Join dental-specific CPA Holden Sours as she shares critical year-end tax planning strategies, retirement options, and financial insights for dental practices. Learn about maximizing deductions, implementing effective retirement plans, and understanding recent tax law changes that impact dental practitioners.

Episode Navigation

• 00:00 – Introduction and welcome
• 00:47 – Year-end planning fundamentals
• 04:01 – Retirement planning strategies
• 10:46 – Practice fee increases and inflation
• 14:59 – Research and development credits
• 17:40 – Audit frequency and considerations
• 27:11 – Essential year-end tax strategies
• 32:04 – Health Savings Accounts discussion
• 34:17 – Vehicle deductions and closing tips

Key Takeaways

Tax Planning Essentials

• Implement consistent business expense tracking through business accounts
• Consider pass-through entity tax opportunities for state tax deductions
• Review retirement plan options including 401(k) and cash balance plans
• Evaluate fee structures multiple times per year due to inflation

Financial Benchmarks

• Staff wages typically 30% of collections
• Supplies and lab costs around 15% of collections
• Consider dental-specific chart of accounts for better tracking

Meet Our Guest

Holden Sours: A dental-specific CPA who works with small businesses, specializing in tax strategy and financial planning for dental practices. Experienced in helping dentists optimize their tax positions and implement effective financial strategies.

Featured Discussion Topics

• Year-end tax planning strategies
• Retirement plan options
• Practice expense benchmarking
• Insurance participation considerations
• Health Savings Accounts
• Vehicle deductions
• Children employment strategies
• Audit considerations

Connect With Simplify Dentistry

• Website: simplifydds.com
• Facebook Group: Simplify Dentistry Community