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An Intro to Accounting and Bookkeeping for Small Dental Practices The process of accounting involves the identification, measuring, and communication of business and financial information for tax returns and decision making. Two well known and commonly used accounting methods are accrual and cash accounting. Small businesses making under 5 million annually will satisfy the IRS qualification that allows them to decide which method to implement. There is a lot of information online provided by CPAs, comparing the disadvantages and advantages of both methods. Not all CPAs share the same views, which is why reading articles online may be confusing for small business owners. Depending on what type of business you own, choosing the wrong method won’t serve your company’s best interest. If you own a small medical, dental, or service type business then you will want to use cash accounting. The reason why is due to the fact that it’s simple, and doesn’t require a full-time bookkeeper. As long as you are able to stay on top of recording all of your business’s expense and income transactions, you should be fine. Using a software program will streamline your business and make the tax preparation process relatively simple.
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Accrual accounting is far more complex and also results in higher business expenses due to requiring the services of an accounting professional. Since this method has both accounts receivable and accounts payable entries, meticulous monitoring and reconciliation is necessary. If a medical or dental practice takes most forms of insurance, accounts receivable won’t actually display the company’s revenue during a certain pertain. In reality, patients don’t always pay their bills within 30 days, nor do insurance companies regularly pay full claims within that time period.
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This is why medical and dental practices using accrual accounting are mislead by their accounts receivable numbers. Having this false sense of income, does not help small business owners make informed financial decisions and later results in an unexpected and significant accounts receivable write off. Although cash accrual accounting is preferred among small service-based, medical, and dental business owners, it doesn’t mean you can avoid having to pay a CPA entirely. The point is to keep things as simple as possible and save yourself from having to deal with unnecessary complications. Small businesses use cash accounting for this reason. Considering, cash accounting also has its drawbacks, such as income forecasting and expense cash flows, it is crucial to seek the advice of a professional. Instead of hiring someone full-time, dental and medical practices benefit from outsourcing their bookkeeping and accounting services. Accounting for dentists and doctors should be outsourced to top quality CPAs and bookkeepers. If you want to keep your practice alive, you owe it to yourself to invest in your practice and stay on top of your financial records.

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The Importance Of Tax Returns One of the most talked about topics these days is tax returns because of the many tax payers in the society these days. Anyone who has an income is required to pay their tax to the government. No matter what you do, this is going to be collected by your government. This is a big issue to most people because taxes mean money that they have to pay. If you are a tax payer, you must understand that importance of paying your tax as well as how your government is going to utilize them. In the past, government collected tax in different ways. Unlike today, you can pay taxes to the government through your labor, giving of gold or produce. There are different ways for the government to use taxes such as funding projects and even war. Without taxes, it would be difficult for a nation to thrive in itself. Without it, it would be difficult to build tall and beautiful buildings other infrastructures. Through it, it would be easy for the government to offer free education to children. The other reason for paying taxes is for the country to maintain its law and order. The money gathered will be used for funding defense, structures, administration and roads. The truth is that paying taxes has a long history, in the country it started 1913. The percentage of tax that needs to be deducted from a person’s income is around 1 to 7 percent. When the war happened, the amount of taxes people have to pay to the government has increased. However, you should know that the policy had changed ever since war happened. It is also important that you know how to file for income tax return. If your salary or pension is lower than the specified income, you can’t file for a tax return.
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It is best to learn more information about it from the BIR and get some forms there if you are qualified to file for tax return. The office will give you full details about your incurred expenses as well as income. If this information is known, the BIR will calculate for the taxes that you need to pay. You can calculate it by yourself if you want to, or perhaps have an IRS do it for you.
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What you need to do is to ask for the form, which is only one page and fill up all important details there. There are other forms that you need to fill up once they are given to you. These forms are very important when filing for tax return so that they can know the types of income you have. Most tax payers would use a supplementary booklet because it serves as their guide when it comes to filing tax return. Anyone who has income, or even self-employed but is earning money can file for tax return.

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What You Should Know About Comparing Potential Mortgages There is no doubt that buying a house can end up being one of the most stressful things you can possibly do. The reason for this is that there is a lot of money involved in the transaction, and this can make it seem even more crucial that you make a smart choice. Many people feel almost paralyzed because they are not sure about whether they’re making a smart decision about where to live and whether to spend that level of money. For a lot of people who are trying to buy a new home, the biggest question they’ll actually need to answer will be how they’ll deal with their mortgage. Once you’ve been able to find a price for your home, you will then still have to go through the process of choosing the kind of mortgage that will allow you to save as much as possible over the long run. The best way to ensure that you’re getting the ideal mortgage is to know what kinds of options you have when comparing different ones. To learn more about finding the best commercial mortgage rates, be sure to check out some of the information below. When you’re serious about finding a great mortgage, you’ll discover that the best thing to do will be to get online and do a little research. The vast majority of modern banks are going to have a wide range of different tools on their websites that you’ll be able to use to really figure out what kinds of loans you can secure. You may have to input some information about the kind of income you have or the sort of money you can afford to spend, but this will ultimately make it possible for you to get all kinds of useful information about potential mortgages.
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You’re going to discover that a quick meeting with certain types of banks will be able to help you negotiate a better rate in a lot of instances. These meetings can give you a chance to make a pitch for why you might deserve to get a lower rate on your next mortgage. You’ll be surprised at how effective it can be to spend time taking the rates you’ve been offered to the various types of banks in the area you might want a mortgage from.
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When you need to be able to find a better mortgage for your next home purchase, knowing how to make the right decision will be crucial. As you continue learning about the different types of methods that are out there to compare different types of mortgages, you shouldn’t end up having much trouble getting the kinds of results you need.