Millionaire Starter Club
202 episodes - English - Latest episode: about 2 years ago - ★★ - 15 ratingsPodcast on finance, investing, money, wealth, and taxes.
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Episodes
176 President Elect Trump's Tax Plan
November 18, 2016 03:26 - 11.8 MBIn this episode, I discuss President Elect Trump’s tax reform proposal and use examples. Under President Elect Trump’s plan: Tax rates and breakpoints for Married Filing Jointly 75,000 225,000 33%... Visit the Your Tax Teacher website for more information about this episode using the episode number.
175 Qualifications Needed to File as "Head of Household"
November 11, 2016 01:41 - 6.96 MBIn this week’s episode, I discuss the qualifications needed to file as “Head of Household”. 1. You are unmarried or considered unmarried on the last day of the tax year. 2. You paid more than... Visit the Your Tax Teacher website for more information about this episode using the episode number.
174 2016 Form Draft 1040 Schedules Update
November 04, 2016 00:18 - 7.22 MBIn this week’s episode, I discuss the changes to the 2016 Form 1040 Schedule A, B, C, E, and F. Schedule A -Medical Mileage Deduction is .19 per mile for medial purpose in 2016 -Form 2016 -... Visit the Your Tax Teacher website for more information about this episode using the episode number.
173 Preview of the 2016 Draft Form 1040 Changes
October 28, 2016 01:21 - 6.67 MBIn this week’s episode, we take a sneak preview of the 2016 Form 1040 draft released by the IRS. 1. The return itself hasn’t changed. No lines have been added nor has any lines on the draft of the... Visit the Your Tax Teacher website for more information about this episode using the episode number.
172 What Tax Preparers Do After October 15th
October 21, 2016 01:18 - 8.83 MBPeople make assumptions especially when they don’t know the answers. One of the assumptions that people make is that after April 15th, tax preparers don’t have anything to do. How tax preparers... Visit the Your Tax Teacher website for more information about this episode using the episode number.
171 Calculating the Social Security Benefits Base
October 14, 2016 00:44 - 7.49 MBIn this week’s episode, I discuss how to calculate the base for social security benefits for determining if up to 85% of the social security benefits would be included in taxable income. The social... Visit the Your Tax Teacher website for more information about this episode using the episode number.
170 Top 2015 Last Minute Tax Items to Scramble For
October 07, 2016 00:29 - 9.18 MBIn this week’s episode, I discuss the last minute scramble to get the information needed to complete your tax return before the October 15th extension deadlines. For most people, the information... Visit the Your Tax Teacher website for more information about this episode using the episode number.
169 Special Marital Filing Statuses
September 30, 2016 01:57 - 10.4 MBIn this week’s episode, I discuss the different martial statuses for married couples. The first marital status I discuss is married filing jointly. If you’re married at year end (December 31st) then... Visit the Your Tax Teacher website for more information about this episode using the episode number.
168 Employer Identification Number (EIN)
September 23, 2016 01:08 - 7.54 MBIn this week’s episode, I discuss the Employer Identification Number (EIN). EINs similar to social security numbers are the taxpayer ids used for trusts, estates, LLCs (Limited Liability Company),... Visit the Your Tax Teacher website for more information about this episode using the episode number.
4 Ways to Reduce Your 2016 Tax Liability
September 16, 2016 02:01 - 9.14 MBIn this week’s episode, I discuss the “Four ways you can reduce your 2016 tax liability. 1. Tax-Exempt income like municipal bonds and U.S. Treasury Bonds, Notes, and Bill are not subject to Federal... Visit the Your Tax Teacher website for more information about this episode using the episode number.
166 From Tax Returns to Tax Liens and Seizures
September 09, 2016 01:29 - 6.98 MBIn this episode, I discuss tax liens and tax seizures. Recently in the news, there have been several cases where the courts have ruled that the taxpayer’s main residence can be seized and sold to... Visit the Your Tax Teacher website for more information about this episode using the episode number.
165 Steps to Setup a 501(c)(3) Non-Profit Organizaiton
September 02, 2016 01:00 - 8.81 MBIn this episode, I discuss the steps to consider when setting up a non-profit organization. 1. Define the non-profit’s purpose. What is your non-profit organization purpose? 2. Research the... Visit the Your Tax Teacher website for more information about this episode using the episode number.
