April 21, 2025

Budgetign 101

Budgetign 101

Budgeting business budgets personal budgets. Do you need a budget for business? TaxTalk4u how to budget and do comparisons to grow your business. Personal budgets the how to guide. Why should you do a budget? Grow business reduce costs and waste....

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Season 2

Budgeting business budgets personal budgets. Do you need a budget for business? TaxTalk4u how to budget and do comparisons to grow your business. Personal budgets the how to guide. Why should you do a budget? Grow business reduce costs and waste. Improve you cash forcasting and life by saving money.

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 it's 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 gen Fouler EA brings you tax talk for you

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right here on W four CY Radio and Talkboard TV.

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As an enrolled agent and a national leader in tax

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resolution as well as Trucker bookkeeping and tax planning. With

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over thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax.

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Relief for individuals and businesses just like you. So let's

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have some tax talk for you with your hosts. Barry G.

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Foul Good morning, another happy Monday morning. Hope. Hopefully everybody

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had a wonderful and happy Easter with the family and

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got to spend a lot of time with family. Waking

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up this morning in the news and you see that

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Pope Francis passed away. So God rest his soul, pray

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for pray for him, and uh everyone in the in

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the church. So today, you know, starting Mondays and we're

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done one tax season. Hopefully you got your returns filed

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or you got your extension in and maybe you're starting

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to think about twenty five and you know, maybe you

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haven't done any tax planning, maybe you haven't done any

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business planning. Maybe you haven't really thought ahead about what

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you should be doing, both personal and business. And maybe

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I know this is the bad word people talk about budgeting.

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I mean, you know, in my household, you know, if

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we sit down and say the word budget, you know,

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my wife's eyes kind of roll like here we go again,

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and he's trying to control what we spend. And yes,

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it is about controlling what you spend because at the

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end of the day, it's what you have left in

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your bank account and not what you own, not the

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toys that you have, it's the money that you can

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retire on, build your business with, expand your business with.

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It's budgeting. I know the oldbody likes to sit down

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and create a budget, but a fact in school. I

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don't even know that they actually teach budgeting, business or

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personal a matter of fact, I don't even know that

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they really talk about personal finances. I know they don't

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talk about writing checks anymore. You know, these days it's zell,

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you know, the quickest way of transferring money, you know,

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between people or sometimes paying for things. You now have

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Apple pay or credit cards or whatever, and it doesn't

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really seem like real money. I've got a kid that's

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in physical therapy school for his doctorate and he's on

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student loans talking to me the other day about you know, oh,

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I want to go get fitted for a new for

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Mike Off bag and I want to go get a

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custom driver. And I'm like, son, you know, do you

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either have bigger eyes and more money than I do,

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or you don't realize how much money you don't have.

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Go back, look at your budget. Yeah, we created a

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budget for him for the two and a half years

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that he's going to be in physical therapy school of

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getting his doctorate. And he doesn't have time to work.

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You know, there is school from eight am till five pm,

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you know, Monday through Friday. They get a little bit

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of time here or there, to be able to you know,

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work in the clinic or something else. But they don't

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get paid for that, so it is all pure student

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loans for him. Got to go back and look at

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your budget. Do you have a budget for this? The

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budgeting becomes you know important. You know, you don't set

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your business up or your life up intentionally to fail,

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but do you actually know what your numbers are? You know,

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So budgeting is exactly what you're doing, is trying to

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make sure that you're not set up to fail, that

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you know your numbers and you know where you're heading.

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You know, money problems bookkeeping are kind of two big

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reasons why many small businesses don't make it pass their

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first five years. You know. Statistics show that many businesses

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fail in their first five years. You know, and budgeting

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can be overwhelming. I mean, we get it. You know,

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for a lot of business leaders, it's a lot more

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comfortable to dream up big ideas and getting stuff done

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and getting into numbers. But you can't set yourself up

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for success steady growth until you have good handle on

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the money flowing in and out of your company. As

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a matter of fact, there's going to be no financial

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peace until you understand these numbers. Now we're number of

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people you may not be. It's okay. If you just

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follow some of these simple steps and learn how to

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create a budget for your business, and then we'll also

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talk about managing your personal finances, you'll be able to

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do it with a lot more confidence. So you know,

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these are the things that you need to start thinking

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about it. So go back to the basics. What's a

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business budget. It's a plan how you're going to use

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your money to generate business every single month, quarter in year.

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So how are you going to to drive this business?

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You need to look at your expenses, your revenue, and

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the profit that's going to be coming down the road.

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It's going to help you decide what are you going

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to do with the profits from your business, or when

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and where to cut spending and grow your revenues and

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how to invest for growth when the time comes. You know,

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budgeting is going to give you the insights of where

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to go with your money then having no clue, no idea,

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or even wondering where your money went. You know, budgeting

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is not your profiting loss that you look at the

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end of the month. You know that profiting loss looks

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at the past doesn't look to the future. Your budget

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is going to be. Making you look to the future

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helps you identify the areas that you need to strengthen

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and grow. Looking in the past is what you've done

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wrong in the past, are how you want to improve

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going forward in the future. So don't get me wrong.

