Yes, as a dentist, you have rights to several tax deductions that can decrease your taxable income. Some potential deductions include:

• Professional Association Dues
• Education and Training Expenses
• Dental Supplies and Equipment
• Office Supplies and Expenses
• Staff Wages and Benefits
• Operational Expenses like utilities and rent, and
• Advertising and Marketing Expenses.

This list isn't exhaustive, and the right deductions for you directly depend on your specific situation. We would recommend working with a professional knowledgeable in dentist-specific taxes, like our bookkeepers here at Bench Accounting, to ensure that you make the most out of your tax deductions.

A bookkeeper can significantly help manage your dental practice's financial aspects more efficiently in several ways. Firstly, a bookkeeper can handle all the financial-related tasks, allowing you to focus more on providing the best dental care to your patients. Secondly, bookkeepers have extensive knowledge and expertise that can be utilized to optimize the financial and accounting processes, which includes but not limited to tracking income and expenses, managing invoices and payments, handling payroll, and ensuring that your practice complies with tax regulations.

Further, bookkeepers can provide valuable financial insights and identify areas where you could potentially reduce costs, improve your profits, and make your operations more efficient. By outsourcing your financial management to a professional bookkeeper, you will have more control over your dental practice's financial health while reducing risks associated with errors that can be costly and harmful to your business.

What are common accounting challenges a dental practice might face and how can Bench Accounting help?

A dental practice can face numerous accounting challenges, such as managing accounts receivable/payable, handling payroll for employees, dealing with inventory control for dental tools and supplies, producing regular financial reports, and keeping up-to-date tax documents. These issues require significant time and knowledge of financial administration.

Bench Accounting can greatly alleviate these issues. Our expert bookkeeping services manage bookkeeping tasks, giving you more time to focus on your patients. With our dedicated team handling your accounting, you can have peace of mind knowing that your accounts receivable/payable will be well-managed, your payroll will be accurately processed, your inventory will be effectively tracked, and your financial reports will be promptly prepared and easy-to-understand. Additionally, Bench Accounting also provides tax-ready financials, ensuring that your practice stays compliant and ready for tax season. Overall, our goal is to streamline your financial management process, saving you time, and relieving you from the complexities of bookkeeping.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.