If you have a highly successful dental practice, one of your key pain points will be rising taxes. One unique strategy that can be used to lower the overall family income is the STR strategy. In this strategy first you purchase a home and then list it on Airbnb or a similar platform where you […]
Dental Contractors
Home Office Deduction for Orthodontist
Missed Home Office and Mileage Deduction for Orthodontist Recently we had a new Orthodontist client join our Dental Tax Savings Program. While doing our discovery call to see where we could help reduce his taxes, we realized that the dentists had not been deducting his home office for the past several years since opening his practice. […]
2022 Last Minute Year End Tax Deduction Ideas for Dentists
Below are some last minute tax deduction ideas for Dental Offices to Consider. If you are part of our Tax Planning and Consulting Program, we already incorporated most of these ideas into your 2022 strategy to lower your tax payments. But this is a good refresher to see if anything was missed before the end […]
Dentist with Real Estate Case Study
Case Study Income before planning: $951,596 Income Tax before planning: $317,018 Income Tax after planning: $9,766 Savings: $307,252 Strategy Used: Multiple, including real estate, Cost Seg, time of write offs A dentist that owned two successful offices came to us with a huge estimated tax bill. The client owned the real estate upon which both […]
TWC Cracking down on Dental Office Contractor Classifications
It is common for Dental Offices to have temp workers, that may work for a day, or a few days. Many dentists will just pay these workers with a cash or check at the end of the day instead of adding them on payroll. For the obvious reasons of the administrative aspect of setting up an […]
Retention Tax Credit Creates a Unique Opportunity for Dental Practices
Retention Credit combined with PPP Loans The COVID-19 shutdowns presented a unique challenge for dental practices. Thankfully congress acted quickly and dental practices were able to take advantage of the PPP loans. During the PPP fiasco, the congress also laid out the opportunities to use the Employee Retention Credit (ERC). However you had to pick one […]