Facts, Figures, and Fallacies, from the Front Line

Hosted by Mitzi Sullivan CPA, PLLC

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Jan 2025

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Check out the links in the description to join us on Facebook, LinkedIn and Twitter and to sign up for our weekly newsletter to make sure that you keep up with the changing tax laws and regulations as they are released and follow our discussions of tax and business strategies. Please leave a comment to ask questions, let us know what you liked and identify topics you would like to see included in future podcasts

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60 recent

January 3, 202553 min

The BEST Tax Planning Strategies for Anglers

Today we discuss the best Tax Strategies for anglers! Nick and Mitzi join John and Rob on their show Coanglers corner and discuss the best Tax Strategies for fisherman. Thank you, John and Rob, again for having us on your show. FULL LIVESTREAM: • Tax Planning For Anglers Subscribe to John & Rob's Podcast: / @jcxfishing Interested in discussing your needs with a CPA? Book your consultation now. Choose between an in-person or online session below, where we'll tailor solutions just for you. New Client Consultation (In person or online) https://calendly.com/mescpa/mes_consu... About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We keep everyone updated with the latest on tax laws and business information, so you don't have to.

December 20, 202437 min

How to use the BEST Business Travel Deductions! (Nick Grantham CPA & Travel Agent Explain)

A Certified Public Accountant and a Travel Agent discuss the best business travel deductions + best practices often overlooked. Mandy's Youtube Channel @wanderbalance Travel Agent Inquiries: https://beholdtravel.com/?slug=BeholdTravel https://mbcpatx.com/services/nonprofit-accounting/ lntro - 0:00 Home Office Deduction - 3:36 Travel Costs 11:34 Meals - 15:07 Conferences - 16:54 Employing Your Children Insurance - 21:03: Standard Mileage Deduction - 23:20 Good Record Keeping - 25:43 Accounting Software - 26: 16 Bank Accounts - 26:53 Choosing your business type (Entity Structure) - 30:27 Outro - 36:17 Interested in discussing your needs with a CPA? Book your consultation now. Choose between an in-person or online session below, where we'll tailor solutions just for you. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We keep everyone updated with the latest on tax laws and business information, so you don't have to. Socials Mitzi's Musings https://mescpatx.wordpress.com/ Facebook https://www.facebook.com/mesullivancpa Instagram https://www.instagram.com/sullivanmitzi/ X https://x.com/ME_SullivanCPA LinkedIn https://www.linkedin.com/company/81544820/admin/ TikTok https://www.tiktok.com/@mitzisullivancpa?lang=en

December 17, 20245 min

9 KEY Tax Deductions for your RENTAL PROPERTY (Save Your Rental Business Thousands)

Do you own a rental property? In this video we go over 9 tax deductions that rental owners should be taking for their rental property. As a real estate investor, it is pivotal to ensure you are maximizing your tax deductions. In this video, Nick dives into commonly missed Tax Deductions that rental owners miss. Some commonly missed deductions are - HOA fees - Depreciation - Mortgage interest We discuss these subjects and much more in the video! Credentials: Nick is a Certified Public Accountant in the state of Texas. 2024 Schedule E (Form 1040): https://www.irs.gov/pub/irs-pdf/f1040se.pdf As a real estate investor, it is pivotal to ensure you are maximizing your rental property tax deductions. Check out our other videos on similar subjects. 1. Own a rental property? Watch this! (Cost Segregation Analysis) https://www.youtube.com/watch?v=n56WEOoEeJI&t=114s 2. Self Employed? Home Office and Auto Deductions for the Self-Employed, Explained! https://youtu.be/JBfdn9s8_Lg Chapters Intro - 0:00 Schedule E Explained - 0:13 Depreciation - 0:44 Mileage - 1:42 Repairs - 2:03 Property Taxes - 2:34 Mortgage Interest - 2:54 Management Fees - 3:38 Professional Fees - 3:33 Utilities - 3:49 HOA - 4:13 Additional Deductions - 4:29 Outro - 5:14 Interested in discussing your needs with a CPA? Book your consultation now. Choose between an in-person or online session below, where we'll tailor solutions just for you. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online Disclaimer: This video is meant to inform Rental owners, consult your tax & legal professionals before implementing any of these Tax deductions.

