Dec. 3, 2024

IRS updates for 2025, Tax Relief Solutions

IRS updates for 2025, Tax Relief Solutions

Wahts new for 2025 tax law. Tax changes to standard deduction, adjusted tax barackets. IRS tax Relief

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio...

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Wahts new for 2025 tax law. Tax changes to standard deduction, adjusted tax barackets. IRS tax Relief

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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 explicit or implies shall be extended to W four

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CY Radio or it's employees are affiliates. Any questions or

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comments should be directed to those show hosts. Thank you

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for choosing W FOURCY Radio.

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Farry G.

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Fouler EA brings you tax talk for you right here

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on W four CY Radio and.

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Talk for 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 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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Farry G. Foul Hey, welcome in, good morning. It's great

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to be here. It's man fantastic weekend with family and birthdays, baptisms,

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all the fun we get to do, uh for not

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just us but our grand kids and you know, our kids,

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and it makes the weekends uh well worth it as

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well as you know, doing some some ranching and uh

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working with cattle and the pigs and cows. And then

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we get to come back here on Mondays and and

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talk about taxes here with you. Not only here, but

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also we get to be on radio with ass the

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experts a couple of times a month nationwide, just bringing

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information to you to help you in your business. Whether

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you are own our operator truck driver, oh excuse me,

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or whether you're self employed individual out there, or you're

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just W two and you're working on your own taxes,

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or even if you're using somebody. It's good to know

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what's happening in the tax law and what's going to

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change each year. The IRS makes adjustments that's going to

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impact your taxes, your retirement saving contributions, and other financial

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thresholds that are out there. So staying updated on these

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changes it can help you get a head start for

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planning and making the most of you know, the benefits

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maybe even that your company offers or that you're going

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to offer as a self employed individual or as a

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owner operator out there. So let's go into some of

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the major updates for twenty twenty five and how they

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may impact your financial strategy geez on what you're going

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to do in your life and your financial situation. So

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some of the notable changes for twenty twenty five. The

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standard deduction, you know, for single taxpayers or married taxpayers

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that are filing separate for twenty twenty five, the standard

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deduction is going to rise to fifteen thousand. That's a

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four hundred dollars increase from twenty twenty five. Doesn't really

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seem like much with you know, inflation out there, but

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every dollar does help. For married couples filing jointly, the

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standard deduction is going to rise to thirty thousand, and

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that's an increase of eight hundred dollars for twenty twenty

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five over twenty twenty four. For heads of households, the

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standard deduction is going to be twenty two thousand and

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five hundred, and that's for tax year twenty twenty five,

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and that's a six hundred dollars increase there. Now, the

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marginal tax brackets, now, you know, we have tax brackets

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that they're going to range from anywhere from ten percent

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to thirty five percent. Ten percent is going to be

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for incomes of eleven thousand, nine hundred and twenty five

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dollars or less for single or married filing separate, and

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it's twenty three thousand and eight point fifty for married

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couple's filing joint. Now remember the thing about the marginal

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rates and the marginal tax brackets. So you're if you're

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a married couple filing, that first twenty three thousand and

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eight to fifty is going to be taxed at no

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more than ten percent, and then you're going to move

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to the next tax bracket. So every dollar over that

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twenty three thousand and eight point fifty, again for married

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filing joint couples, it'll be taxed at twelve percent. And

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so that's going to go all the way up to

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the next bracket, which is the twenty two percent bracket,

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which starts at ninety six thousand and nine to fifty.

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So the way brackets work is that first twenty three

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thousand and eight to fifty is tax at ten percent,

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the dollar amount from the twenty three eight point fifty

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one all the way up to ninety six nine to

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fifty is taxed at twelve percent, and then the next

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bracket is at twenty two percent bracket, and that's going

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to go all the way to two hundred and six thousand,

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seven hundred dollars for married couples filing jointly. Now you

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can divide that in half to get to singles, and

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you can for married filing separate. Each of those brackets

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are going to be pretty much half of you know

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what we're talking about. For married couples. The next bracket

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from twenty four goes up to thirty two percent, a

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big eight percent jump, and that's going to be incomes

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over three hundred and ninety four thousand, six hundred, So

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there's one hundred basically one hundred and eighty eight thousand

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dollars before the next bracket. And then you take your

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next big jump to thirty five percent, and that's over

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five hundred and one thousand and fifty dollars, and so

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everything above that will get taxed at thirty five percent,

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and then you've got the top marginal tax bracket is

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going to be thirty seven percent, and it's going to

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be married couples are going to be where it's over

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seven hundred and fifty one thousand to six hundred dollars

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if you are single, that actually starts at six hundred

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and twenty six thousand, three fifty, so that one is

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not a half of what the married couple files. Those

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single taxpayers get an advantage of having a greater jump

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to get to that thirty seven percent tax bracket, So

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you know, you've got to keep these in things in mind.

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It is not where you jump from one bracket to

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having everything taxed at the highest bracket. So if you

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do move from let's say you know you're making two

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hundred thousand, and all of a sudden you move up

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to two hundred and twenty thousand, the only difference is

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going to be from that two hundred and six thousand

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going up. So you know, you don't take a huge

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jump to the twenty four percent tax bracket for everything,

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just the next step above where that marginal rate starts,

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so you know you'll be taxed at everything at the

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lower rates and the lower brackets as you move through.

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Alternative minimum tax. You know, we don't talk much about

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it because it's sometimes harder, you know, to hit these days,

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to hit the alternative minimum tax. For the tax year

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twenty twenty five, the exemption amount for unmarried individuals will

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jump to eighty eight thousand, sixty eight thousand, and six

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point fifty for married filing separate and begins to phase

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out at six hundred and twenty six thousand, and then

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for married couples the exemption amount increases two hundred and

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thirty seven thousand and phases out at one point two million,

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fifty two thousand, seven hundred. Like I said, we don't

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usually hit it too much in alternative minimum tax anymore.

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We're hoping with what they're planning in Congress at the

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moment that I just read you know this morning, is

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hitting the ground running quickly to extend or made permanent

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the Trump tax code, which is a good thing for

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everybody that helps somewhat simplify the taxes. I remember when

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they were first talking about the Trump tax Code and

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trying to simplify everything to be a postcard and ended

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up being like three different small sections, and now it's

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back to the full forms. We would all love to

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see it get a little more simplified for you know,

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lower income people, it's always going to be more sophisticated

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or higher income people, but the standard deduction, you know,

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with today's mortgage interest rates and everything. More and more

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people than they refinance their homes or bought new homes,

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or sold their home and bought a new one are

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more likely to hit get over that standard deduction as well,

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which makes charitable contributions more deductible. The one change that

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I'm also seeing that they're looking to make is possibly

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doing away from the limitations for state and local taxes,

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which is capped at ten thousand dollars and not been

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incremated for inflation or anything like that. So you know,

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that has has stood at the ten thousand since the

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tax code was passed back in twenty sixteen and effective

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in seventeen. So we got to keep those things in mind. Now.

