Dental Accounting and Tax Services
Becoming a CPA
An accountant is a person who has studied and has a degree in accounting. While many accountants have bachelor degrees, it is becoming common to see accountants who have their Master’s degree. Many degreed accountants then choose to attain their Certified Public Accounting Degree or CPA. To attain a CPA license, one must then take a four-part exam. In addition, a CPA candidate must be supervised by another CPA for no less than 1,000 hours. Once these criteria are achieved, then one can apply for their CPA license. Many accountants are CPA’s but not all of them know and understand dental accounting.
Small Firm Accounting and Dental Accounting
So how does one become involved in dental accounting. Twenty years of experience working with small business professionals is a good start. Working in a small firm helps. You tend to see many industries and you have opportunities that would not necessarily be found if one started their career with a large accounting firm. With a small accounting firm, you get to see the inner workings of a small business. You quickly learn how the transactions flow through the business, and how the balance sheet is one important factor in understanding the strength of a business. You see how the payroll impacts the income statement, and how the financial statement flow into the company’s tax return.
In that small firm, you do work with many industries. However, you soon learn that while some industries are operationally different, the accounting and tax issues are similar. You learn that a lot of similar advice is given to dentists, doctors, lawyers and veterinarians. Your career continues and you learn and understand more and more of how you can positively impact the bottom line of these professions by providing thoughtful, educated advice.
Becoming a Dental Accounting and Tax Professional
Your career as an accounting professional continues to evolve and you realize that the greatest impact that you can have when advising a client tends to be when you are working with successful dentists and veterinarians. You realize that perhaps you can help these professional out even more if you not only understood the back end of their books and accounting but the front end as well. You begin to learn how each of your professional clients work to maintain a successful practice.
You come to a point in your career where you have seen and understand the books, accounting, tax, and operations. You realize that you have assisted dozens in acquiring practices, helped dozens sell practices, and dozens operate successful practices. You finally conclude that you are in a perfect position to provide dental accounting and tax services.
Dental Accounting that Strives to Earn your Trust
Our goal is to earn your trust as quickly as possible. Our plan to meet this goal includes providing timely services, and high level dental accounting and tax service and advise. We strive to assist you in structuring the payment of taxes and retirement plan contributions in the year the money is earned. We find that this simplifies your decision making. We understand that trust is at the core of our relationship with you, and losing that trust is not an option.
While we feel that our fees are transparent and fair, we ask that you not select us as your dental accounting professional if price is the primary factor in choosing a dental accounting firm. Our clients trust us and rely on our professional opinion. They know that in the long run our services provide value. And while we will customize services to fit your needs, there is a baseline of service that is necessary to provide high quality service and value.
Baseline Dental Accounting Services
- Dental Practice Business Income Tax Return
- Unlimited telephone and email communication
- Quarterly financial statement presentation
- Ongoing tax planning
- Individual income tax preparation
Dental Practice Business Income Tax Return
We will professionally prepare your dental practices business return whether it be a PLC or a PC. If your dental practice is a PC it will file either Form 1120S or Form 1120. And if you are a dentist practicing as a PLC then it is possible that you may be filing Form 1120, 1120S, 1065 or Schedule C.
Communication is a broad category. But you will find that when your dental practice hires our firm, you will have easy access to our staff. You will be assigned two staff accountants, who will assist with your needs. In addition, our staff will collaborate on a tax and dental accounting strategy that is customized for your dental practice. You can be assured that when speaking with either staff person, they will both know the strategy. When issues arise, they will be discussed as a group and collaborative approach will be taken prior to providing professional advice.
Financial Statement Preparation
Minimally our firms dental accounting services will include quarterly financial statements. These statements will be provided on a timely basis so that you can make decisions using timely information. The financial statements will be complied and will contain a compilation report. They will include all the necessary financial statement note discloses. They can be used for internal use, or are ready for banks, creditors or any other third party.
If a compilation is not enough, are firm is also approved to provide your dental practice with a financial statement review or audit. Our firm is a member of the American Institute of Certified Public Accountants Peer Review Program. We passed our last peer review and the report is available upon request.
Dental Accounting Tax Planning
Many accounting firms may see dental accounting tax planning as an optional service. However, our firm is interested in being your dental accounting adviser. Our level of training, experience and knowledge of dental accounting and taxation is extensive. Simply providing compliance accounting and tax preparation fails to capture the value we can bring to your practice and to your bottom line.
Individual Income Tax Services
The planning and preparing of business owner individual income tax returns is an integral part of our dental accounting and tax services. Most dental practices se the profits from their business returns flow through to their individual return. So it become impossible to plan and strategies without also understanding how the dental accounting and tax services impact the personal income tax return.