60 Second Tax Solution Podcast

Welcome to the 60 Second Solution Podcast where you'll discover how to run your business operations and minimize your taxes with tax strategies and arranging business structures. Maximize all exemptions, exclusions, credits, and deductions allowed by law and increase your profits with your host, Phil Liberatore, CPA.

IRS Warning Tax Scams 08/09/2022

IRS Warning Tax Scams Identity thieves are becoming more creative in hitting people with realistic-looking emails and texts about their tax returns and refunds. These messages claim to be from the IRS. The IRS will only send snail mail letters. They will never contact you via text, phone, or social media. Scammers use these tactics to obtain your personal information, money, and more, leading to tax identity theft. This is when your number is stolen and used to file fraudulent tax returns. They then steal the funds your owed by depositing the tax refunds into their accounts. There are signs that your tax identity has been stolen. One is if your tax return is rejected upon filing. This is due to your Social Security number being used by the scammers. Another is if you receive a snail mail letter from the IRS notifying you of changes to your online account. If you receive a W-2 form from a company you haven't worked for more than a year, it means your tax identity has been compromised. The IRS will always send you a letter to verify your identity when they suspect foul play. To protect yourself from scammers, never give information over the phone, especially when an unrecognized number calls you and you don't know who is on the other end. It's also advisable to file your tax return early and electronically. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23820743

When Do You Owe Taxes On Your Crypto? 08/02/2022

When Do You Owe Taxes On Your Crypto? New investors may forget to consider taxes when dipping their toes into the crypto world. However, the IRS is cracking down on tax compliance. Be aware of how to handle your tax reporting when it comes to your digital assets. Taxable events from crypto investments require tax reporting. A taxable event means a scenario that triggers or realizes income. When you buy Bitcoin at $1,000 and the value goes up to $1,500 and you sell it, it is a taxable event. Your realized gain is $500. As stated in the IRS virtual currency guidance, taxable events for digital currency are trading crypto to a currency such as the US dollar, trading one cryptocurrency for another digital currency, spending cryptocurrency to purchase goods or services, and earning cryptocurrency as income. If you have any questions, contact me at 877-6-SOLVER. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23820566

Tax Planning for Individuals 07/26/2022

Tax Planning for Individuals Are you unsure where to start with your tax planning? Do these simple tips that individuals like you can follow. You should max out your retirement plan. Remember that withdrawing funds from a retirement account can trigger additional taxes of up to 40% or more. Ensure you have confirmed your withholdings. Consider purchasing property. Also, take note that Sale of Property can initiate capital gains tax and must be communicated to your tax preparer before selling. Donate money to charity. Don’t forget to track your out-of-pocket medical and dental expenses. If you’re someone with a child or a dependent, be aware that Child Tax credit reverts to $2,000 per child. Since 2021, dependent care expenses are no longer refundable. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23820407

Reduce Audit Exposure 07/05/2022

Reduce Audit Exposure No one likes the stress involved when your tax return is under the spotlight. There are some ways to avoid common audit triggers. Make sure to report everything with an informational return. Most likely, you’ll receive either a W-2 or a 1099 form, and the IRS gets a copy of it, too. If your tax return exceeds or doesn’t match your reported income, expect to receive a notice from the IRS. If you’re self-employed, steer clear from claiming large losses on a Schedule C. For business owners, consider incorporating your business instead of filing a Schedule C. Avoid using too many round or even numbers. Be careful when taking higher than average deductions for charitable donations. Refrain from claiming 100% use of business vehicles. If you have a foreign bank account, report it. Don’t write off a loss for hobbies. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23646440

Question: What are Hot Tax Deductions and Credits that Business Owners Should Know? 06/28/2022

