How the New Tax Reform Will Impact Your Finances with Josh Bauerle

This week I sat down with CPA, Josh Bauerle.

Josh is a CPA an the founder of CPA on Fire, a tax and accounting firm that specializes in working with online based entrepreneurs.

HERE'S WHAT YOU’LL LEARN FROM THIS EPISODE:

An overview of some of the big changes with the new tax reform. Updates to the Standard and Itemized deductions along with the Personal Exemption and how they impact you. The changes made to how local and state income and property taxes are deducted and how this could be less than ideal depending on the state you live in. Are you a homeowner or anticipating become one? There’s a change to mortgage interest deductions as well. If your business is a pass-through entity, there are some beneficial changes you’ll want to be aware of for your income. How the 529 plan can now benefit your children’s education beyond college. How to identify some of the myths that have been going around about the tax reform. What entrepreneurs should be doing in order to better prepare for the changes from the new tax reform. The biggest action item an entrepreneur can do to better understand the success of their business. When to establish a payroll for yourself and when to take distributions. If you do switch to payroll, what to consider when deciding the amount to pay yourself. Retirement savings tips for entrepreneurs. A good rule of thumb to follow when taking deductions for your business.

LINKS WE MENTIONED ON THE SHOW:

CPA on Fire (Josh’s Website) How to file Form 2553 (to file as an S-Corp) Gusto