There are 3 things student/young professionals should keep in mind if you are interested in optometry business ownership.
1. Understand the tax bracket and how they work.
– A great resource to educate oneself on this with is tax-brackets.org. What you’ll find there is the breakdown of income-based taxes that somebody is responsible for, giving you an idea of how the system works. It only factors in federal taxes and you still have to add local, states and social security taxes on top of that.
2. Have a Mentor
– Either a small business owner or an optometrist who owns the business can be there as a resource for you. Personally, I was fortunate to join a group practice where the senior partner gave me a lot of advice in tax reduction and understanding the system a little bit better.
3. Have a good accountant
– Make sure that you have a good accountant. They are a great resource to have to make sure you’re up to speed on the new laws and regulations, and to understand what you should be doing in certain financial circumstances.
