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Phil Demers joins me outside the gates of Marineland for this episode- a return to a conversation we began seven years ago at the Fox Theatre.Back then, we were fighting to pass Bill S-203 to end whale captivity in Canada. The law passed in 2019.Now, the fight is to save the remaining 30 beluga whales and 500 other animals who remain trapped inside as the park has ceased to exist. At one point, recently, Marineland even threatened to euthanize the whales if governments didn't provide emergency financial support.Phil “The Walrus Whisperer” Demers was a trainer at Marineland turned whistleblower. He spent over a decade fighting Marineland in court after leaving his job there in 2012. After 13 years of legal battles and public advocacy, Marineland is finally on its last legs. But the fight to save the remaining animals isn't over.We discussed what happens next, short-term and long-term solutions, and why governments should lead on this instead of playing only a reactive role.Chapters:0:00 Standing Outside Marineland6:21 Why China Might Actually Be Better10:04 The Sanctuary Myth & Rescue Reality14:08 30 Dead Whales18:13 500 Forgotten Animals19:30 13 Years of Legal Hell24:37 Conclusion: The Divorce AnalogyRead further:The Walrus and the Whistleblower - Documentary (CBC Gem) https://www.cbc.ca/documentarychannel/docs/the-walrus-and-the-whistleblower7 years ago with Phil: Transcript: [00:00:00] Nate Erskine-Smith: All right, well, welcome to Uncommons. It's an interesting episode because I'm joined by Phil Demers, who actually joined me at the Fox Theater many years ago, four years ago before we started the podcast actually. And it was just a, a local town hall event. We showed Blackfish. Right. And you were there to talk about your experience as a whistleblower at this horrible place behind us.[00:00:19] Uh, it is interesting how far we've come, but also that the issue is so acute still. Uh, at the time we were talking about a bill that had to be passed. To end this kind of production and make sure we were protecting institutions in captivity. And you were adamant we had to get this bill passed. Hmm. Well we got the bill passed.[00:00:37] Yeah. And yet we've got marineland, uh, beside us now, and it was grandfathered through in a way. And now we've got 30 beluga whales. We've got 500 other animals that are, that are in here. Mm-hmm. And all of which, all, all of whom need to be saved in, in, in one way or another. And, uh, it didn't [00:01:00] have to come to this, really did it.[00:01:02] Phil Demers: Well, we've, what, what has glossed over in much of, of your story is we've got a unwilling marine land in all of that. Yes. To evolve in any way, shape or form to be a, financially viable, uh, you know, for the security of their own future. Uh, but b, to adhere to any of the laws that we essentially passed, both provincially and, uh, and federally, although we did ban the breeding of the whales. Yep. Had we not banned the breeding of the whales. So, so currently there's 30 belugas remaining. There's four dolphins. Uh, we got two sea lions and a, and a host of, uh, land animals there. Had we not banned the breeding of belugas in 2019?[00:01:41] Nate Erskine-Smith: Yep.[00:01:42] Phil Demers: And albeit, the pregnant belugas of 2019 were grandfathered in.[00:01:47] So there were some whale birth births there. On average, Marineland had five to seven belugas born per year. A couple would die. But there's, you know, it's conceivable to say that whereas [00:02:00] we have 30 right now in there, we would have had an excess of 50. Right. They would've kept probably 60.[00:02:05] Nate Erskine-Smith: Yes, of course they would've kept the business model broke down with that law.[00:02:08] But if they would've kept going otherwise, I mean, they're, they were the bad actors. It's the, it just wants to keep it active [00:02:12] Phil Demers: At this point. It's the only, it's the only part of the law that they've, ad they've adhered to outside of importing, of course, which, which, uh, we ban. So it's, it's beyond their control, but.[00:02:21] Um, you know, the breeding, they, they stopped, but had they not, we'd be talking about 50 to 60 whales in those tanks. It, it was, uh, you know, that's something to really hang our hat on. That was a huge, uh, and super progressive, uh, lawsuit. But it does interestingly, take us to this place now where marine land is, you know, we essentially bankrupt.[00:02:39] I, but we should stress owns a lot of land sitting on 700 acres of prime land meant to fuel or feed the, uh, the whole family trust. That's, those are the heirs to it. You know, the operation is essentially sucking the money out of that. And so they're looking for the, be it most lucrative or least expensive [00:03:00] way to get outta this thing.[00:03:01] The sale to China was to be a profitable one. Uh, should be stressed that here in North America, none of the facilities wanna do business with marine land, right? A few years ago, five belugas were sent to Mystic Aquarium, three of which died within weeks and months. Uh, all having to do with, uh, preexisting conditions from Marineland.[00:03:20] Nate Erskine-Smith: So, so pause, pause for a moment. ‘cause I think for those who are listening, they may not know you've got 30 belugas here. And there was, uh, a deal that Marine Land wanted a broker, at least with a facility in China. Ocean Kingdom time, long Ocean Kingdom. The decision of the federal minister was to say no animal welfare first.[00:03:41] Uh, the primary purpose here is entertainment and, and we're not convinced that they're gonna be putting animal welfare first. Akin to the concern here, right? And, and why we don't want this to contain to exist. But then the knock on question why is so acute right now is okay, but then what? Because marine land comes out as proper monsters. They say, well, if we don't get emergency funding, we're gonna, we're gonna euthanize these whales,[00:04:05] Phil Demers: which is a familiar theme with Marineland. In all of my years of dealing with them, it was always do this or else. Uh, again, I I, this morning alone, I watched a, a YouTube video. It was pretty.[00:04:14] Pretty thorough history of marine land and in it is always the familiar threat of, well, if you don't do this, I'm gonna, and it includes ship the park to the, to the US that includes, you know, a whole host of things. But that's all, that's marine land's bluster when it, they don't get their way right. But that said, the, the spirit of the law was to give, uh, to give final say to the minister so that they can ultimately consider the interests of the animals in it, which is a level of personhood, which is not.[00:04:39] Which is atypical of most laws, especially of animals.[00:04:40] Nate Erskine-Smith: Of, yeah. Yeah. An incredibly important step. Yeah.[00:04:43] Phil Demers: Really, really, uh, progressive, you know, the spirit is to end captivity and, you know, and if you can stamp that out here, the, the idea is that it, it's, uh, it'll evolve to the rest of the world. And to be fair, uh, France adopted a very similar law recently passed, [00:05:00] uh, as well as, uh, new South Wales.[00:05:02] The province in Australia adopted a law. It's actually picking up around the world. So, so it's, you know. I always stress when we, we look at, hey, we wanna end captivity, I always stress that's a hundred year, that's a hundred year fight. If all goes extremely well, you know, you've got burgeoning business in China, some in Russia, right?[00:05:20] And we're still ending sort of ours here, sort of choking that off here and that's still expanding there. So, you know, we've, we've started something that's gonna continue elsewhere, but you know, it's gotta end here. It's gotta end here first and ending.[00:05:33] Nate Erskine-Smith: You can put a law on the books and, okay, so. Uh, on a going forward basis, you, you might avoid problems and, and avoid cruelty, but you still have 30 belugas here.[00:05:44] And then the question becomes, well, what happens next? And, and I don't wanna pretend that it's just a marineland problem because you were just, uh, commenting on the fact that in Miami you got seaquarium that's now shut down, that this is going to happen in other places too. Well of Mexico just banned it.[00:05:59] Phil Demers: [00:06:00] And now all of their animals, now captive and legally captive can no longer perform in shows, can no longer do the swim with programs, et cetera, et cetera. So what happens is it becomes unviable to the owners. They lose their incentive, their incentive to have and use these animals. So what becomes well, unfortunately, in, in, in my estimation of what is available to us.[00:06:20] Nate Erskine-Smith: Yeah.[00:06:21] Phil Demers: You know, I'd always had hope that the much of these animals would go to the us, but it's not gonna happen by way of a broker deal because again, none of ‘em wanna touch marine land for obvious reasons. Again, I, I mentioned the five whales that died at, uh, mystic.[00:06:33] Nate Erskine-Smith: Yep.[00:06:34] Phil Demers: They also know of the bad PR.[00:06:36] Marine land's been getting here for the decades. I mean, it's been global news, you can't ignore it. So SeaWorld also had to sue Marine Land a number of years ago to get an orca back. So SeaWorld doesn't wanna touch marine land, so I don't think. Anyone in the US wants to associate with buying animals off marine land or brokering any type of deal affiliations, et cetera, et cetera.[00:06:54] But you know, I'd had this hope that this government, the provincial [00:07:00] Animal welfare society, especially with their policing powers and their ability to seize animals. You know, you have, you have essentially an opportunity to seize these animals and send them to these places, whereas those places might be receiving of them if they're by way of a rescue versus of, of a broker deal.[00:07:15] But again, this is me talking, theorizing, trying to figure this thing out. [00:07:19] Nate Erskine-Smith: But let's imagine that so, so the federal government. Has done its part in passing the law. I, I think the federal government could play a strong convening role here. And, and we're starting to, I mean, in the wake of the minister turning down those permits, uh, to, uh, ocean Kingdom in China, I mean, uh, there is a role for the federal government to show some leadership here, but the actual law, the power that you're talking about, the seizure power that exists, provincially, provincially, and you got Doug Ford over here talking about caring about dogs and okay.