From jillrn808 at hotmail.com Wed Mar 2 19:15:41 2005 From: jillrn808 at hotmail.com (Jill Johnson) Date: Wed, 02 Mar 2005 21:15:41 -0600 Subject: [PrvPracNP] new practice Message-ID: I'm getting ready to graduate from FNP school, and may have an opportunity to start a private FP practice w/ an OB/GYN NP who is in private practice. I'd jsut like to get some insight and advice about this. Thanks Jill From prispunnyfnp at metrocast.net Wed Mar 16 09:44:48 2005 From: prispunnyfnp at metrocast.net (Priscilla Merrill) Date: Wed, 16 Mar 2005 12:44:48 -0500 Subject: [PrvPracNP] Tax question Message-ID: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 From m.poso at comcast.net Wed Mar 16 12:11:44 2005 From: m.poso at comcast.net (Lea) Date: Wed, 16 Mar 2005 12:11:44 -0800 Subject: [PrvPracNP] Tax question In-Reply-To: Message-ID: <200503162000.j2GK0Sc32001@merlin.wizards.net> You can claim the fees charged you by you bank for bounced checks, but not for fees billed and not not collected. But you can still claim all supplies and equipment. Essentially you cannot claim loss for something you never had. -Lea -----Original Message----- From: prvpracnp-bounces at nurse.net [mailto:prvpracnp-bounces at nurse.net] On Behalf Of Priscilla Merrill Sent: Wednesday, March 16, 2005 9:45 AM To: Prvpracnp Subject: [PrvPracNP] Tax question Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page From pamme at sbcglobal.net Wed Mar 16 12:21:32 2005 From: pamme at sbcglobal.net (Mom/Pamme) Date: Wed, 16 Mar 2005 12:21:32 -0800 (PST) Subject: [PrvPracNP] Tax question In-Reply-To: 6667 Message-ID: <20050316202132.61449.qmail@web81401.mail.yahoo.com> Do you have a CPA Priscilla? Mine is able to somehow write is off, not as capital losses but as charitable contributions or something like that. Any thing pro bono is deductible. I had a similar problem. The services that I contracted for through a psychologist colleague's business, fed me clients who had insurances that I was not on their panels, ie, not credentialled with their payor source. I don't even know how much I was out, something like 4,000 to 14,000 dollars, down the drain. The company is very much in the red. Somehow, my CPA is going to see that I don't pay and tax and that I will get all back on my personal income tax. Thank goodness because I am on the brink of bankruptcy Ch 7. That is the best for a person. Are you an S corp? Do you hve employees? Priscilla Merrill wrote: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page -------------- next part -------------- An HTML attachment was scrubbed... URL: From pamme at sbcglobal.net Wed Mar 16 12:25:10 2005 From: pamme at sbcglobal.net (Mom/Pamme) Date: Wed, 16 Mar 2005 12:25:10 -0800 (PST) Subject: [PrvPracNP] Tax question In-Reply-To: 6667 Message-ID: <20050316202510.19933.qmail@web81406.mail.yahoo.com> It's not a question of what you had, but what your time is worth. That is how lawyer's get away way with reducing their taxes that would be enormous because of their invcome. Pro Bono is for services and is tax deducticle. Lea wrote:You can claim the fees charged you by you bank for bounced checks, but not for fees billed and not not collected. But you can still claim all supplies and equipment. Essentially you cannot claim loss for something you never had. -Lea -----Original Message----- From: prvpracnp-bounces at nurse.net [mailto:prvpracnp-bounces at nurse.net] On Behalf Of Priscilla Merrill Sent: Wednesday, March 16, 2005 9:45 AM To: Prvpracnp Subject: [PrvPracNP] Tax question Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page -------------- next part -------------- An HTML attachment was scrubbed... URL: From psumner2 at yahoo.com Wed Mar 16 14:10:18 2005 From: psumner2 at yahoo.com (Paula J. Sumner) Date: Wed, 16 Mar 2005 14:10:18 -0800 (PST) Subject: [PrvPracNP] Tax question In-Reply-To: 6667 Message-ID: <20050316221018.58054.qmail@web51601.mail.yahoo.com> Hi P, Try going to: http://www.sba.gov/sbasolutions On the left you can ask free questions to the SCORE folks. This website is very helpful anyways. PAula BTW I am off for a choley 4/8-fun!! paula Priscilla Merrill wrote: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page Paula Joan Sumner RN, MSN, CFNP Hypnotherapist, Healing Touch Practitioner, Emotional Freedom Technique For Peak Performance Issues, Stress Management, Pain Management, Weight Management and Smoking Cessation. Durham, NC 27707 http://paulajsumner.byregion.net reference# 10102918 http:/www.geocities.com/energy_healing4you 919-490-4656, #8 --------------------------------- Do you Yahoo!? Yahoo! Small Business - Try our new resources site! -------------- next part -------------- An HTML attachment was scrubbed... URL: From shelby at griffinanalytical.com Wed Mar 16 14:37:03 2005 From: shelby at griffinanalytical.com (David Shelby) Date: Wed, 16 Mar 2005 17:37:03 -0500 Subject: [PrvPracNP] Tax question Message-ID: <7E10A71A8B3A5E49B81A2357D9907A70234F68@Server01.domain.griffinanalytical.com> Greetings: This is a difficult accounting question that needs your personal CPA to assess based on how your specific business has been organized