Dec. 30, 2024

New Year New Deadlines

New Year New Deadlines

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...

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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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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry 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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00:15:32.840 --> 00:15:38.159
on IRS dot gov, make sure you check the box

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00:15:38.200 --> 00:15:42.320
to say fourth quarter twenty twenty four or paying towards

226
00:15:42.320 --> 00:15:49.799
twenty twenty four January twenty ninth. This is approximate the

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00:15:49.919 --> 00:15:52.360
kind of a release date the government has already set

228
00:15:52.399 --> 00:15:55.919
out that we can actually begin filing twenty twenty four

229
00:15:57.120 --> 00:16:00.960
tax returns and the IRS will start accepting and processing

230
00:16:01.360 --> 00:16:05.039
those returns. Sometimes it comes up a little bit earlier,

231
00:16:06.960 --> 00:16:14.039
but January twenty ninth is their goal to start accepting

232
00:16:14.159 --> 00:16:17.960
tax returns for twenty twenty four. So if you're early filer, great,

233
00:16:18.120 --> 00:16:22.960
get them in here on this date and the IRS

234
00:16:23.000 --> 00:16:26.519
will start processing refunds. If you owe, you can file

235
00:16:26.600 --> 00:16:30.039
early as well and set it to have it your

236
00:16:30.080 --> 00:16:33.320
money withdrawn from your account on April fifteenth, because it's

237
00:16:33.360 --> 00:16:35.960
still a deadline to pay even if you file early.

238
00:16:36.960 --> 00:16:41.240
January thirty first is kind of a huge day, especially

239
00:16:41.360 --> 00:16:49.440
in accounting, bookkeeping, payroll business. January thirty first is the

240
00:16:49.519 --> 00:16:53.840
due date for employers to send W two forms. You

241
00:16:53.840 --> 00:16:58.600
can send them earlier, but you've got to have them

242
00:16:58.679 --> 00:17:04.920
out to your employees by January thirty first, twenty twenty five.

243
00:17:07.480 --> 00:17:11.559
This gives everybody the ability and the time to get

244
00:17:11.559 --> 00:17:16.799
your returns filed on time. The IRS is requiring all

245
00:17:16.880 --> 00:17:24.559
employers to send you that W two by then, doesn't

246
00:17:24.559 --> 00:17:26.559
mean you're going to actually get it. They just have

247
00:17:26.640 --> 00:17:29.599
to have it in the mail by January thirty first,

248
00:17:29.640 --> 00:17:33.039
So if they're mailing it out to you, it may

249
00:17:33.079 --> 00:17:36.000
take Benny in the post office a few more days

250
00:17:36.039 --> 00:17:38.119
to get to you. It doesn't mean they've got to

251
00:17:38.160 --> 00:17:39.720
have them in your hands. They just got to have

252
00:17:39.799 --> 00:17:43.200
them sent out that day. And a lot of people

253
00:17:43.200 --> 00:17:46.839
have gone to electronic versions, so you may have access

254
00:17:46.880 --> 00:17:49.559
to your payroll accounts. As soon as the W two's

255
00:17:49.599 --> 00:17:52.880
are posted in and ready, you should be able to

256
00:17:52.920 --> 00:17:56.240
download them. And if that's the only thing that you

257
00:17:56.720 --> 00:17:59.359
need to file your taxes, you can then immediately go

258
00:17:59.440 --> 00:18:04.039
and file your taxes. So remember, most preparers and good

259
00:18:04.079 --> 00:18:06.960
preparers are not going to file your tax return unless

260
00:18:06.960 --> 00:18:11.160
they have the W twos in So even though you

261
00:18:11.160 --> 00:18:15.599
can start filing by January twenty ninth, if you don't

262
00:18:15.599 --> 00:18:18.640
have that W two in hand until the thirty first

263
00:18:18.720 --> 00:18:23.000
or later, you won't be able to file until that

264
00:18:23.039 --> 00:18:24.880
point in time. They're not going to do it off

265
00:18:24.920 --> 00:18:30.359
your last paycheck stub. Also, January thirty first, ten ninety