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Profit and losses are extremely important. They could be used

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to set up your budget for the future in future planning.

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So we always say, you know, your your first task

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in business is budgeting. You know, of thirty three point

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two million plus small businesses in the US, you know,

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and it's a lot more than that, it's probably thirty

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four to thirty five million out there because you know,

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since COVID, this has drastically expanded people wanting to get

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out to business, working for themselves instead of working under

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other people. But a lot of times these businesses fail

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because of cash flow, you know, pricing or cost issues.

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You know, pricing of your products or services that you sell,

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cost issues of the materials and the goods, or even

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the people required to do the business. We're not planning for,

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we're not budgeted for. Now. You know, we're going to

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tell you that, you know, just doing a budget loan

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isn't going to help you earn more money, but it

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is going to maximize the money you have. It's going

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to help you manage your cash flows, help you spend

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less than your business earns, help you stay on top

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of bills and taxes. And then budget's going to help

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you know if you're hitting your numbers, so you can

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move and be flexible in your business as it is

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needed or required. So creating your budget, you know, let's

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start with revenues. You got to know what the income

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is or projected is to come into your business. Where

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are you going to earn your money for the products

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or services that you sell. You know, if you go

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back and look at last month's profit and loss or

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the last couple of months profit and loss, or I

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could look at your checking account statement to see how

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much income you have coming in. You're just looking right

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now at what are your income streams? What brings in

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the revenue. You know, if you're running a HVAC business,

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it could be maintenance, cause service, repairs and sales, new

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units sales, installation sales, maybe air duct cleaning. If you're

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an owner operator truck driver, it's going to be transporting

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the goods out there, you know, are you using a broker,

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are you getting the loads yourself, or are you lease

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on all things that you need to be looking at

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to determine what your revenues are that are coming in.

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All right, after this break, we're going to talk about

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cost of goods sold, cost of services so that you

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can build upon that. When we're right back.

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We have only scratched the surface of play show. Please

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stand by as Parry G. Fowler will be right back

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with tax talk for you. If you owe the IRS

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or are going through an IRS audit, don't go at

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it alone. Call Taxation Solutions tax Relief at eight eight

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eight nine three zero one zero one six. We are

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your solution for IRS TETs, audits, back taxes.

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Garnishments, means 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. Don't let the IRS

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walk go over you. Stop the IRS now. Call eight

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eight eight nine three zero one zero one six or

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go to Taxationsolutions dot net now for a free no

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obligation consultation. Let's get back to tax talk for you

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with more tax tock once again.

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Here's your host, RYG.

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Fallum a budgeting, budgeting, budgeting. You know, nobody likes budgeting,

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and you know, we're talking about business budgeting here in

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the first couple of segments. We're gonna talk about personal

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budgeting later on. But in business, you know, you've got

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to start getting together. What are your cost of goods?

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What is your cost of service? What is the cost

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to provide these services? You know, these are expenses directly

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related to producing your product or your service. You know,

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in trucking businesses, you know, fuel goals, scale fees. These

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are items that are directly related to moving goods from

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one place to another. If you're in an hv AC business,

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it could be the cost of the ac, your heating units,

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the cost of your inventory. These items are are costs.

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So what does it cost to have that product on hand,

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available to sell or install? And then you're also going

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to start listing down your expense categories. You know, it's

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really kind of crazy sometimes how much money is going

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to slip through your fingers when you're not careful about

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putting it into a budget. You know, think about your

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all your business expenses, you know, down to the safety

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gear that you have to buy in the trucking business,

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to safety gear that you have to wear to protect

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applients home or office that you're in and repairing or fixing.

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Your items can be things like your payroll, your rent,

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your utilities, your insurance, office supplies, equipment, marketing if you

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do marketing or advertising, your technology, services and education. You know,

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all these things are you know important. You know, what

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are your truck payments, principle interest? You know, truck repairs,

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what are you projecting truck repairs going out into the future,

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normal maintenance, large scale maintenance. You know, you start going

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down this list of items, and you can go back

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and look at your prior profit and loss and to

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see the different expense categories that you have and the

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expenses that it takes to run your truck, run your business,

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whatever it you know may be. And you've got to

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go through and have all those different categories, and you

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might even want to get to where you break it

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down even more into the nitty gritty so that you

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can really identify the expenses that you have going in

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and out of your business. So now that you have

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a kind of a solid list of categories for both revenues, expenses,

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cost of goods sold, cost of services, now you start

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plugging in some real numbers. You know, this isn't hardcore.

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You know, sometimes you don't know what those numbers are.

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Sometimes you've got to make an educated guess, especially if

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you're just starting out. But if you've been earning income

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for a little while, go back and look at those

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past profit and loss statements. The guide you just know

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kind of what to expect what you're going to be

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bringing in. That first budget is about having a very

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thoughtful yes with history and then starting to get more

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realist month in and month out as you go through

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the business, start calculating what your expected profit or loss

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is going to be. You know, each new employee that

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you add into your business is going to be pure

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expense until that employee starts to help you generate more revenue. See,

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if you're bringing in we're going to use some round

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numbers here, ten thousand dollars a month, and maybe your

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expenses are seven thousand dollars a month, and you net

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three thousand, So that's your projected profit. You add somebody

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for staff to come in, and you bring them in

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for three thousand, your now net profit of zero. That's

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staff member just cost you three thousand dollars plus taxes

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that you're going to pay on them every single month

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until that employee helps you generate additional revenues to cover

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their costs. So you've got to be prepared and look

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at all these expenses. So you're taking your you know,

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gross revenues, subtracting your cost of goods sold, subtracting your expenses,

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and then you get down to the profit or loss

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for the business. I don't freak out, you know, if

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this first budget you're doing actually shows a loss. There's

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a lot especially in the first several months of doing

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a budget, and then you learn more about what's coming in,

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what is going out, and how to make the adjustments

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to your budget and your actual expenses to generate a

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better profit. Now, in this budget, let's be honest, you

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got to start planning for emergencies, setting aside money for

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large truck repairs if you're an owner operator out there,

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or possibly purchasing a new tractor or trailer, or maybe

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looking for investments buying a building, buying land land for

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a truck parking lot, buying and building for let's say daycare.

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If you're going to open a daycare and need space

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in your own land building. So these are all things

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that you start planning and doing in your budgeting for

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your business to be successful in your business. And success

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doesn't mean hitting the highest number possible in revenues. What

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good is ten million dollars in revenues if you're still

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losing money every month. Been there has done that, get

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high revenue numbers and still felt the effect of having

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losses because of heavy outgo between advertising or marketing or

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sales staff or administrative staff, not generating enough revenues or

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not getting enough cause from the marketing that is going out.

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That's why reviewing your budget often. And so you've gotten

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that first budget under your belt, take a step back,

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take a deep breath. Celebrations quick, easy and over. Now

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that is a huge accomplishment for you and your business.

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And now it gets easier. You can take that exceale

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spreadsheet whatever you use to do that budget, and now

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you can cut and paste and play with that budget

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to refine it. Budget in the drawer doesn't do you

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any good. Budget saved in a file doesn't do you

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any good. Look at review it, consistently, update it, modify

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the plans and make them work. If you're doing advertising,

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this is the advertising actually generating the dollars that you need?

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Is it generating enough phone calls? If you're in a

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service business expecting to sell a service, is it bringing

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in the customers to your retail business to sell your

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products to through the advertising that you're doing. Maybe it's

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not the advertising, Maybe it is the staff. Are they selling?

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Are they closing? Maybe it's a combination of both. There's

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not enough incoming calls to generate enough revenue to support

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your sales staff. So you've got to do something different.

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Change it, modify it, you know, ask yourself a few

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questions with your budget. Are we on target to hit

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our revenue goal this month, this year, this quarter? If not,

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what can we do to change to get there? Are

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there expenses that we can minimize or cut to increase profit?

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Then you need to go back and review your business

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to budget to your profit and loss every month. Make

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that comparison. Otherwise, how are you going to know really

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what you're doing? And we're going to talk about a

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few more next steps. We're also going to talk about

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personal budgeting and a wonderful phone call I had with

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a client about budgeting or personal as well as business

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and we'll talk about that right now.

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We have only scratched the surface of place. Please stand

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00:20:01.559 --> 00:20:04.640
by as Perry G. Fowler will be right back with

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00:20:04.920 --> 00:20:11.039
tax talk for you. As an owner operator, you already

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00:20:11.039 --> 00:20:14.519
spend too much time away from your family. Trucker Tax

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Tools handles all your bookkeeping and taxes.

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00:20:17.200 --> 00:20:20.400
No matter what level trucker you are. Life on the road.

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00:20:20.160 --> 00:20:23.720
Can be taxing, but that doesn't mean that your wallet

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00:20:23.839 --> 00:20:27.640
or time with your family should suffer. Trucker Tax Tools

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00:20:27.680 --> 00:20:31.480
makes your life run smoothly. Now to Trucker tax Tools

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00:20:31.519 --> 00:20:34.160
dot Com for a free guide that will give you

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00:20:34.200 --> 00:20:37.039
the tools to never worry about.

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Your taxes again.

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Call Trucker Tax Tools eight seven seven nine sixty six

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two four seven seven or go to Trucker tax Tools

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00:20:46.559 --> 00:20:50.000
dot com now and let the experts keep you trucking.

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Let's get back to tax stock for you with war

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tax Stock once again.

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Here's your host, Rechi that.

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Onum Hey, welcome back, you know Trucker tax Tools dot com.

