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.
Correction
Our November 7, 1990 edition included a report on "Methods of Physician Selection Provided by Workers' Compensation Statutes." South Dakota was listed as one of the states in which the employer selects the physician.
Charles Kornmann, general counsel to the South Dakota Chiropractors' Association, informs us that since July 1, 1990 this is no longer the law in South Dakota. Employees in South Dakota have the initial choice of physician. Also, a physician in South Dakota is specifically defined now by workers'compensation law to include chiropractors.