Dec. 24, 2024

IRS Updates

IRS Updates

IRS Updates Tax Relief, IRS RMD's required minimum distributions, IRS red Flags, Standard mileage rate for Autos. Discussing todays latest IRS updates changes and Tax relief for Owner Operators Truck Drivers. Tax Relief owing IRS $1000 or more. Get...

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IRS Updates Tax Relief, IRS RMD's required minimum distributions, IRS red Flags, Standard mileage rate for Autos. Discussing todays latest IRS updates changes and Tax relief for Owner Operators Truck Drivers. Tax Relief owing IRS $1000 or more. Get the IRS Playbook to solve IRS problems in 3 simple steps at IRSPlaybook.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 explicit implies shall be extended to W four CY

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

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should be directed to those show hosts. Thank you for

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choosing W FOURCY Radio.

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Barry 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 talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning.

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With over thirty years of experience.

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Barry will break down taxes, bookkeeping, 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.

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Barry G.

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Foul Hey, Welcome and Merry Christmas.

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It's going to be a great week.

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Time to celebrate birth.

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Of Christ, our Lord and Slayter, so enjoy it.

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Hopefully everybody gets time with family and get to enjoy

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the time being with one another and family as much

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as sometimes you guys, we all clash heads because of family.

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It is what it is, but it is that.

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Time of the year and enjoy My wife and I

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got to take a little time and get away and

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went out to a part of Texas we hadn't been to,

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and went out to Fredericksburg area, a nice wineries, distilleries

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and a good fun, you know, atmosphere to be at

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during Christmas season.

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Matter of fact, to have some clients.

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In that area, but I've not been out there to

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spend time or to get away.

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It's usually been working and really fun.

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Because we were out seeing the Christmas lights in downtown

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Fredericksburg and there was a charity there at the Optimist

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Club and they were doing a raffle for some some

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guns and everything, so I bought a raffle ticket or too.

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Come to find out, you know, in a small.

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Town like this, in getting out and meeting people and

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talking to people, we found out that some of the

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people that were there in this Optimist Club were friends

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of my client and been longtime.

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Friends with them.

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So you know, we ended up meeting a lot of

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people that knew, uh my client out out in.

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That area, so it was really good. Plus we got

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chances to go out and see a bunch.

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Of good wineries out in that area as well, and

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there's up.

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With distilleries over there, so we got.

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To drink a little bit of wine, a little bit

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of whiskey and uh and definitely have a lot of fun.

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The first night we were out there, we were we

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went to a rum distillery called the Iron Goat, small

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little place, uh you know, they're in the city and

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talk to the owner. So it was it was really nice,

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really good, a nice little intimate environment.

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To be able to sit and talk.

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So if you're looking for some place to good to go,

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you know in Texas, Fredericksburg is a nice place to

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visit as a nice little town and uh you know,

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you get a good Airbnb or vrbo or hotel there

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and it was really really nice. So if you're looking

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for someplace to enjoy, you know. The other thing is is, uh,

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you know we're sitting here talking right before the show

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with the producer and uh you know that she does

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some entertainment for restaurants or bars and ket talking about

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country music and a good friend of mine. Dave Gore

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runs a station called Keeping It Country Live, So if

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you're looking for real country music, that's what he puts

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on there.

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He does get out with.

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A lot of good people that we've known over the

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years that have come to events and sing at truck

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shows like the Mid American Truck and Show and a

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Great American Training Show when it was in Dallas, and

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some other events with us.

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And so he brings on some really good.

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Artists like Charity Adams and and so you know, if

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you get a chance to flip over and want to

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listen to some good country music, check out Keeping It

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Country Live. They're really good. And today we're going to

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be talking about updates with the i r S. The

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i r sques in updates not just tax code but

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regulations and different items, especially things like regulating Enrolled Agents

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CPAs through Circular two thirty, which is the guidance that

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we have to follow when we practice before the I

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r S, and that is in that Treasury Department Circular

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two thirty. The I r S Office of Professional Responsibility

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generally has responsibilities for matters related to practitioner content conduct,

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responsibility for discipline, including disciplinary proceedings and sanctions.

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You know, these are.

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Just some proposed regulations they're putting in. When it's finalized,

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or if it's ever finalized, it'll amit the Circular two

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thirty laws and regulations that we've got to follow in

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our tax practice.

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You know.

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Some of the changes are going to remove or update

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parts of Circular two thirty related to registered tax preparers,

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tax return preparation, as well as contingent fees, to reflect

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changes in laws prior to the amendments in twenty eleven

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twenty fourteen. The proposed regulations that also revise or eliminate

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other provisions that are considered to be out of date.

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It's just them providing updated guidance on how we can

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run our business and how we've got to practice Before

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the IRS. One of the things on contenous fees is

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they've always said you can't charge contingent fees based on

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what kind of return you're getting on an original return.

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And I think they're trying.

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To correct some tax law and regulations in there so

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that they can continue to have that. But we'll see

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what happens when they get through those regulations itself. Also

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back December twentieth, the IRS announced special payments this month

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to about a million taxpayers who did not claim twenty

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twenty one recovery rebate credit and encouraging you, as a

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nonfiler about this approaching deadline to claim the credits. So

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these credits are going to be expiring and going away.

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So if you didn't claim your credit, you need to

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make sure that we get this filed so that you

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can claim the credit. So the IRS announced special step

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after reviewing a bunch of data showing multiple taxpayers who

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filed a return but did not claim the credit. That

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recovery rebate credit is refundable credit for individuals who did

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not receive one or more economic impact payments known as

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stimulus payments.

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You know, no action is supposedly needed for.

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Eligible taxpayers receive these payments, but you're going to go

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out automatically in December and sure should get to you

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in most cases by late January of twenty five. The

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payments will be automatically direct deposited or are sent by

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paper check. You know, I don't know why they have

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to make that statement. You know, either one, it's one

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or the other to you if you're eligible, and then

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you're going to receive a separate notice notifying.

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You about the payment.

