Teaching Tax Flow: The Podcast
Chris Picciurro and John Tripolsky
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Top 10 Teaching Tax Flow: The Podcast Episodes
Goodpods has curated a list of the 10 best Teaching Tax Flow: The Podcast episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Teaching Tax Flow: The Podcast for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Teaching Tax Flow: The Podcast episode by adding your comments to the episode page.
Ep. 94 | Going for Gold: How Olympic Athletes Manage Their Tax Bills
Teaching Tax Flow: The Podcast
07/30/24 • 29 min
In this episode of the Teaching Tax Flow podcast, hosts Chris and John dive deep into the fascinating intersection of Olympic athletes and taxation. As the Olympic Games captivate viewers worldwide, this episode shifts focus to an often overlooked aspect of an athlete's journey – the tax implications of winning medals and earning prize money.
The episode begins with Chris shedding light on the monetary rewards that athletes receive from the United States Olympic Committee (USOC) and introduces the Olympians and Paralympians Act of 2016, which exempts certain athletes from federal income taxes on the value of their medals and prize money. John and Chris discuss the complex layers of taxation that athletes, especially Olympians, might face, including foreign income taxes and the practicalities of tax planning. They also reflect on their recent experience at the Taxposium in Orlando, highlighting key themes like the importance of technology and continuous education in modern tax practices.
Key Takeaways:
- Olympic Prize Money: Olympic athletes receive significant prize money from the USOC – $37,500 for a gold medal, $22,500 for silver, and $15,000 for bronze.
- Tax on Medals and Prize Money: Both the monetary winnings and the value of the Olympic medals are considered taxable income. However, under the Olympians and Paralympians Act of 2016, athletes with an adjusted gross income under $1 million ($500,000 if married filing separately) are exempted from federal taxes on these earnings.
- Foreign Tax Considerations: Athletes earning income in foreign countries may be subject to those countries' taxes but may receive a foreign tax credit in the US to avoid double taxation.
- Ordinary and Necessary Deductions: Olympians, considered self-employed, can deduct ordinary and necessary business expenses related to their athletic training and competitions, such as travel, coaching, and equipment.
- Professional Insights: The episode emphasizes the importance of specialized tax knowledge and ongoing education, drawing insights from the recent Taxposium conference attended by the hosts.
Notable Quotes:
- "Olympians receive prize money from the USOC for winning medals – $37,500 for gold, $22,500 for silver, and $15,000 for bronze." – Chris
- "The value of the Olympic medal is considered taxable income, along with the prize money." – Chris
- "Under the Olympians and Paralympians Act of 2016, your medal prize money can be exempt from federal income taxes if your AGI is under a certain threshold." – Chris
- "It's really neat to see how much emphasis is being placed on technology and modernizing the profession at these tax conferences." – John
- "Ideas are cheap and implementation is valuable; that's why tax planning is so crucial." – Chris
Resources:
- Teaching Tax Flow
- Olympians and Paralympians Act of 2016
- Defeating Taxes Community
- National Association of Tax Professionals (NATP)
Episode Sponsor:
Legacy Lock (www.teachingtaxflow.com/legacy)
DISCOUNT CODE: Magic1495
- (00:04) - Olympic Athletes and the Impact of Taxes
- (02:44) - Taxposium: The Super Bowl of Tax Conferences
- (10:23) - Tax Implications for Olympians and Their Prize Money
- (13:16) - Tax Implications for Olympians Winning Medals and Prize Money
- (15:41) - Employment Status of Professional Athletes in Team Sports
- (17:09) - Tax Planning Strategies for Olympians' Prize Money
- (19:16) - Navigating Double Taxation for US Residents Earning Foreign Income
- (21:06) - Tax Implications for Olympians as Independent Contractors
- (23:12) - Tax Implications and Value of Olympic Medals
- (26:41) - Understanding Complex Tax Codes and IRS Efforts
Ep. 29 | Real Estate Market Spotlight (Nashville, TN)
Teaching Tax Flow: The Podcast
05/02/23 • 35 min
In this episode, we had the honor of Michael Gomez (Hive Nashville) joining us to discuss the current state of the Nashville, TN real estate market.
Nashville has been a hotbed of growth and development in recent years, and Michael provides insights into the key drivers behind this boom.
We explore topics such as the impact of the pandemic on the market, the role of new construction in meeting demand, lending challenges, and the areas of the city that are experiencing the most growth. Michael also shares his thoughts on the future of the Nashville real estate market and what investors and homebuyers can expect in the coming years.
