Episodes

Typically, tax laws prevent investors from selling shares and repurchasing the same stock within 30 days. But when you donate your shares, you can immediately repurchase the same stock at its fair market value, resetting your...

Tax-loss harvesting is offsetting capital gains with capital losses. It can lower your tax bill and better position your portfolio going forward. In this episode, we will learn the tax minimization strategy of harvesting loss...

Any gift may be taxable, but the recipient of the gift does not have to pay the gift tax. The person who gives you the gift needs to file a gift tax return if it’s more than the $18,000 annual …

A tax consultant can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation. With more expertise than standard tax preparers, tax consultants can help with tax planning, inheritance i...

Though personal loans are not tax-deductible, other types of loans are. Interest paid on mortgages, student loans, and business loans often can be deducted on your annual taxes, effectively reducing your taxable income for th...

You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is no...

Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer, you generally can't take a bad debt deduction for unpaid salaries, wages,...

One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. If you are a sole proprietor or have ...

A tax loss carryforward (or carryover) is a provision that allows a taxpayer to move a tax loss to future years to offset a profit. The tax loss carryforward can be claimed by an individual or a business to reduce …

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income …

Taxpayers that make qualified energy-efficient improvements to their home after Jan. 1, 2023, may qualify for a tax credit up to $3,200 for the tax year the improvements are made. In this episode, we will learn about making e...

Members of the military may qualify for tax benefits not available to civilians. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to …

You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 perc...

Depending on your income bracket, you could be taxed up to 20% on your capital gains. However, if you donate this stock to a charity instead of selling it, neither you nor the charity have to pay taxes on it. …

A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to donate up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distribu...

When you adjust the basis of an asset, you’re adjusting its value up or down. The adjusted basis is used to determine the capital gain or capital loss that will result from the sale of the asset. In this episode, …

As an individual, your deduction of state and local income, general sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately). In this episode, we will learn why you s...

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund. In this episode, …

A popular college-savings vehicle is the 529 savings plan, which provides several tax advantages when used for education expenses. In this episode, we will learn why you should consider contributing to a 529 plan. My name is ...

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education …

Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earne...

In this episode, we will learn why you may want to move some business compensation from wages to distributions. Key word: some My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast se...

Accelerated depreciation affects taxes by allowing businesses to deduct a larger portion of the cost of an asset in the early years of ownership. This results in a lower tax bill in the short term but may result in a …

Trips that are primarily for personal reasons or vacations are completely nondeductible. However, if you do conduct any business while you are at your destination, only expenses that are 100% directly related to your business...