Nov. 5, 2024

Bookeeping & Taxes for Self-Employed & Truckers

Bookeeping & Taxes for Self-Employed & Truckers

Bookkeeping & Taxes for Self-Employed & Truckers. Owner Operators dedcuting all expenses and finding any buwiness expense to dedcut to lower taxes. Truck to Success and self employed need to reduce taxes to save moeney. Tax planning is a key...

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Bookkeeping & Taxes for Self-Employed & Truckers. Owner Operators dedcuting all expenses and finding any buwiness expense to dedcut to lower taxes. Truck to Success and self employed need to reduce taxes to save moeney. Tax planning is a key to finaincel defense. Save today with great bookkeeping and tax services. @truckertaxtools @taxationsolutions @ooida

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, book keeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your hosts.

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Barry G. Foul Welcome morning, and welcome back. You know,

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it's just another great day out here. You know we're

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talking about bookkeeping and taxes. Today we're going to be

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hitting for truckers self employed information that you need to

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make sure that your business and you're running it right.

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You're tracking your expenses so that you get the most

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out of your deductions. You know, we talk about trucker, taxis,

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truck and bookkeeping. I do a lot of presentations with

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IDA Owner Operator Independent Drivers Association. We get out to

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the Mid American Trucking Show and other truck shows as

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well as other self employed business shows. And I also

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write for Landline magazine see a lot of my articles

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in there. So we really enjoy working with truckers. Good

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friend of mine Dave Gore, he runs Keeping a Country

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Live dot com. Hey, come up with a nice little

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theme song for us. We're gonna play this for you

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because this is I enjoyed it. I think Dave Gore

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is one of the great people out there. Listen to

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his station. But here's a great tune he put together

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for us. So hold on listen here real quick.

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You have the tax monkeys on your back in your

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paperwork piles up to when you don't have time to

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sort it all out and don't.

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Know what to do. Pall trigger tax dues. He'll handle

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it all over.

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Wrong taxes two book keeping, and that's just one dig dude,

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these special eyes and trucking and you're always they trigger

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tax to.

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Oh, trigger tax to. Hey, did you like the song?

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Connect with us at tax Tax Talk for you dot com.

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Subscribe there, Hey, put your comments in, let us know

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how that song is. Or go to Trucker Tax Tools

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on Facebook and connect with us there. Let us know

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how you like that song. Dave Gore again, he's a

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great man. He's got other jobs, but he gives around

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the country. He does sing. You know, he's been up

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in Illinois, he's ever in Louisiana. He's going to be

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running the Moonshine event over there is going to be

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the first one in Louisiana. But also connect with him.

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If you love country music, keeping it country live dot com,

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connect with him over there. Is a great man, So

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get out there and do it. But let's let's get

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to bookkeeping and taxes. And you know, we talk about

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bookkeeping in taxes because you know, it's one of the

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most expensive mistakes you can make. Whether you're in trucking

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owner operators, self employed, whether you're a independent contractor, or

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maybe you are a contractor and you're running your small business.

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You know, bookkeeping becomes one of those most important things

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that you can do because keeping track of those records

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and getting all the expenses and everything that you can

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deduct on your taxes saves you a lot of money. Now,

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you know, we talk about this and Truck to Success,

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and I talk about this at some of the other

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small business events that we go out to to talk

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to owners of small businesses, self employed people. That the

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federal tax code is actually one hundred and eighty seven

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times longer than it was just a century ago. And

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that's according to Walter's Cohler cch. They've been analyzing the

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tax code since nineteen thirteen. So, you know, it really

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amazing to me that in the first twenty six years

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the federal income tax code grew from only four hundred

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pages to five hundred and four So twenty six years

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one hundred four pages. It seems like they do that

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almost daily. Now, now we look at the tax code,

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and today's tax code it runs roughly seventy three thousand,

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nine hundred and fifty four pages. That's extremely long. Now

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can you imagine doing this yourself and actually knowing what's

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in those almost seventy four thousand pages. You know, the

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question I always have when we talk about this is

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how long would it take an average reader just to

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read the tax coat? And that's going to take roughly

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fourteen weeks. Fourteen weeks. And how do they expect the

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average person to understand all the items that you can

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deduct from reading the tax coat? It's very complex, you know.

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It seems easy when you're doing you're ten forty and

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your W two employee, But are you getting all the

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deductions when you're self employed? Are you making sure you're

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making everything deductible? You know? And we talk about self

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employed on our operators truck drivers. You know, what is

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again the most expensive mistake that costs you thousands of

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dollars and that's the first one is failing to plan.

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You know. There was a Supreme Court Justice William Age

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Renquests and he said, there is nothing wrong with the

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strategy to avoid the payment of taxes. The Internal Revenue

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Code does not prevent that, not in any way, shape

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or form. Matter of fact, the Internal Revenue Code lays

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out the roadmap to save as much money on taxes.

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I mean, if they wanted it to be simple, you know,

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and I'm sure there's certain parties out there that think, hey,

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how much did you make, send it in, and then

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we'll give you money back whatever you deserve. I mean,

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the government decides you deserve. Well, that's not the way

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this game is played. The way this is played is

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to find every deduction you can you can possibly have

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to save money on taxes. That's what the Internal Revenue

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Code is there to do, is to show you how

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you can save money or get money back from the government.

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And you've got to use that code to your advantage.

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And so we use tax planning for this. You know,

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it's the key to your financial defense. It's going to

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guarantee your results, you know. And that's why we always

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talk about these things here with the taxes and why

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bookkeeping is so important into saving money on the taxes.

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You know, there's two really main types of taxes. You know,

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you got your federal and state income taxes, and then

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you've got your self employment taxes. Now you being self employed,

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and if this isn't your first rodeo, you know you've

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been through this. You've seen what happens when you're doing

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a schedule, see and you have a net income, you

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get hit right off the top with self employment taxes.

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Fifteen point three percent, and that's Social Security and that's Medicare.

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And so when you're a W two employee, you pay half,

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the employer pays half. But when you're self employed, you're

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the employer and the employee and you get to pay

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one hundred percent, which is that fifteen point three percent.

