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.
NICR Meets the $100,000 Challenge
The National Institute of Chiropractic Research (NICR) has met Dr. William Harris' challenge for the organization to match his $100,000 contribution.
An intense race against time began in October when Dr. Harris, founder and president of the Foundation for the Advancement of Chiropractic Education (FACE), donated $100,000 to NICR with the pledge that if the NICR raised funds to match his gift by January 15, 1993, he would contribute a matching $100,000.
In the December 4th issue of "DC," we reported that the NICR had reached the $25,000 mark. Arlan Fuhr, D.C., president of the NICR was then quoted as saying: "We still have a long way to go to achieve our goal by the 15th of January. With you help, I know we can do it."
By December 10th, the NICR had raised $75,000 and was closing in fast (see January 1, 1993 "DC"). As of January 5, 1993, the NICR had enrolled over 200 new members and had reached the $100,000 goal.
Congratulations to Dr. Fuhr and the NICR, and to the dedicated members of the chiropractic profession whose diligence and generosity were vital to reaching the goal. And thanks again must go, of course, to Dr. William Harris. His contributions will be an instrumental force in helping the chiropractic profession attain a brighter future.