The use of retirement plans and maximizing that potential may keep those who would be subject to the new tax under the threshold. Here’s a tax tip for practice owners: make sure you’re fully maximizing 401K or SIMPLE plan limits. These have increased for 2013 and are $17,500 for 401K plans and $11,500 for SIMPLE plans. A veterinary accountant can help you prepare for retirement, compare the types of plans available and help you learn which plan is right for you or your practice to ensure your nest egg(s). 

Every veterinary owner needs to relook at the rent arrangement with their practice and adjust accordingly to minimize the new tax burden.  This is an important veterinary accounting procedure. A veterinary accountant can provide specific information regarding veterinary rental income and lease arrangements.

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