36 Chambers of Taxes

 Typically, tax laws prevent investors from selling shares and repurchasing the same stock within 30 days. But when you donate your shares, you can immediately repurchase the same stock at its fair market value, resetting your shares at a higher cost basis. In this episode, we will learn the tax minimization strategy of donating and repurchasing stock.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

Tax-loss harvesting is offsetting capital gains with capital losses. It can lower your tax bill and better position your portfolio going forward. In this episode, we will learn the tax minimization strategy of harvesting losses.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

Any gift may be taxable, but the recipient of the gift does not have to pay the gift tax. The person who gives you the gift needs to file a gift tax return if it’s more than the $18,000 annual exclusion. This amount usually increases every year. In this episode, we will learn the tax consequences of making gifts to your familyMy name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

A tax consultant can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation. With more expertise than standard tax preparers, tax consultants can help with tax planning, inheritance issues, charitable giving and other complex tax needs. In this episode, we will learn the benefits of consulting with a tax advisor.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

Though personal loans are not tax-deductible, other types of loans are. Interest paid on mortgages, student loans, and business loans often can be deducted on your annual taxes, effectively reducing your taxable income for the year. In this episode, we will learn the tax benefits of paying down your debts.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is not correct, follow the instructions in your notice or letter. In this episode, we will learn why you should check if you're eligible for penalty relief.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer, you generally can't take a bad debt deduction for unpaid salaries, wages, rents, fees, interests, dividends, and similar items of taxable income. In this episode, we will learn why you should write off bad debts.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. If you are a sole proprietor or have a partnership with your spouse and your child is age 17 or younger, the IRS says you don't need to pay Social Security, Medicare, or FUTA (unemployment) tax on their wages. But you do need to withhold income tax no matter how old your child is.  In this episode, we will learn why you should consider hiring your spouse of child.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

A tax loss carryforward (or carryover) is a provision that allows a taxpayer to move a tax loss to future years to offset a profit. The tax loss carryforward can be claimed by an individual or a business to reduce any future tax payments. In this episode, we will learn about why not to ignore carryover deductions.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. In this episode, we will learn about how to write off your gambling losses.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. The goal of this podcast series to give you REAL tax advice in 7 minutes or less. You literally have no excuses!Here is my Source Award pitch to you……Any taxpayer out there that want to be tax savvy and want to stay a star, and don't have to worry about their tax accountant trying to be all in the tik tok videos, all on the YouTube, dancing... come to J.S. Tax Corporation!"Let’s Go!Support the Show.Looking for a new accountant? Free 20 minute consultation: https://jstaxcorp.hbportal.co/schedule/6544f8dac5128d0027c0f003FREE weekly tax group sessions: https://pensight.com/x/jamaalsolomon/new-group-event/4ce5aeeb-0ca9-47dd-9219-e6d8fcf7dcf8J.S. Tax Corporation's website: www.jstaxcorp.comHelp us by becoming a paid subscriber: https://www.buzzsprout.com/2287413/supportYoutube page: https://www.youtube.com/@36chambersoftaxes Ebook: https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6