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So saving money, every dollar you save, you're going to

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save that for fifteen point three percent. So every one

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hundred dollars you save and you're able to aduct, it's

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going to save you fifteen dollars and thirty cents. So

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you know, you've got to find every dollar and make

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every single dollar that you have a way to save money. Now,

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there are limits on Social Security. So you know this

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year your limit uh and your wage base is going

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to stop at one hundred and sixty eight thousand, uh.

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And in two twenty twenty five, your limit for Social

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Security is going to go all the way up to

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one hundred and seventy four thousand, nine hundred. That's almost

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you know, roughly one thousand dollars increase in tax just

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on you because the wage base changed from you know,

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the one sixty eight to one hundred and seventy four.

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So again, saving money and finding ways to save money

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and reduce your net income is extremely important. Now when

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we get into Medicare tax I mean, it's it's two

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point nine percent, it's in that fifteen point three, but

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you're going to have that all the way up to

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whatever you make and then you're going to add another

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almost one percent. It'szero point nine if your income married

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filing joint is two hundred and fifty single two hundred thousand,

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or married filing separate one hundred and twenty five. So

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you've got to keep these things in mind. It becomes

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extremely important when you're sitting down and looking at how

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are you going to cut your taxes and save money

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by reducing your net income. And we're going to tell

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you a few of the ways that we're going to

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do this and how we're going to look at your

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money to save you as much as possible on your

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Social Security, self employment taxes, Medicare taxes. That is our

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goal in doing tax planning and making this the key

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to your financial defense. We're going to discuss that a

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little bit more. Right after this.

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We have only scratched the surface of today's show.

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Please stand by as Barry G Pauer will be right

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back with tax talk for you. If you own THEIRS

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or are going through IRS audit, don't go at it alone.

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Call Taxation Solutions tax.

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Relief at eight eight eight nine three zero one zero

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one six. We are your solution for IRS, debts, audits,

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back taxes, garnishments.

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Leans and levees.

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Whether you're an individual or business, you need a solution

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and a strong, aggressive tax resolution.

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Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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net now for a free no obligation consultation. Let's get

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back to tax stock for you with more tax stock

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once again.

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Here's your host, Barry G. Fowler.

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Hey, welcome back, speaking of Taxation Solutions dot net, tax

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relief and audits. I just heard that in this commercial

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and I was listening to program over the weekend and

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this guy was talking about audits. Now, you know, audit

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rates are a little bit higher if you're a schedule

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CEE than if you are escort or a partnership or

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multi member LLC. But audits can be very costly. It

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can take a lot of your time to deal with it,

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so you know, calling if you do have an audit

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coming up, getting in touch with Taxation Solutions would be

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a great way to jump in front of this and

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let somebody else handle this, because you don't want to

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be spending days on and going through an IRS audit,

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So you know, give them a call eight eight eight

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nine three zero one zero one six eight eight nine

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three zero one zero one six and let us get

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started and get in front of this for you. Hey,

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you know we're talking how are we saving money on

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taxes and talking about the importance of bookkeeping and what

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you need to do for bookkeeping, not just as a

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truck driver owner operator, but as a self employed individual

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as well. If you're W two again, you're just getting

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your W two at the end of the year and

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you're you're filling out your tax forms and bookkeeping isn't

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important for you unless maybe you're running a side business

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and then it becomes important as well. So you definitely

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want to make sure that you're listening to this program,

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and if you subscribe to us at tax Talk for you,

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you can replay this and catch the information that you

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may miss as we're going through this. But you know,

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we're using the Internal Revenue Code to make sure we

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find every single deduction because that's our roadmap to saving

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money on taxes. But we also categorize things into two

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types of money, and we're talking spending money pre tax

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before it's got tax, or spending money after tax. And

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when you're w two, everything you spend is after tax.

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But when you're self employed, we are looking for ways

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to make money that you who were spending after taxes

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to make it pre tax, so it's deduction on your

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tax return and you're spending it before the government gets

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to it and taxes it. And you know, that is

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very much the way to you know, saving you money

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because you lose every time you spend after tax dollars

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it could have been pre tax. So you know, not

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only we're looking, hey, you know, maybe you can earn

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non taxible income or shift income to later years, but

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we're looking at maximizing your deductions and getting all the

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credits that's out there. And that's why we spend so

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much time doing tax planning, and that's the time of

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the year right now to do it. We look at

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it in April May and then we come back and

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look at it again here starting in November. Tax planning

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is the key to your financial defense, and it helps

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you make sure you're not going to lose by spending

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dollars after tax. It should have been pre tax, Okay,

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so we want to make sure that we're getting every

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single deduction that you can possibly have. Now. Just finished

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doing a seminar for Truck to Success with oh Ida

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Foundation and everything, and they kind of laughed at me

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because I kept repeating that tax planning is your key

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to defense and that you lose every time you spend

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after tax dollars they could have been pre tax. And

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I tell them all the time, Hey, I'm trying to

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ingrain this in your head so that you're finding ways

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to make sure that everything you're spending that can be

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deducted is being deducted deducted. Now, you know, it's a

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election time of the year and everything else I talk

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about taxes and what's going to happen in taxes. We

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don't know what's going to happen after twenty twenty five

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because depends on whose office in office, who's in Congress.

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The current tax law we run under is set to

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expire at the end of twenty twenty five, and then

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you're going to see the taxes, the high taxes we

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had on everybody back starting in twenty twenty six, unless

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they come in and repass the Trump tax laws. But

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the current administration it says we're going to let those

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expire and go back to the old law. Trump's coming

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in saying, hey, we're going to keep these these tax

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laws here and make so security non taxable. So you

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got to weigh your options on which way we go.

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And when other people talk about taxes, I'll be honest,

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most celebrities you know love to say everybody should be

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tax more, especially the rich, except for them. They want

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to find everything out. Every politician talks about hating taxes

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and gutting taxes, but they've never seen a tax that

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they don't like, and so they're going to devote as

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much taxes in as as possible. You know, every rich person,

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every celebrity, every politician, and every smart person does tax planning.

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You should too. Start doing your planning today. Get your

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plan in place, you know, so you know where do

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we start. You know, we can spend the whole time

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talking about starting with companies and what kind of corporation

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should you be? What kind of company structure. You should

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be matter of fact, I think that we'll do that.

