Top Tax Tips For Dental Professionals

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Top Tax Tips For Dental Professionals
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• If youre a dental professional, then you
  doubtless pay out a lot in taxes every year, and
  you may be asking yourself if there are any
  legitimate ways to save on the cost of this.
  Fortunately, there are several strategies that
  you can adopt to save money on your taxes
  legally, and here are the top tax tips
• Carefully select the most appropriate business
  entity
• While successful practices operate under multiple
  entities, making the tax circumstances more
  complicated, the potential for saving money on
  your taxes by doing this, far outweigh any
  complexities.

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• Income shifting as a tax saving strategy, is an
  entirely lawful way of reducing your taxable
  business income as a dental professional and
  using this strategy the S corporation would be
  classed as your core business, receiving all
  gross business income. Your C corporation would
  then receive funds from the S corporation to
  cover the costs of such things as advertising,
  marketing and other management expenses.
• Make the most of all medical benefits
• These are frequently overlooked when it comes to
  tax saving tips and strategies, and if you
  register as the sole proprietor of your business,

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• then there are less options for effectively
  integrating medical benefits into a tax plan than
  corporate structures.
• If your business is registered as a corporation,
  then by rights you qualify as your own employee
  and can go on to reap the rewards of medical
  benefits and make tax savings that if you were a
  sole proprietor, simply wouldnt be available to
  you.

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• Choose the most effective retirement plan
• There are many retirement plans available for
  dental professionals, and choosing the right one
  can be tricky. You would perhaps be wise to
  consider a profit sharing plan that offers scope
  for more flexibility in annual contributions,
  particularly if you have no employees.
• Maintaining a minimum amount of taxable income
  while making the most of retirement plan
  contributions, requires a defined benefit plan
  whereby you will no longer be faced with the
  51,000 or 56,500 contribution limits.

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• Employ your children
• Having your children as employed members of your
  practice can give dividends in the form of tax
  reductions, and of course gives your kids the
  opportiunity to earn a wage that they can put
  towards furthering their education. Current IRS
  rules state that any child below the age of 21 is
  not required to pay unemployement taxes, and
  those below the age of 18 need not pay payroll
  taxes, Social Security, Medicare or unemployment
  taxes.

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• Plan for your taxes well in advance
• Tax planning gives you the opportunity to make
  strategic decisions during active tax years in
  ways that tax preparation does not. The law gives
  dental professinals the chance to structure their
  financial affairs in a way that minimises their
  tax liability. For the best results, be sure to
  meet with a tax professional within 90 days of
  filing so that you can review your tax return for
  the previous year and make provisions for the
  current year.
• For more detailed advice and guidance as a dental
  professional, always seek help from a qualified
  and experienced tax professional, who will give
  you the most accurate and up to date information
  that is sure to meet IRS requirements

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services Miami Beach.
  If you are looking for individual tax preparation
  in Miami Gardens, Heyer Associates would be a
  right option.