Black Pros On Money, Honey!
By Wayne Scully, CPA and Tax Master Attorney
The Black Pros On Money, Honey! is a frank discussion that provides the very best information on Tax Strategy, insights for Financial literacy and developments in the technology behind these sectors.
Each week, you hear first hand accounts from seasoned practitioners, who provide no-B.S. answers to your biggest questions, new perspectives on how professionals create narratives that address tax/financial issues, or just simple information to keep you informed & proactive when it comes to money matters.
Welcome to the show in the know, Where none of us, Are smarter than All of us.
Black Pros On Money, Honey! Aug 04, 2022
00:00
46:38
New $10K Auto Loan Interest Deduction — Who Qualifies & How to Claim It
The One Big Beautiful Bill of 2025 created a brand-new deduction: up to $10,000 a year in interest on qualifying new auto loans. But it’s not for everyone.
In this episode, Wayne Scully, CPA, and Vernon Mann, Esq., explain:
✅ Who qualifies under the new law
✅ Why the vehicle must be new and U.S.-assembled
✅ Income phase-out rules
✅ How to claim it — even if you don’t itemize
✅ Common traps that could cost you the deduction
This deduction is only available from 2025 through 2028 — don’t miss your window.
Aug 19, 202529:00
SALT Workarounds: Tax Hacks for High Earners & Entrepreneurs
In this episode of Black Pros on Money, Honey, V. Mann and Wayne Scully dive into SALT (State and Local Tax) workarounds—smart strategies that high-income individuals and business owners can use to reduce their tax burden. We explore the latest tax planning insights, common pitfalls, and practical tips to keep more of your hard-earned money. Whether you’re a seasoned entrepreneur or just starting out, these strategies could help you save big.
Aug 07, 202530:00
The Big Beautiful Bill of 2025 - NEW $40,00 SALT deduction
The Big Beautiful Bill of 2025 just quadrupled the SALT deduction cap — jumping from $10,000 to $40,000 through 2029. But high earners, don’t celebrate too fast: the benefits phase out once your income passes $500,000.
In this episode of Black Pros on Money, Honey, co-hosts Vernon & Wayne break it all down:
Who benefits most from the new SALT rules
How the $500K+ phase-out works
Timing strategies to maximize your deductions
Why homeowners and professionals in high-tax states still need careful planning
What could happen when this provision sunsets in 2029
🎧 Tune in to see if these changes could save you thousands
Jul 29, 202528:23
No More Tax on Tips? What the 2025 Law Really Says
A groundbreaking new tax law signed on July 4, 2025 could change everything for service workers: tips may no longer be considered taxable income — if certain conditions are met.
In this episode, Wayne Scully, CPA, breaks down:
✅ What kinds of tips are now tax-free
✅ Who qualifies under the new 2025 law
✅ What employers need to know
✅ Planning opportunities for workers in restaurants, salons, delivery, and beyond
Whether you earn tips or manage tipped employees, this episode will help you make sense of the changes — and avoid costly mistakes.
Jul 18, 202528:04
Passport Revocation due to serious tax debt
In this episode of Black Pros on Money, Honey, Wayne Scully, CPA, and Vernon L. Mann, Esq. break down a little-known IRS enforcement tool: passport revocation due to serious tax debt.
Yes, the IRS can block or revoke your passport if you owe too much—and many taxpayers don’t even know it until it’s too late.
🎯 We break down:
How much debt triggers passport action
What IRS notices to watch out for
How to resolve your case before it affects your right to travel
Real talk on strategy, appeals, and client rights
What to do if your travel is already blocked
If you owe back taxes or represent clients who do, this is an episode you can’t afford to miss.
🎧 Tap in and learn how to protect your freedom—financial and physical.
Jul 10, 202529:54
How to Build a Trust — Even If You’re Not Rich
In this episode of Black Pros on Money, Honey!, your favorite tax experts break down a topic many people think is only for the wealthy — trusts. Wayne Scully, CPA, joins Tax Master Attorney to bust myths and explain how everyday people with modest assets can still benefit from setting up a trust. Whether you're protecting your home, caring for your kids, or just planning ahead, this episode will show you why a trust isn’t just for millionaires.
