Brian Toorani So i just met with my accountant tonight and we reviewed my office status and tax consequences. We reviewed overhead percentage, production status, collection status, and the breakdown of various categories and where I stand in comparison to the local dentists and practices in my area. He also always gives me advice on how to financially make better decisions. If you have a CPA, make sure you meet with him/her on a quarterly basis to review your financials. My accountant specializes and only does Dental Accounting which really helps with his understanding of my purchases, material, equipment, etc. Your accountant will probably know you and your business better than you do. I highly recommend the quarterly meetings to help keep you and your business in line.
During our meeting I was informed by my CPA that I need to maximize my section 179 write off this year as next year, it will most likely be significantly reduced. The tax consequences of me not maximizing section 179 where clearly discussed. I also found out that if i do not get to maximize and use up all my write-offs from section 179, it carries over to next year and will help me with reducing my future realized income.
My suggestion to you is to meet with your CPA right away and if you are trying to maximize your write-offs and also reduce your tax consequences, then make sure to not lose on this amazing opportunity. One thing to remember is to not spend more that you really need to and don’t buy anything that you don’t need. Instead, ask yourself, will this purchase improve efficiency, quality, and is it needed? If the answer is YES to these questions, then don't miss out on maximizing your section 179 opportunity!
