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In this episode of the Tell Me Somethin' Good podcast, Clint flips the script on Tax Day and focuses on the positives. Instead of dreading April 15th, let's celebrate the blessings of paying taxes—like the ability to earn, contribute to society, and help fund the services that strengthen our communities. It's time to find the good in tax season and count our blessings, not just our deductions. Check it out! ---------- If you like the podcast, you'll love the Tell Me Somethin' Good! book. Check it out: Tell Me Somethin' Good! - https://www.tinyurl.com/yxcsg3sh ---------- Have Clint bring his message of positivity to your organization, either in person or virtually. Check out his Speaker Video   ---------- Follow me: Twitter: https://www.twitter.com/clintswindall Instagram: https://www.instagram.com/tmsg_clintswindall/ Facebook: https://www.facebook.com/clintswindall2 YouTube: https://www.youtube.com/c/clintswindall LinkedIn: https://www.linkedin.com/in/clint-swindall-csp-9047174/ ---------- Part of the Win Make Give Podcast Network  

As an entrepreneur, you know that every dollar counts, so today we're taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we'll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you'll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary. To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations. Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands. Don't forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you: Pet expenses -- If a dog protects your office or warehouse, the dog's food, training, and vet bills may be deductible. Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company. Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs. Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business. Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses. Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes. Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order: Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable.  Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around. Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices. Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant. Resources + Links Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

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Welcome to the Know Your Numbers REI Podcast! In this episode, host Chris McCormack, CPA and Certified Tax Planner, dives deep into the booming short-term rental industry and the unique tax-saving opportunities it presents for investors.Are you an Airbnb or VRBO host? You might be sitting on hidden tax savings! Chris discusses how to legally minimize your tax bill, avoid self-employment tax, and maximize deductions. Learn about the tax-free rental loophole, depreciation strategies, and essential expenses you can deduct to optimize your tax situation.Join us as we explore real-life examples, including a client who saved over $50,000 in taxes through strategic planning. Whether you're a high-income earner or just starting in real estate, this episode is packed with valuable insights to help you navigate the complexities of short-term rental taxes.Don't forget to follow for more insights on real estate investing and tax strategies! If you have questions or topics you'd like us to cover, reach out on Instagram, Facebook, or join our Facebook group, "Tax and Accounting for Real Estate Investors."Listen now and start saving on your taxes today!••••••••••••••••••••••••••••••••••••••••••••➤➤➤ To become a client, schedule a call with our team➤➤ https://www.betterbooksaccounting.co/contact••••••••••••••••••••••••••••••••••••••••••••Connect with Chris McCormack on Social MediaFacebook: https://www.facebook.com/chrismccormackcpaLinkedIn: https://www.linkedin.com/in/chrismccormackcpaInstagram: https://www.instagram.com/chrismccormackcpaJoin our Facebook Group: https://www.facebook.com/groups/6384369318328034→ → → SUBSCRIBE TO BETTER BOOKS' YOUTUBE CHANNEL NOW ← ← ← https://www.youtube.com/@chrismccormackcpaThe Know Your Numbers REI 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.

Matt MacFarland and Amanda Han are founders and directors at Keystone CPA. As tax strategists and real estate investors, they combine their passion of investing with their expert knowledge of tax strategies. They've got expert tips to save you big money on your taxes while leveraging your real estate investments. If you enjoy this episode, please consider leaving a rating and a review. It makes a huge difference in spreading the word about the show and helps us get more great guests.  Thanks for listening!Check out Amanda and Matt's website at https://www.keystonecpa.com/ and follow Amanda on IG @amanda_han_cpa. Follow Moshe on social media:Facebook: https://www.facebook.com/MoshePopack/Instagram: https://www.instagram.com/mpopack/YouTube: https://www.youtube.com/@mpopack Topics:  0:00 – Intro2:00 – Why people hate taxes5:00 – Find a specialized accountant7:30 – Depreciation is a goldmine10:00 – Benefits of working with your spouse14:00 – How Amanda and Matt started their business19:00 – “Real estate professionals” get deductions23:00 – The 1031 Exchange25:00 – How to crush your taxes

Most people think wealth is all about stacking cash, growing a fat bank account, and hitting that magical "financial freedom" number. But what if I told you that wealth is so much more than just dollars and cents? What if real wealth isn't about how much money you have, but how much value you create, how much purpose you live with, and how much freedom you truly experience?In this episode of The Happy Hustle Podcast, I'm sharing the presentation from our recent Montana Mastermind Epic Skiing Adventure presented by my bro, Garrett Gunderson—New York Times bestselling author, financial expert, and straight-up legend. He break down what true financial freedom looks like. We dive deep into cash flow strategies, tax-saving hacks, and how to redefine wealth so you can live a life of purpose and abundance.If you're tired of chasing money and ready to build real wealth, keep reading. This one's a game-changer.For decades, we've been sold the idea that wealth = net worth. Build up your 401(k), invest in stocks, buy a house, work 40+ years, and maybe retire comfortably.Garrett lays it down straight: The key to financial independence isn't in hoarding money, it's in understanding how to make it work for you. And that starts with changing how you think about wealth.He also explains that true wealth has five key components:1️⃣ Money (But Not in the Way You Think)Money is important—let's not pretend it's not. But instead of focusing on "more money," the real flex is creating cash flow so you have money working for you, not the other way around.

Welcome to episode 83 of the One for the Money podcast. This episode airs in April, which means we are in the final days of tax season. I've never met anyone who likes paying more taxes than they have to, and in this episode, I'll share how you can utilize the standard or itemized deductions so you don't have to pay them. Hence the title of this episode, not your standard tax savings strategy. In the tips, tricks, and strategies portion, I will share a tip regarding how paying it forward can save you on taxes. In this episode...Standard vs. Itemized Deductions [2:15]Tax Planning Strategies for Deductions [7:04]Benefits of Donating Stock vs. Cash [9:17]Importance of Tax Planning in Financial Strategy [11:32]MAINOne of the best financial planning quotes I've read is this “In America, there are two tax systems; one for the informed and one for the uninformed. Both are legal.”How true that is. But the challenge with being “informed” about taxes is that Taxes are incredibly complex. Just the federal tax code alone is over 6700 written pages, and the US treasury's interpretations of the tax code, because it isn't sufficiently clear, are tens of thousands of pages more. For these reasons and others, many individuals ignore the tax laws altogether and consequently pay more taxes than required. However, with a little bit of better tax planning, you can have a better life because you will pay less in taxes and have more money to spend on great experiences.A particular area that many taxpayers don't understand is the deductions everyone receives on their income. Deductions are the amount of your income that is not taxed at all. Taxpayers will take one of two forms of these deductions, which are known as either the standard deduction or itemized deduction. The standard deduction is a default amount of income that you would pay no taxes on. The itemized deductions are for those individuals who have certain key items (such as medical expenses, mortgage interest, gifts to charity, and state and local taxes) that would provide a higher amount of their income that is not subject to tax.Just what are the amounts not subject to tax, well in 2025 the standard deduction for an individual is $15,000, and for a married couple it is just double that or $30,000. A reminder, what that means is on the first $15,000 of income an individual pays 0% in taxes. So if a person has $65,000 of income in 2025, they would only have to pay Federal taxes on $50,000 because the first $15,000 of their $65000 salary is not taxed. I should note that the standard deduction wasn't always this high, but back in 2019 when the Tax Cuts and Jobs Act was passed, it doubled the standard deduction from what it was previously. Before this doubling of the standard deduction, just over two-thirds of taxpayers took the standard deduction and just under one-third itemized deductions, but now with the increase of the standard deductions, over 90% of taxpayers claim the standard deduction with just around 9% taking itemized deductions. That's a good thing for most tax payers as lower earners had more of their income not subject to tax.Just what are these itemized deductions? Itemized deductions are when individuals have items on which they spent their income, that in total, were higher than the standard deduction. Itemized deductions are captured on Schedule A of the tax forms. There are primarily four items. The first is Medical expenses, the second is mortgage interest on your primary and secondary residence, the third is state and local taxes, and the fourth is charitable contributions. For medical expenses, it is only for those that are above 7.5% of your AGI. So if your adjusted gross income was $100,000, you would include with your itemized deductions any medical expenses that were more than $7500 for that tax...

