February 11, 2025 • 24 mins
In this episode of the Teaching Tax Flow Podcast, hosts Chris Picciurro and John Tripolsky look into the intricate world of Schedule A of Form 1040, unraveling its layers for taxpayers. This episode marks the beginning of the ACE series, an educational journey exploring Schedules A, C, and E, to aid the community in leveraging tax schedules effectively. Supported by relentless enthusiasm, Chris and John guide listeners through the nuances of itemized deductions, offering clarity on common deductions, interest paid, gifts to charity, and more.
The hosts discuss various facets of Schedule A, highlighting the difference between itemizing deductions and standard deductions. In this detailed exploration, they dissect each section of Schedule A, including medical and dental expenses, tax payments, mortgage interest, gifts to charity, and the rules surrounding casualty and theft losses. Through engaging conversation, Chris and John strive to demystify these components, explaining the underlying legal waivers and statutory limits to ensure taxpayers are informed about maximizing their tax benefits.
Key Takeaways:
- Schedule A is crucial for taxpayers who itemize deductions, allowing them to potentially reduce taxable income beyond the standard deduction.
- Key sections in Schedule A include medical expenses, taxes you paid, interest paid on certain loans, and gifts to charity.
- The importance of understanding the 7.5% AGI threshold for deducting medical expenses is emphasized.
- Mortgage interest and state taxes (SALT) have specific limitations and require precise documentation for accurate deductions.
- Non-cash charitable contributions and casualty losses in federally declared disaster areas are also potentially deductible.
Notable Quotes:
- "Tax laws are in place to encourage and discourage certain behavior, which is why mortgage interest is deductible."
- "If your donations are over $250, you do need a written acknowledgment from the charity."
- "Casualty losses are now only deductible if they're in a federally declared disaster area, changing quite a lot with recent tax laws."
- "Gambling losses are deductible on the federal return only if you itemize and up to the extent of your gambling wins."
Resources:
- Teaching Tax Flow Website
- Defeating Taxes Facebook Group
- IRS SCHEDULE A (Form 1040)
- IRS Guidelines on Casualty and Theft Losses
Episode Sponsor:
Sunsets & Dinks
www.teachingtaxflow.com/pickleball
CODE: TTF15
Tune in to the full episode for more insights on Schedule A and continue your journey with Chris and John in the ACE series. Don’t miss out on future episodes where they’ll further explore Schedules C and E, increasing your understanding and efficiency with taxes.
Subscribe now for engaging and educational content delivered directly to you regularly!
- (00:03) - Exploring Schedule A Deductions in the Teaching Tax Flow Podcast
- (07:05) - Understanding Tax Deductions and Interest in the Tax System
- (14:10) - Understanding Tax Deductions for Charitable Donations and Vehicles
- (19:08) - Tax Deductions for Casualty Losses and Gambling Losses
- (22:50) - Exploring Tax Forms and Snail Escargot Adventures
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Intro (00:03):
Hey, everybody. And welcome back to the Teaching Tax
Flow podcast episode 122. Today,we are kicking off our ACE
series. So it's a three partseries. In part one today, we
are diving into schedule a. Butbefore we do that as always,
let's take a brief moment andthank our episode sponsor.
Ad Read (00:25):
Hi. Chris Pacuro here, founder of Teaching Tax Flow,
cohost of the Teaching Tax Flowpodcast, and pickleball
enthusiast. Yes. If you listento the podcast, you know almost
every episode we talk aboutpickleball, the most popular and
growing sport in America. Wehave tons of opportunities for
paddles and and pickle balls,but we don't have a lot of great
gear on the market.
(00:45):
Well, I'm so excited to announcethat Sunsets and Dinks are now a
sponsor of the Teaching Tax Flowpodcast and produce amazing
gear, not only to look at, butyou feel confident on the court.
Because Because you are part ofthe Teaching Tax Flow community,
you get a 15% discount on allyour orders with them. I know I
love the gear I received and Ihave quite a good record while
(01:07):
wearing it, believe it or not,even at my level. Go to
teachingtaxflow.com backslashpickleball and simply enter t t
f 15 in the serve up promo codearea of your paddle rack.
John Tripolsky (01:23):
Hey, everyone. Welcome back. And as you heard
in the intro here, we arekicking off our ACE series. So
ACE, if you're I don't even knowif they're outside of Michigan,
this area, but ACE, you know,ACE is the place. It's the
hardware store.
So if you're familiar with that,you get my little joke there. If
not, I apologize. Skip over it.You don't wanna rewind it
because it was corny, but we'lldeal with it. So as as we dive
(01:46):
into here on part one of three,again, as mentioned in the
intro, we are looking atschedule a.
So what is a schedule a we'regonna get into specifically?
Chris here, my counterpart, Ishould say. He has a much better
hairdo than I do. My word. Ifyou're watching this, you know
what I'm talking about.
If you're not watching this onYouTube and you're only
listening to it, you need to geton there. You need to watch it.
(02:06):
So go subscribe. Check out thepodcast. This is a hundred and
22 episodes in.
That means for 22 of them now,we've been doing video. So,
again, if you are a avid podcastlistener, you now have the, the
video option. So as we get intoSchedule a here, Chris, I'm I
look forward to running throughthis because I know there's a
lot of these. You know, a lot ofour our audience uses them. So,
(02:28):
yeah, let's dive through this.
If you don't have one of them infront of you, if you are
listening, just Google it.Schedule a form ten forty IRS.
You'll get a copy of it, and youcan look at this while we're
going through it as well.
Chris Picciurro (02:40):
Yeah. I mean, the so I'm really excited about
this ACE series. Schedule a,schedule c, schedule e, by far
the most popular scheduleswithin the teaching tax law
community. I would say, youknow, if you look at these these
schedules, more than 50% ofpeople in the teaching tax law
community file at least one ofthese schedules. So remember,
like you said, John, these arenot separate forms or rather
(03:02):
yeah.
They they're not separate, taxfilings on their own. They're
part of someone's personal taxreturn or a ten forty. However,
they are very, very importantattachments. So let's talk about
itemized deductions. Before wejump into itemized deductions,
let's remember something.
Every taxpayer, alright, basedon their filing status gets a
(03:22):
standard deduction. Now for, for2024, that amounts about $28,000
married joint, about $21,000head of household, and about
$14,000 for married filingseparately or single. So you get
that deduction no matter what.But for many, many taxpayers,
they have a bunch of personalexpenses that if you add them
(03:45):
up, it's more than that amount,and you get to take those
itemized deductions. And then onsome states, you can itemize as
well.
