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Tax BlueprintsEpisode 22 - Maximizing Retirement Contributions: A Guide for Business Owners to SEPs, SIMPLEs, and 401(k)sWelcome to this informative episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA and Personal Financial Specialist at Rohr & Associates. Today's discussion is an essential guide for business owners looking to optimize their retirement planning. Whether you're self-employed, running a small business, or at the helm of a larger enterprise, this episode is packed with valuable insights into the world of retirement contributions. Key Points Covered: SEP IRAs: Dive into the specifics of Simplified Employee Pension Individual Retirement Arrangements (SEP IRAs), ideal for self-employed individuals or small business owners. Understand the 2023 and 2024 contribution...
2023-11-1711 minTax BlueprintsEpisode 21 - Maximizing Philanthropy & Minimizing Taxes: A Deep Dive into Donor-Advised Funds and Charitable BunchingIn this episode of Tax Blueprints, host Daniel Rohr, CPA and Personal Financial Specialist, unpacks the complexities of charitable giving strategies that not only boost your philanthropic impact but also offer tax advantages. Whether you've recently come into a large sum of money or are simply looking for smarter ways to give, this episode has something for everyone. We delve into Donor-Advised Funds (DAFs) and Charitable Bunching, two strategies that are especially beneficial for high-income earners looking to maximize tax efficiency. Through easy-to-understand examples, we demonstrate how these charitable strategies can significantly reduce your federal tax liability...
2023-09-2908 minTax BlueprintsEpisode 20 - Auto Expense Deductions Unveiled: Maximizing Tax Savings for Business OwnersWelcome to another enriching episode of Tax Blueprints, hosted by Daniel Rohr, a veteran CPA and financial planning guru at Rohr & Associates, a top-tier CPA firm in California. In today's discourse, we meticulously unravel the complexities of auto expenses as they relate to business tax deductions—a topic inundated with questions and often shrouded in ambiguity. Whether you're a business owner who frequently hits the road for work, or an entrepreneur making an investment in a new vehicle, understanding the labyrinthine rules surrounding auto expenses is paramount for optimal tax savings. In this episode, Daniel dissects the tw...
2023-09-2205 minTax BlueprintsEpisode 19 - Navigating the Complex World of FBARs and Foreign Asset ReportingWelcome to another informative episode of Tax Blueprints, hosted by Daniel Rohr, a seasoned CPA and financial planning expert at Rohr and Associates, a leading CPA firm in California. In today's episode, we explore the ins and outs of Foreign Bank and Financial Accounts Reports (FBARs)—a crucial yet often overlooked requirement for U.S. taxpayers with international financial interests. Whether you are a U.S. citizen living abroad, a resident alien, or a U.S. resident with foreign assets, understanding FBAR requirements is crucial to avoiding hefty penalties. We dive into the specifics of who is re...
2023-09-1509 minTax BlueprintsEpisode 18 - Navigating the Maze of Business Entities - From Sole Proprietorships to CorporationsJoin Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, and the managing shareholder of Rohr & Associates, as he simplifies the intricate decision-making process involved in selecting the most advantageous business structure for your situation. In this enriching episode, Daniel leverages his years of expertise in tax minimization and financial planning to guide you through an in-depth exploration of Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), S Corporations, and C Corporations. Whether you're an established business veteran, a budding entrepreneur, or an individual contemplating freelance ventures, this episode aims to equip you with the critical information needed...
2023-09-0810 min
Profitable Home Services PodcastHow the Power of Financial Literacy Can Transform a BusinessEver wonder about the true importance of financial literacy in business? I had an enlightening conversation with Ellen Rohr, president of Zoom Drain Franchise LLC, about just that. One key takeaway - never ignore your numbers. Understanding them can make the difference between just getting by and truly thriving. In this episode, we discussed: Discussion on the challenges of starting a podcast and the importance of perseverance Importance of financial literacy and the role of accountants in helping entrepreneurs understand their numbers and improve profitability Ellen's experience in the plumbing industry...
