Top Ten Dental Practice Questions
1. Entity Selection – Should I Incorporate? If so, S Corp, C Corp, LLC,
Sole Proprietorship, General Partnership? What do all these options mean
to me, and how do they affect my tax return?
2. Operating Expenses –Compared to industry averages, how are my
direct expenses and fixed expenses? Am I overstaffed? Understaffed?
Should I hire a hygienist? What about an Associate? Are my dental supplies
too high? Is my profit margin what it should be?
3. The cash coming across the counter is landing in someone
else’s pocket
– What steps can I implement to reduce the chance of fraud
and embezzlement in my practice.
4. Equipment – Should I lease or purchase equipment? What are the tax
ramifications of each?
5. Retirement Planning – Should I implement a retirement plan? If so, which type? If I already have a plan, is it enough?
6. Tax Planning – The obvious question: How do I reduce my income taxes?
7. Financial Statements – My CPA prepares my financial statements, but he/she doesn’t work with many dentists so I don’t know how to
interpret the financials. How do I know how I’m operating compared to industry averages? Why can’t my CPA tell me?
8. I’m ready to own my own shop. But do I purchase a practice or start from scratch?
9. Associate Earnings – What are the tax ramifications of being paid as a W-2 employee/associate vs. a 1099 independent contractor?
10. My CPA – Why do I need a dental-specific CPA? Aren’t all CPAs created equal?
If these (or any other questions) ring a bell with you, please contact us for a free initial consultation. We’ll be happy to meet
with you to discuss any concerns or questions you may have.