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.
News in Brief
Department of Homeland Security Wants LBP Prevented
Dr. John Mayer, the Lincoln Endowed Chair in Biomechanical & Chiropractic Research at the University of South Florida, will be able to continue his ground-breaking research on preventing low back injury and illness in firefighters. The latest $1.3 million FEMA Assistance to Firefighters Grant, which includes a 5 percent extramural research grant from the Florida Chiropractic Foundation, is phase three of Dr. Mayer's ongoing FEMA-funded investigation.
Phase 3, a three-year project, will "assess the clinical effectiveness of supervised and web-based exercise interventions performed over 12 months on preventing low back injury and illness in firefighters," according to a Lincoln College Education & Research Fund (LCERF) press release announcing the grant. Results from phase 1 of the project suggest poor back muscular fitness contributes to LBP in the firefighter community; phase 2 results suggest a worksite exercise intervention is safe and effective in improving firefighters' back and core muscular endurance.
The LCERF, the Florida Chiropractic Association and the Florida Chiropractic Foundation helped establish and support / fund the USF endowed chair, which Dr. Mayer has occupied since its inception in 2007.
D'Youville College, the second four-year multidisciplinary college in the U.S. to offer a DC program, recently named its campus chiropractic clinic in honor of the man who helped develop the program and its curriculum: Dr. Paul Hageman, professor of nursing at D'Youville.
"It is a high honor to have my name associated with our state-of-the-art practice clinics, where students get extensive hands-on experience as they complete their internship requirements," he said. "I am grateful to D'Youville for having given me the opportunity to mainstream chiropractic education by developing a Doctor of Chiropractic program."