Podcast appearances and mentions of derick van ness

Kiera is joined by Derick Van Ness of Big Life Financial to talk about taxes, and how to handle them beyond simply thinking of them as a necessary evil. The pair discuss knowing your numbers, utilizing tax credits, the magic touch of a CPA, and more. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00) Hello, Dental A Team Listeners, this is Kiera. And today I am super excited. This is one of our top favorite guests that has been on the podcast. We're bringing him back on because there are some new updates and our clients love him. I love him. He is incredible. Derick Van Ness, he is with Big Life Financial. And you might have heard him on the podcast before talking about R &D credits, tax saving ideas, CPA.   This man does a lot of your wealth and how to build and keep your wealth. So I always love our conversations and just like his good information. Plus, if I remember right, he might know Garrett Gunderson. So obviously I've been a fangirl since day one. Derick, welcome back to the show. How are you today?   Derick Van Ness (00:42) Well, I'm doing great and really happy to be here with you, Kiera. I'm not Garrett Gunderson because he is taller and better looking, but I'm a good second place.   The Dental A Team (00:48) Ha ha ha!   I think that you're great. The fact that you know Garrett Gunderson, that already just has elevated you. I mean, I think it was one of our first conversations we ever had. And I was like, have you ever read like Killing Sacred Cows? And you're like, I actually know Garrett Gunderson. I was like, what? Fangirling. So ⁓ anyway, Derick, for those who have not met you, haven't heard your episode, because we do have new listeners to the podcast. Just kind of give them a little intro of who is Derick Bennis? What is Big Life Financial? And give the listeners a little intro to who you are.   Derick Van Ness (01:20) Okay, well outside of being ⁓ in love with my wife, in love with art and in love with racing sailboats, what I do professionally is I help ⁓ doctors and dentists to be smarter with their money. So what does that mean? That means how do you, not so much to make it, I mean we do help people scale, but once you make the money, which is something a lot of dentists are good at, how do you keep it through tax savings? How do you grow it and how do you protect it, right?   And today we're going to talk a little bit about how do you keep more what you make? Because honestly, for dentists, even though taxes seem boring when you don't have to write that $50,000 or $100,000 or $200,000 check, it gets a lot cooler. If you would have told me I'd be a tax and financial guy when I was a kid, I probably would have just taken an early exit somewhere and jumped off a bridge. But I really see money in what we do as a lifestyle business. It's not about money.   The Dental A Team (02:01) Yeah.   Derick Van Ness (02:17) If you have enough, then money is what it is. When you don't have enough, it's a problem. And I just find for a lot of people, it's the reason or excuse that they constrain themselves. They don't spend time with family. They don't think do things that they want to do. They don't have the experiences that are going to change their life. So when we can get money out of the way, then you can live your big life, which is why the company's big life financial, because it doesn't matter if you have more or less money. The question is, what's the life you're living? What's your quality of life?   And so taxes are a big piece of that. Obviously we can't talk about everything on a podcast like this, because you'd be buried under a ton of bricks. But that's what I do is I try to make this stuff easy. I try to make it fun. And I want you to realize that the whole point of all this money stuff is so that you can live a life you want to   The Dental A Team (02:55) You   Which Derick, that's why we have connected. You have met my husband. have had personal conversations outside of the podcast because I very much align and subscribe to this lifestyle and this mode of thinking. I believe that practices should work for us and us not work for our practices. I believe that we became business owners to have these big lives and these, audacious dreams. And yet I feel so many people live below their, their potential. They are trapped. They are.   Derick Van Ness (03:33) Mm-hmm.   The Dental A Team (03:34) It's crazy. I ⁓ had a client and she actually made so much money last year, which was amazing because the year before she was like, Kiera, I want to make more. So I was like, great, we're going after profit and production like blinders on. Don't talk to me about anything else. And she had like a crazy year and she's like, great. Now I have this huge check. I've got to write in taxes. And I was like, not my problem. Like you need better CPA help on that, but glad we made you the money. But I bring that up because one, it was a huge win for a client, but two,   Derick Van Ness (03:52) I don't know.   Yep.   The Dental A Team (04:02) I think that people being able to keep the money that they make, hold on to more money that they make. Like I love that we live in America and it's a free country and that we get to pay taxes. Like I'm so freaking grateful for that. With that said, I do not want to pay one penny more than I need to. And I want to maintain and keep as much as I possibly can to live the life I want and to not feel the guilt of being a successful business owner and to do the fun things that I always imagined and dreamed of doing without the guilt of doing it. And I think so many people are so scared of.   Derick Van Ness (04:11) Yep.   The Dental A Team (04:32) being financially free, they're scared to spend money. They get hit with tax burdens left and right. I can't tell you how many dentists that I hear at the end of their career and they've had great careers, but they have no financial stability. like, Derick, this is the stuff that stresses me out and keeps me up at night and which is why you're on the podcast because I want people to be smarter. want them to be more educated and I want them to live happier lives. So let's walk through like R and D credits and CPA and like how people can live a more enriched   Derick Van Ness (04:33) Mm-hmm.   Yep.   The Dental A Team (05:02) big life today rather than waiting. I think it's just a fun topic to talk about. I'm intrigued, so let's talk about it.   Derick Van Ness (05:07) Yeah   Well, let's do. mean, we can start generally with taxes and then we can kind of move into the credits piece because it is like a it's just a small very segmented piece of what you do with your taxes. overall, the biggest thing I see is most people see taxes as like a necessary evil. This is the thing I have to deal with. When people see something as a necessary evil, what do they do? They do the minimum. Right. And what that really turns into is   You're not talking with your CPA. You're not coordinating with them. You're not being proactive. At the end of the year, you just want to do the least. So you just hand them all your stuff. I realize people don't come in boxes anymore. Now it's like, here's my QuickBooks password. Or I add you to my account. ⁓ And then they tell you how much you owe. But if you ran your business that way, if you just didn't look at anything all year, and at the end of the year, you're like, I wonder how we did. Wouldn't go so well if you didn't talk to your team about anything. What's that?   The Dental A Team (06:01) People do that though, Derick. They do it all the   time. This is not abnormal. They do it all the time. They're like, my gosh, I owe how much? my gosh, we didn't hit goal. And I'm like, ⁓ let's at least look at our numbers. Like that's step one. Step two, let's talk to our team. You're not wrong. I'm just shocked at how many people do this in real life. And I'm like, hey, there's a different way of living. like, maybe let's take that path. Just try it out. It's like t-shirt. Try that one on. It might feel better than your current oversized, like two baggy of clothes that don't fit. And then you're angry.   Derick Van Ness (06:11) I know.   The Dental A Team (06:30) the time. anyway go on didn't mean to interrupt the rant.   Derick Van Ness (06:32) What if I'm gonna be   a Gen Z VSCO girl? I I want the Oversight T-shirt and the angst.   The Dental A Team (06:36) Well, as I said it, as I   said it, I was like, well, that's like the current style. Like what's uncomfortable clothing? Maybe it's like the wool scratchy. I just came back from Iceland and I'll tell you what, I didn't buy a single shirt there. I was like, that is gonna scratch me. I know it's warm, but I'm not wearing that for the rest of time. Like there are softer clothes in this world that are equally as warm. Like I'll choose that. So that maybe you're wearing a wool scratchy sweater. Cause you never look at your numbers. You're always irritable. You're always angry.   Maybe you might get the oversized hoodie that's way more comfy. Maybe that's the better analogy for today.   Derick Van Ness (07:07) Well, and so you help them look at their numbers, right? What's your P &L? What are your KPIs? There are tax numbers too, right? Like I'm usually meeting with clients in September-ish to say, OK, how much have you made so far this year? What does that put us on track for December 31st? And then we have November, I'm sorry, September, October, November, December to do things to get that number at the end where you want it to be. I'm not talking about go out and spend $1.   to save $0.40, right? People do that. Oh, go buy a car. If you don't need a car, that's just a waste of money. I literally had someone who's like, should I just buy a G-Wagon? I'm like, only if you were going to buy a G-Wagon anyway. They want the tax break, but.   The Dental A Team (07:45) I mean, I asked that question too.   I mean, I do. I do ask it as well, but it's unnecessary. You're right. Like, so I can repel you you're not going to do it. Don't just because you get the tax benefit. You just have to pay the money. So, but I do ask because I want to know, just tell me I can buy the boat, Derick.   Derick Van Ness (07:58) Yeah.   Well, boats are totally different. They're way more fun, but they're also way more expensive to maintain. So I love boats. I absolutely do. But they are not cheap, right? As the saying goes, break out another 1,000. That's what boat stands for. Just go to the ocean and throw $1,000 in it every month. That's what owning a boat's like if you don't use it.   The Dental A Team (08:05) They are not. I know.   gosh, I've never heard that.   That's hilarious.   That's hilarious. I've heard like the best day and worst day of owning a boat is the day you buy it and the day you sell it. Like that's the only best days. I have a boat. I do love the boat. It is an older boat. things I'm not... Maybe mine's like break out a 10 because we've got a much older boat. But like, know, when we upgrade then we'll be in the thousand realm. ⁓   Derick Van Ness (08:28) So.   Yep.   Yeah.   Yes, yes. So boats are great. Not usually the best tax strategy. But the big thing here is when you sail a boat or when you drive a car, I heard this the other day and I thought it was perfect. It's like when you drive a car, what's bigger, the windshield or the rear view mirror? Most people are doing taxes in the rear view mirror. That is not about your expansive future. That's about recording your past, right? And so if you just did business planning one year at a time,   Like you wouldn't ever buy the building. You wouldn't ever invest in the equipment. You wouldn't ever invest in the education, right? It's the same thing for taxes. It is part of a cohesive and ongoing plan. ⁓ so when you want to plan that, we have to look into the future. And so looking into the future allows you to control your income, control your expenses. But you have to know your numbers to your point, right? Like if you don't understand a P &L,   It's really hard to do tax work because we don't know what your income is. And I have some clients who come in that way. And I have to really get them to understand that if you don't have good books, you don't have good data, it's like trying to do dentistry without a diagnostic. You just go in and start drilling teeth to see what's happening. No, you wouldn't do dentistry that way. Don't do that way with your taxes either. should I just buy this and I'll just buy that and randomly and I help those work out?   Your P &L is really like your diagnostic, right? Both on the income side, but also that's related to taxes. And so I think the big thing for people is think of taxes as an additional income stream. If you do this right, you can keep, like a lot of dentists pay 40 % or more in taxes, right? So if we can cut that from 40 down to 20 to 25 % on average, that's 15 % straight to your bottom line.   And it probably takes an average of two hours a month at most, which is pretty good, right? Like if you could add a new service into your business, no employees, no marketing, no overhead, two hours a month, but profits went up by 15%, would you take it? Most dentists would say, yeah, that six figures is pretty good.   The Dental A Team (10:53) As long as I'm not going to jail, Derick,   I don't want to go to jail. That's my only line. Like, how is this legal? Because so many people talk about tax strategy and my line is I'm willing to live in the gray, I'm just not willing to go to jail. So how do you go from 40 to 20 that's legal and ethical?   Derick Van Ness (11:01) you   Yeah, we don't want to go to jail.   Yeah, so there's two things. There are lots of little things. So research and development credits, which we'll get to in a minute, is one of those things. It's not little. I would call it a medium thing. For a lot of dentists, it's worth between $10, depending on the size of your clinic, $10,000 $50,000 a year. So it's sizable. And then there's all the pay your kids, cost segregation, salary and dividends, all that kind of stuff. And those things stack up. If you pay your kids right, then that can save you   The Dental A Team (11:21) I agree, I would too.   Mm-hmm.   Derick Van Ness (11:40) 10, 15 grand if you're in a state where you can pay your state taxes and have a federal write-off that might save you 10, 15, 20 thousand dollars a year. Taking a salary, the proper salary versus dividends that might save you another 10 or 15 thousand. So these things start to stack up but when you're in that 500,000 plus tax bracket there are things like and I can't totally get into details because this is stuff for accredited investors and I don't know who the listeners are and all that but there are   Investments you can make that have big tax breaks, right? And that could be everything from energy types of things to short-term rentals, different types of real estate. There's a lot of different stuff, right? So that sort of depends on what's the life you want to build and aligning that. ⁓ There are lots of charitable and donation type strategies where you can create some really big tax breaks. There's entity structuring, ⁓ where you take your income and how you take your income matters.   So you can really layer all of this stuff and make huge chunks, take huge chunks out of your business. The bigger you are, the bigger you can do with these things. And honestly, once you get over a million plus in income, then there's another layer of stuff you can do. It's just a lot of times the setup costs, you have to have enough tax burden to make it worth it. But there's some really neat stuff out there. And some of the stuff with the big, beautiful bill. ⁓   bringing back bonus depreciation. There's some really neat things where, oh, if you do a solar thing, you can get some credits, but then you can also get all the depreciation in the first year. And so you put in $100,000 into this type of investment. You may not make a lot of money, but you might get $150,000, $175,000, $200,000 worth of write-offs on your taxes. And when I say write-offs, mean dollars you don't pay, like true credit dollar for dollar. That could be huge, right? Things like that.   The Dental A Team (13:10) Yes.   Right.   Derick Van Ness (13:38) that a lot of people are just unaware of. And don't take that as an investment advice. I'm just telling you about things that exist in the world that may or may not be for you. Check with your financial professional. But yeah, you start stacking all these things up and you go from, I wrote $150,000 check to, I wrote a $60,000 check. And then what I like to do is help people take that 90 grand you would have given to the government. And now let's add that to what you would already save. And for a lot of people, that's   The Dental A Team (13:47) That's amazing.   Derick Van Ness (14:07) a lot more than they were already saving. So we more than doubled their savings rate. And the fastest thing you can do to build wealth is just get more money into the equation. So that's really it is we're trying to create money that you can then put to work for you outside your business. Because what nobody ever tells you is, even if you're an amazing dentist and you make all this money and you sell your practice for top dollar, and you get all that money, you become a professional investor.   The Dental A Team (14:27) you   Derick Van Ness (14:36) And if you don't have any investment skills, if you don't know how to put that money to work, if you don't know how to protect it, you're just a lamb to the slaughter. You know, everybody shows up, they got an idea. Your brother-in-law wants to start a coffee shop or a brewery. Your neighbor has the next best tech app. And all of a sudden, all this money just starts disappearing because you're not seasoned. So one of the things we like to do is get people doing these types of investments, learning, getting a skill set around it so that when you do get that big   big shot when you sell your business or you have those huge tax or those huge years and you don't pay all the taxes, you know what to do with the money. Because that's a whole different skill set than running a dental clinic.   The Dental A Team (15:17) I don't disagree. And that's why Derick, I love having you on here. And I think your comment of the goal is to get more money to put into the equation. What are the things like, I have 90 grand or I have 150. What are some of those investments that, again, realize that we're being generic and there's a reason you have to be generic is because there are rules that financial planners, advisors, CPAs have to abide by. in general terms, Derick, what are some of the ways that   Derick Van Ness (15:25) Mm-hmm.   The Dental A Team (15:45) you found to generate higher levels of wealth? We're putting more money into the equation, but what's the equation that's going to get it? And again, I know this is very, I would say like vanilla. We're just talking very much basic.   Derick Van Ness (15:56) Yeah, yeah, I'll just   give you the principles, right? The philosophy behind it. One of the things is we always, all of our lives we've heard diversify your assets. Diversify, diversify, diversify.   The Dental A Team (16:06) all weather portfolio, Ray Dalio, right? Like you got to get it everything, have it all. What is it like? think eight uncorrelated assets or something like that is what it should be. Anyway, there you go. Okay.   Derick Van Ness (16:09) Yep.   8 to 16 non-correlated asset   classes. Yep. And the idea here is this. It used to be that you could put your money in the stock market. And each individual stock did its thing based on what its performance was. Since the late 90s, early 2000s, everything's kind of gotten grouped together. Almost everybody just buys the S &P 500 or just buys index funds, which is basically the whole market.   And so if you look at the top five stocks, which are usually the Google, Apple, Tesla, Nvidia, depending on one or two others, ⁓ whatever they're doing is usually what the market's doing, right? It all has a tendency to ebb and flow together because it's all been chunked together. So I don't see those all as different asset classes anymore. How I personally invest, I'm not saying you need to buy into my ideas, but so you can have money there. But then I do think you want to have money in other things.   that maybe aren't tied to the stock market. Maybe you've got some oil and gas. Maybe you've got some farming communities in Central America. Maybe you've got someone who's doing senior living homes, someone who's developing all these empty office buildings. And they're all tied to different things. So that way, if the stock market takes a dump and goes down, that's not all your portfolio. Maybe it's 15 or 20%.   if real estate takes a hit. Yeah, your real estate takes a hit, but maybe something else does well. Having things in your portfolio that if some of them struggle during inflation, some of them do well during inflation, right? Things like gold that holds its value. And so the idea is to be able to put your money to work in a way where it's in a bunch of different buckets that aren't all tied to the same thing. And what that really creates is stability, right? And why that's so important is when you're growing your money,   The Dental A Team (17:46) Mm-hmm.   Derick Van Ness (18:09) You can have the ups and downs a little bit, but when you go to start pulling money out, the volatility, the ups and downs are what really kill your ability to pull money out, because you have to always protect against the downside. And it's why if you look at the market historically, it'll go up, depending on who you ask, 6 to 8%. But when you're pulling money out of the stock market in retirement, the numbers say sustainably over the long term, you can only pull 3 to 4%. Why is that? You would think, ⁓ I can pull.   The Dental A Team (18:21) Mm-hmm.   Right.   Derick Van Ness (18:38) six to eight, but it's three to four because of the volatility. If you are counting on that, it crashes that year and you sell. Then when the market recovers, you have less money to recover with. And over time that stacks up. So the idea there is to work with someone who has the ability to put you into different asset classes, help educate you. This also gives you a chance to try different things. So you can start to get that seasoning we were talking about and learn how money really works because   The Dental A Team (18:43) Right.   Derick Van Ness (19:09) You know, money, health and relationships are the three things that really dictate the quality of your life. And it's funny, we don't spend a lot of time in them in school, right? And so, ⁓ so it's something you have to learn, just like if you don't learn how to take care of your health, you suffer. If you don't learn how to have good relationships, you suffer. And money is another thing. All of those you can get help with, but at the end of the day, you have to be able to be competent enough.   to get the results you want. And money is just one of those things.   The Dental A Team (19:40) Yeah. No, Derick, that's a, think it's such a good way to look at it. And I will say, I was very much a baby investor and I think I still would qualify myself as pretty naive. But it is, they say like, I don't know, what is it? The eighth wonder of the world is compound interest. And it's crazy because when you start out and you just get started on your investments, it feels like this is stupid. At least I have, I've so told many financial advisors, feel like they like,   Derick Van Ness (20:04) Mm.   The Dental A Team (20:07) money monster. So it's like the cookie monster. Like I give my money to you. I never can get it back. I have no clue how to access this money. And then you start to see it and you're like, wow, that started to compound and this started to become different. And we had our first year with it. We didn't have to write such a large check to the IRS and done legally and ethically. And I was like, wow, this is a very different world that I'm living in than I have been. And it wasn't as hard as I thought. And so I, like you said, I do feel like you're   Derick Van Ness (20:11) Yeah.   