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If they make these changes, then depending on what state

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you're in, you know, depending on what your income taxes are,

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what your property taxes may be, that could impact whether

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or not you're going to be able to do more

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than what the standard deductions would be because those things

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would come into play. If you're in one of the

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lower tax states, you know, those things may not affect

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you as much. And we're going to take a short break.

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We're going to come back talk about our income tax credits,

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your retirement changes. And be your flexible spending accounts and

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medical savings accounts. And we're going to be right back

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after this.

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

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stand by as Barry chief Foller 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 debts, audits, back taxes, garnishments, leans

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and levees. Whether you're an individual or business, you need

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a solution and a strong aggressive tax resolution. Don't let

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the IRS walk all over you. Stop the IRS now

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call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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free no obligation consultation. Let's get back to tax stock

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for you with more tax stock once again. Here's your host,

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Barry G.

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Fowler. Hey, welcome back. You know we'd love to get questions,

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so you can text us your questions. We'll answer them

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here on the air, so you know, feel free to

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text us and we'll get the questions on air for

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you and answer those as well. Somebody asked a question.

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Let's see who this was. Chris asked about personal exemptions.

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What is the personal exemption amount? Well, personal exemptions were

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eliminated as part of the provision of Tax Cuts and

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Jobs Act of twenty seventeen. We haven't had personal exemptions

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since then. So in twenty twenty five they're going to

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remain zero as they are in twenty twenty four. A

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good question that many people think about those things, But

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those are some of the tax laws that we had

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in effect, you know, back prior to the Trump tax

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cuts for the twenty seventeen to Act, and you know,

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they did increase the standard deductions and things to help

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offset a lot of the things that they were doing,

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and change the tax rates and the brackets as well.

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So talking about her you know changes and how they

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modified you know, tax code and the changes they make

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from one year to the next, such as things like

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earned income tax credits, which are important to a lot

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of people for qualifying taxpayers if you have three or

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more qualifying children. The tax year twenty twenty five, the

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maximum earned income tax credits going to be eight thousand,

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forty six dollars. That's an increase from seven and thirty

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dollars in twenty twenty four. The revenue you know procedure

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manual is going to contain a table providing you know,

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maximum earned income tax credits for other categories and thresholds

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and phase outs. They are all going to go up

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a little bit for inflation, that cost of living, which

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never keeps pace with actual inflation. Flexible spending accounts the

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cafeteria plans for health savings. Beginning in twenty twenty five,

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the dollar limitations for employee salary reduction contributions to these

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health flexible spending accounts is going to rise to thirty

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three hundred, increasing from thirty two hundred in twenty twenty four.

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These are cafeteria plans that are going to allow you

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to put money away pre tax and they also most

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of these plans nowadays allow the carryover unused amounts. This

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maxim carryover and these accounts are going to be like

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six hundred and sixty dollars instead of six hundred and

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forty from twenty twenty four. So if you've got it,

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you need to use it because they're only going to

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allow you so much of a carryover, So six hundred

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and forty dollars is left, you can carry that over

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to twenty twenty five. Unlike health savings accounts, So if

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00:16:24.080 --> 00:16:26.759
you're contributing to an actual health savings acoun because you

228
00:16:26.799 --> 00:16:30.639
have a high deductible health plan, that amounts that you

229
00:16:30.720 --> 00:16:33.399
have in there can carry over and continue to increase

230
00:16:33.879 --> 00:16:36.960
year to year. We're going to go over health savings

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00:16:36.960 --> 00:16:39.879
accounts here in a little bit on how you can

232
00:16:40.840 --> 00:16:44.759
use those to continue to save and put money away

233
00:16:45.080 --> 00:16:49.720
pre tax especially if you're owner operator or self employed individual.

234
00:16:50.720 --> 00:16:56.600
How you can use these plans to your benefit medical

235
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savings accounts. These are those that have self only coverage.

236
00:17:05.960 --> 00:17:09.720
The plan must have an annual deductible not less than

237
00:17:10.119 --> 00:17:14.559
two eight and fifty dollars. It's a fifty dollars increase

238
00:17:14.799 --> 00:17:18.480
from the previous year, but not more than forty three hundred.

239
00:17:18.880 --> 00:17:21.440
Any increase of one hundred and fifty from the previous year,

240
00:17:22.599 --> 00:17:25.920
maximum out of pocket expense amount rises to fifty seven

241
00:17:26.000 --> 00:17:31.680
hundred from fifty five hundred. So you can use these

242
00:17:31.720 --> 00:17:37.920
great medical savings accounts to do this and help save

243
00:17:38.400 --> 00:17:43.119
your money. Now, remember in these health savings account or

244
00:17:43.160 --> 00:17:45.839
these medical savings accounts, you can roll this money over

245
00:17:45.960 --> 00:17:50.400
year to year and you're not really worried about use

246
00:17:50.440 --> 00:17:54.799
it or lose it rules if you contribute to max

247
00:17:54.839 --> 00:17:59.680
every single year into these accounts. The really nice part

248
00:17:59.720 --> 00:18:02.920
about what it is is you can accumulate quite a

249
00:18:02.960 --> 00:18:07.640
bit of money, and if you're using the investment feature

250
00:18:08.400 --> 00:18:12.880
that may be in some of these accounts, you can

251
00:18:15.640 --> 00:18:19.920
also accumulate quite a bit of money so that when

252
00:18:19.920 --> 00:18:24.680
you are retired you can use that money then if

253
00:18:24.720 --> 00:18:28.880
you have any major medical hitting your deductibles and so

254
00:18:28.920 --> 00:18:31.559
forth and so on, and it's money that accumulates out

255
00:18:31.599 --> 00:18:33.799
there tax free, and as long as you're using it

256
00:18:33.839 --> 00:18:39.319
for health, then again comes out tax free and there's

257
00:18:39.319 --> 00:18:41.000
no tax on it. So you're not having to use

258
00:18:41.039 --> 00:18:46.599
your retirement accounts to satisfy deductibles or copays on your

259
00:18:46.640 --> 00:18:50.880
health insurance, especially if you're getting some kind of medical

260
00:18:50.880 --> 00:18:56.279
procedures done. The stakes tax credits, and this has been

261
00:18:56.319 --> 00:19:01.359
a big topic of a discussion. You see a lot

262
00:19:00.000 --> 00:19:05.680
and the Internet that is saying, hey, let's do a

263
00:19:05.759 --> 00:19:09.240
state tax planning for twenty twenty five, twenty twenty four,

264
00:19:09.880 --> 00:19:12.119
and how best you can make use of this. People

265
00:19:13.160 --> 00:19:15.000
have gotten to the point where they're scared that the

266
00:19:15.039 --> 00:19:19.359
tax law would go back to the previous tax law.

