Teaching Tax Flow: The Podcast

This episode will discuss the importance of choosing the best tax professional for your specific needs. We'll dive into the importance of assessing the various elements that make them the best fit, such as technology utilized for communication and file sharing, client data security, tax prep style, and much more. Additionally, we'll highlight some things to watch out for. Better know the “red flags”. By the end of this episode, you’ll be equipped with the necessary knowledge to make an informed decision when choosing a tax professional to ensure you receive the best possible outcome for your tax situation. You may already have the best team in place already! Episode Hosts & Guests:  Christopher Picciurro, CPA, MBA, PFS, ARA John Tripolsky⁠ Episode Sponsor:  Spotify for Podcasters Episode Resources: www.micpa.org/resources/resources-for-taxpayers

In this episode, we sit down with Scott Maurer of Advanta IRA to discuss Self-Directed Individual Retirement Accounts (IRAs). Scott has over a decade of experience in the self-directed retirement industry. In this episode, he shares his expertise on the basics of Self-Directed IRAs, the types of investments you can make with them, and how they differ from traditional IRAs. We start by asking Scott to explain a Self-Directed IRA and how it differs from a traditional IRA. He goes on to explain that Self-Directed IRAs allow you to invest in a wide range of assets beyond the typical stocks, bonds, and mutual funds that traditional IRA custodians offer. With a Self-Directed IRA, you may be able to invest in alternative assets such as real estate, private equity, private debt, precious metals, and more. Scott also shares some of the most popular investments with Self-Directed IRAs, including real estate and more. Overall, this episode is a must-listen for anyone interested in learning more about Self-Directed IRAs and how they can be used to diversify your retirement portfolio. So, join us for this informative discussion with Scott Maurer. Episode Guest: Scott Maurer, CISP Advanta IRA Director of Business Development P: 800-425-0653 or 727-581-9853 x1123 SMaurer@AdvantaIRA.com AdvantaIRA.com Episode Sponsor: Legacy Lock (www.teachingtaxflow.com/legacy)

In this episode, we dive into what we consider PIGs, how they work, and why they are essential for building long-term wealth. We'll discuss different types of Passive Income Generators and how they are part of a rock-solid tax strategy. By the end of this episode, you will better understand PIGs, how to create passive income, and how to start hunting them down to build your own portfolio. Let’s be honest; we couldn’t resist dropping in a few pig jokes.

In this episode, we spotlight the market in Fort Walton Beach, Florida with our guest, Heather Blatz. Heather is a seasoned real estate professional with years of experience in the local market. She provides insights into the growth and development of the area and how it has impacted the housing market. We discuss the investment opportunities available in Fort Walton Beach, including the various types of properties available and the potential for appreciation. Heather shares her expertise on the current state of the market, including inventory levels, pricing trends, and the overall outlook for investors. We also delve into the unique features of the Fort Walton Beach market, such as its proximity to beautiful beaches and a thriving military community. Heather provides advice on navigating the market and capitalizing on the opportunities available. Whether you're a seasoned real estate investor or just getting started, this episode is a must-listen for anyone interested in the Fort Walton Beach market. Heather's insights and experience provide valuable information for anyone looking to invest wisely in this growing area. http://www.heatherblatz.com http://www.reignwf.com

In this episode, we're going to discuss a concept that can transform the way you approach your personal and professional life: building your personal board of directors.  Just like a company has a board of directors to provide guidance and support, you can also create your own board of advisors who can offer valuable insights, advice, and accountability. These individuals can come from various backgrounds, including family members, friends, mentors, colleagues, and industry experts. We'll dive into the benefits of having a personal board of directors, such as gaining new perspectives, expanding your network, and receiving support and encouragement.  We'll also explore how to identify the right individuals for your board and how to approach them to request their support. Listen in and be sure to take down some notes as you are provided tips for building solid relationships with your board members and establishing clear expectations for how they can help you achieve your goals. Plus, we'll cover how to maintain these relationships and keep your board engaged and invested in your success. There is even a little challenge at the end that you won’t want to miss!  Check this recent article out! http://bit.ly/3StlLIq