Beyond the knowledge he brings, his optimistic and can-do attitude is nothing short of motivating! He even goes into detail on how he and his wife ended up on Flipping Showdown, one of HGTV’s competition shows.
Whether you're a local resident or an out-of-state investor looking to break into the Nashville market, this episode offers valuable insights into one of the most dynamic real estate markets in the country.
Guest:
Michael Gomez
Owner-Broker @ Hive Nashvillewww.hivenashville.com
Episode Sponsor:
The Mortgage Shop
Ep. 69 | Gambling + Taxes (say what?)
Teaching Tax Flow: The Podcast
02/06/24 • 29 min
Fusing the excitement of gambling with the precision of tax planning, hosts Chris Piccuirro and John Tripolsky navigate the complexities of one's obligations to the IRS following those auspicious wins or painfully remembered losses. Both Piccuirro and Tripolsky pepper their discussion with humor and relatable anecdotes that easily resonate with their audience. This episode especially appeals to listeners eyeing the upcoming Super Bowl, the biggest betting event of the year, and those curious about the tax impact of their potential gambling earnings.
Driven by the rapid increase in online and app-based wagering, the duo sheds light on the critical aspects of gambling wins and losses and the importance of honest reporting.
They unpack the intricacies of federal and state tax regulations, emphasizing the significance of obtaining W-2G forms when required and understanding how winnings - both cash and non-cash - are taxed differently. Additionally, they emphasize the crucial nature of record-keeping to ensure compliance and protect against potential audits.
Key Takeaways:
- Gambling income, be it from legal or illegal activities, must be reported to the IRS by U.S. residents, regardless of where it was earned globally.
- Losses can be deducted up to the amount of winnings, but only if you itemize your deductions on your federal tax return.
- Accurate record-keeping of gambling activities is vital for claiming losses and proving the case in an IRS audit.
- Non-cash wins are also taxable based on their fair market value and must be reported accordingly.
- It's not only about the federal tax; state and local tax implications also come into play, and understanding these nuances is critical for accurate tax reporting.
Notable Quotes:
- "IRS considers all gambling winnings as taxable...regardless of if they come from legal or illegal gambling activities."
- "You can deduct your gambling losses up to the amount of gambling wins if you itemize your deduction on the federal return."
- "Proper record keeping is essential when you're dealing with gambling income and deductions."
- "You could actually be paying taxes on gambling winnings, even if you end up with an overall gambling loss for the year."
- "If you win a non-cash prize...such as a car, vacation package, or other goods, the fair market value is considered taxable income and must be reported to the IRS."
Resources:
Episode Sponsor:
REPStracker
www.repstracker.com/affiliate/teachingtaxflow (CODE: IFG)
Ep. 71 | K-1s for Dummies
Teaching Tax Flow: The Podcast
02/20/24 • 24 min
Episode Summary:
In this episode of the Teaching Tax Flow podcast, hosts Chris Picciurro and John Tripolsky jump into the complexities of K-1 forms with a blend of expertise and humor. Designed to capture the interest of taxpayers and professionals alike, the episode breaks down the purpose, importance, and timing of K-1 forms, which are crucial for individuals involved in partnerships, S corporations, and certain types of trusts and estates. The conversation transitions smoothly from explaining what K-1 forms are to offering actionable advice for those who receive or issue them.
Chris provides an insightful overview of how K-1 forms act as the W-2 equivalent for entities that don't pay federal income tax themselves but rather flow through profits and losses to their members. He emphasizes the significance of timely actions, the potential penalties for missing deadlines, and the benefits of working with a tax professional. The hosts also explore scenarios such as extending personal tax returns when K-1s are delayed and the implications of entering into business partnerships without an understanding of these forms, emphasizing that preparedness and communication are critical in handling K-1s effectively.
Key Takeaways:
- K-1 forms are essential documents for individuals involved with flow-through entities like partnerships, S corporations, and certain trusts and estates, detailing their share of income, deductions, or credits.
- They should be treated with the same importance as a W-2, and recipients may need to extend their tax filings if K-1s are delayed.
- There can be significant penalties for entities that fail to provide K-1 forms by the March 15th deadline, or a later deadline if an extension is filed.
- Effective communication and having tax matters organized upfront are vital for both issuers and receivers of K-1 forms.
- While K-1 forms add complexity to tax filing, they can also present tax planning opportunities through income shifting and other strategies.
