Tax | Practice/Corporation

Should You Accept IRS’s New ERC Settlement Offer?

The IRS is offering a favorable settlement for those who may have improperly claimed the Employee Retention Credit (ERC) in 2021. If eligible, you can repay 85% of the refund and keep the rest tax-free, but you must act by November 22, 2024.

Tax | General/Other

How To Buy Your Next Auto

Buying a car? With prices and payments skyrocketing, leasing seems cheaper—but is it? Learn the real costs and how to get the best deal.

Tax | General/Other

Top 50 Year-End Tax Planning Strategies

Implement these 50 strategies to cut your income taxes for 2024.

Tax | Practice/Corporation

More Overlooked Tax Deductions

You might be missing out on valuable tax deductions! Learn how cost segregation studies and writing off unused assets can significantly boost your tax savings without any additional spending.

Tax | Practice/Corporation

It’s Not Too Late to Save on Your 2023 Taxes

If you extended your 2023 tax return, consider making additional retirement contributions to reduce your taxes before the new deadline. New retirement plans may also qualify for tax credits.

Tax | Practice/Corporation

New Strategy To Slash Taxes On Your Practice Sale

Learn how the Pass-Through Entity Tax Election can help dentists significantly reduce federal income taxes on practice sales, converting personal state income taxes into deductible business taxes and leveraging corporate goodwill for substantial savings.

Tax | Individual

Bigger HSA Tax Savings Coming

In 2025, new IRS rules will boost your Health Savings Account (HSA) benefits, allowing for greater tax savings and investment growth. Read on to learn how you can maximize these updates!

Tax | Practice/Corporation

The 7 Most Overlooked Tax Strategies

Learn the top seven overlooked tax strategies that could save dentists thousands in federal and state income taxes, from optimizing spouse payroll contributions to maximizing Roth IRAs and HSAs.

Tax | Practice/Corporation

What To Do About Your ERC Claim

Discover how to maximize your Employee Retention Credit (ERC) for your dental practice before time runs out, as filing deadlines approach and legislation may soon close off further claims.

Tax | Individual

New Law Accelerates Tax Savings for SIMPLE-IRA Doctors

In 2024, doctors can accelerate their retirement savings by transitioning from SIMPLE-IRAs to 401(k) plans, unlocking substantial tax benefits along the way.

Tax | Individual

How To Gain The Maximum Tax Savings For Personally Owned Business Cars

You can still get tax benefits for a personally owned business car without transferring ownership. Read on to learn how.

Tax | Pending Legislation/Tax Updates

Are You Ready For The New Estate And Gift Tax Changes? (Part 3 Of 3)

With the expiration of the Tax Cuts and Jobs Act in 2025, the estate tax exemption will drop significantly, so consider these strategies to minimize future estate taxes.

Tax | Individual

4 Strategies To Minimize Taxes On Home Sale Gains

Learn four smart strategies to minimize taxes when selling your home, including deductible expenses and tax exclusions. Maximize your savings on federal and state income taxes with these tips.

Tax | Pending Legislation/Tax Updates

Will Your Taxes Go Up When The Tax Cuts And Jobs Act Expires? (Part 2 Of 3)

Discover how the 2025 expiration of the Tax Cuts and Jobs Act could impact your taxes.

Tax | Audits

Is Your Tax Return On The IRS’s Hit List?

The IRS flags tax evasion risks: stay vigilant against potential scams and schemes that could lead to hefty penalties.

Tax | Pending Legislation/Tax Updates

How The Presidential Election Could Impact Your Taxes (Part 1 Of 3)

Find out how seven of Biden's proposed tax changes could affect your 2024 tax bill!

Tax | Individual

How Your College-Age Child Can Earn $45,667 Tax-Free

If you still have your college kids on your tax return, read this article now! We'll show you how they can earn $45,667 with zero taxes.

Tax | Individual

How To Maximize Tax Savings From Your Short-Term Rentals

If you have a short-term rental, here's how you can claim losses - but only if you qualify.

Tax | Practice/Corporation

Are You Ready For The March 22 ERC Settlement Deadline?

If you filed an ERC claim and violated one of seven IRS "red flags," don't miss the March 22 deadline to file your VDP application or face serious repercussions!

Tax | Individual

Avoid The 3 Most Common Tax Mistakes To Save Thousands!

The surtax on investment income can be nuanced. Make sure your CPA doesn’t make these common errors when calculating your NIIT.

Tax | Practice/Corporation

Should You Accept the IRS’ ERC Settlement Offer?

Amidst heightened IRS scrutiny of the ERC, a recently introduced Voluntary Disclosure Program presents taxpayers with a unique opportunity to address questionable claims. Act now! Settlement applications must be received by March 22, 2024.

Tax | Pending Legislation/Tax Updates

Congress Rushing to Enact Bipartisan Tax Deal

A bipartisan tax bill is racing through Congress. However, the bill is being funded by cutting the pandemic-era Employee Retention Tax Credit. If passed, this may affect your 2023 federal income tax liability, so read on to stay up-to-date!

Tax | General/Other

6 Slam Dunk Financial Moves To Make Now!

Making IRA and other retirement plan contributions now, rather than waiting until year-end, can generate hundreds of thousands of extra retirement dollars.

Tax | Practice/Corporation

Get Ready For The New Required Ownership Filings

Are you exempt or required to comply with the CTA's new filing requirements? Find out or face severe penalties.

Tax | Pending Legislation/Tax Updates

IRS Tightens Noose Around ERC Claims

Don’t play the audit lottery if you've received an ERC payment! Be proactive and take these steps now to cut your losses.

Tax | General/Other

More Last-Minute Tax Saving Moves for You

Looking to cut your taxes before year-end? Check out these strategies before it's too late.