266
00:18:30.440 --> 00:18:34.319
nine forms are due, so you're NEEC, which is the

267
00:18:36.039 --> 00:18:40.599
non employee compensation. Ten ninety nine miscellaneouses, and ten ninety

268
00:18:40.680 --> 00:18:46.559
nine k's are all required to be sent to you

269
00:18:47.359 --> 00:18:51.000
January thirty first. These are all to report payments that

270
00:18:51.039 --> 00:18:54.279
typically don't come from an employer, such as if you

271
00:18:54.319 --> 00:18:57.720
work as an independent contractor gig worker, self employed person,

272
00:18:58.519 --> 00:19:04.640
or receive income such as interest, dividends, prize winnings, rents, royalties,

273
00:19:05.359 --> 00:19:10.119
brokera to account transactions. If, of course, January thirty first

274
00:19:10.119 --> 00:19:13.200
falls on a weekend or holiday, then they're going to

275
00:19:13.200 --> 00:19:15.799
be due to be sent the next business day, So

276
00:19:15.920 --> 00:19:19.400
if it falls on a Saturday, you may not you're

277
00:19:19.519 --> 00:19:23.480
deadline to file. These wouldn't until the second of February,

278
00:19:24.799 --> 00:19:28.920
but those have also got to be out by then.

279
00:19:29.079 --> 00:19:31.279
Not necessarily file with the government, but got to be

280
00:19:31.599 --> 00:19:36.599
sent to the individuals that you're having to pay. Send

281
00:19:36.680 --> 00:19:42.160
these forms to that you've been Paidbruary eighteen, twenty twenty five.

282
00:19:43.400 --> 00:19:46.640
Reclaim your exemption from withholding. If you choose to claim

283
00:19:46.680 --> 00:19:51.079
an exemption from your employers withholding taxes from your paycheck

284
00:19:52.039 --> 00:19:54.799
by filing a W four, you'll need to refile this

285
00:19:54.920 --> 00:19:59.319
form by this date. You would file this exemption request

286
00:19:59.359 --> 00:20:02.720
if you anticipate paid having no tax liability in twenty

287
00:20:02.759 --> 00:20:06.759
twenty five and had none in twenty twenty four, So

288
00:20:06.960 --> 00:20:11.799
you can file that exemption from any withholding from your

289
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

291
00:20:22.200 --> 00:20:25.920
about the tax system is the government set the system up.

292
00:20:27.400 --> 00:20:32.200
What they'll say is to be easy, and what it

293
00:20:32.319 --> 00:20:38.839
really is is to make it painless, meaning the government's

294
00:20:38.839 --> 00:20:42.279
going to pull money out of your check where your

295
00:20:42.319 --> 00:20:44.640
employer is and send it to the government on your

296
00:20:44.640 --> 00:20:47.880
behalf so you don't have to do it. See. The

297
00:20:47.920 --> 00:20:53.079
amazing thing is is people, you and I, every taxpayer

298
00:20:53.079 --> 00:20:57.799
out there, everybody that has employment, get used to it.

299
00:20:59.359 --> 00:21:02.200
You don't pay attention to what they just pulled out

300
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

302
00:21:09.640 --> 00:21:11.799
live in a state that has state taxes, they pulled

303
00:21:11.799 --> 00:21:16.039
out the state tax as well. It's a kind of painless.

304
00:21:17.119 --> 00:21:21.039
You kind of get used to it, and you live

305
00:21:21.119 --> 00:21:25.279
on what the net amount is going to be. But

306
00:21:25.359 --> 00:21:28.519
when you're self employed, or if they didn't have the

307
00:21:28.559 --> 00:21:30.960
system and you had to pay the tax in yourself,

308
00:21:32.160 --> 00:21:36.759
it becomes very painful to go in and make that

309
00:21:36.960 --> 00:21:40.160
estimated tax payment every quarter, or pay those taxes in

310
00:21:40.279 --> 00:21:44.920
every month. Can you imagine, and I'm just going to

311
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

315
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

322
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.