Question: What are Hot Tax Deductions and Credits that Business Owners Should Know? Businesses and employees have struggled with the onslaught of COVID-19. In November 2021, the IRS enacted the Employee Retention Tax Credit (ERC), a refundable tax credit designed to reward business owners for employee retention throughout the pandemic. Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each employee on their payroll in 2020 and up to $7,000 credit per quarter (excluding Q4) for each employee in 2021. Consider opening a retirement plan as the employer match is 100% deductible. In California, starting June 30th, all employers with 5 or more employees are mandated to offer a retirement plan. In 2022, there has been a 100% bonus depreciation on equipment purchased for business use. If you are buying meals and beverages from restaurants for the purpose of your business, these can also be deducted. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23565431

Question: What Interests the IRS? 06/21/2022

Question: What Interests the IRS? Question: What Interests the IRS? Be aware of what puts you at risk of attention from the IRS. Here are some of the more vulnerable areas. Frivolous tax protests have been frustrating to both the IRS and tax courts. If you file a return stating that you don’t owe any tax because the dollar is worthless, expect to be audited. Be wary if you’re someone in a high-income bracket auditing higher-income taxpayers because you’re likely to produce additional tax revenue. Taxpayers with occupations that produce cash income, such as laundromats, beauty salons, restaurants, vending machines, and others are also on the radar of the IRS. If you have a complex return you prepared yourself, or your return was prepared by someone on the IRS's problem-preparer list, you may get their attention too. In the last few years, the Internal Revenue Service has detected a proliferation of abusive trust tax evasion schemes and the use of credit cards to evade paying U.S. income taxes. The IRS intends to expand its efforts to crack down on these areas. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more here: /episode/index/show/60secondsolution/id/23497469

Being Audited By The IRS? 06/14/2022

Being Audited By The IRS? Less than 2% of over 145 million individual tax returns filed will be selected for audit. The IRS may increase this percent as they have hired 2500 new auditors. The percentage increases for higher income groups and tax returns in areas of specific interest to the IRS. If you should receive notice from the IRS of an impending audit, please remember: IRS computers usually flag the tax returns for audits. The vast majority of them are routine. Because of the flagging process, your audit will usually focus on one to three categories of your tax return. Audits do not automatically mean something is wrong. It is possible to receive a “no change” or even an additional refund as an outcome of an audit. For more information about IRS Representation please visit . /episode/index/show/60secondsolution/id/23424914

What's New For Small Businesses in 2021? 09/21/2021

What's New For Small Businesses in 2021? Call us today for a consolation on your business taxes-there is a lot of changes heading your way and you need the Best in the business helping you navigate through these tax situations. 1-877-6-SOLVER /episode/index/show/60secondsolution/id/20551736

What's New in 2021 For Individuals 09/14/2021

What's New in 2021 For Individuals Tune in to learn some of the changes coming into effect for tax year 2021 with Phil Liberatore, CPA. /episode/index/show/60secondsolution/id/20471621

2021 Fica Tax Rates with Phil Liberatore, CPA 09/08/2021

2021 Fica Tax Rates with Phil Liberatore, CPA /episode/index/show/60secondsolution/id/20408558

2021 Social Security 08/31/2021

2021 Social Security The Social Security Administration announced a 1.3% percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. /episode/index/show/60secondsolution/id/20148839

New Biden Tax Plans 08/24/2021

New Biden Tax Plans One of the New Biden Tax Plans is The American Families Plan. Our goal is to help inform you with the basics. The American Families Plan was introduced by President Biden at the end of April. The action plans address insurance premium costs, basic expenses, and investing in the children of this country. /episode/index/show/60secondsolution/id/20148392

Get More Accuracy in your Tax Forecasts 08/17/2021

Get More Accuracy in your Tax Forecasts With ever-changing tax laws, forecasting your tax obligation is now extremely difficult to do. This uncertainty can create the need to write a large payment to the IRS. Here are some suggestions to help prevent overpaying your taxes. /episode/index/show/60secondsolution/id/20148167

Prepare Your Estate For Higher Taxes 08/16/2021

Prepare Your Estate For Higher Taxes Get ready for it folks, discussions about federal tax legislation are heating up in Washington D.C. Sweeping estate tax changes have been proposed, including higher estate tax rates, and a repeal of the step-up in basis rule. /episode/index/show/60secondsolution/id/20147879