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Hopefully you actually notice the payment going into your account

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before they send the notice out. But you know a

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lot of people don't notice some things that go into

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their account or come out of their account, and so

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they've got to spend the money to send you the notice.

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You know, the IRS says they're continue you need to

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work hard to make improvements to help you the taxpayer.

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I still think they're working harder to collect money. So

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if you owe the IRS money, now's a good time

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to get in front of that problem. Especially with the

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IRS being a little bit slower. The IRS, a lot

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of these guys are taking vacation time and using up

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their vacation time like many other workers are, you know,

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at this time of the year as well. So it's

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time to get in front of that problem. And if

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you want to get in front of that problem, Taxation

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Solutions dot Net has a great new IRS playbook that's

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just been released. That IRS Playbook is playbook we've used

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for thirty years to get the IRS off your back

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for as good.

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And as little as three simple steps.

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So if the IRS is running your life, ruining your life,

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it's time to take the power back your hands. So

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go to I r S Playbook dot Info. I r

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S Playbook dot Info. So if you're listening to this

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day and you're looking for updates, Hey, one of the

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best things you can do. If you have family members, friends,

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or even you owe the I r S money, go

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now to I r S Playbook dot info. Get that information.

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It's free. Matter of fact, take us up on a

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free consultation. After you watch this video and after you

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get this I r S playbook, call us get a

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free consultation.

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Let us jump in front of the I r S

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and stop them today.

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So you know, as the I r S is working

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hard to make improvements and help taxpayers or help themselves

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to taxpayers money, when you owe them, you want to

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stop them before they get started collecting against you. Now,

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these recovery rebate credits payments made very depending on several factors.

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Maximum payment is about fourteen hundred per individual. The estimated

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amount of the payments going out will be about two

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point four billion.

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Wow sounds to me.

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You know, if you didn't claim it for whatever reason,

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they shouldn't be proactively going out and sending this money

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to people that hey didn't file the claim for it.

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You should have to revise or amend your tax return

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to get this claim, but no, the IRS is taken

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upon themselves to pass this money out to you.

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You know.

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The IRS also is reminding taxpayers who haven't filed twenty

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twenty one.

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Tax returns that they could be eligible, but.

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They face an April fifteenth, twenty twenty five, deadline to

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file their returns to claim the credit or any other

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refund you might be owed. So if you are having

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to file your twenty twenty one taxes, make sure you

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get your twenty twenty one's filed. Hey, we're going to

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go through some more updates the IRS has come out

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with right 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 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. Called 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, leaned

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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 Taxation Solutions dot net now for

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a free no obligation consultation.

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Let's get back.

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To tax talk for you with more tax talk once again.

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Here's your host, Barry G.

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Fallo. Hey, welcome back.

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You know I love questions and being able to answer

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questions for people. Jeff he happens to be an owner operator,

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truck driver. He's actually out.

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In Colorado today.

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Well, hopefully you get back home and get some time

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with your family, whether it's for Christmas Day, Christmas Eve.

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Thank you for what you do and we appreciate all

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truckers that are out there on the road. His question

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was is the government still open or did they do

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a shutdown on Friday? Well, okay, it's a good way

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to get me started on my soapbox.

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Government's still open.

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They passed another continuing resolution late I guess it would

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be early Saturday morning. President supposedly sign that on Saturday

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to keep the government open through I think it was

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March fifteenth of twenty twenty five. Again, why are we

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doing present continuing resolutions? Why don't we pass an actual budget.

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Why don't we pass each department's budget one at a

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time so that we can actually see what's in these

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bills and understand what they're passing, not just blindly giving

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a blank check and saying we're just going to continue

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to fund the government at the current rates or little

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increase rates. No, that is not your job, Congress. Your

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job is actually step up pass a budget. Your job

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should actually be to pass a balanced budget. Quit putting

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our children and our grandchildren in debt for what you wanted.

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Do you know, I'm sorry?

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I really think our government should run within the lines

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of the constitution, not run outside of the constitution, not

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have budgets that don't balance. Their spending is through the

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roof and astronomical. The debt that we're not only incurring

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for ourselves, but for our children, our grandchildren and maybe

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great grandchildren, depending on how old you are.

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And where you're at.

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But the incredible amount of debt that we've barden this

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country with because of giveaways, because you know we need

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this for political motivation, shouldn't be there. We got to

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live within our means. Your family, my family have to

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live within their means. Shouldn't our country live within our means.

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Shouldn't we take care of what we got to take

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care of here within our borders before we start taking

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care of other people outside of our borders.

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It's that time.

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Okay, we're talking about IRS. We're talking about updates that

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the IRS has. December nineteenth, the Internal Revenue Service announced

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that their standard mileage rate for autos driven for business

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will increase a whipping three cents in twenty twenty five.

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YEP. Minage rates for vehicles used for other purposes are going.

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To remain unchanged, So medical purposes, charity purposes, those are

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going to remain unchanged. But beginning January one, twenty twenty five,

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standards standard mileage rates for the use of a car,

269
00:16:43.240 --> 00:16:46.720
band pickup or panel truck is going to be seventy

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00:16:46.759 --> 00:16:51.960
cents per mile driven for business use. That's up that

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whipping three cents. That doesn't even keep up with inflation.

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My friends, who comes up with this stuff?

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I don't know. Somebody really needs to look at it.

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And then you didn't.

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Increase mileage rades for medical or charity or moving purposes

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00:17:09.839 --> 00:17:13.920
for qualified active duty members of the armed forces. You know,

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medical purposes is twenty one cents, same as twenty twenty four.

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00:17:20.079 --> 00:17:20.880
Moving purposes.

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For qualified active members, it's twenty one cents, and it

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remains at fourteen cents per mile for charitable organizations.

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Now I don't know how.

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They do this or how they qualify this, but the

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raids applied are fully electric at hybrid automobiles as well

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as gasoline.

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Or diesel powered vehicles. Some of this is crazy.

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I don't know where they're coming up with these numbers.

