In this episode: A breakdown of medical expense deductions. Tax strategies for charitable giving. Tax package passes in House but remains in Senate. You can check on your federal tax refund at any time by visiting IRS.gov . We are visited by Michele L. Reynolds, CEO of Shelly Sons Electrical and author of “ Pause Between the Years” . She talks to us about having the courage to start something brand new, the importance of knowing your own worth, and finding what works for you in the business worl...
Feb 23, 2024•31 min•Season 4Ep. 87
In this episode: The filing of the digital asset Form 3800 has been delayed. A review of Shareholder Basis and what the IRS is focusing on. What happens if you miss the Required Minimum Distribution (RMD) deadline. A refresher of Net Investment Income Tax (NIIT). Reminder that there is no statute of limitations on saving tax documents if the IRS suspects fraud. We also hear from Jess Bain, co-owner of Styled , a seasonal and special occasion floral design & décor company serving the Delaware...
Feb 09, 2024•26 min•Season 4Ep. 86
In this episode: The IRS will open e-filing for personal returns on January 29, 2024. New Bi-Partisan package is in the House has a variety of positive provisions. Only 8 electronic vehicles currently qualify for the full tax credit. Be alert for IRS impersonation scams at this time of year! The IRS will never initiate contact via phone or email. We also hear the story of Katelyn McClure, Mark D'Amico, and Johhny Bobbitt and their $400,000 GoFundMe scam....
Jan 26, 2024•20 min•Season 4Ep. 85
In this episode: The rules for rolling over unused 529 Plans into a Roth IRA. Tax saving strategies for purchasing electronic vehicles. Do you have more than 10 1099s, W-2s or similar? You may be required to e-file this year. The new standard mileage rates for 2024. Clarification of the new Beneficial Ownership Reporting rules. We also hear from Megan Steele, owner and operator of Heartbeat Branding, Co. She talks to us about the importance of focusing on your specific niche, showcasing your bra...
Jan 12, 2024•29 min•Season 4Ep. 84
In this episode: An overview of what the government may have on the horizon for 2024 for the Research and Development Credit, Bonus Depreciation, and interest deductions. The IRS continues to fight false Employee Retention Tax Credit claims. An explanation of Section 1202 of the Tax Code. A look into tax credits for builders of energy efficient homes. The tax rules for vacation home rentals. We also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC . Quintin talks to us abo...
Dec 29, 2023•29 min•Season 4Ep. 83
In this episode we are joined by Ingrid and Amy Hopkins, of Hopkins Heartland . They tell us all about their journey leaving the 5-generation Hopkins Farm to pursue their own careers, and how the farm called them back to create something unique to Delaware. Hear about their persistence in changing legislature, the importance of hiring the right people, and how their visions of the farm are helping preserve their family's legacy for generations to come....
Dec 15, 2023•42 min•Season 4Ep. 82
In this episode: Tax extenders will be needed around election time. Know the IRA rollover rules. Find out the updates on estate and gift tax limits. The legal costs for fighting IRS rulings may not be reimbursed. The IRS has delayed the 1099K reporting threshold. Also, we hear the scam story of the Great Diamond Hoax of 1872. Sources: The Dollop Podcast Episode 235 https://open.spotify.com/episode/26NdQWRuKDrmk16k80bNlG Legends of the Old West Episode 3 https://player.fm/series/legends-of-the-ol...
Dec 01, 2023•25 min•Season 4Ep. 81
In this episode: Electronic vehicle rebates versus tax credits. There is an increase on retirement plan contributions for 2024. Most donated inventory may not be deducible as a charitable contribution. It's time for tax planning strategies! Delaware Family Medical Leave Act is ramping up. Listen in for details. We are also joined by Maggie Haass, co-owner of Evergreen Farms. Evergreen Farms is a 22-acre working farm nestled in the countryside just outside of Dover, Delaware. Maggie and her husba...
Nov 17, 2023•26 min•Season 4Ep. 80
In this episode: Overview of tax and other benefits from having a Health Savings Account (HSA) health plan for medical expenses. The IRS is cracking down on the misuse of the fuel credit. Software development may be used to qualify an entity for the Research and Development Credit. The Social Security Wage Base makes another jump. The IRS has released the current tax-gap numbers. The IRS is allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneously. We also h...
Nov 03, 2023•34 min
In this episode: Student loan interest is deductible, with limits. The 2024 travel expenses per diem have been released. The IRS has stated it's pausing some audits for professional service businesses. Make sure you have a beneficiary listed on your retirement accounts. We are joined by Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex . He talks to us about raising funds for a large enterprise, how the sports complex has benefitted Delaware and it’s tourism...
