Articles by Gary Glassman, CPA - Veterinary Economics
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Articles by Gary Glassman, CPA

Taxing associate buy-ins

Apr 1, 2006

If you're considering selling part ownership to a valued associate, you need to know the tax traps for buyers and sellers.

Consider a hybrid vehicle

Mar 1, 2006

There are tax advantages when you buy a hybrid automobile: a tax credit of up to $3,400, for instance.

Tax rules for relief veterinarians

As a relief veterinarian, you're responsible for doing your own income taxes and reporting your earnings and expenses. Cover all your bases and avoid costly penalties.
Feb 1, 2006

Relief veterinarians are typically treated as independent contractors responsible for their own income taxes and the reporting of their earnings and expenses. And most relief veterinarians conduct their practice activity as sole proprietors. Based on this, you'd report net income or loss from your relief practice on your personal income tax return. There are several important rules you should be aware of, however.

Accounts receivable

How much should my accounts receivable be and how do I get paid?
Feb 1, 2006

"Accounts receivable in most small animal hospitals should never exceed 2.5 percent of the yearly gross income. For equine and other large animal hospitals, 4 percent to 5 percent of gross revenue is the norm," says Gary Glassman, CPA, a Veterinary Economics Editorial Advisory Board member and partner with Burzenski and Co. PC in East Haven, Conn. Most practices struggle because they lack good procedures to ensure collection, he says.

A new 401(k) option

Jan 1, 2006

Starting this month, 401(k) plans can offer a Roth 401(k) provisionwhich could be a better option for your retirement savings.

Deducting discounted care

Oct 1, 2005

I perform services at a discount for a local nonprofit group. Can I write off the discounts?

Reimbursement for premiums

Sep 1, 2005

Q. I'm an associate veterinarian paid on a straight salary. My employer doesn't offer group health insurance as part of my contract, but I'd like him to pay my medical insurance premiums and those of my husband and son. I checked with the IRS, and it appears that he can pay the premiums for my family tax-free. If he offers me this benefit, does he have to offer it to everyone on salary?

Paying team members' dues

Jun 1, 2005

My office manager wants to join a professional association and asked if I'd pay the annual dues. Should I? Should I do the same for other employees? Are the dues deductible?

Accelerating tax deductions

Mar 1, 2005

Not all tax deductions are created equal. When it comes to building projects, the normal write-off for building costs is 39 years. However, with a little homework and the help of a builder and architect, you can accelerate deductions. The concept at work: cost segregation.


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