About a year ago we were engaged to represent a buyer in their efforts to purchase a dental practice. The transaction went fairly smooth and it was one of those engagements where the client wanted to try & handle much of the transaction themselves…or at least as much as they felt comfortable with. As the…Read More→
Category: Dental CPA Blog
Six Things To Consider When Selling Your Dental Practice
LOCATION When a potential buyer is looking to purchase a dental practice, the physical location is one of the first considerations. The dental practice location is comprised of not only the actual address but the demographics and population trends of the area. Your dental practice is strongly affected by changes in the area, whether it…Read More→
When Should I Begin Planning To Transition Out Of My Practice?
The first steps begin by recognizing and acknowledging a time frame of transitioning. This may be driven by desire or the need to retire. Often, dentists fear the transition process and view it as the end of their best years. Transitioning out of your dental practice is not the end, it’s the beginning. The ultimate…Read More→
Can Dental Student Loans be Paid off by a Business Account?
So I have heard that some dentists use paying an associate’s student loans off as incentive for joining a practice, just like a hospital does with new MDs. I own my practice and am wondering if I can use business funds to pay off my student loans in the same manner? OK. Before everyone thinks…Read More→
What’s Involved in the Dental Transition Process? Part 1
Be Ready To Transition The most common reason dentists decide to transition is because they are ready to retire. Whether or not this is your reason, you should begin the planning process three to five years before your target retirement date. Divorcing emotional attachment will help you make smart decisions and be ready to make…Read More→
Should You Employ Your Children? What are the Tax Benefits?
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→
How to Conquer Leadership Challenges
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→
How Kids Can Help Around The Dental Office
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→
Six Mistakes to Avoid When Filing Taxes
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→
2015 Tax Extenders Passed!
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→