Episode 139: Avoid IRS Penalties!
About this episode
This episode discusses various tax strategies and pitfalls that taxpayers should be aware of to avoid IRS penalties.
In this episode: Why most taxpayers don't itemize anymore, and when it still actually makes sense to do so The hidden fine print on mortgage interest deductions, including caps that quietly limit what high-balance homeowners can write off How home equity loans can either save you on taxes, or cost you the deduction entirely depending on how you use the money The real story behind points, refinancing, and why timing matters more than most people realize Why some common "write-offs" like mortgage insurance premiums rarely benefit higher earners A major shift in state and local tax deductions, and why some business owners may suddenly see bigger write-offs The growing cost pressure of employee health insurance, and the moment your business is legally required to offer it How benefits strategy isn't just an expense, it's a recruiting weapon if you play it right A surprising tax change around gambling income that quietly increases what people owe Why the IRS insists you pay taxes throughout the year, not just in April, and how that impacts cash flow The concept of "safe harbor" payments and how it can protect you even if your income swings wildly A lesser-known payroll strategy some…
People in this episode
Host: Faw Casson
Topics covered
- tax planning
- IRS penalties
- mortgage interest deductions
- home equity loans
- employee health insurance
- state and local tax deductions
- gambling income
Mentioned in this episode
Organizations: IRS
More episodes of Accounting and Accountability
- Episode 140: Fewer Audits, More Red Flags: What's Really Changing at the IRS
- Episode 138: Tax Traps and Smart Moves: What Taxpayers Should Fix Before It Costs Them
- Episode 137: The Tax Breaks You're Probably Missing, and the Tech That's Changing Everything
- Episode 136: March Madness for Taxes: Deadlines, Deductions, and Costly Mistakes to Avoid
- Episode 135: Before You File: The Tax Law Changes High Earners Can't Afford to Miss
- Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up
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