Tax Savings & Planning

Overview

Save on Your Taxes While Avoiding Big Surprises at Tax Time

No dental practice owners should pay more tax than required—or get an unpleasant surprise come tax season. That’s why HDA Accounting Group provides comprehensive tax planning and tax saving services that let you keep more of your cash.

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Strategies

Tax Planning Objectives

There are always two overriding objectives when it comes to tax planning:

Save as much as possible on tax expense by employing creative, legal, and effective tax strategies appropriate for dental practice owners.
Avoid surprises with quarterly tax planning so you pay your taxes during the year and know to expect when your tax return is prepared in the spring.

HDA Accounting Group dedicates substantial company resources toward achieving these objectives. A variety of carefully researched, proven, and effective tax-savings strategies will reduce your overall tax burden at every opportunity. Comprehensive quarterly planning ensures we are looking ahead rather than simply reporting what has already taken place.

Our firm also limits our tax work to only those clients for whom we also provide monthly accounting services so that we may ensure we are able to provide close attention to your tax situation.

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Tax Strategies

Your Tax Savings Checklist

Ask yourself the following questions. If you don’t have the answers, or if the answer is no, you may be leaving money on the table when it comes to your annual tax expense.

Does your entity structure and tax classification maximize your savings on employment taxes?

Are you taking advantage of the home office deduction to realize tax savings on a portion of your household costs that you already incur?

Do you pay your children on the practice payroll and use the net proceeds to fund tax-deferred college savings?

Is your business mileage being reimbursed from your practice, or are you deducting auto expense for a vehicle placed in service at your practice?

Have you conducted an annual board meeting for your corporation in another city, and do you plan CE attendance in cities you would like to visit?

Are you renting your home to your practice during the year to conduct company meetings at your household venue?

Are you taking advantage of a qualified retirement plan to defer substantial income from taxation?

These are just some of the ways our tax advisors will guide you to achieve maximum tax savings. During our onboarding process, our tax advisors review your prior tax returns and study your overall tax situation and recommend a variety of tax savings strategies.

Tax Planning

Comprehensive Tax Planning That Pays For Itself

Our tax advisors use carefully researched and effective tax savings strategies to reduce your overall tax burden. Easy-to-follow quarterly tax plan presentations provide clear guidance on current tax savings strategies, as well as any critical items that need attention now.

If an estimated tax payment is due, our team will provide pre-formatted estimated payment vouchers.
Our tax advisors will keep you abreast of any owner salary changes we believe will maximize tax savings and guide you on how to make those changes.
We’ll let you know if your tax situation is current and whether any tasks are required to implement new strategies.

Testimonials

What It’s Like Working With HDA Accounting Group

We pride ourselves on forming close relationships with our doctors and delivering the best client experience possible. Meet some of our clients for yourself and see what they’re saying about being part of the HDA Accounting Group family.

“HDA has been super attentive month after month and has helped me lower my tax liability substantially…

I’ve been using them for about a year and they will not only break down my numbers monthly but give me an idea of how those numbers stack up against other dentists in my area. This has helped me catch trends I wouldn’t have seen before. An example is my dental supplies expenditure jumped. I thought it was just because the cost of supplies went up with covid. Yes… but mine went up about 30% more than the rest of their practices. I wouldn’t have seen that without their insight. So far, I’m super impressed!”

– Dr. Kyle O’Donnell

“I have always dreaded the lofty task of bookkeeping, paying bills, payroll, watching margins, and keeping tabs on the financial aspects of my business…

I signed on with HDA. Right from the start and they have made my life much easier. They watch EVERY aspect of my business for one very reasonable monthly fee. I always look forward to the quarterly review, with Morgan, where he goes over a detailed report covering every financial aspect of my business. I always know where I stand and never lose sleep about this vitally important component of my business. I couldn’t be happier with HDA.”

– Dr. R. De Rosso

“Super happy with HDA accounting over the past 2 years…

They guided me through my start up dental practice with not only accounting services, but also lots of wisdom from Morgan’s many years of experience. Their reports are informative for a deep dive and graphical for an overall view of how the practice is going. They help benchmark against practices all across the country. Everyone I’ve talked to has always been helpful. The return on investment for their services each month is great. Can’t ask for much more!”

– Dr. Dylan Patrick

“I was first introduced to Morgan and HDA through a friend of mine who trusts this accounting group with his numerous dental practices….

As a doctor looking for my first practice, I’ve found it very hard to find an accountant who would talk me through finding my dental practice and who would show me the same respect as my peers who have more clout than myself (Multiple practice owners). Even though Morgan Hamon is very busy with his much deserved success, he always answers my calls personally and in a timely manner. Morgan and HDA, thank you so much for all the help you have given me. You guys are true legends!”

– Dr. Sean Kerns

“I highly recommend HDA for any dental accounting needs…

I used to be a client of HDA, but I joined a group that has its own accounting team. I appreciated the monthly reports HDA prepared for me. Recently I went through an IRS audit. Cortney quickly responded to all of my questions and sent me the documentation that I needed even though I am no longer a client. Thanks to her help, I was able to get through the audit unscathed.”

– Dr. Trever Keele

“HDA has done a phenomenal job with our personal and business accounting needs…

They really have a pulse on the dental industry and their insight and expertise is extremely helpful and goes well beyond simply preparing profit and loss statements or managing our QuickBooks. We highly value HDAs input as we make strategic decisions in the short, intermediate, and long-term time frames. I would highly recommend HDA for all of your accounting needs. Quite simply, for us, their services are required for us to confidently grow our business.”

– Dr. William Herr

“I would recommend HDA to anyone!

Morgan and his team are responsive, professional, give fantastic advice, and are very organized in their work manner. We are so happy we work with them – thank you HDA!”

– Dr. Lindsay Fabs

“I switched to HDA from another dental specific accounting firm and the difference has been night and day…

The monthly reports are amazing and the onboarding process was effortless and informative. I am totally satisfied.”

– Dr. Benjamin Dunham

“I have been a client for awhile now and I am very pleased with the amount of work, detail and level of knowledgeable folks that work here…

I am given immediate attention to any matter addressed, I am advised and educated as well on what I could or should be doing for my business. Thanks again to Morgan and his fantastic team.”

– Dr. Kyle Daniel

Learn more about HDA Accounting Group

Set up a no-obligation consultation to discuss how our firm can provide a level of insight and perspective on your dental practice that you have not experienced before.

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Call Us: 303.799.0476

Tax Savings & Planning

Save on Your Taxes While Avoiding Big Surprises at Tax Time

Tax Planning Objectives

Your Tax Savings Checklist

Comprehensive Tax Planning That Pays For Itself

What It’s Like Working With HDA Accounting Group

Learn more about HDA Accounting Group

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