Episode 20 - Auto Expense Deductions Unveiled: Maximizing Tax Savings for Business Owners
Release Date: 09/22/2023
Episode 22 - Maximizing Retirement Contributions: A Guide for Business Owners to SEPs, SIMPLEs, and 401(k)s
Tax Blueprints
Welcome to this informative episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA and Personal Financial Specialist at Rohr & Associates. Today's discussion is an essential guide for business owners looking to optimize their retirement planning. Whether you're self-employed, running a small business, or at the helm of a larger enterprise, this episode is packed with valuable insights into the world of retirement contributions. Key Points Covered: SEP IRAs: Dive into the specifics of Simplified Employee Pension Individual Retirement Arrangements (SEP IRAs), ideal for...
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Episode 21 - Maximizing Philanthropy & Minimizing Taxes: A Deep Dive into Donor-Advised Funds and Charitable Bunching
Tax Blueprints
In this episode of Tax Blueprints, host Daniel Rohr, CPA and Personal Financial Specialist, unpacks the complexities of charitable giving strategies that not only boost your philanthropic impact but also offer tax advantages. Whether you've recently come into a large sum of money or are simply looking for smarter ways to give, this episode has something for everyone. We delve into Donor-Advised Funds (DAFs) and Charitable Bunching, two strategies that are especially beneficial for high-income earners looking to maximize tax efficiency. Through easy-to-understand examples, we demonstrate how...
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Episode 20 - Auto Expense Deductions Unveiled: Maximizing Tax Savings for Business Owners
Tax Blueprints
Welcome to another enriching episode of Tax Blueprints, hosted by Daniel Rohr, a veteran CPA and financial planning guru at Rohr & Associates, a top-tier CPA firm in California. In today's discourse, we meticulously unravel the complexities of auto expenses as they relate to business tax deductions—a topic inundated with questions and often shrouded in ambiguity. Whether you're a business owner who frequently hits the road for work, or an entrepreneur making an investment in a new vehicle, understanding the labyrinthine rules surrounding auto expenses is paramount for optimal tax...
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Episode 19 - Navigating the Complex World of FBARs and Foreign Asset Reporting
Tax Blueprints
Welcome to another informative episode of Tax Blueprints, hosted by Daniel Rohr, a seasoned CPA and financial planning expert at Rohr and Associates, a leading CPA firm in California. In today's episode, we explore the ins and outs of Foreign Bank and Financial Accounts Reports (FBARs)—a crucial yet often overlooked requirement for U.S. taxpayers with international financial interests. Whether you are a U.S. citizen living abroad, a resident alien, or a U.S. resident with foreign assets, understanding FBAR requirements is crucial to avoiding hefty penalties. We dive into the specifics of who...
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Episode 18 - Navigating the Maze of Business Entities - From Sole Proprietorships to Corporations
Tax Blueprints
Join Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, and the managing shareholder of Rohr & Associates, as he simplifies the intricate decision-making process involved in selecting the most advantageous business structure for your situation. In this enriching episode, Daniel leverages his years of expertise in tax minimization and financial planning to guide you through an in-depth exploration of Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), S Corporations, and C Corporations. Whether you're an established business veteran, a budding...
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Episode 17 - Unpacking the Power of Depreciation: Strategies to Maximize Your Tax Savings
Tax Blueprints
Join Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, as he breaks down the intricate world of asset depreciation. From land improvements to commercial properties, discover how to minimize your tax liabilities. Daniel digs into the IRS guidelines, explaining types of depreciation like Bonus and Section 179, and showcasing an in-depth example that highlights the incredible tax-saving power of proactive planning. Whether you're a seasoned business owner or an individual eyeing financial stability, understanding how depreciation impacts your fiscal health is essential. Learn...
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Episode 16 - Unlocking the Power of Educational Savings Accounts: A Deep Dive into 529s, Coverdells, Roths, and More
Tax Blueprints
Welcome to another insightful episode of 'Tax Blueprints', hosted by Daniel Rohr, a distinguished CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we unravel the complexities of various educational savings accounts, including 529 accounts, Coverdell ESAs, Roth IRAs, and more, under the lens of the transformative Secure Act 2.0. Unlock the potential of 529 accounts as a double tax-advantaged vehicle designed specifically for educational expenses. Learn about its flexibility in changing beneficiaries and the significant tax benefits it provides. Explore the recent...
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Episode 15 - Securing Your Children's Future With A Roth IRA
Tax Blueprints
Welcome to another enlightening episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we explore the lesser-known but incredibly powerful concept of establishing a Roth IRA for children. As a tool typically associated with adult retirement planning, a Roth IRA can also be a strategic investment for securing your children's financial future. Learn about the specific rules, the benefits of early contributions, and how the account can grow to astonishing amounts by retirement age. Moreover, discover how hiring your...
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Episode 14 - Demystifying the Annual Gift Tax Exclusion: Strategies and Implications
Tax Blueprints
Join Daniel Rohr, CPA and managing shareholder of Rohr and Associates, as he delves deep into the world of the annual gift tax exclusion. This episode sheds light on the intricacies of the gift tax for 2023, the potential benefits of the 529 College Savings Plan, and the complexities of gifting assets like stocks and real estate. Whether you're thinking about passing on legacies or supporting loved ones, understanding these tax implications is vital. From the subtleties of basis and mortgages to advanced estate planning techniques like the Qualified Personal Residence Trust (QPRT), this...
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Episode 13 - Unraveling the Lifecycle of a Living Trust in California
Tax Blueprints
In this episode of Tax Blueprints, Daniel Rohr, managing shareholder of Rohr & Associates, untangles the complex intricacies of the lifecycle of a living trust in California. Journey with Daniel as he elucidates the concept of living trusts, their set-up, the type of assets that should go into them, and those that shouldn’t. Get the answer to commonly asked questions about incorporating S-Corp shares and partnership interests into living trusts, and understand the delicate yet pivotal QSST or ESBT elections needed to maintain the S-Corporation status. The episode doesn’t just...
info_outlineWelcome to another enriching episode of Tax Blueprints, hosted by Daniel Rohr, a veteran CPA and financial planning guru at Rohr & Associates, a top-tier CPA firm in California. In today's discourse, we meticulously unravel the complexities of auto expenses as they relate to business tax deductions—a topic inundated with questions and often shrouded in ambiguity.
Whether you're a business owner who frequently hits the road for work, or an entrepreneur making an investment in a new vehicle, understanding the labyrinthine rules surrounding auto expenses is paramount for optimal tax savings. In this episode, Daniel dissects the two main avenues for deducting these costs: the Actual Expense Method and the Standard Mileage Rate, using illustrative examples to shed light on how each calculation works and which might be the best fit for your specific situation.
Switching gears, we also delve into the integral subject of mileage logs. Whether you opt for the Actual Expense Method or the Standard Mileage Rate, a meticulously kept log is not an option—it’s an IRS mandate.
In addition to clarifying these methods, we explore the seldom-discussed nuances of switching from one method to the other, especially with leased vehicles. Daniel explains the intricacies of this rule and identifies the limited exceptions allowed by the IRS.
Lastly, the age-old debate: To buy or to lease? Daniel walks us through the pros and cons of each choice, touching on points such as depreciation, tax benefits, and monthly payments. He also demystifies the tax implications of leasing, offering insights that could sway your next big auto investment decision.
Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.