Dec. 30, 2024

New Year New Deadlines

Show Notes
Transcript

IRS tax Deadline 2025. What are the new tax deadlines for 2025. Estimated Taxes when to pay, 1040 tax deadline, file W-2's timely meat the deadline. 1099 NEC, 1099 Misc, 1099K. Do you owe the IRS check out IRSPlaybook.info fro 3 simpel steps to solve yopu tax debt.

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and Talkboard TV. As an

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enrolled agent and a national leader in tax resolution as

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well as Trucker bookkeeping.

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And tax planning. 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.

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So let's have some tax talk for you with your hosts.

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Barry G. Fowler, Hey, good morning. Closing out a year

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and bringing in a new year brings new tax deadlines

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things you need to be aware of as we enter

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the year. But amazing enough, I've heard a lot of

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talk recently about the national debt. And you know, the

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Congress passed another continuing resolution instead of passing a dog

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one budget like they're supposed to and required by law.

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So let's just continue to make this mess bigger and bigger.

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But I went to usdebt cloud dot org and kind

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of an amazing web page if you ever get over

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there and take a look at it. But just sitting

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here waiting for our show to start, I've watched the

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national debt go up by more than four million dollars,

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which is just crazy they can go up that fast.

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We're over thirty six trillion dollars in debt. If we

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want to break that down, p U a citizen, it's

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one hundred and seven thousand dollars worth each in debt,

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you know, per taxpayer two hundred and seventy one thousand.

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You know, those are crazy numbers. You mean, you think

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about it. Your kid gets out of college or gets

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out of high school and starts in the workforce and

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they become a taxpayer, they are immediately two hundred and

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seventy one thousand dollars in debt. Based on what our

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national debt is for our country, sometimes we're going to

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have to rain this in. You know, it's just amazing,

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just in this a little bit of the conversation. This

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has gone up two million dollars more. So, you know,

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it's insane numbers. When we when we think about it,

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sometimes you go, why do we even pay taxes? Let's

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just run everything on debt. You and I couldn't run

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our households this way. One of the cool things that

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I like about this is it's kind of this little

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time machine function. And you could go back to nineteen

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eighty and we were exactly you know, one trillion dollars

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in debt. It's only fourteen thousand per taxpayer, you know,

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so you know where did we you know, go wrong?

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You know, ten years later in nineteen ninety, we were

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only three point five trillion dollars in debt, but it

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jumped up to forty seven thousand dollars per taxpayer. And

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then you know, you jump into two thousand and we're

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five point five trillion and a fifty one thousand. So

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you could see how this debt increased, but it wasn't

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increasing like it is you know today. You know, we

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jumped to two thousand and four and went to eight

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point one trillion to seventy eight thousand per taxpayer, and

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then you know, we let's jumped to two thousand and

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eight and it went to twelve point five trillion, and

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we're now at one hundred and fourteen thousand dollars in debt,

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jumped to two thy and twelve and we're at seventeen

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point three trillion, and one hundred and sixty six thousand

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dollars in debt jumped to twenty twenty, and we had,

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let's go twenty sixteen first, and we were at seventeen trillion,

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and then twenty twenty it jumped to twenty nine trillion.

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You know, a lot of this is COVID and the

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benefits we paid people to not work or work from

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home or keep people employed caused this national debt to

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go way up. Things government shouldn't have been involved in,

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but they did. And then you know, we jumped in

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to you know where we're at today, and it's thirty

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six trillion dollars. So you can see in the last

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four years it jumped another seven trillion dollars out there,

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and it's you know, pretty interesting. You could see, you know, hey,

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what are the largest budget items that are out there

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for our government and medicare medicated one point eight trillion,

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social Security at one point five trillion. If they hadn't

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rated our trust, funded and done other investments or maybe

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guid it to where it's your own account, we wouldn't

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be sitting here looking at the government having to fund

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one point five trillion. Defense spending is just under you know,

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a trillion interest on debt is one over one trillion

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in itself. It's crazy. These are numbers that just become

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absolutely insane. They have a lot of other great stats

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out here here. You could go in here and look

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at your state. Let's take a state out here, Texas,

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and we look at texas population, you know, thirty one

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million people, and it's showing the debt being about four

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hundred and fourteen billion dollars. I think this is including

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a local debt and everything else as well, not just

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the whole state government. You know what other state you

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want to look at. You go in here and look

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at you know, California, who has thirty eight million people

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in it, and their debt is six hundred and nineteen

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billion dollars. So you know, the state debts, you know,

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all relatives. It's one of those things that are out there.

