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, […]
Tag: Tax Tips
Income Tax Planning for Dentists in 2019
Now that tax season is here, you’re probably gathering last year’s receipts and financial documents and preparing for the meetings with your dental CPA. Even though your CPA will handle the heavy lifting, here are a few common items that are essential to tax planning for dentists. Tax Savings for 2019 and Beyond Health insurance […]
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 […]
SEC 199A – BETTER KNOWN AS QBI & QBID
There’s been quite a bit written on this new tax deduction for small businesses so while I don’t want to re-write the same articles I thought it would be helpful for dentists to be aware of some of the nuances of this new deduction now that year-end planning season is upon us. You should speak […]
Five Ways to Help Dentists Save on Taxes
It’s tax season again, and soon you will be meeting with your dental CPA to prepare and file your 2017 tax return (if you haven’t already). Whether this is your first tax season as the owner of a dental practice or your 25th, taxes remain a stressful and time-consuming process for many dentists. We’re here […]
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 […]
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 […]
Tax Changes To Watch For in 2018
2018 taxpayers will see many changes related to individual taxes due to the “Tax Cuts and Jobs Act” passed in December 2017. Many of the provisions in the new law expire (sunset) January 1, 2026. The changes affecting most individual taxpayers include: The new “simplification law” keeps the same number of tax brackets but changes […]
Income Tax Planning for Dentists
As of this writing, it’s mid-November. Dentists should be utilizing year-end tax planning strategies to minimize their tax exposure in 2017 and take advantage of accelerated deductions. With tax reform on Congress’s agenda this winter, existing credits, deductions, and tax rates are up in […]
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 […]