Gary I. Glassman, CPA
Gary I. Glassman, CPA, is a member of the Veterinary Economics Editorial Advisory Board who has worked exclusively with veterinarians for more than 20 years. He specializes in accounting, tax planning, and practice transitions and is a partner with Burzenski and Co. P.C. in East Haven, Conn.
VETERINARY ECONOMICS - Jun 01, 2006
I heard that a veterinarian was audited and fined more than $30,000 in back taxes for not claiming discounted pet care as taxable income on his employees' paychecks. I've been offering $300 in pet care per year per full-time employee (and half that for part-timers). If an employee goes over the $300 limit, he or she gets a 50 percent discount on additional care. Have I been doing it wrong all these years?
VETERINARY ECONOMICS - Apr 01, 2006
If you're considering selling part ownership to a valued associate, you need to know the tax traps for buyers and sellers.
VETERINARY ECONOMICS - Mar 01, 2006
There are tax advantages when you buy a hybrid automobile: a tax credit of up to $3,400, for instance.
VETERINARY ECONOMICS - Feb 01, 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.
VETERINARY ECONOMICS - Feb 01, 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.
VETERINARY ECONOMICS - Jan 01, 2006
Starting this month, 401(k) plans can offer a Roth 401(k) provision—which could be a better option for your retirement savings.
VETERINARY ECONOMICS - Oct 01, 2005
I perform services at a discount for a local nonprofit group. Can I write off the discounts?
VETERINARY ECONOMICS - Sep 01, 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?
HOSPITAL DESIGN SUPPLEMENT - Jun 05, 2005
Low costs aren't the only reason to choose a lender. Also consider these important details before saying yes.
HOSPITAL DESIGN SUPPLEMENT - Jun 01, 2005
Your banker wants to know whether you're a good risk—and you want to know you're getting a reasonable deal. Use these tips to balance the equation.
VETERINARY ECONOMICS - Jun 01, 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?
VETERINARY ECONOMICS - Mar 01, 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.
VETERINARY ECONOMICS - Feb 01, 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.
VETERINARY ECONOMICS - Jan 01, 2005
The American Jobs Creation Act of 2004 created billions of dollars of tax breaks.