Here is a checklist to help you to get ready for a successful practice sale. Meet with Your Financial and Tax Advisers Consult with your P J &A adviser whether or not you are retirement ready and can afford to sell the practice. In … [Read more...]
Just for Dentists Newsletters
7
Mar, 2019 Setting Up a Corporate Health Plan
March 7, 2019 by
The beauty of setting up a corporate health plan is that it allows you to write off medical and dental expenses for yourself and your dependents against your dental income, without creating a taxable benefit. Not having to report personal medical … [Read more...]
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Feb, 2019 The Importance of a Good Office Lease
February 20, 2019 by
A lease agreement is one of your practice’s most important documents. It not only governs your relationship with the landlord while you own the practice, but can also impact the selling price of your practice. A demolition clause, for instance, can … [Read more...]
20
Feb, 2019 A Great Tax Shelter – Soon to Disappear!
February 20, 2019 by
Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]
5
Feb, 2019 Practice Expenses Tax Auditors Love to Challenge
February 5, 2019 by
Many practice expenses, including conferences and travel, have a personal component giving lots of opportunity for a CRA auditor to argue they are not practice-related but personal in nature. There are three tests you must meet for a … [Read more...]
5
Feb, 2019 Investment Advice From John Bogle, the Late Founder of Vanguard
February 5, 2019 by
In 1975, John C. Bogle, the founder of Vanguard Investments, invented the first low cost index mutual fund which put millions of dollars into the pockets of many investors of moderate means. Bogle’s innovative idea was that index funds, consisting of … [Read more...]
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Feb, 2019 When Price Becomes the 900-Pound Gorilla in the Room
February 4, 2019 by
When you or your representative negotiates the sale of your practice, you will very likely run into heavy resistance when the topic turns to purchase price. Your asking price, supported by a valuation report, may be more than reasonable. Still, it … [Read more...]
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Jan, 2019 Five Must-Have Practice Monitors
January 18, 2019 by
To keep your fingers on the pulse of your practice here are some key practice monitors. 1. New patient count Find out what your normal patient attrition rate is. If the practice has 2000 active patients, and you are getting about 15 new patients … [Read more...]
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Jan, 2019 Give Patients the Ritz-Carlton Treatment
January 18, 2019 by
Ritz-Carlton is one of the top hotel chains with a legendary culture focusing on customer service. Its motto is: “We Are Ladies and Gentlemen Serving Ladies and Gentlemen!” The employees must treat workplace colleagues with the same dignity … [Read more...]
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Jan, 2019 A Home Equity Line of Credit for a Tax-Free Retirement
January 18, 2019 by
Dentists are uniquely placed to reap the benefits of a Home Equity Line of Credit (HELOC). Substantial earnings, home ownership, and financial stability mean that tapping into the equity of your home to supplement your income at retirement is a great … [Read more...]
