Bulletproof Dental Practice Podcast Episode 22 Host: Dr. Peter Boulden / Atlanta Dental Spa Guest: Craig Cody Key Takeaways: 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. 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. 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. 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. 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. 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. Mistake 7 - Missing legal deductible items such as: a health care facility for your home office like a pool or a home gym vehicle expenses when the vehicle is used for business meals and entertainment Mistake 8 - Failing to rent out your home for business meetings. Just be careful not to go overboard. Mistake 9 - Not depreciating properly all the costs to set up your practice. 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!