As part of the federal tax changes which came into effect January 1, 2020, there is an increase in the basic personal which is being phased in over four years until it reaches $15,000 in 2023. For 2020 the exemption amount increased to $13,229 … [Read more...]
Just for Dentists Newsletters
23
Dec, 2019 Critical Illness Insurance – It’s Worth Another Look
December 23, 2019 by
You have good practice income, and you are well covered by life - and disability insurance. Any additional insurance does not seem necessary. Take a look at Critical Illness (CI) insurance. Once you learn more about it, the benefits become more … [Read more...]
23
Dec, 2019 Exponential Growth: Tips for Success in a Saturated Market
December 23, 2019 by
Three years ago, Arnaldo Lopez left his associateship to start a brand-new practice from scratch in the most dentally saturated area of Miami-Dade county. He started with zero patients but now three years later he sees about 100 patients per … [Read more...]
10
Dec, 2019 Being Charitable Costs Less Than You Think
December 10, 2019 by
Making a donation before December 31, 2019 not only benefits your favourite charity but also reduces your income taxes. The amount of tax savings depend on whether you make a cash donation or a gift of assets, including the securities, artwork or … [Read more...]
10
Dec, 2019 Making Your Home Mortgage Tax Deductible
December 10, 2019 by
To minimize the after-tax cost of the mortgage payment, consider the following scenarios to deduct the mortgage interest for tax purposes. The sale and buy back You own personally investments worth $300,000. You sell the investment and use the … [Read more...]
24
Nov, 2019 Dentists Should Consider These Year-End Tax Saving Tips
November 24, 2019 by
As we approach the year-end, there is no better time than now to compile your checklist of tax saving strategies to reduce your income tax bill for 2019. Reduce tax on shareholder draws If you took large draws from your corporation, which … [Read more...]
24
Nov, 2019 Top 7 Financial Mistakes Dentists Make (And How to Avoid Them)
November 24, 2019 by
Dr. James Dahle is the author of the popular financial guide “White Coat Investor”. In one of his blogs he lists the big mistakes medical - and dental professionals make in handling their finances. Poor debt management This one begins when many … [Read more...]
12
Nov, 2019 Why you would need a Family Trust
November 12, 2019 by
Here is a summary of the benefits you can enjoy by setting up a family trust. Maintain control. As the trustee, you have full control over the trust assets within the scope of the trust document. The trustee also controls the allocation of income … [Read more...]
12
Nov, 2019 What separates the top 10% of dentists from the bottom 90%
November 12, 2019 by
The question of what separates the top 10% from the bottom 90% of dentists was put to top performers in dentistry. The answers are contained in the book “Titans of Dentistry: How the Top Performers Think and Act Differently” by Drs. Short and … [Read more...]
30
Oct, 2019 Income Splitting Tips
October 30, 2019 by
When you are in the 50% tax bracket, shifting income to a family member with a 20% tax rate, could generate a 30% tax saving. So, it would seem to make sense to transfer as much income as possible to your spouse and children. Of course, it isn’t that … [Read more...]