for tax purposes. The answer depends on whether you report taxes on a cash basis or on an accrual basis, when you choose to recognize a billing as income, and possibly whether your business is organized as an LLC, an S Corp. or C Corporation. There is no universal answer to this question that can be used verbatim over all practices. Regards David David M. Shelby Vice President Finance Griffin Analytical Technologies, Inc 3000 Kent Avenue West Lafayette, IN 47906 Phone: 765-775-1701 Ext. 103 Fax: 765-496-6489 Shelby at griffinanalytical.com www.griffinanalytical.com ________________________________ From: prvpracnp-bounces at nurse.net [mailto:prvpracnp-bounces at nurse.net] On Behalf Of Paula J. Sumner Sent: Wednesday, March 16, 2005 5:10 PM To: Private Practice NPs Subject: Re: [PrvPracNP] Tax question Hi P, Try going to: http://www.sba.gov/sbasolutions On the left you can ask free questions to the SCORE folks. This website is very helpful anyways. PAula BTW I am off for a choley 4/8-fun!! paula Priscilla Merrill wrote: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page Paula Joan Sumner RN, MSN, CFNP Hypnot! herapist, Healing Touch Practitioner, Emotional Freedom Technique For Peak Performance Issues, Stress Management, Pain Management, Weight Management and Smoking Cessation. Durham, NC 27707 http://paulajsumner.byregion.net reference# 10102918 http:/www.geocities.com/energy_healing4you 919-490-4656, #8 ________________________________ Do you Yahoo!? Yahoo! Small Business - Try our new resources site! -------------- next part -------------- An HTML attachment was scrubbed... URL: From shirguy at mindspring.com Wed Mar 16 18:27:33 2005 From: shirguy at mindspring.com (Guy Graves) Date: Wed, 16 Mar 2005 20:27:33 -0600 Subject: [PrvPracNP] Tax question Message-ID: <410-22005341722733760@mindspring.com> The answer is no. According to my CPA because what we provide isn't tangible. ~Shirley > [Original Message] > From: Priscilla Merrill > To: Prvpracnp > Date: 3/16/05 11:45:14 AM > Subject: [PrvPracNP] Tax question > > Do any of you have information if you can claim losses on your taxes with > regards to lost charges? I have a huge chunk that was either not paid by > the patient (copays as well as visits, bounced checks, etc) plus visits > insurance didn't cover and never could collect for? > Any tidbits are appreciated. I've heard you can't but wanted to make sure > from any with more experience that I. > Thanks so much, > > Priscilla Merrill FNP > -- > No virus found in this outgoing message. > Checked by AVG Anti-Virus. > Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 > > _______________________________________________ > PrvPracNP mailing list > PrvPracNP at nurse.net > http://lists.nurse.net/mailman/listinfo/prvpracnp > % You can change you list options and unsubscribe from this page From pamme at sbcglobal.net Sun Mar 27 19:05:08 2005 From: pamme at sbcglobal.net (Pamela A. Provost MSN RN) Date: Sun, 27 Mar 2005 22:05:08 -0500 Subject: [PrvPracNP] Tax question References: <7E10A71A8B3A5E49B81A2357D9907A70234F68@Server01.domain.griffinanalytical.com> Message-ID: <00b101c53342$f36de1d0$209cfea9@VAIO> David, Thank you so much for your very informative answer. That person who was so sure the answer was NO as she put it, frigthened me. My CPA told me that indeed the loss would be taken into account as to the way I set up my account. And my lawyer setup my business to protect me from just that specific possibility. I am so grateful to you. I can sleep tonight. Best regards, Pamela Who finally did it after 20 years. I am no longer in the healthcare business. Aside from killing me mentally and physically, it was bankrupting me financially, spiritually and emotionally. I am so glad. Hope is like the wing of an angel soaring up to heaven, and bearing our prayers to the throne of God. - Jeremy Taylor ----- Original Message ----- From: David Shelby To: Private Practice NPs Sent: Wednesday, March 16, 2005 5:37 PM Subject: RE: [PrvPracNP] Tax question Greetings: This is a difficult accounting question that needs your personal CPA to assess based on how your specific business has been organized for tax purposes. The answer depends on whether you report taxes on a cash basis or on an accrual basis, when you choose to recognize a billing as income, and possibly whether your business is organized as an LLC, an S Corp. or C Corporation. There is no universal answer to this question that can be used verbatim over all practices. Regards David David M. Shelby Vice President Finance Griffin Analytical Technologies, Inc 3000 Kent Avenue West Lafayette, IN 47906 Phone: 765-775-1701 Ext. 103 Fax: 765-496-6489 Shelby at griffinanalytical.com www.griffinanalytical.com ------------------------------------------------------------------------------ From: prvpracnp-bounces at nurse.net [mailto:prvpracnp-bounces at nurse.net] On Behalf Of Paula J. Sumner Sent: Wednesday, March 16, 2005 5:10 PM To: Private Practice NPs Subject: Re: [PrvPracNP] Tax question Hi P, Try going to: http://www.sba.gov/sbasolutions On the left you can ask free questions to the SCORE folks. This website is