Ep. 114 | Student Loans and Taxes

Teaching Tax Flow: The Podcast

#Business #Chris Picciurro #John Tripolsky #Money #Finance #Investing #Real Estate #Teaching Tax Flow #Podcasting Education #Tax #Planning #Accounting #IRS

33:58

In this episode, we delve into the concept of being "qualified" in the workplace, examining who gets labeled as such, who doesn't, and the underlying reasons. We explore "competency checking"—the practice of scrutinizing individuals' abilities—and how it disproportionately affects underrepresented groups, often going unnoticed or unchallenged. Our discussion aims to redefine qualifications in a fair, equitable, and actionable manner. Our guest, Shari Dunn , is an accomplished journalist, former attorney, news anchor, CEO, university professor, and sought-after speaker. She has been recognized as Executive of the Year and a Woman of Influence, with her work appearing in Fortune Magazine, The Wall Street Journal, Ad Age, and more. Her new book, Qualified: How Competency Checking and Race Collide at Work , unpacks what it truly means to be deserving and capable—and why systemic barriers, not personal deficits, are often the real problem. Her insights challenge the narratives that hold so many of us back and offer practical solutions for building a more equitable future. Together, we can build workplaces and communities that don’t just reflect the world we live in, but the one we want to create. A world where being qualified is about recognizing the talent and potential that’s been overlooked for far too long. It’s not just about getting a seat at the table—it’s about building an entirely new table, one designed with space for all of us. Connect with Our Guest Shari Dunn Website& Book - Qualified: https://thesharidunn.com LI: https://www.linkedin.com/today/author/sharidunn TikTok: https://www.tiktok.com/@thesharidunn Related Podcast Episodes: How To Build Emotionally Mature Leaders with Dr. Christie Smith | 272 Holding It Together: Women As America's Safety Net with Jessica Calarco | 215 How To Defy Expectations with Dr. Sunita Sah | 271 Share the Love: If you found this episode insightful, please share it with a friend, tag us on social media, and leave a review on your favorite podcast platform! 🔗 Subscribe & Review: Apple Podcasts | Spotify | Amazon Music…

год назад 21:30

MP3•Главная эпизода

Listeners will gain a comprehensive understanding of how student loan interest deductions work, emphasizing key points such as the distinction between above-the-line and itemized deductions. Chris provides critical analysis of the existing thresholds for income and their effects on deductibility for taxpayers. Moving into the second segment, the conversation pivots to student loan forgiveness, detailing changes brought by the American Rescue Plan Act and its implications for tax-free debt forgiveness. Finally, the episode introduces innovative updates from the Secure 2.0 Act on employer contributions toward student loans, opening up new avenues for employee benefits and financial planning.

Key Takeaways:

The student loan interest deduction allows for a deduction of up to $2,500 annually, offering an above-the-line benefit but phasing out at certain income levels.
The American Rescue Plan Act establishes temporary tax-free loan forgiveness from 2021 to 2025, significantly affecting individuals in forgiveness programs.
Permanent exclusions allow certain professions, like public service workers and teachers, to benefit from tax-free forgiveness under specific conditions.
The Secure 2.0 Act facilitates employer contributions to student loans in lieu of retirement fund contributions, promoting financial relief for employees.
Careful planning around filing status could optimize student loan repayment strategies, aligning with income-based repayment and forgiveness goals.

Notable Quotes:

"One of the rule changes was the forgiveness of student loan debt and the taxability of that." – Chris Picciurro
"The IRS allows taxpayers to deduct up to $2,500 of interest paid on any qualifying student loan annually."
"One of the reasons that you would file married separately has to do with student loan debt."
"The American Rescue Plan Act of 2021 put a temporary exclusion for student loan debt forgiveness between the years of 2021 and 2025."
"Employers now can contribute to student loan payments so instead of the employer funding a retirement plan contribution."

Resources:

Teaching Tax Flow: Website
Integrated Investment Group: Visit Website
Defeating Taxes Facebook Group: Join Here

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

(00:03) - Exploring Student Loans, Taxes, and Financial Implications
(02:26) - Understanding the Student Loan Interest Deduction and Its Limitations
(05:11) - Humorous Banter About Loan Eligibility and Borrower Requirements
(05:59) - Student Loan Interest Deduction and Tax Filing Strategies
(09:21) - Strategies for Managing Student Loan Repayments and Tax Deductions
(10:32) - Tax-Free Student Loan Forgiveness Under American Rescue Plan
(12:16) - The Perils of Attempting Cartwheels and Potential Injuries
(13:25) - Tax-Free Student Loan Forgiveness for Public Service Workers
(16:30) - Employers Can Contribute to Student Loans Instead of Retirement
(19:16) - Subscribe for Tax Tips and Join Our Private Group

127 эпизодов

Teaching Tax Flow: The Podcast

Ep. 114 | Student Loans and Taxes

Teaching Tax Flow: The Podcast

published год назад

MP3•Главная эпизода

Key Takeaways:

The student loan interest deduction allows for a deduction of up to $2,500 annually, offering an above-the-line benefit but phasing out at certain income levels.
The American Rescue Plan Act establishes temporary tax-free loan forgiveness from 2021 to 2025, significantly affecting individuals in forgiveness programs.
Permanent exclusions allow certain professions, like public service workers and teachers, to benefit from tax-free forgiveness under specific conditions.
The Secure 2.0 Act facilitates employer contributions to student loans in lieu of retirement fund contributions, promoting financial relief for employees.
Careful planning around filing status could optimize student loan repayment strategies, aligning with income-based repayment and forgiveness goals.

Notable Quotes:

"One of the rule changes was the forgiveness of student loan debt and the taxability of that." – Chris Picciurro
"The IRS allows taxpayers to deduct up to $2,500 of interest paid on any qualifying student loan annually."
"One of the reasons that you would file married separately has to do with student loan debt."
"The American Rescue Plan Act of 2021 put a temporary exclusion for student loan debt forgiveness between the years of 2021 and 2025."
"Employers now can contribute to student loan payments so instead of the employer funding a retirement plan contribution."

