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In our perfect world, you’d never need to borrow from your 401(k) OR cash out your IRA. We don’t intend to recommend either of these strategies by writing about them, however, sometimes people run into a cash crunch and after exhausting other options turn to their retirement savings for help. 

Keeping a portion of your investments allocated to cash can be very practical in the day to day management of an income-producing portfolio and will increase your portfolio’s survival rate long term.

After age 70.5, part of one’s Required Minimum Distribution (RMD) can be used to make a charitable contribution.*  [click her

Many factors must be considered when designing a withdrawal strategy for clients nearing or in retirement.  The tax consequences of portfolio withdrawals are one of the most significant considerations.

A budget is a great way to create financial awareness, not just in the building of the budget, but in the tracking of actual expenditures against what you wanted to spend.  

When working with Dentists who are also practice owners, financial planning involves consulting onpersonal as well as practice finances. By understanding the connection a dentist has to the practice, and the impact the practice can have on the family, we’re able to plan in a way that works in the unique life of a dental practice owner.

Financial planning is very important; it helps people understand where they are, and creates a vision to work toward. Financial check-ups help assess investments, insurance, taxes, saving and spending, and identify action items and to-dos. Mission Financial Planning also provides monitoring and accountability, and helps clients stay on track.

Generally, a dental practice is not required to issue a 1099-MISC to a corporation.  However, remember to track and report fees and proceeds paid to attorneys, as well as payments made to physicians, dentists, medical suppliers, proprietary hospitals, laboratories, and medical centers in excess of $600. 

When you set up or edit a Vendor in QuickBooks, click the “Tax Settings” tab to identify them as a 1099 Vendor. Make it a point to keep track of 1099-eligible vendors throughout the year.

You just lost another patient. C’est la vie, right? Say that too many times and your office may become a little lonely.

Christmas bills will be arriving soon, and people will be dipping into savings,  living in austerity mode, or living off “revolving” credit to pay down their Christmas bills over many months to come.

Christmas is a time for giving and sharing, but when all is said and done many people end up associating the holidays with resentment and guilt about overspending, rather than the joy and renewal the season promises.

To keep next Christmas’ spending in perspective, Mission Financial Planning recommends a Christmas debriefing while memories are still fresh.

Debrief by reminiscing about the holidays; what did your family look forward to, and what did they dread?   What are their best memories from over the years, along with favorite foods and must-have traditions?