So could but we're gonna focuson the federal side of things.
So let's talk through our mostcommon itemized deductions. Like
I said, John's schedule a. We'llput a link to this form in the
podcast. Oh, by the way, if youhaven't watched us on YouTube
yet, first of all, if you'retuning in for the first time,
(04:08):
one, we're sorry.
We're sorry. We're just we'resorry, John and I, aren't better
looking. We probably sound a lotbetter than we look, and you're
probably grossly disappointedright now. But that should not
preclude you from stillsubscribing and liking this
YouTube channel.
John Tripolsky (04:22):
There you go. And and, you know, Chris, I just
realized something. I think forevery one of these episodes
we've ever done, including theones that weren't on video, I
think I've actually worn a hatfor. Speaking of hairdos, maybe
one day I'll convince you towear a hat, and I'll actually do
my hair. Maybe we'll show
Chris Picciurro (04:37):
you a little bit. Teaching tax flow hat or
maybe maybe my Michigan StateSpartans, my Detroit Tigers, or
my Tennessee Titans actually winsome type of championship, and I
will then don one of those hats.
John Tripolsky (04:55):
Or I can just wear a Detroit Lions one or a
Michigan Wolverines one, andthen you won't record it with
me. So one of the two. So
Chris Picciurro (05:04):
Well, I'm not worried about either of them
winning a championship in thenear future. So let's move on to
schedule a, itemized deductions.The first, the most very common
itemized deduction are gonna beyour medical and dental
expenses. So medical and dentalexpenses, what you do is you add
those out of pocket expenses upin the amount that exceeds seven
and a half percent of youradjusted gross income. You'll
(05:26):
hear that term called AGI quitea bit.
The amount that exceeds 7% sevenand a half percent of your
adjusted gross income isdeductible. So for instance, if
your AGI is a hundred thousanddollars and you have $10,000 of
medical expenses, well, sevenand a half percent of a hundred
thousand, 70 5 hundred, youwould be able to take that
$10,000 of expenses, minus 775hundred dollars, you'd get a
(05:50):
deduction for $2,500 of ofmedical and dental expenses. So
that's gonna be a very commonitemized deductions. I do wanna
say another thing, John, as youas you well know. I know this
sounds like we're plugging we'replugging in the teaching tax
flow YouTube channel, etcetera,etcetera.
We have a ton of content on thaton that channel on all of these
(06:12):
things we're gonna talk abouttoday. Be it a one minute quick
tip or an a whole separate Imean, we've got a whole separate
podcast just on medicalexpenses.
John Tripolsky (06:20):
Mhmm. Mhmm. So Which was a good show, by the
way. I enjoyed doing that one,and I know that's one of the
ones that I personally walkedaway. I'm like, wow.
Like, did did not know that. Soit's and if I remember right,
Chris, too, actually on that10:40, or on the schedule a, it
actually says right next to it,that seven and a half percent.
Right? So it's
Chris Picciurro (06:39):
not like
John Tripolsky (06:39):
you have to have to guess at it and remember this
specifically.
Chris Picciurro (06:43):
And your my yeah. My advice is if you're
using software, just put yourmedical expenses in the software
and let it you know, you neverknow. Sometimes it could it
could be close. So the next thenext deduction are taxes that
you've paid. The state andlocal.
You hear this all the time,John. I know you're not you
don't come from a taxbackground, but SALT tax. Right?
What in the heck is SALT? Stateand local tax.
(07:06):
Okay? And with the tax cuts andjobs act, that SALT tax
deduction was limited to$10,000. Previously, it was
unlimited. I mean, you you wouldhave, you know, if you had
$50,000 of state and localincome tax, you would actually
get to deduct all that. Now TaxCuts and Jobs Act is in the
process of potentially phasingout.
We have a ton of content on whenwe had the presidential election
(07:27):
of twenty twenty four and whatthe candidates are running in.
But as of the time of thisrecording, $10,000 for married
joint, $5,000 if you're marriedseparate, is the SALT tax limit.
So what is SALT and then head ofhousehold is $10,000, single is
$10,000. Well, SALT means acouple of things. One, property
(07:49):
taxes.
Two, any type of state and localincome tax. So, John, you have
the pleasure of living in the inthe great state of Michigan, the
winter wonderland state. I'mtrying to think of all of the,
John Tripolsky (08:01):
Great Lakes
Chris Picciurro (08:01):
State. Yeah. The Great Lakes. I love I love,
though, the Great Lakes State. Imean, that's just probably my
favorite way to describeMichigan.
And so you have a state incometax. Well, I'm here in the
volunteer state, and some callit God's country, but we won't
go down. It's a differentpodcast. And there is no state
income tax. But so any stateincome tax you pay, any personal
(08:25):
property taxes you pay that aread valorem.
What that means is that ifyou're if the tabs you pay for
your vehicle or RV or or, youknow, any of your toys, that you
have are based on the value ofit, then that's deductible. Like
I said, property taxes isanother very common, state and
(08:45):
local tax that you would pay.And then some people work in the
city that there's a city tax. Soyou add those up, and that's
part of your itemizeddeductions. Now if you own a
business and you pay asignificant amount of state and
local tax because your businessis very profitable, definitely
reach out in the teaching tax orin our defeating taxes private
Facebook group.
You're gonna wanna educateyourself about PTET, which is
(09:08):
separate from this, but I'd beremiss if I didn't mention it.
I'd probably have my friendsthat are tax professionals that
listen to this. Call me, textme, and holler at me for not
mentioning, the the PTETpotentially, which is a pass
through entity tax election. Sothat's that's part two of
Schedule a, taxes that you paid.Part three, interests that you
(09:28):
pay.
Now for interest, remember, taxlaws are in encouraging,
discourage certain behavior. Sothe the mortgage interest that
you pay for a qualified homeloan is deductible. That's a
huge expense. When we talk aboutthe benefits of homeownership,
(09:48):
one of the main benefits is mymortgage interest is not
deductible. If I paid rent tosomeone, I wouldn't be able to
deduct that as an itemizeddeductions.
Now with the tax cuts and jobsact, there are some limits to
qualified home loan deduction.So for any mortgages taken out
after December fifteenth oftwenty seventeen, only the
mortgage interest that appliesto loans up to $750,000 is
(10:10):
deductible. And if it was before12/15/2017, it's up to a million
dollars. So let's say, John, youend up building the Casa Dei
Trypolsky. Right?