Tax | Individual

5 Tax-Wise Strategies to Increase Savings from Charitable Giving (Online-Only Article)

Consider these five strategies to give generously to the charities of your choice, while maximizing tax savings in the process.

Tax | General/Other

Automakers Cut Prices and Accelerate Tax Breaks to Boost Sagging EV Sales

Buyer demand for electric vehicles (EVs) has dropped significantly. Tax credits are now being introduced to entice new buyers and increase sales.

Tax | Practice/Corporation

Did You File a Suspect ERC Claim? Follow These IRS Guidelines to Limit Your Damages

We've kept you updated on the IRS's halt on ERC claim processing and increased potential for audit. Now, here's what to do if you believe you filed a fraudulent claim.

Tax | Individual

Tax Court Upholds Tax-Free Rental Income Strategy

Take full advantage of tax-free rental income through the "Masters Rule." But, make sure you take these two steps to properly document it.

Tax | General/Other

Top 50 Year-End Tax Planning Strategies (Online-Only Article)

As year-end approaches, now’s the time to implement changes to cut your income taxes for 2023. Read on to learn how!

Tax | Audits

IRS Freezes New ERC Claims Due To Rampant Fraud

The IRS has paused their review of ERC claims through December 31, 2023. Think you mistakenly filed a claim? Find out what to do and how to avoid the penalties.

Tax | Individual

Are You Deducting Your State Income Taxes?

If you live in one of 36 states, you could be saving up to $15,540 in federal income taxes. Read on to find out how, and make sure you contact your CPA to ensure they make this election for you!

Tax | Practice/Corporation

Five Strategies To Maximize Your Business Car Deductions

Low supply and rampant inflation have caused car prices to rise. Learn how to take advantage of these tax breaks by utilizing your car for business purposes.

Tax | Individual

IRS Delays Tax Increase On 401(k) Catch-Up Deferrals

We recently highlighted the Secure Act 2.0 and its impact on your 401(k). With the IRS not providing prompt guidance for these new rules, they're now delaying the implementation. Find out what steps you can take to best adapt to the current situation.

Tax | Practice/Corporation

Top 10 Strategies to Convert Nondeductible Expenses Into Legitimate Business Tax Deductions

If you're spending your personal after-tax dollars on certain expenses that you can deduct through your practice, you're doing yourself a disservice! Here are our top 10 ways to legally turn these expenses into business tax deductions.

Tax | Practice/Corporation

How to Navigate the Controversial Employee Retention Tax Credit

Beware of scammers luring you to apply for the Employee Retention Tax Credit. While some doctors may qualify, those that don’t run the risk of significant consequences if IRS regulations aren’t properly followed. Follow our insight before applying and take the steps to protect yourself if you've applied already.

Tax | Individual

How To Pay ZERO Taxes On Roth IRA Conversions

Charitable giving not only benefits others—it can benefit you as well!

Tax | Individual

Get Ready For The New Retirement Plan Rules

How exactly will the SECURE Act 2.0 affect your retirement planning?

Tax | Individual

Another Strategy To Make Your Travel Tax-Deductible

Try this virtual CE strategy on your next vacation!

Tax | Individual

Increase Retirement Income And Slash Taxes Using A Charitable Remainder Trust

This little know strategy not only helps your favorite charities get the most out of your donations, but also provides substantial benefits to you and your family.

Tax | Audits

Yes – You Can Go To Jail For Inflated Deductions!

Don't be fooled by consultants claiming you'll only get jail time for unreported income.

Tax | Individual

How To Earn Over $100,000 A Year Tax-Free In Retirement

The sale of your practice presents a huge opportunity to take advantage of a special 0% tax rate.

Tax | Individual

New Research Reveals Optimal Age To Claim Social Security Benefits

Claiming Social Security benefits is one of the biggest and most complex decisions you face in retirement, and getting it wrong can cost you and your family hundreds of thousands of dollars. Here's how to get it right.

Tax | Individual

How To Protect Your Wealth From The Higher Taxes Just Ahead

The Biden Administration recently proposed a tax hike that could dramatically increase your tax responsibility. Use these 7 strategies to lessen the hit to your family's hard-earned wealth.

Tax | Individual

Avoid Overpaying Your Property Taxes Due To Revaluation Errors

Home prices are dropping from their peaks of 2022. If you've recently received a property tax appraisal using values based during this inflated era, you need to act now.

Tax | Audits

IRS: Beware Of Bad Online Tax Advice

Misleading online tax advice from promoters may leave you holding the bag when the IRS comes knocking. Here's what to look out for and how to slash your taxes the right way.

Tax | General/Other

Don’t Overlook These Deadlines – It Could Be Costly!

Make sure you file by these deadlines, or you could miss out on huge tax savings!

Tax | Individual

New Law Limits Syndicated Conservation Easement Deductions

Despite the threat of criminal and civil lawsuits, promoters continue to sell these tax-motivated investments. Here's what the IRS is looking for to avoid a costly audit, back taxes, interest, and penalties.

Tax | Individual

Are You Missing Out On A Home Office Tax Deduction?

If you conduct the majority of your administrative and management duties from home, then the answer is yes! Here's how to take advantage of this overlooked tax break.

Tax | Practice/Corporation

Two Strategies To Beat The New Limits On Electric Vehicle Tax Credits

To qualify for an EV tax credit, your vehicle must pass 4 strict tests, but you can circumvent these requirements with the Commercial Clean Vehicle Credit.

Tax | Individual

How To Take Maximum Advantage Of The New Retirement Savings Rules

The SECURE Act 2.0 changes the retirement savings rules for all Americans. We've broken down what that means for you and your retirement plan strategy.

