Monthly Core Services
As a dentist, you have enough to worry about. Tax compliance, monthly bookkeeping, and annual financial reports should not be on your list of things to do. That’s why we offer a complete solution to our clients.
Our #1 service that sets us apart from other CPA tax services!
All-in-One CPA Tax Services
The Monthly Core Services Plan is a one-stop-shop for all of your tax & accounting needs. This plan offers the services you need to keep your business operating smoothly.
- Tax + Accounting
- Monthly bookkeeping + financial statement preparation
- Annual + quarterly tax return preparation
Our specialists have decades of experience handling tax submissions, entity creation, monthly financial prep & more for dental practice owners, and we can do the same for you! If you need more information, contact us here.
Unbeatable Flat-Rate Cost
We charge a flat-rate plan customized for each client. You will receive all of the typical tax & accounting services that we offer all clients, but you also receive customizable options specific to your business + personal needs.
This solution saves you money relative to paying a la carte for each service. No hidden costs, no complicated contracts. We provide you with the exact services you need at an affordable price. Contact us today for more information on this value-added plan!
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Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
Are Dental Services Subject to Sales Tax?
Dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allow you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
We know you only want to focus on your patients, let us do this for you!
Call us today and get your taxes done 972-267-9191
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
You must file Monthly if you collect $500 or more tax in a month.
You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
If you need more assistance with understanding if dental services are subject to sales tax, please contact our firm for a consultation.
As the Owner of a Dental Practice, Can I Put My Kids on the Payroll?
If your children are still young, we suggest opening an account for the children or the child, if it’s multiple children, one account is sufficient. Use that money for their allowance, use that money for their clothing, use that money for their school tuition if they’re going to private school. As long as it’s used for the benefit of the child, then it’s okay!
Should I Buy or Lease a Vehicle as a New Dental Business Owner?
If, however, you own one dental practice, we can justify a deduction of about 25% of the vehicle’s operating cost, and leasing it will then provide you a lower monthly payment. If you have multiple practices, you can justify greater than 50% business use, and you would get a bigger deduction than by purchasing the vehicle.