Personal Finance
The Augusta Rule — Renting Your Personal Home
As a business owner, you’re always looking for smart, legal ways to reduce your tax burden. One lesser-known but powerful strategy lies in your own backyard—literally. It’s called the Augusta Rule, and it allows you to rent out your personal residence to your business for certain events, deduct the expense on your business return, and…
Read MoreMixing Business & Pleasure Travel
Ah, the joys of combining business and pleasure—the ultimate two-for-one deal, right? Well, not exactly. While you can enjoy the benefits of mixing work with fun, it’s important to understand how the IRS distinguishes between business and personal travel. With some planning and recordkeeping, you can take advantage of valuable tax deductions without stepping outside…
Read MoreRent Your Home to Your S Corporation – The Augusta Rule
Reduce Your Taxes With The Augusta Rule One often-overlooked tax benefit that could work in your favour is the Augusta Rule. If you own an S corporation, this “rent your home” provision might offer a smart opportunity to reduce your taxable business income. Here’s what you need to know about the Augusta Rule, its origins,…
Read MoreThe History and Value of a Family Office for Dentists
As a dentist, your primary focus is your patients and your practice. However, managing your wealth and planning for the future is just as important. This becomes especially crucial when considering the sale of your practice to Dental Service Organizations (DSOs) or Private Equity Groups. This is where a family office can help. A family…
Read MorePaying Off Dental School Debt: The Education Loan Reduction Fringe Benefit
Introduction Most associate dentists face the reality and burden of dealing with dental school debt. It can be significantly challenging, expensive, and complex to navigate. The federal government has introduced two provisions to help alleviate the financial burden of student loan debt. This includes dental professionals who have taken undergraduate or graduate-level courses. The provisions…
Read MoreWhy Tax Planning Services & Tax Planning Strategies Are Essential
Introduction Tax planning services are a critical component of financial management. Tax planning plays a pivotal role in helping individuals and businesses minimize their tax liabilities. Effective tax planning not only saves you money, but also helps you reach your financial goals faster. In this article, we explore the world of tax planning and financial…
Read MoreCalculating How Much To Save For Retirement – The Profit First Method
When it comes to securing your financial future, few things are as critical as planning for retirement. As a business owner or high-net-worth individual, you’ve worked hard to build your wealth, and now it’s time to ensure a smooth and successful retirement. But the big question remains: Do you know how much to save for…
Read MorePreparing For Retirement: Essential Tips for Dentists
Introduction As a dental practice owner, you’ve worked hard to build a successful, thriving business. That’s why it’s important to take care of your financial health, especially when it comes to preparing for retirement. In this blog post, we’ll provide essential tips and strategies to help you achieve a financially abundant retirement. We’ll explore saving…
Read MoreStrategies for Investing Profits from Dental Practices to Build Wealth
You can make a lot of money as a dental practice owner. But making money is only half the battle. You also need to invest and grow your assets to build a solid foundation of wealth. Otherwise – all your profits will get eroded by unnecessary taxes, expenses, and inflation. Thankfully, there are many ways…
Read MoreRetirement Planning Strategies 101
Budget planning and operating within a budget during your working years might seem to be much easier and more attainable than forecasting what your income and spending needs will be during retirement. Afterall, balancing the household budget while knowing what your take-home pay is and what your spending habits are involves much less calculating and…
Read More