You take it's $2,000,000property, and you take a
mortgage for $1,500,000. In thatcase, 50% of your mortgage
interest would be deductible onthe federal return because
(10:33):
that's up to $750,000 of ofmortgage, and you track that.
So, you know, your taxprofessional is gonna track that
for you. We have several peoplein our private CPA practice that
exceed that, you know, exceedthat limit. I will say if you
have rental properties, oh, I'mnot hold on.
You're gonna wanna tune in to tothe third part of this, which is
(10:53):
schedule e. Mortgage interestdeduction for rental properties
is completely different thanthan your primary residence or
potentially even a second home.You know, it could be a cottage
or or a, could be a boat with abathroom. You know, there's a
lot of different secondqualified second dwellings. And
then home equity loan interestis deductible if it's used for
home improvements.
(11:14):
Very transparent, John. We builta and if you listen to this, we
built a garage apartment, has myoffice here. It has a second
bedroom that is the JohnChapulski suite, for when you
visit, Franklin. We've got akitchenette. Anyway, for a
portion of for for some of thisbuild out, we used a home equity
line of credit.
Just it was just easy. And, andthat's deductible because I used
(11:35):
it for home improvement. Okay?So points that you pay in your
mortgage are deductible in theyear that they're paid for
primary residences. And theninvestment interest is
deductible, up to the amount ofinvestment income.
So, John, if you let's say you,you know, you you have, you have
an investment that's producingincome, but you did use a loan
(11:59):
to purchase that. So and you'repaying interest on that loan,
you could deduct that. That'svery common when you have, let's
say, business ownershiptransition. So, John, let's say
you're selling me your businessand you're doing owner
financing, and I'm you know, Iwas a stock sale. I would have
interest on that stock.
So
John Tripolsky (12:14):
Yeah. And it is it is interesting to see how all
of it kinda, you know, mindmapping this, if we will, how
they tie together. Right? Somaybe and I'm just making an
assumption or a a simpleobservation from the outside
looking in is, you know, theIRS, when they were creating
this form, they probably lookedat it as, okay. We'll allow a
deduction.
We'll take a HELOC, you know,home equity line. We'll we'll
(12:35):
allow that deduction becauseit's gonna be made up in other
places. You know what I mean?Like, your your taxes are gonna
go up or or something's justyour, you know, your value
behind just kinda thinking and,you know, looking at this form
and seeing how everything'sinterconnected. I can only
imagine how that planningprocess went.
Right? When they're like, hey.
Chris Picciurro (12:53):
Let me
John Tripolsky (12:53):
create this form. What should we allow?
Chris Picciurro (12:55):
Yeah. I mean, it comes down to congress. You
know, congress is they'rethey're the lawmakers, and
they're gonna have they have,yeah. Remember, we did an
episode with, with LaShawn andand from the Michigan
Association of CPAs called howtaxes are made, and we talk
about the whole process of howhow something becomes tax law.
Right?
There's there's differentcommittees. There's a senate
(13:17):
finance committee. There's a andon the federal level, there's a
there's a house, ways and meanscommittee, and they are kinda
underwriting any of these taxbills. So I will point out on
interest also. If you any of theinvestment interest, you're
gonna have to file a form fortynine fifty two form, and that
gets attached to schedule a.
And it is very common, John,that you so when you have a
(13:40):
mortgage, typically, themortgage company is gonna issue
you a ten ninety eight. That'sthe form that gets you the
mortgage interest. But let's saythat you bought something, out
of seller financing and and thatwasn't reported on a form ten
ninety eight. That's okay. Youcould still deduct it.
We're just gonna need the nameand Social Security number of
the person you paid the mortgageto and the address, and we're
(14:01):
gonna be able to put that onschedule a as well. Excellent.
John Tripolsky (14:04):
So it's so it's very similar to filing a, a ten
ninety nine or assuming a tenninety nine. Exactly.
Chris Picciurro (14:11):
It's a defacto ten ninety nine.
John Tripolsky (14:13):
Perfect. Perfect. K. That makes total
sense.
Chris Picciurro (14:16):
So the next big section, our fourth big section
on schedule a is going to begifts to charity. And gifts to
charity are broken into twodifferent categories. Right? One
are gonna be cash or check.That's really straightforward.
One of them is going to benoncash donations. That could be
gifts of clothing and, vehiclesand whatever you any type of
(14:39):
property that's not cash thatyou donate, you could still
deduct it for the fair marketvalue. Now there are special
rules when it comes to gifts tocharity, especially for non cash
donations. What you need to knowis that noncash donation let's
start with cash donations. Cashdonations could are deductible
for up to 60% of your adjustedgross income as long as they're
(15:01):
going to qualifiedorganizations.
So when you're you know, we geta lot of questions in teaching
textile community like, hey.I've I gift you know, I gifted
my cousin who was kinda down onhis luck, and I gave him a
thousand bucks. Do I get adeduction for it? Unfortunately,
that's considered a gift, andit's not deductible. You know
what?
You probably got on Santa's goodlist for giving your cousin some
(15:22):
money. Good for you. So cashcontributions. Non cash
contributions, you get adeduction, like I said, for up
to the fair market value of thecontribution. And if your
donations are over $250, you doneed a written acknowledgment
from the charity that isrequired.
And if your noncash donationexceeds $500, you have to file a
(15:43):
form eighty two eighty three.And then special rules apply to
property worth more than $5,000where you're typically gonna
need an appraisal. So, John,just real life, it's like kids
like to say IRL. Right? I one ofmy goals for the new year was,
like, I'm gonna clean my closetout.
I have a bunch of old clothes.It's sad, John. You know, I
like, a a memory come up onFacebook from eight years ago,
(16:05):
and I'm like, I still have thesame jeans and the same ratty
shirt. You know, I've got a I'mnot buying anything now until I
get rid of. And now I have mycloset you know, I've got every
color teaching tax flow shirts,so now I've gotta make a room
for it.
And, and that hat that we'regonna get me. But, so I I took
about yeah. We got a little snowhere in Franklin, Tennessee
(16:28):
where I'm at, which is veryrare. We got, like, four inches
of snow, and I'm like, we're alltrapped here. I'm gonna actually
go through my closet, and I Ihad seven huge bags of clothing
that I was that I donated, to anonprofit organization.
