Have you wondered whether you actually need to have a CPA accountant who specializes in the animal health industry rather than a generalist accountant nearby? In other words, at what point should I search for a specialist who has experience working with pet hospitals, clinics and veterinarian practices?
Here are four signs that confirm you do:
- You earn over $100,000 per year – Your odds of being audited once you start earning over $100,000 a year. It should come as no surprise to you that your odds of being audited increase dramatically as you make more money. Yes, the IRS is much smaller than it used to be but they are also focusing more on higher wage earners.
- You are a business owner or are self-employed – Utilizing the services of an accounting professional is vitally important for any business owner or entrepreneur. Tax laws change annually and the biggest change in decades occurred for the 2018 tax year. The current US tax code is 67,204 pages long and there are over 1,638 different forms. Making sure all of your deductions are included, your assets are depreciating properly, and you are maximizing your tax savings will wind up saving you money in the long run.
- You are experiencing rapid growth in your business – Not only is keeping your finances up to date time-consuming, it’s also complicated. When you’re experiencing rapid growth, it’s time to call in a CPA professional focused on the animal health industry. Having more customers, employees, and vendors is going to require more paperwork and number crunching and can rapidly become impossible for you to manage.
- You own an office building or are considering adding a new location – Owning your office building can have significant tax saving opportunities if planned properly. Also, office building improvements is another huge tax saving opportunities that most generalist accountants overlook.
If you answered yes to one or more of the signs above, then you should consider working with a CPA who specializes with pet hospitals and veterinarians. Simply complete this form and a specialist will contact you.
VET CPA Association
All members of the VET CPA Association are licensed CPA’s and have been vetted. In addition, each VET CPA firm is provided with advanced training in proactive tax planning which is well beyond the state requirements for being a licensed CPA. This advanced training is designed to find loopholes, credits, deductions and strategies to lower your effective tax rate. While these methods are legal, they often require extra work that a generalist CPA would never consider to offset the incremental time demands.