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

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

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

August 05, 2025 • Julie Herres • Season 5

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

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