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Tax Strategies for Dentists (w/John Vento, CPA, CFP) [Ep.17]
Manage episode 376355764 series 3479169
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John is a CPA, CFP, author, educator, and TV personality who has appeared on such shows as NY1 News “Money Matters,” Fox Business News, CBSN, and Reuters TV. He wrote an amazing book on achieving financial independence titled “Getting to Point X” and has published articles in Money Magazine, the Wall Street Journal, the NY Times, Forbes, US News & World Report, and Financial Advisor Magazine. John has tremendous knowledge in the tax and financial planning arena, especially as it pertains to dentists. If you’re a dentist and you want to know more about how to lower your taxes, DO NOT MISS THIS EPISODE!!
This episode is FULL of AMAZING TAX INFORMATION FOR DENTISTS, including:
· How to get to what John calls “Point X,” or financial independence.
· The biggest expense that dental practitioners face.
· Legal strategies and loopholes to decrease your tax liability and increase your wealth.
· The difference between a tax deduction and a tax credit.
· The most commonly missed tax deductions and credits.
· How to make entertainment expenses fully deductible.
· What the “Ordinary and Necessary Test” is and how it’s used by the IRS.
· How to choose the right accountant for you and your practice.
· Whether your receipts should be digital or paper, how they should be organized, and for how long you should retain them.
· How you can save literally hundreds of thousands of dollars with the SALT deduction/credit loophole.
· How the ERC credit works, if you can really save up to $26k per employee, and how working with certain solicitors can lead to criminal charges and the loss of your dental license!
· Whether or not the Inflation Reduction Act will increase your chances of being audited.
· Which entity is least likely to get audited and which entity is MOST likely to get audited and if the Inflation Reduction Act will change that.
· The different types of IRS audits and the steps to take if you are audited.
· If you should pay more taxes than you need to in order to decrease the risk of an audit.
Important Links:
· To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book
· You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.
· Link to John’s Newsletter: https://www.ventotaxandwealth.com/blog
· Link to John’s article on IRS Audits: https://www.ventotaxandwealth.com/tips-for-dentists
· Link to a number of tax calculators: https://www.ventotaxandwealth.com/resource-center/calculators
· Link to the IRS website on the Employee Retention Credit: https://www.irs.gov/coronavirus/employee-retention-credit
· See John Lecture at the Greater NY Dental Meeting! Go to www.gnydm.com and find his courses:
o 10 Characteristics of Multi-Millionaire Dentists (11/24/23 @ 9am-Noon; 11/29/23 @ 2-5pm)
o Creating a Financially Successful Dental Practice (11/29/23 @ 9am-Noon)
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