🎙️ Converse-ations Episode Recap: Taxes, Civics, and Real-World Money Talk
In this episode of Converse-ations, Sean Gowing welcomes listeners back with updates on local happenings before diving into a timely and surprisingly engaging conversation about taxes, policy changes, and practical financial advice.
🏛️ Community Updates
The episode kicks off with a reminder to get local students signed up for the Civics Bee for 6th–8th graders, an opportunity made possible through the efforts of community partners. Sean also touches on recent local political developments, including discussions surrounding the Pronghorn lease, hinting at future episodes that will bring in guests closer to the issue.
👋 Meet the Guest: Tamara from Star Taxes & Books
Sean is joined by Tamara, owner of Star Taxes & Books and treasurer for the L.O.V.A. board. She shares her background, her family’s move to Wyoming, and her involvement in the community. From raising kids active in gymnastics, STEM, and 4-H to convincing her dad to leave Texas for colder Wyoming weather, Tamara brings a relatable, down-to-earth presence to the conversation.
💸 Tax Season Breakdown (Without the Headache)
With tax season in full swing, Tamara breaks down what individuals and business owners actually need to know this year:
Standard Deduction Wins One of the biggest takeaways: the standard deduction and current tax rates are now permanent, avoiding a painful rollback to pre-2017 levels. This stability helps individuals and families avoid unexpected tax shocks.
QBI Deduction for Business Owners The Qualified Business Income (QBI) deduction — allowing eligible business owners to deduct up to 20% of net income — is also here to stay. This applies to Schedule C filers, partnerships, and S-Corps and remains a major benefit for small businesses.
Overtime Tax Credit (New for 2025) A key clarification: only the “half” portion of overtime pay (the premium above regular wages) qualifies for the tax credit — not the entire overtime amount. Because W-2s don’t yet clearly report this, Tamara strongly encourages workers to keep final pay stubs and payroll processors to report overtime clearly (ideally in Box 14).
No Tax on Tips (For Qualified Industries) Tips now qualify for a personal tax credit in approved industries. Notably, the beauty industry (hair, cosmetology, esthetics) is newly included — a big win for that sector. As always, eligibility depends on IRS-defined industry classifications.
📊 Smart Tracking = Real Savings
A recurring theme throughout the episode: most people miss deductions simply because they don’t track expenses consistently. Using dedicated business accounts, tools like QuickBooks, and separating personal and business spending can make a huge difference come tax time.
🏢 Behind the Scenes at the IRS
Tamara shares real-world insights into IRS timelines, including:
The IRS opening date (January 26)
Long processing delays (up to 117 business days)
The importance of always recording IRS agent names and ID numbers
A small win: IRS call-back technology finally works
📅 Key Tax Dates to Remember
January 31 – W-2s & 1099s must be sent
January 26 – IRS opens for filing
March 16 – S-Corp & Partnership returns (or extensions)
April 15 – Individual & C-Corp returns
May 15 – Nonprofit returns (calendar year)
(Reminder: extensions are to file — not to pay.)
🎲 Lightning Trivia & Wrap-Up
The episode wraps with a light-hearted trivia segment, laughs, and a reminder that while taxes may be a “necessary evil,” working with someone who knows the system can save time, stress, and money.
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