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Not all cost segregation firms are equal. In fact, a low-quality study can expose you to more IRS scrutiny than no study at all. In Episode 152 of The Dental Boardroom, Wes Read walks through exactly what separates a qualified firm from a risky one and what to look for before you write the check.
The cost segregation space attracted bad actors during the ERC boom, and the same dynamic exists here. Wherever there is a large, legal tax benefit, there will be firms that oversell, under-deliver, and leave you holding the liability when the IRS comes knocking. The study itself is just a document. What matters is whether it is defensible.
The IRS has specific audit guidelines for cost segregation, and a quality firm will proactively reference them. Do multiple interviews. Ask to see sample reports. Ask who the licensed engineer is and whether they will visit your specific property. Ask what their audit support policy is in writing.
The cost of a quality study is modest relative to the tax benefit it generates. Do not shop for the cheapest option. Shop for the most defensible one.
Listen to Episode 152 of The Dental Boardroom Podcast: https://podcasts.apple.com/us/podcast/152-cost-segregation-tax-strategy-for-dentists-part-4/id1518344747?i=1000761993737
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
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Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
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