How to Lower Your Tax Bill

How Much Profit Should You Keep in Your Business? For business owners wondering how to manage profits wisely, this episode is essential listening. Host Terrance Hutchins and co-host T’mia explore the strategic decision-making process behind retaining money in your business, explaining how much to keep, why it matters, and how it all ties into taxes. Building on previous episodes about where profit...

In this episode of How to Lower Your Tax Bill , host Terrance Hutchins and co-host T’mia continue their series on managing profits for small business owners. This time, the spotlight is on reinvesting profits back into your business—and how to do it in a way that actually builds long-term value. Whether you're new to entrepreneurship or scaling an established business, this conversation will help...

Is Business Debt Worth It? Tax Truths You Need to Know In this episode of How to Lower Your Tax Bill , host Terrance Hutchins and co-host T’mia continue their series on what to do with your business profits—this time diving into the realities of using debt as a business strategy. Whether you're thinking of financing a new vehicle, bidding on a big project, or taking out a loan to expand, this epis...

One Big Beautiful Bill, Part 2: Advanced Opportunities & Loopholes for Savvy Taxpayers Host Terrence Hutchins and returning guest David Stevens shift from “what changed” to “how to exploit it.” This follow-on conversation mines the fine print of the “One Big Beautiful Bill,” surfacing planning angles that tipped employees, high-income coastal professionals, and growth-minded business owners ca...

Episode 26 – “Decoding the ‘One Big Beautiful Bill’: How the New Tax Law Impacts Families & Businesses (Part 1)” In this webinar-style episode, host Terrence Hutchins teams up with tax partner David Stevens to unpack the sweeping “One Big Beautiful Bill.” If you’re an individual taxpayer, parent, real-estate investor, or small-business owner wondering what stays, what changes, and where new sa...

Episode 25: What To Do With Business Profits — And How They Affect Your Taxes If you’re a small business owner or aspiring entrepreneur wondering what happens after you make a profit , this episode is for you. Host Terrance Hutchins and guest Tamia break down how to think about your business income strategically, plan for taxes, and avoid common mistakes that lead to IRS trouble. Learn how to shif...

From Laid Off to Launched — A Real Talk on Starting Your Business and Managing Taxes. Thinking about starting your own business? In this episode, host Terrence Hutchins sits down with co-host Tamia Kelly for an honest, behind-the-scenes conversation about her journey from corporate layoff to launching her own insurance agency. If you’ve wondered what really goes into starting a business — and how...

Is Starting a Business Worth It? A Financial Reality Check Thinking of launching a business to save on taxes? In this episode, Terrence Hutchins and co-host T’mia break down what many aspiring entrepreneurs overlook: the true financial costs of starting a business—and whether it's worth your time. This is the first of a three-part series unpacking the mindset, math, and tax implications behind the...

Before You Form an LLC: What Every New Business Owner Needs to Know Thinking about starting a business? This episode is for entrepreneurs and aspiring business owners ready to take their first step—but unsure what comes first: pricing, systems, or an LLC. Host Terrance Hutchins and co-host T’mia Kelly dive into the practical and financial considerations that can make or break a new venture. From s...

Why Small Business Owners Owe the IRS—and How to Avoid It In this episode of How to Lower Your Tax Bill , host Terrance Hutchins is joined by co-host T’Mia Kelly to explore the top five tax mistakes small business owners make—and how to avoid them. If tax season caught you off guard this year, this episode is packed with real-world insights and practical strategies to help you stay ahead of the IR...

Phantom Income: Why You Might Owe Taxes on Money You Didn't Actually Receive In this episode of How to Lower Your Tax Bill , host Terrence Hutchins explains one of the trickiest pitfalls in tax planning—phantom income. Terrence breaks down the critical IRS doctrines of constructive receipt and economic benefit, helping you understand why you might owe taxes even when you don’t have cash in hand. W...

Write It Off? Not So Fast — Common Tax Deduction Myths Debunked In this lively and eye-opening episode of How to Lower Your Tax Bill , host Terrence Hutchins is joined again by now co-host T’mia Kelly to break down one of the most misused phrases in personal finance—"Just write it off!" From W-2 employees trying to claim home office deductions to well-meaning givers misunderstanding charitable wri...

