Accounting & Financial Planning Services Dallas RT Edwards & Associates, PC 17060 Dallas Parkway, Suite 200 | Dallas, TX 75248 Office: 972-267-9191 Fax: 972-267-9292

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Choose a CPA who knows the business of dentistry. Members of the Academy of Dental CPAs specialize in providing advice to dentists – improving your practice profitability and helping you keep more of what you’ve earned. Read More...

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Interested to know how the Dentistry profession is faring in today’s economy?  Click here to read the recent Time Magazine article, Dentists: Smiling in the Face of Recession

Articles and Press Releases

Ten Common Mistakes Young Dentists Make and What They Can Do to Avoid Them

10. Trying to pay off student loans or other debt too fast.

• Goal should be creating savings, not "getting out of debt."
• Taxes higher if no debt.
• Principal reduction of debt is not deductible.

9. Doing their own accounting.

• Spend your "free" time doing things you enjoy, not learning accounting.
• Makes income tax preparation easier and less expensive because records are more reliable.
• Cost is less than half of the fee for a crown.

8. Not keeping business and personal financial transactions separate.

• Makes income tax preparation more difficult.
  
• Exposure to potential IRS adjustments in the event of an audit.

7. Doing their own payroll, including making payroll tax deposits.

• Mistakes are costly.
  
• Penalties can run 15% of taxes deposited late.
  
• Outside services specialize in payroll and are not expensive.

6. Hiring friends or family or other inexperienced people to work in the dental practice.

• Hurts practice to have inexperienced staff dealing with patients, especially front desk.
  
• Hurts practice to have inexperienced staff dealing with filing insurance claims for patients.

5. Putting off setting up a retirement plan until out of debt.

• Review different types of plans and establish one as soon as you start working.
  
• Can retire in 20 years if save consistently.

4. Focusing too much on interest rates instead of monthly payment when borrowing money.

• Focus should be on cash flow, monthly payment.
  
• Longer term loans are better for creating savings and lowering taxes

3. Not setting up the proper type of business entity. Partially depends on ownership of real estate.

• PA vs. LLC
• S Corp vs. C Corp
• PC vs. PA
• Inc. vs. PA

2. Not setting up their business entity early enough. Why incorporate? And when?

• Current school of thought is to set up a business entity as soon as you start working.
  
• Can begin funding a retirement plan.
  
• Can deduct certain costs against the income generated from dentistry services.

1. Not setting up your "team" soon enough.

• Attorney to review office lease, contracts, employment agreements, entity formation, etc.
  
• CPA financial advisor to advise on setting up business entities, retirement plans, arrange financing and to review contracts from a tax perspective.

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Financial Planner Dallas - CPA Accounting Firm
Accounting Services Dallas - Dental Practice Specialist
17060 Dallas Parkway, Suite 200 | Dallas, TX 75248 | Office 972-267-9191 Fax: 972-267-9292
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