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 […]
Tax Deductions for Dental Practices
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 […]
Q4 Tax Planning Moves for Dental Practices to Consider
As crazy as it sounds we are close to heading into the final Quarter of the year. This is an important time to review your current tax strategies to make sure they are fine tuned to maximize savings for 2022 along with having a discussion over what the practice landscape will look like in 2023. […]
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 […]