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The Jeff Trapp PodcastThe Real Estate Tax Trap Nobody Talks AboutThinking about investing in real estate to lower your tax bill? Not so fast. In this episode, Jeff Trapp of the Jeff Trapp Podcast breaks down a common misconception about real estate professional status and why it won’t automatically free up your old passive losses.Jeff also shares key tax planning reminders for 2025, what’s happening with tariffs and the economy, and how to stay focused on building your personal economy — no matter what the markets are doing.If you’ve been wondering how to actually use passive losses or what real estate professional status r...2025-04-1611 minThe Jeff Trapp PodcastHow Real Estate Investors Save on TaxesIn this episode of the Jeff Trapp Podcast, Jeff dives deep into the essentials of real estate investing and crucial IRS rules you must understand to maximize your tax deductions. Whether you're an active investor managing properties hands-on, or passively investing through syndications, funds, or REITs, Jeff breaks down the differences clearly and concisely. Learn how to qualify as a Real Estate Professional under IRS guidelines, understand key pitfalls investors often face, and discover proactive strategies to keep thorough records and documentation. This episode is a must-listen for anyone investing in real estate, particularly high-income earners looking for strategic...2025-03-2613 minThe Jeff Trapp PodcastSmart Tax Moves to Kickstart the New YearHappy New Year! In this episode of The Jeff Trapp Podcast, Jeff kicks off 2025 with key tax updates, including filing extensions for disaster-affected areas, the latest on beneficial ownership reporting, and crucial deadlines for the upcoming tax season.
If you’ve been affected by recent disasters in California or North Carolina, be sure to check out the IRS disaster relief updates at irs.gov/newsroom/tax-relief-in-disaster-situations.
Discover smart tax strategies, such as paying your kids tax-free, maximizing board meeting deductions, and taking advantage of the new mileage rates and retirement contribution limits. Jeff also shares in...2025-01-2211 minThe Jeff Trapp PodcastYear-End Tax Moves to Keep Cash in Your PocketIn this special December episode of The Jeff Trapp Podcast, Jeff wraps up 2024 with essential year-end tax planning strategies. As the holidays approach, discover how to turn ordinary business expenses into extraordinary tax savings, leaving you with extra cash to make this season even more special.
From prepaying business expenses and leveraging Section 179 deductions to buying equipment or vehicles, Jeff dives into actionable tips you can implement now. Learn how to maximize deductions, manage income recognition, and take advantage of bonus depreciation — all while setting yourself up for success in 2025.
If you’ve ever wondered how...2024-12-1108 minThe Jeff Trapp PodcastHow Trump's Victory Could Shake Up TaxesIn this episode of The Jeff Trapp Podcast, Jeff talks about the historic election of Donald Trump as the 47th President of the United States and its implications for tax policies. He discusses potential extensions to the Tax Cuts and Jobs Act and other key tax code provisions, as well as proposed changes requiring Congressional approval.
Jeff emphasizes the importance of proactive tax planning and offers strategies to help entrepreneurs save significant amounts on their taxes. Sponsored by The Tax Planning Pros, this episode is packed with insights to help you optimize your finances in light of...2024-11-1309 minThe Jeff Trapp PodcastJeff's Ultimate Guide to Tax Planning Season 2024In this episode of The Jeff Trapp Podcast, Jeff dives into the heart of tax planning season, offering actionable strategies to maximize your year-end savings. With the 2024 tax season quickly approaching, Jeff shares insights on essential moves you can make now to reduce your tax liability before the year ends. Whether you're a business owner, investor, or high-income earner, this episode provides valuable tips to ensure you’re not leaving money on the table.
Don't miss out on opportunities to save — book a call with our team today at https://www.thetaxplanningpros.com/contact-us and start planning for...2024-10-2316 minThe Jeff Trapp PodcastAvoid $10K in Fines with One Simple FilingIn this episode of The Jeff Trapp Podcast, Jeff explains everything you need to know about the Beneficial Ownership Information Report, a new requirement from the Financial Crimes Enforcement Network (FinCEN). If you own an LLC, corporation, or partnership, you could face daily fines of $500 or even prison time for non-compliance. Jeff breaks down who needs to file, when to file, and the steps to avoid costly penalties. Stay ahead of these critical changes and protect your business by ensuring you're meeting the latest filing requirements.
If you enjoyed this episode of The Jeff Trapp Podcast, don’t...2024-09-1809 minThe Jeff Trapp PodcastWhat Kamala Harris’s Bold Tax Plan Means for YouIn today’s episode of The Jeff Trapp Podcast, Jeff breaks down Vice President Kamala Harris’s new tax plan, highlighting potential changes that could impact both wealthy individuals and business owners. From proposed tax rate increases to estate tax revisions, Jeff explores how these policies might affect your financial planning and what steps you can take to protect your wealth.
If you’re serious about maximizing your tax savings, don’t miss out on this episode. Tune in for expert advice, share it with a friend, and subscribe to stay ahead of the curve on taxes, investme...2024-09-0411 minThe Jeff Trapp PodcastAvoiding Expensive Pitfalls in Early Retirement WithdrawalsIn this episode of The Jeff Trapp Podcast, Jeff Trapp from The Tax Planning Pros covers questions about withdrawing money from retirement accounts before age 59½, explaining the steep tax penalties involved and exploring exceptions like medical expenses, education costs, first-time home purchases, and more. He also discusses IRS code section 72(t) and other specific circumstances that allow for penalty-free withdrawals.
If you're considering early withdrawals from your IRA or 401(k), this episode is packed with valuable insights. Tune in for actionable advice and don't forget to like, share, and subscribe to the podcast!
If you'd l...2024-08-2812 minThe Jeff Trapp PodcastMust-Know 2024 Back-to-School Tax Strategies: Part TwoIn this episode of The Jeff Trapp Podcast, Jeff explores actionable tax strategies for covering your children's school expenses without breaking the bank. Building on last week’s episode about funding college education, Jeff delves into a powerful tax loophole that allows you to hire your kids in your business, pay them tax-free, and use those funds for essential school costs—whether they’re in elementary, middle, or high school.
Jeff also highlights the upcoming September 15th tax deadline for S corporations and partnerships, emphasizing the importance of early document submission to maximize deductions.
Tune in to...2024-08-2111 minThe Jeff Trapp PodcastMust-Know 2024 Back to School Tax StrategiesAs the back-to-school season kicks off, join Jeff Trapp on The Jeff Trapp Podcast to uncover the latest education tax strategies that can save you money. In this episode, Jeff dives into newly updated FAFSA rules, which introduce the "grandparent loophole," allowing grandparents to fund 529 plans without affecting financial aid. He also explores how leftover 529 funds can now be rolled into Roth IRAs tax-free, maximizing your savings.
Learn about key tax credits, such as the American Opportunity Tax Credit and Lifetime Learning Credit, and discover how these can significantly reduce your education expenses. Jeff also highlights the...2024-08-1509 min
The Jeff Trapp PodcastMust-Know 2024 Back to School Tax StrategiesAs the back-to-school season kicks off, join Jeff Trapp on The Jeff Trapp Podcast to uncover the latest education tax strategies that can save you money. In this episode, Jeff dives into newly updated FAFSA rules, which introduce the "grandparent loophole," allowing grandparents to fund 529 plans without affecting financial aid. He also explores how leftover 529 funds can now be rolled into Roth IRAs tax-free, maximizing your savings.
