Taxes and Practice Ownership - Part a (w/John Vento CPA,CFP) [Ep.21]

John Vento, CPA, CFP,  is an author, educator, and TV personality who has appeared on such shows as NY1 News “Money Matters,” Fox Business News, CBSN, and Reuters TV.   John has tremendous knowledge in the tax and financial planning arena, especially as it pertains to dentists.  If you’re a dentist and you want to know more about taxes and practice ownership, DO NOT MISS THIS EPISODE!!This episode is FULL of AMAZING TAX INFORMATION, including:• The tax and financial services that John’s firm, Vento Tax and Wealth Management, provides to its clients.• Difference, from a tax perspective, between W-2 employees, 1099 independent contractors, and practice owners.• Negotiation points for employees when working for an owner dentist.• How the government differentiates between an employee dentist and an independent contractor dentist.• The difference between the Common Law Test and the ABC Test and which one the IRS is using to determine if one is an employee or independent contractor.• Whether an independent contractor should establish a separate legal entity.• The numerous tax advantages of practice ownership.• The pros and cons of getting involved with a DSO, including how it can impact your ability to get to financial freedom, aka “Point X” and the tax ramifications of working for or selling your practice to a DSO.• The best way to decrease your liability as a practice owner.• The different options of entity selection for dentists and the pros and cons of each option from a tax perspective.• Which corporate entity is the most likely to undergo an IRS audit.• The one entity that is the best option for dentists. Part 2b to be released next week!Important Links:• Link to Part 1 of the Tax Information for Dentists:  https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching• To purchase John’s Book:  https://www.ventotaxandwealth.com/buy-the-book• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.• Link to John’s Newsletter: https://www.ventotaxandwealth.com/blog • Link to John’s article on IRS Audits: https://www.ventotaxandwealth.com/tips-for-dentists• Link to a number of tax calculators:  https://www.ventotaxandwealth.com/resource-center/calculators• Link to John’s article in Seminars in Orthodontics: LINK• See John Lecture at the Greater NY Dental Meeting!  Go to www.gnydm.com and find his courses:o 10 Characteristics of Multi-Millionaire Dentists (11/24/23 @ 9am-Noon; 11/29/23 @ 2-5pm)o Creating a Financially Successful Dental Practice (11/29/23 @ 9am-Noon)