Welcome to this episode of 20/20 Money! In today's episode, we're diving into the details of your tax return—beyond just whether you got a refund. We'll break down the difference between deductions and credits, how our tax brackets work, why you should focus on Line 24—your total tax paid—instead of Lines 34 or 37, and what Line 38 might be telling you about penalties and interest. We'll also highlight common areas for errors, clarify how the QBI deduction applies depending on your income level, and walk through important forms like Form 8960 for NIIT cancelation, Form 8889 for HSAs, and the health insurance deduction.   As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   Resources: 20/20 Money Membership Information OD Masterminds Information Request 20/20 Episode #332 - Difference between Saving & Deferring Taxes Planning for the QBI (199A) Deduction in your practice Review of Optometric Business 199A Article   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Aaron Kowal shares common overlooked tax deductions, touches on the benefits of succession planning, discusses the dirty dozen tax scams to avoid, and wraps up with Direct Indexing.

Kevin and Kieran discuss the impact of points deductions on players' relegation clauses, and take a look at Chesterfield FC's finances Follow Kevin on X - @kevinhunterday Follow Kieran on X - @KieranMaguire Follow Producer Guy on X - @guykilty Follow The Price of Football on X - @pof_pod Send in a question: questions@priceoffootball.com Join The Price of Football CLUB: https://priceoffootball.supportingcast.fm/ Check out the Price of Football merchandise store: https://the-price-of-football.backstreetmerch.com/ Visit the website: https://priceoffootball.com/ For sponsorship email - info@adelicious.fm The Price of Football is a Dap Dip production: https://dapdip.co.uk/ contact@dapdip.co.uk Learn more about your ad choices. Visit podcastchoices.com/adchoices

It's tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you're filing and hopefully catch mistakes before it's too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business's Profit and Loss Statement. Here's a breakdown of what's on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it's correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won't change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you'll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It's important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you're not careful, since it's where you select whether you're a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder.  Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return. Part 4: Schedule L  This is where many taxpayers make a mistake. Schedule L matches your business' balance sheet and should agree with your books and records. If it doesn't, find out why before you file. The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year's return. Some of the most common assets on Schedule L are: Line 1: Write the amount of cash in your bank account on the last day of the year. Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate. Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery  Some of the most common liabilities on Schedule L are: Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year.  Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate. Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock. Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value. Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation's books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2. Line 27: This line represents the total liability and shareholders equity. This line must match line 15. If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren't required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets. Part 5: Schedules M-1 and M-2 Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice.  Some common items reported on Schedule M-2 include: Meal expenses (100% on books, 50% on taxes) Entertainment (100% on books, 0% on taxes) Life insurance premium expense (100% on books, 0% on taxes) Certain fines and penalties (100% on books, 0% on taxes) Political contributions (100% on books, 0% on taxes) Book depreciation expense (100% on books, 0% on taxes) Tax depreciation expense (%0 on books, 100% on taxes) Tax-exempt income (100% on books, %0 on taxes)  Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return. Resources + Links  Bank Reconciliation 101 Lessons from the 1099-NEC deadline Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Are you leaving money on the table when it comes to your taxes? If you're a small business owner, the answer is probably yes! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., covers the essential tax deductions you should be using but might be missing or ignoring. From turning charitable donations into advertising dollars to maximizing deductions on equipment, training, and even paying your children, Danielle breaks down tax strategies that can save you money while still maintaining a healthy business in line with your goals.  Key Takeaways:  Charitable Donations Can Double as Marketing: Sponsoring events or donating branded items makes them deductible. Clothing & Equipment Expense Write-Offs: Add your logo to business attire as a uniform to make it a deductible expense, and really think through what personal expenses you use for your business, such as a new laptop or webcam. How to Make Gift Giving a Deduction: There are strict IRS limitations on gift giving, however gifting your employees or contractors with equipment that is pre-loaded with work content and/or branded is a way to gift as a deduction. Continuing Learning is a Business Expense: Whether it's a conference, a training session, or even a book, if it's an expense that contributes to your business and industry knowledge, no matter how small the cost, it is a business expense.  Retirement & Healthcare Expense Deductions: Utilize HSAs, IRAs, and other plans to save on taxes while securing your future.  Paying Your Children through Your Business: A structured payroll for your children not only is a tax deduction but also helps them build wealth, financial literacy, and their resume as a tax-paying individual.  Strategic Business Travel & The Augusta Rule: A well-timed conference or workshop can combine personal and business travel the right way to increase deductions. Plus, learn how the Augusta Rule can help business owners with tax-free rental income for 14 days per year. Balancing Tax Write-Offs with Your Business Goals: Deducting expenses is important for tax savings, but, depending on what you want out of your business, deducting too much does have an affect on the overall value of your business, so you want to make sure your write-offs are in line with your goals.  Topics Discussed: Pre-Tax vs. Post-Tax Spending (00:0:52 – 00:04:26) Charitable Donations as a Tax-Deductible Marketing Expense (00:06:51 – 00:07:39) Clothing & Equipment Deductions (00:08:10 – 00:08:57) Gift Giving as a Business Expense (00:10:22 – 00:11:25) Conferences, Training, & Learning Write-Offs (00:11:25 – 00:12:26) Retirement, HSA, and Healthcare Deductions (00:12:51 – 00:15:06) Paying Your Children (00:15:06 – 00:16:25) Capitalization Policy (00:16:26 – 00:17:53) Business Travel Write-Offs & The Augusta Rule (00:17:53 – 00:23:50) Striking the Balance between Deductions and Business Goals (00:20:02 – 00:24:27)   Resources: Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Are you leaving money on the table when it comes to your taxes? If you're a small business owner, the answer is probably yes! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., covers the essential tax deductions you should be using but might be missing or ignoring. From turning charitable donations into advertising dollars to maximizing deductions on equipment, training, and even paying your children, Danielle breaks down tax strategies that can save you money while still maintaining a healthy business in line with your goals.  Key Takeaways:  Charitable Donations Can Double as Marketing: Sponsoring events or donating branded items makes them deductible. Clothing & Equipment Expense Write-Offs: Add your logo to business attire as a uniform to make it a deductible expense, and really think through what personal expenses you use for your business, such as a new laptop or webcam. How to Make Gift Giving a Deduction: There are strict IRS limitations on gift giving, however gifting your employees or contractors with equipment that is pre-loaded with work content and/or branded is a way to gift as a deduction. Continuing Learning is a Business Expense: Whether it's a conference, a training session, or even a book, if it's an expense that contributes to your business and industry knowledge, no matter how small the cost, it is a business expense.  Retirement & Healthcare Expense Deductions: Utilize HSAs, IRAs, and other plans to save on taxes while securing your future.  Paying Your Children through Your Business: A structured payroll for your children not only is a tax deduction but also helps them build wealth, financial literacy, and their resume as a tax-paying individual.  Strategic Business Travel & The Augusta Rule: A well-timed conference or workshop can combine personal and business travel the right way to increase deductions. Plus, learn how the Augusta Rule can help business owners with tax-free rental income for 14 days per year. Balancing Tax Write-Offs with Your Business Goals: Deducting expenses is important for tax savings, but, depending on what you want out of your business, deducting too much does have an affect on the overall value of your business, so you want to make sure your write-offs are in line with your goals.  Topics Discussed: Pre-Tax vs. Post-Tax Spending (00:0:52 – 00:04:26) Charitable Donations as a Tax-Deductible Marketing Expense (00:06:51 – 00:07:39) Clothing & Equipment Deductions (00:08:10 – 00:08:57) Gift Giving as a Business Expense (00:10:22 – 00:11:25) Conferences, Training, & Learning Write-Offs (00:11:25 – 00:12:26) Retirement, HSA, and Healthcare Deductions (00:12:51 – 00:15:06) Paying Your Children (00:15:06 – 00:16:25) Capitalization Policy (00:16:26 – 00:17:53) Business Travel Write-Offs & The Augusta Rule (00:17:53 – 00:23:50) Striking the Balance between Deductions and Business Goals (00:20:02 – 00:24:27)   Resources: Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

In this episode: The potential impact of Qualified Business Income Deductions (QBI) expiring at the end of 2025. Bonus Depreciation may be restored up to 100%. More details emerge, clarifying the State of Delaware Paid Leave Program. In ins and outs of writing off vehicles for business use. The penalities for not complying to the Corporate Transparency Act by March 21, 2025 have been lifted. 