Notable Quotes:
- "K-1 is the W-2 equivalent for people that are involved in what we call transparent or flow-through entities." - Chris Picciurro
- "You're better off delaying things and getting things done the right way instead of doing things, taking shortcuts." - Chris Picciurro
Episode Sponsor: The Mortgage Shop
Ep. 34 | Empowerment Through Education and Financial Literacy
Teaching Tax Flow: The Podcast
06/07/23 • 17 min
In this inspiring episode, we have the privilege of sitting down with Kenyata Moore, a true champion for empowering individuals through education and financial literacy. Join us as we delve into Kenyata's personal journey and discover how her past experiences have fueled her unwavering passion for helping others.
From the very beginning, Kenyata shares her motivations and passions. Drawing from her past experiences in life and business, she firmly believes that education is the key to empowering individuals to take control of their financial future.
Throughout the conversation, Kenyata opens up about some challenges she faced and how they shaped her perspective on the importance of financial literacy. She explains how her personal experiences, both good and bad, have fueled her desire to make a positive impact on the lives of others. Her dedication to helping people overcome financial hurdles shines through as she shares practical tips and strategies to improve overall well-being.
Moreover, we explore Kenyata's deep-rooted belief that education should be accessible to all, regardless of background or socioeconomic status. She discusses her efforts to bridge the educational gap and provide resources that empower individuals to make informed financial decisions.
Tune in to this enlightening episode as we delve into the powerful message that Kenyata Moore embodies: through education and financial literacy, we can all create a brighter future for ourselves and our communities. Prepare to be inspired, motivated, and equipped with the tools to take charge of your financial well-being.
Don't miss this engaging conversation with Kenyata Moore, a trailblazer in the realm of education and financial empowerment.
Guests:
Kenyata Moore
www.linkedin.com/in/kenyata-moore
Episode Sponsor:
Legacy Lock (www.teachingtaxflow.com/legacy)
DISCOUNT CODE: Enduring1295
Ep. 45 | Not All Income is Taxed The Same
Teaching Tax Flow: The Podcast
08/22/23 • 23 min
Welcome to another enlightening episode of the Teaching Tax Flow podcast! Today, we embark on a journey into the intricate world of income taxation and discover how tax agencies continue to hold firm as our involuntary business partners.
In this episode, we explore:
Understanding Involuntary Partnerships: Delve into how tax agencies operate, effectively becoming a silent partner in your financial endeavors, and what this means for your wallet.
Behavior, Industries, and Activities: Why do some sectors enjoy tax advantages while others don't? We decode the preferences and prejudices of the tax system, revealing the underlying rationale.
The Progressive Tax System of the U.S.: We take a closer look at the multi-layered tax system in the United States, discussing its progressive nature and the implications it holds for earners across the spectrum.
Differing Tax Rates: When you thought you had it figured out, there's another curveball. Why are there varying rates, and what do they signify? Our team breaks it down, ensuring you're well-prepared for your next tax planning session.
Strategies and Insights: We don't just discuss the problems; we offer solutions. Learn actionable strategies and insights to navigate the tax maze effectively and keep more of your hard-earned money.
Hosted by the passionate team at Teaching Tax Flow, this episode promises to be an eye-opener, equipping listeners with knowledge to understand the system and leverage it for their benefit. Whether you're an individual, a budding entrepreneur, or someone just curious about the financial world, we've got revelations in store for you!
Join us on Teaching Tax Flow as we unravel the tax mysteries. When it comes to taxes, knowledge isn't just power - it's potential savings.
Teaching Tax Flow Course:
https://teachingtaxflow.com/courses/not-all-income-is-taxed-the-same
Other Suggested Podcasts:
#31: What Qualifies As A Business Deduction
Private Group:
Defeating Taxes (free to join)
Episode Sponsor:
Legacy Lock (www.teachingtaxflow.com/legacy)
DISCOUNT CODE: Enduring1295
Note: The information provided on this podcast is for educational purposes only. Please consult a certified tax professional or financial advisor for personalized advice regarding your specific financial situation.
Ep. 48 | Q4 Tax Planning - It's Time
Teaching Tax Flow: The Podcast
09/12/23 • 22 min
Put your game face on and get ready for a financial game-changer in this episode!
Join us as we sit down with Chris Picciurro, Founder of Teaching Tax Flow and a seasoned expert with over 20 years of experience running a thriving private CPA practice. Chris will be our guide as we delve into the crucial world of Q4 tax planning.
As the year comes to a close, the importance of effective tax planning cannot be overstated. Chris shares his wealth of knowledge on strategic tax-saving opportunities and financial strategies that can make a significant impact on your financial well-being. Whether you're a business owner, an individual taxpayer, or simply someone looking to optimize your financial situation, this episode is packed with actionable insights.
