Special Episode: Navigating New 2025  Tax Laws for Therapy Practice Owners

In this special summer edition of 'Therapy for Your Money', host Julie Herres, owner of Green Oak Accounting, discusses important updates from the new tax bill that affect small business owners and private practice therapists. Julie provides a concise breakdown of business changes, personal tax updates, and some unique deductions that may have fine print, offering key insights and practical advice for therapy practice owners to stay informed and prepared. Key topics include maintaining the QBI deduction, the return of bonus depreciation, pass-through entity tax benefits, and adjustments to personal deductions like the SALT deduction and child tax credit. Julie emphasizes the importance of consulting with tax professionals to navigate these changes effectively.

Episode Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:44 Special Edition: New Tax Law Overview
• 01:57 Context: Tax Changes Since 2017
• 03:46 Business Tax Updates
• 08:30 Personal Tax Updates
• 13:32 New Deductions with Caveats
• 23:00 Medicare and Medicaid Changes
• 25:23 Conclusion and Final Advice

Links and Resources

• Free Guide: 7 Things Private Practice Owners Should Know about OBBB - https://www.greenoakaccounting.com/obbb
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy 
• Podcast Production and Show Notes by Course Creation Studio