Welcome to the Planning for Practice Success Newsletter

Practice Startup Success
Information Advice Encouragement

February 26, 2007
ISSN 1934-3248

QUOTE: Victory belongs to the most persevering. Napoleon Bonaparte

In this issue:

What's New: Loan Rates
TIP: File taxes through EFTPS
IMPORTANT TIP:  Information about Independent Contractor status and the Stark Law.  Read if you are going to be one (an IC) or you are planning to hire one.

QuickTip: Practice Logos

Perseverance (def: steady and continued action or belief, usually over a long period and especially despite difficulties or setbacks) is an under-appreciated characteristic of successful people.  I read many years ago of someone who did a study of successful people and he found out that the one single thing that made them successful was that they refused to give up.  That's perseverance. Keeping at it is what makes a success.  Persevere!

Loan Rates:  Many of you ask about the current loan rates and terms, so I'll keep you filled in as I hear.  In return, please email me (jean@dcpracticesuccess.com) when you get your practice loan, to let me know what your loan rate was, the required collateral, and whether you had to use a co-signer or SBA.

For example:  In the Quad Cities area 7.35% with a co-signer.  I also talked with a Minnesota chiropractor who is refinancing after 3 years of successful practice, to get rid of the SBA guarantee (he doesn't need it any more!)

Another friendly idea from the IRS is EFTPS. EFTPS stands for Electronic Federal Tax Payment System, and it really is a great idea.  The IRS has a way for you to pay your taxes (both personal now and business later) online, and it's free.  Here's how it works:
* At least one day before your tax is due, you access EFTPS online or by phone, and by using prompts, you can complete your tax payment.
* Your payment instructions are processed and you will receive an acknowledgement number.
* Once your payment instructions are accepted, EFTPS will initiate a debit transaction against your bank account, on the date you request.  You can schedule your payment ahead of time (a great idea for business taxes especially).

Note:  If you request a new EIN for your practice, you can be automatically pre-enrolled in EFTPS. Then you can call an 800 number to activate your enrollment.  I love paying things online and giving the IRS your bank account number is pretty safe (you'll get a PIN number for security). No more last-minute rush to the post office - this sounds like an idea whose time has come.  Go to www.eftps.gov for more information.

SPECIAL REPORT: What is the STARK LAW and how does it affect me? This law (sometimes mistakenly referred to as the "anti-kickback" law) ... (read the complete article on my blog (www.practicestartupsuccess.typepad.com ).  This is an important subject that can affect you if you are an independent contractor or if you are planning to have an independent contractor (like a massage therapist) in your office. PLEASE READ!

QUICKTIP:  If you want an inexpensive and good-looking practice logo, check online by Googling "logo design."  I saw some nice ones the other day from "The Logo Loft" - they have a variety of pricing levels.  Just one warning:  Don't get sucked into buying business cards from these folks; you can get business cards a whole lot cheaper elsewhere.  For example, Logo Loft wanted $75, while you could get the same quantity at VistaPrint for $32.
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Ask Dr. Jean Murray a question: email her at jean@dcpracticesuccess.com
Order Planning for Practice Success or one of our other
products or call our toll free number at any time (24/7): 1-866-940-7526

Best wishes for your continued success,

Jean Murray
Planning for Practice Success
Online at http://www.dcpracticesuccess.com

The most absurd and reckless aspirations
have sometimes led to extraordinary success.
-- Vauvenargues

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