[00:07:46] I, I like that. Okay. Yeah. Let's, let's have concern for, for all animals. Uh, but in this particular case, as soon as Marineland says, well, without emergency funding, we'll euthanize them. They should be coming in here, seizing and using their authority. And, [00:08:00] and, and by the way, I mean even as part of, uh. Uh, I was reading, uh, as part of the settlement back in 2017 and driving the lawsuit.[00:08:07] I mean, they agreed to monitoring. I mean, like, what are we even talking about here? Have animal welfare experts, animal science experts. Well, they're in there. They're in there. And why, and why can't, and then why can't Doug Ford sees these and say, now we can broker a deal with the animal welfare top of mind instead of marineland trying to extract top dollar.[00:08:25] Phil Demers: So in the think tank, that's become, since all of this and the Yeah. You know, sort of the, where does this go? I do have to say with limited options, China might be atop the very best options. And let me explain why if those animals were in a neutral place right now. Just let's just, let's just do this as like a, a sort of a thought, uh, uh, experiment if this animals were in a neutral space right now and yet to elect where they're going.[00:08:49] Yeah. Outside of the laws themselves, which is, you know, for the most part, it doesn't exist in China. That I, that I know, I don't wanna be quoted, but I don't know what the animal, uh, oversight and, [00:09:00] and, and laws are like over here. But we know what they are here. Yeah. And we know that they exist here. But that said, they're not really do serving so, so much.[00:09:07] Uh, these days, if there was a choice between the facilities, it'd be hands down, you'd be sending them to, to China. It wouldn't even be a question. There wouldn't even be a question. These are brand new facilities that massive I had. A team member was there two weeks ago, a a, a former, uh, friend of mine that worked at marineland Works there.[00:09:24] These are brand new massive, expansive facilities, the conditions of which are good and in fact maybe even be said to be great in the realm of captive facilities. I don't want to be a defender of any facility. I don't wanna say, Hey, that's a good one, but what, on the scale of, you wouldn't consider this for a moment, but because they're in there, it becomes a little bit more complicated because it's a question of, of removing them, but.[00:09:48] Because of the limited space of where those animals have and being against the clock, they're gonna have to go somewhere. And, uh, again, I stress the us I ideally, first and foremost, if it doesn't work out [00:10:00] there, or if, you know, obviously they don't have the space for 30, we know this already, some are gonna have to go to China[00:10:04] Nate Erskine-Smith: So let, let's walk, let's, I, let's take some time to walk, walk through those options. Because again, some people might say, well, why not return them to the wild? We've seen the consequences of that in, in, in some ways. You, uh, in, uh, there was a return to, uh, facility in, in, in Iceland at one point, I think in.[00:10:24] So, well, that's not, that's not gonna work. And so there, there are just knock on challenges to, to that option.[00:10:28] Phil Demers: There is no such thing as a perfect scenario. Also, that needs to be stressed because I think we're, we're, and we have been wasting a lot of time and thought on what would be perfect. Right? And it doesn't exist.[00:10:38] We have to scale that. Our expectations back to what is. And, and also stress that these animals are not very healthy. Now, I'm not gonna call them sick. Do we know? Do, is it Well on a, on a scale of the, they all, they're all unwell by virtue of the conditions that have been here.[00:10:58] Nate Erskine-Smith: But do, uh, is there that [00:11:00] openness with, uh, say.[00:11:02] Uh, nonprofit or, or government experts and, and animal scientists who have access into properly not a chance.[00:11:09] Phil Demers: And, and for that matter, anything that you would've access to look at would be changed,[00:11:12] Nate Erskine-Smith: right?[00:11:13] Phil Demers: So, so anyone that has a pen and, and putting it to paper has an interest in some people not knowing everything that's going on.[00:11:20] Nate Erskine-Smith: So Wildes out and then you've got, uh, wild is out and there have been proposals. For animal sanctuaries, there's one in Nova Scotia that, that is, that is closest to realization. No. Uh, having spoke well, having spoken to the, the folks there, they said, well, the earliest is really next fall. And that's an optimistic timeline.[00:11:38] And, uh, and then you're, they're talking about a max of taking 10 of the whales, which today, in the environment that we exist, uh, doesn't seem like the most plausible option when you want to protect these animals and, and put animal welfare in their animal interest first. Today. So, uh, the answer does, you know, first it's just who's the decision maker?[00:11:59] And it can't be marine land that is deciding what the deal on the table should be.[00:12:03] Phil Demers: Well, clearly they're not, they don't make the decisions in the best, the best interest of the Yeah, exactly. Just to stress the point of the, of the whale sanctuary in Nova Scotia. I wish it more than anyone to be an operational place, but it's not.[00:12:13] I've gone, it can't be, it's not going to be. Its decades and hundreds of millions. And who's foot in the bill? This is. A theory at best, and we got to move beyond theories or else what happens is people start hanging their hats out. People start talking, talking, talking. But the specific needs of those animals, and that's outside of a perfect world, if we're gonna have a sanctuary for animals, that has to be tried.[00:12:36] In the best cases, not in one of duress and, and emergency, et cetera. It's, this is an experiment for the most part, but those animals need to get a access. So we're talking about a, uh, this monster sanctuary, but did they, in all of that, go through the what is required to actually care for these animals?[00:12:53] You need a, a rising floor of a tank to be able to access sick animals so that you can give them, uh, medication, et cetera. You gotta be able to [00:13:00] access the animals, but an animal's sick in the middle of your sanctuary. How are you gonna get them? And get them on a, on back to the shoreline, back into a tank where they can be monitored and then, you know, be given drugs and et cetera treated.[00:13:12] And you've got the, the challenges that these animals already face is just outside of the scope of what an experiments at this point can offer. Right? These animals need facilities with people that know where to inject The animals know where to draw blood, know, you know, they got the book on the meds and they got access to those animals because that's essentially what they need.[00:13:32] When we're talking about what the. What's happening here? It's essentially a rescue and it's, it's how it needs to be framed. It's how I've always said it. And again, I I'm, I'm sounding like a broken record because I've been saying this for a decade, and if you read it, it's, it, I don't think I've done a single interview in the last decade where I said, if we don't get those animals out, they're gonna die.[00:13:50] And, and, you know, it's easy to say, well, of course they're all going to die if they don't move. But you know, if you watch. At the rate that I was saying it and the rate that the animal [00:14:00] started to die, we're talking about a scale that's grading up and speeding up and accelerating. So 30 animals have died there, essentially.[00:14:08] I, I know it's in the records as, as 2020 whales, but you know, if you add the three that died at Mystic as being marineland whales, right. If you add the, uh, while we know that in the, in 2019 there's an affidavit that Marineland sworn of having 58 beluga whales. But we know that they would've pregnant ones.[00:14:27] So five to seven more born there. Deduct those numbers. ‘cause they're, they're no longer in that inventory. Um, you've got 30 whales that have died essentially since about 2018. More than 50 since I quit, which will have been 60 or more if we hadn't have passed the, the breeding bin. Nothing here is new.[00:14:55] Marine land's, bluster, et cetera, et cetera. You're finally hearing their actual voice. You're not seeing [00:15:00] the jingle on tv. You're not seeing them talking about their, their animal welfare record and, and boasting it as the best in the world. You are seeing the, the people here have seen the marine land, the, the real marine land for the first time.[00:15:09] Yeah.[00:15:09] Nate Erskine-Smith: Big difference between everybody loves marine land and we're gonna kill the whales if you don't gonna sip on. Right. And this is a, this is a theme I've known for far too long because, you know, they don't like me. But, uh, so just to close the, close this, uh, what's on the table? It could be on the table.[00:15:24] So. You've got, uh, sanctuaries talked about promising in the longer term, potentially [00:15:30] Phil Demers: Well, if, and when that exists, the belugas hopefully are alive no matter where they are in the world to one day be received there. [00:15:36] Nate Erskine-Smith: Right, right, right.[00:15:38] Phil Demers: There's so there if they're alive, which we have to stress.[00:15:39] Nate Erskine-Smith: And so, but in the immediate term, uh, you're looking at, in an ideal world, when it's not an ideal world, uh, you've got the premier acting, you got the provincial government that would seize. Control in order to make decisions in the best interest of the animals, you've got a situation where then you would survey what's available across North America and [00:16:00] and elsewhere and say, we're gonna proactively reach out and try to place these animals, putting animal welfare interests first.[00:16:07] Phil Demers: And if I was negotiating those moves, I would say any re, any facility that receives these animals. Have to adhere to the spirit of the 2019 law. Right. Which is, and I think North America would, would be glad to adhere to that. They already generally do. I don't think they're breeding belugas. Uh, you know, most of these places have their own, despite it not being law, they're sort of in-house no longer breeding.[00:16:27] Definitely orcas that I know of, hopefully dolphins one day, but we're, we're not there yet. Uh, but that, yes, so with the caveat that, hey, if we can follow this, you know, it should be noted that. The spirit of of S two S 2 0 3, which is the law that passed, was that we're, we're gonna eradicate captivity in Canada.[00:16:44] Sort of the idea was, you know, we're gonna end this situations of captivity. And well, with the idea of that globally, this build had this, this effect. But that said, these animals who are already here, sadly, and with, with zero to minus zero option of ever being returned [00:17:00] to the wild, and I hate to be this voice.