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Is Trump really eliminating income taxes for business owners? The short answer is no, but the One Big Beautiful Bill Act that passed on July 4th, 2025 made MASSIVE tax changes that directly benefit S corporation owners and small business owners right now. In this podcast, I break down exactly what's law versus what's just a proposal, why economists say eliminating income taxes won't work, and the 3 tax strategies for 2026 every business owner needs to know about immediately.

Here's what happened: Trump signed the One Big Beautiful Bill Act into law, and while it didn't eliminate income taxes, it made the 20% qualified business income deduction (QBI deduction) permanent, brought back 100% bonus depreciation permanently, and locked in corporate tax rates at 21%. These are real tax law changes you can use on your 2026 tax return.

Trump has also been saying he wants to completely replace income taxes with tariff revenue. The problem? The federal government collects $2.7 trillion from income taxes - that's 54% of all federal revenue. Tariffs only brought in $195 billion. The math doesn't work. Economists say trying to replace income taxes with tariffs would push the federal deficit to $4 trillion. So don't make business decisions based on something that isn't law.

Here's what you SHOULD be doing: First, the QBI deduction is now permanent, which means S corporation owners can optimize their W-2 salary versus distributions with a long-term tax planning strategy instead of year-by-year guessing. Second, 100% bonus depreciation means every dollar you spend on qualified equipment, vehicles, and machinery is fully deductible in year one. If you've been considering equipment purchases, this is the time. Third, with corporate tax rates at 21% permanently, there's a C-corporation income shifting strategy that can create significant tax savings for S corporation owners in higher tax brackets, but this MUST be done properly with a tax advisor.

If you own real estate in which your business operates, a cost segregation study just became even more valuable. You can reclassify building components to shorter depreciation periods and take advantage of 100% bonus depreciation against your business income.

The bottom line: don't get distracted by the "Trump eliminating income taxes" headlines. Focus on the tax benefits that are ALREADY law and work with a tax advisor to maximize your deductions for 2026. If the income tax elimination proposal ever becomes real legislation, I'll be the first to break it down for you.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

The Augusta Tax Strategy lets S corporation owners pay themselves tax-free money from their business, completely legal under Section 280A of the tax code. In this podcast, I break down exactly how this powerful Augusta rule tax strategy works, the 5 critical rules you must follow, and how to implement it correctly so you stay on the right side of the IRS.

Here's the deal: If you rent your home to your business for 14 days or less per year for legitimate purposes like board meetings, strategic planning sessions, or client events, that rental income can be 100% tax-free to you personally. Meanwhile, your S corporation gets a full business deduction for the expense. This tax strategy for small business owners is a win-win when done right.

Most business owners have never heard of the Section 280A rental strategy, and their accountants aren't telling them about it. That's a missed opportunity for thousands in tax savings for S corporation owners every single year. If you're focused on tax planning for 2026, this is one deduction you can't afford to ignore.

In this podcast, you'll learn what the Augusta tax strategy is and where it comes from, how your S corporation can legally rent your home, the 14-day rule that makes this income tax-free, fair market value requirements for rental rates, documentation the IRS expects to see, why this doesn't work for sole proprietors, and real examples of how I use this strategy myself.

Whether you're exploring tax saving strategies for high income earners or just looking to reduce your S corporation taxes with smart tax planning strategies, the Augusta strategy is one of the most overlooked strategies available.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

If you're an S corporation owner with inventory, you could be missing out on a MASSIVE tax deduction. Most business owners don't know this, but the Tax Cuts and Jobs Act created a loophole that lets you deduct 100% of your inventory - even the stuff you haven't sold yet. Your accountant probably isn't telling you about this.

Here's how the old rules worked: You buy $100,000 in inventory, sell $30,000 worth, and you're stuck with a $70,000 ending inventory you CAN'T deduct. You only got to write off the $30,000 you actually sold. That's the old Section 471 rules that most CPAs are still following.

But here's what changed: If your gross receipts are under $31 million (which makes you a "small business" in the IRS's eyes), you can now elect the non-AFS Section 471(c) method and deduct your ENTIRE inventory purchase immediately. That same $100,000 in inventory? 100% deductible. Even if $70,000 is still sitting in your warehouse.

The secret is Form 3115 - a change in accounting method form. You file it with your tax return, IRS automatically approves it, and boom - you unlock this deduction. No waiting. No back and forth with the IRS.

