TAX DEDUCTIONS FOR DENTISTS

TAX DEDUCTIONS FOR DENTISTS

As Dental CPAs in Southern California, our major duty is our emphasis to educate our dental clients about their legal rights to deduct ordinary and necessary expenses. The Tax Code allows many powerful tools to dentists to legally decrease taxable income and tax payments.

After the Tax Season Is Before The Tax Season:

Although right now in October we are actually approaching the end of the tax season including all extensions and deadlines and look forward for some vacation, our work for New Year’s tax season is continuing. The 2018 tax season is actually fast approaching, and it’s important to be prepared and plan ahead before 2018 is ending to account for income tax decreasing and deferring measures to benefit your dental business and your cash flows. Many CPAs not specialized as Dental CPA, do not knows specific issues and trends in the dental industry and might not be able to provide you with proper business advice.

Active Tax Planning For Dentists In Los Angeles and Surrounding Areas:

Missing planning and important tax deductions will literally hurt you financially and disrupt the cash flows.

Please see below items for some specific tax deductions for dentists ( Business and Personal) as reference.

  • Marketing and Advertising
  • Rent
  • Utilities and Overhead expenses
  • Lab Fees
  • Medical and Dental Supplies
  • Equipment
  • Tax and Legal Fees
  • Office Expenses
  • Interest Expenses
  • Consulting Fees
  • Medical Expenses &Self-employed health insurance deduction
  • Depreciation
  • Domestic Production Activities Deduction for Dentists (deduction for the on-site production of crowns, inlays, onlays, and other restorations)
  • Health Savings Account (HSA) contributions
  • Insurances such as Medical Malpractice, Liability, Workers Comp, Disability and Life( if related to business).
  • CE
  • Subscription and License
  • Repair and Maintenance

Don’t overpay your taxes . To be certain you are getting every possible deduction, contact our dental CPA office for a consultation.