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
Chiropractic Summit Supports Medicare Reform
The Chiropractic Summit, representing more than 40 organizations within the chiropractic profession, has unanimously approved a statement of support for Medicare reform efforts that would "remove discrimination against patients in Medicare and garner public support for such an effort." Summit members approved the statement at the Summit's April 28, 2016 meeting in Phoenix.
"We as a profession have unanimously achieved a milestone with this motion, telling our brothers and sisters in chiropractic that we, the leaders of our great profession, have agreed to stop the discrimination against the public we serve," said Dr. Lewis Bazakos, outgoing Summit chair. (Norman Ouzts, DC, was elected new chair at the meeting.) Dr. Bazakos added: "We need everyone in this profession to rise to the task at hand when called upon to support the grassroots initiatives of our member organizations."
To learn more about the Chiropractic Summit and its ongoing activities to promote chiropractic, visit www.summit.org. To learn more about and/or sign the American Chiropractic Association's Medicare Equality Petition (one such effort to end Medicare discrimination against chiropractic care), visit www.acatoday.org/equality/doctors.
Need Help With Chiro. College? Sigma Chi May Be Able to Help
If you're a current DC student (or know one) who's also a member of the Sigma Chi fraternity, listen up: Scholarship money may be available courtesy of the national fraternity. According to Dr. Terry Yochum, a Sigma Chi at Southeast Missouri State University before attending chiropractic college, the money is available via a medical health scholarship fund through the fraternity.
For additional information about this unique scholarship opportunity, Dr. Yochum encourages interested parties to contact him directly at (800) 742-4476 or dcrad099@aol.com.
J. Aaron Christopher, PhD, CPA, CFE, is Palmer College's new vice chancellor for administration, replacing Tom Tiemeier, CPA. Dr. Christopher began work at Palmer on June 13, with Tiemeier scheduled to retire in January 2017.