How Independent Pharmacy Owners Can Benefit from the New Tax Law
In this clip, Tom Wheelwright, CPA, CEO and founder of WealthAbility, explains how the new tax law affects independent pharmacy owners.
Transcript
Independent pharmacy owners scored big time with the new tax law. For example if you are under $25 million now, it used to be $10 million. You can be on the cash basis, instead of the accrual basis, which that’s really important because what that means is that you don’t have to pay taxes now on money that you’ve billed but haven’t received. So you can wait to pay taxes until you actually get the cash, which is a huge deal for independent pharmacists. And the second piece of that is, once you do that, you can also choose, if you choose, you can choose to deduct your inventory when you buy it instead of waiting until you sell it. So that can be a huge deduction. A lot of pharmacy owners, frankly, the year that they make that change will pay 0 tax, and legitimately and legally.
Opening a Medicare-Focused Insurance Agency Offers Benefits to Independent Pharmacies
April 6th 2024Joe McKamey, general manager at Marcrom’s Pharmacy in Manchester, Tennessee, talks about why pharmacies should open their own Medicare-focused insurance agency and what steps and preparations they can take to ensure a successful launch and operation.
