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Key Ways To Improve Cash Flow And Reduce Your Tax Burden During Tax Season

by | Feb 27, 2023 | Articles, Nifty Blog

Key Ways To Improve Cash Flow And Reduce Your Tax Burden During Tax Season

I love working with all kinds of CPAs, always striving to find the right one, because I know one thing for sure: when it comes to financing, the smallest changes make the most significant impact.

That said, there’s always been one CPA who has been serving both myself and the Nifty Thrity community. I mean, c’mon, why don’t we just call this man the CPA of Nifty Thrifty Dentists? After all, he’s been hooking us up for a while. Most of you probably know exactly who I’m talking about already: Harsh Patel, the owner of HMP Consultants.

With each new year comes new opportunities and responsibilities—there are new things to figure out. And while most dentists love the idea of launching off the new year by trying new tax strategies, even more of us like waiting until the last minute to do just that.

HMP Consultants is a business that performs the whole nine yards: bookkeeping/keeping payroll, advisory services, income tax prep, tax estimates, tax planning, and more. This is a big deal: Many CPAs only take care of one part of the package. The fact that Harsh operates within the niche of dentistry means he keeps things even cleaner than other CPAs who advertise the same services.

It’s time to take a step back and launch off on the right foot. That’s why Harsh Patel, the owner of HMP Consultants, was so happy to step in for this week’s episode and provide some advice. Their goal is to help practices maximize their growth by implementing tax-saving strategies and ensuring all compliance needs are done well on time.

Every dentist is in a different phase of their career and, if they have the right CPAs on their team, then they’ll always be leveling up. HMP Consultants is equipped to handle all your accounting needs, no matter how complex. Whether you require assistance at the corporate or personal level. HMP is ready to serve as your tax planners and accounting advisors.

Initially, HMP Consultants started off as a general CPA firm. But, as they grew, they started to work with several dentists and enjoyed it a lot. It makes sense: Harsh has a lot of family in the medical field. Harsh has been working with dentists for some time. His dental clients often come to him with situations he wishes he saw sooner, to say the least.

So, what should we be thinking about this New Year?

  • Business structure:
    • This is a common problem with new dentists who’ve just acquired a practice.
    • They need advising and consulting guidance.
    • Their whole structure is wrong.
      • How so?
      • There are so many business structures to choose from, and that’s half of the battle. The right structure might come in the form of a local proprietorship, partnership, LLC, corporation, S-corp, DSOs—the list goes on. While S-corp is one that Harsh particularly advises, every situation is different.
        • The objective: cut costs. Don’t overpay on taxes by knowing your books.
  • Scaling:
    • We’re constantly leveling up as practice owners.
      • When should we revisit our dynamic?
        • Time introduces new obstacles, new opportunities, and new things we’ll inevitably have to consider—don’t be the doctor who never changes anything after twenty years.
          • It’s always good to get a fresh set of eyes—there’s no harm in that. Startup with a consultation from HMP Consultants and, if there’s anything that needs to be reconstructed, they’ll handle that. Simply undergo their Benchmark Analysis, see how other practices are performing through various software, and decide what pivots you want to make.
            • They’d love to help you retire sooner rather than later—it’s as simple as that.
            • There’s no harm in getting things checked out.
              • They’re not just comparing your situation—they’re comparing your region.
  • Ways to improve cash flow:
    • Go to someone who knows what they’re doing.
    • Keep track of each month’s balances.
    • Dabble in projections—but don’t take them too seriously.
    • Don’t go with your father’s CPA, your mother’s CPA, or some guy who has been with your “line” for generations: Get proactive; you want specialized care and specialized service.
    • Tune in for more tips on improving cash flow.

Key Ways To Improve Cash Flow And Reduce Your Tax Burden During Tax Season

If you want to get in touch with Harsh, he’s offering a free tax and accounting analysis session to practice owners where his company will immediately address issues and offer various levels of consulting.

Learn about:

  • How can you reduce the tax burden, according to Harsh?
  • How can you stay on top of your finances better?
  • How do you handle “familial factors,” “taking the throne,” etc…?
    • Kids?
    • Marriage?
    • Elderly parents?
      • How do you keep your eyes set on the business when life is changing around you, responsibilities are growing, etc.?
        • Hint: It has something to do with tax planning, and it’s not a one-time thing—it’s year-round.
  • How close do you want your CPA to be to your family?
    • This is common sense: You don’t want to get thrown under the bus, especially with all of the new laws and regulations.
  • What got Harsh interested in working with people like us?
  • How do HMP Consultants offer the education component?
  • What are some finance things that a dentist should be thinking about in 2023?
  • What tips does Harsh have for you?
  • And more!

 

If you want to get in touch with Harsh, he’s offering a free tax and accounting analysis session to practice owners where his company will immediately address issues and offer various levels of consulting.

 

NIFTY DEAL:

Offering a free tax and accounting analysis session to practice owners.

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To learn more about HMP Consultants, click here:

https://www.hmpconsultants.com/contact.php

https://www.harshpatelcpa.com/7taxloopholes-calendar

 

 

Disclaimer:  This post contains affiliate links, which means we receive a commission at no additional cost to you.  The funds we receive are small and go towards running this site and our podcast.  For more information about our affiliate policy, please click this link.

 

 

Glenn Vo
Author: Glenn Vo

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