Unlocking Tax Credits for Healthcare Professionals

"Inflation is killing us."
 
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Summary
In this conversation, Scott Broadbent discusses the importance of tax credits for healthcare professionals, particularly orthodontists. He explains how his company, Acquire Tax Credits, helps practitioners navigate the complexities of tax credits and the recent changes in tax legislation that could benefit them. Scott emphasizes the significance of documenting research and development efforts to qualify for these credits and addresses common misconceptions about the process. The discussion also highlights the potential financial impact of tax credits on new and established practices, encouraging doctors to take advantage of available resources. In this conversation, Scott Broadbent discusses the importance of tax credits for dental practices and introduces the SCUBA program, designed to provide peace of mind for patients while enhancing revenue for dentists. He emphasizes the collaboration with CPAs to ensure proper implementation and maximization of tax benefits. The discussion also covers the cost structure of the SCUBA program and its potential impact on practice profitability. Scott concludes with insights on customer service trends and the value of teaching patients to manage their dental care effectively.


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Acquire Tax Credits - https://acquiretaxcredits.com/


Takeaways

• Tax credits can significantly benefit healthcare professionals.
• Many practitioners are unaware of the tax credits available to them.
• The PATH Act expanded the scope of qualifying for tax credits.
• Documentation is crucial for successfully claiming tax credits.
• New practices can leverage tax credits to alleviate financial burdens.
• The recent budget bill may enhance tax credit opportunities.
• Collaboration with CPAs is essential in the tax credit process.
• Misconceptions about R&D tax credits can deter practitioners from applying.
• The audit rate for R&D claims is relatively low.
• Proper preparation can lead to successful tax credit claims. Tax credits can significantly benefit dental practices.
• Collaboration with CPAs is crucial for maximizing tax benefits.
• The SCUBA program offers peace of mind for patients.
• Dentists can retain patients better with structured care plans.
• The SCUBA program is designed to be easy for dental staff to implement.
• Dentists keep 80% of the revenue generated from the SCUBA program.
• Inflation impacts dental practices, necessitating innovative solutions.
• Patient retention is key to long-term practice success.
• The SCUBA program can enhance profitability for dental practices.
• Providing peace of mind can lead to increased patient loyalty.

Chapters
00:00 Introduction to Scott Broadbent and Acquire Tax Credits
02:05 Understanding Tax Credits for Healthcare Professionals
06:00 The Impact of Tax Credits on New Practices
10:04 Recent Changes in Tax Legislation
14:00 Navigating the Tax Credit Process
17:59 Addressing Common Concerns and Misconceptions
22:31 Navigating Tax Credits for Dental Practices
27:02 Understanding SCUBA: A Peace of Mind Program for Dentists
35:36