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I understand this milage rate is supposed to be you know,

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fuel wear and tear depreciation, all of that is included

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in this. And so there's a cost for fuel for

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electric vehicles.

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But what is is that?

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Isn't that cost different than the costs for gasoline or diesel?

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Like I said, you can't make this up. It is what.

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They're coming back to to put it out there and

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00:18:22.359 --> 00:18:28.240
making the decisions based on who knows what, who knows what?

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If you know, hey, text me, let me let me be.

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Able to put it out there for you to understand

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00:18:35.279 --> 00:18:38.000
this a little bit better. Hey, the IRS wants you

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to prepare for twenty twenty five filing season.

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Hey, we've not only been talking about that but.

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You know the IRS is wanting you to prepare. IRS

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00:18:48.960 --> 00:18:51.799
is actually shut down the e filing system for twenty

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00:18:51.839 --> 00:18:56.319
twenty four or twenty twenty three's tax year, twenty twenty

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two and twenty twenty one. As we come into the

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new year, they're going to open up twenty twenty four

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filing season sometime late January, and that it'll include us

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00:19:08.160 --> 00:19:11.000
being able to file twenty three in twenty two, but

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00:19:11.079 --> 00:19:12.559
you'll no longer be able to e.

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00:19:12.599 --> 00:19:15.559
File twenty twenty one in this modern day and.

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Age, doesn't seem possible that they couldn't keep prior years

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open so we can electronically file those years as well.

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But I think whatever it is in their system, they

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only allowed three years of efiling, so.

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I want you to be.

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Prepared for that in filing twenty four tax returns.

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Next year.

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IRS is trying to improve their IRS online account to

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make tax season easier and safeguard your tax information. A

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00:19:53.279 --> 00:19:56.599
lot of times we're telling people, hey, you can file

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for a taxpayer pen number to make sure that your

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data is safe and that somebody else isn't filing for you.

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There are a lot of IRS scams and you can

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go back and listen to one of our previous podcasts

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00:20:10.440 --> 00:20:13.960
on IRS scams to hear some of the scams that

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happened for filing tax returns and how you can protect

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your Social Security number for electronically filing vy use of

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00:20:26.160 --> 00:20:31.599
the pen numbers. The IRS does have a page and

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it's called a get Ready page on IRS dot gov

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and it does have a lot of practical tips and

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resources to help you prepare. You know, it's good information.

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It does allow you to think a little bit more

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about what you've got going on. But if you run

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a business, you need to be in touch with your

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bookkeeping department, the people that are doing bookkeeping. You need

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to be in touch with people that are preparing your

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00:21:02.599 --> 00:21:05.839
tax return do some tax planning. You still have a

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00:21:05.880 --> 00:21:07.880
little bit of time to plan for what you're going

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to do to save yourself money in twenty twenty four,

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but not much. But you have a lot of time

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to prepare for twenty twenty five and work hard to

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lower your taxes for twenty twenty fives.

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Taxes. Keep more money in your pocket.

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That's the name of the game. How much money can

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you keep in your pocket? But if you've got online access,

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we're going to talk a little bit about what the

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IRS offers in their online account that can help you

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00:21:43.519 --> 00:21:47.400
as a taxpayer. And there are some really good tools

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in IRS online account for you, and we'll discuss those

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tools right after this.

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We have only scratched the surface of place show please

351
00:22:00.079 --> 00:22:04.240
and bias. Barrygiffowler will be right back with tax talk

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00:22:04.359 --> 00:22:10.200
for you. As an owner operator, you already spend too

353
00:22:10.240 --> 00:22:14.119
much time away from your family. Trucker Tax Tools handles

354
00:22:14.200 --> 00:22:17.400
all your bookkeeping and taxes. No matter what level trucker

355
00:22:17.440 --> 00:22:20.359
you are. Life on the road can be taxing, but

356
00:22:20.519 --> 00:22:23.480
that doesn't mean that your wallet or time with your

357
00:22:23.480 --> 00:22:28.319
family should suffer. Trucker Tax Tools makes your life run smoothly.

358
00:22:28.839 --> 00:22:31.880
Go to truckertax tools dot com for a free guide

359
00:22:31.880 --> 00:22:35.480
that will give you the tools to never worry about

360
00:22:35.480 --> 00:22:39.680
your taxes again. Call Trucker Tax Tools eight seven seven

361
00:22:40.039 --> 00:22:44.079
nine sixty six two four seven seven or go to

362
00:22:44.119 --> 00:22:47.720
Trucker tax Tools dot com now and let the experts

363
00:22:47.839 --> 00:22:53.720
keep you trucking. Let's get back to tax stock for

364
00:22:53.799 --> 00:22:59.039
you with war tax Stock once again, here's your host, BARRYG.

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00:22:59.319 --> 00:22:59.680
Fowler.

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Hey, welcome back.

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You know we talked about love and text messages and

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00:23:08.480 --> 00:23:16.880
requests for information. Claire Open, Oklahoma City, Hey, welcome, Merry Christmas.

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Your question was how do I get an identity protection number?

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00:23:22.519 --> 00:23:27.400
So that personal identification number, Well, it's in that i

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RS online account.

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You can go there.

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That IP PEN Identity protection Personal Identification number is a

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six digit number that prevents someone else from filing a

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00:23:39.920 --> 00:23:40.480
tax return.

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You can go right there online in that account.

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So if you go to IRS dot gov and you

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00:23:47.039 --> 00:23:49.759
can set up your online account, you can go in

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00:23:49.799 --> 00:23:56.160
there and request an identity protection PEN, so you know,

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00:23:56.240 --> 00:24:00.640
make sure you get that pen in Every year that

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00:24:00.759 --> 00:24:04.680
pen changes, so they will IRS will send you a

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00:24:04.839 --> 00:24:10.319
letter with the new PEN number for each year. Usually

383
00:24:10.400 --> 00:24:15.759
that'll come out in January. So that's the best way

384
00:24:15.799 --> 00:24:18.000
to get in there and do that is through your

385
00:24:18.079 --> 00:24:19.200
IRS online account.

