Healthcare Accounting Service You Can Trust

Meaningful, well-organized financial records ensure that your healthcare operations will run more efficiently on a daily basis and are the foundation of a successful business. Our goal is to assist your medical or dental practice with your operational accounting and tax compliance objectives. Our services allow you to focus on generating additional revenue and perform core business functions while allowing us to perform back-office tasks and perform month-end closings.

We offer the stout accounting features you want, and provide the valuable insight you need. We'll help you manage your business better with features.

Every practice is different and therefore requires a unique approach to accounting and taxes. ABA Tax Accounting works with professionals in the healthcare industry to provide an array of accounting, tax and financial advisory services. Because we are experienced with the common issues and challenges that doctors, dentists and other healthcare providers deal with on a day-to-day basis, we are able to quickly identify financial or operational issues and suggest changes that will make your practice more profitable. Our experience with tax law allows us to help you develop a strategy that will allow your practice to flourish. You won’t have to worry about missing out on vital deductions or overpaying on your taxes when you work with us.

Our Accounting and Tax services include a comprehensive package that can improve your practice:

• Accounting Advisory Services
• Financial controls and CFO services
• Tax planning, preparation and IRS compliance
• Bookkeeping
• Payroll
• Accounting software set-up and support - QuickBooks
• Business Incorporations
• Personal financial statements
• Compilations and reviews
• Business loan assistance
• Budgets and financial projections
• IRS problem resolution
• Retirement planning

We are licensed in All States. We are affordable, experienced, and friendly. We are an Authorized IRS e-file Service Provider.

Contact Us for a FREE Initial Consultation! Send us an e-mail or call us today at 651-300-4777 and ask for Amare Berhie to discuss your healthcare accounting needs.

Amare Berhie, Senior Accountant       

CEO, ABA Tax Accounting & AB Tax Online

612-424-1540

http://www.abataxaccounting.com/HealthcareAccounting.php

Accountants for Dentists

ABA Tax Accounting’s dental consultants have a deep understanding of the unique needs of healthcare industry professionals. Dental Accountants are knowledgeable about the areas where improvements are likely to be found, and this can have a significant impact on your business. We understand that you invest time, money and energy into maintaining a solid dental practice. This is exactly why it is so important to use a professional service for creating reliable financial reports.

Dental practice accounting covers a variety of issues, which may include bookkeeping services; however, we are also skillful in assessing the areas of the clinical practice that could be improved. Our dental Accountant can make appropriate recommendations to help your office become more effective in planning for tax season. The expertise of our dental accountants is invaluable because it helps your office avoid common mistakes. Accountants for dentists also have a noticeable impact on the clinic’s ability to leverage certain tax laws. 

http://www.abataxaccounting.com/dentalaccountingservices.php

Home Energy Tax Credits Save You Money at Tax Time

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. Here are some key facts that you should know about home energy tax credits:

Non-Business Energy Property Credit

• Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you added to your main home last year. This may include items such as insulation, windows, doors and roofs.
• The other part of the credit is not a percentage of the cost. This part of the credit is for the actual cost of certain property. This may include items such as water heaters and heating and air conditioning systems. The credit amount for each type of property has a different dollar limit.
• This credit has a maximum lifetime limit of $500. You may only use $200 of this limit for windows.
• Your main home must be located in the U.S. to qualify for the credit.
• Be sure you have the written certification from the manufacturer that their product qualifies for this tax credit. They usually post it on their website or include it with the product’s packaging. You can rely on it to claim the credit, but do not attach it to your return. Keep it with your tax records.
• You must place qualifying improvements in service in your principal residence by Dec. 31, 2016.

Residential Energy Efficient Property Credit

• This tax credit is 30 percent of the cost of alternative energy equipment installed on or in your home.
• Qualified equipment includes solar hot water heaters, solar electric equipment, wind turbines and fuel cell property.
• Qualified wind turbine and fuel cell property must be placed into service by Dec. 31, 2016. Hot water heaters and solar electric equipment must be placed in to service by Dec. 31, 2021.
• The tax credit for qualified fuel cell property is limited to $500 for each one-half kilowatt of capacity. The amount for other qualified expenditures does not have a limit. If your credit is more than the tax you owe, you can carry forward the unused portion of this credit to next year’s tax return. • The home must be in the U.S. It does not have to be your main home, unless the alternative energy equipment is qualified fuel cell property.

Use Form 5695, Residential Energy Credits, to claim these credits. You can get IRS forms on http://www.abataxaccounting.com/taxpublications.php anytime.

ABA Tax Accounting offers tax help on various topics. Also, if you'd like to learn more about our CFO Services please feel free to contact me.

Amare Berhie, Senior Accountant       

CEO, ABA Tax Accounting & AB Tax Online

CFO Services http://youtu.be/EYJdQtbPZAI

amare@abataxaccounting.com                          

(651) 300-4777

What to Expect at Tax Time if You Rent Out Your Vacation Home

Accounting Services for Small Businesses - Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you should know:

Vacation Home.  A vacation home can be a house, apartment, condominium, mobile home, boat or similar property.

Schedule E.  You usually report rental income and rental expenses on Schedule E, Supplemental Income and Loss. Your rental income may also be subject to Net Investment Income Tax.

Used as a Home.  If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received. For more about these rules, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).

Divide Expenses.  If you personally use your property and also rent it to others, special rules apply. You must divide your expenses between rental use and personal use. To figure how to divide your costs, you must compare the number of days for each type of use with the total days of use.

Personal Use.  Personal use may include use by your family. It may also include use by any other property owners or their family. Use by anyone who pays less than a fair rental price is also considered personal use.

Schedule A.  Report deductible expenses for personal use on Schedule A, Itemized Deductions. These may include costs such as mortgage interest, property taxes and casualty losses.

Rented Less than 15 Days.  If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income. In this case you deduct your qualified expenses on Schedule A.

If you would like any additional information please feel free to contact me.

Amare Berhie, Senior Tax Accountant

ABA Tax Accounting

amare@abataxaccounting.com

(651) 300-4777

Moving Expenses Can Be Deductible

Experienced Small Business Accountant -  Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses.

In order to deduct moving expenses, your move must meet three requirements:

The move must closely relate to the start of work.  Generally, you can consider moving expenses within one year of the date you start work at a new job location. Additional rules apply to this requirement.

Your move must meet the distance test.  Your new main job location must be at least 50 miles farther from your old home than your previous job location. For example, if your old job was three miles from your old home, your new job must be at least 53 miles from your old home.

You must meet the time test.  After the move, you must work full-time at your new job for at least 39 weeks in the first year. If you’re self-employed, you must meet this test and work full-time for a total of at least 78 weeks during the first two years at your new job site. If your income tax return is due before you’ve met this test, you can still deduct moving expenses if you expect to meet it. If you would like any additional information please feel free to contact me.

Amare Berhie, Senior Tax Accountant

ABA Tax Accounting

amare@abataxaccounting.com

(651) 300-4777