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.
I.Q. -- Interesting Quote
Physician, Prescribe Thyself
"A (medical) physician who treats himself has a fool for a patient." -- Jason Christie, MD, commenting on his study that found 52 percent of medical residents at a university medical center self-prescribed.
Reference
Christie J, Rosen I, Bellini L et al. Prescription drug use and self-prescription among resident physicians. JAMA 1998;280:1253-55.
The study was conducted at the University of Pennsylvania Medical Center. Forty-two percent of the prescription medications were obtained from the hospital sample closet. Eleven percent of the residents got the drugs directly from pharmaceutical company representatives.