JP Blevins

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So far J.P. Blevins has created 11 blog entries.

Equip Your Practice Now And Save With Tax Incentives III

By |September 23rd, 2014|

Qualifying Purchases

Most tangible goods including off-the-shelf software and business-use vehicles (with some restrictions) qualify for the Section 179 deduction.  Equipment and software must be placed in service during the tax year for which the deduction is taken in order for the deduction to apply. But you don’t necessarily have to pay for the equipment in the year it is deducted. You can purchase and install new equipment in December, write off the full purchase amount in 2011, and start paying the financing on your equipment in 2012 using some of the savings from your deduction!
 
So now is an excellent time to upgrade your practice with the latest in dental equipment and software. It’s unlikely you’ll find a better opportunity to build your business with significant financial assistance from the U.S. Government.

Equip Your Practice Now And Save With Tax Incentives II

By |September 15th, 2014|

How Section 179 Works
Under Section 179, businesses can deduct the full cost of qualifying equipment and/or software purchased or financed during the tax year, up to the maximum Section 179 Deduction Limit.  “Bonus” Depreciation is offered on new equipment purchase amounts above the Deduction Limit, and there is a cap to the total amount of equipment purchases that qualify for the deduction.

–        2011 Deduction Limit — $500K (up from $250K previously).  Deduction can be used on new and used equipment, including new software.

–        2011 “Bonus” Depreciation – 100% (up from 50% previously).  Taken after the $500K deduction limit is reached.

–        2011 Limit on equipment purchases — $2 million (up from $800K previously).

There are limits to the Section 179 deduction.  In addition to the cap of $500,000 in deductions for 2011, the deduction begins to phase out dollar-for-dollar after $2 million is spent by a given business (making it a true small and medium-sized business deduction).

Sample Section 179 Deduction (adapted from www.section179.org ):

Equip Your Practice Now And Save With Tax Incentives

By |September 8th, 2014|

Tax Incentive for Small Business
Section 179 is an incentive created by the U.S. Government to encourage business owners to invest in their companies through equipment purchases.  The goal of the legislation is to provide genuine tax relief for small businesses, and since its introduction millions of small businesses have taken advantage of Section 179 and are gaining real benefit.  Under the code, if you buy or lease qualifying equipment, you can deduct the full purchase price of the equipment from your gross income, saving you potentially thousands of dollars on the actual cost of the equipment.
Typically businesses can write off major purchases over a period of five years. For example, equipment that costs $100K might be depreciated at a rate of $20K per year for five years. But it’s a greater advantage to be able to deduct the entire cost of equipment in the year the purchase was made. Businesses might even make more equipment purchases with this type of […]

Key Steps To Managing Your Financial Profile V

By |September 8th, 2014|

Watch for Credit Repair Scams
The internet, TV, newspapers and radio are filled with ads from companies offering to remove negative information from your credit report for a fee.  They cannot legally “repair” your score and may in fact suggest that you commit fraud by creating a new credit identity.  Only you can improve your credit score through discipline and patience. Start working to improve your score at least six months before applying for major financing like a practice acquisition loan.

Key Steps To Managing Your Financial Profile II

By |August 6th, 2014|

Pay Bills On Time

NEVER make late payments!  Making timely payments is one of the most important and possibly among the easiest things you can do to improve your credit record.  Set up automatic payments from your bank if necessary to make sure payments on credit cards and installment loans are made on time. This not only ensures a better credit score, but helps you avoid late fees and penalty interest rates as well.

Key Steps To Managing Your Financial Profile

By |August 6th, 2014|

To establish and grow your practice to its full potential typically requires periodic financing. To ensure you can qualify for a loan and get the best rates available, it’s critical to have a strong financial profile – and the single most important thing you can do to improve your financial profile is manage your credit score.  Here’s how:

Understand Your Credit Score

Your FICO credit score distills all the information in your credit report, producing a single number that lenders, employers, landlords and others use to determine your credit worthiness.  Scores range from about 300 to 900, with the vast majority falling in the 600-700 range.  A score below 620 indicates “high risk” and could make financing difficult to obtain, while a score of 750 or above may qualify for the best possible rates.

The key factors influencing how a credit score is determined are shown below in order of significance:

Past delinquency:  The FICO formula assumes that people who have failed to make […]

Expand With a Second Practice For Real Growth

By |June 20th, 2014|

As a dental practice owner you continually look for ways to grow your business and expand on your success.  But have you considered literally expanding your practice by opening a second location?  Assuming your current practice is well grounded with a solid patient base, good management practices and steady cash flow, expanding to a second location can be one of the most dramatic and effective ways to build business success as well as create options for long-term security.

Build Your Business Assets

Just as buying a second home increases the value of your assets and provides profit opportunities for the future, expanding your practice to a satellite location provides several advantages in building your business.

Know The Key Players In Your Loan Process

By |June 11th, 2014|

When you apply for financing for a dental practice purchase, startup, or construction project, you are engaging not only your lender but a whole group of specialists who bring the loan to fruition. Understanding the roles of the players who create and deliver the loan package can help you gather the appropriate information and more easily navigate the financing process. So who are the players in the loan process?
Read the full article here: Know The Key Players In Your Loan Process

The Hinman Dental Meeting 2014

By |March 28th, 2014|

Thanks to everyone who stopped by our booth during the Hinman show! We had a great couple of days spending time with customers and business partners. Since we have an office in Buckhead, Hinman always proves to be a busy conference. Next stop – AAO in April. Hope to see you there.

– J.P. Blevins

Document Preparation to Begin the Loan Process

By |March 25th, 2014|

Buying, building or expanding your dental practice is a significant project that requires a good deal of planning. Part of the initial planning process includes getting pre-qualified for a loan amount that will cover both your project development and working capital costs. Pre-qualification can typically take from three to five business days, provided you have adequate documentation prepared for your lender prior to your meeting.

Before approving a loan for your practice project or purchase, your lender wants to know that you have adequate experience to manage your business, sufficient collateral to cover the lender’s risk, and enough cash flow to repay your debt. Following is a list of the documentation typically required when applying for a commercial loan for a dental practice purchase, expansion, remodel or refinance, or a new construction project.

Personal Financial Statement. Your lender will ask you to complete a personal financial statement showing your income, the value of your assets (such as your home, vehicles and savings […]

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