Ask Dr. Steven Dayan, head of the Chicago Center for Facial Plastic Surgery in Chicago, how he has earned the reputation as an expert in his field at such a young age and the thirty‑something plastic surgeon, whose private practice has grown 300 percent over the last three years, quips: "I love what I do and I don't sleep!"

A native Chicagoan, Dr. Dayan has been extensively educated and is highly subspecialized in facial plastic surgery (nose reshaping, mini facelifts and eyelid and neck lifts are among his specialties). In addition to being a fellow in the American College of Surgeons, he is board certified by both the American Board of Otolaryngology‑Head and Neck Surgery and the highly selective and prestigious American Board of Facial Plastic and Reconstructive Surgery. He also teaches at the University of Illinois.

With a career that keeps him busy 24/7, Dr. Dayan performs research that is submitted to the FDA, edits medical journals and is frequently invited to lecture in major cities around the world and in the United States on the latest techniques in plastic surgery and minimally invasive procedures. His current research demonstrating the ability of a long pulse Yag laser to improve fine lines, wrinkles and facial pigmentation, without any associated downtime, has achieved significant results.

BEAUTY, HEALTH AND WELLNESS In March of 2003, Dr. Dayan founded Chicago Image, a publication about beauty, health and wellness, written by physicians and professionals for the sophisticated consumer. And he recently launched a new skin care line called Maroque. But there's more. In addition to serving on the editorial board of the internationally published Facial Plastic Surgery Journal, Dr. Dayan discusses current topics and trends in his monthly column in the Chicago news periodical Healthcare Times.

So when does he find time to sleep? Well, his home life is pretty hectic too. He and his wife, Elise, have three daughters, ages 5, 2 and 8 months.

In all seriousness, Dr. Dayan is devoted to his profession and his goal is to provide for his patients' total comfort. "By adopting a holistic approach to facial health, we can create complete and lasting results," he explains. "We are continually amazed by the body's ability to slow down the facial aging process with attention to proper nutrition, vitamins, exercise and quality skin care

"Most patients in our practice are seeking subtle, natural improvements," he continues. "Nobody wants a plastic or unnatural look. And as techniques improve, people are clamoring for procedures that provide maximum benefits and lasting results with the least amount of healing time. Luckily there are many procedures available for patients today to achieve their aesthetic goals with little or no downtime."

In June of 1999, Dr. Dayan joined a private practice association with his mentor, Dr. M. Eugene Tardy. Following Dr. Tardy's retirement, Dr. Dayan successfully assumed the practice. He continues to specialize in traditional time tested treatments, but also includes the benefits of the latest advancements in cosmetic, rejuvenating and esthetic treatments of the face.

"I started out in a bad economy," he admits. "But in the last three years, we have experienced incredibly fast growth. My accountant, Bruce Robbins, has given me a great deal of sound financial advice, which I believe has helped me to grow the practice. He also assisted me in launching my new skin care company; MD Aesthetics. He helps me with other matters too, like new business ventures.

Services provided by Bruce and the firm include accounting as well as business and personal tax planning and preparation. Bruce and the staff at KRD also structured and implemented a 401(k) retirement plan for the practice.

Bruce and his client talk at least once each week. "His willingness to examine issues from all perspectives is what makes Bruce such a good accountant," concludes Dr. Dayan, who embarked upon a two‑week lecture tour at the end of August to Australia and Japan.

CLIENT PROFILE #2

BUSINESS: Suburban Plastic Surgery Frank C. Madda, M.D.

 

Client Profile #2: Suburban Plastic Surgery Frank C. Madda, M.D.

PLACE: 3800 N. Highland Ave., Downers Grove, IL 1585 N. Barrington Rd., Hoffman Estates, IL PHONE: 630.960.0023; 847.755.1000 WEBSITE: www.suburbanplasticsurgery.com

Suburban Plastic Surgery is unique in that it represents an extensive cross section of plastic surgical skills. The physicians at SPS‑Frank C. Madda and Damian Gress‑are both board certified by The American Board of Plastic Surgery, but still have strong subspecialty skills in the areas of cosmetic surgery, reconstructive surgery of the face, breasts, hand as well as microvacular surgery and bums. SPS is a specialized practice, highly skilled in advanced plastic surgery techniques; Dr. Madda and Dr. Gress are each actively involved in ongoing education. The physicians on staff at SPS represent more than 35 years cumulative experience in the areas of general surgery and plastic surgery with a broad range of experience in all phases of cosmetic, plastic, reconstructive, maxillofacial and hand surgery.

"Our credentials and experience lend credibility to our philosophy of optimum quality health care," says Dr. Gress.

"Our goal is to offer patients excellent medical care with state-of‑the‑art technology, ethical and trustworthy physicians, professional and knowledgeable staff and most important 'peace of mind' while considering surgery," comments Dr. Madda. This vital combination has allowed SPS to establish itself as a leader in the  fields of cosmetic, reconstructive and hand surgery.