164 Passive Loss Exception
August 26, 2016 00:12 - 7.47 MBIn this week’s episode, the topic is passive income exceptions. As I discussed in last week’s episode 163, there are two types of passive income activities. Rental Income Business Activity... Visit the Your Tax Teacher website for more information about this episode using the episode number.
163 Passive Income and Losses
August 12, 2016 03:05 - 6.68 MBThe topic for this episode is “Nonpassive Income”. There are two types of passive income: 1. Rental income - passive income from rental activities (Condos, Commercial Property, Houses, Apartments)... Visit the Your Tax Teacher website for more information about this episode using the episode number.
162 Tax Scams IRS Doesn't Accept iTunes Giftcards
August 05, 2016 00:51 - 10.5 MBIn this episode, I discuss tax fraud, where a caller tells you or leaves a voicemail message informing you that you owe additional tax and if you don’t pay before the end of the day you will be... Visit the Your Tax Teacher website for more information about this episode using the episode number.
161 Is Your Business A Business or a Hobby?
July 28, 2016 22:30 - 10.6 MBIn this episode, I discuss the IRS rules on whether your business is a business or a hobby. Does your business have: A. Necessary Business Expenses B. Ordinary Business Expenses Is your business... Visit the Your Tax Teacher website for more information about this episode using the episode number.
160 Entrepreneurship and Taxes
July 22, 2016 02:27 - 8.97 MBIn this episode, I discuss what you need to know about taxes when it comes to being or becoming an entrepreneur. 1. Entity Type - Your entity type determines your tax rate for taxable income... Visit the Your Tax Teacher website for more information about this episode using the episode number.
159 Keeping Tax Return Support Documentation
July 15, 2016 02:36 - 8.53 MBIt's important to keep your tax return and your back up supporting that was used for preparing your tax returns. As a general rule, you should keep the backup and the tax returns for seven years... Visit the Your Tax Teacher website for more information about this episode using the episode number.
158 Unclaimed Property Reporting and Delaware Lawsuit
July 07, 2016 01:49 - 14.2 MBJuly - Hot summer days and nights and thoughts that turn to business unclaimed property reporting. Recently in unclaimed property, Delaware is being sued by several states because of the state’s... Visit the Your Tax Teacher website for more information about this episode using the episode number.
157 Why Keeping Up With Tax Laws and Court Cases Is Important
June 16, 2016 02:44 - 9.48 MBIn this episode, I discuss why keeping up with tax laws and court cases is important for both individuals and businesses. 1. Tax laws are constantly changing. What tax laws and court cases... Visit the Your Tax Teacher website for more information about this episode using the episode number.
156 Tax Notices, Liens, Seizures, and Prosecution
June 09, 2016 01:58 - 6.82 MBIn this week’s episode, the topic is “What to expect when you don’t respond to the IRS or file tax returns”. 1. Send notice(s) of delinquency with a date to respond by. The IRS and the states may... Visit the Your Tax Teacher website for more information about this episode using the episode number.
155 13 Reasons Tax Audits Occur
June 02, 2016 01:59 - 15.7 MBFor this episode, I discuss some of the reasons why you may be selected for an IRS or State Tax Audit based on research and past experience. 1. Make mathematical errors Addition, subtraction,... Visit the Your Tax Teacher website for more information about this episode using the episode number.
154 Tax Audits
May 19, 2016 01:23 - 10.6 MBIf you’re like most people, the word “Audit” sends chills down you spine. In this episode, I discuss audits. Specifically, seven items to understand about tax audits. 1. You will receive a letter... Visit the Your Tax Teacher website for more information about this episode using the episode number.
153 Tax Notices (Don't Sweat It)
May 05, 2016 02:18 - 9.76 MBIn this episode, I discuss “Tax Notices - Don’t Sweat It” There are nine items to consider when you receive a tax notice. 1. What is the date of the notice. 2. When is the due date? 3. What is... Visit the Your Tax Teacher website for more information about this episode using the episode number.
152 After April 15th....Now What?
April 28, 2016 01:40 - 7.67 MBIt’s after April 15 (or April 18th), now what should you do? 1. Filed Extension File your return 2. Amend your tax return Because of income and deduction changes from additional information 3.... Visit the Your Tax Teacher website for more information about this episode using the episode number.
