))
I bomb atomically, Socrates' philosophies and hypotheses Can't define how I be droppin' these mockeries Lyrically perform armed robbery Flee with the lottery, possibly they spotted me - Triumph, Song by Wu-Tang Clan Welcome to the 36 Chamber of Taxes! Lets be honest, listening to taxes is as boring as it gets. However, you can't be taken seriously about wealth building if you disregard learning about tax resolution and minimization strategies. Our goal is to creatively share the tax knowledg ...
…
continue reading
Typically, tax laws prevent investors from selling shares and repurchasing the same stock within 30 days. But when you donate your shares, you can immediately repurchase the same stock at its fair market value, resetting your shares at a higher cost basis. In this episode, we will learn the tax minimization strategy of donating and repurchasing sto…
…
continue reading
Tax-loss harvesting is offsetting capital gains with capital losses. It can lower your tax bill and better position your portfolio going forward. In this episode, we will learn the tax minimization strategy of harvesting losses. My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL t…
…
continue reading
Any gift may be taxable, but the recipient of the gift does not have to pay the gift tax. The person who gives you the gift needs to file a gift tax return if it’s more than the $18,000 annual exclusion. This amount usually increases every year. In this episode, we will learn the tax consequences of making gifts to your family My name is Jamaal “Cr…
…
continue reading
A tax consultant can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation. With more expertise than standard tax preparers, tax consultants can help with tax planning, inheritance issues, charitable giving and other complex tax needs. In this episode, we will learn the benefits of consulting with a tax ad…
…
continue reading
Though personal loans are not tax-deductible, other types of loans are. Interest paid on mortgages, student loans, and business loans often can be deducted on your annual taxes, effectively reducing your taxable income for the year. In this episode, we will learn the tax benefits of paying down your debts. My name is Jamaal “Crypto J” Solomon, foun…
…
continue reading
You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is not correct, follow the instructions in your notice or letter. In this episode, we will learn why you should check if you're el…
…
continue reading
Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer, you generally can't take a bad debt deduction for unpaid salaries, wages, rents, fees, interests, dividends, and similar items of taxable income. In this episode, we will learn why you should write …
…
continue reading
One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. If you are a sole proprietor or have a partnership with your spouse and your child is age 17 or younger, the IRS says you don't need to pay Social Security, Medic…
…
continue reading
A tax loss carryforward (or carryover) is a provision that allows a taxpayer to move a tax loss to future years to offset a profit. The tax loss carryforward can be claimed by an individual or a business to reduce any future tax payments. In this episode, we will learn about why not to ignore carryover deductions. My name is Jamaal “Crypto J” Solom…
…
continue reading
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. In this episode, we will learn about how to write off your gambling losses. My name is Jamaal “Crypt…
…
continue reading
Taxpayers that make qualified energy-efficient improvements to their home after Jan. 1, 2023, may qualify for a tax credit up to $3,200 for the tax year the improvements are made. In this episode, we will learn about making energy efficient updates that can reduce your taxes. My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. Th…
…
continue reading
Members of the military may qualify for tax benefits not available to civilians. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes. In this episode, we will learn about claiming deductions for military members My name is Jamaal “Cry…
…
continue reading
You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions. Generally, you may deduct up to 50 percent of your adjusted gross income, but 20 percent and 30 percent limitations apply in some cases. In this episode, we will learn about charitable donations to reduce your tax liability. …
…
continue reading
Depending on your income bracket, you could be taxed up to 20% on your capital gains. However, if you donate this stock to a charity instead of selling it, neither you nor the charity have to pay taxes on it. In this episode, we will learn how you can avoid capital gains tax by donating stock. My name is Jamaal “Crypto J” Solomon, founder of J.S. T…
…
continue reading
A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to donate up to $100,000 total to one or more charities directly from a taxable IRA instead of taking their required minimum distributions. In this episode, we will learn why you should consider donating your required minimum distribution. My name is Jamaal …
…
continue reading
When you adjust the basis of an asset, you’re adjusting its value up or down. The adjusted basis is used to determine the capital gain or capital loss that will result from the sale of the asset. In this episode, we will learn why you should adjust your basis for capital gains tax to save big on taxes! My name is Jamaal “Crypto J” Solomon, founder …
…
continue reading
As an individual, your deduction of state and local income, general sales, and property taxes is limited to a combined total deduction of $10,000 ($5,000 if married filing separately). In this episode, we will learn why you should see if itemizing state sales taxes makes sense for you. My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corpo…
…
continue reading
1
See if You Qualify for an Earned Income Tax Credit
5:53
5:53
Play later
Play later
