A Dental Consultant
Dentists are always looking for new ways to expand their knowledge because dentistry is ever-changing. Whether it’s through study clubs or dental consultants, there are many routes a dentist can take in order to keep up with the latest developments in dentistry. But what is the best option and how do you know which one…
Read MoreImportance of Hiring Dental Accounting and Bookkeeping Services for Your Dental Practice
You spent years getting your education and work experience to be able to open your dental practice. And if you pursued the conventional way of obtaining your qualifications and schooling, you likely did not acquire skills in bookkeeping, or accounting for that matter. When you began your dental practice, you focused on the areas related…
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