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Blog and News

Blog and News

Manage Your Small Business Finances & Financial Statements

Tom Judge

May 10, 2021

There are some integral components to successfully managing and growing any small business. Your business finances should at the top of that list. Whether that is building and understanding your financial statements or working with your small business CPA to manage those financial aspects of your business.

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Cosmetic & Plastic Surgeons Top Focus: Practice Management, Software & Patient Experience

Tom Judge

April 28, 2021

Has your plastic surgery practice been up and running for years, or are you getting ready to open the doors to your practice? No matter where you are in the process, the team at JLP CPAs is here to help! Our team of healthcare accountants has put together some of the top areas for private practices to focus on.

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How to Effectively Manage Your Dermatology Practice

Tom Judge

April 13, 2021

When it comes to dermatology, your top priority is helping your clients achieve and maintain healthy skin. Whether you are treating acne, psoriasis or an unknown rash, your goal is to help alleviate the symptoms your client is experiencing. We know that seeing your client in person to assess their condition is most important. The business side of dermatologist practice management can be...

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Private Practice Management & Business Considerations

Tom Judge

March 25, 2021

Many specialized healthcare providers such as allergists, plastic surgeons and orthopedic doctors belong to a private practice, although most have privileges within various healthcare systems like University Hospitals or the Cleveland Clinic. These specialized providers often have relationships with primary care doctors who help fuel their business by referring patients to them. In the past it was easy for primary care doctors to refer their patients to the specialist they had a relationship with or whose work they had seen and trusted. In recent years more and more primary care physicians are employed directly by hospitals, limiting the referral pool of who the hospital works with, not who they would choose personally.

 

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Lawsuits, Court Dates and Taxes, Oh My!

Tom Judge

March 10, 2021

Whether you are a doctor, veterinarian, lawyer or restaurant owner, there is one thing we all have in common: taxes. Are taxes or laws your strong suit? Does the difference between a Schedule C and 1040 make your head spin? You are the expert in law and we are experts in law firm accounting and tax. This means we can help you differentiate which forms you need and how to get your tax return out the door, no problem! We want you to focus on your clients and their legal needs, not how to process the financial transactions that come with the law firm management aspects of your business. We take care of the numbers so you can take care of their case.

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Tax Season Best Practices for Dentists

Tom Judge

February 25, 2021

Dental practices across the US have had a unique year filled with new operational practices, sanitization, PPE and protocols. All of these changes have led to added expenses in day-to-day operations, changes in the volume of patients and government-funded financial opportunities. For some dental practices, there has also been a need for capital investment.

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Veterinary Practice Tax Season Tips & Advice

Tom Judge

February 8, 2021

Whether your veterinary practice’s year has been filled with new patients or packed with returning pets, animals are an important part of your business and your patients’ lives. While taking care of those furry friends is like taking care of someone’s family member, it doesn’t mean that your veterinary clinic shouldn’t be profitable.

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New Relief Bill Brings New Small Business Benefits

Tom Judge

January 12, 2021

Small businesses have been severely impacted by curfews, restrictions on in-person interactions, new expenses for sanitization and many more things as a result of the pandemic. There has been government assistance available to support small businesses and just last week there was another federal assistance program approved to provide support. If you are like most small businesses, the assistance could help your business yet you may not be sure what you qualify for or know how to get it.

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Year-End Accounting Tips for Small Businesses

Tom Judge

December 28, 2020

This year has had its share of ups and downs for many small businesses with new government funding, relief packages for businesses, relief packages for employees, new tax incentives, tax incentives that went away, delayed filing and more. Now it’s the end of the year and where do you start? Start with the basics first and then work through the rest. Still don’t know where to focus? Our team covers some tips for tackling year-end accounting and tax prep below.

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Biotech Accounting Should be as Advanced As Your Firm

Paul Pahoresky

December 16, 2020

Biotechnology and pharmaceutical companies face the ongoing challenges of a strictly regulated industry where billions of dollars are spent on research and development each year. There are many components and moving pieces just to running a biotech firm let alone positioning it for a profitable future. The typical biotechnology firm has the scientific experts with a plethora of ideas and concepts, yet many fall short when it comes to business and financial management. That’s were an accounting firm that specializes in biotechnology firms can prove to be one of your most valuable assets when it comes to your future successes.

 

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Successful Veterinarian Practices & Specialized Accounting Go Paw in Paw

Tom Judge

November 18, 2020

We understand that running a veterinarian practice has its own unique challenges and running a successful profitable one is something that many struggles with. That is where a firm that specializes in veterinarian accounting can truly be an invaluable asset to your practice. We’ll share some tips and best practices in veterinary accounting and operations management for you to consider applying to your veterinarian practice in the sections below.

