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…Read More
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. …Read More
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…Read More
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…Read More
More than half of all Americans do not have dental insurance, according to the CDC (Centers for Disease Control and Prevention). Many agree that dental insurance in America needs a complete overhaul. One way dentists can fill the gap, grow and make revenue consistent — while helping underserved populations — is by implementing an In-Office…Read More
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…Read More
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…Read More
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).
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.Read More
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.