Tax | Individual

Accelerate Your 2023 Financial Success!

Follow these 6 strategies to ensure you don't miss out on $500,000 of "free money" in retirement!

Tax | Individual

Will Your HSA Distributions Be Tax-Free?

Maximize your HSA benefit by avoiding these pitfalls that can cost you thousands in unnecessary taxes.

Tax | Practice/Corporation

Six Last-Minute Tax Saving Moves For 2022

It's not too late to dramatically reduce your 2022 income taxes. Don't overlook these bulletproof strategies!

Tax | Individual

Should You Have The IRS File Your Tax Return For Free?

While having the IRS file your tax return for you may seem like a fast, easy, and cheap alternative, it could actually cost your family thousands!

Tax | Individual

New Research Reveals How To Maximize Roth IRA Tax Savings

Yes, you qualify for a Roth IRA—and you should have at least $1,000,000 accumulated by age 70. How? By using our proven approach.

Tax | Practice/Corporation

New Business Tax Credits Available For Practice Electric Vehicle Purchases Starting in 2023

The Clean Vehicle Credit qualifications are highly restrictive. Fortunately, if your electric vehicle purchase is for business use, the Commercial Clean Vehicle Credit is much more inclusive. Here's how you can take advantage.

Tax | General/Other

Top 50 Year-End Tax Planning Strategies

Many doctors overpay federal and state income taxes by more than $10,000 annually, but you don't have to! Here’s how.

Tax | Individual

How Will Your Taxes Change Under The Inflation Reduction Act?

With increased taxes, increased funding for IRS audits, and numerous energy related tax credits, your tax strategy will be affected by the Inflation Reduction Act. Learn what you can do to circumvent the worst, and capitalize on the best, provisions in this new law.

Tax | Individual

How To Qualify For The Maximum Electric Vehicle Tax Credit

The Inflation Reduction Act includes provisions for climate and energy programs, including tax credits for electric vehicles. Make sure your EV purchase passes these tests to qualify for these credits.

Tax | Individual

How To Beat The $10,000 Deduction Limit On State Taxes (SALT)

So far, 29 states have passed legislation to help business owners circumvent the itemized deduction limit for state and local taxes. If your state is among the 29, find out how you take advantage and cut your tax bill.

Tax | Audits

Avoid These IRS Audit Targets

The IRS has increased funding to go after abusive tax arrangements. If you've participated in one of these 4 tax schemes, an IRS audit is almost guaranteed.

Tax | Individual

2 Ways To Turn Stock Market Losses Into Tax Savings

Concerned about the stock market decline? Learn how tax loss harvesting and Roth IRA conversions can turn your "lemons" into "lemonade."

Tax | Individual

Two Strategies To Make The Most From The Proposed Retirement Savings Rules

The #1 goal of retirement planning is to ensure that your money lasts longer than you do, but what’s the optimal strategy to tap your assets while reducing your tax burden?

Tax | Individual

Maximize Tax-Free HSA Reimbursements Using These Creative Medical Expenses

Are you missing out on these 10 creative medical deductions that can produce tax-free cash?

Tax | Practice/Corporation

Don’t Overlook The Employee Retention Credit For 2021

Do you qualify for the Employee Retention Credit for 2021? If so, find out how you can claim this credit before it disappears!

Tax | Audits

How To Audit-Proof Your Charitable Contribution Tax Deductions

If you believe that a cancelled check, credit card receipt, or other proof of payment is all you need to qualify for a charitable contribution income tax deduction, you’d be wrong! Find out how you can protect your charitable contribution from the IRS.

Tax | Individual

6 Steps To Jumpstart Your 2022 Financial Success

Start your new year off right by making smart financial moves now. Here are six steps to take immediately that will add hundreds of thousands of dollars to your retirement savings.

Tax | Practice/Corporation

Congress Ends Employee Retention Tax Credit Early To Fund New Infrastructure

The Employee Retention Tax Credit ended September 30, 2021. What does this mean for you and your practice? Read on to find out—especially if you are an eligible start-up practice.

Tax | General/Other

5 Last-Minute Tax-Saving Moves For 2021

Still looking to reduce your 2021 tax liability? Use these 5 sure-fire ways to slash your taxes before year-end.

Tax | Pending Legislation/Tax Updates

House Passes $2 Trillion Spending Bill; Will Your Taxes Go Up?

The Build Back Better Act now moves to the Senate for approval. If passed, these are the potential tax consequences for high-income individuals.

Tax | Practice/Corporation

Take Advantage Of The Expanded Work Opportunity Tax Credit For New Hires

If your practice has been adversely affected by the current staffing shortage, this tax credit is your silver lining.

Tax | Pending Legislation/Tax Updates

How Will The PROPOSED Tax Increases Affect You?

The government is set to spend a record $3.5 trillion on infrastructure, but how exactly are they going to pay for it? Hint: high-income individuals and corporations beware.

Tax | General/Other

Top 50 Year-End Tax Planning Strategies (Online-Only Article)

Jumpstart your 2021 tax planning with our highly anticipated list of 50 ways to slash your personal and practice taxes—and retain more of your hard-earned income.

Tax | Practice/Corporation

Can Your Practice Qualify For The R&D Tax Credit?

The benefits of claiming the R&D Tax Credit can be great, but there are complexities and risks to consider. Find out if your practice qualifies to receive this tax benefit.

Tax | Practice/Corporation

Are You Missing Out On The Employee Retention Credit?

If you think you don’t qualify for the Employee Retention Credit, think again! We share the most common misconceptions surrounding this tax credit and explain why your practice most likely meets the requirements.