[00:17:04] But if they go elsewhere, it may very well spare some live ones from being captured. And that is in the spirit of the law. So there is some salvation in this ending in Canada. The animals moving on to better places. Yep. And no more whales ever returning. And that practice being said and done, and we wash our hands of it.[00:17:24] And that's the biggest win that can be done. The noise of our bullhorns out here. Follow them to the next place. They'll hear us out there. The fight continues where they go. That's, that's the reality. We got a hundred year problem ahead of us if everything goes well. [00:17:43] Nate Erskine-Smith: And let's talk about the other animals.[00:17:45] I mean, you are known as the walrus whisperer. You didn't start fighting. Just for the whales. I mean, you were fighting for the walrus smooth. She, and there are an estimated, what, 500 other [00:18:00] animals? It's a lot of deer in there. Yeah. And, uh, and so is that also part of the picture here? I mean all obviously the public focus has overwhelmingly being on the whales, but, uh, what do we do with the other animals?[00:18:13] Phil Demers: Well, that I know of, the Toronto Zoo expressed some interest. They were visiting the facility in early October. Those animals are likely destined for, uh, I mean, ideally, some sanctuaries that we know do exist. They, there are some, yeah. Um, the bison are already gone. No one seems to really know where there, there's theories, but they're gone.[00:18:37] Uh, the bear, they that they're gonna have a tough time because bears are, are solitary animals. They shouldn't be confined to a tight space anyways. It's already really, uh, antisocial and dangerous for them. It's like a really unnatural environment. And so the coat is sort of stunted and no place is looking for a bunch of bears.[00:18:53] So, you know, I'm, I won't be surprised if a lot of them get euthanized very quietly, uh, and, you [00:19:00] know, the deer, 500 deer or so, what are you gonna do with that? So, I, I don't know. Again, I, I, I leave this to, you know, I, I'm, you know, I've had my sort of, I, I got a decade plus of fighting against this place.[00:19:14] That's the extent of my knowledge of animal rights. And a lot of people come to me and say, Hey, this, this, and that. I'm just like, uh, talk to an organization that knows this stuff.[00:19:23] Nate Erskine-Smith: Right. So they, I mean, the last time we spoke, uh, where we were, we had an audience in front of us.[00:19:30] Yep. Uh, that's, that, that you were still Yeah. Yeah. You were still deep in litigation where they were taking you on and trying to silence you. Mm-hmm. Uh, I mean, it's interesting, you know, you've come to animal rights, but also, uh, you've. Really been, I think, uh, uh, you've, you've shown what it is to be a whistleblower in a, in a, in a publicized important way.[00:19:53] And the, and the importance of whistle blowing protections despite the fact that they came after you with everything they got. And, uh, where [00:20:00] is all of that at now? I mean, you've, uh, uh, before we started recording, you're talking about smooshy ended up where, so we[00:20:07] Phil Demers: essentially, you know, so they sued me in 2000, early 2013 for plotting to steal smooshy the walrus.[00:20:12] Yep. You terrible verse you and I could have done it, but I didn't. And it had nothing to do with Marine le, but if anyone could have done it, but I wasn't going to, you'd have to be crazy. And much as they tried to make me out to be crazy, uh, you know, I, there's some percentage of crazy, but it's not, not to the scope of what they had described in this lawsuit.[00:20:31] So, you know, it was baseless. It, it did inspire antis, SLAPP legislation, uh, provincially, which was great. It didn't help me, but it's, you know, it, it's there for the future. It's important.[00:20:40] Nate Erskine-Smith: Yeah.[00:20:41] Phil Demers: And I also stress when you, when you say, you know, you did, you, you were a whistleblower and you know, we, we, we passed a, a host of different sort of whistleblower protection laws and everything.[00:20:49] I, this wasn't an animal rights issue. It, it, this was an animal rights issue when I left. It wasn't animal rights. It was a, here's what I've experienced and if something [00:21:00] doesn't happen to this, this, this, these animals will, you know, their suffering will increase. Tell you, I know me suddenly being sued.[00:21:07] Like these were, these were my friends, these animals and, and the employees. This is like, these were, you know, you're gonna see your neighbor's dog like that and you walk ‘em every day. You're gonna have some concerns. Like, so this was that for me. It spills over into an animal rights realm, of course, because animal rights, people who had, you know, to their credit, been fighting this forever, suddenly, you know, I, I show up, but you know, to be fair, I'm not really an animal rights guy.[00:21:31] She was your friend, smooshy. Yeah, of course. Right. That's of course. But I'm just, when it comes, those you love mistreated when it comes to the history of, and what is. The box of animal rights activists, which I get very often. It's like, no man, it's just, it's not, that's not really what this was for me.[00:21:49] What this was, was, let's say, professional a*****e versus semi-professional a*****e. And it was a clash of all crazy proportions if you weren't witness to it. I, I could only [00:22:00] imagine how much fun it was on the sidelines. I mean, I, I, I, I like to do it up for the people, put on a show, and we did. Uh, but that's what this was, this was every corner.[00:22:08] This was a fight. Tooth and nail in every aspect and element of every which way of my life outside of that, of the animals. It was a, it started as an animal thing and it's taken on an entire other, uh, entire, entire other, uh, uh, level. [00:22:24] Nate Erskine-Smith: But, but with that said and taken over your life, I mean, uh, well, the litigation and just the, I mean, all of that takes an incredible amount of toll and time[00:22:33] Phil Demers: I would not have imagined when it happened that.[00:22:36] That this was going to be like the most forever decision. I, I'll be honest, and this is ambitious and in retrospect, super naive of me, but armed with the truth at the time, I thought in my mind, this is gonna take six months to resolve the, again, my objective was not, let's shut marine land down six months.[00:22:53] Well, what did I know about litigation, about anything? I just thought, well, listen, if the people know, well, not even the people. I thought if the, [00:23:00] if the authorities knew the, you know, if they knew, and here they were here, it was, they knew. And that was like the beginning of my journey. And here I am 13 years later and it all wholly and entirely reshaped into a, a pretty efficient marineland busting machine.[00:23:19] Like it's, it's been a pleasure. But, uh, but yeah, there's an element of almost, it's a weird one and, but I, I almost chalk it up to what retired NHL players might. I feel like when they, when they're so engaged in something that, that, that requires so much energy and, you know, like, and, and levels of execution and like, you know, you really gotta psych yourself up for some of the s**t I've been through now I'm trying to take a breath from it all.[00:23:48] Then we got this thing going on still. You're like, ay, ay. So no, it turned into, i, I guess what will be a decade long, uh, life identifier. It's become. [00:24:00] You know, I'm, I'm kind of married to this place now.[00:24:02] Nate Erskine-Smith: Right, exactly. And, and, and you live through personal challenges and then coming after you legally and then all of that.[00:24:11] But you, you, I mean, you, we stand outside this place today and it's, you're gonna out survive it. You know? This is on his last legs. And it's, uh, in a, in large measure the law we passed in large measure the public outcry and large measure because you were able to shine a light on it and, and called attention is something that was wrong.[00:24:32] Phil Demers: It kind of looks like a divorce and now we want the kids[00:24:37] hard to, hard to find a home for the kids. That's the problem. Well. But here we are. Uh, but again, exactly, I, I, I do stress. I think that all of this will be revisited by the feds because there is gonna have to be some extra consideration give to the immediate conditions. Yes. As just this, the extent of, of how awful all of this is.[00:24:54] Should other things be considered first? Yes, I think so too. I don't think marine land should stand on, uh. [00:25:00] Hey, do what we say or, or give us money and this and that[00:25:03] Nate Erskine-Smith: No. They've, they've found their way to profit. It's a, they should care for the animals.[00:25:07] Phil Demers: It's a, it's a breath of fresh air to not to see nobody caving because, uh, Marineland has known that for too long.[00:25:12] Yeah. Uh, but, you know, so there, there should be a, a very diligent work done as into what can be done for these animals. But, you know, given the fact that we are super limited, I think there's gonna have to be some reconsideration. To the Chinese facilities. It just is. It would be great if they came with the caveat of don't breed them and don't do this.[00:25:32] Maybe that could be negotiated. I don't know.[00:25:35] Nate Erskine-Smith: But I think, uh, and I think it's useful to close here. I mean, in the end, in the same way that, uh, you've got individuals including yourself who have shown leadership. I mean, at this moment in time, we need governments not to react, not to say, well, it's our job to review a permit, or it's our job to review.[00:25:51] If there's a complaint or there's an investigation to say, no, no, no. We are gonna proactively find a home for these animals. We're gonna proactively pull the stakeholders together, [00:26:00] together, pull the organizations together across North America and elsewhere. Say it's not a perfect world. So what exists here?[00:26:06] What what is possible, and to, and to show some leadership and, and to not just react and to try to solve the problem in a proactive way and not leave it. To these guys who are not intending to solve the problem at all and are didn't want the law passed in the first place.[00:26:20] Phil Demers: They've proven themselves as being irresponsible caretakers.[00:26:24] It's time for other people to have a hand in what becomes, and uh, you know, they may not like it, but they've set the stage for exactly that. So now other people will have a say. [00:26:33] Nate Erskine-Smith: Appreciate it[00:26:34] Phil Demers: Anytime This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.uncommons.ca

