Episode 118: New Bill, New Breaks: What Families and Investors Should Know
Accounting and Accountability
In this episode: The benefits of long-term capital gains tax rates and how to qualify The impact of the 3.8% Net Investment Income Tax (often called the “Obamacare tax”) The key differences between long-term and short-term capital gains New increases to the standard deduction for 2025 A proposed tax-advantaged “Trump Account” for children under age 8, including contribution limits and withdrawal rules The House-passed bill’s broader context, including its 100+ tax provisions still awaiting Senate approval Why it's important to wait for legislation to be finalized before...
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Episode 117: One Big Beautiful Bill - What the Proposed Tax Bill Could Mean for your Wallet
Accounting and Accountability
In this podcast, listeners will hear about: The proposed return of the auto loan interest deduction, including income phaseouts and U.S. vehicle assembly requirements. Reinstatement of 100% bonus depreciation for qualifying property between 2025–2030. Increased limits for Section 179 expensing on business asset purchases. Temporary suspension of R&D amortization rules, allowing immediate expensing of research costs through 2030. Expansion of the Qualified Business Income (QBI) deduction from 20% to 23% for certain pass-through businesses. New deductions for tip income and...
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Episode 116; HSAs, 990s & P&Ls—Oh My! Tackling the Questions Every Business is Asking
Accounting and Accountability
In this episode: Explanation of how Health Savings Accounts (HSAs) work, including tax benefits, contribution limits, and how they differ from FSAs Reminder for nonprofits about the May 15 Form 990 filing deadline and the risk of losing tax-exempt status if not filed properly Tax treatment of different types of legal settlements, including which are taxable and which are not Overview of when estimated tax payments are required and how to make them online for better security and tracking Discussion of the new W-4 form complexity and strategies for ensuring proper withholding ...
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Episode 115: IRA Rollover Rules
Accounting and Accountability
Discussion on the so-called "IRS exodus" and its actual impact on audits, including the shift in enforcement strategy. Cautionary advice about taking overly aggressive tax positions due to perceived reduced IRS oversight. Importance of avoiding audit risks, especially when dealing with inexperienced agents. IRA rollover rules, including 60-day limits, trustee-to-trustee transfers, and one-rollover-per-year restrictions. Upcoming crypto reporting changes, including Form 1099-DA, and the taxability of crypto sales and payments. A look at proposed legislation to ease tax burdens on...
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Episode 114: Roth IRA Conversions Explained
Accounting and Accountability
In this episode: Roth IRA Conversions Explained – What they are, how they work, who should consider them, and the tax strategy behind converting gradually. Qualified Charitable Distributions (QCDs) – Using IRA withdrawals to make tax-free donations if you're over 70½. Depreciation & “Placed in Service” – A look at what it really means for business equipment (or even yachts) to be ready for tax purposes. Kids on Payroll? – How sole proprietors and partnerships can avoid FICA and FUTA taxes when paying their children under 21. IRS Filing Stats – Latest refund data,...
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Episode 113: Carried interest and capital gains vs. ordinary income
Accounting and Accountability
In this episode: Reminder: tax extensions don’t extend the time to pay. Upcoming potential changes due to 2025 tax law expirations. Carried interest and capital gains vs. ordinary income. Proposed taxation of municipal bond interest. New early retirement withdrawal exception for emergencies (up to $1,000/year). Importance of certified appraisals for large non-cash donations. Theft losses from internet scams are not deductible unless business-related. Mileage deduction rules and common documentation pitfalls. Finalized update on BOI (Beneficial Ownership Information)...
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Episode 112: Contractor vs. Employee Crackdown
Accounting and Accountability
In this episode: Tax Changes Coming: New tax legislation is expected, though details remain unclear. Income vs. Consumption Tax: Some Republicans propose replacing income tax with a national sales tax—unlikely to gain traction. IRS Under Pressure: Talk of abolishing the IRS is unrealistic. Staffing cuts and layoffs have worsened service, especially for notice resolution. Startup Deductions: A proposed bill would raise the startup cost deduction from $5K to $20K, easing the burden on new businesses. Contractor vs. Employee Crackdown: IRS is stepping up enforcement. Misclassification...
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Episode 111: The Impact of Qualified Business Income Deductions Expiring.
Accounting and Accountability
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.
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Episode 110: IRS cracks down on Fuel Tax fraud.
Accounting and Accountability
In this episode: An update on the tax cap for State and Local Taxes. Tax rules for gain or loss on a qualifying residence. The IRS is cracking down on fuel tax credit fraud. If you're a self-employed business owner looking to buy a home, you’ve probably heard that getting a mortgage is more challenging than for traditional W-2 employees. But why is that, and what can you do about it? In this episode, we sit down with mortgage expert Katie Stevens of Pike Creek Mortgage to break down the hurdles self-employed borrowers face and the best strategies to improve your chances of mortgage...
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Episode 109: An Explanation of the Proposed External Revenue Service.
Accounting and Accountability
In this episode: · An overview of tax policies under discussion. · Corporate Transparency Act update. · An explanation of the proposed external revenue service. · A reminder to get your tax documents into us! We also hear from Brittany La Clair, owner of the in Dover, Delaware. She talks to us about running a boutique clothing store, from inception to the daily tasks, the importance of making customers feel welcome and seen, and how to...
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- Tax Cuts and Jobs Act expires after 2025.
- New inflation adjusted numbers reported.
- Section 179 update.
- Gift limit is $19,000 for 2025.
- IRS begins enforcement of gambling earnings reported on Form W2G.
- Limitations and income tax issues when working overseas.
Tabitha Myers of Tabitha Myers Nutrition joins us on the podcast. She talks to us about her journey to becoming a nutritionist, the importance of social media for today’s businesses, how to set boundaries between work and home life, and finding a targeted niche for your business. You can find more information on Tabitha on her social media pages Tabitha_myers_or by listening to her podcast with co-host Kimberly Brown, The Nutrition Revolution.