As the year winds down,
many dentists make expensive
equipment purchases to take
advantage of the Section 179 tax
deduction. But sometimes those
costly purchases prove to be
unnecessary expenditures.
Working with a dental
Certified Public Accountant can
help you determine when an investment in equipment is right for your
practice, and when you may be spending needlessly in the hope that the
tax deductions will balance the cash outlay.
Tax planning and capitalizing on tax deduction and tax credits is a strong
suit of Dental Business Specialists. Experts at the MDA-endorsed Dental
Business Specialists welcome outreach from MDA members, who receive a
discount on monthly accounting services or tax filing fees.
Now is a great time to contact Dental Business Specialists to find out if
your practice is eligible to file for an employee retention tax credit, part of
the federal response to the COVID epidemic. The tax credit may be available
to you, even if you received a Paycheck Protection Program loan and it was
forgiven. Generally, you qualify for the ERC if your practice experienced a
mandated full or partial shutdown, a decrease in revenues, a COVID event, or
a supply chain disruption. The maximum tax credit available per employee is
$26,000 and the tax credit is available for 2020 and the first three quarters of
2021. The ERTC must be filed before the first amended tax return deadline
of July 31. Get ahead of the rush and file early.
As is often the case with seeking tax credits, filing can be confusing. Don’t
try it yourself. Instead, scan the QR code or visit mdaprograms.com/erc/ and
complete the interest form. John Looby from Dental Business
Specialists will respond to your inquiry and provide you with a
document to complete to preliminarily determine whether your
practice qualifies. Alternatively, call Dental Business Specialists
at 989-778-6605.