This tax deduction is as good as free money

David Knittel, CPA | Director of Tax   If you are not familiar with the acronym QBID you should be; let me explain why.  QBID stands for the Qualified Business Income Deduction.  The calculations and limitations can be complicated but in its simplest form the QBID can provide a tax deduction of up to 20% of your practice income without costing you anything in return.  Free money…if you qualify.  Making sure you qualify is the tricky part and is where we can help! The QBID was put...Read More

Financial Planning and The Challenge of Sisyphus

I begin with a bit of Greek mythology. I believe it offers a keen lesson on personal finance. Sisyphus, King of Ephyra, was punished by the Gods for chronic deceitfulness. He was condemned to roll a large boulder up a hill, only to have it slip from his hands and roll back down the hill. This he did over and over … forever. This is an excellent representation of our efforts to grow and control wealth. You spend years in college and then years in your profession. You accumulate assets and...Read More

8-step financial plan for dentists

Facts are facts. Dentists have a more condensed window for achieving financial independence when compared with other career paths. Before their first day as a practicing owner-doctor, the typical Dentist has racked up a few hundred thousand in student debt, been through dental school, residency program, and at lease 2 years of clinical work in  someone else’s practice before being eligible to receive bank funding for their first practice… Late start… Piles of debt…...Read More
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