It’s estimated that most dental practices overpay their taxes. We don’t want yours to be one of them! There are several deductions where your dental practice could be saving money on taxes, even on everyday expenses. Two words to keep in mind when claiming dental tax deductions: ordinary and necessary. Both conditions must apply […]
Tag: dental tax break
Tax Savings for Dentists
Could you be paying too much in taxes for your dental practice? Below are five areas where you may be overspending. Deducting Business Expenses Other than the typical business expenses you’re probably aware of, like meals and entertainment and mileage, there are other deductible business expenses that could save you more on taxes. These […]
Dental Tax Break? Renting Equipment from Wife and Kids?
What is the tax advantage of putting equipment, etc. in your children’s/wife’s names and then renting it back? I ran across a practice for sale where the owner does no draw to himself but rents everything from his kids/wife. There’s absolutely nothing wrong or illegal with this set-up. It’s no different than owning the real […]