With the MTNA conference right around the corner, we got Charles Harris, CPA back on the podcast to discuss tax deductions for business travel and attending conferences. We talk about common expenses associated with business travel, which ones are deductible and which ones aren't. We answer questions like: Are meals 100% deductible when I'm traveling? Can I deduct my plane ticket it I pay for it with points? If my family is traveling with me, can I deduct their travel expenses? If I book a local hotel for a staycation and teach a virtual lesson while I'm there, can I count it as a business trip? A full transcript and resources from this episode can be found at MusicStudioStartup.com/episode162.   FREE Webinar: Self-Employment Tax Crash Course   Tax help for music teachers: MSS Tax + Accounting Services Join the Hub: MSS Entrepreneurs Hub + Mastermind

What can I do to maximize my tax returns? ============= If you enjoy today's episode, please leave us a review and share with someone who may also find value in this content! Connect with Mark and Tom: StraightUpChicagoInvestor.com Email the Show: StraightUpChicagoInvestor@gmail.com Guest: Michael Procaccio, Pro Financial Services Group Inc. Link: Build Your Team | Straight Up Chicago Investor Podcast ----------------- Production House: Flint Stone Media Copyright of Straight Up Chicago Investor 2025.

  Today, I'm chatting about another commonly missed tax deduction for self-employed individuals: parking and tolls. I'm diving into how tolls and parking should be tracked separately and added to the car expense category on tax schedules so you can get the deduction you deserve.   Join me in this episode to get some practical tips on how to easily track your parking and toll expenses for this upcoming tax season.    Also mentioned in today's episode:    Tracking parking and tolls separately from mileage 2:26 Methods for tracking car expenses 2:44 Practical tips for maximizing your deductions 4:30   If you enjoyed this episode, please rate, review and share it!  Links: Sunlight episode on tracking mileage deduction   Save your seat for the free class, Make Taxes Easier and Stash an Extra $152k in Your Savings    

Want to keep more of your hard-earned cash out of the IRS's hands? We're breaking down the difference between standard and itemized deductions—so you can choose the best option and pay less in taxes.John Briggs | Tax Geniusinfo@incitetax.comVisit our website @ Incite Tax Schedule A CallFollow us on…FacebookLinkedInInstagramYouTube

This podcast summarizes lectures on federal income taxation, covering foundational principles, deductions, credits, reporting, advanced topics, and exam preparation.Key points include:Historical and constitutional basis of US taxation.Definition of gross income and exclusions.Filing statuses and their impact.Deductions (above-the-line and below-the-line) and tax credits (refundable and nonrefundable).Capital gains and losses.Filing requirements and penalties.Taxation of business entities (sole proprietorships, partnerships, LLCs, S corporations, C corporations).Tax planning versus tax evasion.Exam preparation strategies, including the IRAC method.The document emphasizes the complexity of the US tax system, the importance of accurate record-keeping, and the need for ethical tax planning.Key Takeaways:The US federal income tax system is complex and requires a strong understanding of the IRC, regulations, and case law.Deductions and credits play a crucial role in determining a taxpayer's final tax liability.Taxpayers must maintain accurate records to support their claims for deductions and credits.Tax planning strategies can be used to minimize tax liability, but it is important to distinguish between legitimate tax avoidance and illegal tax evasion.The choice of business entity has significant tax implications.A systematic approach is essential for analyzing complex tax scenarios on exams and in practice.

This lecture provides an overview of deductions, tax credits, and reporting requirements relevant to federal income tax.Deductions reduce taxable income. Above-the-line deductions, such as IRA contributions and student loan interest, impact Adjusted Gross Income (AGI). Below-the-line deductions include itemized deductions like medical expenses, state and local taxes (SALT, capped at $10,000), mortgage interest, and charitable contributions, or the standard deduction. Business expenses that are ordinary and necessary are deductible. Taxpayers can deduct capital losses against capital gains and, to a limited extent ($3,000), against ordinary income.Tax credits reduce the final tax bill dollar for dollar and are more valuable than deductions. Nonrefundable credits, like the foreign tax credit and the child and dependent care credit, can reduce tax liability to zero. Refundable credits, such as the Earned Income Tax Credit (EITC) and the child tax credit, can result in a refund. Many credits have phaseouts based on income levels.Capital gains and losses can impact deductions because losses can offset gains and, to a degree, ordinary income. Short-term capital gains are taxed at ordinary income rates, while long-term gains are taxed at preferential rates.Filing and reporting is done via Form 1040, with schedules for itemized deductions (Schedule A), business income (Schedule C), and capital gains/losses (Schedule D). Taxpayers must keep records to substantiate claims. Penalties exist for underpayment, non-filing, and fraud. The Alternative Minimum Tax (AMT) ensures high-income individuals pay a minimum level of tax by disallowing certain deductions.An example illustrates how to apply these concepts, including calculating above-the-line deductions, choosing between itemized and standard deductions, and determining eligibility for credits.Key steps for answering exam scenarios: identify income sources, subtract above-the-line deductions to get AGI, decide whether to itemize, factor in credits, consider capital gains/losses, and watch for specialized situations like AMT.

Ready to take a deep dive and learn how to generate personal tax free cash flow from your corporation? Enroll in our FREE masterclass hereBook a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey! https://canadianwealthsecrets.com/discovery Are you leaving valuable tax deductions and investment opportunities on the table by not leveraging your corporate retained earnings efficiently?Many Canadian business owners struggle to maximize their retained earnings without triggering unnecessary taxes. Traditional investment strategies can expose you to high tax rates, limiting the growth of your wealth. But what if there was a way to grow your investments, create tax-deductible interest, and build a significant tax-free estate payout—all at the same time?In this Canadian Wealth Secrets episode, we break down the Immediate Financing Arrangement (IFA), a powerful financial strategy that allows incorporated business owners to leverage high early cash value life insurance to invest, optimize tax efficiency, and secure long-term financial benefits. Whether you're looking to enhance liquidity, reduce taxable income, or create a tax-efficient legacy, this strategy could be the missing piece in your financial plan.What you'll learn: Discover how to use retained earnings to invest while maintaining liquidity and minimizing taxes.Learn how corporate-owned life insurance can be leveraged to create tax-deductible interest.Understand how to build wealth efficiently while ensuring a tax-free payout to beneficiaries.Hit play now to uncover how this strategy can work for you and take control of your corporate wealth with smarter financial planning!Discover which phase of wealth creation you are in. Take our quick assessment and you'll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here. Canadian Wealth Secrets Show Notes Page:Consider reaching out to Kyle if you've been……taking a salary with a goal of stuffing RRSPs;…investing inside your corporation without a passive income tax minimization strategy;…letting a large sum of liquid assets sit in low interest earning savings accounts;…investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting corporate passive income taxes at greater than 50%; or,…wondering whether your current corporate wealth management strategy is optimal for your specific situation.Ready to connect? Text us your comment including your phone number for a response! Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