267
00:19:20.279 --> 00:19:24.119
And how do you make the best use of the

268
00:19:24.200 --> 00:19:27.599
current laws we have in place for state planning, and

269
00:19:27.640 --> 00:19:35.640
that's using the state value limits that you can pass

270
00:19:35.680 --> 00:19:39.640
on that is not tax So a states of descendants

271
00:19:39.640 --> 00:19:42.200
who would die in twenty twenty five, you're going to

272
00:19:42.240 --> 00:19:47.480
have a basic exclusion amount of thirteen million, nine hundred

273
00:19:47.480 --> 00:19:52.279
and ninety thousand dollars. That's an increase from thirteen million,

274
00:19:52.400 --> 00:19:56.359
six hundred and ten thousand dollars if you were to

275
00:19:56.440 --> 00:20:03.400
pass away in twenty twenty four. The purpose of estate

276
00:20:03.440 --> 00:20:07.079
planning and especially you know, if you're into land and

277
00:20:07.240 --> 00:20:14.440
things that have gotten extremely high end value, to be

278
00:20:14.440 --> 00:20:17.319
able to pass that land on. In farming and ranching,

279
00:20:18.119 --> 00:20:22.160
sometimes that land became incredibly high value and it's really

280
00:20:22.200 --> 00:20:27.119
hard to pay state taxes on and people were losing land. Well,

281
00:20:27.160 --> 00:20:30.839
this allows you to pass on almost fourteen million dollars

282
00:20:30.880 --> 00:20:39.039
in a state value to your errors to continue your

283
00:20:39.160 --> 00:20:41.880
legacy and what you're passing on to them and not

284
00:20:42.000 --> 00:20:44.640
have to sell it and pay the tax on it.

285
00:20:46.359 --> 00:20:49.519
Speaking of which as well, is if you've got money

286
00:20:49.519 --> 00:20:52.319
in for one k's I raise and you were to

287
00:20:52.359 --> 00:20:56.319
pass away, you could have direct beneficiaries and they would

288
00:20:56.400 --> 00:20:59.519
have a period of time to pull that money out.

289
00:21:00.599 --> 00:21:05.279
So if you have stock in a IRA or four

290
00:21:05.319 --> 00:21:07.720
to oh one k, I'm going to use a great

291
00:21:07.720 --> 00:21:11.079
example of my mom and dad had stock in McDonald's,

292
00:21:12.400 --> 00:21:18.000
but that money was sitting into a IRA, and that

293
00:21:18.200 --> 00:21:23.720
was earmarked for their grandchildren and passing that money out

294
00:21:23.759 --> 00:21:28.440
to their grandchildren. The shares of stock, well, the shares

295
00:21:28.440 --> 00:21:33.720
of stock, we're sitting in a pre tax account, and

296
00:21:33.799 --> 00:21:37.279
once you pass this to the grandkids, and they would

297
00:21:37.359 --> 00:21:42.839
be required to take distributions out of it, and they

298
00:21:42.880 --> 00:21:45.599
would no longer hold that stock because they would have

299
00:21:45.640 --> 00:21:47.880
to sell the stock to get the money out and

300
00:21:48.759 --> 00:21:53.119
pay it. So we actually arranged a plan with our

301
00:21:53.160 --> 00:21:55.519
parents first state planning to be able to move this

302
00:21:56.079 --> 00:22:00.000
these shares of stock out of this pre tax account

303
00:22:00.799 --> 00:22:06.160
with their required minimum distributions, to put it into a

304
00:22:06.160 --> 00:22:10.720
after tax account so that when they pass away, they

305
00:22:10.720 --> 00:22:14.680
are able to pass along the shares of stock in

306
00:22:14.880 --> 00:22:20.680
McDonald's to each of the grandkids, you know, based on

307
00:22:20.880 --> 00:22:24.119
the number of shares that are in there. So you

308
00:22:24.279 --> 00:22:26.640
kind of got to look at your estate plan and

309
00:22:27.000 --> 00:22:28.720
you know, what are your intentions, what are you trying

310
00:22:28.720 --> 00:22:34.200
to do. My mom is a lover of McDonald's and

311
00:22:34.599 --> 00:22:38.440
she's always loved it for as long as I can remember,

312
00:22:39.279 --> 00:22:43.759
and so them passing on these shares of stock means

313
00:22:43.799 --> 00:22:46.480
a lot to her. So you know, she was doing

314
00:22:46.839 --> 00:22:51.079
we were doing estate planning to help her make things

315
00:22:51.480 --> 00:22:56.359
work the way she wanted to when she passes away,

316
00:22:57.000 --> 00:23:01.880
hopefully it's a long time from now, but prepared for

317
00:23:01.960 --> 00:23:04.440
that part of her state, you know, to move on.

318
00:23:05.920 --> 00:23:12.200
There's some other annual increases, such as the annual exclusion

319
00:23:12.240 --> 00:23:16.559
for gifts. It increased from to nineteen thousand per calendar year.

320
00:23:17.240 --> 00:23:21.680
That went up from eighteen thousand and twenty twenty four. Again,

321
00:23:22.000 --> 00:23:25.640
if it is a mom and dad or grandparents grandma

322
00:23:25.640 --> 00:23:30.759
and grandpa passing money to grandchildren or their sons or

323
00:23:30.799 --> 00:23:36.839
their their daughters, it's nineteen thousand each parent to each

324
00:23:37.079 --> 00:23:40.880
of the people they're giving to. So if you were

325
00:23:40.920 --> 00:23:44.119
giving money to both things, that you can double that

326
00:23:44.279 --> 00:23:48.279
to thirty eight thousand. We come back, we're going to

327
00:23:48.319 --> 00:23:52.000
continue talking about changes in the twenty twenty five tax

328
00:23:52.039 --> 00:23:55.759
code for cost of living or inflation, what the IRS

329
00:23:55.920 --> 00:23:57.680
is doing. We'll be right back after this.

330
00:23:59.839 --> 00:24:03.519
We have only scratched the surface of today's show. Please

331
00:24:03.559 --> 00:24:06.799
stand by as Barry gif Fouler will be right back

332
00:24:06.920 --> 00:24:12.839
with tax talk for you. As an owner operator, you

333
00:24:13.000 --> 00:24:16.559
already spend too much time away from your family. Trucker

334
00:24:16.599 --> 00:24:19.960
Tax Tools handles all your bookkeeping and taxes. No matter

335
00:24:20.000 --> 00:24:22.720
what level trucker you are. Life on the road can

336
00:24:22.759 --> 00:24:26.319
be taxing, but that doesn't mean that your wallet or

337
00:24:26.440 --> 00:24:30.319
time with your family should suffer. Trucker Tax Tools makes

338
00:24:30.400 --> 00:24:34.160
your life run smoothly. Go to Trucker tax Tools dot

339
00:24:34.160 --> 00:24:36.680
com for a free guide that will give you the

340
00:24:36.799 --> 00:24:41.319
tools to never worry about your taxes again. Call Trucker

341
00:24:41.359 --> 00:24:45.480
Tax Tools eight seven seven nine sixty six two four

342
00:24:45.880 --> 00:24:49.559
seven seven or go to Trucker tax Tools dot com

343
00:24:49.599 --> 00:24:56.079
now and let the experts keep you trucking. Let's get

344
00:24:56.119 --> 00:24:59.119
back to tax stock for you with war tax Stock

345
00:24:59.640 --> 00:25:03.160
once again, here's your host, Marry Chief.

