The Dentalpreneur Podcast w/ Dr. Mark Costes
Business:Entrepreneurship
On today’s episode, we return for a riveting continuation of our discussion with Chris Sands and Brent Saunier from Profi2020. Focusing on the complex world of tax strategies and financial regulations, this episode offers deep insights into several critical aspects crucial for dental practices.
The conversation explores cost segregation, a tax strategy that accelerates deductions and its profound impact on dental practices. We delve into the topic of bonus depreciation, discussing its implications for dental business owners as the benefits begin to reduce in the coming years. An important point of discussion is the rise in IRS underpayment penalty interest rates and how it influences dental practices, emphasizing the need for timely quarterly tax payments.
This episode also examines the Secure Act 2.0, elaborating on its mandates for small businesses regarding retirement plans and what it means for dental practice owners. The importance of maintaining cash reserves in businesses is underscored, along with strategies for effective financial management in times of economic uncertainties. Valuable advice is provided on how to select the right CPA firm, focusing on aspects like communication, alignment of core values, and expertise in growth-oriented tax strategies. Additionally, tips are shared for dental practice owners on optimizing their investments and minimizing tax liabilities.
Brent Saunier imparts his expertise on cost segregation, highlighting its potential to significantly impact tax savings by accelerating depreciation on various property components. Chris Sands brings to the fore critical changes in tax regulations, including the Secure Act 2.0, and discusses their effects on small business owners, especially those in the dental industry.
For listeners who missed the discussion in Part 1 of this series, it's recommended to catch up with yesterday's episode.
EPISODE RESOURCES
1934: Systems & Methodologies
1933: Crafting Authentic Stories in Dentistry
1932: Presenting Large Treatment Plans
1931: The Ongoing DSO Evolution Pt. 2
1930: The Ongoing DSO Evolution Pt. 1
1929: Everything DSN
1928: Financial Strategies Pt. 2
1927: Financial Strategies Pt. 1
1926: Fixed Vs. Growth Mindset Pt. 2
1925: Fixed Vs. Growth Mindset Pt. 1
1924: Leadership & Accountability Pt. 2
1923: Leadership & Accountability Pt. 1
1922: Three E's of Phone Etiquette
1921: Team Based Management
1920: The Ownership Skill Set
1919: The Real Lifestyle Practice
1918: Purpose Driven Dentistry
1917: Bread, Butter & Profits
1916: Revolutionizing Dental Practice Management
1915: Weaving Threads of Work & Joy Pt. 2
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Organic Marketing Simplified: Effective podcasting strategy for growth and monetization
THE GO BIZ GUY
The Sigma Femme Podcast
The Prof G Pod with Scott Galloway
Habits and Hustle