The Dental A Team (20:33) comfort level and they do say that women tend to be better investors than men because women, we just put money in, we give it to you. We're like, here you go. We don't ever like go check it and watch the stocks. Stocks. Whereas men are like, cons I'm like looking at those stocks, like my husband checks it like 10 times a day. And I'm like, just don't even look at it. Like I don't even, it's the cookie monster, the money monster. You take the money. I know you haven't like taken it. People get angry with me. They're like, Kiera, we can't legally take your money. And I'm like, no, but I just have no clue how to access it. They're like you email. And I'm like, I know.   Derick Van Ness (20:44) Right.   Yep. In your brain, right?   The Dental A Team (21:02) but it like stocks and then I got to pay taxes and I don't understand any of it. But I will say, I think it's like PNLs, the language of money, the language of investing. It's a skill that you are learning. And I do agree, the younger you can learn this, the more time you have to recover if you make mistakes and versus having to be perfect later on in life. So I really very much subscribe to your model of thinking. And I love that. I love that you've talked about taxes, how to save, how to get it into   Derick Van Ness (21:11) Mm-hmm.   The Dental A Team (21:31) Again, I remember I sat in a Tony Robbins wealth mastery thing. Ray Dalio was in the room. had no clue who half like Paul Tudor Jones. I think that's his name. Like so freaking smart. I had no clue who these people were. And like here you've got like five billionaires sitting in the room with us. And I was like, I had no clue. And they start talking about this stuff. And I feel like an idiot, but I will say it's an idiot that I love to be because the more I learn about the more I'm involved in it, the more you expose yourself, the more you learn how it works.   Derick Van Ness (21:38) John Paul Tudor, yeah.   Yeah, I remember.   The Dental A Team (22:00) And I think like what you're saying, Derick, I just hope people talk to your financial advisors, get your uncorrelated assets, start building that portfolio because time, like they say, you only have so much time and the best time to plant a tree was like a hundred years ago. The next best time is today. And I just, I don't want to be that person when it comes to my portfolio where I wish I would have started. All of us will wish we started sooner, but I am grateful that we started as young as we were and are building it the way we have versus   Derick Van Ness (22:23) Yes.   The Dental A Team (22:28) waiting until like, and I don't care if you haven't started then start today. If you've been doing it, figure out how you can do more. ⁓ But I think Derick, I have a question of, I always live in scarcity. So what do you tell a client like myself where I'm always afraid that I'm going to run out of money. I don't know where it comes from. It doesn't matter how much I have. I have acorns upon acorns upon acorns. I swear like you've probably can find money in my couch. I'm not that bad. I don't have it in the couch, but like,   Derick Van Ness (22:32) Yep.   The Dental A Team (22:54) How do you get to a level where you feel comfortable spending money rather than just always saving for retirement and not living today? What's the balance of that?   Derick Van Ness (23:03) Yeah, so what I've discovered working with over 2,500 people on all of this, Kiera, is like money problems don't like quote unquote go away. They just change. In the beginning, it's like, how do I make money? I don't have enough money. How do I manage the car payment or whatever? Then you make a little bit more and you're like, okay, now I'm past survival. Like, how do I start to grow? Right? So you invest in yourself, your business, your education, whatever. Then you start to grow some more.   Then you start saying, okay, now I'm growing and I'm making money and I'm living a decent life, but how do I build for the future? So it's not just the now, then it's the future, right? And then what happens is you definitely get to a point, at least I've seen this for myself and a lot of clients is you start to make a good amount of money and the problem becomes how do I make sure that this doesn't ever go away?   Right? Like now I'm living this really good life and I can travel and I can spend time with family and I can do the things that I want to do. And I can buy nice clothes or go to nice dinner or do nice things for my kids or whatever your thing is. And I don't have to think about money. But then there's this fear of like, what if I lose that? Right. And going back. And so the money problems just change. I believe it's an instinct that's built into us. Like the monkeys that ate bananas and then just stopped worrying and didn't hoard them.   ended up dying faster than the ones that hoarded them, right? And so, like, I think it's an instinct to be paranoid, to be fear-driven, and that's where we have to, as humans, understand our wiring and say, my wiring is for survival, not for happiness and fulfillment, right? Because survival is what reproduced. Happiness and fulfillment, especially in a scary world of survival, ⁓ doesn't do very well.   The Dental A Team (24:27) Sure.   Derick Van Ness (24:52) Right? So, so we have to try to rewire our brain as much as we can. ⁓ And I think the biggest thing is to focus on a big future, a big vision. When you're moving towards something, then you're not focused on moving away from something. When you're in fear, you're, moving away from something. I'm moving away from failure. I'm moving. I'm trying to avoid losing money. I'm trying to avoid running out, trying to avoid making a mistake. You know, this about business ownership, like you can't avoid the mistakes. You just try and minimize them.   and learn from them as fast as you can. Like making mistakes is part of success and nobody says it that way, but I think it's really, really important to get that. And when you're moving towards something, you're in abundance, you're in striving, you're in goal oriented, whatever your thing is. And that doesn't have to be about money. That could be, I wanna be a great parent. I wanna get in better health. I wanna have more free time and make the same money.   So this isn't like just a money conversation, but when you're moving toward those, you have a tendency to lose your fear. I think it's when we aren't sure where to go next that we get afraid of losing ground and we do that. And so I think sometimes it's just a matter of clarity and reminding yourself, where do I want to go? What am I building? Like once you get past a certain point, like, you know, once you get past a certain amount of income or a certain amount of wealth, it's not about money anymore.   Right. It's really about contribution. It's about impact. And I think when we, our mind can really only focus on one thing at a time, especially as men, ⁓ women are much better at seeing the big picture. ⁓ But, but really when you're focused on something that holds your attention and then it doesn't drift to some of the other stuff as much, it doesn't mean you won't. Cause I'll tell you, I'm at my most vulnerable when I wake up in the morning and my brain starts doing payroll and all these other things. And like you said,   The Dental A Team (26:26) you   Derick Van Ness (26:47) I have enough cash stored away that I could not make a dollar for a year and still pay for my whole business and do the whole thing and be fine. But that doesn't mean that that instinctual part of me doesn't freak out for a minute until I come in and say, hey, we're building massive things. We're changing people's lives. Let's just focus on that and let the rest take care of itself. That really is the best thing for me is to focus on where I'm going, not where I'm afraid I might end up.   The Dental A Team (27:15) Absolutely. I   think that was good. Good wisdom there. You are the person, if you guys have heard me talk about it on the podcast, this came from Derick. He's the one who's told me it's a return on emotion, not necessarily a return on investment and like what helps you sleep at night, what helps you stay there. And I love that you talked about like it is a survival instinct. It's not a bad instinct. so loving that side, but also tempering it so that way we can enjoy the fulfillment. And again, I also think that there becomes confidence in yourself. I think enough.   enough business crashes, enough mistakes, enough things where you come back from it also teach you that there's certainty within yourself that no matter what comes your way, ⁓ you know that you'll be able to survive it, you'll be able to come. Someone told me once, it's not unsafe, it's just uncomfortable. Unless someone's running at you with like a knife and it's truly life threatening, it's like if the stock market crashes, that's like we're still safe, it's just going to be pretty dang uncomfortable for a little bit. If we become bankrupt,   Derick Van Ness (27:47) Mm-hmm.   Mm-hmm.   The Dental A Team (28:13) We're not unsafe, we're just uncomfortable. And that has given me a lot of, I think, temperance on when you think about finances, like that'd be uncomfortable, but I am still safe and I would still be alive and we can come back and we can figure things out. So Derick, I know we wanted to pivot gears and talk R &D credits, because this is something that's new. yeah, let's kind of chat that because I think we've gone through tax strategy, building wealth mindset around ⁓ how to maintain and have that.   Derick Van Ness (28:30) Well, yeah, we'll keep it short here.   The Dental A Team (28:42) return on emotion and building those skills. And I really love that you just said money issues don't ever go away, they just change shape. And I think that that's the same as business, right? Business problems just become a different flavor and different color. ⁓ But now let's talk about like some R &D credits because we've talked about R &D. I've seen several clients do very well on R &D credits. So was excited to hear like, they're back and they're back again, and they look a little different. So I'm excited to hear if you guys don't know what they are, Derick will definitely explain them and how you can.   Derick Van Ness (29:02) Yep.   The Dental A Team (29:08) Dental practices are ripe for the picking of R &D, it's exciting to have a resource for dental practices.   Derick Van Ness (29:15) Yeah, dental practices really are because the R &D credits are designed when you do new things in your business that are based in technology. And that could be computer science, engineering, biological science, or physical science, like chemistry, ⁓ which dentists are doing all of that stuff. So when you do new stuff in your business, the government realizes you're taking a risk. You're trying a new implant system. You're trying a new ⁓   a new type of diagnostic, you're trying a new flow for your patients, whatever. Sometimes it blows up in your face. I everybody listening here has tried a new piece of software and after six weeks you wanted to throw the computer out the window and you're like, we're going back to the other one, we got to find something else, right? ⁓ Or we tried 3D printing and it was just really, really hard and like some people love it, some people hate it. But at the end of the day, every time you take that risk, the government knows that you could lose money.   The Dental A Team (29:57) Totally.   Derick Van Ness (30:11) So the R &D credits are really their effort to say, don't stop innovating. Don't stop trying to get better. We know you're going to take some skin, knees, and elbows along the way. And we're willing to give you some credits to help with that. so ⁓ dentists, like dentistry is moving so fast. I don't have to tell the listeners that. There's new stuff every single quarter, every single year. Five years ago, everybody was getting crowns to be milled. Now they're 3D printing teeth and doing all, you know.   digital scans and all the other stuff and pretty quick here, think we have robots doing surgery. I don't necessarily want to be the first person to try that, but.   The Dental A Team (30:45) Yeah, me neither. I'm like number   like 200,000. I'll try it at that point. I'm usually like number two jumping off a cliff if the first person's alive, then I'll jump. Unlike innovative robots, I only have 28 teeth left, so I'll just let them practice a bit more before they come to me. It's okay. Stick with the drill and fill. Yeah, the drill and fill, I'm okay with it. It's all right. It's better.   Derick Van Ness (30:51) Yeah.   Yeah.   Yep.   I'll just pay a little more for the people.   Yes. so effectively, most dentists just don't realize they're qualifying for these credits. And so what we try to help them do is we do a free estimate to help you understand, OK, let's go through the different things that you did in your practice. It takes maybe a half an hour to identify the different things you've done. And right now, there's a window. And this is why we wanted to talk about this today, that closes on the 4th of July of 2026. So we've got about three or four months left.   where you can go back and you can file for 2022, 2023, and 2024. I don't want to bore everybody, but effectively when they did the 2017 tax rewrite, the first Trump tax rewrite, it broke the R &D credits in 2022. You could file for them, but the downside was bigger than the upside, so it wasn't worth doing. Now, they kind of did that on purpose to balance the budget, and they thought, oh, we'll change it before 2022, and then COVID happened, so they never changed it.   So it got broken. So they came back and they fixed it and said, hey, you guys can go back and claim this, but you really only have until the 4th of July. So they gave us one year to do it. ⁓ And so it's a big opportunity, a big window right now where you can get three years worth of credit. So you can literally go back. The government will send you a check for taxes you've overpaid, and you can get that money back. I won't tell you the IRS is really fast at processing this stuff, but they do get to all of them.   The Dental A Team (32:23) Wow.   No.   Derick Van Ness (32:34) And the checks come in, and we've done over 1,000 of these for clients. So it's definitely a legit thing. And the credits have been around since the 80s. They became a permanent part of the tax code in 2015. So they were kind of new. They've been around about 10 years. But the first couple of years, nobody knew. then over the last couple of years, they've become more and more popular. But then they kind of screwed them up in 22 through 24. So the reason I wanted to talk about them is if somebody is a dentist, they're not claiming these credits. But they are doing.   The Dental A Team (32:38) Wow.   Derick Van Ness (33:04) Innovative things upgrading equipment trying new software trying new techniques new implant systems new Diagnostics, whatever you probably got all these credits sitting there. You don't know about and It's worth getting a free estimate to see what's on the table. Yes You do have to amend your taxes, which is a very small pain in the butt But your total time into this should be an hour or two, which is really a short conversation You send over tax returns ⁓ A team like ours would give you an estimate   And if it seems like it's worth doing it, then you do it. You just let them do their thing and you write the check for the fee, right? So it's pretty hard to beat bang for your buck hour for hour. And like I said, for a lot of practices, it's between 1 to 2 % of your gross revenue. This is not a quote. This is just like what I've generally seen. So if you have a million dollar practice, it's probably 10 to 20 grand a year if you're doing these types of things. I mean, I have some. We just did a doctor who's got   Six offices they're getting almost a half a million dollars back right it can be it can be major and Doesn't take him any longer than to take someone with one office so you know it's it's just a big window of opportunity that I wanted to try and squeeze in here and People who haven't done this or unaware. It's like hey, we got a big opportunity and you can do this for 2025 moving forward every year. It's it's back indefinitely and so my hope is   The Dental A Team (34:07) It's incredible.   Derick Van Ness (34:32) People can do the catch up. And then from here forward, you don't even have to amend. You just party your tax return. You just don't pay the taxes. Just like you depreciate equipment or anything else and just get the tax break, the difference is tax credits are dollar for dollar. So if you get $10,000 tax credit, it's just $10,000 you don't pay in taxes, not a $10,000 write off, which might be worth $3,000 or $4,000.   The Dental A Team (34:40) awesome.   Mm-hmm.   Totally. No, and I think Derick, I'm so glad you brought this up. And at first I was creeped out by you. I'm not going to lie. Like when you first started talking about it, was like, are these like, I don't know, what are they called? The opportunity zones. And like, I heard a lot of people got their shorts burned on those. And I was like, do I even put this on the podcast? But I will say, Derick just said he's done thousands of them. They have had great success. I have seen clients tell me, thank you. So that's why I wanted Derick to come on because any client that comes from Dental A Team does get preferred.   Derick Van Ness (35:03) you   huh.   The Dental A Team (35:26) I don't know treatment. don't know what you guys do, but I do know that there's, ⁓ you guys get, you just said you get pushed to the front of line. If you mentioned you heard on Dental A Team podcast, we also have a link with big life financial. I'm pretty sure Derick, if I remember right, I'm pretty sure we do. ⁓ but definitely wanted you guys to have that, especially with a closing in July. And it's something where I love that Derick will just like, he's met with me and my husband several times to talk about multiple things. Derick is non pushy. And I appreciate that about you, Derick. You ⁓ educate.   Derick Van Ness (35:27) Treatment, yep, yep, front of the line.   We do. Yep.   The Dental A Team (35:56) and then give people the information and then you're to make the decisions on your own. So I think like, why not? Why not reach out to Derick? Why not just like see what it looks like? And then you have their resources. They're not going to file unless you want them to. You don't have to break up with your CPA if they file for you. I'm pretty sure. Is that right? Like you don't have to switch.   Derick Van Ness (36:09) Correct.   No, no, yeah,   you don't have to. We can amend it for you. But in a lot of cases, it makes sense to just have your CPA do it. They've got all your information. So but we can handle it either way.   The Dental A Team (36:25) So I think like on that, I just feel it's very much worthwhile. And I know Big Life Financial does a lot. do. I'll let you like take it because I know you guys are added to more services. But I think like if nothing else, we want to have the call to action of like, just look into the R &D credits. Like I said, I have seen multiple checks go to practices. They have not been audited. ⁓ Things have gone very smoothly for them. I was skittish. But I mean, Derick, we've been talking about this, I don't know, almost five years now, if not longer, that we've been telling practices about it. So.   Derick Van Ness (36:52) Yep.   The Dental A Team (36:54) very excited, but Derick, kind of tell about the makeup of what Big Life Financial is and then how people can reach out to you, especially in particular to the R &D credits.   Derick Van Ness (37:04) Yeah, so for the R &D credits, just go to, it's just BigLifeFinancial.com So BigLifeFinancial.com/DAT D-A-T right? Dental A Team. And all you got to do is just set up a time there to talk with myself or someone on my team. It's like a 15 minute call. And we'll just screen it, see if it makes sense. Beyond that, we do offer full service taxes if for some reason you're looking for tax breaks or you feel like you're, for one reason or another, you need to make a change.   then we can do that. We do also work with an RIA. So if you're looking for some of these investments that might have tax breaks or other diversification or whatever, we have those capabilities as well. So we really try to be front to back like what we call like a family office or a fractional family office, which is what the super rich people have. They just have an attorney and a CPA and a   Uh, an insurance guy, an investment guy, or probably 10 investment guys who all just work for them. Obviously most people can't afford to have an entire team that just works for them. So we work with a limited number of people, but we have a coordinated team that way. And, and it's taken me like 10 years to find the right people to do that. That's, that's really it because the Uber wealthy have those people, the people who are making 50 or a hundred thousand bucks a year, they don't need it. We really work in this sweet spot where a lot of people make.   300,000 400,000 on the low end to 2 3 million on the high end. And they're kind of in between, not rich enough to have the team that's all working together all the time, but rich enough that you really need it. Like this segment of the population is the one that just gets crushed on taxes. ⁓ And so we're really doing our best to help minimize that. So that's why we work so much with dentists and doctors.   The Dental A Team (38:56) That's amazing. I love that Derick. And I think for everybody, it was BigLifeFinancial.com slash DAT. We'll be sure to like link that in the show notes and also add it for you guys. But, and Derick, love, I didn't know what a family office was at first. And then I found out hanging out with a lot of wealthy people, what it is. And so for you to provide that, think worth conversations ⁓ and definitely appreciate the insights today. It was a really fun episode. I'm glad we got back together. It's been too long. ⁓ And like truly guys, just reach out.   Again, I would do it as exploration. would do it as like, just find out anytime I hear things like this, I just go book meetings. It doesn't mean I need to actually execute on it. But I think again, learning the language of business, learning the education, seeing if it fills right for you. Now you can ask a million people, but like I said, Derick and I have been doing this for about five years and every client that has been referred to Big Life Financial has gone through, has told me how much they've been grateful for it. So Derick, I appreciate you. Any last wrap up thoughts today as we wrap up today? I appreciate our time so much today together.   Derick Van Ness (39:55) No, I think it's just understanding that part of building wealth is beyond just making income, right? Just making income won't build the life you want to live. Once you earn the money, you got to take care of it. And there's a lot of pieces to that. So whether it's with us or someone else, just take that on for your family's sake. It's not just about making it. It's keeping it and being smarter with it. And if you do that, you're going to be in good hands.   The Dental A Team (40:20) amazing. Well, Derick, thank you so much for being here today. Thank you all for listening. I love what Derick said, like it's not just enough to make the money, we need to figure out how to keep the money and set yourselves up for the great lives that you've been building and to truly have that big life as Derick has described it. So for all of you listening, I hope that today you don't just passively listen, but you actively take action and commit to having the wealth of your life, the wealth of your dreams to have that life that really ⁓   is the life of your dreams. there's a quote from my mirror from when I was little where I said, don't just dream, do. And I think that that's how I'll leave you today. So for all of you listening, thank you for listening and we'll catch you next time on the Dental A Team Podcast.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3302: Derick Van Ness breaks down the truth behind why so many people fail to save money, even those earning six figures, and reveals a simple, actionable strategy to break the cycle. By shifting focus from spending to consistently saving first, you'll build lasting financial habits and a real safety net for the future. Read along with the original article(s) here: https://biglifefinancial.com/2017-12-11-a-savings-strategy-that-works/ Quotes to ponder: "Simply put, saving needs to be a first priority and a conscious effort or it rarely works." "The difference between financial success and a double digit bank account is NOT about how much money you make." "Bottom line: you have to SAVE FIRST and learn to live on the rest." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3302: Derick Van Ness breaks down the truth behind why so many people fail to save money, even those earning six figures, and reveals a simple, actionable strategy to break the cycle. By shifting focus from spending to consistently saving first, you'll build lasting financial habits and a real safety net for the future. Read along with the original article(s) here: https://biglifefinancial.com/2017-12-11-a-savings-strategy-that-works/ Quotes to ponder: "Simply put, saving needs to be a first priority and a conscious effort or it rarely works." "The difference between financial success and a double digit bank account is NOT about how much money you make." "Bottom line: you have to SAVE FIRST and learn to live on the rest." Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, Dr. Mark Costes reconnects with tax and wealth strategist Derick Van Ness for an in-depth look at how the newly passed tax bill is opening the door for dentists to claim Research & Development (R&D) tax credits once again. Derick explains why these credits disappeared for most practices after 2021, how the recent legislation has reversed that change, and why dentists now have a limited-time opportunity to amend previous tax returns for 2022, 2023, and 2024.   They dig into the four-part test that determines R&D eligibility, clarify the difference between deductions and credits, and walk through practical examples of how dentists are unknowingly qualifying through the use of new technology, materials, and processes. Derick also discusses the broader tax landscape—from Section 179 deductions to bonus depreciation and SALT workarounds—plus his firm's plan to scale by acquiring accounting firms that serve niche industries like dentistry.   Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://biglifefinancial.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Derick Van Ness of Big Life Financial returns to the podcast to discuss with Kiera the new realities of the recently passed One Big Beautiful Bill — and how dentists can capitalize on the impacts. They discuss bonus depreciation, research and development credits, and more. Further, there's an opportunity for DAT listeners at biglifefinancial.com/DAT, where you can learn if you're overpaying on your taxes and what new opportunities exist. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript Kiera Dent (00:00) Hello, Dental A Team listeners. This is Kiera. And today I'm excited to welcome back a popular guest. He and I have chatted multiple times. We've gone around and around on different topics of how to help dentists build more wealth. So Derick, ⁓ with Big Life Financial, we talked about our research and development credits. Today we're going to be talking about this big, beautiful tax bill, how it's going to impact dentists, how it's going to impact building wealth. I do think it also impacts team members. So Derick, welcome back to the show. How are you today?   Derick Van Ness (00:29) I'm great, Kiera. I really appreciate you bringing me on the show again. It's always fun to talk.   Kiera Dent (00:34) Of course, we all know that I love wealth strategies. love ⁓ it takes time like you and I were talking about pre show. ⁓ I think it's something to educate ourselves on and to be around really smart people and to constantly be looking at different things like I know hot in the real estate world right now and with buying businesses and buying practices, the big beautiful tax bill is actually great for the bonus depreciation coming in. So just like educating ourselves and that's what I wanted today to be.   not getting high into politics. These are bills that are into place ⁓ and how to take advantage of them, how to maximize them. Derick, you work with a ton of dentists. So Derick, for those who don't know, you kind of give a little bit background on how you and I even got connected, how you got into dentistry, ⁓ how does Big Life Financial play into this. We have a lot of mutual clients together. So just kind of give people a background on who you are and how you got to the dental space.   Derick Van Ness (01:26) Absolutely, you know, I started out back in like 2010 2009 2010 helping small business owners with taxes and financial strategy I was working for another firm at the time and I had been a house flipper and if for those of you who remember 2008 wasn't so good if you're a house flipper, right and When that whole thing fell apart kind of fell in my head I took a lot of the skills that I had and a friend of mine hired me to help   Kiera Dent (01:46) It is not.   Derick Van Ness (01:55) small business owners with taxes and financial and business strategy. ⁓ Working with them, I had a chance to work with about 1,500 business owners over seven years. And then eventually went out and started doing my own thing because there were some different things that I wanted to do that they didn't offer. ⁓ essentially, in that time, I worked with a lot of dentists and a lot of doctors. ⁓ And so I kind of stayed in that arena, which led me to ⁓ meeting you, Kiera.   through Mark over at DSI and all the stuff that I'd done with him and then found you guys and just love what you guys do with helping people to build their teams. Cause I'm such a huge advocate of how important that is to have the right team to run your practice, right? Especially if you're going to have multiple practices, it just can't be about you. And so it was just kind of a natural fit. And like you said, you, you definitely love financial strategies. So.   We got into it, we talked about a bunch of different things, had a chance to work together. Like you said, have shared a lot of clients along the way, but it just seems like dentists have a lot of the problems that we solve, which is they pay a of taxes, they make good money, and most of them didn't get an MBA in college to understand how business and finances work. They've had to learn along the way. And so we see ourselves as part of that process of helping dentists become.   better business owners, better entrepreneurs, and honestly create freedom in their life instead of just having a business that runs them, because it's easy to have that happen in dentistry. So that's sort of how we got connected. I don't know, over the last, since whatever 2008, 2009 was, last 15 plus years, I've probably worked with somewhere between 2,000 and 2,500 business owners. I would say a good chunk of those have been dentists. So that's how we ended up together.   Kiera Dent (03:48) Yeah.   I love the journey. love hearing what you've done. I also agree on like building wealth. And I think going through dental school, working at the dental college, dentists are coming out with, you know, upwards of 500, 600, 700, $800,000 in debt somewhere up towards that upper million. Midwestern was a very expensive school. looking at that and then watching offices and I remember the first dentist that I worked with and we were partners. We, called her 2.5 because we were 2.5 million debt.   Derick Van Ness (04:03) Cheers.   Kiera Dent (04:18) was like, you better straighten that spine 2.5. Like we need that spine for a long time. But it was something where I realized like, that's a substantial amount of debt. One to walk out of school with two you buy a practice on top of that and then you want to try and like even remotely live your own personal life. It just felt like the odds are possibly stacked not in a dentist favor. I've had several dentists where this is the case where they're multimillion in debt, trying to get these practices off the ground. And so really coming up with   Derick Van Ness (04:43) Mm-hmm.   Kiera Dent (04:47) like yes, long-term, if they make it, awesome. Hopefully it will pay off for them. But what are maybe some strategies and tips that they can do now? I think like so many of us look at real estate and wish that we would have gotten in at the 2008 because now you're selling them out or even in 2020. And so it's like, what can people do now, even if they didn't maximize or we didn't buy practices back in the day when they were so cheap, they were pennies on the dollar. What things can we do now to maximize? I was even talking to this girl the other day.   And she's like, yeah, my baby was born on New Year's Eve. And I was like, wow, talk about a great tax write-off. And she's like, I didn't even know that that was a tax write-off. I didn't even know the benefits of things. And so I feel like just so many little pieces that could make us smarter business owners to, I'm here, I love living in the United States. I love paying taxes for the country that we get to live in. I love the opportunity that we have to be business owners. With that said, I also think it's smart for us to be very wise stewards over our money to figure out different strategies.   And no, it's not sexy. No, it's not fun. A lot of it is just like save, like invest, do the things you're supposed to do. And it's going to be part of what is it? Like the eighth wonder of the world of compound interest. Like there are other pieces, but Derick, like, let's talk about this big, beautiful tax bill. How does this work? How does this impact business owners? What are some of the benefits we can take care of? Now we're talking in 2025, things will change and shift as the landscape shifts, but knowing that's in place, what are some of the things dentists owners can do now?   to maximize that coming out.   Derick Van Ness (06:18) Yeah, you bring up a good point, Kiera. You know, it's not that this stuff happens overnight, but it is, it's systemic, right? You're doing it day in and day out. And tax is one of those things, whether you like it or not, you have to file them every year. And I'm not going to lie to you, that's part of what I like about being in the tax world is people have to do it every year. It's a pretty good business model that way, right?   Kiera Dent (06:30) Right.   I   was gonna say you've got the reoccurring opportunities because it has to happen every year just like dentists have profis every six months. I mean it's a great built-in business. mean kudos to you. I don't enjoy it but it is a necessary evil to be done.   Derick Van Ness (06:52) I totally get that. If you would have told me you're going to work in taxes even 15 years ago when I first got into it, I would have said absolutely not not interested. But what I can tell you is every dollar you make in taxes is the same as a new dollar you make in your business. Right. But you don't have to have employees and risk and additional insurance and additional equipment and all this other stuff. So it really is pure profit when you can reduce your taxes. So   even a small amount of tax strategy can go a very long way in increasing what you get in the bottom line, right? And if you could just take a lot of dentists across the country, they're in the 40 % tax bracket, maybe a little higher or lower depending on your state, but somewhere in that range, if you could even lower that by 10%, that's keeping an additional 10 % of your income. That's a lot of extra money for people to be able to save and put to work without having to go do more risk and...   buy a bigger building and do a build out and deal with more personalities in the office because all of those things are variables, right? So I see it as a pure profit machine if you get it right. And so I've chosen to think it that way because I spend so much time in it, but it really does come down to just keeping a lot more of the money you make. And it's a very potent way to do it because honestly, with 10 to 15 hours a year, so think of that as like one hour a month.   you can really add a lot to the bottom line of what you get to keep. In some cases, we can cut taxes almost in half for high, high income earners. So it's a pretty big deal.   Kiera Dent (08:25) Well, and as you said that I think it's a big deal for today because yes to have that back to you is great. But like we talked about compounding, compounding until you've experienced compounding seems like not real. Just like I think when like you have bought your first house and it's like, how am I ever supposed to do this and make money on it until you bought your first practice? A lot of those things I think feel ⁓ arbitrary, they feel false. And then once you get into the compounding world and you're like, my gosh, like   we're making money without having to do anything. It's like, yeah, I could save on my taxes in a legal, ethical way, have more money at the end of the year that I could then put towards this, like you said, make it work for me. Well, now that it's just duplicating, it's multiplying, it's replicating, those things to me are things I get excited about. Those are things that I look for, because I don't think there's a lot of money.   I call it the money making machine. What things can we put into your money making machine to where it's working for you day in, day out without you having to do any extra work? I think all of us check yes, let's say yes to that. So Derick, let's talk about how we can create more of these money making machines, putting our money to work for us rather than constantly trying to chase the money dream to where at the end of our careers and even during our careers, we're living the lives that we wanted to get to when we first started out into these careers.   Derick Van Ness (09:29) Yep.   Yeah. And I can tell you guys this, if you only walk away with one thing, it's the idea if you want to build wealth, you need to create systematic savings, right? Systematize putting money aside, whether that's actually savings account or investing or however, but just getting money out of the spending cycle and into the building cycle. And it's like watching your child, right? Like in the beginning, kids grow and it's like day to day, you don't see it, but year to year,   it starts to make a bigger and bigger and bigger difference. And then, you know, when they're teenagers, you're just like, what's happening, right? So it's the same kind of thing with your money. In the beginning, if you're just watching a day to day, you don't really see the growth. You have to trust the process, right? But the biggest thing you can do is put that on autopilot, because if you have to automatically go into your bank account every month and move money over or every year, move money over, it's much harder. And like writing,   Kiera Dent (10:28) Mm-hmm.   Derick Van Ness (10:42) 25, 50, 100, $200,000 checks feels hard. Setting aside 2,000, 3,000, 5,000, $10,000 a month, and then you cut that in half per pay period, and all of a sudden it gets a lot easier. It's like, oh yeah, $1,000 a pay period, not that big a deal. Much easier than writing a $25,000 check, right? Or two or $3,000 per pay period. It really does add up. And that's where the tax piece comes in is, in many cases, it's like found money. I try to teach our clients to...   Kiera Dent (10:46) Mm-hmm.   Derick Van Ness (11:11) save like you're going to pay full blast on taxes. And then when we do the tax strategy, all this money is left over. And so it feels like extra money, and then you can put it to work, right? And that's where you do get to play with some bigger chunks. ⁓ But really, it's that habit of automating, setting money aside. If you can just only take one thing from this, it's that. And taxes can create a huge amount of that for you along the way. So let's talk about the tax bill, right?   Kiera Dent (11:24) Mm-hmm.   Yeah,   let's talk about it. And I just want to highlight on that, Derick, of I was talking to a CPA the other day on the podcast and he talked about how like there's a different psychology of business owners. ⁓ We go from getting a W-2 paycheck that we're used to being able to spend all of it because taxes have already been taken out to them becoming business owners and not having taxes automatically taken from that and needing to be super disciplined on saving. And so I agree with you. And when I realized like,   I got so annoyed when I'm like, great, so now I never get a refund check ever again in taxes. I was like, no, actually it's actually so much better now than it ever was. Because if I just set it aside, I'm like, taxes are pretty simple. I guess there's some nuances to them, but it's pretty much like whatever tax bracket you are, take your profit at the end of the month, set that aside. And lo and behold, if you do the tax planning strategy, like you said, usually I'm ending up with a pretty good substantial chunk at the end of the year that I count as my like quote unquote, like   the refund check or whatever. It's been so long since I've gotten one that I don't even know what it is. But it's awesome because then you have this huge lump of money because you've been saving it. You weren't expecting it. All your expenses in your life is taken care of to where now, like you said, it is really fun. Is that an investment? Is that buying something that I've always wanted to get? Is that real estate money? Because the amount of cash, if you are strategic in how you do it, is exponentially substantial.   It is truly life-changing. So I'm excited, Derick. Let's talk about the tax bill, but I will second you and ditto you and just say, yes, there's discipline to it, but that discipline equals so much freedom on the other side that just try it. Trust us on this. Save, learn to save on it and ⁓ be blown away at how much you're able to have at the end of the year if you do it really well.   Derick Van Ness (13:25) Yeah, I 100 % agree and I love your approach, Kiera. That's exactly what we try to teach with people. So let's talk about the tax bill, right? There's a ton of stuff that's in there that we're not going to touch on because like the child tax credit go up $200 a year. Yes. Is that going to move the needle for you as a business owner? Not really, right? Is there a little bit for senior tax relief in there where there's $6,000 of income that they don't pay taxes on? Yes. Does that really matter for you? Probably not, right? So we're going to...   Kiera Dent (13:33) Okay, let's talk.   Derick Van Ness (13:55) we're going to talk a little bit about a couple of key things that can really move the needle. One of them you alluded to, Kiera, that I think is really important is the idea of bonus depreciation, right? People who don't know what bonus depreciation is, it's when you buy certain types of equipment or real estate, you can take all the depreciation in the first year, right? And that can be ⁓ a huge chunk, especially when you combine it with something like cost segregation. For those of you who don't know what cost segregation is, the two really   Kiera Dent (14:04) Mm-hmm.   Derick Van Ness (14:24) work well together. So I think it's worth taking just a sec, even though it's not new, it really enhances this strategy. ⁓ Cost segregation is when you have a piece of real estate, you bring in an engineer, and there are companies that do this, right? So you don't have to know all this stuff. ⁓ But they come in, they reclassify as much of your building as they can as equipment. And so what you get to do is depreciate a portion of the building, the stuff that's equipment much more rapidly. So a lot of times five, seven or 15 years.   versus either 27 or 39 and a half years. So you get a lot more depreciation on the front end. It's not like you get more overall, but money today is worth a whole lot more than money 20 or 30 years from now. You can invest it and use it to grow your business, et cetera. But then when you add bonus depreciation to that, you can get a lot more of it in the first year. what this really means is if you're   Kiera Dent (15:06) Mm-hmm.   Derick Van Ness (15:21) buying the right kind of equipment or you're buying a building or you're doing big improvements, you can get a lot more depreciation and that depreciation can save you in taxes, right? And this is one that I feel like most CPAs kind of get bonus depreciation, but a lot of them don't bring in the cost segregation piece. So if you own a piece of real estate, especially if you bought it in the last few years and you haven't done a cost segregation study, this is something that you would have to know about because someone has to physically come to your building. If you haven't done one,   Kiera Dent (15:39) Mm-hmm.   Derick Van Ness (15:51) should talk to your CPA about it or talk to someone about it. I'm sure Kiera knows people, we know people, there are plenty of people out there who do it. But that's something worth looking at, especially if your building's worth, I would say, $250,000, $300,000, and you've had it less than five years and you haven't done this, yeah, it's totally worth looking at. It could be a real nice windfall. So that's a big one. It had been in place, then it started phasing out from 100 % to 80 % to 60%.   Kiera Dent (16:04) I   Derick Van Ness (16:20) but now we're back at 100%. So this is a big one, especially if you own your building or you're buying a lot of equipment. ⁓ Another really big one is the SALT tax. Now, people hear SALT tax and they're like, what? They're thinking of like the SPICE, right? SALT stands for state and local tax. And really to simplify this, and there's kind of a workaround in almost every state where you can do it as a pass-through setup. And essentially what that means is,   Kiera Dent (16:27) Mm-hmm.   Bye.   Derick Van Ness (16:49) If you pay all your state taxes before the end of the year, those state taxes become a write off for your federal taxes. Now this was in place up to $10,000. So if you were in a 40 % tax bracket, it could have saved you $4,000. Now it's up to 40,000, four zero, $40,000. So if you're making a lot of money or you're in a high tax state, you can pay those state taxes before the end of the year and it creates a federal tax write off.   And so like if you were in a, you know, paying in a 32 % tax bracket and you paid $40,000, it's going to save you, you know, between 12 and $13,000 in taxes that year, which is pretty significant for found money. All it has to be done is you have to pay those taxes and then your, your CPA or your tax pro has to claim that. Right. So that's another big one that got raised and you probably heard a lot about it in the news because   People were trying to get it raised higher and some people thought it should be lower. It really does favor business owners. It's not something a person who doesn't have a business can do. And that was part of the controversy, right? ⁓ But at the end of the day, it's law. So you should be taking full advantage of that.   Kiera Dent (18:03) I feel like that definitely impacts like the high state tax ⁓ states like California, New York, like some of those bigger ones, definitely because I live in Nevada, it's a no state income tax state. So if I understand correctly, Derick, and this is where I love bringing smart people on, the salt tax doesn't apply to me per se in Nevada, because we don't have state income tax. Is that correct? But in those higher ones, it definitely helps you out tremendously by being able to take those those credits and apply them.   Derick Van Ness (18:32) That is correct, yeah. And like another really high one is Oregon. They have quite high state tax, whereas Washington has none. So yeah, that doesn't apply to everybody. But if you're in a state that has even medium, like I'm in Utah, income tax there is right around 5 % for the state. It's still significant, right? You can still do up to the same amount. You'll just get there slower than if you're in California.   Kiera Dent (18:36) Mm-hmm.   I agree.   Right.   Derick Van Ness (19:00) Once again, just one of those things like you talked about, know, having kids or, you know, having the ADA like disability access to your building or a lot of these other things that like there are a bunch of little things, but they really do add up doing the Augusta rule. I'm sure you guys have talked about a million times and paying your kids properly. And we have a whole strategy of actually how to help people use tax strategy to pay for their kids college, which is a pretty cool one using some of that.   