The Jeff Trapp Podcast

Welcome to The Jeff Trapp Podcast. In this episode, Jeff unveils essential tax strategies for those who are running out of time to file their taxes, emphasizing the power of filing a tax return extension and making smart estimated tax payments for 2024.

Tune in to discover how to avoid penalties and interest by strategically combining your extension and first quarter payments, ensuring you keep more of your hard-earned money.

For more tax tips like, share, and subscribe, then go download your free Tax Playbook by visiting https://go.thetaxplanningpros.com/.

Dive 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 must be reported. Whether you're deeply invested in cryptocurrency or just starting to explore digital assets, this podcast is your go-to source for navigating the evolving tax requirements.

If you are enjoying these episodes please like, subscribe, and share "The Jeff Trapp Podcast." Plus, don't miss out on optimizing your tax strategy—get your free copy of our Tax Playbook at https://go.thetaxplanningpros.com/. Equip yourself with the knowledge to navigate the new tax landscape confidently.

Dive into the final chapter of our 2-part series "The IRS's 2023 Dirty Dozen List" on the Jeff Trapp Podcast. As the April 15th deadline approaches, we're tackling the last six scams on the IRS's watchlist, from social media misinformation to schemes targeting high-income earners.

Discover the risks of following tax advice on platforms like TikTok and Instagram, and learn about the new cybersecurity threats facing tax professionals. We'll also debunk the myths surrounding offer in compromise mills and their promises to settle tax debts for pennies on the dollar.

This episode is packed with essential insights to safeguard your finances and navigate tax season with ease. Whether you're filing for yourself or your business, you'll find actionable advice to avoid falling victim to these sophisticated scams.

Be sure to like, subscribe, and share to help others stay informed.

Ready for even more tax-saving tips? Grab your free copy of our Tax Playbook at go.thetaxplanningpros.com.

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 guidance makes complex topics engaging and manageable.

We hope this podcast enhances your tax knowledge and helps you better protect yourself against scams. Please like, subscribe, and share with others who could benefit from this episode.

To discover deeper tax planning strategies, grab your free copy of our Tax Playbook at go.thetaxplanningpros.com. Let's navigate the tax season together with confidence.

Join 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.

Whether you're scrambling last minute or just need a reminder, this episode is a must-listen for business owners looking to navigate tax season with ease and confidence. Don't let penalties eat into your profits; tune in to safeguard your business's financial health.

Enjoying these episodes? Show your support by hitting that like button, subscribing to our channel, and sharing this content with your friends and colleagues. Ready to elevate your tax strategy? Secure your FREE copy of The Tax Playbook today! Just visit go.thetaxplanningpros.com and discover the secrets to maximizing your savings.

Join 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, this podcast provides clear insights without the jargon. If you're interested in making informed decisions that ensure efficient asset distribution and tax benefits for your estate and loved ones, this is the podcast for you.

Remember to like, subscribe, and share to stay updated with actionable tax planning insights.Like, subscribe, and share The Jeff Trapp Podcast for more direct and practical estate and tax planning advice.

Visit https://go.thetaxplanningpros.com/ to discover our tax playbook tailored for those who appreciate straightforward, effective planning strategies.

The Jeff Trapp Podcast – Empowering you through clarity and simplicity in tax planning and beyond.

Dive 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. Then grab up a copy of our complimentary Tax Playbook at go.thetaxplanningpros.com to start saving on taxes like the ultra-wealthy business owners do.

In 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 tax payments can prevent unexpected tax bills, aiding in more effective financial planning.

This episode is a concise yet comprehensive guide for anyone navigating the complexities of tax filings and seeking to remain compliant while optimizing their financial strategies.

Thanks for tuning in! If you find this episode insightful, remember to like, subscribe, and share it with fellow business owners. For more detailed tax strategies, check out our free Tax Playbook at https://go.thetaxplanningpros.com/.

Welcome 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 self employed, Jeff's expertise provides valuable insights and actionable advice.

I sincerely encourage you to like, subscribe, and share the podcast. Spread the word among business owners and those passionate about finance. Your support helps extend our reach and impact. Remember, "The Jeff Trapp Podcast" is more than just a series of episodes; it's a journey towards financial empowerment in 2024. Let's embark on this journey together!

Want to reduce your taxes like the ultra-wealthy do? I highly recommend checking out our comprehensive Tax Playbook at go.thetaxplanningpros.com. This invaluable resource is filled with advanced strategies and tips for achieving financial growth and efficiency.

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, a critical component of the Act, and outlines the potential penalties for non-compliance. His approachable, business-savvy style makes complex tax topics accessible to all business owners, whether you're a seasoned entrepreneur or just starting out.