CONCERN, CARE AND COMPASSION FOR EACH PATIENT

The practice's commitment to high quality patient care extends to its Registered Nurses, Certified Surgical Technicians, Insurance Specialists and Administrative Team. "Our practice gives persistent attention to little details because we think they make a big difference," adds Dr. Gress.

The physicians are on the staff of the following hospitals in the Northwest and Western Suburbs of Chicago: Edward Hospital, Good Samaritan, Good Shepard, Saint Alexius Medical Center, Midwest Center for Day Surgery and Naperville Surgical Center.

Dr. Madda and Dr. Gress realized early on in their professional development that they needed an accountant on whom they could rely for sound tax and business counsel. For that, they turned to

someone they knew and trusted: Laura Rakers, a highly motivated and resourceful CPA who works in the Tax Department at KRD.

Laura is always available to answer any of our questions," says Dr. Madda. "She is loyal and trustworthy and functions with the client's best interest at heart. Laura also takes a personal interest in the finances of her clients."

Dr. Gress agrees. "Laura provides excellent service to us and is accessible at all times." 

Services provided by Laura and the firm to Suburban Plastic Surgery include consulting, Quickbooks support and training, tax planning, preparation of business and personal income taxes and 40 1 (k) retirement planning.

tax and business news from krd

Solo 401 (k) Retirement Plan Allows One Person Businesses to Stash More Cash

Any business that employs only owners and their spouses and immediate family members (children, parents and grandparents) should consider the new single participant 40 1 (k) plan, also known as a Uni‑K plan. C corporations, S corporations, partnerships and sole proprietors are all candidates. By using an individual 40 1 (k) plan, an owner‑only business is eligible to shelter up to 25 percent of his or her compensation, plus an additional $12,000 as employee salary deferrals (to a maximum of $40,000 or $42,000 for special "catch‑up" contributions available to those age 50 or older for 2003. 

The deadline for establishing a Uni‑K plan is the last day of the business's tax year. A business that is incorporated should establish the plan as soon as possible to allow for employee salary deferrals based on W‑2 income throughout the entire year. A business that is incorporated must make a written salary deferral election specifying the amount of the intended deferral before the compensation is made available. An unincorporated business, however, must generally make a written salary deferral election by the last year.

The deadline for finding the profit sharing portion of your individual 40 1 (k) plan is your business tax return due date, including extensions. If unincorporated, the deadline for depositing salary deferrals is your business tax return due date, including extensions. 

Advantages of these so‑called solo 40 1 (k) plans are numerous‑contributions can be made with pretax dollars, meaning you don't pay income tax on the funds you invest until you withdraw them. The money also grows tax‑free. In addition, you can borrow as much as 50% of the balance in your account, up to $50,000; and you can roll over money from other existing plans into this account.

New provisions in the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 expanded the rules for 401 (k) plans to make them more attractive for one person businesses. For more information, contact us.

Two‑Step Minimum Wage Increase in Illinois

The minimum wage in Illinois increases by $1.35 during the next 16 months for workers over the age of 18. The first increase in January 2004 raises the minimum wage from $5.15 to $5.50. In January 2005, an additional $1 increase will go into effect making the state of Illinois' minimum wage $6.50. The federal minimum wage is $5.15.

Tax Cut Provides Bigger Break for Kids

For many families, the most important provision of the 200 tax cut was the increase in the tax credit for each child under age 17, from $600 to $1,000 for 2003 and 2004. Depending upon income limitations, some 24.4 million families received a $400 rebate check this summer for each qualifying dependent child. The child tax credit is available to singles with an AGI of $75,000 or less, and for married couples with an AGI of $110,000 or less. The credit is reduced by $50 for each $1,000 of modified AGI over those limits, and $55,000 for married persons filing separately. In 2005, the child tax credit shrinks to $700., The child tax credit was part of a $330 billion package of tax cuts.

Family and Medical Leave Act (FMLA)

If your company employs 50 or more workers, you must provide all eligible employees with up to 12 weeks of unpaid leave each year for any of the following reasons:

- the birth and care of the newborn child of an employee;

‑ for placement with the employee of a child for adoptior or foster care;

- to care for an immediate family member (parent, child or spouse) with a serious health condition;

‑ to take medical leave when the employee is unable to work because of a serious health condition..Q

Retirement Planning Made SIMPLE

As an existing employer, you may establish a SIMPLE IRA Plan effective on any date between January I and October I provided that you did not, in the same plan year, maintain another tax‑favored plan to which contributions are made or under which benefits are accrued. Once you have established a SIMPLE account, an employee must be eligible to participate in any calendar year if he or she received at least $5,000 of compensation during each of the two preceding calendar years and is reasonably expected to receive at least $5,000 during the current calendar year.

An employee's elective contribution for 2003 is limited to $8,000. The maximum employee deferral may be matched by the employer. Note that individuals who are 50 years or older are allowed to make a $ 1,000 "catch‑up" contribution for 2003 ($1,500 for 2004). The annual dollar limitation is the only limit that applies to employee deferrals. An employer may not place a limit on the percentage of salary an employee may elect to defer in the plan, except in order to comply with the dollar limitation.