Tax and Estate Planning

Dental Partnership Dissolutions: Winding Up the Practice’s Business and Affairs

     In Part I of our article titled Dental Partnership Dissolutions: A Multitude of Operational, Legal, and Tax Issues to Consider, we raised some of the typical operational issues that the partners of a dental practice will need to consider when dissolving their partnership. To avoid a potential dispute between the partners post-dissolution, a […]

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Unclaimed Funds – Dentists

Everyone, We recently posted a blog on our tax controversy blog regarding unclaimed funds.  Many of our dentists have been exposed in Ohio, over time, regarding the failure to follow through on their unclaimed funds obligations.  We would encourage you to review our blog on unclaimed funds in Ohio and consider how those rules may […]

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Many Dentists Have Wills or Trusts as Part of Their Estate Plan, However, Many Dentists Fail to Consider What Happens if the Dentist Becomes Legally Incompetent

As part of an overall estate plan, dentists should execute a durable power of attorney. A dentist, through a durable power of attorney, can appoint an agent, i.e. a trusted relative or friend, to handle specific health, legal, and financial responsibilities on his behalf. The attorneys at Nardone Limited in Columbus, Ohio can assist dentists […]

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How to Properly Restructure a Dental Practice

Taxes affect us all and, as small business owners we need to realize the benefits of proper tax planning more than most. Many dentists are restructuring their dental practices to maximize the tax advantages offered by a customized business structure. A Practice restructure allows them to better manage the flow of their revenue, increase profitability, and […]

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Moving Artwork to an Irrevocable Trust

As a dentist, you are likely aware that the atmosphere of your dental practice is a key factor in making your clients feel comfortable. Because of this, many dentists feature a variety of artwork in their dental office, not to mention their home.  A recent trend in estate planning has been transferring the ownership of […]

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Transfer on Death Beneficiaries for Bank Accounts

When it comes to estate planning, one very simple task that tends to be overlooked by many dentists is setting up transfer on death beneficiaries for your bank accounts. It is possible that preparing your estate plan has been pushed to the bottom of your to-do list, especially if you are running your own dental […]

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When Should I Start Planning for College Aid?

An executive order signed by President Barack Obama on September 13, 2015 will change the way high-school students and their parents plan for college aid. Beginning October 1, 2016, families with high-school students will be able to apply for financial aid a few months after they have filed their 2015 tax returns, rather than wait […]

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Why Do Dentists Need an Estate Plan?

As a dentist, preparing your estate plan is likely one of the last things on your mind, especially if you have a young family or are busy running your own practice. But, being prepared is one of the biggest keys to success and to alleviating stress and anxiety. One topic that many individuals, including dentists, do […]

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Are You Properly Reporting and Paying Your Nanny, Housekeeper, or Babysitter?

Many dentists may hire a nanny, housekeeper, maid, babysitter, or other household worker to assist with the day-to-day activities of the family.  Yet, many of those same dentists are unaware of the federal and state tax payment and filing requirements for those same domestic  workers. As tax enforcement increases both domestically and internationally, those dentists […]

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President’s Proposed Budget and Tax Changes Impacting You – Part II

As a continuation of our last article summarizing the President’s federal budget proposals impacting closely-held businesses, Nardone Limited will now focus on the tax changes for individuals. As discussed in the prior article, the President released his budget on March 4, 2014, covering many provisions that affect a wide variety of individuals. We will aim, […]

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