Tax news and business advice for veterinary practitice owners, associates and managers - Veterinary Economics
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Taxes
  • Watch out for state unemployment audits


    These audits can cost you, so be sure you correctly classify your employees.

    Is it a repair, or a capital expense?


    In this age of disposables, many veterinary practices still pay substantial sums for repairs and maintenance. However, instead of allowing immediate tax deductions, the Internal Revenue Service increasingly is labeling repair and maintenance expenses as "capital improvements," making them recoverable only through depreciation spread over a number of years.

    Three common questions about taxes and summer jobs


    If your kid's working this summer, read this.

    How new tax law aims to stimulate business


    Limit on write-offs for equipment outlays raised, bonus depreciation for ’08 purchases added

    The IRS: It's more flexible than you may think


    Today, with the 2007 tax year ended for most veterinarians, all that can be done before the filing deadline is to make the most of existing tax rules — all the while keeping an eye on the practice's potential tax bill for 2008.

    It's not too late for deductions


    You still may be able to lower your tax bill.

    Ignore a tax deduction? Sometimes it makes sense


    Why would any veterinarian ignore perfectly good, legitimate deductions at tax-filing time?

    Deducting reimbursements


    Know how your expenses are reimbursed to be sure you get the right deductions.

    Don't count on deducting life insurance costs


    If you practice with partners, your buy-sell agreement is an important way to develop a plan to purchase an owner's interest under a variety of circumstances and to protect your own interest in those same circumstances—one of which is the death of a partner.

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