Resources:

Teaching Tax Flow: Website
Integrated Investment Group: Visit Website
Defeating Taxes Facebook Group: Join Here

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

(00:03) - Exploring Student Loans, Taxes, and Financial Implications
(02:26) - Understanding the Student Loan Interest Deduction and Its Limitations
(05:11) - Humorous Banter About Loan Eligibility and Borrower Requirements
(05:59) - Student Loan Interest Deduction and Tax Filing Strategies
(09:21) - Strategies for Managing Student Loan Repayments and Tax Deductions
(10:32) - Tax-Free Student Loan Forgiveness Under American Rescue Plan
(12:16) - The Perils of Attempting Cartwheels and Potential Injuries
(13:25) - Tax-Free Student Loan Forgiveness for Public Service Workers
(16:30) - Employers Can Contribute to Student Loans Instead of Retirement
(19:16) - Subscribe for Tax Tips and Join Our Private Group

127 эпизодов

#Business #Chris Picciurro #John Tripolsky #Money #Finance #Investing #Real Estate #Teaching Tax Flow #Podcasting Education #Tax #Planning #Accounting #IRS

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Teaching Tax Flow: The Podcast

1
Ep. 126 | Decoding Required Minimum Distributions (RMDs) 24:09

1 day назад24:09

24:09

In episode 126 of the Teaching Tax Flow podcast, hosts John Tripolsky and Chris Picciurro break down the intricacies of Required Minimum Distributions (RMDs), a mandatory withdrawal policy associated with certain retirement accounts. Initially introduced under the Revenue Act of 1978, RMDs dictate that account holders aged 73 and above must withdraw a specified amount from their tax-deferred accounts to ensure that money enters the taxable revenue stream. As tax laws evolve, understanding these distributions is crucial for avoiding penalties and optimizing your tax strategy. Chris emphasizes the historical context and detailed mechanics behind RMDs, explaining how changes through the Secure Acts of 2019 and 2022 have adjusted the age and conditions for these withdrawals. He stresses the importance of learning and planning for these necessary withdrawals, as failing to do so results in significant penalties. Chris outlines strategic approaches for dealing with RMDs, such as Qualified Charitable Distributions (QCDs) and Roth conversions, which can offer tax advantages or reduce RMD totals. His insights into navigating the financial complexities highlight the importance of proactive tax planning to manage and minimize tax liabilities effectively. Key Takeaways: Understanding RMDs : Required Minimum Distributions are mandatory withdrawals imposed on owners of tax-deferred accounts at a certain age, with penalties for non-compliance. Secure Act Changes : The Secure Acts of 2019 and 2022 have adjusted RMD rules, changing the age requirement and enhancing penalty relief. Strategic Tax Planning : Engaging in proactive strategies such as Roth conversions and Qualified Charitable Distributions can minimize the tax impact of RMDs. The Importance of Planning : Early planning for retirement distributions is essential to control when and how much tax is owed, emphasizing the value of professional advice. Implications of AI on Enforcement : Technological advancements, such as AI, are expected to increase the IRS's ability to enforce RMD compliance efficiently. Notable Quotes: "The IRS says, you can't just kick the can down the road your entire life here. At some point, someone's got to pay tax on all this tax-deferred growth." "Remember, if you do nothing, you're going to be required to take these distributions out at whatever the government's tax rate is whenever you take it out." "You do not want to pay taxes twice. Knowledge and planning are crucial to avoid unnecessary payment." "We say either you pick your tax or the IRS picks your tax. If you do your planning, you're picking the tax." "Work with a tax professional to remedy and try to not pay the penalty." Resources : Teaching Tax Flow Podcast : Gain insights into tax strategies by visiting TTF's YouTube Channel for educational content. National Association of Tax Professionals : Engage with tax expertise through resources and community offerings. Secure Act Information : Explore documents and updates regarding the Secure Acts of 2019 and 2022 for detailed legislative changes impacting retirement account rules. Listeners are encouraged to explore the full episode for a comprehensive understanding of RMDs and to continue engaging with Teaching Tax Flow's insightful content to enhance their financial acumen. Stay tuned for future episodes that delve deep into the nuances of tax strategy and financial growth. Episode Sponsor: The Mortgage Shop (00:02) - Understanding Required Minimum Distributions and Their Implications (03:03) - Understanding Tax Implications of Retirement Account Withdrawals (04:46) - Understanding Required Minimum Distributions and Tax Implications (09:34) - Understanding Required Minimum Distributions and IRS Penalties (12:51) - Tax Penalty Reductions and Professional Learning Opportunities (13:36) - Tax Planning Strategies for Required Minimum Distributions and Roth Conversions (21:01) - Explore Engaging Content and Expert Guests on Our YouTube Channel (22:17) - Avoiding Penalties for Missed Required Minimum Distributions…

