Episode Summary:

In this insightful episode of the Teaching Tax Flow podcast, hosts delve into the tax proposals of former President Donald Trump, as part of their White House Walkthrough series. With input from tax expert Chris Picciurro, the episode breaks down Trump's proposed reforms, comparing them to both current policy and Vice President Harris's outlined plans. It offers a deep dive into potential impacts on business taxes, capital gains, deductions, and the estate tax, providing listeners with a nuanced understanding of how these changes might affect individuals and businesses alike.

Throughout the episode, TTF highlights Trump’s significant tax strategies, including the proposed reduction of corporate tax rates and the introduction of tariffs on imports, particularly from China. Chris Picciurro emphasizes the potential permanency of the Tax Cuts and Jobs Act of 2017 and its implications for both business and personal taxes. The hosts explore contentious subjects such as the exemption of Social Security benefits from tax and the uncharted territory of exempting tip and overtime income from taxation, providing listeners with crucial insights into how these policies could reshape the financial landscape.

Key Takeaways:

• Former President Trump proposes reducing the corporate tax rate and potentially implementing a 15% rate for companies manufacturing in the U.S.
• Plans are on the table for exempting Social Security and tip income from taxation, alongside making the Tax Cuts and Jobs Act of 2017 permanent.
• A proposed 10-20% baseline tariff on all U.S. imports, with a 60% tariff on Chinese imports, could have wide-reaching economic implications.
• The reinstatement of unlimited deductions for state and local taxes (SALT) could significantly benefit high-income earners in higher-tax states.
• Exempting overtime pay from federal taxation is among the unique tax proposals discussed, impacting many American workers.

Notable Quotes:

1. "Your marginal tax rate is way more important than your tax bracket."
2. "The estate tax exemption now, if it comes back down, is going to hit a lot of people that it wouldn't really affect before."
3. "We're doing the best we can here to compare apples and apples, not apples and oranges too much."
4. "Tax laws are written to encourage and discourage certain behavior."
5. "Taxes are on sale. Taxes would potentially go on sale permanently."

Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23

Listen to the full episode to explore comprehensive insights into Trump’s tax plan proposals and how they could potentially impact your financial strategies. Stay tuned for more enlightening content from the Teaching Tax Flow podcast as they continue to provide expert tax insights and strategies.

• (00:04) - Exploring Trump's Tax Proposals on Teaching Tax Flow Podcast
• (02:39) - Trump's Tax Proposal and Its Impact on Corporate Taxes
• (08:16) - Understanding Tax Credits, Deductions, and Their Impact on Income
• (11:31) - Estate Tax Changes and Their Impact on Middle America
• (15:32) - Trump's Tax Proposals and Their Impact on Individuals
• (19:27) - Proposals for Tax Exemptions and Tariffs Impacting the Economy
• (28:06) - Exploring Tax Proposals and Community Engagement in Finance

In this episode of the Teaching Tax Flow podcast, hosts John and Chris delve into the politically charged waters of taxation as part of their White House Walkthroughs series, covering proposed tax changes by current candidates. The focus for this episode is Vice President Kamala Harris's tax proposals, analyzed strictly from a factual perspective using reliable resources like the Tax Foundation.

Chris Picciurro outlines the potential impacts on both corporate and individual taxation, navigating listeners through the intricate possibilities of future tax policies.

This episode examines Harris's initiatives regarding key areas such as business taxes, capital gains, and tax credits. The hosts explain the implications of increasing the corporate tax rate to 28% and taxing long-term capital gains at a higher rate for high-income earners. They highlight proposed changes to the net investment income tax and the introduction of new credits and deductions for tips, families, and housing. As the conversation progresses, Chris outlines the potential broader economic impacts of these proposals, equipping listeners with an informed understanding of what these political discussions might mean for their tax strategies.