Tax | Audits

10 Steps To Protect Against The Coming IRS Audit Avalanche

President Biden proposed an IRS funding increase of $80 billion over the next 10 years, increasing audits and enforcement efforts, especially targeting wealthy individuals and corporations. Use these strategies to stay out of the IRS’ crosshairs.

Tax | General/Other

Time For Some Tax-Deductible Fun!

Ready to get out and travel again? Double your fun by taking advantage of these tips for deducting your travel, meals, and entertainment.

Tax | Practice/Corporation

Take Advantage of Vaccine-Related Tax Credits

Under the American Rescue Plan, most dental practices are eligible for refundable payroll tax credits to reimburse paid sick and family leave due to COVID-19, including recovering from vaccinations. Does your practice qualify?

Tax | General/Other

5 Important Changes In The New Economic Stimulus Law

The $1.9 trillion American Rescue Plan was signed into law on March 11, 2021. However, the Senate required some changes before giving it the stamp of approval. Here are the 5 changes that will impact doctors the most.

Tax | Audits

Tax Traps To Avoid

Audit rates are expected to rise in the near future to help fund relief spending. Revenue agents will be targeting tax shelters utilized by high-income earners. Find out how to stay out of the IRS’ crosshairs.

Tax | Pending Legislation/Tax Updates

Highlights Of The New Biden Economic Stimulus Plan

Just a couple of months after a COVID-19 relief package was approved in December 2020, an even bigger stimulus package was making its way through Congress. Here are the 10 key provisions that would most affect you.

Tax | Practice/Corporation

Take Advantage Of The Expanded Employee Retention Credit

Good news! You may be eligible to claim a retroactive tax credit through the expanded ERC—even if you obtained a forgivable PPP loan. Find out if your practice qualifies.

Tax | Practice/Corporation

Accelerate Your Tax Savings From PPP Deductibility

After months of uncertainty and confusion surrounding PPP loan forgiveness, Congress finally acted—passing a second round of Coronavirus stimulus and clarifying deductibility rules for expenses paid with PPP funds.

Tax | Audits

How To Protect Your Practice Against The Growing Threat Of State Tax Audits

As a result of the coronavirus impact, state governments are increasing sales and use tax audits to help offset budget deficits. Dentists may have a target on their back, so don’t make flawed assumptions about what’s taxable and what’s not.

Tax | Practice/Corporation

Take Advantage Of Tax-Free COVID-19 Reimbursements For You And Your Staff

A little-known tax provision allowing for Disaster Relief Payments creates the opportunity for you to receive tax-free cash from your practice and provide a morale-boosting bonus to hard-working staff.

Tax | Audits

Avoid These Top 3 IRS Targets

Investing in one of these tax shelter schemes will put a target on your back and almost guarantee an audit. Steer clear of these IRS red flags.

Tax | General/Other

5 Strategies To Beat The $10,000 Limit On State And Local Tax Deductions

Before you file your 2019 federal income tax return, ask your CPA to confirm these taxes are being deducted correctly. You’ll be glad you did!

Tax | Practice/Corporation

5 Last-Minute Tax-Saving Moves For 2019

We promise expert strategies to help you reach your goals faster and with less stress, and we deliver. This curated list is one not to miss.

Tax | Individual

Just Say No To Syndicated Conservation Easements

During our year-end tax planning webinar, several doctors questioned why we did not recommend these investments. Do you know why?

Tax | Individual

Four Ways To Save Using A Qualified Charitable Distribution (QCD)

Are you charitably inclined and near retirement? If you don’t need your full RMD to meet living expenses, here’s a creative giving strategy with added tax benefits.

Tax | General/Other

How To Get Your CPA On Your Side In Cutting Your Taxes

Want your CPA to “let you” be more aggressive in claiming legitimate business tax deductions? Use these 3 steps to make it happen.

Tax | Individual

How To Use Appreciated Stocks To Cut Your Taxes And Improve Cash Flow

There’s a better way to take advantage of record stock gains and eliminate debt without paying any taxes. Here’s how.

Tax | Individual

Heat Up Your Tax Savings With Solar

You can claim a federal income tax credit equal to 30% of the solar cost in 2019, before the credit drops to 27% in 2020, and 22% in 2021.

Tax | Audits

How To Avoid 5 Costly Traps When Dealing With The IRS

Don’t simply throw in the towel. Use this article to see your way through the sometimes sticky web of IRS communications.

Tax | Individual

How To Nail Down State Income Tax Savings In Retirement

Document your move to a no income tax state—and protect your tax savings in the event of an audit—using these steps, plus apps to help make it happen.

Tax | Practice/Corporation

How To Get The Maximum Savings From The New 20% Section 199A Tax Deduction For Your Real Estate Investments

The IRS recently issued final Section 199A designed to answer a multitude of questions. Here’s how to navigate the new rules for maximum tax savings.

Tax | Practice/Corporation

How To Get The Biggest Savings From The New 20% Section 199A Tax Deduction

Including 8 solid strategies to help you qualify if your income is over the threshold.

Tax | Practice/Corporation

New Aligner Technology Expanding Tax/Economic Benefits From In-House Lab

Qualified research for the R&D tax credit must meet these 4 criteria.

Tax | Individual

Update On Protecting Your Charitable Contribution Deductions

A member resource benefit for protecting your deduction!

Tax | Individual

Beware—IRS Is Trying To “Scrooge” You Out Of Your Charitable Contribution Deductions!

Here’s what you need to know to stay out of hot water!

Tax | Practice/Corporation

New Law Increases Tax Savings From Cost Segregation Study For Your Office Building

Read on for expert examples of building items which normally qualify for more rapid write-off from a cost segregation study.

