01 May / Dentist Tax Accounting
Dentist Tax Accounting
Schultz & Associates, CPA provides specialty dentist tax accounting services for practices in the metro Detroit area. Navigating the tax implications of P.C’s or PLC’s can be complicated. The Firm’s managing partner has been working with them for twenty years and is able to deal with the nuances of such a practice.
The staff at Schultz has helped dentists at every aspect of their professional careers. From the acquisition, to the design and implementation of accounting systems, selection of retirement plans, payroll processing, tax planning and strategy, bank financing, and valuation, and then finally to retirement and the sale of a practice. All of this helps in minimizing your purchase price. Maximizing to revenues. Minimizing your taxes. And finally, maximizing your sale price. And no matter what stage a practice is in, some level of accounting and tax planning is necessary.
We are currently working with many dentists but this week we are assisting two dentists new to practice. They are both looking to own their practice but are taking to different approaches. One is looking to acquire a practice from a retiring dentist while the other is looking to start an office from the ground up. Over the years I have seen dentists succeed and fail using both approaches. And both come with very different approaches necessary for success.
Some things to think about if your are buying an existing practice
- Is your philosophy on dentistry consistent with the practice your are considering buying.
- Are you familiar with the types of procedures the current dentist performs.
- Do you want the dentist to help with the transition.
- Will the hygienist remain on staff.
- What is the average age of the patient base.
- How many cases are currently open
- How old it the equipment
- How are charts kept