Filing taxes can be a stressful time for many individuals and businesses. With the deadline approaching, it's easy to feel overwhelmed and unprepared. However, a solution can alleviate some of that stress: filing a tax extension . In this episode, we'll explore the value of filing a tax extension and how it can benefit taxpayers. We'll discuss how an extension can give you more time to gather necessary documents, review your tax return, and avoid costly mistakes. We'll also delve into some commo...
Apr 06, 2023•20 min
On this week's episode of Teaching Tax Flow: The Podcast, we have two special guests back with us: Heidi Henderson and Stacy Deru from Engineered Tax Services . Join us as we dive into the exciting world of Research & Development credits and learn how these credits can benefit innovative companies throughout the United States. Many can take advantage of R&D credits from tech startups to established businesses to boost their bottom line and aid in their continual growth. Heidi and Stacy w...
Mar 30, 2023•23 min
During this episode, we'll discuss the importance of choosing the best tax professional for your specific needs. We'll dive into the importance of assessing the elements that make them the best fit, such as technology for communication and file sharing, client data security, tax prep style, and much more. Additionally, we'll highlight some things to watch out for. Better know the “red flags”. By the end of this episode, you’ll be equipped with the necessary knowledge to make an informed decision...
Mar 23, 2023•21 min
In this episode, we sit down with Scott Maurer of Advanta IRA to discuss Self-Directed Individual Retirement Accounts (IRAs). Scott has over a decade of experience in the self-directed retirement industry. In this episode, he shares his expertise on the basics of Self-Directed IRAs, the types of investments you can make with them, and how they differ from traditional IRAs. We start by asking Scott to explain a Self-Directed IRA and how it differs from a traditional IRA. He goes on to explain tha...
Mar 16, 2023•23 min
In this episode, we dive into what we consider PIGs, how they work, and why they are essential for building long-term wealth. We'll discuss different types of Passive Income Generators and how they are part of a rock-solid tax strategy. By the end of this episode, you will better understand PIGs, how to create passive income, and how to start hunting them down to build your own portfolio. Let’s be honest; we couldn’t resist dropping in a few pig jokes.
Mar 09, 2023•24 min
In this episode, we spotlight the market in Fort Walton Beach, Florida, with our guest, Heather Blatz. Heather is a seasoned real estate professional with years of experience in the local market. She provides insights into the growth and development of the area and how it has impacted the housing market. We discuss the investment opportunities available in Fort Walton Beach, including the various types of properties available and the potential for appreciation. Heather shares her expertise on th...
Mar 02, 2023•28 min
In this episode, we're going to discuss a concept that can transform the way you approach your personal and professional life: building your personal board of directors. Just like a company has a board of directors to provide guidance and support, you can also create your own board of advisors who can offer valuable insights, advice, and accountability. These individuals can come from various backgrounds, including family members, friends, mentors, colleagues, and industry experts. We'll dive in...
Feb 24, 2023•22 min
In this episode, we are joined by Heidi Henderson and Stacy Deru from Engineered Tax Service as we discuss the Employee Retention Tax Credit (ERTC). The ERTC is a significant credit offered to businesses to mitigate some of the damages caused by the COVID-19 pandemic. However, not all businesses are eligible for this credit, and it's crucial to understand the criteria that need to be met for this credit. We take a deep dive into the ethical qualification of the ERTC and discuss the specific crit...
Feb 16, 2023•26 min
In this episode, we jump into the basics of home office deductions and what you need to know to get started. We'll review the IRS requirements for claiming home office deductions, including the two main methods for calculating your expenses: the simplified method and the actual expense method. We'll also discuss the eligibility criteria for claiming home office deductions, such as the requirement that your home office must be used exclusively and regularly for business purposes. Additionally, we...
Feb 09, 2023•22 min
In this episode, John Tripolsky (VP of Marketing) and Nate Hamil (VP of Member Engagement) delve into the driving forces behind TTF. They share their personal journeys that led them to join the TTF team and provide insights into the team's efforts to create a comprehensive ecosystem of tax knowledge and endless resources. With a focus on bringing clarity and confidence to individuals relating to taxes, this episode offers plenty of exciting teasers of what's to come for TTF members. Get ready to...
Feb 02, 2023•35 min
In this episode, we'll be diving into the topic of the gig economy. You may have heard the term thrown around, but what exactly is the gig economy, and who are the people that make it up? Whether you're a gig worker yourself or just curious about this growing trend, this episode is for you. Tune in to learn more about this topic and just how important it is to know ways your tax situation may be impacted. Episode Sponsor: Strategic Associates (Roger Roundy) / www.strategicag.net / (801) 641-2956...
Jan 26, 2023•21 min
It’s not always detrimental when an IRS notice (Love Letter) hits your mailbox. Beyond having the courage to open the envelope RIGHT AWAY, some strategies can be deployed to keep Darth Vadar (the IRS) out of your nightmares and further dipping into your piggy bank. With some significant changes coming to the IRS regarding hiring, they have now been armed with funding to increase their bandwidth drastically. What does this mean for you and other taxpayers? In this episode, the well-respected and ...
Jan 19, 2023•25 min
Ever wonder if it’s really worth your time hosting a garage sale? Did you know that you can potentially utilize gambling losses to decrease your personal federal taxable income? In this episode, we discuss a question asked by a member of Teaching Tax Flow. Listen to this conversation before scrambling to collect all those 2022 donation slips from your desk drawer and vehicle glove box. *** JUST LAUNCHED *** A private Facebook group (Defeating Taxes) was built for our audience and members. Check ...
