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106: New Tax Rules Just Passed—Here’s What Dentists Need to Know
In this important episode, Wes Read walks dental and healthcare practice owners through the major tax provisions of the sweeping “One Big Beautiful Bill,” passed just before July 4th. This landmark legislation includes hundreds of provisions designed to extend prior tax cuts, adjust deductions, and shape the future of business and personal tax planning. Wes distills the dense legislation into clear, actionable takeaways to help you make informed decisions for your practice.
Who This Is For:
Dental and healthcare practice owners, business managers, and anyone interested in staying ahead of tax law changes that can affect practice profitability and personal finances.
Special Note:
This episode focuses exclusively on the tax-related provisions of the bill. Other elements, such as savings accounts or unrelated policy changes, are not covered.
Key Points- Extension of 2017 Tax Cuts: The bill makes the 2017 Tax Cuts and Jobs Act tax brackets “permanent,” preventing them from reverting to pre-2017 higher rates in 2026.
- National Debt Concerns: Despite extending lower rates, the U.S. continues running significant deficits, adding trillions in debt—raising questions about long-term fiscal sustainability.
- SALT Deduction Increase: The state and local tax deduction cap rises from $10,000 to $40,000, especially benefiting practice owners in high-tax states like California and New York.
- Pass-Through Entity Tax (PTE): Practice owners still have the option to deduct state taxes via their business entity rather than personal Schedule A—requiring careful planning to choose the optimal strategy.
- Phase-Out Thresholds: SALT benefits phase out for married couples earning over $500,000 ($600,000 for full phase-out), making PTE elections more favorable for higher earners.
- Child Tax Credit Increase: The credit increases slightly from $2,000 to $2,200 per child through 2028, with income phaseouts beginning at $400,000 for married filers.
- Tax Planning Imperative: Proactive tax forecasting is critical to maximize deductions and avoid missed opportunities in this evolving tax environment.
#DentalPractice #TaxPlanning #SALTdeduction #DentalFinance #PracticeCFO #DentalBoardroomPodcast #HealthcareFinance #TaxLawUpdate #SmallBusinessTaxes #PassThroughEntityTax
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By PracticeCFO
5
1919 ratings
In this important episode, Wes Read walks dental and healthcare practice owners through the major tax provisions of the sweeping “One Big Beautiful Bill,” passed just before July 4th. This landmark legislation includes hundreds of provisions designed to extend prior tax cuts, adjust deductions, and shape the future of business and personal tax planning. Wes distills the dense legislation into clear, actionable takeaways to help you make informed decisions for your practice.
Who This Is For:
Dental and healthcare practice owners, business managers, and anyone interested in staying ahead of tax law changes that can affect practice profitability and personal finances.
Special Note:
This episode focuses exclusively on the tax-related provisions of the bill. Other elements, such as savings accounts or unrelated policy changes, are not covered.
Key Points- Extension of 2017 Tax Cuts: The bill makes the 2017 Tax Cuts and Jobs Act tax brackets “permanent,” preventing them from reverting to pre-2017 higher rates in 2026.
- National Debt Concerns: Despite extending lower rates, the U.S. continues running significant deficits, adding trillions in debt—raising questions about long-term fiscal sustainability.
- SALT Deduction Increase: The state and local tax deduction cap rises from $10,000 to $40,000, especially benefiting practice owners in high-tax states like California and New York.
- Pass-Through Entity Tax (PTE): Practice owners still have the option to deduct state taxes via their business entity rather than personal Schedule A—requiring careful planning to choose the optimal strategy.
- Phase-Out Thresholds: SALT benefits phase out for married couples earning over $500,000 ($600,000 for full phase-out), making PTE elections more favorable for higher earners.
- Child Tax Credit Increase: The credit increases slightly from $2,000 to $2,200 per child through 2028, with income phaseouts beginning at $400,000 for married filers.
- Tax Planning Imperative: Proactive tax forecasting is critical to maximize deductions and avoid missed opportunities in this evolving tax environment.
#DentalPractice #TaxPlanning #SALTdeduction #DentalFinance #PracticeCFO #DentalBoardroomPodcast #HealthcareFinance #TaxLawUpdate #SmallBusinessTaxes #PassThroughEntityTax