Welcome back to The Dental Boardroom Podcast with Wes Read CPA, CFP!

In today's episode, we're pivoting from last week's discussion about reviewing your own financial statements to a powerful new focus: the 10 critical questions you should be asking your CPA every year — not just at tax time.

Why is this so important?

Most CPAs are historians by training — they look backward. But if you learn to engage them correctly, you can push your CPA into a more analytical, forward-thinking advisor role that will transform your practice’s financial success and help you build lasting personal wealth.

Key Points:

• Why Timing Matters: Waiting until year-end to talk with your CPA can cost you tax-saving opportunities. Meet proactively in Q2 and Q4!
• CPA as Historian vs. Planner: Most CPAs are trained to look backward, but with the right questions, you can push them to think forward.
• Financial Integration: The greatest value comes when your business cash flow planning connects directly to your personal financial goals.
• Personal Financial Independence: Route business profits smartly—either spend on personal expenses or build your balance sheet (assets).
• Avoid Financial Leaks: Without good cash flow control in the practice, money will leak away before strengthening your personal net worth.
• Schedule Smart Meetings: Ideal times to meet your CPA are after tax season (May-June) and after October 15th.
• 3 Sections for CPA Questions:

1. Profit & Loss: Understand your goals-based break-even and if you're hitting it.
2. Taxes: Stay ahead of tax liabilities, deductions, and strategic opportunities.
3. Financial Planning: Align your practice cash flow with your long-term personal financial goals.

• Key Concept: "Goals-Based Break-Even" — how much you must collect monthly to fund your current lifestyle AND save for financial independence.

#DentalBoardroomPodcast#DentalCPA#FinancialFreedom#PracticeCFO#DentistFinance#TaxPlanning#DentalPracticeManagement#FinancialIndependence#CPAQuestions#BusinessCashFlow#DentistWealth#DentalPodcast

The PTE Deductions: Don’t Miss Out!

If you're a dental practice owner in a state with state-level income taxes—this episode with is for you. Host Wes Read CPA, CFP dives deep into the Pass-Through Entity (PTE) Tax Election, a tax-saving strategy that can turn your state tax payments into a federal tax deduction.

This is especially important for dentists in high-tax states like California, New York, or any state with a 4%+ income tax. Wes breaks down what the PTE is, why it matters, and how to use it properly—so you’re not leaving money on the table.

Takeaways:

• Who needs to listen: Dentists in states with income taxes—especially high-tax states like CA, NY, NJ, etc.
• What is the PTE (Pass-Through Entity) Tax?
• A way to bypass the $10,000 SALT deduction cap on federal returns by paying state income tax through your business entity.
• Why it matters:
• Allows for a significant federal tax deduction for taxes you already have to pay.
• The IRS SALT Deduction Cap:
• Since the 2017 Tax Cuts and Jobs Act, there's a $10,000 cap on how much state and local taxes you can deduct when itemizing.
• How PTE helps:
• Paying taxes at the entity level converts those state taxes into fully deductible business expenses on your federal return.
• Watch out:
• There are rules and deadlines, and not every CPA proactively elects this. Be sure to confirm your CPA is doing this correctly.
• Standard vs. Itemized Deduction:
• Wes breaks down how deductions work and why understanding them is crucial for maximizing the PTE benefit.

#DentalBoardroomPodcast #DentalCPA #PTETax #DentalPracticeTips #TaxStrategy #HighTaxStates #PracticeCFO #DentalFinance #DentalTaxPlanning #PassThroughEntity #DentistLife #DentalBusiness #PracticeOrbit

Welcome back to The Dental Boardroom Podcast with Wes Read.

In this follow-up to our previous episode on structuring your Profit & Loss (P&L) statement with Wes Read CPA, CFP, we dive deeper into the how of using your financials strategically.

This episode walks you through 10 essential questions—or rather, areas of focus—to ask each month when reviewing your financial statements. These questions will help you uncover trends, evaluate performance, and guide your practice toward long-term financial health.

Wes also breaks down how to align your collections with personal financial goals like retirement and financial independence. He shares real-world advice on navigating fluctuations in revenue and expenses.

Whether you're a seasoned practice owner or new to analyzing financials, this episode is packed with actionable insights that will help you become a more financially empowered business owner.

Key Points:

How to read your P&L like a narrative, not just a spreadsheet

Monthly collection tracking: comparing last month, YTD, and last year

How to know if you hit your goals-based breakeven point

Strategies for consistent collection growth through marketing and operations

Identifying outlier expenses and validating through the general ledger

Why your practice financials should align with your life vision

Question 1: What were my collections last month and year-to-date (YTD), and how do they compare to last year?

Understanding variations in collections and what they indicate

Question 2: Did I reach my goals-based breakeven point for the month and year?

The importance of setting and measuring against personal financial goals

Question 3: How can I grow my collections consistently?

The role of marketing, operations, and planning in revenue growth

Question 4: Do any expense categories look too high or too low?

