Podcasts about deduct

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

Join Dr. Friday, a renowned tax expert and president of Dr. Friday's Tax and Financial firm, in this intriguing one-minute episode of her podcast. She addresses a frequently asked and quirky tax question: "Can I deduct my dog as a security system?" As a dog lover herself, Dr. Friday shares her personal experience and expertise, providing a clear, engaging explanation about the tax implications of considering your furry friend as a security system. Whether it's her beloved Great Danes or your household pet, this episode is a must-listen for pet owners navigating the complexities of tax deductions. Visit www.drfriday.com for more information, and don't miss Dr. Friday's live call-in show every Saturday from 2 to 3 p.m. on 99.7 WTN. 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. I love this question. I am asked it, oh goodness, at least a few times every time I prepare a tax return every month. Can I deduct my dog as a security system? And I love it because, I mean, I'm a dog lover. You guys all know that. I've got two beautiful Great Danes and no, they are nothing more than my babies. That's all they are and I would love to take their food bill off. Come on guys, 180 pounds worth of dog isn't exactly a cheap thing to feed. But that being said, if your dog is not actually rocky around the outside of your building securely and it's not a family pet, then yes, it's security. But if it's your best buddy, I'm sorry, you can't deduct your pet. 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.

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

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.

If you have a mortgage, you may be able to deduct interest paid on your tax return. Some may hear that and think “duh - obviously,” but it's actually more complicated than most people consider. First, it's not guaranteed; mortgage interest only counts if you itemize your deductions or if you're a 1099 earner with a home office and you actualize your expenses. But even more difficult to comprehend is the amount you can actually take as a deduction, especially if you have a mortgage balance that exceeds certain thresholds, multiple loans, points, and refinances.  In this episode, we'll get into the ways to maximize your deduction and bring clarity to what the IRS rules say on this matter.

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.

Join me to talk about when you can and can't deduct a home office. Does my couch count? Kitchen Table? Find out the easy way to take this deduction. Perfect for those who don't want to keep receipts!For more tips to help your beauty business thrive financially, follow us @smallbusinesscpa. This is where we share daily tips on how to run a successful beauty business.

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

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Today on the pod, Andrea and Rachel talk with CPA and passive investor Deborah Pritchard about how other passive investors can take advantage of something called Bonus Depreciation. Deborah also discusses how foreign investors can also partake in multifamily investing in the US. Deborah is based in Frisco, Texas; however works with clients all around the world! Get in touch with Deborah: dpritchard@mrmcpas.com Join our meetup group! https://www.meetup.com/the-passive-investors-network-with-goodgood-investing/ Download our Passive Investor guides at: www.goodgoodinvesting.com –– **Under no circumstances should any material at this site be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any investment. Any such offer or solicitation will be made only by means of the Confidential Private Offering Memorandum relating to the particular investment. Access to information about the investments are limited to investors who either qualify as accredited investors within the meaning of the Securities Act of 1933, as amended, or those investors who generally are sophisticated in financial matters, such that they are capable of evaluating the merits and risks of prospective investments. You should always consult certified professionals before making decisions regarding your individual financial situation. Rachel Grunn and Andrea Cwik are not financial professionals, and GoodGood Investing is not a brokerage, dealer, or SEC-registered investment advisory firm**

In this episode of Anderson Business Advisors, Toby Mathis speaks with Jeff Mason and Chris Hammond about cash balance pension plans for business owners.  This is not a 401(k), it's not an IRA, it's a way to defer and even reduce a portion of the taxes you might need to pay and set yourself up with an annual income when you retire - if you are a business owner. This is for all business entities. True pass-throughs, S Corps, sole proprietorships, and partnerships work best in this savings scenario.  Many people that have even heard of defined benefit plans, or cash balance plans, might think you can't start contributing until later in life, and that used to be true, but now people like Chris and Jeff are designing plans for people in their 30s.  Jeff and Chris will go over what the benefits, timelines, and rules are regarding these plans, give you some sample scenarios with actual clients they have helped, and also answer some specific questions that Toby has about their validity, value and future potential for participants. Highlights/Topics: The basics - How business owners can set up an income for themselves at retirement, the requirements to contribute, how much you can put in, how much you can take out and the tax implications Some examples of Jeff's clients and the actual numbers they are working with Deadlines and potential increases in contribution limits from the IRS Are Jeff and Chris going to try to “sell you” stuff if you go to them for help? No- the retirement community is very small, everyone would know if you were operating in an unethical way. We want more referrals, not less, so everything is highly ethical and we don't take advantage of people Get in touch with Jeff and Chris - there's no cost for your initial consultation and even developing a sample plan - they just want to see if their services can help you! Resources: Email Jeff Mason jmason@redwoodrs.com Call Jeff Mason 815-516-0560 Anderson Advisors https://andersonadvisors.com/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw

In the last episode, we covered how to deduct your personal vehicle if you're using it for business. So if you have a vehicle under your personal name and you're using it once in a while for business, we gave you a couple of ways to deduct that. Now we're moving into deducting a dedicated business vehicle, meaning it is used more than 50% for business. In this case, you are going to want to consider putting it in your business's name in order to take advantage of depreciation. I'm going to break down this strategy and give you some things to think about when it comes to purchasing a business vehicle.   * 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein * Catch me in-person 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.

If you've been on Instagram lately, you've seen tax professionals and gurus spreading the news about vehicle deductions. This is a great example of a deduction that folks try to take advantage of when it isn't the most beneficial. I'm sharing a two-part series on how to deduct your vehicle the right way. Part one is going to cover a vehicle that you plan to use for business, but it's in your personal name. Part two will cover buying a vehicle in your business's name and all the depreciation tricks that you hear about online.   * 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein * Catch me in-person 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.

As an entrepreneur online, you may be in videos or photoshoots, and you may need to wear certain outfits to stay on brand. So you may wonder if you can deduct any of your clothing. In this episode, I explain my interpretation of the rule.   * 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein * Catch me in-person 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.

We're in the middle of 2022 right now, and for many people, their office is wherever their laptop is. This means that almost everyone has a home office. In this episode, I talk about how you can get an advantage tax-wise for your home office. I tell you the rules around it so you can play by them and claim your home office legitimately and legally.   * 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein * Catch me in-person 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.

Let's talk about business gifts. I think this is something that most entrepreneurs right now could be overlooking in their business. I want to make sure you know the potential benefits of deducting business gifts and discuss some of the rules around it.   >>> 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein >>> Catch me in-person 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.

How do you need to take certain business deductions and maximize them? I'll go through some of the nuances of deducting business meals and really focus in on what you need to do to make sure you're taking advantage of this as much as possible.   >>> 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein >>> Catch me in-person 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 more and more CRNAs shifting to 1099, it's time to start thinking about how to best position yourself from a tax standpoint as your finances change. Today, Jeremy Stanley, CFP® will share nine tax strategies that most S corporations can utilize each year to maximize their earnings and minimize what they owe.   Read more: http://beyondthemaskpodcast.com    Learn more about financial planning: https://www.crnafinancialplanning.com/    Get the CE certificate here: https://beyondthemaskpodcast.com/wp-content/uploads/2020/04/Beyond-the-Mask-CE-Cert-FILLABLE.pdf   What we discuss in this episode:  2:36 – Background on our topic 3:40 – Reasons for not being S corporation   5:40 – Strategy #1: Taking money out as distributions 7:49 – Strategy #2: Deduct health insurance premiums.   9:22 – Strategy #3: Employee your children 12:40 – Strategy #4: Reimbursement of home office expenses 13:36 – Strategy #5: Rent your home to your S corp 15:41 – Strategy #6: Reimburse you for depreciating expenses 17:13 – Strategy #7: Vehicle deductions 20:57 – Strategy #8: Reimbursement of travel expenses 23:49 – Strategy #9: Cell phone expenses   26:23 – Final thoughts

We all know that our performance as business owners and our general attitude and demeanor can be highly dependent on our physical and mental health. We have to take care of ourselves before we can take care of our clients. And I think some of us need this reminder on a frequent basis. So let's explore how you can potentially take advantage of health related costs as a business owner for yourself and for your employees.   >>> 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 @shannonweinstein: https://www.instagram.com/shannonkweinstein >>> Catch me in-person 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.