Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
President Clinton Signs 2001 National Defense Authorization Act
After a colorful two-term administration, President Clinton has signed the legislation that holds much promise for incorporating chiropractic as a permanent part of military health care. It specifically requires: "Not later than March 31, 2001, the Secretary of Defense shall complete development of a plan to provide chiropractic health care services and benefits, as a permanent part of the Defense Health Program (including the TRICARE program), for all members of the uniformed services who are entitled to care under section1074(a) of title 10, United States Code*
The law, which is part of the huge National Defense Authorization Act for fiscal year 2001, requires that full implementation of the chiropractic benefit be phased in over a five-year period throughout the three military services.
ACA Chairman Dr. J. Michael Flynn called the bill the "biggest chiropractic legislative victory in 26 years." ACA officials noted that the passage of the legislation required years of effort and persistence by their organization and the Association of Chiropractic Colleges, despite powerful opposition by the Department of Defense and various medical groups.
*See "Congress Passes Historic Chiropractic Legislation" in the November 15 issue, and "Three Li'l Words" in this issue.