How to review the general ledger to validate expenses

Mindset: Be intentional about aligning your practice’s performance with your life goals.

#DentalBoardroomPodcast #WesRead #DentalFinance #ProfitAndLoss #DentalPracticeManagement #FinancialPlanning #PracticeOrbit #DentalBusiness #DentalCFO #CollectionsGoals #DentalGrowth #PlanAndProfit #FinancialIndependence #DentistLife

In this episode with Wes Read CPA, CFP and founder of PracticeCFO, explore a topic that is absolutely foundational to the financial success of your dental practice—your financial statements. Host [Your Name] (or "I") breaks down the importance of understanding your Profit & Loss Statement (P&L) and how it reflects the economic health of your practice.

Whether you’re preparing to sell your dental practice or simply want to make smarter financial decisions, this episode will help you interpret your numbers and transform your P&L into a powerful decision-making tool.

Financial statements are your practice’s financial X-rays. They tell the story of all your effort.

P&L (Profit & Loss) shows income and expenses; it's key to understanding your monthly performance.

Balance Sheet shows assets and liabilities—important, but covered in a future episode.

Your P&L should be reviewed monthly—ideally by the 15th–20th of the following month.

Understand Net Operating Income: what's left after operational costs but before debt, taxes, and personal draw.

A well-structured P&L is essential whether you're managing or selling your practice.

Tools like QuickBooks Online and REACH Reporting can improve report clarity and benchmarking.

#DentalPodcast #DentalFinance #DentalPracticeManagement #ProfitAndLoss #PracticeCFO #DentalBusiness #DentalAccounting #DentalSale #PlandL #BalanceSheet #DentalOwners #FinancialFreedomDentist #DentistLife #SellYourPractice #DentalConsulting

In this episode of The Dental Boardroom Podcast, Wes Read CPA, CFP, founder of a dental CPA and financial planning firm, dives deep into the Employee Retention Credit (ERC)—what it was, how it worked, and the lingering tax implications that dentists still need to address in 2025. From qualification rules and tax amendments to why the IRS is still behind on guidance, Wes breaks it all down with clarity and real-world insight. If you're a dentist who claimed the ERC or are still navigating its aftermath, this is a must-listen.

What the ERC is: A government stimulus program that provided financial relief to businesses during COVID closures, especially valuable to dental practices.

How eligibility was determined: Based on revenue drops and specific calendar quarters in 2020–2021.

Claiming the ERC: Typically filed retroactively through amended 941 payroll tax returns.

Why ERC resurfaced in 2025: The amendment window has closed, and many dentists are left wondering how to finalize tax treatment of ERC funds.

Tax implications explained: Receiving ERC impacts labor expenses, corporate profits, and personal tax returns—requiring multiple amendments.

When to file amendments vs. report ERC on current returns: Wes explains how to navigate reporting ERC on 2024 or 2025 returns if amendments weren’t done in time.

IRS delays and confusion: Lack of consistent IRS guidance caused delays and headaches for dental CPAs and clients.

Important advice: Include the ERC in your current or next year’s tax return if you're too late to amend previous years.

#DentalBoardroomPodcast #DentalCPA #EmployeeRetentionCredit #ERCTax #DentalPracticeFinance #COVIDRelief #IRSUpdates #DentalTaxPlanning #PracticeOrbit #DentalBusinessTips #TaxAmendments

Selling a dental practice is one of the biggest financial decisions in a dentist’s life—and it’s easy to make costly mistakes. In this episode, Brian Hanks sits down with Wes Read, CPA and founder of PracticeCFO, to break down the top 5 most common mistakes dentists make when selling their practice. From bad timing to poor team assembly, Wes and Brian share the insights every seller needs to avoid leaving money (and sanity) on the table.

Key Points:

Why selling too late can hurt your practice value

The hidden danger of “just listing with your CPA”

What happens when your staff finds out too soon

Why selling to the first buyer is often a trap

How working without a strong team can sabotage your deal

#PracticeSale #SellYourPractice #DentalBroker #DentalCPA #DentalFinance #PracticeCFO

In this powerful episode of The Dental Boardroom Podcast, host Wes Reed, CPA and CFP, sits down with the dynamic Stacy Farley—former corporate sales leader turned dental practice powerhouse. Stacy shares her remarkable journey from business and sales into the world of dentistry, specifically her transformational work in her father’s full arch dental practice.

Together, they explore what it really means to “sell” in dentistry, how to guide patients toward life-changing decisions, and why understanding the real value of treatment is critical for both practice growth and patient outcomes. With proven techniques, real-world stories, and actionable advice, this episode is a must-listen for any dentist ready to boost case acceptance and scale up with full arch treatments.

Stacy’s Background: From business and corporate sales (Jenny Craig/Nestlé) to transforming a leading dental practice.

Sales in Dentistry: Why "sales" isn't a dirty word—it's about guiding patients toward better health and confidence.

