A new year is the perfect time to evaluate your goals, review your practice-building strategies, and find options for growth. Better still, it’s a great opportunity to look at your operations and review how taking advantage of savings through Section 179 and other year-end opportunities can help set the stage for success next year.

What is Section 179?
As business owners, it's important to take advantage of financial incentives that will benefit your clinic. For tax savings, timing is critical. Your clinic could be eligible for the Section 179 tax deduction for purchases made on capital equipment in 2022¹.

In short, Section 179 is a tax provision that allows write-offs for business items purchased throughout, which is why year-end is a crucial time to assess and purchase capital equipment or other large items your clinic will need to reach its goals in 2023.

With Section 179, you can spend up to $2,500,000 on capital equipment or technologies before the deduction is reduced on a dollar-by-dollar basis. Applied properly, it can lead to significant savings.

Speak to your accountant for more information on Section 179 opportunities for your practice and ask your Covetrus^® account manager about year-end equipment specials and promotions.

Drive efficiency with software upgrades
Driving business growth is a balance between investing and managing costs. While a software upgrade might not be as visible as a new piece of equipment, innovative technology can speed up processes at your clinic, improving efficiency, client experience, and profitability.

Ensuring your clients attend their appointments and re-book regularly can be a core pillar to cash-flow management. A software upgrade to Covetrus Rapport^™ can help automate your client communications across email, text, and phone.

Reducing the time staff require for administrative tasks can help to improve operational and financial efficiency.

Looking to further simplify workflows for your staff? Covetrus Pulse™, the industry’s first-ever veterinary operating system (VOS), brings all your software applications into a single workstream.

A range of financing options from Covetrus
In a constantly changing economic landscape, pay attention to financial solutions that will keep your business productive and profitable. Covetrus offers a range of programs to help support the purchases you need to drive your practice forward.

Through practice financing and equipment leasing options, Covetrus may be able to assist you with securing the financial resources you need to grow your practice.

As a veterinary practitioner, it can be difficult to provide the recommended care for patients because of customer financial concerns. Financing through CareCredit^® enables pet parents to pay for their treatment over time, while helping to increase your potential to benefit from to benefit from a revenue-enhancing service.

Taking advantage of Section 179 and strategic upgrades at this time of year can drive profitability in the new year. Talk to your account manager today for more guidance on Covetrus products, technologies, and services to help your staff manage their workloads and get back to patient care while boosting your profitability and improving practice efficiency.


THIS IS FOR INFORMATIONAL PURPOSES ONLY.
Please speak to a qualified tax professional if you are seeking advice about your specific business or tax circumstances. Covetrus^® does not provide professional accounting services.

¹ “Buy Now, Save Later,” Today’s Veterinary Business, October 21, 2021. Accessed online October 6, 2022.