2018 taxpayers will see many changes related to individual taxes due to the “Tax Cuts and Jobs Act” passed in December 2017. Many of the provisions in the new law expire (sunset) January 1, 2026. The changes affecting most individual taxpayers include: Read the full article on our website.  Click here for direct access:  https://nlgroup.com/dental-cpa-blog/tax-changes-watch-2018 ..read more

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So you’re in the market looking to buy a dental practice, and you’ve seen information from brokers with summary practice information. As you’re looking at the overhead information, you think that some of the OH stats look really low and that must be great, and some look really high, and that must be terrible, so you quickly disregard the high OH practices and move on.  Well, I’m here to tell you that sometimes the opposite is true. The ones that appear to have low overhead may not have low overhead at all, or there’s a not so good reason the overhead is low….that’s going to have to wait ..read more

It’s estimated that most dental practices overpay their taxes. We don’t want yours to be one of them! There are several deductions where your dental practice could be saving money on taxes, even on everyday expenses. Two words to keep in mind when claiming dental tax deductions: ordinary and necessary. Both conditions must apply for the expense to be tax deductible. Read below for eight dental tax deductions to keep more money in your practice.  Some tax deductions you’re probably already aware of, like premiums for malpractice insurance or the 50 percent deduction for meals and entertai ..read more

The modern dental practice is an efficient, patient-centered experience that seamlessly integrates technology into everyday processes and procedures. Does this sound like your dental office? Even if you answered yes, read on for suggestions on the best technology to invest in for a more productive, profitable dental practice – and how to make your equipment wish list a reality with bonus depreciation. CAD/CAM Technology If your dental practice doesn’t yet have a CAD/CAM system, now is the time to consider it. CAD/CAM, or computer-aided design and computer aided manufacturing, is a digital proc ..read more

Could you be paying too much in taxes for your dental practice? Below are five areas where you may be overspending. Deducting Business Expenses Other than the typical business expenses you’re probably aware of, like meals and entertainment and mileage, there are other deductible business expenses that could save you more on taxes. These include business insurance premiums, retirement plans, employee pay, medical benefits, rent, tax preparation services, and more. The key is if the business expense is ordinary and necessary. Entity Type Your dental practice’s business structure can also ..read more

Did you resolve to make better financial decisions for your dental practice this year? Financial improvements are the third most popular resolution people make on January 1. It’s not too late to make progress for 2017. Use this guide as a starting point to set up your office for success. Tips for Financial Success from the ADA According to the American Dental Association (ADA), smart financial planning for dentists begins with a profitable practice. A profitable practice begins with raising fees. A good rule of thumb is to implement a small increase every ten months; that way, you’re ..read more

According to a recent study on dental practice seasonality trends, March and April are among the busiest months of the year. Does this sound like your dental practice? If so, you’ve no doubt also noticed this coincides with tax season. To help make your busiest months a little easier, here are the tax deadlines for March and April. March 15 Dental Partnerships should File a 2016 tax return (Form 1065). Provide each partner in your dental practice with a copy of Schedule K-1 of Form 1065, or a substitute Schedule K-1. To request an automatic 6-month extension to file the return and pr ..read more

If you haven’t already, it’s time to skim through your tax documents to ensure you are well prepared for filing. Here are some important items to remember: Check your records for invoices of single item purchases of more than $2500. These fixed assets need to be capitalized. Review your invoices to make sure nothing is coded as an asset that should be an expense or the other way around. Gather all your year-end loan, bank, and credit card statements so you can tie down balances as of 12/31. Review receipts of meals and entertainment to see if anything should be coded to employee expenses. Of ..read more

You are out of school, and it’s time to begin your dental career. Where will you start? Have you found a place to work? As multiple questions run through your head, let’s discuss some tips that will help you navigate through the “what’s next” phase so you can start in the right direction. Gain Experience Working for an existing practice will help you gain the experience you need to develop your skill sets as well as well help to build relationships with patients without the concerns or challenges of a business owner. Do Your Research When researching the best place to practice your associatesh ..read more