Tax | Pending Legislation/Tax Updates

Slash Taxes Using Huge Capital Gains Tax Break Under The New Law

The new law provides two major tax breaks for qualifying investments.

Tax | General/Other

5 Criteria To Rate Your CPA's Effectiveness

Are you paying high fees for substandard accounting services? These gauges will help you determine if your CPA measures up or if it's time to make a change.

Tax | Pending Legislation/Tax Updates

IRS Issues Rules For New Section 199A Deduction–What's Out, What's In, To Cut Your Taxes

Navigating tax laws can be tough, especially for high-income doctors. Read on for road maps to smart ways forward.

Tax | Practice/Corporation

Selecting The Best Practice Business Form Under The New Tax Law

It's time to re-evaluate how your practice is organized.

Tax | Pending Legislation/Tax Updates

New IRS Rules Nix Tax Break For Firing/Rehiring Your Associate As Independent Contractor

184 pages of proposed regulations blow this aggressive strategy right out of the water! But there's a little-know strategy that will work.

Tax | Individual

Advice For Your Friends: Act Now If You're Headed To Splitsville!

Take your time in making life-changing decisions. If divorce is definite, it's important to act before year-end to avoid a huge tax penalty.

Tax | Practice/Corporation

How To Beat The Stricter Independent Contractor Rules And Save Taxes

Beware - - Misclassifying an associate can adversely affect both your practice and the misclassified doctor.

Tax | General/Other

Aggressive Strategies To Convert Non-Deductible Expenses Into Legitimate Business Tax Deductions Under The New Law

19 easy-to-implement recommendations to expertly improve your personal and practice finances.

Tax | Practice/Corporation

How To Maximize Your Business Car Deductions And Protect Them From IRS Attack

A guide for doctors to confidently–and correctly–take business car deductions to avoid costly penalties and save thousands of dollars in taxes.

Tax | Individual

4 Tests For Deducting Your Home Equity Line Interest Under The New Law

The IRS announced that deducting interest on your home loan is still possible, with these restrictions.

Tax | Practice/Corporation

How To Get The Biggest Tax Deduction For Business Travel And Meals Under The New Law

We've simplified this tax law for you to know what can be deducted, at how much-100% or 50%, and what you need to back it up.

Tax | Individual

Five Donor-Advised Fund Strategies To Maximize The Benefits Of Your Charitable Giving

Amplify your giving-and the joy that goes with it-by using these expert tips that will help you get the most from your DAF.

Tax | Pending Legislation/Tax Updates

Don't Fall For Cooperative Tax Loophole – It's Too Good To Be True! (Online-Only Article)

Could this unintended tax break be nixed before you can use it?

Tax | Practice/Corporation

Will Converting To “C” Corporation Status Cut Your Taxes?

Our comparative tax analysis tells you whether the “juice justifies the squeeze.”

Tax | Practice/Corporation

How To Get The Maximum Business Car Deductions Under The New Law

Use these 3 categories of vehicles to understand available tax savings when deciding what business car you should purchase.

Tax | Practice/Corporation

Should You Disincorporate To Boost Your New 20% Deduction For Pass-Through Practice Profits?

Other advisors have varying opinions. Here's why we recommend that doctors "make haste slowly."

Tax | Practice/Corporation

Top 10 Strategies To Maximize Tax Savings From The New 20% Deduction For Pass-Through Practice Profits

While the new tax law is incredibly complex, these examples show the tremendous savings possible through proper advance planning.

Tax | General/Other

Use The New Law To Slash Your Taxes!

25 of the most significant provisions you can use to save thousands on both individual and practice income taxes.

Tax | Practice/Corporation

New Ruling Boosts Chances To Claim Small Business Health Insurance Tax Credit

See if your practice benefits from a new lucrative tax credit when providing staff health coverage.

Tax | Practice/Corporation

Tax Court Expands Fully Deductible Business Meals To Increase Your Tax Savings

What do hockey teams have in common with doctors and their staff? They all have to eat when away on business, for one thing.

Tax | General/Other

Tax Court Slams Micro-Captive Insurance Arrangement

Avoid the tax risks and high set up expenses involved with captives. Instead, use our recommended strategies (summed up at the end of this article) to legally cut your tax bill!

Tax | Practice/Corporation

How To Use Subchapter S Corporations To Maximize Your Tax Savings

Apply these 5 steps to reduce your risk of an IRS audit while realizing substantial savings both pre and post practice sale.

Tax | Individual

9 Strategies To Beat The 3.8% Obamacare Tax On Personal Investment Income

Save up to $20,000 in taxes by taking these steps to decrease your taxable income.

Tax | Individual

Use Required Minimum Distributions (RMDs) For Charitable Gifts To Increase Your Tax Savings In Retirement (Online-Only Article)

Want to reduce your income taxes and Medicare premiums in retirement? Satisfy this 4 step test!

Tax | Practice/Corporation

How To Pay And Categorize Travel, Meal, And Entertainment Expenses To Maximize Your Tax Savings

Don't wait until you receive an IRS notice to start "getting your story straight."

Tax | Practice/Corporation

Selling Out? Avoid These Two Tax Traps That Can Cost You $80,000!

Doctors should properly classify intangibles for greater tax savings. Here's how to prevent the common classification errors.

Tax | Individual

HSA Tax Savings Increasing

The future of HSAs looks extremely bright. See if you qualify for increased savings.

Tax | General/Other

How To Get The Maximum Tax Breaks For Personally-Owned Business Cars

2 tax law exceptions that allow you to avoid unnecessary costs!

Tax | Practice/Corporation

Leasing New Space? 3 Strategies To Slash Your Taxes

These new tax breaks can make your practice move even more profitable!

