The tax changes under President Trump have been major. In fact, the tax law changes are the most significant tax changes in more than 30 years. And given those major changes, many pet hospitals and veterinarians are stepping back and re-evaluating what is best for their current needs.
Here are a series of questions that you should be asking to make sure you are in the best tax possible position.
- When is the last time you attended a conference for the pet industry?
- What is the best corporate entity structure for my practice?
- Would I benefit from cost segregation study to lower my taxes?
- Should I establish a pension program for my practice and would it be cost effective?
- Should I consider captive insurance to lower my effective tax rate?
- Should I have more family members on the payroll?
- How does my practice compare to my peers?
If you are serious about your financial future, then you should be working with a VET CPA that not only focuses on the animal health and veterinarian industry but knows the best ways to lower your effective tax rate with proactive planning and strategies.
All members within the VET CPA Association attend at least one major conference a year along several tax planning conferences. In fact, we had a couple members at the Veterinary Meeting and Expo (VMX) recently in Orlando and our group is represented within VET Partners as well.
If you are tired of working with a generalist accountant who does not understand your practice and would like to upgrade to a VET CPA, contact us today and we’ll make the introduction.