Key Takeaways:

• Vice President Kamala Harris proposes increasing the corporate tax rate to 28%, significantly impacting C corporations.
• Changes to capital gains and dividends tax rates could see increases for high-income earners, introducing a higher tax burden on incomes over $1 million.
• Expanding tax credits, such as the child tax credit and earned income credit, aims to provide financial relief across various taxpayer demographics.
• Estate and wealth taxes remain a critical focus area, with potential adjustments given the expiration of the Tax Cuts and Jobs Act.
• Economic implications of these proposed changes could result in a shift in gross domestic product and employment levels according to tax analysis.

Resources:

• Tax Foundation (taxfoundation.org)

Episode Sponsor:
The Mortgage Shop

Listeners are encouraged to explore the complete episode to grasp the nuances of these tax policy discussions and anticipate how they might tailor their own tax strategies effectively. Stay tuned for the subsequent episode, which will cover the proposals by the other major candidate, providing a full spectrum view of potential future taxation landscapes.

• (00:04) - White House Walkthroughs: Analyzing Kamala Harris's Tax Proposals
• (04:53) - Proposed Tax Increases on Corporations and High-Income Capital Gains
• (08:50) - Proposed Tax Changes and Their Impact on Income and Deductions
• (15:34) - Proposed Tax Credit Expansions for Families and Homebuyers
• (22:31) - Tax Planning Amid Potential Legislative Changes and Economic Impacts
• (32:32) - Upcoming Podcast on Trump's Proposals and Tax Changes

About the Guest: Chrissy Siders
Chrissy is a seasoned professional in the credit union industry, having begun her career in 1998. A degree holder from Michigan State University, Chrissy has developed a deep understanding of the financial industry through her extensive work in compliance, fraud, security, and internal audit. Since 2017, she has served as the President and CEO of True Community Credit Union, headquartered in Jackson, Michigan. Under her leadership, the credit union has expanded significantly, undergoing mergers and converting from a federal to a state charter, illustrating her commitment to strategic growth and technology enhancements.

Episode Summary:

In this episode of the Teaching Tax Flow podcast, co-hosts Chris Picciurro and John Tripolsky delve into the intriguing world of financial institutions, focusing on the distinctions and similarities between banks and credit unions. Joining them is Chrissy Siders, the knowledgeable President and CEO of True Community Credit Union, who shares her insights and expertise accumulated over a career that spans more than two decades.

Through engaging dialogue, the episode sheds light on how credit unions and banks differ in their structure, membership requirements, and community involvement, drawing attention to how credit unions operate as not-for-profit cooperatives versus the for-profit orientation of banks. Chrissy Siders elaborates on the evolutionary path of credit unions, detailing their increased involvement with both personal and business banking, and highlighting the notable technological advancements that make credit unions competitive in today's digital-first landscape. Listeners will gain a deeper understanding of these financial institutions and be encouraged to consider the best fit for their personal and business banking needs.

Key Takeaways:

• Credit unions differ fundamentally from banks in their not-for-profit cooperatives structure, with volunteer boards elected by members, contrasting with banks' profit-driven models with shareholders.
• Credit unions are deeply embedded in community engagement, often extending beyond regulatory expectations to deliver impactful local support and services.
• Technological innovation is a priority for credit unions like True Community, with significant investments in digital tools to facilitate banking processes and enhance member experience.
• The eligibility for membership in credit unions involves specific qualifications related to community ties, unlike banks that open accounts to any prospective customer.
• Credit unions are increasingly competitive in offering business, home, and specialty loans, often personalizing services to ensure comprehensive member financial support.

Notable Quotes:

1. "Credit unions are not for profit. We operate with the intent not to make some gigantic profit margin, but to invest back in our members." – Chrissy Siders
2. "It's inherent in our DNA and our business model to be deeply ingrained in the community." – Chrissy Siders
3. "Your money is just as safe in a credit union as it is in a bank, backed by adequate insurance." – Chrissy Siders
4. "We want to partner with you in writing a life story that stretches beyond your imagination." – Chrissy Siders
5. "We can't cookie-cutter approach to everybody. Every individual human is different." – Chrissy Siders

Resources:

