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Tax in Action: Practical Strategies for Tax Pros

Tax in Action: Practical Strategies for Tax Pros

By: Jeremy Wells EA CPA
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About this listen

 Join Jeremy Wells, EA, CPA, as he breaks down the complexities of tax law into practical guidance you can apply immediately. Each episode focuses on a specific tax strategy, credit, or compliance issue that matters to tax professionals and business owners. Rather than theoretical discussions, Jeremy delivers actionable insights based on real-world scenarios and current tax regulations. Whether you're navigating Section 1031 exchanges, maximizing research credits, or helping clients with energy tax incentives, this podcast provides the technical details and strategic considerations you need to confidently serve your clients. Perfect for tax practitioners looking to deepen their expertise and business owners wanting to make more informed tax decisions.© 2025 Jeremy Wells, EA, CPA Economics
Episodes
  • When Disaster Strikes: Navigating Casualty Loss Deductions

    When Disaster Strikes: Navigating Casualty Loss Deductions
    Sep 3 2025

    Natural disasters, accidents, and sudden destructive events can create significant financial hardship, but the tax code provides some relief through casualty loss deductions. This episode breaks down the complex rules governing what qualifies as a deductible casualty loss, including the critical distinction between personal and business losses under the Tax Cuts and Jobs Act. Jeremy walks through the three-part test for casualty losses, calculation methods using fair market value changes, and the reporting requirements on Form 4684, using a real-world hurricane damage scenario to illustrate these concepts.

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    • (00:00) - Introduction to the Series
    • (01:08) - Understanding Casualty Losses
    • (02:57) - Case Study: Jessica's Print Shop
    • (05:16) - Types of Casualty Losses
    • (06:57) - Tax Cuts and Jobs Act Impact
    • (12:22) - Determining Deductible Casualty Losses
    • (18:36) - An Identifiable Event
    • (27:09) - Determining Casualty Loses or Gains
    • (32:04) - Filing an Insurance Claim
    • (41:19) - Reporting Casualty Losses
    • (50:51) - What to Do For Casualty Gain
    • (57:21) - Conclusion and Recap

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of the Earmark Media
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    1 hr and 1 min
  • Section 121: The $500k Exclusion Explained

    Section 121: The $500k Exclusion Explained
    Aug 20 2025

    Jeremy breaks down the complex rules surrounding Section 121's capital gains exclusion for home sales, using the Weber v. Commissioner tax court case to illustrate how taxpayers can lose out on excluding up to $500,000 in gains. The episode covers the critical two-out-of-five year ownership and use tests, explains how rental conversions can disqualify you from the exclusion, and details the partial exclusion exceptions for employment changes, health issues, and unforeseen circumstances. Understanding these nuances is essential since home sales often represent the largest financial transactions in taxpayers' lives.

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    • (00:00) - Section 121
    • (01:05) - Capital Gain Exclusion Introduction
    • (03:21) - Case Study: Webert vs Commissioner
    • (05:51) - Defining Principal Residence
    • (15:58) - Ownership and Use Tests
    • (27:43) - Understanding Spousal Eligibility for Exclusion
    • (28:51) - Principal Residence Usage Requirements
    • (30:52) - Counting Days and Periods of Absence
    • (32:36) - Special Considerations for Older Taxpayers
    • (33:57) - Ownership Through Trusts and LLCs
    • (36:57) - The Once Every Two Years Rule
    • (41:10) - Non-Qualified Use Explained
    • (47:06) - Case Study: The Webers' Tax Court Case
    • (48:12) - Partial Exclusions and Safe Harbors
    • (56:51) - Conclusion and Key Takeaways

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of the Earmark Media
    Show More Show Less
    58 mins
  • Repair vs. Improvement: When Can You Deduct It?

    Repair vs. Improvement: When Can You Deduct It?
    Aug 6 2025

    A rental property owner faces a $27,000 repair bill after a plumbing leak forces a complete bathroom renovation, water heater replacement, and structural repairs. Jeremy breaks down Treasury Decision 9636's framework for distinguishing between deductible repairs and capitalized improvements, using the three-part test of betterment, restoration, and adaptation. He also explains three valuable safe harbors including the de minimis election and routine maintenance provisions that can help property owners expense more costs immediately rather than depreciating them over time.

    Sponsors
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    • (00:00) - Introduction to Repairs vs. Improvements
    • (00:44) - Understanding the Basics of Repairs and Improvements
    • (01:42) - Real Estate and Vehicle Examples
    • (04:30) - IRS Guidelines and Treasury Decision 96-36
    • (06:53) - Case Study: Rental Property Repairs
    • (18:39) - Determining Repairs vs. Improvements
    • (39:05) - Safe Harbors for Taxpayers
    • (55:57) - Conclusion and Key Takeaways

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of the Earmark Media
    Show More Show Less
    56 mins
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