Learn about key tax credits, such as the American Opportunity Tax Credit and Lifetime Learning Credit, and discover how these can significantly reduce your education expenses. Jeff...2024-08-1436 minThe Jeff Trapp PodcastHow Investment Strategies Can Slash Your Tax BillsWelcome to The Jeff Trapp Podcast by The Tax Planning Pros! In this episode, Jeff Trapp dives into the recent economic volatility and anticipated interest rate cuts. Building on last week's discussion, Jeff explores various government incentives for business owners, investors, and individuals. Learn how to leverage investments in business, technology, real estate, energy, agriculture, insurance, and retirement savings to reduce your tax bill and boost economic growth. Don’t miss out on these valuable insights—tune in and discover how strategic planning can transform your financial future!
If you found this episode helpful, plea...2024-08-0713 minThe Jeff Trapp PodcastUltimate Insider Tax-Saving Strategies for High EarnersJoin Jeff on The Jeff Trapp Podcast as he dives into a common question from prospective clients: "How can I pay the least amount of tax possible?" In this episode, Jeff explores the various strategies that high net worth individuals can use to reduce their tax liabilities.
Whether you’re a W2 employee earning over $500,000, a small business owner with revenues ranging from a few hundred thousand to millions, or an investor, Jeff provides valuable insights into the tax code and how to partner with the government to take advantage of tax loopholes and in...2024-07-3113 minThe Jeff Trapp PodcastTaxes and Politics Part 3: Navigating Political TurbulenceThis week on The Jeff Trapp Podcast, join Jeff Trapp as he delves into the unprecedented political events that could impact your taxes. From President Biden stepping down to endorse Vice President Kamala Harris, to the assassination attempt on former President Trump, these events are shaking up the political landscape.
Jeff also discusses what these shifts mean for tax reforms, the economy, and your financial planning. Stay informed about the latest developments and learn strategies to keep more of your hard-earned money.
Tune in to this engaging episode packed with insights that could affect your...2024-07-2409 minThe Jeff Trapp PodcastTaxes and Politics Part 2: Trump's Tax ProposalIn this episode of The Jeff Trapp Podcast, Jeff dives into Former President Trump's tax proposal now that he is confirmed as the Republican nominee.
Join Jeff as he dive's into Trump's tax proposal while providing a detailed comparison alongside President Biden's tax plans, highlighting key differences and similarities. You'll also get a brief insight into Robert F. Kennedy Jr.'s unique tax stance.
Discover the potential impacts of these tax proposals on businesses and individuals, and what might lie ahead in the realm of U.S. tax policy. This episode offers an engaging discussion...2024-07-1713 minThe Jeff Trapp PodcastTaxes and Politics Part 1: Understanding Historical ShiftsIn this week's episode of The Jeff Trapp Podcast, host Jeff Trapp kicks off the first of a two-part series focused on the historical shifts in politics and taxes. Jeff delves into the history surrounding income taxation and the tax code, explaining how significant political events and wars have shaped tax policies in the United States.
He highlights the challenges in changing the tax code due to the need for consensus between the House, Senate, and Presidency.
This episode also sets the stage for next week's detailed comparison of the tax proposals from former President...2024-07-1013 minThe Jeff Trapp PodcastDeduct Your 4th of July Expenses!Join us for another round of The Jeff Trapp Podcast! As we gear up for the 4th of July, Jeff dives into one of his favorite holidays, filled with barbecues, fireworks, and family fun. Reflecting on our country's history, he explores the origins of taxpayer representation, highlighting events like the Boston Tea Party and their lasting impact.
In this episode, Jeff presents the nine types of taxes in the United States, from sales and sin taxes to property and payroll taxes. With his expert insights, you'll learn practical strategies to potentially make your summer festivities tax-deductible.
2024-07-0310 minThe Jeff Trapp PodcastHow to Deduct Summer Getaways as Business ExpensesJoin Jeff Trapp on The Jeff Trapp Podcast for an insightful episode about legally deducting summer getaways as business expenses.
Jeff discusses various rules and considerations you need to keep in mind to ensure your travel can be deducted, including what is "ordinary and necessary", the rules around overnight stays, as well as the primary purpose test. You'll also learn how meticulous record-keeping can safeguard your deductions and how to effectively plan for business travel that can include personal enjoyment yet qualifies for tax deductions.
If you found this helpful, please like, share, and subscribe...2024-06-1908 minThe Jeff Trapp PodcastWho Should Own a Vehicle: Business vs PersonalJoin Jeff Trapp on the Jeff Trapp Podcast, brought to you by The Tax Planning Pros, as he tackles a common client question: Should you buy a vehicle in your personal name or through your business? Inspired by recent client inquiries and current market conditions, Jeff dives into the tax implications, insurance costs, and financial considerations of purchasing a vehicle for your business versus personal use.
Jeff explains the pros and cons of each option, highlighting scenarios for sole proprietors, S corporations, C corporations, and LLCs. He covers crucial points like commercial auto insurance, loan complexities, and...2024-06-1209 minThe Jeff Trapp PodcastLaying The Foundations to Audit-Proof Your BusinessWelcome to The Jeff Trapp Podcast. This week, Jeff dives into the importance of summer tax planning. The Memorial Day Weekend was a great way to kick off the Summer, and now that summer is rolling in it is also the prime time to lay a strong tax foundation for your business.
Jeff then dives into recent developments, including the IRS hiring 87,000 new agents and how states like New York and California are using AI to track down taxpayers. Learn about the potential impacts of these changes and how to audit-proof your business.
Discover fascinating...2024-05-2908 minThe Jeff Trapp PodcastTax Strategies for High Net Worth Individuals and BusinessesIn this information-packed episode, host Jeff Trapp dives into tax strategies and planning for high income earners making over $500,000 per year. He shares alarming stats about how few Fortune 500 companies pay income tax and explains what the ultra-wealthy are doing differently.
Jeff outlines major upcoming tax law changes that will significantly impact those making over $500K, including the expiration of Trump tax cuts in 2025 and Biden's tax proposals. He then provides solutions, like implementing the right trusts and estate planning to protect generational wealth.
Using a client example, Jeff demonstrates how proper planning saved $1.8 million...2024-05-2211 minThe Jeff Trapp PodcastHome Office Deduction MythsIn this episode of the Jeff Trapp Podcast, Jeff discusses the commonly misunderstood aspects of the Home Office deduction and unlocks the myths surrounding this perplexing deduction. Understanding these deductions can save taxpayers significant money. Jeff also offers insights on legally maximizing your home office deduction and shares valuable tips for new and seasoned entrepreneurs working from home.
Jeff addresses many's hesitation with the Home Office deduction, often seen as a red flag by CPAs and tax preparers for increasing audit risks. He clarifies the risks and emphasizes the importance of not missing out...2024-05-1506 minThe Jeff Trapp PodcastBiden Unveils Controversial FY 2025 Tax Hike ProposalsIn this week's episode of The Jeff Trapp Podcast, Jeff analyzes new tax proposals from Joe Biden's 2025 FY budget proposal. He refers to a breakdown from the Tax Foundation on how the proposals could raise $2.2 trillion over 11 years through increases to corporate, investment, and individual income taxes.
Jeff covers major changes including increasing the corporate tax rate from 21% to 28%, expanding the net investment income tax from 3.8% to 5%, raising the top individual rate from 37% to 39.6% for incomes over $400k/$450k, taxing long-term capital gains as ordinary income for incomes over $1 million and more.
