Accounting Blog

Changing Expectations of Dental Care

New research by Lincoln Financial Group has revealed that consumers’ criteria for choosing and staying with a dentist go beyond the basics. While the quality of care, office environment and being in-network for insurance are all crucial, other factors are also in high demand. The research found that 40% of Millennials believe a dentist’s website is “very important,” compared to just 14% of Baby Boomers.

On the website, consumers want to see a list of accepted insurance providers (75%), schedule or change appointments (73%), and view costs of dental procedures (67%). Furthermore, 77% of Millennials say it’s important for a dentist’s website to be mobile-optimized, and 51% say they would “absolutely” find value in a mobile app from their dentist. Meanwhile, 40% of all consumers surveyed want a dental office that will take immediate appointments — and about a third either look for a dentist that offers extended hours on week nights or weekend hours. The survey also revealed that 96% would find it valuable if their dental office could provide guidance or take the time to help them better understand their dental insurance plan. Other notable findings related to employers included: 65% want their employer to provide general information about what’s covered by their dental insurance plan; 54% say they’d like their employer to provide a list of local in-network dentists, and 34% say they would appreciate ratings or rankings of in-network dentists.

Keep Reading on Businesswire

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What is the Tax Benefit of Your Charitable Gifts

’Tis the season for charitable giving. Nonprofits generally send out appeals this time of year in the hope that people will (a) feel charitable around the holidays and (b) want to make a contribution before the tax year ends on December 31.


If you plan to make a donation, review the following so you don’t miss out on the charitable contribution tax deduction.


  • The charitable contribution deduction is available only if you itemize deductions on your return.


  • Assuming all requirements are met, donations to qualified organizations are deductible on your tax return if you charge them on your credit card or mail the checks by December 31.


  • You must be able to substantiate your donations for tax purposes. For monetary gifts, you need a written acknowledgment from the charity or a bank record that shows the name of the charity, the amount donated, and the date.


  • If you receive a benefit from the organization (dinner at a fundraising event, for example) in exchange for a contribution of more than $75, the charity must provide a written statement indicating the actual value of the benefit. You’re generally required to subtract that value from the amount you contributed to figure your deduction.


  • When you make a single donation of $250 or more, you need a written acknowledgment from the charity indicating how much cash you contributed and/or a description of any property you gave.


  • If the amount of your deduction for all noncash gifts is more than $500, you’ll need to file Form 8283 (Noncash Charitable Contributions). A gift of property valued at over $5,000 generally requires a professional appraisal. (Additional rules apply.)


  • If your charitable gift is serving as a volunteer, the value of your time is not deductible. However, out-of-pocket costs related to your services may be. Keep reliable records so you can substantiate expenditures.


To learn more about tax rules and regulations for charity donations, give us a call today. Our knowledgeable and trained staff is here to help.


…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

How to get the Most Benefit Out of Your Donation

Many people want to help worthy causes. You may decide to lend your support to one or more of your favorite nonprofit organizations. Making your gifts before year-end can give you the opportunity to claim a tax deduction for your charitable contributions on your tax return.


Give to a qualified organization


To gain a tax deduction for your contribution, it must be made to a qualified organization. Among others, qualified organizations include nonprofit groups that are religious, charitable, educational or scientific in purpose. The IRS has an Exempt Organizations Select Check tool on its website ( that can help you search for qualified organizations. Note that you can’t deduct contributions to specific individuals or to political organizations and candidates.


Itemize your deductions


Your charitable contributions are deductible only if you itemize your deductions (not if you claim the standard deduction). Once income exceeds a specified level, itemized deductions are reduced.


Deduct the fair market value of donated property


If you donate stock or other noncash property, it usually will be valued at its fair market value for tax-deduction purposes. Donations of used clothing and household items are usually valued for less than the price you paid for them.


Pay attention if you receive a benefit


If you receive merchandise, tickets to a sporting event or other goods and services because of your contribution, you only can deduct the amount of your contribution that exceeds the value of the benefit you received.


Get a receipt


To deduct a contribution of any amount, you must maintain a bank or payroll deduction record or a written communication from the organization showing the organization’s name and both the date and amount of the contribution. For a contribution of $250 or more, you will need a contemporaneous written acknowledgment from the organization containing specific information.


Learn more


Look for additional details on the IRS’s website and consult your tax advisor. To discuss how you might include charitable giving in your estate strategy, please give us a call today.


…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

Tax Issues when You get Divorced

When a couple divorces or separates, there are many issues that need to be sorted out. One issue many forget to discuss is taxes. Here is a look at some of the tax issues divorcing couples may encounter.

File Jointly or Separately?

For tax purposes, a person’s marital status is determined on the last day of the tax year, so individuals who separate (but don’t divorce) during the year typically will need to make a choice between filing jointly or separately.

Filing separately may result in the loss of valuable tax credits and deductions. For example, the American Opportunity Tax Credit (for higher education costs) is not available to a married taxpayer who files a separate return. Typically, filing jointly will result in the lowest overall tax.

