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
Dangerous Medicine? An article on the front page of USA Today1 reports:
"Researchers estimate about 120,000 preventable deaths and 1 million injuries occur during the course of medical treatment each year."Assuming there are approximately 600,000 MDs, this equates to an average MD being involved in one preventable death every five years, and almost two unnecessary injuries every year. This is something to consider when comparing the risk of chiropractic care to that of medical treatment.
Reference
1. Medical groups act to curb errors. USA Today, October 14, 1996.