Oct 23, 2023•30 min•Season 4Ep. 78
In this episode: New mandate requires some 1099s and W-2s to be e-filed in 2024. Home office depreciation may impact tax on home sales. Home interest deduction rules reviewed. Bonus depreciation changes may impact tax planning strategies. We also hear the story of Anthony Gignac, who portrayed himself as being a Saudi Prince to get all he could out of life, and everyone around him. Research from: "The Con" Season 1, Episode 5 "The Royal Con" Red-handed Podcast - Episode 303: Anthony Gignac: Prin...
Oct 06, 2023•27 min•Season 4Ep. 77
In this episode: How long should you really keep tax documents? C-Corp & 1040 tax deadline is 10/16/23. New beneficial ownership reporting starts on 1/1/2024. There will be steep penalties for noncompliance. We also talk to Lisa Ratliff and Shannon Mercer of The Little School. We hear about the school's long history, the fine line business owners have to walk between salary and revenue, and the very real issue of the childcare crisis and how it is impacting businesses in Delaware....
Sep 22, 2023•35 min•Season 4Ep. 76
In this episode: Talks of expanding Net Investment Income Tax. Simple IRA may be a good fit for your business. Extension of IRA catch-up contributions. Brokers have new digital sale reporting requirements. IRS is increasing interest rates. We are joined in the studio by George Dobbins, owner and trainer at CrossFit Dover , Delaware's first CrossFit Gym. He speaks of his evolution as a business owner, the importance of having the correct mindset and how his team is helping the youth of Dover, Del...
Sep 08, 2023•40 min•Season 4Ep. 75
In this episode: Avoid heavy penalties by disclosing any accounts you hold in other countries that total over $10,000. "Back door tax increase" created by new 401(k) catch-up contribution rule. Revocable Trusts: explanations and best practices. We also hear from Todd Stonesifer, President of The Moving Experience , a local real estate brokerage on how he's shaking up the real estate business. Todd is also the President of the Board of Directors for the Downtown Dover Partnership . He fills us in...
Aug 25, 2023•44 min•Season 4Ep. 74
In this episode: Continuing issues and scams with ERTC. Be vigilant for cyber-fraud attacks. Issues with inaccurate penalty notices. The IRS announces that they've lost tax documents.
Aug 11, 2023•26 min•Season 4Ep. 73
In this episode: Inherited IRAs - Different rules on distribution requirements. New IRS targets for LLCs and LLPs. Mortgage interest limitations on personal residence and secondary homes. New IRS scam arriving in the mail. IRS says they will no longer be conducting surprise on-site visits. We are also joined in the studio by Keith Adams , owner and operator of Vivids Video Productions in Seaford, DE. He talks to us about following your passions, the importance of overcoming things that cause dis...
Jul 28, 2023•27 min
In this episode: Withholding taxes from your IRA to cover estimated tax payments. Usings Section 179 instead of Bonus Depreciation. Retirement planning strategies for business owners. Employee Stock Ownership Plans (ESOP) - What they are and when they're a good fit. We also speak with Christopher Baker, P.E., President and CEO of George & Lynch, Delmarva's top infrastructure contractor. He speaks about the history of George & Lynch and what it takes to reach a business's 100-year anniver...
Jun 30, 2023•32 min•Season 3Ep. 70
In this episode: Top reasons to avoid paper filing a return (and avoid the backlogs at the IRS). The State of Delaware has issued more erroneous notices. A look into 1031: Like Kind Exchanges. We also hear the story of Rudy Kurniawan, the notorious wine counterfeiter, who captivated the wine world with his elaborate scam. He lived a luxurious life, charming collectors with his extensive wine knowledge. Using blending techniques and counterfeit labels, he sold fake wines at high-profile auctions,...
Jun 16, 2023•28 min•Season 3Ep. 69
In this episode: The IRS is still revealing plans for the $80B of Congressional support. We review what amended returns are and the current IRS processing timelines. The next due date for estimated taxes are June 15th. We discuss why timely estimated tax payments are so important. The possible add-back of Maryland State Taxes paid on Federal Returns. We also hear the white-collar crime story of Scott Tucker, a man who seemingly had no compassion for his fellow man. Scott opened several Payday Lo...
Jun 02, 2023•22 min•Season 3Ep. 68
In this episode: A review of clean property and energy efficient tax credits that are available now. Tax strategies and savings opportunities for hiring your children. HSA contribution limits are on the rise. Donations of vacation homes for charitable events are not tax deductible. We are joined by Todd Roselle, CFP, ChFC, the President and Founder of Blue Rock Financial Group. We discuss what business owners should be aware of, commonly overlooked tactics, and the importance of being consistent...
