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Maximize Year-End Tax Strategies for Your Dental Practice

Maximize Year-End Tax Strategies for Your Dental Practice

11/9/2021 12:09:43 PM   |   Comments: 0   |   Views: 49

Before the final quarter of 2021 ends, you may want to consider evaluating your tax strategies so you can take advantage of some opportunities to save money this year and in 2022.

While we’re going to share some potential areas of your dental practice you may want to think about investing in or improving upon for tax-related benefits, you should always consult your business tax advisor before making any final decisions.

Here are six things to evaluate that may lead to tax savings for your business from 2021. 

Purchasing New Equipment

Modern equipment and technology improve patient comfort and experience at your dental practice while helping you to be more efficient during procedures so you can improve revenue. It could also be a potential tax write-off if you put it into place before December 31st.

Take stock of the equipment your dental practice needs and consult your CPA to see if you can write off all of the asset value, or if you should put it into a tax plan for next year.

Consider Cost Segregation

Purchasing your dental office, expanding your building, or making improvements and renovations to your current building can result in a significant tax deduction for your dental practice.

Consider getting a cost segregation study for your dental practice, which could allow you the opportunity to increase your depreciation expense, which then improves cash flow.

Ask your financial and tax planners if a cost segregation study might be right for your dental practice.

Look Into Prepaying Some of Next Year’s Expenses

 

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