Teaching Tax Flow: The Podcast

1
Ep. 125 | Delaware Statutory Trusts Explained 31:19

8 дней назад31:19

31:19

About the Guest: Warren Thomas Warren Thomas is a distinguished expert in real estate taxation and investment, known for his extensive background and expertise in Delaware Statutory Trusts (DSTs) and 1031 exchanges. With a career that began as a CPA and auditor at Ernst and Young, he founded his own successful CPA firm in Southern California, focused on small business and tax matters. Currently, Warren is a co-founder of ExchangeRight, a leading firm in the DST space, known for its significant growth and robust investment strategies, managing a portfolio that spans across 47 states. Episode Summary: In Episode 125 of the Teaching Tax Flow podcast, hosts Chris Picciurro and John Tripolsky explore the intricacies of Delaware Statutory Trusts (DSTs) with special guest Warren Thomas from ExchangeRight. This episode delves into the mechanics of DSTs as a unique investment vehicle within the framework of a 1031 exchange, highlighting their inherent benefits for investors looking to defer capital gains taxes and reposition their real estate portfolios. Thomas brings his extensive expertise to the fore, discussing the evolution of DSTs and their current role in real estate investment strategies. The discussion opens with Chris and John setting the stage by outlining the basics of DSTs and their relevance in modern real estate transactions. Warren Thomas provides a detailed explanation of how DSTs function as a viable option for investors, especially retirees or those seeking to simplify their real estate holdings. Throughout the episode, Thomas emphasizes the flexibility and tax advantages of DSTs, including the ability to exchange different types of property and the strategic use of debt and leverage within these trusts. Listeners gain insight into the practical applications of DSTs, learning how they can avoid the complexities of direct property management while still benefiting from real estate investments. Key Takeaways: * Understanding DSTs: Delaware Statutory Trusts are powerful tools for deferring capital gains taxes and are an excellent alternative for real estate investors looking for passive income without the hassle of direct property management. * 1031 Exchange Mechanics: Investors can transition from active property management to a more passive role through DSTs, which offer pre-structured financing solutions that can accommodate various investment and tax strategies. * Investment Flexibility: DSTs allow for diverse real estate investment opportunities, enabling investors to move between different asset classes and benefit from institutional-grade properties without personal liability for debt. * Exit Strategies: Various options exist at the conclusion of a DST investment cycle, including cashing out, rolling into a Real Estate Investment Trust (REIT), or executing another 1031 exchange, offering investors tailored financial outcomes. * Tax Advantages and Estate Planning: Investing in DSTs can provide substantial tax benefits, including depreciation opportunities and potential step-up in basis, optimizing estate planning strategies. Notable Quotes: * "We've never had a missed rent payment. That's a, that's pretty incredible." - Warren Thomas * "You get that ongoing tax sheltering that can go on forever." - Warren Thomas * "Most of the DST programs are going to have a stated minimum of 100,000." - Warren Thomas * "An investor we believe should always be able to just cash out." - Warren Thomas * "There are estate tax advantages we could cover on another podcast to both the DST and the 721 exit." - Warren Thomas Stay tuned to the Teaching Tax Flow podcast for more insightful discussions on tax optimization strategies and real estate investment opportunities. Don't miss our future episodes where experts continue to unravel complex financial topics for all listeners. Subscribe now and dive deeper into harnessing tax strategies to maximize your lifetime wealth. Episode Sponsor: Strategic Associates, LLC Roger Roundy www.linkedin.com/in/roger-roundy-86887b23 (00:00) - Exploring Delaware Statutory Trusts for Tax-Advantaged Real Estate Investments (04:29) - Exploring Opportunities With Delaware Statutory Trusts (05:59) - Understanding 1031 Exchanges and Delaware Statutory Trusts (12:18) - Debt Strategies for Retirees in DST Investments (17:04) - DSTs as a Flexible Option for 1031 Exchange Investors (22:53) - Exploring DST Exit Strategies and Tax Implications (27:28) - Exploring Real Estate Investment Strategies and Tax Advantages…

Teaching Tax Flow: The Podcast

1
Ep. 124 | ACE Series: Schedule E 24:41

15 дней назад24:41

24:41

Welcome to Episode 124 of the Teaching Tax Flow podcast, where hosts John Tripolsky and Chris Picciurro wrap up their informative series on tax schedules with a deep dive into Schedule E. This episode is sponsored by Integrated Investment Group, inviting accredited investors to explore new financial opportunities. They kick off the discussion by examining the nuances of Schedule E, a pivotal form for reporting rental income and expenses on personal tax returns. Chris emphasizes why treating your tax return as a verb, not a noun, is crucial for legal and ethical tax reduction through proactive planning. In this episode, the hosts breakdown Schedule E line by line, highlighting its significance for rental property owners and those receiving royalties. Chris offers valuable insights into determining rental days, categorizing property types, and ensuring proper expense allocation. By understanding the intricate details of Schedule E, taxpayers can avoid pitfalls like missing depreciation or inaccurately reporting property classifications, which may lead to audits. This comprehensive guide not only aims to minimize tax liabilities but also helps in strategizing for long-term financial success. Key Takeaways: Understand the importance of Schedule E for reporting rental income, royalties, and related expenses accurately on personal tax returns. Properly categorize each rental property individually to adhere to IRS guidelines and avoid triggering audits. Ensure accurate record-keeping and reporting for expenses such as insurance, mortgage interest, and depreciation to maximize tax benefits. Learn about the implications of fair market rental days and personal use days when calculating and reporting rental income. Explore the role of Form 8582 in managing passive activity losses and its relationship with Schedule E. Notable Quotes: "Your tax return is a verb and not a noun." - Chris Picciurro "Ultimately your tax return is just an accumulation of all the transactions that occurred for the previous year." - Chris Picciurro "If the IRS is asking for a specific line item, it means that's a common expense for a certain type of property." - Chris Picciurro "Most commonly missed deduction? Depreciation. If you've missed it, it's fixable." - Chris Picciurro "Make sure you properly categorize the type of property in the rental days." - Chris Picciurro Resources: Defeating Taxes Facebook Group www.2025.tax Schedule E (Form 1040) PDF Dive into the full episode to unravel the complexities of Schedule E and enhance your tax strategy toolkit. Stay tuned to the Teaching Tax Flow podcast for more insightful discussions and expert advice Episode Sponsor: Integrated Investment Group www.integratedig.com (00:00) - Introduction and Sponsor Message (01:16) - Overview of Episode: Schedule E (02:21) - Why We Don't Believe in Tax Season (03:17) - Introduction to Schedule E (05:05) - Reporting Properties on Schedule E (06:48) - Overview of Property Types and Fair Market Rental Days (09:14) - Expense Categories and Common Mistakes (11:28) - Importance of Keeping Accurate Records (13:31) - Final Tips and Pro Tips on Schedule E (22:14) - Conclusion and Call to Action…

Teaching Tax Flow: The Podcast

1
Ep. 123 | ACE Series: Schedule C 26:48

22 дня назад26:48

26:48

Welcome to Episode 123 of the Teaching Tax Flow Podcast, where hosts John Tripolsky and Chris Picciurro delve into part two of their insightful three-part series focused on Schedule C, a crucial element of the Form 1040. This episode is designed to shed light on the intricacies of reporting profit and loss for sole proprietors, freelancers, and gig economy workers through Schedule C. With expert guidance, you'll learn how this form plays a vital role in tax compliance and strategy, specifically targeting the needs of real estate investors and small business owners. Throughout the episode, John and Chris provide a detailed breakdown of the Schedule C form, discussing essential components such as income reporting, deductible expenses, cost of goods sold, and vehicle information. They emphasize the importance of accurate financial reporting to avoid the high audit risk associated with Schedule C. Packed with actionable insights and professional tips, this episode is a must-listen for anyone seeking to navigate the complexities of small business tax filing effectively. Catch up and prepare as they set the stage for Part 3, where they'll explore Schedule E in-depth. Key Takeaways: Understanding Schedule C: Learn about Schedule C's role in reporting income and expenses, crucial for sole proprietors and single-member LLCs. Expense Reporting: Insight into tracking and reporting business expenses accurately, emphasizing the significance of ordinary and necessary deductions. Audit Triggers: Be aware of common audit triggers, such as misclassification of vehicle expenses and inaccurate industry code entries. Tax Compliance Strategy: Utilize a tax professional to ensure accurate filings and maximize deductions while minimizing audit risks. Future Insights: Stay tuned for the upcoming episode on Schedule E to continue unraveling complex tax topics. Notable Quotes: "Schedule C is where you report your profit and loss for a business if you're taxed as a sole proprietor." — Chris Picciurro "If you have an eligible home office, please take that deduction." — Chris Picciurro "Create a separate bank account to keep track of your income and deductions." — Chris Picciurro "When you take actual expense, you could be you, maybe you're eligible for bonus depreciation or Section 179." — Chris Picciurro "Be very conscientious of classifying labor and pay estimated quarterly taxes." — Chris Picciurro Resources: Schedule C (form 1040) Episode Sponsor: REPStracker www.repstracker.com/affiliate/teachingtaxflow ( CODE: IFG) (00:00) - Exploring Schedule C and Tax Benefits for Real Estate Investors (02:02) - Understanding Schedule C for Sole Proprietors and LLCs (10:58) - Understanding Business Deductions and Home Office Tax Benefits (15:40) - Understanding Cost of Goods Sold for Inventory Management (17:34) - Tips for Avoiding IRS Audits on Schedule C Filings (25:03) - Exploring Schedule E in the Teaching Tax Flow Podcast…

Teaching Tax Flow: The Podcast

1
Ep. 122 | ACE Series: Schedule A 24:43

29 дней назад24:43

24:43

In this episode of the Teaching Tax Flow Podcast, hosts Chris Picciurro and John Tripolsky look into the intricate world of Schedule A of Form 1040, unraveling its layers for taxpayers. This episode marks the beginning of the ACE series, an educational journey exploring Schedules A, C, and E, to aid the community in leveraging tax schedules effectively. Supported by relentless enthusiasm, Chris and John guide listeners through the nuances of itemized deductions, offering clarity on common deductions, interest paid, gifts to charity, and more. The hosts discuss various facets of Schedule A, highlighting the difference between itemizing deductions and standard deductions. In this detailed exploration, they dissect each section of Schedule A, including medical and dental expenses, tax payments, mortgage interest, gifts to charity, and the rules surrounding casualty and theft losses. Through engaging conversation, Chris and John strive to demystify these components, explaining the underlying legal waivers and statutory limits to ensure taxpayers are informed about maximizing their tax benefits. Key Takeaways: Schedule A is crucial for taxpayers who itemize deductions, allowing them to potentially reduce taxable income beyond the standard deduction. Key sections in Schedule A include medical expenses, taxes you paid, interest paid on certain loans, and gifts to charity. The importance of understanding the 7.5% AGI threshold for deducting medical expenses is emphasized. Mortgage interest and state taxes (SALT) have specific limitations and require precise documentation for accurate deductions. Non-cash charitable contributions and casualty losses in federally declared disaster areas are also potentially deductible. Notable Quotes: "Tax laws are in place to encourage and discourage certain behavior, which is why mortgage interest is deductible." "If your donations are over $250, you do need a written acknowledgment from the charity." "Casualty losses are now only deductible if they're in a federally declared disaster area, changing quite a lot with recent tax laws." "Gambling losses are deductible on the federal return only if you itemize and up to the extent of your gambling wins." Resources: Teaching Tax Flow Website Defeating Taxes Facebook Group IRS SCHEDULE A (Form 1040) IRS Guidelines on Casualty and Theft Losses Episode Sponsor: Sunsets & Dinks www.teachingtaxflow.com/pickleball CODE: TTF15 Tune in to the full episode for more insights on Schedule A and continue your journey with Chris and John in the ACE series. Don’t miss out on future episodes where they’ll further explore Schedules C and E, increasing your understanding and efficiency with taxes. Subscribe now for engaging and educational content delivered directly to you regularly! (00:03) - Exploring Schedule A Deductions in the Teaching Tax Flow Podcast (07:05) - Understanding Tax Deductions and Interest in the Tax System (14:10) - Understanding Tax Deductions for Charitable Donations and Vehicles (19:08) - Tax Deductions for Casualty Losses and Gambling Losses (22:50) - Exploring Tax Forms and Snail Escargot Adventures…

Teaching Tax Flow: The Podcast

1
Ep. 121 | Exploring Farm Tax Benefits and Strategies 35:18

5 weeks назад35:18

35:18

About the Guest: Kelly Bender Kelly is a seasoned accountant with extensive expertise in agricultural taxation. She owns a thriving accounting practice based in Pennsylvania and is deeply embedded in the farming community both professionally and personally. Alongside her husband, Kelly manages a farm that raises various animals and crops, giving her first-hand experience with the unique financial intricacies faced by those in agriculture. Her diverse background combines a rich understanding of tax law with grassroots farming knowledge, making her a sought-after advisor for farm-related financial matters. Episode Summary: Join us for Episode 121 of the Teaching Tax Flow podcast, where hosts John and Chris explore the world of agricultural taxation with returning guest Kelly Bender. Known for her dual expertise in accounting and farming, Kelly sheds light on the complexities of farm taxes, offering insights and practical advice for those navigating this niche. With her unique background, Kelly delves into topics like income recognition, special rules for livestock, and deductions associated with farming, all while engaging in a fun and lively discussion. In this episode, listeners can expect an in-depth look at what constitutes a farm, the distinct accounting methods applicable to agricultural businesses, and the difference between hobby farms and commercial farms. Kelly shares valuable knowledge about Schedule F filings, income averaging opportunities, and how cash basis accounting applies uniquely in the farming world. Moreover, the conversation touches on the broader economic implications of farming, such as local tax incentives, grants, and credits available to farmers. Throughout the discussion, the trio offers a blend of humor and expertise, ensuring an engaging and informative session on farm taxes. Key Takeaways: Understanding Farming for Tax Purposes: Farming involves producing raw agricultural products without significant processing, disqualifying items like apple pies from being considered farm products for tax purposes. Income Recognition Special Rules: Kelly highlights the unique income recognition rules and opportunities for income averaging that give farmers flexibility, especially when dealing with the uncertainties of farming. Equipment and Livestock Depreciation: The conversation covers the significant tax implications of investing in farm equipment and livestock, including depreciation options and cash flow management. Eligibility and Benefits: Farmers can explore various benefits, such as estimated tax payment timing, qualifying deductions without rigorous substantiation, and special rules for livestock losses and spoilage. Farming Beyond Taxes: Beyond federal tax rules, local benefits such as property tax reductions and credits for beginning farmers play an essential role in supporting the agricultural economy. Notable Quotes: "Farming takes a ton of time. It's not unusual for farmers to plant something and then wait years to see the income." - Kelly Bender "You grow some level of product that is raw and not manipulated for final consumption." - Kelly Bender "You can income average with farming, which is huge because of how variable it is year-to-year." - Kelly Bender "With farming, you don't have to keep track of inventory as you would with a regular business." - Kelly Bender "Farmers can deduct 75% of their vehicle expenses without the need for intense documentation." - Kelly Bender Episode Sponsor: Strategic Associates, LLC Roger Roundy www.linkedin.com/in/roger-roundy-86887b23 (00:02) - Exploring Farm Tax and Agricultural Business with Kelly Bender (05:42) - Exploring the Complexities and Costs of Modern Farming (09:38) - Tax Strategies and Income Averaging for Farmers (14:04) - Understanding Farming Income, Inventory, and Qualification Criteria (16:27) - Home Office Deductions for Farmers Explained (18:09) - Unique Rules and Considerations for Livestock Accounting (20:33) - Tax Benefits and Challenges for Farmers (25:00) - Challenges and Opportunities in Sustainable Farming Practices (27:12) - Exploring Tax Benefits and Challenges for Farmers (31:14) - Transforming an Old Church into a Unique Office Space (32:10) - Exploring Humor and Insights in Dairy Farming and Taxes…

Teaching Tax Flow: The Podcast

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Ep. 120 | Should I Be An S-Corp? 26:33

6 weeks назад26:33

26:33

In this episode of the "Teaching Tax Flow Podcast," hosts Chris Picciurro and John Tripolsky jump into the compelling topic of whether or not to elect S Corporation status for your business. The episode, titled "Should I Be An S Corp?" navigates the complexities surrounding this pivotal business tax decision. Kicking off with how S Corp status can significantly impact your tax liabilities, Chris and John share insights into when this election may be favorable and when it might be detrimental. Leveraging their expertise, they guide listeners through the essential considerations for making this crucial tax choice. The hosts emphasize common misconceptions and mistakes business owners make when electing S Corp status. They provide actionable guidance on determining reasonable compensation, a critical component for S Corp tax compliance. With real-world examples and a professional lens, Chris and John illustrate scenarios where S Corp might be beneficial versus when it could lead to unforeseen tax complications, ensuring that their audience walks away with a clear understanding of the topic. Key Takeaways: Understand the Benefits and Limitations of S Corp: Learn when electing S Corp can mitigate self-employment tax and when it's not advantageous due to factors like non-profitability or complex ownership structures. Importance of Reasonable Compensation: Discover why it's imperative to determine appropriate wages for S Corp owners to comply legally with tax requirements. State Tax Implications: Be aware of how different states' tax laws can affect the advantages of S Corp status. Consultation with Tax Professionals: Always consult with tax professionals to make informed decisions regarding S Corp elections to avoid costly mistakes. Real-World Example Warnings: Recognize the potential pitfalls of electing S Corp status, especially in instances of owning appreciated assets or transferring property. Notable Quotes: "I talk to people all the time that ideas are cheap and implementation is valuable." "Fire is not good or bad; it just has to be used the right way. Same with S Corps." "If your business isn't profitable, an S Corp election is not a good idea." "Reasonable salary is not zero. If you're working in the business, you have to take some type of reasonable salary." "The S Corp makes sense if there's enough tax savings to justify the effort." Resources: Free Lesson: Should You Really Form an S Corporation? Key Benefits and Tax Savings Defeating Taxes Private Facebook Group Ep. 44 | S Corporation Basics Episode Sponsor: Integrated Investment Group www.integratedig.com Engage with the full conversation on the Teaching Tax Flow Podcast to deepen your understanding of S Corp elections and gain insights that could positively impact your financial decision-making. Subscribe for more enlightening tax tips and professional advice. (00:00) - When To Elect S Corp Status For Your Business (08:55) - The Pitfalls of Electing S Corp Status Prematurely (10:18) - When S Corps Make Sense for Business Owners (17:01) - When S Corps Are Not the Right Choice (24:48) - Upcoming Podcast Episode on Farm Tax and Community Engagement…

