Category: Dental CPA Blog

Did you know? If you hire your children as employees to do legitimate work in your business, you may deduct their salaries from your business income as a business expense. This can be a substantial benefit for some as it allows you to shift part of your business income from your tax bracket to your…Read More→

It’s always great to hear about young dentists starting their practice, establishing a new partnership, or purchasing an existing practice.  While some dentists are more comfortable with embracing the change and smoothly transition into their new roles, others have difficulties. Sometimes it’s hard being the new kid in town or one of the youngest members…Read More→

  Here are some tasks kids can do in a dental office andor for the office at home. Make the goodie bags restock and organize the supplies when they come into the office Feed the fish tank in the office Clean & restock the coffeeteadrink bararea Straighten up the waiting room area, restock the magazinesreading…Read More→

Filing out tax forms with incorrect SSC number The IRS computers will automatically reject your deductions and credits if your Social Security number is wrong. This mistake seems careless and trivial, but it is paramount to have the right Social Security number when filing your taxes.  Your social security number is your tax ID number,…Read More→

On December 18th, Congress and the President signed into law the “Consolidated Appropriations Act, 2016” and “Protecting Americans from Tax Hikes (PATH) Act of 2015”, both of which provide a number of significant tax changes. The Protecting Americans from Tax Hikes Act will grow our economy and help American taxpayers keep more of their hard-earned dollars. This Act extends…Read More→

I decided to write this blog series mainly because of the pushback we get from sellers’ advisors on some of the information we request when representing the buyer. The second items I’ll discuss are the practice management reports for production by provider by ADA code and production by payor. What’s interesting about the pushback we…Read More→

I decided to write this blog series mainly because of the pushback we get from sellers advisors on some of the information we ask for when representing the buyer. The first item I’ll discuss are W-2s by year along with an employee roster for that year noting positions, average hours worked per week, hourly rate…Read More→

  Our Dental CPA team recently reviewed the 2014 income tax returns for a prospective client and were shocked at some of our findings. Had we been engaged for a year-end tax planning meeting well in advance of 12/31/14, this doctor would have saved almost $35k in taxes and other areas. Here’s what we found:…Read More→

Here is a guest blog post from Dr. Richard Wyne, DDS The production by procedure report is a very simple report to review when doing your due diligence on a potential buying opportunity that offers a wealth of information. A quick scan allows you to gauge the size of the practice, search for fraud/malpractice and…Read More→