We are back! This episode of Debit This, Credit That podcast discussed the (very) recent tax developments related to the COVID-19 outbreak. Please keep in mind things are rapidly changing and some of this information may be outdated by the time you listen. Please visit our website at www.wheelercpa.com/covid19/ for the latest developments and resources.

Debit-This-Credit-That Podcast

Episode 42 - COVID19 Update #1

The Tax Cuts and Jobs Act, which came into effect at the tail end of 2017, has made changes to many aspects of income taxes here in the United States. In this episode of Debit This, Credit That, Matt Wheeler and Michael Bryant discuss a significant piece of legislation within the Act, known as opportunity zones or “o-zones”. In this episode, you will learn: About the tax advantages of investing in opportunity zones Who is eligible to invest in opportunity zones About the purpose of Qualified Opportunity Funds (QOF) and two main ways to benefit from them How to locate qualified opportunity zones What types of businesses qualify for the tax break The time limitations on rolling your gain into a QOF And more! Tune in now as the Wheeler team uncovers what you need to know about opportunity zones! Resources:  Wheeler Accountants 

Episode 41 - TCJA’s Opportunity Zones Explained

The current market may be down-trending, but sellers still have plenty of reasons to feel optimistic! Today, Matt Wheeler and Michael Bryant are back with more expert advice from Alan Wang of Alan Wang Realty Group, who shares how sellers can maximize their house’s value and realize why this market isn’t all doom and gloom. In this episode, you’ll learn: How to make your house stand out in the market Why Alan believes home staging is a worthwhile investment for sellers Why now is a good time for prospective and existing homeowners to tax plan under the new law How the market has changed for sellers of investment real estate Why Alan cautions house-flippers to be careful in this market And more! Tune in now and get ready to sell in the Bay Area market with confidence! Resources: WHEELER | Alan Wang Realtor  

Episode 40 -  Bay Area’s Current Real Estate Market: Part 2

Is it a good time to be a buyer in the current Bay Area real estate market? The answer is yes—and today’s special guest will tell you why! Today, Matt Wheeler and Michael Bryant bring you expert advice from Alan Wang, founder of Alan Wang Realty Group and one of the Bay Area’s top-performing Keller Williams Realty brokers. In this episode, you’ll learn: Why sellers are struggling with the current real estate market Why Alan believes we’re in an excellent market for buyers What kinds of buyers are in the market right now The two components of stock equity options that buyers are using to make down payments Alan’s recommendations for people looking to buy a house in this market And more! Tune in now and get ready to navigate the Bay Area market with confidence! Resources: WHEELER | Alan Wang Realtor  

Episode 39 - Bay Area’s Current Real Estate Market: Part 1

Matt Wheeler and Michael Bryant are back with more tax-planning strategies for 2018! In part two of their tax planning mini-series, Matt and Michael cover must-know tips for Roth conversion strategies, new tax law changes that apply specifically to self-employed individuals, and more! In this episode, you’ll learn: What to consider when deciding if the timing is right for a Roth conversion Year-end planning strategies for stock options and how they’ve changed About the new deductions for passthrough businesses—who qualifies and what are the opportunities and limitations? Whether it’s imperative to complete long-term giving and gifting by year-end Tune in now and get ready to plan for your 2018 taxes with confidence! Resources: WHEELER | Year-End Tax Planning for Individuals | Episode 37 - Your Guide to 2018 Tax Planning: Part 1 

Episode 38 - Your Guide to 2018 Tax Planning: Part 2

Don’t wait another second to start tax planning for 2018! As always, Matt Wheeler and Michael Bryant are here to guide you along in the planning process. Today, Matt and Michael unpack this year’s tax law changes, explain which ones will affect Bay Area residents most, and highlight key points to consider when tax planning. In this episode, you’ll learn: Why many taxpayers will actually benefit from the new tax law changes How deferring income and accelerating deductions helps taxpayers take advantage of the time value of money—and what actions to take for 2018 How you might be impacted by the loss of the State and Local Tax (“SALT”) deduction and loss of miscellaneous itemized deductions Why they strongly recommend that retirees consider making qualified charitable distributions out of their IRA And more! Tune in now and get ready to plan for your 2018 taxes with confidence! Resources: WHEELER | Year-End Tax Planning for Individuals | DAM-Cancer Foundation   

Episode 37 - Your Guide to 2018 Tax Planning: Part 1

Matt Wheeler and Michael Bryant know from experience that recruiting season is a nerve-wracking time for accounting students. It’s a time filled with meeting recruiters, completing applications, and hopefully landing interviews — all to secure a job after graduation. Because of this, there is a lot of pressure on students to shine and stand out from the competition.   To help students prepare for this hectic time, Matt and Michael are sharing the advice they wish they’d had when they were students, including: How to build a resume that stands out Important skills for public accountants that students often overlook Pros and cons of working at The Big 4 What to consider now if you plan on being a sole practitioner Deciding between audit or tax… or both Matt and Michael’s recommended questions for interviewees to ask during interviews And more! Tune in now to get prepared for a successful recruiting season! Resources: WHEELER

