Dentaltown September 2017 - 55

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Tax Savings as a Practice Owner
Potential owners want to know what to expect when it comes to taxes and write-offs.

Eazy Breezy
Member Since: 03/08/09
Post: 1 of 207

On various threads on DT I hear people say, "When you are a practice owner you get soooo
many tax advantages. Tax advantages and write-offs alone make it worth being an owner."
No one actually says what these big write-offs are and how they help so much. I know I've
got to pay additional self-employment taxes. Where does the advantage come from? I know as a
W-2, my employer is paying a portion of my income taxes.
So, what are concrete write-offs and benefits in the tax games that we benefit from being
an owner versus being a W-2 employee? Can someone give me an answer besides, "Go hire an
accountant and ask him." ■
6/22/2017

Blue901
Member Since: 06/04/16
Post: 3 of 207

Good question. I know as an independent contractor, the owner doc and myself are not
responsible for the 15 percent Medicare/Social Security taxes we'd pay if I were an employee.
Can also write off miles, scrubs, etc. ■
6/22/2017

Tim Lott, CPA, CVA
Member Since: 11/16/05
Post: 4 of 207

1.
2.
3.
4.

I'll start the list, I'm sure others will add.
Meals and entertainment
Travel and CE
Business gifts
Marketing and promotion

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