Episode 48: Interest Reduction Act Passes

In this episode:

• A breakdown of medical expense deductions.
• Tax strategies for charitable giving.
• Tax package passes in House but remains in Senate.
• You can check on your federal tax refund at any time by visiting IRS.gov.

We are visited by Michele L. Reynolds, CEO of Shelly Sons Electrical and author of “Pause Between the Years”.   She talks to us about having the courage to start something brand new, the importance of knowing your own worth, and finding what works for you in the business world.  She also shares her journey with her husband’s fight with cancer and the book she has written that ultimately helped her heal.

In this episode:

• The filing of the digital asset Form 3800 has been delayed.
• A review of Shareholder Basis and what the IRS is focusing on.
• What happens if you miss the Required Minimum Distribution (RMD) deadline.
• A refresher of Net Investment Income Tax (NIIT).
• Reminder that there is no statute of limitations on saving tax documents if the IRS suspects fraud.

We also hear from Jess Bain, co-owner of Styled, a seasonal and special occasion floral design & décor company serving the Delaware and the Eastern Shore.  She tells us about the importance of staying current in trends that affect her clients and her team’s offerings, how to find each employees’ strengths and play to them, and what they’re learning along the way. 

In this episode: 

• The IRS will open e-filing for personal returns on January 29, 2024.
• New Bi-Partisan package is in the House has a variety of positive provisions.
• Only 8 electronic vehicles currently qualify for the full tax credit.
• Be alert for IRS impersonation scams at this time of year! The IRS will never initiate contact via phone or email.

We also hear the story of Katelyn McClure, Mark D'Amico, and Johhny Bobbitt and their $400,000 GoFundMe scam.

In this episode:

• The rules for rolling over unused 529 Plans into a Roth IRA.
• Tax saving strategies for purchasing electronic vehicles.
• Do you have more than 10 1099s, W-2s or similar?  You may be required to e-file this year.
• The new standard mileage rates for 2024.
• Clarification of the new Beneficial Ownership Reporting rules.

We also hear from Megan Steele, owner and operator of Heartbeat Branding, Co.  She talks to us about the importance of focusing on your specific niche, showcasing your brand and focusing your energy on the things that will move you forward.   

In this episode:

• An overview of what the government may have on the horizon for 2024 for the Research and Development Credit, Bonus Depreciation, and interest deductions.
• The IRS continues to fight false Employee Retention Tax Credit claims.
• An explanation of Section 1202 of the Tax Code.
• A look into tax credits for builders of energy efficient homes.
• The tax rules for vacation home rentals.

We also hear from Quintin Richardson, the owner/operator of Legacy Fit 302, LLC.  Quintin talks to us about taking the leap from idea to business model, the joy helping others brings to him, how to juggle being a dad of (almost) 2 with his business goals, and how he helps his clients realize their fitness potential.  Find him on his website at https://legacyfit302.com/ or on Facebook at https://www.facebook.com/Trainupersonaltraining/about

In this episode we are joined by Ingrid and Amy Hopkins, of Hopkins Heartland.  They tell us all about their journey leaving the 5-generation Hopkins Farm to pursue their own careers, and how the farm called them back to create something unique to Delaware.  Hear about their persistence in changing legislature, the importance of hiring the right people, and how their visions of the farm are helping preserve their family's legacy for generations to come. 

In this episode:

• Tax extenders will be needed around election time.
• Know the IRA rollover rules.
• Find out the updates on estate and gift tax limits.
• The legal costs for fighting IRS rulings may not be reimbursed.
• The IRS has delayed the 1099K reporting threshold.

Also, we hear the scam story of the Great Diamond Hoax of 1872.

Sources:

The Dollop Podcast Episode 235 https://open.spotify.com/episode/26NdQWRuKDrmk16k80bNlG

Legends of the Old West Episode 3 https://player.fm/series/legends-of-the-old-west-2390488/swindlers-ep-3-the-great-diamond-hoax

Wikipedia https://en.wikipedia.org/wiki/Great_Diamond_Hoax#:~:text=The%20diamond%20hoax%20of%201872,Francisco%20and%20New%20York%20City.

In this episode: 

• Electronic vehicle rebates versus tax credits.
• There is an increase on retirement plan contributions for 2024.
• Most donated inventory may not be deducible as a charitable contribution.
• It's time for tax planning strategies!
• Delaware Family Medical Leave Act is ramping up.  Listen in for details. 

We are also joined by Maggie Haass, co-owner of Evergreen Farms.  Evergreen Farms is a 22-acre working farm nestled in the countryside just outside of Dover, Delaware.   Maggie and her husband run this beautiful event venue.  Listen to what she has to say about running a business, taking leaps of faith to go after your dreams and relying on experts to help you get to your goals.  

In this episode:

• Overview of tax and other benefits from having a Health Savings Account (HSA) health plan for medical expenses.
• The IRS is cracking down on the misuse of the fuel credit.
• Software development may be used to qualify an entity for the Research and Development Credit.
• The Social Security Wage Base makes another jump.
• The IRS has released the current tax-gap numbers.
• The IRS is allowing Employee Retention Tax Credit claims to be withdrawn if you feel you filed erroneously. 

We also hear from Kelly Manchester, President and CEO of Corp 1.  She speaks with us about the importance of taking care of your team, how incorporating services can benefit a business, and the necessity of good client experience.  She also fills us in on the Corporate Transparency Act.  This new Act will involve costly penalties for those who don't conform timely.  We highly encourage you to listen and educate yourselves and your business!

In this episode:

• Student loan interest is deductible, with limits.
• The 2024 travel expenses per diem have been released. 
• The IRS has stated it's pausing some audits for professional service businesses.
• Make sure you have a beneficiary listed on your retirement accounts.

We are joined by Daniel Yearick, the Facilities & Event Operations Manager at DE Turf Sports Complex.  He talks to us about raising funds for a large enterprise, how the sports complex has benefitted Delaware and it’s tourism, how working with our state government helped the complex get off the ground, and the amazing programs they have going on and planned for the future.