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At Golden Tax Relief, we understand your struggle. Planning for your taxes can be a tricky procedure even for the most informed out there. Whether you do your taxes yourself or trust them to a local tax professional, it’s easy for a great amount of savings to be missed if your unique needs aren’t considered.
That is where we come in! Ben Golden is a nationally recognized Tax Planner who teaches tax planning to CPA’ s, Attorney’s, and students of many other fields, including dentistry. He humbly started his business by putting into place his own plan that saved over $40,000 for himself annually. Mr. Golden has done over 700 plans in total, saving clients millions of dollars.
Experience. Mr. Golden has completed over 28,000 tax returns in his career, prepared over 700 tax plans, and saved millions of dollars for his clients. Experience is the building block that sets him apart. You don’t want someone who has never held a drill to work on you; tax planning is the same way.
“I must evaluate your personal tax situation, and then create a custom plan exclusively for you. There is NO one size fits all when it comes to tax planning. I personally went 12 years without getting so much as a checkup. When I finally did go, while not as bad as I thought, there was still significant work to done. Your finances and taxes are the same. How long have you gone without an income tax checkup?”
As the year nears its end, now is also a really good time to take a look at your books to make sure that you’re in good form when it comes to minimizing your tax responsibility for 2020. As always, when it comes to significant financial matters, be sure to consult Golden Tax Relief before filing your taxes.
Golden Tax Relief is your go-to authority on taxes, but it’s always worth taking a moment to refresh yourself on fundamental tax terminology.
The United States has what is known as a progressive tax policy which means that you progressively pay more tax (in terms of percentage) as you make more income. The marginal tax rate is often referred to as tax “brackets” because certain income amounts (the “brackets”) are taxed at different rates.
Total up all of your income and then deduct any modifications (such as self-employment health insurance, retirement plans, etc.,) to get your adjusted gross income. Your adjusted gross income minus any deductions is your taxable income. Taxes are then assessed based on marginal rates.
For instance, if you earned $50,000 this year, the first $19,050 would be taxed at 10 percent ($1,905) while the remainder ($30,950) would be taxed at 12 percent ($3,714) for a total tax payment of $5,619 (otherwise known as the effective tax rate which, in this case, would be 11.2 percent).
Just as the 2017 Tax Cuts and Jobs Act reduced federal income taxes, capital gains taxes are also at a historic low. Capital gains taxes are implemented to income made from the sale of an asset, whether that is stocks, bonds, mutual funds, securities, or real estate.
Accounting for capital gains taxes when determining your overall tax liability is a critical consideration particularly for dentists who are possibly nearing the end of their careers and/or are considering selling their practice.
For dentists, the name of the game is balancing your expenditures and deductions to reduce your overall tax liability.
Although your 2020 taxes will not be due until April 15 of next year, today is the most important time of the year to do your tax planning.
Want more clever dental marketing strategies tips and tricks? BOOK A CONSULT NOW to see how Golden Tax Relief can take your practice to the next level.