• True Community Credit Union

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

• (00:04) - Comparing Banks and Credit Unions: Differences and Similarities
• (03:44) - Credit Union Industry Insights with Chrissy Siders
• (07:49) - Differences Between Credit Unions and Banks in Structure and Community Impact
• (18:27) - Credit Unions' Technological Investments and Fintech Competition
• (22:13) - Credit Unions' Unique Approach to Banking and Risk Management
• (30:06) - Exploring Credit Union Benefits and Community Engagement in Michigan

About the Guest: Alec Hutchin

Alec is the Vice President of Investments for MDS Energy Development, LLC. He holds a degree in economics and has a deep-rooted passion for the natural gas industry, having grown up in western Pennsylvania’s “Gasland.” Alec's career in the oil and gas sector began after an intriguing conversation with Michael Snyder of Snyder Brothers, leading to his pivotal role in raising investments for alternative energy projects. Known for his comprehensive understanding of the industry and the tax benefits associated with oil and gas investments, Alec is an avid supporter of his local economy and an enthusiastic Pittsburgh sports fan.

Episode Summary:

In this episode of the Teaching Tax Flow podcast, hosts Chris Picciurro and John engage in an enlightening conversation with Alec Hutchin, Vice President of Investments for MDS Energy Development, LLC. The discussion delves deep into the intriguing world of oil and gas investment, an area known to offer significant tax benefits but often perceived as exclusive to wealthy individuals. Alec demystifies these tax advantages, explaining concepts like intangible drilling costs (IDC), percentage depletion allowance, and the potential for using oil and gas investments as a strategy for failed 1031 exchanges. This episode not only highlights the financial perks but also emphasizes the broader economic and community benefits of investing in domestic energy production.

Throughout the discussion, Alec shares his journey from aspiring economist to key player in Pennsylvania’s natural gas industry, underscoring the pivotal role of unconventional energy investments in driving local economies. He provides listeners with essential insights into the tax dynamics of oil and gas investments, such as the 100% deduction of IDCs in the first year and the 15% income exclusion via percentage depletion allowance. Alec also gives practical advice on what to look for when considering such investments, making this episode a valuable resource for both current and potential investors interested in diversifying their portfolios and optimizing their tax strategies.

Key Takeaways:

• Intangible Drilling Costs (IDC): Investors in oil and gas projects can claim up to 100% of their investment as a deduction in the first year of drilling.
• Percentage Depletion Allowance: 15% of the income received from oil and gas investments is tax-free, enhancing the investment’s appeal.
• Failed 1031 Exchange Strategy: Oil and gas investments can serve as an effective remedy for managing the tax burden from a failed 1031 exchange.
• Investment Accessibility: Modern scalability and financial models have made oil and gas investments more accessible to a broader range of investors.
• Critical Considerations: Key aspects to evaluate include project leverage, geological understanding of the drilling location, and the experience of the operating team.

Notable Quotes:

1. Alec Hutchin: "We're really excited for what we have in place currently in the states, to be able to really boost and help these tax strategies that you have that you're forming right now."
2. Chris Picciurro: "It's kind of like bonus depreciation that you don't have to recapture."
3. Alec Hutchin: "One of the most powerful codes in the Internal Revenue Code today."
4. Alec Hutchin: "We need affordable energy to make sure that single moms can feed their kids and to make sure that we can still continue to maintain a really prosperous life for the middle class."
5. Chris Picciurro: "It's really cool that you have stayed close to home."

Episode Sponsor:
REPStracker

www.repstracker.com/affiliate/teachingtaxflow (CODE: IFG)

• (00:00) - Tax Benefits of Investing in Oil and Gas
• (03:51) - From Economics to Natural Gas: A Journey Back Home
• (08:54) - Tax Advantages of Intangible Drilling Cost Deductions in Oil Investments
• (15:39) - Tax Benefits and Strategies for Oil and Gas Investments
• (20:24) - Key Considerations for Investing in Oil and Gas
• (22:43) - Exploring Alternative Investments and Their Impact on America

In this episode appropriately titled, "Bonus Depreciation Explained," we aim to demystify one of the most queried topics in the tax community. Chris explains the fundamental principles of bonus depreciation, underlining its relevance and the strategic advantage it offers to businesses, particularly small entities and real estate investors. Listeners are treated to practical examples that illustrate how bonus depreciation can be maximized and the potential pitfalls to be wary of.