Don't miss this opportunity to learn from a true financial guru. Tune in and gear up for a game-changing Q4 as Chris Picciurro empowers you to take control of your financial future.
It's time to level up your tax planning game!
* * *
Sign up for your FREE Teaching Tax Flow Basic Membership Today!
https://teachingtaxflow.com/membership
- Access to all TTF Courses
- Access to Resources
- Monthly Updates
- Did we mention, it's currently FREE?
* * *
Suggested Podcast:#19: Building Your Personal Board of Directors
Episode Sponsor:
Integrated Investment Group
Ep. 97 | Maximize Your Tax Savings: How to Ethically Pay Your Kids Through Your Business
Teaching Tax Flow: The Podcast
08/20/24 • 25 min
In Episode 97 of the Teaching Tax Flow podcast, hosts Chris and John delve into a powerful tax strategy, explaining how to income shift to family members or children. With the countdown to the 100th episode underway, this topic is timely and significant for business owners looking to control their tax liabilities. Chris and John unravel the intricacies of legally and ethically leveraging family members to optimize tax obligations, emphasizing that this strategy is not to be taken lightly or implemented illicitly.
Throughout the episode, Chris and John explore the benefits and implementation process of paying children for legitimate work in your business. By shifting income to lower tax brackets, parents can significantly reduce their overall tax burden. The discussion covers the importance of proper documentation, legitimate job roles, the advantages of different business structures, and the potential for utilizing earned income for additional benefits like Roth IRA contributions. Real-world examples make this episode a practical guide for those eager to harness this tax-saving strategy.
Key Takeaways:
- Legitimate Employment: Children must perform bona fide work suitable for their age and capabilities to be paid.
- Reasonable Compensation: Compensation must align with the nature of the work performed, avoiding any excessive payments that could raise red flags.
- Proper Documentation: Maintain thorough records similar to those for any other employee, including timesheets, task records, and payroll tax filings.
- Tax Benefits: Income shifted to children often incurs a lower tax rate or becomes tax-free, and specific conditions eliminate Social Security and Medicare taxes.
- Roth IRA Contributions: Children’s earned income allows for contributions to a Roth IRA, promoting long-term, tax-free growth of their earnings.
Notable Quotes:
- "The first benefit of paying kids is shifting the income to a lower marginal tax rate within the family." - Chris Picciurro
- "If you want to be a duck, you got to walk like one and quack like one." - Chris Picciurro
- "Ideas are cheap and implementation is valuable." - Chris Picciurro
- "Highest and best use...identifying what you're good at and sticking to it." - John Tripolsky
Episode Sponsor
Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15
- (00:04) - Income Shifting to Family Members for Tax Benefits
- (06:40) - Benefits and Legalities of Income Shifting by Paying Children
- (09:58) - Legal Tax Strategies Versus Risky Cheat Codes
- (10:49) - Tax Benefits and Legalities of Paying Your Children
- (19:21) - Tax-Free Growth Strategies for Teenagers
- (21:45) - Legitimate Ways to Save Money by Employing Your Children
Ep. 36 | You Won $1,000,000! Now What?
Teaching Tax Flow: The Podcast
06/23/23 • 25 min
Congratulations! You've won a life-changing $1,000,000, but what comes next?
This episode explores the exciting world of managing your newfound wealth while minimizing unnecessary taxes.
Join us as we guide you through expert strategies and practical advice on how to hold onto as much of your earnings as possible. While we won't be sharing tips on winning the lottery or sweepstakes, we'll dive deep into the crucial steps to protect your windfall and maximize its long-term value.
With real-life stories and cautionary tales, we offer valuable insights into the potential pitfalls that can arise from sudden wealth. Uncover the importance of building a solid financial team and leveraging their expertise to make informed decisions.
So, if you've recently struck it big or simply dream of what you would do if you won the lottery, this episode is a must-listen. Tune in and empower yourself with the knowledge and tools needed to secure your financial future and avoid unnecessary expenses when it comes to taxes.
