Dental CEO’s – Take an Active Role in your Taxes

Are you playing an active role in your taxes?

Recently I explained to my dental students that taxes are a citizen’s biggest yearly expense yet hardly anyone pays attention to how they can minimize this bill. Making sure that you have a competent CPA or service completing your taxes is of course paramount.

“The hardest thing in the world to understand is the income tax” – Albert Einstein

However, do any of you research or read up on the subject yourself? “I give it to them, they figure it out and tell me what I owe.”

BIG MISTAKE: Not taking some active role in your taxes (i.e. accountant explaining what they did and strategizing over the course of the year.).

I have learned a lot from reading books, magazines and listening to CDs , that I have even questioned and suggested some of these ideas to my accountant. The best publication I have subscribed to is the McGill Newsletter.

Action Step for You: Now that tax season is over, unless you filed an extension, ask your accountant or tax specialist to sit down and go line by line explaining what these numbers mean, you may find something that saves you thousands of dollars.