Is your dental practice an S-Corp? If so, each year you face the challenge of determining how much you should pay yourself in W2 income verses how much should flow through to your tax return as passthrough income.
If you’re a practice owner with a 401k, Cash Value, or Profit Sharing Plan, now is the time to look at your employer contributions to the plan. Defined benefit, discretionary matches, and profit sharing contributions are based on last year’s compensation numbers.
As a Dental Practice Owner, you have a huge advantage over a typical employee in your ability to fund a retirement plan, and the tax benefits are significant. "Uncle Sam" is helping you fund your retirement in the form of tax deductions.
Sometimes dentists care so much for their patients and sacrifice so much for their employees that they short themselves and their own families.