How To Ethically and Honestly Reduce Your Tax Burden
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How To Ethically and Honestly Reduce Your Tax Burden
Hello, everybody. I’m Dr. Dennis Perman from The Masters Circle Global, and I have a very special guest today. Our interview is with a man who is working diligently on a daily basis to help chiropractors keep more of the money that they earn. Don Rasmussen of Quartermaster Tax. Welcome to this interview. It’s a pleasure to have you here.
Thank you, Dr. Dennis. I appreciate the opportunity and, and welcome everybody. It’s a pleasure to be a part of, of this wonderful group, the master circle. So, uh, the, the thing I, I would like to say is what we have found in working with a lot of the members of the Master Circle dentist is that the majority of chiropractors are grossly overpaying on taxes. They don’t even know it. And, and specifically as we’ve helped many is in the area of the research and development tax credits. And so we have a great team of tax attorneys, but we also have three chiropractors on our team. Matter of fact, we’ve had a couple of them at events that you’ve held Dr. Jim and Dr. Jeff. But ultimately our goal is to help you recover what you haven’t received. We can go back to three to four years, uh, as a refund and get your credit going forward without having to change your cpa. A we actually work with the CPAs. I just got an email here a little bit ago. I have two calls with CPAs next week. So this is something we do. Uh, we’re on the same team. Our expertise is in the research and development, and then also proactive tax planning, not just what we can find in the rears, but what we can keep you more of your money for you going forward in the future.
Well, fantastic. I know you had pretty much everybody at more money for you.
So, uh, where did Quartermaster Tax come from? I mean, what, what I, before, a few years ago, I never heard of you. Like, tell me a little bit about where this company, uh, the, where it came from, who developed it. I know you’re the c e o and president, but tell us a little bit about the history of quartermaster attacks.
Well, I appreciate that. So actually I’ve owned three c p a firms, uh, and, and the reality is, when I sold my last one, six years ago, uh, prior to me selling that, my chiropractor had come to me who I, I go to, uh, on a routine basis and said, listen, he knew what I did. He said, listen, I’m getting killed on taxes. Is there anything you can do to help me? And so I said, absolutely, Jeff. And so, uh, Jeff Cook here in, in North Carolina. So I went and looked at his numbers, and we were able to save six figures, uh, in proactive tax planning. So he, of course, needed to say, is elated. And he said, Don, he said, not all chiropractors are going to benefit, or lemme say need your services. Uh, but he said, there’s a large portion who do that, who, who are very proactive in growing their practices and really help you help need, uh, uh, to mitigate those taxes.
So, uh, and then in 2015, so a little bit history, that was about 2014, 2015, uh, the IRS expanded, uh, the r and d section 41 to the medical industry, including chiropractic. So in 2015, I actually, uh, hired BDO, which is one of the largest firms in the world, to a due diligence study to make sure chiropractors did in, in, in, uh, correct, pardon me, did qualify for research and development. So it was an affirmative. Now, I will tell you, Dennis, that we, you know, we’ve talked to hundreds and hundreds, if not thousands of, of chiropractors around the country, and we do find some that don’t qualify. One of the biggest thing is, you know, when it comes to payroll, having that couple hundred thousand dollars a year in payroll. But the long story short is when we realized that we could help doctors, chiropractors keep more of what they make, uh, get back what they were entitled to without having to change their CPA, we realized that was a not being addressed.
Uh, and y’all are constantly hammered with insurance companies and, and regulators and all these type of things that kind of squeeze the chiropractors. We felt like this is an opportunity to give back to the industry by being able to find this money that they weren’t getting not any indictment against their CPA, because this is a true specialty. My head tax attorney comes from K P M G. So this has been our focus. And so since 2015 forward, um, and, and of course we’ll do about 80 events last year, 80 events this year. So our goal is just educating. And so this, uh, this is a great opportunity for us to share to your members, uh, how they can, uh, get this money back without any cost for us to do the study. And when we find out what you’re entitled to, then of course, you, you can choose to engage us or not. But, uh, we’ve helped lots and lots of, of master circles members get back, you know, five figures, if not six figures back in rd.
