The Optometry Money Podcast

In this replay of a popular 2023 episode, Evon revisits an important tax planning topic for optometry practice owners and independent contractors - the Qualified Business Income Deduction!

He dives into what the deduction is, how it's calculated, its limitations and phase outs, how it works differently in different business types, and planning considerations to keep in mind.

Have questions on anything discuss...

In today's episode, Evon dives into the tax considerations when selling your primary residence.

Homes tends to make up a considerable portion of optometrists' net worth, and fortunately the IRS provides an exclusion for capital gains from selling your home.

Evon dives into the Section 121 home sale exclusion, the two tests you need to meet to qualify, certain exceptions to keep in mind, and planning con...

Evon is joined by Thomas Castelli, CPA, partner at Hall CPAs, as well as CEO of Tax Smart Investors.

Many optometrists own rental real estate properties, and it's common for practice owners to own the commercial real estate the practice operates in. Thomas brings a ton of specialized knowledge in real estate taxation to the podcast, and we dive into how rental income is taxed and how optometrists can unlock "pas...

On today’s episode, Evon is joined once again by Dr. Bethany Fishbein to talk all about how to push through conflict and confrontation to improve your optometry practice and your career.

Ultimately as business owners and professionals, or just when working in a team, there’s going to be a time where conflict comes up or uncomfortable conversations need to be had - with team members, managers, patients, or vendors. 

And avoi...

In the show's 100th episode, Evon talks about what optometrists should expect and experience from working with a financial advisory firm.

There has been historically poor business models in financial services that fall short of providing advice optometrists need, in their best interest. There also appears to not be a great public awareness of what good financial advisors actually do for clients

Evon aims to ...

Evon is joined by Michael Pote of The Growth Cooperative to dive into creative ways to structure the sale of a practice from one optometrist to another. 

They talk a little bit about the structure of private equity sales and OD-to-OD sales, and the pros and cons to both. They then dive into creative ideas to make that transition work for both parties, including structuring the purchase over a period of time rather than al...

Evon dives into the recently announced update for federal student loans! The Department of Education extended the pause for income recertification for borrowers on income-driven repayment plans to late September, 2024 at the earliest. Optometrists may have even more time on lower IDR payments!

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optom...

This episode plays Part 2 of  Evon's recent guest appearance on the Four Eyes Optometry Podcast. Evon joins Lainey Bokhaut, CPA in Canada, as a guest to talk about foundational financial decisions optometrists need to make - especially as they transition from school to practice.

We dive into the basics of different business entities for practices and independent contractors, the importance of disability and other type...

Evon is joined by Jackson Pace, CPA and Kevin Dang, CPA of Refractional CFO to take a deep dive into financial due diligence when buying a practice. 

They talk about:

• The goal of financial due diligence and the list of what to review
• The documentation and information needed and the process of how to review them
• What factors they've seen that indicate the health of a practice
• What sellers should focus on to improve and...

Using income-driven repayment (IDR) plans toward student loan forgiveness can be a favorable way for optometrists to manage student loan debt. In this episode Evon talks about how strategically changing the way you file your taxes when married can improve the long-term math toward student loan forgiveness.

He dives into how filing taxes married filing separately can exclude your spouse's income from your student loan...

Andrew Berkin, PhD - head of research at Bridgeway Capital Mangement and author of The Incredible Shrinking Alpha - joins the podcast to discuss why active investment management fails, and why you're unlikely to get the outperformance you're looking for. 

Evon and Andrew dive into:

• Research behind why active management fails - both for individual investors and professional managers
• What an "efficient marke...

On today's episode Dr. Michael Neal of Lakeside Vision and founder of Build My Team joins the podcast to discuss the lessons he learned and process he built to hire better team members for optometry practices. 

We dive into:

• What's wrong with the conventional ways of hiring
• Why resumes are the worst place to start the process 
• Why experience can actually be a red flag
• How to streamline the hiring process 
• Aligning...

On today's episode, Evon is joined by Ali Oromchian, attorney with Dental & Medical Counsel, to review the new federal business entity reporting requirements under the Corporate Transparency Act.

They dive into which entities are required to report, what information is involved, deadlines to keep in mind, potential penalties, and more.

This impacts not only optometry practice owners, but also optometrist...

In today's episode, Evon gives optometrists a guide on one of the most tax-efficient savings accounts out there - Health Savings Accounts!

He dives into the appropriate uses and benefits of HSAs, who is eligible to contribute, the annual limits and nuances to keep in mind, how to invest in an HSA as a retirement account, and planning considerations and ideas to make the most of them.

Have questions on anyth...

This episode plays Evon's recent guest appearance on the Four Eyes Optometry Podcast. In Part 1 of 2, Evon joins Lainey Bokhaut, CPA in Canada, as a guest to talk about foundational financial decisions optometrists need to make - especially as they transition from school to practice.

We dive into debt decisions and how to tackle student loans, we talk about differences between retirement accounts and how to decide be...

Happy New Year! It's time to dive into the many 2024 financial updates, rule changes, and deadlines optometrists need to know about.

Evon discusses:

• SECURE Act 2.0 rule changes in effect in 2024, including positive adjustments to SIMPLE IRAs and 401(k)s. 
• Increases in contribution maximums for 401(k)s, SIMPLE IRAs, Health Savings Accounts, and IRAs. 
• Two important federal student loan deadlines this year.
• Beneficial O...

For the last episode of 2023, it's time to rewind to our most popular episode of the year.

Dr. Kara Ramsey-Foster, OD joins the podcast to talk about her journey freeing her optometry practice from managed vision care plans through a direct care business model.

In a bit of a case study, Dr. Foster talks about what led her to transition her practice entirely away from vision plans, how a direct care or fee-fo...

As we approach year-end, it's time to rewind to a popular 2023 episode! 

In Part 3 of a 3 part series, Evon dove into the many financial planning considerations optometrists need to think about when you own a more established, mature private optometry practice - both inside the business and in the household.

A few of the planning topics practice owners should think about are:

• Maintaining your vision for th...

As we approach year-end, it's time to rewind to a popular 2023 episode! 

In Part 2 of a 3 part series, Evon dives into the many financial planning considerations optometrists need to think about in the early years of owning a private optometry practice - both inside the business and in the household.

Once doors are open and for the first few years, you should think about:

• It's quite the busy time, lea...