As a veterinarian, you spend your days (and often your nights) providing comprehensive and quality care to your patients. You are busy ensuring that you are offering a complete and professional service, and you are determined to get the education you need to support up with medical advances in the field of veterinary medicine. You should be commended for your dedication to your patients.

When patient treatment does up 10-12 hours of your day, six days a week, that doesn't leave time for more of thing else. Most veterinarians do not have a business manager dedicated to the business end of their practice and galore times the business side of your practice does not obtain as more attention as you'd like or that it needs.

When you obtain notice that the IRS is auditing you, is NOT the time to start to be concerned with your record-keeping practices.

• Do you understand the difference between cash, accumulation and hybrid methods of accounting?
• Do you sell products in your practice?
• Do you provide a discount to high-volume clients?
• Do you perform surgery or another treatment "after-hours?
• Do you maintain old appointment books for a minimum of five years?
• Do you support trip sheets or trip tickets for care not delivered in your office?
• Do you accept veterinary pet insurance?
• Are you exploitation the correct "tax year" for your practice?
• Are immediate family members or close relatives employed?

If you don't cognize the answers to these questions or how the answers to these questions can affect your tax liability, you could find yourself in trouble. You must become pro-active and be prepared for the really real possibility of an IRS Tax Audit.