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: Tax Tips
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→
Six Mistakes to Avoid When Filing Taxes
Filing out tax forms with incorrect SSC number The IRS computers will automatically reject your deductions and credits if your Social Security number is wrong. This mistake seems careless and trivial, but it is paramount to have the right Social Security number when filing your taxes. Your social security number is your tax ID …Read More→
2015 Tax Extenders Passed!
On December 18th, Congress and the President signed into law the “Consolidated Appropriations Act, 2016” and “Protecting Americans from Tax Hikes (PATH) Act of 2015”, both of which provide a number of significant tax changes. The Protecting Americans from Tax Hikes Act will grow our economy and help American taxpayers keep more of their hard-earned dollars. This Act extends…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→
IRS Pays Taxpayer’s Legal Bills – Tax Court Ruling
Chalk one up for the taxpayers. Penalties—Taxpayer Awarded Attorneys’ Fees after IRS Refuses to Abate Incorrect Assessment: A taxpayer, whose son lived with him most of the year, claimed Head of Household (HOH) filing status but did not claim his son as a dependent. (He and the child’s mother had agreed that she could claim…Read More→
IRS Phone Scam Alert
Our friends at Rea and Associates recently featured an article in their newsletter that sparked a lot of internal conversations here. One of our senior folks had received one of these phone calls (as had some of our clients). Rea and Associates kindly allowed us to share this with you as well. Here is what…Read More→
Tax Court Rules that Horse Racing Losses Can Be Deducted
Here is one of those instances where meticulous record keeping paid off. Income Tax—Horse Racing Activity Not Passive: The Section 469 Passive Activity Loss (PAL) rules limit losses from any trade or business in which the taxpayer does not materially participate. The Tax Court has recently held that a lawyer’s losses from a side thoroughbred…Read More→