“Last year, Jennifer Reisz’s college-age daughter, Megan, was kicked in the chest multiple times by the family’s horse. Megan fell to the ground, unable to move or speak. Though she was alone, her Apple Watch detected her distress and called 911.

She was taken to a hospital in Clovis, a city in Fresno County, near where the Reisz family lives. But the severity of Megan’s injuries — four broken ribs and a partially collapsed lung — prompted doctors to transport her 12 miles by ambulance to the Level I trauma center at Community Regional Medical Center in Fresno.

While Megan was still recovering at home from her injuries, she received a $2,400 bill from the ambulance company — after the family’s health plan had paid nearly $2,200.”

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When the time came for Ginny Erickson-Ebben’s elderly mother to move into a senior living facility in 2018, the entire family agreed the best place was near Erickson-Ebben. The weather was warm where she lived in Texas, and Erickson-Ebben lived just a mile down the road from the facility. She also had the time to help with her mother’s care. While happily and willingly taking on those duties, she didn’t realize what a big job she’d signed up for. 

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Treating psoriatic arthritis (PsA) isn’t like treating strep throat. You don’t just take one medicine for a few days and feel better. PsA is a complex, chronic disease that stays with you and affects many parts of your body — skin, joints, nails, heart, and lungs.

Many medications slow PsA and relieve symptoms, but the first treatment you try won’t always be the right one for you. Click here to continue reading.

We’re half-way through the year, and this is the best time to make sure that you and your business are doing the right things to save every possible dollar.  As a business owner, one of your many jobs is to maximize the tax code to minimize your tax dollars.  And as an individual, you need to make sure every dollar possible goes to your family, your entertainment, your investments and your retirement.

Have a plan.  Meet with your tax professional at least twice a year in addition to tax time.  When you are pulling documents and working towards filing a return, it’s not a good time to make changes and plans.  So set up a time to meet after the return is done, and again before the year is over.  Make sure you’ve discussed and checked off all these items:

• What taxes do I need to pay quarterly to avoid penalties?
• Have I maximized my non-taxable retirement contributions?
• Is my accounting system up to date and reconciled?
• If I’m an S-Corp, did I pay my own payroll?
• Am I on track to file all quarterly and year end reports?
• Do I need to/should I purchase capital items this year?
• How am I maintaining proof of all expenses?
• If I am a cash basis taxpayer, should I delay client invoicing? Make contractor payments before the end of the year?
• Have I maximized my healthcare costs for tax purposes?

Finally, mid-year is a good time to take a hard look at your financials and make adjustments.  With your accountant, partner(s), business mentor, your spouse, or all of the above, look at your profit-and-loss statement.  Compare your results to last year, adjust your marketing efforts and get rid of unnecessary expenditures.  Look at your balance sheet to understand where you are:  Is your business always ready to sell?  Is your borrowing in line with your revenues?  Are you compensating yourself enough? 

If it sounds overwhelming, it’s because you are the expert in your business, but maybe not in accounting and tax planning.  So ask the experts.  Make an appointment today with your tax professional and your accountant.  Spend an hour with each of them, let them help you plan. Your wallet will thank you. 

Article submitted by DeeAnne McClenahan, Enrolled Agent with  MCC Tax Experts.   Text or call  602.214.4608 or make an appointment here for a free consultation.