Yes. Well, I don’t know if you, um, heard, but, um, when you said six figures, there was like a seismic, uh, uh, shift from all the doctors falling over Yeah. Because very few wouldn’t be thrilled to get five or even six figures back on their taxes. Now, um, you’ve mentioned the phrase r and d. Um, for those who are less, um, engaged with the process, what does that refer to? What, what is the actual basis that gives people their money back?
Oh, that’s a terrific question actually. So it’s research and development tax credit, section 41 of the i r s code. And so the best way I like to explain it, Dennis, is that every time you do an exam or a re-exam, that’s the research part. And, and people say, well, that doesn’t make any sense. Well, the reality is the IRSs want to incentivize you through the r and d credit or a rebate because you’re improving upon patient outcome. Well, the way you know that is by doing that re-exam, and I know insurance doesn’t cover it, but the good news is we can get money back, uh, from the IRS on that. So that’s research modalities, treatment plans, care plans. That’s the development. So what we do is, it’s not, so a lot of doctors, quite frankly, done is they think they have to do something more academic, meaning that they have to write a journal, you know, uh, publish a paper.
The reality is what happens in your practice from Monday through Friday is what qualifies. So what we do is, one of my chiropractors would interview the doctor, find out what you’re doing from Monday through Friday, you know, how many patient visits, how many re-exams, what type of modalities, how much time you’re spending. Because the big thing when it comes to research and development, there’s two moving pieces. Number one time spent in those activities. And number two, the wages of those who are performing it, whether that’s the doctor, an associate, a ca, maybe even LMT. Uh, but so ultimately that’s what we’re calculating, uh, to determine how much you’re eligible for a refund. And then there’s some states, this little side note, if you have Cal, uh, doctors in California and Utah and Arizona and some other states, uh, we get, we call double dip. And so they get money from the state as well, not just from the federal government. Unfortunately, Florida’s not one of those, but there’s many, many states. There’s 30 states total that give back something. Uh, some are greater than others. Uh, but the, the, the cool thing is you get to get both federal and state.
Well, that sounds great. Now, um, you’ve, you’ve dangled this five and six figure return. Um, what does an, uh, an average doctor who engages your services get?
Great question. Uh, 30,000, and that’s about our average. Uh, you, we have some who get 10,000. We have a couple of dcs who have gotten 400,000. Uh, so it’s all about, you know, our factors are patient count, you know, modalities, re-exams, all that. And they don’t have, they could be a traditionalist, they don’t have to have modalities. They could be just, uh, doing re-exams, doing, uh, adjustments. Um, so that doesn’t preclude them from getting that. But the more you do, the more you get back. Now, one last thing I was gonna mention to you, Dennis, I hear all the time is, you know, does this open me up for a greater chance of an audit? Well, the good news is, as I responded to a CPA last week was, um, in January 10th, 2022, just a little over a year ago, the IRS moved everything to pre-approval.
Pre-approval means that we submit our documentation, not yours, but ours, to justify why you qualify after we do the interview. And we submitted a couple thousand of those last year, all of ’em were approved. So we feel very comfortable in that. All of them were approved. All of ’em were approved. Yeah. We didn’t have any decline. They have 60 days to say yes or no, and we didn’t have any of ’em kick back. So that is, uh, you know, a a definitely a shout out to our legal team and, and everyone who’s working on that. But the one thing is that because the reason why the I r S does this or did this, was they wanted to minimize and limit the amount of audits, because an audit is to prove a deduction or a credit that you’re entitled to it. So by them reviewing our documentation, which we would ultimately have to provide for them in an audit, we’re doing it upfront. They’re already reviewing that and making that decision. And the AICPA actually has determined that somewhere between 90 to 95% reduction of risk of you being audited. So it’s very highly unlikely that that’s gonna happen. So, uh, that you’re gonna be audited. So that’s the good news, and we defend anything we recommend. So if you’re the most un luckiest DC in the world, we’re still gonna defend it at no cost to you.
