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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

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

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

If there’s one thing everyone can count on in life, it’s taxes. Businesses aren’t immune to the responsibility – if anything, they face an extra burdensome process. Riddled with forms, rules, exceptions, deductions, and of course, risk, springtime financial review isn’t something you want to go alone. Look no further than the following guide on tax planning and compliance for dental practices as this year’s deadline nears. In it, we unpack the unique challenges dentists face and how to structure your practice to maximize tax efficiency without raising red flags

Financial management for dental practices is a full-time job. You can have a great team of care providers, but their work will only pay off if and when budgeting, cash flow, and more are managed effectively. This guide explores the essential components of dental practice financial management, providing actionable insights for practitioners seeking to optimize their business performance while maintaining clinical excellence. Budgeting, Defined A budget is a financial plan that outlines expected income and expenses over a specific period. It serves as a roadmap for money management by tracking

After months of speculation and preparation, it looks like changes to Canada’s capital gains tax won’t happen. This is one of many last-minute pivots from the ruling Liberal government as it prepares for an upcoming federal election. With career economist Mark Carney at the helm, priorities and policies across the board have been revised – and arguably dialed down in aggressiveness – to better align with moderate voters. Axing the original plan for capital gains taxes won’t come without implications, though. Numerically, the move means passing up $19.4 billion in

It doesn’t matter whether the context at hand is financial reporting for dental practices, convenience stores, or laundromats – balanced books pay long-term dividends in business sustainability. Of course, processes differ between industries. Oral healthcare professionals are challenged with uniquely complicated billing systems, insurance claims, patient co-pays, and various procedure codes. Add in specialized equipment investments, regulatory compliance requirements, and staffing considerations unique to dental clinic settings, and the financial landscape becomes even more complex.  As a dental business owner, you need more than just general accounting best practices –

From managing insurance claims and patient billing, to tracking procedure-specific costs and revenue, dental offices face unique financial workflows that generic software simply wasn’t built to handle. You’ll save yourself lots of time – and money – with a market-specific solution. In this article, we’ll explain the key considerations that go into choosing the right accounting software for dental practices big and small. Accounting Software for Dental Practices is Worth the Investment Before making the case for industry-specific solutions or discussing what goes into choosing the right accounting software for

Discussions about dental benefits often focus on the client side – coverage patients get from their insurance providers or employers. However, equally important is understanding how dental practices themselves handle benefits and payroll for their own staff. From hygienists to front desk personnel, managing payroll and employee benefits for dental practices requires industry-specific considerations. We take a deep dive into those considerations in this article. Canadian Payroll and Benefits: What Employers Need to Know Every business in Canada is expected to provide its employees with the same basic employment rights

Dental practice accounting isn’t unlike other types of accounting in that it’s susceptible to fraud. Add money into any equation and people will find opportunities for dishonest behavior. Whether it’s skimming cash payments, falsifying insurance claims, or manipulating financial records, dental clinics are vulnerable on the inside and out. In this article, we’re highlighting some of the greatest risks to be aware of as a dental business owner along with must-know tips for fraud prevention in dental practice accounting. Common Fraud Schemes In Dental Practices As mentioned above, dental practices