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Episode Summary

It's July — half the year is gone, but you still have half a year to make an impact on your tax result. That makes right now the ideal time to sit back and ask: where do things actually stand?

In this episode, Evon walks through four questions every optometrist should be asking as a mid-year tax check-in. This is the same work Evon's team is doing this time of year for practice-owner clients — projecting out the practice's profit and loss and running initial tax projections while there's still time to act.

The goal is simple: fewer April surprises, and a clear view of the opportunities still on the table before the year closes.

What You'll Learn

Four tax planning questions you and your professional team should be asking this time of year
Where your income is likely to land this year — and why type of income matters as much as amount
How to tell whether you're paying enough as you go (and avoiding under-withholding penalties)
The AGI and taxable-income thresholds that phase you in and out of key credits, deductions, and extra taxes
Which tax planning levers you can still pull with half a year left — and their deadlines

Key Takeaways for Optometrists

Good tax planning starts early and proactively — not in April when the bill is already due. The four questions to work through with your professional team: Where will my income land this year? Am I paying enough as I go? Am I near a threshold that changes things? And what levers do I still have to pull?

The thresholds are where the real opportunities hide. Your AGI drives eligibility for the child tax credit, Roth IRA contributions, the higher state and local tax deduction cap, ACA premium tax credits, and your student loan payments if you're on an income-driven plan. Your taxable income drives your marginal rate and your QBI deduction. When several of these phase out together at higher income levels, a well-timed deduction or deferral can be worth far more than your marginal rate alone would suggest.

The two biggest levers for practice owners tend to be retirement plan contributions and depreciation. But don't buy equipment just for the write-off — you're spending a full dollar to save thirty cents. Invest in the practice because there's a return on it, then decide how to handle the depreciation. And remember that some levers have a hard December 31 deadline while others (like 401(k) contributions or a cost segregation study) run to your tax filing deadline.

Resources for Optometrists

Want a more proactive approach to your planning?

You can schedule a no-commitment introductory call to discuss what's on your mind financially and learn how we help optometrists navigate those same decisions nationwide.

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The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.