Couverture de Tax in Action: Practical Strategies for Tax Pros

Tax in Action: Practical Strategies for Tax Pros

Tax in Action: Practical Strategies for Tax Pros

De : Jeremy Wells EA CPA
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À propos de cette écoute

 Join Jeremy Wells, EA, CPA, as he breaks down the complexities of tax law into practical guidance you can apply immediately. Each episode focuses on a specific tax strategy, credit, or compliance issue that matters to tax professionals and business owners. Rather than theoretical discussions, Jeremy delivers actionable insights based on real-world scenarios and current tax regulations. Whether you're navigating Section 1031 exchanges, maximizing research credits, or helping clients with energy tax incentives, this podcast provides the technical details and strategic considerations you need to confidently serve your clients. Perfect for tax practitioners looking to deepen their expertise and business owners wanting to make more informed tax decisions.© 2025 Jeremy Wells, EA, CPA Economie
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    Épisodes
    • The Knowledge Economy Tax Trap: When Education Costs Aren't Deductible

      The Knowledge Economy Tax Trap: When Education Costs Aren't Deductible
      Jul 23 2025

      Jeremy breaks down the complex world of work-related education tax benefits, revealing why most educational expenses aren't as deductible as business owners think. He explains the stark difference between limited educational assistance programs that cap benefits at $5,250 annually and business expense deductions that often get rejected by the IRS for qualifying taxpayers for "new trades or businesses." Through real tax court cases involving everyone from IRS agents trying to deduct law school to nurses upgrading their licenses, this episode exposes the narrow window where education costs actually qualify as legitimate business deductions.

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      • (00:00) - Introduction: The Knowledge Economy
      • (01:00) - General Education Tax Benefits
      • (04:20) - Business Owner Education Questions
      • (05:20) - Two Main Approaches for Business Education Benefits
      • (08:20) - Educational Assistance Programs Deep Dive
      • (14:20) - Program Limitations and Restrictions
      • (23:55) - What Educational Assistance Programs Cover
      • (28:15) - Substantiation and Double Benefit Rules
      • (31:55) - Business Expense Deduction Alternative
      • (34:35) - Qualifying Education Expenses
      • (39:15) - Non-Deductible Education: Two Key Exceptions
      • (42:35) - Established in Trade or Business Requirement
      • (45:55) - Law Degrees and New Trade or Business
      • (49:35) - Professional Certifications as New Trade or Business
      • (51:15) - MBA Programs: Split Tax Court Decisions
      • (54:15) - Final Warnings and Best Practices

      Connect with Jeremy
      https://www.linkedin.com/in/jwellstax
      https://www.steadfastbookkeeping.com

      Subscribe on YouTube
      https://www.youtube.com/@TaxinAction

      Earn CPE for Listening to This Podcast
      https://www.earmark.app/

      This podcast is a production of the Earmark Media
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      57 min
    • The Refund Statute of Limitations: When Time Runs Out

      The Refund Statute of Limitations: When Time Runs Out
      Jul 9 2025

      Understanding the refund statute of limitations can mean the difference between claiming a refund and losing that money forever. This episode breaks down the complex rules around when taxpayers can file refund claims and how much they can recover, using the recent Hamilton v. US case as a cautionary tale. Whether you're dealing with late-filed returns, amended returns, or clients who've fallen behind on their taxes, these statute of limitations rules will determine what's possible and what's permanently lost.

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      • (00:00) - Welcome to Tax in Action
      • (01:50) - Understanding Finality in Tax Code
      • (03:28) - Assessment vs. Refund Statute of Limitations
      • (04:11) - Challenges and Misunderstandings
      • (07:37) - Case Study: Hamilton v. US
      • (13:09) - Key Tax Code Sections
      • (17:21) - When Can a Taxpayer Claim a Refund
      • (33:21) - Estimated Payments
      • (34:52) - Special Considerations and Exceptions
      • (54:17) - Conclusion and Key Takeaways

      Connect with Jeremy
      https://www.linkedin.com/in/jwellstax
      https://www.steadfastbookkeeping.com

      Subscribe on YouTube
      https://www.youtube.com/@TaxinAction

      Earn CPE for Listening to This Podcast
      https://www.earmark.app/

      This podcast is a production of the Earmark Media
      Afficher plus Afficher moins
      55 min
    • Joint vs Separate: Marriage Filing Fundamentals

      Joint vs Separate: Marriage Filing Fundamentals
      Jun 25 2025

      Most tax professionals assume joint filing is the default for married couples, but the tax code actually says the opposite. Jeremy Wells explores the surprising reality that married filing separately is technically the default status, requiring both spouses to elect joint filing under IRC Section 6013. He breaks down the key disadvantages of separate returns—from reduced credits to income limitations—while explaining legitimate scenarios where paying extra tax through separate filing can lead to better overall financial outcomes, particularly with student loan repayment strategies.

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      • (00:00) - Welcome to Tax in Action
      • (01:03) - Default Filing Status for Married Couples
      • (02:42) - Misinterpretations of Joint Filing
      • (06:30) - Exceptions and Special Cases
      • (11:00) - Why Joint Returns Have Become the Default for Married Couples
      • (22:43) - Disadvantages of Filing Separately
      • (32:04) - Loss of Available Credits
      • (46:22) - Reasons to Consider Filing Separately
      • (54:55) - Common Myths and Misunderstandings
      • (57:49) - Exceptions to Irrevocable Joint Filing
      • (01:01:24) - Conclusion and Final Thoughts

      Connect with Jeremy
      https://www.linkedin.com/in/jwellstax
      https://www.steadfastbookkeeping.com

      Subscribe on YouTube
      https://www.youtube.com/@TaxinAction

      Earn CPE for Listening to This Podcast
      https://www.earmark.app/

      This podcast is a production of the Earmark Media
      Afficher plus Afficher moins
      1 h et 2 min
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