After dental school and years of practice, you’ve obtained a library’s worth of medical terminology. But financial terms? Well, they’re not exactly covered during the three years when you’re learning to fill cavities and identify gum disease. 

As a dental practice owner, you’ll want to be familiar with a whole new set of financial terms and definitions. You don’t need to be a financial expert, but knowing a bit about the language of finance will help you make sound ......

We’re proud to announce that Healthcare Management Consultants, sister company to The Dental CFO and under shared leadership, was awarded the Chamber Champion Small Business of the Year Award at the Rowan Chamber’s 97th Annual Meeting on January 26, 2023.

A boutique consulting firm, Healthcare Management Consultants aims to help independent medical practices increase profits while becoming more fun to lead. They offer a comprehensive range of services, including strategic planning, payroll, tax planning and preparation, human resources consulting, ......

What is a Section 179 Tax Deduction?

Section 179 is a provision in the tax code allowing businesses to take a deduction for the full cost of qualifying purchases, such as new equipment and technology, in the year, purchased and placed into service.

Before Section 179 was introduced in 1958, business owners had to treat these large expenditures like most other business expenses and depreciate over time. This often made large, yet essential, purchases impossible for small businesses. While Section ......

With 2022 almost in the rearview window, now is the ideal time to start your year-end tax planning. While it may not seem like a key element in dental practice management, tax planning is a crucial part of successfully running a dental practice, in regard to profit, compliance, and efficiency.

And although it’s a given that tax laws change year to year, American taxpayers are facing an abnormally large amount of tax law changes for the 2022 tax year. ......

Nelson Rockefeller once said, “The secret to success is to own nothing, but control everything.” Obviously, Mr. Rockefeller had a “tongue in cheek” approach to handling personal risk. Some excellent advice can be extracted from what this legendary titan of industry had to say about protecting what you own and have worked so hard for.

What Is Asset Protection?

Not too many years ago, “asset protection” was a relatively new area that not many dental professionals spent much time thinking ......

You’ve decided to buy another practice and expand your business’ footprint. There’s a lot of work ahead, but you’ve found a practice to purchase and you’re excited about the future. Or, maybe you’re selling your practice. You’ve decided to downsize so your plate isn’t so full, or it’s time for retirement and you’re ready to relax after years of hard work. Amidst everything you have going on, one thing looms large: taxes. 

Whether buying or selling, ......

Dental practice write-offs are a critical piece to your business finances. And write-offs are complex; it’s about finding the right balance for your practice and market. 

Sound dental practice management means having insight into your write-offs and ensuring you have the correct ratio. Unfortunately, many practices don’t understand their write-off percentages and often record them incorrectly. This leads to inaccurate financial reporting, making it difficult to know how your business is performing. 

We’ll walk you through what you ......