⁠PLANE & BEER HATS HERE⁠ ROT O'CLOCK: PLANE NEWS: Harry reveals the truth behind getting on 9 news. Beer Subsidy Program: The $22 Asahi Investigation. LOOPHOLE: Tax deducting BEERS!!! Ripper Joke Rewind: An X RATED CASE. Schemes: Giorgio tests the cheapest ride-share option possible. HBH: The Long Neck Lock In. Email us: hello@kickitforwardclub.com This podcast is rated 11/10 by the hardest most ratedest brand to ever exist in human history. Hard Rated. Born Cheeky. 18+ only. Drink responsibly.

The EFF is calling for visible law enforcement against companies who continue to deduct worker contributions for pension, provident fund and health benefits but fail to pay these over to the Private Security Sector Provident Fund. This follows findings by the Financial Sector Conduct Authority which revealed last year that more than three-thousand private security companies and municipalities risked the future of 300-thousand security guards by not paying their contributions. We spoke to EFF spokesperson Sinawo Tambo

This week we go full clickbait and discuss how you can deduct your home loan interest. We cover the general mistakes peoples make when borrowing against their home for investments and the issue around lending this money to a discretionary trusts. We also discuss our hair for an extended period.   Website: https://twodrunkaccountants.com.au/ Instagram: https://www.instagram.com/twodrunkaccountants/ Youtube: https://www.youtube.com/@TwoDrunkAccountants

Hosts: Dave Ross, Brian Seitz, Anthony Hamilton Tipping expectations are out of control—and your guests are noticing. In this episode of Restauranttopia, we break down the rise of tipflation, how digital guilt is changing hospitality, and what operators can do to protect their guest experience while still supporting their teams. Key Takeaways: What is Tipflation? The creeping rise of tipping expectations—from a simple jar to digital prompts that pressure consumers to tip for counter service, takeout, and more. The COVID Effect: The pandemic created a surge in empathy, making consumers more willing to tip generously. Operators quickly adopted technology that made tipping unavoidable. Consumer Fatigue: Guests feel manipulated by screens asking for 20–30% tips for basic transactions, which can damage trust and loyalty. Impact on Restaurants: While higher tips can supplement wages and improve retention, they often come at the expense of the customer experience. Alternative Models: Auto gratuities for large parties can protect staff but risk customer resentment if not communicated clearly. Flat service fees and inclusive pricing can work—but only if widely adopted in a market. Training and transparency are key to any strategy. Best Practices for Operators: Regularly review and adjust your POS tipping prompts—don't default to the highest options. Consider how tipping requests align with your hospitality values. Be intentional about communicating why you have chosen your approach. Audit how tips are pooled, distributed, and taxed to stay compliant.  

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Recently, Bruce shared a story that perfectly illustrates unexpected life challenges—his basement flooded, turning a peaceful Easter weekend into an emergency cleanup session. Just as unexpected problems can flood your home, unanswered financial questions can flood your business strategy, especially questions like: "Can you deduct life insurance premiums?" https://www.youtube.com/live/crKKtLvZ44k Tax questions, much like sudden home repairs, can disrupt your carefully planned financial landscape. Whether it's water damage or unclear tax regulations, not addressing the problem can lead to costly mistakes down the road. Today, Bruce and I aim to clear up one of these significant financial uncertainties for business owners. Why Understanding Life Insurance Deductions MattersUnderstanding the Deductibility of Life Insurance PremiumsCan You Deduct Life Insurance PremiumsThe Supreme Court's Stance and Its ImplicationsStrategic Ways to Indirectly Deduct PremiumsAvoiding Short-Term Tax MistakesContracts vs. Accounts: Ensuring Long-Term CertaintyNavigating Complexity with Professional HelpThe Strategic Power of Life Insurance PremiumsBook A Strategy Call Why Understanding Life Insurance Deductions Matters The question "Can you deduct life insurance premiums?" isn't just a minor tax issue—it's central to building an efficient, effective, and robust financial strategy. Life insurance policies are powerful financial tools that, when used correctly, can significantly enhance your financial well-being. However, misunderstandings about their tax implications can lead to missed opportunities or even costly errors. In this detailed article, you'll gain clarity regarding the question "Can you deduct life insurance premiums?", the rationale behind IRS rulings, practical and legitimate strategies to indirectly achieve similar benefits, and the pitfalls to avoid in your quest for tax efficiency. By mastering these concepts, you'll be well-equipped to incorporate life insurance intelligently into your broader financial planning strategy. Understanding the Deductibility of Life Insurance Premiums Can You Deduct Life Insurance Premiums Bruce frequently encounters confusion among business owners about deducting life insurance premiums. Let's clear this up immediately: in most cases, you cannot directly deduct life insurance premiums from your taxes if the business owner benefits directly from the policy. The IRS views this scenario as lacking genuine "economic substance," as the policyholder ultimately recoups these premiums through a tax-free death benefit, meaning there's no real economic loss to justify a deduction. The Supreme Court's Stance and Its Implications Bruce highlighted a crucial Supreme Court ruling that set clear boundaries for tax deductions related to life insurance. This landmark decision explicitly stated that deducting premiums or interest on life insurance loans is generally not permissible when the insured party directly benefits. The reasoning is straightforward: since you or your estate will eventually receive these premiums back in the form of a tax-free death benefit, the premiums do not represent an actual financial loss or expense that justifies a tax deduction. Understanding this ruling can save you from potentially costly mistakes and help you align your tax strategies with IRS expectations. Strategic Ways to Indirectly Deduct Premiums Despite the restrictions, Bruce and I discussed legitimate and strategic methods to effectively reduce taxable income and indirectly finance life insurance premiums: Employing Family Members: Bruce pays his father for legitimate business-related marketing tasks. As his father falls into a lower tax bracket, this transaction reduces Bruce's taxable income and generates additional cash flow, indirectly supporting life insurance premium payments. Paying Your Children: Another powerful strategy is employing your children within your bus...

It's time for the latest episode of Ask Rob & Rob, and we've got two great questions lined up for you this week!   (0:35) Amy has four properties in her own name and one in a limited company, which she wants to grow fast. Her accountant has suggested the company manage her personal properties, charging a fee to boost profits and reduce her personal tax. She asks Rob & Rob for their thoughts on this strategy and any potential pitfalls.  (3:15) Volodymyr is interested to know if Rob & Rob have any plans to invest in Dubai for themselves or clients. He's curious about the buying process and what strategies they recommend for those looking to invest in the Dubai market.  Enjoy the show?  Leave us a review on Apple Podcasts - it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead.  Find out more about Property Hub Invest 

Join co-hosts Michael Sorg, Katie Dudas, and Dave Podnar as they get geeky and awesome with this week's wild ride of tech, pop culture, and AI-fueled adventures.

oin co-hosts Michael Sorg, Katie Dudas, and Dave Podnar as they get geeky and awesome with this week's wild ride of tech, pop culture, and AI-fueled adventures.

In this episode, Dr. Friday breaks down the home office deduction. Find out if you qualify, what expenses you can deduct, and why W-2 employees working from home may not be eligible. Transcript: G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Home office space. So again, I want to say if you are a W-2 individual and you’re working from home, that is a benefit. It is not a tax deduction. I know you’re going to say that you’re spending your own electricity and you’re having to take up space, and you have heating and air conditioning. The IRS has pretty much come back and said, yeah, but you’re not putting wear and tear on your car, and you’re not paying for any more petrol. So it’s a give or take on that one. But if you are self-employed or an individual that has the ability, a home office is a great deduction—if you know how to account for it. So make sure, if you need help, call 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Happy Tuesday! Rob & Rob are back to help two more listeners with their property dilemmas…  (0:40) With five buy-to-let properties under his belt, Ryan's considering leveraging his portfolio further. Unsure of the best strategy in the current market and £180K to invest, he turns to Rob & Rob for their expert advice.  (3:42)  Lisa's an expat in Abu Dhabi, who owns two properties back home and is eyeing a third. While researching management agencies, she came across a non-resident tax regulation, which mentions deductions from rental income - something she didn't know about. Now she's asking if Rob & Rob can shed some light on whether this applies to her.   Enjoy the show?  Leave us a review on Apple Podcasts - it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead.  Find out more about Property Hub Invest 

S-Corps do NOT deduct the home office on their tax return. Want more law firm owner tax and wealth building strategies? Subscribe to my free newsletter - https://bigbirdaccounting.activehosted.com/f/1

Interested in joining the REI Masters Mentorship Program? Head to www.reimasters.ca Or email us at info@reimasters.ca   Got a question you'd like answered on the show? Email us at info@reimorningshow.com   Hosts: Wayne and Gabby Hillier Edmonton Alberta Real Estate Investors Coaches at the Real Estate Investing Masters Mentorship Program

