As a dental practice owner, you have much to worry about besides just taking care of teeth. You need to ensure that your practice is attracting new patients, making money, paying its accounts payable, and earning a certain amount to cover its expenses and payroll. It is a lot to think about. Bookkeeping can help you keep track of your profits and expense transactions in a detailed and organized manner. It is beneficial for making informed decisions about your dental practice. But what is bookkeeping, and where do you start?
Pay Less Tax
Are you considering a career as a dentist in Canada and wonder how much money you could make? The Canadian Dental Association describes dentistry as an “artistic as well as scientific profession. Dentists must have an artist’s aesthetic sense, an eye for detail and manual dexterity to perform precise procedures… Dentists must also be good communicators”. This range of aptitudes, plus high educational requirements, is reflected in salaries. Dental School Usually, a university science degree is completed before acceptance into a dental program for four years. This qualifies someone for
If you have been considering converting your office to paperless charts, this is a great time to take the leap. Technology has advanced rapidly in recent years with cloud-based backup systems and massive amounts of storage capabilities, alleviating the concern of what might happen if the system goes down. Trusting that the technology won’t lose any information is no longer a concern. There are many other advantages to converting your office to a chartless environment, and here are the top ten: 1. Secure your records against the event of fire,
Make sure your dental financial plan reaches your goals with our six-step process that guides you through the financial planning process.
It’s RRSP season, the deadline of March 1, 2019 is quickly approaching! While many Dental Practice owners will make last-minute contributions, this might be your last. Many are not aware that there are far better and faster ways to save for retirement than an RRSP. Do you want to retire in your 50’s without having to sell your dental practice? Do you want up to 65% more of a retirement nest egg compared to a personal RRSP and have the practice pay for the contributions? Do you want to save thousands
Let’s keep more of what you earn Corporate Estate Bond Strategy: With the new tax changes that have been implemented by our Liberal Government, we need to explore new avenues to defer or even eliminate tax so we can retire comfortably and then pass along the rest tax free to our loved ones. Like many dentists, you’ve worked hard and saved for retirement. You find that you’ve got far more set aside than you and your spouse require. Your thoughts now turn to maximizing your estate for your children and
Tax Savings Using Your Car Find an average of $4,340 in tax savings per year on your car. Most dentists use their car for business. Whether it is… …associates driving to multiple practices …practice owners driving to their multiple practices …driving to dental conferences …driving to attend CE courses …driving to visit your professionals (accountant, lawyer, etc.) …the list goes on You’re Missing out on Tax Savings But the reality is, most dentists… …don’t track the mileage driven …don’t organize car expenses …don’t know what classifies as a valid business
Save on Tax with Medical Expenses Do you pay for any medical expenses out of pocket? If so, here is how you can save $4,002 in tax this year. Our client, let’s call her Sandy (name changed), had to pay for her daughter’s braces this year, which cost $7,500. With group benefits, that would never be covered 100%. In fact, her plan doesn’t even offer orthodontics. There are two ways Sandy could have paid for her daughter’s braces: Pay personally Pay via your corporation Pay Personally With a marginal tax