Teaching Tax Flow: The Podcast

1
Ep. 119 | 2024 Tax Year Filing Updates 22:50

7 weeks назад22:50

22:50

In this episode of the Teaching Tax Flow podcast, hosts John Tripolsky and Chris Picciurro jump into the crucial tax filing updates for 2024, making sure listeners are well-prepared for the new tax season. With their signature blend of insightful advice and engaging banter, the hosts explore the potential impact of both current and anticipated changes to U.S. tax laws. Listeners who tune in to this engaging discussion will gain essential insights into the nuances of the Tax Cuts and Jobs Act adjustments, as well as important updates on standard deductions and tax brackets. Chris especially highlights the significance of understanding one's marginal tax rate over their tax bracket. Additionally, they touch on the implications of the new 1099K reporting rules, IRA changes, and earned income tax credits, all while making the subject matter accessible to everyone, from tax novices to seasoned professionals. Key Takeaways: Adjustments to standard deductions for 2024 could significantly impact your tax filing strategy. The introduction of the 1099K reporting rule change may affect how digital transactions are reported and perceived. Bonus depreciation percentages have decreased, which may alter tax strategies for self-employed individuals and business owners. Changes to the earned income tax credit and digital asset reporting are anticipated, potentially affecting many taxpayers. Estate and gift tax exclusions have seen an increase, providing new estate planning opportunities. Notable Quotes: "Your marginal tax rate is more important than your tax bracket." - Chris Picciurro "This is why we're doing the podcast, John. This is why people want to listen to this podcast." - Chris Picciurro "Be aware of that rule and don't be alarmed. The rule changed." - Chris Picciurro "We are right now in the highest estate tax exclusion era ever." - Chris Picciurro "Tax agencies are your involuntary business partner." - Chris Picciurro Resources: FREE On-Demand Session: https://event.webinarjam.com/register/9/mz4qqtg Tax Prep Services: www.2025.tax Episode Sponsor: Sunsets & Dinks www.teachingtaxflow.com/pickleball CODE: TTF15 (00:00) - 2024 Tax Filing Updates and Pickleball Gear Discounts (03:21) - Repetitive Streaming Ads and Target Market Confusion (04:09) - Tax Changes and Inflation Impact on Deductions and Brackets (07:33) - Understanding New 1099K Rules and Their Impact on Transactions (12:12) - Tax Changes in Bonus Depreciation and Estate Planning for 2024 (18:15) - IRS Introduces 1099 DA Form for Digital Asset Reporting…

Teaching Tax Flow: The Podcast

1
Ep. 118 | From Plant to Profit: Navigating Cannabis and Taxes 28:44

8 weeks назад28:44

28:44

About the Guest: Kareyna Miller Kareyna is a Michigan-based Certified Public Accountant (CPA) noted for her expertise in the cannabis industry. She has been practicing since 2011 and entered the cannabis sector in 2016. Kareyna is highly regarded for her knowledge in cannabis-related tax and accounting compliance and is recognized as an authority in handling the complex issues surrounding cannabis industry taxes and financial attestations. She actively participates in educational initiatives for cannabis professionals and maintains involvement in industry groups and resources. Episode Summary: In this episode, hosts John and Chris delve into the intriguing dynamics of cannabis industry taxation. This episode features a detailed discussion with Kareyna Miller, CPA, who addresses the nuanced relationship between cannabis and taxes. The exploration is timely given that changes in regulations and federal classifications could impact industry finances. The core discussion reveals essential tax considerations and implications that businesses within the cannabis industry face, drawing significant insights from Miller's experience and expertise. Throughout the conversation, the dialogue reveals the intricacies of operating within a highly regulated industry. The cannabis sector's unique tax challenges arise from federal classifications, chiefly the implications of IRS Code §280E. This legislation prohibits cannabis-related businesses from deducting ordinary business expenses, setting the stage for a fascinating exploration of accounting strategies these businesses employ to remain compliant and economically viable. As potential reclassification from Schedule 1 to Schedule 3 looms, the podcast underscores the significance of forthcoming legal changes and how these could reshape financial strategies within the sector. Key Takeaways: Unique Taxation (280E): Cannabis businesses struggle with IRS Code §280E, which limits tax deductions to only cost of goods sold due to federal classification as a Schedule 1 controlled substance. Potential Regulatory Changes: Reclassification of cannabis could potentially alter tax liabilities, creating new financial landscapes for industry players. Transactional Compliance: Industry participants, including vendors and landlords, must be aware of their tiered roles and related banking challenges. Early Professional Involvement: Engaging a knowledgeable CPA early can mitigate complex tax and regulatory missteps. Resource Utilization: Leverage state-specific resources and social media groups for guidance and industry networking. Notable Quotes: "Michigan operators are required to have an attestation every three years, and the state puts together agreed-upon procedures for compliance." – Kareyna Miller "Cannabis is a Schedule 1 controlled substance at the federal level, so they're subject to a tax rule called 280E." – Kareyna Miller "Early engagement with a CPA can prevent regulatory missteps and ensure proper financial set-ups from the start." – Kareyna Miller "Banks want to know what they call tier 2 or tier 3 to understand financial flows linked to cannabis businesses." – Kareyna Miller "It's not just waking up one day and deciding to start; compliance and capital demands are intense in cannabis." – Kareyna Miller Episode Sponsor: REPStracker www.repstracker.com/affiliate/teachingtaxflow ( CODE: IFG) Listeners are encouraged to explore the full episode to deepen their understanding of the intriguing tax dynamics within the cannabis industry. Stay tuned for future episodes from the Teaching Tax Flow Podcast for more engaging discussions surrounding contemporary financial topics. (00:01) - Cannabis Industry Tax Challenges and Opportunities (03:02) - Journey to Cannabis Industry Tax Expertise (04:25) - Understanding Attestation Requirements for Michigan Business Operators (07:37) - The Importance of Early CPA Consultation for Business Startups (09:14) - Unique Tax Challenges in the Cannabis Industry (12:16) - Potential Cannabis Rescheduling and Its Regulatory Implications (13:36) - Challenges of Starting a Cannabis Business (16:27) - Banking and Tax Challenges in the Cannabis Industry (24:20) - Navigating Cannabis Tax Challenges Across Different States…

Teaching Tax Flow: The Podcast

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Ep. 117 | Mastering Financial Goals in 2025 28:31

9 weeks назад28:31

28:31

In this episode of the Teaching Tax Flow Podcast, co-hosts Chris Picciurro and John Tripolsky dive into actionable personal and business goal-setting strategies for 2025. Recognizing the universal desire to start anew each January, they challenge both individuals and business owners to think beyond the typical New Year’s resolutions. Instead of letting Quitters Day—the second Friday of January—mark the end of ambitions, they encourage listeners to sustain their momentum throughout the year. Chris emphasizes the importance of aligning financial goals with life stages, creating realistic and SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals. For individuals, he advises on crafting a budget, managing debt, building emergency funds, and tax planning to meet both short-term needs and long-term financial health. Detailing his personal approach to goal setting, Chris shares insights on balancing various life priorities, such as fitness and faith, with financial responsibilities. Key Takeaways: Align Goals with Life Stages : Define personal or business priorities by life stage and align financial strategies accordingly. Budget Wisely : Create a detailed budget to track income and expenses, ensuring efficiency in financial planning. Use SMART Framework : Apply the SMART criteria for setting and pursuing goals to ensure they are achievable and realistic. Include Professional Guidance : Collaborate with financial advisors and tax professionals to optimize strategic planning. Engage with Communities : Leverage community resources and accountability partners for support and shared progress. Notable Quotes: "Without a plan, your business will run you; you won't run it." – Chris "Creating a budget is like stepping on a scale; it's tough but necessary." – Chris "Your financial goals should align with where you are in your life." – Chris "Plan for taxes effectively; if you do, you choose your tax, not the IRS." – Chris "Set goals that are specific, measurable, achievable, relevant, and time-bound." – Chris Episode Sponsor: Strategic Associates, LLC Roger Roundy www.linkedin.com/in/roger-roundy-86887b23 (00:00) - Setting Financial Goals for Individuals and Business Owners (06:53) - Aligning Life Goals with Financial Priorities (09:54) - Creating a Budget and Financial Plan for Future Goals (20:00) - Smart Goal Setting for Business and Personal Finances (26:25) - Finding Accountability Partners for Goal Achievement…

