it's only August
1st which means there is still plenty of time to do some reading before
Why not take this
opportunity to read some business management books before life
gets busy again in September?
I'm pleased to
share with you some of my favorites:
The 7 Habits is
actually much more than just a business book. If you
haven't read this classic yet, please do me a favor and read
this book very soon. Thanks to Stephen Covey, I now
usually listen empathetically when conversing with others.
A great business
fable that spells out the three steps to being a great manager -
taking time up front to explain the assignment, praising staff for
doing things right, and reprimanding quickly and privately when
necessary. Sounds simple, but the book really drives home these
Fred Joyal, the
founder of 1-800dentist, shares concepts that every professional,
not just dentists,
can learn from. I definitely made a few changes to my CPA firm's client service after reading Fred's book.
A common sense
approach to explaining why the people you'd never expect to be
millionaires are actually the ones who are the millionaires living in your
One or more of Patrick Lencioni's Business Fables
Yes, I'm suggesting
that you read business fables. While the
concept of a business fable might sound lame, Patrick Lencioni
has written a bunch of fables that are both interesting and provide
great management lessons. Here are the ones I have read and enjoyed
Great Insight Based On
Research Studies Completed By Gallup
Managing people is
a science, and Gallup has crunched the data to prove it.
Their recommendation is simple - figure out the strengths of
each of your employees, and then put your employees in the best possible
position to succeed. The team at Gallup also suggests that
you don't worry too much about fixing
their weaknesses. Here are two books based on Gallup's research
that I have read and enjoyed:
And I'd be interested
in hearing your recommendations for business management books as
well. Frankly, I'd just love to hear from you whether you
appreciate my recommendations or are giving me your
DENTAL PRACTICE MANAGEMENT SUMMIT OFFERED BY MDTAXES AND SCHWARTZ & SCHWARTZ
PC TO BE HELD OCTOBER 20TH
Spend a half-day with us on Friday, October 20th and Improve your Practice ManagementKnow-How!
In one afternoon, you’ll learn practical steps that can help you
improve your Practice, including:
Session 1 (11:00 am – 12:30 pm ) offers:
Option A –
H.R. TRAINING - HOW TO HAVE DIFFICULT CONVERSATIONS WITH EMPLOYEES
with Laurie LaBrie, President/Integrated
Option B –
PRACTICE MANAGEMENT TIPS AND BEST PRACTICES
facilitated by Andrew Schwartz, CPA/Schwartz
& Schwartz Partner, with quick but informative presentations from various
professionals who support the dental industry
Students and teenagers often get summer jobs which can be a
great way to earn extra spending money or to save for later.
Here are some additional top tips from the IRS for people with
Employees. When a person gets a new job, they need to fill out a
Form W-4, Employee’s Withholding Allowance Certificate. Employers use
this form to calculate how much federal income tax to withhold from the
employee’s pay. The
IRS Withholding Calculator tool on
IRS.gov can help a
taxpayer fill out the form.
Withholding and Estimated Tax. Students and teenage employees normally
have taxes withheld from their paychecks by the employer. Some workers are
considered self-employed and may be responsible for paying taxes directly to
the IRS. One way to do that is by making
estimated tax payments during the year.
Self-Employment. A taxpayer may engage in types of work that may be
considered self-employment. Money earned from self-employment is taxable.
Self-employment work can be jobs like baby-sitting or lawn care. Keep good
records on money received and expenses paid related to the work. IRS rules
may allow some, if not all, costs associated with self-employment to be
deducted. A tax deduction generally reduces the taxes you pay.
Income. Employees should report
tip income. Keep a daily log to accurately report tips. Report tips of
$20 or more received in cash in any single month to the employer.
Taxes. Taxpayers may earn too little from their summer job to owe income
tax. Employers usually must withhold Social Security and Medicare taxes from
their pay. If a taxpayer is self-employed, then Social Security and Medicare
taxes may still be due and are generally paid by the taxpayer, in a timely
Carriers. Special rules apply to a newspaper carrier or distributor. If
a person meets certain conditions, then they are self-employed. If the
taxpayer does not meet those conditions, and are under age 18, they may be
exempt from Social Security and Medicare taxes.
If a taxpayer is in a ROTC program, active duty pay, such as pay for summer
advanced camp, is taxable. Other allowances the taxpayer may receive may not
be taxable, see
Publication 3 for details.
long-term retirement saving vehicle for a teenager would be a Roth IRA. Someone
can invest the less of $5,500 or the amount of compensation earned during the
year into a Roth IRA, and all the
earnings grow tax-free to be withdrawn tax-free upon retirement. As a simple
illustration, a $4,000 contribution to a Roth IRA compounding annually at 10%
would be worth $181,037 in 40 years!
For 2016, the standard deduction for a single individual is $6,300 and
for a married couple is $12,600. A person will benefit by itemizing once
allowable deductions exceed the applicable standard deduction. Itemized
deductions include state and local income taxes (or sales taxes), real estate
taxes, mortgage interest, charitable contributions, and unreimbursed employee
For 2016, the personal exemption is $4,050. Individuals will claim a
personal deduction for themselves, their spouse, and their dependents.
The maximum earnings subject tosocial security taxes is $127,200
for 2017, up from $118,500 for 2015 and 2016.
The standard mileage rateis $.535 per business mile as of
January 1, 2017, down from $.54 for 2016.
The maximum annual salary deferral into a 401(k) plan or a
403(b) plan is $18,000 in 2015, 2016 and 2017, up from $17.5k in 2014. And if you'll be 50 or older by December 31st, you can contribute an extra
$6,000 into your 401(k) or 403(b) account this year.
The maximum annual contribution to your IRA is $5,500 for 2014
through 2017. And if you turn 50 by December 31st, you can contribute an
extra $1,000 that year. You have until April 15, 2017 to make your 2016
In a shocking development, the
IRS recently announced that they will be honoring the FICA tax refunds
submitted by residency programs and individual doctors. The catch is
that only FICA taxes paid prior to 4/1/05 qualify.