As a dentist, you specialize in taking care of your dental clients’ oral health – you aren’t an accountant or tax specialist. Most dentists are unaware of all of the tax credits they are eligible for, and don’t have a financial plan to maximize their tax return. To help you avoid some pitfalls, below are 5 common tax mistakes dentists make. 1. Not Realizing the Impact of Tax Dentists have the potential to become high earners; the downside of this is that they can end up paying high income tax.
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,
You’ve been the owner of a successful dental practice for a number of years now, and you’re feeling satisfied. You’ve hired lots of amazing employees, increased your profits and kept your patients happy, but now you’re thinking about retiring. You’ve come to the conclusion that it might be best to sell your dental practice and that’s okay! You deserve it. As the owner of a profitable dental practice, you have a lot of industry knowledge, but when it comes to selling it, do you even know where to start? This