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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 … Continued →
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 … Continued →
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 … Continued →
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 … Continued →
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 … Continued →