Ready for Tax Season with your Dental CPA
As we venture into the beginning of tax season, you’re probably noticing now more than ever the need for extensive and proactive tax planning for your dental practice. No one likes surprises, and tax laws are more complicated than ever (a whopping 73,942 pages at last count). If you’re feeling the pressure—don’t panic! A trusted dentist-specific accounting firm like RealTime CPAs can help you proactively plan now and year round to make tax season bearable.
Here are four ways they can make a difference:
Proactive Planning & Consulting:
Why wait until tax season to plan your tax strategies? It might be cutting it close this year, but now is the time to consider a setup that includes year round financial planning. With monthly reporting and ongoing analysis and insight, a firm like ours will give you a real time snapshot of your practice finances on a monthly, daily and even on demand time frame. This allows for ongoing adjustments throughout the year and in turn, more confidence in what to expect during tax season.
A firm that specializes in your industry will be able to benchmark your practice against other successful practices and know where you stand. If your ratios and other aspects of your practice aren’t in line with a typical successful one, an industry specific firm will help set you on the path to financial and management improvements. In addition, a firm that knows your industry will know how new laws specifically impact you. The Affordable Care Act, for example, includes changes that come into effect over the next few years that can significantly alter your strategy for staffing and compensation. Industry specific consultants know how these new laws will affect your practice and help you plan accordingly.
Compliance & Audit Defense:
An experienced CPA knows every “T” to cross and “I” to dot. They can help you with the fine details of tax compliance, audit defense, filing and more. Having a dedicated CPA to help with tax planning and strategy is a crucial component of any financially successful practice, and will give you peace of mind during tax season and all year through. Should an unexpected issue come up or an audit be requested, your tax professional can help resolve it with industry-specific know-how. Most importantly, year round consulting and planning will help make tax season smooth sailing and surprise free.
Accounting and financial technology has come a long way in a short time. Our cloud-based online reporting system and financial technology will streamline your practice financial management and get you to the point of “real time” information. Using cloud storage technology and cutting edge software, your data will be more accessible and secure. It’s also readily available for quick retrieval, fast reporting and proactive consulting throughout the year.
RealTime CPAs takes our attention to detail and tax efficiency and combines it with expertise unique to the dental industry to make your job as easy as possible. Don’t be overwhelmed when it comes to taxes—call us today and consider getting your own dental CPA and tax defender who can help take care of the details and give you peace of mind.
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