Don't just listen; take action! Like, subscribe, and share this podcast to get valuable tax strategies and business insights. Your support helps us bring more valuable content your way.

Plus, here's something exciting for you! Visit us at https://go.thetaxplanningpros.com/ to grab your complimentary copy of our Tax Playbook. It's your opportunity to learn the strategies the wealthy use to stay ahead of the curve financially​​.

In 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 to decrease in the coming years, is a focal point, highlighting the urgency for businesses to act now.

Going beyond basic tips, the episode offers strategic advice for business owners planning major purchases, showing how timing and informed decisions can positively influence taxable income and reduce tax liabilities.

Moreover, Jeff explores cost segregation studies for real estate, a tactic to expedite depreciation and boost tax savings.

If you're looking for last minute tax breaks, this episode is a must-listen before the year ends. If you find this episode helpful, please like, subscribe, and share.

For more tax tips and strategies be sure to grab up Tax Playbook at go.thetaxplanningpros.com. It's packed full of strategies that the ultra-wealthy use to significantly reduce their taxes.

In 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 such as keeping track of receipts, invoices, and bank statements. His approach simplifies what can often feel overwhelming, making it accessible even for those new to the world of tax planning. The episode also highlights the significance of evaluating financial performance to aid in setting a realistic and growth-oriented budget for the coming year.

For those inspired by this episode and seeking to delve deeper into optimizing their tax strategy, I invite you to check out our Tax Playbook at https://go.thetaxplanningpros.com/. Discover how you can lay a solid foundation for growth and scalability in 2024.

Today 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? Awesome! Don't forget to hit like, subscribe, and spread the word. And hey, why not grab your free tax consultation right here: https://go.thetaxplanningpros.com/schedule-a-call

To discover more savvy tax tips check out our free Tax Playbook. It's packed with easy-to-follow advice for smarter tax planning. Download it now and start making smarter tax moves today: https://go.thetaxplanningpros.com/

In 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.

Understanding who to invite is crucial, and Jeff clarifies the IRS's stance on guest lists, suggesting that it's safer to limit attendees to employees and their immediate families. He also discusses the ideal locations and venues for such events, stressing the need for a reasonable and appropriate setting. The episode further delves into the exclusivity of the event, recordkeeping practices, and the nuances of entertainment expenses.

Don't forget to like, share, and subscribe to our podcast for more insightful episodes. Want to start reducing your taxes like the ultra-wealthy? Then be sure to get your free copy of our tax playbook by visiting https://go.thetaxplanningpros.com/.

Welcome 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 alike. They discuss the challenges and triumphs of the business world, share personal anecdotes, and offer valuable insights that you won't find anywhere else.

As a listener of The Jeff Trapp Podcast, you're accustomed to hearing Jeff's thoughts and advice. This time, experience a different side of him, as Doug Sandler uncovers layers of wisdom and experiences. Whether you're a long-time follower or new to our community, this episode promises to enlighten, inspire, and entertain.

Join us for this special crossover episode – a testament to the power of collaboration and the sharing of knowledge. It's more than just a podcast; it's a celebration of ideas and the unifying power of conversation. Don't miss out on this exclusive content, specially curated for you, our valued listener.

If you found value in our conversation today, don't forget to like, share, and subscribe to our podcast. Your support helps us bring more insightful and valuable content your way!

And while you're at it, take your financial savvy to the next level with our Tax Playbook⁠. It's packed with strategies and tips to help you navigate the world of taxes with confidence: https://go.thetaxplanningpros.com/

Embark 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 allows for creative tax planning and might fundamentally change how you approach your donations.

This episode is brimming with expert insights tailored for those aiming to couple their charitable instincts with practical financial benefits.

If you enjoyed this deep dive into strategic generosity, don't forget to like, subscribe, and share this podcast with others who might benefit. Together, we can make smart tax planning a part of our charitable efforts. Need more tax strategies before the year ends? Make sure to pick up your copy of our Tax Playbook to steer your finances with certainty. Visit us at https://go.thetaxplanningpros.com/ to get your copy today.

Join 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 interested in optimizing their tax strategy in the realm of real estate, this round is not to be missed.

If you find value in this episode, please like, subscribe, and share it with your network. For more in-depth tax planning strategies, don't miss the chance to get your hands on our Tax Playbook. It's filled with tax secrets of the elite that you won't want to miss. Visit our website to grab your copy: https://go.thetaxplanningpros.com/

In 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 Accounts and Health Reimbursement Arrangements, while emphasizing their use for both employers and employees.

This resourceful podcast ensures that listeners are equipped with actionable knowledge to make savvy decisions around health-related expenditures.

As we wrap up another episode full of insightful tax tips, we'd like to invite you to like, share, and subscribe to our podcast. Your support helps us bring you the best tax planning advice to keep more money in your pocket.

If you're ready to uncover even more tax strategies and reduce your tax bill like the ultra-wealthy do visit us at https://go.thetaxplanningpros.com/ to claim our exclusive complimentary Tax Playbook.

In 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 taxable income. He even touches on some of the more obscure credits and deductions that you might not be aware of, giving you an edge in your tax planning strategy. If you found value in this episode, I'd appreciate it if you could hit the like button, subscribe, and share this podcast. Be sure to check out our free Tax Playbook by visiting https://go.thetaxplanningpros.com/. This downloadable course is packed with additional deductions that can benefit your business.

In 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 trip down memory lane where Tom recounts real-life horror stories of ransomware attacks and data breaches, emphasizing the urgency for firms to take action. He advises business owners to ask their accountants critical questions about data protection and compliance. The episode is a wake-up call for anyone in the accounting industry and offers valuable insights for business owners concerned about the security of their personal information. Don't miss this eye-opening discussion. Tune in, like, subscribe, and share the Jeff Trapp Podcast to stay informed and protect your business. To learn more about The Tax Planning Pros team and our services feel free to check us out at https://www.thetaxplanningpros.com/

Ever find yourself puzzled by tax return extensions? You're not the only one. In this episode, Jeff Trapp of Tax Planning Pros breaks down the ins and outs of tax return extensions. Whether you've already extended your tax returns to October 16th or are thinking about it, this episode is filled with essential information. Jeff discusses why you might consider filing an extension, tackles common myths about extensions and audits, and highlights the important difference between extending your filing deadline and your payment deadline. He also covers state-specific rules and special circumstances like combat zones and federally declared disaster areas. Plus, you'll learn about the penalties for late filing and payment, and how to steer clear of them. If you've ever had questions about tax return extensions, this episode is your go-to resource for clear and actionable advice. If you find this episode helpful, don't keep it to yourself! Share it with someone who could benefit from this information and make sure to subscribe for more insights. Listen on Apple Podcast | Listen on Spotify. Ready to take the next step? Visit our website at https://www.thetaxplanningpros.com/ to book a free tax planning consultation.

In this compelling episode of The Jeff Trapp Podcast, the focus is solely on the viral TikTok tax tips that have captivated everyone's attention. Jeff delves deep into the intricacies of tax-deductible board meetings as it relates to the Augusta rental strategy as he explores the pros and cons, the legal considerations, and the potential pitfalls to avoid. He also sheds light on why these TikTok tax tips have gone viral, yet cautions listeners on how the lack of context in these short viral videos can lead to costly mistakes for business owners who run with them. He also highlights the importance of seeking out tax guidance from an expert before ever implementing tax tips you see on TikTok. If you're the kind of professional who's always on the hunt for innovative ways to save on taxes and increase your net worth, this episode is a must-listen. Ready to take control of your financial future? We invite you to book a Tax Savings Consultation with us to learn more about how we can help you implement savvy tax strategies like this and more, visit https://www.thetaxplanningpros.com/. If you found value in our podcast, show some love by hitting the like button, subscribing, and spreading the word among your friends and colleagues.

In 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 deadlines, Jeff also digs into the nitty gritty with regards to taxes and finances. If this episode was helpful, do us a favor—like, share, and subscribe. Interested in elevating your own financial game? Schedule a free tax consultation today at thetaxplanningpros.com. Your financial health will thank you.

In 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 essense, leaving a legacy that your children can continue to live out. If this episode resonates with you, don't forget to like, subscribe, and share it with your network. Ready to take the next step in securing your financial future? Book a consultation with our a member of our tax team by visiting us at https://thetaxplanningpros.com/. See you next week for another episode packed with actionable insights.

In 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 and consulting a tax professional to navigate these complexities. You'll want to get in on this one, so go ahead and hit play. Before you apply any tax advice here or elsewhere be sure to consult a tax professional. Of course, we'd be thrilled to be your go-to for optimizing your tax savings! You can connect with us by visiting our website at https://thetaxplanningpros.com/. Be sure to give our podcast a thumbs up, hit the subscribe button, and spread the word among your friends.

Hey 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 strip clubs on his tax return. As part of the discussion, he'll explore how businesses can still deduct certain entertainment expenses post-2017 when entertainment expenses were revamped and deductions were curtailed. If you're looking for ways to get more deductions, tune in now. If you find this episode enlightening or amusing, give it a thumbs up, and don’t forget to subscribe and share. Always consult a tax expert for tax advice, and if you're looking for the right tax strategist you can schedule a free tax consultation here: https://thetaxplanningpros.com/contact-us. The Jeff Trapp Podcast wishes you all a stellar weekend and a joyous 4th of July. Let’s celebrate our freedom responsibly! Catch you next week.