He then explains...2024-05-0810 minThe Jeff Trapp PodcastLooking Beyond April 15th with Tax PlanningWelcome to the "Jeff Trapp Podcast." Now that we've moved past tax planning season, Jeff is setting out to share insights on proactive tax planning as he aims to dispel common tax misconceptions and reveal opportunities for tax savings.
Unlike mere tax preparation, strategic planning can significantly improve financial outcomes, ensuring compliance and optimizing cash flow management for both individuals and businesses. Jeff also underscores the importance of consulting a tax strategist to implement a plan that aligns with your goals, potentially saving substantial amounts in taxes and avoiding unexpected bills.
To further explore the...2024-04-1706 minThe Jeff Trapp PodcastTaxes and Regulation: New Crypto Rules UnveiledDive into the future of finance with "The Jeff Trapp Podcast," where host Jeff Trapp unravels the complexities of new crypto tax reporting rules. With the IRS rolling out extensive regulations, the digital asset landscape is on the brink of significant change. These rules will impact digital asset trading platforms, payment processors, and wallet providers, imposing new tax reporting obligations that are crucial for compliance and strategic planning.
In this series, Jeff breaks down everything you need to know about the upcoming changes, from who qualifies as a digital asset broker to the specifics of what sales...2024-04-0306 minThe Jeff Trapp PodcastThe IRS's 2023 Dirty Dozen list (Part 1)Welcome to the Jeff Trapp Podcast, where host Jeff dives into tax planning with unmatched expertise and enthusiasm. In this special episode, the first of a two-part series, we explore the IRS's 2023 Dirty Dozen list. This annual list highlights the top scams the IRS warns taxpayers against, essential for anyone aiming to avoid tax pitfalls.
Jeff breaks down the first six items with clarity, covering everything from aggressive employee retention credit claims to phishing and smishing scams. Whether you're wary of scams or curious about the IRS's focus this year, this episode offers invaluable insights. Jeff's approachable...2024-03-2009 minThe Jeff Trapp PodcastNavigating S-Corp and Partnership Extension DeadlinesJoin Jeff Trapp on the Jeff Trapp Podcast for a crucial episode that every S-Corporation and Partnership owner must not miss. With the tax extension deadline looming on March 15th, 2024, Jeff breaks down the importance of filing your extension on time to avoid steep penalties that can reach up to $220 per month per partner or shareholder.
This concise yet informative session will guide you through the basics of filing an extension, highlight the potential financial repercussions of missing the deadline, and offer practical advice to ensure you're not leaving your hard-earned money on the table.
...2024-03-1304 minThe Jeff Trapp PodcastWealth Transfer Tax Strategies For Estate PlanningJoin host Jeff Trapp on a journey through the essentials of estate and tax planning. This week on The Jeff Trapp Podcast, we delve into the critical reasons why estate planning is indispensable for effective tax management, offering you straightforward, practical advice.
Learn how to reduce estate taxes, bypass probate, and implement strategies that benefit your beneficiaries' income tax situations. We cover everything from capital gains tax strategies to the nuances of the Generation-Skipping Transfer Tax and beyond.
Whether you're planning for your business's future or looking to make the most of lifetime gift exemptions...2024-03-0610 minThe Jeff Trapp PodcastLeveraging the Pass-Through Entity Tax CreditWelcome to the Jeff Trap Podcast, where we navigate the complex world of tax planning with ease and precision. Hosted by Jeff Trapp, a seasoned expert from the Tax Planning Pros, this podcast is a gold mine for business owners looking to optimize their tax strategies.
In a straightforward and business-friendly tone, Jeff breaks down the latest tax laws, deductions, and strategies, ensuring you're well-equipped to make informed decisions. Whether you're grappling with state income taxes or looking to understand the implications of the Tax Cut and Jobs Act, we've got you covered.
If you...2024-02-2806 minThe Jeff Trapp PodcastThe Core Foundations of Starting a BusinessDive into the world of entrepreneurial finance with "The Jeff Trapp Podcast." Hosted by Jeff Trapp, this podcast is a must-listen for anyone looking to start a business with a tax-savvy approach. Jeff breaks down the complexities of financial challenges that entrepreneurs face, such as underestimating startup costs, managing cash flow, and the importance of diverse revenue streams. He provides actionable advice on securing financing, planning for taxes, and avoiding common pitfalls like overexpansion and inadequate financial planning.
If you enjoyed this episode go ahead and like, subscribe, and share the podcast to help spread valuable insights...2024-02-2112 minThe Jeff Trapp PodcastMastering Tax-Advantaged Retirement PlanningIn this episode of the Jeff Trapp Podcast, Jeff delves into tax-advantaged retirement planning for self-employed individuals. He covers options such as Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and Traditional or Roth IRAs, highlighting their tax benefits and strategic importance for financial security. Jeff simplifies complex tax concepts, focusing on maximizing contributions and the impact of tax-deductible contributions on reducing taxable income and ensuring tax-deferred investment growth.
If you're enjoying these episodes, please like, subscribe, and share our podcast. Your support helps us deliver valuable insights to small business owners aiming for a financially secure future.2024-02-0713 minThe Jeff Trapp PodcastUnderstanding 1099 and Estimated Tax DeadlinesIn this essential episode of The Jeff Trapp Podcast, "Understanding 1099 and Estimated Tax Deadlines," listeners dive into crucial tax compliance topics for business owners. Jeff Trapp, the insightful host, focuses on the January 31st, 2024 deadline for filing 1099-NEC forms and the key aspects of managing taxes for independent contractors. He offers practical advice on electronic filing, managing foreign assistants or vendors, and the intricacies of state-specific requirements.
Furthermore, Jeff discusses the 2023 fourth-quarter estimated tax deadline, emphasizing the importance of timely payments to avoid penalties and interest. He provides valuable tips on cash flow management and how regular...2024-01-1009 minThe Jeff Trapp Podcast2024 Tax Planning KickoffWelcome to another episode of 'The Jeff Trapp Podcast,' where your host, Jeff Trapp, expertly navigates the ever-changing world of taxes and personal finance.
As we step into 2024, Jeff is committed to helping listeners start their year right by effectively managing their taxes and finances. The podcast features insightful discussions on the latest tax regulations, smart financial planning for business owners, and practical tips for optimizing personal wealth.
Each episode is a treasure trove of knowledge, offering guidance on utilizing tax credits, deductions, and strategic financial planning. Whether you are managing a business or...2024-01-0309 minThe Jeff Trapp PodcastCorporate Transparency Act Alert: $500 Daily Risk!Welcome to The Jeff Trapp Podcast, where valuable tax tips and insights into the business world meet relatable advice. This episode focuses on the Corporate Transparency Act, a critical development for business owners in 2024.
Jeff Trapp, seasoned tax strategist and founder of The Tax Planning Pros, delves into the complexities of this Act, aiming to alert listeners to mandatory reporting requirements that could significantly impact your business. The discussion is rooted in practicality, with a keen emphasis on avoiding hefty fines and staying compliant.
Throughout the episode, Jeff breaks down the Beneficial Ownership Information report...2023-12-2711 minThe Jeff Trapp PodcastLast Minute Depreciation Write-OffsIn the informative episode of The Jeff Trapp Podcast, "Last Minute Depreciation Write-Offs," host Jeff Trapp delves into the critical yet often overlooked topic of depreciation write-offs for year-end tax planning. As 2023 nears its end, the episode shines a light on the intricacies of section 179 expense and bonus depreciation, essential for savvy financial management.
