Tax planning is critical for dental businesses wanting to mitigate their liabilities and risks. It is especially the case when you consider nearly all business transactions are taxed. As you go about tax planning, it is imperative to know and be current with all tax law changes in effect and understand how they could impact…

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oops, missed estimated tax deadline

Date Extension The IRS extended the filing deadline to May 17, 2021, but did not extend the April 15 deadline for 2021 first quarter estimated tax payments, which has caused some confusion. Your accountant told you to make an estimated tax payment toward this year’s taxes, but you missed making the payment on April 15th. …

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A majority of small businesses are owned by individuals. Sole proprietorships, partnerships, S corporations, and Limited Liability Companies (LLCs) do not pay income taxes. Unless a specific election is made by a small business to be taxed as a C corporation, the IRS (Internal Revenue Service) considers these various entity types to be “pass-through” entities.…

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Like any business, running a successful dental practice is a numbers game. And it’s not just dollars and cents, but, more importantly, statistical trends that bring to light why your bottom line moves one way or another every year. Being aware of these important numbers will help everyone at your dental business understand the advantages…

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