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

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

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?

 

Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy

Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy

Work Your Wealth
Work Your Wealth
Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy
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This week I sat down with CPA and Tax Professional, John McCarthy.

John is a CPA and founder of McCarthy Tax Preparation and Advisor Facing Tax where he has helped families and small businesses with income taxes and planning for the past 15+ years. He is also a past member of XY Planning Network, a leading organization of fee-only financial advisors who specialize in helping members of Gen X and Gen Y. John graduated from Purdue University with a Bachelors in Science in Accounting. John left his salaried corporate tax job to provide tax preparation and planning services to financial advisors and their clients as a full time entrepreneur.

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

  • Why you’re not alone if you’re afraid of your taxes
  • How to know if the IRS is actually trying to contact you versus being stuck in a scam
  • Errors you should be looking out for in your personal tax situation
  • Why it’s important to work with a tax professional each year (no matter your situation)
  • How to determine if you are withholding the proper amount for taxes
  • Whether you should aim to have a large refund versus owe at the end of the year
  • How to be best prepared when working with a CPA to get your taxes done
  • What questions to ask a CPA, a Financial Planner and a Bookkeeper
  • Why it’s important to talk to a tax professional during life transitions
  • Areas people tend to make mistakes when it comes to taxes
  • What happens if you owe on your tax return but don’t have the funds on hand to pay
  • The best way to get current with your taxes through the quarterly installments
  • How business owners can stay on top of their taxes
  • Standard versus Itemized deductions

LINKS WE MENTIONED ON THE SHOW:

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

ENJOY THE SHOW?