386
00:24:19.240 --> 00:24:21.480
So what else does the online account offer you.

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00:24:22.039 --> 00:24:24.720
It's going to allow you to view key details from

388
00:24:24.839 --> 00:24:28.799
your most recent tax returns, such as the adjusted gross income.

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00:24:29.200 --> 00:24:32.039
It's going to allow you to get account transcripts to

390
00:24:32.079 --> 00:24:35.400
include wage and income records. Now, most wage and income

391
00:24:35.440 --> 00:24:38.119
records aren't going to get out into that account until

392
00:24:38.119 --> 00:24:43.799
sometime about May, even though there are certain early filing deadlines.

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00:24:44.519 --> 00:24:48.440
It doesn't usually hit to where you can see them until.

394
00:24:48.400 --> 00:24:50.720
A little bit later. You're going to be able to.

395
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Sign certain tax forms like powers of attorney or tax

396
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information authorization. So if you hire us to do your

397
00:25:01.000 --> 00:25:05.640
IRS resolution some of your tax debt and get you

398
00:25:05.759 --> 00:25:10.240
tax relief, instead of doing a paper power of attorney,

399
00:25:10.319 --> 00:25:14.319
we can actually have you go in to your account

400
00:25:14.359 --> 00:25:16.839
and we'll request that power of attorney and you can

401
00:25:16.880 --> 00:25:23.160
sign it through your own IRS account. You can also

402
00:25:23.559 --> 00:25:29.359
view and edit language preferences and alternative media. Why are

403
00:25:29.359 --> 00:25:32.960
we using multiple languages when you know we're here in

404
00:25:33.000 --> 00:25:37.079
the United States? It does cost our government a lot

405
00:25:37.160 --> 00:25:40.200
of money to put this in as many languages as

406
00:25:40.200 --> 00:25:44.119
they do. But that's a whole another subject out there

407
00:25:44.160 --> 00:25:47.240
that we can't just address here in this short period

408
00:25:47.279 --> 00:25:50.440
of time. But you can edit what language you want

409
00:25:50.559 --> 00:25:55.200
to receive things, and you can receive and view over

410
00:25:55.240 --> 00:26:01.119
two different two hundred different IRS electronic notice this, so

411
00:26:01.240 --> 00:26:05.920
different notices can come through this system as well to you.

412
00:26:05.920 --> 00:26:09.440
You can also go in there view make or you

413
00:26:09.519 --> 00:26:13.720
can cancel payments, and you can set up or change

414
00:26:13.839 --> 00:26:17.599
payment plans and check your balances with the IRS. So

415
00:26:18.000 --> 00:26:20.400
that's a lot of the tools that the IRS has

416
00:26:20.759 --> 00:26:25.119
right there in your online account. So if you've got

417
00:26:25.160 --> 00:26:28.440
an online account, make use of it. There are a

418
00:26:28.480 --> 00:26:31.920
lot of good things that you can do in that account.

419
00:26:33.039 --> 00:26:36.200
But you know, make sure that if you are using

420
00:26:36.599 --> 00:26:40.920
the Identity protection PIN, make sure your prepared has that

421
00:26:40.960 --> 00:26:41.519
PIN number.

422
00:26:41.559 --> 00:26:44.160
If you're filing your own you have that PIN number.

423
00:26:43.920 --> 00:26:47.240
Because your tax return will be rejected if it doesn't

424
00:26:47.240 --> 00:26:50.920
have the pen Speaking of payments through the system, you

425
00:26:50.920 --> 00:26:51.440
can make.

426
00:26:51.319 --> 00:26:53.200
Here quarterly estimated tax payments.

427
00:26:53.240 --> 00:26:56.480
So if you're owner operator and you're one of our

428
00:26:56.519 --> 00:27:01.000
clients listening today, hey, thank you for your business. You

429
00:27:01.039 --> 00:27:03.880
have a quarterly estimate this due and that is due

430
00:27:04.000 --> 00:27:07.400
January fifteenth, twenty twenty five, and you got that online account,

431
00:27:07.559 --> 00:27:14.160
you could make it right there as well, so you know,

432
00:27:14.240 --> 00:27:17.559
make sure you've gone through and done that.

433
00:27:18.640 --> 00:27:19.559
Make sure that.

434
00:27:21.359 --> 00:27:27.960
You have your estimated taxes in by that time, and

435
00:27:28.160 --> 00:27:30.680
make sure that throughout the year you're making your quarterly

436
00:27:30.759 --> 00:27:33.839
estimated tax payments so that you don't have a huge

437
00:27:33.839 --> 00:27:37.400
payment due April fifteenth that you can't afford to make,

438
00:27:38.000 --> 00:27:41.599
and you know, make sure that it avoids penalties an

439
00:27:41.599 --> 00:27:43.480
interest from you not.

440
00:27:44.079 --> 00:27:45.160
Paying from that.

441
00:27:46.079 --> 00:27:47.839
The other thing is a couple of things the IRS

442
00:27:48.000 --> 00:27:51.039
wants you to know is you should be using direct

443
00:27:51.039 --> 00:27:55.359
deposit for a faster refund. Filing electronically and selecting direct

444
00:27:55.400 --> 00:27:58.839
deposit is going to still be the fastest and safest

445
00:27:58.880 --> 00:28:01.359
way for you to receive if you're twenty twenty four

446
00:28:01.480 --> 00:28:06.160
tax refunds. Direct deposits going to ensure quicker access to

447
00:28:06.240 --> 00:28:09.960
refunds compared to receiving check pay per check is always

448
00:28:10.000 --> 00:28:11.720
going to take longer.

449
00:28:11.920 --> 00:28:14.960
A couple of things we suggest you do is make.