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Sure how they're calculating that state debt, but you can

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go in here and look at it and play it

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shows like the US population, number of people in the workforce,

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number of people that are officially unemployed. And you know

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what healthcare costs you know are now versus you know

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back in two thousand and what's your college tuition? You

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know what is it today versus what is it now?

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They have a nice thing on here too. It showed

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a student loan debt on here. And you know people

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are wanting forgiveness for student loans. When you signed for

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the loan, you should pay the loan. Hey, it's just life.

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That's the way life is. You will get out of school,

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go get a job, get work. A total student loan

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debt is almost one point eight trillion, thirty nine thousand

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dollars per student. Hey, some of the students. It's a

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lot more that are out there. Credit card debt for

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this nation is one point three trillion. It's about eight

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four hundred and forty per holder. So you know, there's

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numbers out here. It's it's pretty cool to look at,

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you know, even have things on here. Trade deficits a

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debt held by foreign countries of US debt. You know

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what's our trade deficit with you know, China, US imported oil.

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At one point we were exported oil. Now we're an

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import of oil. So, you know, it's kind of cool

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things that you get out there and you can you

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can look at they had US home prices here in

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sales dating back from two thousand and nine and all

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coming all the way forward to you know, twenty twenty

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or amazingly enough, home prices per this has come down

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for new homes from a high of five hundred and

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thirteen thousand to down to about four hundred and four thousand,

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So there's been some you know, decreases in the values

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that are that are out there. You know, they have

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home sales, they got mortgage loan calculators and everything out

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there showing you know, what kind of loans that you

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could get out there, fixed variable. So it's a it's

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a nice place to go there. Go check out usdebt

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clock dot org and have some fun with this, or hey,

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maybe put some realization into life and government and how

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much debt our government spends on years in my behalf,

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and how much they're actually collecting from tax payer and corporations. Hey,

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you know, interesting thing is is we talk about taxing corporations.

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Now you do realize when they tax the corporation that

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you and I are still paying for it. Unfortunately, that

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is across the board. Whether they're taxing a large, major corporation,

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they're taxing a mom and pop business. Those taxes are

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taxes you and I pay when we go to those shops.

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Whether you're shopping and let's say on Amazon or anything online.

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You know, they collect tax here and income and pay

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the tax to the federal government. So the more they

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get taxed, more the tax comes out of yours in

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my pocket. You know, that's kind of the sad thing

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in taxes, and people don't understand the way it works.

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If you're a major corporation, you're traded on the stock exchange,

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you've got to make money. You've got to have earnings,

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and you're going to be paying in taxes or have

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credits for research and development or purchasing new assets, whatever

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it is that helps bring their taxes down. You and

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I pay the tax and the goods that we buy,

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and those goods have got to be marked up enough

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to where they can earn enough income to satisfy shareholders

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or pay dividends out to show earnings to increase the

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value of the stock. And in order to do that,

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they've got to put that into their pricing. And when

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they put that into their pricing, you and I paid

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for it. So keep those things in mind when you're

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out there asking, hey, we should government should be charging

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more in taxes. So those are little things to keep

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in mind as you're going. What we're going to start

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covering is important tax deadlines for five and those coming

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up starting right away here in January. January becomes a

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busy month of tax deadlines, and we're going to catch

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you up on all the deadlines that are coming up

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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 own 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, TETs, 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.

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Stop the IRS.

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Now call eight eight eight nine three zero one zero

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one six or go to Taxationsolutions 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 stock for you with more tax stock once again.

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Here's your host, BARRYG.

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Fower.

