In the January edition of the Dental CPAs Newsletter, we listed 15 changes you will see because of the 2018 Tax Cuts and Jobs Act (TCJA). In this issue, we will explain how the tax treatment of Entertainment and Meals Expense has changed under the new law. Entertainment Prior to 2018 entertainment was treated…Read More→
Category: Dental CPA Blog
Selecting the Right Transition Team
As you prepare to sell your dental practice, it’s important to have a qualified, dedicated transition team at your side. Simply choosing general advisors regardless of their specialty may seem harmless. For some dentists, choosing a general transition team has worked out fine. For most, though, a transition team comprised of dental experts yields…Read More→
Dental Practice Records Retention and Destruction Policies
Dentists and their staff maintain a significant amount of confidential, sensitive data on their patients. From payment information to health records, there are a lot of records to keep track of. When patients become inactive, move to a different practice, or simply as time passes, how do you know which records to keep and which…Read More→
Best Practices for Dental Websites
The website for your dental practice is like a virtual waiting room. It’s the online version of your practice. Just like your physical office, you want patients to find your website easily, navigate to what they need quickly, and close their browser window with the feeling that they had (or will have) the same positive…Read More→
Internal Controls for Your Dental Practice
Dental practices of every size should have strong internal controls. Optimum financial performance is one reason, but more importantly, internal controls can prevent fraud. It’s estimated that three to five percent of revenue is lost to employee fraud or misconduct every year. How much is that, exactly? As an example, if a dental practice is…Read More→
Seven Alternative Retirement Plans for Dental Practices
As a dentist and small business owner, your retirement plan options aren’t limited to just a traditional 401(k) or IRA account. Are you aware of the many other retirement plan options available to you? There are varying tax benefits as the employer, so read on to find out if adding one or more alternative retirement…Read More→
Tax Changes To Watch For in 2018
2018 taxpayers will see many changes related to individual taxes due to the “Tax Cuts and Jobs Act” passed in December 2017. Many of the provisions in the new law expire (sunset) January 1, 2026. The changes affecting most individual taxpayers include: The new “simplification law” keeps the same number of tax brackets but…Read More→
The Importance of Buyer Rep Planning – Post Sale
Most of the time when we get engaged to represent a buyer that’s purchasing or buying into a practice, the majority of our work is during the process itself. However, we do include a service that consists of post-closing income tax planning as it relates to the actual transaction itself that some buyers choose not…Read More→
A Dentist’s New Year’s Checklist
Did you make New Year’s resolutions? Even if you didn’t, it’s hard to argue the proverbial clean slate and fresh start people often feel at the beginning of a year. You want your dental practice to thrive in 2018, but have you thought about how to do it? Here’s a quick checklist to print…Read More→
Income Tax Planning for Dentists
As of this writing, it’s mid-November. Dentists should be utilizing year-end tax planning strategies to minimize their tax exposure in 2017 and take advantage of accelerated deductions. With tax reform on Congress’s agenda this winter, existing credits, deductions, and tax rates are up in the air. The best course of action is to plan for…Read More→