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If you go there, we got wonderful pricing. We'll talk

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about budgeting and we talk about keeping and minimizing expenses

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as well. Bookkeeping and taxes is not something that you

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want to skip. You want to make sure you've got

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that professional fee light line item in your budget, and

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any business that's out there, having a good bookkeeping and

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tax service is really what you need to stay ahead

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and be able to use a good profit and loss

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to compare to your budget, or even having a good

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profit and loss to start your budget. And that sometimes

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is where you're going to start from. So if you're

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in trucking business, go to a Trucker tax tools dot

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00:21:49.039 --> 00:21:54.039
com and hit the link in there get a quote

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for your trucker bookkeeping services. Hey, we start twenty five

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00:21:59.000 --> 00:22:02.799
dollars a week. Now, that's a very very low costs.

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Get your trucker bookkeeping done for you, simple, easy. As

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00:22:09.079 --> 00:22:12.000
a matter of fact, most people that come to Trucker

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Tax Tools are very surprised at how easy we make

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bookkeeping and taxes for you, including tax planning, to be

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able to help you find ways to save more money

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on taxes and keep more of your hard earned dollars

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in your pocket. And that's important when you're in business.

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How you've completed that first month's budget, now the challenge

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is to extra wrap you make that budget for twelve month,

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eighteen three year, five year, plan what are your goals

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for your business? Budgeting helps you take and go from

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looking at one month to maybe a quarter to maybe

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six months to a year to eighteen months to five years.

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Put that plan for success in place so that you

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have ultimate goal that you need to create the roadmap

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the success. When you're an owner operator, I guarantee you

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you don't go anywhere without your GPS, your roadmap to

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where you're going to be. Why be in business without

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a roadmap to success? And then own those numbers. You

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know we all try to avoid it. Own it, take

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ownership of it. Be proud that you've created the budget,

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and you compare your budget to your profit and loss

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so that you know you're continuing ahead the right direction

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to success. And I promised your story. You know. I

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get on a show called Asked the Experts with STEVEO

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and they usually we talk about my stories all the time,

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and a lot of times it's stories about tax resolution,

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tax relief, dealing with the irs, saving people money by

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helping them with tax planning and everything. But this story

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00:24:08.680 --> 00:24:12.759
is about budgeting. And you know, people hate that word

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budgeting and don't like being on a budget. They feel constricted,

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like you know, oh my gosh, as you're trying to

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restrict me from what I want to spend or what

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I want to do. I have too wonderful young ladies

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that are clients of ours that have to run a

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few daycares and everything out there, and we started talking

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about personal budgeting. Now, this came up because they asked

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the question, why do I never have any money? But

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we pay a lot in taxes. So these ladies are

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very good at what they do in business. They run

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some ultimate daycares out there that create huge profits, but

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at the end of the day, they have nothing to

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show for it, nothing in their bank account. They spend

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way more than you and I do, because you know,

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let's be honest, they make a lot of money. We

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do a lot of tax planning for with them to

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try to help them save money, but they don't have

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a constraint or budget. They're not how to make money

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hand over fist. They don't know how to keep the money.

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And so we had a good laugh about it, but

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it came down to very serious, we want to do

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some investing that's going to save us money. Well, you

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00:25:26.359 --> 00:25:29.720
can't invest money that you don't have. What do you

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mean you've got nothing in the bank to show for

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the profits that you have. You can barely afford to

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pay a huge amount of tax that you're paying because

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your businesses are so profitable, but yet the money or

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is out from the personal side like running water. It's

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time to close the spickets, and it's time to start budgeting,

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putting some financial constraints on yourself so you can have

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the money available to invest. You're young and right now

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to put money in retirement, to put money set aside

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to do some of the investments, it possibly could save

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you a ton of money on taxes. So again, where

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do you start? Personally? That was the question. Matter of fact,

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I told these two young ladies when I was on

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the phone with you, you had a homework assentiment for

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the weekend. Did they accomplish it? No, it wasn't important

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to them. You've got to place the importance on this.

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That's the starting point, placing the importance on budgeting, on

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saving money, having money left over in your bank account

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to invest or do other things. Plan for retirement. I mean,

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00:26:40.519 --> 00:26:43.640
can you imagine making money handover fist and not having

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any money to retire on when you want to retire?

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I mean, that's the way these two are going. You

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don't need to be one of them. So the first

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thing you need to do is sit down with yourself.

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And if you're a W two employee, this is really easy.

411
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How much money is being deposited into my bank account

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00:27:02.400 --> 00:27:08.960
every payroll, every month? This is my monthly income actor, federal, state,

413
00:27:09.359 --> 00:27:13.720
social Security, and Medicare tax. If you're self employed, this

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is the amount of money that you're putting into your

415
00:27:17.039 --> 00:27:21.720
personal account before tax. Then we've got to add the taxes.

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Subtract the taxes from those revenues as social Security fifteen

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00:27:27.039 --> 00:27:30.880
point three percent including Medicare, then your federal income tax,

418
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and then your state income tax if you have it.

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Then you're going to start looking at outgo.

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Now.

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I'm a believer in a very good book, Wealthy Barber,

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where you take the first ten percent of whatever you

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made and you put it into your own savings account.

