Many physicians and practice managers are so focused on the day-to-day operations of their medical practices, such as caring for patients and submitting insurance claims, that they often don’t focus on how they can enhance their overall business strategies.
Medical professionals know that it often takes a team of people to take care of a patient, and the same can be said for the support needed to successfully manage someone’s diverse financial and banking needs. The most effective private wealth services banking relationships surround the client with a team of professionals with specialized financial expertise ready to support you and your business.
Starting in 2016, the IRS changed the rules for the capitalization and depreciation of fixed assets with the introduction of Notice 2015-82. For many businesses, this change both simplifies record keeping and provides the opportunity to accelerate income tax deductions.
When reviewing claims in the practice management system, you notice many claims have been paid at 100 percent of the practice’s fee schedule. Further review shows the practice’s fee schedule has not been updated in the past few years, and the current fee schedule is less than the Medicare allowables. Your research also shows the practice has been losing revenue for the past few years because it has been undercharging for its services.
Donald Trump took office on Jan. 20 as the 45th President of the United States. When the 115th Congress convened in January, the Republican Party had control of the Presidency, the House of Representatives and the Senate. Whereas there are differences in Trump’s proposed tax legislation and the proposals published by the House Ways and Means Committee, there are still some similarities that lead us to believe that tax legislation is likely to be enacted in 2017.
Doctors love their cars. It’s not surprising then that doctors often ask how their cars can provide an income tax benefit. The answer, of course, depends on a variety of factors such as business use, the method elected for deducting car expenses and the type of entity used for medical operations.
At some stage, business owners are ready to launch and take the next steps to growing their business. In many cases, financing is needed to get to that next level. It’s essential for business owners to have knowledge of the variety of financing options available. For businesses just getting started or those looking to grow, a government-backed loan from the Small Business Administration (SBA) may make the most sense.
Although we’re off to a soggy start, summertime has arrived. Between children out of school, family vacations and making plans for fall, there is a lot to keep people busy. Summer also signals the halfway point of the year, and by now, most practices have a decent feel for how the year is going for them financially. With this information in mind, it is never too soon to start thinking about year-end planning.
If a move, move-up, down-size or construction project is in the near future, then preparation is very important for getting the right and best mortgage loan for you.
Want to simplify the relocation process? Hire a real estate relocation expert! Relocation experts take care of the fussy but necessary evils of moving so your prospective physicians can focus on the excitement and promise of a new career in a new city.
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