After gathering up all my tax documents, my preparer calculated my tax returns and I am getting a small refund. A fancy dinner refund, but I am excited just the same! On my way to the dentist, I stopped at the office to pick up my documents and sign the paperwork authorizing electronic e-file.… Continue reading My Identity Has Been Stolen
Many veterinarians use a car or truck for business and/or personal use. Are you aware of what you need to keep and how to account for your expenses? That vehicle that sits at your clinic overnight and that you never take home or use it to run for a soda at the gas station might be 100% business use. These… Continue reading Auto Deduction for Veterinarians
Here are some examples to help you understand what is and what isn’t deductible. Cost of a package that includes a ticket to a charity gala event. – The charitable portion is still deductible, rest is considered entertainment and will not be deducted. Show ticket – Going to WVC in Las Vegas it’s always fun.… Continue reading Meals and Entertainment at the Veterinary Clinic – What Are The Changes Under New Tax Law?
We outlined some of the major provisions effecting a veterinary practice in our most recent blog post. Since then, our wise Washington leaders took it upon themselves to reinstate many of the tax credits and deductions that expired December 31, 2016, retroactive back to January 1, 2017. Yes, provisions that went by the wayside over… Continue reading How Will the Recently Passed Tax Laws Effect Your Veterinary Practice – Part 2
Although the Tax Policy Center estimates that the bottom 80% of individual taxpayers (those with income under $149,000) will only receive 35% of the benefit in 2018, this new law will definitely effect you and your practice. Here are some of the key areas of the new law that will surely effect you, your veterinary… Continue reading How Will the Recently Passed Tax Laws Effect Your Veterinary Practice – An Introduction…
While you were sleeping, as part of the budget deal, congress reinstated numerous tax deductions and credits that expired after 2016. These include education, environmental and home owners deductions and credits. The President signed the bill this morning. What does that mean? If you already filed, you might benefit from amending your return. If you… Continue reading The Tax Law Changes Again…Surprise, Surprise
You should keep your returns until the statute of limitations runs for filing returns or filing for a refund. For most taxpayers, that means keeping those records generally a minimum of three years following the date of filing or the due date of your tax return, whichever is later. In addition to the returns, keep… Continue reading How Long Should I Keep My Returns?