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

Learn about what each tax document is and what tax documents you should be expecting to receive this year in order to complete your 2019 tax return.

Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you.

Breaking news out of the US court of Appeals! The US appeal court division just ruled that the individual mandate of the Affordable Care Act (Obama Care) was ruled unconstitutional. Therefore solidifying the removal of the requirement to report on your taxes whether you had health insurance AND removing the penalty if you did not have health insurance for any month throughout the year. With the re...

Major theme of year end tax planning is that documentation is key 🔑 Any tax deduction whether it’s charity, IRA contribution, mortgage interest, teacher out of pocket expenses, or just closing out your books for your business, you will need the documentation to take the tax deduction. Now is the time to get ahead and start organizing your files before the craziness starts next year.

News flash! When you reach the age when you get to start collecting social security (if it is even around) your social security payments may be subject to as much as 85% taxation. That's right, you could possibly be paying the government back 85% of the social security they paid you throughout the year. The average retired american receiving social security today is around $25,000 a year in benefi...

Although this is not the tax tip you will be happy to hear about, future you will thank yourself (and me) when you avoid any type of audit and penalties from the IRS. The rule is cash tips are required to be reported on your income tax return and have payroll taxes withheld from tip income earned at your job. It is the employees responsibility to document tips earned each month. The employee must...

In this episode learn how you can avoid paying tax on $250,000-$500,000 of capital gains when you sale your primary residence. There are three main requirements you must meet to qualify for this exclusion. 1) Is you must own the house for 2 of the last 5 years. 2) You must live in the house for 2 of the last 5 years. 3) You have not used this exclusion in the last 2 years for the sale of a differe...

Learn about the differences between the two methods of writing off car expenses. Learn which is better for you and which expenses you are allowed to deduct.

What is the difference between an employee versus an Independent Contractor? Well one of the most important differences is the way you get taxed. Tune into this episode to learn about the key differences and know how to not get caught off guard with any surprises tax bills.

Learn about what the key differences are between tax deductions vs tax credits.

Here’s a great basic 101 investment tip. Make sure your portfolio is diversified. Having a diversified portfolio in multiple industries lowers your risk. ETFs are a great way to help diversify your portfolio. Just be careful when picking ETFs they don’t have stocks that could also drag you down. Being too diversified limits your upside potential. Finding the perfect balance of diversity for your i...

Did you know you could deduct up to $25,000 on your taxes with the small investor real estate deduction? Here’s how it works: 1) you have to make under 100,000 a year, once you pass 150,000 you cannot claim any of the deduction. 2) you must own at least 10% interest in the rental property 3) you cannot be a real estate professional 4) you must actively manage/participate in renting and maintains t...

Learn about why you need to start investing and why there are very little passive ways to make money like the stock market. Learn about 529 and HSA tax incentive investments accounts.

Truth of the matter is anytime a change in the tax law takes place it is good news for accountants. (Regardless of whether or not you may agree politically) it is job security for tax accountants. The "Tax Cuts and Jobs Act" implemented under Donald Trump created multiple changes to the tax code. International tax was one area that was drastically affected by the change causing money that used to...

Did you know teachers can deduct up to $250 a year for any unreimbursed supplies purchased? If you work over 900 hours in a school, teaching grades k-12, you are eligible for this tax deduction! Tune in to the latest episode for full details.

Documenting all of your business income and expenses is the major key to success when starting a side hustle. Not only will it save you time and money when it comes to tax compliance at the end of the year but it will allow you to keep track of your progress within your side hustle. Quickbooks is a fantastic program and I highly recommend it but you may not need that cost when you are first starti...

State Corporation tax can be a very complicated and tricky area. All states have rules that are different than the federal tax code. In order to ensue you are properly reporting income to each state you must make the correct adjustments to your federal taxable income and allocate revenue to the state in which the revenue was earned. Tune into this episode to learn more.

Under the new "Tax Cuts and Jobs Act" tax reform law Entertainment business expenses are no longer 50% deductible. Entertainment expenses are fully disallowed and must be added back to a companies net income for tax purposes. With any law there are exceptions and I wanted to highlight a couple of key exceptions you can take advantage of as highlighted by Forbes (link below). Let me know if you guy...

In this episode I discuss one of the impacts of tax reform which is the dis-allowance of business interest expense under 163j. Business interest expense is calculated on the tax form 8990. I go through the calculation of what limits your business interest expense. Please let me know if you have any questions or suggestions for future episodes. Email me at mactaxcpa@gmail.com and follow me on Insta...

Rules for documenting income and expenses are different for book and tax purposes. When it’s time to file your business tax return you will normally need to adjust your books to conform to IRS tax rules. In this episode I talk about the two types of adjustment, temporary and permanent adjustments, and give examples for each. Email me At MacTaxcpa@gmail.com for questions and suggestions.

Taking 100% write off of assets you place in service for your business is a HUGE tax savings tool that’s part of the new TCJA law. This deduction will not last forever (expires in 2022) so learn how to take advantage now and build up your companies assets while the deduction is still around. #taxes #accounting #TCJA #taxreform #business #money

Got a side business you’re making money from? Is this your first year doing it? You 100% SHOULD report your income from your side hustle. Whether it is on your personal return or through an LLC. In most cases first year businesses are in a loss resulting in a TAX BENEFIT for reporting your side hustle business come tax time.

Learn about how partnerships and S-Corps report income to their owners through a Schedule K-1 and how you can interpret a Schedule K-1 if you own a publicly traded partnership.

Time to break the myths on gift tax. The person giving the gift pays the tax NOT the person receiving the gift.

Not familiar with the term? I’ll discuss the basics in this episode and touch on the new tax laws for 100% Bonus Depreciation