Pros/cons of working with a Dental Specific CPA while in residency

[Noah Littell]

What are people’s thoughts, experience on this? Waste of a few hundred bucks having a dental cpa file their straight forward tax return or is there a greater purpose establishing this relationship early on..

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[2TH MVR]

I've worked with the same dental specific tax accountant for my entire career (26 plus years). He's been there for my 1st partnership buy-in; 3 separate start ups; commercial building aquisition; sale of my ortho practices; and he still does my "simple" tax returns now that I work Corp dentistry.

I always paid him a monthly retainer plus additional fees for returns, etc. We met every quarter to discuss P&L and next year's tax strategy. He is always available to answer any questions.

Having a good dental specific tax acct is vital for your dental career. I can't think of a more important business consultant.

To this day .... Matt (tax acct) and myself are good friends. I've recommended him to every dentist I come in contact with.

 

[321931]

What are people’s thoughts, experience on this? Waste of a few hundred bucks having a dental cpa file their straight forward tax return or is there a greater purpose establishing this relationship early on..

Dental CPA is a waste of time unless you are in the midst of looking to buy a practice and or have a practice. If you are just getting a W2 in residency- just turbo tax it for 50$ and get your taxes done.

If you have a practice, then spend 3-5k to get the taxes done right as there are alot of nuances in s-corp ownership.

I established the relationship with my dental cpa early on by looking through prospective practices and discussing potential cash flows. When I asked him to file my W2 taxes for my associateship- he said just turbo tax it as its straightforward.

 

[Noah Littell]

Perfect answer! You built up the relationship and trust early on so you’d be able to rely on his her opinion of the practice financials instead of second guessing!