In this episode. Ash welcomes Lorraine Kent, the current tax manager at Edwards and Associates, to discuss essential tax strategies and tips specifically for dental practitioners. They start by discussing topics like deductible expenses, common tax mistakes, and audit red flags. Lorraine shares insights on what expenses are deductible for rental properties and the implications of depreciation recapture when selling such properties. She also provides guidance on loss harvesting strategies and the importance of tax planning while reviewing personal and business investments.

They also explore common tax mistakes that can be easily avoided, such as the importance of sharing all necessary tax documents with accountants, and they discuss key audit triggers like meals, travel, and auto expenses. They round the conversation with real-world examples of tax horror stories they’ve encountered due to miscommunication or oversight.

If you have specific questions about embezzlement or if you’d like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.

Key Topics Discussed:

• Deductible expenses for rental properties
• Depreciation recapture and tax strategies
• Harvesting tax losses effectively
• Common tax mistakes to avoid
• Audit red flags: meals, travel, and auto expenses
• Community property state tax impacts
• Business property tax explanations
• Impact of volunteer services on taxes
• Importance of communicating with your CPA
• Real-world tax miscommunication examples