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Hey, welcome back. Hey, before we get started talking about

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tax deadlines. If you have to owe the IRS and money,

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we've come up with a great IRS playbook and if

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you go to IRS Playbook dot info. IRS Playbook dot info,

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you can learn how to settle your tax debt and

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three simple steps. So go to IRS Playbook dot info

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and check that out and see how you can solve

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your tax debt and three simple steps. Hey, we're talking

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about due dates. So you know every year we move

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into January and there's a lot of deadlines that come

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up in January. But a lot of tape people ask us, hey,

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when do I have to file my twenty twenty four

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tax return? Well, those deadlines are typically April fifteenth, you know,

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less it falls on a weekend or a holiday, or

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if you file the forty eight sixty eight seeking an

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extension to October fifteenth, So if you're filing your ten forty,

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you know, get it filed by April fifteenth and then

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or you can file an extension using the form forty

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eight sixty eight. One thing to remember, an extension is

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an extension of time to file, but not an extension

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of time to pay your taxes. So what do dates

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do we have coming up here? January fifteenth is your

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last quarterly estimated tax payment for twenty twenty four. So

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if you're self employed or have other income without any

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tax withholding and you make and you're required to make

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estimated tax payments, January fifteenth is the due date for

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your final quarterly estimated tax payment for twenty twenty four.

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And when you go in and you make this payment,

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if you go in through EFTPS site or pay it

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on IRS dot gov, make sure you check the box

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to say fourth quarter twenty twenty four or paying towards

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twenty twenty four January twenty ninth. This is approximate the

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kind of a release date the government has already set

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out that we can actually begin filing twenty twenty four

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tax returns and the IRS will start accepting and processing

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those returns. Sometimes it comes up a little bit earlier,

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but January twenty ninth is their goal to start accepting

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tax returns for twenty twenty four. So if you're early filer, great,

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get them in here on this date and the IRS

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will start processing refunds. If you owe, you can file

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00:16:26.600 --> 00:16:30.039
early as well and set it to have it your

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00:16:30.080 --> 00:16:33.320
money withdrawn from your account on April fifteenth, because it's

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still a deadline to pay even if you file early.

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January thirty first is kind of a huge day, especially

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in accounting, bookkeeping, payroll business. January thirty first is the

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due date for employers to send W two forms. You

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can send them earlier, but you've got to have them

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out to your employees by January thirty first, twenty twenty five.

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This gives everybody the ability and the time to get

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your returns filed on time. The IRS is requiring all

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employers to send you that W two by then, doesn't

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00:17:24.559 --> 00:17:26.559
mean you're going to actually get it. They just have

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to have it in the mail by January thirty first,

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So if they're mailing it out to you, it may

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take Benny in the post office a few more days

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00:17:36.039 --> 00:17:38.119
to get to you. It doesn't mean they've got to

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00:17:38.160 --> 00:17:39.720
have them in your hands. They just got to have

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00:17:39.799 --> 00:17:43.200
them sent out that day. And a lot of people

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00:17:43.200 --> 00:17:46.839
have gone to electronic versions, so you may have access

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to your payroll accounts. As soon as the W two's

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00:17:49.599 --> 00:17:52.880
are posted in and ready, you should be able to

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00:17:52.920 --> 00:17:56.240
download them. And if that's the only thing that you

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00:17:56.720 --> 00:17:59.359
need to file your taxes, you can then immediately go

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00:17:59.440 --> 00:18:04.039
and file your taxes. So remember, most preparers and good

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00:18:04.079 --> 00:18:06.960
preparers are not going to file your tax return unless

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they have the W twos in So even though you

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00:18:11.160 --> 00:18:15.599
can start filing by January twenty ninth, if you don't

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have that W two in hand until the thirty first

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00:18:18.720 --> 00:18:23.000
or later, you won't be able to file until that

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00:18:23.039 --> 00:18:24.880
point in time. They're not going to do it off

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00:18:24.920 --> 00:18:30.359
your last paycheck stub. Also, January thirty first, ten ninety

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00:18:30.440 --> 00:18:34.319
nine forms are due, so you're NEEC, which is the

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00:18:36.039 --> 00:18:40.599
non employee compensation. Ten ninety nine miscellaneouses, and ten ninety

