Why Dentists Get Limited Benefit from the R&D Tax Credit Under the New Amortization RulesThe Research and Development (R&D) tax credit has long been a valuable incentive for businesses investing in innovation. However, recent changes to tax law have significantly reduced its benefit for most dental practices. Specifically, under the new amortization rules introduced by the Tax Cuts and Jobs Act (TCJA) of 2017 (effective in 2022), expenses eligible […]
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Avoiding the Section 179 Tax Trap: Why Timing Matters for DoctorsAt PracticeCFO, we specialize in helping doctors maximize their financial efficiency while avoiding costly tax mistakes. One of the most powerful tax-saving tools available is the Section 179 deduction, which allows for the immediate expensing of qualifying business equipment like dental chairs, imaging machines, and office technology. However, while this deduction can be incredibly beneficial, […]
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The Hidden Risks of Meme Coins: Why Dentists Should Steer ClearIn today’s digital world, the lure of easy money has led many investors—including dentists—toward highly speculative assets like meme coins. These cryptocurrencies, often inspired by internet jokes and viral trends, can experience dramatic price spikes. But before you dive in, it’s crucial to understand the significant risks involved. At PracticeCFO, our mission is to help […]
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Understanding the New 401(k) Automatic Enrollment Rules for Dental Practice OwnersRetirement planning just got a major overhaul, and dental practice owners need to take note. With the passage of the SECURE 2.0 Act, new regulations will soon require automatic enrollment in 401(k) and 403(b) plans for many businesses, including dental practices. Understanding these new rules, the penalties for non-compliance, and the available exemptions is crucial […]
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Leveraging Multisided Platforms for Buying and Selling Dental PracticesIn the unique world of dental practice ownership, buying or selling a dental practice can be a significant milestone in a dentist's career. Whether you are a seasoned practitioner looking to expand your practice or a dentist contemplating retirement, the process of buying or selling a dental practice can be complex and daunting. However, with […]
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PracticeCFO Feature! Full Arch Advantage PodcastWe're excited to share that our senior CFO advisor Drew Phillips was recently on the Full Arch Advantage Podcast! Tune in below as he chats with host Gary on what he’s learned helping full-arch practices grow, the difference between a sales model and a recurring revenue model in dental, and why you need to know […]
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Team Thrive Takes on Boston!What a blast we had at the Yankee Dental Conference! Your friends at Team Thrive packed up and brought PracticeCFO over to the east coast, where we got to share with the community just how exactly we help dentists thrive financially. In addition to exhibiting, Wes also presented two great courses on dental financial education. The first was The Dental Practice Purchase: […]
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Starting 2024 Strong with a Dental CFOWelcome to 2024! In the world of dental finance, this time of year is an important mile marker. And as a dentist, now more than ever is it a good time to step back and make sure that your CPA is taking proactive measures to start you off strong. How is this done? By staying ahead of the curve […]
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What To Know About The Clean Vehicle CreditBig changes have been made to the electric vehicle tax credit - now simply known as the "Clean Vehicle Credit." Read on for a 1) brief review of the credit in 2023, 2) the various criteria needed to be eligible for it, and 3) new updates that can be implemented for 2024. 2023 Rundown: Effective January 01, 2023, the credit was subject […]
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