Tax Season: The Benefits of Filing with an Accountant | Academy of Dental CPAs


During tax season, having a skilled Certified Public Accountant (CPA) on your team is crucial for safeguarding your investments and ensuring the ongoing success of your dental practice. Instead of considering shortcuts, it’s important to understand why hiring a professional accountant is a wise choice. Here are several reasons why working with a proficient dental accountant from ADCPA, an Academy of Dental CPAs member, is a smart decision.

  1. Mastery of the Tax Code:
    Dental accountants have an in-depth understanding of the tax code, which is complex and subject to frequent revisions. Keeping up with these changes is a full-time job. As a dentist, your focus is on running your practice, leaving little time to navigate shifting tax laws. Relying solely on accounting software may not uncover all available deductions. Hiring an accountant who specializes in dental practices ensures you take advantage of all eligible deductions and provides peace of mind come tax time.
  2. Maximizing Deductions:
    To maximize deductions, you need a skilled financial expert to ensure you claim every deduction legally available to you. This is particularly important for small businesses, including dental offices. Collaborating with an experienced dental accountancy firm like ADCPA gives you access to valuable advice and financial analysis to help prepare quarterly estimates.
  3. Risk Mitigation:
    Taxes are an area where cutting corners should be avoided. A single mistake can trigger an audit, leading to potential complications and significant costs. Working with a dental CPA throughout the year ensures your tax documentation remains in order, minimizing the likelihood of errors and potential penalties. Accurate record-keeping guarantees you receive all eligible deductions.
  4. Preserving Your Dream:
    As a small business owner, you have a risk-taking spirit, but even risk has its limits. Don’t jeopardize your dreams by cutting corners on tax preparation. By collaborating with ADCPA, you gain peace of mind to protect your hard-earned achievements. Choose a dental accounting firm that prioritizes your interests, offers long-term strategic guidance, and provides valuable analysis and advice.

In conclusion, working with a professional dental CPA like ADCPA is a strategic move that significantly impacts the financial health and prosperity of your dental practice. Their mastery of tax codes, ability to maximize deductions, expertise in risk mitigation, and dedication to safeguarding your achievements make them indispensable partners in your journey toward success.

Notice from the U.S. Small Business Administration

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. 

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Also, we encourage you to subscribe to our email updates via www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

Our Joint Correspondence with the ADA

Dear Schiff Clients,

Happy Monday to all!

I hope each of you are well, and your family is well and your employees are well too!

As all of you know, I have been working with the ADA along with my Academy, the ADCPA, in getting a message out to the 200,000 Dentists in the US. There was a FORBES Magazine Article published this week that contradicted my comments on the ADA webinar this past Friday. That created a lot of confusion for the 10,000 Dentist that were on the podcast. As it turns out, we needed to put together a joint correspondence with the ADA, which is attached, which supports my comments on the ADA Friday webinar. TG!

Click Here to Read Our Joint Correspondence with the ADA

Important COVID-19 Banking Information

Due to the recent development of COVID-19, your banking information may have changed:


BankTerms
Affinity Bank1 day turn around on Lines of Credit (if existing customer) and 3 months deferred payments.
Bank of AmericaInterest only 90 days, must request
Bank of America60 day deferral of payments + line of credit
BBVA Compass60 day deferral of payments + line of credit
Chase60 day deferral of payments or interest only for 60 days + line of credit
CiticorpCurrently working on a deferral program on a case by case basis
First CitizensNo payments for 60 days (must request), business unsecured loans for up to 24 months with a low fixed interest rate
Lendeavor60 days deferred payments
M&T90 day payment deferral,interest accrues during the 3 months
PNCInterest only 90 days & possible 90 day total deferment
PNC60 day deferment
Prosperity Bank60 day deferral of payments + line of credit
South StateInterest only 120 days
Wells Fargo3 month deferment
Zion BankReview each request, It could be a line of credit, interest only period, or a deferment of P&I for a period of time
SBAExpress Loan Payment , limited to 10% of Fee Income , priced at prime 3.25% plus 1% to 3%
Student LoansWill be mandated to come up with a payment deferral program;   https://www.sba.gov/funding-programs/disaster-assistance

Please contact us for more information.

Academy of Dental CPAs | Retire Confidently With a Dental Accountant

There is a saying made famous by Stephen Covey that has stuck with us for years. The saying goes, “begin with the end in mind”. While these words can mean many different things to many different people, to us, they mean that it’s never too early to start planning for your retirement. 

As a dentist with your own practice, your eventual retirement requires a great deal more planning than that of the average person. Hiring a dental accountant can reduce your financial waste, helping you to retire sooner with confidence. 

If retirement planning feels like it’s still a long way down the road, consider what has to be accomplished in order to ensure success:

  • In-depth debt reduction strategies
  • A strong practice exit plan (estate planning)
  • A retirement funding plan
  • Understanding risk management
  • And, if necessary, providing for your family.

It’s never too early to start working your way through this list. In fact, its recommended by most accountants that you meet with your advisor at least once a year to report on your progress and make necessary adjustments. 

Think of a dental accountant like a financial coach. Among the many services offered, accountants can help you find the right pensions, properties, and business opportunities to invest in while you’re still working. As your revenue starts to increase, they can also help you understand where your money is being spent in order to put you in better financial shape once you’re ready to retire. 

When you do retire, an accountant will also help you divvy up your assets while making sure they don’t fall into the wrong hands.

Retirement shouldn’t feel like work. Start building financial peace of mind today with a certified dental accountant. Call our office to get started today.  

ADCPA
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Tax and Retirement Planning for 2017, by J. Haden Werhan, CPA, PFS

The new year brings with it both good and bad news for dentists as they plan ahead for taxes and retirement. Each year, the IRS announces cost-of-living adjustments (for everything from tax brackets, to the standard deduction, to personal exemptions), various phaseouts, and retirement plan limits. There were few changes from 2015 to 2016, but 2017 is another story, with a significant increase in Social Security tax and a modest bump in certain income limits that may affect your retirement planning.

Click here to view or download the full article.

Retirement Plans for Dentists, by J. Haden Werhan, CPA, PFS

As practice owners, dentists should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to a retirement plan. In return, however, you’re required to include your employees in the plan, and to give a portion of the contributions you make to those employees who are eligible. Even so, a retirement plan can provide you with a tax-advantaged method to save for your own retirement while providing your employees with a powerful and appreciated benefit, especially in today’s competitive employment market.

Click here to view or download the full article.