Tax Strategies To Save Practices Thousands For 2020

Business of Dentistry, Video


Here’s a funny little story I heard.

A local bar was so sure that its bartender was the strongest man around that they offered a standing $1000 bet: The bartender would squeeze a lemon until all the juice ran into a glass, and hand the lemon to a patron.

 

Anyone who could squeeze one more drop of juice out would win the money. Many people had tried over time but nobody could do it.

 

One day this scrawny little man came into the bar, wearing thick glasses and a polyester suit, and said in a tiny squeaky voice " I'd like to try the bet."

 

After the laughter had died down, the bartender said OK, grabbed a lemon, and squeezed away. Then he handed the wrinkled remains of the rind to the little man. The crowd's laughter turned to total silence as the man clenched his fist around the lemon and six drops fell into the glass.

 

As the crowd cheered, the bartender paid the $1000, and asked the little man "What do you do for a living? Are you a lumberjack, a weight-lifter, or what?"

 

The man replied, "I work for the IRS."

 

It’s getting close to the end of the year ( what a year it has been, right?) and it’s time to start thinking about 2020 tax strategies.

 

During our Diamond member retreat, we invited Chris Sands and Brent Saunier of ProFi, an accounting firm for dental practices, to talk about end-of-the-year tax strategies.

 

He shared with us several great ideas (some of which I never heard of before) that can save practices thousands of dollars. But we only have a limited time to take advantage of these.