If you’re like most dentists, you didn’t start your practice to spend hours reconciling accounts or analyzing financial statements. However, accurate bookkeeping is the cornerstone of any profitable dental practice. Without it, you can’t make informed decisions, minimize taxes, or plan for sustainable growth.At Only for Dentists, we offer specialized bookkeeping and accounting services for […]
dentists
Tax Audit Red Flag – Exaggerated Charitable Donations
For the average person, there’s nothing more terrifying than the thought of getting an IRS audit. For some people, it ranks right up there with fears of dentists, flying, and clowns. This installment of tax audit red flags focuses on charitable donations. No, this is not to say you shouldn’t give to charity. It’s just […]
How to Enter CEREC Purchase Into QuickBooks
We were recently approached by a dentist who bought a used CEREC and put it on a newly opened rewards credit card at 0% for 12 months. They were planning on paying $2,000 -3,000 per month and do a balloon payment at the end, but weren’t sure how to enter it into QuickBooks. He admitted […]
Key Tax Provisions of the “Fiscal Cliff”
The bill that congress passed and the president promised he will sign to avoid the dramatic rise in income tax rates AKA as the fiscal cliff will raise taxes on the nation’s highest earners while extending and making permanent most of the Bush era tax cuts. Here is a summary of key tax provisions: Tax […]