Posts by Heather Porter
Understanding the essentials of creating a Tax-Free Retirement for dentists
Working in the dental industry is extremely rewarding and can provide a comfortable lifestyle for many years. However, when dentists retire, they often find that their income is lower due to the tax burden they were not expecting. In a perfect world, we would have all the time in the world to make retirement plans,…
Read More5 Ways a Dental Consultant Can Help Grow Your Practice
As your dental practices grow, dentists and office managers require insight and information to make the most effective decisions. With so many responsibilities including patient care, operational management, marketing, and bookkeeping, it isn’t unusual for dentists and office managers to feel overwhelmed as they struggle just to keep up with the daily operation of their…
Read MoreWhy Tax Planning is So Important for Dental Businesses
Tax planning is critical for dental businesses wanting to mitigate their liabilities and risks. It is especially the case when you consider nearly all business transactions are taxed. As you go about tax planning, it is imperative to know and be current with all tax law changes in effect and understand how they could impact…
Read MoreOops, I Missed my Estimated Tax Payment!
Date Extension The IRS extended the filing deadline to May 17, 2021, but did not extend the April 15 deadline for 2021 first quarter estimated tax payments, which has caused some confusion. Your accountant told you to make an estimated tax payment toward this year’s taxes, but you missed making the payment on April 15th. …
Read MoreHow Much Can a Small Business Make Before Paying Taxes?
A majority of small businesses are owned by individuals. Sole proprietorships, partnerships, S corporations, and Limited Liability Companies (LLCs) do not pay income taxes. Unless a specific election is made by a small business to be taxed as a C corporation, the IRS (Internal Revenue Service) considers these various entity types to be “pass-through” entities.…
Read More3 Stats That Indicate a High Performing Dental Practice
Like any business, running a successful dental practice is a numbers game. And it’s not just dollars and cents, but, more importantly, statistical trends that bring to light why your bottom line moves one way or another every year. Being aware of these important numbers will help everyone at your dental business understand the advantages…
Read MoreHow Dental Consulting Is Changing And How You Can Leverage It.
The dental consulting industry is ever-changing. This means that dental consulting must adapt to these fast-changing times to stay relevant and succeed. You may be wondering how best to leverage the dental consulting options that are arriving at your door. Whether you’ve hired multiple consultants in the past or are just considering it for the…
Read MoreWhat Every Dentist Needs to Know to Maximize Tax Benefits
We have the privilege of working with many dental practices through our business consulting, accounting, bookkeeping, and tax preparation services. And we estimate that a large percentage of dental professionals pay taxes in excess of what is required by law. Why? Because they do not take full advantage of all the opportunities provided by the…
Read MoreStates are taxing PPP Loan Forgiveness
Important information on states taxing PPP Loan forgiveness Despite the federal intent to excuse PPP Loans from qualifying as taxable income, many states are doing just that. For instance, Utah requires businesses to pay taxes on the portion of PPP loans that have received forgiveness. The Utah tax assessment occurs in the year the loan…
Read MoreHow to Create Consistent Revenue from Your In-Office Membership Plan
More than half of all Americans do not have dental insurance, according to the CDC (Centers for Disease Control and Prevention). Many agree that dental insurance in America needs a complete overhaul. One way dentists can fill the gap, grow and make revenue consistent — while helping underserved populations — is by implementing an In-Office…
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