In this episode. Ash welcomes Lorraine Kent, the current tax manager at Edwards and Associates, to discuss essential tax strategies and tips specifically for dental practitioners. They start by discussing topics like deductible expenses, common tax mistakes, and audit red flags. Lorraine shares insights on what expenses are deductible for rental properties and the implications of depreciation recapture when selling such properties. She also provides guidance on loss harvesting strategies and the importance of tax planning while reviewing personal and business investments.They also explore common tax mistakes that can be easily avoided, such as the importance of sharing all necessary tax documents with accountants, and they discuss key audit triggers like meals, travel, and auto expenses. They round the conversation with real-world examples of tax horror stories they've encountered due to miscommunication or oversight. If you have specific questions about embezzlement or if you'd like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.Key Topics Discussed:Deductible expenses for rental propertiesDepreciation recapture and tax strategiesHarvesting tax losses effectivelyCommon tax mistakes to avoidAudit red flags: meals, travel, and auto expensesCommunity property state tax impactsBusiness property tax explanationsImpact of volunteer services on taxesImportance of communicating with your CPAReal-world tax miscommunication examples

Ver todos los episodios