May 30, 2025 • 14 mins
Are you a business owner trying to stay ahead of the curve on the latest tax laws? President Trump’s new tax reform has just passed the House, and it brings some game-changing tax updates that will affect how business owners pay taxes moving forward. If you’re not up to date, you could be missing out on massive tax savings, or worse, get caught unprepared.
In this podcast, I break down the 5 key changes every business owner needs to know. From overtime pay becoming tax-free, to the QBI deduction increasing to 23% (but watch out if you’re a doctor, attorney, or accountant), these shifts could seriously impact your tax strategy. I also explain how bonus depreciation is making a comeback, why the PTET strategy is evolving, and how the R&D credit is finally getting its full power back.
Bottom line: If you’re not updating your tax strategy now, you’re either leaving money on the table or walking into a problem you could’ve avoided.
Listen to this before your CPA shrugs and says, “Let’s look at that next year.”
I've put together this FREE resource for you:
7 Write-Offs Every S-Corporation Business Owner MUST Know
🆓 Download FREE PDF here: https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout
Ready to start saving money on your taxes?
☎️ Schedule your FREE Tax Advisory Session: https://taxplanningcall.com/?el=podcast&htrafficsource=buzzsprout
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🤑 If you want a better payroll app to process and file payroll for your business. Check out Gusto, so easy to use and you get a $100 gift card for signing up using this link: https://gusto.com/r/boris466
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*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 ...
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Big, beautiful bill.
Yes, Trump's new tax lawchanges has just passed the
House.
It's May 22nd.
It has a lot of things therethat will affect how you, the
business owner, pays in taxes,but I want to cover five things
that will ultimately affectevery business owner and how
they pay taxes, and how can youplan for it coming into this
(00:21):
year, as the plan is going totake effect this year.
All right, five things that Iwant to talk about is, first of
all, no tax on overtime.
What does that mean for abusiness owner that gets paid
salary from a business, or ifyou employ your spouse?
Okay, the second thing.
By the way, I have my noteshere, so I'll be looking down.
The second thing is a QBIdeduction, which is like a free
(00:41):
gift from IRS.
It used to be 20%, it's goingup to 23%, but there's bad news
for doctors, attorneys and yourstruly, accountants.
Okay.
The third thing I want to talkto you about is bonus
depreciation.
It is finally coming back.
What are limitations?
What's the timeline on that?
The fourth thing I want to talkto you about is PTET tax
(01:02):
strategy, which has been a gamechanger for a lot of business
owners since 2017, since thepassing of Tax Cuts and Jobs Act
, but now the government doingeverything in its power in this
bill to limit that.
So that's going to beinteresting to see.
And the fifth thing that I wantto talk to you about is
(01:23):
research and development creditto see.
And the fifth thing that I wantto talk to you about is
research and development credit.
It is finally coming back atits full force.
For those of you that have beenaffected by the changes from
2022, this will be great newsfor you All.
Right, I think this is as faras the intro.
Let's get going.
Speaker 2 (01:37):
Welcome to the Tax Reduction Podcast for
money-making entrepreneurs withBoris Mushaev.
Boris has helped entrepreneursacross the United States
collectively save millions ofdollars in taxes with the power
of tax planning and advisory.
The only way you, the businessowner, can save money on taxes
is by using proactive taxstrategies, and this podcast is
(01:57):
all about saving you money ontaxes.
Boris will share with youin-depth and easy to understand
tax reduction strategies thatyou can implement in your
business within 30 days or less.
Let's jump into today's episode.
Speaker 1 (02:10):
Awesome.
The first thing is no tax onovertime.
So there's some provisions inthe bill.
It says, hey, it cannot besomebody who's making more than
$155,000.
It cannot be for an executiveor highly compensated employee,
which basically says you ruleout the owner.
That's what it seems like.
And even if you're an ownerthat makes less than $155,000,
(02:32):
but what if your spouse worksfor the business?
Or what if your children andI'm talking about, like older
children?
Already I have a lot of clientsthat have children over the age
of 20 and they help out in abusiness.
It's like passing down to thegeneration.
What if they're not consideredexecutives and they're just
employees?
They're not have that importanttitle in the business.
(02:54):
It would be very interesting tosee the final touches of this
bill as it passes through theSenate.
What are limitations on that?
And is there a tax strategythat we can implement where your
spouse because in most casesspouses also work together with
the business owner they workovertime?
