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 …
How to Constantly Improve Your Gross Margins
Margins are tighter than ever for many of today’s independent pharmacy owners. Whether you own one or multiple stores, or are considering buying a pharmacy, this one tip will help you understand what you can do each day to keep improving your …
How to Improve Pharmacy Profit Margins
Ollin Sykes discusses “numbers with integrity” in pharmacy accounting that, taken together, can improve profit margins. He also shares the number one reason that some pharmacies experience better margins than others. …
Pharmacy Selling Options: Asset Sale vs. Common Stock Sale
When selling an independent pharmacy, a determination needs to be made about whether it will be an asset or common stock sale transaction. Mitigating your tax obligation in a sale takes planning and your entity status will be a factor in that …
2018 Year End Payroll Tips
Are you giving your employees a bonus in 2018? If so, make sure to include those in payroll to avoid IRS penalties. Scotty Sykes, CPA, explains why your pharmacy should include employee bonuses in year-end payroll. Plus, learn what types of gifts …
3 common accounting mistakes of independent pharmacies
Whether you took ownership of your pharmacy three years ago or three decades, you might have fallen victim to one of the three most common mistakes we see again and again in pharmacies. These mistakes impact your cash flow, your margins, and …
The Latest Issues in Selling a Pharmacy
What are the latest issues in selling that independent pharmacy owners should be aware of? Ollin Sykes, CPA, shares why positioning your pharmacy for a sale should be done a few years in advance. This goes beyond just your monthly accounting and …