John Vento, CPA, CFP, is an author, educator, and TV personality who has appeared on such shows as NY1 News “Money Matters,” Fox Business News, CBSN, and Reuters TV. John has tremendous knowledge in the tax and financial planning arena, especially as it pertains to dentists. If you’re a dentist and you want to know more about taxes and practice ownership, DO NOT MISS THIS EPISODE!!
In this episode, titled “Taxes & Practice Ownership,” John will cover:
· An overview of practice acquisition and disposition strategies for both buyer and seller to help improve the chances of a successful practice transition.
· The best way to categorize different tangible and intangible assets when you purchase or sell a dental practice.
· A description of goodwill and how it is calculated and allocated.
· The best way to handle depreciation and amortization of practice assets.
· The benefits of having a segregation study done when you purchase the building in which you practice.
· How to communicate with your tax advisor to minimize your tax liability.
· How to take a Section 179 deduction on “qualified property” including most internal and many external improvements to your practice space and building.
· When and how to spread your deductions out over time to maximize your tax savings.
· Why you MUST have a year-end planning meeting with your CPA to avoid over-paying in taxes.
· The advantages of owning the real estate that houses your practice.
· How a 1031 exchange can be used to legally defer or eliminate capital gains tax on the sale of your practice real estate and create generational wealth.
· The property way to execute a 1031 exchange.
· Link to John’s article in Seminars in Orthodontics: LINK
· See John Lecture at the Greater NY Dental Meeting! Go to
www.gnydm.com and find his courses:
o 10 Characteristics of Multi-Millionaire Dentists (11/24/23 @ 9am-Noon; 11/29/23 @ 2-5pm)
o Creating a Financially Successful Dental Practice (11/29/23 @ 9am-Noon)
What is The DOC Podcast?
The DOC Podcast brings you unique educational content taught by Dr. Mike DeLuke, a Board Certified Orthodontist with over 20 years of clinical and academic experience. Dr. DeLuke built his orthodontic practice from scratch in the early 2000s and grew it into a multimillion-dollar enterprise in less than 10 years. He was able to retire from private practice at the age of 46 years old, and now devotes his energy to teaching his colleagues how to succeed both personally and professionally.
Dr. DeLuke has served as a faculty member at numerous hospitals and orthodontic residency programs around the country, including as the cleft craniofacial orthodontist at Albany Medical Center in New York, and as a clinical professor at The University of Connecticut in the Department of Orthodontics. He is presently an adjunct professor at Nova Southeastern University in the Department of Orthodontics.
The DOC Podcast will bring you in-depth discussions and interviews with industry leaders and experts on a variety of topics including clinical excellence, practice management, finance and wealth creation, health and wellness, taxes and accounting, fitness, and much more!