💡 Top Tax Topic: Creating a trust on a budget
👥 Guest: Wayne Scully, CPA — Real Estate Pro & Tax Strategist
📌 Key Takeaways:
What a trust is and what it isn’t
How much money you actually need to start one
Why even renters or folks without kids should care
Real-life examples of how trusts protect families and assets
🎧 Tap in and level up your tax game — because “none of us are smarter than all of us.”
Jun 29, 202538:44
Tax Resolution Companies Part 1
Welcome to Black Pros On Money Honey
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is about Tax Resolution Companies Part 1
Listen to this show if you'd like to know how to manage your expectations when it comes to Tax Resolution Companies
Jun 20, 202537:17
AI and The Accounting Industry
Welcome to Black Pros On Money Honey
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is about AI and The Accounting Industry
Jun 09, 202527:07
WHAT YOU WANT TO KNOW GOING TO LAW SCHOOL IN 2025
Welcome to Black Pros On Money Honey
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is about WHAT YOU WANT TO KNOW GOING TO LAW SCHOOL IN 2025.
May 29, 202523:53
NYS Residency Trap
Welcome to Black Pros On Money Honey
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is about NYS Residency Trap
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is about NYS Residency Trap
May 23, 202526:47
The 2024 Tax Season Recap Part 2
Today's episode is our 2nd show of 2025! It deals with a recap of the 2024 tax season. Thank you for rejoining us.
May 14, 202521:30
The 2024 Tax Season Recap Part 1
Welcome to Black Pros On Money Honey and our 1st Episode of Season 4.
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is our very 1st show of 2025! It deals with a recap of the 2024 tax season. Thank you for rejoining us.
This is the show Where None of Us Are Smarter Than All of Us!
Today's episode is our very 1st show of 2025! It deals with a recap of the 2024 tax season. Thank you for rejoining us.
May 08, 202530:15
2024 Season 3 Episode Finale
Welcome to our 2024 Season 3 Finale episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is where we close out the season and get ready for the upcoming season with some doses of information that can possibly help your situation. You'll learn that and more on this can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Dec 29, 202432:33
GETTING READY FOR 2025 TAX FILING SEASON
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is GETTING READY FOR 2025 TAX FILING SEASON. From creating an online IRS account to reviewing life changes over the past year. Staying informed is absolutely paramount and that includes keeping up with the details of your tax account. You'll learn that and more on this
can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Dec 19, 202432:45
BOIR Injunction Should Tell You Something
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is How The BOIR Injunction Should Tell You Something. The government has been ordered to cease from making companies reveal who the true owners are. How come this case speaks volumes? Because it will almost set a precedent. Whether you choose to Boycott or not, the issue is - is the public entitled to know who owns your business? This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Dec 11, 202434:40
Understanding Internal Revenue Code Section 179 Deduction
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is Understanding Internal Revenue Code Section 179 Deduction. Let me tell you something. Before you own a business you want to first understand the Section 179 deduction. This section of the code is a tax deduction that allows businesses to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. This deduction is designed to encourage businesses to invest in themselves by making it more financially feasible to purchase necessary equipment. This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Nov 15, 202453:57
IRS Increases Some of Their User Fees.
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is IRS Increases Some of Their User Fees.
It's important to note that IRS user fees and structures can change, so it's always best to check with your tax professional. Or, if you want, you can comb through the IRS website and then feel free to look up any changes on your own. This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
It's important to note that IRS user fees and structures can change, so it's always best to check with your tax professional. Or, if you want, you can comb through the IRS website and then feel free to look up any changes on your own. This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Oct 04, 202427:03
V.P. Harris Proposed Presidential Economic Playbook
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is Presidential Playbook: Unpacking The Economic Proposals of Both President Candidates (Part 2 of 2). This show is V.P. Harris economic playbook and what she is proposing for her economic agenda. This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Sep 25, 202438:53
The Proposed Presidential Economic Playbook
Welcome to another episode of Black Pros On Money Honey where none of us are smarter than all of us. Today's show is Presidential Playbook: Unpacking The Economic Proposals of Both President Candidates (Part 1 of 2). This show is about former President Trump and what is proposing for his economic agenda. This is another can't miss episode of Black Pros On Money Honey, where none of us are smarter than all of us!
