Tax Planning: The Biggest Mistakes That Cost Dentists Thousands, with Craig Cody

Episode 7:

Craig Cody is a certified public accountant, Certified Tax Coach™, business owner and the host of the Progressive Dentist Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn’t offered in dental school.

What You Will Learn:

  • Craig asks if you are satisfied with the amount of taxes you pay if you are sure you’re taking advantage of every available tax break and if your tax advisor is giving you proactive advice to save on your tax liability.
  • Craig shares why there are so many tax breaks that it’s unlikely anyone is taking advantage of every one they’re eligible for, and he explains why most tax advisors don’t do a great job of looking for and communicating tax break opportunities.
  • Craig shares why failure to plan is one of the most costly mistakes practice owners make, and he explains why being proactive and looking for ways to save money can make a huge difference.
  • Craig explains the difference between financial offense and financial defense, and he shares why tax planning offers guaranteed results.
  • Craig discusses why audit paranoia is unnecessary, and why you should document everything you do rather than not doing it out of concern that you might get audited.
  • Craig shares why you need to make sure your business is operating out of the right entity. He explains the difference between C corporations, S corporations, partnerships, and sole proprietorships.
  • Craig explains why your individual circumstances determine which business structure is the best way to go for your finances, and he explains why you should check with your CPA and attorney to determine whether you are structured as the best entity for you.

Additional Resources:

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