Jeff skillfully breaks down the concept of depreciation write-offs, making it both accessible and comprehensive. He discusses a variety of assets, from office furniture to business vehicles, and illustrates how leveraging depreciation can lead to significant tax savings. This year's 80% bonus depreciation, set...2023-12-2006 minThe Jeff Trapp PodcastThe Power of Year-End Record KeepingIn this week's engaging episode of The Jeff Trapp Podcast, host Jeff Trapp offers practical advice for navigating year-end tax planning and financial management. With his easy-going and knowledgeable style, Jeff delves into the crucial aspects of record-keeping and financial strategizing that are often overlooked but vital for any business owner.
From insightful tips on organizing financial statements to the importance of reviewing accounts receivable and inventory, this episode is a must-listen for anyone aiming to make informed decisions about their business's financial health.
Jeff doesn't shy away from the less glamorous, yet essential, tasks...2023-12-1307 minThe Jeff Trapp PodcastTop Entity Structuring Tips for Year-EndToday on "The Jeff Trapp Podcast," Jeff delves into legal entity structuring, providing essential tips for business owners. He clarifies the intricacies of LLCs, C corporations, and S corporations, and their tax implications, underscoring the importance of selecting the appropriate legal entity and consulting a certified tax strategist.
This episode is particularly useful for those setting up new entities before year-end, with tips on optimal timing to maximize tax benefits. Jeff also discusses strategies to transform sole proprietorships into more tax-efficient entities, potentially offering substantial tax savings. Go ahead and tune in!
Loved this episode...2023-12-0609 minThe Jeff Trapp PodcastMastering Holiday Bash Tax Write-OffsIn this enlightening episode of the Jeff Trapp Podcast, Jeff delves into the complex world of tax deductions related to holiday parties. Perfect for business owners and finance professionals, this episode provides a comprehensive guide to writing off your holiday bash without running afoul of the IRS.
Jeff begins by emphasizing the importance of a clear business purpose for the party, outlining how it should primarily benefit employees and be directly related to your business activities. He then addresses the critical aspect of expense reasonability, cautioning against extravagant parties that might not qualify for full deductions.
2023-11-2906 minThe Jeff Trapp PodcastTrapp & Sandler: A Revealing Podcast ConversationWelcome to a unique episode of The Jeff Trapp Podcast! In this special edition, we're thrilled to share an exclusive treat with our loyal listeners. Dive into an engaging and insightful conversation as Jeff Trapp steps into the guest seat, interviewed by none other than Doug Sandler, host of The Nice Guys On Business Podcast. This episode is not just another interview; it's a journey through the realms of business, personal growth, and the power of connections. Doug, known for his compelling interview style, brings out the best in Jeff, delving into topics that resonate with entrepreneurs and dreamers...2023-11-2225 minThe Jeff Trapp PodcastMastering Chartitable Donation StrategiesEmbark on a journey through the season of thankfulness with Jeff in the latest Jeff Trapp Podcast episode on maximizing tax deductions through charitable giving. From understanding the nuances of donating to 501(c)(3) organizations, including churches and renowned charities, to navigating the complexities of non-cash contributions like clothing and furniture, Jeff unpacks it all. He doesn't stop there; explore the intricacies of gifting stocks, real estate, and even artwork, ensuring that listeners are equipped to make philanthropy not only a passion but a smart financial strategy.
Learn about the innovative donor-advised funds, a charitable giving tool that...2023-11-1509 minThe Jeff Trapp PodcastSide Hustle Tax Hacks UnleashedWelcome to the latest episode of The Jeff Trapp Podcast, where we gracefully navigate the vibrant world of side hustles and the gig economy. Jeff eloquently illuminates the intricacies of tax planning for those balancing W2 roles while passionately building their side hustle. Discover the stark contrasts in tax responsibilities between regular wage earners and entrepreneurial business owners, and learn how to optimize your earnings from popular side gigs, including Uber and DoorDash. Jeff emphasizes the essence of keeping precise records, breaks down deductible expenses, and helps his audience better understand the various business frameworks. With invaluable insights on...2023-11-0808 minThe Jeff Trapp PodcastMissing Real Estate Write-OffsJoin Jeff Trapp in this enlightening episode of the Jeff Trapp Podcast. Today's episode is focused on real estate tax-saving strategies. Whether listeners are homeowners, real estate investors, or simply curious, this episode offers a wealth of valuable insights. Topics include deductions, capital gains exclusions, and the criteria for qualifying as a "real estate professional" to maximize tax benefits.
We'll also delve into mortgage interest write-offs, the advantages of cost segregation for accelerated depreciation, and more. Then we'll touch on energy tax credits and the lucrative opportunities in investing in opportunity zones. For anyone...2023-11-0808 minThe Jeff Trapp PodcastTax-Smart Medical Deduction StrategiesIn the latest episode of Jeff Trapp Podcast, Jeff, delves into the intricacies of maximizing medical expense deductions. Listeners will be enlightened on the often-overlooked opportunities within tax laws that allow for significant deductions in medical expenses, which are a substantial burden for many.
Jeff uncovers the stipulations of itemizing tax returns to extract the most benefit, navigating through often confusing tax jargon to shed light on the threshold of 7.5% of adjusted gross income. He also shines a spotlight on Health Savings Accounts (HSAs) and the triple tax advantage they offer, alongside other alternatives like Flexible Spending...2023-11-0810 minThe Jeff Trapp PodcastIt's Go-Time for Tax Planning SeasonNavigating taxes can feel overwhelming, even for shrewd business owners. That's where "The Jeff Trapp Podcast" steps in, offering straightforward tax planning advice that keeps you on the right side of the law. Now that tax season's done, Jeff brings his expert insights to help you distinguish between tax evasion, tax avoidance, and strategic tax planning. What sets this podcast apart? Jeff dives into the tax topics that most shy away from, like where the line between aggressive tax strategies and evasion really is. Can you lower your taxes without causing alarm? Absolutely, and this podcast shows you how...2023-10-1809 minThe Jeff Trapp PodcastNavigating Credits and DeductionsIn our latest episode of The Jeff Trapp Podcast, Jeff dives deep into the world of tax credits and deductions, just in time for the looming tax extension deadline. He explains the key differences between the two, helping you understand how each can impact your tax bill. Whether it's the child tax credit, the residential energy-efficient property credit, or even lesser-known credits, Jeff offers a comprehensive overview to help you make informed decisions. But that's not all. Jeff also introduces some of the most popular tax deductions, from mortgage interest to charitable contributions, and how they can lower your...2023-10-1109 minThe Jeff Trapp PodcastCybersecurity in Accounting With Expert Tom WoolleyIn this riveting episode of the Jeff Trapp Podcast, host Jeff Trapp sits down with Tom Woolley, a cybersecurity expert with a unique perspective on the accounting industry. They delve into the pressing issue of cybersecurity, specifically focusing on the FTC Safeguard Rule and its implications for accountants and their clients. Tom shares alarming statistics, revealing that less than 20% of accounting firms are currently compliant with these new regulations. He also discusses the future of the accounting industry, predicting that smaller firms may face consolidation or closure if they can't meet the new cybersecurity standards. The conversation takes a...2023-10-0430 minThe Jeff Trapp PodcastBest Investments: The Insider's EdgeWelcome to The Jeff Trapp Podcast, where your host, Jeff, dives deep into the world of tax strategy, best investments, and business growth. If you're an entrepreneur or business owner navigating the volatile landscapes of the stock market, real estate, or even crypto, this podcast is your go-to resource. Jeff brings his expertise as a tax strategist to help you make sense of S-Corporations, partnership tax returns, and even tax extensions during natural disasters. But it's not just about taxes. Jeff explores the power of investing in yourself, whether it's through tax-deferred