In this episode of the Teaching Taxable podcast, Chris and John discuss last-minute tax moves for the 2023 tax year. They cover individual tax moves, such as itemized deductions, state and local taxes, and retirement plan distributions. They also discuss business tax moves, including accelerating deductions and making equipment purchases. Additionally, they provide advice for real estate investors, such as paying property taxes before the ball drops and making necessary purchases. They also, as always, emphasize the importance of planning ahead and not waiting until the last minute to take advantage of these tax moves.

Takeaways

• Plan ahead and don't wait until the last minute to take advantage of tax moves.
• For individuals, consider itemized deductions, state and local taxes, and retirement plan distributions.
• Business owners can accelerate deductions, pay out year-end bonuses, and make equipment purchases.
• Real estate owners should pay property taxes and make necessary purchases before the end of the year.

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

In this episode, Chris Picciurro and John Tripolsky are joined by Heidi Henderson from Engineered Tax Services to discuss cost segregation studies and their benefits for taxpayers. They cover topics such as the timing and considerations for cost segregation studies, the difference between new construction and existing properties, and even the potential tax benefits of container homes. They also emphasize the importance of working with a tax professional who understands cost segregation and can help maximize its benefits.

Takeaways

• Cost segregation studies can provide significant tax benefits for taxpayers, who are active in the real estate industry.
• Timing is important when considering cost segregation studies, as they can be done retroactively for properties purchased in previous years.
• The benefits of cost segregation studies can vary depending on factors such as the type of property and the tax basis.
• Cost segregation studies can be beneficial for both new construction and existing properties, as long as they meet the criteria for depreciation.
• Working with a tax professional who specializes in cost segregation can help taxpayers maximize their tax benefits and navigate the complexities of the process.

Episode Sponsor: The Mortgage Shop

Rev up your tax-saving engines with the latest episode of "Teaching Tax Flow: The Podcast"! Listen in as our expert team unravels the complexities of the all-new Clean Used Vehicle Tax Credits introduced in 2023. Buckle up for a ride through the world of tax incentives, designed not just for new vehicles but now extending to pre-owned rides!

WARNING: The puns and car-related dad jokes run deep in this episode.

Discover how this federal tax credit is paving the way for a greener, more sustainable future while putting money back in your pocket. We break down the qualifications and navigate the sometimes confusing aspects outlined by the IRS. Whether you're eyeing an electric, hybrid, or other clean fuel option, we've got the roadmap to help you navigate this tax-saving journey.

Confused about eligibility?
Concerned about the fine print?
We've got you covered!

Tune in as we discuss the ins and outs, clarifying how you can benefit from this revolutionary tax credit in the used vehicle market.

Search Eligible Vehicles NOW > https://www.fueleconomy.gov/feg/taxused.shtml

IRS Tax Form 8936

Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23

As the year comes to a close, it's time to make strategic financial moves that can positively impact your tax situation. In this special episode of Teaching Tax Flow, our expert team unveils the top 5 year-end tax strategies designed to help you optimize your financial standing and pave the way for a prosperous new year.

Join us as we break down essential tips and tactics to minimize your tax liability and maximize your financial gains. From smart investment strategies to effective deductions and credits, our team shares insights that cater to individuals, small business owners, and investors alike.

Discover the power of proactive tax planning and learn how to make the most of available tax incentives. We'll guide you through key considerations for optimizing your retirement contributions, taking advantage of tax credits, and strategically managing capital gains and losses.

Whether you're a seasoned investor or someone navigating personal finance, this episode is packed with actionable advice that can make a significant difference in your financial outlook. Tune in to Teaching Tax Flow and empower yourself with the knowledge to navigate the complex world of taxes with confidence.

Don't miss this opportunity to gain valuable insights from our seasoned experts. Transform your year-end financial strategy and set the stage for financial success in the coming year. Subscribe now and make 2023 your best financial year yet!

FREE Courses / Membership:
Explore Now

Private Group:
Defeating Taxes (free to join)

Episode Sponsor:
REPStracker

www.repstracker.com/affiliate/teachingtaxflow (CODE: IFG)

In this podcast episode, join our team as we delve into the critical distinctions between Tax Planning and Tax Preparation.

Uncover the strategic differences that set these two activites apart and learn how they collaboratively contribute to optimizing your financial outcome on your taxes. Discover the proactive measures involved in Tax Planning that can potentially save you money, contrasted with the reactive nature of Tax Preparation as the filing deadline approaches. Gain a comprehensive understanding of why these two elements are integral to a successful financial strategy and how their synergy can lead to the best possible results for you.