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You know next week is how each one of the

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company structures saves you money. So make sure you're subscribing

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here every week with us so you can get more

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information how best to run your business. But today we're

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going to talk about the bookkeeping aspect of it. You know,

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how do you find every single deduction? Why is bookkeeping

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one of the biggest mistakes that not just truckers make,

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but self employee people make because a lot of times

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they have very very bad bookkeeping. They don't want to

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pay for bookkeeping now, So if you use structor tax

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tools dot Com, the bookkeeping service there, that is a

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tax deductible right off, and so using a bookkeeping service

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it gives you another deduction, but it helps you make

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sure that you're finding all the deductible expenses that you have.

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It makes sure that your bookkeeping is complete, because we

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see a lot of bad bookkeeping that is really incomplete bookkeeping,

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bookkeeping that isn't done right, or maybe you're doing it yourself,

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or you think you're doing it yourself, and you provide

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us with round numbers. IRS doesn't like round numbers. Thousand

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dollars for this, fifteen thousand for repairs, twenty thousand for fuel.

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See all those round numbers don't make sense. We do

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a little bit of due diligence on it and say, hey,

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this is wrong. Go back to your bank statements, go

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back to your set and statements, go back to your expenses.

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And instead of doing that, you're just going to guess, Well,

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that sets you up for an audit, That sets you

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up for trouble, That sets you up for what the

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IRS is starting to do. And using artificial intelligence to

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actually look at how you're reporting and compare your numbers

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to others numbers so that it makes sense. If your

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numbers don't jive, guess what, you might have an audit

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on your hands. Bookkeeping by people that don't know your industry,

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and truckers are famous for this. I'm going to use

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somebody local. I'm going to use somebody that is a

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friend of a friend. But they have no clue what

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tax deductions truckers owner operators should have. They have no

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idea what kind of deductions roofers should have or independent

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00:22:03.480 --> 00:22:12.759
contract Sorry about that. You need somebody that's in your industry,

319
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somebody that knows somebody that's that's good at what they do,

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you know, for you, in your in your industry. And

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then we see bookkeepers that only care about themselves, their

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bottom line. They could care less about what they're going

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to do for you or how they're going to do it. Uh,

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they just want to look good, you know, sometimes just

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telling you to go out and spend money u such

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as buy a new piece of equipment, just so that

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they can take depreciation and make you look good and

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you don't need the equipment. So in my book, that

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is somebody that you know only wants to look good

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in your eyes by making something deductible today that saves

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you a bunch of money on your taxes as opposed

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to helping you run your business and know what's going

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on in your business. We're going to talk about a

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little bit of a bookkeeping system, how we keep it simple,

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and how you can keep it simple and do bookkeeping

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for yourself. But if you don't want to go it alone,

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reach out to truck or tax tools dot Com. There

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we're here to help you find every deduction in your

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business and help you keep on the road and not

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come home and have to do bookkeeping spend more time

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with your family, and we're going to be right back

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talking about how to keep your bookkeeping system simple right

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after this.

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We have only scratched the surface of today's show.

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Please stand by as Barry GIF Fowler will be right

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back with tax talk for you. As an owner operator,

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00:24:01.400 --> 00:24:04.079
you already spend too much time away from your family.

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Trucker Tax Tools handles all your bookkeeping in taxes. No

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00:24:08.359 --> 00:24:11.160
matter what level trucker you are, life on the road

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00:24:11.200 --> 00:24:14.759
can be taxing, but that doesn't mean that your wallet

351
00:24:14.880 --> 00:24:18.640
or time with your family should suffer. Trucker Tax Tools

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00:24:18.680 --> 00:24:22.799
makes your life run smoothly. Go to truckertax tools dot

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00:24:22.799 --> 00:24:25.319
com for a free guide that will give you the

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00:24:25.480 --> 00:24:29.960
tools to never worry about your taxes again. Call Trucker

355
00:24:30.000 --> 00:24:33.720
Tax Tools eight seven seven nine six y six two

356
00:24:33.920 --> 00:24:37.799
four seven seven or go to Trucker tax Tools dot

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00:24:37.839 --> 00:24:44.440
com now and let the experts keep you trucking. Let's

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get back to tax stock for you with war tax

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Stock once again, here's your host, Barry G.

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Fowler.

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Hey, we have a lot of great trucking friends out

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there on the road, and we appreciate everything that you

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guys do to keep this country moving and you know,

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sometimes we have good friends that have been in the

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trucking business a long time and they run into problems

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and issues health. We have a good friend, Bill Weaver

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out there that if you've got time, you know, take

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a few moments and say a prayer for him. He's

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going through some health issues and needs all the prayers

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that he can get to help him down the road.

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We just talked to him the other day and he's

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got a great attitude and keeps on moving and everything.

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Hopefully he can with all of our prayers join together

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for him that maybe he can defeat this that he's

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going through as well. We're trying to organize some get

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together to raise some funds and everything for him. Not

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sure how that's coming together yet. We'll be in contact

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and let everybody know, you know, if we can get

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this in place to help him. But God bless Bill

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out there, and again, you know, your prayers would be

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greatly appreciated for him.

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You know.

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Talking about bookkeeping, we're talking about keeping it simple, you know,

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kind of the kiss and paraphrase it keep it simple, stupid.

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I don't consider anybody to be stupid out there, but

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we want to keep it very simple. Is really what

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we want to do. So maybe it's keep it simple

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and smart. You know, save every receipt you know, so

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you have documentation out there. I think one of the

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best things that you can do as well is, you know,

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go ahead and take a picture of every one of

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those receipts. Set a file folder on your on your

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phone and you can do that as well and put

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those rec he's in there by a year. You know,

395
00:27:03.240 --> 00:27:06.039
a lot of those receipts that you get now at

396
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a truck stop or a store, Walmart, Walgreens, whatever wherever

397
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you happen to be shopping fade over a period of time,

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and if you've got pictures of them, then hey, that's great.

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If we're doing your bookkeeping, we need something you can

400
00:27:21.440 --> 00:27:25.599
you can also very easily send that to us, you know,

401
00:27:25.720 --> 00:27:28.880
via your phone and everything, because you know, these smartphones

402
00:27:28.920 --> 00:27:34.759
are got little mini computers you know out there. We

403
00:27:34.799 --> 00:27:37.720
won't get started about you know, the big old bag

404
00:27:37.799 --> 00:27:40.039
phones the first time that came out. If if you

405
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were privileged enough to have one, I think my dad's

406
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company when you know, back when I was eighteen or

407
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twenty that I guess, I guess it would have been

408
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in late twenties that he had one that his company

409
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provided for him. So it wasn't quite as smart as this.

