With the passage of the CAA in late December 2020 and the talk of additional pending legislation that appears to be heading our way, it will be another crazy income tax preparation season for many CPAs. Until the late December legislation, many CPAs had already been planning how their client’s income tax returns would be…Read More→
Tag: dental tax planning
Seven Alternative Retirement Plans for Dental Practices
As a dentist and small business owner, your retirement plan options aren’t limited to just a traditional 401(k) or IRA account. Are you aware of the many other retirement plan options available to you? There are varying tax benefits as the employer, so read on to find out if adding one or more alternative retirement…Read More→
Forgotten Tax Deductions
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…Read More→
At a Glance: Important Tax Deadlines for March and April
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→
Are You Ready For Tax Season?
If you haven’t already, it’s time to skim through your tax documents to ensure you are well prepared for filing. Here are some important items to remember: Check your records for invoices of single item purchases of more than $2500. These fixed assets need to be capitalized. Review your invoices to make sure nothing is…Read More→
End of the Year Tips to Minimize Your 2016 Taxes
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 bills. Consider using a…Read More→
Getting A 2nd Opinion On Your Tax Return
Our Dental CPA team recently reviewed the 2014 income tax returns for a prospective client and were shocked at some of our findings. Had we been engaged for a year-end tax planning meeting well in advance of 12/31/14, this doctor would have saved almost $35k in taxes and other areas. Here’s what we found: – Owner…Read More→
Should Dentist Reduce Hours to Save Taxes?
Just looking for confirmation that I am thinking right here… I have a couple associates that work for me out of 2 offices, and I work 5 days a week. 2010 Tax bracket made over the 33% bracket and will likely increase this year. Associates make 30%. I am thinking cutting back a day and…Read More→
When Should Dental Tax Planning be Done?
I recently took up several part-time positions, with some paying me as an independent contractor. I think one of the positions is paying me as a W2. I may have an idea of how to file taxes using W2, but I am totally clueless about how to do it as an IC. You better KNOW!…Read More→
Ten Tips for Year-End Dental Tax Planning
Here I am at home today hoping I didn’t pick up the swine flu bug that we think my 12 yr old is just getting over. So what can I do? Write a blog of course! I thought I’d do a follow-up from my August blog about planning, now that we’re preparing for our round…Read More→