The Beacon, sponsored by OmniStar Financial Group, provides Business Strategies, Tactics and Insight for Clinical Practices. Our goal is simple; provide actionable knowledge and insight curated from the industries top performers to illuminate blind spots and accelerate your practice growth. If you are ready to add rocket fuel to your practice, tune in here!
Expenses or Profits, Which Will You Choose? (EP03)26/12/2018 Duration: 12min
Expenses or Profit, Which is will you choose? The answer should be easy! As with all things financial, one must dig beneath the surface of your financial statements for the facts as well as to evaluate the impact of these recommendations on your year-end. Many times practice advisors are accountants whose emphasis is on minimizing taxes and finding deductions, not finance. In the corporate world, there is a considerable difference between a CFO, Chief Financial Officer, and a CPA. Accountants and CPA’s emphasize the historical, transactional and tax implications of an entity, while a CFO’s aim is to manage assets to grow profits, share price and dividends for stockholders. Please know, there is Nothing wrong or incorrect with this, both are critically necessary for accurate decision making, but it is important to understand their perspective so one can be aware of possible bias and blindspot. The blindspot is that all of these tactics are directed at the Income Statement, increasing expenses and reducing
Section 179- A Primer for Year End! (EP02)16/12/2018 Duration: 10min
The Section 179 deduction is a small business tax incentive that allows practices to immediately deduct up to the full purchase price of equipment – with limitations – without having to depreciate the full deduction over the useful life of the asset usually 5 to 7 year. The claim that it’s an automatic benefit to all customers is an inaccurate and misleading statement, without first knowing what the anticipated financial and tax impact would be to the doctor. This episode explores Section 179 greater detail reviewing a potential "tax trap" in later years. https://www.section179.org/ Disclaimer: This podcast is for information only. Please always consult your legal, tax and financial professionals for advice regarding your particular situation.
OmniStar Financial Group the Beacon (EP01)06/12/2018 Duration: 01min
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