Business versus Personal Expenses; Documentation Required

Business expenses can be a large part of the federal tax deduction for dental practice owners. Understanding which expenses are business expenses and how you must go about deducting those expenses is critical to making sure your federal tax liability is accurate. As a dental practice owner, you can deduct all ordinary and necessary business expenses from your federal tax liability as long as you keep adequate and accurate records of the expenses. Some common ordinary and necessary business expenses for dental practices include wages paid to employees, insurance for your dental practice, and interest on business loans. Please read our letter to clients here to learn more about business expenses that are deductible and substantiation requirements for deducting business expenses for your dental practice.

Contact Nardone Limited

If you have any concerns about federal or state tax matters at your dental practice, you should contact one of the dental practice attorneys or tax attorneys at Nardone Limited. Nardone Limited, a Columbus, Ohio law firm, provides specialized dental practice representation across the state of Ohio. The dental practice attorneys and employment law attorneys at Nardone Limited represent dentists in such diverse areas as: (i) buying and selling dental practices, (ii) asset purchase agreements, (iii) employment contracts, (iv) labor and employment representation, (v) human resource representation, (vi) Ohio Dental Board representation, (vii) lease agreements, (viii) real estate purchase agreements, (ix) tax planning, and (x) estate planning. The staff at Nardone Limited understand that a dental practice is a business and strive to handle transactions while minimizing each client’s time spent away from the office. Whether your practice is beginning, transitioning, or encountering adversity, Nardone Limited also provides the legal and tax planning guidance your practice needs. Contact Nardone Limited today to discuss your practice and how Nardone Limited may help you.