May 3, 2021
Why Hire a CPA for Your Dental Practice?
Now that you’re a practice owner, you’ve already spent years in dental school, completing a residency, and even keeping up with continuing education courses. If you pursued this conventional way of obtaining your qualifications and schooling, you likely did not acquire extensive knowledge of bookkeeping or accounting. Practice ownership can be a shock to the system when a dentist finds that the “business side” of dental work is overwhelming. That’s where a Dental CPA comes in.
April 1, 2021
How to Buy a Dental Practice
Owning a dental practice means that you need to be an expert clinician, expert patient manager, and expert business manager. But there’s good news: you don’t have to do it alone. Dental school only provides you the tools for two-thirds of what it takes to run a successful office. If you’re buying an existing practice, here are a few key steps to keep in mind that will give you a business perspective as you start the journey:
March 1, 2021
How To Find A Dental Associate That's Right For Your Practice
Hiring a dental associate takes much more than a brief look at a candidate’s CV. Finding qualified people who can help drive your business forward and who bring the right energy to your office is no easy task. 40% of US small businesses report that filling jobs was more difficult than they expected, which is surprising when you consider that these small businesses also employ nearly half of the country’s workforce.
February 24, 2021
Who Should Use Standard Mileage Rate Method Vs Actual Cost Method
Are you making the most out of every return opportunity when you file taxes for your dental practice? Many details are often overlooked - which means many dentists are leaving money on the table at the end of the fiscal year. One way to maximize your return, especially if you have a long commute to the office, is to ensure that you’re calculating the cost of using your vehicle for your business.
May 5, 2021
How to Use Network Marketing in a Dental Practice
In this episode, we had the pleasure of speaking with Dr. Phelps and picking his brain about how to use network marketing in a dental practice. Dr. Phelps is an entrepreneur and general dentist who owns multiple practices in the Charlotte, NC region.
December 6, 2020
Rules on Meal & Entertainment Deductions for Dentists
In this blog, we’ll go over what the IRS says about meal and entertainment deductions, how to ensure you’re following the rules, what this all means, a few frequently asked questions, and how to keep track of these expenses.
October 22, 2020
Dental Business Hacks
Home Office Deductions for Dentists
If you have a home office, there is no reason to keep it off of your tax return. As long as you completely separate your clinical duties from your managerial and administrative duties, you are absolutely eligible as a dentist to take the home office deduction. Let’s dive into the ways you can get started.
October 16, 2020
Top 10 apps & best practices for tracking business expenses
There are several mobile apps, programs and other items that should make tracking all of these business expenses easier. The main takeaway is to keep all business receipts and document the business purpose for the expense.
October 16, 2020
What can a dentist legally deduct for auto expenses?
Like all deductions; it depends.The first question you should ask yourself is: How often will the vehicle be used for business purposes?
August 16, 2018
Dental Business Hacks
Dental Tax Tips #1: Section 199A With an Update
In late 2017, Congress passed the Tax Cuts and Jobs Act. While the first draft of the Act was received fairly negatively, the later versions had a much better reception and were eventually passed with an effective date of 2018.