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
1783: Full Arch Masters
1782: Buffett's Rules for Investing Pt. 2
1781: Buffett's Rules for Investing Pt. 1
1780: Advanced Dental Communication
1779: The Black Belt Hygiene Department Pt 2
1778: The Black Belt Hygiene Department Pt 1
1777: Controlled, Intentional Growth
1776: Technology Meets Patient Financing
1775: Should You Build A Group Practice? Pt.2
1774: Should You Build A Group Practice? Pt. 1
1773: Clinical Skill Acceleration
1772: DSOs Demystified
1771: Finding Your Misogi
1770: Reflections From Far Away
1769: Becoming World-Class Pt. 2
1768: Becoming World-Class Pt. 1
1767: Elite Level Efficiency Pt. 2
1766: Elite Level Efficiency Pt. 1
1765: Total Hygiene Solution
1764: Level 10 Leadership & Cultural Excellence Pt. 2
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