The Optometry Money Podcast Evon Mendrin CFP®, CSLP®

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 corporate sublease (from her experience), what to look for when evaluating a sublease opportunity, why she made the shift to private practice, all the steps of the transition, what lessons she'd teach herself if she could go back, and what technology and innovation she's most excited about looking to the future.

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
Sokol Advanced EyeCareLinkedIn - Tessa SokolFacebook - Sokol EyeCareiCareAdvisorsSchedule a Free Consultation - Optometry Wealth Advisors
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.

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 episode, Evon provides a basic guide to the differences between:
Sole ProprietorshipsPartnerships Limited Liability Companies (LLCs)S-CorporationsCorporationsIf you own an optometry practice or are an independent contractor, hopefully this episode brings some clarity around how the different types of businesses operate. 
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
The Optometry Money Podcast Ep. 47: An Optometrist's Guide to How Income Taxes WorkIRS.Gov Reasonable Compensation for S Corporation OfficersIRS.Gov How to Apply for an EIN
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.

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 works differently in different business types, and planning considerations to keep in mind.

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at evon@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
The Optometry Podcast Episode 47: An Optometrist's Guide to How Income Taxes WorkThe Optometry Podcast Episode 49: An Optometrist's Guide to Business EntitiesIRS Reasonable Compensation for S-Corporation OwnersThe 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.

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.

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 Section 121 home sale exclusion, the two tests you need to meet to qualify, certain exceptions to keep in mind, and planning considerations when selling a home that you've used as a rental property.

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
IRS Publication 523 - Selling Your HomeSchedule an Intro Call with Optometry Wealth Advisors!
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.

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 knowledge in real estate taxation to the podcast, and we dive into how rental income is taxed and how optometrists can unlock "passive" rental real estate losses to offset your other "active" income like wages and business profit. 

Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
Thomas Castelli websiteTax Smart REI PodcastHall CPAsTax Smart Investors
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.

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 time where conflict comes up or uncomfortable conversations need to be had - with team members, managers, patients, or vendors. 

And avoiding that conflict can lead to issues with patient care, profitability, the culture of your practice, your stress as an owners, 

Bethany and Evon dive into all the different places this shows up in your business, how avoiding important conversations impacts patient care, your practice, and your career, and how get better at tackling conflict head on. 
Have questions on anything discussed or want to have topics or questions featured on the show? Send Evon an email at podcast@optometrywealth.com.

Check out www.optometrywealth.com to get to know more about Evon, his financial planning firm Optometry Wealth Advisors, and how he helps optometrists nationwide. From there, you can schedule a short Intro call to share what's on your mind and learn how Evon helps ODs master their cash flow and debt, build their net worth, and plan purposefully around their money and their practices. 

Resources mentioned on this episode:
Leaders of Vision WebsiteLinkedIn - Bethany Fishbein, ODHBR: An Exercise to Help Your Team Feel More Comfortable with ConflictThe Lean Startup - Eric RiesSchedule an Intro Call - Optometry Wealth Advisors
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.