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In this episode, your host, Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, dives into the critical financial and tax updates optometrists need to know as we head into 2025. Whether you're an associate OD, a private practice owner, or planning to start your own practice, these updates are vital to helping you make informed financial decisions.

What You'll Learn in This Episode:

• Retirement Account Contribution Limits for 2025:
  Updates for 401(k), SIMPLE IRA, HSA, and IRA contribution limits, and how to adjust your contributions accordingly.
• SECURE Act 2.0 Changes Now in Effect:
  Automatic enrollment requirements for newer 401(k) plans, new rules for long-term part-time employees, enhanced catch-up contributions, and more.
• Key Tax Updates for 2025:
  Changes to tax brackets, standard deductions, Qualified Business Income (QBI) phaseouts, and the Social Security wage base.
• Student Loan Repayment Tips:
  How the timing of your tax filing can impact income-driven repayment plans, especially if you’re pursuing loan forgiveness.
• Inherited IRA RMDs:
  The return of required minimum distributions for inherited IRAs and what this means for beneficiaries in 2025.
• Things to Watch in 2025:
  Updates on Corporate Transparency Act reporting, SAVE plan court cases, and the potential sunset of the Tax Cuts and Jobs Act.

Resources Mentioned:

• 📄 Free 2025 Financial Numbers Guide:
  Click HERE to get your free copy of the guide to the most important financial and tax numbers for 2025.
• 🎙️ Learn More About the QBI Deduction:
  Check out this blog post and this podcast episode exploring how the QBI deduction works and how it impacts optometrists.
• 💼 Schedule a Free Consultation:
  Let’s chat about your financial goals and how Optometry Wealth Advisors can help you. Book a call here.

Connect With Evon and the Podcast:

• Website: Optometry Wealth Advisors
• Email: [email protected]
• Submit Questions: Use the link in the show notes to text a question directly to the podcast!

Thank you for tuning in to this episode of The Optometry Money Podcast. If you found this episode helpful, please subscribe, leave a review, and share it with your fellow ODs. Let’s make 2025 your best financial year yet!

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.