The past year was an eventful one from a tax-planning perspective. The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017, initiating the biggest overhaul to the U.S. tax code in almost three decades. This legislation has had a major impact on year-end tax planning for dentists.
The Supreme Court also handed down a decision in the Wayfair case, which drastically changed the landscape in which businesses need to collect sales tax from their customers.
Of particular note for dentists, there are many tax planning strategies that can be leveraged, such as the increase in the Sec 179 deprecation amounts to $1M per year. In addition, decreases in business tax rates could make the C Corp entity structure a viable tax alternative to a S Corp.
- Section 199A - Qualified Business Income Deduction
- Potential Benefits of Converting from S Corp to C Corp Status
- Deductions for Business Meals and Entertainment
- Retirement Plan Changes
- Sales Tax Impact of Wayfair Decision
- Partnership Audit Rules
- Qualified Opportunity Zone Investment Tax Benefits
- Depreciation Changes
- Changes to Itemized Deductions
- Limits for Charitable Contributions
- Estate Planning
Sara Northcutt, CPA
Aldrich CPAs + Advisors LLP
Sara Northcutt joined the firm in 2005 and has more than a decade of experience working on a wide range of clients, including financial lending, private equity, real estate, and other closely held businesses. Sara specializes in multi-state tax compliance. Sara received her Bachelor of Arts degree from Vanguard University of Southern California and did her... Read more Sara Northcutt, CPA
- Closely-held businesses
- Certified Public Accountant
- Strategic tax planning and compliance