In this episode, we are joined by Heidi Henderson and Stacy Deru from Engineered Tax Service as we discuss the Employee Retention Tax Credit (ERTC). The ERTC is a significant credit offered to businesses to mitigate some of the damages caused by the COVID-19 pandemic. However, not all businesses are eligible for this credit, and it's crucial to understand the criteria that need to be met for this credit. We take a deep dive into the ethical qualification of the ERTC and discuss the specific criteria businesses must meet to be eligible for this credit, including the size of the business, revenue loss, and the number of employees. We will also explore the importance of understanding the regulations surrounding the ERTC to ensure that businesses do not take advantage of this credit. Whether you're a business owner or an employee, this episode is a must-listen if you want to better understand the ERTC and its ethical implications. Tune in to learn how to navigate the ERTC regulations and how to ensure that you qualify for this credit while staying compliant with the guidelines. Don't miss this informative and insightful episode. Engineered Tax Services www.engineeredtaxservices.com

In this episode, we jump into the basics of home office deductions and what you need to know to get started. We'll review the IRS requirements for claiming home office deductions, including the two main methods for calculating your expenses: the simplified method and the actual expense method. We'll also discuss the eligibility criteria for claiming home office deductions, such as the requirement that your home office must be used exclusively and regularly for business purposes. Additionally, we'll touch on some of the common expenses that are eligible for home office deductions, such as rent or mortgage interest, utilities, and repairs. We'll also provide some tips for keeping accurate records of your expenses and making sure you have the necessary documentation in case of an audit. Whether you're a new home-based worker or a seasoned entrepreneur, this episode is a great starting point for understanding the basics of home office deductions. So tune in now and learn how you can save on your taxes! "The Value of a Home Office Deduction: A Guide for Business Owners": http://bit.ly/3IchQfo IRS Form 8829: www.irs.gov/pub/irs-pdf/f8829.pdf IRS Publication 587: www.irs.gov/forms-pubs/about-publication-587

In this episode, John Tripolsky (VP of Marketing) and Nate Hamil (VP of Member Engagement) delve into the driving forces behind TTF. They share their personal journeys that led them to join the TTF team and provide insights into the team's efforts to create a comprehensive ecosystem of tax knowledge and endless resources. With a focus on bringing clarity and confidence to individuals relating to taxes, this episode offers plenty of exciting teasers of what's to come for TTF members.  Get ready to peel back another layer of the onion as we dive into the heart of Teaching Tax Flow. Episode Sponsor: REPStracker / https://repstracker.com/affiliate/teachingtaxflow (CODE: IFG) Private Facebook Group: www.DefeatingTaxes.com

In this episode, we'll be diving into the topic of the gig economy. You may have heard the term thrown around, but what exactly is the gig economy, and who are the people that make it up? Whether you're a gig worker yourself or just curious about this growing trend, this episode is for you. Tune in to learn more about this topic and just how important it is to know ways your tax situation may be impacted. Episode Sponsor: Strategic Associates (Roger Roundy) / www.strategicag.net / (801) 641-2956 Resource Link: www.irs.gov/businesses/gig-economy-tax-center Mini-Lesson: www.teachingtaxflow.com/offers/zRj4YZFh/checkout Private Facebook Group: www.DefeatingTaxes.com

It’s not always detrimental when an IRS notice (Love Letter) hits your mailbox.  Beyond having the courage to open the envelope RIGHT AWAY, some strategies can be deployed to keep Darth Vadar (the IRS) out of your nightmares and further dipping into your piggy bank. With some significant changes coming to the IRS regarding hiring, they have now been armed with funding to increase their bandwidth drastically. What does this mean for you and other taxpayers? In this episode, the well-respected and well know Andrew Poulos joins us to discuss what we may be able to predict with the IRS and some insight into how notices make their way to you (or don't at times). *** *** *** JUST LAUNCHED: We now have a private (FREE) Facebook Group titled “Defeating Taxes”. Join us now! https://www.facebook.com/groups/defeatingtaxes

Ever wonder if it’s really worth your time hosting a garage sale? Did you know that you can potentially utilize gambling losses to decrease your personal federal taxable income? In this episode, we discuss a question asked by a member of Teaching Tax Flow. Listen to this conversation before scrambling to collect all those 2022 donation slips from your desk drawer and vehicle glove box. *** JUST LAUNCHED ***  A private Facebook group (Defeating Taxes) was built for our audience and members. Check it out and join today for endless tax tips and conversations > www.facebook.com/groups/defeatingtaxes

How important is obtaining and maintaining Real Estate Professional Status (REPS)? The simple answer in most cases is VERY much so. Listen to this great episode as Kirsten Limmer, Founder of REPs Tracker joins us to discuss what drove the development of their app and how to best track the time spent managing your properties. If you’re not logging your time, you will want to after this. In doing so, the tax benefits can be out of this world! Want a discount on REPs Tracker? https://repstracker.com/affiliate/teachingtaxflow CODE: IFG

