Just like every other employee and employer, even dentists have to do their taxes every year. Indeed, this is hard; the process is lengthy and there is often a lot of confusion. The good thing is that if you hire a qualified accountant for dentists in Orlando, you will be able to get over most of your problems. An accountant will help you in filling out your tax forms, and ensure that there are no mistakes of any sort.
When doing taxes, the main aim is to lower your taxable amount. How do you do it? Deductions and credits are the cue. Anyone can utilize these as long as they are applicable. So are there any deductions that are solely for dentists? Yes, the IRS offers quite a lot of tax benefits to the dentists. Your chosen accountant for dentists in Orlando will provide you the details. For right now, we will quickly go over the main incentives, which you can enjoy as a dentist.
Do you want to replace your chair or buy a new, advanced X-Ray machine that produces images with better resolution? Great. Buy these devices and improve the quality of the services you provide. And do you know what other benefit you will get to enjoy this way? Tax advantages. Under Section 179, you can write off these expenses and claim a maximum deduction of $500,000.
Amazing, is this not? It gets even better. It is not just your equipment expenses you are allowed to deduct. The same holds true for lea you desks, computers, file cabinets and anything else that you buy for your dental office. But what is you cross the limit? Will you not be able to use them as a deduction? In that year, you will not be able to, but come next tax year, and you can write off the depreciated value.
Having some trouble in understanding all these IRS rules? Talk to your accountant for dentist Orlando, and they will explain.
Unfortunately, the expenses incurred in receiving your dental education are not deductible. However, if you take a loan you can deduct the interest that you pay on it. Once you start you practice, if you ever have to sign up for a seminar or take some certification courses to improve your skills, you can deduct all of these expenses. The IRS allows you to deduct not only the fees, but also the costs that arise in supplies and travel.
Do you have staff at your dental clinic to help you out? Probably, this will be so. You can deduct the amounts you pay to them. This includes everything; salaries, bonuses, commissions, insurance premiums and other benefits that you offer to them.
Just make sure that the amounts you are paying them are in acceptable range. If this is not, you might not be able to write them off.
So avail the above deductions and pay the least possible taxes this year. Once again, hire an accountant for dentist Orlando, and they will make sure that you are doing your taxes right, and paying only what’s required.
If you need more information about our Orlando accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt.