Episode 50: How the New Tax Reform Will Impact Your Finances with Josh Bauerle

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Work Your Wealth
Work Your Wealth
Episode 50: How the New Tax Reform Will Impact Your Finances with Josh Bauerle
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This week I sat down with CPA, Josh Bauerle.

Josh is a CPA an the founder of CPA on Fire, a tax and accounting firm that specializes in working with online based entrepreneurs.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • An overview of some of the big changes with the new tax reform.
  • Updates to the Standard and Itemized deductions along with the Personal Exemption and how they impact you.
  • The changes made to how local and state income and property taxes are deducted and how this could be less than ideal depending on the state you live in.
  • Are you a homeowner or anticipating become one? There’s a change to mortgage interest deductions as well.
  • If your business is a pass-through entity, there are some beneficial changes you’ll want to be aware of for your income.
  • How the 529 plan can now benefit your children’s education beyond college.
  • How to identify some of the myths that have been going around about the tax reform.
  • What entrepreneurs should be doing in order to better prepare for the changes from the new tax reform.
  • The biggest action item an entrepreneur can do to better understand the success of their business.
  • When to establish a payroll for yourself and when to take distributions.
  • If you do switch to payroll, what to consider when deciding the amount to pay yourself.
  • Retirement savings tips for entrepreneurs.
  • A good rule of thumb to follow when taking deductions for your business.

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH JOSH AND LET HIM KNOW YOU HEARD ABOUT HIM HERE!

ENJOY THE SHOW?

 

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Mary Beth Storjohann, CFP® is an author, speaker, and financial coach who takes a fun, no-nonsense approach in working with individuals and couples across the country, helping them make smart choices with their money.

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