Bulletproof Dental Practice Podcast Episode 22

Host: Dr. Peter Boulden / Atlanta Dental Spa

Guest: Craig Cody

Key Takeaways:

1. Mistake 1 - Failing to plan. Like buying a car or a house, you need to make a plan how you’ll pay off your taxes.
2. Mistake 2 - Choosing the wrong entity to operate. You need to understand the different types of entities available before deciding which entity you would choose.
3. Mistake 3 - What-if Paranoia. Do not be afraid of the questions of the IRS as long as you follow the tax codes and everything is documented. Don’t be afraid to take a legitimate deduction.
4. Mistake 4 - Getting the wrong retirement plan. Understand the different plans available to your employees and those that they’ll resonate to. Ask for advice from your CPA.
5. Mistake 5 - Missing family employment if you have kids. Kids can become employees of your business and you can pay them wages to cover other non-deductible expenses.
6. Mistake 6 - Not implementing a medical expense reimbursement plan. This works for some entities and can be used to cover out-of-pocket medical expenses.
7. Mistake 7 - Missing legal deductible items such as:
   1. a health care facility for your home office like a pool or a home gym
   2. vehicle expenses when the vehicle is used for business
   3. meals and entertainment
8. Mistake 8 - Failing to rent out your home for business meetings. Just be careful not to go overboard.
9. Mistake 9 - Not depreciating properly all the costs to set up your practice.
10. Mistake 10 - Not consulting with professionals. Be proactive and ask for advice. Choose a CPA who is proactive.

 This episode is not intended to replace the professional advice of your tax preparer or CPA.

Resources Mentioned:

10 Biggest Tax Mistakes That Cost Business Owners Thousands - by Craig Cody - www.craigcodyandcompany.com/bulletproof - Receive a free copy of the book!

Secrets of a Tax-Free Life

 Tweetables:

“If you’re doing something and it says you’re allowed to do it in the tax code, let them (IRS) ask you about it. As long as you’ve documented why and how you’re doing it then you’re ok.” Craig Cody

“Tax evasion is blasting through the toll booth and not paying the toll. Tax avoidance is taking side streets around the toll legally to get to your destination.” Dr. Peter Boulden

Bulletproof Dental Practice Podcast Episode 21

Hosts: Dr. Peter Boulden & Dr. Craig Spodak

Key Takeaways:

• Find fulfillment in helping others.
• Today is the golden age of dentistry.
• To create a raving fan culture, your team must know how to make creative solutions within a given paradigm.
• Self-managed teams - they know what to do and they manage themselves. This results in more fulfillment.
• Tell your employees the WHY of the job. Make it results and performance-based.
• Learn to be self-sufficient first then learn to delegate the job.
• Referrals happen organically.
• Recognize your culture and explicitly define it.
• Self-managed team can hire their own people.
• You have to talk about your culture and give examples about it daily.
• Talk about the most important thing to your people outside their annual review. You’ll find out it’s not really about the money.
• Concept of peer-to-peer rewards. Focus on giving your people experience.
• Customers mostly review the culture.
• Make it a safe environment for your team and customers to give you honest feedback.
• Own the honest feedback you get.

 Tweetables:

 “You don’t get burnt out because of what you do. You get burnt out because you forgot why you do it.” - Dr. Craig Spodak

 “Insurance is the penalty you pay if you do not build a raving fan culture.” Dr. Craig Spodak

 “If we are not creating the millennial experience, the millennials won’t be our patrons in the future.” Dr. Peter Boulden

 “Be dynamic. Don’t think that what worked 6 months ago will work again today.” Dr. Peter Boulden

 “Everyone has a culture. It may not just be the one you want.” Dr. Peter Boulden

Resources Mentioned:

Books:

Making Money is Killing Your Business by Chuck Blakeman

Why Employees Are Always a Bad Idea by Chuck Blakeman

Extreme Ownership: How U.S. Navy SEALs Lead and Win by Jocko Willink