Category: Dental CPA Blog

Don’t get double taxed on your business’s personal property. Recently, we have heard from some of our clients that they received bills from the lease finance company that included a personal property tax charge. If you have entered into a lease finance agreement and your state assesses the personal property (equipment and furniture) used in…Read More→

  My accountant recommends doing quarterly financial statements.  I agreed to this for the first 2 quarters so far but what I have received from them is not too much different than what Quickbooks will generate for me.  They do calculate the assets and liabilities which I can’t do accurately with depreciation, but actually expenses/income…Read More→

  A Lot to Consider When Selling Your Practice This is an article from our good friend, Thomas Snyder, DMD, MBA. As our economy slowly recovers, we have seen an increasing number of doctors making the decision to sell their practice. Don’t think this decision is like turning on a switch – there are many things…Read More→

  Documentation is the key: For anyone looking to create a management company for their dental practice administrative tasks – Please read:   Income Tax—Intercompany Management Fees: The taxpayer owned a trucking business that was organized into five wholly owned corporations, including a single member LLC whose sole business was leasing trucks to the affiliated entities. The LLC…Read More→

  I came across this in one of my readings. I really like the hi-lighted quote – future reliance on that quote could be quite interesting…   Income Tax—Hobby Loss: Taxpayer is a Certified Gilder Flight Instructor who performed flight instruction for the Boeing Employees Soaring Club. On 8/1/03, he formed an LLC to provide private…Read More→

Hi, I have few questions regarding taxes on a scratch startup practice. My accountant told me that anything removable like equipment/furniture/cabinets are tangible expense which you can deduct right away. However, construction expenses such as paint, ceiling, electricity, plumbing is considered lease hold improvement which will require 39.5 year amortization (Yikes!). My question is: 1….Read More→

Right now we are leasing a 1600 square foot office for $5,000 a month (we need additional room for growth). The opportunity has come up to purchase a 2800 square foot condo for 1.2 million. Who/what type of person should I talk to about seeing how my monthly financials will run? I just want to…Read More→

Any ideas how to get financing for a practice I want to buy the patients from and then relocate them into another dentist’s space where I will rent (share space)? The office I want to move to is owned by a dentist and they work 2 1/2 days / week so the rest of the…Read More→

I have a safe harbor 401K + profit sharing plan set up at my office. I’m assuming that this is a no brainer. Should I put my wife on payroll and defer the $16,500 to her retirement plan? This is the 1st year that she hasn’t worked for another company and had her own plan…Read More→

I would like to take an implant CE course that will cost ~$6500. I am an associate in an office that does not pay for my CE. I would like to have the practice pay for this course and take the cost out of my gross income. If I understand things correctly this will save…Read More→