Tax Masters

FAQ: What is a trust tax return, and who actually has to file Form 1041? Main Objective: Master the basics of trust and estate income tax returns — when a trust needs to file Form 1041, key deadlines, what income is taxable at the trust level vs. distributed to beneficiaries, and the must-have info your client needs to provide. Description: In Episode 16 of Tax Master’s Podcast, we break down Form...

FAQ: Which tax return does a nonprofit need to file, and how is this different from other entities? Main Objective: Master when a nonprofit files Form 990-N, 990-EZ, or full 990 — plus the key info every nonprofit client must have ready before tax season. Description: In Episode 15 of Tax Master’s Podcast, we cover the three 990 flavors (990-N e-postcard, 990-EZ, and full 990), gross-receipts thre...

FAQ: What are the top intermediate 1040 pitfalls on noncash donations, SALT cap, gambling income, and Alaska PFD? Main Objective: Master Schedule A rules to maximize deductions and avoid audits. Description: In Episode 14 of Tax Master's Podcast, we cover noncash contributions, $10K SALT cap, gambling income, and Alaska PFD. Quick examples, citations, and red flags included.

FAQ: What are the top intermediate 1040 pitfalls on sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions? Main Objective: Master IRS rules to report these four issues accurately and avoid penalties. Description: In Episode 13 of Tax Master's Podcast, we cover sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions. Quick examples, citations, an...

FAQ: Where and how do I report rental property income? What are the different types of rentals? What are the most common things I need to know? Main Objective: Equip you with the knowledge to accurately report rental income, understand the different types of rental activities, and master the essential rules to stay compliant and minimize tax surprises. Description: In this episode of Tax Masters,...

FAQ : Do I need a W-2 with an S Corp? How much should the wage be? When do I NOT need a wage? Main Objective: Equip you with the knowledge to understand when, why, and how S Corps must report wages, ensuring compliance and optimizing tax strategies for business owners. Description: In this episode of Tax Masters, we dive into the essentials of S Corps and wages, breaking down key requirements, com...

FAQ : What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective : Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description : In Episode 9 of Tax Masters , we wrap up our three-part series tackling the most common 1040-related...

FAQ : What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective : Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description : In Episode 9 of Tax Masters , we wrap up our three-part series tackling the most common 1040-related...

FAQ : What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective : Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description : In Episode 8 of Tax Masters , we kick off a three-part series tackling the most common 1040-related q...

FAQ : What are COGs, and why do I need to identify them and report them differently than other expenses? And where do I do this?  Main Objective : Learn how to identify expenses that need to be reported as COGs and where to report them on the different tax forms.  Description : In Episode 7 of Tax Masters , we unpack the essentials of Cost of Goods Sold (COGS), a key deduction for businesses that...

FAQ: How do marriage, divorce, and kids affect income taxes?  Main Objective: Teach you how to navigate the tax implications of marriage, divorce, and children, focusing on filing status, dependency claims, and maximizing credits for the 2025 tax year. Description: This episode explores how marriage, divorce, and children influence income tax returns. We cover filing statuses (Married Filing Joint...

FAQ: How do I handle filing a 1040 when my client lives or works in multiple states? Do I have to file all of these? Main Objective: Help you understand the complexities of multi-state 1040 filings - residency vs income from other states, etc.  Description: In this episode, we dive into the challenges of filing a 1040 when clients live or work in multiple states. We break down the differences betw...

FAQ: What is the difference between the types of K1s? (Spoiler alert: it really matters! They are not taxed the same.) Main Objective: Teach you the basics of different K1 forms (K1P, K1F, K1S) and how to guide clients through their tax implications and reporting. Description: In this episode, we dive into the world of K1 forms, breaking down the differences between K1P, K1F, and K1S and their uni...

FAQ: How do I handle taxes for household employees like nannies? Main Objective: Teach you the basics of how taxes are handled for household employees (spoiler alert: it’s way different than other 1099 contractors). Description: In this episode, we dive into the tricky world of household employee taxes, often called "nanny taxes." We clarify that the IRS treats nannies and similar househ...

FAQ: Should my business be an S Corp or LLC? How should it file? Main Objective: Help you understand basic business entity structures and identify key indicators to guide clients on the best setup for their needs. Description: In this episode, we break down the essentials of business entity structures to help you guide clients with confidence. We explore how to choose between an S Corp or LLC, exp...

FAQ: I've inherited something, do I need to file a trust tax return? Main Objective: Equip you with the knowledge to guide clients on whether they need to file a trust tax return and understand K1F forms. Description: In this episode, Kristy Pack dives into the essentials of guiding clients who’ve inherited assets and are wondering if they need to file a trust tax return (Form 1041). She shar...