Introduction Ms. Smith, a fictional property owner, owns multiple AirBnB properties and is seeking to maximize her tax savings. She discovers that by utilizing cost segregation, she can potentially accelerate depreciation deductions, resulting in substantial tax benefits. This case study explores the application of cost segregation in AirBnB properties and its potential advantages within the Read More
Introduction In this case study, we will delve into the world of Employee Retention Credit (ERC) for dental offices and explore how TaxRx Group, the healthcare specialists for tax credits, helped Dr. B, a fictional dentist, leverage this powerful tax incentive. By understanding the technical aspects of ERC application and aligning it with the unique Read More
Introduction Dr. K, a leading oral and maxillofacial surgeon, managed to achieve an impressive saving of $153,798 in taxes by tapping into the Research & Development (R&D) tax credit with the strategic guidance and expertise of the TaxRx Group. Background Dr. K operates a state-of-the-art oral and maxillofacial practice, where he constantly seeks to Read More
Introduction Dr. Anderson, a dentist and owner of a successful dental practice, sought to maximize tax benefits and reduce expenses for his office. Through consultation with TaxRx Group, the healthcare specialists for tax credits, Dr. Anderson discovered the Augusta Rule—a tax provision that presented significant opportunities for his dental office. Understanding the Augusta Rule Read More
Understanding the Augusta Rule The Augusta Rule, also known as the Augusta Exemption, is an important provision within the tax code that can benefit dental office owners. It allows individuals to rent their personal residences to their businesses for specific purposes, such as short conferences, remote meetings, or other qualifying activities, without triggering tax consequences. Read More
Introduction This case study will delve into the application of cost segregation, explaining the concept of cost segregation, and its significance for orthodontic offices. What is Cost Segregation? Cost segregation is a strategic tax planning technique that involves identifying and reclassifying specific components of a commercial property to optimize depreciation deductions. The objective is Read More
Discover the Power of Cost Segregation Are you an orthodontist looking to maximize your tax savings? If so, there’s a little-known strategy that could significantly benefit your practice: Cost Segregation. By unlocking hidden tax deductions, cost segregation can help you optimize cash flow, enhance profitability, and invest in the growth of your orthodontic office. In Read More
The TaxRx Group is a specialty tax consulting firm. We work with local accounting teams to identify advanced options that reduce our clients’ taxes. We produce a yearly tax prescription (Tax Rx) to maximize available benefits and savings. An Optimistic Outlook for Small Businesses and Innovation. By Alphonso Anderson, Esq., LL.M (Tax) This week’s Tax Read More
Introduction Dr. J, a committed periodontist, successfully leveraged his practice’s inherent research and development (R&D) nature to secure substantial tax savings. With the expertise of TaxRx Group, he realized $69,088 in tax savings from the R&D tax credit, all with minimal time commitment and effort on his part. Challenge: Capitalizing on R&D Opportunities Despite consistently Read More
