Tax Tips for Veterinary Practices, Along with the Changes in the Most Recent Tax Bill

Podcast: Play in new window | Download

Your Practice Deserves a Marketing Plan as Unique as You Are

To help you navigate the digital landscape more effectively, we’re offering our podcast listeners a complimentary Digital Visibility Audit. Lila Stone, Marketing Advisor at the Veterinary Business Institute and Marketing Director of ekwa marketing, will take a close look at your online presence, local SEO, and competitive environment. You’ll receive a customized plan filled with practical recommendations to enhance your visibility and connect with more clients.

Book your complimentary session here at a time that’s convenient for you

This isn’t a sales pitch—it’s our way of giving back to the veterinary community we truly care about .

What if your veterinary practice could navigate complex tax changes, maximize deductions, and strengthen financial health while planning for long-term growth? In this essential episode, Holly Corcoran, CPA and business strategist, shares actionable strategies to help practice owners stay compliant and efficient amid new legislation.

Discover how the HR1 bill, payroll reporting changes, and updated deduction rules impact veterinary practices—and what owners can do to optimize equipment purchases, employee benefits, retirement planning, and real estate structuring. Holly outlines practical steps for year-end reporting, profit sharing, and tax planning that protect both your practice and personal wealth.

Holly also offers advice for overwhelmed veterinarians: why partnering with the right bookkeepers and CPAs, implementing incremental tax strategies, and delegating expert tasks can free time and reduce stress while keeping your practice financially healthy.

This episode is a must-listen for veterinary leaders who want to balance compliance, profitability, and strategic growth in 2025 and beyond.

Key Takeaways & Time Stamps

• 00:00 – 06:10: Introduction and HR1 Bill Overview
  The podcast begins with introductions and an overview of Holly’s background in veterinary tax advisory services. The HR1 bill’s sweeping changes are explained, including Medicare cuts, health insurance premium increases, and the impact on veterinary practice benefits and cash flow management.
• 06:10 – 14:50: Payroll Reporting and Key Tax Deductions
  Holly details new requirements for tracking overtime and issuing 1099 forms to contractors, such as relief veterinarians. Important permanent tax provisions include 100% bonus depreciation on equipment, daycare tax credits, and qualified business income deductions, with a focus on meticulous bookkeeping to optimize returns.
• 14:50 – 21:15: Employee Benefits and Year-End Reporting
  Discussion covers limits on meal deductions, paid family leave tax credits, rising dependent care reimbursements, and the addition of employee education and student loan repayment benefits. Year-end payroll and 1099 reporting preparation, including W9 collection, is stressed.
• 21:15 – 29:15: Retirement Plans and Real Estate Strategies
  Retirement planning options tailored for veterinary practices are outlined, including SIMPLE and 401(k) plans with contribution limits and profit-sharing flexibility. A strategy for real estate ownership through separate entities and triple net leases is discussed to optimize tax and liability.
• 29:15 – 34:37: Practice Sale Planning and Managing Tax Overwhelm
  Holly advises on staging the practice with equipment and building updates to enhance valuation, avoiding common real estate tax mistakes, and timing sales to defer capital gains. She also offers steps for veterinarians who feel overwhelmed by taxes to manage complexities through expert help and incremental planning.

Holly Corcoran

CEO, Corcoran Business Advisory Services
Veterinary Business Strategist | CPA | Growth Advisor | Endurance Athlete

Holly Corcoran is a forward-thinking CPA and business strategist with over three decades of experience helping small to mid-sized businesses—especially veterinary practices—thrive. A seasoned entrepreneur and advisor, Holly blends rigorous financial acumen with a deep passion for strategic growth and operational excellence.

As the founder and CEO of Corcoran Business Advisory Services (CBAS), Holly now works closely with veterinary practice owners to scale their businesses, optimize resources, and build sustainable success. Her approach goes beyond traditional accounting—she acts as a true non-equity partner, guiding business owners through complex decisions involving mergers, acquisitions, cash flow, and profitability.

Previously, Holly co-founded Corcoran Hegarty & Associates, a respected public accounting firm in the Pocono Mountains, where she provided comprehensive accounting, tax, and payroll services for over a decade. Her earlier career began in 1991 as a solo CPA practitioner, giving her a strong foundation in personalized service and deep client relationships.

A dedicated endurance athlete, Holly has competed in 100-mile international equestrian races, including the 2024 World Endurance Championship in France. Her discipline and focus in sport mirror her strategic mindset in business—goal-oriented, meticulously planned, and always resilient.

With a wealth of experience, a commitment to client empowerment, and a rare ability to translate financial complexity into actionable insight, Holly Corcoran is a trusted ally for veterinary professionals ready to take their practices to the next level.

Connect with Holly:

• LinkedIn
• Website