TAX Services
You Will Receive Annually:
- Expert Business Tax Preparation and Filing for your dental practice entity (1)
- Expert Business Tax Preparation and Filing for your building entity (1) provided you meet bookkeeping requirements (If applicable)
- Expert Individual Tax Preparation and Filing (1)
- Two In Depth Tax Projections and Planning Strategy Sessions
These tax projections will be our best estimate as to your next income tax bill due. Accuracy is not guaranteed, but we’ll do our best. - IRS Letter Coverage & Solutions (excluding audit)
We’ll respond or help you respond to any IRS income tax notifications. Audit coverage is a separate service that will include additional fees. - State Letter Coverage & Solutions (excluding audit)
We’ll respond or help you respond to any state income tax notifications. Audit coverage is a separate service that will include additional fees.
- Dr. & Spouse Payroll Assistance
Assistance setting and adjusting Client & Client Spouse’s payroll to maximize tax strategies and savings for upcoming tax bills. Does not include payroll services for staff. - Twelve Monthly Tax Training Calls – Year 1
You will receive 12 monthly training calls during the first year of the engagement to cover specific how-to information and answer questions on keeping your tax bill as low as legally possible. - Six Bi-Monthly Tax Training Calls – Year 2
You will receive 6 bi-monthly training calls during the second year of the engagement to cover specific how-to information and answer questions on keeping your tax bill as low as legally possible. - Quarterly Check-ins – Years 3+
A scheduled call once a quarter with your accountant and/or bookkeeper to cover questions, strategies and any topics helpful to your financial freedom. - Unlimited Email Support
Bookkeeping Services
You Will Receive Monthly:
- Dedicated monthly reconciliation of one business bank checking account
- Dedicated monthly reconciliation of one business credit card
- Detailed monthly financial statements and analysis of KPIs
- Unlimited Email Support
- Personalized monthly tax/accounting training on each of the following topics:
- January – Tax Strategies for Upcoming Year
- February – Staff Costs Deep Dive
- March – Labs & Supplies Deep Dive
- April – How Much You Pay Annually in Taxes
- May – Tax Projection #1
- June – Other Costs Deep Dive
- July – 401k Tax Savings
- August – Tax Basics Check-in
- September – Top Vendor Cost Analysis
- October – How Our Strategies Lowered Your Taxes & By How Much
- November – Tax Projection #2
- December – Updated Business Valuation
Requirements To be a Dentaltax client:
It’s entirely reasonable and expected that YOU will have expectations of DentalTax as a service provider on your behalf. For us to meet those expectations effectively for the flat rate quoted above, we in turn have our own set of expectations of you as the client. We are confident that our pricing and services are more than fair, if not the best, highest value service of anyone in the industry. However, if you know that you can’t meet the below requirements, you won’t be a good fit as a DentalTax client.
- New Practice Owner. We only take on clients who are new to business ownership or have owned their own practice for 12 months or less.
- One Practice. We’re best set up to help doctors who own one dental practice as a solo owner.
- 3rd Party Access. We require 3rd Party (or “accountant level”) access to all necessary financial institutions needed to effectively do your accounting and tax work. This will include banks, credit cards, payroll companies, 401k providers, etc. If your financial institution doesn’t have a 3rd party access option, you’ll need to either change provider or use another accounting firm.
- Responsiveness. It’s expected that you’ll respond within 48 hours of receiving any communication from DentalTax. Reasonable exceptions for vacations, illnesses, etc. will of course be made. However, lack of prompt return communication from clients becomes an obvious pattern over time. If responsiveness becomes an issue on our end, you’ll receive a notification reminder of this expectation once. If the issue continues, DentalTax will terminate the agreement.
- No Extended Tax Returns. Your business tax returns will be filed before the March 15th deadline, and your personal tax returns before the April 15th deadline – period. DentalTax will not file tax return extensions for you. For us to provide fair, flat rate pricing our tax season must end in April to be able to provide all the other services that will bring you value. We’ll apply a one-time exemption to this rule for a major life crisis such as a death in your immediate family, a cancer diagnosis, a hospitalization, etc. A busy life at home and office is not a reason we’ll extend your tax return.
- Tax Documents Deadline of February 20th. For us to complete your tax return on time and for you to have enough advance warning of any pending tax bill, you must complete your annual tax organizer and upload any mailed tax documents submitted to us before February 20th.
- 3rd Party Payroll Provider – Gusto or ADP. You must use a third-party payroll provider to be a DentalTax client. We’ve researched all the available providers and feel that either Gusto or ADP are the best choice for you as a business owner, and for us as the accountant that must gather monthly information from those providers. Furthermore, the minimal cost of an outside payroll provider is paid for many times over with their handling quarterly payroll tax filings and any IRS-related payroll tax notifications help you’ll eventually need.
- QuickBooks Online Account – You must sign up and pay for your own QuickBooks Online account (we’ll help you select the correct package). QuickBooks is the software that most readily integrates with all other financial and tax related software, making it easiest to provide you accurate, helpful financial information. Instead of including the subscription in our fee, we feel it’s important that you own your own data. If you ever choose to leave DentalTax, your financial information is always yours and never at our mercy.
Pricing for Services Described Above:
Standard Pricing
- Onboarding & Setup fee of $4,500 for all new clients – waived if a current or previous client of Dental Buyer Advocates, LLC
- Monthly fee of $1,000 for all the above services for the first twelve months of service as a client
- Monthly fee of $900 for all above services for the second twelve months of service as a client
- Monthly fee of $800 for all above services for the months 25+ of service as a client
- All fees will be increased by the greater of 3% or last year’s published US indexed inflation rate each January 1st, unless otherwise communicated
Possible Additional Fees
- Dependent’s Tax Return(s): The standard fee for a required tax return for a dependent of a Client will be a one-time annual payment of $500, due after filing
- Additional Business Checking or Savings Account. DentalTax will reconcile transactions from one business checking account and one business savings account (with the possibility of one additional business checking account for a building entity). Any additional business checking or savings accounts maintained that require reconciliation will incur an additional monthly fee of $50 per additional account to cover the additional time needed to service the account.
- Additional Business Credit Card. Accountant will reconcile transactions from one business credit card. Any additional business credit card maintained that requires reconciliation will incur an additional monthly fee of $50 per additional account to cover the additional time needed to service the account.
- Audit Services. When (not if) you are selected by your state or the IRS for an audit of your filed tax returns, DentalTax will assist with the process for an additional fee to be quoted at the time of need.