Wednesday, December 19, 2012

ETS Dental: Your Career and the Dental Job Market

ETS Dental would like to invite all current Dental Students and Dental Residents throughout the U.S. to join us on January 29th at 5:30pm EST (2:30pm PST) for a free webinar: Your Career and the Dental Job Market.

Register here: Your Career and the Dental Job Market
Date: Tuesday, January 29, 2013
Time: 5:30 PM EST (2:30 PM PST)
Length: One hour

This webinar is open to all current Dental Students and Dental Residents in the country. We will be covering the following topics in our one hour webinar:

  • Current landscape of the U.S. dental job market
  • CVs, resumes, cover letters, and interview tips
  • Compensation and contracts
  • Location of hot jobs
  • Live Q&A with recruiters from ETS Dental

ETS Dental is an independent dental recruiting firm. We specialize in finding and placing Dentists, Dental Specialists, and Dental Staff with practices across the country. Our commitment is to match the best dental professionals with the right practices. At ETS Dental, we are not in the business of just filling dental jobs. Our focus is on fulfilling a long-term opportunity for the dentist and dental practice. Learn more about us at

REGISTER TODAY:  Please, forward this to fellow classmates or any colleagues that may find this webinar helpful.. I look forward to having you join me and my colleagues on January 29th.

If you have any questions contact Carl Guthrie at

Handling Employee Turmoil

We all have probably all been the topic of gossip at some point in our life, most likely in middle school.  But what happens when the dramatics of middle school enter the office?

Honestly, I was shocked when I started my research for this post.  Unfortunately, this is a growing problem in all sectors of business.  In fact, a survey for Randstad USA found that 60% of employees list gossip as the Number One problem in the workplace.  It also found that only 8% of the issues get reported.
Gossip and harassment take a toll on not only the individual, but on the office as a whole.  This type of an atmosphere does not foster a team environment, causing productivity to suffer.  If a situation is allowed to escalate, it can create a hostile work environment, leaving not only the tormentor, but the employer as well, open to legal repercussions.

So how can you, as a manager, foster a positive work environment?

  1. Address the issue and let the staff know that kind of behavior will not be tolerated.
  2. Encourage communication between both parties with a manager present, while remaining impartial.
  3. Have a policy in place to deal with workplace harassment.
Contributed by Tiffany Worstell, Dental Staff Recruiter- Nationwide. To Contact Tiffany, call 540-491-9112, or email at

Wednesday, December 5, 2012

Dental CPAs: The Top Ten Mistakes Dentists Make Filing Their Taxes

Original Article found at

Lance Jacob of the Dental CPAs has compiled a list of the top ten most common tax filing mistakes that he sees his dental clients making. If you don't have a dental CPA, contact Lance.

1. Filling out tax forms with an incorrect Social Security number. The IRS computers will automatically reject your deductions and credits if your Social Security number is wrong.[i] This mistake seems careless and trivial, but it is paramount to have the right Social Security number when filing your taxes. Your social security number is your tax ID number, which is linked to numerous transactions such as income statements, savings account interest, and retirement plan contributions. It is also vital to claiming tax credits.

2. Double dipping on dependents for divorced taxpayers. Ill repercussions could result such as additional taxes, penalties, and interest charged.[ii] A child can ultimately meet the rules to be a qualifying child of only one person.[iii] Once divorced, your children do not duplicate out of thin air; therefore they cannot be claimed twice in taxes. The IRS does not allow both divorced taxpayers to claim a child as a dependent.

3. Not reporting non-deductible IRA contributions. Any contribution to an IRA, whether it is deductible or non-deductible, should be reported on Form 8606, so when you withdraw it you are not taxed on it. Plain and simple, all contributions to an IRA must be reported.

4. Incorrectly reported estimated tax payments. If your accountant instructed you to make quarterly estimated tax payments, be sure to let him or her know the details of the payment for each installment. Provide the check numbers, dates of payment, and the amount of each payment. What often happens is people claim they made the payments as their accountant told them, but did not keep any records and inadvertently forgot a payment or two. If the accountant includes all of the estimated payments on the return when they all were not really made, the IRS or state government will send a notice of tax due with penalties and interest.

5. Incorrect Federal ID number used on 1099 MISC. Although your accountant can easily fix this, the less the IRS has to contact you, the better it is. The IRS matches 1099MISC and the Social Security number or Federal Identification number used. If you provide services, and the client you did the work for issues a 1099MISC, be sure they know to use the federal identification number of your business and not your social security number. If they use the wrong number the IRS will send you a notice that you did not report income on your personal return, when in fact it was reported correctly on your business return.

6. Exceeding the mortgage interest deduction limit on Mortgage and home equity debt in excess of $1.1 million. This error commonly falls as the fault of both the taxpayer and accountant. They only deduct the amount reported of the mortgage interest statement, Form 1098, and do not bother to check the amount of mortgage the taxpayer has. The tax laws limit the amount of deductible interest to the interest on the first $1,000,000 of home mortgage debt and $100,000 of home equity debt[iv]. So if you have a mortgage of $2 million, you can only deduct mortgage interest related to the first $1.1 million in total debt.

