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Missed Deductions and Credits Thumbnail

Missed Deductions and Credits


Dr. Lu is a local optometrist who wanted help in reducing her taxes. In addition to her eye examination practice, she has a retail eyeglass frame and lens business in the same office. Dr. Lu is not actively involved with the retail operation. That is handled by his staff.

 Solutions: Because of the businesses' accounting method and the business entity, Dr. Lu was missing out on some tax deductions. We reevaluated Dr. Lu's accounting method, created a separate business entity for the retail operation, took advantage of passive income rules, other missed deductions, and an R&D tax credit in order to lower Dr. Lu’s taxes.