Number 1 Mistake on Tax Returns

The most common mistake on tax returns is...get ready...wrong social security number. The problem with an incorrect social security number is that the names will not match up and this will register as an error with the IRS computers and your return will be rejected. When this occurs all of your credits and deductions will not be credited to your account. This seems like a simple mistake but your social security number is how the IRS identifies you and how they match your deductions with your tax liabilities.

This is something as simple as putting your name on your paper in school but sometimes it can be over looked. Before you file your taxes, double check the information on your paperwork and make sure everything is correct and accurate. The less contact you have with the IRS the better!

Your social security number is also your tax ID and it is linked to income statements, savings account interest, and retirement plans. It is the most important part to claiming your tax credits.

If you own a dental practice or medical practice it is always a good idea to hire a specialized Dental accountant or medical accountant to ensure you are filing correctly. Again, the less the IRS contacts you, the better!

What Does a Medical CPA do?

A medical cpa is really no different than a regular cpa but the knowledge and skill set are slightly different. Where a regular accountant deals with personal tax liability, a medical cpa will mitigate the tax liability for an entire medical practice. Also, a medical cpa has the knowledge to help a practice owner file correctly, understand and take advantage of all of his tax information and optimize a medical practice.

The medical CPA uses knowledge of tax planning and preparation to help practice owners mitigate their tax liability and also aid in mergers and acquisitions, financial planning and practice management.

Tax Planning and Preparation

It is that time of the year again, tax season. With the April 15 deadline approaching, do you have your taxes all squared away? If you own a private practice, it is always a good idea to hire a dental or medical CPA to effectively plan for your tax liability.

When it comes to taxes, surprises are never a good thing. Utilize the expertise of a medical tax professional as part of your core tax planning. A CPA will review your tax history and discuss your business and personal goals. The result of this approach will be a well-prepared strategic tax plan that will help mitigate your liability.

A dental CPA or medical CPA has the knowledge to help to traverse the tax landscape and ensure you are fully covered.