During this episode, Chris clarifies the specific IRS codes and tax laws governing bonus depreciation and elaborates on the implications of the Tax Cuts and Jobs Act. The episode also covers scenarios such as business asset purchases, the sale of depreciated property, and recapture rules. By simplifying these complex tax concepts, Chris ensures that both novice and experienced taxpayers understand how to leverage bonus depreciation for significant tax savings and compliance. The hosts use real-world examples, like the purchase of industrial equipment and vehicles, to bring clarity to these tax strategies.

Key Takeaways:

• Definition and Importance: Bonus depreciation is a tax incentive allowing businesses to deduct a significant portion of the cost of qualified property in the year it is placed in service.
• Qualifying Assets: It can be applied to both new and used assets, provided they are new to the purchasing business.
• Recapture Rules: Depreciation recapture applies if business use of an asset declines below 50% or if the asset is sold.
• Planning and Strategy: Strategic planning is essential to decide whether to use bonus depreciation, particularly when considering future asset use and potential tax rate changes.
• Tax Cuts and Jobs Act Impact: The Act significantly expanded bonus depreciation, including used assets, and set a phase-down schedule starting from 2023.

Notable Quotes:

1. "Tax laws are written to encourage or discourage certain behavior... this tax law is written to encourage businesses to invest in fixed assets." - Chris Picciurro
2. "Bonus depreciation allows you to front-load a percentage of the asset purchase into the first year and spread the remaining amount over the life of the asset." - Chris Picciurro
3. "The depreciation schedule is vital in keeping track of how much of the asset has been depreciated and what remains." - Chris Picciurro
4. "Placed into service is the most important date for bonus depreciation eligibility." - Chris Picciurro
5. "You don't have to use bonus depreciation; you can elect out if it makes better tax sense." - Chris Picciurro

Episode Sponsor
Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15

• (00:05) - Excitement Over Bonus Depreciation and Detroit Tigers' Playoff Hunt
• (03:16) - Understanding Bonus Depreciation and Its Economic Implications
• (05:37) - Understanding Bonus Depreciation for Small Business Investments
• (10:37) - Understanding Depreciation Recapture and Bonus Depreciation Strategies
• (18:35) - Understanding Depreciation Schedules and Bonus Depreciation Changes
• (27:29) - Teaching Tax Flow Podcast: Winter Prep and Listener Engagement

About the Guest: Caden Gunnell
Caden is a Junior Partner at Strategic Associates, where he specializes in proactive tax planning and solution implementation for high-income earners, real estate investors, and successful entrepreneurs. With a background in business strategies and tax planning, Caden has been instrumental in connecting clients with innovative tax-saving solutions, such as leveraged charitable giving. His expertise ensures clients are well-positioned to maximize their tax benefits while contributing to worthy causes.

Episode Summary:

Welcome to episode 101 of the Teaching TaxFlow podcast where hosts John and Chris dive deep into the world of leveraged charitable giving with expert guest Caden Gunnell from Strategic Associates. This episode uncovers how leveraging charitable donations can significantly enhance tax deductions for high-income earners, making it a must-listen for anyone looking to optimize their tax strategies.

Leveraged charitable giving is a powerful tool for individuals, especially those with high W-2 incomes, to increase their tax efficiency and charitable impact.

Throughout the episode, Caden explains how individuals can turn a simple donation into a multi-fold tax deduction through strategic planning. Chris and Caden delve into the mechanics of this tax strategy, its benefits, the documentation required, and the types of clients who can benefit most from it. They emphasize the importance of having substantiation to avoid IRS scrutiny and explore how this strategy can fit into a broader tax optimization plan.

