The tax changes under President Trump have been major. In fact, the tax law changes are the most significant tax changes in more than 30 years. And given those major changes, many dentists are stepping back and re-evaluating what is best for their current needs.
Here are a series of questions that you should be asking to make sure you are in the best possible tax position.
- When is the last time you attended a conference for the dental industry?
- What is the best corporate entity structure for my practice?
- Would I benefit from cost segregation study to lower my taxes?
- Should I establish a pension program for my practice and would it be cost effective?
- Should I consider captive insurance to lower my effective tax rate?
- Should I have more family members on the payroll?
- How does my practice compare to my peers?
If you are serious about your financial future, then you should be working with a Dental CPA that not only focuses on the dental industry but knows the best ways to lower your effective tax rate with proactive planning and strategies.
All members within the Dental Accounting Association attend at least one major dental conference a year, plus large regional dental shows, along with several tax planning conferences. Over the years, the Dental Accounting Association is the only Dental Accounting Association that attends the major dental shows like the American Dental Association (ADA) Annual, American Association of Orthodontists (AAO) Annual and Amercian Academy of Pediatric Dentistry (AAPD) Annual. And yes, we attend more than our share of regional and state dental shows as well.
If you are tired of working with a local generalist accountant and would like to upgrade to a Dental CPA, contact us today and we’ll make the introduction.
Also recognize that we will have a few more new members joining us later this year so our coverage will be getting closer to you soon if there is not a local member already.