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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.
Staying Prepared: Why You Shouldn't Overlook Disability Insurance
At the time, about 10% of my clients have a serious health issue going on, ranging from stroke to cancer, and ranging ages mid-30s and up.  In my 6 years with PracticeCFO, I don’t recall a single incident of disability, and yet a number are occurring now.  Perhaps it’s coincidence or the accumulation of 2 […]
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Recession Risk: Should We Be Concerned?
Rising prices, rising rates, falling stocks, and headlines all mentioning Recession. What does it all mean and where are we going from here? Let’s address the elephant in the room. Recession risk. A recession, by definition, is two consecutive quarters of falling GDP (a measure of total US economic activity). We’ve already posted a negative Q1 […]
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The Student Loans Reporting Rundown: Recertification vs. Recalculation
Recertification: Required annual reporting of income to your student loan servicer to update your IDR payment for the upcoming year. Recalculation: Reporting your income anytime outside of your normal recertification timeline. Why would you do this? Read on! Did you know you are NOT required to recertify your income before March 2023? If you get a notice […]
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The Great Student Loans Servicer Shake-Up
Extending the previous article, if you have student loans, your servicer likely has, or will very soon, be changing! Although different, a change in servicer may feel a lot like your bank is selling your home loan. Letters arrive notifying you of the new servicer and generally require you to create a new account online. It’s […]
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What You Need To Know About The IDR (Income Driven Repayment) Waiver
Last month we wrote about the “PSLF Waiver” that allowed a one-time recount of qualifying loan payments toward the 10-year forgiveness under the PSLF’s program for those with 10-years of employment with a government (including military) or nonprofit organization. In addition to the PSLF waiver, there is also an “IDR Waiver.” Refresher: “IDR” stands for […]
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The Rundown on Back-Door 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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What our clients say
Disclaimer: The marketing materials presented on this website include testimonials that serve as reviews of PracticeCFO Investments’s products and services. PracticeCFO Investments does not compensate clients for reviews or testimonials, and PracticeCFO Investments does not provide anything of value in exchange for these reviews. PracticeCFO Investments has determined that there are no material conflicts of interest between the firm and the participant, and PracticeCFO Investments has not influenced the statement made by the client(s) appearing on this website.
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