Ophthalmology & Eye Care
Improving the success of your Ophthalmology and Eye Care clinic is our specialty.
We have built a rich legacy of helping clinics just like yours succeed. We provide traditional, non-traditional, and specialty services to Ophthalmologists and Eye Care professionals across Oregon.
Our team of dedicated professionals offer a range of services that address operations and ownership to improve the profitability of your practice and achieve your personal and professional goals.
We have built a rich legacy of consistently helping clinics just like yours succeed. We do this by bringing traditional, non-traditional, and specialty services to eye care professionals across Oregon.
• Accounting Software Training
• Payroll Support
• Interim Practice Administration
• Practice Startup
• Practice Benchmarking
• Tax Planning & Preparation
• Revenue Cycle Management
• Fraud Assessment
Our expertise is in creating customized road maps that integrate tax & investment strategies in order to spot strategic opportunities for both your Ophthalmology & Eye Care practice and for you as an individual.
• Income Protection & Asset Preservation
• Business Valuation & Litigation Support
Retirement Plan Services
We help you navigate the intricacies of retirement planning by providing complete support from start to finish, through optimal plan design, review, administration, and even ongoing management.
• Investment Advice & Education
• Third-Party Plan Administration (TPA)
Ophthalmology & Eye Care Team
Nicole McOmber, CPA
Ophthalmology & Eye Care Leader
Brian Newton, CPA
Ophthalmology & Eye Care Leader
Get in touch with us.
Tax reform, commonly referred to as the Tax Cut and Jobs Act, has many new provisions that became effective for tax years beginning January 1st, 2018. One provision in particular created a deduction up to 20% of “qualified business income” earned from pass-thru entities and sole proprietors.
Dental practice owners may want to consider this new tax savings opportunity, but it is subject to a host of qualifications and limitations, so it requires careful strategic tax planning.
The deduction will be claimed on individual owners’ tax return Form 1040 and is commonly being referred to as the Section 199A deduction (referencing the Internal Revenue Code), or the 20% qualified business income deduction (QBID).
Business income is eligible if the company is structured as a Sole Proprietorship, a Partnership, or an S-corporation. C corporations are not eligible to take this deduction. Personal taxable income must be less than $315,000 for a married filer or $157,500 for a single filer to avoid the deduction being phased out. The deduction is fully phased out at taxable income of $415,000 for a married filer and $207,500 for a single filer.
Here are our Top 5 Strategies for dental practice owners to consider.
- Increased Retirement Plan Contributions
Increasing retirement plan contributions can reduce taxable income. Consider increasing contributions to an existing plan and consider if establishing a cash balance plan might be an additional vehicle for increasing contributions.
- Employing Children in Your Practice
You may have an opportunity to employ your children and pay them the highest reasonable rate for their work. Now each child can earn up to $12,000 per year free of federal income tax.
- Review Personal & Business Expenses
Consider whether some expenses can be captured as business expenses such as meals, phone, health insurance, travel, auto, etc.
- Take Advantage of Depreciation
Review all depreciation schedules and opportunities to keep income under the deduction thresholds.
- Health Savings Account
Establish and fund a Health Savings Account (HSA). Coverage under an HSA can provide tax-deductible contributions of up to $6,900 for a family and an additional $1,000 for each spouse age 55 or older.
Though tax reform is complex with lots of qualifiers and limitations careful tax planning can produce significant tax savings.
This excellent post is from Pacific Northwest Healthcare Practice Consultant Lonnie Hirsch of Hirsch Healthcare Consulting.
Lonnie has identified top 10 challenges that face physician-owned independent practices. The list includes financial and profitability challenges, the emotional states of being overwhelmed and confused, time and resource constraints, physiological barriers to success, and more.
For each example, Mr. Hirsch includes solutions for the challenges that are plaguing independent practices. This post is an engaging and insightful look at problem/solution for physicians, practice managers and staff working in clinics that are fighting to stay independent.
Read the full blog post: https://hirschhealthconsulting.com/top-10-reasons-physicians-struggle-remain-independent/
The Tax Cut and Jobs Act of 2017 (TCJA) puts stricter limits on what businesses can deduct for meals and entertainment expenses for amounts incurred or paid after December 31, 2017. The Jones & Roth tax team has put together a reference chart as a tool to help you navigate the various changes.
The following table compares the rules before and after the Tax Cuts and Job Act.
|Expense Description||2017 Expenses (Prior Law)||2018 Expenses (New Law)|
|Office holiday parties, picnics, events for employees and customers||100% deductible for portion allocated to employees;
50% deductible for portion allocated to customers
|100% deductible for portion allocated to employees;
portion allocated to customers is nondeductible without additional guidance from Congress or Treasury*
|Employee meals provided for convenience of employer (ex. meals provided by employer for employees working overtime or meals provided at onsite cafeteria)||100% deductible||50% deductible
(nondeductible after 2025)
|Employee meals while traveling away from home overnight||50% deductible||50% deductible|
|Employee meals for required business meeting
(ex. employer-provided lunch during marketing or education meeting)
|50% deductible||50% deductible|
(ex. coffee, soft drinks, bottled water, donuts and similar snacks or beverages)
|100% deductible||50% deductible (nondeductible after 2025), however, does not appear to be what Congress intended. Technical corrections may provide for 100% deductible.|
|Items available to the general public (ex. complementary coffee & snacks in lobby area)||100% deductible||100% deductible|
|Meals expense for attendance of a business league, chamber event, or trade/association meeting||50% deductible||50% deductible|
|Employees (2 or more) working lunch/dinner mtg.||50% deductible||50% deductible|
|Entertaining clients, employees, referrals sources, vendors, etc.
(ex. golf scramble, sporting event tickets, theaters, country clubs, and other purely entertainment related charges that are directly related to taxpayer’s business and can be properly substantiated)
|50% deductible||No deduction for entertainment-related expenses, including meals|
|Entertainment-related meals||50% deductible||No deduction|
|Client/Prospect Business Meals (ex. business owner treats a potential client to lunch and discusses matters directly related to business between the two)||50% if taxpayer is present and not lavish or extravagant||No deduction without additional guidance from Congress or Treasury*|
|Reimbursed meals and entertainment expenses
(ex. business charges its clients fees plus expenses and provides their clients with detail of the expenses on the invoice sufficient for client to determine deductibility of the expense)
|100% deductible provided the taxpayer accounts to such person or business with detail of the expenses on the invoice||100% deductible provided the taxpayer accounts to such person or business with detail of the expenses on the invoice|
*There has been a lot of discussion regarding the question of whether a business meal with a client, prospect, business associate, or referral sources should be treated as nondeductible entertainment or as deductible business meals under the new law. A strict reading of the new law indicates these types of meals are considered “entertainment” and no longer deductible. Most practitioners believe this is not what Congress intended and are waiting on guidance from Congress or Treasury.