Sep 18, 202427:51
New ERC Deadline of November 22, 2024 Is Quickly Approaching
Welcome to Another Episode of Black Pros On Money Honey - Where none of us are smarter than all of us. Today's episode is extra beneficial because it offers you facts and dates that we hope you appreciate too. While the opportunity is terrific, the information we're offering on this episode is deadline specific. The Employee Retention Credit is a helluva credit if you can get it! The question is what is it that you voluntarily agree to disclose and once you disclose it is the case closed? So sit back because we're going to talk about that on this week's can't-miss-episode of Black Pros On Money Honey - Where none of us are smarter than all of us.
Sep 10, 202429:55
IRS Account Monitoring
Welcome to Another Episode of Black Pros On Money Honey - Where none of us are smarter than all of us. Let's begin by saying we are focusing today's show on monitoring our clients' IRS tax transcripts. Here is where we can make you aware of notices and other issues before the client receives that dreaded love letter from your silent partner - The IRS. Oftentimes this improves the clients' understanding of the position they're in. For show, this is like having a crystal ball that tells you all you need to know. Before you get it, we step in and explain the notice so you will know where your energy needs to be focused. In 95% of the cases, we can detect IRS exams and CP2000 notice six months in advance. One of the biggest benefits to all of this is identifying unreported income as early as May instead of waiting hoping you don't get that IRS letter one day. So sit back because we're going to talk about that on this week's can't-miss-episode of Black Pros On Money Honey - Where none of us are smarter than all of us.
Aug 25, 202443:25
Talking Tax Tips To Help New College Graduates, Part 2
Welcome to Another Episode of Black Pros On Money Honey - Where none of us are smarter than all of us. Let's begin by saying if you are a new graduate listening to this episode, I'd like to first begin by saying congratulations! This is Pt 2 of a two part life-changing conversation. With such a voluminous amount of information, we couldn't fit it all into one show so we had to extend it because the info is just that valuable plus it's something you absolutely, positively need to know. So sit back and listen to Part 2 and hopefully you'll learn something new on this week's can't-miss-episode of Black Pros On Money Honey - Where none of us are smarter than all of us.
Aug 11, 202424:32
Talking Tax Tips To Help New College Graduates
Welcome to Another Episode of Black Pros On Money Honey - Where none of us are smarter than all of us. Let's begin by saying if you are a new graduate listening to this episode, I'd like to first begin by saying congratulations! This is Pt 1 of a two part life-changing conversation. With such a voluminous amount of information, we could not fit it all into one show so we had to extend it because the info is just that valuable plus it's something you absolutely, positively need to know. So sit back because we're going to talk about that on this week's can't-miss-episode of Black Pros On Money Honey - Where none of us are smarter than all of us
Jul 28, 202423:14
B O I R UPDATE NEW LAW MAY 2024
Welcome to Another Episode of Black Pros On Money, Honey.Where none of us are smarter than all of us.
Today's show is on updated information about a new law that very few of you have heard of before. It’s called BOIR - Beneficial Ownership Information Report (BOIR).
The Treasury Department is the agency requiring information on you and your company. This is the same agency who regulates the IRS. This is another can't miss episode.
Today's show is on updated information about a new law that very few of you have heard of before. It’s called BOIR - Beneficial Ownership Information Report (BOIR).
The Treasury Department is the agency requiring information on you and your company. This is the same agency who regulates the IRS. This is another can't miss episode.
May 24, 202427:25
Part 2 of season in review- The Tale of Your 3 BUCKETS
Welcome to the 2nd Episode of the 3rd Season of Black Pros On Money, Honey! This is the 2nd part to a two part show where we hope to keep you informed, and perhaps even mildly entertained with a frank discussion regarding a review of the 2024 Tax Season.
