Tax Masters

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Tax Masters

Kristy Pack

16 episodes

2 weeks ago

FAQ: What is a trust tax return, and who actually has to file Form 1041? Main Objective: Master the basics of trust and estate income tax returns — when a trust needs to file Form 1041, key deadlines, what income is taxable at the trust level vs. distributed to beneficiaries, and the must-have info your client needs to provide. Description: In Episode 16 of Tax Master’s Podcast, we break down Form 1041 fundamentals checklist of documents and data every trust client must bring you before yo...

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FAQ: What is a trust tax return, and who actually has to file Form 1041? Main Objective: Master the basics of trust and estate income tax returns — when a trust needs to file Form 1041, key deadlines, what income is taxable at the trust level vs. distributed to beneficiaries, and the must-have info your client needs to provide. Description: In Episode 16 of Tax Master’s Podcast, we break down Form 1041 fundamentals checklist of documents and data every trust client must bring you before yo...

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Episodes (16/16)

Tax Masters

Episode 16: Trust Tax Return Basics

FAQ: What is a trust tax return, and who actually has to file Form 1041? Main Objective: Master the basics of trust and estate income tax returns — when a trust needs to file Form 1041, key deadlines, what income is taxable at the trust level vs. distributed to beneficiaries, and the must-have info your client needs to provide. Description: In Episode 16 of Tax Master’s Podcast, we break down Form 1041 fundamentals checklist of documents and data every trust client must bring you before yo...

2 weeks ago

32 minutes

Tax Masters

Episode 15: Nonprofit Tax Returns

FAQ: Which tax return does a nonprofit need to file, and how is this different from other entities? Main Objective: Master when a nonprofit files Form 990-N, 990-EZ, or full 990 — plus the key info every nonprofit client must have ready before tax season. Description: In Episode 15 of Tax Master’s Podcast, we cover the three 990 flavors (990-N e-postcard, 990-EZ, and full 990), gross-receipts thresholds, who qualifies as a church (no filing!), public support test basics, and the exact schedul...

2 weeks ago

24 minutes

Tax Masters

Episode 14: 1040 Intermediate Topics Part 2

FAQ: What are the top intermediate 1040 pitfalls on noncash donations, SALT cap, gambling income, and Alaska PFD? Main Objective: Master Schedule A rules to maximize deductions and avoid audits. Description: In Episode 14 of Tax Master's Podcast, we cover noncash contributions, $10K SALT cap, gambling income, and Alaska PFD. Quick examples, citations, and red flags included.

1 month ago

31 minutes

Tax Masters

Episode 13: 1040 Intermediate Topics Part 1

FAQ: What are the top intermediate 1040 pitfalls on sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions? Main Objective: Master IRS rules to report these four issues accurately and avoid penalties. Description: In Episode 13 of Tax Master's Podcast, we cover sales spiffs, installment sales, backdoor Roths, and taxable HSA distributions. Quick examples, citations, and red flags included.

1 month ago

22 minutes

Tax Masters

Episode 12: Rental Properties

FAQ: Where and how do I report rental property income? What are the different types of rentals? What are the most common things I need to know? Main Objective: Equip you with the knowledge to accurately report rental income, understand the different types of rental activities, and master the essential rules to stay compliant and minimize tax surprises. Description: In this episode of Tax Masters, we dive into the essentials of rental properties, breaking down where and how to report income, t...

1 month ago

39 minutes

Tax Masters

Episode 11: S Corps & Wages

FAQ: Do I need a W-2 with an S Corp? How much should the wage be? When do I NOT need a wage? Main Objective: Equip you with the knowledge to understand when, why, and how S Corps must report wages, ensuring compliance and optimizing tax strategies for business owners. Description: In this episode of Tax Masters, we dive into the essentials of S Corps and wages, breaking down key requirements, common pitfalls, and practical guidance to help you navigate reporting obligations confidently.

2 months ago

31 minutes

Tax Masters

Episode 9: 1040 FAQs: Part 2

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description: In Episode 9 of Tax Masters, we wrap up our three-part series tackling the most common 1040-related questions taxpayers ask.

2 months ago

58 minutes

Tax Masters

Episode 10: 1040 FAQs: Part 3

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description: In Episode 9 of Tax Masters, we wrap up our three-part series tackling the most common 1040-related questions taxpayers ask.

