Associate Pay for Invisalign

This article addresses two factors related to Invisalign: Should I offer it in my general dentistry practice? How should I pay an associate that does Invisalign? Should I offer Invisalign in my general dentistry practice? Many of our general dentists are asking us about Invisalign.  Should they introduce it into their practice? Our answer is this: Invisalign may be profitable for you. The answer is determined by how deep of a plunge you take with Invisalign, and whether it fits within your...Read More

The Best Way to Reduce Tax and Increase Your Net Worth

I often get asked by my clients, ‘what’s the best way to save big on taxes?’  Well, for most people, here it is.  Saving for retirement saves on tax and improves your net worth immensely.  There are a lot of numbers below, and for the most part I’m going to let them speak for themselves.  If you have a little extra cash in your business (<$20K in this example), you can reduce your tax $18K and better your net worth by $56K….$56K!!  That adds up over the years.  Some (but not...Read More

Reasons to Hire PracticeCFO Transitions even if you have an Interested Buyer

Proper Valuation: We have underwritten hundreds of practices and can help accurately estimate a practice’s true market value.  Having a 3rd party valuation expert involved helps both buyer and seller feel comfortable with the price and come to an agreement quickly.  In addition, our practice valuation expertise makes it easier for banks to underwrite the practice and stretch to achieve the highest possible loan amount (loan amount being synonymous with purchase price). Transition...Read More

Opportunities and Leadership

Working with practice owners every day, I’m impressed by the scale of opportunity that exists for them to thrive, to be profitable, and to enjoy their career as a rewarding experience. And importantly, to use the profitability of their practices to further their personal life goals. So many of our clients are true seekers of financial independence. I applaud them for their efforts. I personally derive great satisfaction in helping them and witnessing them succeed. I acknowledge the pressures...Read More

Hiring in 2019

It was a chilly January evening and the room was bursting with optimism as prideful families watched teary eyed as students became graduates. Among the group were your future and very eager Dental Assistants & Dental Hygienists ready to join the work force. I was fortunate to be sitting on stage alongside the faculty and staff of a prominent career college that had invited me to deliver the commencement speech. I spoke about perseverance and strategies for the job hunt ahead of them. But...Read More

Protecting Production

Let’s face it. Dentistry is can be rewarding, very lucrative and fun. What other profession allows you to hand out free toothbrushes and, at the same time, change the lives of thousands of your friends who visit you throughout the year?  But dentistry can also be challenging, tedious and strenuous, especially physically. Some of you out there will want to practice until the day before your funeral while some of you are thinking, “Can yesterday be my last day?”  Eventually though, the...Read More

Paid Sick Leave

Paid Sick Leave is the Law, which you probably know already.  Unfortunately, it is a complicated law with multiple ways to comply, which means multiple ways to make mistakes. In addition, some cities – including San Diego – have added provisions that make it even more onerous for small employers, especially independent dental practices. Under the state law, you must provide paid sick leave benefits to all employees who will work at least 30 days in a year.  You may frontload the greater...Read More

Practice Finance 101:

Practice Finance 101: As a dentist, obtaining a loan is not something new to you.  Most of your academic career has been dependent on the ability to finance your education and living expenses.  However, along the journey of acquiring a practice, first time owners quickly find out that financing a practice is quite different and more involved than obtaining a credit based consumer loan. Although the current and historical performance of the target practice is at the core of the underwriting...Read More

5 Step Technology Assessment

Paul Lipcius CPA |CFO Advisor |PracticeCFO Paul@PracticeCFO.com   Around year-end we constantly get questions from our clients about whether or not to make equipment purchases. Drs tend to think that equipment purchases are a “silver bullet” for tax planning but this is somewhat misguided. Yes, you can deduct equipment by way of depreciation. Yes, you can accelerate that depreciation in certain circumstances by taking Section 179/ bonus depreciation. And yes, a tax deduction today is...Read More

Independent Contractor (1099) or Employee (W-2)?

Independent Contractor (1099) or Employee (W-2)?   The news has spread about the California Supreme Court’s ruling in Dynamex vs Superior Court (Docket No. S222732).   Dynamex established a new 3-prong test that pushes owners to classify workers as employees (W-2) rather than independent contractors (1099-MISC).  When asked how to classify dental associates and other staff, most legal and tax advisors have focused narrowly on this 3-prong test and are advising their owner-clients that all...Read More
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