7 Asset Protection Tips for Dentists

7 Asset Protection Tips for Dentists

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 ......

The Inflation Reduction Act & What Dentists Should Know

The Inflation Reduction Act & What Dentists Should Know

The Inflation Reduction Act (IFRA) which was passed by Congress and signed into law on August 16, 2022, is essentially a climate change law with some healthcare benefits related to pharmaceutical costs. After researching and studying the legislation, it appears that the IFRA will not have a significant impact on reducing inflated operational (overhead) costs for dental practices and small businesses in general. Rather, we expect that this legislation will have a neutral effect on reducing the rising costs of ......

The Tax Considerations You Should Think About When Buying or Selling a Dental Practice

The Tax Considerations You Should Think About When Buying or Selling a Dental Practice

 

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, ......

How to Review and Reduce Your Dental Practice Write-Offs

How to Review and Reduce Your Dental Practice Write-Offs

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 ......

Case Study: Work-Life Balance with Dr. Douglas Wolfe

Case Study: Work-Life Balance with Dr. Douglas Wolfe

Before opening his own practice, Dr. Wolfe worked as a dentist for several years in different offices. As the years went on, he realized he wanted to open a practice of his own. Being propelled by this goal, he purchased a plot of land and built his practice from the ground up. In 2011, he opened the doors to New Town Dentistry.

During his time working at other practices, Dr. Wolfe made observations and gained insight that gave him the ......

Case Study: Making Life Easier with Dr. Stephen Rouse

Case Study: Making Life Easier with Dr. Stephen Rouse

In 2006, following a 20-year-career in the military, Dr. Rouse opened a dental practice in Charlotte, North Carolina. Three years later, he realized that in order to give his patients the highest quality of care, he needed someone else to help manage the practice’s finances and ensure regulatory compliance. So, in 2009 he partnered with The Dental CFO to help him optimize his business and ensure long-term success.

Like many dentists in private practice, Dr. Rouse was overwhelmed by dental ......

The Questions You Should Ask When Hiring a Dental CPA

The Questions You Should Ask When Hiring a Dental CPA

Owning a dental practice may be something you’ve dreamed of before you were even admitted to dental school. But once you start your practice, the responsibilities of running the business, like filing taxes, can take up much of your time and create stress in your life. And dealing with taxes probably never appeared in your dental school dreams.

That’s okay. You’re a dentist, not a tax expert. That’s why you hire a Certified Public Accountant (CPA). Finding the right accountant ......

Cash Flow Considerations When Opening Your First Dental Practice

Cash Flow Considerations When Opening Your First Dental Practice

Opening a dental practice is much more involved than purchasing equipment, hiring a few people, and simply opening your doors. There is much to consider and plan for, especially in regard to cash flow. The American Dental Association suggests the average initial investment to start a practice is $500,000, which includes office construction, securing office equipment and dental supplies, paying employees, marketing expenses, and even legal consultation fees. This number varies greatly depending on location, owning versus renting your space, and the size of your practice – regarding square footage and the number of employees.

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