346
00:25:03.000 --> 00:25:09.480
Thatllum Hey, welcome back. You know, we're very thankful for

347
00:25:09.599 --> 00:25:15.000
the truckers out there on the road owner operators moving

348
00:25:15.359 --> 00:25:18.240
the goods across the country so that you and I

349
00:25:18.359 --> 00:25:25.359
have items we need that are necessities, even luxuries that

350
00:25:25.440 --> 00:25:29.279
we may have. It takes a trucker to get them

351
00:25:29.279 --> 00:25:31.640
from one point A to point B to get them

352
00:25:31.640 --> 00:25:37.119
to where somebody can sell them to you. And so

353
00:25:37.160 --> 00:25:41.759
we do appreciate all the work that they do for

354
00:25:42.160 --> 00:25:46.559
you and I out there we were talking about the

355
00:25:46.559 --> 00:25:49.319
I R s and the changes that they make and

356
00:25:49.400 --> 00:25:52.599
the adjustments they make year to year, and we're going

357
00:25:52.680 --> 00:25:57.799
to talk about how it impacts retirement savings and your

358
00:25:57.839 --> 00:26:03.119
contributions to your retirement account. You know four oh one

359
00:26:03.240 --> 00:26:07.519
k's four oh three b's, and their contribution limits are

360
00:26:07.519 --> 00:26:10.799
going to increase. Now this includes, you know, not just

361
00:26:10.839 --> 00:26:13.480
four oh one k's within you know a company that

362
00:26:13.839 --> 00:26:16.559
maybe you're at W two employee, but it could be

363
00:26:16.599 --> 00:26:20.880
solo for a one case where you're an owner operator

364
00:26:20.920 --> 00:26:24.559
and running your own business. You can use a solo

365
00:26:24.640 --> 00:26:30.359
for a one K to maximize retirement contributions and decrease

366
00:26:30.480 --> 00:26:34.839
taxes as well. And so for twenty twenty five, you

367
00:26:34.880 --> 00:26:39.000
can contribute up to twenty three thousand, five hundred dollars

368
00:26:39.079 --> 00:26:40.920
to a four oh one K or a four to

369
00:26:41.160 --> 00:26:46.839
three B plan if you're under fifty, and so that's

370
00:26:46.920 --> 00:26:50.720
up from twenty three thousand. So so you're go into

371
00:26:50.799 --> 00:26:56.759
twenty three five. Now catch up contributions for those over

372
00:26:56.920 --> 00:27:02.400
fifty is going to stay as seventy five hundred and employees,

373
00:27:03.000 --> 00:27:06.039
you know, age sixty to sixty three, you can contribute

374
00:27:06.039 --> 00:27:10.319
additional catchup amount to eleven two hundred and fifty dollars.

375
00:27:11.359 --> 00:27:13.240
So if you haven't been contributing and you need to

376
00:27:13.240 --> 00:27:18.079
contribute more, this is the time to start getting those contributions.

377
00:27:18.880 --> 00:27:21.079
You know, we work with a lot of self employed people,

378
00:27:21.519 --> 00:27:24.640
especially owner operators and truckers, and that's one of the

379
00:27:24.640 --> 00:27:29.400
things people don't talk about enough is what are we

380
00:27:29.440 --> 00:27:35.200
going to do for retirement? When you're self employed, and

381
00:27:35.200 --> 00:27:37.759
when you're an owner operator, you first need to think

382
00:27:37.799 --> 00:27:43.759
about yourself. You should be contributing for yourself before anything

383
00:27:43.759 --> 00:27:47.759
else gets paid, you know, make sure you're making that

384
00:27:47.920 --> 00:27:52.720
contribution so that you do have money set aside to retire.

385
00:27:53.880 --> 00:27:56.400
You know, not every self employed person wants to be

386
00:27:56.480 --> 00:28:00.480
continued being self employed until they're eighties and nine. You know,

387
00:28:01.200 --> 00:28:04.160
not everybody wants to be driving a truck into their

388
00:28:04.200 --> 00:28:06.920
eighties and nineties. I know some do, and some I've

389
00:28:06.920 --> 00:28:08.960
talked to said hey, yeah, this is this is my

390
00:28:09.000 --> 00:28:11.720
retirement plan. It is my truck and what I want

391
00:28:11.759 --> 00:28:15.200
to do. Let's set yourself up for a better retirement,

392
00:28:16.240 --> 00:28:19.279
to be able to step aside and do that in

393
00:28:19.359 --> 00:28:21.559
four oh one K or the solo forour oh one K.

394
00:28:23.519 --> 00:28:27.240
You know, we need to look at everything that's out there.

395
00:28:27.799 --> 00:28:30.799
You know, what are the combined employee employer four to

396
00:28:30.799 --> 00:28:34.279
oh one K limits? You know, the total combined limits

397
00:28:34.279 --> 00:28:35.720
for a four to oh one K or a four

398
00:28:35.799 --> 00:28:39.480
or three B plan are going to be increasing as well.

399
00:28:39.599 --> 00:28:44.440
For those under fifty, the new cap is seventy thousand. Well,

400
00:28:44.519 --> 00:28:48.799
for those over fifty, contribute up to seven seventy seven thousand,

401
00:28:49.039 --> 00:28:52.039
five hundred and if you're in the sixty to sixty

402
00:28:52.079 --> 00:28:55.960
three age bracket, you can max out at eighty one thousand,

403
00:28:56.119 --> 00:29:00.119
two hundred and fifty dollars including those additional contrabs. You

404
00:29:00.119 --> 00:29:03.039
should catch ups so you can see four oh one

405
00:29:03.079 --> 00:29:08.960
K plans. If you're self employed or owner operator, truck driver,

406
00:29:10.559 --> 00:29:13.359
those limits can be very very high. Now, when you

407
00:29:13.400 --> 00:29:16.039
are running your own business, you have to watch out

408
00:29:16.480 --> 00:29:19.240
because if you have employees, what you do for one,

409
00:29:19.319 --> 00:29:23.160
you have to do for everybody. So when you're doing

410
00:29:23.279 --> 00:29:25.720
and talking about four to oh one K or four

411
00:29:25.759 --> 00:29:31.240
to three B matches and employer contributions You've got to

412
00:29:31.279 --> 00:29:35.960
make sure you're talking with your rep that handles your

413
00:29:36.000 --> 00:29:38.319
four to oh one K account to make sure that

414
00:29:38.400 --> 00:29:44.519
you're doing it correctly and you are treating every employee

