Common Tax Filing Mistakes Made by Dentists

Tax conceptFiling taxes is a very important part of making sure that your dental practice runs smoothly and without mistakes. Here at Dental Insurance Credentialing, we’ve put together a list of some of the most common tax mistakes that dentists make when filing taxes, so you can make sure to avoid them.

Common Mistakes Dentists Make when Filing Taxes

  • Incorrectly reporting your estimated tax payments – In this case, record-keeping is extremely important. Make sure to know the amount of each payment, the date each payment was made, and the check numbers used to pay.
  • Forgetting to report IRA contributions – Make sure to report any and all contributions to an IRA, deductible or non-deductible.
  • Divorced taxpayers each claiming the same dependents – Your children can only qualify as dependents for one parent per year. Many parents choose to switch years, but however you do it, make sure you’re on the same page before claiming your dependents.  
  • Using an incorrect Social Security number or Tax ID number on forms – Lastly, using an incorrect tax ID or social security number will immediately reject your tax return on any IRS computer.

To avoid making these mistakes, it’s a good idea to get help when filing your taxes. For more information or for assistance with your insurance credentialing, please contact Dental Insurance Credentialing today.

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