Episode 137: The Tax Breaks You're Probably Missing, and the Tech That's Changing Everything
Accounting and Accountability · Faw Casson CPAs
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Show Notes
In this episode:
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A little-known tax opportunity involving long-term care costs that can significantly reduce taxable income if handled correctly
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Why medical expense deductions aren't as straightforward as people think, and how thresholds and documentation come into play
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The real story behind deducting vehicles for business use, including where people tend to overestimate what they can write off
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How newer depreciation rules and limits impact big purchases, especially vehicles and equipment
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Key deadlines and elections business owners often miss, and how those timing decisions can affect taxes
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A candid look at how artificial intelligence is rapidly changing accounting, bookkeeping, and financial reporting
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Practical ways firms are already using AI to save time, improve accuracy, and streamline client work
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What business owners should expect as technology becomes more embedded in financial operations, whether they like it or not
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A shift toward more modern, digital client experiences, including changes to billing and payment processes