Rental Property Deductions: What Landlords Need to Know In this episode of How to Lower Your Tax Bill , host Terrence Hutchins dives into one of the most potent tax tools for real estate investors—rental property deductions. Whether you’re managing a single unit or a growing portfolio, Terrence breaks down what qualifies as rental income, what deductions landlords often miss, and how to avoid trou...

Are You a Real Estate Dealer or Investor? Why It Matters More Than You Think Episode Description: In this episode of How to Lower Your Tax Bill , Terrence Hutchins explores a key distinction that could dramatically affect how much tax you owe on your real estate income: are you a dealer or an investor? If you’re flipping houses or building a rental portfolio—or doing both—how the IRS classifies yo...

Tax Deductions & Credits: What You Don’t Know Could Cost You In this episode of How to Lower Your Tax Bill , host Terrence Hutchins is joined by T’mia Kelly to break down the difference between tax deductions and credits—and how understanding them can save you thousands. They dive into carry-forward tax benefits, the importance of reviewing last year’s tax return, and how historical tax change...

Smart Tax Refund Strategies In this episode of How to Lower Your Tax Bill , host Terrence Hutchins and guest T’mia Kelly debunk tax refund myths and explain why a big refund isn’t always a win. Learn how to adjust your withholdings and keep more of your money year-round. Key Takeaways: Why Tax Refunds Feel Good: The psychology behind refunds. How Refunds Work: Withholdings, deductions, and credits...

Understanding Suspended Losses: Real Estate Tax Strategies In this episode of How to Lower Your Tax Bill , host Terrence Hutchins dives into suspended real estate losses—what they are, why they happen, and how to unlock them for tax savings. What You’ll Learn: What Are Suspended Losses? How the 1986 tax law introduced passive activity loss rules and how they impact real estate investors. Income Th...

Repairs vs. Improvements: Maximizing Your Rental Property Deductions In this episode of How to Lower Your Tax Bill , host Terrence Hutchins explains the critical differences between repairs and improvements for real estate investors and W-2 filers with rental properties. Understanding how the IRS classifies these expenses can have a significant impact on your tax deductions and long-term financial...

Installment Sales: Tax Strategy for Deferring Capital Gains In this episode of How to Lower Your Tax Bill, host Terrence Hutchins explores how installment sales can help defer capital gains taxes and provide flexible income streams for property owners and business sellers. Terrence, a financial and tax advisor in the Dallas-Fort Worth area, breaks down the rules, benefits, and potential pitfalls o...

1031 Exchange Tax Strategy for W-2 Filers and Real Estate Investors In this episode of How to Lower Your Tax Bill , host Terrence Hutchins breaks down the 1031 exchange process for W-2 earners and real estate investors. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence explains how this strategy helps defer capital gains taxes and maximize tax savings. What You’ll Learn: 1031...

Real Estate Tax Strategies for W-2 Earners In this episode of How to Lower Your Tax Bill , host Terrence Hutchins explains how W-2 earners can use real estate to reduce their tax burden. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence breaks down three key strategies that allow employees to offset income with real estate losses and maximize tax savings. What You’ll Learn: Re...

Real Estate & Taxes: How Short-Term Rentals Can Offset Your W-2 Income In this episode of How to Lower Your Tax Bill , host Terrence Hutchins, a financial and tax advisor in the Dallas-Fort Worth area, explains how W-2 employees can leverage short-term rentals (STRs) to reduce their taxable income. Many new real estate investors expect immediate tax benefits—only to be caught by the passive ac...

How Real Estate Can Lower Your Tax Bill as a W-2 Filer In this episode of How to Lower Your Tax Bill , host Terrence Hutchins dives into tax strategies tailored for W-2 filers who are real estate investors. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence shares actionable tips to help you leverage real estate to grow your wealth while reducing your tax burden. What You’ll Le...

How Your Home Can Lower Your Tax Bill In this episode of How to Lower Your Tax Bill , host Terrence Hutchins explains how your primary residence can help you save on taxes and even increase your income. As a financial and tax advisor in the Dallas-Fort Worth area, Terrence breaks down practical strategies to make your homework for you. What You’ll Learn: Itemized Deductions : How property taxes, m...

" Real Estate Investing for High-Income Earners: Strategies to Maximize Tax Benefits" In this episode of How to Lower Your Tax Bill , host Terrence Hutchins explores how real estate investing can offer significant tax advantages for high-income earners. With his experience as a financial and tax advisor in the Dallas-Fort Worth area, Terrence shares actionable insights to help listeners navigate t...