Tax Strategies to Help Maximize your Practice

About: For this week’s episode of the Nifty Thrifty Podcast, Dr. Glenn Vo was able to pin down the elusive and illustrious Harsh Patel so he could formally introduce his company to the Nifty Thrifty community. Harsh is the sole owner of one of the newest sponsors of Nifty Thrifty Dentists: HMP Consultants. Their goal is to help practices maximize their growth by implementing tax-saving strategies and make sure all compliance needs are done well in a timely manner.As dental professionals, it feels great to know our work revolves around keeping our patients healthy, happy, and smiling. However, it doesn’t feel so great when tax season comes around and we need to pay more than our fair share.And that’s the thing: you shouldn’t have to pay more than you need to. That’s why Glenn was so pumped to have Harsh for this week’s episode.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.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.Glenn is the first to say that dentists are “notorious” for not taking advantage of many of the money-saving opportunities. He wholly believes 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.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?And more!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.  NIFTY DEAL: Offering a free tax and accounting analysis session to practice owners. Get the Nifty Deal here: https://www.hmpconsultants.com/contact.php