1. Presented to University of Maryland
School of Dentistry
Advanced General Dentistry
Residents
Larry S. Goldberg, DDS, CPA, CVA

5.  Starting a practice?
 Associating?
 Military?
 Academics/research?

7. “Students who graduate…from public
schools paid an average of $124,397 for
their education, while those in private
schools paid $223,788.”
- ADANews, September 5, 2011

8.  Key Metrics
 Core Expenses- ratios to
watch
 Financing, borrowing money,
niche lenders
 Paying down debt and
profitability

9.  Accountant
 Lawyer
 Insurance advisor
 Banker

10. Your accountant will help you with:
 Entityselection and tax implications
 Projections
• Feasibility of business opportunities
• Be wary of brokers selling practices
 Taxes- payroll, income, corporate
 Record Keeping
 Obtaining federal and state ID numbers

11. Your lawyer will help you with:
Negotiating contracts
• Leases
• Buy/sell
• Partnership
• Employment

12. Your insurance advisor will help you with:
 Personal disability
 Life
 Malpractice
 Officeoverhead
 Workers’ compensation
 Health
 Long term care

13. Your banker will help you with:
 Financing
 Banking services

14.  Sole Proprietor
• Self-employment tax
• No owner salary
• Estimated taxes

15.  LLC (limited liability corporation)
• Self-employment tax
• No owner salary
• Estimated taxes
• Corporate protection

16. S Corporation
• Payroll taxes and withholding
• Owner takes a salary
• Distributions
• Corporate protection

17. INTERNAL RECORDS INFORMATION FOR CPA
 Patient information  QuickBooks files
• Charges  Self recorded or
• Payments  Use bookkeeper/CPA
• Adjustments  Payroll records
• Treatment notes  Large equipment purchases
 Human resources related  Financing terms
records

18. I have employees. What do I need to
know??
 Paperwork and forms (W-4 and I-9)
 DIY or payroll service?
 Employment manual or
handbook
 Employee benefits and
retirement plans

19. Dental practices are very equipment
intensive. You can depreciate this
equipment over time.
Current tax law allows accelerated
depreciation on equipment purchases.

20. WHAT IS AN EXPENSE
WHAT IS DEPRECIABLE? ITEM?
 Dental equipment  Dental supplies
 Computers  Lab costs
 Cabinets  Rent
 Furniture and fixtures  Employee salaries
 Improvements  Normal and reasonable cost
incurred in a business

21.  Asa service business a dental practice will
use Cash Basis accounting for tax
reporting

22. Retirement and financial
planning from the start.

23. Larry S. Goldberg, DDS, CPA, CVA
410-356-1000
Larry.goldberg@glassjacobson.com
www.glassjacobson.com