Resources:
These States Allow Powerball Winners To Claim Prizes Anonymously
Episode Sponsor:
Strategic Associates, LLC
Roger Roundywww.linkedin.com/in/roger-roundy-86887b23
Ep. 89 | Why Real Estate Investing is So Popular
Teaching Tax Flow: The Podcast
06/25/24 • 42 min
About the Guest:
Bill Allen is a retired Navy pilot turned real estate investment mogul. With a background as a Navy test pilot, Bill transitioned into real estate, starting with hands-on house flipping and later expanding into large-scale apartment syndications and passive investing. He is the founder of Flip Hacking Live and has a notable presence in the real estate community through teaching and mentoring. Bill’s accomplishments include scaling his real estate operations to hundreds of transactions annually and dedicating efforts to educate the next generation through initiatives like Teenage Tycoon.
Episode Summary:
In this episode of the Teaching Tax Flow podcast, we discuss the synergy between real estate investing and tax benefits. This episode features special guest Bill Allen, a former Navy pilot who transitioned into a successful career in real estate investing. Bill shares his journey from military service to becoming a prominent figure in real estate, revealing the strategic advantages and personal transformations that come with real estate investments.
Real estate investing offers numerous tax advantages and Bill Allen emphasizes the importance of understanding both active and passive investing strategies. Key topics include how these strategies help in legally minimizing taxes, overcoming common hurdles for new investors, and the significant influence of mentorship. Additionally, Bill talks about his innovative program, Teenage Tycoon, which aims to instill financial literacy and entrepreneurial skills in children, advocating for early education in real estate and investment for long-term benefits.
Key Takeaways:
- Active vs. Passive Real Estate Investing: Understanding the difference between these two approaches helps investors choose paths aligned with their financial goals and lifestyle.
- Tax Advantages: Real estate investments offer various tax benefits, including deductions and depreciation, which can help reduce taxable income significantly over time.
- Importance of Mindset and Mentorship: Successful investing requires the right mindset and often the guidance of experienced mentors to navigate the complexities and mitigate risks.
- Generational Wealth Building: Programs like Teenage Tycoon focus on equipping younger generations with financial and investment acumen early on, paving the way for future success.
- Practical First Steps: New investors often face challenges like financing and market research, but proper education and realistic expectations can make the journey smoother and more rewarding.
Notable Quotes:
- "The tax code is written for business owners and real estate investors. You can use real estate to not pay taxes legally and ethically." – Bill Allen
- "In real estate, there are different paths: active and passive. Choose the one that aligns with your life and goals." – Bill Allen
- "Kids don't know what they can't do. They dive in and learn by doing, which is why they’re so receptive to financial education." – Bill Allen
- "Real estate does not discriminate; your background does not matter. With the right knowledge and effort, anyone can succeed." – Bill Allen
- "Understanding how to leverage real estate investments can fundamentally change your financial trajectory." – Bill Allen
Resources:
- Investment Portal: 7 Figure Multifamily
Episode Sponsor
Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15
- (00:04) - Why Real Estate Investing Is Popular in the Tax World
- (04:24) - From Navy Pilot to Real Estate Mogul
- (11:18) - Risk Tolerance and Decision-Making in High-Risk Professions
- (12:58) - Teaching Financial Literacy to Kids and Changing Family Futures
- (17:16) - Empowering Kids and Parents Through Financial Literacy and Mentorship
- (23:13) - Active vs. Passive Paths in Real Estate Investing
- (25:42) - Tax Advantages of Active and Passive Real Estate Investing
- (28:14) - The Benefits and Risks of Investing in Apartment Syndications
- (29:54) - The Benefits of Passive Income Through Apartment Investing
- (31:03) - Benefits and Strategies of Active and Passive Real Estate Investing
- (32:35) - Investing in Real Estate Syndications for Passive Income
- (34:32) - Fun Facts, Favorite Cereals, and Dream Dinner Guests
- (39:45) - Real Estate Investing: Breaking Barriers and Finding Success
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FAQ
How many episodes does Teaching Tax Flow: The Podcast have?
Teaching Tax Flow: The Podcast currently has 117 episodes available.
What topics does Teaching Tax Flow: The Podcast cover?
The podcast is about Real Estate, Investing, Accounting, Money, Podcasts, Finance, Education, Business and Planning.
What is the most popular episode on Teaching Tax Flow: The Podcast?
The episode title 'Ep. 25 | The Value of Tax Extensions' is the most popular.
What is the average episode length on Teaching Tax Flow: The Podcast?
The average episode length on Teaching Tax Flow: The Podcast is 27 minutes.
How often are episodes of Teaching Tax Flow: The Podcast released?
Episodes of Teaching Tax Flow: The Podcast are typically released every 6 days, 23 hours.
When was the first episode of Teaching Tax Flow: The Podcast?
The first episode of Teaching Tax Flow: The Podcast was released on Oct 18, 2022.
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