Tax | Practice/Corporation

Save Thousands Using A Health Reimbursement Account (HRA)

Not providing staff health insurance coverage? Your practice may still be able to offer health benefits while enjoying tremendous savings with this tax-free fringe benefit plan!

Tax | Audits

Top 10 IRS Audit Triggers And How To Avoid Them

Doctors should report every nickel of their income, but claim every deduction and tax credit for which they have a legal basis.

Tax | Individual

Slash Your Tax Bill By Avoiding The 20 Most Common Tax Errors. Here's What To Ask Your CPA (Online-Only Article)

Savvy doctors use these tips to reduce taxes!

Tax | Individual

3 Strategies To Cut The Cost Of Your Second Home By More Than $300,000

Doctors who use the secrets of building equity, remainder interest, and tax-free rental income save thousands. Here's how you can too.

Tax | Practice/Corporation

Slash Your Taxes In Style By Purchasing Antiques Through Your Practice

How to increase patient referrals and office appeal while saving taxes!

Tax | Individual

How To Trump Your Taxes

When interest rates and inflation are projected to rise, it's a great time for real estate investing.

Tax | Practice/Corporation

Take Advantage Of The New Small Business HRAs

New law extends the benefits of a medical expense reimbursement plan to practices that do not provide health insurance coverage.

Tax | Individual

Lucrative Tax Credits Plugging Sales of Electric Cars

Go green & save green using these electric auto tax credits!

Tax | General/Other

IRS Boosts Scrutiny of Tax-Motivated Captive Insurance Arrangements

If you currently use, or have considered using, this medium for insuring against risks, here's what you need to know.

Tax | Pending Legislation/Tax Updates

How Will the Trump Tax Plan Affect You?

Discover the 12 Trump tax plan provisions likely to be enacted in 2017, and the actions to take before year-end for huge tax savings.

Tax | Practice/Corporation

Maximizing Business Car Write-Offs

Know which of the 4 categories applies to your practice vehicle to maximize tax deductions under IRS regulations.

Tax | General/Other

Getting The Most Meal And Entertainment Tax Deductions For Your Practice (Online-Only Article)

The good news is that there are a few types of M&E that are 100% deductible.

Tax | Individual

How to Triple Tax-Free Gains From the Sale of Your Residences

The money saved makes it worth the effort to properly plan and execute a 1031 exchange. Here are some ways tax-savvy doctors multiply their tax savings.

Tax | Individual

How to Save Over $450,000 in Taxes in Retirement

Avoid aggressive action when changing state residency using these 17 steps to document your move!

Tax | Individual

Use Tax-Free Exchanges To Slash Taxes

Using this strategy, income taxes on certain property gains can be avoided permanently.

Tax | Individual

How to Double or Triple Your Tax-Free Rental Income

This lucrative tax break strategy comes right out of the IRS' own playbook!

Tax | Audits

10 Strategies To Survive And Win An IRS Audit

Here's how to minimize your risk of being audited, and to reduce the headaches and amount owed if you are selected.

Tax | General/Other

Top 20 Questions To Ask Your CPA Before Filing Your Tax Returns

Don't overpay your taxes because you didn't double check these common deductions and credits!

Tax | Practice/Corporation

Deducting Clothing Costs

Making yourself a “walking billboard” could provide more advantages beyond practice promotion.

Tax | Pending Legislation/Tax Updates

Fund Backdoor Roth IRA Contributions Before It's Too Late

Doctors have extra incentive to act quickly because of this 2017 proposal.

Tax | Practice/Corporation

Tax Court Slams Year-End Bonuses To “Zero Out” C Corporation Profits

C corps run the risk of double taxation among other disadvantages. Here's what you should do.

Tax | Individual

6 Strategies To Maximize Tax-Free Capital Gains

Some of these tactics have no cap on the number of times you can claim them!

Tax | General/Other

Congress Extends Tax Breaks - - Some Permanently!

This new bill will ease some of doctors' frustration and uncertainty with tax planning in the future. Here are the top 12 tax provisions extended.

Tax | Audits

IRS Audit Update

While the number of tax audits continues to decline, the IRS is not a paper tiger. Make sure you heed this advice.

Tax | Practice/Corporation

How To Maximize Your Section 199 Tax Deduction

While some doctors are taking advantage of this tax break, most doctors (and their CPAs) are not. Are you missing out on thousands of dollars in tax savings?

Tax | Pending Legislation/Tax Updates

Last Chance For Tax-Saving Valuation Discounts?

Doctors should consider implementing these income shifting strategies immediately before any new rules and regulations take effect!

Tax | Individual

Change Your Estate Planning To Save Income Taxes Now!

If you're charitably inclined, be sure to review these strategies before finalizing your gifting plans.

Tax | Practice/Corporation

Boost Employee Morale With Tax-Free Awards

Check out these points to effectively implement a fringe benefit plan that will work for you and your staff!

Tax | Practice/Corporation

How To Operate A Lab Business For Maximum Tax Advantages

While many doctors transfer the ownership of their office building into an LLC/FLP, a lab business has many added benefits.

Tax | General/Other

Top 10 Questions To Ask Your CPA Before Filing Your Tax Returns

Make sure no deduction, credit, or other tax benefit has been overlooked.

Tax | Practice/Corporation

More Creative Tax Deductions

Embrace the lowered audit risk and deduct more home office expenses!

Tax | General/Other

Beware Of These Costly Tax Scams (Online-Only Article)

Scam artists are hard at work trying to separate doctors from their hard-earned money. Learn how to avoid becoming a victim.

Tax | Pending Legislation/Tax Updates

IRS Simplifies Repair Regulation Compliance For Doctors

Have you cashed in on your Valentine's Day present from the IRS?

Tax | Audits

How Truthful Is Your Tax Return?

