Tax Projections for No Surprices and Reduce Taxes

Tax Projections

Tax Projections is the process of estimating income and deduction for a dental practice owner from various sources, taking deductions as allowed per IRS rules and arriving at a taxable income and tax amount.

A tax projection is based on a set of assumptions.

We start with the income and deduction information from your prior year financial statements to arrive at an estimated income for your current year. We adjust for anything we know about the current year which includes changes in income, tax rates, potential deductions, etc.

We also include, other typical income sources which include spouces' salary, interest/dividents, capital gains.

Then, we calculate what your taxes would be based on those conditions.

We perform these calculations in the October/November timeframe so that the dentist has a good estimate of their tax bill for the current year.This also allows the dentist tax payer to apply any tax strategies, if they want.

profitable dental practice
identify financial aspects

Tax Preparation Services for Dental Practices and Dentists

Dental practices are typically setup as pass through entities such as S-Corporations, Partnerships or PLLCs. Not only do these entities have to file an annual federal tax return with the Internal Revenue Service (IRS), they are also required to file a number of other tax returns / forms on a quarterly or monthly basis. Non-compliance and/or incorrect filings can result in penalties and interest. Some of the returns are required to be filed on the state level and others on the federal level. Filing requirements differ based on business structure and state. Here is a list of commonly required tax returns and periodic filings for most entities:

financial aspect income

Federal Income Tax Returns for Dentists

  • Individual Tax Return (Form 1040)
  • Corporate Tax Return (Form 1120 or 1120S)
  • Partnership Tax Return (Form 1065)
  • Schedule C as part of Individual Tax Return
financial aspect expenses

State Tax Filings for Dentists

  • Franchise Tax Return
  • Sales and Use Tax Return (May be)
  • Business Personal Property Rendition (Call us if you've never heard of this one.)
financial aspect expenses

Payroll Tax Filings for Dentists

(Filed by the payroll service provider)

  • Quarterly Payroll Report (From 941)
  • Federal Unemployment (From 940)
  • Unemployment Filings with State

Limited Number of Clients for Tax Services

Accurate and timely information is key to all tax services. Therefore, we provide these services only to dental practice owners who are bookkeeping clients.

Bookkeeping and Advisory

For Dentists

$ 350 / month**

  • Financial Statements
  • Overhead Percentages
  • Bench Marking Analysis
  • Alerts for Improvement
Schedule A Consultation Today

Tax Advise/Projection/Preparation

For Dentists


$ 500 / month**

  • Bookkeeping and Advisory
  • Answer Tax Related Questions
  • One tax projection per year
  • Prepare Partnership (1065) or S-Corp (1120S) tax return
Schedule A Consultation Today
Schedule A Consultation Today
  • **
  • For new clients of only.
  • Up to 5 bank /credit card /line of credits included in price.
  • Price is per practice location.
  • Up to $1 million in collections.
  • Tax Advise/Projection/Preparation is for one onwner only. Contact us for additional owners.
  • If needed, prepare federal Partnership (1065) or S-Corp (1120S) tax return and one state tax return for the dental practice.
  • Offer not valid for DJ Bhola CPA PC clients.