Entering income tax return season, the team at Caudell regularly holds training events to support the community we work so closely with.
In November 2019, our CPA firm hosted tax planning workshops for musicians and dentists at our office in Houston, Texas. Each industry has its own unique idiosyncrasies that are important to understand when preparing financials and tax information.
On Tuesday, November 5, our tax planning workshop for musicians covered these topics:
We focused on helping attendees develop strategies to track tax-related activities, reduce taxable income, and keep tax preparation fees low.
On Wednesday, November 13, we talked to dentists about:
Most participants work as contract dentists. We covered their issues in detail. Comparatively, dentists that own their own practices deal with more complex challenges and have to track a lot more details. We discussed issues for practice owners as well.
For all dentists, this year’s tax return is a great tool to evaluate results and set next year’s goals. At least yearly, business owners should consider both their business results and their business goals:
It’s hard for every business to simply maintain the current level of revenue. If your practice isn’t growing, it’s likely that it’s shrinking. We work with our dentist clients to look ahead and prepare for future periods.
There are many tax situations that both musicians and dentists need to consider when preparing their income return. During each workshop, we appreciated the lively discussion about specific concerns to help those present understand issues and activities that ultimately affect their tax bills.
Whether you attended our workshops or missed the workshops, we are available to discuss specific tax situations to help you prepare an accurate year-end tax return. Contact us today to discuss how we can help you or your practice.