Unlocking Dental Practice Success - Good vs Bad Write-Offs!
You’re going about your day. Then suddenly, you get a brilliant idea: “We should have an espresso bar!” It SEEMS like a brilliant idea. I mean, who doesn’t love freshly-made espresso in the morning?
When the team asks how much it cost, you say, “It’s a write off! The government will pay for it.” Here’s the problem: a lot of dentists think they know what a write off is when they actually don’t.
Many dentists think a write off means the government will subtract the cost of a business expense from their income taxes. So, if a scanner costs $10,000, they think the government will subtract $10,000 from their taxes. This is NOT TRUE! Your taxable income reduces by $10,000, not the taxes themselves.
The scanner isn’t free. You’re still paying for it. The government just reduces your taxes by a little bit. So, the question is . . . do you still need that espresso bar?
This short video explains the difference between good write offs and bad write offs (and what write offs actually are).
Kirk Behrendt is a renowned consultant and speaker in the dental industry, known for his expertise in helping dentists create better practices and better lives. With over 30 years of experience in the field, Kirk has dedicated his professional life to optimizing the best systems and practices in dentistry. Kirk has been a featured speaker at every major dental meeting in the United States. His company, ACT Dental, has consistently been ranked as one of the top dental consultants in Dentistry Today's annual rankings for the past 10 years. In addition, ACT Dental was named one of the fastest-growing companies in the United States by Inc Magazine, appearing on their Inc 5000 list. Kirk's motivational skills are widely recognized in the dental industry. Dr. Peter Dawson of The Dawson Academy has referred to Kirk as "THE best motivator I have ever heard." Kirk has also assembled a trusted team of advisor experts who work with dentists to customize individual solutions that meet their unique needs. When he's not motivating dentists and their teams, Kirk enjoys coaching his children's sports teams and spending time with his amazing wife, Sarah, and their four children, Kinzie, Lily, Zoe, and Bo.
