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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.

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?

We were quoted on the websiteCreditCardInsider.com today in an “Ask The Expert” article titled Money Management for Young Professionals.


Featuring helpful hints from financial planners and writers, university counselors and others, the article featuring Credit Card Insider  is aimed at those just entering the workforce and is a good introduction to some basic concepts of financial responsibility and planning.  Many of the tips would be good reminders for financially conscientious readers of any age.  Click on the article title above to see all the recommendations.  

Mission Financial Planning helps clients plan ahead, so their heirs avoid the overwhelming and frustrating circumstances of  inheriting an unorganized estate. 

Services include recommending features and strategies to be included in estate plan documents as well as compiling necessary papers and contact information for various accounts and the professionals that you work with.

We all have different intellectual and emotional motivators in money matters.  These can range from needing more security to wanting the prestige of wealth.  By understanding what drives your decisions, or creates your challenges, you can be more financially aware and healthy, and operate more effectively and in-tune with your money personality.

Susan Zimmerman, LMFT, ChFC has written extensively on discovering the “core drivers” that motivate people financially. Here are just a few of the money motivators that Susan has found to be powerful.

WITH THE RECENT (NOVEMBER 2015) BIPARTISAN BUDGET ACT, SOCIAL SECURITY RULES HAVE CHANGED SIGNIFICANTLY.  THE ARTICLE BELOW WAS WRITTEN IN 2013, SOME OF THE STRATEGIES MENTIONED BELOW MAY NOW BE CONTINGENT ON YOUR AGE. 

Research shows that a large number of Americans (about 50 percent) file for Social Security benefitsas soon as they are eligible – which means when they turn 62. While you’re entitled to do that — and there are many instances in which it makes perfect sense – delaying filing might actually be a better idea.

HSA plans have been available since 2004, with few changes.  Think of this as a medical IRA.  You own it and control it, and it follows you from employer to employer.  

There are three parts to a HSA.  The health insurance policy that is approved for HSA plans, a savings account that you can choose to fund or not, and an administrator for processing claims and deposits through the savings fund.

The Wall Street Journal’s recent article titled 

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This is the time of year that small business owners are reviewing their options for making extra 401(k) contributions and evaluating discretionary matches or profit sharing contributions based on last year’s numbers.   They are to be congratulated for having a 401(k) plan, and for planning well enough to have the funds to consider going the “extra mile” with contributions.

For the owner who wants to maximize the benefits of having a 401(k)/profit sharing plan, the first thing to fund is his own (and if applicable, a spouse’s) salary deferrals.  Maximizing one’s salary deferrals does not change the staff expense of having a 401(k) (for the purposes of this article a Safe Harbor plan is assumed), so deferrals are the most cost effective of contributions.