In this episode of Tax Tuesday, Anderson Advisors attorneys Eliot Thomas, Esq., and Toby Mathis, Esq., tackle a variety of listener questions related to tax deductions and property management. They discuss the implications of evicting tenants and the possibility of deducting repair costs, as well as how homeowners can deduct home office repairs. You'll hear about  the process for amending tax returns to include rental properties and explore the tax consequences of receiving large gifts from non-U.S. citizens. Additionally, they cover topics like the advantages of S-corp versus C-corp structures, the requirements for achieving real estate professional status, and the nuances of short-term property sales, including 1031 exchanges. Tune in for expert insights that could impact your tax strategy! Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "We rented our house last year due to damages caused by the tenant violations of the agreement. We evicted them." "The tenant abandoned the property with their belongings." "With proper judgment and the sheriff's help, we evicted them and cleaned the property. The tenant caused too much damage. Can we include the cost of fixing it on our taxes?" - yes, and we have two categories, repairs or improvements. "I work from home. I already take deductions for my home office. If there is a repair in the house like plumbing or an appliance repair, am I able to take a percentage of that repair off as a deduction?" - As a general matter, yes. "In 2022, I bought and rented a rental property, but I never put the property on my tax return. Can I now add this property to my tax return and take advantage of the tax deductions, cost of ownership, et cetera? Is there a limitation on how far back someone can amend a tax return or add a rental property purchase in the past?" - yes, you can. Is there a limit to how far back? Yes, I'll hit the limit first, three years from the date that you filed. "My parents live in Singapore and are not US citizens. They want to give me and my kids $200,000.”“They have not previously gifted us any funds. Will any of us need to pay tax on this?" - Generally speaking, I don't know of a tax necessarily if you have non-US citizens giving cash gifts over to their children or family. "Is there a different procedure to buy a residential multifamily with a pizzeria?" "Is there a different procedure to buy a multifamily with the pizzeria running downstairs?""We have our long-term rental properties with LLC. How should we proceed with this? Can we do a cost segregation study and take bonus depreciation on this type of property and take advantage of the passive deductions?" - For both, you can go ahead and do a cost segregation study, see if it would be in your favor—usually it is "What type of activities can I log toward REP (real estate professional) status, as a real estate agent? For example, working at home on my website, market research, advertising. Does having a home office mean my time driving to and from showings counts as time? Is education either required or optional?" - If you meet the criteria, then that turns it from passive to non-passive. if you spend over 750 hours in a particular trade or business "What are the tax consequences if I sell a property in less than a year of purchase? Does the same apply to manufactured homes? And would they be able to do a 1031 exchange if there's profit on the sale?" - What was your intent? Was it to flip? That is a different scenario than short-term gains. Manufactured homes need to look at state laws. "Why should I open an S-corp versus a C-corp?" - There are many differences to consider. "Can you please explain the 100-hour material participation in detail? You participated in the activity for more than 100 hours during the tax year, and you participated at least as much as any other individual, including individuals who didn't own any interest in the activity for the year." "For example, if I materially participated in my rental activity for 100 hours during a tax year, can I claim 100% tax deductions on my losses, expenses, and my business activity under this test alone?" - No, it doesn't work that way. You need REP status. Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=can-you-deduct-tenant-damage-and-cleanup-costs-on-your-taxes&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=can-you-deduct-tenant-damage-and-cleanup-costs-on-your-taxes&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons      

If you've considered attending a cruise that relates to your business-you won't want to miss this episode. Learn the ways you can and can't write off a cruise as a business expense. Facebook Group for Tax ProfessionalsFacebook Group for Real Estate Investors [00:00:00] [00:00:00] Welcome to Real Estate is Taxing, where we talk about all things real estate tax, and break down complex concepts into understandable, entertaining tax topics. My name is Natalie Kolodij, I'm your host, and I am so excited that you've decided to join me.[00:00:23] Hello. Hello everyone. And welcome to this week's episode. The past several months, I have attended multiple conferences, tax conferences, real estate conferences, all across the country. Various venues. And it got me thinking about one of my favorite travel business topic. Overlaps. Which is when you can and when you can not. Deduct travel on a cruise ship. [00:00:53] There's a lot of blogs and articles out there, but they're all fairly vague or they give very [00:01:00] generalized steps and don't really talk about the feasibility of it. Or actual examples of it. I spent some time today searching for some court cases related to this topic. And there really aren't any specific to cruise ship travel as its own deduction. [00:01:19] I couldn't find it as a focus point of a case. I did find some court cases that were semi-related we'll chat about one of those at the end. But outside of that, there's not a ton of guidance because it's pretty cut and dry. [00:01:34] [00:01:34] The code section for this hasn't changed since 1982. So there haven't been any big updates or anything that really needed to be contested in recent years. So let's get into it. There are two different ways you can potentially write off a cruise as a business expense. Both of these are covered in code section [00:02:00] 2 74 M and they are split between addressing conventions on cruise ships. And then a secondary category known as luxury water travel. So starting off with conventions on cruise ships. This is something that I hear about pretty often. I think anyone in the tax industry and real estate in a lot of industries, There are multiple cruises per year related to most industries that you can choose to attend. [00:02:33] It will be in most cases, a seven day cruise. They will buy a room block the same way they would for a conference at a hotel or a resort. And then everything takes place on the cruise. There are however many hours of education. There are, different conference related events and networking. [00:02:51] They're renting out general speaking areas. And attendees pay for the room. And the cruise fare, it's all typically rolled [00:03:00] into one price. So these are marketed pretty frequently. And I have most often seen these marketed as a deductible business expense. But the truth of it is very rarely. Is a conference or an educational event on a cruise ship. Going to just easily be deductible. So let's start off with the first. Addressing of this. [00:03:29] So let's look at how the code words, this. In the case of any individual who attends a convention, seminar, or other meeting, which is held on any cruise ship. No deduction shall be allowed under section 1 62 for expenses allocable to such meeting. Unless the taxpayer meets the requirements of paragraph five. And establishes that the meeting is directly related to the active [00:04:00] conduct of his or her trade or business. So code section 1 62. Is the part of the tax code that explains ordinary and necessary business expenses. As a starting point, attending a convention seminar, et cetera, on a cruise ship. Is only a business deduction. If it directly relates to the taxpayers ongoing trader business, that makes sense. Next part. Again, it is directly related to the active conduct of his or her trader business. And that, and then it goes on to list two requirements. Requirement number one, the cruise ship is a vessel that is registered in the United States. And requirement number two. All ports of call of that cruise ship are located in the United States or in possession of the United States. [00:04:53] So when we just start off with looking at these two initial requirements, I will [00:05:00] let you guess how many cruise ships you think fit the bill? If we are looking at large commercial cruise lines. there's a thousand, 2000 people on board, maybe more. It normally is a week long, goes out to a few islands, go somewhere else. But we're not talking about like a river cruise or one of those little boats that'll fit like a hundred to 300 people, But one of those large commercial cruise ships, where there is a buffet and like a kid's club and water slides and all of that. One we're looking at that level of cruise ship. There is one. Singular ship that meets the requirement. Norwegian cruise lines, pride of America based in Hawaii is us registered. And it is the only large commercial cruise lines, cruise ship. That is us registered. Most cruise ships are registered to other countries for a variety of reasons. So just right off the bat, most cruise [00:06:00] ships are not going to meet this requirement. The vast majority of cruises and cruise ships do not check the boxes. To be able to write off a convention or seminar that is held on a cruise ship. If it did, let's say that. Your industry is hosting a cruise that goes to Hawaii on that pride of America cruise ship. So it is us registered and it is only going to the United States. [00:06:28] then there is a $2,000 expense limit. For the total cost of that cruise with that seminar or convention. Total expense CAPTA, $2,000. In addition to that, if you happen to find a cruise that ticks all of the boxes and does qualify. To write off as a convention or an event that is held on a cruise ship. There's a whole bunch of reporting requirements that are required as [00:07:00] well. for the tax year where you're claiming that deduction. You also need to include. A written statement. Signed by the individual attending the meeting. [00:07:10] That includes information about the trip, the total days that excludes the transport to, and from the cruise ship. The number of hours each day of the trip where you devoted to only business activities. You need to include a program or schedule for all of the business activities or meetings. And any other information that might be required by the secretary. [00:07:36] Additionally, you also need to include. A written statement signed by an officer of the organization or group sponsoring the meeting or the conference. And that has to include. A schedule of the business activities for each day, the number of hours, which you attended those business activity. And any other [00:08:00] information as might be required by the secretary. so for the amount that we are fed and marketed cruises that are a tax deduction and attending these seminars on a cruise that are going to be a write off, they're likely not going to be. And in the rare event, they are. They're a huge pain in the ass to include everything you need to on your tax return to claim that deduction. So that's not a very likely option. [00:08:27] It's not my favorite option. But that's what we have for the availability of writing off a convention or a seminar that is specifically held on a cruise ship.[00:08:39] The next option that I think is the far better choice. Is looking at your crews under the definition of luxury...

