Category: Dental CPA Blog

  Hypothetical situation….well not really.Say you and your partner are expanding your office.  Say your partner owns the building.  Say you are splitting the cost of the furnishing and equipping of said office.How would you split the cost of construction?   It depends on the nature of the construction. The portion of the construction that…Read More→

I hate to sound like an equipment sales rep, for that I apologize, however, this question keeps coming up about a couple of tax breaks that are set to expire at the end of 2012. Through the end of 2012, a business can elect to expense this year up to $139,000 of most furniture and equipment that is purchased…Read More→

  “Customers who engage with companies over social media spend 20% to 40% more money with those companies than other customers.” Bain & Company Your customers are talking.  Telling others about their experience – both good and bad – with your organization.  As Bain & Company discovered in their research, if customers are invested enough to…Read More→

  For DC businesses there is a new requirement under the DC Code regarding so-called “use” taxes. Beginning with the 12-month period ending September 30, 2012, any employer that is required to file a DC withholding tax return, but is not required to collect and remit sales taxes, is required to file an annual use…Read More→

  Several dentists have asked us about what deductions may be eligible for the volunteer dental work they do for the community. We looked at a few scenarios and have come up with some guidance. A charitable deduction is not allowed for contributing services (time) for dentist (or anyone else) but they can deduct unreimbursed…Read More→

  I am the only member of an S-Corp. I need help with regards annual corporate meeting and keeping of minutes. What do you do in an annual corporate meeting when you are the only member? What makes up the agenda/minutes of these meetings? Does an attorney need be present? I have read that the…Read More→

  As you know, from time to time, we ask our trusted friends to write articles for us that we feel would be valuable for you. DC Dental Supply Company shares our values of integrity and doing what is right for their clients. Enjoy. Looking forward to 2013 – New Year’s Resolutions for the Dental…Read More→

  Can donated supplies and equipment be deducted?   Yes –  if you just bought them for the purpose of donating them and have not and will not deduct them as a business expense (no double-dipping).No –  if you’ve already purchased them and written them off completely as a business deduction (no double dipping).Maybe also…Read More→

As many dentists know, the upcoming year end is always the time to consider minimizing your taxes. Here are a few tips from the CPAs at the Dental CPAs. Maximize your contributions to retirement plans. Contribute more to your 401k by the end of the year to reduce your taxable income and your tax bill….Read More→

  I have a hypothetic tax question. Of course I am reviewing this with both the accountant and financial planner, but curious of your opinion.Assume there is a group practice with multiple owners that make more than 250,000 net (let’s say 500,000 average for argument sake, but they truly are not equal, one might be 375,000, one…Read More→