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 … Continued →

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. … Continued →

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 … Continued →