Options for Tax Savings when Selling a Dental Practice
The sale of a dental practice can have a significant tax impact on the seller, so if you are thinking about selling, plan ahead to minimize your tax burden. Although you should consult with an accountant before implementing any tax strategy, you may want to consider one or more of the following tax-savings options:

A quick sale—While you own your practice, you pay ordinary income tax. After you sell the practice, however, you begin paying the tax rate assigned to long-term capital gains, which is lower than ordinary rates. Capital gains rates may rise in the future, so a quick sale can help you take advantage of them while they’re low.

A retirement plan—Retirement plans can be a good place to put money from the sale of your practice if you want to shelter it from taxes. This proves particularly effective for people who want to continue practicing after selling their business.

Gifting—You can lower your tax burden through making gifts to individuals without passing the taxes on to them.
Options for Tax Savings when Selling a Dental Practice
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Options for Tax Savings when Selling a Dental Practice

The sale of a dental practice can have a significant tax impact on the seller, so if you are thinking about selling, plan ahead to minimize your Read More
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