New Tax Laws have been proposed by the Republican’s last Thursday. Dentists and Dental Practices setup as S Corporations are asking, “How will this affect them” At Virjee Consulting, we have been following the proposed tax bills closely.
Below are some key points:
- If your LLC or S Corporation provides professional services such as accounting, medical, dental, legal, ect, there won’t be any changes to the way you are taxed.
- S Corporations for Dental Practices are considered “professional service businesses”.
- We don’t expect major changes when it comes to personal taxes, even with the changes in the tax brackets.
What you should do?
Continue business as always.
If you are looking at a large end of year tax bill than consider making the following moves prior to year end:
- Look to pre purchase dental supplies,
- Purchase a equipment that you need for your practice
- Repair your office. Note- if you replace something in your practice it has to be deprecated over time. If you make repairs, you can deduct it the same year.
- Take your CPE
- Make sure your keeping track of business miles so you can deduct them through the Accountable Plan
We will continue to follow the proposed bill and will let our clients know if any changes will effect Dental Contractors operating as S Corporations or Dental Practices setup as PLLC and/or S Corporations.
Here’s to your best financial future ever!