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.
Change Lives by Supporting Chiropractic Research: Are You In?
The Palmer Center for Chiropractic Research (PCCR), in celebration of its 20th anniversary, has announced it is spearheading a fund-raising campaign to support chiropractic research. According to Dr. Christine Goertz, vice chancellor for research & health policy at Palmer College, "We are hoping to raise $400K a year for chiropractic research by asking 20,000 DCs to contribute $20 (per year) towards our research efforts."
The PCCR will utilize the funds for key research efforts such as the following:
- "Initiate pilot studies in new areas of research that could lead to federal funding opportunities, such as studies on chiropractic for headaches in adolescents;
- Conduct research on how to improve access to chiropractic care within patient centered medical homes and accountable care organizations;
- Study the cost-effectiveness of chiropractic care in a rigorous manner;
- Provide training grants to help chiropractic students and professionals to become skilled chiropractic researchers; and
- Develop studies focusing on chiropractic co-management for conditions for which antibiotics are no longer considered the first line of defense, such as chiropractic/pediatric co-management of otitis media in children, or chiropractic/primary care co-management of chronic bronchitis."
For general information about the "20 for 20 in 20" initiative, click here and watch this video featuring Dr. Goertz and some of your chiropractic colleagues who have already pledged support for the campaign.