Beyond Bitewings – 2020 Tax Planning

It’s hard to imagine, but 2020 is already almost over, which means it’s time to start making sure your dental practice tax planning is tied up for 2020.

Many dental offices are finding themselves with more cash in the books, and they’re wondering what they should do with it. Plus, everyone is trying to understand the guidelines for the loans, grants, and unemployment paid during the shutdown. Some of rules around these will not change (i.e. unemployment), and some of the policies are evolving and changing daily.

In this episode, the team from Edwards & Associates discuss where the current guidelines stand when it comes to tax planning and what you need to know as you figure out how to best spend and save your money for 2021.

The team discusses the tax implications from PPP loans and what will be forgiven, other loans, HHS grants, unemployment, and loan distributions from retirement accounts.

They also discuss a few things that you can do right now to get yourself set up for the end of the year and maximum dental tax deductions, including purchasing equipment, potentially adding children to the payroll, and getting your retirement accounts set-up and contributions added.

We understand that tax planning, especially for this year, can all be very confusing and are happy to help answer any specific questions you may have. Please feel free to email us at any time or give us a call, and we are happy to help you navigate through your next steps.

Download transcript here.