Taxes and Practice Ownership - Part a (w/John Vento CPA,CFP) [Ep.22]

The DOC Podcast

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.

· The additional benefits and flexibility of using a Delaware Statutory Trust or DST for your 1031 exchange.

Important Links:
· Link to Part 1 of the Tax Information for Dentists: https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching

· Link to Part 2a of Taxes and Practice Ownership: https://www.youtube.com/watch?v=tyQTdCy2DxA&t=376s

· To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book

· You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.

· Link to John’s Newsletter: https://www.ventotaxandwealth.com/blog

· Link to John’s article on IRS Audits: https://www.ventotaxandwealth.com/tips-for-dentists

· Link to a number of tax calculators: https://www.ventotaxandwealth.com/resource-center/calculators

· 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)