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
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
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
Alphonso Anderson, JD, LL.M Tax 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. This week’s Tax Tip is an introduction to the Employee Retention Credit Read More
Benjamin T. Dyches, DDS, JD 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. This week’s Tax Tip is an introduction to Cost Segregation. When done Read More
Recently, a webinar commentator posed the question about the R&D tax credit and whether healthcare professionals engage in research in their daily practices. The question was based on the commentator’s interpretation of experimentation as the discovery of something new. As with all things legal and tax-related, language is everything. So how does the language of Read More
It is not uncommon for clients to ask the big questions: What are the odds of an audit in the R&D tax credit application? How can audit risk be reduced? Does an amended return increase audit risk? Will the IRS look a little harder this year? It is true that claiming the R&D Tax Credit Read More