May 17, 202437:35
Review of 2024 tax season, Pt. 1 of 2
Welcome to the 1st Episode of the 3rd Season of Black Pros On Money, Honey! This is the 1st part to a two part show where we hope to keep you informed, and perhaps even mildly entertained with a frank discussion regarding a review of the 2024 Tax Season.
May 05, 202430:34
Why Succession Planning Is A Must Part 6
Today's episode deals with the final stage of The Succession Plan - Sales, Gifts & Inheritances.
No matter how late or early it is, it's almost never too late to talk about something like this.
We go into that and so much more on this final show for Season 2 of Black Pros On Money, Honey - where none of us are smarter than all of us!
Look for us again in late April/Early May for Season 3 in 2024.
Thanks for going with us where others wouldn't dare and because of that we wish you and your family a Happy New Year.
P.E.A.C.E. = Proper Education Always Corrects Error
Jan 01, 202416:21
Planning Is A Must Part 5
Today's episode deals with entity-purchase agreement which controls the reassignment of ownership interest in a company in the event that a partner dies or otherwise leaves. We go into that and so much more on this can't miss episode of Black Pros On Money, Honey - where non of us are smarter than all of us!
Dec 27, 202314:49
Why Succession Planning Is A Must Part 4
Today's episode deals with partners and succession planning. The episode also goes into the type of agreement to protect partners. We go into that and so much more on this can't miss episode
Dec 21, 202316:35
Why Succession Planning Is A Must Part 3
Today's episode deals with choosing someone to succeed you based on good judgment. This episode also goes into creators and influences and their need to know the importance of Digital Estate Plans. We go into that and so much more on this can't miss episode.
Dec 21, 202311:03
Why Succession Planning Is A Must Part 2
Today's episode comments on P. Diddy in terms of having a succession in place just in case. It's relevant in terms of ensuring that the most qualified individuals are ready to take leadership roles when needed. We also go into what is a Morals Clause and how it generally grants employers the exclusive right to end a contract in the event an employee engages in behavior that may be harmful to the employer's image. We go into that and so much more on this can't miss episode.
Dec 04, 202315:16
BUSINESS SUCCESSION PLANNING PART1
Welcome to Another Episode of Black Pros On Money Honey, Where none of us are smarter than all of us!
Today's show will be the beginning of a conversation as to why Succession Planning is a must and something that all black-owned businesses should be prepared to discuss. We will also talk about the only 4 types of businesses Black were allowed to have right after slavery. We'll talk about that and so much more on this can't miss episode of Black Pros On Money Honey, Where none of us are smarter than all of us!
Today's show will be the beginning of a conversation as to why Succession Planning is a must and something that all black-owned businesses should be prepared to discuss. We will also talk about the only 4 types of businesses Black were allowed to have right after slavery. We'll talk about that and so much more on this can't miss episode of Black Pros On Money Honey, Where none of us are smarter than all of us!
Nov 23, 202319:33
File Taxes Directly With The IRS - IRS Direct File
Welcome to Another Episode. Today's show is on IRS Direct File.The IRS has a new tax service called Direct File. This is a system that allows you to upload & file your documents directly online for free. We’re going to talk about that on this week's Episode of Black Pros On Money Honey. Where none of us are smarter than all of us.
Nov 15, 202330:25
The United States and Quantum Information Science.