very helpful anyways. PAula BTW I am off for a choley 4/8-fun!! paula Priscilla Merrill wrote: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page Paula Joan Sumner RN, MSN, CFNP Hypnot! herapist, Healing Touch Practitioner, Emotional Freedom Technique For Peak Performance Issues, Stress Management, Pain Management, Weight Management and Smoking Cessation. Durham, NC 27707 http://paulajsumner.byregion.net reference# 10102918 http:/www.geocities.com/energy_healing4you 919-490-4656, #8 ------------------------------------------------------------------------------ Do you Yahoo!? Yahoo! Small Business - Try our new resources site! ------------------------------------------------------------------------------ _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page -------------- next part -------------- An HTML attachment was scrubbed... URL: From laurahoemanarnp at aol.com Sun Mar 27 19:17:41 2005 From: laurahoemanarnp at aol.com (laurahoemanarnp at aol.com) Date: Sun, 27 Mar 2005 22:17:41 -0500 Subject: [PrvPracNP] Tax question In-Reply-To: <00b101c53342$f36de1d0$209cfea9@VAIO> References: <7E10A71A8B3A5E49B81A2357D9907A70234F68@Server01.domain.griffinanalytical.com> <00b101c53342$f36de1d0$209cfea9@VAIO> Message-ID: <8C7015BD64BCF2E-978-3C6FE@mblk-d21.sysops.aol.com> Pamme, I'm still in private practice but I can see your point. It's very draining. I am making a living--I guess--but not a great living. I recently heard that dentists average an annual income of $166,000, and I think considering our responsibilities as NPs, we should make that much too! So far, I don't. What are you doing now if not health care? --Laura Hoeman, Psychiatric NP -----Original Message----- From: Pamela A. Provost MSN RN To: Private Practice NPs Sent: Sun, 27 Mar 2005 22:05:08 -0500 Subject: Re: [PrvPracNP] Tax question David, Thank you so much for your very informative answer. That person who was so sure the answer was NO as she put it, frigthened me. My CPA told me that indeed the loss would be taken into account as to the way I set up my account. And my lawyer setup my business to protect me from just that specific possibility. I am so grateful to you. I can sleep tonight. Best regards, Pamela Who finally did it after 20 years. I am no longer in the healthcare business. Aside from killing me mentally and physically, it was bankrupting me financially, spiritually and emotionally. I am so glad. Hope is like the wing of an angel soaring up to heaven, and bearing our prayers to the throne of God. - Jeremy Taylor ----- Original Message ----- From: David Shelby To: Private Practice NPs Sent: Wednesday, March 16, 2005 5:37 PM Subject: RE: [PrvPracNP] Tax question Greetings: This is a difficult accounting question that needs your personal CPA to assess based on how your specific business has been organized for tax purposes. The answer depends on whether you report taxes on a cash basis or on an accrual basis, when you choose to recognize a billing as income, and possibly whether your business is organized as an LLC, an S Corp. or C Corporation. There is no universal answer to this question that can be used verbatim over all practices. Regards David David M. Shelby Vice President Finance Griffin Analytical Technologies, Inc 3000 Kent Avenue West Lafayette, IN 47906 Phone: 765-775-1701 Ext. 103 Fax: 765-496-6489 Shelby at griffinanalytical.com www.griffinanalytical.com From: prvpracnp-bounces at nurse.net [mailto:prvpracnp-bounces at nurse.net] On Behalf Of Paula J. Sumner Sent: Wednesday, March 16, 2005 5:10 PM To: Private Practice NPs Subject: Re: [PrvPracNP] Tax question Hi P, Try going to: http://www.sba.gov/sbasolutions On the left you can ask free questions to the SCORE folks. This website is very helpful anyways. PAula BTW I am off for a choley 4/8-fun!! paula Priscilla Merrill wrote: Do any of you have information if you can claim losses on your taxes with regards to lost charges? I have a huge chunk that was either not paid by the patient (copays as well as visits, bounced checks, etc) plus visits insurance didn't cover and never could collect for? Any tidbits are appreciated. I've heard you can't but wanted to make sure from any with more experience that I. Thanks so much, Priscilla Merrill FNP -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.7.2 - Release Date: 3/11/2005 _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page Paula Joan Sumner RN, MSN, CFNP Hypnot! herapist, Healing Touch Practitioner, Emotional Freedom Technique For Peak Performance Issues, Stress Management, Pain Management, Weight Management and Smoking Cessation. Durham, NC 27707 http://paulajsumner.byregion.net reference# 10102918 http:/www.geocities.com/energy_healing4you 919-490-4656, #8 Do you Yahoo!? Yahoo! Small Business - Try our new resources site! _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page _______________________________________________ PrvPracNP mailing list PrvPracNP at nurse.net http://lists.nurse.net/mailman/listinfo/prvpracnp % You can change you list options and unsubscribe from this page -------------- next part -------------- An HTML attachment was scrubbed... URL: