“Much Ado About Nothing” (the over-hyped Section 179)

Nate Williams Accounting, Taxes Leave a Comment

Here’s the summary; do these things and you don’t have to read further: Don’t ever spend money just for a tax deduction Buy equipment in your practice when it makes business sense to do so; ignore taxes in this analysis When your equipment rep starts talking about section 179, smile and show him the door Set a goal to pay as much in taxes as you can (What!? Did my accountant just tell me I should pay MORE taxes??) December has to be the best month by far to be a dental equipment sales rep. They must love walking into doctors’ offices, showing off their fancy toys, and then saying those magic numbers that make every dentists’ ears ring: 1 – 7 – 9. When that happens, the dentist wisely calls his run-of-the-mill accountant who thinks, ‘crap, I have no idea how much this guy is going to owe in …

Nate Williams“Much Ado About Nothing” (the over-hyped Section 179)

5 Simple Tools Dentists Use to Better Understand Their Financial Statements

Brian Hanks Accounting 1 Comment

On Saturday my 8 year-old shattered my view that I’ve been a good dad. After a solid 10 minutes of watching college football next to me on the couch, he asked me, “Dad, what’s the score?” The score? It’s been on the screen for 10 full minutes! Plain as day! How could he miss it? Of course, after I thought about it, I realized that I’d never taught him how to read the scoreboard on the screen. We spent the next few minutes talking about the four quarters. Which numbers meant points. Which numbers indicated time-outs left. I described the play clock and how that’s different from the game clock. Etc, etc. It only took a few minutes, and now he gets it. Dad-of-the-year status firmly back in hand, I started thinking about you, dear dentist. You need to be able to read the score in your dental business. But you …

Brian Hanks5 Simple Tools Dentists Use to Better Understand Their Financial Statements

Why Dentists Need Good Accounting

Nate Williams Accounting 1 Comment

Chances are, you know someone like Mike. You might even be Mike (a real client, but a made-up name). Mike had over $250,000 stolen from his dental practice. When he laid his paperwork on my desk during our first meeting, it only took a minute to see the problem. Mike hadn’t been robbed at gunpoint. More commonly, he had been embezzled by his office manager and most trusted employee, Deb. Mike contacted me after Deb was indicted on charges of embezzlement from another job and Mike started to look deeper to into his own numbers. When he brought his past tax returns to me it was easy to spot where Deb had hidden the money and how she had committed the fraud. Over four years Deb had charged over $250,000 to her own credit card and paid it off from Mike’s operating account. Deb, who was also the “accountant” (kept …

Nate WilliamsWhy Dentists Need Good Accounting