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 […]
If you own a small business, you may be able to deduct expenses related to your vehicle. Business use of vehicles can lower your taxable income and save some extra tax dollars. The general rule is you can either deduct mileage or actual costs. This requires a slight calculation to see which is more beneficial […]
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. July 31 Report income tax withholding and FICA taxes for the second quarter of 2019 (Form 941) and […]
Read More… from Small Business Reminder – Important Upcoming Dates for Q3 2019
Most consider spring and summer to be the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. During a recent conversation with a trusted lender of ours he indicated rates are back down into the low 4%, with some options in […]
Read More… from Selling Your Home? Consider These Tax Implications.
It’s a good time to check your withholding and make changes, if necessary. If you were listening to the news during tax season you would have heard that the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number […]
Read More… from Now is a Good Time to Check Your Withholding
Have you recently started a new business? Or are you contemplating starting one? Launching a new business is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. […]
Read More… from Starting a Business? How You Should Treat Expenses on Your Tax Returns.