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00:18:40.680 --> 00:18:46.559
nine k's are all required to be sent to you

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00:18:47.359 --> 00:18:51.000
January thirty first. These are all to report payments that

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00:18:51.039 --> 00:18:54.279
typically don't come from an employer, such as if you

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00:18:54.319 --> 00:18:57.720
work as an independent contractor gig worker, self employed person,

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00:18:58.519 --> 00:19:04.640
or receive income such as interest, dividends, prize winnings, rents, royalties,

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00:19:05.359 --> 00:19:10.119
brokera to account transactions. If, of course, January thirty first

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00:19:10.119 --> 00:19:13.200
falls on a weekend or holiday, then they're going to

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00:19:13.200 --> 00:19:15.799
be due to be sent the next business day, So

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00:19:15.920 --> 00:19:19.400
if it falls on a Saturday, you may not you're

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00:19:19.519 --> 00:19:23.480
deadline to file. These wouldn't until the second of February,

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00:19:24.799 --> 00:19:28.920
but those have also got to be out by then.

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00:19:29.079 --> 00:19:31.279
Not necessarily file with the government, but got to be

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00:19:31.599 --> 00:19:36.599
sent to the individuals that you're having to pay. Send

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00:19:36.680 --> 00:19:42.160
these forms to that you've been Paidbruary eighteen, twenty twenty five.

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00:19:43.400 --> 00:19:46.640
Reclaim your exemption from withholding. If you choose to claim

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00:19:46.680 --> 00:19:51.079
an exemption from your employers withholding taxes from your paycheck

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00:19:52.039 --> 00:19:54.799
by filing a W four, you'll need to refile this

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00:19:54.920 --> 00:19:59.319
form by this date. You would file this exemption request

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00:19:59.359 --> 00:20:02.720
if you anticipate paid having no tax liability in twenty

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00:20:02.759 --> 00:20:06.759
twenty five and had none in twenty twenty four, So

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00:20:06.960 --> 00:20:11.799
you can file that exemption from any withholding from your

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00:20:11.799 --> 00:20:18.759
paycheck again only if you anticipate having no tax liability

290
00:20:18.920 --> 00:20:22.200
and had none the previous year. Hey, the amazing thing

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00:20:22.200 --> 00:20:25.920
about the tax system is the government set the system up.

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00:20:27.400 --> 00:20:32.200
What they'll say is to be easy, and what it

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00:20:32.319 --> 00:20:38.839
really is is to make it painless, meaning the government's

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00:20:38.839 --> 00:20:42.279
going to pull money out of your check where your

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00:20:42.319 --> 00:20:44.640
employer is and send it to the government on your

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00:20:44.640 --> 00:20:47.880
behalf so you don't have to do it. See. The

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00:20:47.920 --> 00:20:53.079
amazing thing is is people, you and I, every taxpayer

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00:20:53.079 --> 00:20:57.799
out there, everybody that has employment, get used to it.

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00:20:59.359 --> 00:21:02.200
You don't pay attention to what they just pulled out

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00:21:02.240 --> 00:21:04.960
of your check and it's sending to the government. Between

301
00:21:06.200 --> 00:21:09.640
Social Security, Medicare, and you're withholding taxes, and if you

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00:21:09.640 --> 00:21:11.799
live in a state that has state taxes, they pulled

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00:21:11.799 --> 00:21:16.039
out the state tax as well. It's a kind of painless.

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00:21:17.119 --> 00:21:21.039
You kind of get used to it, and you live

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00:21:21.119 --> 00:21:25.279
on what the net amount is going to be. But

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00:21:25.359 --> 00:21:28.519
when you're self employed, or if they didn't have the

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00:21:28.559 --> 00:21:30.960
system and you had to pay the tax in yourself,

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00:21:32.160 --> 00:21:36.759
it becomes very painful to go in and make that

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00:21:36.960 --> 00:21:40.160
estimated tax payment every quarter, or pay those taxes in

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00:21:40.279 --> 00:21:44.920
every month. Can you imagine, and I'm just going to

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00:21:45.039 --> 00:21:48.799
use a number here, you make two thousand dollars in

