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:

• CPA on Fire (Josh’s Website)
• How to file Form 2553 (to file as an S-Corp)
• Gusto