424
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So if you want to read a good book, Wealthy

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00:27:49.200 --> 00:27:51.359
Barber is a very good book to read, So we

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00:27:51.359 --> 00:27:54.200
can start from there. First ten percent is your money

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00:27:54.599 --> 00:27:59.200
now mortgage or rent? What is that? Your homeowner's insurance,

428
00:27:59.799 --> 00:28:03.920
mon owner's association dues? Maybe this is all in one

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00:28:03.960 --> 00:28:08.039
payment for your house. Maybe you pay your own insurance,

430
00:28:08.079 --> 00:28:12.079
your own property taxes in your ome homeowners association, dues

431
00:28:12.400 --> 00:28:14.880
yourself and you don't escrow it. Tho's got to be

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00:28:14.960 --> 00:28:17.599
line items in your budget. How much are you spending

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00:28:17.920 --> 00:28:24.240
for food, utilities, water, electric, gas? What are your transportation costs,

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00:28:24.480 --> 00:28:34.000
car insurance, automobile fuel at, automobile repairs, household items, household supplies, debt,

435
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What are you paying credit cards? Hopefully you don't have

436
00:28:37.559 --> 00:28:40.319
credit card debt. If you do, got to list those out.

437
00:28:40.640 --> 00:28:44.160
How much money should you be putting away for retirement?

438
00:28:44.599 --> 00:28:48.119
Then you've got to look at personal and entertainment and

439
00:28:48.200 --> 00:28:52.079
then other expenses. So once you go through and you

440
00:28:52.119 --> 00:28:56.359
start looking at all that, now you take your monthly

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00:28:56.440 --> 00:29:00.920
ingo and subtract your monthly outgo. That is what you're

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00:29:00.960 --> 00:29:04.200
projected leftover. Hey, we're going to talk about that easy

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00:29:04.240 --> 00:29:07.720
budgeting and you're continuing where to start when you're doing

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00:29:07.759 --> 00:29:10.119
personal budgeting, And we're gonna do that right up to

445
00:29:10.119 --> 00:29:10.440
the spring.

446
00:29:11.799 --> 00:29:15.440
We have only scratched the surface of today's show. Please

447
00:29:15.480 --> 00:29:19.000
stand by as Barry G. Fowler will be right back with.

448
00:29:19.200 --> 00:29:20.279
Tax talk for you.

449
00:29:23.000 --> 00:29:26.319
As an owner operator, you already spend too much time

450
00:29:26.359 --> 00:29:30.559
away from your family. Stop spending time doing paperwork. Go

451
00:29:30.640 --> 00:29:34.960
to Trucker tax tools dot com a solution filled specifically

452
00:29:35.000 --> 00:29:38.599
for truckers. Trucker tax tools dot Com makes your life

453
00:29:38.960 --> 00:29:44.680
run smoothly. Let's get back to tax talk for you

454
00:29:44.759 --> 00:29:47.319
with war Tax Tock once again.

455
00:29:47.799 --> 00:29:50.319
Here's your host, Barry G. Fowler.

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Okay, I said, you know, hey, there's gonna be a

457
00:29:54.799 --> 00:29:57.720
simple way to do this. Well. One of the simple

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00:29:57.759 --> 00:30:00.559
ways of doing this is look back at last month,

459
00:30:00.839 --> 00:30:04.640
take your bank statement, and if you're maintaining a good checkbook,

460
00:30:05.000 --> 00:30:09.599
you can go to your check register and if you've

461
00:30:09.640 --> 00:30:12.759
been writing all your income and outgo in the register

462
00:30:12.839 --> 00:30:15.480
and keeping tabs what's in your account like you should be,

463
00:30:16.119 --> 00:30:19.200
like you should have been taught school to do, then

464
00:30:19.480 --> 00:30:22.400
you can go back and look at a good idea

465
00:30:22.559 --> 00:30:25.920
of what your income and outgo was. Now, if you're

466
00:30:25.960 --> 00:30:27.880
like us, we run a lot of stuff across one

467
00:30:27.920 --> 00:30:30.279
of our credit cards and we fully pay the credit

468
00:30:30.279 --> 00:30:31.880
card off every month, you can go back to your

469
00:30:31.920 --> 00:30:35.279
credit card statements as well. So you take your bank statements,

470
00:30:35.359 --> 00:30:38.680
your credit card statements, and you start looking at what

471
00:30:39.200 --> 00:30:42.319
income was coming into your account, which you should know

472
00:30:42.319 --> 00:30:45.240
if you're W two, you should know if you're a

473
00:30:45.240 --> 00:30:47.799
business owner, what you've transferred into your account or if

474
00:30:47.799 --> 00:30:51.680
you're an escort in your payroll that's coming over. You

475
00:30:51.720 --> 00:30:54.359
then have an idea of what your income is. Now

476
00:30:54.400 --> 00:30:56.319
you can go back and look at all your outgo

477
00:30:56.759 --> 00:30:59.440
what subtracts on your register, what's subtracted out of your

478
00:30:59.440 --> 00:31:01.960
bank account, on your bank statement, So you can get

479
00:31:02.000 --> 00:31:04.720
your numbers. Now. When you get down to it and

480
00:31:04.759 --> 00:31:07.720
you see it's a negative number, hey don't freak out.

