3 things every dentist should know about business taxes
You’re probably overpaying
If you’re paying over 30% in taxes (federal and state combined), there are likely several deductions that you’re not taking advantage of. At Tooth & Coin, it’s our job to make sure that you do.
Know your entities
Dental practices operating under the wrong business entity can end up paying lots more than business that are choosing their entities strategically. It may seem complex to operate under multiple entities, but the benefits may outweigh the challenges.
Employ your family members
Employing family members can open up several tax savings for your business. From deductions on payroll taxes to waived unemployment taxes, keeping it all in the family has its benefits.
Think about what you could do with an extra $50k toward your business. It’s not uncommon for the team at Tooth & Coin to find up to $50,000 in deductions for dental practice owners during tax time. And it’s no wonder! Our CPAs are experts in the dental field and stay up-to-date on the tax laws that affect you.
Most business owners needs to pay an estimated tax ever quarter. But it can be difficult to accurately predict how much you owe. You may even want to skip the exercise all together and just pay them at the end of the year. Don’t risk fines by ignoring your estimated tax obligations. Tooth & Coin can help you stay on track.
No dentist wants to be audited. We don’t care for tax audits either. That’s why we’re so diligent in our process. We want every dental practice owner who chooses to work with us to feel confident that they’re receiving our best and most ethical work.
And if you do receive a tax notice the IRS in a year that we prepared your taxes, you can rest assured that our team will take care of it. Tooth & Coin will draft responses on your behalf and get things resolved quickly.