Whether you're a seasoned taxpayer or just starting your financial journey, this episode provides valuable insights to help you navigate the complexities of tax season with confidence and financial savvy. Tune in now to ensure you're well-prepared and strategically planned for success when the tax season rolls around!

Episode Sponsor:
Legacy Lock (www.teachingtaxflow.com/legacy)
DISCOUNT CODE: Enduring1295

In this episode, we jump into the world of Qualified Charitable Distributions (QCDs) and unravel their significance in tax planning. Discover the little-known strategy that allows you to make charitable donations directly from your Individual Retirement Account (IRA) without incurring tax on the distribution.

Join us as we break down the key aspects of QCDs, exploring how they present a tax-efficient method for philanthropy. Learn about the eligibility criteria, potential benefits, and the impact on your overall financial strategy. We also share practical insights and real-life examples to help you navigate this valuable tool in your financial toolkit.

If you're looking for ways to optimize your charitable giving while minimizing your tax liabilities, this episode is a must-listen. Tune in to uncover the untapped potential of Qualified Charitable Distributions and take a proactive step toward a tax-smart and impactful approach to philanthropy.

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

Many taxpayers find themselves scratching their heads when it comes to understanding the disparity between tax deductions and credits. Are they interchangeable? What sets them apart? In this episode, we break down the fundamental differences, shedding light on why confusion persists and providing valuable insights to help listeners navigate the labyrinth of tax regulations.

From homeowners to entrepreneurs, this episode offers practical advice on maximizing tax benefits based on individual circumstances.

Tune in to discover why taxpayers often struggle to differentiate between deductions and credits and gain a clear understanding of when to leverage each to optimize your tax strategy. Whether you're a seasoned financial pro or a first-time filer, this episode equips you with the knowledge to make informed decisions and potentially save money during tax season.

Episode Sponsor:
The Mortgage Shop

www.mortgage.shop

In this episode, we jump into the new (and sometimes confusing) updates from the IRS on Form 1099-K. Many of you have never heard of this form, but you may come tax time next year.

From a simple Facebook Marketplace sale, Taylor Swith concert tickets, or maybe your bestie paying you back for a way-to-much fun night at the bar last weekend, you may have just triggered a threshold. If so, it's on you the taxpayer, to claim this with IRS.

Let's break it down... (listen in).

Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23

In this episode, we're here to help you conquer your fear of taxes! Taxes can be intimidating, complex, and downright scary, but fear not, because we've got some tips and tricks up our sleeves to help you take control of your finances and defeat the tax monster.

Join us as we break down the daunting world of taxes into a few manageable pieces. 
In this episode, we'll discuss:

• Understanding what an IRS audit (examination) actually is
• How you can actually control your relationship with the IRS
• How an inheritance is truly taxed

Whether you're a seasoned taxpayer or new to the game, this episode will equip you with the knowledge and tools to tackle your taxes head-on. Say goodbye to the fear, confusion, and anxiety that often come with tax season, and start taking control of your financial future.

Private Group:
Defeating Taxes (free to join)

Episode Sponsor:
REPStracker

www.repstracker.com/affiliate/teachingtaxflow (CODE: IFG)

Join us for a special episode of Teaching Tax Flow: The Podcast as we take a step back to reflect on the journey from our very first episode to where we are today. In this episode, we delve into the pivotal moments that have shaped our organization and discuss the exciting road ahead.

Over the past year, we've had the privilege of exploring the intricate world of taxes, providing valuable insights, tips, and strategies to our dedicated audience. We'll revisit some of the most memorable moments, lessons, and guest interviews that have enriched our understanding of tax-related topics.

We'll also take you behind the scenes of our podcast, offering a glimpse into the growth and evolution of Teaching Tax Flow. From our humble beginnings to the present day, we'll share the challenges we've faced, the knowledge we've gained, and the plans we have for the future.

In this episode, expect to hear about:

• Memorable Highlights: We'll revisit standout moments, discussions, and interviews that have left a lasting impression on both our team and our audience.
• Pivotal Changes: The journey of an organization is marked by key decisions and changes. We'll share the pivotal moments that have redefined Tax Flow and our mission.
• Future Endeavors: Get a sneak peek into what the future holds for Teaching Tax Flow: The Podcast. We'll discuss upcoming topics, guests, and exciting developments that we can't wait to share with you.

Whether you've been with us from the beginning or you're just tuning in, this episode is a celebration of the past, a reflection on the present, and a preview of the promising future of TTF. Join us as we look back on a year of tax education, inspiration, and growth.