481
00:31:08.119 --> 00:31:12.000
It's a wake up call, but don't freak out. So

482
00:31:12.720 --> 00:31:16.680
you need to start adjusting your life. Maybe you're giving

483
00:31:17.079 --> 00:31:21.160
more than you should. Maybe you're over spending in certain categories.

484
00:31:21.400 --> 00:31:23.519
Go back and look at it. You're going out to

485
00:31:23.519 --> 00:31:26.599
eat all the time. Maybe you're going out for lunches.

486
00:31:27.000 --> 00:31:30.039
Going out for lunches can cost you, you know, fifteen

487
00:31:30.160 --> 00:31:33.920
dollars a day. Maybe it's time to bring a sack, lunch,

488
00:31:34.319 --> 00:31:37.799
cook it home, bring you leftovers. Whatever you've got to

489
00:31:37.880 --> 00:31:42.759
do to help you stop overspending. See I talk about

490
00:31:43.079 --> 00:31:46.720
things like this with my daughter and my son's And

491
00:31:46.799 --> 00:31:50.519
when you know you're on a budget, you've got to

492
00:31:50.559 --> 00:31:55.359
start planning. And that means going out to eat isn't cheap.

493
00:31:55.839 --> 00:31:59.799
It's quite expensive. And when you are on a very

494
00:31:59.839 --> 00:32:03.440
long them into income, repairing extra meals the night before

495
00:32:04.039 --> 00:32:07.960
that is much cheaper than going to a restaurant or

496
00:32:08.000 --> 00:32:11.000
a fast food place to get a bite. Have you

497
00:32:11.039 --> 00:32:13.960
ever looked at what sometimes these fast food places are

498
00:32:14.000 --> 00:32:16.480
charging you at the end of the day, or maybe

499
00:32:16.480 --> 00:32:18.640
you're going to one of these coffee joints and you're

500
00:32:18.640 --> 00:32:22.240
getting coffee every morning, and that three dollars coffee every

501
00:32:22.319 --> 00:32:26.640
single day adds up, or that five dollars coffee every

502
00:32:26.680 --> 00:32:29.880
single day adds up, you know, and five days a week,

503
00:32:29.880 --> 00:32:32.160
it's twenty five dollars a week. You know, it's simply

504
00:32:32.519 --> 00:32:35.200
one hundred dollars a month, twelve hundred dollars a year.

505
00:32:35.559 --> 00:32:38.119
If you're making coffee, you know, when you get to work,

506
00:32:38.440 --> 00:32:41.079
it doesn't cost you because your employer is probably providing

507
00:32:41.119 --> 00:32:44.559
you those coffee pots and that only costs maybe your

508
00:32:44.559 --> 00:32:48.240
employer thirty cents a piece, but it saves you five

509
00:32:48.279 --> 00:32:52.680
dollars every single day. That's money in your pocket. My

510
00:32:52.759 --> 00:32:56.440
daughter wants you why I don't go stop and pick

511
00:32:56.519 --> 00:32:58.720
up a cup of coffee because it's five dollars in

512
00:32:58.759 --> 00:33:02.160
my pocket that don't don't believe that is a good

513
00:33:02.440 --> 00:33:05.599
use of my funds going out to eat and going

514
00:33:05.599 --> 00:33:07.319
out to lunch. Sometimes I look at some of these

515
00:33:07.319 --> 00:33:11.000
places that my wife and I work together that when

516
00:33:11.079 --> 00:33:14.200
you go there and you buy, you know, two meals,

517
00:33:14.599 --> 00:33:18.359
it's twenty some dollars and it's fast food. Some of

518
00:33:18.400 --> 00:33:20.720
the restaurants you can go and eat just as good

519
00:33:20.759 --> 00:33:24.920
as fast food, meal made at about maybe just a

520
00:33:24.960 --> 00:33:27.759
few dollars more, or split a meal, you know, things

521
00:33:27.799 --> 00:33:29.880
like that. But it's a lot cheaper to bring in

522
00:33:30.319 --> 00:33:34.720
leftovers than it is to run out pick up food

523
00:33:35.000 --> 00:33:38.000
at a first fast food restaurant. So you've got to

524
00:33:38.000 --> 00:33:40.960
look at your budget. What are your categories? Hey, Dave

525
00:33:41.039 --> 00:33:44.559
Ramsey has some good calculators out there. If you look

526
00:33:44.599 --> 00:33:48.920
at Dave Ramsey or ramseysolutions dot com, they have a

527
00:33:48.920 --> 00:33:52.039
great budget calculator that you could actually use for free

528
00:33:52.440 --> 00:33:57.960
and use that strategically to figure out how you're going

529
00:33:58.039 --> 00:34:03.839
to get Step one arter fund, Step two a larger

530
00:34:04.240 --> 00:34:10.440
emergency fund, you know, step three gaming ground on savings.