accounts, Roth IRAs, or the invaluable asset...2023-09-1311 minThe Jeff Trapp PodcastManaging Estimated Tax PaymentsIn this special installment of The Jeff Trapp Podcast, Jeff focuses on estimated tax payments, an essential topic as the corporate tax deadlines and third-quarter estimated payments for 2023 loom. Jeff goes into detail about the serious penalties that await S corps and partnerships that miss filing deadlines. But it's not just a warning; Jeff offers practical advice on how to accurately calculate your estimated taxes to avoid giving Uncle Sam more than he deserves. This episode is a must-listen for anyone looking to optimize their tax planning strategy, whether you're a business newbie or a seasoned entrepreneur. Alongside the...2023-09-0607 minThe Jeff Trapp PodcastThe Tax Free American DreamIn this enlightening episode of The Jeff Trapp Podcast, host Jeff Trapp delves into the intricacies of building long-term wealth and legacy for your family through strategic tax planning so that you and your family can live the American Dream. As part of the discussion he covers the types of strategies that can help you keep more of your hard-earned money including starting up Roth IRA's for children who work in their parent's business. He explains how this and other strategies can create the kind of sustainable wealth that leaves a legacy that can go on in perpetuity forever. In e...2023-08-3009 minThe Jeff Trapp PodcastQualifying For The Employee Retention CreditWelcome to The Jeff Trapp Podcast! If you're an ambitious entrepreneur or small business owner with a knack for maximizing opportunities, you're in the right place. Join Jeff as he breaks down the complexities of business and taxation in a refreshingly relatable manner. In this episode, Jeff delves into a crucial topic for business owners: the Employee Retention Credit. Are you getting those phone calls and letters about this credit? Wondering if your business qualifies? Jeff's got your back. He walks you through the qualification criteria, taking you from the COVID-19 pandemic's impact on gross receipts to the nitty-gritty...2023-08-2310 minThe Jeff Trapp PodcastContractors vs. Employees: Key IRS AspectsWelcome to the Jeff Trapp Podcast! In this episode, Jeff dives into a crucial question that plagues many business owners: How do you differentiate between contractors and employees for tax purposes? Delve into the distinctions that matter, such as control, tax withholding, benefits, and expense reimbursement. Jeff expertly guides you through the nuances, ensuring you stay compliant with evolving labor laws and tax regulations. Check it out now. Be sure to Like, Share, and Subscribe now to stay informed. For a close up and personal introduction be sure to inquire about our upcoming tax planning workshop. Simply send us...2023-08-1609 minThe Jeff Trapp PodcastMaking 'Back-To-School' Expenses Tax DeductibleIn the Jeff Trapp Podcast, host Jeff Trapp delves into tax strategies, especially with the back-to-school season in full swing. Many are unaware of the potential tax benefits tied to education, which is why Jeff sets out in this episode to break these down for his audience. Whether discussing the American Opportunity tax credit, which could grant eligible students a significant financial boost during their initial university years, or the lifetime learning credit that offers continuing students substantial deductions, Jeff has it covered. And for those managing student loans, or looking at 529 plans, Jeff highlights how each can be...2023-08-0908 minThe Jeff Trapp PodcastDemystifying Complex Business StructuresWelcome to this week's episode of The Jeff Trapp Podcast. In this episode, Jeff delves into the pulse of the current economy, discussing the Federal Reserve's latest moves, and assesses the potential market implications. With the summer season winding down, he provides a timely reminder about impending tax filing deadlines and offers critical advice on entity structuring.
Jeff stresses the importance of simplicity in managing complex tax structures and legal entities, imparting guidance for small business owners, those managing multiple businesses, and investors in diverse sectors like real estate and cryptocurrency. This episode is brimming with invaluable...2023-08-0210 minThe Jeff Trapp PodcastThe Best Overlooked Tax StrategyIn this episode of the Jeff Trapp Podcast, Jeff dives into one of his all-time favorite tax strategies that can save you a ton of money on taxes. Forget complex schemes and loopholes – the key to maximizing deductions and building long-term wealth lies in understanding your financial statements every month.
So in this round, Jeff shares real stories of clients who thought their bookkeepers had everything under control, but ended up missing out on significant tax savings. His aim is to help you better understand how a Chief Financial Officer (CFO) is crucial in strategically planning and ma...2023-07-2613 minThe Jeff Trapp PodcastBehind The Scenes With Jeff TrappIn the latest episode of "Behind the Scenes with Jeff Trapp," we get an exclusive look into Jeff's transformation from a teenage part-time employee at a pizza shop to a leading tax strategist and entrepreneur. Jeff shares intimate stories of his early encounters with taxation, his explorations into various professions, and the culmination of his experiences into establishing The Tax Planning Pros. He highlights the importance of strategic tax planning and his passion for aiding small business owners in navigating this crucial aspect of their business. This episode provides an insight into why The Tax Planning Pros was born...2023-07-1910 minThe Jeff Trapp PodcastHow Different Income Streams are TaxedIn the latest episode of "Jeff Trapp Podcast," Jeff dives into how different incomes are taxed. He explains that in the U.S., taxes are based on a progressive system where the tax rate increases with income, ranging from 10% to 37%, and varies depending on the type of income. For example, earned income (like salary or wages) is subject to multiple tax bracket rates. Jeff takes the discussion further providing an in-depth example of how this works. He also discusses how investment income like dividends, interest, and capital gains have different tax rates. Jeff emphasizes the importance of investing wisely...2023-07-1207 minThe Jeff Trapp PodcastAvoiding DIY Tax Planning PitfallsWelcome to the Jeff Trapp Podcast! In this episode, Jeff dives deep into the world of tax planning and the common mistakes that business owners often make when they attempt to go the DIY route. Drawing from his recent experience at a Mastermind event, where he engaged with 250 business owners during a lively Q&A panel, Jeff addresses a thought-provoking question for business owners: Can one effectively learn about tax strategies and handle tax planning on their own? While it may be tempting to try and tackle tax planning without professional guidance, Jeff cautions against this approach. He discusses...2023-07-0511 minThe Jeff Trapp PodcastUnraveling Entertainment DeductionsHey folks, welcome to the Jeff Trapp Podcast. We're thrilled that you're tuning in today. We’ve got a somewhat unusual episode lined up as we gear up for the holiday weekend and 4th of July celebrations. Freedom is in the air, and what better way to kick things off than discussing what you can and can't deduct as you partake in this holiday's festivities, be it on the road or at a BBQ? As we dive into this one, you will hear Jeff discuss how an IRS whistleblower claimed Hunter Biden, President Joe Biden's son, deducted payments at st...2023-06-2806 minThe Jeff Trapp PodcastWhy Venmo & Business Don't MixWelcome to the Jeff Trapp Podcast! In this episode, Jeff will discuss some really pesky issues surrounding cash accounts and payments. In particular, he'll explain how third-party apps like Venmo or Zelle for making payments or collecting cash are actually making way more work for you as well as your accountant. Besides explaining why you shouldn't use those apps, he offers an effective strategy for paying vendors in a way that will save time on tracking, and issuing 1099s to all those vendors at the end of the year. So if you would like to work smarter, not harder...2023-05-0307 minThe Jeff Trapp PodcastGo All In For The WinWelcome to the Jeff Trapp Podcast, where we bring the most beneficial tax strategies and financial topics to light weekly. In this episode, Jeff switches gears from the nitty gritty tax topics and offers an insight into the economy to inspire you to change your perspective and up your game. He offers real and in-depth viewpoints on what businesses and entrepreneurs can consider while building their businesses in the midst of a challenging economy. So, whether you're in a position in your business where you need to stay the course, or possibly pivot to stay in the game, or...2023-04-2609 