We are proud to announce the recipient of the Dental Accounting Group Business Leadership Scholarship. The Dental Accounting Group Business Leadership Scholarship (DAG Scholarship)   Scholarship Vision To help bring awareness to the business side of dentistry and encourage young dentists to pursue private practice ownership. We felt it was necessary to launch this scholarship initiative to help contribute towards the success of the next generation of dental practice owners, and to help counter DSO’s growing influence in our institutions and communities. Elliot Willis, University of ..read more

Author: Kevin J. Bray, Partner @ The Dental Accounting Group Starting in 2020, Washington Delta Dental (DDWA) introduced pivotal changes to its Provider Reimbursement Model (PRM), designed to address the economic challenges and feedback from dental care providers across the state. This collaborative approach has culminated in a revised system that’s attempting to meet the economic and clinical demands of tomorrow. As we head into 2024, Washington Delta Dental (DDWA) will introduce another update to their Provider Reimbursement Model (PRM), promising to help the financial underpinning of de ..read more

RETIREMENT PLAN LIMITS The 2023 maximum total contributions to a defined contribution plan (401k/Profit Sharing, SEP) is $66,000 or $73,500 with an over age 50 catch-up contribution. We encourage our clients to review their retirement plan every few years to be sure they are utilizing the most advantageous plan available. DEADLINES October 31, 2022 – Personal Property and Second Half Real Estate Taxes are due October 31, 2022 – Unclaimed Property Reporting deadline – for more information visit http://ucp.dor.wa.gov/app/submit-a-report December 31, 2022 – Distribute a notice of eligibilit ..read more

Deadlines & Misc.First Quarter 2023 Estimated Tax Payments are due by Tuesday, April 18, 2023.  See Below. INCOME TAX RETURNSTuesday, April 18 is the deadline for timely filing or extending individual income tax returns. In order to avoid penalties and/or interest, 2022 tax due must be paid with the filed return or extension by April 18. Personal Property TaxFirst half taxes are due on or before May 1, 2023. Personal property affidavits are also due May 1, 2023. STUDY CLUBSIf you would be interested in having us speak at one of your upcoming Study Club events, we would be happy to do ..read more

DEADLINES June 15, 2023 Quarter 2 Estimated Tax Payments QUICKBOOKS QuickBooks Pro 2023 is now available for purchase.  Please update to QuickBooks 2023 if you are currently using 2021 or older.  Or talk with us regarding switching to QuickBooks Online – this may be the best option for most! IRS STANDARD AUTO MILEAGE RATE The standard reimbursement rate for automobiles is 65.5 cents per mile for 2023. Washington Long-Term Care Tax ReturnsThe employment tax designated to fund long-term care for Washington residents has had a bumpy history.  First passed in 2019, the tax ..read more

DEADLINES January 31, 2023: Deadline for all Forms 1099-NEC filing including e-filed forms Deadline for all payroll tax reports, W-2’s & W-3 February 28, 2023: Deadline for 1099-MISC if paper filing March 15, 2023: Deadline for filing S-Corp and Partnership Tax Returns or Extensions March 31, 2023: Deadline for 1099-MISC if e-filing QUICKBOOKS QuickBooks Pro 2023 is now available for purchase.  Please update to QuickBooks 2023 if you are currently using 2021 or older.  Or talk with us regarding switching to QuickBooks Online – this may be the best option for most! IRS S ..read more

UPCOMING DEADLINES Fourth Quarter 2022 Estimated Tax Payments are due by Tuesday, January 17, 2023.  (see below) INCOME TAX RETURNS Partnership and S-Corporation tax returns are due Wednesday, March 15, 2023.  Individual and C-Corporation tax returns are due Tuesday, April 18, 2023. PAYROLL REPORTING Forms 1099-NEC, W-2, and W-3 are due Tuesday, January 31, 2023.  Forms 1099-MISC are due Tuesday, February 28, 2023 (paper-filed) or Friday, March 31, 2023 (e-filed). Getting ready for tax filing season “EXTENDED” FILING DEADLINE:  With the weekend and federal holiday, the fi ..read more

Dentists, like any other business owner, have to worry about the financial aspect of their practice. This includes keeping track of their income and expenses, preparing and filing taxes, and making sure they are operating in a financially healthy manner. While some dentists may be able to handle these tasks on their own, it is often beneficial to work with a dental specialized CPA and accounting firm. A dental specialized CPA and accounting firm has expertise in the unique financial needs of dental practices. This means they understand the specific tax laws and regulations that apply to dent ..read more

Bookkeeping is an essential aspect of running a successful dental practice. It involves keeping track of the financial transactions of the business, including income, expenses, and profits. Proper bookkeeping allows dental practices to monitor their financial health, make informed decisions, and meet their financial obligations. Bookkeeping for dental practices typically involves recording transactions in a system of accounts, such as a general ledger or accounting software (we utilize QuickBooks Online). This is a separate system from the office’s patient management system (think Dentrix or ..read more

RETIREMENT PLAN LIMITS The 2023 maximum total contributions to a defined contribution plan (401k/Profit Sharing, SEP) is $66,000 or $73,500 with an over age 50 catch-up contribution. We encourage our clients to review their retirement plan every few years to be sure they are utilizing the most advantageous plan available. DEADLINES October 31, 2022 – Personal Property and Second Half Real Estate Taxes are due October 31, 2022 – Unclaimed Property Reporting deadline – for more information visit http://ucp.dor.wa.gov/app/submit-a-report December 31, 2022 – Distribute a notice of eligibilit ..read more