And I really looked at it, andI'm like, I've got over $500
worth of stuff. So I actually,went, got a receipt, documented
(16:51):
it, and, so it's kinda neat whensome of these rules apply your
to your to your life. So Yeah.
John Tripolsky (16:57):
So even, like, you know, we we talk about
gifting. So what like, maybewalk us through our our real
example. Right? Like, say youhave a vehicle that's worth
$25,000 or $35,000. It's from afamily member, aunt, uncle, mom,
dad, anybody.
So walk us through that a littlebit, how that would work. So I
know you mentioned at certainpoints, there's there's a
(17:18):
threshold, then there's anappraisal. So how does that work
a to z?
Chris Picciurro (17:21):
Yeah. Vehicle so vehicle deductions are are,
very unique, and they havespecial rules. So it might go
beyond is there's a lot of wecould maybe do a whole podcast
just on donating vehicles, buthere's what you need to know.
The first thing is, if you havea vehicle worth $30,000, you're
probably better off just sellingus Because the because even if
(17:44):
you get a $30,000 deduction at a25 percent tax rate, it's gonna
pocket you $7,500 of taxbenefit. So I'm just saying a
lot of times now there are sometimes where let's say you let's
say you had a vehicle and youthere was a church or something
that you really wanted thatneeded transportation, and they
wanted that vehicle and youdonate it to them.
What would happen, basically,you get a deduction for the fair
(18:06):
market value of the vehicle theday you donated it. There's some
some serious substantiationrequirements from a third party.
Or if you donate it to acharity, you're gonna hear
these, hey. Donate your vehicleonline. Well, guess what?
Whatever they end up sellingthat vehicle for is what you get
the deduction for, and there'ssome special rules as far as
eighty two eighty three form andsome, you know, ten ninety eight
(18:27):
c. So good question. Just kindagoes beyond the scope of what
we're talking about here.Definitely jump taxes for that
because we've got specialcontent on that.
John Tripolsky (18:35):
And I appreciate even getting into it a little
bit there. And, yeah, that makestotal sense because, yeah, you
see a lot of those. I think oneof them's, in Michigan here,
it's like missus Waddles. Youknow, donate a boat, vehicle.
Basically, anything, you know,drives or not, they, they kinda
take it.
So that's how that works, whichis great.
Chris Picciurro (18:50):
And and there are times where your we've had
situations where someone's,their donation amount is
actually more than the 50 or 60%of their income. If that's and
that if that's the case, thenthe the amount that exceeds the
income threshold actually justcarries forward to the next
year. So it's not like it's gonegone forever.
John Tripolsky (19:08):
Gotcha.
Chris Picciurro (19:08):
Okay. Casually and theft losses. Now with the
with the tax cuts and jobs act,this changed quite a bit. If you
have a casualty or theft loss,it's only deductible if it's
related to a federal leaddeclared disaster area. So think
about, John, you know, if your,if your house burns down, unless
(19:32):
it's in a that's unfortunate,but a lot of those losses are
not deductible anymore.
But if you are in, you know,California where there are
wildfires and your house burntdown and it's a federally
declared disaster area, now youcould potentially take a
casualty and theft loss. Or wethink about our, you know, the
tragedy that has occurred inMaui over the last winter. Where
(19:54):
do I figure out if it's afreshly declared disaster area?
Check out the IRS website,IRS.gov. They have a list of all
of the, disaster areas by state.
Again, not not not to beat adead horse, but jump into
defeatingtaxes.com. We have alot of these resources for you.
But if you have a casualty ortheft loss in a federally
declared disaster area, that isdeductible on your schedule a.
(20:16):
There's a formula. It you know,you've gotta deduct a hundred
dollars per event.
So in other words, if you're ina disaster area and you lose a
$50 baseball card, you're notgonna be able to deduct that.
They just there's a de minimisrule of a hundred dollars, and
you and it's gotta exceed 10% ofyour income. So let's say, John,
you you have an adjusted grossincome of $50,000, and you have
an uninsured $10,000 loss in adisaster, federally declared
(20:41):
disaster area. We take the$10,000. We'd minus a hundred
bucks.
Right? That's $9,900. We takeyour income, $50,000 times that
by 10%, I know mental math, is$5,000. So your deduction would
be $9,900 minus $5,000. You geta $4,900 deduction.
John Tripolsky (21:01):
Excellent. And even in defeating taxes at
Facebook group, I know I don'tthink that we've seen any chat
around the fires, west, but Iknow for a fact that we have had
multiple discussions started,from Florida residents. And I
think, like, Alabama,Mississippi with the hurricanes
and the flooding that came inbecause, obviously, the IRS
stepped in, I think, deferredsome, some due dates for
(21:22):
returns, etcetera, for that.But, like, I know there was a
ton of ton of chatter on that.So it was it was good to see
that some people are aware ofit.
But Right. Honestly, I would betyou that eight out of 10 people
don't know that that you couldactually declare those losses.
Declare those losses.
Chris Picciurro (21:38):
Definitely talk to your tax professional. Now
with the tax cuts and jobs act,unreimbursed employee business
expenses are what we would callin the business sex, form twenty
one zero six expenses went away.So there aren't a ton of other
itemized deductions anymore. I'mgonna touch on the the the the
most popular one. Now on somestate returns, you could still
(21:58):
take that on unreimbursedemployee expenses, but one the
most popular one are gamblinglosses.
We're gonna finish with gamblinglosses. Gambling losses are
deductible on the fed in yourfederal tax return. One, if you
itemize, and two, up to theextent of your gambling wins.
Alright. So, John, we know youyou secretly go go to the horse
(22:21):
track every Tuesday night withyour friends.
Right? All those I
John Tripolsky (22:23):
like to bet on snail races. That's my thing.
Right? So Dachshund racing.
Chris Picciurro (22:30):
If you lost, you don't get to you'll you can
deduct it if you have gamblingwins and if you itemize your
deduction. So gambling losses asfar as the other itemized
deduction is gonna be your mostpopular itemized. Other itemized
deduction, there are some otherones that are kinda needle in
the haystack things, but that'sgonna be the one that, that's
most common.
John Tripolsky (22:50):
Well, hey. If my snail loses in my gambling
adventures, at least I can turnhim into a go what was it
called? Escargot? Is it eatingsnails? If he can be converted.
They Right. Right.
Chris Picciurro (23:03):
Well, you know, that's what it's called. You
know, I've got the palate of an11 year old, so I'm probably not
not going into the Escargot.
