A surprising number of principals in veterinary practices depend on themselves for their financing needs. With conventional financing increasingly more difficult to obtain, it's now the No. 1 form of financing used by small business owners. It's quick, doesn't require a lot of paper work and often is less expensive than conventional financing.
In this age of disposables, many veterinary practices still pay substantial sums for repairs and maintenance. However, instead of allowing immediate tax deductions, the Internal Revenue Service increasingly is labeling repair and maintenance expenses as "capital improvements," making them recoverable only through depreciation spread over a number of years.