Chiropractic News

Whats the best way to compensate yourself as a principal in your practice? Thats a difficult question to answer, especially under the watchful eye of the Internal Revenue Service (IRS).

Taxes are the most common threat to your financial security. The second most common threat? Divorce.

Keep your portfolio profitable with these 12 resolutions

Like many successful people, chiropractors are often so busy dealing with their practices and personal lives that they never take the time to deal with the important challenge of creating a tax-wise estate plan for their families. And, unfortunately, they often make two significant mistakes when creating (or ignoring) their familys estate plan. These mistakes can be avoided, however, with proper planning. Mistake 1: Losing half of life-insurance proceeds to taxes. Many people think proceeds from life insurance are estate-tax exempt. Wrong! The proceeds are income-tax exempt, but are subject to federal and state estate taxes. Federal estate taxes are levied at a rate of 46 percent on estate assets in excess of $2 million. Many states have state estate taxes of another 16 percent.