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Starting 2024 Strong with a Dental CFO

by Wes Read, CPA, CFP® | January 8, 2024

Welcome 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 with financial planning, tax strategizing, prep, and more.  Taking deliberate action is key for dentists to start on the right foot, and it's a top value that we at PracticeCFO coach all clients into. Here are some simple, yet proactive, steps you can take to kick off the year right:

  1. 401K and Defined Benefit Plans. 
    -Does your dental CFO manage your 401k and DB plan? Confirm the census details they've sent to you for timely action
    -Consider making a healthy "top-off" contribution to your 401K and/or DB plan for 2023. This not only maximizes tax benefits but also accelerates financial independence!
  2. 2023 Tax Returns
    -Provide any items requested by your accounting team.
    -Respond promptly to any questions your tax team sends your way.
    -Make sure you have had a financial planning meeting to keep tax planning and strategizing on track
  3. Financial Planning.
    -Review and complete any financial planning action items from your last meeting.
    -Schedule your next financial planning meeting. It's an excellent opportunity to update your goals!

Taking these steps will set you on the path to financial success in the new year.  And if your existing CPA can't help with any of the above, 2024 may be the year you reconsider elevating your financial planning game. At PracticeCFO, we are your full financial wheelhouse. And it's always our goal to make - and continue to make - every year the best one yet. 

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