Kiera Dent (19:15) Mm-hmm.   Derick Van Ness (19:29) But those aren't part of the tax bill, so we won't dig into that today. ⁓   Kiera Dent (19:32) But they   are smart things to know because as you're listing it off, I think when someone's making, let's say your practice is doing a million, let's it's doing 2 million, 5 million, let's say you're at a 50 % overhead, let's just do 5 million, that's 2.5 mil. Not all of that's going to come to you as profit, but let's use like, it also could be coming to you as profit, even if it's in the form of distributions and different pieces. I'm like,   Derick Van Ness (19:42) Mm-hmm.   Kiera Dent (19:55) on that 2.5, if that's your taxable income, now let's just do, let's say you're in the highest, like that would put you in the highest tax bracket. So we're at a 37%. Like that's almost a million dollars worth of tax money right there on 2.5. So I understand that say 12 grand doesn't seem like that much, but I'm like, but 12 grand is still going to chip down this tax bill. And then you do another 20 grand here, then you do another 15 grand here.   All of that does exponentially chip down and like the bonus appreciation. That's why I think Derick, you're talking like the $200 on a million of taxes, not really going to move the needle, but 12 grand, 15 grand. It's the stacking and being able to keep that money. You have to pay this tax no matter what. And why not like benefit and minimize and reduce it and keep that money. then even worst case scenario, you even go invest it or you put it somewhere like a high yield savings account, but still making 4 % for you.   that you wouldn't have been making so that money's working for you. I think it's a no brainer ⁓ no matter what tax bracket you're in just to see. But like I also think this is where I don't like to get lazy on my taxes like, is it really worth doing the Augustus roll? Yes, it is. Because like you said, every dollar saved today, if I could even take that 600 or that 2000 or that 12 grand, put it in right now, like go back to college. How many of us wish we would have invested at that point in time? 20 bucks when we were in college.   Derick Van Ness (21:02) You   Kiera Dent (21:19) into the stock market and what that would be worth today, I think that there's just value in being strategic and smart and this is how you build wealth. It's not sexy, but if you do it consistently, you will exponentially become wealthier much faster than otherwise. I think it's the fastest way to get to wealth long term because you've got a runway in front of you.   Derick Van Ness (21:38) Well, I'm going to throw something out here, Kiera, because I get to see behind the scenes, right? I work with a lot of successful dentists and dentists have a really good income. Dentists generally are not great at creating wealth. I'll just be totally honest with you. A lot of them, they make enough money that they, ⁓ they can spend and they have a good life and they're able to put some money away, but proportional to their income, a lot of them are not great savers because of exactly what you talked about. A lot of them make all this money, but they got to pay off a lot of debt.   Kiera Dent (21:42) Mm-hmm.   I would agree.   Derick Van Ness (22:08) right, student loans and a business loan. Well, that's a lot of cash flow, especially in the first five years going out of lot of people's pockets. So a lot of times I'll see a dentist and they're making, let's say they're taking home $500,000, which is very common. ⁓ But you look at their investments and everything and they've got 300 grand saved. And they've been at it for 10 years and you're like, what happened? it's they paid off student loans, they paid off business debt.   Kiera Dent (22:27) Mm-hmm.   Derick Van Ness (22:33) They've had to invest in equipment along the way. They've had to remodel their office. They bought a house. You know, and they have some nice things. But now when you start going back and saying, hey, we can do this, this, and this, and now you get to save an extra, let's go really, really low, an extra $20,000 a year. Okay. I did some math the other day for our newsletter, $20,000 a year. If that's what someone saved and they just put that money to work at 7%. Over 30 years, they'd have $2.1 million roughly.   Right? So it's like, it's not, it doesn't appear to be a huge thing, but over time it really does add up. And to be quite honest, someone who makes $500,000, I can think of a bunch of ways that are outside of the new tax bill, things we've been doing for years that can really save them a whole lot more than that. And so for a lot of people, like if somebody is making two and a half million dollars, there's actually some advanced strategies that can really move the needle in a big, big way. But these small things like paying your state tax by the end of the year,   It takes you five minutes and you saved 13 grand. Okay, that's a big deal. Doing, making sure you're paying yourself properly so that you don't end up paying self-employment tax unnecessarily on more of your income than you. Okay, that's another seven, 10, 15, 20 grand. ⁓ Paying your kids, Augusta rule, bonus depreciation. Okay, now all of sudden we took a bill that was maybe 120,000 of taxes for someone who makes 500 grand and now they're paying 50.   Kiera Dent (23:34) Hmm.   Derick Van Ness (24:00) So they kept 70,000. Like that's a big deal. You put that together and using the math I just did there, that's about $5 million over 30 years, right? So it's significant and I bring up the two and a half million thing, because I don't see a lot of dentists. I have a few clients that make that kind of money, but most of the dentists, especially people who own one or two practices, they're making between on the lower end, maybe 300, 350, on the higher end, maybe 800, 900,000.   Kiera Dent (24:00) Mm-hmm.   Mm-hmm.   I agree.   Derick Van Ness (24:29) You know, so suddenly an extra 50, 70, 80, $100,000 a year is a lot of money. It makes a really big difference.   Kiera Dent (24:37) I agree.   I even think though, on no matter where your bracket is, I think like, well, one, I just hope I don't know, Derick, I need to surround myself with people like this. I hope that no matter what income I make, I don't ever like pish posh 70 grand. Like I just hope I hope I never I mean, I hope that I'm a freaking billionaire at one point in my life, like that'd be incredible. And like the amount of good that we'll be able to do in this world, like even today. But I'm like, I hope that I stay   humble and grateful enough that I would never say like 20 grand or 50 grand is not worth my time to do ⁓ in a small effort. ⁓ And so I think that that's just a zone of like, let's remember the humility as well of like, yes, these things are tax savings, but they're also going to exponentially grow you, you, your practice, your family, like your contribution, your good that you're able to do in this world. So even if you're not using it for yourself, think of the good that you can give back to this community in this world. So I think   And then I'm also like, yeah, and if you're at 300, 70 grand is a lot. If you're at 900, 70 grand should still be a lot. If you're at 2.5 million, 70 grand should still be a lot for you to where I think like, I also feel it's a skill of staying sharp rather than getting lazy and sloppy as we evolve. I know I've done it. Like I used to be way more scrappy when I first started the company and I'm like, yeah, well, do we really have to do all this? And it's like, but I think this...   sharper we can keep ourselves and the more disciplined we can to be expert saviors. Like I talked to Ryan Isaac of Dentist Advisors often and he and I talk about like the biggest thing is like being a great saver, like building your wealth, but then also not losing your wealth by doing dumb things or not being disciplined and watching what you've built. Like it's kind of two sides of the coin and being able to get there at the end of the day, I think is what we're all striving for. So I think it's brilliant and I hope that nobody says pish posh to us.   Derick Van Ness (26:12) Mm-hmm.   Kiera Dent (26:34) 70 grand if we could save you that much in taxes.   Derick Van Ness (26:37) I sure hope not, right? And if you do, it's because you've got a better use of your time than that. But quite frankly, most of this stuff, especially taxes, the cool thing is we've had a few tax rewrites in the last, you know, 10 years or so. But typically we don't have a lot of tax rewrites. So once you know the rules, it doesn't change that much year to year. A few little things change here or there, but for the most part, if you can take the time.   get yourself the right team or learn the rules yourself. mean, I think even people who know how to do this themselves, having a good tax pro on your team can be worth a lot because things do come up. ⁓ But honestly, most of it, once you know it, doesn't take a lot of time, right? We're talking a couple hours a year. And if you know what you're doing, a lot of this you kind of do along the way or it's already set up, like setting the money aside for taxes that's already set up, paying before the end of the year. That's just the thing you do one time, you write one check or make one payment online and   Kiera Dent (27:17) Mm-hmm.   Derick Van Ness (27:32) and you're done, right? And a lot of these things are easy. ⁓ Another one that's a really big one that came up with the tax bill that I'm very excited about is they brought back the research and development credits. And this is another thing that for a dentist, it'll probably take you two hours of time ⁓ to do it, like an hour to work with someone to do the projects, which is basically an interview of what have you done, what's the research so that the tax team can look at that.   Kiera Dent (27:43) Mm-hmm.   Derick Van Ness (28:00) And then just getting your tax returns over because not only do these credits come back, but you can retroactively, we've got one year to do this retroactively. You can go back and claim the credits for 2022, 2023 and 2024. And so that gives us three years where you can amend and go back and get that money. And I mean, for a typical dentist, I see on the low end, there are a lot of them. If you're investing in equipment, trying new stuff, which   Kiera Dent (28:15) Wow.   Derick Van Ness (28:29) most dentists to compete have to be doing today. If you're doing, you know, still doing mercury fillings from the seventies, then maybe that's not you. But most people who are listening to your podcast are...   Kiera Dent (28:32) Mm-hmm.   I was going to say you, most of the podcast   community should be in that realm.   Derick Van Ness (28:44) Yeah, I'm kind of joking, but typically, I mean, it's between $10,000 and $20,000 a year. if you have a big practice, I mean, we've had clients that have gotten multiple six figures back because they did some major overhauls and a bunch of stuff. But let's call it $15,000 to $20,000 a year for a lot of dentists. It takes 45 minutes to do it, the interview, and then a little bit of time to review that, make sure it's good.   So let's call it two, maybe three hours of total time to get that money back, right? And you can do this every year when we amend. You have to amend them and they go back to the IRS. And the IRS is taking about a year to get checks out. They're a little buried ever since COVID. They got behind and they just never caught back up. But once you get on top of that for 2025 and beyond, like you can just do it proactively. You just don't pay the taxes. You don't have to wait for a refund.   And so it's another one of those things where you spend an hour or two a year and you get 10, 15, 20, $30,000 a year that you just get to keep. Right. And so this one to me is a huge one for dentistry because the rate at which the industry is changing, right. Uh, went from, from cone beams to milling people, milling their own crowns. Now it's 3d printing pretty soon. It's going to be, you know, a lot of these things you see at the shows with the robots doing things and all kinds of different things that   Kiera Dent (29:50) Awesome.   Totally.   Derick Van Ness (30:12) Dentistry is a very progressive industry, right? A lot of AI coming in with answering phones and scheduling people and answering questions and all of that kind of stuff. You may as well get credits for it. You're doing the work, you're buying the equipment, you're figuring this stuff out. So if you're doing anything where you're upgrading, trying new technology, looking to get better, faster, more efficient, you're probably accruing the credits. ⁓ And it's just something you don't want to miss out on. R &D credits are... ⁓   not as well known as they could be because it's very much a specialty thing and it's relatively new to the tax code. It only became permanent in 2015. It's been around since the 80s but it changed a bunch and became permanent then. And the reason we didn't do it through 2022 through 2024 was there was a change in the 2017 tax code and you know they gave tax breaks.   Kiera Dent (30:43) Mm-hmm.   Derick Van Ness (31:07) to corporations, they had to make it up somewhere. And this was the place where they said, if people claim R &D, they also don't get to write off all the expenses without going into all the detail. It just wasn't worth doing. Now we can go back and recover that. Congress didn't think it was even going to become a law. I think they thought they were going to amend it. And then COVID happened. And they sort of forgot about it. So it became a law in 22. Anyway, this is all fixing it. So to me, this is a huge one. It's an easy win for a lot of a.   Kiera Dent (31:18) Yeah.   Derick Van Ness (31:36) a lot of dentists to be able to go out and just get a bunch of money back in taxes you've already paid for stuff you've already done. And it's pretty minimal effort. ⁓ There are lot of different people out there who do it. We do a free estimate for people so they can kind of see what's on the table. But yeah, it's pretty straightforward. To me, that's probably the one specific to dentistry that's going to apply to almost everybody listening almost every year. And so   I kind of saved it toward the end here because I think it's the big win. know, the others, the bonus depreciation can be bigger, but you're probably not buying a business or massive amounts of equipment every year. But if you are, then that's going to be a huge one too.   Kiera Dent (32:20) Yeah. No, Derick, I love that. And I did some math because you talked about like one hour approximately per month to do these things. And I just I did some really, really conservative numbers. So I was like, if we were doing 20 grand of how much we get for tax savings of like actual dollars to you. And that was in 15 hours a year. That's 1333. So about 1400 per hour. And so thinking about a dentist who's producing 1400 per hour.   That's actually, that's a pretty high production. You're producing about $11,000 a day as a dentist at that rate. Then I was thinking like, okay, the R &D is 10 grand, 20 grand in two hours. That's now producing $10,000 an hour. I was like, that dentist would be producing $80,000 a day. Just to put in comparison of your dollar per hour on production, you apply that to your tax savings. I think that it's to me,   Not all dentists are even producing $1,300 an hour. Even very, very skilled dentists, like 500 to 1,000 is actually pretty great. That's what we try to target for doctors to do. 8,000 a day is a pretty good amount. So when I just did the quick math and I'm like, a lot of dentists are not working five days a week. A lot of you are working four days a week. So if you just added this as part of your CEO time, one hour per month to dedicate to this.   What's the ROI of that time? think it's very well worthwhile. And I will agree with you, Derick. We've had you on the podcast before. That's why I had you come back on, because I am seeing multiple clients get these R &D credits coming through that I just think it's a worthwhile thing. Again, I feel like it's Geico. That's what I feel like right now. Like one hour or like one quick call could save you 10 to 20 grand. I think that that to me, again, let's be sharp. Let's be savvy. Let's make sure we take advantage of these opportunities because again,   Derick Van Ness (34:00) you   Kiera Dent (34:13) Like you've said, the compound of that 10 or $20,000 that you get over the course of the next 20 to 30 years while you're doing dentistry, even if it's five years, even if it's 10 years, ⁓ that to me is so worth your time. I feel like that's the best use of your time you can possibly do as a CEO, as a business owner. So Derick, that's why I want to do back on because I think everybody should connect with you. Everybody should talk to their CPAs about this.   I know you guys do the R &D credits. I also know that you guys do accounting. So if people are looking to connect with you, Derick, like what's the easiest way? Like I'm fired up listening to this podcast. I'm committed to my one hour a month. It's like one and a half guys. So you're gonna have to be a little bit more, but I'm committed to that. Where do I start? How do I get going to make sure that I can maximize this big, beautiful tax bill and also the R &D credits for my practice.   Derick Van Ness (35:03) It's a great question. So we actually set up a page just for Dental A Team listeners, right? So it's just, my company's called Big Life Financial. And we do that, it's not big money financial. Our goal is to help you get money out of the way so you can live the life you're here to live as a human, right? And really spend the family time and make the contributions and express yourself as you want to. But it's BigLifeFinancial.com/DAT. So if you go there, it's a research and development credits   opt in right for the page because I think that's the biggest win. But we will also do, if you would like, a full three year tax review for people. Anybody who wants to see, have I been overpaying? There's a million things we didn't touch on today because they're not part of the new tax bill. There are things that have been around for a long time. ⁓ But we can help you to get a good idea of have you been overpaying and what are the opportunities out there? ⁓ And so that's a great way to start. And then from there, if it seems like you want to   Kiera Dent (35:46) Mm-hmm.   Derick Van Ness (36:03) find out more, you have questions or things come up, but that's a good starting point, right? It's like a diagnostic that gives us a good place to start from. So BigLifeFinancial.com/DAT will set up a free call. It should only take maybe 15, 20 minutes at first just to answer any question. That's great.   Kiera Dent (36:19) 15 or more could save you.   It really fills up, it's true. It's true. Daria, I do have a question though, because people get creeped out by taxes. How often do doing this and looking back at past taxes alert audits within the IRS? Because people creep out about this.   Derick Van Ness (36:37) So doing it,   so the R &D credits, especially this because they literally passed a law and said, yes, you can go back and do it. So there's going to be a ton of people doing it. So I don't think it's going to be any type of audit unless you really weren't doing research, right? But that's what the interview is for, is to help us to identify it. And our team will essentially tell you what does and doesn't qualify. But there's no risk to it, especially because they're saying, hey, yeah, you can go back and do this. You could.   I mean, you could have claimed it before, but nobody did. So it's not going to stand out. also, even in the past, when we've done this for people prior to that law change, I think out of 16,000 filings, there's been like maybe 12 or 15 audits. It's lower. It's even lower than a typical audit range. And I don't know how that's even really possible, but it's just been very low. It's not something the IRS is really worried about. It's not huge amounts of money.   Kiera Dent (37:10) Mm-hmm.   Derick Van Ness (37:35) You know, some of these other strategies care that you're aware of. people are getting 50, 100,000, $200,000 tax breaks and those are much more highly scrutinized. You really doing this work, which dentists do, uh, and based on your industry, I don't think they're really going to bat an eye. It doesn't mean there's a zero chance, but it's very, very low. Just like if you had a piece of equipment, forgot to depreciate it. Now you went back and amended to do that. It's that straightforward. It's a permanent part of the tax code. It's not gray area stuff.   Kiera Dent (37:42) Right.   which is super helpful. And that's just where I wanted to clarify because I know people get kind of weird of like, yeah, I want to save on my taxes, but I'd rather not get audited. And so I think this is a world where you can be both. You can save on taxes legally, just like the Augustus rule. Like that is something very common. People do it if you don't know about it, talk to your CP about it, ⁓ your kids having real jobs. So I feel like it's something where, like you said, it's not talked about as much, but that does not mean that it is not as commonplace or that you shouldn't bonus appreciation on real estate, on big equipment.   Derick Van Ness (38:10) Yeah.   Kiera Dent (38:36) These are things that I also feel this is the time like a political landscape for you as a business owner to take advantage of tax benefits. The person who's in the White House currently, whatever you choose to believe or not believe is very pro businesses in a lot of ways. And so I'm like, if you're ever going to try it based on who's in office, ⁓ I think now is a great time ⁓ with how many things are coming forward for businesses and being more business. ⁓ I would just say   business friendly, I think is where the political landscape is currently. Again, not to go down a political path, just to be looking at like, if I'm hedging my bets, now is probably a really good time where odds of audits are probably a little bit lower than maybe at other times of the political landscape. So just things to think about. Derick, I love these podcasts. I love building wealth. So guys go to BigLifeFinancial.com/DAT, so Dental A Team. So it's just DAT our initials.   Derick Van Ness (39:15) Yeah.   Kiera Dent (39:32) And Derick will take great care of you. Derick, any last thoughts as we wrap up today? I appreciate you so much being on here.   Derick Van Ness (39:38) No, just think, you know, dentists work really, really hard and I feel like a lot of them don't get the fruits of their labor because there's a lot of these little things that they haven't been taught. And I think all the little things do add up. So, you know, this is one of those things that if you choose to just take it on, figure it out in a year or two, you'll be way ahead of the game and you get to benefit from that basically forever. Right? lot of this stuff, once you figure it out one time, you can just ride.   80%, 90 % on autopilot. So if you've been afraid of it, would say it's climb over that hill, whether it's with us or someone else, it is really worth it. You guys work too hard, take too many risks, deal with too much headache to not get the full amount of the money that you really deserve to keep. So yeah.   Kiera Dent (40:23) I agree.   That's why Derick gets to be on the podcast because we're very aligned. I've always said I want dentists to be insanely wealthy, insanely. I see what you go through in school. mean, 2.5 million debt ⁓ to even get the opportunity to practice. ⁓ That's really where I was on a very strong mission to help dentists just like Derick to be as successful as you want to be. And there's little strategies like what we talked about that are big strategies. So take advantage, get over the hump.   Chat with Derick or your financial advisor or your CPA. But these things, I think, need to be part of your every single year conversations. They need to be talked about multiple times. You need to be asking what's been changing in the tax bill, keeping yourself a part of it. Very simple moves, big gains this year. Derick, as always, thanks for being a part of it. I really appreciate you. And for all of you listening, thank you for listening, and I'll catch you next time on the Dental A Team Podcast.

