Cost segregation is the process of identifying your assets and correctly classifying those assets for the purpose of paying federal taxes. In this process, personal assets that are mixed with real property assets are separated out, so all assets can be depreciated properly and potentially increase your bottom line. Cost Segregation Studies A cost segregation […]
Taxes
Questions and Answers: IRS Audits and Your Dental Practice
Being selected for an audit doesn’t mean that you’re suspected of incorrectly reporting your taxes for your dental practice. There’s no getting around it: The prospect of being audited by the IRS is unnerving, but the agency chooses to audit individuals and businesses for a number of reasons, including: Mismatched documents. If numbers from forms like […]
Start Planning for 2015 Income Taxes Now: 5 Tips
Even if your 2014 refund hasn’t hit the mailbox yet, it’s time to get a jump on your 2015 taxes. What does the phrase “tax planning” mean to you? Hurriedly giving charitable donations in December to try to knock down your total income tax obligation Setting aside time for tax preparation as soon as your […]
Are You Using the Right Business Structure for Your Dental Practice?
The business structure you use – sole proprietor, LLC, etc. – has tremendous impact on how your dental practice operates and pays taxes. A business structure is simply an organizational framework. The IRS requires you to select one for your company, since this designation will determine the tax forms you’ll file as well as who […]
Does My Business Need to Collect Sales Tax?
Small dental practices face numerous hurdles along the way to success. At the top of the list is navigating the various local, state and federal taxes obligations the business incurs. Neglecting to file taxes that the company owes can cause a fledgling business to fail before it even gets off the ground. Among the potential […]
Business Structure Basics for Dentists
If you’re starting a dental practice or altering the framework of your existing one, be sure to choose the correct business structure and file the right income tax forms. We don’t have to tell you how many decisions you have to make when you start a new business, or when your existing company changes in significant […]