531
00:34:10.880 --> 00:34:14.679
You know, he does the seven baby steps. If you

532
00:34:14.760 --> 00:34:20.239
walk through those seven baby steps of Dave Ramsey of

533
00:34:20.519 --> 00:34:23.760
having that emergency fund, then starting to pay off that

534
00:34:23.960 --> 00:34:28.039
debt that you have, whether it's credit card debt or

535
00:34:28.079 --> 00:34:31.360
any other loans that you have out there. He doesn't include,

536
00:34:31.599 --> 00:34:35.239
you know, the house, getting a three to six month

537
00:34:35.480 --> 00:34:40.760
of expenses in a emergency fund, then investing fifteen percent

538
00:34:40.800 --> 00:34:45.920
of your household income in retirement, and then finally saving

539
00:34:46.039 --> 00:34:51.639
for your child's education, and then baby step six paying

540
00:34:51.679 --> 00:34:55.639
off your home early, and baby seven. Step seven is

541
00:34:55.679 --> 00:35:00.199
building wealth in giving. You know, these are step so

542
00:35:00.320 --> 00:35:04.519
you can actually apply in your life to make things

543
00:35:04.719 --> 00:35:08.159
better for you and your family in the future. It's

544
00:35:08.239 --> 00:35:10.840
a long time ago. My father, the great man that

545
00:35:10.920 --> 00:35:15.960
he was, started the family and talking about budgeting, my

546
00:35:16.039 --> 00:35:21.119
father did an extensive spreadsheet every year for a budget.

547
00:35:21.400 --> 00:35:25.079
We sit down every year and budget what are our

548
00:35:25.119 --> 00:35:33.280
plans for giving money for birthdays or gifts or holidays,

549
00:35:33.360 --> 00:35:36.760
whatever it may be, giving to our church. One thing

550
00:35:36.800 --> 00:35:41.880
that he always said is debt is bad. Yeah, you know,

551
00:35:42.719 --> 00:35:45.360
I didn't learn that lesson early enough. Fell in the

552
00:35:45.440 --> 00:35:49.719
trap of debt. Debt, debt, debt, ran credit cards up.

553
00:35:49.960 --> 00:35:52.199
Matter of fact, even did a consolidation alone at one

554
00:35:52.239 --> 00:35:54.639
point and then ended up running credit cards up. You know,

555
00:35:55.320 --> 00:35:59.719
control over spending in your family is important, and budgeting

556
00:35:59.840 --> 00:36:03.000
is that control feature. But once we took the step

557
00:36:03.559 --> 00:36:07.079
to say we don't want to be in debt. I've

558
00:36:07.159 --> 00:36:10.639
argued with Dave Ramsey's and some of the thoughts of

559
00:36:11.159 --> 00:36:14.320
like pursuing a car, maybe buying a used car where

560
00:36:14.320 --> 00:36:17.920
you don't have the initial depreciation when you drive it

561
00:36:17.960 --> 00:36:23.119
off a lot, versus buying a new car. Sometimes you

562
00:36:23.920 --> 00:36:26.440
want that new car new truck, and you got to

563
00:36:26.440 --> 00:36:31.119
buy it. Argued with them, is zero percent interest good? Well,

564
00:36:31.239 --> 00:36:35.880
zero percent interest is good. It's an enticement to get

565
00:36:35.880 --> 00:36:38.519
you to go out and buy a vehicle or to

566
00:36:38.559 --> 00:36:40.920
put more money on a credit card. And I would

567
00:36:41.000 --> 00:36:46.440
never ever say that using debt like that is good

568
00:36:46.840 --> 00:36:49.559
unless you have the funds to immediately pay it off

569
00:36:49.559 --> 00:36:53.360
at any point in time. So you know, using debt

570
00:36:53.599 --> 00:36:58.800
wisely is sometimes good, and it's good sometimes to generate

571
00:36:59.280 --> 00:37:02.159
the business owner operators. You need a new tractor, you

572
00:37:02.199 --> 00:37:04.840
need a new trailer or a used one. You've got

573
00:37:04.840 --> 00:37:10.559
to apply sometimes financing for business. Watch the rates, make

574
00:37:10.599 --> 00:37:13.199
sure they're not charging you too much. I've seen people

575
00:37:13.239 --> 00:37:16.480
that have not read agreements and don't understand how it

576
00:37:16.519 --> 00:37:20.519
affects your budget because of the interest rates are extremely

577
00:37:21.039 --> 00:37:25.559
extremely hi on that purchase of that tractor and trailer.

578
00:37:25.840 --> 00:37:29.599
You need to be aware. So when we're talking about

579
00:37:29.760 --> 00:37:34.119
saving money, these are all items to help you save money.

580
00:37:34.400 --> 00:37:40.199
Putting that budget together business to establish the way you're

581
00:37:40.280 --> 00:37:45.159
going to make money. And we're not talking about growth revenues.