Could we somehow strategize thesalary to have regular pay but
(03:15):
the overtime is not subject toincome taxation?
That would be a really coolstrategy, because if your
accountant is not talking to youabout this, if you're an
advisor, well, hopefully youhave a tax advisor.
If you don't have a tax advisor, ladies and gentlemen, I'm
telling you right now you'reoverpaying in taxes.
Okay, so these are the types ofthings you need to be talking
to them about it, because I betyou, once this law passes in the
(03:36):
Senate, we've got all the finaldetails.
We're raising this conversationwith all of our clients.
We're this conversation withall of our clients Like, hey,
let's see if we can first of allapply it to you.
It looks like you can't,because usually the owner is the
executive of the business, somost likely will not.
But is there a spouse involved?
Are there children involved?
How can we take out more moneyfrom the business tax-free?
(03:57):
So, again, really, really coolstrategy.
Keep an eye out for it, speakto your accountant about it.
That's the first thing.
The second thing is qualifiedbusiness income tax deduction.
Now, what is a qualifiedbusiness income tax deduction?
So, basically, it's a 20%haircut.
Irs says, hey, and I'm justgoing to keep the math very
simple.
There's some calculationsinvolved, but I want to keep it
(04:18):
very simple.
Irs says, hey, whatever's yournet profit from the businesses,
right, we'll take the lower ofyour taxable income, or net
profit In this case.
In this example I'm going touse profit of the business.
You can take 20% of that andthat is a deduction.
It's a free gift.
So if you have a net profit ofa half a million dollars,
basically get $100,000 write-off.
(04:39):
We just finished taxes for oneof our clients yesterday that we
do tax advisory for.
His accountant missed QBIdeduction in previous years.
This year his QBI deduction is$280,000.
I think it's like $1.5 millionand changed net profit.
We take 20% of that like huge.
A lot of accountantssurprisingly miss this, even
(05:00):
though it's a check the boxdeduction.
Now this 20% is now going up to23%.
Okay, unless the Senate changeswhen they do final touches.
But that is a huge win for alot of business owners.
If you're a business owner andyou're not sure if your
accountant took that deduction,look up.
I think it's line 10 of yourtax return, of your 1040.
(05:21):
See if it's there.
If not, amendment opportunities.
More money could be availableto you All right Now, why is
this bad news for doctors,lawyers and accountants?
So the government is not likethese professionals.
For whatever reason, the IRStax code is not so favorable to
them when it comes to certainthings, like for QBI.
(05:41):
I don't exactly remember thethreshold numbers.
I should have pulled it upbefore, but I'm just going to
use 400,000 because it's$400,000, and change.
So if you're an attorney,doctor or a lawyer and you are
over this threshold, then youdon't get a QBI deduction.
Now a lot of planningopportunity comes in to bring
your income below that threshold, which you absolutely can
(06:04):
utilize tax planning and again,if you're not talking to your
tax advisor, you need to betalking to your tax advisor
about these strategies and ifyou are that professional an
attorney or a doctor that youcould possibly reduce your
income below that threshold toget that QBI because it's going
up to 23%.
So that's that.
Speaker 2 (06:24):
Hopefully that is clear Now before we move on to
bonus depreciation just a veryquick break for you, the
(06:45):
business owner Seven taxwrite-offs every S-corporation
business owner must know.
In this PDF you can find seventax strategies that you can
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (07:01):
All right, awesome, welcome back.
So the third thing I wanna talkto you about is bonus
depreciation.
So very, very interesting stuff.
A lot of business owners werevery concerned when bonus
depreciation when it startedgoing down I think in 2025, it's
40%.
So if you buy something for$1,000, you can take a deduction
right away of $400, 40%.
(07:23):
Now, what business owners didnot realize and didn't speak to
their tax advisor is there'ssomething that is called Section
179.
So if you're a business ownerthat buys a lot of equipment
okay, recently spoke to abusiness owner buys hundreds of
thousands of dollars ofequipment Section 179 achieves
the same result as bonusdepreciation was.
Important is because peoplewanted to buy cars that's over
(07:51):
6,000 pounds and write that off,and it made a lot of difference
for those that buy real estateand use cost segregation.
That's where limitations were.
Now the bonus depreciation cameback.
It doesn't mean that all of asudden, you can now write off
your equipment.
You could still have done thatusing section 179.
Now bonus depreciation will bea huge winner for those that
(08:13):
invest in real estate and doaccelerated depreciation using
cost segregation.