minThe Jeff Trapp PodcastKey Financial Metrics For Your BusinessIn this round of The Jeff Trapp Podcast, Jeff focuses on the key metrics businesses need to track and how frequently they should do so. He explains why it is crucial to your financial health to know how much you are making versus how much you are keeping. He'll also explain why tracking metrics is imperative for any business owner with plans to reinvest back into their business and their personal lives. Then he delves deeper into the discussion covering the most critical areas within your business that you need to track regularly, including gross and net income expenses...2023-04-1209 minThe Jeff Trapp PodcastHealth Care Write-Offs for Small BusinessesIt's a pleasure to have you join us on the Jeff Trapp Podcast today. If you are wondering about healthcare write-offs check out this episode now. Jeff covers a wide variety of healthcare expenses that are deductible, as well as some that aren’t. His topics include shared ministry health care, doctors, dentists, surgeons, non-traditional doctors, nursing care, acupuncture, behavioral healthcare, specific ailments, medical procedures, OTC medications, and more. If you’re looking for more deductions tune in now. Don’t forget to like, subscribe, and share. Please join us on April 04, 2023, at 11 AM CT for our masterclass, 7 Tax Tips T...2023-03-2910 minThe Jeff Trapp PodcastBanking Crisis Explained
There has been a lot of chaos in the economy in the past few weeks. Two banks failed, Signature Bank and Silicon Valley Bank, as well as Europe's own banking failures. However, the reason why they failed isn't quite what you may expect. So, this week on The Jeff Trapp Podcast, Jeff discusses what exactly is going on, what it likely means, and what you can do to better insulate yourself against economic ups and downs. Make sure to tune in if you're worried about these bank failures, and would like to know how to best navigate the situation...2023-03-2213 minThe Jeff Trapp Podcast2023 Business Meal Deduction UpdatesIn this episode of the Jeff Trapp Podcast, Jeff discusses how the Meal & Entertainment Deduction has changed for 2023. As of this year, the Meal and Entertainment Deduction is no longer 100% deductible. Instead, these types of deductions are limited to 50%. Additionally, entertainment is no longer deductible. Nevertheless, you may still be able to deduct 100% of your meals in certain cases. Therefore, Jeff will explain the meal deduction for 2023 and provide examples of how you can get bigger deductions from certain meal expenses. He’ll also provide some important caveats to avoiding getting into the IRS crosshairs when using these types of...2023-03-0810 minThe Jeff Trapp PodcastGetting Ready For Tax Season 2023Today, on The Jeff Trapp Podcast we're bringing the latest tax season news and updates most important to business owners as we move move into March. Along with these tax deadline updates we also cover important news for business owners located in disaster areas. From here on out Jeff dives right into trending tax news and topics that are otherwise likely to catch many unsuspecting business owners off guard. Some of the key topics he covers include the latest news relating to the hiring of the 87,000 IRS employees, such as plans to enforce regulations on cryptocurrency, compliance, and more...2023-03-0112 minThe Jeff Trapp PodcastWhen a Business Entity Makes SenseThe New Year is still young, and there are a lot of things to think about for your business. This is why we're talking about business structuring on this episode of the Jeff Trapp Podcast. In regards to this topic, there is one burning question that we get asked repeatedly. The question is whether to form an LLC or an S-Corporation. Immediately following that question is how do I determine the ideal time to form a business entity. These are both excellent questions. So in this round, Jeff guides his listeners through an exercise designed to help them understand...2023-02-2211 minThe Jeff Trapp PodcastCommon Business Expenses You Are Missing Out OnThis time of year is full of love, both from the IRS, and because it's the week of Valentine's Day. And boy does the IRS love you during tax season. This is even more true when you don't deduct all of your expenses and instead end up paying bigger tax bills than was necessary. So today on The Jeff Trapp Podcast, Jeff will cover some of the most common business expenses that many small business owners overlook. We know by the sheer volume of business owners who come to us for help with reducing their taxes that there's a...2023-02-1509 minThe Jeff Trapp PodcastDriving Into The New EV Tax CreditThe Jeff Trapp Podcast is breaking down another fantastic tax strategy from the Inflation Reduction Act. Join Jeff as he discusses the new Electric Vehicle Tax Credit introduced this year. In addition to explaining how the credit works and what makes it different from the last Electric Vehicle Tax Credit, he also outlines who is eligible to receive it. Further, if you're wondering about the Used Electric Vehicle Tax Credit we’ve got you covered in todays episode. Check it out now. Like, subscribe, and share our podcast to stay in the loop. You can also learn more about ta...2023-02-0109 minThe Jeff Trapp Podcast2023 Energy Tax Credit OpportunitiesWelcome to The Jeff Trapp Podcast. Jeff is working on bringing more tax deductions and credits to the table for Tax Season 2023 so that business owners like yourself can reduce their high tax bills. So in this episode Jeff will explain how you can take advantage of excellent tax benefits when making energy-efficient improvements to your real property. Topics covered include the Business Energy Investment Tax Credit, retroactively increased solar panel tax credits, and Electric Vehicle Solar Charger Tax Credit. This is one you won't want to miss. If you would like to stay in the loop, please like...2023-01-2511 minThe Jeff Trapp PodcastWhat to be on the lookout for in 2023Today on the Jeff Trapp Podcast we are bringing you a jam packed episode. So, whatever you're doing right now, stop and take some time to listen to Jeff discuss the tax changes we’ll be seeing here in 2023. For instance, there is the Inflation Reduction Act that passed in August of 2022. Its purpose is to curb inflation, but it also bolstered the IRS with 80 billion dollars. So now we’re also looking at a beefed up IRS department with the funding they need to enforce tax laws. That means the IRS will have more resources to better scrutinize more...2023-01-1807 minThe Jeff Trapp Podcast2023 Top Trending Tax UpdatesGreetings and welcome to the Jeff Trapp Podcast. In today’s episode, Jeff focuses on tax law changes that you need to be aware of here in the new year. He shares how you can successfully deal with the changes to standard mileage rates and the standard deduction rate. He also discusses important tax deadlines and forms you'll need to be aware of over the next 30 days. We hope you are finding these and our other topics helpful. To stay up to date, like, subscribe, and share our podcast. If you liked what you heard, you can also sign up...2023-01-1107 minThe Jeff Trapp PodcastCreating Cash Flow In The New YearThe Jeff Trapp Podcast wishes you a happy new year! We hope you are focusing right now on new goals, new hopes, and new plans to make 2023 as exciting and fulfilling as possible. While we're discussing New Years resolutions, take a listen as Jeff helps you understand why tax planning is one of the best ways to increase cash flow. It is especially important for any business owner who has had a successful year and is making plans to remain the same or expand despite a looming recession, inflation, higher interest rates, or a downturn in the economy. So...2023-01-0413 minThe Jeff Trapp PodcastHow the 20% business deduction worksThe Jeff Trapp Podcast is winding down its year-end tax savings series with one more excellent tax strategy to help you save tens of thousands of dollars in taxes. In this episode, Jeff discusses Section 199A Qualified Business Income Deduction. This 20% deduction strategy provides you with a 20% deduction just for owning a business. This is all thanks to The Tax Cuts and Jobs Act back in 2018, which included this as a provision. Despite income thresholds and other requirements, this is an excellent tax deduction strategy to help you seriously reduce your taxes. If you own a business and are...2022-12-1411 minThe Jeff Trapp PodcastHiring Your Elves for Year-End Write OffsOnce again, welcome to The Jeff Trapp Podcast. We hope you have been enjoying our Year-End Tax Planning Series for 2022. It's hard to believe we're nearly done with this series. We hope you're enjoying learning about all the ways you can reduce your taxes. As we're right in the thick of the winter holidays, Jeff is walking through some great strategies for hiring