415
00:29:44.640 --> 00:29:50.480
identically and not falling to the discrimination rules that are

416
00:29:50.480 --> 00:29:55.519
out there now. If you're in a solo person out

417
00:29:55.519 --> 00:29:58.279
there working in your business, hey maximize your four oh

418
00:29:58.319 --> 00:30:02.720
one ks. Get that money sitting out there. Maybe do

419
00:30:02.839 --> 00:30:06.759
some of them as a regular contribution. Sometimes you may

420
00:30:06.839 --> 00:30:10.400
do it as a wroth contribution as well, and say

421
00:30:10.440 --> 00:30:12.799
your self taxes you know in the future based on

422
00:30:12.880 --> 00:30:16.759
today's tax code. Now, the other type of plans that

423
00:30:16.799 --> 00:30:20.839
are out there is the self employed Pension Plan Simplified

424
00:30:20.880 --> 00:30:29.440
Employee Pension Plan. Those limits are increased to seventy and

425
00:30:29.559 --> 00:30:32.839
twenty twenty five, up one thousand dollars from twenty twenty four.

426
00:30:34.000 --> 00:30:38.039
Your traditional and wroth IRA limits. There to be no

427
00:30:38.240 --> 00:30:41.640
changes here. Your contributions are going to remain at seven

428
00:30:41.720 --> 00:30:45.680
thousand or eight thousand if you're eligible for the catchup,

429
00:30:46.480 --> 00:30:52.880
so you're not getting as much in the way of contributions.

430
00:30:52.920 --> 00:30:58.279
If you're going the traditional or the traditional wroth iras

431
00:30:58.640 --> 00:31:01.920
that are out there, self employee take advantage of setting

432
00:31:02.039 --> 00:31:05.920
up a simplified employee pension plan or maybe a solo

433
00:31:06.000 --> 00:31:10.799
for one K and maximize the contribution is going into it.

434
00:31:11.680 --> 00:31:16.400
But if you're a W two employee, and sometimes if

435
00:31:16.440 --> 00:31:19.839
you have a Benson plan or plan that you're contributing to,

436
00:31:19.920 --> 00:31:22.680
you may be able to contribute to these traditional or WROTH,

437
00:31:23.599 --> 00:31:28.200
but most likely you will not. But if you're not

438
00:31:28.400 --> 00:31:31.359
don't have any plans available to you at your employer,

439
00:31:32.480 --> 00:31:38.079
definitely make that contribution to your own i RA. Whether

440
00:31:38.200 --> 00:31:42.039
it's WROTH or traditional. Some of us will depend on

441
00:31:42.079 --> 00:31:45.559
the tax bracket you're currently in and what's going to

442
00:31:45.599 --> 00:31:49.279
be better for you, because if you're in a low

443
00:31:49.359 --> 00:31:51.200
tax bracket, you may not want to do it. As

444
00:31:51.240 --> 00:31:54.920
you're traditional put it in as a WROTH contribution and

445
00:31:55.200 --> 00:31:59.079
therefore later on in life you're not getting taxed when

446
00:31:59.079 --> 00:32:01.519
you pull it out. Pull it out, and especially if

447
00:32:01.519 --> 00:32:04.759
you're young and this account has a lot of time

448
00:32:04.799 --> 00:32:09.039
to accumulate. The more you put in, and as you're young,

449
00:32:10.279 --> 00:32:15.359
the more that will accumulate and grow to where it

450
00:32:15.440 --> 00:32:18.000
becomes a lot more worthwhile to be in a WROTH

451
00:32:18.200 --> 00:32:22.440
versus traditional provider. Of course, they don't change tax roles.

452
00:32:23.359 --> 00:32:27.200
There's always the threat of that. Health savings accounts. You know,

453
00:32:27.240 --> 00:32:35.319
these always remain a fantastic tax advantaged way to save

454
00:32:36.440 --> 00:32:38.839
for healthcare expenses. You know, we talked about this a

455
00:32:38.880 --> 00:32:41.799
little bit with the medical savings accounts, but the health

456
00:32:41.839 --> 00:32:46.480
savings for twenty twenty five, the HSA contributional limits are

457
00:32:46.519 --> 00:32:50.960
increasing from forty one thousand, five hundred for singles to

458
00:32:53.440 --> 00:32:56.759
and eighty three hundred for family plans to forty three

459
00:32:56.880 --> 00:33:00.880
hundred and eighty five hundred eighty five to fifty respectively

460
00:33:01.079 --> 00:33:04.000
between the two. So your singles are going from forty

461
00:33:04.039 --> 00:33:07.720
one to fifty to forty three hundred and your family

462
00:33:07.759 --> 00:33:11.240
plans from eighty three hundred to eighty five to fifty.

463
00:33:11.440 --> 00:33:14.279
So you know, those are really good. And now if

464
00:33:14.319 --> 00:33:18.000
you're over fifty five, you can add additional thousand dollars

465
00:33:18.079 --> 00:33:21.920
to that for CAT to catch up. And again, hey,

466
00:33:21.920 --> 00:33:24.440
if you don't use it, you don't lose it. And

467
00:33:24.480 --> 00:33:27.160
if you don't use it, you can continue to accumulate

468
00:33:27.319 --> 00:33:30.119
into that account. And as long as you use it

469
00:33:30.200 --> 00:33:35.200
only for medical it's a tax free distribution to you.

470
00:33:35.759 --> 00:33:40.400
And you also got to remember that, hey, you're not

471
00:33:40.519 --> 00:33:45.359
getting a deduction on your tax return for medical expenses.

472
00:33:47.359 --> 00:33:49.039
You know, you've got to get over seven a half

473
00:33:49.119 --> 00:33:51.440
percent of your justin gross income before it even starts

474
00:33:51.440 --> 00:33:53.640
getting deductible. Then you got to get over your standard deduction.

475
00:33:54.759 --> 00:33:58.079
Oh my, those are some high hurles to get over.

476
00:33:59.359 --> 00:34:03.799
And using a plan like your HSA takes it and

477
00:34:03.839 --> 00:34:06.480
puts it in pre tax money and you know, not

478
00:34:06.599 --> 00:34:08.880
get tax on it as long as it's only used

479
00:34:08.880 --> 00:34:13.360
for medical and a lot most every HSA plan does

480
00:34:13.480 --> 00:34:17.079
have investment features to where this money can sit there

481
00:34:17.079 --> 00:34:21.679
for years on end and if it's invested, and it's

482
00:34:21.800 --> 00:34:24.719
usually mutual funds and it can be conservative, it can

483
00:34:24.760 --> 00:34:28.119
continue to grow and grow and grow over a period

484
00:34:28.159 --> 00:34:33.039
of time, so you know, take advantage of those things

485
00:34:33.119 --> 00:34:37.639
as well. We get a lot of questions on Social Security.

