Academy of Chiropractic Personal Injury & Primary Spine Care Program
Quickie Consult 1024
Infrastructure 7 I
From the Desk of Dr. Mark Studin
Academy of Chiropractic
Preamble: many of these issues are small, yet each issue is just that… an issue. If you take care of the small issues, then the larger issues often take care of themselves and you can focus on the larger issues… a larger, more profitable practice and more family time.
“Don’t be a Financial SCHMUCK”
Work Harder, Work Smarter, Work Harder, Work Smarter, Work Harder, Work Smarter, Work Harder, Work Smarter…
STOP THE MERRY GO ROUND
“You mean I don’t have to work harder?” Mark Studin 2018
I sat with my accountant this morning and discussed issues that he has experienced with clients I sent him and reflected on some issues my clients have with him. The only time I hear of problems on either side is when there are problems, or the doctor is paying too much in taxes, penalties and/or interest.
In 100% of the instances, from the accountant’s side the problem stemmed from the client (you) not getting information, documents or numbers to him in a timely fashion. In 100% of the time, as a result, the client (you) had to pay late fees, penalties and higher taxes as a result.
This does not say that accountants do not make mistakes, however when accountant needs information and you delay it WILL COST YOU! When it does, you are the reason for losing money. Too many of you are obsessed with seeing more new patients, getting paid more and/or having a higher volume and lose site of the overall picture.
The big picture is to work smarter AND harder… but smarter first with a financial infrastructure that allows you to pay your fair share and no more. To allow you to use every legal loop-hole that was created for YOU. To prevent you from paying late fees that are VERY EXPENSIVE. Most of the time you need a better business strategy that included tax planning and being responsive to your accountant on a timely basis.
This is a critical time of year (today is December 26, 2018) where many filings for the years end are required, including paying your estimates by January 15th if you take that route. You should have been preparing for the last 6 months with a tax reserve account with the money waiting to be paid.
AND… find those tax shelters that legally allow you to keep more… Most of you do NOT and that is a bigger problem that not doubling the size of your practice. It’s not what you make, it’s what you legally keep!
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