Maximize tax savings when constructing a new clinic
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.
Building a new veterinary facility is pricey. Veterinary Economics Hospital Design Conference speaker Gary Glassman explains how a cost segregation study can lighten the financial load.
According to Gary Glassman, CPA, anyone building a veterinary hospital who is looking for ways to save money (i.e. everyone who is building a veterinary hospital) should consider a cost segregation study. A cost segregation study is a process by which an engineering firm componentizes your building into its different elements, says Glass-each with its own depreciation life.
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This componentizing means certain parts of your project-like landscaping equipment-can be depreciated over as little as five years (as opposed to the 39 years it takes for the entire building). Watch this video from a recent Veterinary Economics Hospital Design Conference for more details on how a cost segregation study can save you moola.