Top Tax Planning Needs to Implement Now
Have you started your tax planning for 2018? Find out why now is the time to do it in this previously recorded webinar with Scotty Sykes and Bonnie Bond. They will share tax planning needs that will help you mitigate taxes and give …
Pharmacy Tax Planning Using Major Equipment Purchases
Current tax laws allow independent pharmacies to write off 100% of the cost of new equipment placed in service during the tax year or to accelerate depreciation. In this video, Scotty Sykes, CPA, CFP® provides a brief update on how IRS Section …
Tax Planning for Equipment Investment Using Section 179 Depreciation
A repeat guest on the RxSafe Pharmacy Podcast Network program, Scotty Sykes, CPA, CFP® shared his knowledge about the Section 179 tax deduction and bonus depreciation. Specifically, pharmacies can accelerate depreciation on major capital equipment purchases for tax savings. During the discussion, …
Personal Financial Planning for the Pharmacy Owner
We have had great interest in our Master the Margin webinar about Personal Financial Planning for the Pharmacy Owner. Our guests were Elizabeth A. Delude, CFA® and Walker W. Phillips, CFP®, CIMA® who are portfolio managers for Palladium Registered Investment Advisors. In …
Four Common Tax Mistakes in Pharmacies
Are your independent pharmacy’s taxes correct? You may be paying more than you should. Watch the video below, covering common mistakes made in the Form 199A, accrual to cash accounting issues, writing off inventory and not deducting items such as insurance expenses. …
Accrual vs. the Cash Method of Accounting: Inventory Reporting Risks
After the Tax Cuts and Jobs Act (TCJA), pharmacies have the option to use the cash or accrual methods of accounting. However, the IRS has not clarified the rules for properly reporting inventory under these methods. There are tax advantages under the …
Financial Essentials: Year-End Pharmacy Accounting Strategies
Scotty Sykes, CPA joined Tricia McCleskey at PioneerRx to host a webinar, Financial Essentials. In this webinar Scotty and Tricia talk through important steps to take when preparing your pharmacy for 2021 and how fundamental accounting can support where you want your …
Tax Insights Update: Expensing and Net Operating Loss Calculations
In this video, Ollin Sykes gives an update on the TCJA regarding how pharmacists should plan ahead to properly expense and calculate net operating losses in light of tax law changes through 2025, including 199A with the 20% passthrough deduction and the …
Don’t Get Taxed to the Max
Many independent retail pharmacies are experiencing tighter cash flow and may be paying Uncle Sam more than they are legally required to. Scotty Sykes, CPA at Sykes & Company, P.A. recently shared with America’s Pharmacist four strategies that could benefit your retail pharmacy and …
Compound Your Way to Lower Taxes
How can you lower your taxes and save money through compounding? Scotty Sykes, CPA recently shared how special deductions through the Domestic Production Activities Deduction (DPAD) can benefit independent pharmacies with America’s Pharmacist. In the article, he shared: Eligibility considerations for pharmacies Factors …