The American Dental Association (ADA) has issued a proclamation to propose tax reforms to Congress, all of which will benefit dental clinics and patients.
Source: Screenshot of the official website of ADA in the United States).
It is reported that ADA's top priorities in terms of tax policy include the use of offline oral health care providers, pre-tax funds for health care, expense deductions, cash accounting, and student debt relief.
In a Dec. 11 letter to Dec. 11 to Dec. 11 Powers Chair, Republican Rep. Jason Smith, and Rep. Richard Neal, Democrat, the top commissioner, ADA thanked the Ways and Means Committee for holding hearings related to tax policy and economic growth, and emphasized that many dental practices are small businesses. Due to the diversity of business organizations in the dental community, ADA's interests span the corporate and individual parts of tax law.
ADA expressed support for fair treatment of commercial revenue generated through brick-and-mortar stores. This includes supporting the Main Street Tax Certainty Act, which would make the 20% deduction under the Tax Cuts and Jobs Act permanent. Support the expansion and increase of flexibility in Medisave and Flexi Savings Accounts, as well as the return of the 2023 FSA limit to $5,000 instead of the current $3,050. At a time when medical costs continue to rise, lowering the limit is a step backwards for consumers and can adversely affect patients' choice of dental care.
In terms of expense and cash accounting, ADA supports the full expense of equipment and property investments through the Small Business Growth Act, which would increase the deduction cap to $2 million and phase it out at $3.5 million. The association also supports small businesses to continue to use the cash accounting method.
ADA is also encouraging legislators to include measures that will help alleviate student loan debt, with the average loan amount for new dentists exceeding $300,000. With tax incentives and relief measures related to student debt, dentists will be better able to explore multiple practice options after graduation.
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