582
00:37:45.599 --> 00:37:51.599
We're talking about net income after expenses. Then the money

583
00:37:51.599 --> 00:37:53.800
that you're taking from your business or you're earning from

584
00:37:53.840 --> 00:37:58.480
your W two job. How do you budget and save money.

585
00:37:58.519 --> 00:38:00.159
So at the end of the day, when you're you're

586
00:38:00.159 --> 00:38:03.400
looking at your budget, you're not looking at a net loss.

587
00:38:03.440 --> 00:38:07.760
You're looking at net income money that you can use

588
00:38:08.320 --> 00:38:12.920
to pay down credit cards, to stop from that snowballing debt,

589
00:38:13.159 --> 00:38:19.400
to pay off auto loans, tractor loans, farm loans, home loans,

590
00:38:19.719 --> 00:38:23.400
whatever it may be. To build that emergency fund, you know,

591
00:38:23.440 --> 00:38:27.440
the three to six months that you need so that

592
00:38:27.519 --> 00:38:30.079
you have something to fall back on, to build where

593
00:38:30.119 --> 00:38:33.159
you can start putting fifteen percent of your household income

594
00:38:33.679 --> 00:38:37.079
in retirement every month or more, to where you can

595
00:38:37.159 --> 00:38:40.239
save to help your kids get through college if they

596
00:38:40.280 --> 00:38:43.320
so choose, or maybe to be able to invest and

597
00:38:43.400 --> 00:38:48.280
help your child start a successful business of their own

598
00:38:48.320 --> 00:38:50.880
as well, and you're their investor. Do you get to

599
00:38:50.920 --> 00:38:55.039
the point to where you can pay off your own early?

600
00:38:55.559 --> 00:38:58.920
All these things are important now if you're an owner operator,

601
00:38:59.239 --> 00:39:01.559
you need to know where to get started. Get started

602
00:39:01.599 --> 00:39:04.400
at Trucker Tax Tools dot com twenty five dollars a

603
00:39:04.400 --> 00:39:08.320
week bookkeeping special man. You can't beat it, you know,

604
00:39:08.400 --> 00:39:10.559
pick up the phone and call us at eight seven

605
00:39:10.639 --> 00:39:13.960
seven nine nine six two four seven seven again eight

606
00:39:14.039 --> 00:39:17.280
seven seven nine nine six two four seven seven, or

607
00:39:17.320 --> 00:39:20.679
go to Trucker tax Tools dot com. Hey, always have

608
00:39:20.840 --> 00:39:23.920
fun here at tax Talk for You. Go to tax

609
00:39:23.960 --> 00:39:29.239
Talk for You dot com. Uh, look like, follow, subscribe,

610
00:39:29.440 --> 00:39:32.559
subscribe for free so you never miss an episode of

611
00:39:32.679 --> 00:39:35.159
Tax Talk for You. Hey. Next week, we're going to

612
00:39:35.199 --> 00:39:38.320
continue talking about taxes. Uh, We're going to talk about

613
00:39:38.360 --> 00:39:43.400
owner operators, truckers, bookkeeping, trucker taxes, how to save money.

614
00:39:43.760 --> 00:39:46.840
Maybe we'll even touch more on your questions on budgeting

615
00:39:47.239 --> 00:39:51.159
and putting money away for your life your family. Tune

616
00:39:51.159 --> 00:39:54.800
in right here in W four CUY radio tax Tax

617
00:39:54.840 --> 00:39:58.920
Talk for You dot com, Like and share, follow us

618
00:39:58.960 --> 00:40:03.119
on Facebook. Don't miss an episode. Join us here. Thank you,

619
00:40:03.199 --> 00:40:05.679
I have a God bless glorious week.

620
00:40:07.760 --> 00:40:10.960
Are you an individual or business that wants to understand

621
00:40:11.039 --> 00:40:14.400
taxes and how they affect you. Are you looking for

622
00:40:14.480 --> 00:40:19.880
specific tax advice for self employed business owners and truckers.

623
00:40:20.440 --> 00:40:23.079
Are you behind on taxes.

624
00:40:22.719 --> 00:40:23.800
And your bookkeeping?

625
00:40:24.280 --> 00:40:27.559
Are you dealing with dirs and ready to have some relief,

626
00:40:28.440 --> 00:40:32.239
Then you need Tax Talk for You, hosted by tax

627
00:40:32.320 --> 00:40:37.239
and trucker expert Barry G. Fower Ea Kenyan ten am

628
00:40:37.440 --> 00:40:40.039
Eastern Time every Monday right here on.

629
00:40:40.159 --> 00:40:43.800
W FOURCY Radio and Talk for TV. Don't forfut to

630
00:40:43.920 --> 00:40:45.519
check this and past.

631
00:40:45.360 --> 00:40:49.760
Episodes at tax TALKFORU dot com. See you next week

632
00:40:49.800 --> 00:40:54.000
at W fourcy dot com