As a student, your tax liability is the lowest it will ever be. Take advantage of all the tax credits you may be eligible for, such as the Lifetime Learning Credit. Since many students end up qualifying for tax refunds, be sure to file early. Otherwise, taxes shouldn’t be a big concern for you. Focus on your studies and think about the dental career you envision for yourself. It’s never too early to work with a professional dental CPA – contact us today.
Students loans are a good investment on a great career and shouldn’t be a cause for alarm, so there’s no need to rush to pay them off. The tax code allows you to deduct the interest on your student loan up to the maximum allowed. You can make your loans more manageable by consolidating them and signing up for income-base repayments. Only refinance when it makes sense financially. Want to learn more? Contact Engage Advisors today.
When banks are approving a loan to buy a practice, they like to see liquidity, in other words, cash on hand. Keeping your tax burden down will make it easier to build up the kind of savings that will lead a bank to green light your loan. If you’re a dental associate who receives a W2, you can lower your tax bill by taking advantage of tax reducing opportunities that are often overlooked, such as deducting costs related to job hunting, or claiming tax credits for childcare. If you’re working as a contractor, you’re eligible for even more tax deductions for things like home office expenses, costs for phone service, mileage, healthcare, and even fees for accounting services. As you move towards your goal, every little bit of liquidity helps bring you closer to your goal of buying a practice. Contact our team to learn more about how we can help you become a dental practice owner.
As a dental practice owner, you have many tax opportunities that can lower your liabilities including:
We help dental practice owners stay on top of tax code changes that impact retirement planning for themselves as well as retirement benefits offered to employees. The last few years have brought a number of changes to the tax code.