7. Standard mileage vs. actual expenses. Mistakes in this area come from inconsistent use of methods. If your car is for business purposes only, then the entire cost of its operation can be deducted. However, if the car is used for both business and personal use, only the cost of its business use can be deducted. The amount of your deductible car expense can be found using either the standard mileage rate method or the actual expense method. [v] Some people will qualify for both methods but you must choose only one method when you start using the vehicle and continue with that method until you replace the vehicle. Be sure to figure your deduction with both methods initially to see which gives you the larger of the deductions.

8. First-Time Homebuyer Credit recipients unaware of the fine print. Those who received a First-Time Homebuyers’ Credit towards their purchase of a home settled on prior to 12/31/08 must begin repaying that money on 2010 tax returns. Now is the time to take a good hard look at the details of this credit. Many who accepted the $7,500 credit may not realize that it was in fact a loan, and the government will begin not-so-politely asking for the money back over the course of the next 15 years starting with 2010 individual tax returns. As with any federal money however, there is a lot of fine print to read into on this one.[vi]

9. Forgetting to tell your tax preparer you took an early distribution on an IRA; therefore, failing to calculate the early distribution penalty of 10%. If you are under the age of 59.5, a distribution on an IRA (including employer matching and profit sharing) is considered early, and subject to a 10% additional tax. This tax is in addition of other taxes that apply to the distribution.[vii]

10. Forgetting your signature on your return! If you were an artist, you wouldn’t forget to sign your masterpiece upon its completion, would you? You must sign your taxes for the IRS to process your taxes. Filing your taxes electronically is a foolproof way to ensure your taxes will not go unsigned. These software packages do not allow documents to be sent unless every step is completed.


You can contact Lance Jacob with additional questions or comments at or (800)

Tuesday, December 4, 2012

Positive Momentum Grows as Fiscal Cliff Nears

Home prices have now been rising for eight months, and are now up more than 11 percent from a year ago, according to the National Association of Realtors. The current supply on the market fell 1.4 percent in October, representing a 5.4-month supply, down from 7.6 months a year ago and the lowest level of supply since early 2006.

If home prices continue to rise as expected it will have two significant effects on the labor market in the coming year and years ahead. The most direct result will be the increase in U.S. home construction. Not only did new home starts jump at an annualized rate of 15 percent in September, existing home sales often also results in more construction jobs as home owners renovate before selling or after purchasing.

“Construction employment is still down by 2.2 million jobs compared to its pre-recession peak and has had virtually no recovery,” says Rob Romaine, president of MRINetwork. “Despite being less than 5 percent of the total U.S. workforce, that represents more than half of the 4.2 million jobs deficit from the pre-recession peak. Any economic activity that can increase employment for the sector will have the most immediate effect of reducing total U.S. unemployment and increasing U.S. consumer spending power.”

Rising home prices will also add to U.S. spending power in another way—increasing equity. The cumulative growth in home equity has added $760 billion in equity to the U.S. economy, nearly equal to the $787-billion economic stimulus package approved in early 2009. Yet, that program was phased in over three years, whereas growing home equity will add another $1 trillion in the next year. While home equity can’t immediately be spent on groceries or a new TV, especially if a mortgage is underwater, it can make obtaining credit easier, and can make consumers more confident to spend the cash they do have. Receipts from the holiday shopping season are just starting to be tallied but projections suggest total revenue in 2012 will grow by 4.1 percent, above the 3.5 percent average growth in the last decade.

“About 700,000 temporary retail jobs have been created this holiday season, up from last year. But retail jobs are just the last position in a long chain of jobs created by Black Friday and the weeks after it,” says Romaine. “Should projections for a strong holiday season pan out, revenues over the last five weeks of the year will spur a new round of hiring for product development, design, manufacturing, supply chain, marketing, and branding professionals and managers to create and sell products for the 2013 holiday season.”

While the economy’s momentum continues to build, several significant and fast-approaching storm clouds remain on the horizon. Lawmakers have pushed several critical decisions into the post-election season. Consequentially, before the new year, a lame duck session of Congress will need to revisit a series of temporary tax cuts set to expire, new taxes set to be levied to support the Patient Protection and Affordable Care Act (PPACA), expiring extended unemployment benefits, a 30 percent reduction in Medicare payments to doctors, and the first of eight annual $109 billion cuts in defense spending.

Collectively known as the fiscal cliff, should the laws stand as they are now written, more than $500 billion will be removed from the economy in 2013, causing a projected 0.5 percent drop in GDP. According to the Congressional Budget Office, this double-dip recession could lead to the unemployment rate to surge back to 9 percent by the end of 2013.

“No one expects the fiscal cliff to occur in its current form, but what compromises will be made are still largely unknown,” says Romaine. “Should the compromise be modest enough to prevent a double-dip recession, momentum in both the residential real estate market and consumer goods sectors bode well for unemployment to continue to decline next year as demand for professionals across industries will remain strong.”