FINANCIAL, LEGAL, AND TAX CONSIDERATIONS

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TAX EFFICIENCY THROUGH RETIREMENT PLANNING

Establishing a retirement plan for your practice is a great way to lower your taxable income while also saving for your (and possibly your staff’s) retirement. We show how a hypothetical dentist can save $10,200 per year by establishing a 401(k) plan for their practice.

TAX BENEFITS OF HIRING FAMILY

Hiring family members can reduce your tax liability by reducing or eliminating Federal Unemployment Tax Act (FUTA), Social Security, and Medicare taxes. The hypothetical dentist in this white paper saves $1,921 per year by hiring his spouse and children.

TOP 5 ADVANTAGES OF OWNING YOUR DENTAL PRACTICE BUILDING

  1. Favorable tax treatment at sale

  2. Depreciation deduction

  3. Deductibility of renovation and maintenance expenses

  4. Interest expense deduction

  5. Potential step up in basis for inheritors/beneficiaries

RESTRICTIVE COVENANTS IN SOUTH CAROLINA

A restrictive covenant is a contract provision that limits a dentist's ability to practice dentistry in a certain geographic area and/or for a set period of time. The enforceability of these contract provisions is controlled by state law, so you should consult an attorney prior to signing your employment contract.