450
00:28:14.799 --> 00:28:19.119
Sure you verify your account number, your routing number for

451
00:28:19.359 --> 00:28:26.160
your bank. Certain institutions may have different routing number for

452
00:28:26.599 --> 00:28:30.880
deposits versus withdrawal, so you may want to make sure

453
00:28:31.160 --> 00:28:35.839
you've got the right one. Also, certain banks require every

454
00:28:36.480 --> 00:28:40.799
digit of your account numbers, so I know there are

455
00:28:40.799 --> 00:28:44.079
some credit unions out there that your bank account may

456
00:28:44.119 --> 00:28:47.799
restart with zero zero zero zero, and you've got to

457
00:28:47.839 --> 00:28:51.640
have all the zeros there in order to have your

458
00:28:51.640 --> 00:28:57.880
direct deposit put into your account or debited out as well.

459
00:28:58.000 --> 00:28:59.920
So you know, keep those things in mind. You're going

460
00:28:59.960 --> 00:29:03.319
to have some new deadlines coming up. W two deadlines

461
00:29:03.319 --> 00:29:06.640
are going to be the end of January. To get

462
00:29:06.680 --> 00:29:09.839
them out to your employees if you have them. Ten

463
00:29:09.920 --> 00:29:13.680
ninety nine's also need to be out to your contractors

464
00:29:13.720 --> 00:29:17.160
by the end of January as well, So keep some

465
00:29:17.279 --> 00:29:23.279
of these key dates in mind as you're going through this. Hey,

466
00:29:23.319 --> 00:29:25.759
one of the other things that do come out, and

467
00:29:25.839 --> 00:29:29.519
we try to remind people all the time, if you

468
00:29:29.799 --> 00:29:34.920
are age seventy three and older, you and you have

469
00:29:35.079 --> 00:29:39.000
iras or four to oh one k's, you must take

470
00:29:39.160 --> 00:29:46.599
required minimum distributions from your retirement accounts, So make sure

471
00:29:46.880 --> 00:29:52.759
you're making those rmds required minimum distributions every year. Once

472
00:29:52.799 --> 00:29:57.359
you're age seventy three and older, your IRA four to

473
00:29:57.359 --> 00:29:59.640
oh one k retirement account is going to tell you

474
00:29:59.640 --> 00:30:04.640
how much to your required minimum distribution is for each account.

475
00:30:05.519 --> 00:30:08.559
Thing to remember is you can take it from one account.

476
00:30:08.640 --> 00:30:12.880
You don't have to take it from each account. You

477
00:30:12.920 --> 00:30:17.440
can total it up and pull it all out, So

478
00:30:18.400 --> 00:30:21.519
I want to make sure you're aware of that now.

479
00:30:22.200 --> 00:30:25.839
The minimum distribution rules generally apply to original account holders

480
00:30:26.000 --> 00:30:32.720
and there are beneficiaries in these types of plans. Iras

481
00:30:33.160 --> 00:30:39.920
withdrawals from traditional iras. IRA based plans occur every year

482
00:30:40.079 --> 00:30:43.240
once you reach seventy three, even if.

483
00:30:43.079 --> 00:30:44.160
You're still employed.

484
00:30:44.680 --> 00:30:48.200
IRA owners who reach age seventy three and twenty twenty

485
00:30:48.240 --> 00:30:52.759
four have until April first, twenty twenty five to take

486
00:30:52.839 --> 00:30:57.200
your first r MD based on your account balance as

487
00:30:57.279 --> 00:31:02.480
of December thirty one, two twenty three, and the second

488
00:31:02.680 --> 00:31:06.279
r and D is required by December thirty one, twenty

489
00:31:06.319 --> 00:31:10.319
twenty five, based on your account balance at twenty twenty four.

490
00:31:11.640 --> 00:31:16.559
R and D rules apply to employer sponsored plans, with

491
00:31:16.799 --> 00:31:20.640
delays allowed until retirement unless the participant owns more than

492
00:31:20.640 --> 00:31:27.279
five percent of the sponsoring business roth Iras roth IRA owners,

493
00:31:27.839 --> 00:31:31.440
you're not required to take withdrawals during your lifetime. However,

494
00:31:31.559 --> 00:31:35.000
your beneficiaries are subject to the r and D rules

495
00:31:35.039 --> 00:31:37.640
after the accounts owner's death, so.

496
00:31:37.720 --> 00:31:40.119
Keep those kind of things in mind.

497
00:31:41.319 --> 00:31:46.880
The IRS does issue penalties for miss distributions, so if

498
00:31:46.880 --> 00:31:49.200
you're an account owner and you fail to withdraw the

499
00:31:49.319 --> 00:31:52.160
full amount of the required minimum distribution by the due

500
00:31:52.240 --> 00:31:55.400
date you the owner, is subject to a twenty five

501
00:31:55.440 --> 00:32:00.839
percent excise tax on the amount not withdrawn. If you

502
00:32:01.000 --> 00:32:05.759
correct it within the first two years, then that twenty

503
00:32:05.799 --> 00:32:07.720
five percent excise tax.

504
00:32:07.559 --> 00:32:09.079
Is reduced to ten percent.

505
00:32:09.519 --> 00:32:12.599
So you know, hey, make sure you've made the required

506
00:32:12.680 --> 00:32:17.240
minimum distributions. If you're not corrected as soon as possible.

507
00:32:17.759 --> 00:32:21.799
So R and D calculations. How do you calculate it? Well,

508
00:32:22.319 --> 00:32:25.640
you're a trustee or plan administrator must either report the

509
00:32:26.000 --> 00:32:28.880
RMD amount to the account holder or offered to calculate

510
00:32:28.920 --> 00:32:33.319
it each iras plan's R and D must be calculated separately. However,

511
00:32:33.680 --> 00:32:36.319
like I said, you can withdraw a total amount required

512
00:32:36.359 --> 00:32:40.720
from one or more accounts of your choice as long

513
00:32:40.720 --> 00:32:44.640
as the annual requirement is met, So remember to make

514
00:32:44.720 --> 00:32:49.119
sure that you've done this now. The fun part is

515
00:32:49.119 --> 00:32:54.000
is what if you've inherited in IRA, Your mother, father,

516
00:32:54.400 --> 00:32:58.839
somebody's passed away and you've are the beneficiary of an

517
00:32:58.880 --> 00:33:02.400
inherited IRA. We're going to talk about that right after

518
00:33:02.400 --> 00:33:02.960
we come back.