The lecture begins by explaining deductions, emphasizing the fundamental split between above-the-line and below-the-line deductions. Above-the-line deductions, such as contributions to certain retirement accounts and student loan interest, come off a taxpayer's gross income to yield Adjusted Gross Income (AGI). Because many credits and phaseouts use AGI thresholds, these deductions can influence eligibility for various tax benefits. Below-the-line deductions include either the standard deduction or itemized deductions like mortgage interest, state and local taxes (SALT), medical expenses above a certain AGI percentage, and charitable contributions. Taxpayers must determine which approach—standard or itemized—provides the larger benefit. Business deductions for trade or business expenses are allowed if the costs are ordinary and necessary, but purely personal or capital expenses are treated differently, often requiring capitalization and depreciation.A second area of focus is the difference between tax deductions and tax credits. While deductions reduce the amount of income subject to taxation, credits reduce the final tax owed. Credits typically appear in two main forms: nonrefundable credits, which can reduce a taxpayer's liability to zero but not below it, and refundable credits, which can generate a refund even if the taxpayer's liability is already at zero. Examples include the Earned Income Tax Credit (EITC) for lower-income workers and the American Opportunity Tax Credit for education-related expenses. Each credit may feature phaseouts once a taxpayer's income passes certain thresholds.The lecture also explores capital gains and losses, covering the difference between short-term gains (taxed at ordinary rates) and long-term gains (often taxed at preferential rates). Netting processes allow short-term losses to offset short-term gains and long-term losses to offset long-term gains, with excess losses partially usable against other income. This interplay with deductions is crucial: capital losses can reduce other income to a limited degree, shaping a taxpayer's overall liability.Moving on to tax filing and reporting requirements, the lecture details the forms and schedules that structure how individuals declare income, deductions, and credits. Form 1040 is the primary return, supported by schedules such as Schedule A for itemized deductions, Schedule C for sole proprietor business income, and Schedule D for capital transactions. The text underscores the importance of maintaining documentation—receipts, logs, and official acknowledgments—to validate any claimed deductions or credits. Audits and penalties can follow if taxpayers cannot substantiate their positions. Failure-to-file and failure-to-pay penalties accrue when deadlines are missed, while accuracy-related penalties may be imposed if the IRS discovers substantial understatements or fraudulent behavior.Another element is the Alternative Minimum Tax (AMT), a parallel system designed to prevent high-income taxpayers from disproportionately lowering their tax via various exclusions or preferences. Under the AMT regime, certain itemized deductions are limited or disallowed, and a specific exemption amount phases out at higher income levels. Taxpayers pay whichever tax (regular or AMT) is higher.An extended hypothetical scenario illustrates how these principles fit together in practice: A taxpayer might reduce AGI using above-the-line deductions (like student loan interest or retirement contributions), choose whether to itemize or use the standard deduction, and claim relevant credits (for child care, education, or energy). The presence of side-business income, capital gains, or questionable business expenses can complicate the return. Exam questions often require step-by-step analysis: begin with total income, subtract relevant deductions, confirm whether itemizing surpasses the standard deduction, factor in credits, and determine final tax or refund.

Today, I'm chatting about a commonly missed tax deduction for entrepreneurs: cell phone and internet expenses. I'm going over why these deductions are missed and how you can utilize them to get the most out of your tax return this year.    Join me in this episode to learn how to calculate a reasonable business percentage for these mixed-use expenses so you can maximize your allowable deductions and keep more of your hard-earned money.    Also mentioned in today's episode:  Calculating business percentage for cell phone expenses 2:54 Internet usage and business deductions 5:50 Tracking and documenting your personal expenses 8:28   If you enjoyed this episode, please rate, review and share it!  Links:   Save your seat for the free class, Make Taxes Easier and Stash an Extra $152k in Your Savings Check out my program, Money Bootcamp.

This lecture begins by outlining the historical and constitutional roots of the federal income tax. Early in American history, the federal government used excise taxes and tariffs to raise revenue, and only in special circumstances, such as the Civil War, did it introduce temporary income taxes. The Sixteenth Amendment in 1913 dramatically shifted the legal landscape, giving Congress the authority to impose an income tax without the need for apportionment among the states. This development paved the way for modern federal income taxation, removing most constitutional barriers that had previously hindered direct taxation of individual incomes.Next, the lecture covers how the federal tax system is organized. The Internal Revenue Service (IRS) enforces tax laws and issues guidance, while the Treasury Department oversees both the IRS and broader financial policies. Various authorities define tax law: the Internal Revenue Code (IRC) enacted by Congress; Treasury Regulations that interpret and clarify the Code; official Revenue Rulings and procedures from the IRS; and judicial decisions at multiple levels, including the U.S. Tax Court, district courts, courts of appeal, and potentially the Supreme Court. Together, these sources form a complex legal framework that practitioners must navigate.Tax policy goals also factor into the system's structure. While the primary purpose of taxation is to fund government operations, Congress uses the tax code to shape economic and social behavior, encouraging homeownership via mortgage interest deductions or fostering charitable giving through donation write-offs. This means that the Code is more than just a revenue-raising tool; it's also a mechanism for incentivizing and discouraging certain activities.A significant portion of the lecture is devoted to gross income, a concept anchored by IRC Section 61. This broad definition—“all income from whatever source derived”—captures wages, business profits, interest, dividends, rents, and many other forms of economic gain. Even illegal proceeds and certain prizes count as gross income, reflecting the principle that if a taxpayer obtains a clear economic benefit, it is presumed taxable. Nevertheless, there are notable exclusions: gifts, inheritances, certain fringe benefits, and life insurance proceeds are among the items that Congress or the courts have decided should not be included in gross income. Sometimes, these exclusions further a policy objective, such as not penalizing individuals receiving gifts or not taxing life insurance benefits that mitigate financial burdens upon death.The lecture then introduces the importance of filing status: single, married filing jointly, married filing separately, head of household, and qualifying widow(er). Each status affects how taxpayers fall into brackets in the progressive tax system, where higher marginal rates apply to additional increments of income. The system aims to tax those with greater resources more heavily, though fairness and efficiency debates remain. Thus, individuals with the same gross income may pay different effective tax rates, influenced by both filing status and the presence of deductions or credits.Finally, the lecture underscores the policy rationales embedded in the tax code. Deductions for retirement contributions or energy-efficient home improvements reveal the government's intent to channel societal behaviors. Because these incentives directly affect how people earn, save, and invest, attorneys and other professionals must understand both the letter of the law and the broader purpose it serves.Overall, Lecture 1 underscores that modern federal income taxation rests on a constitutional foundation, shaped by the Sixteenth Amendment, enforced by a multi-tier system of statutes, regulations, and court rulings, and guided by deliberate policy goals. The core concept of “gross income”—and the many exceptions that reduce it—forms the building block for tax liability calculation