Key Takeaways:

• Leveraged Charitable Giving: This strategy involves using a certain amount of cash to create a larger donation value, effectively multiplying the tax deduction.
• Documentation and Compliance: Proper substantiation through official appraisals and gift receipts is critical to ensure compliance and maximize tax benefits.
• Eligibility and Benefits: Best suited for individuals with taxable incomes of $250,000 or more, this strategy is highly beneficial for those with a charitable inclination.
• Yearly Flexibility: Unlike some long-term commitments, leveraged charitable giving can be assessed and implemented on a year-by-year basis.
• Stacking Strategies: Leveraged charitable giving can be combined with other tax strategies to further reduce taxable income, especially for business owners.

Notable Quotes:

1. "We're taking a certain dollar amount and creating a one to three, one to four, and sometimes as high as one to five donation." — Caden Gunnell
2. "This isn't being done just to help someone save money in taxes. Anytime we're doing anything to save money in taxes, if that's our only goal, we're probably not doing the right things." — Caden Gunnell
3. "Your tax insurance return shouldn't be a sprint; it should be a half marathon and something you think about all year round." — Chris Picciurro
4. "The IR's is getting extremely more sophisticated and they are using AI and they are using technology to find anomalies." — Chris Picciurro

Episode Sponsor:
Strategic Associates, LLC
Roger Roundy
www.linkedin.com/in/roger-roundy-86887b23

Hear more about how you can leverage your charitable donations to maximize your tax deductions by tuning into the full episode. Stay tuned for more insightful tips and strategies on the Teaching TaxFlow podcast!

• (00:03) - Leveraged Charitable Giving and Tax Strategies for high-earners
• (06:36) - Leveraging Charitable Giving for Maximized Tax Deductions
• (13:50) - Understanding Tax Strategies and Their Impact on Individuals
• (16:42) - Leveraged Charitable Giving Strategies for High-Income Earners
• (24:37) - Teaching Tax Flow Podcast: Insights and Resources

Welcome to the 100th episode of the Teaching Tax Flow podcast!

(we've gone visual - watch this full episode on our YouTube channel)

In this milestone episode, hosts John Tripolsky and Chris Picciurro celebrate their journey from humble beginnings to becoming a top-tier resource in tax planning and strategy. They reflect on the podcast's inception—starting with a microphone perched on a pizza box—and the evolution of their content, community, and reach. The hosts express gratitude to their loyal listeners, engaging guests, and supportive sponsors, while also unveiling exciting changes ahead, including YouTube integration and expanded free educational resources.

As the podcast grew from its initial focus on real estate market spotlights to a broader tax planning scope, John and Chris discuss key milestones and listener engagement. They underscore the importance of building a community to drive content and share real-world applications of tax strategies. Looking ahead, the hosts emphasize their commitment to delivering premium, accessible tax education for individuals and professionals alike, solidifying their standing as the voice of tax planning.

Key Takeaways:

• Origin Story: The podcast began with a microphone clipped to a pizza box, highlighting the hosts' DIY spirit and commitment to just getting started.
• Community-Driven Content: Listener feedback and community engagement on platforms like the Defeating Taxes Facebook group have been crucial in shaping podcast topics.
• Educational Pivot: The podcast content has shifted from a specific real estate focus to a broader, holistic approach to tax planning and strategy.
• YouTube Expansion: All podcast episodes and comprehensive educational content will now be available on YouTube, increasing accessibility and reach.
• Gratitude and Evolution: John and Chris express gratitude towards all guests, listeners, and sponsors, promising continued evolution and more interactive, valuable content.

Notable Quotes:

• "There's never a better time than now." - Chris
• "We are one of the top 10% of podcasts as far as longevity, and that's an accomplishment right there." - John
• "Our community drives our content, and that community has different pillars." - Chris
• "Teaching Tax Flow is not just a podcast; it's the voice of tax planning." - John
• "It's amazing how a community can sharpen itself and drive the direction of a podcast." - Chris

Resources:

• Teaching Tax Flow YouTube Channel: YouTube
• Defeating Taxes Facebook Group: Facebook
• The Mortgage Shop: Website

Original Music Credits (Intro): Christian Picciurro

Episode Sponsor: The Mortgage Shop

This episode is a testament to the power of community-driven content and the journey from modest beginnings to influential platforms. Join John and Chris as they continue to demystify tax planning and provide practical, enlightening discussions.