So, Fantastic. Fantastic. Well, I think our viewers are getting the, that this is something that is worth engaging, uh, even if to discover what they need to grow their practice to, in order to qualify. Because there’ll be some doctors in varying stages of developments who are not quite ready for this yet, and you dangle a $200,000 payroll or a $500,000 gross. And there are some doctors who are relatively new in practice and others who have a different concept and are not at that level. But certainly anybody who could qualify for getting a reduction in taxes, um, they should look into this because there’s no question in my mind that an extra couple of thousand dollars is nothing to be sneezed at, no matter how much money you make.
Well, that’s a fact. And that the one last thing too, I talked about tax planning. If they’re paying over $50,000 in federal and state taxes, there’s opportunity for us to be proactively helping you reduce that tax liability too. So just because you, maybe you don’t have the payroll because you take a lot of K one distributions, there’s still opportunity to, to get your money, uh, saved as well.
Don, I have just one more question for you, and it’s, uh, a question about the future. Yes, sir. Um, chiropractors are very present time consciousness people, but they’re also visionaries for your longer term clients. What are some of the effects that you’ve seen on the practices and on the individual doctors for those, uh, practices that have engaged you over a longer term?
Well, that’s a great question. So what we find is they live a more tax efficient lifestyle. So, you know, you don’t know what you don’t know. And just like if they’re engaging the master circle to, uh, coach them on how to have a more thriving practice to, to grow their practice, so, which is an extremely valuable need necessary. Our goal, of course, is as you, your revenues increase is how you get to live a lifestyle. There’s 85,000 pages in the IRS code that just strictly, uh, focus towards tax planning. The reality is, I get a lot of referrals. Our team gets a lot of referrals from CPAs because they don’t have the time to, you know, to dig down in it. And that’s what we do. We don’t do tax returns here. I’m just gonna let you know, I’m not interested in doing your taxes. Uh, we do the amended returns for the r and d, but, uh, quite frankly, our focus is r and d and proactive tax planning, and that’s it. So we can, we can be that specialist that you have to works alongside your CPA or accountant, uh, and not have to, you know, make any changes there. So,
Fantastic. Well, in case, uh, our viewers are wondering, uh, we have numerous Master Circle global members who have already taken advantage of your services and been able to reap the kinds of rewards that you’ve been talking about. So I know that this is not, uh, this is not some airy fairy. I hope it happens. This is something that’s actually happening on a daily basis right now, daily basis. Um, Don Rasmussen, I’m so happy to have the opportunity to interview you today. Quartermaster Tax is a, not only, uh, an but an increasingly important part of our culture and hopefully of the entire chiropractic culture going forward. For those of you who wanna find out more about it, there’ll be a link in the description beneath this video. Um, uh, Don, any last words before we sign off for today?
Yeah, so I thank you very much. Uh, so the, the process is very simple. So that link that, uh, Dr. Dennis just referred to you, click on it. It’s gonna take you to our scheduling page for a 15 minute discovery call. All we’re gonna do is find out some basic information from you, make sure that you meet the criteria we gather. Second step is gather up some documentation, and the third one is an interview with one of our chiropractors to determine how much you’re eligible for. All this process is, is relatively smooth. Uh, documentation’s always our biggest thing is getting that from the, the, the, the dc. But the reality is, once that’s all in, then we can let you know how much you’re entitled to. And the nice thing about it, the IRS is doing much, much be, uh, better than they did during covid. And we’re seeing money come back in 3, 4, 5, 6 months. But even if it took you 12 months, Dr. Dennis, they’re gonna get a 200% return on their investment. And, and the reality is, I don’t think there’s, uh, cryptocurrencies or real estate or the stock market that can get you 200% ROI 12 months or less. So
Don, thank you so much for your time. Everybody pay attention to what Mr. Rasmussen is saying. Um, this is an important aspect of your financial future. Uh, thanks everybody for watching. This is Dr. Dennis Perman from The Masters Circle Global signing off for now.
Thank you, Dr. Dennis.
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