2023-09-0649 minTax BlueprintsEpisode 17 - Unpacking the Power of Depreciation: Strategies to Maximize Your Tax SavingsJoin Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, as he breaks down the intricate world of asset depreciation. From land improvements to commercial properties, discover how to minimize your tax liabilities. Daniel digs into the IRS guidelines, explaining types of depreciation like Bonus and Section 179, and showcasing an in-depth example that highlights the incredible tax-saving power of proactive planning. Whether you're a seasoned business owner or an individual eyeing financial stability, understanding how depreciation impacts your fiscal health is essential. Learn about the Modified Accelerated Cost Recovery System (MACRS), its advantages over the straight-line method...
2023-09-0111 minTax BlueprintsEpisode 16 - Unlocking the Power of Educational Savings Accounts: A Deep Dive into 529s, Coverdells, Roths, and MoreWelcome to another insightful episode of 'Tax Blueprints', hosted by Daniel Rohr, a distinguished CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we unravel the complexities of various educational savings accounts, including 529 accounts, Coverdell ESAs, Roth IRAs, and more, under the lens of the transformative Secure Act 2.0. Unlock the potential of 529 accounts as a double tax-advantaged vehicle designed specifically for educational expenses. Learn about its flexibility in changing beneficiaries and the significant tax benefits it provides. Explore the recent amendments under the Secure Act 2.0 that allow for rollovers to Roth IRAs, thereby mitigating the risks...
2023-08-2609 minTax BlueprintsEpisode 15 - Securing Your Children's Future With A Roth IRAWelcome to another enlightening episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we explore the lesser-known but incredibly powerful concept of establishing a Roth IRA for children. As a tool typically associated with adult retirement planning, a Roth IRA can also be a strategic investment for securing your children's financial future. Learn about the specific rules, the benefits of early contributions, and how the account can grow to astonishing amounts by retirement age. Moreover, discover how hiring your child in your business works...
2023-08-1806 minTax BlueprintsEpisode 14 - Demystifying the Annual Gift Tax Exclusion: Strategies and ImplicationsJoin Daniel Rohr, CPA and managing shareholder of Rohr and Associates, as he delves deep into the world of the annual gift tax exclusion. This episode sheds light on the intricacies of the gift tax for 2023, the potential benefits of the 529 College Savings Plan, and the complexities of gifting assets like stocks and real estate. Whether you're thinking about passing on legacies or supporting loved ones, understanding these tax implications is vital. From the subtleties of basis and mortgages to advanced estate planning techniques like the Qualified Personal Residence Trust (QPRT), this episode is packed with valuable...
2023-08-1112 minTax BlueprintsEpisode 13 - Unraveling the Lifecycle of a Living Trust in California In this episode of Tax Blueprints, Daniel Rohr, managing shareholder of Rohr & Associates, untangles the complex intricacies of the lifecycle of a living trust in California. Journey with Daniel as he elucidates the concept of living trusts, their set-up, the type of assets that should go into them, and those that shouldn’t. Get the answer to commonly asked questions about incorporating S-Corp shares and partnership interests into living trusts, and understand the delicate yet pivotal QSST or ESBT elections needed to maintain the S-Corporation status. The episode doesn’t ju...
2023-08-0410 minTax BlueprintsEpisode 12 - Demystifying Section 754: Navigating Partnership Tax ElectionsIn this episode of Tax Blueprints, Daniel Rohr, managing shareholder at Rohr and Associates, takes a deep dive into one of the most complex provisions in the Internal Revenue Code - Section 754. This tax provision allows partnerships to adjust the basis of property when a partner's interest is transferred due to a sale or death, leading to a more accurate reflection of fair market value at the time of transfer. Using simple, relatable examples, Daniel breaks down the intricacies of a Section 754 election and related sections, such as Section 743(b) and Section 755. Whether you're a partner selling...