Don't get to the end of this year wishing you had taken action to change your business and your life.Click here to schedule a free discovery call for your business: https://geni.us/IFORABEShop-Ware gives you the tools to provide your shop with everything needed to become optimally profitable.Click here to schedule a free demo: https://info.shop-ware.com/profitabilityUtilize the fastest and easiest way to look up and order parts and tires with PartsTech absolutely free.Click here to get started: https://geni.us/PartsTechTransform your shop's marketing with the best in the automotive industry, Shop Marketing Pros! Get a free audit of your shop's current marketing by clicking here: https://geni.us/ShopMarketingPros In this episode, Lucas and David are joined by Derick Van Ness from Big Life Financial. Derick discusses the impact of state tax deductions on federal taxes, with a focus on high-income earners in states like California and New York. David shares his relaxed attitude towards financial management, explaining how he balances cash flow despite economic struggles. Derick also highlights the importance of having a reliable team and establishing a financial operating system for business owners. 00:00 Considering hiring a forensic accountant for business review.05:15 Evaluate current advisors; start with taxes.07:39 R&D entails credits for system upgrades efforts.12:01 Limiting state taxes as federal write-offs.14:52 Conference and event travel cause financial strain.16:31 Bank crisis caused financial ruin, power loss.23:02 Shop owners often overlook tax seriousness.24:00 CPAs busy auditing, rarely offer proactive advice.28:32 Automate savings early for financial security.31:46 Recommended savings percentage and retirement amount?34:07 Aggressively save; build income streams beyond business.36:10 Budget for two months' shop expenses buffer.41:50 Real estate improves over time with depreciation.44:54 Pursue passion freely, enjoy life without constraints.47:45 Alternative investments offer consistent income for retirees.50:21 Intangible capitals determine your EBITDA multiplier.52:27 Prepare for unexpected events despite profitability.55:57 Send info to stream on Facebook page.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2965: Derick Van Ness emphasizes that the foundation of financial and personal success begins with investing in yourself. Master your skills, develop your mindset, and create value that makes you indispensable. As you grow, pivot from earning income through work to building assets that generate wealth, enabling true freedom and fulfillment in life. Read along with the original article(s) here: https://biglifefinancial.com/2019-2-1-where-to-invest-first/ & https://biglifefinancial.com/2018-8-15-get-off-the-financial-treadmill/ Quotes to ponder: "Nothing is more vital than investing in yourself. You are the key to everything in your life." "Strive to become 'the wheel' rather than a 'cog' in the wheel. Someone whose value is so powerful that you are not dependent on outside circumstances for your success." "Success isn't somewhere 'out there'; it is 'in here'. Invest in your human capacity, your skills, and your business." Episode references: The Miracle Morning: https://www.amazon.com/Miracle-Morning-Not-So-Obvious-Guaranteed-Transform/dp/0979019710 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2965: Derick Van Ness emphasizes that the foundation of financial and personal success begins with investing in yourself. Master your skills, develop your mindset, and create value that makes you indispensable. As you grow, pivot from earning income through work to building assets that generate wealth, enabling true freedom and fulfillment in life. Read along with the original article(s) here: https://biglifefinancial.com/2019-2-1-where-to-invest-first/ & https://biglifefinancial.com/2018-8-15-get-off-the-financial-treadmill/ Quotes to ponder: "Nothing is more vital than investing in yourself. You are the key to everything in your life." "Strive to become 'the wheel' rather than a 'cog' in the wheel. Someone whose value is so powerful that you are not dependent on outside circumstances for your success." "Success isn't somewhere 'out there'; it is 'in here'. Invest in your human capacity, your skills, and your business." Episode references: The Miracle Morning: https://www.amazon.com/Miracle-Morning-Not-So-Obvious-Guaranteed-Transform/dp/0979019710 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2965: Derick Van Ness emphasizes that the foundation of financial and personal success begins with investing in yourself. Master your skills, develop your mindset, and create value that makes you indispensable. As you grow, pivot from earning income through work to building assets that generate wealth, enabling true freedom and fulfillment in life. Read along with the original article(s) here: https://biglifefinancial.com/2019-2-1-where-to-invest-first/ & https://biglifefinancial.com/2018-8-15-get-off-the-financial-treadmill/ Quotes to ponder: "Nothing is more vital than investing in yourself. You are the key to everything in your life." "Strive to become 'the wheel' rather than a 'cog' in the wheel. Someone whose value is so powerful that you are not dependent on outside circumstances for your success." "Success isn't somewhere 'out there'; it is 'in here'. Invest in your human capacity, your skills, and your business." Episode references: The Miracle Morning: https://www.amazon.com/Miracle-Morning-Not-So-Obvious-Guaranteed-Transform/dp/0979019710 Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2925: Derick Van Ness challenges readers to stop seeking external validation and start trusting their instincts to make bold decisions. He emphasizes that real success comes from carving your own path, rather than conforming to societal expectations, and highlights the opportunity cost of following the status quo, which often leads to missed financial and personal growth opportunities. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2018/6/16/stop-asking-for-permission & https://www.biglifefinancial.com/blog/2017/9/4/what-no-financial-advisor-will-ever-tell-you Quotes to ponder: "It's ok to be different. In fact, the world NEEDS you to be different. It's how you create unique value in the world and why people love you!" "Choosing your own path truly is the key to success. It's what has created the best parts of your life, so don't be afraid of it." "The opportunity cost of seeking too much external validation from the wrong people is that you end up creating a life that isn't authentic to you." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2925: Derick Van Ness challenges readers to stop seeking external validation and start trusting their instincts to make bold decisions. He emphasizes that real success comes from carving your own path, rather than conforming to societal expectations, and highlights the opportunity cost of following the status quo, which often leads to missed financial and personal growth opportunities. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2018/6/16/stop-asking-for-permission & https://www.biglifefinancial.com/blog/2017/9/4/what-no-financial-advisor-will-ever-tell-you Quotes to ponder: "It's ok to be different. In fact, the world NEEDS you to be different. It's how you create unique value in the world and why people love you!" "Choosing your own path truly is the key to success. It's what has created the best parts of your life, so don't be afraid of it." "The opportunity cost of seeking too much external validation from the wrong people is that you end up creating a life that isn't authentic to you." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2925: Derick Van Ness challenges readers to stop seeking external validation and start trusting their instincts to make bold decisions. He emphasizes that real success comes from carving your own path, rather than conforming to societal expectations, and highlights the opportunity cost of following the status quo, which often leads to missed financial and personal growth opportunities. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2018/6/16/stop-asking-for-permission & https://www.biglifefinancial.com/blog/2017/9/4/what-no-financial-advisor-will-ever-tell-you Quotes to ponder: "It's ok to be different. In fact, the world NEEDS you to be different. It's how you create unique value in the world and why people love you!" "Choosing your own path truly is the key to success. It's what has created the best parts of your life, so don't be afraid of it." "The opportunity cost of seeking too much external validation from the wrong people is that you end up creating a life that isn't authentic to you." Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2816: Derick Van Ness from BigLifeFinancial.com emphasizes the critical role of systematic saving in financial success. He highlights how saving, though not glamorous, is the foundational habit that differentiates the wealthy from those living paycheck to paycheck. Building wealth starts with consistently saving a portion of every income, which enhances financial security and confidence. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2017/9/4/the-most-important-financial-habit & https://www.biglifefinancial.com/blog/2019/11/7/why-simple-financial-strategy-works Quotes to ponder: "Learning to systematically save is literally the difference between people who become incredibly wealthy and those who live paycheck to paycheck." "Before you can build wealth and invest effectively, you must learn to save." "Saving isn't the only component of building wealth, but without it, you'll never even get out of the parking lot!" Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2816: Derick Van Ness from BigLifeFinancial.com emphasizes the critical role of systematic saving in financial success. He highlights how saving, though not glamorous, is the foundational habit that differentiates the wealthy from those living paycheck to paycheck. Building wealth starts with consistently saving a portion of every income, which enhances financial security and confidence. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2017/9/4/the-most-important-financial-habit & https://www.biglifefinancial.com/blog/2019/11/7/why-simple-financial-strategy-works Quotes to ponder: "Learning to systematically save is literally the difference between people who become incredibly wealthy and those who live paycheck to paycheck." "Before you can build wealth and invest effectively, you must learn to save." "Saving isn't the only component of building wealth, but without it, you'll never even get out of the parking lot!" Learn more about your ad choices. Visit megaphone.fm/adchoices

