20/20 MONEY: The Business of Optometry

We've had a number of tax planning strategies for optometrists to consider in the past, but we've never really covered the basics of our tax system. In this episode, I'll share with you how our income tax system works. I'll also cover the difference between deductions and credits, explain which one's better, and some common tax fallacies that we've seen over the years. If you're interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Understanding whether optometrists qualify for the R&D tax credit is not a simple answer. There are many questions that need to be asked and parameters that must be met. Unfortunately, not all of those parameters are met with clear, black-and-white definitions from the IRS but are rather subjective in nature. This can open the door for misunderstanding of the credit at best or outright fraud and abuse at its worst. In this episode, join us as we have a discussion with Kyle Riddle of McGuire Sponsel about the in's and out's of the R&D tax credit. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Tax Deductions to Benefit From–and Exercise Caution Before Claiming Simon Sinek on Millennials in the Workplace Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Owning an optometry practice requires you to wear many hats. As the owner, sponsoring a retirement plan in your practice is not without its share of responsibilities. In this episode, we talk about some of those administrative tasks that not only fall on you as the plan sponsor, but which of those responsibilities can be delegated to your professional team. We also share some additional resources that can help you satisfy your responsibilities as a plan sponsor. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. List of certified companies providing Surety Bonds TSP Investment Options Follow us on Instagram: https://www.instagram.com/2020moneypod/ ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

The Solo 401(k) is a viable option for independently contracted, 1099 compensated optometrists. It has many of the same benefits and options that a "normal" 401(k) has but without many of the testing and compliance requirements. However, they are not without their own limitations. In this episode, I share what optometrists need to know about when and whether a Solo/Individual 401(k) is a viable retirement planning vehicle to consider. For more information, visit the IRS.gov Solo 401k website. As a reminder, you can get all the information discussed in today's conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

One of the most popular questions we get asked is whether their 401(k) contributions should be Traditional or Roth contributions. There are many factors that play into that decision and some of the variables that impact the decision are unknown (like future tax rates). In today's episode we break down the difference between the two types of contributions and situations and strategies an optometrist should consider when deciding which type of strategy they should use. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Understanding the different types of profit-sharing plans that exist can help an optometrist determine which type of plan is going to be best for their practice. In this episode we talk about the different type of profit-sharing plans that exist and the advantages and disadvantages of each. We also share the different vesting schedules that exist and wrap up with some thoughts on how to use a profit-sharing plan to increase staff loyalty and employee retention in the practice. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Optometrists that own their own practice are always looking for strategic ways to reduce their tax liability. The tax bill that's generated when an optometrist sells their practice can have a big impact on how much money they keep as a result of the transaction. Retirement plans like the 401(k) profit sharing plan are usually go-to strategies, but there are limitations in how much one can contribute annually into these plans. Additionally, there's little that can be done with a 401k profit sharing plan to help offset and reduce the tax liability that's generated in the year of the sale. Cash balance plans are a little-used planning strategy by optometrists. If used correctly, though, a cash balance can help a practice owner accelerate their accumulation of retirement dollars, capture significant tax deductions in the year of contributions, and offset potential tax liabilities generated in the year of a practice sale. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Utilizing a retirement plan like a 401(k) profit sharing plan is a great tool to help optometrists save money for retirement. It's also a way for them to reduce taxes in higher earning years and deferring that tax liability until future years. While most optometrists may be familiar with Traditional 401k and profit sharing plans, a little known planning tool that exists is the ability to make after-tax contributions to a 401k plan. This strategy is often referred to as the "mega back-door Roth" strategy. In this episode, we talk about the history, details, benefits, and strategies an optometrist can consider when utilizing their 401k for after-tax retirement plan contributions. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Having a website that stands out, drives new patient growth, and creates a great patient experience is a tall order for any optometrist that owns their own practice. Knowing where to begin or what areas of your website and digital marketing strategy to focus your time and dollars is another challenge. Thankfully, there's someone out there that can see the challenge from multiple different perspectives. Dr. Rich Zimbalist, OD is not only a practicing optometrist but also an experienced digital marketing professional who has served many ODs in helping them create an online brand and marketing strategy that not only drives new patient growth but also creates a modern, pleasant patient experience from the moment they land on your practice's home page. Join us in this far-reaching conversation where we talk all things digital marketing for optometrists. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Rich Zimbalist. SEO Press Yost SEO RankMath Neal Patel Ubersuggest Serp STAT SemRush ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Choosing a retirement plan for your optometry practice is an important decision and it's one of those processes that can often be put on the back burner by ODs. It's common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is "Because it's much cheaper than a 401(k)." This is also advice that we see being shared in online communities as well. In today's episode,, I want to share with you five reasons why the SIMPLE IRA is not the long-term retirement plan solution for your practice, backed up with specific examples and case study illustrations and projections. As a reminder, you can get all the information discussed in today's conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!