151 Last Minute Tax Filing Dos and Don'ts
April 22, 2016 02:33 - 8.15 MBIn this episode, I discuss last minute filing dos and don’ts. 1. Review the return Is there anything you missed when it comes to income and deductions? 2. Don’t forget to sign the tax return. 3.... Visit the Your Tax Teacher website for more information about this episode using the episode number.
150 Farm Income Schedule F
April 07, 2016 02:45 - 13.4 MBIn this week’s episode, the topic is Farm Income There are nine items to know about farm income on the Schedule F. Schedule F (Farm Income) 1. Farm Income Classification What is your main income... Visit the Your Tax Teacher website for more information about this episode using the episode number.
149 Mileage
March 31, 2016 02:44 - 11.9 MBMileage deduction is an important deduction especially if you’re self-employed or have mileage expense that your employer doesn’t fully reimburse you for. The three types of mileage are: 1. Medical... Visit the Your Tax Teacher website for more information about this episode using the episode number.
148 Energy Tax Credits
March 24, 2016 02:57 - 8.12 MBEnergy Tax Credits is discussed in this week's episode. The two types of energy tax credits are: 1. Renewable Energy Tax Credits 2. Non-business residential property cost tax credit The... Visit the Your Tax Teacher website for more information about this episode using the episode number.
148 Earning U.S. Income as Non-Resident U.S. Taxpayer
March 17, 2016 03:29 - 12.1 MBThere are several things to consider when earning U.S. income as a non-resident U.S. Taxpayer. As a non-resident U.S. taxpayer, you may be consider a resident U.S. taxpayer if you qualify under the... Visit the Your Tax Teacher website for more information about this episode using the episode number.
146 Seller Financing, Schedule B, and Form 6252
March 10, 2016 04:32 - 13 MBWith seller financing there are several things to consider when you the taxpayer are financing the loan. 1. Sales Amount The price you sold the property to the buyer. 2. Cost / Basis The cost... Visit the Your Tax Teacher website for more information about this episode using the episode number.
145 Nexus Revisited - Ohio Tracking Cookie Nexus
March 03, 2016 04:30 - 18.1 MBIn this week's episode, I revisit :"Nexus".In previous episodes, I have discussed the "Physical Nexus" and "Economic Nexus" for sales taxes. Physical nexus encompasses fixed assets, payroll, and... Visit the Your Tax Teacher website for more information about this episode using the episode number.
144 Early IRA Distribution Penalty Exceptions
February 25, 2016 04:09 - 8.5 MBIn this episode, the topic is early IRA distribution penalty exceptions. In order to qualify for the penalty exception, you must meet one of the exceptions for the IRA distribution to not be subject... Visit the Your Tax Teacher website for more information about this episode using the episode number.
143 Insights to Schedule C
February 18, 2016 03:49 - 11.1 MBIn this episode, I discuss the Schedule C Profit Loss from Business form. Somethings to know about Schedule C are: 1. EIN (Employer Identification Number Do you need an EIN? 2. Sole... Visit the Your Tax Teacher website for more information about this episode using the episode number.
142 Who Gets to Claim the Income and Deduction(s)
February 11, 2016 03:22 - 8.46 MBWhen it comes to income, who gets to report the income and deduction. Things to consider when reporting income are: 1. Whose social security number is it reported under on the tax form? The name... Visit the Your Tax Teacher website for more information about this episode using the episode number.
141 Qualifying Child and Relative Form 2441
February 04, 2016 01:36 - 12.7 MBIn this episode, I discuss who is a “Qualifying Child” or a “Qualifying Relative". Additionally, I discuss what information is needed to complete the Form 2441 “Child & Dependent Care Expense... Visit the Your Tax Teacher website for more information about this episode using the episode number.
140 Choosing Tax Software and IRS Free FIle
January 28, 2016 03:16 - 18.8 MBThings to consider when choosing tax software to prepare your tax return yourself 1. Which software do you chose? (Preference) 2. Do you want to put your tax information into the cloud or... Visit the Your Tax Teacher website for more information about this episode using the episode number.
139 Tax Return Mistakes and Errors
January 22, 2016 03:18 - 11.6 MBIn this week's episode, I discuss mistakes and errors that are made on tax returns. 1. Verify that your name(s) and social security number(s) matches the Social Security Adminsitration... Visit the Your Tax Teacher website for more information about this episode using the episode number.
138 Beware of the Tax Preparer
January 14, 2016 03:02 - 15.5 MBAs the 2015 tax filing season will be soon underway, I thought that in this week's episode, I would discuss a topic called "Beware of the tax preparer who..... I came up with the topic through some... Visit the Your Tax Teacher website for more information about this episode using the episode number.
137 Organizing for 2015 Tax Preparation
January 06, 2016 02:36 - 9.41 MBIn this Episode, I discuss organizing your workpaper support documentation for 2015 tax preparation. 1. Income (W-2s, 1099s, K-1s, Schedule C Business Income) 2. Adjustments (Alimony, Health... Visit the Your Tax Teacher website for more information about this episode using the episode number.
136 Top 7 Tax News Items for 2015
December 31, 2015 03:42 - 7.53 MBT Visit the Your Tax Teacher website for more information about this episode using the episode number.
135 PATH ACT and Tax Extenders
December 24, 2015 00:42 - 12 MBEpisode 135 of the Your Tax Teacher Podcast - Navigating the Tax Jungle The IRS will begin processing tax returns on January 19, 2016 for the 2015 tax year. Beginning on January 19, 2016, the IRS... Visit the Your Tax Teacher website for more information about this episode using the episode number.
134 Losing Your Marketplace Healthcare Insurance When You Didn't File A 2014 Tax Return
December 17, 2015 02:28 - 12.5 MBIn this episode, I discuss the five things to know when you don't file a tax return. 1. If you don't owe additional taxes, there is no penalties or interest when you file late. If you do owe... Visit the Your Tax Teacher website for more information about this episode using the episode number.
133 Nine 2015 Year End Tax Strategies
December 10, 2015 02:49 - 12 MBIn this week's episode, I discuss nine year-end tax strategies for 2015. 1. Make Charitable Contributions (10-50% of AGI if you itemized) With charitable contributions, you can use the... Visit the Your Tax Teacher website for more information about this episode using the episode number.
132 Lowering Your Tax Liability using Qualified Dividends and Capital Gains
December 03, 2015 03:23 - 11.1 MBIn this episode, I discuss how to lower your tax liability using qualified dividends and capital gains (which includes capital gains and losses and capital gain distributions). In the today’s... Visit the Your Tax Teacher website for more information about this episode using the episode number.
131 Tax Liability and Minimum Wage Increases
November 26, 2015 03:14 - 20.6 MBWith all the discussion on increasing the minimum wage to $15/hour, what will it do to your taxable liability. 5 Things Increases in Minimum Wage Will Do To Your Taxes 1. Increase your taxable... Visit the Your Tax Teacher website for more information about this episode using the episode number.
130 Form 1040 Additional Taxes and Payments
November 19, 2015 03:40 - 16.2 MBIn this week's episode, I complete the discussion on the Form 1040 with the additional taxes and payments/ Additional Taxes are: Self-employed taxes (Schedule SE) Under reported social security... Visit the Your Tax Teacher website for more information about this episode using the episode number.
129 Tax Credits
November 12, 2015 03:31 - 10 MBIn this week’s episode, I discuss Form 1040 tax credits. To find the tax form on the IRS website, click on the tax credit. 1. Foreign Tax Credit 2. Child & Dependent Care Tax Credit 3. Educational... Visit the Your Tax Teacher website for more information about this episode using the episode number.
128 Traditional and Roth IRAs, SEP Plans, Simple IRA, and Newsletter
November 05, 2015 03:47 - 18 MBIn this episode, I discuss Traditional IRA Pre-taxed contributions Contribution Limit $5,500 (under 50) $6,500 (50 and over) Can't make contributions once you reach 70 1/2... Visit the Your Tax Teacher website for more information about this episode using the episode number.
127 Understanding Taxable Inocme
October 29, 2015 01:09 - 16.4 MBTaxable income is discussed in this week's episode. What makes up taxable income are: 1. Wages W-2 W-2C Form 4582 (Substitute W-2) 2. Dividends Stocks... Visit the Your Tax Teacher website for more information about this episode using the episode number.