486
00:34:37.880 --> 00:34:41.320
What's happening in Social Security? Social Security always does the

487
00:34:41.400 --> 00:34:46.320
cost delivery adjustment. The cost of living adjustment for twenty

488
00:34:46.440 --> 00:34:51.159
twenty five is two point five seven two point five

489
00:34:51.320 --> 00:34:56.199
seven percent, and that's reflected because there's been some cooling

490
00:34:56.239 --> 00:35:01.480
of inflation, although we all still the effects of the

491
00:35:01.519 --> 00:35:05.679
inflation that we've had over the last four years. The

492
00:35:05.719 --> 00:35:08.599
adjustment and cost of living for Social Security because the

493
00:35:08.679 --> 00:35:14.280
adjustment for inflation was not as high. Social security be

494
00:35:14.480 --> 00:35:17.719
taxable income? Where am I going to stop being taxed

495
00:35:17.800 --> 00:35:21.639
for Social Security? And twenty twenty five it's going to

496
00:35:21.719 --> 00:35:24.159
go to one hundred and seventy six thousand and one

497
00:35:24.280 --> 00:35:27.639
hundred of income. That's up from one hundred and sixty

498
00:35:27.679 --> 00:35:33.920
eight thousand and twenty twenty four. That's where the thresholds are.

499
00:35:34.000 --> 00:35:39.119
So we definitely, you know, looking at a significant increase

500
00:35:39.440 --> 00:35:43.119
in how much is going to be tax That adds

501
00:35:43.480 --> 00:35:47.079
roughly another fifteen hundred dollars in taxes, you know, seven

502
00:35:47.199 --> 00:35:53.199
hundred and fifty each between you and the company. Hey,

503
00:35:53.199 --> 00:35:56.440
as I promised, you know, we're going to come back

504
00:35:56.440 --> 00:35:59.960
from our break and we're going to talk about tax relief.

505
00:36:00.000 --> 00:36:05.079
If you owe taxes to the government, you have tax debt,

506
00:36:05.519 --> 00:36:08.840
or maybe you just more, oh way more than you

507
00:36:08.840 --> 00:36:12.400
could possibly imagine, or we're going to talk about tax relief,

508
00:36:12.639 --> 00:36:18.480
how you can put a solution in place to help

509
00:36:18.800 --> 00:36:24.000
your family in your situation recover from such major debt

510
00:36:24.159 --> 00:36:27.199
and collections from the irs. And we'll be right back

511
00:36:27.360 --> 00:36:27.840
after this.

512
00:36:29.280 --> 00:36:32.960
We have only scratched the surface of today's show. Please

513
00:36:33.000 --> 00:36:36.519
stand by as Barry gif Bowler will be right back with.

514
00:36:36.719 --> 00:36:38.000
Tax talk for you.

515
00:36:40.519 --> 00:36:43.840
As an owner operator, you already spend too much time

516
00:36:43.880 --> 00:36:47.519
away from your family. Stop spending time doing pay for work.

517
00:36:47.960 --> 00:36:51.480
Go to Trucker tax tools dot com a solution filled

518
00:36:51.559 --> 00:36:55.719
specifically for truckers. Trucker tax tools dot Com makes your

519
00:36:55.800 --> 00:37:01.920
life run smoothly. Let's get back to tax stock for

520
00:37:02.000 --> 00:37:06.320
you with war tax Stock once again, here's your host,

521
00:37:06.800 --> 00:37:13.880
Barry Chef thatum.

522
00:37:11.239 --> 00:37:14.800
Hey, welcome back. You know talk about tax relief. You

523
00:37:14.840 --> 00:37:20.679
know the hardest part that people go through is owing

524
00:37:20.719 --> 00:37:23.400
the I r S money. You know, I r S

525
00:37:23.559 --> 00:37:28.079
being the biggest, largest, baddest collection agency in the world

526
00:37:30.079 --> 00:37:34.679
really can cause have it in your life. You know,

527
00:37:35.599 --> 00:37:40.280
from your spouse being on you because you haven't dealt

528
00:37:40.320 --> 00:37:44.679
with your tax problem to uh. Maybe you're an owner operator,

529
00:37:44.719 --> 00:37:46.760
you're a truck driver and a lot of people that

530
00:37:46.800 --> 00:37:50.440
we put solutions in place for our truck drivers out there,

531
00:37:51.360 --> 00:37:54.519
and you know, the problems happened. You got tax debt

532
00:37:54.559 --> 00:37:56.639
because you didn't have time to deal with your taxes

533
00:37:56.719 --> 00:37:59.719
and you got behind. Maybe you didn't have a financial

534
00:38:00.320 --> 00:38:05.639
that advised you that you should be paying estimated tax

535
00:38:05.639 --> 00:38:09.360
payments and you should be making those every quarter. And

536
00:38:09.400 --> 00:38:11.719
now you have tax that what do I do? How

537
00:38:11.719 --> 00:38:14.719
do I do it? You know, it's longer than we

538
00:38:14.760 --> 00:38:18.039
can talk in the last segment of the show. We

539
00:38:18.079 --> 00:38:22.800
need to dedicate a whole show to this. But first

540
00:38:22.800 --> 00:38:25.880
steps is realizing that you've got to deal with it.

541
00:38:27.000 --> 00:38:30.079
You know, that is the first step. Identify it and

542
00:38:30.440 --> 00:38:32.960
realize I've got to deal with it. Whether you think

543
00:38:33.000 --> 00:38:35.719
you owe the money or not. You're getting those nasty

544
00:38:35.760 --> 00:38:38.480
grams from the irs, You're getting those love letters that

545
00:38:38.519 --> 00:38:42.599
they love your money and they want your money. You've

546
00:38:42.639 --> 00:38:45.920
got to find a way to man up and say

547
00:38:46.039 --> 00:38:48.480
enough of this. I've got to find a solution to

548
00:38:48.800 --> 00:38:53.920
put in place. You have options, you know, and it's

549
00:38:53.960 --> 00:38:57.280
sometimes just dealing with the irs yourself and getting on

550
00:38:57.320 --> 00:39:00.119
a payment plan and just you know, sucking it up

551
00:39:00.159 --> 00:39:03.880
and uh making the payments to them on on a

552
00:39:03.920 --> 00:39:07.360
monthly basis, you know, whatever they ask for, you know,

553
00:39:07.519 --> 00:39:13.159
you just make sure that you make that payment and

554
00:39:13.159 --> 00:39:15.679
and whether you can afford it or not, you agree

555
00:39:15.679 --> 00:39:19.400
to it. You know. Sometimes you as we say to

556
00:39:19.480 --> 00:39:22.519
our kids when they don't like something and they've got

557
00:39:22.559 --> 00:39:24.679
to deal with it, suck it up, buttercup, Let's let's

558
00:39:24.760 --> 00:39:30.199
move on that may be the solution for you. The

559
00:39:30.280 --> 00:39:33.119
i r S does offer, you know, other options and

560
00:39:33.239 --> 00:39:37.079
others other solutions. You know, it could be non collectible