November 12, 202412 min

How Trump's Tax Plan is Different Than You Think

🎙️Mitzi Sullivan CPA, Nick Grantham and Jessica Sullivan CPA co-host their podcast called Facts, Figures and Fallacies from the Front Line. Everything from crypto currencies, changing tax laws, real estate and business management is all discussed here with you. Whether you are a teacher, contractor, business owner or stay at home parent we hope you join us each week as we share from a CPA's point of view, everything Facts, Figures and Fallacies from the Front Line! Video Chapters Intro 00:00 Bonus Depreciation 60% vs.100% Explained - 1:31 Work opportunity Credit - 2:53 Overtime Tax / No Tax On Tips - 3:25 Social Security Tax Changes - 4:03 Increased Child Tax Credit - 5:36 Capital Gains Tax Rate Cut - 6:53 Corporate Tax Rate Cut - 7:56 Tariffs - 8:42 Foreign Tax Abolished - 10:22 Proposed Infrastructure Program - 10:56 Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want have a client consultation with a CPA, schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to.

October 21, 20247 min

How to clean up UNDEPOSITED FUNDS in QUICKBOOKS!

🎙️Mitzi Sullivan CPA, Nick Grantham and Heather Swan CPA co-host their podcast called Facts, Figures and Fallacies from the Front Line. Everything from crypto currencies, changing tax laws, real estate and business management is all discussed here with you. Whether you are a teacher, contractor, business owner or stay at home parent we hope you join us each week as we share from a CPA's point of view, everything Facts, Figures and Fallacies from the Front Line! Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want have a client consultation with a CPA, schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to.

October 14, 202425 min

Homestead Exemption, 65 and over Ceiling, Property Tax Exemptions for Veterans & more!

Video Chapters 1. Intro - 0:00 2. Homestead Exemption - 00:16 3. Property Tax Exemptions For Disabled Veterans - 2:43 4. 65 and over ceiling - 5:03 5. Changing your communities rates - 7:17 6.. Sheriff Sales - 13:19 7. How is it determined where collected Taxes are spent - 20:28 8. Can the Tax Assessor / Collector Waive Penalties & Interest? - 23:28 🎙️Mitzi Sullivan CPA, Nick Grantham CPA, and Heather Swan co-host their podcast called Facts, Figures and Fallacies from the Front Line. Everything from crypto currencies, changing tax laws, real estate and business management is all discussed here with you. Whether you are a teacher, contractor, business owner or stay at home parent we hope you join us each week as we share from a CPA's point of view, everything Facts, Figures and Fallacies from the Front Line! Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want have a client consultation with a CPA, schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to. Mitzi's Musings https://mescpatx.wordpress.com/ Facebook https://www.facebook.com/mesullivancpa Instagram https://www.instagram.com/sullivanmitzi/ X https://x.com/ME_SullivanCPA LinkedIn https://www.linkedin.com/company/81544820/admin/ TikTok https://www.tiktok.com/@mitzisullivancpa?lang=en Check out more of our episodes! The 8th Wonder of the World: Compound Interest https://youtu.be/0_pfPbuoXTo Common QuickBooks Online Errors: Revenue Recognition Errors! https://youtu.be/hRiM9j3jAZs 4 Ways to Save with New Tax Credits in 2023 https://youtu.be/97s26GLcpNg

October 2, 20244 min

Pay your KIDS to save on taxes?? (CPA explains how)

Publication 929: https://www.irs.gov/pub/irs-pdf/p929.pdf 🎙️Mitzi Sullivan CPA, Nick Grantham CPA and Heather Swan co-host their podcast called Facts, Figures and Fallacies from the Front Line. Everything from crypto currencies, changing tax laws, real estate and business management is all discussed here with you. Whether you are a teacher, contractor, business owner or stay at home parent we hope you join us each week as we share from a CPA's point of view, everything Facts, Figures and Fallacies from the Front Line! Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want have a client consultation with a CPA, schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to. Mitzi's Musings https://mescpatx.wordpress.com/ Facebook https://www.facebook.com/mesullivancpa Instagram https://www.instagram.com/sullivanmitzi/ X https://x.com/ME_SullivanCPA LinkedIn https://www.linkedin.com/company/81544820/admin/ TikTok https://www.tiktok.com/@mitzisullivancpa?lang=en Check out more of our episodes! The 8th Wonder of the World: Compound Interest https://youtu.be/0_pfPbuoXTo Common QuickBooks Online Errors: Revenue Recognition Errors! https://youtu.be/hRiM9j3jAZs 4 Ways to Save with New Tax Credits in 2023 https://youtu.be/97s26GLcpNg

September 19, 2024Episode 77 min

How to EASILY clean up STALE TRANSACTIONS in Quickbooks!!