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Dental Accounting…Filling Your Practice’s Cavities

Tom Judge

November 4, 2020

New tools and techniques in the dental industry are emerging all the time. The same is true for dental accounting and management practices. Just as dental professionals stay up to date on the latest and greatest in the dental industry, so do accountants that specialize in accounting for dentists. Do you have time to keep up with both? Does your office manager have the time? It’s ok if you answered no because you aren’t alone. What you do about it can have a significant impact on your business.

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Does Specialization in Accounting Matter?

Tom Judge

October 30, 2020

We consider every business a living breathing entity that grows and evolves over time with different needs and challenges, so let me first pose a question. Would you ask a general surgeon to identify and fix an integral heart condition or would you opt to have a surgeon that has a heart-related specialization?

 

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Coronavirus—Protecting you and our staff

March 16, 2020

Dear Clients,

We understand that everyone is concerned about Coronavirus. And we are as well, which is why we are taking precautions to keep our clients and our staff safe.

While the threat of Coronavirus exists, we are asking both clients and staff who feel unwell or have sick loved ones to refrain from visiting JLP CPAs onsite. If you have tax documents to deliver or need to...

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College tax-savings opportunities

Paul Pahoresky

August 4, 2018

As we move into August the thoughts of students returning to the classroom comes to mind.

Summer is past the mid-point and folks are planning their return to school.

There are a number of tax benefits that are available which can assist taxpayers with their expenses for higher education. Although these certainly do not cover the increasing costs of higher education, they can...

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Big changes for the ‘kiddie tax’ in 2018

Paul Pahoresky

July 21, 2018

One of the many tax law changes with the recent Tax Cuts and Jobs Act that many of us did not initially catch is the significant changes in the so called “kiddie tax.”

This is a tax that applies to investment income of dependents up to age 18 and even up to 23.

For tax years between 2018...

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Tax benefits of being self-employed

Paul Pahoresky

July 6, 2018

As the tax laws continue to change and evolve the need to evaluate the best method to be compensated arises.

Although most people are compensated as W-2 wage employees of an organization and may not have an ability to change this, the recent tax law changes at the federal level as well as some previously enacted legislation at the State of Ohio level make it such that it may be much...

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Letter from the IRS? Don’t ignore it

June 23, 2018

It is very common that at some point during a taxpayer’s lifetime they will receive a notice of some sort from a taxing authority.

As the tax returns for an individual become more complex, the likelihood of some type of notice or communication from a taxing authority also increases. Common examples are an estimated tax bill from RITA, to a request for further information for...

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Learn a little about adoption tax credits

June 19, 2018

One of the more significant tax credits that is available for 2012 to most taxpayers is the adoption tax credit. Taxpayers can claim up to $12,650 for each child they have adopted. The credit is intended to offset some or all of the costs associated with the adoption of a qualified child. To be eligible for the adoption credit, the taxpayer must adopt an eligible child and pay qualified adoption expenses out of their own pocket.

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Gambling winnings are taxable

June 19, 2018

With the new casinos opening throughout the State of Ohio and the lines getting a little shorter here in Cleveland the casual visitor to the casinos now have many more options available to them. I felt it would be a good time to discuss the tax aspects of gambling winnings and other prizes.

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Tax deductions for moving expenses

June 19, 2018

You can deduct the reasonable expenses of moving your household goods and personal effects and of traveling from your old home to your new home on your IRS individual income tax return. Reasonable expenses can include the cost of lodging (but not meals) while traveling to your new home.

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Learn a little about noncash charitable contributions

June 19, 2017

One of the most overlooked and underutilized tax deductions is the deduction for noncash donations. These noncash donations occur when you donate clothing, household items and automobiles to charitable organizations such as Goodwill, Salvation Army and Purple Heart.

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Tax impact of where you live and work

June 19, 2017

As we are now in the home buying season in Northeast Ohio I want to bring to everyone's attention that the choice of where you live and where you work can have a significant impact on how much in taxes you pay.

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Marital filing status: Jointly or separately?

June 19, 2017

Since we are in the heart of wedding season, it is a good time to address the issue of marital status on your income tax returns.

There are a number of misconceptions in the general public concerning marital filing status. Your marital status as of the last day of the year determines if you are considered married or unmarried. If you are considered married at the end of the year, then you can choose to file as married filing jointly or as married filing separately.

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