519
00:33:04.240 --> 00:33:07.880
We have only scratched the surface of today's show. Please

520
00:33:07.920 --> 00:33:11.200
stand by as Barry G. Fowler will be right back

521
00:33:11.279 --> 00:33:17.240
with tax talk for you. As an owner operator, you

522
00:33:17.319 --> 00:33:20.759
already spend too much time away from your family. Stop

523
00:33:20.839 --> 00:33:24.680
spending time doing pay for work. Go to truckertextools dot

524
00:33:24.680 --> 00:33:29.839
com a solution filled specifically for truckers. Trucker taxtools dot

525
00:33:29.839 --> 00:33:35.920
com makes your life run smoothly. Let's get back to

526
00:33:36.079 --> 00:33:39.799
tax stock for you with more tax stock. Once again,

527
00:33:40.240 --> 00:33:42.799
here's your host, Barry G. Fowler.

528
00:33:45.319 --> 00:33:48.359
You want more time with your family. You're a trucker,

529
00:33:48.400 --> 00:33:50.480
you're an owner operator. You're out there on the road.

530
00:33:50.720 --> 00:33:54.799
You're providing a service to all of us that many

531
00:33:54.839 --> 00:33:59.759
don't appreciate enough. But your service is greatly appreciated by

532
00:34:00.160 --> 00:34:04.119
everybody here at Trucker tax tools dot Com. But you

533
00:34:04.200 --> 00:34:06.559
need more family time. You don't need to be worried

534
00:34:06.599 --> 00:34:11.360
about bookkeeping or taxes, or how much to pay the irs,

535
00:34:11.519 --> 00:34:15.800
or what is deductible what is not deductible.

536
00:34:15.880 --> 00:34:16.679
That is our job.

537
00:34:17.559 --> 00:34:22.079
Hey, look us up at Trucker tax tools dot Com today,

538
00:34:22.599 --> 00:34:23.679
get in front of it.

539
00:34:24.000 --> 00:34:32.039
Let us take over your bookkeeping so that you don't

540
00:34:32.079 --> 00:34:36.039
have to deal with the bookkeeping while you're at home,

541
00:34:37.079 --> 00:34:39.199
especially spending time with your family.

542
00:34:39.519 --> 00:34:42.719
We have great plans that are built around you, and

543
00:34:42.760 --> 00:34:46.119
that's why we are Trucker tax Tools dot Com. Call

544
00:34:46.239 --> 00:34:49.960
us for free consultation, free quote. Let us tell you

545
00:34:50.039 --> 00:34:53.920
what we can do for you to help you spend

546
00:34:53.960 --> 00:34:57.559
more time with your family and less in paperwork. You

547
00:34:57.639 --> 00:35:00.320
have enough on your plate as it is to do

548
00:35:00.320 --> 00:35:03.079
bookkeeping and drive at the same time. Call us at

549
00:35:03.079 --> 00:35:06.800
eight seven seven nine six six two four seven seven

550
00:35:06.840 --> 00:35:11.000
again eight seven seven nine sixty six two four seven seven.

551
00:35:11.639 --> 00:35:15.079
It's a free phone call, free consultation. Jump in front

552
00:35:15.079 --> 00:35:19.480
of it and let us help you keep your truck.

553
00:35:19.360 --> 00:35:20.079
On the road.

554
00:35:21.079 --> 00:35:23.840
Hey, right before the break, we were talking about inherited iras.

555
00:35:23.880 --> 00:35:30.559
Beneficiaries of inherited iras, whether it's a retirement plan, regular,

556
00:35:30.920 --> 00:35:34.559
a roth iras, you're probably going to be required to

557
00:35:34.559 --> 00:35:39.039
take r and ds. So you need to sit down

558
00:35:39.079 --> 00:35:44.079
and look at all the rules and what is required

559
00:35:44.119 --> 00:35:48.159
of you as a beneficiary here.

560
00:35:48.400 --> 00:35:51.599
So if the ira IRA.

561
00:35:52.159 --> 00:35:59.000
Owner dies on or after required beginning dates, the spouse

562
00:35:59.679 --> 00:36:03.679
is going to treat it as and you'll do it

563
00:36:03.760 --> 00:36:10.000
based on your age. If the owner dies before required

564
00:36:10.079 --> 00:36:16.000
beginning date, again you can treat it as your own,

565
00:36:16.639 --> 00:36:18.559
or take the entire balance by the end of the

566
00:36:18.559 --> 00:36:23.639
fifth year, or distribute based on the tables. If you

567
00:36:24.800 --> 00:36:29.639
are a beneficiary and you are taking this based on

568
00:36:31.760 --> 00:36:36.400
your life expectancy or their life expectancy, then you've got

569
00:36:36.480 --> 00:36:42.400
different distributions and you've got to take this over a

570
00:36:42.519 --> 00:36:43.719
period of time.

571
00:36:45.280 --> 00:36:51.280
Based on IRIS rules and regulations, and so.

572
00:36:52.719 --> 00:36:55.880
To do that, the best thing to do is talk

573
00:36:56.039 --> 00:37:01.920
to your accountant, talk to the people when you're transferring

574
00:37:01.960 --> 00:37:05.679
the IRA over and make sure that it gets into

575
00:37:06.199 --> 00:37:12.159
the right beneficiary account and have the right deductions in

576
00:37:12.400 --> 00:37:17.559
order to get your distributions correctly. Now, one of the

577
00:37:17.559 --> 00:37:22.320
things that we had to do, like in our parents account,

578
00:37:22.599 --> 00:37:28.360
my mom had stock sitting in an account that was

579
00:37:28.519 --> 00:37:34.519
a IRA, but she wanted this specific stock distributed to

580
00:37:35.760 --> 00:37:40.480
her grandchildren. If she distributed it out as a beneficiary

581
00:37:40.519 --> 00:37:43.800
to these kids, they would have required minimum distributions that

582
00:37:43.840 --> 00:37:47.559
they would be taking over a period of time, and

583
00:37:47.719 --> 00:37:50.159
they most likely would not retain the stock. So we

584
00:37:50.239 --> 00:37:54.239
had to assess how this would go, so we get

585
00:37:54.280 --> 00:37:57.519
it moved out to a tax account so that the

586
00:37:57.559 --> 00:38:01.440
stock could be distributed to the grand and the kids

587
00:38:01.639 --> 00:38:05.159
maybe most likely to hold that stock into the future.

