Tax
Unlocking Tax Savings: The R&D Tax Credit for Dentists
Most dentists don’t think of themselves as doing “research and development,” but if you’ve ever improved a process, tried new materials, or explored innovative ways to serve your patients, you may be closer than you think. The Research & Development (R&D) Tax Credit is a powerful federal incentive designed to reward innovation. While often associated…
Read MoreLandmark Tax Bill Signed Into Law: What Businesses and Individuals Need to Know
On July 3, Congress passed the sweeping One Big Beautiful Bill Act (OBBBA). This bill is a landmark tax and spending package that makes key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) permanent, introduces significant changes for businesses and individuals, and redefines international tax and clean energy policy. The bill was signed…
Read MoreWhen Tax Strategies Cross the Line: Lessons from a Colorado Dentist’s $5M Tax Evasion Case
Earlier this month, a dentist in northern Colorado was sentenced to more than three years in prison for participating in a multi-million dollar tax evasion scheme. The case offers a stark reminder to dental professionals: when it comes to tax planning, not all strategies are legal—or safe. The Case: Trusts, Foundations, and Fraud Dr. Ryan…
Read MoreRent Your Home to Your S Corporation – The Augusta Rule
Reduce Your Taxes With The Augusta Rule One often-overlooked tax benefit that could work in your favour is the Augusta Rule. If you own an S corporation, this “rent your home” provision might offer a smart opportunity to reduce your taxable business income. Here’s what you need to know about the Augusta Rule, its origins,…
Read MoreThe Tax Benefits of Hiring Your Children: A Guide For Parents
Hiring your children is one of the smartest tax strategies for small-medium sized business owners. It’s not just about saving money; it’s also an opportunity to teach your kids about the value of work, responsibility, and managing finances. This guide will walk you through the key benefits, tax rules, practical steps, and some often-overlooked advantages…
Read MoreWhat to Look for in a Dental CPA: A Guide for Dentists
Running a dental practice isn’t just about patient care—it’s also about managing your finances, taxes, and future growth. That’s where a great dental Certified Public Accountant (CPA) comes in. But how do you pick the right one? Firstly, you’ll need one with deep knowledge of the dental industry. A dental CPA should have an understanding…
Read MoreWhy a Sole Proprietor Dentist Should Consider an S Corporation Election
Introduction Many dentists file taxes as sole proprietors. In the past two weeks alone, we’ve talked to three dentists who are filing taxes as sole proprietors. Unfortunately, they are missing out on the tax savings that come with an S corporation structure. This blog post outlines how you might benefit from switching to an S…
Read MoreMaximizing Tax Returns: Equipment and Building Depreciation Options for Dentists
Introduction As a dentist, you know that top quality equipment is the key to providing excellent patient care. However, purchasing new, innovative, and cutting-edge dental technology and equipment can be expensive. Fortunately, the IRS tax code provides options for dentists to recoup some of these costs through equipment depreciation. In this article, we’ll explain the…
Read MoreAdvanced Tax Strategies for Dentists
Introduction As a dental practice owner, navigating your tax obligations is more important than ever. With the right tax strategies, you can significantly reduce your tax liability, which can greatly improve your profitability. In this blog post, we’ll explore some advanced tax strategies designed specifically for dentists, which can enhance the short and long term…
Read MoreThe Estimated Tax Penalty: How To Avoid IRS Penalties And Interest
Introduction When it comes to taxes, the IRS commonly assesses various penalties and interest, especially for late filing, late tax payments, and underpayments of estimated tax. It’s important to ensure you’re paying the correct amount of tax on time and in line with IRS legislation. In this article, we’ll explore the landscape of IRS penalties…
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