Posts by Ed Gabriel
Rent Your Home to Your S Corporation – The Augusta Rule
Reduce Your Taxes With The Augusta Rule One often-overlooked tax benefit that could work in your favour is the Augusta Rule. If you own an S corporation, this “rent your home” provision might offer a smart opportunity to reduce your taxable business income. Here’s what you need to know about the Augusta Rule, its origins,…
Read MoreThe Tax Benefits of Hiring Your Children: A Guide For Parents
Hiring your children is one of the smartest tax strategies for small-medium sized business owners. It’s not just about saving money; it’s also an opportunity to teach your kids about the value of work, responsibility, and managing finances. This guide will walk you through the key benefits, tax rules, practical steps, and some often-overlooked advantages…
Read MoreCommon Mistakes Healthcare Practices Make in Real Estate Negotiations
Did you know real estate is likely your healthcare practice’s second-largest expense after payroll? Yet many healthcare professionals leave thousands on the table in poorly negotiated leases. An unfavorable lease or real estate negotiation can lead to unnecessary expenses, potentially costing you tens or even hundreds of thousands of dollars over time. That money could…
Read MoreInspire Your Team Members and Keep Them Engaged—Without Giving Raises
How To Inspire Your Team Keeping your team members motivated, happy, and engaged will help your business grow and succeed. But what happens when you have a limited budget that makes raises impossible? While everyone likes to receive a raise, they aren’t the only way to keep your team happy and productive. In fact, there…
Read MoreWhat to Look for in a Dental CPA: A Guide for Dentists
Running a dental practice isn’t just about patient care—it’s also about managing your finances, taxes, and future growth. That’s where a great dental Certified Public Accountant (CPA) comes in. But how do you pick the right one? Firstly, you’ll need one with deep knowledge of the dental industry. A dental CPA should have an understanding…
Read MoreThe Profitability of an Associate Dentist
Have you considered adding an associate dentist to your dental practice? It can have a positive impact on your business success and work-life balance. However, the success of the dental associate depends on several factors: the compensation plan, the costs involved with hiring another dentist, your dental practice’s ability to take on more patients, and…
Read MoreHow to Succeed as a Dentist and Build a Thriving Career
Introduction The biggest obstacle many dentists face is that they think they’re entitled to a prosperous career. “I’m a really good dentist. Therefore, I should be able to succeed as a dentist.” The problem is that only 50% of becoming a successful dentist is about your clinical dentistry skills. The other fifty percent of what…
Read MoreWhy a Sole Proprietor Dentist Should Consider an S Corporation Election
Introduction Many dentists file taxes as sole proprietors. In the past two weeks alone, we’ve talked to three dentists who are filing taxes as sole proprietors. Unfortunately, they are missing out on the tax savings that come with an S corporation structure. This blog post outlines how you might benefit from switching to an S…
Read MoreBookkeeping vs. Management Accounting for Dental Practices
Introduction Running a successful dental practice is not just about being a great dentist. It also means managing your finances well. Two important parts of this are bookkeeping and management accounting. Although these terms may sound similar, they are different and serve unique purposes. Many dental practices have bookkeeping sorted, but what about management accounting?…
Read MoreWhat is RCM (Revenue Cycle Management)?
Introduction Revenue Cycle Management (RCM) is the financial aspect of patient care in a dental practice. The cycle starts when a patient makes an appointment and ends when the payment is received and processed. The main goal of RCM is to ensure your dental practice gets paid on time for the services you provide. Key…
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