J. Haden Werhan, CPA/PFS

With year-end approaching it is time for dentists to think about making equipment and technology purchases if they want to expense (depreciate) those assets on their 2016 tax return. While the rules for depreciating equipment have changed dramatically, one thing remains constant. Equipment must be “placed into service” before any depreciation may be taken.

Tax extenders! They have been in the news every year since the expiration of the Bush tax cuts and various other tax and economic stimulus packages. Without the passage of tax extenders in recent years, dentists would have had higher taxes. These temporary tax provisions expired at the end of 2014 but, as expected, new tax extender legislation has been passed.

When it comes to transition or retirement, dentists have several options. They can sell their practices, find associates or simply throw their hands up and reduce office hours and production until they end up closing shop.

We wrap up our Paperless Series with a breakdown of the revenue-increasing and cost-reducing efficiencies of a paperless dental practice.

As we get closer to the end of the year, dentists often ask about how major technology purchases will impact their taxes. Applications such as lasers, CAD/CAM restoration systems, digital and cone beam radiology are large investments, and dentists who work closely with their CPAs can strategize to maximize the tax benefits of purchasing them. Capitalizing on Section 179

As I write, Massachusetts is sending a Republican Senator to Washington, D.C. for the first time since Edward Brooke served from 1967–1979. What’s this got to do with tax-law changes? A lot! Without making any political commentary, the facts are:

It’s 2010, and it’s official. With the advent of the new year, we also face an intriguing new tax-planning option, one that offers us both opportunities and challenges, especially during 2010–2112. It’s the arrival of new IRA-to-Roth-IRA conversion rules. Now that they’re here, it’s worth taking a bit of time from the bench to consider what they mean to you, your wealth, and your retirement and estate planning needs.

You strive to deliver to your patients the best possible oral health care in a safe, friendly and professional environment. At the same time, you owe it to yourself and your team to smoothly juggle the many components of a professional business: personnel, marketing, accounts payable, risk management and more. Oh, you also hope to reserve some time for family, community and personal interests.

Just as a full row of healthy teeth offers your patients the biggest bite and brightest smile, your practice thrives when your employees are a happy, highly skilled and loyal team. Among the best ways to attract and retain members of your dream team is to demonstrate how important each of them are by providing them with excellent employee benefits. Why good benefits matter