Make sure your dental financial plan reaches your goals with our six-step process that guides you through the financial planning process.

Financial planning for dentists is vital to running a successful dental practice. Your financial plan should highlight your short-term and long-term goals and provide details on reaching them through actionable steps.

With a comprehensive financial plan, you should feel at ease knowing that you have clear goals to attain. According to FPSC research, more than 80% of people with comprehensive financial plans say they feel on track with their financial affairs, vs 44% without planning. 

A detailed financial plan will not only factor in your current financial position but will also account for your future goals and needs. From this initial structure, your plan will provide you with strategies and guidance to help you on your way to achieving your targets.

There are six financial planning elements: Investment preparation, Financial management, Insurance and risk management, Estate and legal, Retirement planning and Tax preparation. Your plan should entail all of the elements in detail to ensure the plan works strategically and cohesively. 

With clear communications between you and your trusted advisor, you can receive the maximum compensation from the process after providing complete and up-to-date financial documentation. 

There is a six-step process to achieving a successful financial planning system that will take care of your short-term and future goals: 

  1. Mutual understanding with Trusted Advisor: Outlining your needs between you and your trusted advisor is the first step in the process and is essential to set-up the right financial plan for you. With a mutual understanding, you can work together to create a system that will meet your expectations.
  2. Outline goals: Talk about your financial goals to your advisor and find out what information is required to fulfill the plan.
  3. Advisor evaluations: Your advisor should take all the necessary documentation and devise a plan to fit your financial requirements. Your advisor should develop a comprehensive outline of where you can save in both the short and long term. 
  4. Assess written plan: Once your advisor has determined the best plan for you, go through her/his recommendations covered in a detailed plan.
  5. Implementation: After you and your advisor have agreed on a strategy, you can now implement your financial plan.
  6. Monitor: Your financial plan will require revisions and changes throughout its tenure. You and your advisor should amend your plan when needed in the future to keep you on course to reach your goals.


Your financial plan should entail:

  • A list of prioritized goals. Such as desired retirement age, paying off debt, education fees and business purchases.
  • Tax preparation plans to minimize taxes payable and to maximize your financial circumstances. 
  • A written report of your current financial situation.
  • Future actions report clarifying a timeline for any changes or revisions of your financial plan.


One of the critical points in financial planning is to keep on top of your plan. If you neglect your schedule, your goals and future aspirations could be in jeopardy. Going through your plan with your trusted advisor annually could save you thousands in the future and maintain your targets until your retirement. 

At Dental Tax, we realize you’ve worked hard to create your dental practice. So let us work even harder to protect what you’ve earned. Book your FREE consultation today at and start saving thousands in taxes each year.

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