John Tripolsky (23:09):
So Yeah. That that is true. I don't think I've
ever even seen you eat a pieceof lettuce in, this
Chris Picciurro (23:14):
Oh, no. I got well, I like Caesar salad.
John Tripolsky (23:17):
Oh, I didn't know that. Okay.
Chris Picciurro (23:18):
Oh, yeah.
John Tripolsky (23:19):
Alright. I've learned something new.
Chris Picciurro (23:20):
But give me some croutons. There's gotta be
some croutons on it.
John Tripolsky (23:23):
Cover it up. But awesome. Awesome, everybody.
Well, Chris, thanks for runningthrough that form with us.
Again, we'll put the links inthe show notes so you could
really follow along.
We we purposely followed anorder in this discussion that
kind of mimicked the form itselfa little bit. So if you haven't
yet, you wanna go back andlisten to this, print that form
out, pop it up on anotherscreen, listen to it, and kind
of flow through it as well. Ithink you'll you'll take a lot
(23:45):
from this. But as we wrap uphere, our first part, part one
of three of the ACE series,obviously, the next one, we're
gonna look at schedule c. So welook forward to seeing everybody
back here on the Teaching TaxFlow podcast next week.
Different time, same day of theweek, but a different topic.
We'll see everybody very soon.Have a great week.
Ad Read (24:07):
The content provided is for educational purposes only.
We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Advisors, a registered
investment adviser. Securitiesare offered through Cabin
Securities, a registered brokerdealer.
The content of this podcast doesnot constitute an offer of
(24:28):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Hey, everybody. And welcome back to the Teaching Tax
Flow podcast episode 122. Today,we are kicking off our ACE
series. So it's a three partseries. In part one today, we
are diving into schedule a. Butbefore we do that as always,
let's take a brief moment andthank our episode sponsor.
Ad Read (00:25):
Hi. Chris Pacuro here, founder of Teaching Tax Flow,
cohost of the Teaching Tax Flowpodcast, and pickleball
enthusiast. Yes. If you listento the podcast, you know almost
every episode we talk aboutpickleball, the most popular and
growing sport in America. Wehave tons of opportunities for
paddles and and pickle balls,but we don't have a lot of great
gear on the market.
(00:45):
Well, I'm so excited to announcethat Sunsets and Dinks are now a
sponsor of the Teaching Tax Flowpodcast and produce amazing
gear, not only to look at, butyou feel confident on the court.
Because Because you are part ofthe Teaching Tax Flow community,
you get a 15% discount on allyour orders with them. I know I
love the gear I received and Ihave quite a good record while
(01:07):
wearing it, believe it or not,even at my level. Go to
teachingtaxflow.com backslashpickleball and simply enter t t
f 15 in the serve up promo codearea of your paddle rack.
John Tripolsky (01:23):
Hey, everyone. Welcome back. And as you heard
in the intro here, we arekicking off our ACE series. So
ACE, if you're I don't even knowif they're outside of Michigan,
this area, but ACE, you know,ACE is the place. It's the
hardware store.
So if you're familiar with that,you get my little joke there. If
not, I apologize. Skip over it.You don't wanna rewind it
because it was corny, but we'lldeal with it. So as as we dive
(01:46):
into here on part one of three,again, as mentioned in the
intro, we are looking atschedule a.
So what is a schedule a we'regonna get into specifically?
Chris here, my counterpart, Ishould say. He has a much better
hairdo than I do. My word. Ifyou're watching this, you know
what I'm talking about.
If you're not watching this onYouTube and you're only
listening to it, you need to geton there. You need to watch it.
(02:06):
So go subscribe. Check out thepodcast. This is a hundred and
22 episodes in.
That means for 22 of them now,we've been doing video. So,
again, if you are a avid podcastlistener, you now have the, the
video option. So as we get intoSchedule a here, Chris, I'm I
look forward to running throughthis because I know there's a
lot of these. You know, a lot ofour our audience uses them. So,
(02:28):
yeah, let's dive through this.
If you don't have one of them infront of you, if you are
listening, just Google it.Schedule a form ten forty IRS.
You'll get a copy of it, and youcan look at this while we're
going through it as well.
Chris Picciurro (02:40):
Yeah. I mean, the so I'm really excited about
this ACE series. Schedule a,schedule c, schedule e, by far
the most popular scheduleswithin the teaching tax law
community. I would say, youknow, if you look at these these
schedules, more than 50% ofpeople in the teaching tax law
community file at least one ofthese schedules. So remember,
like you said, John, these arenot separate forms or rather
(03:02):
yeah.
They they're not separate, taxfilings on their own. They're
part of someone's personal taxreturn or a ten forty. However,
they are very, very importantattachments. So let's talk about
itemized deductions. Before wejump into itemized deductions,
let's remember something.
Every taxpayer, alright, basedon their filing status gets a
(03:22):
standard deduction. Now for, for2024, that amounts about $28,000
married joint, about $21,000head of household, and about
$14,000 for married filingseparately or single. So you get
that deduction no matter what.But for many, many taxpayers,
they have a bunch of personalexpenses that if you add them
(03:45):
up, it's more than that amount,and you get to take those
itemized deductions. And then onsome states, you can itemize as
well.
So could but we're gonna focuson the federal side of things.
So let's talk through our mostcommon itemized deductions. Like
I said, John's schedule a. We'llput a link to this form in the
podcast. Oh, by the way, if youhaven't watched us on YouTube
yet, first of all, if you'retuning in for the first time,
(04:08):
one, we're sorry.
We're sorry. We're just we'resorry, John and I, aren't better
looking. We probably sound a lotbetter than we look, and you're
probably grossly disappointedright now. But that should not
preclude you from stillsubscribing and liking this
YouTube channel.
John Tripolsky (04:22):
There you go. And and, you know, Chris, I just
realized something. I think forevery one of these episodes
we've ever done, including theones that weren't on video, I
think I've actually worn a hatfor. Speaking of hairdos, maybe
one day I'll convince you towear a hat, and I'll actually do
my hair. Maybe we'll show
Chris Picciurro (04:37):
you a little bit. Teaching tax flow hat or
maybe maybe my Michigan StateSpartans, my Detroit Tigers, or
my Tennessee Titans actually winsome type of championship, and I
will then don one of those hats.
