Mac Tax® CPA (Accounting, Tax, Business, Stocks, Crypto, NFTs and more)
An educational podcast that teaches how taxes affect business and personal life, covering topics like buying a house, trading stocks, NFTs, cryptocurrency, and operating a business. The goal is to help listeners understand the complexities of the tax code and lower their tax bill. The content is for educational purposes only, and listeners should consult their own accountant or financial advisor before making decisions.
Episodes
One Big Beautiful Tax Bill Comprehensive Overview - Mac Tax CPA
Join MacTax CPA as we unravel the complexities of the ‘One Big, Beautiful Tax Bill.’ This comprehensive overview dives deep into the latest tax legislation, breaking down what it means for individuals and businesses alike. From key changes to potential strategies, we’ve got you covered. Hit play and navigate the tax landscape with confidence
Mastering IRS Taxation of Cryptocurrency and Digital Assets
This course comprehensively covers cryptocurrency and digital asset taxation and is designed for accounting professionals handling crypto transactions. Learn the IRS treatment of digital assets, including taxable events, reporting requirements, and common pitfalls. Understand how to properly calculate and report crypto gains, losses, and income while exploring practical strategies for compliance u
Income Taxes 101 for New Business Owners.
Learn about sole proprietors and single member LLCs taxation by the IRS and what to keep track of for income tax purposes Full episode out on Youtube and Audio. #newbusiness #llc #schC #accounting #business #taxes #bookkeeping #accountant #accountantlife #cpa #entrepreneur #finance #financialfreedom #taxeducation #education #taxaccountant #mactax #accountingpodcast #podcast #moneyeducation #irs #t
Why Accountants Should Think like a Prosecutor
Today we have a conversation with Benjamin David.
Ben David has served as an elected District Attorney since 2004. He is a past president of the NC Conference of District Attorneys and currently holds executive office in the National District Attorneys Association, chairing the commission on community outreach. Ben is now moving on to help CPAs and Accountants think like a prosecutor to help figh
BTC ETF what’s next for crypto part 2?
BTC Spot ETF what’s next for crypto part 2? Price appreciation? Republican support for crypto in 2024?
What is the Bitcoin ETF and whats next for crypto investors?
Learn about the bitcoin ETF what’s next for crypto investors and why you should get serious about filing your Crypto taxes ASAP
Want to save money on your income taxes this year? Do this now before year end
Time to take inventory and do tax planning before year end to save on your income taxes
Supreme Court Tax Case with HUGE Implications possibly blocking a future wealth tax
This Supreme Court case could forever block a future wealth tax
How to Avoid and Spot Scams
We have been seeing too many people lose money to scams never send crypto or money to a platform or wallet you don’t hold the private keys or passwords too
Mac Tax CPA Podcast with Cory Gayman CPA - 2023
Join us for a conversation about the state of being an accountant, the IRS, running a business and more
Here’s how to tell the difference between a hobby and a business for tax purposes
Here are the 10 factors the irs looks at in determining if your business is a business or hobby for taxes
New cryptocurrency tax law defines “crypto broker”. This is how it will affect crypto investors
The new crypto broker law has a big impact on consumers listen in for details
What to know if you’re investing in cryptocurrency/NFTs
Short clip from legal limelight podcast with Francesca Witzburg
How Tax and Legal Planning Upfront can Help save you 💰 Later
Full podcast with Bryan on Audio and YouTube
How to write off your car on your taxes
How to write off your car on your taxes. What car expenses can you write off and methods for calculating car deduction amount
Getting Paid in Crypto and Paying with Crypto - Jagruti Solanki (BitPay CFO) & Justin Macari (Mac Tax CPA)
Learn about Jagruti Solanki (BitPay CFO) background, how she went from assurance partner at an accounting firm to BitPay CFO. How businesses and individuals can use BitPay to get paid in crypto and also make payments in crypto, the future of crypto blockchain and more.
Why did you owe taxes this tax season part 1 - withholding
Tune into our mini series to see why and how to save money for next tax season
Upcoming 2023 Tax Deadlines
Estimated taxes are due January 17th all W2 and 1099 due January 31st
IRS delays $600 reporting threshold for form 1099k. What is form 1099k and what does it mean?
E-mail question and topics to jmacari@mactaxcpa.com
Are governments looking into those who are not reporting cryptocurrency 🤔
E-mail questions and video ideas you would like to learn about to jmacari@mactaxcpa.com
Make sure to do this tax loss harvesting strategy before year end
Use code “MACTAX10” at checkout to save 10% on Zenledger
IRS Top Two Areas to be Audited in 2023
Email your thoughts to jmacari@mactaxcpa.com
Why your cryptocurrency 1099 may not be accurate
In this episode learn why if you have multiple wallets and exchange accounts why your gains/losses reported by the exchanges may be incomplete regarding cryptocurrency NFTs and other digital assets
Legal and Tax Considerations for Businesses & NFT Projects
In this episode @web3bryan and @Mac Tax CPA talk all things legal and tax releated to operating a business and NFT projects, what you should be considering and more.
