The Jeff Trapp Podcast Jeff Trapp

In this week's episode of The Jeff Trapp Podcast, Jeff analyzes new tax proposals from Joe Biden's 2025 FY budget proposal. He refers to a breakdown from the Tax Foundation on how the proposals could raise $2.2 trillion over 11 years through increases to corporate, investment, and individual income taxes.


Jeff covers major changes including increasing the corporate tax rate from 21% to 28%, expanding the net investment income tax from 3.8% to 5%, raising the top individual rate from 37% to 39.6% for incomes over $400k/$450k, taxing long-term capital gains as ordinary income for incomes over $1 million and more.


He then explains how these proposals aim to pay for government spending but may have unintended consequences like lower GDP growth, wages, and 788,000 lost jobs. He advises listeners to connect with a tax strategist to mitigate effects.


If you are enjoying these episodes, be sure to like, subscribe, and share the podcast. Also, grab a free copy of Jeff's Tax Playbook at go.thetaxplanningpros.com to keep more of your hard-earned money.

A recent article reveals that over 80% of IRS audits target taxpayers making less than $1 million per year. As a business owner or high-income individual, you could be at risk even if you don't consider yourself ultra-wealthy.

In this week's video, Jeff Trapp, founder of The Tax Planning Pros breaks down what's really happening inside the IRS and shares key tips to avoid catching their attention and triggering an audit.

Jeff explains that while the IRS claims to use new funding to pursue high-net-worth individuals and large corporations, the data shows they actually go after "easier targets" - everyday taxpayers and small business owners making under $1 million annually.

Why? Simple - they know most ordinary folks don't have the resources to endure a lengthy litigation battle with the IRS. So when faced with an audit notice, many just pay up rather than fight it.

This represents tens of billions in revenue for the IRS. And you could be the next target even if you've always filed your taxes carefully and properly.

Be sure to download a copy of our free Tax Playbook to discover a wealth of legal tax strategies at https://go.thetaxplanningpros.com/.

Tune in now, and be sure to like, subscribe and share our podcast.

College tuition costs continue to skyrocket, with average 4-year tuition now over $100,000 for public schools and over $200,000 for private schools. Many parents invest in 529 college savings plans to help cover future education expenses tax-free. But what if your child decides not to attend college or receives significant scholarships? Tune in now to hear host Jeff Trapp, the founder of The Tax Planning Pros, offer options on how to handle unused 529 funds without tax penalties.


If you're enjoying our podcast, please support our channel by liking, subscribing, and sharing our content. Then step up to discover more actionable strategies with a complimentary copy of our Tax Playbook now: ⁠https://go.thetaxplanningpros.com/⁠ 🚀

Welcome to the "Jeff Trapp Podcast." Now that we've moved past tax planning season, Jeff is setting out to share insights on proactive tax planning as he aims to dispel common tax misconceptions and reveal opportunities for tax savings.

Unlike mere tax preparation, strategic planning can significantly improve financial outcomes, ensuring compliance and optimizing cash flow management for both individuals and businesses. Jeff also underscores the importance of consulting a tax strategist to implement a plan that aligns with your goals, potentially saving substantial amounts in taxes and avoiding unexpected bills.

To further explore the potential for bigger tax savings, download our free tax playbook at ⁠https://go.thetaxplanningpros.com/⁠. If you found this episode enlightening, please like, subscribe, and share to help others discover valuable tax planning insights.

Welcome to The Jeff Trapp Podcast. In this episode, Jeff unveils essential tax strategies for those who are running out of time to file their taxes, emphasizing the power of filing a tax return extension and making smart estimated tax payments for 2024.

Tune in to discover how to avoid penalties and interest by strategically combining your extension and first quarter payments, ensuring you keep more of your hard-earned money.

For more tax tips like, share, and subscribe, then go download your free Tax Playbook by visiting https://go.thetaxplanningpros.com/.

Dive into the future of finance with "The Jeff Trapp Podcast," where host Jeff Trapp unravels the complexities of new crypto tax reporting rules. With the IRS rolling out extensive regulations, the digital asset landscape is on the brink of significant change. These rules will impact digital asset trading platforms, payment processors, and wallet providers, imposing new tax reporting obligations that are crucial for compliance and strategic planning.

In this series, Jeff breaks down everything you need to know about the upcoming changes, from who qualifies as a digital asset broker to the specifics of what sales must be reported. Whether you're deeply invested in cryptocurrency or just starting to explore digital assets, this podcast is your go-to source for navigating the evolving tax requirements.

If you are enjoying these episodes please like, subscribe, and share "The Jeff Trapp Podcast." Plus, don't miss out on optimizing your tax strategy—get your free copy of our Tax Playbook at https://go.thetaxplanningpros.com/. Equip yourself with the knowledge to navigate the new tax landscape confidently.