Finance

For many years, the risk of a tax audit was barely on the radar for most veterinarians, but today the chances that the Internal Revenue Service (IRS) will flag a practitioner's tax return for an audit are noticeably greater.

Q. I'm an associate who's paid on production only. Does this system discourage me from taking unpaid vacation days? Do I really even have any vacation time?

Don't let tax season strike fear in your heart. Play by the taxman's rules, and if he shows up for an audit, you'll be ready.

You've put it off long enough. Make time to check your numbers so you can make smart financial decisions for your practice.

Q. I'm looking to retire in a couple of years. How long would $600,000 last me if I withdrew $31,000 annually?

Any practice or veterinarian who fails to pay a required installment faces penalties.

If you're on the hunt for a new job, don't forget about the tax deductions you may be eligible for.

A colleague of mine was audited, fined, and required to pay back taxes for not claiming discounted employee pet care as taxable income on employee paychecks. He said that anything over a 20 percent discount must be taxed and listed as employee income. I checked with my accountant and he confirmed that I've been doing it wrong. How do I make changes in order to comply with IRS standards without upsetting my staff?

The giant retailer is honoring veterinary prescriptions and offering customers in 49 states a 30-day supply of more than 300 generic drugs for just $4.

You've admired those beefcake practices from afar. You envy their solid client growth and muscular marketing techniques. Well, here's how to supercharge your practice's growth.

Disclosing the practice's financial information helps team members see the bigger picture. But is this approach right for your practice?

Will that new piece of equipment pull its weight in your practice?

How do the levels of accounts receivable compare in a companion animal practice to an equine practice? What's a reasonable level of accounts receivable for both?

You have nothing to lose and everything to gain. Implementing these ideas that boost the bottom line.

Will that new piece of equipment pull its weight in your practice?

Will clients embrace your new service? Crunching the numbers and weighing the pros and cons can help you decide.

You've bought new digital radiography equipment. Now where will your fees land? Will you just break even or make a profit?

Imagine an enjoyable - and educational - vacation, with Uncle Sam picking up part of the tab.

Clean up with 12 monthly resolutions for your best year yet! Plus! Three more must-do's from the experts!

Las Vegas - Fresh out of college, Dr. Carlos Vareli earns $72,000 a year and pays on $75,000 in education loans.

Competing on price is the biggest slip-up you can make. Here's why.

Fresh out of college, Dr. Carlos Vareli earns $72,000 a year and pays on $75,000 in education loans.

Q: Are there any guidelines for leasing my building after selling the practice?

You get what you pay for, so it should be no surprise that paying peanuts yields less-qualified, more-likely-to-be-unhappy employees-and high turnover.

Yes, credit cards make it easier for clients to pay. But the costs add up. Use these tips to balance the fees and turn credit card use to your benefit.

My partner and I are opening a hospital and we're concerned about our accounting structure. Is a local accountant with a good reputation adequate, or should we find someone who specializes in veterinary medicine? What kind of costs can we expect?

We use a human resource company to handle our payroll and medical insurance. Should I include their management fee in our staffing costs?

Many veterinary practices operate in older buildings with leaky windows, poor insulation and patched roofs. Despite escalating energy costs, the harsh reality is few veterinarians are aware of the many incentives – both cash and tax incentives – available to help reduce that operating expense.

How much should I compensate a mobile veterinarian who wants to perform surgeries and dentals at my clinic? She'd conduct the procedures but use my clinic's equipment, staff, and drugs for her clientele.

The Clocktower Animal Hospital in Herndon, Va., saves nearly $36,000 a year through a buying group.