This week, Cameron and Anthony interview Yonah Weiss, also known as the "Cost Segregation King," to explore the nuances of cost segregation in real estate investing. Yonah discusses his journey from teaching to mastering real estate and explains cost segregation as an advanced depreciation strategy. The hosts and Yonah delve into the practical benefits, tax implications, and potential downsides of this strategy, providing listeners with a comprehensive understanding of how cost segregation can optimize their investment returns. Resources: Schedule your 15-minute call with Anthony or Cameron here: http://bit.ly/iwc15podcast Check our online course at www.InfiniteWealthCourse.com Buy Becoming Your Own Banker by R. Nelson Nash http://bit.ly/BYOBbookIWC 

The magic numbers to auto-deduct 20% off your business income for taxes. Need help with small business bookkeeping, tax strategy, or tax prep? Click the link to set up a free strategy session -> https://bigbirdaccounting.com/contact

Send us a Text Message.Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income qualify, and provides details on how to calculate the deduction. Additionally, he addresses the expiration of the QBI deduction after 2025 and clarifies that the deduction is taken on personal tax returns, not business returns.Discover the key rules and strategies to ensure you're not leaving money on the table by tuning in![00:00 - 05:21] Introduction to QBI DeductionMike gives an overview of the QBI deduction and its origin in the Tax Cuts and Jobs Act.General rule: Deduct up to 20% of qualified business income.Types of businesses that qualify: sole proprietorships, LLCs, S corporations, and partnerships.[05:22 - 10:10] Non-Qualifying Income and Income ThresholdsMike explains the income types that do not qualify for QBI: investment income, wage income, and income from C corporations.Income thresholds for 2024: $191,950 for singles and $383,900 for married couples.Calculation changes for those above income thresholds.[10:11 - 15:00] Specified Service Trade or Business (SSTB)Mike defines SSTBs and gives examples such as healthcare, law, financial services, athletics, performing arts, accountants, and consultants.[15:01 - 20:20] Calculation ExamplesMike shares step-by-step examples of calculating the QBI deduction below and above income thresholds.What is the Impact of W-2 wages and qualified property on the deduction?[20:21 - 23:03] Conclusion and ResourcesThe QBI deduction is taken on personal tax returns.The expiration of the QBI deduction is after 2025 unless extended by Congress.Direct Quotes:"If you have sole proprietorship income, LLC income, S corporation income, partnership income, those are all the types of income that would qualify for the QBI deduction." - Mike Jesowshek, CPA"The QBI deduction is taken on your tax return, not your business tax return."- Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

In today's episode, we'll be tackling a crucial topic for those of you who have transitioned from being employees to becoming self-employed or small business owners—deducting self-employed health insurance premiums. Navigating the intricacies of health insurance as an entrepreneur can be daunting, especially when it comes to tax deductions. We'll break down everything you need to know, whether you're a sole proprietor, single-member LLC, or operate under an S corporation or C corporation. From understanding where to report your premiums on your tax return to making sure you get the maximum deduction, this episode is packed with actionable insights.   What you'll hear in this episode: 04:45 Use an accountable plan for business reimbursements. 07:46 Filing through corporation saves on taxes.   If you like this episode, check out: Should I Hire a Tax Strategist? How to Read Your Tax Return S Corp Salary Explained Like a 3rd Grader   Want to learn more so you can earn more? Join Gusto today and get a $100 Visa Gift Card Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Tax hack #52 - How to deduct travel from work? At Big Bird Accounting we do bookkeeping, and we do it well. If you're looking for any of the following: Make/keep more money; Save on taxes; Grow your business Give us a call so we can show you what we can do. Just click the link and set up a time for your free strategy session - https://bigbirdaccounting.com. Talk to you soon!

In today's episode, I'm sharing how you can deduct business meals on your taxes as a self-employed individual including what you need for your tax documentation and what's allowable for deduction.    Join me to learn the rules and guidelines for deducting business meals, the per diem meals allowance for business travel and the benefits business meals for entrepreneurs.      Also mentioned in today's episode:    Client meals vs. travel meals 4:05 Why you need to keep your receipts and documentation 6:35 Keeping a calendar for your business meals and tax documentation 9:10 How much you can deduct for your business meals 11:50 If you enjoyed this episode, please rate, review and share it!  Links:   Tracey Morgan Gallery Rachel Meginnes Business Travel episode GSA per diem rate lookup (US travel) State Department per diem rate lookup (International travel) Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc   IRS Proof Your Business Deductions

Today, I'm talking about an important topic for entrepreneurs: business travel and deducting business travel on your taxes. I'm highlighting the importance of understanding the rules for deducting transportation costs, accommodations, and meals, and sharing how you can properly document your travel so you can avoid getting audited by the IRS.   Join me in this important episode to learn how you can distinguish between what's deductible and what's non-deductible when it comes to business travel expenses.     Also mentioned in today's episode:  Mixing personal elements with business travel and how to deduct properly 8:05 The 4 qualifications for deducting foreign travel costs 17:40 Deducting travel costs for inspiration without getting audited 27:15   If you enjoyed this episode, please rate, review and share it!  Links: Right Back to It, Waxahatchee featuring MJ Lenderman   Free 20 Minute Course on Filing your BOI Report for LLCs: www.sunlighttax.com/llc   IRS Proof Your Business Deductions

TikTok, and other apps like it, are filled with financial advice. Some of it is reliable, some... less so. There are videos about running a business, having a side hustle, generating passive income. And also, there are a lot of tips and tricks, many of them questionable, about saving on your taxes. On this show, we run some of the greatest hits of TikTok tax advice by some bonafide tax experts. We'll talk about whether you can use gambling losses to reduce your tax bill, whether your pets qualify you for tax deductions – and we'll fact check the claim that all rich people own expensive Mercedes G-Wagons... for tax purposes. Along the way, we'll drill down on the concepts like taxable income and the standard deduction. And we'll ask why so many videos on TikTok suggest that you (fraudulently) categorize personal expenses as business expenses. Sometimes with a literal wink and a nod. This episode was hosted by Nick Fountain. It was produced by Emma Peaslee with help from Willa Rubin, who also fact-checked this episode. It was edited by Molly Messick and engineered by Cena Loffredo. Alex Goldmark is Planet Money's Executive Producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Daniel Hahnemann, co-founder and CEO of Wundertax, talks us through the why and how of tax filing in Germany. We talk about when you can expect a refund, outline deductions for students and employees, and explain tax obligations for freelancers and businesses. If you study or work in Germany and haven't filed your taxes this year, this episode is for you. Show Notes Try Wundertax for free and receive 5 € off when you file your German taxes through moving.wundertax.de (Werbung) Tax Tips from Wundertax Contribute: everyone.berlin/contribute Discord: everyone.berlin/discord  

Want to write off your trips? There's an app for that.

Matthew Sercely is an attorney and tax advisor who has dedicated his business to making sure that people aren't overpaying their taxes. He has been very into cryptocurrency, primarily bitcoin, since 2020. ================ All Episodes can be found at www.thecryptopodcast.org   Podcast Coaching + All Social Media + Donations link https://bio.link/podcaster   Our Facebook Group can be found at https://www.facebook.com/thecryptopodcast   =======   Thanks to my Sponsors : If you or know some body you know is struggling with anxiety and want to know how to be 100% anxiety free, in 6 weeks, without therapy or drugs, fully guaranteed - then let me tell you about our sponsor Daniel Packard.   Watch this Free 45 min. Training    to learn an innovative technique that:   a) Quickly lowers your anxiety by up to 85%   b) Proves solving your anxiety can be simple.    https://www.danielpackard.com/ -------------------------- Do you have High Blood Pressure and/ or want to get off the Meds Doctors are amazed at what the Zona Plus can do $50 Discount with my Code ROY https://www.zona.com/discount/ROY  ------ Speaking Podcast Social Media / Coaching My Other Podcasts ⁠⁠https://bio.link/podcaster⁠⁠   ======================== Bio of Matthew Serely: I've been an attorney for over 15 years, but I've always been a serial entrepreneur. Depending on how you count it, I've had 14 businesses in the past 25 years. As part of running my various businesses, I had to learn more about taxes so I could save every penny possible. Eventually, I found 2 businesses that have been successful- real estate investing and helping people avoid taxation once I realized how much of a help I could be to other entrepreneurs. I'm also an ardent libertarian and freedom lover. While I work with many clients who are not, I find that many freedom-focused people make especially good clients of mine since we tend to be on the same wavelenghth. What we Discussed:   - Matthews Crypto Journey ( 2 mins)   - Who he thinks created Bitcoin ( 4 mins)   - Wallet & Exchange he recommends ( 5:30 mins)   - Capital Gains Taxes for Crypto ( 7 mins)   - Mining is Considered a Job (8 mins)   - If you move to a Zero Tax Country ( 12 mins)   - Ways to Reduce your tax bill ( 16 mins)   - Hiring Your Kids to Reduce your Taxes (19:45 mins)   - Should you hire your spouse (23 mins)   - Retirement Accounts and returns (25:45 mins)   - Business Expense deductions (28:30 mins)   - Pros & Cons of Trusts (30:30 mins)   - Book recommendation of saving Taxes ( 35 mins)   - State Taxes ( 38 mins)   - Common Mistakes made ( 41 mins)   - Thoughts on Crypto Regulation (46 mins)   - Do not think that Blockchain is Anonymous (49 mins) - IRS Investigation ( 53 mins)   and more     How to Contact Matthew Serely :    https://www.agoristtaxadvice.com/   Free Report https://www.agoristtaxadvice.com/cryptopodcast https://www.facebook.com/AgoristTaxAdvisor   https://twitter.com/AgoristTax --- Send in a voice message: https://podcasters.spotify.com/pod/show/roy-coughlan/message

