Tax Planning and Preparation

Helping You Keep More of What You Earn

HDA Accounting Group specializes in working with dentists throughout Denver and all 50 states to minimize their overall tax burdens wherever possible. To achieve this, our tax services are focused on tax planning early in the year and maintaining close contact with our dental clients throughout the year.

We understand that managing your income tax is a crucial element of managing your overall practice cash flow. To that end we are uniquely qualified to bring your dental practice a level of expertise that you won't get with other accounting firms.

We'll help you manage your cash flow and reduce income taxes through our pro-active approach to tax and financial planning that help you keep more of your hard-earned practice dollars.

Managing Your Single Largest Expense

As a practice owner you are granted special status that creates unique tax advantages, so long as you are careful to avoid the pitfalls that go along with these opportunities. Our integrated tax planning will guide you through this process so that you are comfortable with your tax plan and satisfied with your tax results.

We utilize several proven tax strategies to look forward and identify how we can use provisions of the tax code to achieve the most favorable tax treatment for you and your practice for years to come.

Our strategies focus on three key areas:

1. Reducing Employment Taxes

Employment taxes (and specifically self employment taxes) are one of the least understood and managed taxes we have. Separate from income taxes, these taxes take a huge percentage of your earnings before any personal income tax deductions. Fortunately, you have a special status that enables us to manage the way these taxes are collected. While employment taxes can’t be eliminated, our tax professionals can formulate a clear plan to minimize the effects of this hidden tax.

2. Identifying as Many Tax Deductions as Possible

The most direct means of reducing the impact income taxes has on the amount of your earnings you turn over to the internal revenue service is identifying every legitimate income tax deduction that is available for your use. These tax deductions come from two sources, business deductions and personal deductions.

3. Sheltering as Much Income as Possible

Utilizing the special provisions of the tax code, we can shelter some income from taxation. One method to do this is through establishment and monitoring of specially designed retirement plans for your benefit. Our strategies are to achieve long term solutions to manage and minimize your taxes.

Tax Planning Services for Dentists:

Income tax planning and your practice monthly accounting are closely related.  This is due to the fact that when you own a practice, your business profit is reported on your personal tax return (via Form K-1 or Schedule C) and taxed at your personal marginal tax rate.  In order to ensure that we are able to provide close attention to your tax situation, our firm limits our tax work to only those clients for whom we also provide monthly accounting  or payroll services.

Our tax planning and compliance services include:

  • All tax services – business and multi-state
  • Preparation of tax returns for dental practice entities and owners
  • Tax planning and compliance
  • Tax alternatives and ways to reduce taxes
  • Merger and acquisition tax planning assistance
  • IRS problem resolution

 


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 800.453.0476