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 Moment of Silence Please...
Renwood S. Flagg, D.C., (PSC '28) was killed in an automobile accident on Tuesday, November 14, 1989, near his home in Rogers City, Michigan. The driver of the other vehicle had been drinking.
Dr. Flagg was born in Bath, Maine, in 1903 married Mary Faye Hoback (PSC '28) and established their practice in Rogers City, Michigan in 1928. He and Mary enjoyed the hospitality of B.J. Palmer and his wife Mabel, spending many an evening in dinner and conversation at the Palmer home. The philosophy of chiropractic was ingrained during these visits and Dr. Flagg continued the philosophy of straight chiropractic throughout his life.
Following his wife Mary's death in 1987, he married Gladys LaPratt of Alpena, Michigan in 1988.
His practice continued uninterrupted for 61 years until the day of his death. His style of treatment was directed at the patients' mental well being, as well as the physical well being, considering each one as if they were the only patient for the day. His rewards were the respect and love of an entire community.
Dr. Flagg will be deeply missed by his loved ones, his patients and community. His departure is indeed a loss to the chiropractic profession, which he loved so dearly.