One reason to consider filing separately is for protection from the other spouse’s future tax liabilities. Generally, spouses who sign joint returns have joint and several liability — meaning that they are each fully liable for unpaid tax liabilities arising out of the return. Moreover, the IRS has the right to pursue the party who is best able to pay the full amount quickly, leaving issues of fairness to be worked out between the two filers. (The “innocent spouse” rules and/or the “separate liability” election may provide protection in some circumstances.)

Alimony Versus Child Support

Alimony represents taxable income to the recipient and a tax deduction for the person paying it. Child support, on the other hand, is not taxed to the recipient, and the person paying the child support gets no deduction for the payments. Because the tax consequences are so significant, a number of technical rules govern what constitutes alimony.

Generally, alimony must be paid in cash (or by check) pursuant to a divorce or separation agreement and terminate upon the death of the recipient. Some people — in the divorce decree or settlement agreement — try to “front-load” their alimony payments by designating payments in the early years as alimony rather than as child support. The IRS has specific rules limiting front-loading.

Property Transfers

Spouses should take care when dividing up assets. The general rule is that no gain or loss is recognized for property transfers if they occur either within one year of the end of the marriage or within six years of the end of the marriage and pursuant to a divorce or separation instrument. However, such transfers may create tax issues down the road, because when the property is sold, the owner may have to pay capital gains tax on the difference between the sale price and the basis (generally, the original cost). As a result, it’s important to consider potential future taxes when negotiating a property settlement.

Child-related Tax Breaks

Only one parent may claim the dependency exemption for a child. Generally, the dependency exemption will go to the parent with physical custody, although numerous subsidiary rules may apply. The rules for claiming the child tax credit generally track those for the dependency exemption. And the general rule for the child and dependent care credit is that the credit will go to the parent with physical custody.

Connect with our team today for all the latest and most current tax rules and regulations.

…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

What are the Tax Advantages of Being a Landlord?

Owning rental property can bring in extra income, but it’s not without its downsides. If the furnace breaks or a pipe bursts, you can be sure you’ll get the call — sometimes in the middle of the night. But for all the hassles being a landlord can bring, there are some bright spots. One of them is the ability to deduct certain expenses from your total rental income on your tax return.

Owning a rental home, apartment, or other residential property may entitle you to take some or all of the following deductions.

House Calls

Real estate taxes and mortgage interest on rental property are potentially deductible, as are fire, flood, theft, and liability insurance premiums. Services, such as lawn care, performed on the rental property and any wages you pay employees in connection with the rental activity may be deductible as well.

Wanted: Tenants

You can deduct expenses associated with renting the property, including management fees, commissions, and cleaning and maintenance.

This Old House

The costs of repairs that keep the property in good condition, such as painting, are deductible in the year you incur them.

Cost Recovery

You generally can begin claiming deductions for depreciation on rental property in the year the property is ready and available for rent. In addition, you can recover the cost of improvements that add value to your property, such as replacing the roof or adding a deck, by claiming depreciation over time.

Over the River, Through the Woods

You may be able to deduct the expenses of traveling to your property when the main purpose of your visit is to collect rental income or to manage and maintain the property.

It’s important to keep complete and accurate records of all expenses related to your rental property. Keep in mind that there are tax law limits on deducting losses from rental activities.

Don’t deal with tax issues on your own. Call us right now to find out how we can provide you with the answers you need.

…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

Are Your Kids Covered when away From Home?

Before you start packing the socks, swimsuits, and insect repellent for your child’s week at summer camp, check to see if your health insurance covers your children while they’re away from home. You’ll want to make sure you’re protected in case something happens that’s more serious than a skinned knee or common cold.

Read the Fine Print

Many HMO policies cover only emergency room visits outside of a specified coverage area. You may need to supplement your policy if your child has health issues or you’re worried about the cost of transportation home from a remote locale.

Check with the Camp

Some camps buy accident-and-sickness coverage for all their campers and include that cost in the camp fee. Other camps have arrangements with insurance companies that offer families low-cost policies covering their children while they’re at camp. And many camps have on-site centers that provide health services.

Trip Insurance for Teens

You may need to purchase trip insurance when your teen travels. These policies tend to be inexpensive, but read them carefully because there could be a lot of exclusions. If your older child becomes ill while traveling and has to come home, find out if the company sponsoring the teen trip will refund the cost of the unused portion of the trip. Also find out who will pay for an emergency evacuation should that become necessary.

Coverage for College Students

If your child’s camp days are over and you’re sending him or her away to college this fall, check with your health plan regarding coverage. Many schools offer low-cost health insurance to their students. However, don’t assume that everything will be covered. Some plans have high deductibles and policy limits that aren’t designed to cover catastrophic illnesses.

To learn more about your insurance needs give us a call today. Our trained staff of professionals are always available to answer any questions you may have.

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Tax Regulations when Donating a Vehicle to Charity

Got an old car you’re thinking of donating to charity to take a tax deduction? Check out the IRS rules first. Here’s a quick overview.


