Tax Planning for Dentists
Our expert tax planning services for dentists are designed to help you navigate the complex tax landscape while saving on your income taxes. We tailor our tax savings strategies specifically to the needs of dental practices, ensuring you take full advantage of all deductions and credits available. Whether you’re a solo practitioner or own a group practice, we aim to minimize your tax liabilities and maximize your tax savings.
Specialized Tax Planning for Dental Practices
Dental practices are subject to unique tax rules and opportunities that may not apply to other professions. As your tax advisor, we specialize in crafting proactive tax strategies that align with your practice's goals, ensuring that we maximize your deductions and credits. We don’t just file your taxes—we work year-round to create customized tax plans that fit your practice’s structure and long-term financial objectives.
Effective Tax Strategies for Dentists
Our proven tax savings strategies help dental clinics lower their overall income tax liability.
Business Structure Tax Advice: We help you consider the tax impacts of different business structures to ensure the most tax-efficient choice for your dental practice.
Maximizing Tax Deductions: We identify all eligible deductions for your dental practice, including business expenses like equipment purchases, dental supplies, depreciation, and charitable contributions (which can currently be deducted up to 60 percent of adjusted gross income). Remember that most of the time, even if the business makes charitable donations, the donations are claimed on the taxpayer’s personal return.
Tax Credits Utilization: Our team helps you leverage valuable tax credits, such as energy credits for eco-friendly office improvements, the Research and Development Tax Credit for dental innovations, and the Work Opportunity Tax Credit.
Augusta Loophole: By renting your home to your dental practice for fewer than 14 days a year, you can generate tax-free rental income while allowing your practice to take a tax deduction for the rental expense.
Real Estate Portfolios: We assist in leveraging real estate investments to create additional income streams offering valuable tax-saving strategies.
What We Do for Dentists
We offer a comprehensive range of tax planning services tailored to dental professionals. Our services include:
Customized Consultations: We start with a detailed consultation to understand your dental practice’s goals, income structure, and tax situation.
Deductions and Credits Optimization: We ensure you maximize all eligible deductions and credits, including the qualified business income (QBI) deduction.
Employee Benefits Implementation: We help you implement tax-deductible benefits for your employees like health insurance, retirement plans, and child care subsidies to reduce your practice's tax liability.
Tax Filing and Compliance: Our team handles all tax filings, ensuring your dental practice stays compliant with the latest tax laws.
Capital Gains Management: We assist in timing the sale of investments, using tax-loss harvesting and reinvesting in Qualified Opportunity Funds to minimize your capital gains tax.
Retirement Planning: We help you strategically tax plan to set up tax-advantaged retirement plans, such as a 401(k), SEP IRA, and cash balance plan, to help you lower your taxable income while building wealth for the future.
Ongoing Tax Support
Tax planning is a continual process. We provide year-round tax support, conduct company growth reviews, and adjust your strategy based on income changes and tax law updates. Our goal is to minimize your tax obligations while ensuring full compliance with IRS regulations, allowing you to concentrate on your dental practice without the stress of unexpected tax issues.
Dentists Trust Us With Their Tax Planning
Dentists trust us for our in-depth knowledge of the tax laws that affect dental practices. Our expertise in the dental care industry allows us to create effective tax planning strategies that save you money and ensure compliance. By working with us, you will not only reduce your tax burden but also plan for a financially secure future.