In this episode, hosts John and Chris dive into the often overlooked, yet insightful, Internal Revenue Service (IRS) Databook. The conversation opens with a spotlight on the importance of understanding IRS operations and statistics that can empower taxpayers to minimize their lifetime taxes legally and ethically. Discover key trends in electronic return filings and insights into IRS auditing practices that every taxpayer should be aware of. The episode unpacks the IRS's processing of 271 million tax returns and the significant shift towards electronic filing, with over three-quarters filed ele ..read more

In this episode of the Teaching Tax Flow podcast, we welcome Will Lopez of Gusto to unearth the critical significance of payroll beyond its traditional perception. The conversation dives deep into the transformative power of modern payroll services provided by Gusto, as well as how efficient payroll processing can be leveraged for strategic tax planning and business growth. Explore how shifting from an arduous, compliance-heavy task to a streamlined, culture-centric system can make all the difference. This podcast episode delves into the importance of choosing a payroll solution that offers mo ..read more

Episode Summary: In this episode of the Teaching Tax Flow podcast, Chris Picciurro steps into the spotlight as he sheds light on his day-to-day life as a tax professional. The conversation takes an intimate turn as Chris shares his journey from an entrepreneurial paperboy to becoming a knowledge powerhouse in the realm of taxes. This episode delves into the intricacies of a tax professional's world, juxtaposed with the fun banter between the hosts, making the subject accessible to listeners from all walks of life. Chris breaks down his professional activities into three core areas: tax complia ..read more

Let's embark on a journey through the world of retirement accounts tailored for the modern entrepreneur in this episode of the Teaching Tax Flow podcast. We jump right into how to best create a robust financial future, while cleverly navigating through various retirement plans. In the multi-faceted discussion, Chris tactfully breaks down retirement account options, from the basic traditional IRA to the ultra-advanced defined benefit plan. Emphasizing the necessity of planning and foresight, the podcast provides a rare glimpse into the intricacies of tax-advantaged savings for self-driven busin ..read more

In this episode of the Teaching Tax Flow podcast, hosted by Chris Piccurrio and John Tripolsky, they dive into the nuances of parental tax strategies. With a focus on empowering parents to legally and ethically minimize the taxes they will pay over their lifetimes, episode 76 is a must-listen for parents eager to optimize their tax planning. The hosts meticulously break down complex tax strategies that capitalize on the benefits of parenthood, offering a wealth of knowledge for the layman and experienced tax professional alike. In this episode, Chris and John outline three pivotal tax strategi ..read more

In this episode, Chris & John cover the beneficial sphere of tax advantages that come with homeownership. This conversation is a must-listen for current and prospective homeowners aiming to understand the financial and tax implications of owning a primary residence. The duo unpacks several key benefits, providing listeners with actionable tax tips that could lead to significant savings. Throughout the episode, Chris and John highlight the immediate tax deductions available through mortgage interest and property taxes, emphasizing the importance of itemizing deductions for maximizing return ..read more

In the pursuit of legally reducing lifetime tax payments, this episode unveils the strategic advantages of understanding step-up in basis and how it applies to various inherited assets. Chris succinctly breaks down the essence of cost basis and its implications for capital gains tax. His expertise shines through as he presents everyday scenarios, articulating a clear picture of the benefits and intricacies involved.  Key Takeaways: A 'step-up in basis' significantly reduces capital gains tax on inherited assets by adjusting the asset's cost basis to its market value at the time of inheri ..read more

In this exciting episode, we jump into the complex legal realm of short-term rentals with our special guest, Jeff Hampton, an esteemed expert in the field and co-founder of STR Law Guys. As the popularity of platforms like Airbnb and VRBO continues to soar, so does the need for a comprehensive understanding of the legalities involved in this growing industry. Join us as we explore the key legal aspects that both hosts and guests need to be aware of when engaging in short-term rentals. Jeff Hampton brings his extensive experience and deep knowledge of the subject, shedding light on common legal ..read more

Many taxpayers find themselves scratching their heads when it comes to understanding the disparity between tax deductions and credits. Are they interchangeable? What sets them apart? In this episode, we break down the fundamental differences, shedding light on why confusion persists and providing valuable insights to help listeners navigate the labyrinth of tax regulations. From homeowners to entrepreneurs, this episode offers practical advice on maximizing tax benefits based on individual circumstances. Tune in to discover why taxpayers often struggle to differentiate between deductions and ..read more

In this episode of the Teaching Tax Flow podcast, the hosts, John Tripolsky and Chris Picciurro, welcome Lisa McCarthy to demystify the often-interconnected worlds of bookkeeping, accounting, and tax preparation. Kicking off the conversation, Lisa vividly shares her accidental yet fortuitous dive into bookkeeping, sprouting from her innate love for numbers and a chance meeting with QuickBooks software. Bookkeeping, Lisa emphasizes, is not merely about maintaining records but about crafting a robust, foundationally-sound financial narrative for any business. The nuances discussed unravel why en ..read more