According to a recent study on dental practice seasonality trends, March and April are among the busiest months of the year. Does this sound like your dental practice? If so, you’ve no doubt also noticed this coincides with tax season. To help make your busiest months a little easier, here are the tax deadlines for…Read More→
Tag: dental s-corp
Dentist has Questions about S-Corp Meeting Minutes
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→
Is Electing an S-Corp Status the Best Option for this Dental Group?
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→
Dentist Has Questions About S-Corp
I’m starting a new associate position in the near future and the owner and I were discussing being paid as an employee vs. me forming my own S-Corp having my compensation run through the corporation. The situation is: Expected per diem income totaling about 140-150k. He owns 2 officesHe has agreed to reimburse about 5k…Read More→
Is an S-Corp the Correct Structure for this Dentist?
Hi, a newbie dentist here, I’m going to set up myself as an S-Corp (no LLC in California), my attorney wanted to know if I will be paying myself via W2. I guess I need to know this info to set up an EIN. Can you advise? Thanks a ton! Jason Wood (www.DentalAttorneys.com) Before answering all…Read More→
Was an S-Corp Election the Correct One for this Dental Start-Up?
I live in Massachusetts, but I am using a New York CPA for my taxes. I was happy with what he did for my taxes so far, but ever since I began the process of my start-up, I have started to lose some confidence in him. Even though I told him that my start-up was…Read More→
First Year Dental Practice Tax Questions
2010 was the first year for my practice as a startup, a PLLC. We are showing a big loss. Does that loss get carried over to my personal return so I get a refund? (I made money working for someone else and money as an employee of the startup.) You should under the right situation,…Read More→
At Risk Rules for Interest in a Dental S-Corp Questions
I borrowed X dollars to buy 100% interest in a dental practice. I’m actively involved in running the business. I contributed $0 initially. If I have a loss for the 2010 tax year, am I limited by the at-risk rules? If you have no basis in the S-Corp you can’t take losses. Since you elected…Read More→
Dental S-Corporation Questions
I just formed an S -Corp from Sole P….what can I write off in taxes from one and not from another? EX: health insurances, Dis ins, MP ins. In S-cop, I am an employee now, what can I give myself in benefits (ex. health Ins, dis. ins, MP ins) and still tax write off? Do…Read More→
How Will Dentist Be Taxed?
W-2 income gets taxed with Medicaid/Medicare, SS, and Income. Simple IRA contribution gets taxed with Medicaid/Medicare and SS Distributions for an S-Corp gets taxed with Income only….. Is it safe to say the average dentist makes 120K/year, therefore anything above that should be paid as a distribution? For example if I take home 200K, I…Read More→