November 08, 2024

Tax Estimates vs Reality: Why Your Practice's Tax Bill Feels Like a Root Canal

21 minutes

If you’re a new practice owner, brace yourself for the potential tax shock that can come from unexpected expenses and obligations. Today I’ll break down tax estimates and projections to help you navigate the numbers more confidently. I’ll walk you through various scenarios that different practice owners face, from startups to acquired practices. I also highlight the unique tax implications that come with each.

Established practices aren’t off the hook either—there are plenty of tax surprises waiting around the corner. Together, we’ll explore strategies for navigating these challenges, ensuring you’re well-prepared. Finding the right tax professional is crucial, so I’ll share tips on spotting legitimate experts in dental taxation and the key credentials to look for. Experience matters, especially when it comes to working with dentists, so we’ll discuss what to prioritize when choosing your tax advisor.

I’ll emphasize the importance of being wary of professionals who might push investments without a solid strategy. You won’t want to miss the real-world examples of tax strategy scams and the high fees that often serve as a red flag. Finally, we’ll delve into comprehensive tax planning approaches, focusing on the modern strategies that ensure consistency in your tax planning efforts.

What you'll hear in this episode:

[1:45] Breaking Down Tax Estimates and Projections

[4:05] Tax Considerations for Acquired Practices

[5:20] Tax Surprises for Established Practices

[7:55] Navigating Tax Strategies

[9:40] Spotting Legitimate Tax Professionals

[11:00] Identifying True Experts in Dental Taxation

[12:40] Beware of Investment Pushing

[14:35] Red Flags

[15:25] Comprehensive Tax Planning Approaches

[18:05] The Modern Approach to Tax Planning

[19:35] Consistency in Tax Planning