As the year comes to an end, now is the time to make sure all your receipts and finances are in line. During the year, you may have paid for various dental practice expenses out of your own pocket. These are all expenses related to managing your dental practice, taking care of your patients, growing your practice and various other expenses. Have your reimbursed yourself from your practice for all these expenses that you paid during the year? Here are some of the expenses you should reimburse yourself for.
1.) Meals and Entertainment
Were there lunches or dinners that you paid for during the year that you didn’t turn into the practice? Look through your desk or even your dresser and make sure there are no receipts that you have forgotten about. (Next year, create a central place to store all of these to make it easier on yourself!)
2.) Travel Expenses
Did you travel this year for your dental practice – including continuing education trips? If you used your credit card for airport limos, taxis, supplies needed for the trip and even your airport parking, turn those receipts in for reimbursement.
3.) Continuing Education Expenses
Registration for most educational courses are being done online. You may have registered for those courses during off hours, perhaps while you are at home in evening with your own credit card. Look through your emails or credit card statements to find those charges and turn them in for reimbursement.
Take the time to review your personal credit cards, desk drawers and old emails for those things that you purchased for the dental practice, but never got around to reimbursing yourself for. You might be surprised how much it all adds up to. Doing this now will ensure nothing is missed as these expenses are pre-tax expenses and will lower your taxable income.
Contact Our Dental Practice Professionals
Not sure what qualifies for reimbursement? Contact Rea & Associates, our team of bright Dental CPAs can answer any questions you may have and make sure you are getting fully reimbursement for your dental practice expenses.