Dentaltown July 2020 - 35

to some businesses that may need it now,
through amended income tax returns. Again,
consult your CPA to see if you qualify.

2019 and 2020 income tax tips
Not only did the federal individual
tax filing deadline get extended this year,
but also the tax deadline for the first- and
second-quarter federal income tax estimates
were moved to July 15. If you expect your
income to be lower in 2020, as we think
most will, you should consider adjusting
your quarterly individual income tax
estimates. Consult with your CPA about
this as well.
If you are an S-corporation and receive a
wage, it will be a good time to review whether
it's a good idea to lower your W-2 for 2020.
While S-corporations are required to pay
their owners a reasonable wage for services
rendered, "reasonable" may look different

in 2020 and it could be an opportunity to
save some payroll taxes.
It is certainly possible more changes will
come throughout the year, so stay in close
contact with your CPA.

Lessons we've learned
Finally, as we get back to the "new normal" in both our business and personal lives
after the start of the COVID-19 pandemic,
let's see what we've learned financially.
How prepared were we, both professionally and personally, for the financial
hardships we have endured, and what lessons
can we take from this crisis? We believe you
can take steps to prepare for the next crisis.

Cash is king
Let's talk about cash reserves. You've
often heard in the past that people should
have "emergency" funds available for three
dentaltown.com \\ JULY 2020

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Dentaltown July 2020

Table of Contents for the Digital Edition of Dentaltown July 2020

Dentaltown July 2020 - Intro
Dentaltown July 2020 - Cover1
Dentaltown July 2020 - Cover2
Dentaltown July 2020 - 1
Dentaltown July 2020 - 2
Dentaltown July 2020 - 3
Dentaltown July 2020 - 4
Dentaltown July 2020 - 5
Dentaltown July 2020 - 6
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Dentaltown July 2020 - Cover3
Dentaltown July 2020 - Cover4
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