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An educational podcast to teach you about how taxes affect your business and personal lives and how to lower your tax bill. Taxes affect every area of life, from buying a house, trading stocks, trading NFT/Crypto currency, operating a business, and even giving birthday gifts. We are here to help you understand the complexities of the tax code. Disclaimer: The purpose of this podcast is for educational purposes. Please consult with your accountant, financial advisory and other resources befor ...
 
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On this episode we chat with Dan Hannum COO of ZenLedger. Learn more about Dan's background on his path from graduating college to becoming COO of ZenLedger. Dan and I talk about the taxation of crypto currencies and NFTs, common misconceptions about the tax code regarding NFT/Crypto as well as the tax codes limitations on this emerging field. Dan …
 
In this episode we discuss what to do if you win big today on Super Bowl Sunday or throughout the year. Tune in to learn how to lower your tax bill on any sports betting earnings either from a sports betting app or wagers at your local bar. Send your questions in to jmacari@mactaxcpa.com
 
On this episode we discuss: the basics of how uber/lyft income is taxed, the deductions that can be taken for Uber/Lyft Drivers, self employment taxes, as well as criteria for material participation to take a net loss against your other income. Email all questions to jmacari@mactaxcpa.com
 
On this episode we discuss the launch of our website https://mactaxcpa.com/home as well as how to figure your Crypto and NFT gain/losses for the 2021 tax year to determine your income tax impact. Please email any questions to mactaxcpa@gmail.com
 
The Further Consolidated Appropriations Act of 2020 made changes to traditional IRA's. These changes included removing the age cap to contribute to a traditional IRA, raises the age to 72 for RMD's, and changes the rules for inheriting a traditional IRA. Tune into this weeks episode to learn the full details about the FCAAs impact on traditional IR…
 
Tax Season is upon us but don’t be too eager to file for that refund before you get all of your tax documents in! Filing too early could run you the risk of forgetting about certain tax documents you need to complete your return. Take inventory of 2019 and establish what you need and where you made money before filing.…
 
Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance p…
 
Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you.…
 
Breaking news out of the US court of Appeals! The US appeal court division just ruled that the individual mandate of the Affordable Care Act (Obama Care) was ruled unconstitutional. Therefore solidifying the removal of the requirement to report on your taxes whether you had health insurance AND removing the penalty if you did not have health insura…
 
Major theme of year end tax planning is that documentation is key 🔑 Any tax deduction whether it’s charity, IRA contribution, mortgage interest, teacher out of pocket expenses, or just closing out your books for your business, you will need the documentation to take the tax deduction. Now is the time to get ahead and start organizing your files bef…
 
News flash! When you reach the age when you get to start collecting social security (if it is even around) your social security payments may be subject to as much as 85% taxation. That's right, you could possibly be paying the government back 85% of the social security they paid you throughout the year. The average retired american receiving social…
 
Although this is not the tax tip you will be happy to hear about, future you will thank yourself (and me) when you avoid any type of audit and penalties from the IRS. The rule is cash tips are required to be reported on your income tax return and have payroll taxes withheld from tip income earned at your job. It is the employees responsibility to d…
 
In this episode learn how you can avoid paying tax on $250,000-$500,000 of capital gains when you sale your primary residence. There are three main requirements you must meet to qualify for this exclusion. 1) Is you must own the house for 2 of the last 5 years. 2) You must live in the house for 2 of the last 5 years. 3) You have not used this exclu…
 
Here’s a great basic 101 investment tip. Make sure your portfolio is diversified. Having a diversified portfolio in multiple industries lowers your risk. ETFs are a great way to help diversify your portfolio. Just be careful when picking ETFs they don’t have stocks that could also drag you down. Being too diversified limits your upside potential. F…
 
Did you know you could deduct up to $25,000 on your taxes with the small investor real estate deduction? Here’s how it works: 1) you have to make under 100,000 a year, once you pass 150,000 you cannot claim any of the deduction. 2) you must own at least 10% interest in the rental property 3) you cannot be a real estate professional 4) you must acti…
 
Truth of the matter is anytime a change in the tax law takes place it is good news for accountants. (Regardless of whether or not you may agree politically) it is job security for tax accountants. The "Tax Cuts and Jobs Act" implemented under Donald Trump created multiple changes to the tax code. International tax was one area that was drastically …
 
Documenting all of your business income and expenses is the major key to success when starting a side hustle. Not only will it save you time and money when it comes to tax compliance at the end of the year but it will allow you to keep track of your progress within your side hustle. Quickbooks is a fantastic program and I highly recommend it but yo…
 
State Corporation tax can be a very complicated and tricky area. All states have rules that are different than the federal tax code. In order to ensue you are properly reporting income to each state you must make the correct adjustments to your federal taxable income and allocate revenue to the state in which the revenue was earned. Tune into this …
 
Under the new "Tax Cuts and Jobs Act" tax reform law Entertainment business expenses are no longer 50% deductible. Entertainment expenses are fully disallowed and must be added back to a companies net income for tax purposes. With any law there are exceptions and I wanted to highlight a couple of key exceptions you can take advantage of as highligh…
 
In this episode I discuss one of the impacts of tax reform which is the dis-allowance of business interest expense under 163j. Business interest expense is calculated on the tax form 8990. I go through the calculation of what limits your business interest expense. Please let me know if you have any questions or suggestions for future episodes. Emai…
 
Rules for documenting income and expenses are different for book and tax purposes. When it’s time to file your business tax return you will normally need to adjust your books to conform to IRS tax rules. In this episode I talk about the two types of adjustment, temporary and permanent adjustments, and give examples for each. Email me At MacTaxcpa@g…
 
Taking 100% write off of assets you place in service for your business is a HUGE tax savings tool that’s part of the new TCJA law. This deduction will not last forever (expires in 2022) so learn how to take advantage now and build up your companies assets while the deduction is still around. #taxes #accounting #TCJA #taxreform #business #money…
 
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