Well, that’s a wrap for 2022. However, it’s NOT too late for you to take advantage of some year-end tax strategies. This diagnosis is by far the most underutilized of those we’ve discussed in the past few episodes. Here are a few notes to mention regarding a Gold Diagnosis: These be done in 2023 and still count for 2022 Basic and relatively easy to execute in the next few days! Our favorite is a Section 529 Plan Contribution (which can be done rapidly) The higher your MTR, the more you will likely benefit from this. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Is your current marginal tax rate (MTR) higher than your future projected rate? In this episode, we discuss our favorite color (purple) but also how this type of year-end strategy may be overused by some individuals. Without giving away all the details, we dive into Tax Deferral. Who doesn’t like the sound of that? Don’t forget, and be ready for our final color-coded diagnosis (Gold) episode on the books for next week. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

We’re back at it with year-end strategies. This week we jumped into what makes up a green diagnosis (roughly 20% or lower MTR), which is commonly the lesser known to many taxpayers. Listen closely as we convince Chris to disclose his favorite green diagnosis tax prescription for year-end. Over the next two weeks, as we wave goodbye to 2022, we will be covering each of the final diagnoses (Purple and Gold). Also, be sure to listen back to episode 8, when we covered a red diagnosis. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

With the New Year around the corner, we begin our dive into the Teaching Tax Flow color-coded diagnoses. In this episode specifically, we discuss a Red Diagnosis, which commonly pairs with a year-end tax strategy for someone currently, or projecting to be, in a higher marginal tax rate (MTR) of 25% and above. Remember, this is perfect for an IMMEDIATE one-time tax deduction. Listen in and be ready to execute. We will be covering the other diagnoses (Green, Purple, and Gold) over the next few weeks. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Will you be paying Uncle Sam more or less in the future? While our superpower of knowing exactly what is going to happen is down for maintenance at the moment, we DO know that you hold the power on how much you may be stroking a check for.  Listen in and own your tax strategy. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

It pays, literally, to have a solid lending partner lined up before and during the search for any investment properties. To drive home the importance of this role a lender fulfills, Brenna M. Carles, The Mortgage Shop CEO and Co-Founder, joins us to talk all things QM (Qualified Mortgages) and DSCR (Debt Service Coverage Ratio). Whether your Teaching Tax Flow diagnosis is Red, Purple, or Gold, understanding your lending options is critical. The Mortgage Shop: www.mortgage.shop Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Is it really as direct as it sounds? Are you familiar with the little-known Wash Sale Rule? We’re creeping up on the end of the year and there is still limited time to execute this strategy. Of course, it’s important to be aware of when it makes sense and what limitations may be present in your situation. IRS 2021 Publication 550 (REF: page 56) Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Tune in for a Panama City Beach, Florida real estate market update with our friend Crystal Ball (yes, that is her legal name) of Investors Gone Wild.  Her insight on what to look for and what's hot in the area is key to your next property search. Investors Gone Wild (Crystal Ball):  www.investshortterm.com www.facebook.com/InvestorsGoneWildRealty Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Capital Gains Tax causes many to shed tears at the mere sound of it. Obviously, there are rules and strategies around avoiding having to cut a check for this after the sale of a property. Did you know there are options beyond rolling directly into another property? Listen in and grab your notepad. Your MASSIVE tax savings answers are just beyond this play button. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Listen in as we discuss single-member LLCs (Limited Liability Companies) from a tax perspective. Do you really need one? What do they offer? Is it worth it? Sometimes it is a perfect fit for your business or investments. Other times, it may not be since there are no federal tax advantages for forming an LLC. Crank up the volume and grab the notepad. Here's a no-fluff overview of forming an LLC.  Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Are tax rates high now? Will they increase in 25 years? We don't know but it may be time to break the mold in your tax strategy. One of the more common requests we're asked is to compare the differences between tax free and tax deferred strategies. In this episode, we jump right into our gold diagnosis, tax free and growth. Listen in for some knowledge nuggets on these strategies, what they consist of, and a high-level discussion on how to plan their implementation. Visit www.teachingtaxflow.com/podcast to share your episode ideas.

Welcome to Teaching Tax Flow. In this brief introduction, we're diving into the background of TTF and the mastermind behind it, Chris Picciurro, CPA, MBA, PFS, ARA. After countless conversations and some fresh air, we're now launching this weekly podcast. Our recording calendars are scheduled, mics are on, and we're ready.  Visit www.teachingtaxflow.com/podcast to share your episode ideas we can squeeze in.