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
AMA Plot Still At Work?
According to noted historian Walter I. Wardwell, PhD, the AMA-sponsored Congress on Medical Quackery (circa 1962) developed four "campaign goals" for the destruction of the chiropractic profession, and they are printed below.1 Pay close attention to number three:
1. Doing everything within our power to see that chiropractic coverage under Title 18 of the Medicare Law is not obtained.
2. Doing everything within our power to see that recognition or listing by the U.S. Office of Education of a chiropractic accrediting agency is not achieved.
3. To encourage continued separation of the two national chiropractic associations.
4. To encourage state medical societies to take the initiative in their state legislatures in regard to legislation that might affect the practice of chiropractic.
If the chiropractic profession can forge a unity for itself, at least one of the AMA's goals will have been permanently thwarted.
Reference
1. Wardwell WI. Alternative policies adopted by organized medicine toward osteopaths and chiropractors. Research in Social Policy (1996);Volume 4:209-239.