Traction with the Tiger
Traction with the Tiger
Podcast Description
Hosted by the dynamic Chris Wittich, Traction with the Tiger is your go-to podcast for staying ahead in accounting, business, and beyond. Chris dives into hot topics, shares key business tips, and keeps you informed on industry trends. With a keen eye for what’s relevant, he welcomes engaging guests to share insights, experiences, and practical advice. Whether you're an accounting professional, business owner, or just curious about finance and strategy, Traction with the Tiger delivers expert insights, inspiration, and actionable takeaways.
Podcast Insights
Content Themes
The podcast covers a range of topics related to accounting and business, focusing on practical advice and industry trends. Episodes delve into themes like work-life balance during busy tax seasons, navigating IRS challenges, and specialized financial strategies for sectors like restaurants and manufacturing. Specific episodes include candid discussions on the difficulties of tax season and practical estate planning strategies.
Hosted by the dynamic Chris Wittich, Traction with the Tiger is your go-to podcast for staying ahead in accounting, business, and beyond. Chris dives into hot topics, shares key business tips, and keeps you informed on industry trends. With a keen eye for what’s relevant, he welcomes engaging guests to share insights, experiences, and practical advice. Whether you’re an accounting professional, business owner, or just curious about finance and strategy, Traction with the Tiger delivers expert insights, inspiration, and actionable takeaways.
The tip credit has expanded beyond restaurants and food service to include the beauty industry, creating new planning opportunities for salons, nail businesses, med spas and other qualifying businesses. But understanding the credit goes beyond simply multiplying tips by 7.65%.
In this episode of Traction with the Tiger, Chris Wittich takes a deeper look at how the tip credit works, including its nonrefundable nature, limitations on how much tax it can offset, carryback rules and the use of Form 1045 to claim excess credits. He also discusses a lesser-known limitation that can apply when employees are paid below the federal minimum wage and what the expanded credit means for businesses in the beauty industry.
The episode closes with practical considerations for claiming the credit on 2025 returns, handling excess credits and incorporating the tip credit into future tax planning.
Disclaimer
This podcast’s information is provided for general reference and was obtained from publicly accessible sources. The Podcast Collaborative neither produces nor verifies the content, accuracy, or suitability of this podcast. Views and opinions belong solely to the podcast creators and guests.
For a complete disclaimer, please see our Full Disclaimer on the archive page. The Podcast Collaborative bears no responsibility for the podcast’s themes, language, or overall content. Listener discretion is advised. Read our Terms of Use and Privacy Policy for more details.