John Tripolsky (04:55):
Or I can just wear a Detroit Lions one or a
Michigan Wolverines one, andthen you won't record it with
me. So one of the two. So
Chris Picciurro (05:04):
Well, I'm not worried about either of them
winning a championship in thenear future. So let's move on to
schedule a, itemized deductions.The first, the most very common
itemized deduction are gonna beyour medical and dental
expenses. So medical and dentalexpenses, what you do is you add
those out of pocket expenses upin the amount that exceeds seven
and a half percent of youradjusted gross income. You'll
(05:26):
hear that term called AGI quitea bit.
The amount that exceeds 7% sevenand a half percent of your
adjusted gross income isdeductible. So for instance, if
your AGI is a hundred thousanddollars and you have $10,000 of
medical expenses, well, sevenand a half percent of a hundred
thousand, 70 5 hundred, youwould be able to take that
$10,000 of expenses, minus 775hundred dollars, you'd get a
(05:50):
deduction for $2,500 of ofmedical and dental expenses. So
that's gonna be a very commonitemized deductions. I do wanna
say another thing, John, as youas you well know. I know this
sounds like we're plugging we'replugging in the teaching tax
flow YouTube channel, etcetera,etcetera.
We have a ton of content on thaton that channel on all of these
(06:12):
things we're gonna talk abouttoday. Be it a one minute quick
tip or an a whole separate Imean, we've got a whole separate
podcast just on medicalexpenses.
John Tripolsky (06:20):
Mhmm. Mhmm. So Which was a good show, by the
way. I enjoyed doing that one,and I know that's one of the
ones that I personally walkedaway. I'm like, wow.
Like, did did not know that. Soit's and if I remember right,
Chris, too, actually on that10:40, or on the schedule a, it
actually says right next to it,that seven and a half percent.
Right? So it's
Chris Picciurro (06:39):
not like
John Tripolsky (06:39):
you have to have to guess at it and remember this
specifically.
Chris Picciurro (06:43):
And your my yeah. My advice is if you're
using software, just put yourmedical expenses in the software
and let it you know, you neverknow. Sometimes it could it
could be close. So the next thenext deduction are taxes that
you've paid. The state andlocal.
You hear this all the time,John. I know you're not you
don't come from a taxbackground, but SALT tax. Right?
What in the heck is SALT? Stateand local tax.
(07:06):
Okay? And with the tax cuts andjobs act, that SALT tax
deduction was limited to$10,000. Previously, it was
unlimited. I mean, you you wouldhave, you know, if you had
$50,000 of state and localincome tax, you would actually
get to deduct all that. Now TaxCuts and Jobs Act is in the
process of potentially phasingout.
We have a ton of content on whenwe had the presidential election
(07:27):
of twenty twenty four and whatthe candidates are running in.
But as of the time of thisrecording, $10,000 for married
joint, $5,000 if you're marriedseparate, is the SALT tax limit.
So what is SALT and then head ofhousehold is $10,000, single is
$10,000. Well, SALT means acouple of things. One, property
(07:49):
taxes.
Two, any type of state and localincome tax. So, John, you have
the pleasure of living in the inthe great state of Michigan, the
winter wonderland state. I'mtrying to think of all of the,
John Tripolsky (08:01):
Great Lakes
Chris Picciurro (08:01):
State. Yeah. The Great Lakes. I love I love,
though, the Great Lakes State. Imean, that's just probably my
favorite way to describeMichigan.
And so you have a state incometax. Well, I'm here in the
volunteer state, and some callit God's country, but we won't
go down. It's a differentpodcast. And there is no state
income tax. But so any stateincome tax you pay, any personal
(08:25):
property taxes you pay that aread valorem.
What that means is that ifyou're if the tabs you pay for
your vehicle or RV or or, youknow, any of your toys, that you
have are based on the value ofit, then that's deductible. Like
I said, property taxes isanother very common, state and
(08:45):
local tax that you would pay.And then some people work in the
city that there's a city tax. Soyou add those up, and that's
part of your itemizeddeductions. Now if you own a
business and you pay asignificant amount of state and
local tax because your businessis very profitable, definitely
reach out in the teaching tax orin our defeating taxes private
Facebook group.
You're gonna wanna educateyourself about PTET, which is
(09:08):
separate from this, but I'd beremiss if I didn't mention it.
I'd probably have my friendsthat are tax professionals that
listen to this. Call me, textme, and holler at me for not
mentioning, the the PTETpotentially, which is a pass
through entity tax election. Sothat's that's part two of
Schedule a, taxes that you paid.Part three, interests that you
(09:28):
pay.
Now for interest, remember, taxlaws are in encouraging,
discourage certain behavior. Sothe the mortgage interest that
you pay for a qualified homeloan is deductible. That's a
huge expense. When we talk aboutthe benefits of homeownership,
(09:48):
one of the main benefits is mymortgage interest is not
deductible. If I paid rent tosomeone, I wouldn't be able to
deduct that as an itemizeddeductions.
Now with the tax cuts and jobsact, there are some limits to
qualified home loan deduction.So for any mortgages taken out
after December fifteenth oftwenty seventeen, only the
mortgage interest that appliesto loans up to $750,000 is
(10:10):
deductible. And if it was before12/15/2017, it's up to a million
dollars. So let's say, John, youend up building the Casa Dei
Trypolsky. Right?
You take it's $2,000,000property, and you take a
mortgage for $1,500,000. In thatcase, 50% of your mortgage
interest would be deductible onthe federal return because
(10:33):
that's up to $750,000 of ofmortgage, and you track that.
So, you know, your taxprofessional is gonna track that
for you. We have several peoplein our private CPA practice that
exceed that, you know, exceedthat limit. I will say if you
have rental properties, oh, I'mnot hold on.
You're gonna wanna tune in to tothe third part of this, which is
(10:53):
schedule e. Mortgage interestdeduction for rental properties
is completely different thanthan your primary residence or
potentially even a second home.You know, it could be a cottage
or or a, could be a boat with abathroom. You know, there's a
lot of different secondqualified second dwellings. And
then home equity loan interestis deductible if it's used for
home improvements.
(11:14):
Very transparent, John. We builta and if you listen to this, we
built a garage apartment, has myoffice here. It has a second
bedroom that is the JohnChapulski suite, for when you
visit, Franklin. We've got akitchenette. Anyway, for a
portion of for for some of thisbuild out, we used a home equity
line of credit.
Just it was just easy. And, andthat's deductible because I used
(11:35):
it for home improvement. Okay?So points that you pay in your
mortgage are deductible in theyear that they're paid for
primary residences. And theninvestment interest is
deductible, up to the amount ofinvestment income.
