Depreciation is a very complex element of the tax code. It’s best you don’t try to tackle it on your own. From time to time, you may buy a piece of equipment for your dental practice. This can be anything from a small computer found at the front desk to a large CEREC machine in an exam […]
Taxes
Can I Use Email for Communicating with My Dental Accountant?
In the electronic age, it’s easier for many small dental practice owners to conduct business through electronic means of communication, email in particular. While it may be tempting to conduct as much of your business through email as possible, there are inherent risks in doing so. The biggest risk is significant. That is, the risk […]
What are Asset Protection Services?
Asset protection services exist to help place your dental practice’s assets in a position where they are all but untouchable by those you do not wish to have access to them. In the world you live in, one that’s rich with dangers and potential financial pitfalls, protecting your dental practice’s assets and wealth is more […]
5 Tax-Related Steps When Hiring Your First Employee
Be prepared for a mountain of paperwork, much of it related to income taxes.
Severance Pay is Taxable
When dental practices lay off employees, severance pay is often a part of the deal. According to the United States Department of Labor, this pay is not required under any circumstances. However, many dental employers choose to offer severance pay in order to ease the transition into unemployment or a new job. Unfortunately, even though […]
7 Facts about Income Tax Extensions
Sometimes, things beyond your control keep you from making that April 15 income tax filing deadline. Family emergencies. Too much time traveling for work. An overly complicated financial situation. Missing – required – forms from third parties. Even though tax filing season is 2-1/2 months long, sometimes you’re just not ready. Not sure you’ll be […]