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2816: Derick Van Ness from BigLifeFinancial.com emphasizes the critical role of systematic saving in financial success. He highlights how saving, though not glamorous, is the foundational habit that differentiates the wealthy from those living paycheck to paycheck. Building wealth starts with consistently saving a portion of every income, which enhances financial security and confidence. Read along with the original article(s) here: https://www.biglifefinancial.com/blog/2017/9/4/the-most-important-financial-habit & https://www.biglifefinancial.com/blog/2019/11/7/why-simple-financial-strategy-works Quotes to ponder: "Learning to systematically save is literally the difference between people who become incredibly wealthy and those who live paycheck to paycheck." "Before you can build wealth and invest effectively, you must learn to save." "Saving isn't the only component of building wealth, but without it, you'll never even get out of the parking lot!" Learn more about your ad choices. Visit megaphone.fm/adchoices

What if you were sitting on a goldmine of tax credits without even knowing it? You're not going to want to miss this extremely valuable interview with Derek Van Ness, founder and CEO of Big Life Financial, as we reveal hidden tax advantages for your small business. With his vast experience in finance, marketing, real estate, and wealth strategy, Derek takes us through an eye-opening journey into the world of the Research & Development (R&D) credit, a tax advantage many shop owners are unaware of. Additionally, we touch on the Employee Retention Credit? This could still be your tool for saving up to $26,000 per employee! Unsure of how mindset and self-development play a crucial role in your business? Derek, who has mentored over 1500 business owners, is here to enlighten us on this often-overlooked facet of entrepreneurship. Listen in as he discusses his journey through sales, real estate investment, and his eventual destiny in founding Big Life Financial. You'll learn why leaning towards self-development can be the catalyst you need to propel your business to the next level.  Whether you're running an auto service shop or a collision center, our discussion with Derek is a goldmine of information that promises to empower you with strategies to not just survive but thrive in today's economy. Join us as we dive into the financial errors you, as a small business owner, might be making. Derek will share insights on controlling expenses and balancing sales and profits. He will also tear down the misconception that your CPA will automatically snag all the tax breaks for you. Don't miss this enlightening conversation that could potentially save you thousands of dollars on your business taxes!Guest Info:Derick Van Ness -CEO/Founder of Biglifefinancial.com - derick@biglifefinancial.comWebsites:  https://www.biglifefinancial.com/tax-rebates or  bringpurposetolife.com LinkedIn: linkedin.com/in/derickvannessBook your FREE 15-min call w/ Derick CLICK HERE or go to www.biglifefinancial.com/MWSupport the showJoin our Mind Wrench mailing list!

