ANOTHER EMPLOYEE VS INDEPENDENT CONTRACTOR
A topic that gets beat to death is what I figured I'd hit it again for the heck of it.
Blogs
What You Should Know About
EMPLOYEE RETENTION CREDIT (ERC) The CAA legislation provided some important updates to the Employee Retention Credit. Not only did this
FCRA Tax Credit – Extended
Under the new CAA legislation, the FFCRA credit for family and sick leave has been extended through March 31, 2021.
Recent HHS Updates – Provider
On June 11, 2021, HHS updated the reporting requirements for recipients of Provider Relief Fund payments. The new notice supersedes
Buyer Beware When It Comes
Due to Covid-19, several federal and state relief programs were designed to help dentists and other small businesses survive the
Here is an exchange I had with a dentist recently on how to value his practice. Can anyone tell me their thoughts on how you value a practice that is 90% PPO. Is there any good will with this type of practice? Probably, even though it is a PPO, patients usually have choices on dentists […]
Can you comment on the price for a chart? I’ve heard $150 here in N.C. for a chart-only purchase. I know you’ve advocated a % of collections paid over years. Sorry, there’s no real empirical data to provide any cold hard facts about the price of a chart. The reason is MOST practices that are […]
How do I pay an independent contractor if the check in his name is deposited in my account. Thought of having him take check and pay me 1/2 as rent. Well I’m confused. Who billed the patient? If they’re truly an IC wouldn’t the billing go out under your practice and you pay them for […]
Here is one dental bonus plan that I recently heard about (and like quite a lot). If you use a monthly system, pay out only 50% of the bonus amount for each month the team hits the goalbonus. At the end of each calendar quarter, IF they met the goal for each month in that […]
I can understand not including owner DDS compensation in overhead calculations, but it seems to me that paying an associate as an independent contractor should be considered overhead in some fashion. This isn’t much different than paying hygienist on production % is it? You could say that. Isn’t it even closer to paying a dentist […]
My accountant send me a template in the CHART OF ACCOUNTS by a portable file in QB. It is for my new scratch office.Can any one show me where to add the entries? I have a lot of receipts from last year before I opened my office. Like equipment, supplies, build-out, etc…When I double clicked […]
I’ve been practicing for one year, what should I expect? I’ve heard some are getting as high as 40% of production and others as low as 25%. I’ve been offered 30% production where I pay half the lab bill. X-rays and exams are not included as production. It seems fairly reasonable any thoughts? The “typical” […]
Tim, The more I read from you the more I like you. My first practice was $30,000 (total purchase price) and it grossed a bit more than that in a year. I borrowed $70,000 more and spruced it up a bit, with results much like you described. A few years later (almost 20 years ago […]
I am buying about $200,000 worth of equipment. Can I take the benefit on my personal taxes and derive more of the benefit that I could otherwise through my corporation. Maybe, however, why not keep it simple, take the deduction at the corporate level and reduce your w-2, therefore getting the benefit on the personal […]