dentist office | local dental cpa

Why You Should Choose A Local Dental CPA

Local Dental CPA

A dental CPA is experienced and well-educated to help dentists achieve their financial goals. Managing your practice is challenging enough. That is why hiring a local dental CPA is essential to protect your finances and assets. 

At Ash Dental CPA, we offer a variety of services such as accounting, bookkeeping, tax planning, and more. Learn how choosing a local dental CPA can help you and your practice! 

Focus On Your Patients, And We’ll Focus On Your Finances

Your practice offers several dental services to meet the needs of your patients. However, operating a seamless practice requires a lot of back-end work which includes financial management. A local dental CPA can assure that your accounting and bookkeeping are well-maintained. This offers peace of mind with regards to cash flow, tax planning, and more. And if you are ever notified of a tax audit, your local dental CPA can represent you to protect your finances and assets.

Services Offered

Consider Ash Dental CPA. Our firm has over 20 years of experience assisting dentists and their unique practices. As a result, we offer a variety of services to assure we are delivering the best financial guidance. 

  • Accounting
  • QuickBooks Software Set-Up and Training
  • Bookkeeping
  • Payroll Set-Up and Processing
  • Financial Analysis and Consultation
  • Tax Planning, Preparation, and Filing
  • Monthly Financial Reports
  • Tax Audit Representation
  • Review and Compilation
  • Practice Management
  • Dental Practice Purchase and Sale Guidance
  • Practice Incorporation

We want to help our clients achieve their goals That is why we tailor our services to meet your individual needs. For instance, tax planning is customized for each client to take advantage of tax-saving opportunities. Overall, it is very important that dentists seek guidance from a skilled dental CPA to prevent issues with cash flow and tax obligations.

Choosing A Local Dental CPA

It is never too early or late to choose a dental CPA. As a recent graduate, getting your finances in order is essential for a promising career. Likewise, an established dentist still needs a dental CPA to assure they are reaching their full financial potential. 

Learn More

Operating a successful practice requires a committed team of professionals. Therefore, hire a local dental CPA to oversee your finances and opportunities for growth. Ash Dental CPA is always accepting new clients and offers complimentary consultations. Schedule a virtual meeting to learn how our services benefit you! Call (508) 458-6789 or book online today!

ppp loan for dentists | dental chair

PPP Loan for Dentists | Paycheck Protection Program 

PPP Loan for Dentists

Dental practices have been affected due to COVID-19 health mandates. Only dental emergencies could be performed and until recently, regular dental procedures are now allowed. The health mandates are necessary to protect everyone and stop the spread of the virus. Unfortunately, these mandates result in operational changes that have affected revenue and employment. Many, if not all, offices have invested in plastic desk shields, PPE, and expensive sanitation equipment. 

Overall, dentists have reduced their staff, hours, and patient intake to stay operable and compliant with the “new normal”. In addition, some practices had to permanently close or are considering. That’s why applying for the Paycheck Protection Program (PPP) should be discussed with a qualified accountant. The PPP was created as part of the CARES Act to help keep business/practices afloat and maintain employment. 

If you have not applied for the PPP loan yet, the deadline is June 30th. And fortunately, the loan forgiveness terms have been changed to better suit many businesses and practices. Learn more below and contact Ash Dental CPA for a consultation.

Is the PPP Loan for Dentists?

The PPP loan is always referred to as a small business loan. However, dental practices can apply! It is important to review the terms of this loan with your dental accountant. In short, the PPP loan can be forgiven under specific circumstances. The latest terms are as follows.

  • Dental practices have up to 24 weeks to use the loan.
  • Only 60% is required for payroll expenses.
  • This allows for 40% to be used on practice-related expenses.
  • Employees must be rehired by December 31, 2020.
  • If loan repayment is required, you have up to 5 years to repay.
  • Those that qualify for loan forgiveness can defer payroll taxes.

Should I get the PPP Loan?

One would be quick to think that the PPP loan is necessary for their practice. In theory, financial assistance due to COVID-19 is helpful. However, it’s important to discuss your unique situation with a qualified accountant. Loan forgiveness is possible for this loan if the criteria are met. Therefore, financial planning and execution are essential. Likewise, if the use of funds does not meet the criteria for loan forgiveness, can you afford to pay it back?

Review Your Options

Find out if the PPP loan is right for your dental practice. Request a complimentary consultation with Ash Dental CPA. Our firm has over 20 years of experience assisting dental professionals and their practices. We offer an array of services that include financial and tax planning, accounting, bookkeeping, practice incorporation, tax audit representation, and more! Call (508) 458-6789 or click here to schedule online.

 

Resolve IRS and State Tax Issues for Your Dental Practice

As the country continues to work towards reopening, it’s important to address tax obligations as soon as possible. If you have not already done so, contact a CPA to learn the best ways to resolve pending tax issues. Reopening your practice is challenging enough. Rely on a skilled CPA to help resolve your IRS and State tax issues for your dental practice. Learn more below and schedule a virtual consultation with Ash Dental CPA today.

