Government – Harnessing Your Wealth

Don’t Miss These Money-Saving Tax Changes (EP 65)

By Harnessing-Your-Wealth | October 7, 2025

In this conversation, tax expert Jake Johnstun discusses the latest tax legislation, focusing on new deductions available for businesses, the introduction of Trump accounts for children, and changes in clean energy incentives. The discussion also covers SALT deductions, standard and child tax credits, and the implications of officer compensation audits by the IRS. Additionally, Johnstun highlights estate tax exemptions and everyday tax strategies for individuals and businesses, while also addressing trends in client demographics and advanced tax strategies.

Takeaways

The new tax laws provide significant deductions for businesses, especially in depreciation.
Trump accounts allow for tax-advantaged savings for children under 18.
Clean energy incentives are changing, with some benefits expiring soon.
SALT deductions have increased, but many will still be affected by limitations.
Standard deductions have been adjusted for inflation, benefiting taxpayers.
Child tax credits have seen slight increases, aiding families.
Small businesses can benefit from the QBI deduction, which is 20% of net income.
IRS audits are increasingly focusing on officer compensation and 1099 compliance.
Estate tax exemptions have increased significantly, allowing more wealth to be passed on tax-free.
Investing in qualified accounts like Roth IRAs can provide long-term tax benefits.

About our Guest:

Jake Johnstun, EA has been in the tax preparation industry since 1994. An Enrolled Agent is a federally authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of examination, collection, and appeals of the Internal Revenue Service. In addition to taxpayer representation, Enrolled Agents often provide tax consultation services and prepare a wide range of federal and state tax returns.

Jake is the president and founder of Integrated Tax, founded in 2002 located in Ogden, Utah. He is a Partner and owner of Elite 1031 Exchange, a Qualified Intermediary. He is an Alumnus of Weber State University with a Bachelor of Science degree in Accounting. He is an NTPI Fellow and a graduate of the SSLA Leadership Academy.

Jake was voted onto the National Association of Enrolled Agent’s Board of Directors in December 2017. He is the current Chair of the NAEA PAC representing tax professionals before the United States Congress. He is also the current Chair of the GOAL Foundation.

Resources & Previous Episodes of Interest:

Connect with Jake Johnstun, EA, NTPI© Fellow:

Integrated Tax

Connect with Billy Peterson:

Peterson Wealth Services: Billy Peterson
LinkedIn: Billy Peterson
billy@petersonws.com
801-475-4002

Connect with Shaun Peterson:

Peterson Wealth Services: Shaun Peterson
LinkedIn: Shaun Peterson
shaun@petersonws.com
801-475-4002

Connect with Cade Peterson:

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Chapter 10: A Time to Sell – Is this one of those times? (EP 53)

By Harnessing-Your-Wealth | April 23, 2025

In this episode, Billy takes the hot seat as his son Cade interviews him about key concepts from his book, focusing on market volatility, goal funding in retirement, emotional investing, tax strategies, and performance-based selling. The conversation emphasizes the importance of understanding market dynamics and making informed decisions rather than reacting emotionally to market fluctuations. In this conversation, the speakers discuss the implications of wealth loss, government accountability, and the importance of long-term investing strategies. They emphasize the need for taxpayers to be aware of government actions and the impact of economic decisions on personal finances. The discussion also highlights Warren Buffett’s investment strategies and the significance of patience in investing, particularly during market downturns.

Takeaways

Market volatility can create both opportunities and challenges for investors.
Rebalancing is essential to maintain your original investment allocation.
Goal funding is crucial for retirement planning and should be approached strategically.
Capitulation often leads to poor investment decisions driven by fear and greed.

Previous Episodes of Interest:

Connect with Billy Peterson:

Connect with Cade Peterson:

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Grit, Resilience and Unity that Define a Utah Mountain Town with Mayor Ben Nadolski (EP 51)

By Harnessing-Your-Wealth | March 26, 2025

In this episode, Billy Petersen interviews Ben Nadolski, the Mayor of Ogden, Utah. They discuss Ben’s unique journey from a career in wildlife management to politics, the challenges of public scrutiny, and the importance of mental toughness and resilience in leadership. Ben shares insights on the human side of leadership, the significance of hard work, and the impact of surrounding oneself with the right people. The conversation also touches on Ben’s day-to-day responsibilities as mayor and the current projects he is focused on. In this conversation, they discusses the importance of collaboration in leadership, emphasizing the need for all departments to work together to achieve common goals. The mayor talks about the ‘Ogden Way,’ which focuses on community accountability and the role of government in supporting citizens without overstepping.

Billy, Shaun and Ben discuss

Ben Nadolski transitioned from wildlife management to becoming the Mayor of Ogden.
Ben emphasizes the value of critical thinking over party lines.
Surrounding yourself with supportive people is crucial for success.
Local politics focus on community impact rather than national issues.
Energy and mindset significantly affect leadership effectiveness.
And more

About Our Guest:

Mayor Nadolski took office on January 2, 2024, bringing with him a breadth and depth of experience to the office, including two terms on the Ogden City Council, and a 23-year career with the Utah Division of Wildlife Resources (DWR). Nadolski was instrumental in the inception and implementation of the Ogden River Restoration Project; a $6-million project in Ogden, Utah, that transformed a blighted and polluted river into a Blue Ribbon Fishery that paved the way for a surge in recreational use and community and economic development for Ogden City.