2023-07-2808 minTax BlueprintsEpisode 11 - Section 1202: The Hidden Gem of Tax Code - A Deep Dive Into Qualified Small Business StockIn this episode, our host, Daniel Rohr, a seasoned CPA, Personal Financial Specialist, and Enrolled Agent, unravels the intricacies of Section 1202 of the Internal Revenue Code, a little-known but powerful tax incentive designed to encourage investments in qualified small businesses. Daniel delves deep into the concept of Qualified Small Business Stock (QSBS) and breaks down how investors can potentially exclude a significant portion of their capital gains from taxation. He discusses how QSBS works, provides tangible examples, and outlines both the stockholder and issuing corporation level eligibility requirements that must be satisfied to claim the exclusion.
2023-07-2206 minTax BlueprintsEpisode 10 - Navigating Real Estate Taxation: Passive Activity, Active and Material Participation, and BeyondWelcome to the comprehensive guide to real estate taxation rules and rental property activities! "Navigating Real Estate Taxation: Passive Activity, Active and Material Participation, and Beyond" demystifies complex terms like 'passive activity', 'active participation' or 'material participation', explaining their significance and implications in the world of real estate ownership. Our podcast elucidates the critical tax laws enacted under the Tax Reform Act of 1986 and breaks down the Passive Activity Loss rules. Delve into the intricacies of offsetting income from passive activities and understand the tax benefits and implications of active participation in real estate rental activities.
2023-07-1410 minTax BlueprintsEpisode 9 - Unveiling the Qualified Business Income Deduction: A Deep Dive into Tax Minimization StrategiesIn this episode of "Tax Blueprints," Daniel Rohr, CPA/PFS, EA, M.S. Tax decodes the complexities of the Qualified Business Income (QBI) deduction. Established as part of the Tax Cuts and Jobs Act in 2017, the QBI deduction can prove to be a critical tool for eligible self-employed individuals and pass-through business owners in their tax planning toolkit. Join Daniel as he demystifies the detailed income thresholds, limitation conditions, and potential strategies to maximize this tax benefit. Whether you're a business owner striving for tax efficiency or an individual planning a secure retirement, this episode arms you...
2023-07-0712 minTax BlueprintsEpisode 8 - Unlocking Real Estate Wealth with 1031 Exchanges - A Comprehensive GuideIn this episode of Tax Blueprints, Rohr CPAs' premier podcast, managing shareholder Daniel Rohr, CPA, PFS, EA, breaks down the intricacies of 1031 exchanges—a century-old, but often misunderstood tax strategy that can provide significant benefits for real estate investors. From clear-cut examples illustrating how to defer capital gains tax on investment properties to exploring the transformation from an LLC partnership to a tenancy in common (TIC) ownership for 1031 qualification, Daniel provides a deep dive into the world of 1031 exchanges. Discover how to navigate complex reverse exchanges and gain insights into the role of Qualified Intermediaries in...
2023-06-3012 minTax BlueprintsEpisode 7 - Navigating Home Office, Vacation and Below Market Rentals: An Insight into Section 280AIn today's episode of "Tax Blueprints", we are cutting through the complexities of one of the most important yet misunderstood tax topics for homeowners, landlords, and home-based businesses: Section 280A of the Internal Revenue Code. Daniel Rohr, your reliable CPA/PFS, EA, M.S. Tax, delves into the intricacies of this tax code section, shedding light on its impact on deductions related to home office use and rental activities. Kicking off with the home office deduction, we untangle the difference between the regular and simplified calculation methods. Using real-world examples, we walk you through each approach, revealing...
2023-06-2310 minTax BlueprintsEpisode 6 - Balancing Act: S-Corporations, Self-Employment Taxes and Your RetirementOn today's episode of "Tax Blueprints", we're dissecting an often misunderstood yet crucial tax topic that affects small businesses and self-employed professionals: S-Corporations and Self-Employment Taxes. S-Corporations can be an exceptional tool for minimizing Self-Employment taxes, particularly when compared to business structures like Sole Proprietorships and Partnerships. Daniel Rohr, your trusted CPA/PFS, EA, M.S. Tax, breaks down the tax structure for these entities and illustrates the significant difference it makes to your bottom line. Using an engaging example, we simplify this complex concept, showing how operating as an S-Corporation can yield significant tax...
