Mac Tax® CPA (Accounting, Tax, Business, Stocks, Crypto, NFTs and more)

Here is a brief summary of the new tax law changes. Please let me know what you think or want to learn more about by emailing me at jmacari@mactaxcpa.com

In this episode we discuss how to take passive losses on rental properties. See the video on Instagram and TikTok for more info

In this episode of our mini 3 part series we discuss how ordinary income is taxed and how ordinary losses can be utilized to offset your other income.

In this part 1 of a 3 part mini series we go over how capital gain favorable tax rates work and how to write off capital losses. Email all topics you want to learn about to jmacari@mactaxcpa.com

See the video on ticktok. Learn how to take advantage of this down market to harvest Crypto/NFT losses since there is no wash sale. https://www.tiktok.com/t/ZTd7coP2p/?k=1

On this episode we chat with Dan Hannum COO of ZenLedger. Learn more about Dan's background on his path from graduating college to becoming COO of ZenLedger. Dan and I talk about the taxation of crypto currencies and NFTs, common misconceptions about the tax code regarding NFT/Crypto as well as the tax codes limitations on this emerging field. Dan discusses how ZenLedger can help individuals, indi...

In this episode we discuss what the NYS LLC Tax Return is which is IT-204-LL, who must file this form, who does not need to file this form, how the LLC fee is computed and when this form is due (March 15th). Please email all questions to jmacari@mactaxcpa.com

In this episode we discuss what to do if you win big today on Super Bowl Sunday or throughout the year. Tune in to learn how to lower your tax bill on any sports betting earnings either from a sports betting app or wagers at your local bar. Send your questions in to jmacari@mactaxcpa.com

On this episode we discuss: the basics of how uber/lyft income is taxed, the deductions that can be taken for Uber/Lyft Drivers, self employment taxes, as well as criteria for material participation to take a net loss against your other income. Email all questions to jmacari@mactaxcpa.com

On this episode we discuss the launch of our website https://mactaxcpa.com/home as well as how to figure your Crypto and NFT gain/losses for the 2021 tax year to determine your income tax impact. Please email any questions to mactaxcpa@gmail.com

2022 Tax Season Start Date is jan 24th and 1099NEC and W2 Deadline January 31st. Please email your questions to mactaxcpa@gmail.com or join our discord to ask questions

In this episode I’ll give you the specific steps and tax forms that need to be filed in order to become an S-Corp. I’ll even explain how to make the S-Corp election even if you are 3 years late.

Tune into this week’s episode to learn the tax savings benefits of choosing an s-corp structure.

In this podcast I discuss how you can tap into your 401k or IRA accounts if you have been diagnosed with COVID-19 or have had economic hardship during COVID-19. Use this method to get cash on hand now in times of need.

The CARES act provides updated rules for the ability to take more of a deduction for charitable donations on your 2020 tax return. Tune in now to find out more how to start maximizing next years refund now!

AMT is a separate set of rules and adjustments that must be applied to your tax return once you make a certain amount of income. It is designed to make sure people taking excessive deductions still pay some “minimum” tax.

Businesses now have the ability to take advantage of the new NOL changes under the CARES act. If you had a taxable loss for your business in years 2017 or 2018 give this episode a listen.

Get the latest depreciation updates from the CARES act to take advantage of fast cash now and the details of the refunded paycheck protection program for small businesses.

Wanted to share with you guys an investment tip from the Tony Robins book Money Master the Game where he interviews one of the greatest wealth managers ever, Ray Dilao.

Learn about what a part year and non resident income tax returns are and why it’s so important to know residency rules for taxation purposes.

DISCLAIMER: Mactax is not responsible for any financial advice given. Please do your own research and consult with your financial advisor before acting on any advice/opinions in this episode.

The Further Consolidated Appropriations Act of 2020 made changes to traditional IRA's. These changes included removing the age cap to contribute to a traditional IRA, raises the age to 72 for RMD's, and changes the rules for inheriting a traditional IRA. Tune into this weeks episode to learn the full details about the FCAAs impact on traditional IRA retirement accounts and how to change your tax s...

Tax Season is upon us but don’t be too eager to file for that refund before you get all of your tax documents in! Filing too early could run you the risk of forgetting about certain tax documents you need to complete your return. Take inventory of 2019 and establish what you need and where you made money before filing.

Can you deduct state taxes on your personal and business federal tax return? If so how much can you write off? Tune in to this week’s episode to find out!

Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance payouts are tax free to the beneficiary, so at leas...