Ed Lyon is Financial Gravity's Chief Tax Strategist. In this very timely episode, Ed and John discuss the Tax Cuts and Jobs Act of 2017. Many changes have come about as a result of this new tax law, and Ed and John analyze the main aspects that could affect small businesses and individuals. In particular, they discuss Section 199A on Qualified Business Income which could potentially have a huge impact on small business owners. Tune in to find out more about the changes in the tax law as well as how you could be benefiting from it and paying less in taxes!

 

Check out Ed Lyon's latest book, The New Tax Law for some great insights on navigating the tax reforms!

 

Key Takeaways:

[:19] John introduces his guest for this episode — Ed Lyon.

[:50] John and Ed are discussing the Tax Cuts and Jobs Act of 2017.

[5:40] It's not important what the new tax law does for the economy. Think about what it can do for you and your business instead.

[8:30] What is the middle ground that everyone can agree on?

[10:52] One of the really exciting things about this law is that proactive tax professionals will be able to help their clients save on taxes by helping them do planning under the new law.

[14:02] Ed highlights the addition of a new deduction — Section 199A on Qualified Business Income. What impacts does this have on small business owners?

[19:22] What other major changes have come about as a result of the tax reform on the individual side?

[25:36] Ed highlights some specific changes in the state and local income and property taxes.

[30:09] There are two specific opportunities that small business owners can capitalize on to lower the taxes that they pay.

[37:17] What is the strategy Ed suggests about using a C Corp as a retirement strategy?

[42:58] John and Ed discuss some examples of poor tax planning and how CPAs may not necessarily be helping you to save money on taxes.

[46:09] The section in the tax reform about Qualified Business Income is a game changer, but don't forget about the Internal Revenue Code!

[50:54] John and Ed discuss the impact of the new changes on cryptocurrency like Bitcoin.

[53:50] Ed brings up a change to the depreciation rules which has simplified making equipment purchases for business owners.

[57:55] Get your copy of the book The New Tax Law, and get in touch with Financial Gravity to start saving money on taxes!

 

Mentioned in This Episode:

Ed Lyon

Financial Gravity Podcast "Episode 4: Ed Lyon, President of Tax Coach System"

Financial Gravity Podcast "Episode 11: Ed Lyon — The Audit Boogeyman"

The Tax Cuts and Jobs Act of 2017

The New Tax Law: How To Make It Work For You And Your Business, by Ed Lyon