How Dental Billing Services Make Taxes Simpler

B Dental Solutions Dental Billing Company offers comprehensive billing services from insurance claims to patient statements. Since we’re all about dental billing, you may not know what a difference we can make to the process of filing your taxes. While we don’t file for you, taxation does play a significant role in dental practice finances, so we seek to support our clientele as much as possible, particularly during the dreaded tax season. We keep thorough and accessible financial records to help simplify tax filing and financial auditing. We also encourage our clients to work with trustworthy, well-informed accountants with whom we are happy to collaborate. Adding SB Dental Billing to your financial team can help to ensure a smooth, cost-effective, and worry-free tax season.

US Tax Changes That Could Affect Dentists
With each new presidential administration, various changes always take place. President Biden has proposed changes to the US tax code, many of which will affect dental offices. Staying informed can help prevent unpleasant surprises come next tax season, and as financial advocates in the world of dental billing, we found the following summary of changes, particularly helpful (original source https://www.dentistryiq.com/):

• The top individual income tax rate for taxable incomes above $400,000 will change from 37% to 39.6%. 
  
• Congress will pass a 12.4% old age, survivors, and disability insurance (Social Security) payroll tax on income earned above $400,000, to be evenly split between employers and employees. 
  
• There will be caps on the tax benefit of itemized deductions to 28% of value for those earning more than $400,000. This means that taxpayers earning above that income threshold with tax rates higher than 28% will face limited itemized deductions.
  
• The Child and Dependent Care Tax Credit (CDCTC) will expand from a maximum of $3,000 in qualified expenses to $8,000 ($16,000 for multiple dependents) and the maximum reimbursement rate will increase from 35% to 50%. 
  
• The corporate income tax rate will increase from 21% to 28%.
  

It’s Your Call
Don’t leave your dental office finances up to chance. Stay safe, relaxed, and informed with a trustworthy financial expert in your corner. Call SB Dental Solutions Dental Billing Company today for more information on how we make dental billing a breeze.

​