AOA pushed for several provisions.
The American Optometric Association reports that the recently passed U.S. tax legislation contains several "AOA-backed provisions that ensure reform is fair to doctors of optometry and students."
One such provision is known as a "pass-through exception." It means that "many small business optometry practices will now qualify for a first-ever 20 percent deduction on pass-through income," according to AOA. It applies to:
- Single filers with income under $207,500. That includes $157,000 pass-through and a phaseout for another $50,000 W-2, AOA explains.
- Married filers with income under $415,000. That includes $315,000 pass-through and a phaseout for another $100,000 W-2.
Additionally, AOA explains that it "worked diligently to preserve tax protections for optometry students and new doctors of optometry." Previous versions of the legislation "would have eliminated the student loan interest deduction and would have started to treat graduate student tuition benefits as taxable income," according to the organization.
Read more at AOA