The Jeff Trapp Podcast

There has been a lot of chaos in the economy in the past few weeks. Two banks failed, Signature Bank and Silicon Valley Bank, as well as Europe's own banking failures. However, the reason why they failed isn't quite what you may expect. So, this week on The Jeff Trapp Podcast, Jeff discusses what exactly is going on, what it likely means, and what you can do to better insulate yourself aga...

We are in the thick of tax season. It's the Superbowl for tax professionals. We’re a month away from the April 18th filing deadline for individuals, C-corporations, estates, and trusts. As we approach the endgame, Jeff explains how your CPA might work more for the IRS instead of for you. Whether you think you're already saving money on taxes or know your tax bills are too high, but you're not sure...

In this episode of the Jeff Trapp Podcast, Jeff discusses how the Meal & Entertainment Deduction has changed for 2023. As of this year, the Meal and Entertainment Deduction is no longer 100% deductible. Instead, these types of deductions are limited to 50%. Additionally, entertainment is no longer deductible. Nevertheless, you may still be able to deduct 100% of your meals in certain cases. Th...

Today, on The Jeff Trapp Podcast we're bringing the latest tax season news and updates most important to business owners as we move move into March. Along with these tax deadline updates we also cover important news for business owners located in disaster areas. From here on out Jeff dives right into trending tax news and topics that are otherwise likely to catch many unsuspecting business owners...

The New Year is still young, and there are a lot of things to think about for your business. This is why we're talking about business structuring on this episode of the Jeff Trapp Podcast. In regards to this topic, there is one burning question that we get asked repeatedly. The question is whether to form an LLC or an S-Corporation. Immediately following that question is how do I determine the ide...

This time of year is full of love, both from the IRS, and because it's the week of Valentine's Day. And boy does the IRS love you during tax season. This is even more true when you don't deduct all of your expenses and instead end up paying bigger tax bills than was necessary. So today on The Jeff Trapp Podcast, Jeff will cover some of the most common business expenses that many small business own...

Our mission at the Jeff Trapp Podcast is to help business owners like yourself change their perspective on their taxes, businesses, wealth, and legacy. This round of discussion pivots from the usual discussion of tax strategies to the topic of tax-free retirement. The unfortunate reality is that taxes will likely increase over the next 30 years. As a matter of fact, they will likely double. To ens...

The Jeff Trapp Podcast is breaking down another fantastic tax strategy from the Inflation Reduction Act. Join Jeff as he discusses the new Electric Vehicle Tax Credit introduced this year. In addition to explaining how the credit works and what makes it different from the last Electric Vehicle Tax Credit, he also outlines who is eligible to receive it. Further, if you're wondering about the Used E...

Welcome to The Jeff Trapp Podcast. Jeff is working on bringing more tax deductions and credits to the table for Tax Season 2023 so that business owners like yourself can reduce their high tax bills. So in this episode Jeff will explain how you can take advantage of excellent tax benefits when making energy-efficient improvements to your real property. Topics covered include the Business Energy Inv...

Today on the Jeff Trapp Podcast we are bringing you a jam packed episode. So, whatever you're doing right now, stop and take some time to listen to Jeff discuss the tax changes we’ll be seeing here in 2023. For instance,  there is the Inflation Reduction Act that passed in August of 2022. Its purpose is to curb inflation, but it also bolstered the IRS with 80 billion dollars. So now we’re als...

Greetings and welcome to the Jeff Trapp Podcast. In today’s episode, Jeff focuses on tax law changes that you need to be aware of here in the new year. He shares how you can successfully deal with the changes to standard mileage rates and the standard deduction rate. He also discusses important tax deadlines and forms you'll need to be aware of over the next 30 days. We hope you are finding these...

The Jeff Trapp Podcast wishes you a happy new year! We hope you are focusing right now on new goals, new hopes, and new plans to make 2023 as exciting and fulfilling as possible. While we're discussing New Years resolutions, take a listen as Jeff helps you understand why tax planning is one of the best ways to increase cash flow. It is especially important for any business owner who has had a succ...

