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December 16, 2024 16 mins

Get ahead of the game for tax year 2025 with crucial insights from expert CPA John Polanco. In this episode, host Kris Moore sits down with Polanco to break down the latest tax law changes, from new reporting requirements for cryptocurrency transactions to increased standard deductions to counter inflation. Discover how the suspended beneficial ownership reporting rules in Texas impact LLCs and get the scoop on the heated debate around eliminating taxes on overtime pay and tips. Polanco shares practical year-end tax strategies for businesses, reveals common pitfalls to avoid when filing, and weighs in on the pros and cons of popular accounting software for small business owners. With tax season around the corner, this timely advice will help you stay informed, minimize your tax burden, and steer clear of costly red flags that could trigger an IRS audit. An absolute must-listen for taxpayers and entrepreneurs looking to confidently navigate the evolving tax landscape.

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