What if you could get one dollar growing in two places at once while creating an income tax write-off just like the Smith Maneuver, but also get a life insurance death benefit for free? In this episode, we explore how Canadian investors can use a Smith Maneuver-like strategy on a high early cash value participating whole life insurance policy to leverage for investments, while creating a tax-deductible interest expense. By funding a specifically designed participating whole life insurance policy and borrowing against the cash value to invest in the same assets they would have originally chosen—stocks, real estate, or other investment opportunities—the Canadian investor not only creates a valuable tax write-off from the loan interest, but also benefits from a free death benefit that will pay out upon death of the insured person. While this strategy can be supercharged when the policy is purchased inside of a Canadian corporation, today we will focus on what this strategy would look like for the unincorporated Canadian investor with part 2 of this episode coming soon for our Canadian incorporated business owner listeners.This Immediate Financing Arrangement (IFA) leveraged permanent insurance strategy shares similarities with the Smith Maneuver, with some subtle differences. The main value-add for using the Smith Maneuver is converting non-tax deductible interest on your home mortgage to tax deductible interest, while this leveraged insurance strategy creates tax deductible interest with a free permanent insurance death benefit as a bonus. While this strategy can be used as a second leveraged investment strategy alongside the Smith Maneuver, the leveraged participating whole life insurance strategy can be seen by some as more conservative as you are not leveraging against your primary residence and instead only leveraging against an insurance policy. If you're a Canadian investor looking to create multiple wealth-building streams without sacrificing one goal for another, this strategy offers the best of both worlds: growing your investments while securing a legacy.What you'll learn:Learn how funding a participating whole life insurance policy can enable you to achieve tax-deductible interest and estate protection while investing in the same assets you had planned to invest in.Discover how this leveraged participating whole life insurance strategy provides free insurance for your estate, effectively combining legacy planning while continuing your original investment growth plans.Understand the long-term benefits of using an Immediate Financing Arrangement (IFA) to create multiple growing financial buckets, one for investments and one for legacy, without restricting your investing potential.Tune in now to discover how this conservative permanent insurance leverage strategy commonly known as an Immediate Financing Arrangement (IFA) can supercharge your wealth-building strategy while offering invaluable tax benefits and legacy planning simultaneously.Discover which phase of wealth creation you are in. Take our quick assessment and you'll receive a custom wealth-building pathway that matches your phase and learn our CRA compliant tax optimized strategies. Take that assessment here. Ready to connect? Text us your comment including your phone number for a response! Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

The holidays are behind us; you know what that means—it's tax season! But before you start gathering your W-2s and receipts, there's an important question: Do you know who will prepare your taxes this year?With a nationwide shortage of Certified Public Accountants (CPAs) and tax professionals, waiting too long to find a preparer could leave you scrambling—and vulnerable to scams. Here's how to protect yourself and find a trusted tax preparer.Who Can Prepare Your Taxes?When hiring a tax professional, your preparer will likely fall into one of three categories:Certified Public Accountant (CPA): These professionals undergo rigorous education, exams, and licensing requirements. Many specialize in tax preparation and can also provide broader financial guidance. Enrolled Agent (EA): Licensed by the IRS, EAs are tax experts who can prepare and file returns, represent clients before the IRS, and provide tax planning services. Tax Attorney: These legal professionals specialize in tax law and are particularly useful for complex tax situations, audits, or disputes.Each of these professionals is highly qualified—but the problem is there aren't enough of them.There is a growing shortage of CPAs and tax professionals, mainly because fewer young people are entering the field. Some firms are even hiring high school interns at $22 an hour to recruit future CPAs.What does this mean for you?Longer wait times to book a tax preparerHigher fees due to increased demandGreater risk of falling into the hands of fraudulent preparersWhen people are desperate to file their returns, they can become easy targets for scammers who fake credentials or engage in tax fraud.How to Avoid Tax Scams and Find a Qualified PreparerTo protect yourself, follow these IRS-recommended steps when choosing a tax preparer:1. Choose a Year-Round Tax PreparerA reputable preparer should be available beyond tax season. You don't want your tax preparer to disappear if you get audited.2. Verify Their IRS CredentialsAsk for the IRS Preparer Tax Identification Number (PTIN). All paid tax return preparers must register with the IRS and enter their PTIN on every return they file.Check their status using the IRS Directory of Federal Tax Return Preparers at IRS.gov.3. Look for Professional CredentialsAsk if the preparer holds a credential such as:CPA (Check with the State Board of Accountancy)Enrolled Agent (Verify at IRS.gov under "Verify Enrolled Agent Status")Tax Attorney (Confirm with their State Bar Association)Additionally, inquire about continuing education—since tax laws change frequently, professionals should stay current.4. Be Cautious About FeesBeware of tax preparers who:Charge fees based on a percentage of your refundClaim they can get you a larger refund than competitorsA legitimate preparer should charge a flat or hourly rate based on the complexity of your return.5. Verify IRS E-File CapabilityMost tax preparers handling more than 10 clients must file electronically. If your preparer refuses to e-file, that's a red flag.6. Ensure Proper DocumentationA trustworthy tax preparer will ask for the following:Your W-2 and 1099 forms (not just a pay stub)Records of deductions and creditsIf a preparer doesn't ask for supporting documents, walk away. The IRS requires proper documentation to verify your return.7. Understand Representation RulesOnly CPAs, Enrolled Agents, and tax attorneys can represent you before the IRS if you're audited.Non-credentialed tax preparers—including your math-savvy cousin Bill—cannot represent you in an audit.8. Never Sign a Blank or Incomplete Tax ReturnPlease review your return carefully before signing. Ensure all information is accurate, and ask questions if anything appears incorrect.9. Your Refund Should Go to You—Not the PreparerCheck the routing and account number on your tax return to ensure your refund is deposited into your own account, not your preparer's.Looking for a Faith-Based Financial Professional?If you want to work with a tax professional who aligns with biblical financial principles, consider finding a CPA, Enrolled Agent, or tax attorney with the Certified Kingdom Advisor (CKA®) designation.To find a trusted, faith-based financial professional, visit FaithFi.com and click “Find a Professional.”With tax season here, choosing a reputable, qualified tax preparer is more important than ever. Don't wait until the last minute—start your search today to avoid scams and ensure your taxes are filed accurately and ethically.On Today's Program, Rob Answers Listener Questions:As I turn 70 and a half, is it advantageous for me to start doing my charitable giving from my IRA? Or should I wait until 73, when I have to do the required minimal distribution (RMD)?I have $10,000 in a savings account with my local bank, but I only earn about 10 cents in monthly interest. Since I've never invested before, I'm interested in investing that money elsewhere to create some extra available money. What would you suggest?I ran a landscaping company into the ground, but I've now rededicated my life to Christ and started a new handyman business. I need help managing the money in my company and being a better steward of the resources God has entrusted me with. I'm looking for guidance on the best direction to take.Considering Trump is now in his second term, would it be a good time for me to sell my house and buy another home? Should I wait? I'm thinking about the potential impact on prices and interest rates.Resources Mentioned:Faithful Steward: FaithFi's New Quarterly PublicationBankrateChristian Community Credit Union (CCCU)Business By The Book: Complete Guide of Biblical Principles for the Workplace by Larry BurkettLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Are you a dental practice owner overpaying taxes? Casey and Jarrod discuss powerful tax deductions and strategies with CPA Kevin Rhoton. Learn how to maximize retirement contributions (401(k)s, SEP IRAs, and more), leverage HSAs, and understand the rules around gifts and charitable donations. Kevin also covers mileage tracking and stresses the importance of proactive, year-round tax planning with a trusted CPA.Interested in more info on how to: Earn More, Save More, and Retire EarlyUpcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory

Hello everyone!

Amanda and Ash welcome Shawna Weckerling, known as Shawna the Tax Goddess, who specializes in tax mitigation strategies for businesses and entrepreneurs. Shawna discusses her unique approach to reducing tax liabilities, including creative deductions, the importance of detailed client intake, and common mistakes made by real estate investors. She also explains the Augusta Rule, which allows property owners to rent their homes tax-free for up to 14 days, and emphasizes the significance of documentation in navigating audits. The conversation highlights the collaboration between tax strategists and CPAs, and how to find a qualified tax specialist. Sponsors: Crystal View Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Join us as we unpack the W-4 form- what it is, why it's important, and how making the right adjustments can boost your financial well-being. Whether you've experienced a major life-change, started a side hustle, or simply want to maximize your take-home pay, this episode has something for you!