Tax evasion is a criminal offense and usually means serving jail time. Could you be guilty of fudging the books?

Tax | Individual

Creative Medical Deductions To Maximize Tax-Free HSA Payouts

Here's how some doctors will be able to pay a lifetime of medical expenses with tax-deductible dollars.

Tax | Practice/Corporation

3 Strategies To Avoid Double Tax On Solo Practice Sales

If you're currently operating as a “C” corporation, you may want to consider making this switch.

Tax | Practice/Corporation

Recent Case Opens Door To “Manufacture” Additional Practice Tax Deductions

An aggressive interpretation of the law would suggest that most doctors qualify. Do you?

Tax | Practice/Corporation

How To Effectively Write Off Building Land Costs

Here’s our alternative strategy for doctors hesitant to part with the full value of their office building for the benefit of their children.

Tax | Practice/Corporation

Stop Overpaying Your Property Taxes!

Could you be paying property taxes on equipment and furniture that you no longer even own?

Tax | Pending Legislation/Tax Updates

Congress To Extend Expired Tax Breaks

On the edge of your seat? See what tax breaks will most likely be revived in 2014.

Tax | General/Other

Top 25 Strategies For Tax-Free Income

Looking for simple ways to save money? Who isn't!? Here are our top suggestions.

Tax | General/Other

How To “Clean Up” Previously Unreported Income To Avoid The Slammer

This doctor could have faced criminal prosecution if we hadn't caught his tax filing faux pas before the IRS did! Are you unknowingly committing tax fraud?

Tax | Practice/Corporation

How Will The New Expense Capitalization Rules Affect Your Practice? (Online-Only Article)

Find out which equipment, supply, and instrument costs must be capitalized rather than expensed, and when repair costs can be deducted, according to new IRS regulations.

Tax | Individual

Top Tax Return Errors That Cost Doctors Thousands

Minimize your tax liability (or even secure a refund!) by avoiding these mistakes when filing your return.

Tax | Audits

Why The IRS Audit Rate Is Dropping And What To Do (And Not Do) About It

The IRS has been given more work to do and less resources to do it with. Here’s how to take advantage.

Tax | Practice/Corporation

How To Maximize The Tax Benefits Of Subchapter S Corporations (Online-Only Article)

Check out the payroll tax savings comparison of operating as an “S” corporation vs. a “C” corporation or being unincorporated.

Tax | General/Other

How To Increase Your Business Car Deductions While Simplifying Bookkeeping (Online-Only Article)

Use these tips to get the most “mileage” out of deductible automobile expenses.

Tax | Practice/Corporation

IRS Changes Its Tune - - No 3.8% Medicare Payroll Tax Due On Doctors’ Office Building Rental Profits

At last - final regulations for Section 1411, which was added under Obamacare. Fortunately, there’s good news!

Tax | Practice/Corporation

Last Minute 2013 Tax Savings Using Business Car And Equipment Purchases

Been thinking about buying a new car or equipment for the office? Hurry - - the expensing limit is scheduled to shrink after December 31, 2013!

Tax | General/Other

More On Protecting Your Family’s Medical Insurance Deduction From IRS Attack

Upon members' requests, we’re providing sample corporate minutes!

Tax | Audits

Government Cracking Down On Independent Contractors

Make sure your staff and associates are classified correctly. If not, you could end up paying a hefty penalty!

Tax | Individual

3 More Commonly Overlooked Tax Deductions

More tax deductions that could be slipping through your fingers! Which ones are you eligible for?

Tax | General/Other

How To Maximize Business Car Deductions

Don't lose out on valuable tax write-offs – purchase your new vehicle before the end of 2013. And, use these strategies to save thousands over the life of your car!

Tax | Individual

Cutting Taxes With Intra-Family Loans

Loaning funds between family members could save you hundreds of thousands of dollars in taxes. Here are 3 ways to do it.

Tax | Pending Legislation/Tax Updates

What To Do About The President’s Proposed Lifetime Limit On Retirement Plan/IRA Contributions?

Should you stop funding your retirement plans and IRAs?

Tax | Practice/Corporation

Does The 3.8% Medicare Payroll Tax Apply To Your Office Building Rental Profits?

Hiking up the office building rent paid to your practice may no longer be a good idea for some doctors. Here’s why.

Tax | Individual

Take Advantage Of Little-Known Strategy To Slash IRS Tax Penalties

Get your late fees waived if you’ve had good behavior in the past.

Tax | Individual

Offset Tax Hikes With Increased Retirement Plan Funding In 2013

“Pull out all the stops” with these strategies to help you slash tens of thousands per year off your income tax bills.

Tax | General/Other

Congress Hikes Taxes On High Income Doctors To Avert Fiscal Cliff

We didn’t go over the Cliff, but what does that mean for you? Here’s an overview of the terms for the new American Taxpayer Relief Act.

Tax | Practice/Corporation

IRS Slams Door On Dental Exemption From Medical Device Tax

How much will this excise tax add to the doctor's overhead costs annually?

Tax | Practice/Corporation

Required Tax Filings – How Many Have You Missed? (Online-Only Article)

Avoid costly audits and related interest and penalties - don’t miss these three necessary tax filings!

Tax | Individual

Making Charitable Contributions? Here’s How To Avoid Losing Your Deduction

Don’t make this costly mistake – make sure you have the appropriate documentation in order to get your full tax deduction.

Tax | Audits

IRS Announces Audit Targets For 2013

Are you at risk for audit in 2013?

Tax | Practice/Corporation

How Will The New 2.3% Medical Device Tax Affect Your Practice?

If you thought it wouldn’t apply to dentistry, think again.