The Jeff Trapp Podcast is winding down its year-end tax savings series with one more excellent tax strategy to help you save tens of thousands of dollars in taxes. In this episode, Jeff discusses Section 199A Qualified Business Income Deduction. This 20% deduction strategy provides you with a 20% deduction just for owning a business. This is all thanks to The Tax Cuts and Jobs Act back in 2018, wh...

Once again, welcome to The Jeff Trapp Podcast. We hope you have been enjoying our Year-End Tax Planning Series for 2022. It's hard to believe we're nearly done with this series. We hope you're enjoying learning about all the ways you can reduce your taxes. As we're right in the thick of the winter holidays, Jeff is walking through some great strategies for hiring your elves, otherwise known as you...

Greetings and welcome to the Jeff Trapp Podcast. Tune in as Jeff discusses yearend retirement planning. Why retirement? Because the reality is that the clock is always ticking. We aren't getting any younger. The clock just continues ticking towards retirement, but also towards the end of the year. Moreover, you need to take steps now to get your retirement deduction before the year closes. In addi...

Happy Wednesday before Thanksgiving from The Jeff Trapp Show. Not only are we thankful that you’re checking out our podcast, but we also hope you've had the opportunity to tune in weekly to Jeff's year-end tax write-off series. If you missed out or you’re new here, we encourage you to go back and check them out before the year truly comes to a close. However, today we want to shift our focus to th...

For the last several weeks The Jeff Trapp Show has been running a last-minute year-end tax strategy series to help business owners discover how to reduce their taxes before the year ends. In this episode, Jeff will unpack some excellent stock portfolio strategies that you can use to reduce your taxes before 2022 comes to a close. As we all know, the stock market is very volatile at this time, and...

Taking care of your health is essential, but it can also be a significant expense that, if handled properly, can turn into a great year-end write-off. In this episode of The Jeff Trapp Podcast Show, Jeff will explain how to lower your overall taxable income using year-end healthcare strategies as well as medical reimbursement strategies. Just keep in mind that It will be essential to consult with...

On The Jeff Trapp Show, Jeff will discuss ways to maximize additional write-offs and deductions before December 31st in our ongoing year-end tax savings series. Generally, if you have a growing business, your net profits will be higher, which means that your taxable income will be higher. Perhaps you are also investing in real estate and growing your investment portfolio. Moreover, you may be expe...

On today's Jeff Trapp Show, Jeff discusses the safe harbor rule that allows you to prepay your expenses before the year ends. You may not know it, but It is entirely possible to prepay many expenses in advance and thereby end the year with more write-offs. So, if you're still looking for more ways to reduce your tax bill before the year ends, tune in to hear why this strategy could be a great way...

Tax planning season has begun. If you were thinking you were finished with taxes, we have news for you. Tax planning isn’t like tax preparation. It's not something you do once a year but the tax savings can be phenomenal compared to tax preparation alone. Most importantly, to make the most out of tax planning season you need to get started now. So, in this episode of the Jeff Trapp Show, Jeff...

This round of The Jeff Trapp Show is all about paying no taxes when you sell an asset. Jeff will be sharing tax-free capital gains, what you can do to offset capital gains, and getting tax-free capital gains from inherited assets. So if you’re looking for some ideas on how to pay no taxes this is absolutely the episode for you. Listen now to get the 411 on how to avoid paying capital gains taxes....

This week, the Jeff Trapp Podcast Show unpacks how you can avoid capital gains when selling your home. Here Jeff explains the Principle Residence Exclusions incentive, as well as strategies that you can use should your gain on the sale of your property exceed the incentive's exclusion amount. If you’re planning to sell your home take some time to discover the different strategies available to you...

Do you invest in cryptocurrencies? Are you wondering if it needs to be reported to the IRS? In this episode of the Jeff Trapp Podcast Show, Jeff clarifies key questions regarding the IRS's interest in cryptocurrency and its taxability. For example, there is a question found on the 1040 that asks "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial intere...

Join The Jeff Trapp Podcast Show today as Jeff gets into the nuts and bolts around real estate investing Strategies while covering the 1031 exchange. Although it can be a more complex strategy to implement it is often a great tool for those who are engaged in real estate investing. If you’d like to know what it takes to defer taxes when you sell a property to a buyer and buy another property make...