410
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It was just a heavy, little bag phone. But you know,

411
00:28:01.880 --> 00:28:04.799
we've come a long way as aid technology today is

412
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The first laptop computer I had was a fifty pound

413
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compact computer that you had to lug from one place

414
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to another. Not the best laptop in the world either.

415
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It was. It was a mini desktop and it didn't

416
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do very much. But these smartphones do really good. So

417
00:28:19.839 --> 00:28:21.799
you can keep it really simple and take pictures and

418
00:28:22.200 --> 00:28:24.920
set up a folder. Make sure you have a separate

419
00:28:25.039 --> 00:28:30.160
checking account for your business, even if your schedules see

420
00:28:30.880 --> 00:28:33.559
run a separate account. It makes it simple to accounts

421
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for things and then run everything through it that is business,

422
00:28:37.000 --> 00:28:42.079
nothing personal. If you're a truck or savior logbook savior

423
00:28:42.200 --> 00:28:48.720
eld EOD electronic logs, get a notebook to carry with

424
00:28:48.799 --> 00:28:55.119
you and a receipt envelope. Put those receipts in that envelope. Loans,

425
00:28:55.200 --> 00:28:58.319
make sure you get your loan documentation together so that

426
00:28:58.680 --> 00:29:00.599
you know you can deduct the right of mind interest

427
00:29:00.720 --> 00:29:05.759
every year. Equipment purchases, make sure you keep your buyer's

428
00:29:05.880 --> 00:29:09.440
order for your equipment purchase. Your tax prepayer is going

429
00:29:09.559 --> 00:29:11.400
to one that if he doesn't ask for it or

430
00:29:11.440 --> 00:29:14.599
she doesn't ask for it, you're using the wrong person.

431
00:29:15.240 --> 00:29:18.200
You want to make sure that, hey, they're looking for

432
00:29:18.319 --> 00:29:21.440
every deduction and get the numbers right, because I guarantee

433
00:29:21.480 --> 00:29:24.079
you you're going to come to me and you're going

434
00:29:24.160 --> 00:29:26.160
to say, hey, I bought this truck for fifty seven

435
00:29:26.200 --> 00:29:29.880
thousand dollars or one hundred and fifty seven thousand, and

436
00:29:29.880 --> 00:29:33.200
that numbers not going to be exactly right. You may

437
00:29:33.200 --> 00:29:35.160
have bought it for one hundred and sixty two thousand

438
00:29:35.240 --> 00:29:37.160
after they get done with all the fees, or one

439
00:29:37.240 --> 00:29:40.119
hundred and seventy two thousand to get done with fees

440
00:29:40.160 --> 00:29:43.680
and warranty and stuff. We need to get that information

441
00:29:43.759 --> 00:29:45.680
to make sure we get this right. I've seen too

442
00:29:45.799 --> 00:29:49.400
many times on a tax return that somebody used an

443
00:29:49.400 --> 00:29:51.720
exact round number. We asked for the receipt and we

444
00:29:51.759 --> 00:29:54.480
find out, hey, you missing out on ten and twelve

445
00:29:54.559 --> 00:29:58.799
thousand dollars of deductions because it didn't record it right.

446
00:29:59.319 --> 00:30:01.759
They just took what would you remember from six or

447
00:30:01.759 --> 00:30:05.039
eight months or nine months ago to do your tax return.

448
00:30:06.039 --> 00:30:08.720
But just because you remember it one way, it doesn't

449
00:30:08.759 --> 00:30:14.279
make it right. Save your records in case you happen

450
00:30:14.359 --> 00:30:17.160
to go through and audit, you need to make sure

451
00:30:17.599 --> 00:30:24.480
you have the records saved so that you have the documentation.

452
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So here's our example to have a very simple record

453
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keeping procedures as a self employed owner operator truck driver

454
00:30:37.960 --> 00:30:42.240
out there. You buy that expanding folder at the office

455
00:30:42.240 --> 00:30:47.720
supply store along with a Stakebloerd desktop calculator registered tape.

456
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You fill out the pocket labels with various categories and

457
00:30:51.640 --> 00:30:59.960
expenses and income and you know, maintenance meals and equipment,

458
00:31:00.200 --> 00:31:08.359
entertainment settlement statements, and office supplies and business supplies. And

459
00:31:08.400 --> 00:31:11.799
then when you get a receipt because of sitting right

460
00:31:11.839 --> 00:31:16.599
there in your truck with you, you put it into

461
00:31:16.640 --> 00:31:23.160
corresponding folder. Before you do that, take that mini computer,

462
00:31:23.519 --> 00:31:30.119
take that picture and save that receipt into the right folder. Now,

463
00:31:30.119 --> 00:31:32.680
you can set up your folders on your phone either

464
00:31:32.680 --> 00:31:35.359
by month or year. You can actually just put it

465
00:31:35.400 --> 00:31:39.039
all in for the one year. Sometimes if you do

466
00:31:39.079 --> 00:31:41.240
those folders on your phone and do month and year,

467
00:31:41.319 --> 00:31:44.640
you're able to find things a little bit quicker then

468
00:31:44.720 --> 00:31:49.079
if you're doing it just as amongst all your other

469
00:31:49.119 --> 00:31:51.400
pictures that are out there. Sometimes those are going to

470
00:31:51.440 --> 00:31:54.920
be a lot harder to find than being able to

471
00:31:54.920 --> 00:32:00.759
separate them by your categories. And then you're going to

472
00:32:00.880 --> 00:32:05.799
keep those things together, total them up, stable the calculators

473
00:32:05.839 --> 00:32:10.000
registered receipt to it, and then put them back in

474
00:32:10.039 --> 00:32:13.599
the same slide. Since they're stable together, they're not going

475
00:32:13.640 --> 00:32:16.960
to get mixed up. You know they're accounted for. Then

476
00:32:17.079 --> 00:32:22.640
you can supplement this by noting your odometer on your truck.

