Pharmacy Tax Planning: 3 Tips to Avoid Surprise Tax Bills
In this video, Bonnie Bond, CPA and Kendell Harris, CPA at Sykes & Company, P.A. discuss surprise tax bills — money you owe that you did not expect. They offer three tips for pharmacy tax planning that help you avoid these surprise …
Pharmacy Tax Planning: To File or Not to File an Extension
In this video, Kendell Harris, CPA at Sykes & Company, P.A. talks about legitimate reasons to file an extension on your pharmacy tax return…and reasons why you should not file an extension. Even with an extension to file, you may need to …
R&D Tax Credit Opportunities for Pharmacy Compounding Services
If you are a compounder, you may qualify for a credit calculation worth potentially thousands of dollars in tax savings each year, based on the R&D tax credit. This could be worthwhile particularly for pharmacies producing 30 to 50 compounds on average …
Good Accounting for Tax Planning Strategies
Good accounting goes beyond daily, weekly and monthly reconciliations and cash flow management. It also supports your pharmacy business decisions and tax planning. In this video, Scotty Sykes, CPA, CFP® provides an overview of how good accounting practices can lead to better …
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 …
Section 179 Bonus Depreciation Rules for 2021 Tax Year
If you purchased capital equipment in 2021 and put it to use before year-end, you can take advantage of accelerated depreciation to write off 100 percent of your purchase. In this video, Scotty Sykes, CPA CFP® discusses how accelerated depreciation works and …
Maximize Pharmacy State and Local Tax Deductions (SALT)
Tax planning advisor to pharmacies, Scotty Sykes, CPA, CFP explains how independent pharmacies are navigating state and local taxation through an IRS-approved strategy that is available in about 40 states. With the Biden Administration’s Build Back Better plan, it remains to be …
3 Keys to Top-Line Independent Pharmacy Growth
In order to achieve top-line growth at your independent pharmacy, you have to be forward thinking and proactive. In this video, Ollin Sykes, CPA discusses the importance of offering clinical services to increase profit margins, using technology to improve efficiency and outsourcing …
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. …
HHS Provider Relief Fund Update and Rural Health Grants Eligibility
There is a 60-day grace period beyond September 30, 2021 for prior HHS Provider Relief Fund (PRF) reporting. In addition, there is one application to receive future pandemic relief funding from $25.5 billion in Phase 4 PRF and a Rural Health Grant …
