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We unpack how gambling wins turn into taxable income even when you net a loss, why Oklahoma’s rules are especially harsh, and how marketplace health credits can trigger surprise paybacks. We close with a Texas update on tax-related credits for nonpublic education.

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We share ten year-end tax moves that actually save money when done before December 31, from bonus depreciation and retirement setup to the Augusta rule, income timing, and a no-drama plan to clean up your books. The focus stays on practical steps, clear timing, and spending only where it helps growth.

• sending client gifts within deductibility limits to strengthen loyalty
• timing equipment and vehicle purchases for 100 percent bonus depreciation
• using year-end bonuses with clear metrics and expectations
• setting up employer retirement plans before year-end even if funding later
• applying the Augusta rule for tax-free home rental to your business
• deferring income by timing invoices for cash-basis taxpayers
• making charitable gifts or using donor-advised funds for flexibility
• capturing mileage and home office deductions with clean records
• cleaning and reconciling books to avoid duplicate income
• scheduling a tax projection to choose the best moves now

Our clients love this plan. It's perfect if you're doing your own books, but want an expert watching over your shoulder and training you on everything you need to do. We have all the fine details in episodes 101 and 102 of this podcast if you want to check it out, or just email us at Carson at Sansco.net.

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We break down how high earners can legally fund a Roth IRA using the backdoor method, why it matters for business owners with variable income, and where people go wrong. We share the exact steps, the pro rata trap, and the one IRS form you must not miss.

• difference between Roth and traditional IRA and why Roth can be better for many
• who needs a backdoor Roth due to income thresholds and phaseouts
• step-by-step process to contribute and convert quickly
• role of advisors and importance of coordinating with a CPA
• risks of direct Roth contributions when over the limit
• business owner income swings and AGI versus take-home pay
• the pro rata rule if you hold pre-tax IRA balances
• filing Form 8606 to track non-deductible basis and conversions
• the value of proactive planning before year-end

We created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need… or just email us at [email protected]

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As two accountants, we are always critiquing businesses and seeing what their books look like. We do this even while on vacation. So, today we bring you our thoughts and how you can apply those to your business to drive PROFIT!

• designing operations from the customer’s point of view
• spotting bottlenecks in off-peak demand
• capturing high-margin moments at the bar
• simplifying menus for speed and throughput
• stocking convenience retail that actually sells
• low-cost experience wins that drive reviews
• hiring, leases and expansion viewed through ROI
• linking joy, simplicity and profit in daily decisions

We created a monthly accounting program where you hop on a one-hour call with us every month to tackle bookkeeping, tax planning, business decisions, basically anything you need. The best part of this is it's at a reduced hourly rate... email us at [email protected]

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We walk through our sequence for retirement contributions! Here's how we invest our money as accountants!

• Start with any employer matching funds available - it's free money and an immediate 100% return
• Max out a Roth IRA if eligible ($7,000 limit for 2025, $8,000 if over 50)
• Aim to save 15% of income for retirement (12-20% range is generally recommended)
• Business owners should consider a Solo 401(k) rather than SEP IRA when operating as an S-corp
• Solo 401(k)s allow both employee contributions (up to $23-24k) and employer contributions (25% of salary)
• Once all tax-advantaged accounts are maxed, use a taxable brokerage account for additional savings
• Coordinate retirement planning between your CPA and financial advisor, especially when changing salary levels

Email us at [email protected] for accounting help or to schedule a monthly accounting call where we can help with bookkeeping, tax planning, and business decisions.

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The big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction.

• Lower tax brackets from the Tax Cut and Jobs Act will remain in place
• Standard deduction stays at $15,750 for single filers and $31,500 for married couples
• Child tax credit increased from $2,000 to $2,500 per child through 2028
• Seniors get an extra $6,000 deduction per person ($12,000 for married couples)
• Tips now excluded from income tax up to $25,000 annually
• Overtime is taxed only at your regular hourly rate, not at the higher overtime rate
• Auto loan interest deductible up to $10,000 for vehicles finished in the USA
• SALT deduction cap increased from $10,000 to $40,000 through 2029
• 100% bonus depreciation returns starting January 19, 2025, through 2028
• 1099 reporting threshold increased from $600 to $2,000 beginning in 2026
• Income limitations apply to many benefits: $150K for singles, $300K for married couples

If you found this helpful, please share it with a friend.

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Ever been shocked by a massive tax bill in April? Let's not let that happen again! For business owners, freelancers, and anyone with significant non-W2 income, estimated tax payments necessary.

The IRS rules have changed in recent years. While the IRS used to charge around 3% for missing these payments, that penalty has increased. Now more than ever it is important to make your estimated tax payments!

The good news is that navigating estimated tax payments is manageable with the right approach. In this episode we walk you through how to make estimated tax payments and answer all the common questions we receive about them. 

Take control of your tax situation by planning ahead. Your future self will thank you! Share this with a friend who complains every April about owing too much – you might just save them from the next tax-time panic!

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Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.

• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your taxable income significantly
• Opening a separate business bank account is crucial for tracking income and expenses correctly
• You can simply transfer money from your business account to your personal account as needed
• Estimated quarterly tax payments are required to avoid penalties from the IRS
• Consider setting aside 25-40% of income for taxes depending on your tax bracket
• Health insurance and retirement planning now fall entirely on your shoulders
• Once netting over $50,000 in profit, consider forming an LLC and electing S-Corporation status
• S-Corps require more complex paperwork but can save significant money in self-employment taxes
• Higher-earning contractors should work with a CPA rather than trying to handle everything themselves

Check out our guides for new businesses and S-Corp owners in the show notes if you need step-by-step assistance navigating your new tax situation.

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The Social Security Fairness Act eliminates the unfair Windfall Elimination Provision that prevented public service workers from receiving their full Social Security benefits despite paying into the system.

• Nearly 2 million Americans including teachers, firefighters, and public sector employees can now receive previously reduced or denied benefits
• Workers who already receive some benefits will automatically see increases of $300-$700 monthly
• Those previously denied benefits entirely could receive around $1,500 monthly
• Eligible recipients can file for retroactive benefits back to January 2024 using form SSA-561
• Apply online at ssa.gov if you've never received benefits or were previously denied
• Spousal or survivor benefits may require in-person or mail application
• Consult your tax professional about handling lump sum and retroactive payments
• Even if previously denied, public service workers should reapply under the new law

Please share this episode with anyone who works in public service or has family members who might benefit from these important changes to Social Security benefits.

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Dr. Amanda Thompson shares her experience with the monthly accounting membership program and how it has transformed her business finance management from chaotic Excel spreadsheets to organized QuickBooks mastery.

• Starting a business without business education background creates financial management challenges
• Excel spreadsheets work initially but become problematic as businesses grow
• Computer crashes can destroy financial records when not properly backed up
• QuickBooks provides powerful tools but requires guidance to use effectively
• Monthly accounting meetings create accountability for regular bookkeeping
• Regular reconciliation prevents year-end accounting nightmares
• Professional help managing issues like bank fraud can prevent accounting disasters
• Clean books throughout the year make tax season significantly less stressful
• Monthly accounting program often saves businesses more money than it costs
• Confidence in financial management allows business owners to focus on their expertise
• Tax projections help business owners prepare properly for quarterly estimated payments
• Type A business owners benefit from structured financial management systems

Want to grab one of our monthly spots? EMAIL us @ [email protected]

You can also book a discovery call with us HERE to see if it's a good fit for you!

Check out Rooted Physical Therapy at rootedphysicaltherapyllc.com or find Dr. Amanda on Instagram!

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