Description

Questions? Thoughts? Send a Text to The Optometry Money Podcast! We'll answer your question on the show.

Tax filing season is here, and for married optometrists planning toward student loan forgiveness, how you file your taxes can save you thousands of dollars per year. 

In this episode, we break down how tax filing status impacts your income-driven repayment calculations and when filing separately makes financial sense.

Key Takeaways:

• The three core student loan strategies for optometrists: paying off like any other debt, pursuing forgiveness through income-driven repayment plans, or using a hybrid approach for specific cash flow goals
• How filing married jointly includes both spouses' income in the student loan calculation, even if only one spouse has loans
• Filing married separately allows you to exclude your spouse's income from the calculation, often resulting in dramatically lower monthly payments
• How community property states offer even more student loan planning opportunities for optometrists
• The additional tax costs of filing separately and how to compare them against student loan savings to make the right decision
• Critical timing considerations for filing your tax return and student loans
• Why filing an extension may make sense if you're unsure about your strategy

Chapters:

00:00 Introduction
 01:00 The Core Student Loan Strategies Optometrists Should Consider
 03:50 Income is the Most Important Planning Lever for Income-Driven Repayment Plans
 05:05 Filing Taxes Married Jointly Includes Both Spouse's Income in the Student Loan Calculation
 06:00 How Filing Taxes Married Separately Allows for Better Student Loan Planning for Optometrists
 07:00 Example of How Filing Separately Can Improve Optometrists' Student Loan Calculations
 08:45 How Community Property States Magnify the Student Loan Planning Opportunities for Optometrists
 12:00 Additional Tax Costs to Consider When Filing Taxes Separately
 15:00 The Math - Compare the Student Loan Savings vs. Higher Tax Costs When Filing Separately
 16:00 Next Steps for Optometrists

Resources mentioned:

• Click Here to Download Your Free 2025 Tax Filing Guide for Optometrists
• Ready to work with a financial advisor who understands student loan and tax planning for optometrists? Click Here to Schedule a conversation.

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.