Belk On Business

Welcome back to Belk on Business! I’m Josh Belk, and today’s episode is deeply personal and reflective. In light of the recent and tragic loss of Charlie Kirk, I take some time to unpack how his life and legacy speak directly to us—not only as business owners but as people of faith.From courage and conviction to daily disciplines and sacrificial leadership, this episode is about the values that outlast any business deal. If you’ve ever wondered how to integrate your faith into your leadership or how to lead your team with purpose, love, and integrity, this message is for you.3 Key TakeawaysOur Work Should Be Done Unto the Lord: As business owners who are believers, we’re called to serve with excellence—not just for clients, but to honor God in everything we produce.Forgiveness Is the Hardest—and Holiest—Leadership Act: Through the powerful example of Charlie’s wife extending forgiveness to her husband’s killer, we’re reminded of the strength it takes to truly live out our faith.Purpose-Driven Business Leaves

Welcome back to Belk on Business! I’m Josh Belk, and today we’re stepping away from our usual tax law breakdowns to talk about something just as essential—ethics and professionalism. Inspired by a deep dive into IRS Circular 230, I unpack three foundational principles that every business owner and professional should embody: competence, diligence as to accuracy, and handling conflicts of interest.This episode isn’t just for accountants—it’s for anyone who wants to lead their business with integrity, build trust, and make sharper decisions. If you’re serious about being the kind of leader people respect and rely on, this one’s for you.3 Key TakeawaysCompetence Builds Trust: It’s not just about passing tests—real competence means staying current, asking for help, doing the research, and being thorough in every process.Accuracy Demands Diligence: Whether you’re working with numbers or clients, accuracy starts with asking the right questions and ends with meticulous documentation and reasonable care.Conflicts of

Welcome back to Belk on Business! I’m Josh Belk, and in this episode, I wrap up our multi-week series covering the key provisions in the recently passed “Big Beautiful Bill.” From individual to business tax updates, I’ll walk you through the highlights that matter most as you start planning for the year-end and beyond.We cover changes to tax brackets, deductions, credits, and business incentives—including what’s been made permanent, what’s temporary, and what’s still waiting for IRS guidance. Whether you’re a high-income earner, small business owner, or advisor, this summary will help you stay ahead of the game as the 2025 tax landscape comes into view.3 Key TakeawaysPermanent Tax Policy Shifts: Lower tax brackets, standard deduction increases, and QBI deductions have been made permanent, along with notable changes to AMT and charitable deductions.Temporary Incentives to Leverage Now: Opportunities like the $6,000 senior deduction, $25K tip income deduction, and auto loan interest deduction are only available

We break down what Trump Accounts really offer (and where they fall short), and then dive into how developers, business owners, and investors can tap into tax credits tied to low-income housing, new markets, and opportunity zones.3 Key TakeawaysTrump Accounts Are Limited in Value: While they allow $5,000 in annual contributions and offer $1,000 from the government, they lack the flexibility and tax benefits of 529 plans or Roth IRAs.Low-Income Housing Tax Credits Encourage Long-Term Development: Developers maintaining affordable housing in distressed areas can receive substantial tax credits, often spread over 30 years.New Markets and Opportunity Zones Offer Strategic Incentives: Investors can claim up to 39% in tax credits over seven years for capital invested in qualified distressed communities—beyond just real estate.Episode Timeline & Highlights[0:00] – Introduction to today’s focus: Trump Accounts and community investment incentives[1:12] – What are Trump Accounts, and how do they work?[2:29] – Who q

Welcome back to Belk on Business! I’m Josh Belk, and in today’s episode, I’m diving into a new set of provisions from the recently passed “Big Beautiful Bill.” We’re shifting gears from the last few episodes and breaking down five key areas: tax relief on overtime pay, updated estate and gift tax exemptions, gambling deduction limits, changes to qualified small business stock, and updates to FMLA and meal deductions.Whether you’re an employer managing payroll, a high-net-worth individual planning your estate, or a business owner looking at stock-based growth, there’s something in here that can affect your planning and your bottom line. Let’s get into the details.3 Key TakeawaysNo Tax on Overtime (2025–2028): Employees in tip-eligible industries can deduct the overtime portion of their pay (above their normal rate) up to $12.5K (single) or $25K (joint), regardless of itemizing.Estate Tax Exemption Raised: The federal estate and gift tax exclusion jumps to $15M (plus inflation), giving families and high-net-wor

Welcome back to Belk on Business! I’m Josh Belk, and in this episode, we’re continuing our series on the recent legislative updates within the “Big Beautiful Bill.” Today, I’m breaking down two major topics that will impact a wide range of business owners: updates to the Research & Experimentation (R&E) credit, and new thresholds and requirements for issuing 1099 forms.If you’re engaged in any kind of product development, software design, or custom business solutions, the R&E credit could unlock meaningful tax savings. And if you’re working with contractors or freelancers, the new 1099 rules are essential to stay compliant in 2025 and beyond.3 Key TakeawaysR&E Credit Refined and Expanded: Businesses with under $31M in annual receipts can now fully expense domestic R&D costs in 2025 and 2026—no amortization required.1099 Thresholds Increased: Starting in 2025, the threshold for issuing 1099s (NEC and MISC) increases from $600 to $2,000, reducing compliance headaches for many small businesse

