Dive into the final chapter of our 2-part series "The IRS's 2023 Dirty Dozen List" on the Jeff Trapp Podcast. As the April 15th deadline approaches, we're tackling the last six scams on the IRS's watchlist, from social media misinformation to schemes targeting high-income earners. Discover the risks of following tax advice on platforms like TikTok and Instagram, and learn about the new cybersecurity threats facing tax professionals. We'll also debunk the myths surrounding offer in compromise mills and their promises to settle tax debts for pennies on the dollar. This episode is packed with ess ..read more

Welcome to the Jeff Trapp Podcast, where host Jeff dives into tax planning with unmatched expertise and enthusiasm. In this special episode, the first of a two-part series, we explore the IRS's 2023 Dirty Dozen list. This annual list highlights the top scams the IRS warns taxpayers against, essential for anyone aiming to avoid tax pitfalls. Jeff breaks down the first six items with clarity, covering everything from aggressive employee retention credit claims to phishing and smishing scams. Whether you're wary of scams or curious about the IRS's focus this year, this episode offers invaluable i ..read more

Join Jeff Trapp on the Jeff Trapp Podcast for a crucial episode that every S-Corporation and Partnership owner must not miss. With the tax extension deadline looming on March 15th, 2024, Jeff breaks down the importance of filing your extension on time to avoid steep penalties that can reach up to $220 per month per partner or shareholder. This concise yet informative session will guide you through the basics of filing an extension, highlight the potential financial repercussions of missing the deadline, and offer practical advice to ensure you're not leaving your hard-earned money on the table ..read more

Join host Jeff Trapp on a journey through the essentials of estate and tax planning. This week on The Jeff Trapp Podcast, we delve into the critical reasons why estate planning is indispensable for effective tax management, offering you straightforward, practical advice. Learn how to reduce estate taxes, bypass probate, and implement strategies that benefit your beneficiaries' income tax situations. We cover everything from capital gains tax strategies to the nuances of the Generation-Skipping Transfer Tax and beyond. Whether you're planning for your business's future or looking to make the mo ..read more

Welcome to the Jeff Trap Podcast, where we navigate the complex world of tax planning with ease and precision. Hosted by Jeff Trapp, a seasoned expert from the Tax Planning Pros, this podcast is a gold mine for business owners looking to optimize their tax strategies. In a straightforward and business-friendly tone, Jeff breaks down the latest tax laws, deductions, and strategies, ensuring you're well-equipped to make informed decisions. Whether you're grappling with state income taxes or looking to understand the implications of the Tax Cut and Jobs Act, we've got you covered. If you find val ..read more

Dive into the world of entrepreneurial finance with "The Jeff Trapp Podcast." Hosted by Jeff Trapp, this podcast is a must-listen for anyone looking to start a business with a tax-savvy approach. Jeff breaks down the complexities of financial challenges that entrepreneurs face, such as underestimating startup costs, managing cash flow, and the importance of diverse revenue streams. He provides actionable advice on securing financing, planning for taxes, and avoiding common pitfalls like overexpansion and inadequate financial planning. If you enjoyed this episode go ahead and like, subscribe, a ..read more

In today's episode of The Jeff Trapp Podcast, Jeff explores the complexities of tax season and the intricacies of securing a home loan for self-employed individuals and business owners. With the IRS now accepting returns, and given the stall in tax cuts, it's crucial to start organizing your documents. Which is why in this episode we're delving into balancing the minimization of tax liabilities with the need to demonstrate sufficient income for credit approval, offering insights into collaborating with lenders and ensuring accurate financial statements. Whether your goal is to refinance, acqui ..read more

In this episode of the Jeff Trapp Podcast, Jeff delves into tax-advantaged retirement planning for self-employed individuals. He covers options such as Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and Traditional or Roth IRAs, highlighting their tax benefits and strategic importance for financial security. Jeff simplifies complex tax concepts, focusing on maximizing contributions and the impact of tax-deductible contributions on reducing taxable income and ensuring tax-deferred investment growth. If you're enjoying these episodes, please like, subscribe, and share our podcast. Your support helps us de ..read more

Welcome to the "Jeff Trapp Podcast" where we're jumping into the latest in tax planning and strategies to empower you, the savvy business owner and taxpayer. In today's episode, we're discussing crucial tax updates, including the January 31st deadline for 1099 filings and the potential impact of the Tax Relief for American Families and Workers Act of 2024. This bill, currently in the Senate, offers exciting prospects like retroactive tax cuts to 2023 and enhanced child tax credits. We'll also delve into strategies to optimize your tax filings, especially considering the recent start of the e-f ..read more

This week's episode on Jeff Trapp Podcast delves into the significant tax implications of major life events and caring for elderly parents. We explore how events like marriage, death, divorce, the birth of a child, and a child going to college can dramatically affect your taxes. Additionally, we provide insights into the financial considerations when a parent moves in with you, including claiming dependents, Head of Household status, medical expenses, and more. Join us as we navigate these complex scenarios with expert advice, ensuring you're well-informed for any life changes ..read more