With the season for filing 2008 tax returns well under way, all veterinarians should be aware of changes to the laws.

Skilled negotiation can lead to your benefit when entering into new leases, restructuring existing ones -- or getting out of a current one.

Talk about last-minute changes in tax laws that will affect veterinarians.

Market research and normal product testing costs are not considered research expenditures under the tax laws.

End-of-the-year sales aren't limited to just retail goods.

A surprising number of principals in veterinary practices depend on themselves for their financing needs. With conventional financing increasingly more difficult to obtain, it's now the No. 1 form of financing used by small business owners. It's quick, doesn't require a lot of paper work and often is less expensive than conventional financing.

In this age of disposables, many veterinary practices still pay substantial sums for repairs and maintenance. However, instead of allowing immediate tax deductions, the Internal Revenue Service increasingly is labeling repair and maintenance expenses as "capital improvements," making them recoverable only through depreciation spread over a number of years.

Discounts are a popular marketing tool to encourage clients and customers to pay faster. Many suppliers offer them to improve their cash flow. Like many professionals, some veterinarians offer a trade discount of sorts for immediate payment upon completion of services, but they may give little thought either to the cost of offering discounts or how much they might save by using discounts offered to them.

Limit on write-offs for equipment outlays raised, bonus depreciation for ’08 purchases added