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As year-end approaches, tax planning preparation becomes increasingly important. Dentists who have received HHS Provider Relief Funds, PPP or EIDL loans certainly need to keep good accounting of any funds received to help them financially through the COVID-19 shutdowns. To maximize tax savings, dentists need to be proactive and keep tax planning and preparation top-of-mind, especially this year. Properly tracking and documenting expenditures is paramount.
In this episode of The Art of Dental Finance and Management podcast, Art meets with colleague Scott Haberman, CPA. Scott is a Partner on the Eide Bailly Dental Services team who helps dentists navigate the operational and tax implications of their practice. Art and Scott provide updates on the HHS Provider Relief Fund, what Congress has been working on that may affect dentists, and the important issues to consider regarding your 2020 tax planning.