Focus on,
Improving My Dental Practice
You have moved beyond the “start-up” phase and proudly own an established dental practice. New patients are rolling in and cash-flow is looking good. But you begin to wonder… How can I improve my dental practice? Am I paying too much in taxes? Where should I invest my hard earned money?
Step 1
How Can I Improve My Dental Practice?
Once you have an established dental practice, the next step is to ask yourself how you can continuously improve your business to be the best it can be. From profit planning and seeking advice on operations to team building and effective telephone techniques, it is your responsibility to stay ahead of your competitors.
We are proud to have renowned dental practice consultant, Dr. Sharon Tiger as a leader at our firm. Dr. Sharon along with our team of experts provides Dental Practice Consulting services to help established dental practice owners fine-tune their business to be the best it can be.
Step 2
How Can I Pay Less In Taxes?
Our clients often ask us “how can I pay less in taxes?“, “am I paying too much in taxes?” or “what Tax deductibles do I qualify for?“. The truth is, you probably could be paying less in taxes, but knowing how to do this legally is where it can get tricky. From the car you bought for your dental practice and the dental equipment, to work functions and investment gains, there are many reasons you could qualify for a tax break.
At Edwards & Associates PC, we help you keep more of what you earn. It’s as simple as that. Our team of tax experts is highly skilled at identifying tax break opportunities while ensuring 100% compliance with IRS tax laws.
The Monthly Core Services is our #1 most unique service that sets us apart from other firms. We charge a flat-rate plan customized for each client. You will receive all of the typical tax & accounting services that we offer all clients, along with customizable options specific to your business and personal needs.
Step 3
Where Should I Invest My Money?
As the owner of an established dental practice, you have certainly generated some profits by now and what you do with that money will determine your future financial success. How you invest your newly earned profits will have a major impact on your retirement savings. It is important to always keep in mind that it is not just about the short-term strategy, it’s also about understanding how your money can work for you in the long term.
As a dental-specific CPA, we can help with just that! Our personal financial planning sessions are comprehensive 1-on-1 sessions with Robert Edwards (President) explicitly tailored to the client.
Step 4
When Can I Open a Second Dental Practice?
You might be thinking, “I did it once, I am sure I can do it again?”, but not so fast. Your first practice should be profitable for at least 2 years before even thinking of opening a second location. You also need to consider whether a bank would give you a loan in such a short amount of time. Remember, the bank won’t treat your second practice as a startup even if it is a startup, they automatically treat it as an expansion. Therefore, they will look at that cash flow of practice number one before any decisions are made to finance a second. That’s why the second location is usually the most difficult to start up for new business owners.
If you think you might be ready to open a second dental practice, let us review your financials before making a decision. We provide Consulting and Acquisition services to ensure our clients make the right financial decisions at the right time.
Step 5
Do I Need a Dental CPA?
If you are a dentist, with a taxable income, investments, assets, and plan to eventually retire, then the simple answer is yes. A dental CPA firm not only helps you make the best decisions for your dental practice but also helps you keep more of what you earn.
We are a CPA firm with over 30 years of experience, contact us to learn more!
Are you ready to meet us?
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Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.