My Conversation with Dentists Implants and Worms Part III

I think one of the things that you said that is so valuable is that  you’re in touch with clients year-round, not just once or twice a year. I tell you from previous firms that I’ve had you know are really just a sole CPA that you ran into in November/December to prepare for the end of the year. But what if you, for the first nine months and you’re absolutely killing the business and you didn’t increase maybe your estimates or you know you weren’t increasing what you were saving for like I think that’s–today my accountants always has an eye on what I got going on and saying, “Hey you know what? You’re doing a little bit better this year like you need to better prepare for you know April 15, a bigger a bigger tax bill.”

I mean it’s possible. I remember I once had to borrow money to pay my taxes and that’s pretty tough because you know you borrow your money to pay your taxes on April 15th but then you know you also have your first quarterly payment that’s due at the same time like that’s a–that’s a rough spot to be in and I’ve been there It’s been–it’s been quite a while but you know I’ve been in that spot, so any words of wisdom for you know avoiding those kinds of scenarios other than just stay in touch?

We will do a tax plan and skip that payment? Well I I like his idea though to where you are  keeping an eye on stuff and communicate and say, “Hey you know maybe is there some piece of equipment or is there something else we can do to try to wiggle that other number down because if you don’t do nothing, if you–well the old saying, “If you have failed a plan you plan to fail.” And you’d typically know the client that’s putting money away, versus the client that’s pretty much spending everything that’s coming through the door. So you know who you have to watch a little closer and as long as you set them up with the correct estimates and you know what kind of client they are, you have those conversations. Everything should run smooth. I’m a little bit of both. I max my 401k out which is, being the owner has –it is a good advantage to it but after that, I’m alright spend on the rest of it. I like nice things there’s nothing the matter with that.

Speaking for a friend, of course.

You know you said you were a Tax Coach, can you tell us what a Certified Tax Coach is?

Yeah, so to become a Certified Tax Coach I after I was a CPA, I spent three days of training in San Diego and then I go for about 40 additional hours a year in tax planning training every year in addition to the regular CPA continuing education that I go through.  We look for different ways that you can save people money that are within the tax code so you know a guy like Donald Trump or Warren Buffett and Bill Gates, they have teams of attorneys and number crunchers to help them save taxes we just do it on a small level.

That’s awesome. You know, it’s almost like a consultant. I, for many many years, I think one of the things that–I don’t know if sometimes the ego, but most of the time is, it’s like you don’t know what you don’t know and you know you don’t really know what a dental consultant may be able to do for you because the truth of matter is dentists, we’re really scientists.

Craig, I mean we’re not, we’re not business people and I’m sure you’re shaking your head going no kidding, but you know we went through eight years of a College in the Sciences and never took a business course, never did anything like that. But when we get out, well it’s not that hard to trip over a million dollar business and there’s a lot of ramifications that go along with that and finding someone that can truly help you and guide you along the way, I look at that Certified Tax Coach to me is really like another consultant for my practice. It’s like a–let’s you know–let’s use their brain power because I like this. I like the one saying I don’t know who made it but you know, “None of us are as smart as all of us.”

Most definitely, the use of a good dental consultant, a financial consultant a tax consultant makes sense and I think the young dentists who looks at that and says, “Oh my God, it’s just someone else got their hand out I got to pay every month.” But if you find the right ones, the savings can be a multiple of the fee.

The wonderful thing of working when you work with a tax coach or someone like myself is you know what your ROI is going in, so our typical first year ROI is going to be 300%-400%, that’s before you actually pay us a dollar you’re going to know what that is, and in our case when we do a tax plan it’s a hundred percent refundable and nobody’s ever asked for their money back because it’s instant gratification.

What inspired you to write a book? I’m just looking here on Amazon, “Secrets of a Tax Free Life?” I mean that title gets my attention. What inspired you to write a book?

I co-authored that with about nine other people that are in a group that I’m part of and we we’re just looking to do something that was a little bit different; gain some credibility and put something out there. It was, I think it’s been about three or four years since that’s come out

So our Listeners can find it at Amazon and all those kinds of places?

It’s available on Amazon or, like I said I want my most recent book, “Ten Most Expensive Tax Mistakes that Cost Business Owners Thousands”, we’ll be sending to anybody that requests it.

Whoa, I like that; will you share a link with us for the show notes for that?

Oh definitely, I’ll give it to you again, but it’ll be craigcodyandcompany.com/dentists/diw as in dentists implants and worms.

Listen to the full conversation here.