May 19, 2023•31 min•Season 3Ep. 67
In this episode: 1099K reporting changes may be on the horizon for 3rd party payment users. The electric vehicle tax credit has been updated. For full details, please read our blog article at Discover the Tax Benefits of Owning an Electric Vehicle on our website. Tax estimators are available on the IRS website to assist taxpayers in choosing the appropriate withholding amounts. IRS Tax Withholding Estimator Form 990 for nonprofits may be due by May 15th, 2023. IRS Notice CP2000 indicates a discr...
May 05, 2023•39 min•Season 3Ep. 66
In this episode: The IRS has released a 150-page blueprint for the $80B of approved spending. Last call for any 2019 returns with refunds to be filed. They must be filed by 7/17. Form 944 may be being eliminated for business filers. We also speak with Ritchie Thurman, President of Arbor Care Plant & Tur f. He discusses the importance of a good corporate culture, how to present your value to your customers and the need to present your knowledge in a concise and relatable way....
Apr 21, 2023•32 min•Season 3Ep. 65
In this episode: Tax Day is April 18, 2023 this year. A breakdown of Capital Gains, Like-Kind Exchanges and related strategies. Social Security wage base is on the rise. IRS penalties and interest are high if you don't pay by April 18th, regardless of extension status. We also hear the story of the "The Welfare Queen" Linda Taylor. Linda Taylor, notorious for defrauding the welfare system, was a woman of multiple aliases and faced numerous accusations of criminal activity. Her reputation as a we...
Apr 07, 2023•25 min
In this episode: Going on extension does not mean that you will be flagged for an audit. Remember that extensions are an extension of time to file, not an extension of time to pay. 529 Plan distributions can be used for educational costs other than college. The current administration is looking at increasing long-term capital gains and corporate tax rates. The rules for taxing unrealized gains at death. The stats for high-income earner tax rates. We are also joined by Tenish Gregory, Director of...
Mar 24, 2023•29 min
In this episode we discuss: The current rules for how using, trading and selling virtual currency is treated for taxes. How to report Charitable Distributions on your taxes. Beneficiaries of deceased taxpayers must withdraw all RMD before the end of the year. Foreign accounts must be disclosed to the IRS. There are penalties per form not filed. The Employee Retention Credit is under scrutiny by the IRS do to fraud. The IRS is still behind on payroll and amended returns....
Mar 11, 2023•27 min•Season 3Ep. 62
In this episode we discuss: Many tax credits and deductions are slated to end in the next few years without legislative changes. New rules allow for tax credits for additional types of electronic vehicles (EVs). The IRS has declared the 2022 tax stimulus payments as non-taxable. Three tax-prep companies have been accused of selling private client information. We also hear from Mandy Talley-Kaufman, owner of Th e Kritter Sitter a Pet Sitting and Transportation business that has been in operation ...
Feb 24, 2023•29 min•Season 3Ep. 61
In this episode we discuss: The IRS has hired 5,000 service operators. Find out how it may impact tax season. Form 1099K reporting requirements (for businesses that use 3rd party payment vendors such as Venmo and Paypal) for 2023. One-time charitable giving is allowed from IRAs for those under 59.5 years old without penalty for qualified circumstances. Bonus Depreciation starts to drop this year, falling to 80%. Find out what you should do to prepare. Depreciation caps on business vehicles has i...
Feb 10, 2023•31 min•Season 3Ep. 60
In this episode: We'll review the tax due dates you should be aware of for 2023. 1099s: Penalties are steep for not filing! Find out if you need to. We also hear from Mike and Jessica from Fifer's Orchards . They discuss the importance of listening to your customers and acting on their input, how they're continually evolving a business started in 1919, and the many facets of their family run farm and agritourism business....
Jan 27, 2023•45 min•Season 3Ep. 59
In this episode: Secure Act 2.0 has passed enhancing many retirement savings opportunities such as: New employees must be automatically enrolled in company savings plans, unless they opt out. There are new Catch-Up Contribution rules. The Required Minimum Distribution (RMD) has increased. Part-time employees are eligible to enroll in company saving plans sooner. Employers may provide retirement saving contributions to match what an employee is paying in student loan debt. Unused 529 Plan funds m...
Jan 13, 2023•33 min•Season 3Ep. 58
In this episode we discuss: Worker Classification: The IRS is still taking a hard look at the distinction between an employee and a contractor. Make sure you've identified your workers correctly. Passive Loss Rules : Know the rules of what you can claim from passive activities. 1099K new filing rule, which was going to require the issuing limit to drop to $600 or more, has been suspended. Omnibus Bill has been passed by Congress and is waiting the President's signature. Here details of how the S...
Dec 30, 2022•28 min•Season 2Ep. 57