Other Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want to have a client consultation with a CPA? Schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to. Mitzi's Musings https://mescpatx.wordpress.com/ Facebook https://www.facebook.com/mesullivancpa Instagram https://www.instagram.com/sullivanmitzi/ X https://x.com/ME_SullivanCPA LinkedIn https://www.linkedin.com/company/81544820/admin/ TikTok https://www.tiktok.com/@mitzisullivancpa?lang=en Check out more of our episodes! The 8th Wonder of the World: Compound Interest https://youtu.be/0_pfPbuoXTo Common QuickBooks Online Errors: Revenue Recognition Errors! https://youtu.be/hRiM9j3jAZs 4 Ways to Save with New Tax Credits in 2023 https://youtu.be/97s26GLcpNg

August 23, 2024Episode 65 min

How to pay estimated Taxes Avoid IRS Penalties!

Today Nick explains how to pay estimated Taxes! Disclaimer: This is an educational resource. Consult your personal Tax & Legal professionals for advice regarding your Tax and legal needs. Other Topics We Discuss Business Taxes Bookkeeping Management Tax Breaks for Business and Contractors What to do with Crypto Taxes Health Savings Accounts Teachers Retirement Credits Retirement Savings Living Wills and Trusts Real Estate Transfer and Taxes 1031 Exchange Want to have a client consultation with a CPA? Schedule your in-person or online appointment down below where we will find a better way. In-Person Client Consultation: https://calendly.com/mescpa/meeting Online Client Consultation: https://calendly.com/mescpa/online About our firm: Mitzi E. Sullivan CPA, PLLC is a established firm in Decatur TX that offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. We serve clients all over North America working with Fortune 500 companies to Startup Businesses. We keep everyone updated on the latest tax laws and businesses information so you don't have to. Mitzi's Musings https://mescpatx.wordpress.com/ Facebook / mesullivancpa Instagram / sullivanmitzi X https://x.com/ME_SullivanCPA LinkedIn / admin TikTok https://www.tiktok.com/@mitzisullivan... Check out more of our episodes! The 8th Wonder of the World: Compound Interest • The 8th Wonder of the World: Compound... Common QuickBooks Online Errors: Revenue Recognition Errors! • Common QuickBooks Online Errors: Reve... 4 Ways to Save with New Tax Credits in 2023 • 2023 Tax Credits for W-2 Employees - ...

July 26, 2024Episode 62 min

Self Employment Tax Savings Through the S Corp!

How to save over 15% on taxes just for filing as an S-Corp! Nick is here to teach you a business trick that can save you thousands! Hi, I'm Mitzi E. Sullivan, CPA. My company, Mitzi E. Sullivan, CPA offers client-centered assurance, tax, and financial advisory services, specializing in small and medium-sized enterprises (SMEs), from inception to initial public offering. Subscribe to my channel for guidance and pointers on the following: - Business Compliance - Business Income Taxation - Entity Formation and Taxation - Nonprofit - Personal Income Tax From small businesses to Fortune 500 companies, I am committed to exceeding client expectations! Please visit MESCPATX.COM or call (940) 539-3238 for more information. Mitzi's Musings https://mescpatx.wordpress.com/ Facebook https://www.facebook.com/mesullivancpa Instagram https://www.instagram.com/sullivanmitzi/ Twitter https://twitter.com/ME_SullivanCPA LinkedIn https://www.linkedin.com/company/81544820/admin/ TikTok https://www.tiktok.com/@mitzisullivancpa?lang=en Check out more episodes: The 8th Wonder of the World: Compound Interest https://youtu.be/0_pfPbuoXTo Common QuickBooks Online Errors: Revenue Recognition Errors! https://youtu.be/hRiM9j3jAZs 4 Ways to Save with New Tax Credits in 2023 https://youtu.be/97s26GLcpNg