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.
DCs Unknown to U.S. News & World Report
Public opinion regarding chiropractors is influenced by how the news media treats us. The news media's portrayal of chiropractic is, in turn, dictated by in-house stylebooks. Many media stylebooks don't even contain a reference for doctor of chiropractic.
The stylebook used by U.S. News & World Report is a prime example. Under doctor they list:
doctor of dental surgery (DDS)
doctor of divinity (DD)
doctor of medicine (MD)
doctor of philosophy (PhD)
There is no listing for:
doctor of chiropractic (DC)When asked about this discrepancy, Robert O. Grover, News Desk Chief for U.S. News & World Report responded:
"As for adding entries for doctors of chiropractic, osteopathy, etc., I am not convinced that these would be particularly helpful, but I will certainly consider them as we prepare for the next edition of the stylebook."Obviously, Mr. Grover needs to be convinced that the 50,000 members of the third largest health care profession in the world should have their professional degrees listed in the new stylebook. This is where you could play an important role.
Please call (202) 955-2000 or fax (202) 955 2049 and let Mr. Grover know how important you feel it is that doctor of chiropractic (DC) be included. If you are a subscriber to U.S. News & World Report, you may want to let him know that as well.
Perhaps with enough voices, Mr. Grover will be convinced that doctor of chiropractic is an important entry in the revised edition of the U.S. News & World Report stylebook.