Child Tax Credit Payments Explained 08/03/2021

Child Tax Credit Payments Explained On July 15th, the IRS began sending out monthly Child Tax Credit /episode/index/show/60secondsolution/id/20021027

What Will Biden Do Next? 06/08/2021

What Will Biden Do Next? At this time of recording, Biden has proposed several tax changes. I repeat, these are proposed tax changes. For individuals with income above a million dollars, the maximum child and dependent tax credit would rise from three thousand dollars to eight thousand dollars sixteen thousand for more than one dependent. /episode/index/show/60secondsolution/id/19018031

Am I Paying Too Much On Taxes? 06/01/2021

Am I Paying Too Much On Taxes? If you're paying too much on taxes, we can help you by taking a customized approach in reviewing your overall tax structure to ensure that you're paying the least amount in taxes. Stay tuned! /episode/index/show/60secondsolution/id/19019060

Your Go-To Tax Moves 05/25/2021

Your Go-To Tax Moves Check out these three time-tested steps you can take to begin your 2021 tax planning on the right foot. /episode/index/show/60secondsolution/id/19018001

More COVID Relief On The Way 05/18/2021

More COVID Relief On The Way On MARCH 15, IRS and Treasury officials said about 100 million checks would be distributed within 10 days. But some bigger banks said that the timing of the payments was outside of their control. Stay tuned to find out what things you need to consider! /episode/index/show/60secondsolution/id/19017962

Major Life Events May Mean Major Tax Changes 05/11/2021

Major Life Events May Mean Major Tax Changes Major life changes can be stressful, not least because they often affect your taxes. This episode talks about many life events that you’ll encounter, along with some tips on how to cut your tax bill or save money. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Stay tuned! /episode/index/show/60secondsolution/id/18834545

What does it mean that the child tax credit is fully refundable for 2021? 05/04/2021

What does it mean that the child tax credit is fully refundable for 2021? Under the new rules for 2021, people who qualify for a child tax credit can receive the full credit as a refund, even if they have no tax liability. Parents don't need to be employed or otherwise have earnings in order to claim the child credit for 2021. Prior rules limited the credit to families having at least $2,500 of earned income. For 2021, families with no earned income can take the child credit if they meet all the other rules. Stay tuned! /episode/index/show/60secondsolution/id/18834539

Do all families qualify for the higher per-child tax credit of $3,000 or $3,600? 04/27/2021

Do all families qualify for the higher per-child tax credit of $3,000 or $3,600? Just to be clear, this is a 2021, not a 2020 tax credit. And no, not all families with children will get the higher child tax credit, but most will. Philip L. Liberatore, CPA remains committed to providing you with important information that pertains to your success. Learn more about CTC from Mr. IRS Problem Solver in 60 seconds! /episode/index/show/60secondsolution/id/18759098

Question: What Were The Rules For The 2020 Child Tax Credit? 04/20/2021

Question: What Were The Rules For The 2020 Child Tax Credit? For 2020 tax returns, which are due by May 17th of this year, the child tax credit is worth $2,000 per kid under the age of 17 claimed as a dependent on your return. /episode/index/show/60secondsolution/id/18747755

Additional Tax Benefits 04/13/2021

Additional Tax Benefits If you qualify for the 2020 unemployment compensation exemption, you may end up getting additional tax breaks. This is because your adjusted gross income (AGI) will be reduced by up to $10,200 (up to $20,400 for married couples filing a joint return. Find out more by tuning into this week's podcast episode! /episode/index/show/60secondsolution/id/18671786

Don’t Amend Your 2020 Tax Return Quite Yet to Claim the New Exemption 04/06/2021

Don’t Amend Your 2020 Tax Return Quite Yet to Claim the New Exemption If you have already filed your 2020 tax return, the IRS will automatically adjust for the new $10,200 tax exemption for unemployment benefits received in 2020. Do not amend your return - the IRS expressly stated that you “Should not file an amended return at this time, be patient as it will be adjusted.” /episode/index/show/60secondsolution/id/18623273

60 Second Tax Solution Podcast

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