Welcome back to Belk on Business! I’m Josh Belk, and today I’m diving into another round of tax law updates from the recently passed “big beautiful bill.” This episode is all about understanding how some of the most impactful elements—like the tax bracket changes, SALT deduction cap, and Qualified Business Income (QBI) deduction—will affect you and your business.If you’re a business owner, high-income earner, or just someone wanting to maximize your tax savings, this episode walks you through the practical implications of these changes and what steps you should consider before year-end to stay ahead.3 Key TakeawaysLower Tax Brackets Are Now Permanent: All tax brackets—except the top one—have been permanently reduced, benefitting low- and middle-income earners the most.SALT Deduction Cap Increased Temporarily: From 2025 to 2028, the state and local tax deduction cap jumps to $40,000 for taxpayers earning under $500K.QBI Deduction Rules Refined: While the 20% QBI deduction remains, income thresholds and busines

Welcome back to Belk on Business! I’m Josh Belk, and today we’re picking up where we left off with our ongoing series diving into the latest legislative updates that impact your financial strategy and tax planning. If you’re a real estate professional, investor, or business owner, this episode is packed with insights you won’t want to miss.In this conversation, I unpack key updates around bonus depreciation, Section 179 expensing, and important changes to opportunity zones and interest expense deductions. From cost segregation strategies to navigating new OZ rules, this episode provides the clarity you need to make informed moves in the coming years.3 Key Takeaways100% Bonus Depreciation Is Back—and Permanent: Starting in 2025, qualifying 15-year property and equipment can again be fully depreciated in the year it’s placed in service, a big win for real estate pros and business owners.Section 179 Expansion: The deduction cap has increased to $2.5M, and now includes items like HVAC systems, fire protection, an

Welcome back to Belk on Business! I’m Josh Belk, and I’m excited to get back behind the mic with you. In this episode, we kick off a new series exploring the impactful legislation passed earlier this month. Over the coming weeks, we’ll break down how it could affect your business, your wallet, and your financial strategies.Today, we dive into three of the campaign promises that made it into the bill—focusing specifically on no tax on tips, deductibility of car loan interest, and the new provisions around no tax on Social Security. If you’re a business owner, self-employed, nearing retirement, or just curious about how these changes could affect your bottom line, you won’t want to miss this one.3 Key TakeawaysNot all tipped income is tax-free: Only certain occupations listed by the IRS (to be announced) will qualify for the tip income deduction—up to $25,000 for those under specific income thresholds.Car loan interest deduction comes with conditions: Only new, personal-use vehicles manufactured in the U.S. qua

Hiring Your Children – Belk on Business – Episode 198 1) Complete all normal employment paperwork 2) Wage must be reasonable and comparable to other employees or others doing the same work 3) If your LLC is taxed as a disregarded entity or is a multimember LLC owned by the parents, no FICA if under 18 and your child and no FUTA if under 21 4) If Corporation, S Corporation or LLC taxed as a corporation, can set up management company owned by parent (sole proprietor or SMLLC) – pay legitimate management fee then pay child 5) Child must be paid through payroll as a W-2 employee. No federal income tax up to standard deduction ($14,600 in 2024). State withholding amount will depend on state’s exemption amount. Federal and state tax returns generally should be filed 6) The work performed by the child must be related to the business. Separate work and personal jobs 7) Can fund IRA or Roth IRA up to the lesser of earned income or $7,000 (2024) 8) Federal law generally permits children to work for businesses entirely

The Augusta Rule – Belk on Business – Episode 197 The Augusta Rule (IRS Section 280A) allows homeowners to rent out their primary residence as a vacation or short-term rental or rent to a business for up to 14 days per year without needing to pay tax on the rents collected. There are compliance components be able to use the rule: 1) The residence must be rented for 14 days or less during the calendar year. If rented for more than 15 days, all the rental income becomes taxable. 2) The rental amount must be reasonable – fair market value / fair rental amount. 3) Your home cannot be your primary place of business (cannot use the home office deduction and the Augusta Rule). 4) If renting to your business your business must have the right structure (cannot be a sole-proprietor or single member LLC that reports on Schedule C). Entity must be taxed as a partnership or corporation. 5) There must be a true business purpose for the rental home such as business meetings, planning or strategy sessions, recording/mark

2024 Year-end Tax Planning – Belk on Business – Episode 196 Topics: - EV credit - 401k contribution limits - IRA contribution limits - HSA contribution limits - Gift tax - Foreign income exclusion - BOI reporting - Entity structure, documents, implementation - asset protection and taxation impact - Basis in entity and tax implications - Active vs passive investments - Loss limitations - STR vs SFR - Real estate professional status - Accredited investor status - Depreciation Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/wYMhWdqM3gM