561
00:39:37.119 --> 00:39:39.440
status that you know, maybe you're just retired and you're

562
00:39:39.480 --> 00:39:42.199
in Social Security and you have no other income, and

563
00:39:43.679 --> 00:39:45.280
you know, we can go in and show the I

564
00:39:45.400 --> 00:39:47.920
r S that you should be in a non collectible status,

565
00:39:47.960 --> 00:39:51.760
fill out all their paperwork and say you know, hey, look,

566
00:39:53.320 --> 00:39:58.719
Jane Doe here doesn't have the money and they should

567
00:39:58.760 --> 00:40:01.119
be a non collectible status and here's the proof, and

568
00:40:01.480 --> 00:40:03.440
we have to go through and prove it to them

569
00:40:04.159 --> 00:40:08.559
and wait for manager approval. In those cases, you know,

570
00:40:09.760 --> 00:40:15.119
sometimes it's it's easy to do, and other times we've

571
00:40:15.159 --> 00:40:18.559
got to really jump through a lot of hurles. That

572
00:40:18.639 --> 00:40:20.639
maybe you've got money sitting in a four to oh

573
00:40:20.679 --> 00:40:26.360
one k or iras and you need the money to

574
00:40:26.400 --> 00:40:28.639
live on, and we've got to prove that, hey, this

575
00:40:28.679 --> 00:40:31.119
is money that you need to live on over the

576
00:40:31.159 --> 00:40:35.320
next you know, twenty years of your life and you

577
00:40:35.360 --> 00:40:38.760
can only pull this. Or maybe you are a government

578
00:40:38.840 --> 00:40:42.079
employee or former government employee and you're getting a pension

579
00:40:42.880 --> 00:40:47.559
and you know where you've worked for the railroad or teacher,

580
00:40:48.280 --> 00:40:51.440
and you only have so much coming in and we've

581
00:40:51.440 --> 00:40:55.760
got to go through improved that that income is needed

582
00:40:55.800 --> 00:40:59.079
and required for you to make it or you can't

583
00:40:59.119 --> 00:41:02.280
pull it out where there's so many penalties out there

584
00:41:02.519 --> 00:41:07.760
that pulling this money out makes it very much a

585
00:41:07.880 --> 00:41:17.719
huge burden to you because of your financial situation. You know.

586
00:41:17.760 --> 00:41:20.400
Other times, you know, again you've got to be just

587
00:41:20.440 --> 00:41:23.639
straight on a payment plan. Then client we were just

588
00:41:23.679 --> 00:41:27.679
working with here recently. You know, they owned about eighty

589
00:41:27.719 --> 00:41:32.199
thousand dollars, but they also had a house that was

590
00:41:32.519 --> 00:41:36.840
you know, free and clear, had no other debts besides

591
00:41:36.880 --> 00:41:40.960
maybe a car payment, and you know, per the IRIS,

592
00:41:41.119 --> 00:41:43.800
they could afford to make the payment. So what is

593
00:41:43.800 --> 00:41:47.800
the alternative. The alternative is getting a hold on their

594
00:41:47.840 --> 00:41:52.800
account and getting them the opportunity to get a loan

595
00:41:52.840 --> 00:41:56.639
on the house, a mortgage which the interest rate would

596
00:41:56.639 --> 00:42:00.119
be cheaper and less penalties, and the payment could be

597
00:42:00.199 --> 00:42:04.280
lower than paying the i r S and doing the

598
00:42:04.320 --> 00:42:06.679
full pay with the I r S. The i r

599
00:42:06.800 --> 00:42:09.559
S wasn't going to let them do the offering compromise

600
00:42:09.679 --> 00:42:14.480
because they have enough assets to fully pay the debt.

601
00:42:17.280 --> 00:42:20.280
So you know, we've got to figure out other arrangements

602
00:42:20.320 --> 00:42:23.639
with them abating penalties and getting some of this other

603
00:42:23.679 --> 00:42:27.840
stuff reduced because of the reasons we could give them

604
00:42:27.880 --> 00:42:32.440
the debt was incurred and therefore, you know, reducing the

605
00:42:33.480 --> 00:42:39.079
penalties for them on the years that they have taxes

606
00:42:39.119 --> 00:42:42.840
out there. And the good news is is in our case,

607
00:42:43.639 --> 00:42:48.639
if you came to taxation solutions for your tax relief,

608
00:42:50.039 --> 00:42:52.599
when we do penalty relief, we don't charge you unless

609
00:42:52.599 --> 00:42:56.280
we are one hundred percent successful. So whatever we're going

610
00:42:56.320 --> 00:43:01.239
to get reduced, we're going to only charge you when

611
00:43:01.599 --> 00:43:07.840
we get that reduction for you. There's no charge if

612
00:43:07.840 --> 00:43:13.000
we're not able to reduce or remove penalties from your account.

613
00:43:13.000 --> 00:43:15.480
But when we do get them removed, then we get

614
00:43:15.519 --> 00:43:19.639
rewarded just like you get rewarded with the savings. And

615
00:43:19.679 --> 00:43:24.760
that's sometimes the beautiful part in helping you put the

616
00:43:24.800 --> 00:43:30.480
solution in place that you need to save money. Now,

617
00:43:31.559 --> 00:43:34.519
you know, offers and compromise we hear this on the radio.

618
00:43:34.559 --> 00:43:38.039
Are they the right way the right place to go

619
00:43:38.639 --> 00:43:42.519
to solve your tax problem? Not for everybody, because not

620
00:43:42.639 --> 00:43:50.159
everybody qualifies. You've got to meet the criteria for getting

621
00:43:50.280 --> 00:43:59.480
an offer and compromise, and you know that criteria is income, assets, expenses,

622
00:44:00.920 --> 00:44:10.880
and then meeting also the IRS's criteria for what expenses

623
00:44:10.960 --> 00:44:15.840
you can actual deduct, because just because you have an

624
00:44:16.000 --> 00:44:21.599
extremely high mortgage payment doesn't mean you're going to qualify

625
00:44:23.280 --> 00:44:27.239
for that expense. You've got a national standard that you

626
00:44:27.280 --> 00:44:36.480
can't go above for housing and utilities. Same with you know, clothing, food,

627
00:44:37.400 --> 00:44:42.159
All these things have limits on it and you've got

628
00:44:42.199 --> 00:44:45.440
to comply with those limits. So if you need help

629
00:44:46.239 --> 00:44:48.599
and you want a solution to your problem, called taxation

630
00:44:48.719 --> 00:44:51.559
Solutions tax relief at eight eight eight nine three zero

631
00:44:51.639 --> 00:44:55.159
one zero one six again eight eight eight nine three

632
00:44:55.239 --> 00:44:59.239
zero one zero one six, or go to Taxation Solutions

633
00:44:59.440 --> 00:45:04.159
dot at do it now for free, no obligation consultation.

