Welcome to this informative episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA and Personal Financial Specialist at Rohr & Associates. Today's discussion is an essential guide for business owners looking to optimize their retirement planning. Whether you're self-employed, running a small business, or at the helm of a larger enterprise, this episode is packed with valuable insights into the world of retirement contributions.

Key Points Covered:

1. SEP IRAs: Dive into the specifics of Simplified Employee Pension Individual Retirement Arrangements (SEP IRAs), ideal for self-employed individuals or small business owners. Understand the 2023 and 2024 contribution limits and the implications of employee contributions.

2. SIMPLE IRAs: Uncover the benefits of Savings Incentive Match Plan for Employees (SIMPLE IRAs) for businesses with fewer than 100 employees. Explore contribution limits, employer matching options, and non-elective contributions with practical examples.

3. Solo 401(k)s: Discover the advantages of Solo 401(k)s, specially designed for self-employed individuals with no employees other than a spouse. Learn about the significant contribution limits and how it can be used effectively in businesses like S-Corps.

4. 401(k) Plans: Delve into the traditional 401(k) plans, including the Safe Harbor 401(k) and Traditional 401(k) with non-discrimination testing. Understand the employer matching options, vesting schedules, and the strategic importance of these contributions in employee retention and tax savings.

5. Choosing the Right Plan: Daniel Rohr provides expert advice on selecting the appropriate retirement plan for your business, considering factors like company size, employee makeup, and financial capacity.

Join Daniel Rohr as he simplifies complex retirement contribution strategies, providing you with the knowledge to make informed decisions for your business's financial health. Perfect for entrepreneurs seeking to navigate the retirement planning landscape with confidence.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

In this episode of Tax Blueprints, host Daniel Rohr, CPA and Personal Financial Specialist, unpacks the complexities of charitable giving strategies that not only boost your philanthropic impact but also offer tax advantages. Whether you've recently come into a large sum of money or are simply looking for smarter ways to give, this episode has something for everyone.

We delve into Donor-Advised Funds (DAFs) and Charitable Bunching, two strategies that are especially beneficial for high-income earners looking to maximize tax efficiency. Through easy-to-understand examples, we demonstrate how these charitable strategies can significantly reduce your federal tax liability while providing a flexible framework for your future giving.

We'll cover:

• The benefits and limitations of Donor-Advised Funds (DAFs)
• How Charitable Bunching can help exceed standard deduction thresholds
• The IRS guidelines for contributions to DAFs based on your adjusted gross income
• Real-world examples illustrating the utility of these strategies in various tax scenarios

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Welcome to another enriching episode of Tax Blueprints, hosted by Daniel Rohr, a veteran CPA and financial planning guru at Rohr & Associates, a top-tier CPA firm in California. In today's discourse, we meticulously unravel the complexities of auto expenses as they relate to business tax deductions—a topic inundated with questions and often shrouded in ambiguity.

Whether you're a business owner who frequently hits the road for work, or an entrepreneur making an investment in a new vehicle, understanding the labyrinthine rules surrounding auto expenses is paramount for optimal tax savings. In this episode, Daniel dissects the two main avenues for deducting these costs: the Actual Expense Method and the Standard Mileage Rate, using illustrative examples to shed light on how each calculation works and which might be the best fit for your specific situation.

Switching gears, we also delve into the integral subject of mileage logs. Whether you opt for the Actual Expense Method or the Standard Mileage Rate, a meticulously kept log is not an option—it's an IRS mandate.

In addition to clarifying these methods, we explore the seldom-discussed nuances of switching from one method to the other, especially with leased vehicles. Daniel explains the intricacies of this rule and identifies the limited exceptions allowed by the IRS.

Lastly, the age-old debate: To buy or to lease? Daniel walks us through the pros and cons of each choice, touching on points such as depreciation, tax benefits, and monthly payments. He also demystifies the tax implications of leasing, offering insights that could sway your next big auto investment decision.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Welcome to another informative episode of Tax Blueprints, hosted by Daniel Rohr, a seasoned CPA and financial planning expert at Rohr and Associates, a leading CPA firm in California. In today's episode, we explore the ins and outs of Foreign Bank and Financial Accounts Reports (FBARs)—a crucial yet often overlooked requirement for U.S. taxpayers with international financial interests.

Whether you are a U.S. citizen living abroad, a resident alien, or a U.S. resident with foreign assets, understanding FBAR requirements is crucial to avoiding hefty penalties. We dive into the specifics of who is required to file an FBAR and the implications of not doing so. Daniel provides concrete examples to elucidate the nuances of aggregate account values and their bearing on your FBAR obligations.

The episode also discusses the eye-opening case of United States v. Williams, which serves as a warning to those thinking that non-disclosure might go unnoticed. Daniel elaborates on how 'willfulness' is determined in the eyes of the law and why ignorance is not a valid defense.

For those in the precarious position of having neglected their FBAR obligations, we examine the Voluntary Disclosure Program—a possible path to mitigate criminal and financial risks. Daniel outlines the steps to take, the penalties involved, and the benefits of coming into compliance before it's too late.

