Mistakes Dentists Make When Filing Taxes

Filing taxes is an incredibly important part of making sure that your practice runs smoothly. We’ve put together a list of some of the most common mistakes that dentists make when filing taxes so you can make sure you avoid them!

• Incorrectly reporting your estimated tax payments. In this case, record keeping is very important. Be sure to know the amount of each payment, the date payment was made and the check numbers used to pay.
• Forgetting to report IRA contributions. You must report any and all contributions to an IRA, deductible or non deductible.
• Divorced tax payers each claiming the same dependents. Children can only qualify as dependents for one parent per year.
• Using an incorrect Social Security number or Tax ID number on forms. This will immediately reject your return on any IRS computer.

To avoid making these mistakes, or with help filing your taxes, please contact Dental Bookkeeping!

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