So, John, if you let's say you,you know, you you have, you have
an investment that's producingincome, but you did use a loan
(11:59):
to purchase that. So and you'repaying interest on that loan,
you could deduct that. That'svery common when you have, let's
say, business ownershiptransition. So, John, let's say
you're selling me your businessand you're doing owner
financing, and I'm you know, Iwas a stock sale. I would have
interest on that stock.
So
John Tripolsky (12:14):
Yeah. And it is it is interesting to see how all
of it kinda, you know, mindmapping this, if we will, how
they tie together. Right? Somaybe and I'm just making an
assumption or a a simpleobservation from the outside
looking in is, you know, theIRS, when they were creating
this form, they probably lookedat it as, okay. We'll allow a
deduction.
We'll take a HELOC, you know,home equity line. We'll we'll
(12:35):
allow that deduction becauseit's gonna be made up in other
places. You know what I mean?Like, your your taxes are gonna
go up or or something's justyour, you know, your value
behind just kinda thinking and,you know, looking at this form
and seeing how everything'sinterconnected. I can only
imagine how that planningprocess went.
Right? When they're like, hey.
Chris Picciurro (12:53):
Let me
John Tripolsky (12:53):
create this form. What should we allow?
Chris Picciurro (12:55):
Yeah. I mean, it comes down to congress. You
know, congress is they'rethey're the lawmakers, and
they're gonna have they have,yeah. Remember, we did an
episode with, with LaShawn andand from the Michigan
Association of CPAs called howtaxes are made, and we talk
about the whole process of howhow something becomes tax law.
Right?
There's there's differentcommittees. There's a senate
(13:17):
finance committee. There's a andon the federal level, there's a
there's a house, ways and meanscommittee, and they are kinda
underwriting any of these taxbills. So I will point out on
interest also. If you any of theinvestment interest, you're
gonna have to file a form fortynine fifty two form, and that
gets attached to schedule a.
And it is very common, John,that you so when you have a
(13:40):
mortgage, typically, themortgage company is gonna issue
you a ten ninety eight. That'sthe form that gets you the
mortgage interest. But let's saythat you bought something, out
of seller financing and and thatwasn't reported on a form ten
ninety eight. That's okay. Youcould still deduct it.
We're just gonna need the nameand Social Security number of
the person you paid the mortgageto and the address, and we're
(14:01):
gonna be able to put that onschedule a as well. Excellent.
John Tripolsky (14:04):
So it's so it's very similar to filing a, a ten
ninety nine or assuming a tenninety nine. Exactly.
Chris Picciurro (14:11):
It's a defacto ten ninety nine.
John Tripolsky (14:13):
Perfect. Perfect. K. That makes total
sense.
Chris Picciurro (14:16):
So the next big section, our fourth big section
on schedule a is going to begifts to charity. And gifts to
charity are broken into twodifferent categories. Right? One
are gonna be cash or check.That's really straightforward.
One of them is going to benoncash donations. That could be
gifts of clothing and, vehiclesand whatever you any type of
(14:39):
property that's not cash thatyou donate, you could still
deduct it for the fair marketvalue. Now there are special
rules when it comes to gifts tocharity, especially for non cash
donations. What you need to knowis that noncash donation let's
start with cash donations. Cashdonations could are deductible
for up to 60% of your adjustedgross income as long as they're
(15:01):
going to qualifiedorganizations.
So when you're you know, we geta lot of questions in teaching
textile community like, hey.I've I gift you know, I gifted
my cousin who was kinda down onhis luck, and I gave him a
thousand bucks. Do I get adeduction for it? Unfortunately,
that's considered a gift, andit's not deductible. You know
what?
You probably got on Santa's goodlist for giving your cousin some
(15:22):
money. Good for you. So cashcontributions. Non cash
contributions, you get adeduction, like I said, for up
to the fair market value of thecontribution. And if your
donations are over $250, you doneed a written acknowledgment
from the charity that isrequired.
And if your noncash donationexceeds $500, you have to file a
(15:43):
form eighty two eighty three.And then special rules apply to
property worth more than $5,000where you're typically gonna
need an appraisal. So, John,just real life, it's like kids
like to say IRL. Right? I one ofmy goals for the new year was,
like, I'm gonna clean my closetout.
I have a bunch of old clothes.It's sad, John. You know, I
like, a a memory come up onFacebook from eight years ago,
(16:05):
and I'm like, I still have thesame jeans and the same ratty
shirt. You know, I've got a I'mnot buying anything now until I
get rid of. And now I have mycloset you know, I've got every
color teaching tax flow shirts,so now I've gotta make a room
for it.
And, and that hat that we'regonna get me. But, so I I took
about yeah. We got a little snowhere in Franklin, Tennessee
(16:28):
where I'm at, which is veryrare. We got, like, four inches
of snow, and I'm like, we're alltrapped here. I'm gonna actually
go through my closet, and I Ihad seven huge bags of clothing
that I was that I donated, to anonprofit organization.
And I really looked at it, andI'm like, I've got over $500
worth of stuff. So I actually,went, got a receipt, documented
(16:51):
it, and, so it's kinda neat whensome of these rules apply your
to your to your life. So Yeah.
John Tripolsky (16:57):
So even, like, you know, we we talk about
gifting. So what like, maybewalk us through our our real
example. Right? Like, say youhave a vehicle that's worth
$25,000 or $35,000. It's from afamily member, aunt, uncle, mom,
dad, anybody.
So walk us through that a littlebit, how that would work. So I
know you mentioned at certainpoints, there's there's a
(17:18):
threshold, then there's anappraisal. So how does that work
a to z?
Chris Picciurro (17:21):
Yeah. Vehicle so vehicle deductions are are,
very unique, and they havespecial rules. So it might go
beyond is there's a lot of wecould maybe do a whole podcast
just on donating vehicles, buthere's what you need to know.
The first thing is, if you havea vehicle worth $30,000, you're
probably better off just sellingus Because the because even if
(17:44):
you get a $30,000 deduction at a25 percent tax rate, it's gonna
pocket you $7,500 of taxbenefit. So I'm just saying a
lot of times now there are sometimes where let's say you let's
say you had a vehicle and youthere was a church or something
that you really wanted thatneeded transportation, and they
wanted that vehicle and youdonate it to them.
What would happen, basically,you get a deduction for the fair
(18:06):
market value of the vehicle theday you donated it. There's some
some serious substantiationrequirements from a third party.
Or if you donate it to acharity, you're gonna hear
these, hey. Donate your vehicleonline. Well, guess what?