your elves, otherwise known as your children. Whether your children are over 18 or under 18 there are indeed great strategies for hiring them. Not only can hiring provide income to your children, but it can also provide...2022-12-0708 minThe Jeff Trapp PodcastYear-End Retirement Tips You Need NowGreetings and welcome to the Jeff Trapp Podcast. Tune in as Jeff discusses yearend retirement planning. Why retirement? Because the reality is that the clock is always ticking. We aren't getting any younger. The clock just continues ticking towards retirement, but also towards the end of the year. Moreover, you need to take steps now to get your retirement deduction before the year closes. In addition, if you haven't already set up your retirement plan and you are looking to do just that, it's crucial to do so before the year ends. And before you tune in, you may want...2022-11-3008 minThe Jeff Trapp PodcastThe Benefits of Gratitude and CharityHappy Wednesday before Thanksgiving from The Jeff Trapp Show. Not only are we thankful that you’re checking out our podcast, but we also hope you've had the opportunity to tune in weekly to Jeff's year-end tax write-off series. If you missed out or you’re new here, we encourage you to go back and check them out before the year truly comes to a close. However, today we want to shift our focus to the power of gratitude since Thanksgiving week is the ideal time to demonstrate the benefits of being grateful. So, let’s dive in and discus...2022-11-2308 minThe Jeff Trapp PodcastThe Best Year-End Stock Portfolio StrategiesFor the last several weeks The Jeff Trapp Show has been running a last-minute year-end tax strategy series to help business owners discover how to reduce their taxes before the year ends. In this episode, Jeff will unpack some excellent stock portfolio strategies that you can use to reduce your taxes before 2022 comes to a close. As we all know, the stock market is very volatile at this time, and there have been many changes. In addition, there will likely still be some good and bad days ahead. You might even be able to capitalize on these good and...2022-11-1613 minThe Jeff Trapp PodcastYear End Health Care Write OffsTaking care of your health is essential, but it can also be a significant expense that, if handled properly, can turn into a great year-end write-off. In this episode of The Jeff Trapp Podcast Show, Jeff will explain how to lower your overall taxable income using year-end healthcare strategies as well as medical reimbursement strategies. Just keep in mind that It will be essential to consult with a tax professional to properly document and implement this or any other tax strategy. If you’re still looking for more tax planning strategies check out our Tax Savings Master Course. Use th...2022-11-0910 minThe Jeff Trapp PodcastLast Minute Section 179 Expense Write-OffsOn The Jeff Trapp Show, Jeff will discuss ways to maximize additional write-offs and deductions before December 31st in our ongoing year-end tax savings series. Generally, if you have a growing business, your net profits will be higher, which means that your taxable income will be higher. Perhaps you are also investing in real estate and growing your investment portfolio. Moreover, you may be expecting higher income this year than last year, or higher income this year than next year. Reasonably so, you may be worried about ending the year with higher taxes if you don’t do something no...2022-11-0208 minThe Jeff Trapp PodcastPrepaying Expenses For Bigger DeductionsOn today's Jeff Trapp Show, Jeff discusses the safe harbor rule that allows you to prepay your expenses before the year ends. You may not know it, but It is entirely possible to prepay many expenses in advance and thereby end the year with more write-offs. So, if you're still looking for more ways to reduce your tax bill before the year ends, tune in to hear why this strategy could be a great way to reduce your taxes. We'd love to also have you join us for our upcoming LIVE webinar where we'll share more tax strategies to...2022-10-2608 minThe Jeff Trapp PodcastUnderstanding The Benefits of Tax PlanningTax planning season has begun. If you were thinking you were finished with taxes, we have news for you. Tax planning isn’t like tax preparation. It's not something you do once a year but the tax savings can be phenomenal compared to tax preparation alone. Most importantly, to make the most out of tax planning season you need to get started now. So, in this episode of the Jeff Trapp Show, Jeff peels away the confusion about tax planning and explains how it can be very lucrative for small business owners like yourself. Listen now to discover how tax...2022-10-1910 minThe Jeff Trapp PodcastHow To Avoid Paying Capital Gains TaxesThis round of The Jeff Trapp Show is all about paying no taxes when you sell an asset. Jeff will be sharing tax-free capital gains, what you can do to offset capital gains, and getting tax-free capital gains from inherited assets. So if you’re looking for some ideas on how to pay no taxes this is absolutely the episode for you. Listen now to get the 411 on how to avoid paying capital gains taxes. Don’t forget to like, subscribe, and share to get in on our latest tax tips. If you’d like to get in on more t...2022-10-1208 minThe Jeff Trapp PodcastSelling Your Home Tax-FreeThis week, the Jeff Trapp Podcast Show unpacks how you can avoid capital gains when selling your home. Here Jeff explains the Principle Residence Exclusions incentive, as well as strategies that you can use should your gain on the sale of your property exceed the incentive's exclusion amount. If you’re planning to sell your home take some time to discover the different strategies available to you to reduce your tax liability. Check it out now, and don’t forget to like, subscribe, and share to get in on our latest tax tips. If you’re serious about reducing your t...2022-10-0509 minThe Jeff Trapp PodcastWhy is the IRS interested in my cryptocurrency?Do you invest in cryptocurrencies? Are you wondering if it needs to be reported to the IRS? In this episode of the Jeff Trapp Podcast Show, Jeff clarifies key questions regarding the IRS's interest in cryptocurrency and its taxability. For example, there is a question found on the 1040 that asks "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?" This one baffles many cryptocurrency investors. And as you may or may not know, there are times when you want to answer yes to this question, and other times...2022-09-2810 minThe Jeff Trapp PodcastHow Tax Deferred Exchanges WorkJoin The Jeff Trapp Podcast Show today as Jeff gets into the nuts and bolts around real estate investing Strategies while covering the 1031 exchange. Although it can be a more complex strategy to implement it is often a great tool for those who are engaged in real estate investing. If you’d like to know what it takes to defer taxes when you sell a property to a buyer and buy another property make sure to tune in to this episode. Be sure to check out our Tax Savings Master Course. We’ll even take off 75% when you register at h...2022-09-2110 minThe Jeff Trapp PodcastTips to stay out of the IRS Audit TrapRecently the White House made the decision to beef up the audit department of the IRS with an extra $80 billion as a part of the Inflation Reduction Act of 2022. In light of this news, many small business owners are now worried that they could be targeted by the IRS. So for this round of The Jeff Trapp Podcast, Jeff shares vital tax tips and strategies that business owners can use to stay out of the $80 billion dollar audit trap. Knowing how to better protect your business will position you to better avoid and in a worst-case scenario survive an...2022-09-0708 minThe Jeff Trapp PodcastBiden's Student Loan Forgiveness ProposalLast week we had breaking news out of Washington about student loan debt forgiveness. Yet, many questions were left unanswered surrounding this news. So, today on The Jeff Trapp Podcast, Jeff will break down the new proposal, discuss who’s going to pay for it, and how it could potentially affect your business. You'll want to make sure you get in on this one because there is quite a bit to consider here. Also, don’t forget to subscribe, like, and share to stay up to date on this tax tip and more. Be sure to also check out our Tax...2022-08-3110 minThe Jeff Trapp PodcastLet's Talk Real Estate Investment Write-Off'sStill, confused about real estate investments? Do you have any questions about whether or not you can write any part of them off? Then be sure to check out this week's episode of The Jeff Trapp Podcast. In this episode, Jeff covers some crazy tax write-offs for real estate investors. In other words, if you are thinking about investing in Real Estate, or if you are already investing in Real Estate, this episode will answer many of your questions about what you can or can’t write off.