Welcome to Another Episode. Today's show is on Quantum Computing. President Biden signed a Presidential directive that will advance national initiatives in quantum information science (QIS) signaling the Biden-Harris Administration’s commitment to this critical and emerging technology. This directive attempts to mitigate the risks that quantum computers pose to America’s national and economic security. We’re going to talk about that on this week's Episode of Black Pros On Money Honey. Where none of us are smarter than all of us
Nov 03, 202312:52
Beneficial Ownership Information (BOI) Reporting
Today's show is about a new law that you probably never heard of before. If you own an LLC, I'm not going to lie to you. Most likely, this new law will apply to you. It's called BOI or Beneficial Ownership Information Reporting. Unlike many other laws, here the difference is this law comes with stiff jail sentences. More importantly, it's not coming from the IRS. This is another can't miss show that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Oct 25, 202328:14
The Final of a 6 Part Series
Description of Episode:
Today's show is the final of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers form 1099-S, Proceeds from Real Estate Transactions. This is another can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Today's show is the final of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers form 1099-S, Proceeds from Real Estate Transactions. This is another can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Oct 21, 202318:20
TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE
Today's show is the 5th of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers Depreciation & Recapture. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Oct 12, 202318:59
TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE
Today's show is the 4th of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode covers the law after 2008. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Oct 03, 202313:01
CONVERTING A RENTAL Part 3
Today's show is the 2nd of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode contains the meat and potatoes surrounding this issue. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Sep 29, 202312:09
CONVERTING A RENTAL
Today's show is the 2nd of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode contains the meat and potatoes surrounding this issue. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Sep 22, 202331:40
Pt 1 Sale of a Rental Property Converted to a Personal Residence
Today's show is the 1st of a 6 part series looking at TAX ISSUES WHEN CONVERTING A RENTAL TO YOUR PERSONAL RESIDENCE. This episode is geared to those who've always enjoyed being self employed. This is a can't miss episode that you're sure to learn a few things from. Thanks again for listening to another episode of Black Pros On Money Honey, Where none of us are smarter than all of us.
Sep 14, 202326:23
A Pro-se Tried To Contest The IRS And Ended Up in A Mess
Welcome to Another Episode.
Today's show is how a Pro se Tried To Contest The IRS And The Whole Thing Ended Up Being A Mess.
The opposite of Pro se is having a representative represent you.
Our suggestion is anytime your matter gets before the Tax Court, don’t sell yourself short. Do yourself a favor and reach out to an EA, CPA, or Atty for support.
Which is why we are elated when you can stop by and listen in on some of our thoughts here on another episode of Black Pros On Money, Honey. Where none of us are smarter than all of us!
Today's show is how a Pro se Tried To Contest The IRS And The Whole Thing Ended Up Being A Mess.
The opposite of Pro se is having a representative represent you.
Our suggestion is anytime your matter gets before the Tax Court, don’t sell yourself short. Do yourself a favor and reach out to an EA, CPA, or Atty for support.
Which is why we are elated when you can stop by and listen in on some of our thoughts here on another episode of Black Pros On Money, Honey. Where none of us are smarter than all of us!
Aug 30, 202338:25
Crypto, IRS and Social Media
Welcome to Another Episode of Black Pros On Money Honey,
Where none of us are smarter than all of us. This episode is an extension from last week. Except today we go into detail with crypto and what the IRS is allowed to do under their own Internal Revenue Manual regarding their social media policy, IRM 10.8.27. This is another can't miss episode of Black Pros On Money Honey,
Where none of us are smarter than all of us.
Where none of us are smarter than all of us. This episode is an extension from last week. Except today we go into detail with crypto and what the IRS is allowed to do under their own Internal Revenue Manual regarding their social media policy, IRM 10.8.27. This is another can't miss episode of Black Pros On Money Honey,
Where none of us are smarter than all of us.
Aug 22, 202334:49
Why Is The IRS Looking at Your Social Media Page?
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Did you know how much information the IRS can glean from watching your social media screen?
Besides it being a good question, I can almost guarantee that's a question that you'd like to know the answer to.
The Internal Revenue Service (IRS) is rumored to be developing software to gather social media information in conjunction with other information such as credit card statements, bank accounts, investments, property ownership, etc. to form a comprehensive financial picture of each U.S. taxpayer. This information can then be used to investigate whether filed tax returns might be missing reportable income or overstating reported expenses, giving the IRS a list of taxpayers who should be audited. We’re going to talk about that on this week's Episode of Black Pros On Money Honey. Where none of us are smarter than all of us.
Aug 16, 202328:47
IRS HALTS UNANNOUNCED VISITS
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us.
Today's show will look at the IRS as it halts most unannounced visits to taxpayers homes and buildings citing safety concerns. Today's show is definitely an epic one
Aug 09, 202323:20
ARTISTS SELLING THEIR CATALOGS
Welcome to another episode of Black Pros On Money, Honey.
Where none of us are smarter than all of us!
