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Latest news & blog posts

PracticeCFO is committed to providing customized financial advice to dental practices and their owners. Below are our recent posts designed to keep you in-the-know.
The Rundown On Roth Conversions
Go ahead and breathe a sigh of relief, for now. Congress isn’t showing signs of taking any further action to terminate backdoor Roth IRA conversions. That said, let’s review the basics of a Roth IRA account and why it’s worth considering:  The max annual contribution you can make into any IRA, Traditional or Roth IRA, in […]
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Can I Write Off My Car As a Business Expense?
When deducting a car, regardless of leased or owned, we (your CPA) will ask you to tell us what percentage of the vehicle was business use and what percentage was for personal use. Only the business portion is deductible, which is almost never 100%.  You should keep a log of dates, mileage, departure and arrival locations […]
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How Can I Reduce My Tax Liability?
Tax reduction is the result of comprehensive planning. All too often, doctors will make a financial decision primarily for the purpose of reducing taxes. But the tax tail should never wag the dog. For example, taking 100% section 179 deductions in the year of purchasing new equipment. This will, undoubtedly reduce your tax bill for the […]
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Defining a Defined Benefits Plan - And Why You Should Have One
We’re often asked what are the best ways to save on taxes and build wealth.  Without a doubt, funding a retirement plan is one of them.  And for certain doctors, a specific type of retirement plan is a silver bullet. It’s called a Defined Benefit plan, aka “DB Plan” or “Cash Balance Plan.” Here’s answers […]
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