News For Our Dental Accounting Clients, Denver CO & Beyond
As you go throughout your dental career, student loans are a reality that dentist and dental specialists will have to deal with. However, there are strategies to managing your debt that allow your practice and profession to grow and thrive. At Summit Accounting Solutions, we are focused on providing you sound dental accounting and financial advice to help you and your practice grow and thrive.
If you’re around us long enough, you’ll hear us say that you need to focus on paying off your student loans. Paying off student debt is ideal, as they offer you minimal tax advantages in the big picture. The maximum amount of interest one can write off is only $2500 a year, which is hardly an advantage for most dentists. Therefore, the sooner you can eliminate student debt from your life, the sooner you can focus on building your practice, your profession, and your retirement!
The American Dental Association (ADA) announced recently an exclusive endorsement of DRB (Darien Rowayton Bank). This endorsement allows ADA member dentists the opportunity to refinance existing federal and private undergraduate and graduate school loans at a lower rate. This new program is a great opportunity for dentists looking to save even more with their current loans, and allow them to pay off the loans faster.
“We’ve listened carefully to our members, particularly those in the early stages of their dental careers, and many have indicated that paying off student loan debt is one of their greatest concerns,” said ADA President Maxine Feinberg, DDS. “By teaming up with DRB, the ADA provides our members with lower rates that translate into greater peace of mind and substantial savings at a pivotal point in their careers. This is just one of the ways that we are investing in the future of dentistry.”
As trusted dental CPA’s for dentists of all specialties and in all sizes of practices, we know that you don’t want to be focused on debt. You want to be focused on your patients and your practice. Our company exists to help you achieve that piece of mind in your finances and dental accounting, so that you can focus on what really energizes you in life. Let our team help guide you with the latest in dental accounting news and financial strategies to help you and your practice succeed!
To read the full announcement regarding this news, please click here.