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

Beware of S corporation distribuations and basis limitations

Feb 1, 2005

Many practices are set up as S corporations for tax reporting purposes, enabling owners to receive dividend payments that aren't subject to Social Security tax. Doctors usually receive these payments when the practice pays for veterinary services and management.

Recent tax law changes: Are you affected?

Jan 1, 2005

The American Jobs Creation Act of 2004 created billions of dollars of tax breaks.

Vacation benefits with production-based pay

Dec 1, 2004

I'm thinking of paying my associate based on her production. If I do, how would I handle vacation days and holidays? She wouldn't automatically receive compensation for those days off, would she?

State unemployment tax audits: Employee or independent contractor?

Dec 1, 2004

The Internal Revenue Service (IRS) cares about accurate classification of employees and independent contractors, but so does your state unemployment tax department. No one ever thinks he or she will get audited, and many practitioners are surprised to learn that state unemployment departments often audit more frequently than the IRS.

Making appropriate retirement contributions

Nov 1, 2004

How much am I expected to contribute to my associates' retirement plans? Does this count as part of the compensation my associate earned based on production?

Year-end tax planning

Nov 1, 2004

Looking to reduce your tax burden? Well, in 2004, you can expense up to $102,000 of new or used equipment purchases. A 50 percent bonus depreciation expense also is available in 2004, but it will expire at the end of this year unless congress extends the provision. Bonus depreciation applies to new equipment purchases and to leasehold improvements for those who own a practice but not the real estate.

Securing your Social Security

Oct 1, 2004

My partner recently received information about her Social Security benefits. Should I have received a statement too?

Naming the right beneficiary

Apr 1, 2004

Name the right beneficiary today, and save your heirs a big tax bill tomorrow

Paying for leftover inventory

May 1, 0004

A recently hired associate brought in leftover inventory items from a previous practice. How much should I pay her for the inventory?

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