By Spencer Wesley Over the last few years, we’ve seen a spike in the growth of corporate dentistry fueled by Private Equity (PE) firms buying up practices from dentists looking to retire. For practice owners seeking to cash out an asset they’ve spent decades building, the corporate dental firms with their piles of cash make an […]
There’s a popular belief that CPAs are a dime a dozen, so it doesn’t matter which firm you choose. Don’t believe it. For dentists who own their practices, it’s especially untrue. A dental CPA firm brings a wealth of industry knowledge and expertise to the table and can play a much bigger role in helping […]
By the time most dentists earn their degree, they typically owe $200K-300K in student loans. At the same time, the majority of new dental graduates will start their career earning six figures. The risk for dentists is that their high earning potential can blind them to the ramifications of carrying a lot of debt. That’s […]
Keeping new year’s resolutions is hard. If you can add one to your list, we recommend not skipping your advisor’s annual business review. As 2021 gets underway, you are probably trying to keep some new year’s resolutions. Here’s one that’s probably not on your list but should be: Don’t skip your advisor’s annual business review. […]
Student loans can seem overwhelming but taking a look at the big picture can help. The average dentist graduates with $292,000 in student loans. The amount is staggering, and for a dentist just starting out, it can seem overwhelming to think about paying it off, let alone saving for retirement or to purchase a practice. […]
The IRS considers all ships that sail cruise ships. In 1982, your lawmakers were attempting to give the U.S. cruise ship industry a leg up by outlawing all cruise ship conventions, seminars, and similar meetings other than those that take place on a vessel registered in the United States, and where all ports of call […]
Question: Let’s say you are under IRS audit for business mileage. You claimed business miles at the IRS optional rate. The IRS has requested odometer readings for the vehicle. Is this proper? Should you have to provide odometer readings when claiming the business vehicle deductions using the IRS optional mileage rate? Answer: The tax code […]
Like you, we at Engage Advisors don’t like IRS penalties. That’s why we keep you up to date on new ways you can beat the IRS at its penalty game. Section 6751(b) Overview Tax code Section 6751(b) says that the IRS cannot assess a penalty unless an IRS supervisor or higher-level official designated by the […]
Let’s say you paid your payroll taxes. Is there any way you would have to pay those same payroll taxes twice? Yes, and this sad situation happens to unsuspecting business owners every day. Is there any way this could get even worse? Yes. On top of paying the same taxes twice, you could have to […]
Are you considering sponsoring a local sports team this year? Maybe you already are. The sponsorship usually entails buying the uniforms (the practice name appears on them), bats, balls, and masks, and possibly even contributing to the fund that pays for the umpires. You get good publicity with this. In fact, the games are reported […]