Tax Deductible Expenses for Dental Associates
Are you a 1099 dental associate at one or more Practices and not sure what you can deduct? We have compiled a list of common business expenses you should keep record of in order to offset your contract income. This is not an all encompassing list and we encourage you to ask us about additional expenses if you are unsure.
Common business expenses to keep record of:
• Continuing dental education, including travel and meals
• Dues and subscriptions – state society, study clubs, publications, etc.
• Cellular telephone
• Meals that occurred for a business purposes
• Uniforms (potentially including shoes)
• Small dental equipment and supplies
• Licensing and other fees
• Legal and professional services
• Advertising expenses
• Business insurance (not life insurance) – most commonly malpractice insurance
• Health insurance premiums
• Mileage between offices, to purchase supplies, to the post office, etc. – not commuting mileage (from home to office)
• Home office expense for the area of your home used exclusively for business purposes
• Any non-reimbursed business expenses from the host practice
Tax season is right around the corner. Don’t wait until the last minute and miss deductions, start today! To learn more about how we can support you this tax season, contact us!
If you are interested in starting or acquiring a dental practice, check out our dental lifecycle blog series!