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...]
Just for Dentists Newsletters
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...]
30
Oct, 2019 Turn Satisfied Patients Into Raving Fans
October 30, 2019 by
The average dental office has a patient retention rate of just 65%, according to research by the practice analyst Lee Bentz in an article for the California Dental Association. Why is that? According to a report from the consulting firm McKinsey and … [Read more...]
15
Oct, 2019 Election Countdown: Comparing Tax Proposals
October 15, 2019 by
Here is a comparison of the Federal Parties’ election platforms dealing with corporate and personal income tax. Depending which Party forms the next government on October 21, the proposed tax changes will have a big impact on the income tax you will … [Read more...]
2
Oct, 2019 3 Ways to Combat Patient Attrition
October 2, 2019 by
You keep track of the number of new patients coming through the front door, but you are likely not counting the patients leaving the practice through the back door. If you are getting 20 new patients monthly but your revenues stay flat, it is safe … [Read more...]