Today, I'm talking about deducting education expenses and explaining how fees and reimbursement works when it comes to reporting your income on your taxes.    Listen to this episode to get some insight on tax implications and how you can properly track income to meet the reporting requirements.   Also mentioned in today's episode:    Reporting gallery commissions on your taxes 12:54 How income and taxes work for musicians being paid out for performances 14:54 When you need a 1099 issued 17:00 If you enjoyed this episode, please rate, review and share it!  Links: https://www.sunlighttax.com/moneybootcampimpact    

Understanding your business financials goes beyond bookkeeping: it's about making informed strategic decisions that support your professional and personal goals. In this episode, CEO Danielle Hayden examines what it truly means for owners to manage their business and “know your numbers.” Challenging the misconception that business owners need a team of experts to reach their goals, the knowledge shared in this episode will empower CEOs to take charge of their business with confidence and clarity. Tune in now to transform your business financials!   Key Takeaways: Tax deductions for vehicle expenses depend on how often business owners use a vehicle for business purposes. Understand that deductions are tax savings that reduce taxable income, not a direct cash benefit. Consistent tracking and strategy of vehicle use are essential for claiming deductions. Adding a wrap or logo to a car does not qualify the vehicle as a full-time, 100% deductible advertising expense. Reimbursement depends on entity type: S-Corps would benefit from accountable plans, while LLCs have some flexibility in how they expense vehicles on their tax return.    Topics Discussed: Introduction to vehicle expenses as business deductions (1:20) Vehicle Deductions: Mileage vs Actual Expenses (3:40) Advantages of the mileage deduction strategy (5:01) Vehicle deductions strategies for different business entity types (6:58) Bookkeeping and the reimbursement process for vehicle deductions (8:15) This week's homework: actionable steps to implement a vehicle deduction strategy (9:36)   Learn more about MileIQ here: https://mileiq.com/   Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube |  https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Join Ryan and Thomas as they demystify common myths and misconceptions about deducting luxury items, including: - Can investors & influencers write off Rolexes and designer threads? - Are luxury cars like Lamborghinis and G Wagons tax-deductible? We also explore why TikTok isn't the best source for tax advice and highlight the advantages of a one-stop shop that handles tax planning, preparation, and accounting. Join Tax Smart Insiders Today: www.taxsmartinvestors.com/membership To become a client, request a consultation from Hall CPA, PLLC at www.therealestatecpa.com/become-client Apply to join the Hall CPA team at www.therealestatecpa.com/careers Follow Us On Social Media Subscribe to our YouTube channel: www.youtube.com/c/therealestatecpa Join our Facebook group: www.taxsmartinvestors.com/facebook Subscribe to or weekly newsletter for more tax tips: newsletter.taxsmartinvestors.com/podcast Follow Thomas: www.thomascastelli.com/links Follow Ryan: www.linkedin.com/in/ryancarriere/ The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

Even though we know we *should*, we don't always remember to (or aren't able to) put every business expense on our business card. You might be out running an errand and pick up some office supplies and realize you only have your personal card with you. Or maybe you get more points for buying your business travel flights on your personal travel card rather than your business card. When we get new clients that have been doing their own books, we see they are forgetting or they don't know they can add transactions that they paid on personal cards and missing out on deductions. In this episode, we get into how you're missing out on deductions and a couple of sneaky places deductions might be hiding that you need to check. 02:54 — Why you need to maintain as much separation between personal and business as you can to protect yourself07:24 — How you can reimburse yourself for business expenses when you put them on a personal card10:29 — 3 additional places business expenses might be hiding that you forgot to track

Have you ever wondered what you can deduct when it comes to business expenses?   Today, I'm deep diving into education expenses and what you can and cannot deduct on your taxes as a business owner. I'm clarifying what you can deduct for continuing education, like seminars on new techniques, and what counts as leisure.    Listen to this important episode to learn how you can maximize your deductions when you file your taxes this year.    Also mentioned in today's episode:    Clarifying the deductibility of massages for wellness practitioners 2:34 Personal expenses and business deductions- the difference and how much you can really deduct 4:57 What expenses you CAN deduct 5:54 Should you deduct research expenses? 9:37 If you enjoyed this episode, please rate, review and share it!  Links: WELLNESS PRACTITIONERS' TAX DEDUCTIONS GUIDE https://www.sunlighttax.com/wellnessguide     Free class: Make Taxes Easier and Stash an Extra $130k in Your Savings: https://go.sunlighttax.com/free  

On this Creator Ave, Carter Cofield is spilling the beans on the IRS trick that could change the game for content creators and personal brands! Discover how you can deduct Jordans, drones, and much more from your taxes in ways you never imagined. Join our Patreon to support the podcast and exclusive content every week https://www.patreon.com/nickyandmoose

In today's episode of the Real Estate Syndication Show, we had the pleasure of speaking with Kelsey Head, a seasoned tax expert and partner at Head Tiler LLP. Kelsey brought her 19 years of tax experience to the table, providing invaluable insights into the tax nuances of passive investments, particularly in real estate syndication.Key Takeaways:Passive Loss Limitations: Kelsey clarified a common misconception among new investors regarding passive losses. The IRS allows the collection of passive income without concern, but passive losses can only be deducted against passive income, not active income like wages from a job.Depreciation and Passive Investments: Many investors are enticed by the promise of significant depreciation in the first year of investment. However, Kelsey pointed out that unless you have other passive income, these losses don't provide an immediate tax benefit. They are not lost but carried forward to offset future gains from the sale of the property.Active Participation Requirements: To be considered active in an investment, one would need to contribute at least 500 hours of work to a single activity. For limited partners in a syndication deal, achieving this level of involvement is highly unlikely.Offsetting Gains with Carried Forward Losses: When a property is sold, and a gain is realized, the passive losses that have been carried forward can be used to offset this gain, reducing the potential tax burden.Investment Timing and Strategy: Kelsey suggested that investors might need to be more strategic with their investment timing, especially with the phase-down of bonus depreciation from 100% in 2022 to 80% in 2023 and further reducing in subsequent years.This episode shed light on the intricacies of passive investment taxation, emphasizing the importance of understanding the IRS rules and planning accordingly. Kelsey's expertise highlighted the need for investors to manage their expectations regarding immediate tax benefits and to consider their long-term investment strategy for optimizing tax advantages.Remember to like, subscribe, and share the Real Estate Syndication Show with friends who could benefit from these insights into real estate investing and taxation.VISIT OUR WEBSITEhttps://lifebridgecapital.com/Here are ways you can work with us here at Life Bridge Capital:⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow

In this episode, Nate shares when and how to deduct interest paid on life insurance policy loans. Many assume it's not possible, but under certain circumstances, the interest can become a business expense. Learn the critical details that make policy loan interest tax deductible when used for specific purposes. This unique strategy allows you to earn tax-deferred growth in your policy while writing off interest costs. Get clarity on ideal scenarios to maximize deductions, like using separate policies for personal and business needs. Plus, you'll hear tips to simplify accounting and create a clean paper trail. Whether commingling funds or segregating accounts, you'll learn straightforward methods to track deductible interest. Let this benefit-driven episode open your eyes to little-known ways to leverage policy loans. Topics Discussed: Unlock Tax Savings: How policy loan interest can be deductible  Revealed: Unique tax strategies exclusive to life insurance Myths Exposed: Common myths about deducting policy loan interest  Uncover When: Scenarios where interest write-offs apply Demystify How: General provisions that enable deductions Clarify Accounting: Simple accounting tips to maximize deductions   Illuminate Policy Types: The power of segregating policy types  Elucidate Records: Maintaining clean paper trails for transparency Shed light: Managing commingled policy uses  Make it Simple: Treating loans as interest-only for simplicity Managing Tax Burdens: The advantages of tax-deferred growth  Use Loans for Advantage: Surprising ways to leverage policy loans

In this episode, we discuss what property investors can deduct on their tax return. This We play a game where Andrew has to rank 12 potential tax deductions from largest to smallest. Main Points Discussed: Tax deductions for property investors Property investment game The Price is right By tuning in, you'll not only learn about what you can deduct to effectively pay less tax but also enjoy an entertaining segment involving a wager over hot spicy chips.

On this episode of DIY Money, Allie and Quint talk about tax deductions and if itemization is worth it.

