The Jeff Trapp Podcast

In recent weeks, there have been many changes happening in Washington. Consequently, The Jeff Trapp Podcast has been more focused on discussing tax audits. With consideration for last week's podcast topic, let's look at whether the IRS may be able to forfeit the statute of limitations on auditing tax returns. And If you're wondering how far back the IRS can audit your returns, you may be surprised...

Recently the White House made the decision to beef up the audit department of the IRS with an extra $80 billion as a part of the Inflation Reduction Act of 2022. In light of this news, many small business owners are now worried that they could be targeted by the IRS. So for this round of The Jeff Trapp Podcast, Jeff shares vital tax tips and strategies that business owners can use to stay out of t...

Last week we had breaking news out of Washington about student loan debt forgiveness. Yet, many questions were left unanswered surrounding this news. So, today on The Jeff Trapp Podcast, Jeff will break down the new proposal, discuss who’s going to pay for it, and how it could potentially affect your business. You'll want to make sure you get in on this one because there is quite a bit to consider...

Still, confused about real estate investments? Do you have any questions about whether or not you can write any part of them off? Then be sure to check out this week's episode of The Jeff Trapp Podcast. In this episode, Jeff covers some crazy tax write-offs for real estate investors. In other words, if you are thinking about investing in Real Estate, or if you are already investing in Real Estate,...

Join us for The Jeff Trapp Podcast, where Jeff will cover the economy and dive deeper into the GDP decline, the risk of a recession, or whether we are already potentially in one despite what you’re hearing in the public or virtual square. You’ll also gain some insights into surviving and thriving during a recession. If you think something smells fishy with the economy you may be right. So, go ahea...

In this jam-packed episode of The Jeff Trapp Podcast, Jeff piggybacks off of the last episode "Inflation Reduction Act Explained." This time around he'll cover the new bill and how the government plans to raise revenue through small businesses by increasing IRS audits. To say that this bill may potentially deliver quite a stinger to many small businesses is an understatement. Whatever you do, don'...

Inflation is currently affecting everyone. In June, inflation jumped to 9%. This has resulted in us spending more than last year on our purchases. Software costs are rising, wages are rising, and everything is generally going up. As a result of rising inflation, Senator Joe Manchin and Senate Majority Leader Chuck Schumer recently announced a reconciliation agreement known as the Inflation Reducti...

Today Jeff Trapp, founder of The Tax Planning Pros, shares changes happening with the Bonus Depreciation when 2022 comes to an end. The Bonus Depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets rather than writing them off over the “useful life” of the asset. Eligible assets that qualify for Bonus Deprecation for...

Many business owners are convinced that tax planning and tax preparation achieve the same results. In spite of this misconception, tax planning which takes place throughout the year can reduce taxes more effectively than waiting until taxes are due. In this episode, Jeff Trapp founder of The Tax Planning Pros unravels the nuances of tax prep vs tax planning while providing true-to-life examples an...

As a business owner, there are tax strategies that you can use to provide tax-free income to your kids as a way of covering college expenses. So, today on The Jeff Trapp Podcast, Jeff covers smart ways that you can provide tax-free funds, or in other terms shift income towards your kids who are in or planning to attend college. Tune in to find out if this solution could be a game-changer for your...

Do your kids constantly complain that they are bored? Well, why not put them to work for your business. Yes, you can legally hire your children who are under 18 years old. This week Jeff Trapp, the founder of The Tax Planning Pros and father of five boys, discusses the tax strategies you can tap into to put your minor children on payroll.  Discover why this can be a great tax strategy, and ho...

Planning to golf and lunch with a friend or colleague to tee up for a business venture and wondering how you can deduct the outing as a business expense rather than eating the cost? Well good news, Jeff covers the do’s and don’ts for business meals, including what you can and cannot deduct, what qualifies for a 50% or 100% deduction and all the ins and outs of deducting a business meal in this pod...

Trying to figure out the best way to deduct your vehicle expenses? Here, Jeff Trapp explains the different routes you can take when it comes to vehicle expenses and provides examples of how each strategy can work in your favor. Tune in to hear which could work best for your situation. UPDATE: Since this podcast was recorded the IRS has updated its mileage rate to 62.5 cents per mile beginning July...

Summer is a great time to take a vacation. Maybe you're wondering if you can deduct a family vacation or a vacation with friends as a business expense. On today's podcast, Jeff reveals what qualifies as business travel, who you can take a deduction for, as well as other examples for taking the business travel deduction that you may not have considered before. Make sure to tune in, you won’t want t...

Introducing your host, Jeff Trapp, tax advocate and founder of The Tax Planning Pros. Tune in to listen as he shares his passion and mission to help business owners like yourself scale and grow faster so that you can change the way you think about your taxes, your businesses, your wealth, and your legacy while being profitable. Get 75% off of our tax savings master course with the code PODCAST2022...