Now, one thing I do want tonote they said in the bill that
passed the House that bonusdepreciation will be effective.
Listen to this January 19th,2025.
Well, what if you boughtsomething before January 19th in
(08:36):
2025?
I remember there was like asimilar issue, I think, in 2017,
in September, there was anasset.
If you purchase in beforeSeptember 27th 2017, it was a
different law.
After September 17th 2017, itwas a different law.
After September 17, 2017, likea different law.
I can't remember the details.
So same thing happening.
So planning is super crucial.
(08:58):
So, if you happen to buy yourequipment or, in your case, real
estate right before January 19of 2025, this bonus depreciation
could affect you.
But the good news is that thequestion becomes when did you
place it in service?
Ah, so those are the detailsVery, very important for you to
discuss with your tax advisor.
(09:20):
If you don't have a tax advisor, ladies and gentlemen, I am
telling you right now you areway overpaying in taxes, it's
true.
So get yourself a tax advisor.
Start working with somebodywho's doing just tax preparation
.
Next thing PTET pass-throughentity taxation.
In 2017, when there was a SALTcap, how much you can deduct in
(09:40):
your state and local taxes was$10,000.
So states created this thingcalled PTET.
They say you know what when youpay taxes to us your personal
income taxes you can't take thatas a write-off.
But if you pay it as a businesstax, you'll get a write-off.
We'll give it to you as acredit.
So basically, you had to changehow you pay your personal taxes
(10:03):
state personal taxes Instead ofpaying state personal, you
convert it to business.
Instead of paying statepersonal, you convert it to
business.
Irs could not do anything aboutit because states got creative
in tax planning for theirbusiness owners that live in
that state.
So a lot of, by the way, a lotof business owners are still
missing out on this.
I spoke to a business owneryesterday who was in a process
(10:25):
of enrolling.
Actually, I think he did enrollto work with us and he's like
he lives in California highest,highest state right and he's
like Boris, just like talking toyou guys.
From one conversation Irealized I'm saving so much
money on PTET and I looked uphis numbers $16,000.
In California you still haveuntil 2025 to elect for the PTET
(10:49):
.
It was a huge win.
So the government says, oh, wenow know what the state is doing
and we're going to basicallylimit how business owners can
deduct PT ET.
And one of the very interestingthings I read today.
They basically want to disallowit, like I said earlier before,
for professionals such asaccountants, attorneys and
doctors.
Basically, they're going to putmore limitation on that.
(11:11):
Everybody else should be okay,but there's going to be some cap
on it.
They're still working on it.
I really hope it doesn't go away.
I really hope there's going tobe Senate is not going to allow
it.
I really hope it doesn't goaway.
I really hope there's going tobe Senate is not going to allow
it and you know there's going tobe a lot of organizations or
that are basically going tofight for it, because I think
it's really important forbusiness owners.
All right, these are the topfive tax strategies that I think
(11:37):
will affect I know will affecta lot of business.
Oh, no, wait, I missed one.
How could I?
The R&D tax credit?
Oops, sorry.
All right, research anddevelopment.
Very, very quickly, I want totalk to you about research and
development.
So, before 2022, right, forthose of you that have been
waiting like Boris, what do youmean?
I want research developmentinformation.
Okay, for those of you that hadresearch and development tax
(12:00):
credits before 2022, thegovernment allowed you to take a
full deduction of all thequalified expenses and give you
a credit.
The credit was about 10%.
Okay, the credit was about 10%of qualified expenses.
So this is like dirty back ofthe napkin calculation, as you
noticed when the lights went out.
So that's totally great.
So you could take a deductionand you can claim a credit In
(12:22):
2022, they said you know what?
You can't take a deductionanymore right away in your first
year.
You're going to what's calledamortize it over the course of
five years.
So it actually put a lot ofstrain and a lot of startups
because, like, look, the creditis not that big for us and now
we can take this deduction.
Imagine spending $500,000, butbeing told you can only deduct
(12:54):
$100,000.
The other four is going to bepushed over for the next four
years.
So, starting January 2025, theyof business owners were not
able to deduct these expenses.
I was hoping for something thatyou could do this retroactively
and amend your returns.
I had very high hopes, but no.
But the good news is that it'scoming back in its full capacity
.
Great, now, please, if you'renot working with a tax planner
(13:16):
yet and don't have a tax advisor, get yourself a tax advisor.
Profitable business owners,especially those making a
million dollars or more.
