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Broken Financial Rule of Thumb: Pay off credit card debt first, right?

“It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.” – Mohammad Ali Rule of Thumb: You should pay off high-interest rate credit cards first. Finally! A rule of thumb I could get behind for basically anyone who has a credit card! Well almost. We love debt when …

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How to Deduct Your Swimming Pool and Other Home Improvements as Medical Expenses—All Legal If You Do It Right

Estimated Tax Tip Savings A swimming pool you install for medical reasons could increase your tax deductions by $12,000 or more, giving you a tax savings of $3,000 or more depending on your tax bracket. Other such home improvements can be similarly deducted. In middle school, a note from your doctor was the perfect thing …

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Save 10% Per Year Rule of Thumb

“A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” – Colin Powell  Broken rule of thumb: You should save at least 10% of your take-home income for retirement. This rule sounds like the most reasonable and broadly applicable rule when you take it at face value. 10% sounds like a …

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Tax Deduction for Classic or Antique Cars Used in Business

Have you considered buying an antique or a classic car versus a new car as a business-use vehicle?  Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.  Let’s start with a few things to consider: The classic or antique car as a write-off; How the old law often disallowed classic cars; How the new …

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Broken Rules of Thumb: The Life Insurance Lie

“A son can bear with equanimity the loss of his father, but the loss of his inheritance may drive him to despair.” – Niccolo Machiavelli Broken rule of thumb: Have at least 5x your income in life insurance. I’ve seen this rule of thumb vary significantly. One company lists 5-7x your annual income, another states life …

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Planning Big Purchases: When can you afford it?

Chances are you became a dentist to help people and enjoy a comfortable life for yourself and your family.  The profitability of your practice can vary month-to-month and without the right CPA, it can be difficult to know how your practice is performing, when to invest and save, how much your taxes are going to …

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Control Your Destiny: How to Maximize Professional Relationships For Your Best Future

Read any number of self-help books, articles, or videos and they have you convinced that you can control your destiny. A beautiful picture, catchy sayings and motivational quotes and you are now ready to go to work earlier, be more organized, eat better, exercise more and boom, a “new” you. But can you control yourself …

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Will Hiring the Wrong Team Damage Your Dental Practice?

Hiring a team member can be a daunting process.  How do you handle it? Do you hire the first person with a great resume?  Even if they don’t have dental experience or it’s been a long time since they worked in a dental practice?  Sadly, a bad fit typically doesn’t take long to surface. And …

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The Emergency Savings Rule of Thumb

“A smart man only believes half of what he hears, a wise man knows which half.” – Jeff Cooper On with breaking our most common financial rules of thumb. In financial planning, the emergency savings rule of thumb often gets the most broadly applied and that’s not a good thing. Here’s the rule. You should …

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Why Dentists Should Consider an In-House Membership Plan

Are you considering an in-house dental plan?  Maybe you already have one up and running? The fact is, an in-house membership plan can provide a tremendous upside for dental practices.  You can provide dental coverage, often at a price point similar or lower than traditional insurance providers, to your patient base. This is a great …

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