With the Trump administration's "Big Beautiful Bill" working its way through Congress, Greg Reed joins us to discuss expected tax changes including:

• Overview of the "Big Beautiful Bill"
• SALT Deduction and Tax Benefits
• Bonus Depreciation and Section 179
• Tips, Medicaid, and Clean Energy Changes
• Key Takeaways and Quarterly Reminders

Reach Greg Reed at greed@smartbookstax.com or book a meeting with him at smartbookstax.com

Send us a text

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

In this episode, Cal sits down with tax expert Greg Reed to uncover hidden risks that business owners often miss when it comes to payroll tax withholding. As your income shifts, whether from business profits, life changes, or other sources, your W2 withholding may no longer be enough. Without regular adjustments, this can lead to surprise tax bills, penalties, or even overpayments. Greg explains why reviewing your withholding yearly (ideally in January) is essential, especially after major life or income changes. He also dives into strategies like year-end bonus withholding to avoid penalties, though these come with extra payroll taxes. Plus, state tax requirements often differ from federal, adding complexity. Bottom line? Staying proactive with your payroll tax planning can help avoid surprises, keep your cash flow healthy, and protect your business from costly mistakes.

Main Takeaways:

• Withholding errors can lead to surprise tax bills and penalties.
• Life and business changes (new business income, marriage, etc.) require withholding updates.
• Year-end bonus withholding can help avoid penalties, but increases payroll taxes.
• State and federal withholding rules can differ.
• Reviewing your withholding annually is smart and prevents surprises.
• Working with your CPA or using IRS tools can make adjustments easier

Reach Greg Reed at greed@smartbookstax.com or book a meeting with him at smartbookstax.com

Send us a text

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/

Think tax season is over? Think again. In this episode, Cal sits down with tax expert Greg to talk about what savvy business owners should be doing after April 15th. From maximizing deductions to planning for upcoming tax law changes, this conversation is packed with insights for those who want to stay ahead—not just compliant.

Greg shares real-world strategies to avoid tax-time surprises, reduce penalties, and keep more of your hard-earned cash. Plus, he breaks down estimated taxes, business structure reviews, and how to fund retirement accounts strategically. He even clears up myths around the home office deduction and reveals a powerful state tax workaround that may not be around forever.

If you’ve ever felt blindsided by a big tax bill or waited too long to make tax-saving moves, this is your wake-up call.

If you’re serious about running a healthy business that’s profitable yet doesn't drown you in taxes, don’t miss this episode.

• Why tax planning is a year-round sport
• What the IRS won’t tell you about extensions and penalties
• A simple strategy to make home office deductions easy and audit-proof
• When to talk to your CPA (hint: now!)
• How the “Pass-Through Entity Tax” workaround can save you thousands

Reach Greg Reed at greed@smartbookstax.com or book a meeting with him at smartbookstax.com.

Send us a text

Thanks for listening!

Host Cal Wilder can be reached at:
cal@empoweringhealthybusiness.com
https://www.linkedin.com/in/calvinwilder/