While we can’t be sure what the economy holds or who will go to the Super Bowl, two things are certain: death and taxes. The bad news is, no matter what, you’ll have to file and you’ll have to pay. The good new is, this year you can get some great breaks on large purchases of dental equipment and technology. Before you go to your CPA, check out these resourceful articles to boost your tax IQ:
- “The breakdown on new equipment and taxes,” by Noah Levine, Dental Products Report
- “On Target: An Exclusive DentalBlogs Interview with Keith Drayer of Henry Schein Financial Services” (see question eight)
- “Tax losses: another benefit of the bear market,” by Gene Dongieux, Dental Economics (off topic, good info)
- “New Tax Legislation Could Save Dentists $$thousands$$ in 2008,” By Tom Wheelwright, Provision Wealth
Dental Technology: Where to Invest
Not sure what to purchase for your practice? The Levine article in DPR advises dentists to only purchase big-ticket items that will benefit the practice long-term. Frivolous purchases solely for the tax deduction aren’t smart. DentalBlogs contributor and respected dental technology expert Dr. Larry Emmott offers sound advice for dentists when it comes to high-tech toys…er, investments. For instance, he recommends cost-effective paperless records: “… add new technologies that will save money. A good example is to go paperless. Paperless records can save an office $40,000 a year. (For some help doing that look here.)” See his blog, http://emmottontechnology.com/, for more great tips on how to spend your marketing dollars before the year ends.