Have you wondered whether you actually need to have a CPA accountant who specializes in the oral health industry rather than a generalist accountant nearby? Here are four signs that confirm you do:
- You earn over $150,000 per year – Your odds of being audited once you start earning over $150,000 a year increase quickly. Yes, the IRS is much smaller than it used to be but they are also focusing more on higher wage earners so your odds of getting audited increase exponentially as you earn more.
- You are self-employed or own an oral health practice – Utilizing the services of an accounting professional is vitally important for any business owner or dental contractor. Tax laws change annually and the biggest change in decades just occurred. The current US tax code is 67,204 pages long and there are over 1,638 different forms. Making sure all of your deductions are included, your assets are depreciating properly, and you are maximizing your tax savings will wind up saving you money in the long run.
- You are experiencing rapid growth in your practice – Not only is keeping your finances up to date time-consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in a CPA professional focused on the oral health industry. Having more customers, employees, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to manage.
- You own an office building or are considering adding a new location – Owning your office building can have significant tax saving opportunities if planned properly. Also, office building improvements is another huge tax saving opportunities that most generalist accountants overlook.
If you answered yes to one or more signs above, then complete this form and a Dental CPA will contact you quickly to access your situation.
Dental Accounting Association
All members of the Dental Accounting Association are licensed CPA’s and have been vetted. Each firm attends at least one national dental show (e.g., ADA, AAO, AAPD, AAOMS, etc.) along with some regional dental shows. In addition, each firm is provided with advanced training in proactive tax planning which is well beyond the state requirements for being a licensed CPA. This advanced training is designed to find loopholes, credits, deductions and strategies to lower your effective tax rate. While these methods are perfectly legal, they often require extra work that a local generalist would never consider to offset the incremental time demands.