Teaching Tax Flow: The Podcast

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Ep. 116 | Taxpayer Timeline Explained 18:03

10 weeks назад18:03

18:03

In this final podcast episode of 2024, Chris and John explore the " Taxpayer Timeline ," equipping listeners with vital insights into the tax calendar year. They unravel the complexities of tax deadlines, clarifying essential dates for individuals and small business owners. As the year draws to a close, they ensure you're poised to enter 2025 with enhanced tax savvy. Sponsored by The Mortgage Shop , the episode extends gratitude to dedicated listeners and their community. Navigating the tax timeline can be daunting, but this episode breaks down crucial dates like S Corporation and partnership deadlines on March 15, personal tax obligations on April 15, and estimated tax payments throughout the year. With expert insights, Chris demystifies the quarterly tax schedule, reducing the risk of missed deadlines and penalties. Their engaging discussion helps streamline tax planning, ensuring you never overlook important obligations. Key Takeaways: The episode provides an in-depth walkthrough of the 2024 taxpayer timeline, highlighting pivotal tax dates for individuals and small business owners. Essential deadlines covered include S Corp and partnership returns due on March 15, personal tax filing on April 15, and quarterly estimated tax payments. The importance of adhering to IRS deadlines to avoid penalties, particularly for taxpayers with business interests, is a focal point. Listeners receive practical tips on organizing tax responsibilities with the help of technology like calendar reminders. The podcast pitches a service for finding tax professionals, showcasing the value of the Teaching Tax Flow community. Notable Quotes: " There's so many dates going on in the tax preparation or tax world." – Chris Picciurro "Your fourth quarter federal estimated tax payment from the year before is due on January 15th." – Chris Picciurro Resources: IRS website for tax payments: IRS.gov Teaching Tax Flow community tax prep: www.2025.tax Episode Sponsor: The Mortgage Shop (00:01) - Reflecting on 2024 and Exploring the Taxpayer Timeline (02:32) - Key Tax Dates and Their Importance for Taxpayers (06:46) - Key Tax Deadlines and Extensions for Individuals and Businesses (15:01) - New Year Tax Planning and Service Announcement (17:27) - Educational Content and Investment Advice Disclaimer…

Teaching Tax Flow: The Podcast

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Ep. 115 | Top 5 Gifts From The IRS 29:16

11 weeks назад29:16

29:16

In this festive edition of the Teaching Tax Flow podcast, episode 115 brings listeners intriguing insights into what can be considered 'gifts' from the IRS. Chris Picciurro and John Tripolsky delve into the intricacies of tax benefits that many taxpayers may overlook. These gifts, appropriate for taxpayers from various income brackets, serve as a crucial reminder of the opportunities within tax law to ease financial burdens, especially during the holiday season. Throughout the episode, Chris highlights five significant tax code sections, including the 1031 Exchange, Health Savings Accounts, and the Augusta Rule, among others. Each section promises a myriad of advantages, urging the audience to capitalize on these provisions to manage capital gains, medical costs, and even property sales more effectively. With an engaging and informative tone, this episode is a treasure trove for anyone looking to deepen their understanding of beneficial yet lesser-known elements of the tax code. Key Takeaways: 1031 Exchange : Enables taxpayers to defer capital gains taxes on real estate by reinvesting the proceeds into "like-kind" property, thereby enhancing investment potential. Health Savings Accounts (HSA) : This triple tax-advantage tool offers deductions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Section 121 Exclusion : Allows homeowners to exclude up to $500,000 in capital gains from the sale of a primary residence if specific criteria are met. Augusta Rule : Homeowners can rent their primary residence for up to 14 days tax-free, opening opportunities for additional income during high-demand events. Step-Up in Basis : Offers substantial tax savings by resetting the cost basis of an inherited asset to its fair market value at the time of the original owner’s death. Notable Quotes: “You get a deduction for putting the money in. The money grows tax-deferred, and it gets taken out in a qualified distribution, tax-free.” – Chris Picciurro “The IRS doesn’t give us too many gifts, but I wanted to identify my five favorite gifts that the IRS gives us.” – Chris Picciurro “This could be a great opportunity for you if you're in a situation where you're selling property and you don't need the cash.” – Chris Picciurro “Remember, you’ve got to identify the replacement property within 45 days, and you’ve got to close within 180.” – Chris Picciurro “If you inherit an asset, your cost basis in that asset is the fair market value of the asset the day you inherited it.” – Chris Picciurro Ep. 73 | Understanding 'Step-Up in Basis' for Minimizing Taxes https://share.transistor.fm/s/d62de4b2 Ep. 85 | 1031 Exchange Update https://share.transistor.fm/s/4dcdb380 Episode Sponsor: Legacy Lock ( www.teachingtaxflow.com/legacy ) DISCOUNT CODE: Magic1495 (00:00) - Top Five IRS Gifts You Can Benefit From (04:39) - Understanding 1031 Exchanges and Health Savings Accounts (10:16) - Understanding the Section 121 Exclusion for Capital Gains (17:16) - Understanding the Augusta Rule for Tax-Free Rental Income (22:22) - Understanding Step-Up in Basis and Inherited Assets (27:19) - Tax Tips and Podcast Highlights from Teaching Tax Law…

Teaching Tax Flow: The Podcast

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Ep. 114 | Student Loans and Taxes 21:30

