So you receive an audit notice in the mail, its multiple pages and it includes a bunch of information. You read through the notice and you think, it’s not much money in the grand scheme and the explanation seems legit, so you decide to just pay the requested amount and move on. Not so fast,…Read More→
Tag: dental taxes
How Is Tax Reform Affecting Dentists’ Tax Returns in 2019?
The Tax Cuts and Jobs Act of 2017 made sweeping changes to the federal tax code. Even though we’ve had a year to adjust, this filing season is the first time we’ve really started to see the results of changes that went into effect during 2018. There were a number of tax changes affecting dentists…Read More→
2018 Tax Changes – Meals and Entertainment
In the January edition of the Dental CPAs Newsletter, we listed 15 changes you will see because of the 2018 Tax Cuts and Jobs Act (TCJA). In this issue, we will explain how the tax treatment of Entertainment and Meals Expense has changed under the new law. Entertainment Prior to 2018 entertainment was treated as…Read More→
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…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→
How the 2012 Taxpayer Relief Act Impacts Dental Practices
We’ve read through the tax legislation passed by our lawmakers and signed by the president. We’ve highlighted the areas that we think will impact the majority of our dental clients. We focused on the issues our clients have some control over in terms of planning and minimizing the additional tax burden. The items below include laws that…Read More→
End of the Year Tips to Minimize Your 2012 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 bill….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→
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→
Not Depositing dental Insurance Checks to Avoid Taxes
For the months of October, November and December I am planning not to deposit any cash and insurance checks (provided they are valid for 120 days) into my business accounts. This is to deplete the accounts so I can avoid taxes. Does the term “constructive receipt” mean anything to you? The IRS says if you…Read More→