The 4 Core Benefits of Full Arch Dentistry:

Emotional Decision-Making: How patients often hit emotional tipping points before committing to treatment—and how to be ready.

Patient Communication Strategy: Asking the right questions and reframing value over price.

Sales Funnel Breakdown:

Unique Selling Propositions (USPs): Why standing out in a "full arch frenzy" market is crucial for private practices.

Actionable Tips for Dentists Getting Into Full Arch



#DentalPodcast #FullArchDentistry #CaseAcceptance #DentalSales #DentalMarketing #DentalPracticeGrowth #PatientCommunication #StacyFarley #PracticeCFO #DentalLeadership #PrivatePracticeSuccess #DentalBusiness #DentalBoardroom

Your credit score may not seem like a daily concern, but as a dentist, managing debt is an unavoidable reality. Whether it's student loans, a practice acquisition, or buying a home, your credit score can be the deciding factor in securing favorable loan terms. In this episode, we break down the essentials of credit scores, how they impact your financial future, and key strategies to improve and maintain a strong score. Learn why debt, when used correctly, can be a powerful tool for financial growth and how to leverage it wisely.

Key Points Covered:

✅ Why credit scores matter for dentists and practice owners

✅ The role of debt in wealth accumulation and financial leverage

✅ Common misconceptions about credit and debt management

✅ The five key factors that determine your credit score

✅ How to strategically use debt to build wealth and avoid financial pitfalls

✅ Why leveraging assets like a dental practice can create long-term financial success

✅ Practical steps to improve your credit score and increase lending opportunities

Resources & Links:

💡 Learn more about financial planning for dentists at PracticeCFO.com

💡 Check your credit score and track your financial health with AnnualCreditReport.com

#DentalFinance #CreditScore #DebtManagement #DentalPractice #FinancialFreedom #WealthBuilding #DentistLife #PracticeOwnership #SmartInvesting #FinancialPlanning

Summary:

In this episode of The Dental Boardroom Podcast, Wes Reed, CPA and Certified Financial Planner, dives into the critical importance of having an emergency reserve fund both personally and for your dental practice. Wes breaks down why cash reserves act as "sleep insurance," offering peace of mind during financial fluctuations. He shares insights on how much money to set aside, how to manage it wisely, and how to generate returns without risking your financial stability. Whether you're dealing with unexpected expenses, equipment failures, or seasonal slowdowns, this episode will help you create a solid financial safety net.

Key Points:

• Understanding the concept of an emergency reserve fund
• Why financial stress is common among dentists
• How much to keep in your business and personal reserves
• Managing fixed costs and navigating cash flow fluctuations
• Avoiding the debt cycle for unexpected expenses
• Using financial reports to identify cash flow patterns
• Psychological benefits of having a reserve fund
• Tips to earn a return on your reserve while maintaining liquidity

#DentalFinance #EmergencyFund #FinancialPlanning #DentalPracticeManagement #CFOAdvice #BusinessFinance #CashFlowManagement #DentistLife #SmartMoney #DentalCPA #FinancialFreedom #BusinessPlanning #MoneyManagement #DentalPodcast

Episode Summary:

In this episode of The Dental Boardroom Podcast, Wes Read, CPA and Certified Financial Planner, dives into the importance of establishing a spending plan to achieve long-term financial freedom. Wes discusses common financial pitfalls dentists face, the psychological challenges around budgeting, and actionable strategies for taking control of your money. Learn how effective spending and disciplined saving can set you on the path to a secure retirement and a fulfilling life.

Key Points:

1. The Importance of a Spending Plan: Why a spending plan is a more empowering concept than a traditional budget.
2. Understanding Your Actual Spending: Most people underestimate their expenses by 40-50%.
3. The Power of Saving: How saving $100,000 a year with 8% growth can lead to $7.3 million in 25 years.
4. Delayed Gratification and Pent-Up Consumerism: Overcoming the urge to overspend after years of dental school.
5. Financial Stress Among High-Income Earners: Why even high earners often feel financial stress and how to mitigate it.
6. Avoiding Debt Traps: Recognizing the risks of easy access to credit and making smarter financial decisions.
7. The Concept of ‘Enough’: Defining your personal financial goals and resisting societal pressure to accumulate unnecessary wealth.
8. Practical Steps: Implementing systems to automate savings, monitor spending, and align financial choices with long-term goals.

Quotes to Highlight:

• "Rich people stay rich by living like they’re broke, and broke people stay broke by living like they’re rich."
• "Budgeting isn’t about restriction; it’s about aligning your spending with what truly brings fulfillment."
• "Your spending plan is the bridge between your income and your goals."

Resources Mentioned:

• Book: Enough by John Bogle
• Website: PracticeOrbit.com for buying or selling a dental practice

#DentalBoardroom #FinancialFreedom #DentistFinance #SmartSpending #WealthManagement #PracticeOwnership #DentalSuccess #BudgetingTips #MoneyMatters #RetirementPlanning