Episode 36 - How to Prepare for Accounting Recruiting Season

Do you fall into the HENRY (High Earners, Not Rich Yet) category? If so, what steps have you taken to build your financial future? In part two of this mini-series, Eric Rodriguez of WealthBuilders, LLC, shares his top six financial tips for this demographic of future high earners. As part of these tips, Eric explains how to follow the 50/20/30 budgeting rule and emphasizes why it’s essential to know your net worth. Tune in now to learn Eric’s simple, yet effective, tips so you can start planning more and worrying less! Resources: WHEELER | WealthBuilders, LLC | Episode 34 - Top Six Financial Tips for HENRY Millennials: Part 1

Episode 35 - Top Six Financial Tips for HENRY Millennials: Part 2

Today, Matt Wheeler and Michael Bryant are joined by Eric Rodriguez, a financial planner and founder of Wealth Builders, LLC. Eric specializes in serving HENRYs and millenials. These aspiring high-income earners called HENRYs: “High Earners, Not Rich Yet” are often part of the millennial generation. In part one of this mini-series, Eric shares valuable insight about the common financial issues that HENRYs face, including a lack of affordable housing in areas like Silicon Valley and their challenges with paying off student debt. Listen now to learn more! Tune into part one of Eric’s guest appearance on the Debit This, Credit That podcast! Resources: WHEELER | WealthBuilders, LLC

Episode 34 - The Financial Challenges of HENRY Millennials: Part 1

In this episode of the Debit This, Credit That, Matt Wheeler and Michael Bryant share what you need to know about stock options and equity compensation. Speaking to one of his areas of expertise, Matt explains the four main types of equity compensation, outlining the benefits and drawbacks of each, including important tax considerations that need to be planned out ahead of time. Tune in and learn more about the taxation of stock options and equity compensation, and some useful considerations to keep in mind when developing your tax strategy!   Wheeler Accountants LLP https://wheelercpa.com/

Episode 33 - Breaking Down Stock Options and Equity Compensation

Today, Matt Wheeler and Michael Bryant are joined by partner Jaclyn Skull to discuss the world of client accounting services. With 20 years of accounting experience, Jaclyn helps set Wheeler Accountants apart from other accounting firms through her personalized and proactive approach. Throughout the episode, Jaclyn discusses her specialties and past experiences in accounting, the range of services she provides through Wheeler Accountants, and how her proactive approach helps clients thrive. Tune in to find out how client accounting services can help you manage your finances, so you can focus on what’s most important: growing your business the way you want. Wheeler Accountants LLP: http://wheelercpa.com

Episode 32 - The Benefits of Proactive Client Accounting Services—with Partner Jaclyn Skull

Matt Wheeler is back at it with another Q&A. Don’t make tax-related decisions based on what you’ve read on the Internet or heard from friends. Receive expert advice from the experienced and talented Wheeler team. Solving complicated tax issues is the Wheeler team’s speciality, and their knack for it certainly comes through in this episode. Listen along as Matt offers creative solutions to their clients’ tax questions. Here are some of the questions that Matt answers in this podcast: Some general tips on venturing into self-employment including whether or not self-employed consultants are required to get a separate tax ID number. If you’re completing contract work for a company outside of the U.S., will you be taxed by that foreign country? When you renovate a residential income property, how much of those renovations can you write off? Can you pull equity out of a residential income property in order to pay back your investors? How do you avoid tax consequences? When caring for a family member, how much of the associated costs are tax deductible under the new tax law? Should you put your rental property into an LLC.? Wheeler CPA

Episode 31 - Matt Wheeler Q&A Roundup: Foreign contract work, writing off renovation and caregiving expenses, and becoming an LLC.

  In this episode, Matt Wheeler introduces you to his colleague Jennifer Hauck. Jen is a partner at Wheeler Accountants, specializing in individual income as well as estate and trust taxation. Matt and Jen discuss her practice, how she got started, and what she enjoys most about her job. Then, Jen dives into discussing her expertise, Wheeler Accountants’ approach to the estate and gift tax process, and some helpful estate and gift tax planning tips. Tune in to learn more about Jen and the firm’s estate and gift tax practice! Wheeler CPA

Episode 30 - Making Sense of Estate and Gift Tax—with Partner Jennifer Hauck

In this episode, Matt Wheeler and Michael Bryant describe their journeys to becoming public accountants in Silicon Valley. Whether you’re a soon-to-be, novice, or seasoned accountant, you’ll find value in this episode as Matt and Michael share what they wish they had known at the beginning of their careers. They also share advice for getting on the partner track, finding a role model at your firm, and showing accountability if you make a mistake on a client file. Tune into this lively conversation and learn more about life as a public accountant. 

Episode 29 -  Walking the Path of a Public Accountant

Today, Matt Wheeler and Michael Bryant discuss significant changes brought about by the new lease accounting standards effective for nonpublic companies for the year ended December 31, 2020. The Wheeler team explains how companies will perform their financial reporting in light of the new regulations, when to start this transition, and some of the disadvantages of transitioning early. Listen in as Matt and Michael cover what lessees should know about the new lease standards. Resources: DAM-Cancer Foundation Website: http://www.dam-cancer.org/ Instagram: @dam_cancer Twitter: @damcancer 

Episode 28 - What Lessees Need to Know about the New Lease Accounting Standards (ASC 842)

In this podcast we discuss how to solve accounting challenges in both your personal life and your business. We take an energetic, tech-savvy approach to solving accounting challenges that steal your focus and time. We are savvy accountants. We live for using accounting to solve real challenges people and businesses face. And we frequently find solutions to problems you didn’t know existed.

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Debit-This-Credit-That Podcast

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