I believe the October 15, 2020 filing deadline will go down as one of the craziest filing deadlines in history. This week’s solocast episode was recorded about a week after that, which means this is the time of year we need to be thinking about year-end tax planning. Tax planning is not about figuring out the sum that you owe so you can pay it on time. It is about meeting with your CPA so you can figure out what you can tweak to lower your tax liability or anticipated tax liability. In this episode of the Progressive Dentist, I walk you through the fundamental knowledge you need to have in order to best prepare.
2020 has been crazy to say the least. But even if you’re not having the best year, you need to plan for taxes. Have you maxed out your 401k? And if your spouse is involved in the business, have they maxed theirs out as well? Have you looked at your entity structure? And have there been any changes that affect it? When you reach out to your CPA, you need to be armed with the right questions, accurate numbers, and in this case, an understanding of your business’s use of PPP relief. As always, please visit me at www.theprogressivedentist.com for more informative, money-saving podcast episodes like this one.