312
00:21:48.839 --> 00:21:53.359
your paycheck and they withhold five hundred between maybe state,

313
00:21:53.400 --> 00:21:57.200
local Security, Medicare, and you've got to make that five

314
00:21:57.240 --> 00:22:03.759
hundred dollars payment you get paid to every check. They

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00:22:03.839 --> 00:22:07.359
change the way you vote. Would it change the way

316
00:22:07.400 --> 00:22:14.440
you think it should, but it should also set yourself

317
00:22:14.519 --> 00:22:16.960
up as a reminder. Look at how much money you're

318
00:22:16.960 --> 00:22:23.160
paying in taxes from your employment check. If you're self employed,

319
00:22:23.680 --> 00:22:27.720
those are estimated tax payments that you're paying for Social Security, Medicare,

320
00:22:28.759 --> 00:22:33.799
withholding taxes, your federal income taxes, your state income taxes.

321
00:22:35.720 --> 00:22:39.000
You're having to pay those things in in your estimated

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00:22:39.039 --> 00:22:42.559
tax payments. And you're doing that whether it's quarterly or

323
00:22:42.640 --> 00:22:45.640
some people can't save money so they do it monthly.

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00:22:48.200 --> 00:22:51.279
You know, first day my daughter went to work and

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00:22:52.039 --> 00:22:54.279
she got her first paycheck and she was like, Dad,

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00:22:54.359 --> 00:22:59.079
what the heck is this? Well, those are your taxes, taxes.

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00:22:59.200 --> 00:23:03.759
This isn't fair part of life. They're going to withhold

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00:23:03.799 --> 00:23:08.680
Social Security from you, Medicare from you. It's automatically going

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00:23:08.759 --> 00:23:11.599
to be that seven and a half percent roughly of

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00:23:12.720 --> 00:23:17.319
your gross wages. If you make enough money, they're going

331
00:23:17.359 --> 00:23:23.799
to start holding federal income taxes as well. Talk about

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00:23:23.799 --> 00:23:29.039
a pain, Talk about reality getting you right between the

333
00:23:29.119 --> 00:23:33.240
eyes of how much this government takes from you and

334
00:23:33.279 --> 00:23:37.880
I and go back to that debt cloud. How much

335
00:23:37.920 --> 00:23:43.559
are we in debt because how much our government overspends

336
00:23:44.400 --> 00:23:47.720
or gives to various programs that maybe this government shouldn't

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00:23:47.759 --> 00:23:51.359
be doing. Hey, but that's a whole story for another day. Hey,

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00:23:51.359 --> 00:23:52.720
we're going to take a quick break. We're going to

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00:23:52.799 --> 00:23:56.319
continue talking about tax deadlines that are coming up in

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twenty twenty five. We'll be right back after this.

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00:24:02.200 --> 00:24:05.839
We have only scratched the surface of today's show. Please

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00:24:05.880 --> 00:24:09.119
stand by as Barry G. Fowler will be right back

343
00:24:09.240 --> 00:24:15.160
with tax talk for you. As an owner operator, you

344
00:24:15.319 --> 00:24:18.880
already spend too much time away from your family. Trucker

345
00:24:18.920 --> 00:24:22.279
Tax Tools handles all your bookkeeping and taxes. No matter

346
00:24:22.319 --> 00:24:25.000
what level trucker you are. Life on the road can

347
00:24:25.039 --> 00:24:28.640
be taxing, but that doesn't mean that your wallet or

348
00:24:28.759 --> 00:24:32.640
time with your family should suffer. Trucker Tax Tools makes

349
00:24:32.680 --> 00:24:36.440
your life run smoothly. But to Trucker tax Tools dot

350
00:24:36.480 --> 00:24:38.960
Com for a free guide that will give you the

351
00:24:39.119 --> 00:24:43.640
tools to never worry about your taxes again. Call Trucker

352
00:24:43.680 --> 00:24:47.799
Tax Tools eight seven seven nine sixty six two four

353
00:24:48.160 --> 00:24:51.880
seven seven or go to Trucker tax Tools dot com

354
00:24:51.920 --> 00:24:58.400
now and let the experts keep you trucking. Let's get

355
00:24:58.440 --> 00:25:01.440
back to tax talk for you with war tax Talk

356
00:25:02.039 --> 00:25:02.559
once again.

