Welcome to the Planning for Practice Success Newsletter

January 2, 2007
ISSN 1934-3248

QUOTE: Enjoyment is not a goal; it is a feeling that
accompanies important ongoing activity. -- Paul Goodman

In this issue:

What's New: New "ailment" for chiropractors to care for
Tips: Deductions for startup costs
Question answered: "Can I still get a startup loan if I have poor credit?"

A new ailment? I saw an article online that said chiropractors will have a new ailment to treat in 2007 - gamer's wrist and other associated injuries from playing PSP3 and Wii and others.  Sounds like carpal tunnel to me, but it might be a good subject to mention to potential patients.

Question/Answer: A reader wrote to ask if he had any chance of getting a bank loan if he had bad credit. Here's my answer:  "When you say you have "below average" credit, I assume it's below 650.  You can still get a loan to start your practice, but you will have to work harder to find a bank, you'll probably have to pay a higher interest rate, and you will probably need a co-signer. Do you still have some time before you have to go look for a loan? If so, you may be able to increase your credit score by paying at least the minimum each month on credit cards and writing to creditors to see if they will take off old negatives. It is certainly worth a try.  BUT, beware of organizations that promise quick and easy credit repair; they're just after your money. When you get ready to go to banks, show what you're doing to repair your credit.
Good luck and let me know if you need more information.

What are your "goals"? Have you set goals for yourself for 2007? Do you try to set up personal "New Years Resolutions"?  If so, you might want to consider something different this year: setting Intentions. What do you intend to have come into your life this year? When do you want it to occur? I can tell you that it works, because it has worked for me.

There is much more to this concept than I have time/space for here. It is based on the "Law of Attraction" which states that what you intend will come into your life. If you want to learn more about this concept, go to the website of Michael Lozier or watch "The Secret" at (www.thesecret.tv ).  Even better, come to a one-day seminar at Palmer College on March 31, to learn how to make the Law of Attraction real in your life. (Just to be clear, this seminar is being promoted by Palmer students and administration, and I'm not getting any money out of it.) I'll be talking more about the Law of Attraction and "The Secret" in future newsletters.

Financial Tip: Are you saving information on your startup costs? You should be keeping records on your expenditures.  Here are some examples of records you should be saving:

* Expenses for trips to visit potential practice locations (keep mileage records if you are driving)
* Fees for advisors, analysis of potential practice locations or purchases
* Expenses for meeting with advisors (keep track of meals, travel, other entertainment)
* ALL long-distance phone call expenses related to your search for a practice location or purchase
* Materials and supplies used for information (like Planning for Practice Success), bank presentations, computer applications.

If you're not sure, keep the record. Your CPA will decide if it's relevant, but if you don't have it, you can't deduct it.

Speaking of deducting, the IRS considers these pre-opening costs as "capital" expenses, and they must be spread out over 60 months from startup. So you'll get to take them off your profits, but not completely in the first year.

Relevant Reading: An excellent book about recordkeeping and
taxes for professionals is Self-Employed Tax Solutions by June Walker. You can get it for under $20 and it is a good source of information and advice.

__________________________________________________________________

Ask Dr. Jean Murray a question: email her at jean@dcpracticesuccess.com
Order Planning for Practice Success or one of our other
products or call our toll free number at any time (24/7): 1-866-940-7526

Best wishes for your continued success,

Jean Murray
Planning for Practice Success
Online at:   http://www.dcpracticesuccess.com

The most absurd and reckless aspirations
have sometimes led to extraordinary success.
-- Vauvenargues

©Copyright 2006, Emence Enterprises LLC. All rights reserved. The information on these pages is for your personal use only. Please do not reprint or share information you have obtained from Planning for Practice Success? without written permission.

Disclaimer: We work diligently to make the information on these pages useful and current, but your situation may be different or our sources may not be up to date due to changes in laws or other circumstances. Planning for Practice Success, and its sponsors, advertisers, agents, contractors and advisors do not make any claims about any materials in this newsletter, on the website or on websites controlled by Planning for Practice Success?. We cannot warrant any information or advice on outside sites linked to this newsletter or our web pages.