588
00:38:06.079 --> 00:38:08.679
So a lot of this comes down to tax planning.

589
00:38:09.119 --> 00:38:11.639
A lot of this comes down to making sure that

590
00:38:12.920 --> 00:38:14.280
you're going to have.

591
00:38:15.719 --> 00:38:19.880
The advice you need to be able to get the

592
00:38:19.960 --> 00:38:24.400
distributions where you need the distributions out there. One of

593
00:38:24.480 --> 00:38:28.920
the other ways you can get money out of.

594
00:38:28.000 --> 00:38:35.119
Your IRA is going through a QCD qualified charitable distribution,

595
00:38:35.599 --> 00:38:38.480
which means money can go directly out of your IRA

596
00:38:39.239 --> 00:38:44.039
to a charity and skip the tax. So if you're

597
00:38:44.079 --> 00:38:47.440
having to do a required minimum distribution, you can do

598
00:38:47.559 --> 00:38:52.360
a QCD directly to your church or any other charity

599
00:38:52.840 --> 00:38:55.719
that is a qualified charity, and the money can go

600
00:38:55.840 --> 00:38:59.960
there and skip being taxed to you. We got a

601
00:39:00.079 --> 00:39:04.039
couple of questions coming in and one of the questions

602
00:39:04.199 --> 00:39:08.239
is here they're asking about red flags.

603
00:39:08.800 --> 00:39:10.159
You know, ther As does.

604
00:39:10.079 --> 00:39:14.079
Have a lot of red flags that they list on

605
00:39:14.119 --> 00:39:17.840
their website. But we look at certain red flags in

606
00:39:18.360 --> 00:39:22.519
the trucking industry own our operators out there, and some

607
00:39:22.599 --> 00:39:27.039
of those red flags are are basically the same across

608
00:39:27.039 --> 00:39:30.400
the board for anybody's self employed, and those red flags

609
00:39:30.440 --> 00:39:34.800
would be like using round numbers. You know, it's really

610
00:39:34.800 --> 00:39:36.840
hard when you go in repairs and maintenance and you're

611
00:39:36.880 --> 00:39:40.159
saying it was twenty thousand dollars even, or you go

612
00:39:40.280 --> 00:39:47.199
to office supplies two thousand dollars, even interest four thousand

613
00:39:47.199 --> 00:39:50.519
dollars even you see the round numbers there, Well, the

614
00:39:50.599 --> 00:39:52.840
round numbers make it easy to say, hey, this is

615
00:39:53.000 --> 00:39:55.199
a potential red flag.

616
00:39:55.760 --> 00:39:57.320
So you know, those are.

617
00:39:57.239 --> 00:40:00.480
The things that you know, they look for auctions that

618
00:40:00.480 --> 00:40:03.480
are just way out of line. Now I know, hey,

619
00:40:03.519 --> 00:40:07.719
repairs and maintenance in the trucking industry can be extremely high.

620
00:40:07.960 --> 00:40:10.119
But you've got to look at repairs and maintenance in

621
00:40:10.159 --> 00:40:14.920
two different fashions, And the first one is is it

622
00:40:14.960 --> 00:40:17.360
in making an improvement and increasing the.

623
00:40:17.360 --> 00:40:20.400
Life of my tractor or my trailer.

624
00:40:20.880 --> 00:40:26.320
So general repairs, oil changes, new new tires, you know,

625
00:40:26.440 --> 00:40:31.719
things like that that don't necessarily change the useful life

626
00:40:31.760 --> 00:40:35.440
of the tractor or the trailer are going to be

627
00:40:35.519 --> 00:40:36.880
generally deductible.

628
00:40:37.320 --> 00:40:37.880
Major repair.

629
00:40:38.000 --> 00:40:40.280
Put a new engine in well, that may be a

630
00:40:40.360 --> 00:40:45.400
capital improvement. A new transmission may be a capital improvement

631
00:40:45.599 --> 00:40:48.639
because it extends the useful life of the truck.

632
00:40:49.039 --> 00:40:50.119
So you've kind of got to.

633
00:40:50.079 --> 00:40:55.239
Look at what is a general repair and maintenance versus

634
00:40:55.400 --> 00:40:58.599
what improves the useful life for the truck. So you're

635
00:40:58.599 --> 00:41:02.159
going to have to separate those two things out when

636
00:41:02.280 --> 00:41:08.920
you're filing your taxes using other numbers that are just

637
00:41:09.280 --> 00:41:13.400
way out of the line, or paying contractors and not

638
00:41:13.559 --> 00:41:17.719
sending out ten ninety nins. So if you have a

639
00:41:17.760 --> 00:41:22.079
person that is working for you and running a truck

640
00:41:22.119 --> 00:41:25.760
for you, whether it's your truck or somebody else's truck

641
00:41:25.840 --> 00:41:29.280
or their own truck, when you pay them as a contractor.

642
00:41:29.400 --> 00:41:31.559
Now they've got to meet all the guidelines of being

643
00:41:31.639 --> 00:41:35.239
in put. A contractor could set you up for an audit,

644
00:41:35.360 --> 00:41:39.079
especially if you did not send out a ten ninety nine. Now,

645
00:41:39.119 --> 00:41:41.239
even if you did send out a ten ninety nine

646
00:41:41.719 --> 00:41:45.960
to those people, if they're running your truck and you're

647
00:41:45.960 --> 00:41:48.320
not leasing the truck and they can't go and work

648
00:41:48.360 --> 00:41:52.079
for somebody else, you again could set yourself up for

649
00:41:52.159 --> 00:41:56.119
an audit. Not just an audit for not sending out

650
00:41:56.159 --> 00:41:59.079
ten ninety ninees or sending out ten ninety nine, but.