Welcome to the Jeff Trapp Podcast. If you haven't heard, there is a lot happening in the economy, and with taxation. So with that said, Jeff is diving into the economy, where things stand with regard to inflation, and as it relates to your taxes. He'll then discuss a new bill, 'The American Families & Jobs Act,' that was proposed and passed in The House of Representatives. It is now in the Senate. This is a bill that extends some tax cuts and tax legislation brought about by the Tax Cut and Jobs Act. However, it also introduces some new things for taxpayers who are under the $400,000 threshold. It also includes changes to the standard deduction, extending the 100% bonus depreciation, changes to the 1099 K reporting threshold, revision or removal of the electric vehicle tax credits, and extending the research and development credit that is set to be phased out this year. There are really many positive things happening with this bill for small business owners and businesses overall. We look forward to keeping you informed of all that is happening with this bill. We encourage you to listen to it now. Please subscribe, like, and share this episode. To speak with a tax team member about this or any other tax strategy, please visit our website at https://thetaxplanningpros.com/ or call 469-343-1500.

Today on The Jeff Trapp Podcast we're pumped to kick off our meal deduction series and provide you with some excellent tax tips to amp up your summer plans. Of course, Jeff also shares what's going on in the economy, covering how the debt ceiling bill will affect your taxes so that you can be better prepared for what's to come. He then dives into meal deductions to explain how to flip a business meal from a 50% tax deduction into a 100% tax deductible meal. He'll also make sure you're squared up with what you should be documenting and how best to accomplish the documentation side of meal deductions. We've got some exciting things to share with you so tune in if you are planning to throw an employee party or event. For more tax strategies be sure to register to join us for our LIVE MASTERCLASS, Summer's Hottest Business Tax Tips⁠ happening on Tuesday, June 13th at 11 AM CT. ⁠Click here to register⁠: https://bit.ly/3oRLTlP

When it comes to taxes, the distinction between a business and a hobby is crucial. A business is an activity that is done to make a profit, while a hobby is an activity done for pleasure or relaxation. The Internal Revenue Service (IRS) defines a business as “an activity carried on for profit.” The difference between a hobby and a business is important for tax purposes because businesses are allowed to take certain deductions that hobbyists are not. In this episode of the Jeff Trapp Podcast, Jeff will break it all down to help you better understand the key differences. He'll also help you better grasp the steps you need to take to ensure you can legally qualify for those business deductions for your new business. If you would like to learn more about how we help business owners like yourself please visit us at https://thetaxplanningpros.com/ to schedule a free tax consultation. Don't forget to like, subscribe, and share this episode.

Today, on The Jeff Trapp Podcast, Jeff dives into the dirty dozen scams just released by the IRS as he shares what to watch out for. Some of the topics he covers are Employee Retention Credit claims, phishing and smishing scams, online account help from third-party scammers, false fuel tax credit claims, fake charities, and unscrupulous tax return preparers. He'll also dive into several specific types of scams and schemes and how you can better protect yourself and avoid these pitfalls. We hope you find this podcast helpful. If you would like to speak with someone from our tax team, we're happy to share how we can be an asset to your business. If you are interested in scheduling a free consultation with us, please visit our website at https://thetaxplanningpros.com/. If you enjoyed this podcast episode be sure to like, subscribe, and share.

This week on the Jeff Trapp Podcast we are focused on helping you better understand how and why estate planning can be beneficial to your financial goals. While this may not sound like a tax tip, and you may think it's not something you need to focus on in this phase of your life, Jeff explains what can happen when you forgo estate planning, as well as why and when it makes sense to consider engaging in estate planning, as well as things you may want to consider before setting up a living trust. As a part of this overall discussion you'll learn about the legal and tax aspects that are crucial should you decide to explore estate planning further. To learn more about why you may want to get started with estate planning, tune in now. Be sure to like, share, and subscribe. For more information on how we partner with entrepreneurs, small businesses, and the self-employed to save them the most money on taxes every year, visit https://thetaxplanningpros.com/.

Welcome to the Jeff Trapp Podcast where we're covering how small business owners like you can win in this season of your business. While Wall Street and other pundits are raising fear about a recession, Jeff is here to shed some light on what is really happening with the economy. So, in this episode, he'll offer up a birds-eye view of the stats and data, as well as tips and tricks to help you make better business decisions. Most importantly you'll have a better idea of when and where you should cut costs, and which cost-cutting decisions can actually harm your business. Go ahead and tune in now. Don't forget to like, share, and subscribe. If you're interested in learning how we partner with Realtors, entrepreneurs, and small businesses to help them save the most amount of money possible on taxes visit us at https://thetaxplanningpros.com/.