2023-06-1608 minTax BlueprintsEpisode 5 - Unmasking Phantom Income: Understanding its Impact and Navigating Tax ImplicationsIn this episode of "Tax Blueprints", we dive deep into the world of "phantom income," a complex yet crucial concept for anyone dealing with taxation. We tackle the ins and outs of phantom income, exploring its appearance in various situations such as imputed income, depreciation recapture, debt forgiveness, profit shares from partnerships and S corporations, and non-cash benefits. Our host, Daniel Rohr, CPA/PFS, EA, M.S. Tax, provides real-world examples to demystify these abstract concepts, making them easier to grasp. We also navigate exclusions and exceptions, exploring topics like Section 108 of the Internal Revenue Code, the American Rescue...
2023-06-0914 minTax BlueprintsEpisode 4 - IRA 101: Navigating the Intricacies of Traditional and Roth IRAsIn this episode of Tax Blueprints, 'IRA 101: Navigating the Intricacies of Traditional and Roth IRAs,' we delve deep into the workings of Individual Retirement Accounts (IRAs). We explore the differences between Traditional and Roth IRAs, discuss contribution limits, income qualifications, and explain how the 'basis' in an IRA impacts taxability of distributions. You'll learn about penalties for early withdrawal and exceptions to these rules. We then walk you through the backdoor Roth IRA strategy and how you can roll IRAs into 401ks. Unpack the concept of Required Minimum Distributions (RMDs), understand the tax benefits of Qualified Charitable Distributions...
2023-06-0214 minTax BlueprintsEpisode 3 - Unraveling the Tax Code: Understanding Cost Segregation Studies and the Grouping ElectionIn this episode of "Tax Blueprints", we delve into the intricate world of cost segregation studies and the implications of the 'grouping election' under Treasury Regulation 1.469-4(c). Join Daniel Rohr as he illuminates these complex tax strategies, explaining how they affect your business's tax obligations and providing real-world examples. If you're a business owner or real estate investor seeking to optimize your tax position, this is an episode you won't want to miss. Tune in to learn how these strategies could benefit your bottom line and empower your financial decision-making.
2023-05-2608 minTax BlueprintsEpisode 2 - Unlocking Tax Savings: Exploring Net Unrealized Appreciation (NUA) in Retirement and Estate PlanningJoin us in this epidose of "Tax Blueprints" with another insightful episode, this time delving deep into the world of Net Unrealized Appreciation (NUA). Daniel explores the ins and outs of NUA, a strategic tax concept that can offer substantial advantages in retirement and estate planning. Learn about the potential tax benefits of utilizing NUA, how it could lower your retirement tax liability, and its significant role in estate planning. Daniel also discusses the specific criteria and regulations to qualify for NUA, making sure you understand it's not a one-size-fits-all strategy. Tune in for a comprehensive guide on making...
2023-05-1906 minTax BlueprintsEpisode 1 - Understanding Health Savings Accounts (HSAs): Requirements, Basics & Investment OpportunitiesJoin us in this episode of 'Tax Blueprints' as our host, experienced CPA Daniel Rohr, unravels the intricacies of Health Savings Accounts (HSAs). This podcast provides a comprehensive understanding of HSAs, exploring their triple tax benefits, eligibility criteria, contribution limits, and withdrawal rules. Daniel also delves into how HSAs can serve as a potent tool for long-term savings and investment, offering a unique perspective on their role in retirement planning. Whether you're new to HSAs or you've been using one for years, this episode is designed to provide valuable insights and practical tips to help you maximize your HSA's...
2023-05-1209 min