End IRS Dental Stress with Jay Malik’s Monthly Review Plan
Why a Monthly Review Matters for Your Dental Practice
If you’re tired of tax surprises and last-minute stress, it’s time to consider Jay Malik’s Monthly Review Plan. This strategy helps dentists take control of their financials before small mistakes turn into costly IRS issues. According to Jay Malik, reviewing your key numbers each month is one of the most powerful habits a dental owner can adopt.
When you ignore your books, you’re not just risking IRS problems. You’re also missing key opportunities for tax savings, efficiency, and growth.
Jay Malik’s Monthly Review Plan Explained
Jay Malik recommends setting aside dedicated time every month to review the essential metrics and financial statements of your dental practice. This plan focuses on accuracy, consistency, and speed—giving you the chance to course-correct before real trouble begins.
Here’s what the monthly review should include:
- Bank Reconciliation: Confirm that your bank accounts match your QuickBooks or accounting file. This step catches missing income or duplicate expenses.
- Monthly Profit & Loss (P&L): Understand where your money’s going. If overhead is trending upward, dig in and adjust before it snowballs.
- Payroll and Staffing Review: Ensure your team’s compensation aligns with your payroll tax strategy. Minor changes here can reduce compliance issues.
- Chart of Accounts Clean-Up: Check for miscategorized expenses or unusual entries. Jay Malik often warns that small chart errors pile up over time.
- Quarterly Tax Estimates: Adjust payments as necessary to prevent IRS underpayment penalties.
Rather than tackling these items once a year, Jay’s dental clients stay proactive with monthly reviews. Not only do they get cleaner books, they also gain clarity and confidence.
Real Tax Benefits from Routine Monthly Reviews
As Jay Malik frequently points out, good habits beat tax panic. By reviewing monthly financials, dentists can:
- Catch deductible expenses right away instead of scrambling at year-end
- Avoid IRS dental penalties by adjusting quicker to missed payments or misclassified deductions
- Identify tax-saving opportunities through asset timing strategies and smart expense allocation
For example, a dentist might uncover that large equipment purchases were logged incorrectly. Fixing that before year-end allows proper depreciation—saving thousands in taxes. Pair this with strategies like those in Jay Malik’s Daily Transaction Tips or Monthly Guide for Bookkeeping Gaps, and you’ll see the bigger picture.
Implementing Jay Malik’s Monthly Review Plan
Getting started doesn’t have to be complicated. Jay often suggests dentists assign a specific day each month to review financials. Work with your dental-specific accountant or advisor and stick to a checklist—just like this one used in Jay’s Year-End Checklist.
Want to dig deeper? Combine monthly reviews with quarterly financials, as discussed in our post on quarterly practice reviews. The goal is to shift from reactive to proactive—no more tax-time anxiety.
Make Tax Simpler & Smarter
If managing your own reviews feels overwhelming, consider working directly with us. Jay Malik’s team offers monthly review support tailored to dental practices. You’ll not only reduce IRS stress but also gain insights that can impact your practice growth.
Want to see how Jay can help? Schedule a free strategy session today.
For even more financial clarity, explore how optimizing your P&L or tracking KPIs through your P&L can support long-term success. You work hard to grow your dental practice—make sure your tax and financial systems support that growth every single month.