Dr. Friday discusses mortgage interest deductions for primary and secondary homes. Mortgages over $750,000 are only deductible for the first $750,000, especially if refinanced after 2017. Interest on second homes, like a camper or houseboat, also qualifies for deduction. Stay informed about limitations to avoid surprises during tax season. 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. Interest paid on a house. One of the things I think people need to remember is that in 2017, if you have a mortgage over $750,000 and you had it from that point, you can continue to take your interest. But let’s say you refinanced in 2019 or 2020, and you have a million-dollar mortgage. You cannot write off all of that interest, only up to $750,000. Now, you can also write off the interest on your second home. Maybe you have a house in Florida or a camper or a houseboat. Remember, those are considered second residences, and they are deductible for tax purposes. 615-367-0819. Looking forward to hearing from you. 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.

Welcome to another episode of the Know Your Numbers REI podcast with your host, Chris McCormack! In this episode, we dive deep into a tax strategy that many people reference but often misunderstand: hiring your children for your business. Chris breaks down the essential requirements and best practices to ensure you can take advantage of this strategy without running afoul of the IRS. Learn about age requirements, reasonable wage expectations, and the importance of contracts and timesheets. Discover how this strategy can potentially save your family thousands of dollars in taxes while also teaching your kids valuable lessons about work and entrepreneurship. Whether you're a seasoned investor or just starting out, this episode is packed with valuable insights to help you navigate the complexities of tax planning. Don't miss out on the opportunity to set your family up for financial success! If you find this episode helpful, please share it with a friend and follow for more valuable content. Stay connected with us on YouTube and Instagram for regular updates and short-form content, while Spotify and Apple provide the long-form podcast experience. •••••••••••••••••••••••••••••••••••••••••••• ➤➤➤ To become a client, schedule a call with our team ➤➤ https://www.betterbooksaccounting.co/contact •••••••••••••••••••••••••••••••••••••••••••• Connect with Chris McCormack on Social Media Facebook: https://www.facebook.com/chrismccormackcpa LinkedIn: https://www.linkedin.com/in/chrismccormackcpa Instagram: https://www.instagram.com/chrismccormackcpa Join our Facebook Group: https://www.facebook.com/groups/6384369318328034 → → → SUBSCRIBE TO BETTER BOOKS' YOUTUBE CHANNEL NOW ← ← ←  https://www.youtube.com/@chrismccormackcpa The Know Your Numbers REI 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.

Dr. Friday explains the 2024 auto mileage rates: 67 cents per mile for business, 21 cents for medical, and 14 cents for charity. Business owners can benefit from these deductions but must maintain a mileage log. Employees with W-2s cannot claim mileage or home office deductions. With rising fuel and maintenance costs, tracking mileage accurately is more important than ever. 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. Auto expense. Now let’s first clarify: if you work for an employer that you have a W-2, you’re not deducting mileage. There’s no place, no 2106, no home office—that isn’t going to happen. But if you’re a sole proprietor or business owner, you will be. And it’s 67 cents a mile in 2024 for business, 21 for medical, and 14 for charity. These are huge numbers, especially for business owners. The cost of petrol and maintenance has gone up, and they’re accounting for that in these numbers. But you must have a mileage log to justify these deductions. You need help? Go to the web, drfriday.com. 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.

How can small business owners make the most of their tax deductions? Josh continues with his small business tax series, focusing on the crucial topic of deductions and the mistakes entrepreneurs need to avoid. From home office write-offs to maximizing tax credits, he unpacks strategies to help reduce taxable income while staying compliant. Josh also highlights the importance of accurate record-keeping and shares practical tips to simplify tax prep and sidestep common errors. Then in 'Extra Points,' the team discusses Taylor Swift's Eras Tour and its surprising impact on small businesses, sparking a debate about the intersection of culture and commerce. Can't get enough of The Financial Quarterback? Click ‘Follow' to stay in the game with every new episode. Loving the show? Drop us a 5-star rating and let us know what you think—it's your feedback that fuels the playbook!

Dr. Friday discusses the challenges of itemizing medical expenses on your tax return. To deduct medical costs, they must exceed 7.5% of your adjusted gross income. For example, with $100,000 in earnings, only expenses above $7,500 are deductible. Proper planning is essential to maximize savings in years with substantial medical costs. Take advantage of itemizing only when it benefits your financial situation. 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. Many times people will ask me about medical deductions, because when I talk about itemizing, I very rarely bring that up because of the fact that first you have to say, let’s say you earn $100,000. And if that’s the case, then you have $7,500 worth of exemption, right? So if you have a $10,000 bill that you’ve paid for medical and you’re thinking you can deduct that, you’re really only going to get $2,500 of it under that scenario. Itemizing medical is very hard, and making sure you maximize the year that you do have a lot of medical will be the only way you’re going to put more money in your pocket. 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, Monika takes an insightful dive into the Indian tax system, exploring how taxes shape individual behavior and government policies. She explains the key components of taxation in India, including direct and indirect taxes, and highlights their impact on your income, spending, and investments. By analyzing the distribution of the tax burden, Monika lays bare the disproportionate load borne by the middle class and high-income earners, and offers a clear perspective on how taxes contribute to government revenue and expenditure.  Monika also breaks down the commonly misunderstood terms: exemptions, deductions, and rebates. Using practical examples, she clarifies how each impacts taxable income and overall tax liability. From exemptions like agricultural income to deductions for investments like PPF and medical insurance premiums, she simplifies these technicalities for better financial planning. She stresses the importance of understanding these distinctions, especially during budget season. Listener queries this week address diverse personal finance concerns. Amit Minocha worries about rising medical costs and how to secure adequate health insurance for retirement. Pavithran Selvakumar, a 24-year-old from Coimbatore, seeks advice on mitigating market risks for future redemptions from index funds. Raghuvendra from Bangalore asks whether investing in high-interest company deposits is a safe choice for his daughter's education and marriage savings. Chapters: (00:34 - 11:31) How Much Tax Do You Really Pay? A Deep Dive into India's Tax System (11:33 - 12:40) Exemptions, Deductions, and Rebates: What's the Difference? (12:41 - 15:00) Medical Insurance: Planning for Rising Costs with Super Top-Up Plans (15:02 - 16:25) Redeeming Investments in a Market Crash: Strategies for Safety (16:27 - 17:52) Should You Use Company Deposits for Long-Term Goals? https://cbic-gst.gov.in/gst-goods-services-rates.html If you have financial questions that you'd like answers for, please email us at ⁠mailme@monikahalan.com⁠  Monika's book on basic money management ⁠⁠⁠https://www.monikahalan.com/lets-talk-money-english/⁠⁠⁠ Monika's book on mutual funds ⁠⁠https://www.monikahalan.com/lets-talk-mutual-funds/⁠⁠ Monika's workbook on recording your financial life ⁠⁠⁠https://www.monikahalan.com/lets-talk-legacy/⁠⁠⁠ Calculators ⁠⁠⁠https://investor.sebi.gov.in/calculators/index.html⁠⁠⁠ You can find Monika on her social media @monikahalan.  Twitter ⁠⁠⁠@MonikaHalan⁠⁠⁠ Instagram ⁠⁠⁠@MonikaHalan⁠⁠⁠ Facebook ⁠⁠⁠@MonikaHalan⁠⁠⁠ LinkedIn ⁠⁠@MonikaHalan⁠⁠ Production House: ⁠⁠www.inoutcreatives.com⁠⁠ Production Assistant:⁠⁠ Anshika Gogoi⁠⁠

