Providing Expert Accounting and Tax Services to Dentists Nationwide
Just as there is a standard of care in the dental profession, there is a standard of care for accounting & tax. The level of service that your practice needs requires a dental expert. Your local tax preparation franchise does not truly understand your industry, business model and individual needs. Crossroads Tax Advisors work exclusively in the dental industry, so we know the ins and outs of running a successful practice through accounting, tax preparation and planning.
Too many times, we see the office manager, spouse or doctor keeping the books
for the practice & handing off the data to their tax preparer
at the end of the year hoping for good news.
This is not a recipe for maximizing profits from your practice nor a great accounting & tax standard of care. The books need to be closed monthly in a timely manner & you need to communicate with your CPA at least monthly for practice feedback. This is the only way to make impactful changes throughout the year versus April 15th when your CPA calls to recommend those last minute ideas (most of which are too late at that point).
What entity structure did your CPA recommend? If not an S-Corporation, what was the reasoning for another choice? With current tax laws, I recommend an S-Corporation 95% of the time for dentists like yourself. The S-Corporation allows you to be on payroll which means taxes are withheld from a paycheck just like any employee. This reduces the large tax payments quarterly or at tax filing & saves on employment taxes for any profits from the practice.