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 Generous Gift...
Dr. William M. Harris, founder and president of the Foundation for the Advancement of Chiropractic Education in Alpharetta, Georgia, recently donated $100,000 to the National Institute of Chiropractic Research (NICR). The money is earmarked for continued research currently under way at Arizona State University.
Dr. Harris also announced that if the NICR can raise $100,000 for chiropractic research from its members and potential members within the profession by January 15, 1993, that he will make a matching contribution.
Clearly, Dr. Harris feels very strongly that many in chiropractic need to return something to the profession, and he hopes that his gift will challenge and stimulate many DCs to give to benefit chiropractic's future.
Dr. Arlan W. Fuhr, president of the NICR, announced this generous gift from Dr. Harris along with a plea to the chiropractic profession to help with this project by giving $100,000 by January 15, 1993. Dr. Fuhr said, "It's a once in a lifetime opportunity to be able to give a dollar and have another one automatically added to it."
Dr. Fuhr stated he was confident of support from the present NICR membership, but added: "We are small in numbers and will need everyone's help to be able to take advantage of Dr. Harris' generosity."
If you would like to make a contribution to this effort you may send your checks to:
National Institute of Chiropractic Research
115 South Royal St., Suite A-52
Alexandria, VA 22314