Attorney Jason P. Wood of Wood & Delgado joins us this week as our guest blogger.Â
When our law firm receives a call from a dentist who is either trying to buy or sell a dental practice, our first question is, “Who is on your team?” Quite often the reply is, “Team? What team?” Purchasing or selling a dental practice has too many unique areas that are instrumental to the life of your practice or to your retirement, which an untrained eye will not be able to see or even understand. Dental brokers, dental attorneys and dental CPAs are professionals you should consider having on your team as they have the skill set and knowledge to help you realize your dreams. Today, let’s look at the benefits of having a dental CPA.
Although you may already have a CPA who works for you, it is beneficial to enlist a CPA who specializes in helping dentists. As a seller, they can save you thousands of dollars in taxes by using the proper ratios for purchase price allocations, thus making them worth almost any fee you may pay them. As a buyer, a dental CPA can also save you thousands of dollars in taxes by using the proper ratios for purchase price allocations because of the heavy use of equipment within dental practices and changes within the tax code that many general CPAs are unfamiliar with.
When purchasing a dental practice, you may want to enlist the services of a dental CPA to help you with all of your business needs. Dental CPAs have spent years helping dentists with day-to-day business needs and they know how to best run your payroll department or to help you receive a deduction for that new piece of equipment you have been eying. Out of all your advisors, your dental CPA will be the one who is around the longest, helping you on a yearly basis with taxes and other business issues. I have spent countless hours on the phone sitting in silence after I have broken the news to dentists that their existing non-dental CPA did not understand the complexity of the dental industry and, as a result, they were about to make far less money on the sale of their practice because the non-dental CPA was not aware of changes in the tax code which uniquely impacts dentists. It is a call I hate having but, unfortunately, is one I have far too often because the dentist wanted to save a few bucks by using a non-dental CPA. Do it right the first time and enlist the best for your future.
Wood & Delgado has long been associated with the protection of dentists throughout the United States. Their overall mission is to protect dentists within the legal sphere and craft the protection and peace of mind you need when buying or selling your dental practice. Visit their websiteÂ or contact Jason directly via email at firstname.lastname@example.org or via phone (949) 553-1474 or toll free (800) 499-1474.