Resolving tax and IRS issues can be difficult and stressful. This is true for dental offices because any business can get taken off guard by financial difficulties. You would think businesses and medical practices would be the last to have an issue. The problem has a few factors causing it. One, the financial system they’re using isn’t sufficient or they’re so busy that the billing and taxes are backed up. Being busy is a good sign but you can lose the fruit of that labor to the taxman if you don’t straighten it all out. 

If you’ve already been served with a tax notice, read more below.

dental practice - resolve irs tax issues

Secure a Tax Accountant

The first thing you need to do if you don’t have one is to contact a tax accountant before responding to the state or IRS. Don’t leave it, do it immediately upon receipt. The tax accountant will review your tax records and plan your best approach.

Have an Understanding of What Happened and Why 

A good tax accountant will not only find the core reason for the issue and find the solutions but show you why the situation occurred. They’ll also make certain that it never happens again. 

Take Swift Action

Once your accountant determines what you owe or how to resolve the issue, take swift action. You can pay it all at once or negotiate a payment plan.  Most tax bills are wrong from the get-go. So this is why you need a professional to sort it out. They can clarify a lot of the confusion and straighten your tax records efficiently.

Besides, your patients need you! 

Swift action is needed before a tax assessment is placed on you. It’s hard, if not impossible to get it removed or changed after the fact.

Sometimes when you handle these things yourself, you can skip vital steps or not know where to look for the answers. After the IRS sends a tax notice is not the time for you to spend hours on the phone. Your tax accountant will know immediately how to determine if the tax bill is correct. 

Then, they have to petition the court and help you to pay what you actually owe with one caveat: 

They’ll be able to help you claim deductions to help lower your tax bill.

That’s right, even when you’re in trouble, you only owe what you owe and you’re still entitled to what you’re entitled to. Allow your accountant to uncover deductions that may reduce your tax obligation.

Learn More

Contact Ash Dental CPA to learn how to resolve your tax issues. Our firm has over 20 years and offers virtual accounting and bookkeeping. Call  (508) 458-6789 or click here to schedule online. We look forward to meeting you.

Medical Practice Accounting Framingham MA

Medical Practice Accounting: Hire a Professional

Medical Practice Accounting Framingham MA

As a medical practitioner, you may think you do not require the services of a medical practice accountant for your business. This is due to the common belief that most of the medical accountants are expensive. However, as a business, you need to keep track of all the income and expenses including billings, invoices, discounts, and future expenses.

What is Medical Practice Accounting?

Medical practice accounting takes care of all these. It keeps track of all the expenses and tries as much as possible to ensure there is minimal wastage of resources by preparing monthly and yearly budgets for the establishments. This will give the owner of the business a rough idea of the maximum amount of money to spend on expenses such as rent, insurance, advertising, salaries, and benefits, among other expenses.

Medical Practice Accounting Framingham MA

Secondly, medical practice accounting helps you to keep track of all your finances and can prevent employee fraud. Some accountants may try some underhand dealings to steal money from your establishment, but with the help of medical practice accounting, you can help prevent such occurrences.

Another reason for seeking the services of medical practice accountants is they are fast and accurate compared to other methods of accounting. Medical practice accounting will save you a lot of time that you can use to serve your clients better and increase your productivity. They are more accurate and comprehensive as they cover all aspects, including calculating your tax brackets for your business. It will also give you an idea of where all your expense falls into, and this will help you plan better. 

Benefits

Medical practice accounting will beneficial to your business in the following ways:

  1. It will address areas that need more efficient money management.
  2. Provides the correct figures that will aid in the filing of taxes.
  3. Help monitor and track the business performance, and finally,
  4. It will accurately identify and keep track of all the uncleared monies and debts.

Accounting will also help to separate your personal and business spending. By hiring a professional accountant, you will not be directly involved with the finances. A professional medical accountant will help come up with a budget for the business. The budget will guide you on the amounts to be spent by the business and what to spend it on. Furthermore, it will help maximize deductions when filing tax returns.

Additionally, medical practice accounting ensure that all your personal spending are accounted for. A professional accountant documents all your personal spending, such as donations to homeless people or charity organizations. Moreover, it helps you stick to your monthly budget and keep track of your spending each month. 

Documenting Records

For the business spending aspect, all the expenses get categorized into subgroups that are easy to keep track of. The medical practice accounting ensures that even the least of expenses such as photocopying and stamps get accounted for.

Accounting is not all about proper records, but it also helps to organize and store important business documents such as contracts, invoices, licenses, and receipts. They help maintain all relevant business documents that may be needed for future reference in an organized manner. The documents will also be categorized into different categories making it easy to retrieve them when needed. This will give your business a neat and orderly look and will open up spaces for the business that ordinarily would have been occupied by huge piles of papers and files.

Learn More

Any medical practitioner should consider medical practice accounting as their preferred choice of accounting in order to achieve maximum profits. Contact Ash Dental CPA to learn how our services will benefit your financial goals. We offer complete customized accounting services to best serve each client. Call (508) 458-6789 to schedule a complimentary consultation.