This episode's topic is near and dear to many business owners. There are probably a lot of misconceptions about it. There's a lot of gray area about it. Just because the business spends money on something doesn't necessarily mean it is tax-deductible on the tax returns. There are documentation, compliance considerations. Greg Reed, CPA joins the show to discuss the tax deductibility of:

• Meals
• Entertainment
• Travel

Greg can be reached at smartbookstax.com or greed@smartbookstax.com.

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Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

With the Trump administration's "Big Beautiful Bill" working its way through Congress, Greg Reed joins us to discuss expected tax changes including:

• Overview of the "Big Beautiful Bill"
• SALT Deduction and Tax Benefits
• Bonus Depreciation and Section 179
• Tips, Medicaid, and Clean Energy Changes
• Key Takeaways and Quarterly Reminders

Reach Greg Reed at greed@smartbookstax.com or book a meeting with him at smartbookstax.com

Send us a text

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

In this episode, Cal sits down with tax expert Greg Reed to uncover hidden risks that business owners often miss when it comes to payroll tax withholding. As your income shifts, whether from business profits, life changes, or other sources, your W2 withholding may no longer be enough. Without regular adjustments, this can lead to surprise tax bills, penalties, or even overpayments. Greg explains why reviewing your withholding yearly (ideally in January) is essential, especially after major life or income changes. He also dives into strategies like year-end bonus withholding to avoid penalties, though these come with extra payroll taxes. Plus, state tax requirements often differ from federal, adding complexity. Bottom line? Staying proactive with your payroll tax planning can help avoid surprises, keep your cash flow healthy, and protect your business from costly mistakes.

Main Takeaways:

• Withholding errors can lead to surprise tax bills and penalties.
• Life and business changes (new business income, marriage, etc.) require withholding updates.
• Year-end bonus withholding can help avoid penalties, but increases payroll taxes.
• State and federal withholding rules can differ.
• Reviewing your withholding annually is smart and prevents surprises.
• Working with your CPA or using IRS tools can make adjustments easier

Reach Greg Reed at greed@smartbookstax.com or book a meeting with him at smartbookstax.com

Send us a text

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/