36 Chambers of Taxes

Mar 22 2024

36 Chambers of Taxes Podcast artwork

I bomb atomically, Socrates' philosophies and hypotheses
Can't define how I be droppin' these mockeries
Lyrically perform armed robbery
Flee with the lottery, possibly they spotted me

- Triumph, Song by Wu-Tang Clan

Welcome to the 36 Chamber of Taxes! Lets be honest, listening to taxes is as boring as it gets. However, you can't be taken seriously about wealth building if you disregard learning about tax resolution and minimization strategies. Our goal is to creatively share the tax knowledge of Jamaal "Crypto J" Solomon. Jamaal has over 20 years of tax experience. Jamaal is an Enrolled Agent and founder of J.S. Tax Corporation (www.jstaxcorp.com). An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Enrolled agent status is the highest credential the IRS awards.

Together WE will:

1. Learn how to legally reduce your taxes.

2. Learn how to resolve your tax debts.

3. Learn how to communicate with the government

4. Learn how to communicate to your tax accountant.

5. WIN!!!!

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Donate and repurchase

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Typically, tax laws prevent investors from selling shares and repurchasing the same stock within 30 days. But when you donate your shares, you can immediately repurchase the same stock at its fair market value, resetting your shares at a higher cost basis. In this episode, we will learn the tax minimization strategy of donating and repurchasing stock.My name is Jamaal “Crypto J�

Think about harvesting losses

Mar 20 2024 6 mins

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Make gifts to your family

Mar 18 2024 5 mins

Any gift may be taxable, but the recipient of the gift does not have to pay the gift tax. The person who gives you the gift needs to file a gift tax return if it’s more than the $18,000 annual exclusion. This amount usually increases every year. In this episode, we will learn the tax consequences of making gifts to your familyMy name is Jamaal “Crypto J” Solomon, founder of J

Consult a Tax Advisor

Mar 15 2024 6 mins

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Pay Down Your Debt

Mar 13 2024 6 mins

Though personal loans are not tax-deductible, other types of loans are. Interest paid on mortgages, student loans, and business loans often can be deducted on your annual taxes, effectively reducing your taxable income for the year. In this episode, we will learn the tax benefits of paying down your debts.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corporation. Th

Check If You’re Eligible for Penalty Relief

Mar 11 2024 5 mins

You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. If you received a notice or letter, verify the information is correct. If the information is not correct, follow the instructions in your notice or letter. In this episode, we will learn why you should check if you're eligible for penalty relief.My name

Write Off Bad Debts

Mar 08 2024 5 mins

Generally, to deduct a bad debt, you must have previously included the amount in your income or loaned out your cash. If you're a cash method taxpayer, you generally can't take a bad debt deduction for unpaid salaries, wages, rents, fees, interests, dividends, and similar items of taxable income. In this episode, we will learn why you should write off bad debts.My name is Jamaal �

Hire Your Spouse or Children

Mar 06 2024 5 mins

One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. If you are a sole proprietor or have a partnership with your spouse and your child is age 17 or younger, the IRS says you don't need to pay Social Security, Medicare, or FUTA (unemployment) tax on

Don’t Ignore Carryover Deductions

Mar 04 2024 6 mins

A tax loss carryforward (or carryover) is a provision that allows a taxpayer to move a tax loss to future years to offset a profit. The tax loss carryforward can be claimed by an individual or a business to reduce any future tax payments. In this episode, we will learn about why not to ignore carryover deductions.My name is Jamaal “Crypto J” Solomon, founder of J.S. Tax Corpora

Write Off Your Gambling Losses

Mar 01 2024 6 mins

You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. In this episode, we will learn about how to write off your gambling losses.My name is Jamaal “Crypto J” Solomon, founder of J.S. T