Handling Disagreements – Belk on Business – Episode 195 We put processes to many things in our lives from making meals, doing laundry, scheduling, workflows in our business, product or service development. Etc. and having a process for handling disagreements can be a process as well. Unlike many areas we do put a process, handling disagreements can be hyper-emotional as we tend to stray from foundational principles or even those “core values” we ascribe to. Those values can become aspirational and any time a core value is aspirational, our ability to be inspirational, or to make an impact, diminishes. Determine beforehand if the conversation falls in my purview and is there any merit in having the conversation. Points to consider when handling disagreements: 1) Ask yourself: “Am I willing to sacrifice a relationship over being right?” What is preeminent, the relationship or my ego? Address the problem, the policy, the process without attacking the person. 2) Allow for a space of grace both for you and

Mindset for Tax and Business Planning – Belk on Business – Episode 194 - The planning process shouldn’t be in a vacuum - All planning should begin with keeping the mission and purpose as preeminent - The tax system is built to get taxpayers to act in certain ways by rewarding and punishing certain behaviors - Don’t blindly follow what others are selling or doing when it comes to planning. - Ask if the plannings help protect the business financially, legally and culturally Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KA-pVLWrQV8

Developing Yourself and Your Team – Belk on Business – Episode 192 1) Developing yourself – you are the average of the five people with whom you spend the most time – all intakes should be evaluated as to alignment with core values yet open minded enough to challenge any preconceived norms or assumptions. Your associations will impact your outcomes. - Develop yourself through articles, classes, conferences, webinars, podcasts and books - Have an accountability group such as a mastermind or small business group which you are comfortable venturing beyond just the professional but also the personal (emotional, spiritual) - Have a coach you can trust and to whom you choose to be fully transparent and willing to hold yourself accountable 2) Developing your team - Don’t just develop their skillset but invest in developing in a holistic way to become leaders at work, at home and in the community - Be transparent so they know how you see situations so to understand how you think (your paradigms) - Regularly walk ar

Hiring and Retaining Talent – Belk on Business – Episode 191 1) Clarity in both the listing and interview process -set clear expectations – be clear and concise as to what is expected in the work and in the candidate – people want to know what they will be doing and what type of person fits best in your culture – it’s not just about the position and salary. Consider questions they may have. “Is the position and culture collaborative or not?” “Do I have what it takes, and will I fit in?” 2) Provide both positive and negative or constructive feedback – recognize their strengths and weaknesses– be purposeful about having “check-ins” so you can lead well and show you do care not just about the work but the person 3) If possible, provide flexibility with time, location and work environment 4) Lead by example – work harder than your team – work in vs. on the business – report back to the team when working on the business – roll up sleeves and work along side them, don’t sit in an ivory tower – open door policy 5) P

Five Business Systems – Belk on Business – Episode 193 1) System for prioritization 2) System for delegation 3) System for team meetings 4) System for reporting 5) System for strategic planning Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KK8rUIlZMAQ

Basis, Limitation of Losses and Additional Tax Exposure – Belk on Business – Episode 190 There are a number of ways that one can look at a company’s balance sheet and determine the health of the business and financial discipline of the business owner. One way is to look at the shareholder’s basis in the company, handling of debt and it’s methods or process of making distributions. Most small businesses owners run their business checkbook like their personal checkbook. Not only can this be detrimental to the financial health of the company but also can create unexpected tax issues (and asset protection issues). Also, the shareholder needs to be aware for tax planning purposes when they can recognize losses and when they can take distributions without an additional tax exposure. Basis in an entity (tax implications for this podcast will be primarily focused on an entity taxed as an S Corp) is a number that you must track. There are two types of basis, stock basis and debt basis. Stock basis is calculated as

The Power of Ownership with Justin Roethlingshoefer – Belk on Business – Episode 189 Order Justin’s book here: https://www.amazon.com/Power-Ownership-Redeem-Relentless-Pursuit/dp/1394230028 Learn more about Justin and Own It: https://justinroethlingshoefer.com/ JUSTIN ROETHLINGSHOEFER is the co-founder of OWN IT Coaching, a multiple seven-figure coaching company. As a former performance coach in the NCAA and NHL, through OWN IT he has made the same ecosystem that is usually only available to the best athletes in the world now available to you. Utilizing best in class testing, technology, and coaching he and his team have been able to transform the health and lives of hundreds of thousands of leaders throughout the country while empowering them on their journey and making the complex topic of health simple, actionable and personal. He is a speaker and the host of The OWN IT Show podcast. Justin is the author of three other bestselling books including The Athletic Performance Blueprint and OWN IT. “Ownership i

Communication and Culture – Belk on Business – Episode 188 A business owner can communicate concrete guidelines that people must conform to or use proposals to start conversations. The proposals are then used to ask questions, promoting curiosity, innovation, and collaboration. Communicating with complaining will cripple culture. This leads to a culture of individuals blaming instead of taking ownership or finding areas to improve. Communicating with criticism or condescension leads to a culture of contention. A bad culture can lead to employees attacking others, usually the weakest link in the chain resulting in the breakdown of the entire organization. No innovation or collaboration results in the team members feeling siloed, unable to resolve issues whether internally or with the customer. Communication with collaboration leads to a culture of community. Help to bring along those who may need assistance, asking for help, leaning into others' ideas to resolve problems, coming up with creative solu