Volunteer opportunities Smiles for Kids Volunteers needed: Doctors to “adopt” patients seen on Smiles for Kids Day 2016 for follow-up care. To volunteer, Contact: SDDS office (916.446.1227 • email@example.com)
Smiles for Big Kids Lowering Audit Risk
VOLUNTEERS NEEDED: Dentists willing to “adopt” patients for immediate/emergency needs in their office.
Converting your business entity from a sole-proprietorship to an S-corporation is a good example of a permanent tax deduction that also lowers audit risk. For a dentist, the typical annual tax savings from this strategy can be about $5,000 per year. That’s $5,000 per year, every year, for as long as you operate the business. To make this deduction work there are rules that must be followed. You must follow corporate formalities, pay yourself “reasonable compensation” for the service you provide to the business, report your shareholder medical insurance on your W-2, and so on.
TO VOLUNTEER, CONTACT: SDDS office (916.446.1227 • firstname.lastname@example.org)
Making Non-Deductible Expenses Deductible
TO VOLUNTEER: www.cdafoundation.org/cda-cares Robyn Alongi (916.554.5305 • email@example.com)
Employing your minor children is another effective way to permanently reduce your taxes that requires very good record keeping and documentation to protect from audit risk. If properly done, it can allow you to shift up to $6,400 per child per year to a zero percent tax bracket. You can also use it to convert previously non-deductible personal expenses into deductible business expenses. One way to do this is to require your children to use a portion of the money they have earned to pay for personal expenses such as soccer league registration, clothing, or private school tuition. Also, your business may provide cell phones and other benefits to its employees. Within reason, meals with employees during which you discuss business are generally deductible, as is business related travel. If your children are integral parts of your business, it is easy to think of business expenses that benefit them, and you.
April 16-17, 2016 • Ventura County Fairgrounds October 15-16, 2016 • Stockton (Location TBD) April 21-24, 2017 • San Mateo Event Center October 5-8, 2017 • Bakersfield/Kern County Fairgrounds
Auburn RenewaL Center Clinic VOLUNTEERS NEEDED: General dentists, specialists, dental assistants and hygienists. TO VOLUNTEER, CONTACT: Dr. Steve Holm (916.425.6766 • firstname.lastname@example.org)
The Gathering Inn Volunteers needed: Dentists, dental assistants, hygienists and lab participants for onsite clinic. To volunteer, Contact: Kathi Webb (916.743.5351 • email@example.com)
Owning rental real estate in locations you like to visit is another great way to make formerly non-deductible personal expenses into deductible business expenses. I encourage you to buy rental properties where your kids go to college, where you like to travel, near where your relatives live, and so on. With appropriate record keeping and strategy, business travel can be entirely deductible.
Reaching Your Wealth Goals More Quickly
Taxes are the single largest annual expense for many people and businesses. Permanently reducing your taxes as much as possible, and reinvesting the savings is the quickest way to reach your wealth goals. Effective tax planning combines knowledge of the tax law with tax strategy and speeds you down the road towards achieving your dreams.
Volunteers needed: General dentists, specialists, dental assistants and hygienists.
Volunteers dentists and autoclaves needed. to volunteer abroad visit: www.globalbrigades.org to donate an autoclave, contact: Dr. Dagon Jones (firstname.lastname@example.org) (Coalition for Concerned Medical Professionals)
Also Needed: Dental labs and supply companies to partner with; home hygiene supplies To volunteer, Contact: Ed Gilbert (916.925.9379 • email@example.com) www.sdds.org • February 2016
It's Tax Time!