  • The maximum amount you can deduct is the fair market value of the car.


  • If the claimed value is more than $500, your deduction is generally limited to the actual proceeds from the organization’s sale of the vehicle.


  • The “significant intervening use” exception allows you to claim a deduction for the full fair market value when the charity uses the vehicle in its mission prior to selling it.


  • You can also claim a fair market value deduction if the charity sells the vehicle to a needy individual for a price that’s significantly below market value (or gives it away).


  • The organization receiving the vehicle must be a registered charity.


  • You must itemize deductions on your federal income-tax return to claim the deduction.


  • You must include Form 8283 with your return when the claimed value is more than $500.


To learn more about tax rules and regulations for donations, give us a call today. Our knowledgeable and trained staff is here to help.


…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

Don’t Forget Your Taxes when You Split Your Assets in a Divorce

Divorcing couples should pay close attention to tax issues, even if spouses are in complete agreement about how to divide their assets. Failing to take taxes into account may leave one spouse with a smaller net share than anticipated.


Call It Taxable — or Not?


The way in which payments made by one spouse to the other are designated can have significant tax consequences. Alimony is generally deductible by the payor and taxable to the recipient. Child support is not tax deductible by the payor and does not represent taxable income to the recipient.


Dependent Children


Couples with dependent children also need to consider which spouse will be entitled to claim dependency exemptions for the children. This also can be important for determining eligibility for certain tax credits, such as the child tax credit.


After-tax Values


Dividing assets such as investments means looking beyond their current market values. Since selling an asset in the future may create a tax liability, couples should determine the “adjusted tax basis” (essentially, the cost) of each asset before they reach a settlement. The value of assets that seem equal may no longer be equal after taxes are taken into account.


Dividing Retirement Benefits with a QDRO


A qualified domestic relations order (QDRO) is a court order that spells out the property rights of a spouse or dependent during a divorce with respect to qualified retirement plan assets (such as the assets in a 401(k) account). A QDRO is required in order to transfer all or a portion of the benefits in a qualified retirement plan from one spouse to the other without losing the plan’s tax advantages. Mistakes can be costly.


Beyond Taxes


Divorcing couples who want to name new beneficiaries for their life insurance policies, retirement accounts, and other accounts whose assets pass through beneficiary designations should be sure to do so promptly. Otherwise, an ex-spouse beneficiary could receive policy death benefits or assets left in accounts should the account holder die unexpectedly.


All of these issues can be complex for divorcing couples. Professional advice is essential so give us a call today for more information.


…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

The Benefits of Cash Balance Plans for Dentists

Dentistry iQ’s Zachary Kulsrud takes a look at accelerating retirement savings through a cash balance plan – a type of defined benefit plan that allows for more pre-tax retirement savings than 401(k) plans, along with additional benefits.

A growing number of dental practice owners find that retirement planning based on a 401(k) or profit-sharing plan alone is not giving them enough savings for retirement. While the maximum contribution in a 401(k) profit-sharing plan is $59,000 a year, contributions to cash balance plans can approach $250,000 a year for dentists who are near retirement. Meanwhile, Dentistry iQ’s Will Parrish outlines guidance for retirement planning, concluding that “Nothing can compare to a well-orchestrated financial plan that involves your attorney, tax advisor, and experienced financial advisor. Many dentists have all of the parts of a plan, but many are unsure how all those parts work together.

Read More at Dentistry IQ

…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

Reduce Your Taxes Through Home Improvement

The paint. The dust. The torn-up room. Home improvement projects may not be high on your list of enjoyable events. But, when you’re ready to sell your house, any money you’ve spent on fixing it up may save you from paying tax on the sale.

The Home-sale Exclusion

You probably know that a married couple is entitled to $500,000 of tax-free gain ($250,000 for singles) on a home sale if they’ve used the house as a principal residence for two out of the five years prior to the sale. Taxable gain is the difference between your basis in the home (essentially, your cost) and the selling price. So, for most people, the exclusion eliminates or severely reduces any tax on a home sale. But not for all.

And that’s where home improvements could come into play. If you’ve kept good records, you can increase your home’s basis by adding in remodeling costs. Generally, any work that adds to your home’s value or extends its life counts toward your basis.

What Counts?

Examples of eligible expenditures include:

  •  Putting in a patio, deck, or swimming pool
  •  Finishing a basement or attic
  •  Landscaping
  •  Adding a room or fireplace
  •  Vinyl or aluminum siding or similar exterior improvements like masonry work
  •  Storm windows and doors
  •  New plumbing or heating system
  •  Air conditioning

Simple repairs, such as painting or fixing broken gutters and windows, don’t get added to your basis. But, if repairs are scheduled as part of a home improvement project, the entire cost of the renovation can be added to your basis.

Connect with our team today for all the latest and most current tax rules and regulations.

…from the Team of Professional at RE-MMAP We are just a click or call away. and phone # (561-623-0241).

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