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.
A Call to Action for Commissioning DCs
A hearing before the Military Personnel Subcommittee of the House Armed Services Committee on H.R. 608, the bill which would allow DCs to be commissioned as health care officers in the military, is scheduled for April 30th (see "Congressional Hearing Set for Commissioning DCs in Military in the April 10, 1992 "DC").
The American Chiropractic Association (ACA) and the International Chiropractors Association (ICA) are urging all DCs who are veterans to write to their veterans' associations in support of H.R. 608. Congressman Lane Evans (D-Illinois), the bill's sponsor in the House, is currently writing to all of the veterans' associations in Washington, D.C. to ask for their support.
The ACA and ICA are also encouraging all DCs in the military, and those in the military who have benefited from chiropractic care, to write statements of support for the bill. If the ACA and ICA receive these statement in time, they can present them at the April 30th subcommittee hearing.