I've got a great training belowhow you can start saving
hundreds of thousands of dollarson taxes using tax planning and
strategies, and I hope this wasgreat.
Till the next time.
Speaker 2 (13:34):
That's it for today's episode.
Be sure to check out thedescription below for some free
tax reduction resources thatBoris put together for you.
If you're ready to work with atax advisor on your tax planning
, be sure to check out thedescription below for some free
tax reduction resources thatBoris put together for you.
If you're ready to work with atax advisor on your tax planning
, be sure to schedule your callby heading over to
wwwtaxplanningcallcom.
That's wwwtaxplanningcallcom.
And be sure to subscribe to ourpodcast to be notified when the
(13:56):
next strategy is released.
Big, beautiful bill.
Yes, Trump's new tax lawchanges has just passed the
House.
It's May 22nd.
It has a lot of things therethat will affect how you, the
business owner, pays in taxes,but I want to cover five things
that will ultimately affectevery business owner and how
they pay taxes, and how can youplan for it coming into this
(00:21):
year, as the plan is going totake effect this year.
All right, five things that Iwant to talk about is, first of
all, no tax on overtime.
What does that mean for abusiness owner that gets paid
salary from a business, or ifyou employ your spouse?
Okay, the second thing.
By the way, I have my noteshere, so I'll be looking down.
The second thing is a QBIdeduction, which is like a free
(00:41):
gift from IRS.
It used to be 20%, it's goingup to 23%, but there's bad news
for doctors, attorneys and yourstruly, accountants.
Okay.
The third thing I want to talkto you about is bonus
depreciation.
It is finally coming back.
What are limitations?
What's the timeline on that?
The fourth thing I want to talkto you about is PTET tax
(01:02):
strategy, which has been a gamechanger for a lot of business
owners since 2017, since thepassing of Tax Cuts and Jobs Act
, but now the government doingeverything in its power in this
bill to limit that.
So that's going to beinteresting to see.
And the fifth thing that I wantto talk to you about is
(01:23):
research and development creditto see.
And the fifth thing that I wantto talk to you about is
research and development credit.
It is finally coming back atits full force.
For those of you that have beenaffected by the changes from
2022, this will be great newsfor you All.
Right, I think this is as faras the intro.
Let's get going.
Speaker 2 (01:37):
Welcome to the Tax Reduction Podcast for
money-making entrepreneurs withBoris Mushaev.
Boris has helped entrepreneursacross the United States
collectively save millions ofdollars in taxes with the power
of tax planning and advisory.
The only way you, the businessowner, can save money on taxes
is by using proactive taxstrategies, and this podcast is
(01:57):
all about saving you money ontaxes.
Boris will share with youin-depth and easy to understand
tax reduction strategies thatyou can implement in your
business within 30 days or less.
Let's jump into today's episode.
Speaker 1 (02:10):
Awesome.
The first thing is no tax onovertime.
So there's some provisions inthe bill.
It says, hey, it cannot besomebody who's making more than
$155,000.
It cannot be for an executiveor highly compensated employee,
which basically says you ruleout the owner.
That's what it seems like.
And even if you're an ownerthat makes less than $155,000,
(02:32):
but what if your spouse worksfor the business?
Or what if your children andI'm talking about, like older
children?
Already I have a lot of clientsthat have children over the age
of 20 and they help out in abusiness.
It's like passing down to thegeneration.
What if they're not consideredexecutives and they're just
employees?
They're not have that importanttitle in the business.
(02:54):
It would be very interesting tosee the final touches of this
bill as it passes through theSenate.
What are limitations on that?
And is there a tax strategythat we can implement where your
spouse because in most casesspouses also work together with
the business owner they workovertime?
Could we somehow strategize thesalary to have regular pay but
(03:15):
the overtime is not subject toincome taxation?
That would be a really coolstrategy, because if your
accountant is not talking to youabout this, if you're an
advisor, well, hopefully youhave a tax advisor.
If you don't have a tax advisor, ladies and gentlemen, I'm
telling you right now you'reoverpaying in taxes.
Okay, so these are the types ofthings you need to be talking
to them about it, because I betyou, once this law passes in the
(03:36):
Senate, we've got all the finaldetails.
We're raising this conversationwith all of our clients.
We're this conversation withall of our clients Like, hey,
let's see if we can first of allapply it to you.
It looks like you can't,because usually the owner is the
executive of the business, somost likely will not.
But is there a spouse involved?