Want to know exactly how much you're missing? Pull up your last tax return, find Form 1125-A, and look at line 7. That's your ending inventory - money you couldn't deduct before but CAN deduct now using this strategy.

🆓 Download FREE PDF: 7 Tax Strategies Every Business Owner MUST Know - https://www.7taxwriteoffs.com/?utm_source=podcast&utm_medium=inventorytaxstrategy

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

Today I reveal the hiring your spouse tax strategy that means my client is estimated to save $338,000 in taxes. Most business owners are doing this completely wrong - either overpaying their spouse and crushing themselves with payroll taxes, or missing out on massive tax deductions by not structuring it correctly. In this podcast, I'll show you exactly how to hire your spouse on payroll, what to pay them, what NOT to pay them, and the critical tax mistakes that could trigger an IRS audit.

Here's what most business owners get wrong about hiring their spouse. They think throwing their spouse on payroll automatically saves taxes, but without proper tax planning, you're just creating unnecessary payroll taxes. Your spouse needs to actually work in the business and get paid a reasonable wage for their actual job - not some inflated salary that raises red flags. I see business owners overpaying their non-working spouse thinking they're being smart, when they're actually overpaying tens of thousands in Social Security and Medicare taxes for zero benefit.

We’ll debunk the biggest tax myths about such a tax strategy. Hiring your spouse just to maximize Social Security benefits? Usually a terrible idea that costs more taxes than it saves. The real power comes from understanding when hiring your spouse makes sense and when it doesn't. Sometimes the best tax strategy is NOT hiring them at all, which is exactly what we determined for that client who's estimated to save $338,000 on taxes.

If your spouse naturally works in your business or you're considering bringing them on, this video shows you the right way to structure it for maximum tax savings while staying completely compliant with IRS regulations. Work with a qualified tax advisor before implementing any spouse employment strategy to make sure it fits your specific tax situation.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

In this year-end tax planning podcast, I cover two powerful charitable donation tax strategies that wealthy individuals use to reduce their tax liability by hundreds of thousands of dollars. If you're facing a big tax bill this year or want to implement proactive tax planning strategies before December 31st, this podcast tells you exactly how to use charitable donation strategies.

First, let's talk about the Donor Advised Fund (DAF) strategy. Forget the noise about opening your own foundation or nonprofit - I'll show you the SIMPLE way to get massive tax deductions. A Donor Advised Fund is like a bank account specifically for charitable donations that you control. Every dollar you put in can become a tax deduction on your personal tax return, and you decide how the money gets invested while it grows tax-free. Cash contributions are limited to 60% of your adjusted gross income, but that's still massive tax savings. Plus, with the new tax law, you can now deduct $1,000 if you're a single filer and $2,000 if you're married filing joint, even if you don't itemize.

The second tax strategy is appreciated stock donations, and this is where it gets really interesting. Why sell your winning stocks and pay capital gains tax when you can donate them instead? I break down how donating appreciated stocks, crypto like Bitcoin and Ethereum, or even artwork can get you a full fair market value deduction WITHOUT paying any capital gains tax. This is exactly how some wealthy individuals donate artwork - they buy art, get it appraised, and donate it for a tax deduction. The same tax strategy can potentially apply to Bitcoin, Ethereum, and any appreciated asset you've held over 12 months.

These donation tax deductions require itemizing on your tax return, so work with a qualified tax advisor to maximize your year-end tax strategies and ensure compliance with IRS regulations. If you need a year-end tax strategy, Donor Advised Funds combined with appreciated stock donations are the way to go. Just make sure you're not trying to be your own donor or opening foundations without a real purpose - that's when you can run into IRS issues.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

If you're an S-Corporation owner making over $1 MILLION and you're still using the same tax preparer you started with... you're probably overpaying by six figures.

Let's talk about the BIGGEST salary mistake million-dollar S-Corporation owners make that's costing them hundreds of thousands in unnecessary taxes. Spoiler: If you're taking your entire profit as W-2 salary because your accountant told you to "be conservative," you're literally doing the opposite of why S-Corporations exist.

Here's what we're diving into: The #1 reason you became an S-Corporation was to AVOID self-employment tax — so why are business owners at the $1M+ level still paying themselves massive W-2 salaries? I'll explain why you have to split between salary and distributions when you're making seven figures, and yes, it's completely legal when done right.