How can the IRS find out about your NFT/Crypto and why you should report it on your tax return
Email topic suggestions into jmacari@mactaxcpa.com
Breaking News All Tax Changes from the Inflation Reduction Act
Here is a brief summary of the new tax law changes. Please let me know what you think or want to learn more about by emailing me at jmacari@mactaxcpa.com
$25K Passive Tax Loss Exception
In this episode we discuss how to take passive losses on rental properties. See the video on Instagram and TikTok for more info
Ordinary Income/Loss Taxation Overview
In this episode of our mini 3 part series we discuss how ordinary income is taxed and how ordinary losses can be utilized to offset your other income.
Capital Gain Favorable Tax Rates & Writing off Capital Losses
In this part 1 of a 3 part mini series we go over how capital gain favorable tax rates work and how to write off capital losses. Email all topics you want to learn about to jmacari@mactaxcpa.com
How to Harvest Tax Losses on Crypto/NFTs
See the video on ticktok. Learn how to take advantage of this down market to harvest Crypto/NFT losses since there is no wash sale. https://www.tiktok.com/t/ZTd7coP2p/?k=1
NFT/Crypto Taxation, Regulation, ZenLedger and More with Dan Hannum COO of ZenLedger
On this episode we chat with Dan Hannum COO of ZenLedger. Learn more about Dan's background on his path from graduating college to becoming COO of ZenLedger. Dan and I talk about the taxation of crypto currencies and NFTs, common misconceptions about the tax code regarding NFT/Crypto as well as the tax codes limitations on this emerging field. Dan discusses how ZenLedger can help individuals, indi
NYS LLC Tax Return (IT-204-LL) Due March 15th
In this episode we discuss what the NYS LLC Tax Return is which is IT-204-LL, who must file this form, who does not need to file this form, how the LLC fee is computed and when this form is due (March 15th). Please email all questions to jmacari@mactaxcpa.com
Sports Betting Winnings are they Taxable? - Super Bowl Sunday Edition
In this episode we discuss what to do if you win big today on Super Bowl Sunday or throughout the year. Tune in to learn how to lower your tax bill on any sports betting earnings either from a sports betting app or wagers at your local bar. Send your questions in to jmacari@mactaxcpa.com
Uber/Lyft Taxation Overview Podcast
On this episode we discuss: the basics of how uber/lyft income is taxed, the deductions that can be taken for Uber/Lyft Drivers, self employment taxes, as well as criteria for material participation to take a net loss against your other income. Email all questions to jmacari@mactaxcpa.com
Mac Tax CPA website launched + How to calculate your taxes on Crypto and NFT's for 2021 Tax Season
On this episode we discuss the launch of our website https://mactaxcpa.com/home as well as how to figure your Crypto and NFT gain/losses for the 2021 tax year to determine your income tax impact. Please email any questions to mactaxcpa@gmail.com
2022 Tax Season Start Date plus 1099NEC and W2 Deadline January 31st
2022 Tax Season Start Date is jan 24th and 1099NEC and W2 Deadline January 31st. Please email your questions to mactaxcpa@gmail.com or join our discord to ask questions
How to become an S-Corporation
In this episode I’ll give you the specific steps and tax forms that need to be filed in order to become an S-Corp. I’ll even explain how to make the S-Corp election even if you are 3 years late.
Benefits of Being an S-Corp
Tune into this week’s episode to learn the tax savings benefits of choosing an s-corp structure.
How to access the cash in your retirement account tax free during COVID-19
In this podcast I discuss how you can tap into your 401k or IRA accounts if you have been diagnosed with COVID-19 or have had economic hardship during COVID-19. Use this method to get cash on hand now in times of need.
How to deduct Charitable Contributions - UPDATED CARES ACT 2020
The CARES act provides updated rules for the ability to take more of a deduction for charitable donations on your 2020 tax return. Tune in now to find out more how to start maximizing next years refund now!
What is AMT (Alternative Minimum Tax)?
AMT is a separate set of rules and adjustments that must be applied to your tax return once you make a certain amount of income. It is designed to make sure people taking excessive deductions still pay some “minimum” tax.
CARES Act changes to (NOL) Net Operating Loss
Businesses now have the ability to take advantage of the new NOL changes under the CARES act. If you had a taxable loss for your business in years 2017 or 2018 give this episode a listen.
CARES and PPP refunded by Congress
Get the latest depreciation updates from the CARES act to take advantage of fast cash now and the details of the refunded paycheck protection program for small businesses.
