The Dentist Money Show | Financial Planning & Wealth Management #679: Taxes 101 for Dentists: Stop Chasing Deductions, Start Building Wealth
Aug 20, 2025
Tom Whalen, a CPA with expertise in tax and accounting for dentists, joins the discussion to clear up common tax planning misconceptions. He highlights the risks of chasing deductions instead of focusing on long-term wealth and the importance of maintaining liquidity. Whalen emphasizes that many dentists overlook cash flow in favor of short-term tax savings. The conversation encourages personalized financial advice and strategic thinking to enhance overall financial health and wealth-building.
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Every Tax Move Has A Trade-Off
- There is always a trade-off when chasing tax savings; nothing is free.
- Evaluate the non-tax costs like liquidity and cashflow before acting.
Plan Taxes Over Years, Not One Return
- Think multi-year and family-wide when planning taxes rather than optimizing a single return.
- Use strategies like Roth conversions and kid payrolls as part of a lifetime plan, not just year-end fixes.
Prioritize Liquidity Over Yearly Deductions
- Prioritize practice liquidity and clean operations before aggressive tax maneuvers.
- Keep cash reserves so you can make better long-term economic decisions instead of reactive tax buys.
