Schwartz & Schwartz CPAs

10/24/2025

On Friday Oct 17th we cohosted a lunch event at Redstone for dentist looking to Max the Value of their Practice.

In addition to a delicious lunch at this popular Burlington restaurant (that is a favorite of Andrew and his wife Susan) located about one mile off Rte 95 in Burlington, we covered four practice management topics affecting the long-term success and value of dentists who own a practice:

• Andrew Schwartz, CPA discussed three significant and easy-to-calculate practice management metrics that any dentist can use to self-assess ways to maximize the value of their practice

• Attorney Ben Larkin from Optimal Practice Transitions revealed current trends in the dental practice transition market, with on a focus on steps to take to increase the value of a practice

• Peter Gantos from Bank of America Practice Solutions discussed financing options available to expand your space and/or purchase technology and equipment to max practice value

• Patrick Beaman from Earned Wealth presented a Doctor-Focused Retirement Plan to maximize tax-deductible contributions into your account while keeping employee contributions in check

10/22/2025

On Monday Oct 20th we were excited to sponsor the beverage cart and play in the 11th Annual Ed Salamoff, DMD Memorial Golf Tournament to benefit Give Kids a Smile at the Regis College School of Dental Hygiene, Autism Smiles at Tufts Dental, and Project Stretch.

08/07/2025

Excited to share that we are now part of Earned, a leading wealth and tax firm specifically for healthcare professionals, their families, and their practices. Your same trusted team, now with a powerful suite of solutions including wealth, tax, accounting, retirement, and practice advisory services — all in one place.

Together, we’re building the most comprehensive financial platform for healthcare professionals. This is only the beginning!

07/29/2025

Self-employed Health Insurance.

When you are self-employed, such as being in private practice and set up as a single-member LLC, you are allowed to claim a tax deduction for the health insurance premiums that you pay for yourself and your family. To qualify to claim this tax deduction you cannot be eligible to participate in a health insurance plan subsidized by an employer (either your own employer if you work elsewhere as well, or your spouse's employer plan).

Another consideration if you plan to purchase your own health insurance coverage as a self-employed individual - you should discuss with your advisor if it would be more beneficial to purchase a high deductible health plan (HDHP) and pair your HDHP plan with a Health Savings Account (HSA). There are several advantages to funding an HSA. First, the contributions to your HSA are tax deductible (capped annually). Second, the earnings in your HSA grow tax-free. Third, withdrawals used for qualified medical expenses are tax-free. And fourth, there is no “use it or lose it” policy - funds not used in the current year, carry over and can be used in a future year.

07/24/2025

https://schwartzaccountants.com/2025/07/avoid-huge-penalties-by-filing-your-form-5500-for-your-401k-profit-sharing-plan-by-7-31-25/

07/22/2025

On July 4th, The OBBBA was signed and enacted by President Trump. A few key tax highlights included in the bill are summarized in our recent blog post here.

On July 4th, The OBBBA was signed and enacted by President Trump. A few key tax highlights included in the bill are summarized below: Effective for the 2025 tax year, the SALT deduction cap is increased to $40,000 with annual 1% increases through 2029. A phase-out begins once a taxpayer’s income e...

07/18/2025

https://schwartzaccountants.com/2025/07/payroll-faqs-with-ss-payroll-manager-greta/

Q: What happens when an employee leaves and how does it affect your MA Unemployment taxes? When an employee is terminated, the day they leave they must be paid for all wages they are owed plus any PTO or Vacation hours accrued. Sick hours typically do not have to be paid out. When an employee resign...

07/16/2025

AVOID HUGE PENALTIES BY FILING YOUR FORM 5500 FOR YOUR 401K/PROFIT SHARING PLAN BY 7/31/25

Just a reminder that if your practice had a 401k/Profit Sharing Plan in place during 2024, you are required to file a Form 5500 by 7/31/25 (Form 5500 Corner | Internal Revenue Service (irs.gov). If you aren’t able to submit this paperwork prior to 7/31, please file for an extension using the Form 5558, https://www.irs.gov/pub/irs-pdf/f5558.pdf, giving yourself until 10/15 to file.

There are no taxes due with this form. Instead, the 5500 is an informational filing only. Practices with SEPs and SIMPLEs are exempt from this annual filing requirement. While no taxes are due, the PENALTIES FOR FILING THE FORM 5500 LATE ARE DISGUSTING – A WHOPPING $250 PER DAY!!!

As a practice owner with a retirement plan, it’s up to you to follow up with your TPA to be completely sure that all the filing deadlines are met. No one is certain how flexible the IRS will be to reduce or waive this onerous late filing penalty. Please do what you can to not need to find out.

Remember, no one cares more about your practice avoiding this $250 per day late-filing penalty than you do. If you need help with your 5500, please email [email protected].

07/14/2025

WHAT IS AN 83(B) ELECTION?

Making an 83(b) election when receiving founder’s stock generally makes a lot of sense. When you have the opportunity to purchase restricted stock for a start-up company at a nominal price, if you do NOT make the 83(b) election, you are taxed on the value of the shares as of the date the restrictions lapse based on what the shares are worth that day. And that income is reported as ordinary income the year the restrictions lapse instead of as tax-advantaged capital gain income.

When you make the 83b election, you are taxed on the difference between what the shares are worth when you receive them and their true value. In many cases, the person receiving the founder’s shares ends up paying $1 to purchase shares currently worth $1, so there would be no income to report. And going forward, there would be no income to report as the restrictions lapse. Instead, when you sell the shares later, they would qualify for long-term capital gain treatment (provided you held them for at least a year from the date you paid the $1 for the shares.)

You have 30 days from the receipt of these shares to prepare and sign the 83b election, and return one copy to the company and mail in one copy to the IRS. Sometimes the finance people at the company issuing the shares will help with this. Other times they tell the new shareholders to have their accountant help.

Regardless, here is the mailing address to send the 83b election form if you live in New England:

Department of the Treasury, Internal Revenue Service, Kansas City, MO 64999-0002

07/11/2025

https://schwartzaccountants.com/2025/07/is-ai-truly-a-game-changer-for-dentistry/

By Pouya Andalib, Managing Partner Evox365 Is AI truly a game-changer for dentistry—or just another tech buzzword destined to fizzle out like yesterday’s trends? Many dentists are understandably skeptical. After all, not every new tool lives up to the hype, and most small practices are already j...