Libsyn Directory

Episode 120: The Tax Update Episode: Deductions, Deadlines, and Dollars

Release Date: 07/11/2025

Accounting and Accountability

In this episode: Why most taxpayers don’t itemize anymore, and when it still actually makes sense to do so The hidden fine print on mortgage interest deductions, including caps that quietly limit what high-balance homeowners can write off How home equity loans can either save you on taxes, or cost you the deduction entirely depending on how you use the money The real story behind points, refinancing, and why timing matters more than most people realize Why some common “write-offs” like mortgage insurance premiums rarely benefit higher earners A major shift in state and local tax...

Episode 138: Tax Traps and Smart Moves: What Taxpayers Should Fix Before It Costs Them

Accounting and Accountability

In this episode: A practical look at proposed IRS reform and why better customer service, clearer appeals rights, and stronger taxpayer advocacy matter to everyday taxpayers and business owners. A timely reminder about April tax deadlines, including the difference between an extension to file and an extension to pay. What taxpayers should know about the IRS shift away from paper checks, and how that could affect refunds, estimates, and tax payments. A candid discussion about what happens when you owe the IRS, including payment plan options, costly mistakes, and why tax planning matters more...

Episode 137: The Tax Breaks You’re Probably Missing, and the Tech That’s Changing Everything

Accounting and Accountability

In this episode: A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly Why medical expense deductions aren’t as straightforward as people think, and how thresholds and documentation come into play The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off How newer depreciation rules and limits impact big purchases, especially vehicles and equipment Key deadlines and elections business owners often miss, and how those timing decisions can...

Episode 136: March Madness for Taxes: Deadlines, Deductions, and Costly Mistakes to Avoid

Accounting and Accountability

In this episode: Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed. How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy. A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments. Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting...

Episode 135: Before You File: The Tax Law Changes High Earners Can’t Afford to Miss

Accounting and Accountability

In this episode: What the expanded SALT deduction really means, and how income limits and payment timing can impact your 2025–2029 strategy. New charitable contribution limits in 2026 and smart planning moves high earners should consider now. How itemized deductions and education credits are shifting, including common (and costly) mistakes to avoid Real IRS court cases entrepreneurs can learn from: innocent spouse relief, attorney fee limits, and conservation easement scrutiny. Why setting up an IRS online account matters and what IRS budget cuts and new whistleblower rules signal...

Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up

Accounting and Accountability

In this episode: Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability. A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations. Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions. Confirmation that military housing dividend checks ($1,776) are non-taxable. New installment option for taxes on the sale of qualified farmland to other farmers, under...

Episode 133: IRS Shutdowns, E‑Filing Mandates, and Refund Changes

Accounting and Accountability

In this episode: IRS electronic filing systems are closed until January 26, delaying returns and refunds. Some state tax forms won’t be ready for filing until late February. IRS staffing shortages are causing longer response times across the board. Paper filing and paper checks are being phased out in favor of electronic methods. New deductions and credits under recent legislation may increase refund amounts. Employers must follow updated guidance when reporting 2025 overtime on W-2s. Identity theft during tax season is increasing; IRS Identity Protection PINs can help. ...

Episode 132: Catch-Ups, Cutoffs & Contribution Caps: 2026 Retirement & Tax Gamechangers

Accounting and Accountability

In this episode: Why “goals” beat New Year’s resolutions (and how business owners can take that mindset into tax season). A rundown of 2026 tax law changes that matter most for business owners—especially those involving deductions, 1099s, and retirement contributions. Proactive security and document exchange tips during tax season (and why SafeSend might be your new best friend). Key updates for employers: 1099 filing thresholds are changing, and new fringe benefit rules might affect your planning. Why HSAs and Roth 401(k) catch-ups are worth a closer look this year. ...

Episode 131: Don’t Leave Money on the Table: New Deductions, Donor Hacks & The Truth About Trump Accounts

Accounting and Accountability

In this episode: What Trump Accounts are, who qualifies, and why parents of young kids should pay attention in 2026. How the “no tax on tips/overtime” headlines are misleading and what employers need to prepare for now. Why hobby losses are red flags for the IRS, especially for side gigs that never turn a profit. A timely breakdown of gift tax rules, including how to move money to family members tax-free and when you do have to file something. Creative ways to give to charity, including donor-advised funds and how businesses can deduct donations as advertising.

Episode 130: Tax Planning Before the Clock Runs Out: Strategies, Credits, and Compliance

Accounting and Accountability

In this episode, we explore some of the most important tax updates and strategies that business owners should have on their radar. Topics include: A game-changing update that makes a popular capital gains deferral tool available for the long term A new IRS process that could save compliant taxpayers time and frustration when dealing with penalties A significant tax credit for businesses that invest in employee childcare and support services How the IRS is finally adding clarity to error notices, and why it matters for your bottom line What’s coming soon to simplify cryptocurrency...

More Episodes

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 income-based phaseouts.
Child tax credit increased to $2,200 with refundable portion made permanent.
New above-the-line deductions for:
- Overtime pay ($12,500 single / $25,000 joint, 2025–2028)
- Tipped income (industry list pending, capped and phased out by income)
- Seniors over 65 ($6,000 deduction, 2025–2028)
- Car loan interest for American-assembled vehicles (post-2024 purchases only, capped at $10,000)
- Charitable contributions (up to $1,000 single / $2,000 joint for non-itemizers)
The 20% Qualified Business Income Deduction (QBI or “CID”) is made permanent and inflation-adjusted.
Bonus depreciation is restored to 100% for qualifying business assets purchased after January 19, 2025.
R&D expense deductions reinstated (no longer amortized).
Business interest deductions revert to being based on EBITDA instead of EBIT.
Changes to 1099 reporting: threshold for 1099-NEC/MISC rises to $2,000 starting in 2026.
1099-K reporting threshold set at $20,000 or 200 transactions (postponing more burdensome lower thresholds).
Final reminder that many provisions are subject to budget reconciliation constraints, meaning some are temporary or have sunset dates.

Interview Overview: Michael Kopp, Executive Director of the Elizabeth W. Murphey School

In this inspiring interview, Michael Kopp shares how the Murphey School provides more than just shelter, it offers structure, support, and stability to Delaware youth in need. With a focus on life skills, financial literacy, and emotional growth, the school helps prepare kids for adulthood. Mike also emphasizes the deep-rooted commitment of the staff and the powerful impact of community involvement.

Want to Help?
You can donate or get involved by visiting: murpheyschool.org/donations/make-a-donationv

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