As the country continues to work towards reopening, it’s important to address tax obligations as soon as possible. If you have not already done so, contact a CPA to learn the best ways to resolve pending tax issues. Reopening your practice is challenging enough. Rely on a skilled CPA to help resolve your IRS and State tax issues for your dental practice. Learn more below and schedule a virtual consultation with Ash Dental CPA today.
Resolving tax and IRS issues can be difficult and stressful. This is true for dental offices because any business can get taken off guard by financial difficulties. You would think businesses and medical practices would be the last to have an issue. The problem has a few factors causing it. One, the financial system they’re using isn’t sufficient or they’re so busy that the billing and taxes are backed up. Being busy is a good sign but you can lose the fruit of that labor to the taxman if you don’t straighten it all out.
If you’ve already been served with a tax notice, read more below.
Secure a Tax Accountant
The first thing you need to do if you don’t have one is to contact a tax accountant before responding to the state or IRS. Don’t leave it, do it immediately upon receipt. The tax accountant will review your tax records and plan your best approach.
Have an Understanding of What Happened and Why
A good tax accountant will not only find the core reason for the issue and find the solutions but show you why the situation occurred. They’ll also make certain that it never happens again.
Take Swift Action
Once your accountant determines what you owe or how to resolve the issue, take swift action. You can pay it all at once or negotiate a payment plan. Most tax bills are wrong from the get-go. So this is why you need a professional to sort it out. They can clarify a lot of the confusion and straighten your tax records efficiently.
Besides, your patients need you!
Swift action is needed before a tax assessment is placed on you. It’s hard, if not impossible to get it removed or changed after the fact.
Sometimes when you handle these things yourself, you can skip vital steps or not know where to look for the answers. After the IRS sends a tax notice is not the time for you to spend hours on the phone. Your tax accountant will know immediately how to determine if the tax bill is correct.
Then, they have to petition the court and help you to pay what you actually owe with one caveat:
They’ll be able to help you claim deductions to help lower your tax bill.
That’s right, even when you’re in trouble, you only owe what you owe and you’re still entitled to what you’re entitled to. Allow your accountant to uncover deductions that may reduce your tax obligation.
Contact Ash Dental CPA to learn how to resolve your tax issues. Our firm has over 20 years and offers virtual accounting and bookkeeping. Call (508) 458-6789 or click here to schedule online. We look forward to meeting you.