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.
Dr. Thomas E. Speer Scholarship Established at Logan College of Chiropractic
Essential Formulas (EFI), a distributor of probiotic and omega products, has announced the establishment of the Dr. Thomas E. Speer Scholarship for students attending Logan College of Chiropractic. The scholarship will primarily benefit adult students at Logan College wishing to launch a second career as chiropractic physicians. EFI will contribute a minimum of $5,000 annually to fund the scholarships.
Tom Speer, a decorated World War II veteran who participated in the Normandy invasion in 1945, received his doctor of chiropractic degree at the age of 51 and began his second career as a chiropractic physician. Tom had been employed as a lobbyist in Santa Fe, N.M., prior to his entrance to Logan College. As a first-year student, together with fellow students (and now DCs) James Lehman, Fred Gehl, Ted Coffman and Holly Schaub Lehman, he was instrumental in Logan College of Chiropractic becoming the first chiropractic college in America to be recognized as an "Institution of Higher Education", as determined by the then-United States Office of Education at the Department of Health, Education and Welfare, allowing chiropractic students at Logan College of Chiropractic the opportunity to acquire student loans.
He proceeded to assist Logan College of Chiropractic to acquire, in 1972, the bridge funding necessary to enhance the acquisition of Maryknoll Seminary in Chesterfield, Mo., which became the permanent home of Logan College of Chiropractic. After graduation and several years in private practice in New Mexico, Dr. Speer joined the American Chiropractic Association's Washington, D.C. office and assisted the chiropractic field with various legislative efforts until his passing in 1986. His untiring efforts for his "chiropractic family" have benefited, and will continue to benefit, chiropractic physicians worldwide.
Individuals and businesses are encouraged to add their support of the Dr. Thomas E. Speer Scholarship by contributing to Logan College of Chiropractic in the scholarship's name. Gifts to the scholarship are tax-exempt under IRS Code Section 501(c)(3). Contributions should be directed to: Ms. Patricia C. Jones, Vice President, Institutional Advancement, Logan College; 1851 Schoettler Road, Chesterfield, MO, 63017.
Source: Essential Formulas