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Deciding Between Cash and Accrual Basis

Mon, Aug 19th 2019
With cash-basis accounting, you record all transactions when cash actually changes hands, which means when a cash payment is received from customers or is paid out by your company for purchases or other services. Cash receipt can be actual cash or check, credit card or electronic transfer. It's a pretty simple process. You cannot, however, use cash-basis accounting if you sell products on store credit, billing the customer at a later date. Cash-basis accounting does not include a provision to... Read More »

Estimating Business Taxes

Mon, Aug 12th 2019
When you work for someone else, your employer generally takes out an appropriate amount of taxes from your paycheck for your federal taxes. But when you're self-employed, a sole proprietor or the owner of an S-corporation, you're responsible for paying your federal taxes both as an individual and as a business owner. Estimated taxes are taxes set aside and paid during the course of the year in anticipation of owing the government a certain amount of tax at the end of the year. It usually is... Read More »

It's Never Too Early For Tax Planning

Mon, Aug 5th 2019
Benjamin Franklin once said "to fail to plan is to plan to fail." This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but are being phased out, whereas others will expire after a set time. This means good tax planning remains an important aspect of good financial health. Following are six steps you can take right now to prepare for your future taxes: 1. Adjust... Read More »

Data Management: Keeping Patient Information Secure

Mon, Jul 29th 2019
We've all heard of HIPAA, the Health Insurance Portability and Accountability Act, which was established in 1996 to help people keep their health insurance, standardize billing processes and protect patient information. HIPAA has expanded to include subsets of rules that define the standards for securing patient medical records. The HIPAA Privacy Rule and the HIPAA Security Rule both place national regulations on the ways that patient information is handled. As a health professional, you must... Read More »

Privacy Laws and Your Business: What to Know

Mon, Jul 15th 2019
Employees expect their employers to safeguard their personal information. Social Security numbers, medical information and other sensitive information must be safeguarded from prying eyes. As an employer, you and your human resources staff must be cautious about who can access such information and how it is treated. What Information Must Be Kept Private? Sensitive information must be kept confidential. This includes an employee's: Social Security number. Other personally identifying information... Read More »