We have the privilege of working with many dental practices through our business consulting, accounting, bookkeeping, and tax preparation services. And we estimate that a large percentage of dental professionals pay taxes in excess of what is required by law. Why? Because they do not take full advantage of all the opportunities provided by the…

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States are taxing PPP Loans

Important information on states taxing PPP Loan forgiveness Despite the federal intent to excuse PPP Loans from qualifying as taxable income, many states are doing just that. For instance, Utah requires businesses to pay taxes on the portion of PPP loans that have received forgiveness. The Utah tax assessment occurs in the year the loan…

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Similar to dentists, Certified Public Accountants (CPAs) are licensed and they are regulated by the state. What’s more, they have disciplinary review boards and continuing education requirements. Usually, CPA firms operate as generalists and their clients span the gamut from individuals to small businesses to nonprofits to corporations. Although serving in a generalist capacity, a…

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Tax opportunities for 2021

Tax Opportunities for 2021 Paul Moffat of the Arista Wealth Podcast invited our very own Stephen Nance, CPA, to discuss tax opportunities for 2021 and potential changes coming with the new presidential administration… Listen Now!   About DrillDown Solution At Drilldown Solution, we are your one-stop-shop for all financial management and business consulting for your…

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1. In general, keep records for 3 years.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return (Or better yet, report all your income).
5. Keep records indefinitely if you do not file a return (But just plan on filing).

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HHS announced plans to distribute $15 billion from the Provider Relief Fund targeted to eligible providers that participate in state Medicaid and CHIP programs and have not yet received a payment from the Provider Relief Fund General Distribution. This funding will supply relief to Medicaid and CHIP clinicians experiencing lost revenues or increased expenses due to COVID-19. Additional payments will also be made to safety-net hospitals.

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Have you ever looked at your tax return and wondered how you could get more deductions? I think we all have! I was working with a client who had started a small business working out of her home. She kept good records of all her business expenditures and related receipts, which made it easy to deliver to me prior to the deadline. When I compiled her tax returns, everything had been accounted for – except one thing: her home office!
The Internal Revenue Code provides for additional deductions, even when a taxpayer did not directly pay for something as a business expense – but you have to know what they are (obviously). One tool to have in your toolkit is the home office deduction.

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The SBA’s PPP was created to save America’s core economic engine and largest employer, small business. PPP loans are providing immediate cash to incentivize small businesses to keep and rehire their employees. If small business qualification criteria are met, the PPP loan amount is based upon 2.5 months of payroll. Loans are able to be 100% forgiven if the borrower follows SBA guidelines. Initial guidelines stated loans received needed to be spent on payroll and other qualifying expenses during the 24 week period after the loan was received. Payment on any remaining balance post loan forgiveness begins from the date the lender receives forgiveness funds from the government. Ask your lender for details The Interest rate on unforgiven amounts is a whopping low 1% with five-year payment terms, and no collateral or personal guarantees are required.

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Did you know the US government will pay the first 6-months of payments on commercial loans from 300k to five million dollars, should it meets specific guidelines and closes before Sept 27th, 2020. The best part – you don’t have to pay them back! The opportunity is separate from the Paycheck Protection Program loan or…

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