In continuation from our previous Tax Saving Strategies post, Dental CPA Ken Rubin has shared with the New Dentist™ some additional insights about business profitability maximization.
Ken says your CPA can also do the following for you:
• Select the best choice of business entity and retirement plan for you
• Advise you on whether to purchase or lease equipment and cars
• Claim tax credits for disabled access, crown manufacturing, employee health insurance, new hires, etc.
• Set up medical expenses reimbursement plans, HSAs, and cost segregation studies
• Train you and your staff on QuickBooks™
• Analyze various loan options available
• Monitor your practice’s key performance indicators, business metrics, and your profit and loss statements
• Update you on developments affecting the business side of dentistry and changes in tax law
• Keep you in compliance with the taxing authorities and give you advice to operate more profitably and efficiently
IRS auditors acknowledge that “it takes money to make money.” Basically, anytime you spend money in order to help your business, the expenditure is tax deductible. Sometimes the connection is not obvious.
Read more on Tax Strategies for The New Dentist at
Ken Rubin & Company, Dental CPAs has been providing proactive tax, accounting, and business consulting services to dentists since 1984. Ken is the co-founder of the Academy of Dental CPAs (ADCPA). He is committed to improving the quality of his clients’ lives and can be reached at www.CaliforniaDentalCPAs.com or (619) 299-6161.