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How the Final One Big Beautiful Bill Act Impacts Optometrists - Taxes, Student Loans, and More!
Description
In this packed episode, Evon Mendrin, CFP® and host of The Optometry Money Podcast, breaks down the biggest tax and student loan law changes optometrists need to know from the recently passed One Big Beautiful Bill Act (OBBBA).
Evon discusses what’s changing—and what’s not—for individual and business tax rules, estate taxes, 529 plans, and the massive shift in student loan repayment plans. Whether you're a private practice owner, associate OD, or optometry student, this episode will give you the clarity to start planning wisely for the years ahead.
Highlights from this episode include:
Individual Tax Changes
- Lower tax brackets and the higher standard deduction made permanent
- New temporary senior tax deduction for ODs 65+
- SALT deduction cap raised to $40,000 (with income phaseouts)
- Brand-new $2,000 charitable deduction even if you take the standard deduction
- Enhanced child tax credit and dependent care FSA limits
New & Unusual Tax Deductions
- Temporary deduction for personal auto loan interest (for new cars only)
- Deduction for overtime pay and tips
Business Owner Wins
- 20% QBI deduction is now permanent—and its phaseouts widen in 2026
- 100% bonus depreciation is back!
- PTET workaround for SALT cap still lives on
Student Loan Changes: Huge Overhaul Ahead
- SAVE, PAYE, and ICR plans eliminated after 7/2026
- Current Borrowers gradually transitioned by 7/2028
- Forgiveness periods shift, with new rules and income considerations
- Future optometrists face new federal loan caps and more restricted repayment options
529 Plans & Trump Accounts
- 529s can now be used for CE and licensing expenses
- New "Trump Accounts" for minors open in 2026: Traditional IRA-style investment accounts with government seed money
Bottom Line:
You don’t need to make big decisions today - but now is the time to start planning. Evon covers how these changes may affect optometrists in every stage of their career - from practice owners to new grads.
Resources & Links:
- Dept. of Ed Update: SAVE Interest Accrual Begins Aug 1st
- Schedule a Free Intro Call with Evon
- Newsletter on Tax Provisions (and don't forget to subscribe)
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.