Small business tax filing and Fox News

Huddleston Tax CPAs is an accounting firm focused on small businesses. Here is a link to an article with a few changes to the tax code small business owners can expect in 2014. It may help you out so take a look.

One of the changes in 2014 is the home office deduction. This deduction is a topic we are quite familiar with. You can read our blog post describing the best practice to make a home office deduction by clicking the link. In previous years to make this deduction, the taxpayer was required to fill out 43 lines. Now, the deduction can be made in 1 line. Sounds like a winner to us.

Along with helping you stay up to date on the tax code in 2014, here is a helpful article with a few good ideas for doing your taxes the right way year in, year out. What’s really great about a lot of tax wisdom like this is that you can comfortably ignore most of it if you’re leaving the filing stuff up to a qualified accounting firm such as, dunno, Huddleston Tax CPAs? Of course, one good practice is to stay organized and you can do that with Quickbooks. We offer Quickbooks consultations and will help you set things up the right way to be better prepared for tax season every year.

Finally, as tax season hits full swing, here is an article from our friends over at Fox News scaring us out of our wits about “this Season’s Tax Filing Scams.” The IRS, for example, never sends out emails to taxpayers so if you receive one send it to phising@irs.gov. Good to know.

In conclusion, we’re looking forward to hearing about how we can help you this tax season. We offer a wide range of services and our CPAs are always happy to offer consultations regarding your tax and accounting issues. Get in touch with us at 425-483-6600!

 

 

 

 

 

 

 

Dental Practice Purchase –Before you buy

Deciding where to buy, how to go about it, and what kind of dental practice to purchase is a very important step in the career of a dentist. There are many essential decisions to make and key factors to examine as you search for the perfect dental practice that meets all of your needs.

Take your Time

Dentists must not rush into a purchase, and need to manage their expectations, understanding that the process will take some time. There is no need to hurry through important steps and be impatient. Buying the right dental practice for you matters more than closing a deal quickly when the first opportunity presents itself.

Find the Best Location

Where do you want to live? Being a practice owner is a big commitment, and being a part of the local community is a big part of that. Dentists who involve themselves in community events and organizations are usually successful as they are meeting people and networking all the while. A short to medium commute is an important consideration. No one wants to face a long round-trip commute year after year.

What sort of community is the right fit for you and your family? Do you like the suburbs, or do you want to live in more of a rural community? These choices will dictate how many competitors will be in close proximity. Other issues are whether or not your spouse needs to find work, and the quality of the school system in the area.

Choose the Ideal Practice for you

Take special care in determining the size and type of dental practice that matches your preferences and needs. Do you want to practice general dentistry or do you prefer an expensive practice that focuses on cosmetic dentistry? Does working a full five-day schedule with a large list of clients appeal to you? Or do you want a smaller practice, with a slower pace, that will allow you to work fewer hours? Naturally, these decisions will affect your finances and may dictate your level of day-to-day stress too.

Get the Proposed Business Appraised

Get a CPA or CVA to perform a business appraisal on the proposed business purchase. They can find out how much other dentists have paid for similar practices. This is going to give you a leg up in negotiating you purchase.

Assemble a Team of Professionals

Trying to save money by being completely self-sufficient is a poor decision when you plan on purchasing a dental practice. There are many areas where you’ll need and benefit greatly from the expertise of others. In the long-run, investing in advisors will save you a lot of trouble. Here are a few people you’ll need:

  • A CPA/accountant who has experience advising many dental practices and other small businesses on how to stay compliant and reduce their tax burden. You will want a CPA who can do more than just prepare your tax returns. You’ll want an accountant that can advise you on the best entity structure for your small business (S corporation, C corporation, limited liability company (LLC), professional limited liability company (PLLC), sole proprietor).
  • A Bookkeeper that is already well-versed in a small business accounting system—like Quickbooks. A certified Quickbooks Advisor means they are certified by the manufacturer of Quickbooks (Intuit Corporation) as competent with the Quickbooks program.
  • An attorney to review all documents related to the sale and to legally protect your interests in the future.
  • A consultant for your new dental practice could prove valuable in the long run, helping you save money and avoid headaches.
  • Establish a relationship with a bank early on. Getting prequalified, and ready to finance, puts you in the know in terms of how much you can afford and how to put in a good offer.
  • Your insurance needs will increase ten-fold once you’re a business owner. An insurance agent will evaluate risk and assess the value of your business to see how much coverage you’ll be needing.
  • It never hurts to seek advice from a mentor or business confidant of some kind—perhaps a veteran dentist who once went through the same process you’re going through now.
  • A marketing expert—preferably someone with knowledge of internet marketing.

Purchasing your first dental practice is a huge step in the career of any DDS. Be prepared and fully understand the process you face on your way to becoming a business owner.

Tax CPA John Huddleston received his Masters in Tax Law in 1999 from the University of Washington School of Law. He obtained his Law Degree in 1989 from the same institution, where he was a member of the Washington Law Review Executive Board. He graduated from Washington State University in 1986 with an Accounting/Finance degree.

Huddleston Tax CPAs of Seattle & Bellevue
Certified Public Accountants Focused on Small Business

(800) 376-1785
40 Lake Bellevue Suite 100, Bellevue, WA 98005

Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching, Quickbooks consulting, bookkeeping, payroll and business valuation services for small business. We serve Seattle, Bellevue, Redmond, Tacoma, Everett, Kent, Kirkland, Bothell, Lynnwood, Mill Creek, Shoreline, Kenmore, Lake Forest Park, Mountlake Terrace, Renton, Tukwila, Federal Way, Burien, Seatac, Mercer Island, West Seattle, Auburn, Snohomish and Mukilteo. We have a few meeting locations. Call to meet John Huddleston, J.D., LL.M., CPA, Tawni Berg, CPA, Jennifer Zhou, CPA, Jessica Chisholm, CPA or Chuck McClure, CPA. Member WSCPA.