Today's show is part 2 toward an effort to answer why so many artists are selling their catalogs. As we mentioned last week, the recent tax law changes are in fact the culprit. This week we will get into the numbers of why this is so true. This is yet another can’t miss episode of it Black Pros On Money, Honey. Where None of Us Are Smarter Than All Of Us.
Where none of us are smarter than all of us!
Today's show is part 2 toward an effort to answer why so many artists are selling their catalogs. As we mentioned last week, the recent tax law changes are in fact the culprit. This week we will get into the numbers of why this is so true. This is yet another can’t miss episode of it Black Pros On Money, Honey. Where None of Us Are Smarter Than All Of Us.
Aug 02, 202312:08
Entertainers Who Sold Their Residuals, Royalties, and Catalogs.
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Today's show is Pt 1 toward an effort to answer the question of
Why are so many artists selling their catalogs?
Well it appears it’s due to recent tax law changes of which the financial implications for content creators are significant. The thing is, the recent tax law expires in 2025 and rates are predicted to go higher from here.
Therefore, the artists are left with a classic decision.
That decision is to hold on to their catalog and pay a hefty ordinary income tax at "up to" 37% (and possibly higher when the tax law changes) on future royalties, or just say forget it and sell the whole kit and caboodle to the highest bidder and pay a one-time capital gains tax of 20%, at most, and simply be done with it. The question is if you were the artist, what would you do? If I were a betting man, I'm predicting more artists will choose to sell their catalogs before that 2025 deadline. Stay tuned for this and much more on another can't miss episode of Black Pros On Money, Honey.
Where none of us are smarter than all of us!
Where none of us are smarter than all of us
Today's show is Pt 1 toward an effort to answer the question of
Why are so many artists selling their catalogs?
Well it appears it’s due to recent tax law changes of which the financial implications for content creators are significant. The thing is, the recent tax law expires in 2025 and rates are predicted to go higher from here.
Therefore, the artists are left with a classic decision.
That decision is to hold on to their catalog and pay a hefty ordinary income tax at "up to" 37% (and possibly higher when the tax law changes) on future royalties, or just say forget it and sell the whole kit and caboodle to the highest bidder and pay a one-time capital gains tax of 20%, at most, and simply be done with it. The question is if you were the artist, what would you do? If I were a betting man, I'm predicting more artists will choose to sell their catalogs before that 2025 deadline. Stay tuned for this and much more on another can't miss episode of Black Pros On Money, Honey.
Where none of us are smarter than all of us!
Jul 26, 202314:16
CAN CHAT GBT PREPARE YOUR TAX RETURN
Welcome to Another Episode of Black Pros On Money, Honey!
Where none of us are smarter than all of us
Today's show asks the question of Will Artificial Intelligence (Chat GBT) Be Able to Prepare Our Tax Returns? We're going to talk about why Routine (Mundane)
tasks may be at risk and why Tax Planning (Creativity) is safe and sound, for now. We're going to talk about this and so much more coming up on another can't miss episode of Black Pros On Money, Honey! Where none of us are smarter than all of us.
Jul 12, 202323:37
Violation 1001: For Tax Purposes, It's An Obscure Law Many have never heard of before
Welcome to Another Episode of Black Pros On Money Honey Where None of Us Are Smarter Than All of Us. On today's episode we’re going to talk about the IRS with respect to “FALSE STATEMENTS, CONCEALMENT—18 U.S.C. § 1001.” This is something most taxpayers miss when they’re talking to the IRS either in person or on the phone. It is because of this obscure law (one many have never heard of before) that we highly suggest you have your representative speak with the IRS directly, and not you. I hope you’re ready for another can’t miss episode of Black Pros On Money, Honey!
Jul 08, 202321:10
Children, Taxes, & The Question Their Parents Ask Us
Welcome to Another Episode of Black Pros On Money Honey
Where none of us are smarter than all of us
Today's episode will go into your child's most important tax return. It is going to be their very first tax return. This return comes with an opportunity to develop some good habits and possibly create a path toward a better relationship with their silent partner, THE IRS. You guessed it. This is another can't miss episode that's sure to be excellent!
Jun 28, 202317:11