We expose why taking everything as salary is the WORST tax strategy at this income level. Your accountant most probably does not understand how PTET and QBI deductions completely change the game for high earners. These tax strategies alone can save you hundreds of thousands of dollars on taxes.

The harsh truth is you've OUTGROWN your accountant. You need a tax ADVISOR, not just a tax preparer. There's a massive difference, and I'll explain why most million-dollar business owners are getting terrible tax advice.

Advanced tax strategies we cover: How to LEGALLY reduce that ugly tax bill that hits every April. You know, when your accountant says "congratulations on a great year... here's your $300,000 tax bill." The more you make, the more you pay? Not if you know these tax strategies.

For those with million-dollar homes and home offices, the IRS actually WANTS you to take these tax deductions. I'll walk through the Augusta Rule, home office deductions, because you should be maximizing every square foot of your property for tax savings.

The retirement tax strategy section is CRUCIAL: Solo 401(k)s are just the beginning. At this income level, you should be looking at defined benefit plans that let you sock away hundreds of thousands annually in tax-deductible retirement contributions. Yeah, you read that right.

Stop letting CPAs who don't understand seven-figure tax planning cost you hundreds of thousands in taxes. This podcast covers exactly what questions to ask and what tax strategies to demand.

Because here's the truth: At $1M+, the difference between good and great tax strategy is literally a six-figure swing. Every. Single. Year.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

If you're moving money between your S Corporation and LLC, you need to know these intercompany transfer tax strategies. In this podcast, I explain the right way to transfer funds from your S Corporation to fund real estate investments, new businesses, or other ventures without triggering unnecessary tax consequences.

Most CPAs give terrible tax advice about intercompany transfers, telling business owners to transfer money directly from S Corporation to LLC without proper documentation. This creates massive tax problems including mismatched distributions, lost equity basis, and inability to deduct losses. I break down exactly how to structure intercompany transfers, shareholder distributions, and capital contributions to maximize tax deductions and avoid IRS issues.

What You'll Learn: How to properly take S Corporation distributions and use them to fund other businesses. Why you should NEVER buy real estate directly with S Corporation money or put property under your S Corporation. The critical difference between shareholder distributions and intercompany loans for tax purposes. How to establish equity basis in your new LLC to make losses tax deductible against your main business income. Why proper documentation of intercompany transfers as shareholder distributions is essential for tax strategy. When intercompany loans make sense versus capital contributions for funding new ventures.

We cover S Corporation distribution tax strategies, LLC formation and funding, establishing basis for loss deductions, and the tax consequences of intercompany loans versus equity contributions. Plus, why most small business owners under $10 million profit should be S Corporations, and how to structure multiple entities for maximum tax savings.

Stop making expensive intercompany transfer mistakes. Learn the right way to move money between your businesses while maximizing tax deductions and avoiding IRS problems.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!

Did your accountant tell you to "just buy real estate and do cost segregation" to save on taxes? Then they're giving you incomplete real estate tax advice. In this podcast, I explain why buying rental property and doing cost segregation won't actually save you money on taxes without the right real estate investment tax strategy.

Here's what happens to business owners and entrepreneurs: You hit six figures in ordinary income, your accountant says buy real estate for tax benefits. So you purchase investment property, do cost segregation accelerated depreciation that lets you write off some of the purchase price through bonus depreciation. Sounds great, except those real estate losses are passive losses. Your business income is ordinary income. Passive activity losses can't offset ordinary income unless you qualify for real estate professional status, short term rental strategy, or self rental strategy. Your accountant probably didn't mention passive vs ordinary income rules.

I break down how to convert passive losses to active losses through real estate professional tax status including 500 hours material participation test and how to qualify your spouse as real estate professional. I also cover short term rental tax strategy for properties that meet IRS definition like Airbnb, plus self rental tax requirements when renting to your own business. I explain why you should never buy real estate in S Corporation and how becoming a passive partner in deals helps accelerate real estate tax deductions when you start buying properties.

Bonus depreciation 2025 is back making cost segregation depreciation and real estate depreciation more powerful for real estate investing tax benefits. No more falling for the "just buy real estate" lie when there's so much more to making rental property tax strategies and investment property tax deductions actually work for your situation.

🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout

*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.