Tax season is around the corner, and navigating the ins and outs of filing your taxes can be overwhelming. In this comprehensive guide to tax season 2025, we break down everything you need to know to file your taxes with confidence. From the tax filing deadline to crucial updates on standard deductions, tax brackets, and credits, we'll help you avoid common mistakes and maximize your potential refund. Whether you're filing as an individual or with a family, understanding the new rules for tax year 2024 is key. This episode will cover all of the essential details, including: Important tax deadlines for 2025 and how to avoid penalties The impact of inflation-adjusted tax brackets and how they affect your filing Key deductions and credits you could be eligible for, such as the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and more How to properly claim charitable donations, medical expenses, and business deductions if you're self-employed or a freelancer The latest updates on 1099-K forms for side hustlers and online sellers Tips on maximizing your retirement contributions and education credits for tax savings If you want to avoid last-minute stress and ensure you're filing your taxes accurately, this episode provides the essential steps you need to get prepared for tax season 2025. Don't wait until the last minute—start organizing your documents and understanding the tax changes that could impact your refund or tax bill this year. Subscribe to the channel for more empowering content on personal finance, investing, and self-improvement. Don't miss out on the opportunity to unlock your true financial potential and live a life of abundance. It's time to invest in yourself and create the future you deserve! Tax Checklist: https://www.nerdwallet.com/article/taxes/tax-prep-checklist Articles Used: Tax Deadlines: https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers Tax Brackets & Deductions: https://www.ramseysolutions.com/taxes/tax-season-what-you-need-to-know Charitable Contribution Deductions: https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions Medical Expense Deductions: https://www.irs.gov/publications/p502 Earned Income Tax Credit (EITC): https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/earned-income-and-earned-income-tax-credit-eitc-tables Child Tax Credit: https://www.irs.gov/credits-deductions/individuals/child-tax-credit 1099-K Changes: https://www.kiplinger.com/taxes/1099-k-threshold-to-file--what-to-know **Support the Stream By Shopping at Our Store**  Buy Your Financial Mirror Gear: https://www.thefinancialmirror.org/shop  YouTube: https://www.youtube.com/@thefinancialmirror Rumble: https://rumble.com/TheFinancialMirror Facebook: https://www.facebook.com/thefinancialmirr0r X: https://twitter.com/financialmirr0r Instagram: https://www.instagram.com/thefinancialmirror/ Podcast: https://thefinancialmirror.podbean.com/ If you are in need of a Financial Coach, don't waste another day of being in debt, not planning for retirement, or simply wondering where your money went each month. Today is the day to take control of your finances and I can help, no issue is too big or too small. Contact me at https://www.thefinancialmirror.org/ #TaxSeason2025 #TaxTips #TaxFiling #TaxDeductions #TaxCredits #IRS #FilingTaxes #TaxDeadlines #StandardDeduction #TaxBrackets #TaxReturn #TaxSeason #EITC #ChildTaxCredit #SelfEmployedTaxes #FreelancerTaxes #TaxRefund #TaxTips2025 #TaxPlanning #EarnedIncomeTaxCredit #TaxSavings #TaxHelp #TaxAdvice #TaxSeasonPrep #TaxYear2024 #TaxExpert #RamseySolutions #TaxSeasonTips

In this episode, Ryan and Alex break down the top overlooked deductions real estate investors often miss—and how to ensure you're capturing them all. This episode explores: - Why closing costs and loan costs should be included in your depreciable basis. - The most common insurance mistakes that leave money on the table. - The importance of taking depreciation (and what happens if you don't). - And More! If maximizing your tax savings is one of your goals, now is the time to dig into these often-missed deductions. To become a client, request a consultation from Hall CPA, PLLC at go.therealestatecpa.com/3KSEev6

In 2024 Kensley Behel was part of the NBC broadcasting team covering gymnastics for at the Paris Olympic Games working as the data analyst. She is a journalist specialising in covering the sport of Men's gymnastics and runs the Neutral deductions social media channel. In this week's episode Kensely shares some fascinating data analysis her team put together focusing on the Team USA men's gymnastics team. We discuss the future of men's gymnastics in America and what to expect in the coming Olympic cycle as we head towards LA 2028. There will be some big changes to the COP ( Code of points ) next year and we talk about how these may impact the athletes moving forwards. You can keep up to date with everything that is going on in the world of men's gymnastics through the Neutral Deductions instagram page. And this is our story. 

Today, I'm continuing my series about year-end tax saving tips and talking about charitable contributions and their tax implications for self-employed individuals including strategies for maximizing your charitable contributions.    Listen to this episode to get all the information you need to maximize your charitable donations and to learn the tax limitations of donating your creative work.     Also mentioned in today's episode:    Itemized deductions vs. standard deductions 2:30 Strategies for maximizing your charitable contributions 12:44 Donating creative work and tax implications 15:03   If you enjoyed this episode, please rate, review and share it!  Links: Qualified tax exempt organization search Mutual Aid: All the Tax Info You Need    

Annie and Roger discuss crucial tax updates as 2024 draws to a close, including the recent injunction against beneficial ownership reporting requirements, the evolving landscape of ERC claims processing, and changes to the clean vehicle credit program. They examine how the recent election results might impact tax policy, particularly regarding the Tax Cuts and Jobs Act provisions set to expire. They also provide practical guidance for tax practitioners preparing for the 2025 filing season, addressing important changes to 1099-K reporting thresholds and IP PIN requirements.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Federal Tax Updates Episode 44 (02:35) - 2025 Tax Season Preparation (05:12) - Tax Rates and Deductions for 2024 (09:17) - Business Tax Considerations (11:40) - Post-Election Tax Policy Changes (17:16) - IRS Updates and New Policies (20:52) - 1099-K Reporting Changes (24:35) - Clean Vehicle Credit (26:46) - Understanding the Dealer Credit Loophole (27:39) - Navigating EV Tax Credits (31:01) - IRS Processing and Challenges (36:35) - Potential Changes in IRS Leadership (43:17) - Beneficial Ownership Reporting Injunction (49:12) - Conclusion and Final Thoughts Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Roger and Annie on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

In this episode of The D2D Podcast, host JP Arlie dives deep into the unique tax strategies tailored for door-to-door (D2D) sales professionals with Austen Becker, co-founder of Valley Tax & Accounting. Austen shares his journey from door-to-door sales to becoming a tax expert and entrepreneur. With his background in sales and real estate, Austen has developed a keen understanding on how to help 1099 reps and business owners maximize deductions, streamline financial processes, and invest smartly in real estate.Austen highlights essential tax strategies that can save reps thousands, from maximizing deductions like vehicle and home office expenses to leveraging the Augusta Rule and depreciation. He explains how working with an accountant familiar with the D2D industry can uncover overlooked opportunities, ensuring compliance while minimizing tax liabilities. Austen also touches on real estate investment strategies, showcasing how sales reps can strategically grow wealth beyond their commissions.Whether you're a new or experienced D2D rep, this episode is packed with actionable insights to help you keep more of your hard-earned money and invest smartly for the future.You'll find answers to key questions such as:What are the top tax deductions every door-to-door sales rep should know?How can the Augusta Rule legally benefit reps hosting team-building events?What is the best way to optimize vehicle expenses for tax purposes?How can real estate investing help reduce taxable income for sales reps?What mistakes do traditional accountants make when handling D2D taxes?Get in touch with Austen Becker and Valley Tax & Accounting:Website: Valley Tax & AccountingEmail: Aus10becker@gmail.comSocial Media: @valleytax on InstagramD2DCON 8 TICKETS: https://d2d.ticketspice.com/d2dcon8 Thank you for listening! Don't miss out on future episodes! Subscribe to The D2D Podcast on Apple Podcasts and Spotify.Follow us on Facebook and Instagram. You may also watch this podcast on YouTube!You may also follow Sam Taggart on Facebook, Instagram, and TikTok for more nuggets on D2D and Sales Tips.

