Tax Specialist: Choosing a Tax Specialist for your Dental Practice
Choosing a tax specialist can be a cumbersome job if you don’t explore the options correctly. You may do a quick online search and see an abundance of so-called tax preparers. You must dig deeper and settle for the best tax preparation services.
First thing, decide on whether you need a tax specialist or not? If you’re running a dental practice, it is a good idea to hire a specialist.
How do you choose the right tax specialist? What are the key questions you should ask the tax specialist before you enter into a partnership?
Here are a few key points to help you through the process of choosing the right tax specialist for your dental practice.
Compare your Options
You may find it satisfying to work with a CPA offering online services. Perhaps you consider face-to-face interactions with your advisor more helpful. Always explore different options before you sign a partnership with your tax advisor.
Compare the fee structure, range of services, expertise, industry experience, and availability of your marked service providers. Shortlist a few CPAs and EAs, and talk to them before you finalize one.
Choose a Tax Specialist – CPA with Dental Practice Specialization
While shortlisting the CPAs and EAs, consider some important factors to choose the right one for your dental practice. A key point to consider is dental practice specialization. Choosing a dental CPA or an EA with significant experience in Dental Practices will help you a great deal.
A dental CPA will not only file for your tax returns, but he/she can be your business advisor as well. Each industry demands certain skills. A CPA with in-depth knowledge of dental practice can add great value to your advisory services.
Competence and Experience
Do not just settle for the reputation of the CPA firm. Ask for the credentials and professional qualifications as well. If you had chosen to work with a CPA, ask for the dental practice specialization.
Experience plays an important role in selecting the right CPA. If your dental CPA is fresh and lacks experience, it must be compensated with other factors such as fees and packages. CPAs complete the work experience requirements to earn the qualification. A young CPA will be more familiar with the work ethics than a non-qualified tax preparer.
Range of Services on Offer
Running a dental practice is a daunting task in itself. If you’re planning to outsource the tax filing, you must consider bundling it with other services. CPAs and tax preparers offer a different range of services.
You may consider outsourcing the following services for your dental practice as well:
- Accounting and Bookkeeping Services.
- Dental Payroll services.
- Corporate and Personal tax filing.
- Capital Structure planning.
- Equipment leasing planning.
- Business Valuations – buying or selling a dental practice.
It will be a wise option to seek help from a dental CPA. It will create consistency and effectiveness in your tax and business planning overall.
Tax Planning and Advisory
When you choose between a general tax preparer, doing it yourself, or a specialist like a dental CPA, you consider many factors. A key advantage of partnering with a dental CPA is to seek business planning and advisory. Choose a Dental CPA that offers more than just tax preparation.
Choosing a CPA over a generalist can prove to be a substantial difference. A dental CPA can help you formulate effective strategies on business tax planning, employer contribution plans, lease v buy decisions, financing, retirement planning, and investments. It can prove beneficial when you are working with the same partner. It will create harmony and synchronization in overall business strategizing.
Communication and Responsiveness
Although you’re outsourcing tax preparations, you’ll need quick responses from your CPA quite often. A clear sign of a professional CPA is to choose the one with effective communication skills.
Make sure to check with your potential partners for availability after the tax season too. You’ll need to follow-up on the refunds and may get an IRS audit query as well. A professional CPA will oblige your queries with effective communication and responsiveness.
Compare the fee structure of the CPAs objectively. The highest cost always does not mean the best. CPAs come with different fee structures, some charge on an hourly basis, others on a lump sum.
Make sure you are clear on the fee structure before you sign the contract. A dental CPA can offer you a customized package offer depending on your business needs and services rendered.