The Jeff Trapp Podcast

In this episode of The Jeff Trapp Podcast, Jeff Trapp from The Tax Planning Pros covers questions about withdrawing money from retirement accounts before age 59½, explaining the steep tax penalties involved and exploring exceptions like medical expenses, education costs, first-time home purchases, and more. He also discusses IRS code section 72(t) and other specific circumstances that allow for pe...

In this episode of The Jeff Trapp Podcast, Jeff explores actionable tax strategies for covering your children's school expenses without breaking the bank. Building on last week’s episode about funding college education, Jeff delves into a powerful tax loophole that allows you to hire your kids in your business, pay them tax-free, and use those funds for essential school costs—whether they’re i...

As the back-to-school season kicks off, join Jeff Trapp on The Jeff Trapp Podcast to uncover the latest education tax strategies that can save you money. In this episode, Jeff dives into newly updated FAFSA rules, which introduce the "grandparent loophole," allowing grandparents to fund 529 plans without affecting financial aid. He also explores how leftover 529 funds can now be rolled i...

Welcome to The Jeff Trapp Podcast by The Tax Planning Pros! In this episode, Jeff Trapp dives into the recent economic volatility and anticipated interest rate cuts. Building on last week's discussion, Jeff explores various government incentives for business owners, investors, and individuals. Learn how to leverage investments in business, technology, real estate, energy, agriculture, insuranc...

Join Jeff on The Jeff Trapp Podcast as he dives into a common question from prospective clients: "How can I pay the least amount of tax possible?" In this episode, Jeff explores the various strategies that high net worth individuals can use to reduce their tax liabilities. Whether you’re a W2 employee earning over $500,000, a small business owner with revenues ranging from a few hundred...

This week on The Jeff Trapp Podcast, join Jeff Trapp as he delves into the unprecedented political events that could impact your taxes. From President Biden stepping down to endorse Vice President Kamala Harris, to the assassination attempt on former President Trump, these events are shaking up the political landscape. Jeff also discusses what these shifts mean for tax reforms, the economy, and yo...

In this episode of The Jeff Trapp Podcast, Jeff dives into Former President Trump's tax proposal now that he is confirmed as the Republican nominee. Join Jeff as he dive's into Trump's tax proposal while providing a detailed comparison alongside President Biden's tax plans, highlighting key differences and similarities. You'll also get a brief insight into Robert F. Kennedy Jr....

In this week's episode of The Jeff Trapp Podcast, host Jeff Trapp kicks off the first of a two-part series focused on the historical shifts in politics and taxes. Jeff delves into the history surrounding income taxation and the tax code, explaining how significant political events and wars have shaped tax policies in the United States. He highlights the challenges in changing the tax code due...

Join us for another round of The Jeff Trapp Podcast! As we gear up for the 4th of July, Jeff dives into one of his favorite holidays, filled with barbecues, fireworks, and family fun. Reflecting on our country's history, he explores the origins of taxpayer representation, highlighting events like the Boston Tea Party and their lasting impact. In this episode, Jeff presents the nine types of ta...

In this episode of The Jeff Trapp Podcast, 'Maximizing Tax Deductions with Timeshares,' Jeff dives into the nuances of timeshares and how to potentially write them off for business purposes. He covers key sections of the tax code, such as Section 162(a)(2) and IRS Code Section 280A(f)(4), and explains the importance of not renting out your timeshare to maximize tax benefits. Whether you al...

Join Jeff Trapp on The Jeff Trapp Podcast for an insightful episode about legally deducting summer getaways as business expenses. Jeff discusses various rules and considerations you need to keep in mind to ensure your travel can be deducted, including what is "ordinary and necessary", the rules around overnight stays, as well as the primary purpose test. You'll also learn how meticul...

Join Jeff Trapp on the Jeff Trapp Podcast, brought to you by The Tax Planning Pros, as he tackles a common client question: Should you buy a vehicle in your personal name or through your business? Inspired by recent client inquiries and current market conditions, Jeff dives into the tax implications, insurance costs, and financial considerations of purchasing a vehicle for your business versus per...

