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

SALT (State And Local Taxes) deduction is a huge issue around the new tax law. Learn how and why there is this controversy. Also, I will explain the rules on how you can still deduct SALT and your charity contributions to save on your taxes.

Estimated Taxes are important if you are self employed or an independent contractor. They need to be filed once a quarter in order to avoid underpayment penalties. You must pay in the lessor of 90% of current years tax liability or 100% of prior years tax liability. If you made over 150k in prior year you must pay estimated tax payments each quarter based on 110% of prior years m tax liability. Th...

The whole world is a business. It does not matter if you are a doctor, employee at a grocery store, professional athlete or a business owner. Everyone should understand accounting basics in order to make savvy business and money decisions in life. Just an episode sharing my thoughts on this.  

Retirement can be tricky with IRA and 401k's being the terms people use all the time when describing how to save for retirement. All these acronyms stand for are tax advantages investment accounts to park your money in until you retire. On this episode I'll breakdown the similarities and differences between the two. Start maxing these accounts out now each year to be set for retirement! 

Social Security is not enough to live off when you're retired (if it's even around in 40 years). Tune in to this weeks episode where I go over the importance of why you should start saving for retirement today! Learn how much of your social security check will be taxed by the government and what retirement savings accounts are out there that save you money on your taxes.

American Opportunity Credit and Lifetime Learning Credit are huge tax credits you can claim this year to increase your tax refund! We'll discuss who can claim these credits and how much money you can get back by doing so. Done going to school but still paying off student loans? That student loan interest is also deductible on your taxes! Stay tuned to find out how much can be written off.

In this episode we dive into tax benefits offered for attending college. Discover which scholarships are tax free and and which ones are taxable. We also talk about I bonds, EE bonds, and QTP savings accounts that you can use to help earn tax free interest income to help pay for college.  Please email me at MacTaxCPA@gmail.com  for any questions, comments or suggestions you may have. I l...

Ever wonder what the heck all those lines on your tax return mean? In this episode we will describe an overview of how your personal tax return works in determining your income tax. 

In this episode we define who the IRS is and what their purpose is in regard to taxation. We also dive into who needs to file a tax return and, reasons why you should file a tax return, even if you are not mandated to by law. 

 Overview of all the topics we will discuss in this show, as well as a little bit about my background. We will talk about the new tax law changes under the Tax Cuts and Jobs Act. We'll discuss the best strategies for small business owners, real estate investors, stock investors and even personal life tips of how to lower your tax bill.  On this podcast we will get down in the dirt with d...