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How the R&D Tax Credits Really Work in Dentistry
by DAVIS BROWN PRC AgencyMany doctors are discovering just how beneficial the Research and Development Tax Credit can be for their practices. You may want to take a look.
Dr. Tax Credit, LLC revealed their new case study today on R&D Tax Credits in Dentistry. This case study identified multiple qualified research activities (QRAs) from standard procedure improvements (orthodontics, oral surgery, crown and bridge, integration of patient outreach protocol) that generated tax credits between $30,000 and $200,000 for different practices.
The Research and Development Tax Credit was initially established in 1981, but the 2015 PATH Act made it truly beneficial to many small to midsize business where innovation is a key component. To the outsider, dentistry may not seem like the hub of innovation, but Dr. Tax Credit, LLC Founder, Benjamin Dyches shows otherwise. Patient care is an iterative journey of trial and error, research, and even simulation that is designed to improve outcomes, enhance procedures, and develop techniques. These techniques have application both in and outside the office. The key: working with a team that knows how to help you develop your procedures into a qualifying report.
This case study details a number of R&D strategies in the dental fields, including the the QRAs, tax credit strategies, and impact on one oral surgery practice that developed an improved approach the wisdom teeth extraction. The oral surgeon in the study purchased an existing practice with a hight rate of post-operative complications. He worked diligently to improve the care provided to patients, particularly in the use of surgical processes, IV sedation techniques, and post-operative care procedures. He continues to improve his care, but already recognizes a 95% reduction in postoperative complications. Now that is innovation. The R&D tax credit team of attorneys, technical writers, and CPAs interviewed this doctor and staff to assist with the creation of a representative document, validation of expenses, and communication with the doctor's CPA to make sure that all team members were in support of the process.
The case study also made it obvious that there are QRAs for dental providers who bring lab work in-house through CAD-CAM or 3D printing processes. The case study provides an example in orthodontics where the practice integrated 3D printing technology to create their own retainers, clear aligners, and indirect bonding system.
Dr. Tax Credit, LLC owner Benjamin Dyches, DDS, JD says there are many people looking for insights and answers about R&D Tax Credits in Dentistry. This case study reveals in a practical way what's possible with the right information and guidance.
How do you qualify for the tax credit? Most importantly, you need to own a practice. The R&D tax credit offsets your corporate taxes by providing credits for staff payroll and supply expenses, but only staff time and supplies you used in carrying out your research initiative. You can bill your patients and still receive the credit. And, no, you don't have to be involved in novel research. Enhancing or improving your procedures is enough.
How much is it worth to you? There are a few variables, but typically between 6 and 16% of the expenses that are classified as Qualified Research Expenses. That designation is not always straightforward. We offer a free consultation to interested doctors to evaluate whether the tax credit is a good fit for them or not.
What do CPAs think about this? I can only speak for our own interactions - and they have been overwhelmingly positive. We're not looking to create a fake benefit. Our studies are well backed up, professional, and designed to be defensible.
The case study is available at https://www.drtaxcredit.com/.
About Dr. Tax Credit, LLC
Dr. Tax Credit, LLC was founded in 2017 and serves the Healthcare Companies (physicians, dentists, optometrists, chiropractors, labs, medical product development) industry. It is known for working exclusively with healthcare providers and healthcare companies..
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About DAVIS BROWN 
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Created on Oct 1st 2020 12:56. Viewed 124 times.