Derick Van Ness of Big Life Financial is spilling more tax-related secrets, and just in time for the end of the year. He talks with Kiera about tax strategies you have and haven't heard about, including tax-smart investments, when tax planning should start, and how to make dollars productive instead of consumptive. Episode resources: Learn more about Big Life Financial Download for free: Tax Strategies Your CPA Isn't Telling You Get in touch with Derick directly: derick@biglifefinancial.com  Listen to episode 693, Strategically Prepare for Economic Downfall Listen to episode 511, Tax Time: Getting the Most Bang For Your Buck Listen to episode 462, Get Tax Savvy Reach out to Kiera: hello@thedentalateam.com  Subscribe to The Dental A-Team podcast Become Dental A-Team Platinum! Review the podcast

What if you were sitting on a goldmine of tax credits without even knowing it? You're not going to want to miss this extremely valuable interview with Derek Van Ness, founder and CEO of Big Life Financial, as we reveal hidden tax advantages for your small business. With his vast experience in finance, marketing, real estate, and wealth strategy, Derek takes us through an eye-opening journey into the world of the Research & Development credit, a tax advantage many shop owners are unaware of. Additionally, we touch on the Employee Retention Credit? This could be your tool for saving up to $26,000 per employee! Unsure of  how mindset and self-development play a crucial role in your business? Derek, who has mentored over 1500 business owners, is here to enlighten us on this often-overlooked facet of entrepreneurship. Listen in as he discusses his journey through sales, real estate investment, and his eventual destiny in founding Big Life Financial. You'll learn why leaning towards self-development can be the catalyst you need to propel your business to the next level.Join us as we  dive into the financial errors you, as a small business owner, might be making. Derek will share insights on controlling expenses and balancing sales and profits. He will also guide you through the deadlines to fully benefit from these credits. Don't miss this enlightening conversation that could potentially save you thousands of dollars on your business taxes!Guest Info – Derick Van Ness -CEO/Founder of Biglifefinancial.com Website:  https://www.biglifefinancial.com/tax-rebates LinkedIn: linkedin.com/in/derickvanness  Click here

Derick Van Ness of Big Life Financial gives us a savings strategy that works. Episode 2127: A Savings Strategy that Works by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2017/12/11/a-savings-strategy-that-works Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalHealthDailyDietNutritionFitness Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial gives us a savings strategy that works. Episode 2127: A Savings Strategy that Works by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2017/12/11/a-savings-strategy-that-works Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalHealthDailyDietNutritionFitness Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we have a great conversation with Derick Van Ness, a tax and wealth strategist and founder of Big Life Financial. We cover Derick's top tips for wealth management (which may surprise you), why you should still look into ERC even if your CPA says you don't qualify, and surprising information on the R&D tax credit and how garage door businesses may be able to qualify for it. To schedule a free consultation with Derick, visit http://BigLifeFinancial.com/torsion Derick Van Ness is a Tax & Wealth Strategist for Dentists, Doctors, and other small business owners who are great at what they do, but not as well versed in the intricacies of taxes and building wealth. He has an uncanny ability to make complex topics easy to grasp and his clients constantly appreciate his ability understand the unique needs of being an entrepreneur. Derick is passionate about helping people get the “money game” figured out so they can begin living their BIGGEST LIFE as soon as possible. He deeply believes each person has something unique and valuable to contribute to the world and his mission is to eradicate money as a barrier to his clients creating a life they adore. His team at Big Life Financial uses little known tax and financial strategies to help clients drastically and legally reduce their taxes and build “money systems” to ensure they build wealth quickly and safely. The combination of the two can create exponential results and the confidence that goes along with having a true plan and knowing how to execute it! In his free time Derick loves racing sail boats, creating art, west coast swing dancing, and traveling with his wife Jacqui! He currently lives between Saratoga Springs UT and San Diego CA after spending 20 years living all across the US including Washington DC, Brooklyn, Texas and Los Angeles. Find Derick at: http://BigLifeFinancial.com/torsion derick@biglifefinancial.com LinkedIn: DerickVanNess Find Ryan at: https://garagedooru.com https://aaronoverheaddoors.com https://suchnsuchmedia.com Check out our sponsors! Sommer USA - http://sommer-usa.com Surewinder - https://surewinder.com --- Send in a voice message: https://anchor.fm/torsion-talk/message

Derick Van Ness of Big Life Financial tells us how we can make good financial decisions. Episode 1633: How to Make Good Financial Decisions by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/11/4/how-to-make-good-financial-decisions Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalRelationshipsDailyMarriageParenting Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial tells us how we can make good financial decisions. Episode 1633: How to Make Good Financial Decisions by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/11/4/how-to-make-good-financial-decisions  Visit Me Online at OLDPodcast.com Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalRelationshipsDailyMarriageParenting Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness, founder and wealth strategist at Big Life Financial, is back because … it's tax time! In this episode, Dental A-Team listeners are students of the tax world. Derrick gives his advice on how to save money on taxes, what the right tax advantage investments look like, donation strategies, taxation tier levels, and a ton more. Episode resources: Learn more about Big Life Financial Book your FREE tax strategy session Get in touch with Derick directly: derick@biglifefinancial.com  Listen to episode 462, Get Tax Savvy Reach out to Kiera Subscribe to The Dental A-Team podcast Become Dental A-Team Platinum! Review the podcast on iTunes

Tax Strategies Most Business Owners are MissingDerick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial, is focused on removing the mystery and misinformation surrounding money and financial strategy. Furthermore, so people can live their BIGGEST LIFE!Derick believes that each person has something unique and valuable to contribute to the world, but that most people are never able to express that gift due to fear, doubt, or worry related to money.His mission is to eradicate that fear To Educate on dentist tax strategies, and fundamentally change the way that people think about and utilize money within the next generation. Derick's company can help anyone, but is specifically focused on small business owners. Also, it has already helped 1000's of them to create financial certainty and confidence. He is a straight shooter and has an uncanny ability to explain complex concepts in a simple way that allows clients to see massive results!In his free time, Derick enjoys racing sailboats, creating art, and competing in WestCoast Swing dancing. He currently lives in his hometown of Draper, Utah after spending 20 years away living all over the US including: Washington DC, Brooklyn,Texas, and Southern California.CONNECT with Derick Van Ness:310-621-2980in:/derickvannesshttp://BigLifeFinancial.comderick@biglifefinancial.com@biglifefinancialWant to learn more about Big Life Financial?Visit: BigLifeFinancial.comTo Find and Listen to all of The Dental Brief EpisodesVisit:  dentalbrief.comOur Sponsor: OmniPremier.com

Derick Van Ness, founder and wealth strategist of Big Life Financial, is here to make tax-talk interesting! He joins Kiera to educate listeners about tax efficiency, and specifically research and development credits.  Learn about the history of R&D credits, the steps to be successful, and why this tax approach absolutely applies to dentists who are 1) paying taxes and 2) making a profit. Most of the practices Big Life Financial works with get $30,000 to $75,000 back by experimenting with these credits! Derick even shares whether or not this approach will get you audited or not. Episode resources: Learn more about Big Life Financial Book your free tax strategy session Get in touch with Derick directly: derick@biglifefinancial.com  Reach out to Kiera Subscribe to The Dental A-Team podcast Become Dental A-Team Platinum! Review the podcast on iTunes

It's not about how much you make but how much you keep.  In this episode, Dino interviews Derick Van Ness to talk about how you can grow your wealth and keep more of it. He also shares strategies on how you can save taxes on your dental practice.    REFERENCE:  1. Traction: Get A Grip On Your Business by Gino Wickman For more information and any queries or to schedule a free consult, you can go to:  Website: https://www.biglifefinancial.com/   Derick Van Ness is a wealth strategist for small business owners, specializing in tax incentives and rebates, tax strategies and cash flow banking. More specifically, help business owners keep more of the money they make, teach you how to put it to work for you, while still having it be a liquid asset to be used along the way.     DINO'S BIO:  Dino Watt is a dynamic, highly sought after keynote speaker, private practice business advisor, best selling author, and certified body language and communication expert. As a business relationship expert, Dino understands that people are the heart of any business. His interactive training style will bring your audience to roaring laughter and move them to tears. Whether he is training on C.O.R.E Culture, Sales and Sales Support, or Making love and business work, your audience will rave about Dino and the energy he brings to every event. Dino has spoken for MKS, American Association of Orthodontists, PCSO, Pitts Progressive Study Group, The Shulman Study Club, Keller Williams, Sotheby's, DentalTown, Ortho2, OrthoVoice, and many others. Out of all the accolades Dino has received, the one he is proudest of is title of PHD, Passionate Husband and Dad. Dino has been married to his wife Shannon for 24 years and together they have raised 3 amazing adults.

