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 Quotes
Lost with a Medical Compass
The British Journal of Hospital Medicine1 recently published, "Failure of many new heart-failure drugs: the need for vasoconstrictor rather than vasodilator agents?" The author examines the theories behind the use of these drugs and questions the use of various drugs for heart failure. He concludes with this comment which could apply to many of medicine's theories:
"There is obvious reluctance to throw away the haemodynamic 'compass' because although this may have led us in the wrong direction, at least when we believed in it, we thought we knew where we were going!"Reference
1. Cleland JGF. Failure of many new heart-failure drugs: the need for vasoconstrictor rather than vasodilator agents? Br J Hosp Med 1994;52:193-6.