Adam Tenaschuk

Estate Planning for Dentists: What You Need to Know

Estate Planning for Dentists: What You Need to Know

Proper estate planning for dentists is critical for protecting loved ones, legacy planning, and ensuring your patients will continue to be cared for. When you plan for the future, remember to consider both your practice and business assets, as well as your personal assets in your estate planning. Dentists need an estate plan more than most people, because of the added complexities of having a heavier reliance on a dental practice as an asset and income, and more limited liquidity. Have a Will Having a current will is critical, to

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Dental Planning for Expansion

Dental Practice Growth: Planning for Expansion

In the highly competitive dental care industry, practices must prioritize growth, patient acquisition, and volume increase for financial stability and success. Dental Practice Growth Planning for Expansion is crucial in achieving this. Having a dental practice growth strategy helps dental clinic owners focus on the business side of their practice to ensure success. Unsurprisingly, many dentists tend to neglect business decisions and activities in favour of focusing on providing dental health services, since it is what they went to school for. However, it is important to grow your dental practice

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Tax Burden or tax Liability

Maximizing Your Dental Practice’s Tax Savings

A great way to increase wealth is to cut back on the taxes you pay. In Canada, tax is a huge expense for dentists. To get ahead, a strategy to reduce your tax burden is essential. Reduce Tax Burden or Tax Liability of Your Dental Practice Dental practice owners can take advantage of a few tax planning strategies for their dental practices. Not every strategy will work for you, but even leveraging a few can make a big difference in the tax you pay, in effect increasing your business income.

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5 Common Tax Mistakes Dentists Make

5 Common Tax Mistakes Dentists Make

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.

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Navigating Dental Insurance: A Guide For Dentists

As a dentist, you can have different experiences in dealing with dental insurance. If your office helps coordinate the insurance plans’ coverage for customers, which many dentist offices do, to encourage customers’ loyalty, you may be dealing with multiple insurance providers in that way, as a provider of dental services. You may also have an alternative experience – that of a covered recipient. Coordinating Dental Coverage As A Dental Services Provider Developing a good working relationship with insurance providers, and becoming familiar with insurance plans is a good first step

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Dental Practice Management: Tips and Best Practices

Dental practice owners often struggle with the business management aspect of their business when they set up their own dental practice. As dental professionals, their strengths lie in their education and experience in providing dental care, not business management. However, making your dental practice stand out to prospective patients, developing effective dental practice management systems, and ensuring good accounting and general business support practices, as well as other key business best practices, are essential to a successful and thriving practice. Why Is Dental Practice Management Important? Many potential and existing

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How To Promote Dental Clinic

Marketing helps you reach potential patients, plus maintain a good, ongoing relationship with current patients. However, knowing how and where to spend your marketing budget and efforts can be difficult. Digital marketing is a critical aspect of any strategy since most people search online for medical professionals, but other methods are effective as well. An effective strategy overall is essential to achieve the best results. Dental Marketing Strategy Start with a dental marketing plan to ensure it is coordinated and measurable. Define your goals for your dental marketing campaigns, to

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Tax Planning Strategies: Tips, Steps, Resources For Planning

There are several tax planning strategies that are recommended to reduce the amount of taxes you may have to pay. Generally, tax planning involves finding potential tax deductions or tax credits. Tax deductions reduce taxable income, while credits reduce what taxes you pay on your taxable income. Reduce Taxable Income and Maximize Tax Deductions A deduction lowers your taxable income and the tax rate used to calculate your tax, for a larger refund. A credit reduces your tax amount to be paid. Certain tax credits can give you a refund

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How Much Does It Cost to Build a Dental Office?

If you are looking to start your own dental practice, you might be considering opening it up in a new community where there are no existing practices. This may mean you will need to build a new dental clinic and office and are curious about the various considerations and factors that affect what you might expect to pay, beyond the obvious construction costs. Aspects such as the location will have a large impact on the cost to build. However, it is also important to consider getting value out of your

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