No One Wants to Talk about Tax Day, But…

Tax Day matters more than you think. Missed payments can trigger discipline and risk your license. Stay compliant, file on time, pay quarterly taxes, and protect your ability to care for patients.

Transcript:

Today is April 15; it’s tax day. Nobody loves to talk about tax day, but we wanted to make you aware of some key things. First of all, we’ve done a huge data study of all licensed disciplines in the chiropractic profession over the last 14 years, and what we have found is that over 30% of all of the disciplines that have taken place over the last 14 plus years are all centered around not paying income tax in the state of Illinois. So we just want to make sure that you are aware that not paying income tax is not just an Illinois Department of Revenue issue, but it’s also a licensing issue, and can negatively impact your license and your ability to be able to take care of your patients.

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Please don’t forget to make your tax payments. Get your forms filed on time, file extensions, if appropriate, make sure you’re making your quarterly tax payments. We don’t want you to run into any challenges related to your license, because, of course, that can negatively impact your ability to catch up and pay your tax payments as well. Please get this taken care of. Make sure, again, make your payments on time. Make your quarterly payments on time. Make sure that you’re withholding the appropriate amounts if you’re a w2 employee of your own entity, but get your sales tax paid. We’ll touch on a few other things, as far as things to watch out for, but I’ll give you a heads up. Student loans are another big factor in those ongoing disciplines and student loan default. So you want to make sure that you keep up with those as well. We’ll catch you next week.