We have helped various veterinarians and veterinarian practices throughout Metropolitan Detroit and the rest of Michigan with veterinarian accounting, bookkeeping, payroll , tax preparation, planning and advisory. We have advised and consulted on various tax compliance and tax planning questions.
Veterinarian Practice Tax Support and Advisory
Whether you are an individual, self-employed small business, C or S Corporation, LLC, Partnership, our experience allows us to development tax strategies that take advantage of new tax laws and legislation. We keep our clients informed of changes and make sure that you the client understand the changes and implications it has on your profession. Veterinarian accounting is a specialty that the staff at Schultz & Associates, CPA is ready to assist with.
Veterinarian Accounting, and Tax Support Services
- Veterinarian Practice accounting
- Tax return preparation
- Tax planning
- Tax advantage strategies for vet. practices
- Individual income tax return preparation and planning
- Multiple location consolidations
- Payroll tax preparation
- Payroll processing
- Retirement planning advisory
- Estate planning issues
- Business continuation planning
- practice purchase and sale
Veterinarian Locations Currently Served
- Allen Park
- Garden City
- Royal Oak
- South Lyon
Tax and Accounting Tips for Veterinary Practices
- Veterinary practices that are taxed as S Corporation’s should review their compensation for owners. The IRS requires owners to take a “reasonable” salary.
- Veterinary practice owners in a S Corporation who do not take compensation run the risk of having the IRS deem all of their income to be subject to FICA and FUTA
- Compare your billing information in your practice software (such as Intravet) to the reported deposits in your QuickBooks software.
- Review your purchases to determine whether any of the company’s out of state purchases are subject to use tax.
- Many Veterinary practices have a difficult time instituting a 401(k). Participation is often low therefore restricting the owner from contributing the desired amount. Veterinary practices should consider a SIMPLE IRA Plan
- Michigan Vets who purchase supplies from out of state vendors may be required to remit Use Tax to Michigan.