Choosing Between A Study Club And A Dental Consultant

Study Club vs Consultant

Dentists are always looking for new ways to expand their knowledge because dentistry is ever-changing. Whether it’s through study clubs or dental consultants, there are many routes a dentist can take in order to keep up with the latest developments in dentistry. But what is the best option and how do you know which one…

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Oops, I Missed my Estimated Tax Payment!

oops, missed estimated tax deadline

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. …

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States are taxing PPP Loan Forgiveness

States are taxing PPP Loans

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…

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Tax Opportunities for 2021

Tax opportunities for 2021

Tax Opportunities for 2021 Paul Moffat of the Arista Wealth Podcast invited our very own Stephen Nance, CPA, to discuss tax opportunities for 2021 and potential changes coming with the new presidential administration… Listen Now!   About DrillDown Solution At Drilldown Solution, we are your one-stop-shop for all financial management and business consulting for your…

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The most important number in your dental practice

In general, if you have 800 active patients that have visited your practice in the last year, you need to provide 3 doctor days and 4 hygiene days to meet the needs of your patients. You can accomplish this by being open only three days a week but have two hygienists working on one of the days (there are many options for making this work for your situation). If you have 1,200 active patients, you will need at least 4 doctor days and 5.5-6 hygiene days. Now, I ask you this question – are you providing enough doctor or hygiene days to meet the needs of your patients? If your answer is no, then you’re leaving additional revenue on the table.

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Safeguarding your dental practice from Long-term interruptions

dental practices should financially prepare for longer-term interruptions up to six months and not count on government assistance, which may not materialize in the future. If you don’t have that level of reserves, don’t panic. Start increasing the amount you are setting aside for a rainy day now. Wherever you are in your journey, take one step at a time, and one day soon, you will find yourself at your destination.

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The secret to managing dental patients who won’t pay

The Framework

Always collect at the time of service (before they sit in the chair to start).
If the patient cannot pay at the time of treatment, make sure you have appropriate financial arrangements available within your practice. Payment plans through a third party are recommended.
The only outstanding accounts receivable is with insurance claims.

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7 Tips to Record Retention and Avoid Paying Tax Adjustments

1. In general, keep records for 3 years.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return (Or better yet, report all your income).
5. Keep records indefinitely if you do not file a return (But just plan on filing).

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