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 info@eandassociates.com any time or give us a call, and we are happy to help you navigate through your next steps.

Welcome To Beyond Bitewings

 

 

In this episode, the team at Edwards and Associates discusses why Beyond Bitewings was created and what you can expect in upcoming episodes. 

We know running a dental office isn’t easy. In fact, dentists are taught to be great at their craft, but they’re not taught about the business of dentistry. This podcast aims to help educate dentists on business matters, ideas on how they can run their business more efficiently, and to inform about general issues and current events.

Plus, you’ll be on the inside track of how the firm works together to discuss and brainstorm common scenarios brought up by clients and the best way to tackle those and create dental business solutions.

We hope you’ll join us every other week for a new episode, as we’ll have a combination of guest episodes and episodes with our team. 

We would also love to hear from you and answer any specific questions you may have. Please feel free to email us at info@eandassociates.com any time, and we may even have your question on the show!

Beyond Bitewings – COVID Update

As we wrap up 2020, many dentists are wondering how they can optimize the money they received through various grants and loans because of COVID. In this episode of Beyond Bitewings, the Edwards & Associates team discusses the loan forgiveness status and strategies for making sure you’re best prepared for whatever may come in 2021.

There are a lot of questions about PPP loan forgiveness, and the team covers everything you need to know about the timelines for rules for applying for forgiveness of the loan, how and when you needed to spend the money you received, and why the rules of forgiveness aren’t quite yet 100% clear.

The team also discusses the EIDL payment payback.  EIDL stands for the Economic Injury Disaster Loan, and why paying back this loan right away might not be the best decision as we enter 2021.

The third thing they discuss is the HHS stimulus payment and what you need to know when it comes to paying this back in addition to preparing your taxes for 2020.

We understand that these can all be very confusing and are happy to help answer any specific questions you may have. Please feel free to email us at info@eandassociates.com any time or give us a call, and we are happy to help you navigate your next steps.