Be sure to also check out our Tax Savings Mas...2022-08-2407 minThe Jeff Trapp PodcastAre We In A Recession?Join us for The Jeff Trapp Podcast, where Jeff will cover the economy and dive deeper into the GDP decline, the risk of a recession, or whether we are already potentially in one despite what you’re hearing in the public or virtual square. You’ll also gain some insights into surviving and thriving during a recession. If you think something smells fishy with the economy you may be right. So, go ahead and check out this week's podcast and make sure you like, share, subscribe, and review it.
Are you enjoying these tax tips? Check out our...2022-08-1707 minThe Jeff Trapp PodcastIRS Small Business Audit ExpansionIn this jam-packed episode of The Jeff Trapp Podcast, Jeff piggybacks off of the last episode "Inflation Reduction Act Explained." This time around he'll cover the new bill and how the government plans to raise revenue through small businesses by increasing IRS audits. To say that this bill may potentially deliver quite a stinger to many small businesses is an understatement. Whatever you do, don't skip out on this podcast even if you think it doesn't affect you. Tune in now to discover more about what it does and how you can be prepared should you be targeted.
2022-08-1008 minThe Jeff Trapp PodcastInflation Reduction Act ExplainedInflation is currently affecting everyone. In June, inflation jumped to 9%. This has resulted in us spending more than last year on our purchases. Software costs are rising, wages are rising, and everything is generally going up. As a result of rising inflation, Senator Joe Manchin and Senate Majority Leader Chuck Schumer recently announced a reconciliation agreement known as the Inflation Reduction Act of 2022 on July 27th. So this week The Jeff Trapp Podcast sets out to discuss rising inflation and how this new bill could affect your taxes. If you're worried about rising inflation or how this bill could...2022-08-0311 minThe Jeff Trapp PodcastTax Law Update: Bonus DepreciationToday Jeff Trapp, founder of The Tax Planning Pros, shares changes happening with the Bonus Depreciation when 2022 comes to an end. The Bonus Depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets rather than writing them off over the “useful life” of the asset. Eligible assets that qualify for Bonus Deprecation for example are machinery, computer software, and automobiles. If you’re hoping to maximize your tax savings and were thinking about making a purchase, listen to learn what you need to be doing and why you ma...2022-07-2707 minThe Jeff Trapp PodcastWhat is Tax Planning?Many business owners are convinced that tax planning and tax preparation achieve the same results. In spite of this misconception, tax planning which takes place throughout the year can reduce taxes more effectively than waiting until taxes are due. In this episode, Jeff Trapp founder of The Tax Planning Pros unravels the nuances of tax prep vs tax planning while providing true-to-life examples and outcomes to help you better grasp why tax planning is the optimal choice for maximizing your tax savings.
Enjoying these tax tips? Check out our tax savings master course. Get 75% off with the...2022-07-2013 minThe Jeff Trapp PodcastTax-Free College Money for KidsAs a business owner, there are tax strategies that you can use to provide tax-free income to your kids as a way of covering college expenses. So, today on The Jeff Trapp Podcast, Jeff covers smart ways that you can provide tax-free funds, or in other terms shift income towards your kids who are in or planning to attend college. Tune in to find out if this solution could be a game-changer for your family.
Enjoying these tax tips? Check out our tax savings master course. Get 75% off with the discount code PODCAST2022 when you sign up...2022-07-1307 min
The Jeff Trapp PodcastMake Summer Camp Tax Deductible. Hire Your Kid's!Do your kids constantly complain that they are bored? Well, why not put them to work for your business. Yes, you can legally hire your children who are under 18 years old. This week Jeff Trapp, the founder of The Tax Planning Pros and father of five boys, discusses the tax strategies you can tap into to put your minor children on payroll. Discover why this can be a great tax strategy, and how it can help you reduce your taxes while providing a great opportunity for your children.
Enjoying these tax tips? Check out our tax savings ma...2022-07-0611 minThe Jeff Trapp PodcastHangry From Missing Meal Deductions?Planning to golf and lunch with a friend or colleague to tee up for a business venture and wondering how you can deduct the outing as a business expense rather than eating the cost? Well good news, Jeff covers the do’s and don’ts for business meals, including what you can and cannot deduct, what qualifies for a 50% or 100% deduction and all the ins and outs of deducting a business meal in this podcast. If you enjoyed the episode and are looking for more ways to reduce your taxes get 75% off of our tax savings master course with the code...2022-06-2910 minThe Jeff Trapp PodcastCreating Cash Flow With Your Car ExpensesTrying to figure out the best way to deduct your vehicle expenses? Here, Jeff Trapp explains the different routes you can take when it comes to vehicle expenses and provides examples of how each strategy can work in your favor. Tune in to hear which could work best for your situation.
UPDATE: Since this podcast was recorded the IRS has updated its mileage rate to 62.5 cents per mile beginning July 1, 2022.
To track your mileage you can get 50% off a QuickBooks Online at https://quickbooks.grsm.io/jefftrapppodcast.
Get 75% off of our tax savings m...2022-06-2210 minThe Jeff Trapp PodcastUnpacking Road Trip Write-OffsSummer is a great time to take a vacation. Maybe you're wondering if you can deduct a family vacation or a vacation with friends as a business expense. On today's podcast, Jeff reveals what qualifies as business travel, who you can take a deduction for, as well as other examples for taking the business travel deduction that you may not have considered before. Make sure to tune in, you won’t want to miss this one. Get 75% off of our tax savings master course with the code PODCAST2022 when you sign up at https://www.taxsavingsmastercourse.com/
The Jeff Trapp po...2022-06-1507 min
The Jeff Trapp PodcastBuild Your LegacyIntroducing your host, Jeff Trapp, tax advocate and founder of The Tax Planning Pros. Tune in to listen as he shares his passion and mission to help business owners like yourself scale and grow faster so that you can change the way you think about your taxes, your businesses, your wealth, and your legacy while being profitable. Get 75% off of our tax savings master course with the code PODCAST2022 when you sign up at https://www.taxsavingsmastercourse.com/
The Jeff Trapp podcast is sponsored by The Tax Planning Pros which helps entrepreneurs save $15K-$100K plus each...2022-06-0808 min