651
00:41:59.079 --> 00:42:01.320
They could be consider employee.

652
00:42:01.719 --> 00:42:05.360
And if you have them considered as an employee, then

653
00:42:05.840 --> 00:42:08.440
the I R S comes in and scrutinizes you and

654
00:42:08.519 --> 00:42:12.760
says you should have filed payroll payroll tax returns with

655
00:42:13.320 --> 00:42:18.679
held payroll pay social Security, paid Medicare with health social

656
00:42:18.679 --> 00:42:21.280
Security with held Medicare from.

657
00:42:21.119 --> 00:42:22.280
Each one of their techs.

658
00:42:22.320 --> 00:42:26.280
And now you have become liable as the business and

659
00:42:26.360 --> 00:42:29.719
potentially you as the business.

660
00:42:29.320 --> 00:42:31.920
Owner as well. So you've got to.

661
00:42:31.880 --> 00:42:37.320
Make sure you're meeting all the contractor points that the

662
00:42:37.360 --> 00:42:42.719
I R S has when you hire a contractor, So

663
00:42:43.320 --> 00:42:46.000
you know you're going to make sure that you know

664
00:42:46.559 --> 00:42:51.039
you want to make sure that you have everything correct

665
00:42:51.480 --> 00:42:56.480
the I doted t's cross, so that you know for

666
00:42:56.559 --> 00:42:59.880
a fact that you've got everything covered.

667
00:43:00.800 --> 00:43:00.960
Hey.

668
00:43:01.000 --> 00:43:02.760
You know, as we come to the end of the show,

669
00:43:03.480 --> 00:43:07.360
we want to tell everybody, Hey, Merry Christmas. Enjoy the

670
00:43:07.440 --> 00:43:12.519
time you know with your family. Enjoy the last week

671
00:43:13.320 --> 00:43:13.920
of the year.

672
00:43:14.360 --> 00:43:17.880
I hope as a trucker owner operator you.

673
00:43:17.880 --> 00:43:21.039
Get a chance to be at home, to take a

674
00:43:21.079 --> 00:43:25.840
little time, a little downtime with the family, and you know,

675
00:43:25.960 --> 00:43:29.679
spend it with your kids or your grandkids. We thank

676
00:43:29.719 --> 00:43:32.719
you for you're a client of ours, for doing business

677
00:43:32.719 --> 00:43:36.719
with us. We appreciate you. We appreciate what you do

678
00:43:37.519 --> 00:43:41.360
out there for everybody that's there. Hey, if you haven't

679
00:43:41.400 --> 00:43:45.119
subscribed to tax Talk for You dot com, go to

680
00:43:45.199 --> 00:43:48.239
tax talkfor You dot com. Don't ever miss an episode here.

681
00:43:49.199 --> 00:43:52.400
You may enjoy my rambling, you may enjoy my soapbox.

682
00:43:52.519 --> 00:43:55.760
You may enjoy learning more about the tax code and

683
00:43:55.800 --> 00:43:58.960
how we could possibly save you money in doing tax planning.

684
00:43:59.280 --> 00:44:03.480
But whatever you do, make sure that you have somebody

685
00:44:03.679 --> 00:44:06.880
working for you to help keep you in line with

686
00:44:06.920 --> 00:44:10.519
the IRS and the IRS code. Make sure that you

687
00:44:10.519 --> 00:44:14.280
have somebody doing planning for you to save money and

688
00:44:14.360 --> 00:44:18.079
keep more money in your pocket. They should be helping

689
00:44:18.119 --> 00:44:23.360
you benefit by providing you the avenue to save as

690
00:44:23.400 --> 00:44:25.159
much money as possible.

691
00:44:25.440 --> 00:44:26.079
Thank you again.

692
00:44:26.760 --> 00:44:30.920
Enjoy the season, enjoy Christmas, and look forward to you

693
00:44:30.920 --> 00:44:34.239
know hey, being back with you one more time before

694
00:44:34.280 --> 00:44:37.159
the end of the year and we get ready.

695
00:44:36.880 --> 00:44:37.800
For the new year.

696
00:44:38.840 --> 00:44:43.159
So tune in next Monday, ten o'clock Eastern time right

697
00:44:43.199 --> 00:44:46.400
here on W four CY Radio, Tax Talk for You

698
00:44:46.679 --> 00:44:51.559
dot com. Take care, have a god blessed merry Christmas.

699
00:44:52.039 --> 00:44:54.320
Thank you all.

700
00:44:54.360 --> 00:44:57.519
Are you an individual or business that wants to understand

701
00:44:57.599 --> 00:45:00.960
taxes and how they affect you. Are you looking for

702
00:45:01.039 --> 00:45:06.440
specific tax advice for self employed business owners and truckers.

703
00:45:07.000 --> 00:45:11.079
Are you behind on taxes and your bookkeeping? Are you

704
00:45:11.159 --> 00:45:14.159
dealing with the irs and ready to have some relief,

705
00:45:14.960 --> 00:45:18.800
Then you need Tax Talk for You, hosted by tax

706
00:45:18.880 --> 00:45:21.039
and trucker expert Barry G.

707
00:45:21.320 --> 00:45:22.320
Fowler EA.

708
00:45:22.599 --> 00:45:26.400
Tune in ten am Eastern time every Monday right here

709
00:45:26.440 --> 00:45:30.280
on W FOURCY Radio and Talk for TV. Don't forget

710
00:45:30.320 --> 00:45:34.920
to check this and past episodes at tax TALKFORU dot com.

711
00:45:35.440 --> 00:45:40.920
See you next week at W fourcy dot com.