In the ever-changing competitive and demanding environment of veterinary medicine, a solid operational foundation is fundamental. From a business development standpoint, a solid operational foundation makes it easier to scale your practice as it grows. With clear processes and documentation, new branches or additional services can easily be added without disrupting the existing operations. Clear […]
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
The veterinary industry is rapidly evolving, rather than being reactive, successful practices are embracing these changes and taking a progressive approach when it comes to recruiting new DVMs to the team. These practices are evaluating whether traditional paradigms of employment are still appropriate. One of the most significant questions practice owners are asking is whether […]
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, […]
The fireworks just went off, Summer is in full swing, which means your children might be headed off to spend some time at a summer camp. There’s no shock that the cost of camp can be a significant expense but the good news: You might be eligible for a tax break for the cost. The […]
Read More… from Don’t Forget the Tax Deduction For Your Kid’s Summer Camps This Year!
The new year is almost upon us! With each new year comes the compliance aspect of taxes – the preparation and filing of returns. As an employer it is your obligation to make sure all filings are done in a timely manner. Be sure to have Forms W-2, W-3, and 1099-Misc information returns complete and […]
Read More… from Abbott Pratt Quick Tax Tip → Let the Filing Season Begin
Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In addition, all owner loans should be repaid prior to taking compensation. Hold off on taking compensation If possible, it […]
Read More… from Essential Tax Strategies for Year 1 of Operations
Here’s why the Massachusetts Department of Unemployment Assistance might now be charging you monthly. If you have an employee covered by MA health, employers are now responsible to pay up to $750 per employee per year to the MA DUA. This payment is based on 5% of the first $15K of the employee’s wages. The […]