Jan 12, 2023•20 min
How important is obtaining and maintaining Real Estate Professional Status (REPS )? The simple answer in most cases is VERY much so. Listen to this great episode as Kirsten Limmer, Founder of REPStracker joins us to discuss what drove the development of their app and how to best track the time spent managing your properties. If you’re not logging your time, you will want to after this. In doing so, the tax benefits can be out of this world! Want a discount on REPStracker? https://repstracker.com...
Jan 05, 2023•21 min
Well, that’s a wrap for 2022. However, it’s NOT too late for you to take advantage of some year-end tax strategies. This diagnosis is by far the most underutilized of those we’ve discussed in the past few episodes. Here are a few notes to mention regarding a Gold Diagnosis: These can be done in 2023 and still count for 2022 Basic and relatively easy to execute in the next few days! Our favorite is a Section 529 Plan Contribution (which can be done rapidly) The higher your MTR, the more you will ...
Dec 29, 2022•16 min
Is your current marginal tax rate (MTR) higher than your future projected rate? In this episode, we discuss our favorite color (purple) but also how this type of year-end strategy may be overused by some individuals. Without giving away all the details, we dive into Tax Deferral. Who doesn’t like the sound of that? Don’t forget, and be ready for our final color-coded diagnosis (Gold) episode on the books for next week. Visit www.teachingtaxflow.com/podcast to share your episode ideas....
Dec 22, 2022•16 min
We’re back at it with year-end strategies. This week we jumped into what makes up a green diagnosis (roughly 20% or lower MTR), which is commonly the lesser known to many taxpayers. Listen closely as we convince Chris to disclose his favorite green diagnosis tax prescription for year-end. Over the next two weeks, as we wave goodbye to 2022, we will cover each final diagnosis (Purple and Gold). Also, be sure to listen back to episode 8, when we covered a red diagnosis. Visit www.teachingtaxflow.c...
Dec 15, 2022•16 min
With the New Year around the corner, we begin our dive into the Teaching Tax Flow color-coded diagnoses. In this episode specifically, we discuss a Red Diagnosis , which commonly pairs with a year-end tax strategy for someone currently or projecting to be, in a higher marginal tax rate (MTR) of 25% and above. Remember, this is perfect for an IMMEDIATE one-time tax deduction. Listen in and be ready to execute. We will be covering the other diagnoses (Green, Purple, and Gold) over the next few wee...
Dec 08, 2022•20 min
Will you be paying Uncle Sam more or less in the future? While our superpower of knowing exactly what is going to happen is down for maintenance at the moment, we DO know that you hold the power on how much you may be stroking a check for. Listen in and own your tax strategy. Visit www.teachingtaxflow.com/podcast to share your episode ideas.
Dec 02, 2022•19 min
It pays, literally, to have a solid lending partner lined up before and during the search for any investment properties. To drive home the importance of this role a lender fulfills, Brenna M. Carles, The Mortgage Shop CEO and Co-Founder, joins us to talk all things QM (Qualified Mortgages) and DSCR (Debt Service Coverage Ratio). Whether your Teaching Tax Flow diagnosis is Red, Purple, or Gold, understanding your lending options is critical. The Mortgage Shop: www.mortgage.shop Visit www.teaching...
Nov 23, 2022•21 min
Is it really as direct as it sounds? Are you familiar with the little-known Wash Sale Rule? We’re creeping up on the end of the year and there is still limited time to execute this strategy. Of course, it’s important to be aware of when it makes sense and what limitations may be present in your situation. IRS 2021 Publication 550 (REF: page 56) Visit www.teachingtaxflow.com/podcast to share your episode ideas....
Nov 17, 2022•19 min
Tune in for a Panama City Beach, Florida real estate market update with our friend Crystal Ball (yes, that is her legal name) of Investors Gone Wild. Her insight on what to look for and what's hot in the area is key to your next property search. Investors Gone Wild (Crystal Ball): www.investshortterm.com www.facebook.com/InvestorsGoneWildRealty Visit www.teachingtaxflow.com/podcast to share your episode ideas....
Nov 10, 2022•18 min
Capital Gains Tax causes many to shed tears at the mere sound of it. Obviously, there are rules and strategies around avoiding having to cut a check for this after the sale of a property. Did you know there are options beyond rolling directly into another property? Listen in and grab your notepad. Your MASSIVE tax savings answers are just beyond this play button. Visit www.teachingtaxflow.com/podcast to share your episode ideas....
Nov 03, 2022•20 min
Listen in as we discuss single-member LLCs (Limited Liability Companies) from a tax perspective. Do you really need one? What do they offer? Is it worth it? Sometimes it is a perfect fit for your business or investments. Other times, it may not be since there are no federal tax advantages for forming an LLC. Crank up the volume and grab the notepad. Here's a no-fluff overview of forming an LLC. Visit www.teachingtaxflow.com/podcast to share your episode ideas....
Oct 25, 2022•14 min
Are tax rates high now? Will they increase in 25 years? We don't know but it may be time to break the mold in your tax strategy. One of our more common requests is to compare the differences between tax-free and tax-deferred strategies. In this episode, we jump right into our gold diagnosis, tax-free and growth. Listen in for some knowledge nuggets on these strategies, what they consist of, and a high-level discussion on how to plan their implementation. Visit www.teachingtaxflow.com/podcast to ...
Oct 20, 2022•17 min
Welcome to Teaching Tax Flow. In this brief introduction, we're diving into the background of TTF and the mastermind behind it, Chris Picciurro, CPA, MBA, PFS, ARA. After countless conversations and some fresh air, we're now launching this weekly podcast. Our recording calendars are scheduled, mics are on, and we're ready. Visit www.teachingtaxflow.com/podcast to share your episode ideas we can squeeze in.
Oct 18, 2022•6 min