Send us a textDid you know you can maximize your HSA contributions even if you switch to a high-deductible health plan late in the year?In this episode of the Small Business Tax Savings Podcast, Mike Jesowshek answers listener-submitted tax and business-related questions, covering topics such as HSA contributions, structuring multiple businesses, employing children, vehicle deductions, the Employee Retention Tax Credit (ERC), and year-end tax planning strategies. He emphasizes the importance of implementing tax-saving strategies tailored to individual circumstances and highlights tools like Tax Savings Podcast resources and Taxelm for deeper guidance.Discover this and more tax-saving tips in today's listener Q&A episode![00:00 - 02:53] HSA Contributions and the Last Month RuleMike explains the IRS's Last Month Rule, allowing full-year HSA contributions if enrolled by December 1st.[02:53 - 05:42] Starting a Business and Learning Tax StrategiesA Minnesota listener seeks guidance after forming a new business.What is the importance of implementation over mere learning of tax strategies?[05:42 - 07:39] Employing Children and Managing Child SupportMike gives advice on structuring small business ownership to avoid affecting child support obligations.[07:39 - 13:00] Structuring Multiple BusinessesDiscussion on using DBAs versus separate LLCs for businesses in different verticals.Consideration of liability and future sale opportunities.[13:00 - 19:16] Core Tax Strategies and Vehicle DeductionsMike discusses core tax strategies such as home office, automobile, and travel deductions.He explains vehicle deductions, depreciation methods, and financing.[19:16 - 27:30] Year-End Tax Planning TipsMike clarifies on how to handle ERC credits in amended taxes.He encourages listeners to implement achievable strategies before the year ends.Direct Quotes:“The key piece is implementation. You can learn all you want all day long, but if you don't implement anything, you don't see the tax savings.” - Mike Jesowshek, CPA“As long as you have that high-deductible health plan in place by December 1st, you're eligible to contribute the full amount to an HSA for the year.” - Mike Jesowshek, CPA“Take off what you can bite off and do that. I'd much rather see you do one or two strategies than try to do ten and end up doing zero.” - Mike Jesowshek, CPACheck out this episode's blog post: https://www.taxsavingspodcast.com/blog/tax-questions-answered-vehicle-deductions-entity-structure-wotc-compliance-and-more ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com 

Send us a text5 Essential Tax Basics for High-Income EarnersIn this episode of the Retire Early Retire Now Podcast, host Hunter Kelly, owner of Palm Valley Wealth Management, discusses five key tax concepts every high-income earner should understand. Hunter emphasizes the importance of knowing about marginal and progressive tax rates, capital gains taxation based on holding periods, the difference between deductions and credits, and the taxation of bonuses. The episode aims to help listeners reduce their tax liabilities and better manage their finances as they approach tax season.00:00 Introduction to the Podcast00:27 Sharing and Reviewing the Podcast01:14 Understanding Marginal Taxes06:23 Progressive Tax System Explained07:46 Capital Gains and Tax Timing10:22 Deductions vs. Credits14:04 Taxation of Bonuses15:56 Summary and ConclusionCheck out the Palm Valley Wealth Management WebsitePalmValleywm.comCheck us out on InstagramLinkedIn FacebookListen to the Podcast Here! AppleSpotify

Are you missing out on business deductions that could save you money? In this episode, we dive into how almost any expense can be a business deduction—if you follow three simple rules. Learn how to document your expenses, understand IRS guidelines, and turn everyday costs like meals, travel, and even family expenses into smart tax savings. We'll break down the basics of audit-proofing your deductions and share easy tweaks that can lead to big benefits. Whether you're a small business owner or seasoned entrepreneur, these tips will help you keep more of your hard-earned money while staying completely within the law. Tune in to discover practical strategies for maximizing your deductions and making smarter financial decisions. Don't leave money on the table—get the tips you need to reduce your tax bill today!   Next Steps: ☎️ Find out how much you're overpaying in taxes every year!  Schedule a FREE discovery call to find out --> https://phillipsbusinessgroup.com/

In this throwback episode, Chris dives in with Tommy Thornburgh on the tax strategies that help businesspeople keep more of their hard-earned income. Tommy shares actionable insights on tax deductions, structuring your business for success, and maximizing opportunities through cost segregation, depreciation, and business credit. Whether you're a seasoned investor or just starting in real estate, these tips can help you keep more money in your pocket.Book Recommendation: Tax-Free Wealth by Tom WheelwrightConnect with Tommy:Website: Prime Corporate ServicesLinkedIn: Tommy Thornburgh on LinkedInHit Chris Up:Chris on Facebook Instagram: @craddrockRESOURCES: 

Amanda Haan and Matt Faircloth discuss the current tax strategies for real estate investors, focusing on the implications of recent political changes and the impact of tax legislation on investment decisions. They explore the benefits of the Qualified Business Income Deduction, the significance of bonus depreciation, and the increased funding for the IRS leading to more audits. The discussion also touches on the political dynamics that influence tax laws and the future outlook for tax benefits under a new administration. Sponsors: Altra Running Learn more about your ad choices. Visit megaphone.fm/adchoices

Full disclosure, many of these proposals will never come to fruition.  However, it is election time, so why not have some fun with this? I spent a lot of time digging into each candidate's tax proposals, as well as the potential impact to you, PFR Nation. Let me be clear, this is not an endorsement for either candidate, nor is it a recommendation to make changes based on these hypothetical proposals.   However, tax changes will inevitably impact all of us, so it's important to understand what each candidate is proposing.  Furthermore, I would note that I am not going to vote solely based on tax proposals, but it's a pretty big deal to me personally and professionally.   The topics I'll hit on are in regards to: Business Taxes/Corporate Taxes Capital Gains and Dividends Credits, Deductions, Exemptions Estate and Wealth Taxes Excise Taxes Individual Income taxes Social Security and Medicare Tariffs and Trade I recognize there are MANY more tax proposals in the mix, but I wanted to focus on the ones that will impact PFR Nation the most.   So, without further ado, I hope you enjoy this episode.   Kevin Resources Mentioned: Tracking 2024 Presidential Tax Plans Tariff Tracker: Tracking the Economic Impact of the Trump-Biden Tariffs Why the Economic Effects of Taxes (Including Tariffs) Matter The Unpleasant Arithmetic of Kamala Harris's Housing Plan Congressional Budget Office Shows 2017 Tax Law Reduced Tax Rates Across the Board in 2018 Who Bears the Burden of the Corporate Income Tax? No Tax on Tips: An Answer in Search of a Question Neighbor to Neighbor Disaster Relief Fund Connect with me here: ⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Join My Company Newsletter⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠ ⁠⁠Are you interested in working with me 1 on 1?⁠⁠⁠⁠⁠  ⁠⁠⁠⁠⁠Click this link to fill out our Retirement Readiness Survey⁠⁠⁠⁠⁠ Or, ⁠⁠⁠⁠⁠visit my website

In this episode, Thomas and Ryan break down year-end tax strategies tailored for real estate investors, providing valuable insights for maximizing tax savings before the year ends. Here's what they cover: - The advantages of buying a short-term rental before year-end and how to qualify for the short-term rental loophole. - Maximizing vehicle deductions, including the benefits of buying a vehicle with a gross weight of 6,000 pounds or more. - Key strategies like cost segregation timing and real estate professional status. - Common but crucial year-end tax tactics like prepaying expenses, bookkeeping, and tax loss harvesting. - The importance of ensuring you have W9s from contractors and reviewing your entity structure. If you're looking for more actionable tax strategies to implement before the end of the year, register for our Year-End Tax Impact event here: go.therealestatecpa.com/3zVWP7E To become a client, request a consultation from Hall CPA, PLLC at go.therealestatecpa.com/3KSEev6 Join the Tax Smart Insiders Community: go.therealestatecpa.com/3Xx1Cpd Checkout Thomas's new YouTube channel: www.youtube.com/@thomascastelli 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.