Podcast 129: $500K Tax-Free Gains, SALT Cap Surprises & Strategy That Sticks
Accounting and Accountability
In this episode: Why outdated beliefs about avoiding taxes on home sales can be costly, and the real rules you need to follow today. A surprising stat on how much of the country’s income taxes are paid by just the top 1%. Key updates to Social Security thresholds, earnings limits, and the wage base for 2026. Smart year-end tax strategies that look beyond just 2025. A heads-up on the expanded SALT cap and how it might make itemizing deductions worth another look. A creative way to turn your home into a source of tax-free income for up to 14 days. The new age for RMDs, why...
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Episode 128: Entity structure: LLC or S Corp: Picking the Right Shield for Your Business
Accounting and Accountability
In this episode: C vs. S corp: where taxes really hit LLCs vs. S corps: payroll and flexibility Double taxation decoded Profit splits: fair or fixed? When losses save you money Recourse vs. nonrecourse debt explained Why planning before filing matters Clean books = real tax options Hiring experts beats DIY mistakes Paying advisors as an investment Today on the podcast, we’re joined by Christopher VonLindenberg, Founder and CEO of . Chris is a lifelong entrepreneur with a passion for helping people unlock their potential, both financially and personally. In...
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Podcast 127: Deadlines, Deductions, and Delays: What’s Brewing in Tax Season 2026
Accounting and Accountability
In this episode: What the IRS’s latest move on paper checks means for your refund timing. The “tip deduction” that could put more money back in the pockets of both employees and self-employed workers. New per diem rates that might change how your company reimburses travel. A helpful update for farmers dealing with drought-related losses. What crypto investors should watch for in their mailbox this coming tax season. Inside scoop on IRS staffing challenges, and how that could delay refunds and responses. The ripple effect of new legislation on tax software, filing timelines,...
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Episode 126: Innovate & Elevate: A Deep-Dive into R&D Credits
Accounting and Accountability
In this episode: Navigating government shutdowns and IRS updates for business owners The impact of state vs. federal marijuana laws on business deductions Understanding the QBI deduction and how it affects entrepreneurs Beneficial ownership reporting: what changed and why it matters Key tax deadlines and what to do after tax season Foreign bank account reporting requirements (FBAR) State-specific tax law changes (Maryland vs. Delaware) Deep dive into the Research & Development (R&D) tax credit: Who qualifies and the four-part test Real-world examples for startups, manufacturers, and...
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Episode 125: No More Checks: What the IRS Just Changed
Accounting and Accountability
In this episode: • Why the IRS is phasing out paper checks and what that means for paying or receiving tax refunds going forward • How misleading labels on draft IRS forms could confuse clients (hint: “No Tax on Tips” doesn’t actually mean that) • A major 401(k) rule change for high earners that could impact catch-up contributions starting in 2027 • Year-end tax planning tips for business owners, including strategies you must act on before December 31 • Smart ways to manage estimates, avoid penalties, and use paycheck withholdings to your advantage If you want fewer surprises...
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Episode 124: There ARE taxes on tips
Accounting and Accountability
In this episode: Clarification of the Tip Deduction: What it actually is, how it’s not “No Tax on Tips,” and which industries (yes, even rickshaw drivers and tattoo artists) are poised to benefit. Leaked Treasury Industry List: Hear the early scoop on 68 job types rumored to qualify for the tip deduction—and why it’s causing a stir. W-2 Changes Are Coming: Insight into new boxes (like 14B and 12A), new codes (TP, TT), and what employers will have to start tracking—possibly before the IRS even has their act together. Overtime Deduction Explained: A down-to-earth breakdown of...
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Episode 123: Big Bill Energy: Tax Tips, Roth Moves, and What the IRS Isn’t Telling You
Accounting and Accountability
Update on the One Big Beautiful Bill (OBBB): The firm is actively educating clients on this fast-tracked legislation, which passed with drafting errors that may require technical corrections. Nonprofit Retirement Plan Credit: A new bipartisan bill proposes extending up to $5,000 in startup retirement plan tax credits to nonprofit organizations, similar to what's already available to for-profits. Roth IRA Conversions & RMDs: Listeners get clarity on converting pre-tax retirement funds into Roth IRAs, including the rule that Required Minimum Distributions (RMDs) must be taken before a...
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Episode 122: Segregation of Duties: Your First Line of Defense Against Fraud
Accounting and Accountability
IRS Delays & Staffing Cuts The IRS is facing a 25% workforce reduction, which may delay the start of the 2026 filing season and limit live support. Hear how this could impact your business and what to expect. Disaster Relief Gets Easier New rules make it simpler to deduct uninsured personal losses from state-declared disasters. If you or a loved one faced property damage before July 4, 2025, there may be relief available—but there are key conditions. Temporary Tax Breaks You Might Miss The podcast breaks down two new deductions—the $6,000 senior deduction and the $10,000 auto...
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Episode 121: Clean Energy Out, Bonus Depreciation In: Navigating the New Tax Terrain
Accounting and Accountability
In this episode: Faw Casson will close early on August 8 for their annual all-office beach day—a fun family tradition showing the firm’s strong culture and appreciation for its people. The One Big Beautiful Bill Act (OBBBA) includes impactful updates for businesses and individuals—this episode dives into the lesser-known but highly relevant changes. C Corporation charitable donations are now subject to a 1% floor—but strategic business advertising can provide a workaround. Bonus depreciation is back at 100%, but with quirky timing: Section 179 may still be a smarter choice for...
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Episode 120: The Tax Update Episode: Deductions, Deadlines, and Dollars
Accounting and Accountability
In this episode: Announcement of two new partners at the firm, Andy Tobias and Dan Steele, and their leadership roles. Discussion of the renamed "One Big Beautiful Bill" (now simply “the Act”) and its key tax provisions. Confirmation that individual tax brackets and standard deduction increases are now permanent. Explanation of the new $15 million estate and gift tax exemption for 2026. Details on the repeal of moving expense and miscellaneous itemized deductions (except for military and intelligence). Expansion of the SALT deduction cap to $40,000 through 2029 with...
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Deducting uninsured losses for damage claims in federally declared disaster areas.
Inherited IRA changes.
New rates for 2025 including IRA distribution, fit taxes, and mileage
Beneficial Ownership Reporting for FinCEN status may not be determined until March 2025.
Anita Evans, Vice President of Business Banking and Senior Relationship Manager for M&T Bank, joins us on the podcast to kick of 2025. She discusses things you should consider when acquiring a loan, the importance of having an open and honest dialog with your lender and best practices for business owners. Anita can be reached at aevans1@mtb.com if you would like more information.