634
00:45:05.679 --> 00:45:08.400
Call us eight eight eight nine three zero one zero

635
00:45:08.440 --> 00:45:13.920
one six. We want to help you. We want to

636
00:45:13.960 --> 00:45:19.719
help you find the right solution for your place. Hey,

637
00:45:19.760 --> 00:45:23.000
the fun part we get to deal with in taxes

638
00:45:23.480 --> 00:45:30.159
is making people happy by putting that solution, getting the

639
00:45:30.239 --> 00:45:33.480
IRS off their back, or maybe finding ways to reduce

640
00:45:33.519 --> 00:45:35.599
your taxes. And this is what we get to talk

641
00:45:35.599 --> 00:45:39.960
about in this show. Tax Talk for you is all

642
00:45:40.039 --> 00:45:46.920
about you. It's about your taxes, whether you are a

643
00:45:46.960 --> 00:45:52.559
self employee, whether you're an owner operator, whether you're running

644
00:45:52.719 --> 00:45:56.480
a small business, or maybe you're running a larger business.

645
00:45:57.239 --> 00:46:00.920
Maybe you're running a trucking company with five truck, ten trucks,

646
00:46:01.159 --> 00:46:05.159
twenty trucks, whatever it is. This is the place to be,

647
00:46:06.159 --> 00:46:13.199
not just for you, but for your family, for your

648
00:46:13.239 --> 00:46:18.360
friends that are out there running a business as well.

649
00:46:18.480 --> 00:46:21.719
You know, if you're an owner operator, we always tell

650
00:46:21.760 --> 00:46:29.159
you bookkeeping at the fuel pump is exactly what it's worth,

651
00:46:29.480 --> 00:46:37.079
almost nothing. They're not bookkeepers. They aren't tax people. We are.

652
00:46:39.559 --> 00:46:43.119
When you're talking about bookkeeping, you're talking about taxes. You're

653
00:46:43.119 --> 00:46:48.840
talking about your business. Come here, Come to tax Talk

654
00:46:48.920 --> 00:46:52.000
for You. Go to tax talkfor You dot com. Subscribe,

655
00:46:52.880 --> 00:46:56.639
go to our Facebook page at tax Talk for You.

656
00:46:56.760 --> 00:46:59.960
Get in there and stay abreast of everything that's happening

657
00:47:00.880 --> 00:47:05.159
in taxes, tax relief. Maybe you don't have a tax problem,

658
00:47:05.199 --> 00:47:07.519
but maybe somebody in your family does. Refirm over to

659
00:47:07.599 --> 00:47:10.840
tax talkfor You dot Com. Get them to subscribe so

660
00:47:10.880 --> 00:47:13.840
that they can get the information that's out there. We're

661
00:47:13.840 --> 00:47:18.559
coming up with a great playbook on how to beat

662
00:47:18.599 --> 00:47:22.880
the irs if you got a tax problem. That playbook's

663
00:47:22.920 --> 00:47:26.199
going to come out shortly. When we get that playbook out,

664
00:47:27.039 --> 00:47:28.719
it is going to be something that you want to

665
00:47:28.719 --> 00:47:32.119
get your hands on, especially if you owe the IRS money.

666
00:47:32.599 --> 00:47:35.880
So that's why you got to stay connected at tax

667
00:47:35.920 --> 00:47:40.280
TALKFORU dot com. Now next week, you know, we're going

668
00:47:40.360 --> 00:47:43.280
to talk more about you know, hey, tax laws, how

669
00:47:43.320 --> 00:47:48.960
it affects you, how it affects your business, and go

670
00:47:49.039 --> 00:47:54.599
through in detail a sample case of offering compromise in

671
00:47:54.639 --> 00:47:58.119
case you want to do it yourself. Now that is

672
00:47:58.159 --> 00:48:00.800
something you might want to hear if you owe the

673
00:48:00.800 --> 00:48:05.920
IRS ten thousand, twenty thousand, fifty thousand, one hundred thousand,

674
00:48:07.440 --> 00:48:11.639
you've got to connect here to hear the details on

675
00:48:12.280 --> 00:48:19.559
how an offering compromise is done, and what are the

676
00:48:19.599 --> 00:48:23.480
things that the IRS is looking for? What are the

677
00:48:23.519 --> 00:48:26.320
things you've got to provide to the IRS, and how

678
00:48:26.360 --> 00:48:29.920
do you have to provide it? And we get to

679
00:48:29.960 --> 00:48:34.840
talk about all these things in detail with you so

680
00:48:34.880 --> 00:48:39.760
that if you are a do it yourself you can

681
00:48:39.760 --> 00:48:44.000
get it done. And things is changing tax laws every year,

682
00:48:45.159 --> 00:48:54.360
new Congress, new laws, new administration, new laws. It doesn't

683
00:48:54.400 --> 00:48:58.599
matter whether you are a W two employee, self employed,

684
00:49:00.039 --> 00:49:04.519
small business owner, large business owner. You've got to deal

685
00:49:04.800 --> 00:49:09.360
with what tax laws are out there and how to

686
00:49:09.960 --> 00:49:13.239
best put the tax laws together to work for you

687
00:49:13.440 --> 00:49:17.559
so that you can save money. And that's what it's

688
00:49:17.599 --> 00:49:21.559
all about, saving money, saving money on taxes, put keeping

689
00:49:21.599 --> 00:49:25.880
more money in your pocket. So make sure every week

690
00:49:25.960 --> 00:49:30.039
you connect right here at tax Talk for You. We

691
00:49:30.079 --> 00:49:33.880
will see you every Monday, ten am Eastern time. Again.

692
00:49:34.039 --> 00:49:37.280
Connect to tax talkfor you dot com. Thank you. I'm

693
00:49:37.280 --> 00:49:39.679
a great and God blessed glorious week.

694
00:49:41.079 --> 00:49:44.239
Are you an individual or business that wants to understand

695
00:49:44.360 --> 00:49:47.719
taxes and how they affect you? Are you looking for

696
00:49:47.760 --> 00:49:53.199
specific tax advice for self employed business owners and truckers?

697
00:49:53.760 --> 00:49:57.800
Are you behind on taxes and your bookkeeping? Are you

698
00:49:57.920 --> 00:50:00.880
dealing with the irs and ready to have some relief,

699
00:50:01.719 --> 00:50:05.559
then you need Tax Talk for You, hosted by tax

700
00:50:05.639 --> 00:50:07.760
and trucker expert Barry G.

701
00:50:08.079 --> 00:50:08.960
Fowler EA.

702
00:50:09.320 --> 00:50:13.119
Tune in ten am Eastern time every Monday right here

703
00:50:13.199 --> 00:50:16.679
on W four CY Radio and Talk for TV. Don't

704
00:50:16.719 --> 00:50:20.599
forget to check this and past episodes at tax talkforu

705
00:50:20.920 --> 00:50:24.480
dot com. See you next week at W four cy

706
00:50:25.000 --> 00:50:27.760
dot com