In this conversation, tax expert Jake Johnstun discusses the latest tax legislation, focusing on new deductions available for businesses, the introduction of Trump accounts for children, and changes in clean energy incentives. The discussion also covers SALT deductions, standard and child tax credits, and the implications of officer compensation audits by the IRS. Additionally, Johnstun highlights estate tax exemptions and everyday tax strategies for individuals and businesses, while also addressing trends in client demographics and advanced tax strategies. Takeaways The new tax laws provide significant deductions for businesses, especially in depreciation. Trump accounts allow for tax-advantaged savings for children under 18. Clean energy incentives are changing, with some benefits expiring soon. SALT deductions have increased, but many will still be affected by limitations. Standard deductions have been adjusted for inflation, benefiting taxpayers. Child tax credits have seen slight increases, aiding families. Small businesses can benefit from the QBI deduction, which is 20% of net income. IRS audits are increasingly focusing on officer compensation and 1099 compliance. Estate tax exemptions have increased significantly, allowing more wealth to be passed on tax-free. Investing in qualified accounts like Roth IRAs can provide long-term tax benefits. About our Guest: Jake Johnstun, EA has been in the tax preparation industry since 1994. An Enrolled Agent is a federally authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of examination, collection, and appeals of the Internal Revenue Service. In addition to taxpayer representation, Enrolled Agents often provide tax consultation services and prepare a wide range of federal and state tax returns. Jake is the president and founder of Integrated Tax, founded in 2002 located in Ogden, Utah. He is a Partner and owner of Elite 1031 Exchange, a Qualified Intermediary. He is an Alumnus of Weber State University with a Bachelor of Science degree in Accounting. He is an NTPI Fellow and a graduate of the SSLA Leadership Academy. Jake was voted onto the National Association of Enrolled Agent’s Board of Directors in December 2017. He is the current Chair of the NAEA PAC representing tax professionals before the United States Congress. He is also the current Chair of the GOAL Foundation. Resources & Previous Episodes of Interest: 10 Essential Steps to Guide Your Children Toward Financial Fulfillment (Ep. 38) Navigating the Economic Landscape of 2025 (EP 47) Connect with Jake Johnstun, EA, NTPI© Fellow: Integrated Tax Connect with Billy Peterson: Peterson Wealth Services: Billy Peterson LinkedIn: Billy Peterson billy@petersonws.com 801-475-4002 Connect with Shaun Peterson: Peterson Wealth Services: Shaun Peterson LinkedIn: Shaun Peterson shaun@petersonws.com 801-475-4002 Connect with Cade Peterson: Peterson Wealth Services: Cade Peterson LinkedIn: Cade Peterson cade@petersonws.com 801-475-4002
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30 mins