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.
Tax Planning Workshop for Musicians
On Tuesday, November 5, our tax planning workshop for musicians covered these topics:
- The difference between W-2 and 1099 income and the deductions available for each type of income.
- Deductible business expenses, e.g. instrument depreciation and studio space.
- Accounting and tracking expenses for gig work.
- State income taxes for gig work in other states.
- Substantiation requirements: the documents required to support deductions.
We focused on helping attendees develop strategies to track tax-related activities, reduce taxable income, and keep tax preparation fees low.
Tax Planning Workshop for Dentists
On Wednesday, November 13, we talked to dentists about:
- Tax rules that impact dentists.
- Strategies to track deductible business and personal expenses.
- Documentation required to substantiate deductions.
- Options to save for retirement.
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:
- Does your practice need new equipment to achieve your growth goals?
- Do you need more staff to achieve your growth goals?
- Do you have stated growth 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.
Work With Our CPA Firm for Your Specific Line of Business
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.