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 […]
As credit card processing fees continue to rise, there’s lots of industry chatter about passing on charges to our veterinary clients. While passing on credit card fees might seem like a way to offset costs, it can have negative consequences for your practice in terms of revenue and customer perception. You could add an additional […]
We always get the question “What should I set my base compensation at?” As an owner DVM, there can be more than one way to pay yourself – payroll, production, and through profit distributions. Although our answer may change with your goals, let’s look into two different scenarios: Scenario 1: One client is the solo […]
The winter season can be a hectic time with all the holidays flooding our busy schedules. Before heading into December, it is imperative to ensure that tax planning strategies adopted throughout the year have been implemented before year-end quickly approaches to avoid any unexpected tax liabilities come April. Have you been waiting for the right […]
Income comes in all different types, and each type is taxed differently. For practice owners who also own the real estate that they operate out of, there is a tax election to group rental and business income to treat it as one type. Typically, people who aren’t real estate professionals are faced with an additional […]
The Tax Cuts and Jobs Act that was passed in 2017, created several sweeping changes to tax law, one of which was the implementation of the Section 199A Deduction. IRC Section 199A allows individuals with pass-through business income to deduct up to 20% of their qualified business income (QBI) from their taxable ordinary income on […]
An S Corporation is a type of business entity that elects to pass corporate income, losses, deductions and credits through their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. We recommend this […]
Having worked closely with hundreds of veterinarian clients and business owners here at Granite Peak Associates, we make a point to provide high quality tailored services to allow you to focus more on the animals, and less on the accounting. With this mission in mind, it is important to highlight weekly business transaction review, along […]
Read More… from Tips On Spotting Errors In Your Internal Financial Statements
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!