Navigating Business Deductions: Common Tax Questions Answered

Beyond Bitewings

We're bringing back some of your most common questions about write-offs and tax deductions for dental practice owners. Ash is joined by Lynne and Lorainne Kent to talk about a broad array of topics, including the nuances of business expense deductions, home office claims, and considerations for travel-related deductions. They also discuss the protocols for handling cash receipts, with Lorraine stressing the importance of proper record-keeping to avoid tax evasion issues. Lynne provides insights into the complexities of vehicle write-offs and the constraints around EV tax credits, especially for high-income earners.

The episode touches on the misconceptions around adding AirBnB's to a portfolio and what you can write off, handling gifts and business etiquette, especially during festive seasons. They also talk about how important it is to not withhold income from the IRS, and why you need to be careful of red flags on your taxes.

And as always, make sure you consult with a tax professional.

Key Topics Discussed:

• Vehicle Write-Offs
• Business Expense Deductions
• Handling Cash Receipts
• Deducting Travel and Meals
• Home Office Deductions
• Combining Airbnb with Farming Activities
• Gift Tax Rules and Business Etiquette
• Documentation and IRS Audits
• Importance of Consulting Tax Professionals