Laura Adams with Jeff Rose talks about deducting your mortgage interest Episode 2372: Honey, I Forgot to Deduct the Mortgage Interest! by Laura Adams With Good Financial Cents Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. The original post is located here: https://www.goodfinancialcents.com/deduct-the-mortgage-interest-claiming-tax-deduction/  Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Laura Adams with Jeff Rose talks about deducting your mortgage interest Episode 2372: Honey, I Forgot to Deduct the Mortgage Interest! by Laura Adams With Good Financial Cents Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. The original post is located here: https://www.goodfinancialcents.com/deduct-the-mortgage-interest-claiming-tax-deduction/  Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

The Rich Zeoli Show- Hour 1: According to House Ways & Means Chairman Jason Smith (R-MO), two whistleblowers have informed Congress that the Department of Justice intentionally excluded evidence in their investigation into Hunter Biden—and alleged that the U.S. Attorney for the District of Delaware David Weiss “tried to bring charges” against Hunter “in the District of Columbia and was denied.” He also attempted to bring charges in “Central District of California” but “had that request denied” as well. In her recent editorial for The Wall Street Journal, columnist Kimberly Strassel writes of Internal Revenue Service (IRS) whistleblower Gary Shapley's testimony: “Mr. Shapley provided further evidence of influence peddling. He gave the committee a 2017 WhatsApp message in which Hunter tells a Chinese businessman ‘I am sitting here with my father' and pushes the businessman to fulfill a ‘commitment.' He warns the businessman to personally resolve the issue that night, or ‘I will make certain that between the man sitting next to me and every person he knows and my ability to forever hold a grudge that you will regret not following my direction.'” You can read Strassel's full editorial here: https://www.wsj.com/articles/the-hunter-biden-whistle-blows-arrest-doj-irs-firearm-felony-jail-9d114e5f?mod=opinion_featst_pos1 During her Friday press briefing, White House Press Secretary Karine Jean-Pierre said “this is not a conversation I have had with the president” in response to whistleblower allegations being made about Hunter Biden's influence peddling and President Joe Biden's potential knowledge of it. Victor Nava of The New York Post writes of allegations made by an IRS whistleblower, “Hunter Biden illegally deducted tens of thousands of dollars in payments made to a prostitute and a sex club from his taxes,” according to Congressional testimony. You can read the full article here: https://nypost.com/2023/06/22/hunter-biden-deducted-payments-to-prostitute-sex-club-from-his-taxes-whistleblower/

In hour 3, Chris talks about other Hunter Biden stories, like deducting Prostitutes from his taxes and being kicked out of an exclusive LA Sex club For more coverage on the issues that matter to you download the WMAL app, visit WMAL.com or tune in live on WMAL-FM 105.9 from 9:00am-12:00pm Monday-Friday. To join the conversation, check us out on twitter @WMAL and @ChrisPlanteShow Learn more about your ad choices. Visit podcastchoices.com/adchoices

Former referees, Errol Sweeney & Keith Hackett joined Ger & Shane to discuss the recent abuse towards officials and what can be done to combat the issue. Catch OTB's sports breakfast show LIVE weekday mornings from 7:30am or just search for OTB AM and get the podcast on the OTB Sports app or wherever you listen to yours. SUBSCRIBE and FOLLOW the OTB AM podcast. #OTBAM is live weekday mornings from 7:30am across Off The Ball, in association with Gillette | #EffortlessFlow

There is a common question amongst business owners of when you can deduct your clothing expenses from your taxes. There are a few circumstances where this is the case.   I'll start by discussing the clear instances where clothing deductions are allowed, such as uniforms that are directly related to your job and clothing that bears your company logo. However, there are also some grey areas surrounding clothing deductions that I'll highlight where it may be more challenging to determine eligibility.    And as per usual with me, I'll share my honest unfiltered opinion on using clothing deductions as part of your tax strategy.    What you'll hear in this episode. [2:00] The most obvious “yes” to when you can deduct your clothing [2:35] Uniforms very specific to your job [3:30] Clothing with your logo on it [4:30] What are some of the grey areas for when your clothing could be deducted? [6:30] My honest opinion on clothing deductions as part of your tax strategy.   Related Episodes: How to Hire Your Kids to Generate Tax Free Wealth Can I Deduct My Groceries? Are GoFundMe Donations Deductible?   Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Have you ever wondered if you can expense your groceries? As an entrepreneur myself, I know that I need to be well-fueled to perform at my best, so shouldn't that make my groceries deductible?   I will answer this question and discuss a few other circumstances in which you may be able to deduct your groceries.   What you'll hear in this episode: [1:28] Reviewing the definition of what makes something deductible [2:12] Discussing a few examples where groceries may actually be deductible. [4:30] Are groceries that I purchase for others to consume, deductible? [5:21] What are the other areas of your tax return where groceries could be deducted? [6:47] Can groceries qualify as a medical expense?   * Related episodes: What is Considered Tax Deductible? How to Take the Home Office Deduction Are They Your Employee or a Contractor?     * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html     The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

With the right knowledge, you can also save money on your taxes by deducting some of the costs associated with fitness programs. Knowing what qualifies and how to properly document your expenses is essential for claiming tax deductions. In this episode, you will learn the rules for deducting fitness program expenses from your taxes and how to maximize your tax savings. Episode Highlights: How clients can deduct your program! What type of therapy is NOT deductible? How to deduct your gym membership! Links: Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders Publication 502 IRS FAQ Update

Are you one of the many digital influencers who pays the bills by your own creativity, media following, sponsorships, or innovative side hustles? What do you do when it comes to filing taxes as a contractor? What can you deduct? In this episode, Lauren and Daniel learn about the life of a creator. Influencer coach, Lissette Calveiro, joins to share financial tips for the self-employed. Then, TurboTax Expert Diana Castro walks you through the 1099-K form and details what you can and can't deduct from business expenses on your taxes.   The views, information or opinions expressed during the Friends with Tax Benefits podcast series are solely those of the individuals involved and do not represent those of Intuit, TurboTax or any of its brands. The primary purpose of this podcast series is to educate and inform. This podcast series does not constitute financial, legal or other professional advice or services.

If you have a side hustle or even if you're starting one and it doesn't have revenue yet, you might be able to save a lot of money on your tax deductions. Listen to this caller's question! Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. Show notes: SideHustleSchool.com Email: team@sidehustleschool.com Be on the show: SideHustleSchool.com/questions Connect on Twitter: @chrisguillebeau Connect on Instagram: @193countries Visit Chris's main site: ChrisGuillebeau.com If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes.

Today we're going through how to deduct medical expenses and self-employed health insurance as an entrepreneur or business owner. I know this is a burning question for so many, especially if you've left a full-time job and now find yourself navigating insurance on your own. We're going to cover the difference between medical expenses and insurance expenses, when you can deduct medical expenses, and how to deduct health insurance costs for Sole Proprietors, Single-Member LLCs, S Corps, and C Corps.   How to add and manage gusto benefits: https://support.gusto.com/article/100758511100000/Add-and-manage-benefit-deductions Try Gusto for Payroll: https://gusto.com/partners/invite/fit-nancial-solutions   Related episodes: 160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA 168. Riches Aren't Always in Niches 183. Is it Too Late to Elect the S Corp?   * Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so * Hire us: https://www.fitnancialsolutions.com/accounting * Find me on IG @shannonkweinstein * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Here's a list of things I see lots of coaches or consultants try to deduct on their taxes.  Check yourself, or better - check with your accountant - before you write these off. I may get some pushback on this, but, friends, trust me, the IRS won't like it ;-) Listen to my list of 3 and feel free to let me know your thoughts. And definitely stick around to the end where I explain a mileage deduction adjustment that the IRS implemented this year which you may not know about!   ***FREE Tax Deduction Guide*** Don't forget to download my free guide called 6 Don't-Miss Tax Deductions for Coaches.  There's a simple cheat sheet included for those of you who like to skip to the end. (You're welcome.) Until next time, may your week be filled with love and profit! Connect with Erica: Instagram @erica.goode.cpa  LinkedIn: Erica Goode, CPA Newsletter sign-up: https://www.ericagoode.com/newsletter-signup

Health care matters not just for you but also for your business. In this episode, we examine how employers can set up medical plans based on their business structure and what strategies to apply to save on taxes.[01:28] Self-Employed Health Insurance DeductionIf you're self-employed, you will always get a business deduction for the health insurance costs that you incurFor Sole Proprietorship or Single Member LLC: deduct self-employed health insurance premiums on Schedule 1 of your personal tax return (1040)For S Corporation Owner: Have the S Corp pay for the insuranceAdd it to your W2 payroll as S Corp owner self-employed health insurance. Your payroll provider should know how to handle this.Deduct on your personal tax return (Schedule 1) If you are providing health insurance for non-owner employees, include those on their W2, in Box 12 with code DD[04:21] Options Available to Business Owners With High Medical CostsYou can utilize a Section 105 plan to turn personal medical expenses into a business deduction and be able to reimburse employees for medical costs incurred[06:16] Options are Available for Small Businesses With EmployeesSome options are: group health insurance, increased wages, HRA or QSEHRAFor small businesses with less than 50 full-time  employees that don't offer a group health insurance policy:With a QSEHRA, employers reimburse employees tax-free for medical expensesYou can offer yearly allowances of up to $5,450 for single employees and $11,050 for employees with a family[10:27] What Is An HSA and How Do They Work?If you contribute to an HSA, withdrawals are tax-free when used for qualified medical expenses and interest or earnings are NOT taxed The maximum you can contribute to an HSA for 2022 is $3,650 for self-only or $7,300 for familiesAn HSA is a great savings vehicle because there is no tax on the interest or gains earned within it[13:00] Final ThoughtsStart thinking about these health insurance options and be on top of tax planningKey Quotes“Taking care of your health is so important, and oftentimes as a busy professional, that's something that gets put to the side. And so there's also tax planning that comes into play when we talk about various aspects of health.” - Mike Jesowshek“I was afraid to bring employees simply because of this little piece of medical. I was afraid would cost too much. But there are options out there.” - Mike JesowshekResources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/what-health-related-tax-strategies-should-i-consider-for-2022 https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-work --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com