The Optometry Money Podcast

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Jackson Pace, CPA, and Kevin Dang, CPA of Refractional CFO join Evon on the podcast again to dive into a common question - can you (or should you) buy a vehicle under your optometry practice for the tax deduction? They dive into: What's required to deduct the cost of a vehicle in the p...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Cash flow is the lifeblood of your optometry practice. In this episode, Evon dives into important differences between the profit you see on the Profit & Loss and the actual net cash flow of your business, and also explores the Statement of Cash Flows and stories optometrists can pull fr...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Evon dives into mid-year tax planning targets optometrists and practice owners should keep an eye on as we work through the rest of the year.  He talks through specific points of planning he thinks about as he works with clients and their tax professionals, including: Trajectory and sources...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. In this episode, we rewind back to a popular 2023 episode. How do income taxes work? How do tax rates work? How are your taxes calculated? As tax filing deadlines approach, Evon dives into a basic guide for optometrists to how US federal income taxes work. He dives into how marginal tax rat...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. What should we do during stock market declines? Even though the ups and downs are a normal (and expected) part of investing, what beneficial actions can you take? Evon dives into rebalancing, tax-loss harvesting, and other actions optometrists should consider during market declines. Have qu...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Matt Ruttenberg of Life Inc., Retirement Services joins the podcast for a mid-year review of 2024 updates for 401(k) plans and late-year deadlines optometry practice owners need to know. They dive into soon-to-be required auto-enrollment, deadlines to open a safe harbor 401(k) plan for 2024...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Now that July 1st has come and gone, Evon dives into the recent student loan updates optometrists need to know. He discusses how the Pay As You Earn payment plan is no longer accessible, the consolidation deadline passing for the One Time IDR Account Adjustment, PSLF no longer administered...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. What do presidential elections mean for your investments? What actions should you take during an election year? Do provide context for this common question, Evon dives into the historical behavior of US stocks related to US presidential elections. He dives both into the short-term results -...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. In this episode Evon is joined by Colin Carr, founder and CEO of CARR to dive into lease and purchase decisions for your optometry practice real estate. We dive into what to look for in a location for your practice, negotiating points for a lease, how to prepare and plan for a lease renewal...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. With a new stock market all-time high earlier this year (2024), Evon provides perspective from history to put new record highs into proper context. While it's often thought that you should avoid investing at all-time highs do to some inevitable crash, ultimately, all-time highs are mor...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. Evon is joined by Dr. Tessa Sokol, owner of Sokol Advanced EyeCare in Madison, Wisconsin. Tessa shares her experience transitioning from a long-standing, successful corporate sublease to her own independent, private optometry practice. We dive into the benefits and drawbacks of the corporat...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. In this replay of a popular 2023 episode, Evon revisits an important topic for optometry practice owners and independent contractors - the differences between different business entities! How do the different business entities work? How are they taxed? How are they different? In this episod...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 Sec...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 k...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 t...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 paymen...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 div...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 l...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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 re...

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show. 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, de...