Lists
Like
Liked
5:53
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund. In this episode, we will learn why you should see if you qualify for an Earned Income Tax Credit. My name is Jamaal “Crypto J” Solomon, founder o…
…
continue reading
A popular college-savings vehicle is the 529 savings plan, which provides several tax advantages when used for education expenses. In this episode, we will learn why you should consider contributing to a 529 plan. My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 …
…
continue reading
An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund. There are two education credits available: the American opportunity tax credit and the lifetime learning credit. In this episode, we will learn how you can get a t…
…
continue reading
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In this episode, we will learn how you can deduct half of your self-employment taxes. My name is Jamaal “Crypto J” Solomo…
…
continue reading
1
Move Some Business Compensation from Wages to Distributions
6:03
6:03
Play later
Play later
Lists
Like
Liked
6:03
In this episode, we will learn why you may want to move some business compensation from wages to distributions. Key word: some My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses! Here is my Source Award pitch to you…… …
…
continue reading
1
Accelerate Depreciation for Business Purchases
4:13
4:13
Play later
Play later
Lists
Like
Liked
4:13
Accelerated depreciation affects taxes by allowing businesses to deduct a larger portion of the cost of an asset in the early years of ownership. This results in a lower tax bill in the short term but may result in a higher tax bill in the long term when the asset is sold. In this episode, we will learn why you may want to accelerate depreciation f…
…
continue reading
1
Write Off Business Travel Expenses, Even While on Vacation
6:03
6:03
Play later
Play later
Lists
Like
Liked
6:03
Trips that are primarily for personal reasons or vacations are completely nondeductible. However, if you do conduct any business while you are at your destination, only expenses that are 100% directly related to your business are deductible. In this episode, we will learn why you should write off business travel expenses, even while on vacation. My…
…
continue reading
Your business can rent your home under IRS Code Section 280A(g), which is often referred to as the “Augusta Rule,” “Masters Rule,” or the “14 Day Rental Rule.” This tax law allows someone who owns a personal residence to rent the space to a business and not pay taxes on the rental income as long as the home is only rented for 14 or fewer days durin…
…
continue reading
The home office deduction allows you to deduct certain home expenses when you file taxes. To claim the home office deduction on your tax return, you generally must exclusively and regularly use part of your home or a separate structure on the property as your primary place of business. In this episode, we will learn why you should claim a home offi…
…
continue reading
1
Check for Flexible Spending Accounts at Work
3:22
3:22
Play later
Play later
Lists
Like
Liked
3:22
An FSA helps employees cover health-related costs not included in their insurance plans. Contributing to an FSA reduces taxable wages since the account is funded with pretax dollars. In this episode, we will learn why you should check for Flexible Spending Accounts at work My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The g…
…
continue reading
Contributions to an HSA are made with pretax dollars. This means that you won't pay income tax on the money that you put directly into your HSA, and you'll save on income taxes for the year. In this episode, we will learn why you should opening a Health Savings Account to save on taxes. My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corp…
…
continue reading
Starting a small business can legally save you thousands of dollars in taxes on your tax returns. In this episode, we will learn why you should consider starting a legit business to save on taxes! Key word: legit My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 m…
…
continue reading
1
Consider Increasing Your Retirement Contributions
5:55
5:55
Play later
Play later
Lists
Like
Liked
5:55
Incremental increases in retirement contributions, even 1% annually, can make a significant difference in long-term retirement savings. In this episode, we will learn why you should consider increasing your retirement contributions! My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you RE…
…
continue reading
Asset location is a tax-minimizing strategy that requires allocating different investments into accounts with different tax treatments – tax-exempt, tax-deferred, and taxable. The asset location process is different than asset allocation. In this episode, we will learn the different ways to minimize Taxes With Asset Location ! My name is Jamaal “Cr…
…
continue reading
1
Ways to Reduce Taxes on Social Security Benefits
6:11
6:11
Play later
Play later
Lists
Like
Liked
6:11
Did you know that the Social Security Administration estimates that about 56 percent of Social Security recipients owe income taxes on their benefits? In this episode, we will learn the different ways to Reduce Taxes on Social Security Benefits! My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series t…
…
continue reading
In this episode, we will learn the different sources of non-taxable income! My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses! Here is my Source Award pitch to you…… Any taxpayer out there that want to be tax savvy an…
…
continue reading
Have you ever said or heard the wonderful phrase "tax laws are only for the billionaires!" Well, I'm here to tell you that is one of the biggest lies in the history of taxes. Yes, billionaires naturally have the abilities to take advantage of many tax minimization strategies. However, so can you! You just have to be proactive about learning how to …
…
continue reading
