4 Common Tax Mistakes Dentists Make

A calculator and pen with paperwork

Filing taxes is a vital part of making sure that your dental office runs smoothly and profitably. There are a few common tax mistakes made by dentists, so you can make sure to avoid these same mistakes!

4 Common Tax Mistakes Dentists Make

  1. Using an incorrect Social Security number or Tax ID number on forms. This mistake will immediately reject your return in any IRS computer. 
  2. Forgetting to report IRA contributions. You must report any and all contributions to an IRA, both deductible or non-deductible.
  3. Divorced tax payers each claiming the same dependents. Minors can only qualify as dependents for one parent per year.
  4. Incorrectly reporting your estimated tax payments. In this instance, record-keeping is essential. Make sure you know the amount of each payment, the date each payment was made, and the check numbers used to pay.

To avoid making these mistakes, or for help juggling all the responsibilities required at your dental office, please call CTC Associates and speak with a skilled dental consultant today.  

Posted on Aug 24, 2020

Share:

Archive

Sep 14, 2020, 2:50 PM
Now that most dental practices are reopened, it’s time to evaluate how the first few weeks have gone at your office.
Aug 24, 2020, 8:07 PM
Filing taxes is a vital part of making sure that your dental office runs smoothly and profitably. There are a few common tax…
Aug 10, 2020, 10:08 PM
To make sure your dental practice running smoothly and profitably, your patients must leave the office having scheduled…
Jul 27, 2020, 7:27 PM
Your hygiene department has the power to make or break your dental practice. It may surprise many dentists to learn that most…
Jul 13, 2020, 7:47 PM
There are a few important issues that many dentists overlook, much to the detriment of their dental practices. Making sure to…