8 Tax Return Opportunities for Dentists to Take Advantage of in 2017

The beginning of a new year is a great time to take advantage of opportunities that you might be missing on your tax return. Some opportunities you can take advantage of for the previous year and some in anticipation of the next year’s taxes:   1. Fund a 529 plan for your child’s education A 529 plan is a college savings plan that you can establish on behalf of your children.  The 529 plan is established by a state and, in many states, deductible on your state tax return.  Any earnings on the funds in a 529 plan are tax free as long as the proceeds are used for qualified education expenses. In Oregon, a couple filing jointly can get a $4,620 deduction for 2016 for any funds that they put into an Oregon 529 plan.  Contributions can be made up until April 15th.  If you established a 529 plan in another state, you can roll your out-of-state plan into an Oregon 529 plan and receive a deduction in Oregon for the previous contributions and carry forward the excess contribution for up to four years.  The deduction in Oregon is only available if the original contribution was not a subtraction in the other state.   2. Take Advantage of the Domestic Production Activities Deduction for CEREC machines The Domestic Production Activity Deduction is a special deduction available to businesses that manufacture a product in the United States.  The deduction, in general, is limited to 9% of direct wages paid or net income from the qualified activity. For dentists, milling your own crowns with a CEREC or similar machine qualifies...

An Invitation to Oregon Dental CPAs Business Bite & Brew on December 3

The Dental CPAs at Jones & Roth are very excited to launch our successful Business, Bite & Brew series in Central Oregon. This casual low key event is for Dentists and their guest to come together for conversation and camaraderie focused on dental practice success. The Business Bite & Brew series has a growing group of Dentist fans in Portland and Eugene, and this is our first event in Bend. We will provide the drinks and appetizers, you provide the questions and challenges. Please join the Jones & Roth Oregon Dental CPAs at our upcoming Business, Bite & Brew on Thursday, December 3rd at Bend Brewery . This event is for Dentists, Specialists, Practice Managers, Office Managers, Bookkeepers and a guest. With the end of 2015 right around the corner, you are probably already thinking about what 2016 will bring. Planning for the new year is very important for your dental practice, but you need to focus now on tax saving strategies for your 2015 tax return. Join Jeremy and Mathew for a lively conversation about tax saving strategies that can benefit you if you are proactive and act before it’s too late. As always, there will be complimentary refreshments provided. Click here to...