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
Untested Remedies -- Do Patients Know What MDs Are Prescribing?
When MDs prescribe medications, their patients have little or no pharmaceutical knowledge and therefore must put their trust completely in the knowledge and integrity of their doctor. But USA Today1 recently reported a disturbing fact that indicates doctors often abuse this implicit trust:
"Of the 2.1 billion prescriptions written by doctors last year, 40% percent to 60% were provided 'off label,' meaning they were prescribed to treat conditions for which they are not approved, and, in some cases, not even tested."
This unsettling information about prescriptions demonstrates once again that chiropractic care can be a natural -- and safe -- alternative to pharmaceutical treatment by MDs.
Reference
1. "That operation you're getting may be experimental," USA Today, September 13, 1995.