Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance payouts are tax free to the beneficiary, so at least it’s fair in that sense. --- This episode is sponsored by · Anchor: The easiest way to make...

Learn about what each tax document is and what tax documents you should be expecting to receive this year in order to complete your 2019 tax return. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Breaking news out of the US court of Appeals! The US appeal court division just ruled that the individual mandate of the Affordable Care Act (Obama Care) was ruled unconstitutional. Therefore solidifying the removal of the requirement to report on your taxes whether you had health insurance AND removing the penalty if you did not have health insurance for any month throughout the year. With the repeal of the individual mandate you will notice that there is no more check box on your tax return...

Major theme of year end tax planning is that documentation is key 🔑 Any tax deduction whether it’s charity, IRA contribution, mortgage interest, teacher out of pocket expenses, or just closing out your books for your business, you will need the documentation to take the tax deduction. Now is the time to get ahead and start organizing your files before the craziness starts next year. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

News flash! When you reach the age when you get to start collecting social security (if it is even around) your social security payments may be subject to as much as 85% taxation. That's right, you could possibly be paying the government back 85% of the social security they paid you throughout the year. The average retired american receiving social security today is around $25,000 a year in benefits. Therefore, if you are married and both collecting social security you do not end up keeping...

Although this is not the tax tip you will be happy to hear about, future you will thank yourself (and me) when you avoid any type of audit and penalties from the IRS. The rule is cash tips are required to be reported on your income tax return and have payroll taxes withheld from tip income earned at your job. It is the employees responsibility to document tips earned each month. The employee must then report the amount of tips earned in that month to the employer by the 10th day of the...

In this episode learn how you can avoid paying tax on $250,000-$500,000 of capital gains when you sale your primary residence. There are two main requirements you must meet to qualify for this exclusion. 1) Is you must own the house for 2 of the last 5 years. 2) You must live in the house for 2 of the last 5 years. 3) You have not used this exclusion in the last 2 years for the sale of a different residence. Tune in for more details and specifics.  --- This episode is sponsored by ·...

Learn about the differences between the two methods of writing off car expenses. Learn which is better for you and which expenses you are allowed to deduct. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

What is the difference between an employee versus an Independent Contractor? Well one of the most important differences is the way you get taxed. Tune into this episode to learn about the key differences and know how to not get caught off guard with any surprises tax bills. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Learn about what the key differences are between tax deductions vs tax credits. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Here’s a great basic 101 investment tip. Make sure your portfolio is diversified. Having a diversified portfolio in multiple industries lowers your risk. ETFs are a great way to help diversify your portfolio. Just be careful when picking ETFs they don’t have stocks that could also drag you down. Being too diversified limits your upside potential. Finding the perfect balance of diversity for your investments is key. --- This episode is sponsored by · Anchor: The easiest way to make a...

Did you know you could deduct up to $25,000 on your taxes with the small investor real estate deduction? Here’s how it works: 1) you have to make under 100,000 a year, once you pass 150,000 you cannot claim any of the deduction. 2) you must own at least 10% interest in the rental property 3) you cannot be a real estate professional 4) you must actively manage/participate in renting and maintains the rental real estate property. Tune into the latest episode for full details. --- This...

Learn about why you need to start investing and why there are very little passive ways to make money like the stock market. Learn about 529 and HSA tax incentive investments accounts. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Truth of the matter is anytime a change in the tax law takes place it is good news for accountants. (Regardless of whether or not you may agree politically) it is job security for tax accountants. The "Tax Cuts and Jobs Act" implemented under Donald Trump created multiple changes to the tax code. International tax was one area that was drastically affected by the change causing money that used to be sheltered oversees in "low tax jurisdictions" to be repatriated and essential pay a minimum...

Did you know teachers can deduct up to $250 a year for any unreimbursed supplies purchased? If you work over 900 hours in a school, teaching grades k-12, you are eligible for this tax deduction! Tune in to the latest episode for full details. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Documenting all of your business income and expenses is the major key to success when starting a side hustle. Not only will it save you time and money when it comes to tax compliance at the end of the year but it will allow you to keep track of your progress within your side hustle. Quickbooks is a fantastic program and I highly recommend it but you may not need that cost when you are first starting out. Just like how you may not need to form an LLC right out of the gate and deal with all of...

State Corporation tax can be a very complicated and tricky area. All states have rules that are different than the federal tax code. In order to ensue you are properly reporting income to each state you must make the correct adjustments to your federal taxable income and allocate revenue to the state in which the revenue was earned. Tune into this episode to learn more. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Under the new "Tax Cuts and Jobs Act" tax reform law Entertainment business expenses are no longer 50% deductible. Entertainment expenses are fully disallowed and must be added back to a companies net income for tax purposes. With any law there are exceptions and I wanted to highlight a couple of key exceptions you can take advantage of as highlighted by Forbes (link below). Let me know if you guys have heard of any of these exceptions and feel free to send me an email at [email protected]...

In this episode I discuss one of the impacts of tax reform which is the dis-allowance of business interest expense under 163j. Business interest expense is calculated on the tax form 8990. I go through the calculation of what limits your business interest expense. Please let me know if you have any questions or suggestions for future episodes. Email me at [email protected] and follow me on Instagram at Mactax. --- This episode is sponsored by · Anchor: The easiest way to make a podcast....

Rules for documenting income and expenses are different for book and tax purposes. When it’s time to file your business tax return you will normally need to adjust your books to conform to IRS tax rules. In this episode I talk about the two types of adjustment, temporary and permanent adjustments, and give examples for each. Email me At [email protected] for questions and suggestions. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Taking 100% write off of assets you place in service for your business is a HUGE tax savings tool that’s part of the new TCJA law. This deduction will not last forever (expires in 2022) so learn how to take advantage now and build up your companies assets while the deduction is still around. #taxes #accounting #TCJA #taxreform #business #money

Got a side business you’re making money from? Is this your first year doing it? You 100% SHOULD report your income from your side hustle. Whether it is on your personal return or through an LLC. In most cases first year businesses are in a loss resulting in a TAX BENEFIT for reporting your side hustle business come tax time.

Learn about how partnerships and S-Corps report income to their owners through a Schedule K-1 and how you can interpret a Schedule K-1 if you own a publicly traded partnership.

Time to break the myths on gift tax. The person giving the gift pays the tax NOT the person receiving the gift.