477
00:32:22.720 --> 00:32:25.720
So if you're an owner operator, you're not deducting mileage,

478
00:32:25.759 --> 00:32:27.839
but it's nice to have how many miles did you

479
00:32:27.920 --> 00:32:30.759
drive each month because you can look at your cost

480
00:32:30.839 --> 00:32:35.000
per mile. Now, if you're self employed, you should have

481
00:32:35.119 --> 00:32:40.119
a separate log to log every trip that you make

482
00:32:40.480 --> 00:32:44.920
in your personal vehicle, so you're maybe deducting mileage. If

483
00:32:44.960 --> 00:32:48.200
you're not deducting mileage and you're taking actual expenses, it's

484
00:32:48.240 --> 00:32:50.240
a good way to make sure that you're going to

485
00:32:50.240 --> 00:32:56.079
be using the right percentage for your personal vehicle for

486
00:32:56.240 --> 00:32:58.519
the actual expenses. Now, if it's one hundred percent use

487
00:32:58.559 --> 00:33:01.200
for business, you still need to make sure you're documenting

488
00:33:01.920 --> 00:33:07.119
all your mileage so that you have proof that your

489
00:33:07.200 --> 00:33:10.920
personal vehicle is being used one hundred percent for business.

490
00:33:12.799 --> 00:33:16.920
So we're trying to keep everything very simple for you

491
00:33:17.599 --> 00:33:21.839
and making sure that you've got all the deductions that

492
00:33:22.519 --> 00:33:26.920
you have coming to you to save money and get

493
00:33:26.960 --> 00:33:30.920
everything on a pre tax basis. Now, we're going to

494
00:33:30.960 --> 00:33:34.839
take a quick breaking. Right after this break, we're going

495
00:33:34.920 --> 00:33:36.559
to come back and we're going to talk about some

496
00:33:36.599 --> 00:33:41.920
of the most overlooked truck driver deductions and self employed

497
00:33:41.960 --> 00:33:46.880
deductions that you're going to have while you're on the road,

498
00:33:47.960 --> 00:33:51.400
and how making sure that you're getting those is going

499
00:33:51.440 --> 00:33:53.079
to save you the most amount of money. We'll be

500
00:33:53.160 --> 00:33:54.039
right back after this.

501
00:33:56.240 --> 00:34:00.000
We have only scratched the surface of today's show. Please

502
00:34:00.079 --> 00:34:03.400
Danby as Barry G. Fowler will be right back with

503
00:34:03.680 --> 00:34:09.719
tax talk for you. As an owner operator. You already

504
00:34:09.800 --> 00:34:13.320
spend too much time away from your family. Stop spending

505
00:34:13.360 --> 00:34:14.039
time doing.

506
00:34:13.920 --> 00:34:14.480
Pay for work.

507
00:34:14.920 --> 00:34:19.400
Go to Trucker textools dot com a solution filled specifically

508
00:34:19.440 --> 00:34:23.039
for truckers. Trucker tax tools dot Com makes your life

509
00:34:23.440 --> 00:34:29.159
run smoothly. Let's get back to tax Stock for you

510
00:34:29.239 --> 00:34:34.199
with more taxtock once again, here's your host, Barry G.

511
00:34:34.480 --> 00:34:34.840
Fowler.

512
00:34:37.679 --> 00:34:40.039
Hey, welcome back. Now. If you're in the trucking industry.

513
00:34:40.519 --> 00:34:42.440
Make sure you get over to tax Talk for you

514
00:34:42.760 --> 00:34:48.760
dot com. Subscribe to our podcasts and everything. Share this

515
00:34:48.840 --> 00:34:50.840
with your friends and family that are out there on

516
00:34:50.880 --> 00:34:52.880
the road with you. So if you see your brother

517
00:34:52.960 --> 00:34:56.079
trucker out there at the truck stop, hey tell them

518
00:34:56.079 --> 00:34:58.079
to go to tax stock for you so they can

519
00:34:58.159 --> 00:35:01.400
stay informed. We're going to be bringing you a lot

520
00:35:01.440 --> 00:35:04.840
of information that can help you on the road. The

521
00:35:04.880 --> 00:35:09.000
same with your self employed. Subscribe over here at tash

522
00:35:09.039 --> 00:35:11.280
Talk for you because again, this is going to be

523
00:35:11.280 --> 00:35:15.679
applicable to everybody. Today, we're talking a lot about truckers

524
00:35:15.719 --> 00:35:19.719
because we just finished truck to Success, some of our

525
00:35:19.760 --> 00:35:24.480
new truckers moving out from being w two employees to

526
00:35:25.280 --> 00:35:30.079
being out there owner operators, out on their own by themselves,

527
00:35:30.159 --> 00:35:33.039
and you know, making sure that you're finding every deduction.

528
00:35:33.119 --> 00:35:37.679
We see. This is so important that you as a

529
00:35:37.719 --> 00:35:40.559
trucker save as much money as possible. You're so important

530
00:35:40.559 --> 00:35:47.000
to the economy and getting supplies, whether you're supplying us

531
00:35:48.000 --> 00:35:53.960
out here that you know need mattresses or food, groceries, fuel,

532
00:35:54.159 --> 00:35:59.000
all that that you're transporting across the country. But everybody's

533
00:35:59.000 --> 00:36:02.480
self employeed needs those things too, and everybody's self employed,

534
00:36:02.519 --> 00:36:07.400
it needs to find every single deduction again to make

535
00:36:09.119 --> 00:36:12.760
the dollars that you're earning work for you the right

536
00:36:12.800 --> 00:36:16.480
way by spending them pre tax, before they get taxed,

537
00:36:16.559 --> 00:36:20.440
not after tax. So making sure that their expense for

538
00:36:20.599 --> 00:36:24.360
your business when it applies to your business, because you know,

539
00:36:24.400 --> 00:36:27.719
the IRS has certain regulations and we've got to follow

540
00:36:27.760 --> 00:36:31.079
that what's ordinary and necessary in your business. So we're

541
00:36:31.079 --> 00:36:35.280
not trying to make your home mortgage a tax deductible

542
00:36:35.320 --> 00:36:38.559
event for your business, but we are trying to find

543
00:36:38.599 --> 00:36:43.000
every little deduction that is ordinary and necessary and used

544
00:36:43.039 --> 00:36:46.920
in your business to be business related. So you know,

545
00:36:46.960 --> 00:36:49.480
as a trucker or even as self employed, your your

546
00:36:49.519 --> 00:36:54.599
association dues are deductible. Your bank fees for the fees