2 months ago

40 minutes

Tax Masters

Episode 8: 1040 FAQs: Part 1

FAQ: What are the most common tax questions taxpayers ask about the 1040 form, and how can I answer them confidently? Main Objective: Prepare you to address the most frequent taxpayer questions about the 1040 form with clear, accurate answers to enhance client trust and compliance. Description: In Episode 8 of Tax Masters, we kick off a two-part series tackling the most common 1040-related questions taxpayers ask.

2 months ago

31 minutes

Tax Masters

Episode 7 - Cost of Goods Sold (COGs)

FAQ: What are COGs, and why do I need to identify them and report them differently than other expenses? And where do I do this? Main Objective: Learn how to identify expenses that need to be reported as COGs and where to report them on the different tax forms. Description: In Episode 7 of Tax Masters, we unpack the essentials of Cost of Goods Sold (COGS), a key deduction for businesses that sell products. We explain how to calculate COGS, covering inventory costs, direct labor, an...

3 months ago

44 minutes

Tax Masters

Episode 6: Marriage, Divorce & Kids

FAQ: How do marriage, divorce, and kids affect income taxes? Main Objective: Teach you how to navigate the tax implications of marriage, divorce, and children, focusing on filing status, dependency claims, and maximizing credits for the 2025 tax year. Description: This episode explores how marriage, divorce, and children influence income tax returns. We cover filing statuses (Married Filing Jointly, Married Filing Separately, Head of Household, Qualifying Widow(er)), rules for claiming ...

3 months ago

54 minutes

Tax Masters

Episode 3: 1040 with Multiple States

FAQ: How do I handle filing a 1040 when my client lives or works in multiple states? Do I have to file all of these? Main Objective: Help you understand the complexities of multi-state 1040 filings - residency vs income from other states, etc. Description: In this episode, we dive into the challenges of filing a 1040 when clients live or work in multiple states. We break down the differences between residency changes and working across state lines, and explain how to handle various inco...

3 months ago

27 minutes

Tax Masters

Episode 5: Different Types of K1s - K1P, K1S, K1F

FAQ: What is the difference between the types of K1s? (Spoiler alert: it really matters! They are not taxed the same.) Main Objective: Teach you the basics of different K1 forms (K1P, K1F, K1S) and how to guide clients through their tax implications and reporting. Description: In this episode, we dive into the world of K1 forms, breaking down the differences between K1P, K1F, and K1S and their unique tax implications. We share strategies for reducing self-employment tax on K1P income and stre...

3 months ago

33 minutes

Tax Masters

Episode 4: Household Employees - Nanny Taxes!

FAQ: How do I handle taxes for household employees like nannies? Main Objective: Teach you the basics of how taxes are handled for household employees (spoiler alert: it’s way different than other 1099 contractors). Description: In this episode, we dive into the tricky world of household employee taxes, often called "nanny taxes." We clarify that the IRS treats nannies and similar household workers as employees, not 1099 contractors, and break down the role of Schedule H for employer taxes—pl...

3 months ago

13 minutes

Tax Masters

Episode 2: S Corp, LLC, or Schedule C..... Which entity structure is best for my client?

FAQ: Should my business be an S Corp or LLC? How should it file? Main Objective: Help you understand basic business entity structures and identify key indicators to guide clients on the best setup for their needs. Description: In this episode, we break down the essentials of business entity structures to help you guide clients with confidence. We explore how to choose between an S Corp or LLC, explaining how an LLC’s tax filing varies—Schedule C, 1120S, or 1065—based on its setup. We share wh...

3 months ago

1 hour 3 minutes

Tax Masters

Episode 1: Trust Tax Returns & K1F - When/What does a client need to file when they inherit something?

FAQ: I've inherited something, do I need to file a trust tax return? Main Objective: Equip you with the knowledge to guide clients on whether they need to file a trust tax return and understand K1F forms. Description: In this episode, Kristy Pack dives into the essentials of guiding clients who’ve inherited assets and are wondering if they need to file a trust tax return (Form 1041). She shares practical tips on spotting when a trust is involved, key questions to ask clients to determine if a...

3 months ago

28 minutes