In today’s economy, dental practices are facing increased competition, rising costs, and changing patient expectations. However, there are several strategies that dental practices can implement to increase their profit margin and remain competitive in the marketplace. Focus on patient retention: One of the most effective ways to increase profit margins is to retain existing patients. […]
General
2022 Last Minute Year End Tax Deduction Ideas for Dentists
Below are some last minute tax deduction ideas for Dental Offices to Consider. If you are part of our Tax Planning and Consulting Program, we already incorporated most of these ideas into your 2022 strategy to lower your tax payments. But this is a good refresher to see if anything was missed before the end […]
Dentist with Real Estate Case Study
Case Study Income before planning: $951,596 Income Tax before planning: $317,018 Income Tax after planning: $9,766 Savings: $307,252 Strategy Used: Multiple, including real estate, Cost Seg, time of write offs A dentist that owned two successful offices came to us with a huge estimated tax bill. The client owned the real estate upon which both […]
Retention Tax Credit Creates a Unique Opportunity for Dental Practices
Retention Credit combined with PPP Loans The COVID-19 shutdowns presented a unique challenge for dental practices. Thankfully congress acted quickly and dental practices were able to take advantage of the PPP loans. During the PPP fiasco, the congress also laid out the opportunities to use the Employee Retention Credit (ERC). However you had to pick one […]
PPP Forgiveness Sept 2020 Update
As we are nearing the last quarter of the year, businesses that received the PPP loan are now starting to get emails from their lenders to began gathering their documents to apply for forgiveness. Here are some points regarding our take on the timeline along with important dates to keep in mind. Possibly delay […]
Welcome to our Dental Tax Guide
Dental Tax Guide Blog We’re excited to announce the official launch of our Dental Tax Guide Blog. Our team will be posting helpful news, articles and information about tax strategies, practice management and finances as they relate to the dental industry. We hope this content will be helpful to dentists working as independent contractors, single or […]