547
00:36:54.639 --> 00:36:58.960
that the bank charges you are deductible. Your cell phones

548
00:36:59.000 --> 00:37:02.320
and internet plans are deductible. Now, cell phones are one

549
00:37:02.320 --> 00:37:06.480
of those special things because you've got to look at

550
00:37:06.599 --> 00:37:09.039
how much you're using it for personal versus how much

551
00:37:09.079 --> 00:37:11.119
you're using for business. Now, if you have a separate

552
00:37:11.280 --> 00:37:13.679
cell phone for the business, and you use it one

553
00:37:13.719 --> 00:37:15.519
hundred percent for business, that's going to be one hundred

554
00:37:15.519 --> 00:37:20.719
percent deductible. But if you're using it to you know,

555
00:37:20.800 --> 00:37:25.599
make personal phone calls and everything else out there. Then

556
00:37:25.639 --> 00:37:27.639
it's got to be weighed how much do I use

557
00:37:27.679 --> 00:37:29.920
it for business? How much do I use it for personal?

558
00:37:30.800 --> 00:37:33.519
Is it eighty twenty? Is it seventy thirty, fifty to fifty?

559
00:37:33.679 --> 00:37:38.519
It really just depends that you're you're out there, you know,

560
00:37:38.920 --> 00:37:40.920
if you're self employed in your truck, or you buy

561
00:37:40.920 --> 00:37:43.400
a coffee pot and you use it for your business, Yes,

562
00:37:43.480 --> 00:37:47.880
it's deductible. Certifications you may need to get are deductible.

563
00:37:48.519 --> 00:37:51.880
Your calculator that you purchase for the business is deductible.

564
00:37:51.920 --> 00:37:56.360
Cleaning supplies, cleaning your office, cleaning your truck, those things

565
00:37:56.480 --> 00:38:00.000
are deductible. If you're driving a truck and you're out

566
00:38:00.000 --> 00:38:02.800
on the mountains and you need chains, those are deductible

567
00:38:03.599 --> 00:38:09.239
envelopes to keep your bookkeeping system going that you have staplers,

568
00:38:09.920 --> 00:38:12.960
tax and bookkeeping services that you're going to be using

569
00:38:13.320 --> 00:38:17.280
are deductible for your business. Make sure you're getting that

570
00:38:17.360 --> 00:38:21.000
deducted license fees. So if you've got to have your

571
00:38:21.079 --> 00:38:26.719
license or permit, you know, self employed contractors, truckers, you

572
00:38:26.800 --> 00:38:29.000
all got to have those permits and everything. Those are

573
00:38:29.000 --> 00:38:36.960
all deductible. Fire extinguisher ice scrapers, excise taxes, road at lists.

574
00:38:37.000 --> 00:38:45.039
Of course, fuel and truck operating expenses are deductible paper pens, envelopes, insurance,

575
00:38:45.320 --> 00:38:48.599
but not your life insurance. So the general liability insurance,

576
00:38:49.719 --> 00:38:57.800
your liability insurance on your truck are all deductible out there. Now,

577
00:38:58.559 --> 00:39:00.519
if you're making payments on your true truck, you've got

578
00:39:00.559 --> 00:39:03.320
to break those payments down when you're financing it between

579
00:39:03.440 --> 00:39:07.400
interest and principle. Principle is not being deducted, but your

580
00:39:07.519 --> 00:39:13.159
interest is expense and deductible principle, you're not deducting because

581
00:39:13.159 --> 00:39:15.679
you're just paying down to your loan and you're deducting

582
00:39:15.760 --> 00:39:19.880
the full value of your truck as depreciation. So therefore

583
00:39:20.000 --> 00:39:22.639
the principal part of it is not being deducted. Now,

584
00:39:22.639 --> 00:39:25.599
if you're on a lease, so maybe you're on an

585
00:39:25.599 --> 00:39:29.079
outperating lease, that whole lease amount is deductible. But if

586
00:39:29.079 --> 00:39:32.920
you're on a capital lease, then only the interest portion

587
00:39:33.119 --> 00:39:36.519
of that is deductible. Because it's like financing your truck,

588
00:39:36.559 --> 00:39:39.760
you're going to own it at the end. You know,

589
00:39:39.840 --> 00:39:44.440
maintenance and your repairs. Now we talk about medical. Regular

590
00:39:44.480 --> 00:39:50.079
medical expenses aren't deductible, but your dot Department of Transportation, Medical,

591
00:39:50.760 --> 00:39:57.599
physical is deductible. Safety gear. Your satellite radio and TV

592
00:39:57.760 --> 00:40:02.119
subscriptions that you use in the truck while driving, okay,

593
00:40:02.119 --> 00:40:08.719
when you stop, not while you're driving, is deductible. Subscriptions, Tolls,

594
00:40:09.320 --> 00:40:12.599
parking fees, these are all deductible. And a lot of

595
00:40:12.599 --> 00:40:16.199
times these are overlooked tools that you're going to be

596
00:40:16.239 --> 00:40:20.000
using to repair your truck or maintain your truck. Your

597
00:40:20.039 --> 00:40:23.639
travel expense is so travel expenses, you're gonna you maybe

598
00:40:23.639 --> 00:40:27.039
you're gonna use some lodging every now and then, maybe

599
00:40:27.079 --> 00:40:30.480
you need to fly somewhere and you're, you know, for business,

600
00:40:30.719 --> 00:40:34.400
then your airline is deductible. Maybe you run into corporation,

601
00:40:34.480 --> 00:40:37.800
you've got to have a corporate meeting, and uh, you're

602
00:40:37.800 --> 00:40:40.679
going to have your board of directors out there, and

603
00:40:40.719 --> 00:40:44.559
your travel expenses are deductible. Hey, that could be a

604
00:40:44.559 --> 00:40:48.360
good way to use some personal travel and business travel.

605
00:40:48.800 --> 00:40:50.480
And then we can split that up and some of

606
00:40:50.519 --> 00:40:55.679
it's deductible. Education. So staying informed in your business, how

607
00:40:55.719 --> 00:41:02.079
to make yourself better in your business is deduct Uniforms

608
00:41:02.320 --> 00:41:06.239
is deductible. People want to say clothing, well, if it

609
00:41:06.239 --> 00:41:08.159
could be worn to church, if it could be worn

610
00:41:08.159 --> 00:41:11.039
and used elsewhere. No, that's not going to be deductible.

