{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Hidden Money Podcast","title":"The Variety Hour","html":"","width":"100%","height":180,"duration":1294,"description":"This week we go unscripted, with three recent tax stories that caught our attention.\nFirst, the fine print on \"no tax on overtime\": why only the premium part of time-and-a-half pay qualifies for the new deduction, and what that means for a $300 overtime check.\nThen Kevin tells the story of a new client with a 2,000-square-foot basement full of bourbon, and how one question turned a hobby into a business worth documenting.\nWe finish with a Wall Street Journal story about a man with Florida paperwork whose estate is fighting Connecticut over more than $13 million in estate tax, and why states are getting more aggressive with people who move away.\nDig a little deeper:\n1. $300 of overtime, $100 deductible. Earn $20 an hour, work a 50-hour week and get time and a half for the last 10 hours, and you've made $300 in overtime. Only the $10-an-hour premium counts toward the new overtime deduction, so $100 qualifies and the other $200 is taxed like the rest of your paycheck. The deduction is capped at $12,500 ($25,000 for joint filers), phases out above $150,000 of income ($300,000 joint), and Social Security and Medicare still apply.\n2. A basement full of bourbon can be a business. A new client had thousands of bottles in a finished 2,000-square-foot basement. He wrote paid reviews of bottles people sent him, bought inventory and sold bottles. \"You do not have a hobby, you have a business,\" Kevin told him. Hobby expenses generally aren't deductible, but a business run like a business is treated differently, so step one is an inventory of the bottles, the revenue and how he sells.\n3. A $100 client gift is a $25 deduction. Send 20 clients a $100 gift and only $25 of each is deductible as a business gift. The other $75 per client gets added back. Personal gifts follow a different rule entirely, with a $19,000 annual exclusion per recipient.\n4. Florida paperwork didn't settle a $13 million question. Jack Anderson had a Florida driver's license, voter registration and...","thumbnail_url":"https://img.transistorcdn.com/TWKM7KKxCr6iSu58Xm-mKHEFQSwIhIxv042pNBRkyGw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9mMTJi/MjljMDYzOGNkYzM4/ODQ1MzkwYmE0YmYw/NjllNS5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}