Because thriving practices don’t happen by accident; they’re built with intention. Between back-to-back appointments, late-night emergencies, inventory headaches, and the constant effort to provide a work/life balance for a high-performing team, veterinary practice owners are spinning more plates than ever. It’s no wonder that financial strategy often falls to the bottom of the priority list. […]
Read More… from Three Reasons Veterinarians Should Work with a Vet-Specific CPA Firm.
If you’ve ever felt like your practice is doing well but were still left wondering, “Are we actually doing okay?” you’re not alone. One of the most important numbers you can know as a veterinary practice owner isn’t your revenue, or even your profit margin; it’s your make-or-break number. So, what exactly is it? In […]
With the end of the year fast approaching, it’s a good idea to look ahead and think about when your tax returns will be due the following year. With the holiday season and the start of the new year, it can be very easy to lose track of time and have the tax deadlines come […]
As practice owners and managers, you face a million demands, making goal setting for 2025 both essential and challenging. Having grown a small practice from one DVM to a 12-DVM team, I learned that setting and achieving significant goals requires a careful balance of ambition and practicality. Here are a few tips to help you […]
On November 5, 2024, the United States elected Donald Trump to lead our country for the next four years. With the Republican party regaining control of the White House, they will look to extend the expiring tax reforms they implemented under the 2017 Tax Cuts and Jobs Act (TCJA). Here is an overview of some […]
Read More… from Tax Outlook after the 2024 Presidential Election
A Doctor of Veterinary Medicine can take multiple career paths, all of which will likely fulfill their passion for taking care of animals. These paths may include specialization, relief work, working as an Associate, etc. However, the path toward ownership is ultimately worth consideration as well. Becoming a business owner is not only a significant […]
As a veterinarian, your main priority is to care for other people’s loved ones and enhance their future quality of life. It’s rewarding to know your work helps others in their time of need, but It’s also essential to take a step back and invest into your own future and quality of life. Retirement planning […]
Read More… from Veterinary Retirement Planning: Secured Future for You and Your Family
Opening a veterinary practice is a very exciting time for new owners. While galvanizing, the process requires veterinarians to incur copious amounts of expenses before opening the practice doors. This means that you could be personally liable for these expenditures if business bank accounts or loans are not already secured. Thankfully, practice owners can deduct […]
Read More… from The Peak Approach: Expenses Paid Personally for a Start-up/Acquisition
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]