Ray Dilao All Season’s Stock Tips
Wanted to share with you guys an investment tip from the Tony Robins book Money Master the Game where he interviews one of the greatest wealth managers ever, Ray Dilao.
Part year and Non resident tax returns
Learn about what a part year and non resident income tax returns are and why it’s so important to know residency rules for taxation purposes.
Is Now the Time to Start Buying Stocks During the COVID-19 Bear Market?
DISCLAIMER: Mactax is not responsible for any financial advice given. Please do your own research and consult with your financial advisor before acting on any advice/opinions in this episode.
2020 Tax Law Changes to Traditional IRA Retirement Accounts
The Further Consolidated Appropriations Act of 2020 made changes to traditional IRA's. These changes included removing the age cap to contribute to a traditional IRA, raises the age to 72 for RMD's, and changes the rules for inheriting a traditional IRA. Tune into this weeks episode to learn the full details about the FCAAs impact on traditional IRA retirement accounts and how to change your tax s
How to Avoid IRS Matching Notices
Tax Season is upon us but don’t be too eager to file for that refund before you get all of your tax documents in! Filing too early could run you the risk of forgetting about certain tax documents you need to complete your return. Take inventory of 2019 and establish what you need and where you made money before filing.
How to Deduct State Taxes
Can you deduct state taxes on your personal and business federal tax return? If so how much can you write off? Tune in to this week’s episode to find out!
Life Insurance Premiums NOT Tax Deductible
Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance payouts are tax free to the beneficiary, so at leas
2020 Tax Documents for Tax Season
Learn about what each tax document is and what tax documents you should be expecting to receive this year in order to complete your 2019 tax return.
Tax on Holiday Gifts 🎁?
Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you.
Obama Care ACA Individual Mandate Repealed
Breaking news out of the US court of Appeals! The US appeal court division just ruled that the individual mandate of the Affordable Care Act (Obama Care) was ruled unconstitutional. Therefore solidifying the removal of the requirement to report on your taxes whether you had health insurance AND removing the penalty if you did not have health insurance for any month throughout the year. With the re
Year End Tax Planning Tips
Major theme of year end tax planning is that documentation is key 🔑 Any tax deduction whether it’s charity, IRA contribution, mortgage interest, teacher out of pocket expenses, or just closing out your books for your business, you will need the documentation to take the tax deduction. Now is the time to get ahead and start organizing your files before the craziness starts next year.
Why you cannot count on Social Security for retirement
News flash! When you reach the age when you get to start collecting social security (if it is even around) your social security payments may be subject to as much as 85% taxation. That's right, you could possibly be paying the government back 85% of the social security they paid you throughout the year. The average retired american receiving social security today is around $25,000 a year in benefi
Why you should report tip income on your taxes
Although this is not the tax tip you will be happy to hear about, future you will thank yourself (and me) when you avoid any type of audit and penalties from the IRS. The rule is cash tips are required to be reported on your income tax return and have payroll taxes withheld from tip income earned at your job. It is the employees responsibility to document tips earned each month. The employee must
Tax Gain Exclusion on Sale of Home
In this episode learn how you can avoid paying tax on $250,000-$500,000 of capital gains when you sale your primary residence. There are three main requirements you must meet to qualify for this exclusion. 1) Is you must own the house for 2 of the last 5 years. 2) You must live in the house for 2 of the last 5 years. 3) You have not used this exclusion in the last 2 years for the sale of a differe
Standard V.S Actual Car Expense Deduction
Learn about the differences between the two methods of writing off car expenses. Learn which is better for you and which expenses you are allowed to deduct.
Employee V.S Independent Contractors
What is the difference between an employee versus an Independent Contractor? Well one of the most important differences is the way you get taxed. Tune into this episode to learn about the key differences and know how to not get caught off guard with any surprises tax bills.
Deduction vs Credit
Learn about what the key differences are between tax deductions vs tax credits.
Why your investment portfolio should be diversified
Here’s a great basic 101 investment tip. Make sure your portfolio is diversified. Having a diversified portfolio in multiple industries lowers your risk. ETFs are a great way to help diversify your portfolio. Just be careful when picking ETFs they don’t have stocks that could also drag you down. Being too diversified limits your upside potential. Finding the perfect balance of diversity for your i
Small Real Estate Investor Tax Deduction
Did you know you could deduct up to $25,000 on your taxes with the small investor real estate deduction? Here’s how it works: 1) you have to make under 100,000 a year, once you pass 150,000 you cannot claim any of the deduction. 2) you must own at least 10% interest in the rental property 3) you cannot be a real estate professional 4) you must actively manage/participate in renting and maintains t
Investing Tips
Learn about why you need to start investing and why there are very little passive ways to make money like the stock market. Learn about 529 and HSA tax incentive investments accounts.
Would a Wealth Tax be good for Accountants?
