Tax Reform Impact on Independent Pharmacies
Under the tax reform of the Tax Cuts and Jobs Act (TCJA), the rules for deduction and depreciation have changed significantly and are sure to have an impact on the pharmacy industry. Having a good understanding of these changes and strategically planning are more important than ever as you work with your advisor to minimize the impact on your pharmacy business. In an article for America’s Pharmacist, Scotty Sykes of Sykes & Company, P.A. addresses a number of key changes and how they are impacting most independent pharmacies in America.
- Learn about how deductions are changing regarding meals and entertainment and domestic production activities deduction (DPAD).
- Read about the effects of the tax law on depreciation for automobiles and business property.
- Hear how important it is to understand and plan for these changes and their impact on your pharmacy business.