OBBB: What does the new tax law mean for your private practice?

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