Are there children involved?
How can we take out more moneyfrom the business tax-free?
(03:57):
So, again, really, really coolstrategy.
Keep an eye out for it, speakto your accountant about it.
That's the first thing.
The second thing is qualifiedbusiness income tax deduction.
Now, what is a qualifiedbusiness income tax deduction?
So, basically, it's a 20%haircut.
Irs says, hey, and I'm justgoing to keep the math very
simple.
There's some calculationsinvolved, but I want to keep it
(04:18):
very simple.
Irs says, hey, whatever's yournet profit from the businesses,
right, we'll take the lower ofyour taxable income, or net
profit In this case.
In this example I'm going touse profit of the business.
You can take 20% of that andthat is a deduction.
It's a free gift.
So if you have a net profit ofa half a million dollars,
basically get $100,000 write-off.
(04:39):
We just finished taxes for oneof our clients yesterday that we
do tax advisory for.
His accountant missed QBIdeduction in previous years.
This year his QBI deduction is$280,000.
I think it's like $1.5 millionand changed net profit.
We take 20% of that like huge.
A lot of accountantssurprisingly miss this, even
(05:00):
though it's a check the boxdeduction.
Now this 20% is now going up to23%.
Okay, unless the Senate changeswhen they do final touches.
But that is a huge win for alot of business owners.
If you're a business owner andyou're not sure if your
accountant took that deduction,look up.
I think it's line 10 of yourtax return, of your 1040.
(05:21):
See if it's there.
If not, amendment opportunities.
More money could be availableto you All right Now, why is
this bad news for doctors,lawyers and accountants?
So the government is not likethese professionals.
For whatever reason, the IRStax code is not so favorable to
them when it comes to certainthings, like for QBI.
(05:41):
I don't exactly remember thethreshold numbers.
I should have pulled it upbefore, but I'm just going to
use 400,000 because it's$400,000, and change.
So if you're an attorney,doctor or a lawyer and you are
over this threshold, then youdon't get a QBI deduction.
Now a lot of planningopportunity comes in to bring
your income below that threshold, which you absolutely can
(06:04):
utilize tax planning and again,if you're not talking to your
tax advisor, you need to betalking to your tax advisor
about these strategies and ifyou are that professional an
attorney or a doctor that youcould possibly reduce your
income below that threshold toget that QBI because it's going
up to 23%.
So that's that.
Speaker 2 (06:24):
Hopefully that is clear Now before we move on to
bonus depreciation just a veryquick break for you, the
(06:45):
business owner Seven taxwrite-offs every S-corporation
business owner must know.
In this PDF you can find seventax strategies that you can
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (07:01):
All right, awesome, welcome back.
So the third thing I wanna talkto you about is bonus
depreciation.
So very, very interesting stuff.
A lot of business owners werevery concerned when bonus
depreciation when it startedgoing down I think in 2025, it's
40%.
So if you buy something for$1,000, you can take a deduction
right away of $400, 40%.
(07:23):
Now, what business owners didnot realize and didn't speak to
their tax advisor is there'ssomething that is called Section
179.
So if you're a business ownerthat buys a lot of equipment
okay, recently spoke to abusiness owner buys hundreds of
thousands of dollars ofequipment Section 179 achieves
the same result as bonusdepreciation was.
Important is because peoplewanted to buy cars that's over
(07:51):
6,000 pounds and write that off,and it made a lot of difference
for those that buy real estateand use cost segregation.
That's where limitations were.
Now the bonus depreciation cameback.
It doesn't mean that all of asudden, you can now write off
your equipment.
You could still have done thatusing section 179.
Now bonus depreciation will bea huge winner for those that
(08:13):
invest in real estate and doaccelerated depreciation using
cost segregation.
Now, one thing I do want tonote they said in the bill that
passed the House that bonusdepreciation will be effective.
Listen to this January 19th,2025.
Well, what if you boughtsomething before January 19th in
(08:36):
2025?
I remember there was like asimilar issue, I think, in 2017,
in September, there was anasset.
If you purchase in beforeSeptember 27th 2017, it was a
different law.
After September 17th 2017, itwas a different law.
After September 17, 2017, likea different law.
I can't remember the details.
So same thing happening.
So planning is super crucial.
(08:58):
So, if you happen to buy yourequipment or, in your case, real
estate right before January 19of 2025, this bonus depreciation
could affect you.
But the good news is that thequestion becomes when did you
place it in service?
