Episode 136: March Madness for Taxes: Deadlines, Deductions, and Costly Mistakes to Avoid
Accounting and Accountability · Faw Casson CPAs
Audio is streamed directly from the publisher (traffic.libsyn.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
In this episode:
-
Why tax season gets significantly more intense in March, and why accountants push for earlier deadlines to ensure returns are accurate and thoroughly reviewed.
-
How accounting firms stay engaged in their communities even during the busiest time of year, including charitable initiatives and local philanthropy.
-
A lesser-known tax rule affecting investments in physical gold and silver, and why these assets are taxed differently than many other investments.
-
Planning strategies involving IRAs, including how charitable distributions can reduce taxable income while supporting causes you care about.
-
What beneficiaries need to know about Required Minimum Distributions after inheriting an IRA, and the potential tax consequences of missing them.
-
A detail many business owners overlook about tip deductions for self-employed individuals and why proper reporting matters.
-
A recent change to the business interest deduction rules and how it may impact larger businesses starting in 2025.
-
Important filing deadlines for businesses and partnerships during tax season, and why extensions are often part of a smart filing strategy.
-
What really happens if taxes aren't paid on time, including how IRS interest works on both unpaid balances and delayed refunds.