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
R&D Tax Credit
Sean Yearout, Benjamin Dyches, DDS, JD, Alphonso Anderson, Esq., LL.M (Tax) Summary The R&D credit changed for 2022 tax filings by requiring the amortization of research expenses instead of treating them as an immediate deduction. Background Pre-2022 guidance (IRC Section 174i) allowed taxpayers to expense all research and experimental (R&E) expenditures immediately. Additional benefits were Read More
R&D Healthcare Credits
Nicholas Misenti, JD, CPA Many people are unaware of the federal estate tax or think it doesn’t apply to them. The typical estate plan that results is no plan at all or Wills that leave everything to the surviving spouse and then from the to the surviving spouse to the children. That can be a Read More