Archive for the ‘Practice Strategies’ Category

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Tax law changes may be felt for many individual practitioners

March 27, 2013

By J.R. Armstrong, CPA, and Jodi Permenter, CPA

By passing the American Taxpayer Relief Act of 2012 (ATRA) in the early hours of Jan. 1, 2013, Congress managed to avoid, or at least postpone, the imminent and oft-discussed “fiscal cliff.” Read the rest of this entry ?

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Reform placing new importance on evaluating insurance plan participation

December 27, 2012

Identifying the insurance plans through which patients are most likely to obtain eye care coverage, applying to health plan provider panels, and evaluating health plan provider contracts are about to take on renewed importance, according to the AOA Third Party Center. Read the rest of this entry ?

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Bringing your children into practice can net tax benefits

December 20, 2012

By James R. Armstrong, CPA, and Jodi Permenter, CPA

Is your practice “family owned and operated?” Optometric practices are often passed down from generation to generation.

Optometrists who allow their children to work in their practices can help their offspring to determine if they would enjoy a career in eye care and, if so, help them get some experience in day-to-day practice operations. Read the rest of this entry ?

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Be aware of expiring tax breaks

December 10, 2012

By James R. Armstrong, CPA, and Jodi Permenter, CPA

Tax law changes have been in the news a lot lately and with good reason. Practicing optometrists, like other taxpayers, would do well to take a few moments as the end of the year – and the end of many current tax breaks – approaches and consider how pending increases in overall tax rates, the elimination or reduction of many deductions, and the applicability of the Alternative Minimum Tax to more taxpayers could affect their income. In many cases, they may find it could be advantageous to purchase that new instrumentation they have been wanting, make donations to their favorite charities, sell appreciated, long-term assets or take steps to help their children with education costs before the end of 2012. Read the rest of this entry ?

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Affordable Care Act has business tax implications

November 5, 2012

By James R. Armstrong, CPA, and Jodi Permenter, CPA

Editor’s note: This is Part 2 of a series on the Affordable Care Act (ACA) tax implications. It covers the implications for business owners.

Implications for business owners

The reform will affect businesses in different ways according to their size. Small businesses, those with fewer than 50 full-time employees, will not be required to provide health insurance coverage to their employees, and will not face fines for failing to provide coverage. Read the rest of this entry ?

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Major tax provisions of the health care law

October 8, 2012

The July 2012 Supreme Court ruling upholding what’s collectively referred to as the “Affordable Care Act” (ACA) resulted in a number of changes to the U.S. tax code. As such, there are a number of tax implications for individuals and businesses. Here is a closer look at some of the most important provisions for individuals and businesses. Read the rest of this entry ?

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Affordable Care Act has tax implications

October 2, 2012

By James R. Armstrong, CPA, and Jodi Permenter, CPA

On June 28, 2012, the Supreme Court upheld the constitutionality of President Obama’s Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act (know together as the Affordable Care Act).

The implementation of the Affordable Care Act (ACA) is expected to provide access to health insurance for 32 million currently uninsured Americans, drive innovation to reduce the rate health costs are rising, reform insurance markets to increase competition, and protect the insured’s rights by prohibiting the exclusion of people on the basis of pre-existing conditions, preventing annual or lifetime caps on coverage, seeking to end health insurance discrimination against optometrists and other health care providers (through the AOA-backed Harkin Amendment), banning the retroactive termination of benefits (known as rescission), and establishing minimum benefit packages, which includes the AOA-backed pediatric vision care essential benefit). Read the rest of this entry ?