Stay tuned for more engaging content and educational resources from the Teaching Tax Flow podcast!

• (00:02) - Celebrating 100 Episodes of Teaching Tax Flow
• (04:16) - The Origin Story of a Podcast Launched on a Pizza Box
• (07:18) - Evolution of a Tax Planning Podcast Driven by Community Engagement
• (12:42) - A Confession from John (he's a fan of...)
• (14:15) - The Evolution of Tax Planning and Podcasting
• (19:09) - The Voice of Tax Planning
• (29:45) - Celebrating Episode 100 with New Changes and Future Plans

About the Guest: Angelina Urquhart
Angelina Urquhart is a compliance expert with Corpnet, a company specializing in business compliance and filing services. With a wealth of knowledge in entity formation and regulatory compliance, Angelina has been instrumental in helping businesses stay compliant with complex state and federal regulations. Her expertise includes navigating the Corporate Transparency Act and beneficial ownership information reporting requirements.

Episode Summary:

In this milestone episode, number 99, Chris Picciurro and John Tripolsky delve into the critical specifics of the Corporate Transparency Act (CTA) and Beneficial Ownership Information Reporting (BOI). Our special guest, Angelina Urquhart from Corpnet, shares her comprehensive insights and explains the new regulatory requirements that affect the majority of business entities.

The Corporate Transparency Act, aimed at curbing financial crimes such as money laundering and terrorism financing, imposes stringent reporting obligations on entities in the United States. Angelina highlights which entities need to comply, what details must be reported, and the profound implications of non-compliance. Throughout the episode, the discussion touches on the practicality of these regulations, the importance of timely filing, and the potential penalties for failure to adhere to the guidelines.

Key Takeaways:

• CTA and BOI Overview: Angelina breaks down the purpose of the Corporate Transparency Act and the Beneficial Ownership Information Reporting requirements.
• Entities Required to File: Most LLCs, corporations, and other registered entities must comply unless specific exemptions apply.
• Critical Deadlines: For new entities created in 2024, there is a 90-day compliance window. Entities formed before 2024 must file by December 31, 2024.
• Penalties for Non-Compliance: Significant civil and criminal penalties exist for failing to meet the reporting requirements.
• Practical Advice: Tips on using passports for ID verification and tracking changes to ensure ongoing compliance.

Notable Quotes:

1. Angelina Urquhart: "The days of you creating an LLC and having it owned by another LLC are still there, but you still have to now indicate who is benefiting from the operations of that entity."
2. Angelina Urquhart: "Something as easy as a driver's license expiring or you move...if you move, there's a filing requirement."
3. Chris Picciurro: "The penalties for not conforming to this are significant."
4. Angelina Urquhart: "This isn't going away, it's a safety belt from financial crimes."

Get started today on being compliant!

1. Visit www.teachingtaxflow.com/entity and hover over "Run a Business" in the header menu
2. Click on "Compliance Service"
3. Select "BOI Reporting"
4. Use the discount code "TTF" at checkout for a 5% discount.

Have more questions on BIO?
Schedule a discussion with our guest, Angelina.
BOOK NOW

Episode Sponsor:
Integrated Investment Group

www.integratedig.com

• (00:04) - Exciting Insights on Accredited Investors and Financial Success
• (02:59) - Understanding the Corporate Transparency Act and Beneficial Ownership Reporting
• (13:02) - Navigating Business Ownership Changes and Compliance Requirements
• (19:09) - The Evolution of Seatbelt Use and Safety Regulations
• (20:32) - Compliance Deadlines and Penalties for New Business Entities
• (23:46) - Navigating Business Compliance and Avoiding Financial Pitfalls