611
00:41:11.440 --> 00:41:13.280
But if you've got to have steel toe's shoes, you're

612
00:41:13.280 --> 00:41:17.079
going to have uniforms or shirt here with your logo

613
00:41:17.360 --> 00:41:21.599
on it, those are going to be deductible for you

614
00:41:21.920 --> 00:41:28.360
in your business, postage scale fees. So all these things

615
00:41:28.440 --> 00:41:31.639
we're looking at are considered to be like ordinary and

616
00:41:31.840 --> 00:41:38.960
necessary in your business. And that's what we're always, you know,

617
00:41:39.079 --> 00:41:42.920
looking for is making sure that hey, this is how

618
00:41:42.960 --> 00:41:48.480
we're going to save you money. Now, there are certain

619
00:41:49.079 --> 00:41:52.320
expenses out there that we've got to take a harder

620
00:41:52.360 --> 00:41:56.480
look at, such as maintenance. You know, maintenance is deductible,

621
00:41:57.440 --> 00:42:06.440
you know, oil changes, the labor, tires, but an engine

622
00:42:06.440 --> 00:42:09.760
overhaul needs to be capitalized and depreciated. So something that

623
00:42:09.800 --> 00:42:14.239
makes your truck lasts longer, adds more useful life to

624
00:42:14.320 --> 00:42:18.440
your truck is going to be capitalized. And there are

625
00:42:18.480 --> 00:42:20.639
certain restrictions in doing this, So you've got to talk

626
00:42:20.639 --> 00:42:22.400
to your tax p prayer to make sure that, hey,

627
00:42:22.400 --> 00:42:25.199
we're going to be deducting this right. You know, is

628
00:42:25.239 --> 00:42:28.320
this a capitalized improvement of my truck, such as a

629
00:42:28.480 --> 00:42:34.880
complete engine replacement, transmission replacement, or is this general maintenance

630
00:42:34.920 --> 00:42:40.679
such as changing new oil, and there are certain qualifications

631
00:42:40.679 --> 00:42:46.320
in this to make sure that you're deducting this right

632
00:42:46.440 --> 00:42:49.920
is for the betterment of the unit, restoring the unit,

633
00:42:50.480 --> 00:42:53.840
adapting the unit to new or different use. Those are

634
00:42:53.920 --> 00:42:57.199
things that are kind of be capitalized, and so you

635
00:42:57.239 --> 00:43:01.119
want to make sure that you're going through and doing

636
00:43:01.159 --> 00:43:07.199
it doing it right now. We also need to take

637
00:43:07.199 --> 00:43:12.599
a step back and look at personal supplies and expenses,

638
00:43:13.320 --> 00:43:17.800
so not all personal supplies are considered tax deductible. In

639
00:43:17.920 --> 00:43:21.719
order for personal supplies to be considered tax deductible, they

640
00:43:21.760 --> 00:43:24.679
have to be ordinary and necessary for operating your business.

641
00:43:25.880 --> 00:43:27.639
And some of those that we already talked about in

642
00:43:27.639 --> 00:43:36.239
as uniforms, but gloves, those can be booths, showers. You know,

643
00:43:36.280 --> 00:43:39.800
there are a broad range of things that can be

644
00:43:40.079 --> 00:43:43.039
you know, deemed that you're using on the personal side,

645
00:43:43.039 --> 00:43:47.920
but also deemed for the business side. Communication devices such

646
00:43:47.920 --> 00:43:53.880
as CV radio, cell phones, internet, you know, your radio,

647
00:43:54.039 --> 00:43:58.960
your phone cards. These things can also all be deducted.

648
00:44:00.320 --> 00:44:02.320
And the one thing you got to keep in mind

649
00:44:02.960 --> 00:44:05.880
is you know, what is the business use of it?

650
00:44:06.000 --> 00:44:11.119
What percentage? We also talk about missing meals and entertainment,

651
00:44:11.559 --> 00:44:15.679
so bona fide business meals, meaning you got to have

652
00:44:15.719 --> 00:44:20.159
a business discussion. Now this isn't the same as pretems.

653
00:44:20.199 --> 00:44:23.280
This is when you go out to eat with somebody,

654
00:44:23.440 --> 00:44:27.800
Are you actually having a business meeting with potential client,

655
00:44:28.239 --> 00:44:33.719
potential prospect, somebody. You might be getting new loads from

656
00:44:33.840 --> 00:44:36.639
a referral source, somebody that can refer you more loads,

657
00:44:37.719 --> 00:44:41.679
or business colleagues, or maybe you're running this business with

658
00:44:41.920 --> 00:44:47.039
your spouse. Is that meal tax the devil? Did you

659
00:44:47.199 --> 00:44:51.440
talk about business at that meal? I almost guarantee you

660
00:44:51.440 --> 00:44:55.639
you did. Because you're running a business together, You're going

661
00:44:55.679 --> 00:44:58.639
to have business discussion. Where your next loads going, how

662
00:44:58.719 --> 00:45:00.719
much are you making, how how much do you make

663
00:45:00.760 --> 00:45:03.760
per mile? Are you actually really making money in this business?

664
00:45:04.800 --> 00:45:07.440
And so those are discussions that you're going to have.

665
00:45:08.000 --> 00:45:12.280
Now those are fifty percent deductible, but is better than nothing.

666
00:45:13.239 --> 00:45:16.000
You know, making sure that you're keeping that receipt right

667
00:45:16.239 --> 00:45:19.480
right down on that receipt, who, what, where, when and why,

668
00:45:20.159 --> 00:45:24.920
so that you have it documented. Uh, we want to

669
00:45:24.960 --> 00:45:30.800
make sure that you're taking advantage of every deduction that

670
00:45:31.320 --> 00:45:36.760
you have available to you that's allowed by law through

671
00:45:37.400 --> 00:45:41.760
the Internal Revenue Code. You know, there's a lot of

672
00:45:41.800 --> 00:45:44.719
expenses that you know, you may not think about when

673
00:45:44.760 --> 00:45:47.280
you're running your business as an owner operator, as a

674
00:45:47.320 --> 00:45:51.239
self employed individual, as a contractor, you know, but you've

675
00:45:51.320 --> 00:45:54.800
got to, you know, think about that as a truck driver.

