Episode summary
Two Cents 3/14 - Oil and Inflation? What's the ideal tax refund? Is it worth owning a practice?
The Dentist Money Show
· · 49 min · Hosts: Matt Mulcock, Cody, Rabih Powell
Summary
The episode weighs three questions: whether the Iran conflict could reignite inflation, why tax refunds are larger this year, and whether dental practice ownership still makes sense. The hosts argue that the current oil shock is real, but unlike 2022 it is narrower and less likely to spill into broad food inflation because the disruption is centered on oil, gas, shipping, and related costs rather than wheat, fertilizer, and other inputs. They also argue the U.S. is better positioned than it was in past oil shocks because it produces more oil than it uses, though consumers can still expect higher gasoline and flight prices if the disruption persists.
On taxes, Cody explains that a refund is just money the taxpayer overpaid during the year, and that the average 2026 refund has risen to about $3,800 from $3,400 last year, partly because of changes in the one big beautiful bill. The hosts stress that dentists should adjust withholding and quarterly estimates proactively rather than accept surprise refunds or balances due.
On ownership, they note that practice ownership rates have fallen sharply, especially among younger dentists, but they still see ownership as financially attractive for many dentists despite higher barriers to entry and DSO competition.
Key takeaways
- The hosts think the Iran-related oil shock is inflationary, but narrower and less systemic than 2022 because it is centered on oil and gas rather than food and fertilizer.
- Robbie says the U.S. is better insulated than in past oil shocks because it produces more oil than it uses, though consumers can still see higher gas and airfare quickly.
- Cody says the average 2026 tax refund is about $3,800, up from about $3,400 last year, largely because of tax-code changes.
- The hosts argue a refund is simply an overpayment returned to you, not free money from the government.
- They still view private practice ownership as financially worthwhile for many dentists, even as younger ownership rates have dropped sharply.
Notable quotes
“is the war bringing inflation back? Number two, why is my tax refund larger this year? And number three, is owning a practice still worth it”
“if oil prices remain elevated, if that trickles down, look how many ifs”
“a refund isn't the government paying you. They're pretty much just giving you money back that was yours to begin with”
“I do think it's worth it in general. You know, you you get to be a business owner”
How the episode opens
On today's show, three questions. Number one, is the war bringing inflation back? Number two, why is my tax refund larger this year? And number three, is owning a practice still worth it? — Consult an adviser. Conduct your own due diligence when making financial decisions. General principles discussed during this program do not constitute personal advice. This program is furnished by Dennis Adviser, a registered investment adviser. Welcome to Dennis Money's two cents, where we help Dennis navigate all the noise. I'm Matt.
I'm Cody. And I'm Robbie. — Yeah, you are. And Robbie, we have a big announcement we got to make to the crew. Uh, we've talked about the new car smell for you. — Oh my goodness. — I thought you'd get over it.
No. Heck, I'm not. Heck no, I'm not getting over it. We've talked about the new car smell. Uh, that's the analogy you use for whenever the Fed drops new data. We don't have that for you today, people. But what we do have, what Robbie has is actual new car smell.
Yeah. — Because why Robbie, tell the people. — Well, I've had a car that is 24 years old because, you know, we preach for people and be financially disciplined. And it's about time I got a new car. So, I got a new car.
And uh I need to say this. The car has two screens. And I promised Matt that on one of these screens, I'm going to make sure instead of CarPlay, I have Microsoft Excel show. I'm going to make it happen and I'm going to send him a picture.
And he's going to have somehow have AI plugged in where it can like a it could like a like an Alexa or something.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- oil prices
- inflation
- interest rates
- tax refunds
- practice ownership
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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The Dentist Money Show, this episode and its artwork belong to Dentist Advisors - Financial Planning and Investment Management. Octagon is not affiliated with the show; this page is an independent summary.
