Your Tax Questions Answered (with Kim Padgitt & Julie Pesek)

Guests: Kim Padgitt & Julie Pesek
Business: The Tax Advantage LLC
Website: http://taxadvantagellc.com
Bio: Kim West Padgitt is the President and Managing Principal of The Tax Advantage, LLC. Kim started the firm out of a desire to help those under-served by typical accounting and tax firms. She graduated from Indiana Wesleyan with a degree in Business Management and Accounting, sat for and passed the Enrolled Agent exam in 1991, and has been an Enrolled Agent for 25 years. Julie joined The Tax Advantage, LLC in 2019 as Vice President and Principal. She brings a diverse background from different industries and roles, including public accounting, which serves as an asset to our client portfolio. 

  • Background on Kim & Julie
  • What are you reading right now?
  • Can we get a refresher on the way different investment accounts are taxed? Traditional IRA, Roth IRA and taxable brokerage account?
  • As a business owner, what are some of the best ways to reduce the amount of taxes I owe?
  • I thought my tax bill was going to decrease with the new tax laws. I was told there would be a tax cut for most people. So why is my return showing a tiny refund, or even an amount due?
  • I heard that small business owners can’t deduct meals and entertainment anymore. Is that true?
  • I am a solo business owner with a Solo 401(k) plan. Which account should I be using to make contributions: business bank account or personal bank account?
  • Should I take the standard deduction or itemize
  • I’m a business owner that makes quarterly estimated tax payments. Should I make these payments out of my business bank account or my personal bank account? Does the answer change if I have more than one business?
  • What’s the difference between a tax credit and a tax deduction?
  • Closing question: what does “wealth” mean to you?

Intro/outtro music credit: eccentric - I Can Show You [Argofox Release] by Argofox