12 weeks назад21:30

21:30

In this episode of the Teaching Tax Flow podcast, hosts delve into the intricate relationship between student loans and taxes, a subject often misunderstood yet crucial. They explore the impact of student loans on financial planning and tax liabilities, dissecting significant elements such as the student loan interest deduction and loan forgiveness. The discussion is enriched by Chris Picciurro’s expert insights into strategies for managing student loans in conjunction with taxes. Listeners will gain a comprehensive understanding of how student loan interest deductions work, emphasizing key points such as the distinction between above-the-line and itemized deductions. Chris provides critical analysis of the existing thresholds for income and their effects on deductibility for taxpayers. Moving into the second segment, the conversation pivots to student loan forgiveness, detailing changes brought by the American Rescue Plan Act and its implications for tax-free debt forgiveness. Finally, the episode introduces innovative updates from the Secure 2.0 Act on employer contributions toward student loans, opening up new avenues for employee benefits and financial planning. Key Takeaways: The student loan interest deduction allows for a deduction of up to $2,500 annually, offering an above-the-line benefit but phasing out at certain income levels. The American Rescue Plan Act establishes temporary tax-free loan forgiveness from 2021 to 2025, significantly affecting individuals in forgiveness programs. Permanent exclusions allow certain professions, like public service workers and teachers, to benefit from tax-free forgiveness under specific conditions. The Secure 2.0 Act facilitates employer contributions to student loans in lieu of retirement fund contributions, promoting financial relief for employees. Careful planning around filing status could optimize student loan repayment strategies, aligning with income-based repayment and forgiveness goals. Notable Quotes: "One of the rule changes was the forgiveness of student loan debt and the taxability of that." – Chris Picciurro "The IRS allows taxpayers to deduct up to $2,500 of interest paid on any qualifying student loan annually." "One of the reasons that you would file married separately has to do with student loan debt." "The American Rescue Plan Act of 2021 put a temporary exclusion for student loan debt forgiveness between the years of 2021 and 2025." "Employers now can contribute to student loan payments so instead of the employer funding a retirement plan contribution." Resources: Teaching Tax Flow : Website Integrated Investment Group : Visit Website Defeating Taxes Facebook Group : Join Here Episode Sponsor: Integrated Investment Group www.integratedig.com (00:03) - Exploring Student Loans, Taxes, and Financial Implications (02:26) - Understanding the Student Loan Interest Deduction and Its Limitations (05:11) - Humorous Banter About Loan Eligibility and Borrower Requirements (05:59) - Student Loan Interest Deduction and Tax Filing Strategies (09:21) - Strategies for Managing Student Loan Repayments and Tax Deductions (10:32) - Tax-Free Student Loan Forgiveness Under American Rescue Plan (12:16) - The Perils of Attempting Cartwheels and Potential Injuries (13:25) - Tax-Free Student Loan Forgiveness for Public Service Workers (16:30) - Employers Can Contribute to Student Loans Instead of Retirement (19:16) - Subscribe for Tax Tips and Join Our Private Group…

Teaching Tax Flow: The Podcast

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Ep. 113 | Should You Pay Your Spouse? Tax Benefits and Pitfalls 26:26

13 weeks назад26:26

26:26

In this episode of the Teaching Tax Flow podcast, hosts Chris Picciurro and John Tripolsky delve into the intriguing topic of whether business owners should consider paying their spouses a salary. The episode explores the potential tax benefits and drawbacks associated with this strategy, aiming to provide clarity for entrepreneurs looking to optimize their tax situation. Sponsored by Reps Tracker, a real estate investment tax strategy tool, the podcast underscores the complexities and nuances of tax planning for small businesses. Chris highlights three primary reasons why a business owner might decide to put their spouse on payroll: maximizing contributions to retirement plans, creating deductible benefits, and reducing self-employment tax. The discussion dives deep into these strategies, providing tangible examples and clarifying stipulations, such as ensuring the spouse performs legitimate work. The episode also covers instances where it might not be advantageous to pay a spouse, emphasizing administrative burdens and potential tax pitfalls. Key Takeaways: Maximize Retirement Contributions: Paying a spouse can potentially double retirement savings through plans like solo 401(k)s, significantly enhancing tax-deferred savings options. Create Tax-Deductible Benefits: Employing a spouse can enable tax-deductible medical expenses and other fringe benefits through strategic plan implementation. Reduce Self-Employment Tax: Spousal compensation can help allocate income more favorably, potentially reducing overall self-employment tax liability. Administrative Burdens: Consider the cost of payroll processing and ensure the financial benefit outweighs administrative efforts and expenses. Legitimacy and Compliance: Emphasize ensuring legitimate employment to avoid audit risks and increased household taxes. Notable Quotes: "Think about compensation planning as a really great tax planning tool." – Chris Picciurro "Your marginal tax rate is your number one key performance indicator when it comes to tax planning and strategy." – Chris Picciurro "Buying a vehicle, in my opinion, is not a tax strategy. It's a business decision that has an immediate tax benefit." – Chris Picciurro "If you are in a situation where you feel that you don't have any other employees and your spouse is helping in the business and you feel like you're paying a lot of expenses, that could be a benefit." – Chris Picciurro "The administrative burden might outweigh the benefit." – Chris Picciurro Episode Sponsor: REPStracker www.repstracker.com/affiliate/teachingtaxflow ( CODE: IFG) Resources: Defeating Taxes Facebook Group: Access through defeatingtaxes.com (00:03) - Should You Pay Your Spouse in Your Business (02:31) - When It Makes Sense to Pay Your Spouse in Business (05:44) - Maximizing Retirement Contributions Through Spousal Employment (07:22) - Tax Strategies and Income Shifting Within Families (10:12) - Tax Benefits of Hiring a Spouse in Small Businesses (12:54) - Tax Strategies for Spouses in Business Partnerships (17:28) - Holistic Approaches to Multi-Member LLC Tax Strategies (18:21) - Pros and Cons of Hiring Your Spouse for Tax Benefits (23:30) - Engage With Tax Insights and Community-Driven Podcast Content…

Teaching Tax Flow: The Podcast

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Ep. 112 | Capital Loss Harvesting Explained 28:36

14 weeks назад28:36