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Did Employee Recreation and Parties Survive Tax Reform?

You take your employees to a hotel meeting room for an all-day intensive training. You buy them lunch. The cost of the training lunch creates a 50 percent tax deduction. You take your employees and their spouses and children to the local country club, where they play golf, play tennis, swim, and enjoy lunch, dinner, …

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Tax Deduction for Classic or Antique Cars Used in Business

Have you considered buying an antique or a classic car versus a new car as a business-use vehicle?  Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.  Let’s start with a few things to consider: The classic or antique car as a write-off; How the old law often disallowed classic cars; How the new …

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Planning Big Purchases: When can you afford it?

Chances are you became a dentist to help people and enjoy a comfortable life for yourself and your family.  The profitability of your practice can vary month-to-month and without the right CPA, it can be difficult to know how your practice is performing, when to invest and save, how much your taxes are going to …

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Why Dentists Should Consider an In-House Membership Plan

Are you considering an in-house dental plan?  Maybe you already have one up and running? The fact is, an in-house membership plan can provide a tremendous upside for dental practices.  You can provide dental coverage, often at a price point similar or lower than traditional insurance providers, to your patient base. This is a great …

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Is Your Non-Dental CPA Hurting Your Practice? Purchasing New Technology

Are you considering an upgrade to a CEREC, Galileos, or maybe even Waterlase Iplus or Solea Laser?  This new technology will boost revenue, but does your CPA understand that?  If you are in the habit of asking your CPA for the green-light when purchasing new technology, have you ever considered the harm it may be …

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The 4% Rule Of Thumb

“I always like to look on the optimistic side of life, but I am realistic enough to know that life is a complex matter.” – Walt Disney Let’s break down what is perhaps the most broadly used rule of thumb in financial planning – “You should only pull 4% of your assets as retirement income.”  It’s used …

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Profit First For Dentists: What Are 10/25 Allocations?

As the exclusive home of Profit First for Dentists, H+P Advisors wants you to have a deep understanding of the core concepts of the system.  If you’re new to the system, read about The Basics of Profit First and register for our “Become A Profit Maximizer” Webinar. 10/25 Rule of Profit First The 10/25 Rule in Profit First …

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IRS Clarifies Net Capital Gains In Final 199A Regulations

Good news! The IRS in its final regulations on the new 20 percent tax deduction under Section 199A clarified what capital gains are for Section 199A.  Sadly, they include more downside than we had hoped. But clarity is worth a ton. And with the final regulations, the IRS has given clarity to the capital gains …

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A Helpful Q&A: De Minimis Or 179 Expensing Or Bonus Depreciaction?

A helpful Q&A:  De Minimis or 179 Expensing or Bonus Depreciation? Question:  Does the new Tax Cuts and Jobs Act tax reform 100 percent bonus depreciation change your recommendation? Answer:  For federal income tax purposes, you’re better off using the new 100 percent bonus depreciation for your small asset purchases instead of the de minimis safe …

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Make Profit This Year And Every Year With Profit First

Mastering your cash flow takes time.  Some dentists are unsure if they have even made a profit until the year of the year.  This is a stressful way to live and to operate a business. The good news is that it doesn’t have to be this way.  Starting today, you can have your practice revolutionized …

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