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Dentists can cut their tax in half
A million dollars in tax over-payments
Over a 25-year career, a dentist who collects less than a million dollars a year will probably overpay nearly one million dollars in taxes.
Owners of smaller practices are not off the hook. Even if you operate a smaller practice, you are possibly paying almost double the amount of tax you must pay.
These statistics are derived from years of preparing tax returns for dentists and analyzing the ones prepared by other accountants.
Your right to pay absolute minimum in tax and no more
The IRS states in its Publication 1 “Your Rights as a Taxpayer” that you have the “The Right to Pay No More than the Correct Amount of Tax.” Dentists do not get any brownie points by paying more tax than is legally due.
Similarly, you cannot be penalized for advance planning to pay the minimum legally required tax.
This right has been repeatedly upheld by courts, slashing the myth about certain tax saving techniques being a “red flag” for audits.
