7 Legal Tax Loopholes for Successful Dental Practice Owners
It’s no secret that taxes can take a big bite out of your income, but with the right strategies, you can lower your tax bill and save more.
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In our guide, you’ll find seven tax loopholes for dentists to save on taxes and invest more in their future. Learn how to maximize your SEP IRA, leverage the Augusta Rule for tax-free rental income, take advantage of the QBI Deduction, and even turn family vacations into tax-deductible expenses.
What Can You Achieve With This eBook?
In our guide, we break down seven straightforward strategies to help dental practice owners save on taxes and invest more in their future. Here’s a glimpse of what you’ll find:
1. SEP IRA: Learn how to set up a retirement plan that allows you to save up to $66,000 annually while cutting your tax bill. For example, if you contribute $30,000 to your SEP IRA, you could save $9,000 in taxes!
2. Augusta Rule: Discover how to rent your home to your business for board meetings without paying taxes on the rental income. For instance, if you rent your home for 14 days at $500 per night, you could save $2,100 in taxes.
3. QBI Deduction: Find out how to reduce your taxable income by 20% with this deduction, potentially saving thousands. If your business income is $150,000, you could unlock a $30,000 tax deduction and save $9,000.
4. Tax-Deductible Vacations: Learn how to make your family vacation a business expense by demonstrating a business purpose. With proper planning, a portion of your vacation costs could become tax-deductible.
With clear steps and real-world examples, you’ll gain valuable insights to keep more of your hard-earned money.
Meet the author
Omar graduated with his Bachelor of Business Administration in Accounting in 2008 and later attained his CPA in 2012. He has worked in various areas of finance for several Fortune 500 companies before starting Virjee Consulting in 2013.
Omar is an entrepreneur by nature, starting his first company when he was 16 years old. In 2013, Omar and his wife Sarah started Virjee Consulting with the idea of building a CPA firm that helps small businesses save in taxes by delivering unique tax strategies fit specifically for their business. In 2018 Omar and Virjee Consulting were selected to be part of the Goldman Sach’s 10,000 small business program. In 2019 Omar earned his CTC designation, as a Certified Tax Coach from the American Academy of Tax Planners. In 2021 Virjee Consulting was ranked as one of the top three reviewed accounting firms in Houston.
During his free time Omar enjoys spending time with his family, playing basketball with friends and traveling to new destinations.
Ready to save thousands of dollars in taxes?
Download our eBook today for practical, easy-to-follow tips designed just for dentists. Start making smarter financial moves and keep more of your hard-earned money.