357
00:25:03.079 --> 00:25:09.559
Here's your host, Larry Chief that one and I enjoy

358
00:25:09.640 --> 00:25:13.240
that nice commercial there firm Trucker Tax Tools speaking at

359
00:25:13.240 --> 00:25:16.680
Trucker Tax Toles talking to some of our consultancy or

360
00:25:16.759 --> 00:25:20.680
over the over the weekend at at truck Or Tax Tools.

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00:25:20.680 --> 00:25:23.960
We've got they've got some great deals going for truck

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00:25:24.039 --> 00:25:29.119
or bookkeeping and taxes. We were looking at an ad

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00:25:29.160 --> 00:25:31.920
that was run out there by somebody else saying, hey,

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00:25:31.960 --> 00:25:34.279
you know, we have like seven hundred plus clients and

365
00:25:34.319 --> 00:25:36.200
we've got the lowest prices in the world. We can

366
00:25:36.759 --> 00:25:39.759
get your bookkeeping caught up in twenty four hours for

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00:25:39.880 --> 00:25:44.240
a whole year's worth of bookkeeping. And it's kind of

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00:25:44.279 --> 00:25:47.759
amazing because we've been approached by a number of companies

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00:25:47.799 --> 00:25:54.440
to bring our bookkeeping and tax work and they can

370
00:25:54.480 --> 00:26:00.359
do it relatively inexpensive or chiefly you know, for us.

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00:26:02.599 --> 00:26:06.839
But it's not done here in the United States. It's

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00:26:06.920 --> 00:26:11.920
done overseas in one of those other countries at low costs,

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00:26:12.000 --> 00:26:18.160
low price individuals doing this work for them and Adam

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00:26:18.440 --> 00:26:21.759
doesn't sit well with me. We need to keep your

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00:26:21.799 --> 00:26:26.200
stuff here in the United States. Know that it's protected,

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00:26:27.319 --> 00:26:33.799
Know that you have quality people in America doing the

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00:26:33.839 --> 00:26:38.799
work for you. So hey called Trucker Tax Tools. Go

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00:26:38.839 --> 00:26:41.839
to Trucker tax tools dot Com. Check out the great

379
00:26:41.920 --> 00:26:47.039
rates and specials that got going on right now, especially

380
00:26:47.079 --> 00:26:49.519
moving into the new year. To get you started, so

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00:26:49.640 --> 00:26:53.319
go to again, go to Trucker Tax tools dot Com.

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00:26:53.519 --> 00:26:55.839
Get a free consultation. Let's find out what rates we

383
00:26:55.880 --> 00:26:59.960
can get for you and how we can help serve

384
00:27:00.119 --> 00:27:05.799
review in the trucking industry. Speaking of now, tax deadlines

385
00:27:05.799 --> 00:27:09.480
coming up April first, April Fool's day. No, it's not

386
00:27:09.640 --> 00:27:13.319
a not going to fool you what tax is coming up.

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00:27:14.240 --> 00:27:18.079
But if you turn seventy three in twenty twenty four,

388
00:27:19.119 --> 00:27:24.160
you are now required to take minimum distributions and you

389
00:27:24.279 --> 00:27:28.039
have till April first, twenty twenty five to take your

390
00:27:28.079 --> 00:27:33.319
twenty four required minimum distribution. Now that's your first distribution

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00:27:33.400 --> 00:27:38.160
when you turn seventy three in twenty twenty four. If

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00:27:38.200 --> 00:27:41.240
you were already seventy three before that, you've got to

393
00:27:41.240 --> 00:27:45.039
make those required minimum distributions before a year end. But

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00:27:45.119 --> 00:27:48.079
if you turn seventy three in twenty four you have

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00:27:48.279 --> 00:27:53.799
till April first, twenty twenty five. No April fols. April first,

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00:27:53.839 --> 00:27:56.799

New Year New Deadlines

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