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Tax Strategies to Help Maximize Your Practice

by | Oct 17, 2022 | Articles, Nifty Blog | 0 comments

Dr. Glenn Vo,Nifty Thrifty Dentists,Nifty Thrifty deals,Nifty Thrifty,money saving deals dentists,online deals dental practice,deals for dental community,dental experts interviewed,dentist deals online,HMP Consultants,Harsh Patel,Accounting Firm,Tax Services,Accounting for Dentists,Tax Services for Dentists,Dr. Vo

This week’s guest has the Asian curse, meaning he looks younger than he is. We’ll talk about his skin care regiment (I joke—his background) in a bit but, first, let’s dive into what he does.

People are always asking me who my CPA is, which CPA they ought to use, or what duties their CPA should perform. The fact is, there are so many definitions of what a CPA should do; there are so many ways they can provide information and value to save you thousands upon thousands of hard-earned dollars.

If we had enough tax savings to spare, we’d gladly pay for our taxes. But that’s just not the case; everyone wants a slice of the pie! Even if you’re bringing in a million or two million dollars a year, it doesn’t actually amount to this much once taxes come out of the back end. It doesn’t help that we’re inundated with myths that scare us about being audited, either.

Well, you’ve likely already guessed it. Harsh is a CPA, the sole owner of one of the newest sponsors of Nifty Thrifty Dentists—HMP Consultants—and the guy who’ll save your pie from being eaten by the “sharks” of the dental industry.

HMP Consultants is a full-service accounting firm 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.

There’s one issue that reappears far more than any other for Harsh and his team at HMP Consultants when they take on a new client. It’s the fact that a client’s former CPA simply never spent enough time focusing on them. But there’s tons of other reasons dentists struggle to stay, afloat in the world of tax savings—tune in to find out!

Harsh and his team have been working with dental practice owners for quite a while. Their firm was initiated to aid general practitioners—dentist or not, DMD or MD—but their horizon has narrowed down as they’ve found particular enjoyment in working with clientele within the dental landscape. One thing about dentistry that has inspired Harsh the most is how dentists make their patients so much happier and truly impact their lives for the better. While he can’t make that same impact directly, Harsh knows he can do so indirectly by helping dental practice owners improve patient care through their top-of-the-line tax savings plans.

Dr. Glenn Vo,Nifty Thrifty Dentists,Nifty Thrifty deals,Nifty Thrifty,money saving deals dentists,online deals dental practice,deals for dental community,dental experts interviewed,dentist deals online,HMP Consultants,Harsh Patel,Accounting Firm,Tax Services,Accounting for Dentists,Tax Services for Dentists,Dr. Vo All in all, Harsh knows the ins and outs of the industry and can advise his clients about all of the “little things” that will add up by the end of the year to save you heaps of cash flow. I’ll be the first to say that dentists are “notorious” for not taking advantage of many of the money-saving opportunities. I wholly believe Harsh could be your guy when it comes to keeping things legal while holding onto the money you’ve put your blood, sweat, and tears into. Harsh learned from his father how important it is for a client to be capable of contacting their CPA with ease.

And while every client who chooses to work with HMP Consultants will go through a different process, the means of communication is largely the same. In fact, Harsh is so serious about keeping in contact that his firm has a 24-hour rule. If HMP Consultants takes longer than 24 hours to get back to you and you’re unsatisfied, they’ll refund your last month’s payment.

That’s amazing, man. Let me tell you, I have never, ever heard a CPA promise something like that. In fact, I thought that was so awesome I had Harsh repeat himself—it was almost too good to be true!

 

Learn about:
● What should you look for in a CPA?
● What duties should a good CPA perform?
● How do you know if your CPA is spending “enough” time focusing on your needs, demands, etc.?
● How regularly should you meet with your CPA?
● How can saving money on your taxes serve to improve the quality of your patient care?
● Why do dental practice owners often need to pay too much on their taxes, according to Harsh?
● What are some of the most common past mistakes Harsh and his team at HMP Consultants find when they start working with a new client? How does it start “from the top” and create a domino effect of losing money, and why is it not your fault?
● What are some examples of how HMP Consultants have done wonders for their clients? How much money did some of them overspend? ● What are some of the myths, preconceptions, etc. that many dentists hold—and how does Harsh bust them?
● How “random” is auditing? How can you prevent it, stay within the red tape, provide proof, etc.?
● What’s the “Augusta Rule” and how can it help you if you’d prefer to work from home?
● How can your car play a role, through deductions, in saving you tax money? What does mileage have to do with it, and how was this altered in June? Alternatively, why might the weight of your car matter in that regard?
● What does the process look like when HMP Consultants takes on a new client, and how does it revolve around “growing with you” instead of simply working for you?
● How do changes from politics play a role in how HMP Consultants is approaching the game?
● How can HMP Consultants provide you with financial clarity to not only help you fight burnout but perhaps retire earlier?
● And more!

Nifty Deal:
● Offering a free tax and accounting analysis session to practice owners.

Grab the Nifty Deal here:

https://www.hmpconsultants.com/

 

 

 

 

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Glenn Vo
Author: Glenn Vo

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