Have you experienced property damage from severe storms, fires, or other disasters this year? Learn the current tax rules around claiming casualty losses and disaster-related deductions. In this episode of The Jeff Trapp Podcast, Jeff explains what losses qualify, how to calculate and claim the deductions, what documentation you'll need, and how you may be able to amend prior years' return...

Welcome to The Jeff Trapp Podcast. This week, Jeff dives into the importance of summer tax planning. The Memorial Day Weekend was a great way to kick off the Summer, and now that summer is rolling in it is also the prime time to lay a strong tax foundation for your business. Jeff then dives into recent developments, including the IRS hiring 87,000 new agents and how states like New York and Califo...

In this information-packed episode, host Jeff Trapp dives into tax strategies and planning for high income earners making over $500,000 per year. He shares alarming stats about how few Fortune 500 companies pay income tax and explains what the ultra-wealthy are doing differently. Jeff outlines major upcoming tax law changes that will significantly impact those making over $500K, including the expi...

In this episode of the Jeff Trapp Podcast, Jeff discusses the commonly misunderstood aspects of the Home Office deduction and unlocks the myths surrounding this perplexing deduction. Understanding these deductions can save taxpayers significant money. Jeff also offers insights on legally maximizing your home office deduction and shares valuable tips for new and seasoned entrepreneurs working from...

In this week's episode of The Jeff Trapp Podcast, Jeff analyzes new tax proposals from Joe Biden's 2025 FY budget proposal. He refers to a breakdown from the Tax Foundation on how the proposals could raise $2.2 trillion over 11 years through increases to corporate, investment, and individual income taxes. Jeff covers major changes including increasing the corporate tax rate from 21% to 28%...

A recent article reveals that over 80% of IRS audits target taxpayers making less than $1 million per year. As a business owner or high-income individual, you could be at risk even if you don't consider yourself ultra-wealthy. In this week's video, Jeff Trapp, founder of The Tax Planning Pros breaks down what's really happening inside the IRS and shares key tips to avoid catching their...

College tuition costs continue to skyrocket, with average 4-year tuition now over $100,000 for public schools and over $200,000 for private schools. Many parents invest in 529 college savings plans to help cover future education expenses tax-free. But what if your child decides not to attend college or receives significant scholarships? Tune in now to hear host Jeff Trapp, the founder of The Tax P...

Welcome to the "Jeff Trapp Podcast." Now that we've moved past tax planning season, Jeff is setting out to share insights on proactive tax planning as he aims to dispel common tax misconceptions and reveal opportunities for tax savings. Unlike mere tax preparation, strategic planning can significantly improve financial outcomes, ensuring compliance and optimizing cash flow management...

Welcome to The Jeff Trapp Podcast. In this episode, Jeff unveils essential tax strategies for those who are running out of time to file their taxes, emphasizing the power of filing a tax return extension and making smart estimated tax payments for 2024. Tune in to discover how to avoid penalties and interest by strategically combining your extension and first quarter payments, ensuring you keep mo...

Dive into the future of finance with "The Jeff Trapp Podcast," where host Jeff Trapp unravels the complexities of new crypto tax reporting rules. With the IRS rolling out extensive regulations, the digital asset landscape is on the brink of significant change. These rules will impact digital asset trading platforms, payment processors, and wallet providers, imposing new tax reporting obl...

Dive into the final chapter of our 2-part series "The IRS's 2023 Dirty Dozen List" on the Jeff Trapp Podcast. As the April 15th deadline approaches, we're tackling the last six scams on the IRS's watchlist, from social media misinformation to schemes targeting high-income earners. Discover the risks of following tax advice on platforms like TikTok and Instagram, and learn abo...

Welcome to the Jeff Trapp Podcast, where host Jeff dives into tax planning with unmatched expertise and enthusiasm. In this special episode, the first of a two-part series, we explore the IRS's 2023 Dirty Dozen list. This annual list highlights the top scams the IRS warns taxpayers against, essential for anyone aiming to avoid tax pitfalls. Jeff breaks down the first six items with clarity, co...

Join Jeff Trapp on the Jeff Trapp Podcast for a crucial episode that every S-Corporation and Partnership owner must not miss. With the tax extension deadline looming on March 15th, 2024, Jeff breaks down the importance of filing your extension on time to avoid steep penalties that can reach up to $220 per month per partner or shareholder. This concise yet informative session will guide you through...