Whatever they end up sellingthat vehicle for is what you get
the deduction for, and there'ssome special rules as far as
eighty two eighty three form andsome, you know, ten ninety eight
(18:27):
c. So good question. Just kindagoes beyond the scope of what
we're talking about here.Definitely jump taxes for that
because we've got specialcontent on that.
John Tripolsky (18:35):
And I appreciate even getting into it a little
bit there. And, yeah, that makestotal sense because, yeah, you
see a lot of those. I think oneof them's, in Michigan here,
it's like missus Waddles. Youknow, donate a boat, vehicle.
Basically, anything, you know,drives or not, they, they kinda
take it.
So that's how that works, whichis great.
Chris Picciurro (18:50):
And and there are times where your we've had
situations where someone's,their donation amount is
actually more than the 50 or 60%of their income. If that's and
that if that's the case, thenthe the amount that exceeds the
income threshold actually justcarries forward to the next
year. So it's not like it's gonegone forever.
John Tripolsky (19:08):
Gotcha.
Chris Picciurro (19:08):
Okay. Casually and theft losses. Now with the
with the tax cuts and jobs act,this changed quite a bit. If you
have a casualty or theft loss,it's only deductible if it's
related to a federal leaddeclared disaster area. So think
about, John, you know, if your,if your house burns down, unless
(19:32):
it's in a that's unfortunate,but a lot of those losses are
not deductible anymore.
But if you are in, you know,California where there are
wildfires and your house burntdown and it's a federally
declared disaster area, now youcould potentially take a
casualty and theft loss. Or wethink about our, you know, the
tragedy that has occurred inMaui over the last winter. Where
(19:54):
do I figure out if it's afreshly declared disaster area?
Check out the IRS website,IRS.gov. They have a list of all
of the, disaster areas by state.
Again, not not not to beat adead horse, but jump into
defeatingtaxes.com. We have alot of these resources for you.
But if you have a casualty ortheft loss in a federally
declared disaster area, that isdeductible on your schedule a.
(20:16):
There's a formula. It you know,you've gotta deduct a hundred
dollars per event.
So in other words, if you're ina disaster area and you lose a
$50 baseball card, you're notgonna be able to deduct that.
They just there's a de minimisrule of a hundred dollars, and
you and it's gotta exceed 10% ofyour income. So let's say, John,
you you have an adjusted grossincome of $50,000, and you have
an uninsured $10,000 loss in adisaster, federally declared
(20:41):
disaster area. We take the$10,000. We'd minus a hundred
bucks.
Right? That's $9,900. We takeyour income, $50,000 times that
by 10%, I know mental math, is$5,000. So your deduction would
be $9,900 minus $5,000. You geta $4,900 deduction.
John Tripolsky (21:01):
Excellent. And even in defeating taxes at
Facebook group, I know I don'tthink that we've seen any chat
around the fires, west, but Iknow for a fact that we have had
multiple discussions started,from Florida residents. And I
think, like, Alabama,Mississippi with the hurricanes
and the flooding that came inbecause, obviously, the IRS
stepped in, I think, deferredsome, some due dates for
(21:22):
returns, etcetera, for that.But, like, I know there was a
ton of ton of chatter on that.So it was it was good to see
that some people are aware ofit.
But Right. Honestly, I would betyou that eight out of 10 people
don't know that that you couldactually declare those losses.
Declare those losses.
Chris Picciurro (21:38):
Definitely talk to your tax professional. Now
with the tax cuts and jobs act,unreimbursed employee business
expenses are what we would callin the business sex, form twenty
one zero six expenses went away.So there aren't a ton of other
itemized deductions anymore. I'mgonna touch on the the the the
most popular one. Now on somestate returns, you could still
(21:58):
take that on unreimbursedemployee expenses, but one the
most popular one are gamblinglosses.
We're gonna finish with gamblinglosses. Gambling losses are
deductible on the fed in yourfederal tax return. One, if you
itemize, and two, up to theextent of your gambling wins.
Alright. So, John, we know youyou secretly go go to the horse
(22:21):
track every Tuesday night withyour friends.
Right? All those I
John Tripolsky (22:23):
like to bet on snail races. That's my thing.
Right? So Dachshund racing.
Chris Picciurro (22:30):
If you lost, you don't get to you'll you can
deduct it if you have gamblingwins and if you itemize your
deduction. So gambling losses asfar as the other itemized
deduction is gonna be your mostpopular itemized. Other itemized
deduction, there are some otherones that are kinda needle in
the haystack things, but that'sgonna be the one that, that's
most common.
John Tripolsky (22:50):
Well, hey. If my snail loses in my gambling
adventures, at least I can turnhim into a go what was it
called? Escargot? Is it eatingsnails? If he can be converted.
They Right. Right.
Chris Picciurro (23:03):
Well, you know, that's what it's called. You
know, I've got the palate of an11 year old, so I'm probably not
not going into the Escargot.
John Tripolsky (23:09):
So Yeah. That that is true. I don't think I've
ever even seen you eat a pieceof lettuce in, this
Chris Picciurro (23:14):
Oh, no. I got well, I like Caesar salad.
John Tripolsky (23:17):
Oh, I didn't know that. Okay.
Chris Picciurro (23:18):
Oh, yeah.
John Tripolsky (23:19):
Alright. I've learned something new.
Chris Picciurro (23:20):
But give me some croutons. There's gotta be
some croutons on it.
John Tripolsky (23:23):
Cover it up. But awesome. Awesome, everybody.
Well, Chris, thanks for runningthrough that form with us.
Again, we'll put the links inthe show notes so you could
really follow along.
We we purposely followed anorder in this discussion that
kind of mimicked the form itselfa little bit. So if you haven't
yet, you wanna go back andlisten to this, print that form
out, pop it up on anotherscreen, listen to it, and kind
of flow through it as well. Ithink you'll you'll take a lot
(23:45):
from this. But as we wrap uphere, our first part, part one
of three of the ACE series,obviously, the next one, we're
gonna look at schedule c. So welook forward to seeing everybody
back here on the Teaching TaxFlow podcast next week.
Different time, same day of theweek, but a different topic.
We'll see everybody very soon.Have a great week.
Ad Read (24:07):
The content provided is for educational purposes only.
We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Advisors, a registered
investment adviser. Securitiesare offered through Cabin
Securities, a registered brokerdealer.
The content of this podcast doesnot constitute an offer of
(24:28):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!