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!
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