Financial & Accounting Advice for Dentists

You might think that accounting for dentists and tax advice for dentists automatically go hand in hand. Unfortunately, too often they do not. However, we specialise in health care accounting so here at James Abbott CPA & Associates we do! We handle your full dental practice accounting needs as well as your dental practice tax returns.

We know that that both the short-term income and the long-term net worth of a dentist are seriously affected by the accounting and tax management decisions you make early in your career, and in fact will out-perform the number of hours worked. Utilized correctly Dental accounting, financial management and tax strategies can have a far bigger impact than if you worked many more hours over your career as a Dentist.

Dental Practice Stages

We understand the career stages of a dentist as well as the unique solutions available to dental accounting & tax management. Whichever stage of your dental career you are in right now, we can help bring your dental practice to maximum potential.

Just starting stage: Establish your skilled practice while paying off your student loans. Note: when the pandemic once again allows, we recommend new dentists attend the New Dentist Symposium.

Growth Stage: Start up or buy your own practice and manage this more complicated capital expense and taxation planning

Peak Stage: Maximize income while fine-tuning operations. Fine tune estate planning and tune the dental practice for maximum potential resale value.   We know that bigger practices with well established systems and rhythms sell for higher prices.

End Stage: Initiate a succession and retirement plan that maximizes your dental practice asset with expert tax management protecting you.

Help My Dental Practice Now

Many of the basic accounting for dental practice procedures should already be in place, however if you do not have these set up, we will go over all the basics with you from setting up holding companies for purchase of assets to avoid tax triggers in the Dental Corporation to income splitting to family members and using the Professional Corporations to use the Small Business Deduction on the first $500,000, as well as discussing life-time capital gains exemptions etc.

Full Dental Practice Accounting Service

The monthly management of cloud based accounting and bookkeeping records for the entire practice including payroll management on-line. We provide a complete dental practice accounting service, that is why we call is Accounting for Dentists!

Dental Practice Tax Returns: Corporate & Personal

Complete management for your dental practice tax returns and personal tax returns and full CRA management for your maximum tax planning benefit. We offer the tax advice for dentists your practice requires.

Accounting for Dentists: Next Steps

Whatever the current stage of your dental career or dental practice, now is the time to come and talk with us to ensure that your efforts over the coming years are maximized for after-tax financial returns. Even if it is just to see if you are on the right track, calling us is a step in the right direction for you and your dental practice. We are medical accounting specialists; read our Medical Blog for more relevant medical accounting information. You can reach us by calling (905)-831-6383 or use our confidential Contact Form.

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