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
Image Credit: © Dreamstime.com

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