Ah, so those are the detailsVery, very important for you to
discuss with your tax advisor.
(09:20):
If you don't have a tax advisor, ladies and gentlemen, I am
telling you right now you areway overpaying in taxes, it's
true.
So get yourself a tax advisor.
Start working with somebodywho's doing just tax preparation
.
Next thing PTET pass-throughentity taxation.
In 2017, when there was a SALTcap, how much you can deduct in
(09:40):
your state and local taxes was$10,000.
So states created this thingcalled PTET.
They say you know what when youpay taxes to us your personal
income taxes you can't take thatas a write-off.
But if you pay it as a businesstax, you'll get a write-off.
We'll give it to you as acredit.
So basically, you had to changehow you pay your personal taxes
(10:03):
state personal taxes Instead ofpaying state personal, you
convert it to business.
Instead of paying statepersonal, you convert it to
business.
Irs could not do anything aboutit because states got creative
in tax planning for theirbusiness owners that live in
that state.
So a lot of, by the way, a lotof business owners are still
missing out on this.
I spoke to a business owneryesterday who was in a process
(10:25):
of enrolling.
Actually, I think he did enrollto work with us and he's like
he lives in California highest,highest state right and he's
like Boris, just like talking toyou guys.
From one conversation Irealized I'm saving so much
money on PTET and I looked uphis numbers $16,000.
In California you still haveuntil 2025 to elect for the PTET
(10:49):
.
It was a huge win.
So the government says, oh, wenow know what the state is doing
and we're going to basicallylimit how business owners can
deduct PT ET.
And one of the very interestingthings I read today.
They basically want to disallowit, like I said earlier before,
for professionals such asaccountants, attorneys and
doctors.
Basically, they're going to putmore limitation on that.
(11:11):
Everybody else should be okay,but there's going to be some cap
on it.
They're still working on it.
I really hope it doesn't go away.
I really hope there's going tobe Senate is not going to allow
it.
I really hope it doesn't goaway.
I really hope there's going tobe Senate is not going to allow
it and you know there's going tobe a lot of organizations or
that are basically going tofight for it, because I think
it's really important forbusiness owners.
All right, these are the topfive tax strategies that I think
(11:37):
will affect I know will affecta lot of business.
Oh, no, wait, I missed one.
How could I?
The R&D tax credit?
Oops, sorry.
All right, research anddevelopment.
Very, very quickly, I want totalk to you about research and
development.
So, before 2022, right, forthose of you that have been
waiting like Boris, what do youmean?
I want research developmentinformation.
Okay, for those of you that hadresearch and development tax
(12:00):
credits before 2022, thegovernment allowed you to take a
full deduction of all thequalified expenses and give you
a credit.
The credit was about 10%.
Okay, the credit was about 10%of qualified expenses.
So this is like dirty back ofthe napkin calculation, as you
noticed when the lights went out.
So that's totally great.
So you could take a deductionand you can claim a credit In
(12:22):
2022, they said you know what?
You can't take a deductionanymore right away in your first
year.
You're going to what's calledamortize it over the course of
five years.
So it actually put a lot ofstrain and a lot of startups
because, like, look, the creditis not that big for us and now
we can take this deduction.
Imagine spending $500,000, butbeing told you can only deduct
(12:54):
$100,000.
The other four is going to bepushed over for the next four
years.
So, starting January 2025, theyof business owners were not
able to deduct these expenses.
I was hoping for something thatyou could do this retroactively
and amend your returns.
I had very high hopes, but no.
But the good news is that it'scoming back in its full capacity
.
Great, now, please, if you'renot working with a tax planner
(13:16):
yet and don't have a tax advisor, get yourself a tax advisor.
Profitable business owners,especially those making a
million dollars or more.
I've got a great training belowhow you can start saving
hundreds of thousands of dollarson taxes using tax planning and
strategies, and I hope this wasgreat.
Till the next time.
Speaker 2 (13:34):
That's it for today's episode.
Be sure to check out thedescription below for some free
tax reduction resources thatBoris put together for you.
If you're ready to work with atax advisor on your tax planning
, be sure to check out thedescription below for some free
tax reduction resources thatBoris put together for you.
If you're ready to work with atax advisor on your tax planning
, be sure to schedule your callby heading over to
wwwtaxplanningcallcom.
That's wwwtaxplanningcallcom.
And be sure to subscribe to ourpodcast to be notified when the
(13:56):
next strategy is released.
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