Articles by Marsha L. Heinke DVM, EA, CPA, CVPM - Veterinary Economics
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Articles by Marsha L. Heinke DVM, EA, CPA, CVPM

IRS updates offer deductible medical expenses

Apr 1, 2001

Most veterinarians are used to client jokes about deducting the family pet on the personal tax return.

Make plans for new capital gains rules

Feb 1, 2001

In Brief-One provision of the 1997 tax law change is just starting to hit. New lower capital gains rates will apply to property held for more than five years. For taxpayers in the 15 percent bracket, an 8 percent capital gain rate will apply to gain from property held more than five years. Under the current rules, the rate is 10 percent. If you are in the above 15 percent bracket, you will not be able to cash in on the new 18 percent rate until 2006. One exception would allow a property to be marked to market at the beginning of 2001.A 1997 tax law changed taxation of capital gains. A variety of capital gain rates were established, depending on asset classification and taxpayer bracket. Rate application depended on the holding period of various assets through new definitions of short-, mid- and long-term holding.

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