If you have recently remodeled your dental practice, built out a leased space, or constructed a new building for your practice, you might want to consider having a Cost Segregation study done to maximize the tax benefits related to the project.
Dental Practice Financial Planning
Managing cash flow is key to being a financially healthy business. Most dentists know their monthly cash flows, with a keen awareness of when payroll, credit cards, rent, labs and the other big bills are due each month. But managing cash flow is not just about increasing next month’s production or reducing expenses.
It's the time of year to be thinking about year-end deadlines. Here’s a quick checklist – not all-inclusive, but hopefully helpful:
The hurricane has me thinking about how to be prepared for emergencies. I imagine families trying to contact each other, computers and file cabinets under water, and businesses unable to function. If you are somewhere that was not impacted by the hurricane, use it as a motivator to be prepared should a disaster hit closer to home.
I received an email from David Harris at Prosperident offering free access to their Embezzlement Risk Assessment Questionnaire for free through the end of August. This is a quick (15 minutes or less) online questionnaire that allows you to analyze if a staff member's behavior is consistent with embezzlement.
Dentists: We have started working with a practice analytic software company to provide an add-on service for those clients who may want help quickly and easily tracking what’s going on in their practice.&nbs
A common question I hear is “when can I stop working?” Not that the client necessarily wants to stop working, they just want to know that they can stop. That
Sometimes dentists care so much for their patients and sacrifice so much for their employees that they short themselves and their own families.
Required Minimum Distributions (RMDs) from 401(k)s are treated differently for business owners. For those who don’t own a business or own less than 5% of the business, an RMD is not required from the 401(k) while they’re still working (they would still have to take RMDs from their IRAs,
Sharon was recently interviewed for an article published on the Direct Capital website titled How to Solve Cash Flow Problems: 24 Experts Reveal Top Tips for Fixing Small Business Cash Flow Issues. Here's an excerpt from that article: