37 episodes

An educational podcast to teach you about how taxes affect your business and personal lives and how to lower your tax bill. Taxes affect every area of life, from buying a house, to buying stocks, to operating a business, and even giving birthday gifts. We are here to help you understand the complexities of the tax code and make it simple for everyone to understand.

Disclaimer: The purpose of this podcast is for educational purposes. Please consult with your accountant, financial advisory and other resources on your own before making any decisions/investments based on the content of this show.
Cover art photo provided by NeONBRAND on Unsplash: https://unsplash.com/@neonbrand

Mac Tax Mac Tax

    • Careers

An educational podcast to teach you about how taxes affect your business and personal lives and how to lower your tax bill. Taxes affect every area of life, from buying a house, to buying stocks, to operating a business, and even giving birthday gifts. We are here to help you understand the complexities of the tax code and make it simple for everyone to understand.

Disclaimer: The purpose of this podcast is for educational purposes. Please consult with your accountant, financial advisory and other resources on your own before making any decisions/investments based on the content of this show.
Cover art photo provided by NeONBRAND on Unsplash: https://unsplash.com/@neonbrand

    How to Deduct State Taxes

    How to Deduct State Taxes

    Can you deduct state taxes on your personal and business federal tax return? If so how much can you write off? Tune in to this week’s episode to find out!

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    • 3 min
    Life Insurance Premiums NOT Tax Deductible

    Life Insurance Premiums NOT Tax Deductible

    Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance payouts are tax free to the beneficiary, so at least it’s fair in that sense.

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    • 3 min
    2020 Tax Documents for Tax Season

    2020 Tax Documents for Tax Season

    Learn about what each tax document is and what tax documents you should be expecting to receive this year in order to complete your 2019 tax return.

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    • 4 min
    Tax on Holiday Gifts 🎁?

    Tax on Holiday Gifts 🎁?

    Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you.

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    • 3 min
    Obama Care ACA Individual Mandate Repealed

    Obama Care ACA Individual Mandate Repealed

    Breaking news out of the US court of Appeals! The US appeal court division just ruled that the individual mandate of the Affordable Care Act (Obama Care) was ruled unconstitutional. Therefore solidifying the removal of the requirement to report on your taxes whether you had health insurance AND removing the penalty if you did not have health insurance for any month throughout the year. With the repeal of the individual mandate you will notice that there is no more check box on your tax return to report if you had health insurance and will no longer be required to pay any penalties or claim exemptions for months you did not have health insurance. 

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    • 4 min
    Year End Tax Planning Tips

    Year End Tax Planning Tips

    Major theme of year end tax planning is that documentation is key 🔑 Any tax deduction whether it’s charity, IRA contribution, mortgage interest, teacher out of pocket expenses, or just closing out your books for your business, you will need the documentation to take the tax deduction. Now is the time to get ahead and start organizing your files before the craziness starts next year.

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    • 4 min

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