The Dentalpreneur Podcast w/ Dr. Mark Costes
Business:Entrepreneurship
On today’s episode, we return for a riveting continuation of our discussion with Chris Sands and Brent Saunier from Profi2020. Focusing on the complex world of tax strategies and financial regulations, this episode offers deep insights into several critical aspects crucial for dental practices.
The conversation explores cost segregation, a tax strategy that accelerates deductions and its profound impact on dental practices. We delve into the topic of bonus depreciation, discussing its implications for dental business owners as the benefits begin to reduce in the coming years. An important point of discussion is the rise in IRS underpayment penalty interest rates and how it influences dental practices, emphasizing the need for timely quarterly tax payments.
This episode also examines the Secure Act 2.0, elaborating on its mandates for small businesses regarding retirement plans and what it means for dental practice owners. The importance of maintaining cash reserves in businesses is underscored, along with strategies for effective financial management in times of economic uncertainties. Valuable advice is provided on how to select the right CPA firm, focusing on aspects like communication, alignment of core values, and expertise in growth-oriented tax strategies. Additionally, tips are shared for dental practice owners on optimizing their investments and minimizing tax liabilities.
Brent Saunier imparts his expertise on cost segregation, highlighting its potential to significantly impact tax savings by accelerating depreciation on various property components. Chris Sands brings to the fore critical changes in tax regulations, including the Secure Act 2.0, and discusses their effects on small business owners, especially those in the dental industry.
For listeners who missed the discussion in Part 1 of this series, it's recommended to catch up with yesterday's episode.
EPISODE RESOURCES
1872: Valuations & Consolidation Pt. 1
1871: Analytics, Maximizing Growth & Profitability Pt. 2
1870: Analytics, Maximizing Growth & Profitability Pt. 1
1869: Navigating Dental Lending
1868: Techniques to Avoid & Correct Incision Line Opening
1867: Mastering Dentistry's Financial Game Pt. 2
1866: Mastering Dentistry's Financial Game Pt. 1
1865: Dental RE Fundamentals
1864: Dental Innovation
1863: Frameworks for Systemization Success
1862: Human Capital Recruitment Meets Tech
1861: The Shifting Dental Consolidation Landscape Pt. 2
1860: The Shifting Dental Consolidation Landscape Pt. 1
1859: Breaking Capacity Ceilings
1858: Effective Patient Communication
1857: Innovation in Dental Patient Acquisition Pt. 3
1856: Innovation in Dental Patient Acquisition Pt. 2
1855: Innovation in Dental Patient Acquisition Pt. 1
1854: Dental Career Benchmarks & Goals
1853: Office Management Mastery
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