Kalish & Associates, PA · Owings Mills

Tax and Accounting for Dentists and Dental Practices

Taxes are boring. Your accountant doesn't have to be.

A Maryland family CPA firm serving clients nationwide since 1986.

Many of our clients are dentists and health-care professionals. We prepare practice and personal returns, keep practice books, and advise owners.

Practice and personal tax returns

We handle both the practice and the owner's personal return.

Practice bookkeeping and monthly or quarterly financials

Financial Statement Preparation

We prepare monthly, quarterly and year-end financial statements for businesses, ready for owners, lenders and investors.

Tax planning

Planning topics include S corporation elections and owner salary, estimated payments, and retirement moves such as SEP plans and maxing a 401(k).

Entity setup

We can talk through when to incorporate and whether an S corporation election makes sense for your practice.

Equipment purchases

Discuss tax considerations for equipment purchases, including vehicles.

Practice books

Bookkeeping is usually monthly, with quarterly for some clients. We work with QuickBooks and QuickBooks Online. Monthly or quarterly financials can support better decisions when the timing fits the practice's needs, and reconciling bank and credit-card accounts keeps owner transfers separate from patient receipts and operating expenses. Behind on your books? Our team can catch up past months or years.

Owner and practice returns

We handle both the practice and the owner's personal return. The two are connected, but the same transaction can have different effects at each level. Business structure, ownership arrangements and state rules affect the result. For an S corporation, a shareholder who works in the practice must consider reasonable compensation before non-wage distributions. There is no universal percentage split.

Planning equipment purchases

Dental chairs, imaging systems, computers and other equipment can represent substantial commitments. An advertised write-off is not a reason to buy equipment the practice does not need. Compare the cash cost, expected benefit and financing terms. We're glad to discuss tax considerations for equipment purchases, including automobiles, before you decide. Keep invoices, financing details, business-use information and the date each asset was placed in service.

“Best CPA for Dentists and other health care professionals!!!!!”

Dr. George G. · Google review

Why Kalish & Associates

A family firm in Owings Mills, Maryland, serving clients nationwide since 1986. You call people who already know your situation.