676
00:45:55.119 --> 00:45:58.519
One of the great things that we see out there

677
00:45:58.800 --> 00:46:03.679
is per diems for dams are deductible. So if you're

678
00:46:03.760 --> 00:46:06.920
a schedule to see this is really easy. You keep

679
00:46:06.960 --> 00:46:10.760
track of the first night you leave, the nights that

680
00:46:10.800 --> 00:46:14.599
you're away from home, overnight away from home, and the

681
00:46:14.719 --> 00:46:19.360
night you come back. So the IRS did a great thing.

682
00:46:19.800 --> 00:46:23.079
They for dams have an increased from sixty nine dollars

683
00:46:23.119 --> 00:46:25.280
all the way to eighty dollars. Now it's only eighty

684
00:46:25.280 --> 00:46:29.159
percent deductible, but that's great. And so every night that

685
00:46:29.199 --> 00:46:33.199
you're away from home you get an eighty dollars deduction.

686
00:46:33.840 --> 00:46:36.639
The first night's only forty and the last night's only forty,

687
00:46:37.119 --> 00:46:42.679
but all the nights in between are the eighty dollars deduction.

688
00:46:43.039 --> 00:46:46.880
Becomes a really big tax deduction, especially if you're out

689
00:46:46.920 --> 00:46:50.840
there really hoofing it and you're making good money, and

690
00:46:50.880 --> 00:46:55.079
therefore you could save this right there on your tax return.

691
00:46:56.039 --> 00:47:00.480
And it's eighty percent deductible for twenty twenty four five

692
00:47:00.719 --> 00:47:04.199
and going forward, and it means you don't have to

693
00:47:04.199 --> 00:47:06.719
save receipts while you're on the road for meals and

694
00:47:06.760 --> 00:47:10.239
everything you can steal running through your business account, but

695
00:47:11.159 --> 00:47:13.880
you don't have to be saving every single one of

696
00:47:13.920 --> 00:47:18.280
those receipts for meals out there. You do want to

697
00:47:18.320 --> 00:47:21.159
make sure that if you're doing a business expense when

698
00:47:21.159 --> 00:47:23.679
you're at home and you've gone out with Kyle League

699
00:47:23.760 --> 00:47:26.719
or your wife, your discussing business, you got those and

700
00:47:26.760 --> 00:47:31.840
you got that documented. The other thing is is making

701
00:47:31.840 --> 00:47:34.159
sure that you're keeping track of those nights. The eeal

702
00:47:34.239 --> 00:47:36.719
D log is really good, your paper log is really

703
00:47:36.760 --> 00:47:39.039
good at doing it, and you'll be able to keep

704
00:47:39.039 --> 00:47:41.440
track of it that way. Don't come to me and

705
00:47:41.480 --> 00:47:43.239
report that you were on the road four hundred and

706
00:47:43.280 --> 00:47:45.480
seventy five days this year. There's only three hundred and

707
00:47:45.519 --> 00:47:49.880
sixty days out there, and that means you never went home,

708
00:47:50.039 --> 00:47:52.519
means you really didn't have a home to return to,

709
00:47:53.159 --> 00:47:55.280
and you won't have that deductibility and you're going to

710
00:47:55.320 --> 00:47:58.719
have to go to actual there's a lot of complications

711
00:47:58.800 --> 00:48:02.280
in per diem. Make sure you're talking to your tax prepayer.

712
00:48:03.000 --> 00:48:05.440
Make sure you have a great tax prepare If you

713
00:48:05.559 --> 00:48:10.559
don't find us at truck or tax tools dot com,

714
00:48:11.119 --> 00:48:14.639
let us help you save you money on your taxes.

715
00:48:14.719 --> 00:48:17.239
Do your bookkeeping, keep you on the straight and narrow

716
00:48:17.320 --> 00:48:21.039
so you know what you're going to do. We really

717
00:48:21.400 --> 00:48:24.360
enjoy bringing you information how to save money on taxes.

718
00:48:25.119 --> 00:48:28.119
Remember the tax code is really long. Remember how many pages,

719
00:48:28.119 --> 00:48:31.199
almost seventy four thousand pages. Good luck reading it and

720
00:48:31.280 --> 00:48:34.639
understanding it. We do that. We do that for you.

721
00:48:35.880 --> 00:48:38.639
One simple reminder, if you're going to enter a contract,

722
00:48:38.679 --> 00:48:42.639
read your contract. It's not that long. Make sure you're

723
00:48:43.239 --> 00:48:46.079
following through with the things that you need to do. Hey,

724
00:48:46.119 --> 00:48:49.119
next week, we're going to talk about company structure, how

725
00:48:49.199 --> 00:48:53.079
company structure can save you money in taxes. So make

726
00:48:53.119 --> 00:48:56.559
sure you subscribe to tax Talk for you dot com

727
00:48:56.840 --> 00:49:00.639
and be here every Monday at ten am shured time

728
00:49:01.199 --> 00:49:04.360
and get the information that you need to save money

729
00:49:04.400 --> 00:49:07.000
on taxes. Hey, we'll see you next week. Thank you,

730
00:49:07.079 --> 00:49:08.840
God bless how a safe week out there.

731
00:49:10.800 --> 00:49:14.000
Are you an individual or business that wants to understand

732
00:49:14.039 --> 00:49:17.440
taxes and how they affect you. Are you looking for

733
00:49:17.480 --> 00:49:22.920
specific tax advice for self employed business owners and truckers?

734
00:49:23.480 --> 00:49:27.519
Are you behind on taxes and your bookkeeping. Are you

735
00:49:27.639 --> 00:49:30.639
dealing with the irs and ready to have some relief,

736
00:49:31.440 --> 00:49:35.280
then you need Tax Talk for You, hosted by tax

737
00:49:35.320 --> 00:49:40.239
and trucker expert Barry G. Fowler EA Kenyon, ten am

738
00:49:40.480 --> 00:49:44.400
Eastern Time every Monday right here on w Fourcy Radio

739
00:49:44.519 --> 00:49:47.800
and Talk for TV. Don't forget to check this and

740
00:49:47.960 --> 00:49:52.519
past episodes at tax TALKFORU dot com. See you next

741
00:49:52.519 --> 00:49:57.519
week at wborcy dot com.