Tax
Understanding the essentials of creating a Tax-Free Retirement for dentists
Working in the dental industry is extremely rewarding and can provide a comfortable lifestyle for many years. However, when dentists retire, they often find that their income is lower due to the tax burden they were not expecting. In a perfect world, we would have all the time in the world to make retirement plans,…
Read More5 Ways a Dental Consultant Can Help Grow Your Practice
As your dental practices grow, dentists and office managers require insight and information to make the most effective decisions. With so many responsibilities including patient care, operational management, marketing, and bookkeeping, it isn’t unusual for dentists and office managers to feel overwhelmed as they struggle just to keep up with the daily operation of their…
Read MoreWhy Tax Planning is So Important for Dental Businesses
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 MoreOops, I Missed my Estimated Tax Payment!
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 MoreWhat Every Dentist Needs to Know to Maximize Tax Benefits
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 MoreStates are taxing PPP Loan Forgiveness
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 MoreHow to Create Consistent Revenue from Your In-Office Membership Plan
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 MoreWhy Does It Matter if I Hire a Dental CPA?
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 MoreTax 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…
Read More7 Tips to Record Retention and Avoid Paying Tax Adjustments
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).