Additionally, the episode offers invaluable insights into the reporting of Specified Foreign Assets, detailing what these are and how to report them.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Join Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, and the managing shareholder of Rohr & Associates, as he simplifies the intricate decision-making process involved in selecting the most advantageous business structure for your situation. In this enriching episode, Daniel leverages his years of expertise in tax minimization and financial planning to guide you through an in-depth exploration of Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), S Corporations, and C Corporations.

Whether you're an established business veteran, a budding entrepreneur, or an individual contemplating freelance ventures, this episode aims to equip you with the critical information needed to make well-informed decisions. Daniel examines each business structure, focusing on tax ramifications, legal liabilities, and operational intricacies, providing a detailed and actionable overview.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Join Daniel Rohr, CPA, Personal Financial Specialist, and Enrolled Agent, as he breaks down the intricate world of asset depreciation. From land improvements to commercial properties, discover how to minimize your tax liabilities. Daniel digs into the IRS guidelines, explaining types of depreciation like Bonus and Section 179, and showcasing an in-depth example that highlights the incredible tax-saving power of proactive planning.

Whether you're a seasoned business owner or an individual eyeing financial stability, understanding how depreciation impacts your fiscal health is essential. Learn about the Modified Accelerated Cost Recovery System (MACRS), its advantages over the straight-line method, and how to strategically use it to recover costs quickly. With a special focus on the tax year 2023, get insights into financial thresholds that could affect your investment decisions, including up-to-date limits and phase-out conditions.

Don't miss this detailed guide on how to navigate the nuanced terrains of depreciation, all in this episode of 'Tax Blueprints,' the Rohr CPAs podcast. Your roadmap to tax minimization and long-term wealth accumulation starts here.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Welcome to another insightful episode of 'Tax Blueprints', hosted by Daniel Rohr, a distinguished CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we unravel the complexities of various educational savings accounts, including 529 accounts, Coverdell ESAs, Roth IRAs, and more, under the lens of the transformative Secure Act 2.0.

Unlock the potential of 529 accounts as a double tax-advantaged vehicle designed specifically for educational expenses. Learn about its flexibility in changing beneficiaries and the significant tax benefits it provides. Explore the recent amendments under the Secure Act 2.0 that allow for rollovers to Roth IRAs, thereby mitigating the risks of overfunding.

Dive into the flexibility and limitations of Coverdell ESAs, the dual-purpose nature of Roth IRAs, and the more traditional approach of Series EE and Series I Savings Bonds. We also touch upon custodial accounts like UGMA or UTMA, exploring their broad range of uses and tax implications.

Whether you're a parent planning for your child's educational future or an individual aiming for a well-rounded financial portfolio, this episode offers comprehensive guidance and actionable advice to make informed decisions in the ever-changing landscape of educational savings.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Welcome to another enlightening episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA, Personal Financial Specialist, and Enrolled Agent. In this episode, we explore the lesser-known but incredibly powerful concept of establishing a Roth IRA for children.

As a tool typically associated with adult retirement planning, a Roth IRA can also be a strategic investment for securing your children's financial future. Learn about the specific rules, the benefits of early contributions, and how the account can grow to astonishing amounts by retirement age.

Moreover, discover how hiring your child in your business works. From paying reasonable wages to understanding exemptions from Social Security and Medicare taxes, this episode breaks down the intricate details of this financial strategy.

Whether you're an entrepreneur seeking innovative tax strategies or a parent aiming for a financially secure future for your children, this episode provides insightful guidance and practical examples to navigate the complexities of Roth IRAs and child employment in family businesses.

Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

Join Daniel Rohr, CPA and managing shareholder of Rohr and Associates, as he delves deep into the world of the annual gift tax exclusion. This episode sheds light on the intricacies of the gift tax for 2023, the potential benefits of the 529 College Savings Plan, and the complexities of gifting assets like stocks and real estate. Whether you're thinking about passing on legacies or supporting loved ones, understanding these tax implications is vital. From the subtleties of basis and mortgages to advanced estate planning techniques like the Qualified Personal Residence Trust (QPRT), this episode is packed with valuable insights and strategies. Dive in to discover how to navigate the complex waters of gifting and ensure a lasting impact for generations to come. Don't miss this comprehensive guide on 'Tax Blueprints', the Rohr CPAs podcast. Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.

In this episode of Tax Blueprints, Daniel Rohr, managing shareholder of Rohr & Associates, untangles the complex intricacies of the lifecycle of a living trust in California. Journey with Daniel as he elucidates the concept of living trusts, their set-up, the type of assets that should go into them, and those that shouldn't.

Get the answer to commonly asked questions about incorporating S-Corp shares and partnership interests into living trusts, and understand the delicate yet pivotal QSST or ESBT elections needed to maintain the S-Corporation status.

The episode doesn't just stop there! It delves deeper into the often overlooked connection between a will and a trust, explains why probate is a process best avoided, and discusses the cost and privacy implications associated with it.

Finally, navigate the post-death phase of a living trust with Daniel, from the acquisition of an EIN, filing tax returns, to the eventual distribution of assets and closure of the trust. This episode is a goldmine of information for those planning to set up a living trust and for those who seek a better understanding of this complex yet vital legal document.