Truth of the matter is anytime a change in the tax law takes place it is good news for accountants. (Regardless of whether or not you may agree politically) it is job security for tax accountants. The "Tax Cuts and Jobs Act" implemented under Donald Trump created multiple changes to the tax code. International tax was one area that was drastically affected by the change causing money that used to
Teacher Tax Deduction
Did you know teachers can deduct up to $250 a year for any unreimbursed supplies purchased? If you work over 900 hours in a school, teaching grades k-12, you are eligible for this tax deduction! Tune in to the latest episode for full details.
Documentation to a Side Business is a Major Key
Documenting all of your business income and expenses is the major key to success when starting a side hustle. Not only will it save you time and money when it comes to tax compliance at the end of the year but it will allow you to keep track of your progress within your side hustle. Quickbooks is a fantastic program and I highly recommend it but you may not need that cost when you are first starti
How State Corporate Tax Works
State Corporation tax can be a very complicated and tricky area. All states have rules that are different than the federal tax code. In order to ensue you are properly reporting income to each state you must make the correct adjustments to your federal taxable income and allocate revenue to the state in which the revenue was earned. Tune into this episode to learn more.
Meals & Entertainment Exceptions (loopholes)
Under the new "Tax Cuts and Jobs Act" tax reform law Entertainment business expenses are no longer 50% deductible. Entertainment expenses are fully disallowed and must be added back to a companies net income for tax purposes. With any law there are exceptions and I wanted to highlight a couple of key exceptions you can take advantage of as highlighted by Forbes (link below). Let me know if you guy
Limitation on Business Interest Expense Under Section 163(j) Intro
In this episode I discuss one of the impacts of tax reform which is the dis-allowance of business interest expense under 163j. Business interest expense is calculated on the tax form 8990. I go through the calculation of what limits your business interest expense. Please let me know if you have any questions or suggestions for future episodes. Email me at mactaxcpa@gmail.com and follow me on Insta
Book To Tax Differences
Rules for documenting income and expenses are different for book and tax purposes. When it’s time to file your business tax return you will normally need to adjust your books to conform to IRS tax rules. In this episode I talk about the two types of adjustment, temporary and permanent adjustments, and give examples for each. Email me At MacTaxcpa@gmail.com for questions and suggestions.
Basics on 100% Bonus Depreciation
Taking 100% write off of assets you place in service for your business is a HUGE tax savings tool that’s part of the new TCJA law. This deduction will not last forever (expires in 2022) so learn how to take advantage now and build up your companies assets while the deduction is still around. #taxes #accounting #TCJA #taxreform #business #money
How to file your Taxes for a Side Hustle Business
Got a side business you’re making money from? Is this your first year doing it? You 100% SHOULD report your income from your side hustle. Whether it is on your personal return or through an LLC. In most cases first year businesses are in a loss resulting in a TAX BENEFIT for reporting your side hustle business come tax time.
What is a Schedule K-1
Learn about how partnerships and S-Corps report income to their owners through a Schedule K-1 and how you can interpret a Schedule K-1 if you own a publicly traded partnership.
Gift Tax 101 who pays the tax?
Time to break the myths on gift tax. The person giving the gift pays the tax NOT the person receiving the gift.
Depreciation 101
Not familiar with the term? I’ll discuss the basics in this episode and touch on the new tax laws for 100% Bonus Depreciation
SALT and Charity Tax Deduction
SALT (State And Local Taxes) deduction is a huge issue around the new tax law. Learn how and why there is this controversy. Also, I will explain the rules on how you can still deduct SALT and your charity contributions to save on your taxes.
Estimated Tax Payments
Estimated Taxes are important if you are self employed or an independent contractor. They need to be filed once a quarter in order to avoid underpayment penalties. You must pay in the lessor of 90% of current years tax liability or 100% of prior years tax liability. If you made over 150k in prior year you must pay estimated tax payments each quarter based on 110% of prior years m tax liability. Th
Why Everyone Should Know Some Accounting
The whole world is a business. It does not matter if you are a doctor, employee at a grocery store, professional athlete or a business owner. Everyone should understand accounting basics in order to make savvy business and money decisions in life. Just an episode sharing my thoughts on this.
IRA vs 401k
Retirement can be tricky with IRA and 401k's being the terms people use all the time when describing how to save for retirement. All these acronyms stand for are tax advantages investment accounts to park your money in until you retire. On this episode I'll breakdown the similarities and differences between the two. Start maxing these accounts out now each year to be set for retirement!
Why you Should Start Planing for Retirement NOW
Social Security is not enough to live off when you're retired (if it's even around in 40 years). Tune in to this weeks episode where I go over the importance of why you should start saving for retirement today! Learn how much of your social security check will be taxed by the government and what retirement savings accounts are out there that save you money on your taxes.