In today's episode, Allan welcomes Derick Van Ness. Derick is the founder of Big Life Financial and is passionate about helping business owners create financial certainty and confidence. Allan and Derick discuss the importance of paying yourself, saving money, and diversifying your assets. Entrepreneurs need to come up with a plan for when they make money, and what they are going to do with it.

Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE!

A Wealth Strategist who is passionate about helping people reach their full potential, this weeks Guest, Derick Van Ness, has already helped thousands of people create financial security with confidence. As a straight shooter with an uncanny ability to explain financial concepts in a simple way, Derick creates massive results for his clients.After the show, learn more at: www.BigLifeFinancial.comSupport the show (http://thebizreveal.com/donate)

Derick Van Ness of Big Life Financial shares two short posts on the most important financial habit and why simple finance strategies work. Episode 1428: The Most Important Financial Habit AND Why Simple Financial Strategy Works by Derick Van Ness of BigLifeFinancial Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original posts are located here: https://www.biglifefinancial.com/blog/2017/9/4/the-most-important-financial-habit & https://www.biglifefinancial.com/blog/2019/11/7/why-simple-financial-strategy-works For a limited time, BitTrust IRA is waiving the signup fee for OFD listeners - a $50 value. That's BitTrustIRA.com/OFD Please Rate & Review the Show!  Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group  Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group   Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial shares two short posts on the most important financial habit and why simple finance strategies work. Episode 1428: The Most Important Financial Habit AND Why Simple Financial Strategy Works by Derick Van Ness of BigLifeFinancial Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original posts are located here: https://www.biglifefinancial.com/blog/2017/9/4/the-most-important-financial-habit & https://www.biglifefinancial.com/blog/2019/11/7/why-simple-financial-strategy-works For a limited time, BitTrust IRA is waiving the signup fee for OFD listeners - a $50 value. That's BitTrustIRA.com/OFD Please Rate & Review the Show!  Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group  Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group   Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

* What type of credits do owners most often neglect? * What is the Augusta Rule & how can it help save you money? * How can you pay yourself dividends to lower your tax liability? --- Support this podcast: https://anchor.fm/mrbiz/support

Derick Van Ness of Big Life Financial talks about where to invest first and encourages us to get off the financial treadmill. Episode 1397: Where to Invest First AND Get Off the Financial Treadmill and Start Building Wealth by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original posts are located here: https://www.biglifefinancial.com/blog/2019/2/1/where-to-invest-first & https://www.biglifefinancial.com/blog/2018/8/15/get-off-the-financial-treadmill Gusto offers modern, easy payroll and benefits to small businesses across the country. Get in touch now and get three months free when you run your first payroll. Just go to gusto.com/ofd. Please Rate & Review the Show!  Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group  Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group   Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial talks about where to invest first and encourages us to get off the financial treadmill. Episode 1397: Where to Invest First AND Get Off the Financial Treadmill and Start Building Wealth by Derick Van Ness Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original posts are located here: https://www.biglifefinancial.com/blog/2019/2/1/where-to-invest-first & https://www.biglifefinancial.com/blog/2018/8/15/get-off-the-financial-treadmill Gusto offers modern, easy payroll and benefits to small businesses across the country. Get in touch now and get three months free when you run your first payroll. Just go to gusto.com/ofd. Please Rate & Review the Show!  Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group  Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group   Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

About Derick Van Ness:What I do: Wealth Strategist for small business owners, specializing in tax incentives and rebates, tax strategies, and cash flow banking. More specifically, help business owners keep more of the money they make, teach you how to put it to work for you, while still having it be a liquid asset to be used along the way.~You can find Derick Van Ness on… Facebook: https://www.facebook.com/biglifefinancial/Website https://www.biglifefinancial.com/about#  ======================================================================To book a power session with Reem, go to:https://calendly.com/reem-kharbat/30min To Join Reem's mentoring program, learn the same exact strategy she used to build her three 7-figure businesses, got featured in Vogue Magazine and Top Media, go to :www.reemkharbat.com Or Book a consultation call to see if you're a fit for this program athttps://calendly.com/reem-kharbat/teal If you enjoyed the episode, if it helped you in any way, or if you had ONE aha moment, please let me know, hit the subscribe button and leave me a review and a comment. Please share it with 3 of your friends in the next 24 hours to get the message out! If you would like to connect with me & become friends :) Check me out at:https://www.facebook.com/reem.kharbatInstagram:https://instagram.com/reem.kharbatLinkedin:https://linkedin.com/reem-kharbatOr visit my website:https://www.reemkharbat.com/home Do you want to launch your own podcast, then you have to check the Podcast Profit Lab Program; it's life-changing!http://bit.ly/3bsS3xa

In this week's episode, we sit down with Derek Van Ness, the founder of Big Life Financial. We dive into Derick's story of being a kid coming straight out of college with no actual Direction and what he wanted. He decided to start a sales job where he had to make thousands of calls a day. To do that process, he learned sales pretty well but realized that sales were not the place for him, and that's where his entrepreneurial Journey starts and what a journey it is. Guest Info : website: www.biglifefinancial.com Instagram:https://www.instagram.com/derickvanness/ linkedin : https://www.linkedin.com/in/derickvanness/ --- Support this podcast: https://anchor.fm/hforhustle/support

Derick Van Ness of Big Life Financial tells us how we can make good financial decisions. Episode 1368: How to Make Good Financial Decisions by Derick Van Ness of Big Life Financial on Investment Vehicle Advice Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/11/4/how-to-make-good-financial-decisions For a limited time, BitTrust IRA is waiving the signup fee for OFD listeners - a $50 value. That's BitTrustIRA.com/OFD Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in  The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts!   Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial tells us how we can make good financial decisions. Episode 1368: How to Make Good Financial Decisions by Derick Van Ness of Big Life Financial on Investment Vehicle Advice Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/11/4/how-to-make-good-financial-decisions For a limited time, BitTrust IRA is waiving the signup fee for OFD listeners - a $50 value. That's BitTrustIRA.com/OFD Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in  The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts!   Interested in advertising on the show? Visit https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial gives us a savings strategy that works. Episode 1330: A Savings Strategy that Works by Derick Van Ness of Big Life Financial on How To Save More Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2017/12/11/a-savings-strategy-that-works Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in  The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts! With business WiFi solutions from NETGEAR, you can focus on your business, not your IT. Visit netgear.com/wifi6 and never worry about WiFi again! Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily   Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial gives us a savings strategy that works. Episode 1330: A Savings Strategy that Works by Derick Van Ness of Big Life Financial on How To Save More Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2017/12/11/a-savings-strategy-that-works Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in  The O.L.D. Facebook Group and Join the Ol' Family to get your Free Gifts! With business WiFi solutions from NETGEAR, you can focus on your business, not your IT. Visit netgear.com/wifi6 and never worry about WiFi again! Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily   Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick believes that each person has something unique and valuable to contribute to the world, but that most people are never able to express that gift due to fear, doubt, or worry related to money. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. He is a straight shooter and has an uncanny ability to explain complex concepts in a simple way that allows clients to see massive results! In his free time, Derick enjoys racing sailboats, creating art, and competing in West Coast Swing dancing. He currently lives in his hometown of Draper, Utah after spending 20 years away living all over the US including Washington DC, Brooklyn, Texas, and Southern California. What You Will Learn: Derick's journey into the world of tax and finance The mission and motivation that pushed Derick to create his company, Big Life Financial How Derick got involved in R&D credits How business owners can leverage R&D credits with their CPA, and how they relate to doctors and dentists specifically The four key questions to determine if your business qualifies for R&D credits How to contact Derick Van Ness: Website: //www.biglifefinancial.com/tax-rebates LinkedIn: //www.linkedin.com/in/derickvanness/ //www.linkedin.com/company/big-life-financial/ Schedule a call: //go.oncehub.com/derickvanness Facebook: //www.facebook.com/groups/BusinessOwnersSuccessLab //www.facebook.com/biglifefinancial YouTube: //www.youtube.com/channel/UCizOCPJqijbE1y2o2ANSCag

Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick believes that each person has something unique and valuable to contribute to the world, but that most people are never able to express that gift due to fear, doubt, or worry related to money. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. He is a straight shooter and has an uncanny ability to explain complex concepts in a simple way that allows clients to see massive results! In his free time, Derick enjoys racing sailboats, creating art, and competing in West Coast Swing dancing. He currently lives in his hometown of Draper, Utah after spending 20 years away living all over the US including: Washington DC, Brooklyn, Texas, and Southern California. http://BigLifeFinancial.com derick@biglifefinancial.com @biglifefinancial /derick.vanness /biglifefinancial

Derick Van Ness of Big Life Financial talks about why it's best to keep your financial strategy simple. Episode 1300: Why Keeping Financial Strategy Simple Works by Derick Van Ness of Big Life Financial on Money Management Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2018/7/1/why-keeping-financial-strategy-simple-works Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial talks about why it's best to keep your financial strategy simple. Episode 1300: Why Keeping Financial Strategy Simple Works by Derick Van Ness of Big Life Financial on Money Management Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2018/7/1/why-keeping-financial-strategy-simple-works Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

You don't need to be an expert, but you do need to make informed decisions.Today our guest is Derick Van Ness. Derick is the founder and wealth strategist at Big Life Financial. Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their biggest life. Derick believes that each person has something unique and valuable to contribute to the world, but that most people are never able to express that gift due to fear, doubt, or worry related to money. He wants to help people eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. Derick mentions that the tax code is about as long as the entire Harry Potter series. That's wild! You don't need to know every part of the tax code to benefit from tax planning. Like Derick says, that's why you bring in a specialist to educate you and help you make informed decisions for yourself. Today's quote is: “If you don't know what you're doing, the chances of success are a lot lower.”Thank you for listening!Please like and subscribe here and on your podcast app of choice. Also, share freely!

Derick Van Ness of Big Life Financial shares 5 habits that set the wealthy apart. Episode 1270: 5 Habits that Set the Wealthy Apart by Derick Van Ness of Big Life Financial on A System for Saving Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/2/9-habits-that-set-the-wealth-apart Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness of Big Life Financial shares 5 habits that set the wealthy apart. Episode 1270: 5 Habits that Set the Wealthy Apart by Derick Van Ness of Big Life Financial on A System for Saving Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2019/2/9-habits-that-set-the-wealth-apart Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness tells us what we should do before investing. Episode 1236: Before You Invest, Do This by Derick Van Ness of Big Life Financial on Learning How To Save Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2018/5/23/before-you-invest-do-this Visit Me Online at OLDPodcast.com Listening to The Newsworthy is like having a trusted friend who explains everything you need to know that's happening around certain issues. The host also keeps it unbiased and casual--so you get to hear a variety of perspectives in one place. We highly recommend it, so does Fast Company, Harper's Bazaar, and more. Just search “THE NEWSWORTHY” on your favorite podcast app. Learn more about your ad choices. Visit megaphone.fm/adchoices

Derick Van Ness tells us what we should do before investing. Episode 1236: Before You Invest, Do This by Derick Van Ness of Big Life Financial on Learning How To Save Money Derick Van Ness is a Wealth Strategist who is passionate about helping people reach their full potential. His company, Big Life Financial is focused on removing the mystery and misinformation surrounding money and financial strategy so people can live their BIGGEST LIFE! Derick's company can help anyone but is specifically focused on small business owners, and has already helped 1000's of them to create financial certainty and confidence. His mission is to eradicate that fear and fundamentally change the way that people think about and utilize money within the next generation. The original post is located here: https://www.biglifefinancial.com/blog/2018/5/23/before-you-invest-do-this Visit Me Online at OLDPodcast.com Listening to The Newsworthy is like having a trusted friend who explains everything you need to know that's happening around certain issues. The host also keeps it unbiased and casual--so you get to hear a variety of perspectives in one place. We highly recommend it, so does Fast Company, Harper's Bazaar, and more. Just search “THE NEWSWORTHY” on your favorite podcast app. Learn more about your ad choices. Visit megaphone.fm/adchoices