The History and Value of a Family Office for Dentists

As a dentist, your primary focus is your patients and your practice. However, managing your wealth and planning for the future is just as important. This becomes especially crucial when considering the sale of your practice to Dental Service Organizations (DSOs) or Private Equity Groups.  This is where a family office can help. A family…

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Financial Clarity In Your Dental Practice

In a dental practice, patient care and operations go hand in hand. As such, financial clarity and understanding your financial position is critical to success. Financial statements provide a clear view of your dental practice’s financial health and past performance. From there, you can plan for the future by creating measurable goals and financial objectives.…

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Navigating Business Entities: A Guide for Dentists

Introduction Are you a dentist looking to set up your practice or expand your existing one? One of the main decisions you’ll face is choosing the right business entity or corporate structure. Your choice can impact your liability exposure and level of taxation. In this article, we’ll explore the various business entities available to dentists,…

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Cash Flow vs. Profit: Maximizing Your Dental Practice Success

Introduction If you’re running a dental practice, you know how important it is to keep an eye on these two critical metrics: profit and cash flow. While both are pivotal to the operational health and sustainability of your dental practice, understanding the difference between them is vital for informed financial decision-making and strategic planning. This…

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Advanced Tax Strategies for Dentists

Introduction As a dental practice owner, navigating your tax obligations is more important than ever. With the right tax strategies, you can significantly reduce your tax liability, which can greatly improve your profitability. In this blog post, we’ll explore some advanced tax strategies designed specifically for dentists, which can enhance the short and long term…

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The Estimated Tax Penalty: How To Avoid IRS Penalties And Interest

Introduction When it comes to taxes, the IRS commonly assesses various penalties and interest, especially for late filing, late tax payments, and underpayments of estimated tax. It’s important to ensure you’re paying the correct amount of tax on time and in line with IRS legislation. In this article, we’ll explore the landscape of IRS penalties…

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What is an LOI and Why Do Dentists Need One?

Introduction Embarking on the journey of buying or selling your dental practice is a significant decision that requires careful consideration and strategic planning. An essential step in this process is the creation and negotiation of a Letter of Intent (LOI). While generally not legally binding, the LOI plays a pivotal role in shaping the details…

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Paying Off Dental School Debt: The Education Loan Reduction Fringe Benefit

Introduction Most associate dentists face the reality and burden of dealing with dental school debt. It can be significantly challenging, expensive, and complex to navigate. The federal government has introduced two provisions to help alleviate the financial burden of student loan debt. This includes dental professionals who have taken undergraduate or graduate-level courses. The provisions…

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Dental Practice Accounting: The Dental Profit Equation

Introduction In the fast-evolving dental industry, dental practice analytics are more important than ever before. By focusing on specific aspects of your operations and production, you can find new ways to grow your practice profitability.  By reviewing your practice data, including the number of visits, production per visit, collection percentage, and overhead expenses, you can…

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