Tax | General/Other

Juicy Tax Breaks Available For 2012 Business Car Purchases

Now’s the time to purchase an automobile through your practice for tremendous tax savings.

Tax | General/Other

Slash Taxes By Converting Non-Deductible Personal Expenses Into Legitimate Tax Deductions

Are you one of the many doctors cheating yourself on your taxes? Find out what you could be deducting as a business expense.

Tax | Practice/Corporation

Does Your Practice Qualify For The Domestic Manufacturing Production Deduction?

See how the Congressional definition of “manufacture” is being stretched. Could your practice benefit?

Tax | Audits

IRS Targeting Offshore Captive Insurance Companies And Merchant Accounts

Be wary of the many tax evasion schemes weaving through the dental profession. Don’t get hooked by their enticing descriptions!

Tax | Practice/Corporation

Congress Extends Payroll Tax Cut For All Of 2012

Good news for doctors! Because of a recent payroll tax cut extension, you could be entitled to receive over $2,000!

Tax | Individual

Eight Strategies To Beat The Coming Health Care Reform Tax On Personal Investment Income

Plan ahead - follow these strategies to save thousands of dollars annually from the new tax being imposed by healthcare reform beginning in 2013!

Tax | Audits

IRS Increases Audits Of High Income Doctors

The “tax gap” has widened, and the IRS is determined to narrow it. Audits of small businesses are up, as are criminal prosecutions, so make sure your practice is in compliance!

Tax | General/Other

The 12 Most Overlooked Tax Deductions

Certain tax deductions may be slipping through your fingers. Which ones are you eligible for?

Tax | Practice/Corporation

How Much Salary Must S Corporation Doctors Take To Survive The Growing Risk of IRS Attack?

Reasonable compensation is defined as…

Tax | Practice/Corporation

Are Supplier Rebates Tax-Free?

Failing to report rebates/refunds as taxable income could constitute criminal tax evasion.

Tax | Practice/Corporation

Use Simplified Sales And Use Tax Reporting To Avoid Penalties While Saving Time And Money

Purchasing supplies online? Make sure you understand and pay your tax liability, or risk audit from cash-strapped states.

Tax | Audits

IRS Increasing Audits Of High Income Doctors And Their Practice Tax Returns

The IRS plans to target smaller corporations by conducting line-by-line examinations beginning in 2011, so doctors should be prepared.

Tax | Individual

Act Now To Take Advantage Of Tax-Free Capital Gains

Tax-savvy doctors can still take advantage of a 0% capital gains tax rate.

Tax | Practice/Corporation

How to Maximize Tax Benefits By Employing Your Spouse

If your spouse is not on the payroll, you are missing out on some of the substantial tax benefits of practice ownership.

Tax | Pending Legislation/Tax Updates

House Bill Seeks To Hike Payroll Taxes On Most Subchapter S Doctors

A proposed bill could diminish the benefit of operating as an S corporation, but the Senate still has to weigh in.

Tax | Pending Legislation/Tax Updates

How To Dodge The Massive Obama Tax Hikes On High Income Doctors

Don’t wait until 2011; take steps now to shelter as much of your income as possible from the coming tax hikes.

Tax | Practice/Corporation

Three Strategies to Accelerate Major Tax Deductions

With cash tight, it’s especially important that doctors take maximum advantage of tax breaks they can receive without additional spending.

Tax | Audits

IRS Boosts Audits Of High Income Doctors To Close Tax Gap

The audit risk for doctors is increasing. What is the IRS looking for?

Tax | Individual

Five Tax Advantaged Strategies To Further Reduce The Cost Of A Second (Vacation) Home

Cut the cost of vacation home ownership with these top five tax breaks.

Tax | Individual

IRS Approves Another Strategy for Tax-Free Gains From Second Home Sales

2008 tax law changes reduced tax-free gains from a second home sale, but doctors may still benefit from a recently adopted “safe harbor” provision.

Tax | Individual

New Housing Stimulus Law Cuts Tax-Free Gains on Sale of Vacation Home and Rental Properties Converted to Personal Residences

Diminished tax advantages of owning a second home may depress vacation home prices in the interim, which should create a buying opportunity in future years.

Tax | Individual

How to Save Thousands by Reducing Your Property Taxes

A recent survey showed that as many as 60% of taxable property is now over-assessed as a result of the recent economic downturn.

Tax | Audits

IRS Announces New Audit Targets and Revival of Random Tax Audits

With the “tax gap” estimated at over $290 billion, doctors may find themselves in the crosshairs of the IRS.

Tax | Individual

Successful Strategies to Beat the Alternative Minimum Tax

By our estimate 30-40% of doctors are paying tax under the AMT, but are unaware of it.

Tax | Practice/Corporation

Court Strikes Down Tax Benefits For Incorporated Doctor Without Employment Contract

Failure to properly establish your corporate legal documents may lead to a disastrous tax result.

Tax | Individual

How to Disinherit the IRS – Six Steps to Avoid Death Taxes on Over $10,000,000

The IRS or your heirs...who do you want to inherit your wealth?

Tax | General/Other

Top 10 Services to Expect from Your CPA (Part Two)

If your CPA has a “flunking” grade (providing fewer than seven out of ten services listed), it's time for a change.

Tax | General/Other

Top 10 Services to Expect from Your CPA (Part One)

If your CPA has a “flunking” grade (providing fewer than seven out of ten services listed), it's time for a change.

Tax | Practice/Corporation

How to Handle a Business Car for Maximum Tax Benefit

Save thousands of dollars by running legitimate automobile expenses through your practice.

Tax | Audits

How to Handle the Growing Risk of IRS Audit

Follow these 16 rules to avoid IRS audit, or minimize the damage if you’re selected.