The Edwards and Associates team is back answering some frequently asked questions. They’re kicking this episode off with one of the biggest questions they get about car buying and some of the biggest misconceptions when using your car as a tax deduction.
Also discussed in this episode is why putting your kids on your payroll could be beneficial and what you need to do to avoid raising any red flags.
Plus they cover what dentists should understand about buying multiple practices, like what you should know when proceeding with starting the second practice, why utilizing the same bank for all of your locations could be a very wise move, and why dreaming of someday owning 10 practices might not be what you really want (even though you think it is). They offer some great advice based on what they’ve seen their clients struggle with when taking on this pretty difficult goal.
Another topic covered is business personal property tax, these aren’t just random letters that come in the mail, they’re for real! The team breaks down what this tax is all about and what you need to know.
And of course, last but not least, they talk about implementing a 401k in your practice.