Your specialty is creating beautiful smiles for your patients. However, a smile may be the last thing on your mind as you try to navigate orthodontist practice accounting. The reality is that orthodontist practice tax planning and bookkeeping require organization, patience, and time.
There could be room for improvement in your accounting systems from the perspective of an orthodontist practice CPA. There are lots of new things to discover if it's been a while since you revisited your orthodontist practice bookkeeping and tax options. So, let's talk about some of the options for practices looking for strategies for efficiency and growth.
What Produces Good Bookkeeping Ledgers?
There was a time when various accounting categories like payroll, accounts receivable, and billing were all handled on separate platforms. Many practices are moving toward integration to create accountability and cross-sourced insights with help from orthodontist practice CFO business advisory services. The emphasis is shifting toward using separate ledgers within the same platform instead of separate platforms.
The primary benefit of using a platform that can streamline your finances is simple. You get reports that pull from multiple data sources. Additionally, your staff may be able to save time by avoiding repetitive data entry. A comprehensive orthodontist practice bookkeeping strategy is also great for building performance and trend insights that can be used to make business decisions.
Making Orthodontist Clinic Tax Planning More Dynamic
You probably already know that there have been lots of tax changes regarding orthodontic practices within the past two years. That may make this the perfect time to revisit your tax strategy. Here's a rundown of some steps that can be part of your revamped tax strategy:
Revisit your chosen status as a tax entity against new tax laws
Investigate if the new 20-percent pass-through deduction could apply for your practice
Audit all potential domestic-production activities deductions at your office
Audit proper classification for meals and travel
Explore new options for bonus depreciation
Explore new options for vehicle depreciation
Explore deductions for small-employer pension plan startup costs
A lot may have changed since the last time you formulated a tax plan for your clinic that covers deductible items. The good news is that most of it may result in bigger opportunities for tax breaks if you're in the right position. It may be beneficial to go through your taxes and expenses line by line with an orthodontist practice CPA to see where new deductions are hiding in plain sight.
Get Your Questions Answered by an Orthodontist Practice Accountant
You probably have lots of questions about better ways to handle orthodontist clinic accounting if you've been hearing chatter about the tax overhaul. Here at Fusion CPA, we invite you to explore opportunities for better accounting and tax strategies with the guidance of orthodontist practice CFO business advisory services. Our team is here to help you get a picture of how to place your clinic in a better tax position. We can also introduce you to some new orthodontist practice accountant software with automated features and HIPAA compliance. Partnering with one of our experienced orthodontist practice financial advisers may help you discover savings, growth opportunities, new approaches to contract negotiations, and more. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.