Adam Tenaschuk

Financial Planning Timeline for New Dental Practice Owners

Starting your own dental practice is an exciting step, but it comes with financial challenges that require careful planning. A solid financial plan acts as a guide, helping you manage costs, forecast income, and make informed decisions. Without it, you risk overspending or missing key growth opportunities. Understanding the financial timeline is essential. From initial budgeting and securing funding to managing cash flow and planning for long-term goals, each step plays a role in your practice’s success. Knowing what to prioritize and when can reduce stress and keep your practice

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7 Tax Deductions Dentists Often Miss That Save Thousands

Running a dental practice comes with many responsibilities, and managing taxes is one of them. As a dentist, you might focus more on patient care than on financial details, which means it’s easy to overlook valuable tax deductions. Missing these opportunities could result in paying more tax than you need to. Knowing which deductions apply to your practice can make a big difference. From equipment expenses to staff training costs, there are several areas where you might save. By understanding these deductions, you can reduce your tax bill and keep

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Smart Tax Strategies That Put More Money in Associate Dentists’ Pockets

Are you watching too much of your hard-earned income disappear to taxes each year? As an associate dentist in Canada, you’re likely paying close to 50% of your income in personal taxes – but it doesn’t have to stay that way. After working with hundreds of dental professionals, we’re still amazed by how many associate dentists miss out on legitimate tax-saving opportunities. Most think tax planning is only for practice owners, but associates actually have some incredible options available – if you know where to look. Today we want to

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Dental Practice Valuation: What Impacts Your Practice Worth

You’ve spent fifteen years building your practice. Late nights, weekend emergencies, countless hours perfecting your clinical skills. Now you’re thinking about what comes next – maybe retirement, bringing in a partner, or just understanding what you’ve actually built. Here’s what we see happen all the time: dentists walk into valuation meetings with completely wrong expectations. Last month, we had a client who was certain his $900,000 revenue practice was worth at least $700,000. The appraisal came back at $480,000. He was devastated. On the flip side, we’ve seen practices that

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Data Analytics in Dental Practice Accounting: Enhancing Financial Insights

Data is often painted as a solve-all window of insight – a simple yet prolific thing every modern business owner has at their disposal. But actually benefiting from it isn’t given. Tangible takeaways require intentional and thorough review. That’s especially true when it comes to data analytics in dental practice accounting. This unique industry presents distinct challenges that require specialized approaches to everything from interpretation to strategic planning. Today, we’re sharing a bit of both. What Makes Data Analytics in Dental Practice Accounting Different Unlike traditional retail or service businesses,

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Retirement Planning Checklist - Dental Tax

Retirement Planning for Dental Practices: Strategies and Options

Retirement might be a long way off for you or your team. But that doesn’t mean it shouldn’t be a priority. Proper planning now serves the immediate interests of attracting and retaining great staff. When you prove you care about their long-term financial prosperity, they’re more invested in more ways than one. Today, we’re exploring the topic of retirement planning for dental practices – what it involves, how it’s unique, and which strategies and options make the most sense for this specific industry. Retirement Planning for Regular Businesses Retirement benefits

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Modern Dental Office with Patient Chair – Dental Tax

Payroll and Employee Benefits for Dental Practices

There’s no contesting the fact that dentistry is a career of passion. Ask almost any doctor or hygienist, and they’ll tell you they do what they do because they love it, not for money. Yet at the end of the day, everyone has bills to pay. Timely remuneration and reliable employment benefits remain essential to job satisfaction. In this article, we delve into the fundamentals of payroll and employee benefits for dental practices so you can set up a strong, compliant system that keeps staff happy. Payroll and Employee Benefits

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Modern Dental Equipment Setup - Dental Tax

Optimizing Accounts Receivable for Dental Practices

Money makes the world go round in a metaphorical sense. For businesses, it’s literally what keeps the lights on and doors open. Dentists appreciate this more than most given their lofty operational costs. With expensive equipment, a team of specialized staff, and countless other expenses to pay, there’s no waiting around for payments. Luckily, the collections process can be streamlined in several ways – you just need some expertise and strategy. Today, we’ll discuss how in our guide to optimizing accounts receivable for dental practices.  What is ‘Accounts Receivable?’ Accounts

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Tax Preparation and Receipt Management – Dental Tax

Implementing Internal Controls in Dental Practice Accounting

‘Checks and balances’ has multiple meanings in the context of accounting. You’ve got the literal kind – i.e., paper slips used to issue payments and forms recording financial transactions – and likewise intangible ones that exist to mitigate risk. Today, we’re talking about the latter. Implementing Internal Controls in Dental Practice Accounting is a difficult but ultimately pivotal task every clinic must make a priority when handling financial matters. Keep reading to learn more about the what, why, and how of doing it right. Why Accounting Necessitates Controls While accounting

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Dental Accounting and Finance Concept – Dental Tax

Accounting Outsourcing for Dental Practices: Benefits and Best Practices

Kind of like tooth brushing, accounting is one of those things in life everyone has to do. Only in this case, it can be delegated. The responsibility for maintaining your practice’s financial health doesn’t have to rest solely on your shoulders. For many dental practice owners, outsourcing accounting functions has become a strategic decision that allows them to focus on patient care while ensuring their business operations remain efficient and compliant. This article explores the key considerations and best practices for dental practices looking to outsource their accounting needs –

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