324
00:22:48.200 --> 00:22:51.279
You know, first day my daughter went to work and

325
00:22:52.039 --> 00:22:54.279
she got her first paycheck and she was like, Dad,

326
00:22:54.359 --> 00:22:59.079
what the heck is this? Well, those are your taxes, taxes.

327
00:22:59.200 --> 00:23:03.759
This isn't fair part of life. They're going to withhold

328
00:23:03.799 --> 00:23:08.680
Social Security from you, Medicare from you. It's automatically going

329
00:23:08.759 --> 00:23:11.599
to be that seven and a half percent roughly of

330
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

332
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

337
00:23:47.759 --> 00:23:51.359
be doing. Hey, but that's a whole story for another day. Hey,

338
00:23:51.359 --> 00:23:52.720
we're going to take a quick break. We're going to

339
00:23:52.799 --> 00:23:56.319
continue talking about tax deadlines that are coming up in

340
00:23:56.400 --> 00:23:59.680
twenty twenty five. We'll be right back after this.

341
00:24:02.200 --> 00:24:05.839
We have only scratched the surface of today's show. Please

342
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.

361
00:25:20.680 --> 00:25:23.960
We've got they've got some great deals going for truck

362
00:25:24.039 --> 00:25:29.119
or bookkeeping and taxes. We were looking at an ad

363
00:25:29.160 --> 00:25:31.920
that was run out there by somebody else saying, hey,

364
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

367
00:25:39.880 --> 00:25:44.240
a whole year's worth of bookkeeping. And it's kind of

368
00:25:44.279 --> 00:25:47.759
amazing because we've been approached by a number of companies

369
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.

371
00:26:02.599 --> 00:26:06.839
But it's not done here in the United States. It's

372
00:26:06.920 --> 00:26:11.920
done overseas in one of those other countries at low costs,

373
00:26:12.000 --> 00:26:18.160
low price individuals doing this work for them and Adam

374
00:26:18.440 --> 00:26:21.759
doesn't sit well with me. We need to keep your

375
00:26:21.799 --> 00:26:26.200
stuff here in the United States. Know that it's protected,

376
00:26:27.319 --> 00:26:33.799
Know that you have quality people in America doing the

377
00:26:33.839 --> 00:26:38.799
work for you. So hey called Trucker Tax Tools. Go

378
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

381
00:26:49.640 --> 00:26:53.319
go to again, go to Trucker Tax tools dot Com.

382
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.

387
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

391
00:27:33.400 --> 00:27:38.160
when you turn seventy three in twenty twenty four. If

392
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

394
00:27:45.119 --> 00:27:48.079
if you turn seventy three in twenty four you have

395
00:27:48.279 --> 00:27:53.799
till April first, twenty twenty five. No April fols. April first,

396
00:27:53.839 --> 00:27:56.799
twenty twenty five, you got to make that first required

397
00:27:57.119 --> 00:28:08.519
minimum distribution. To keep those in mind. April fifteenth, you know,

398
00:28:08.599 --> 00:28:12.720
here's the big day. This is when your ten forty

399
00:28:12.839 --> 00:28:15.440
is due, unless, of course, you file an extension. So

400
00:28:15.519 --> 00:28:18.000
if you file the forty eight, sixty eight's got to

401
00:28:18.039 --> 00:28:21.440
be filed by April fifteenth as well. You cannot request

402
00:28:21.480 --> 00:28:25.279
an extension after the deadline. It just isn't going to work.

403
00:28:27.359 --> 00:28:29.440
That extension won't be granted, so you've got to do

404
00:28:29.480 --> 00:28:34.519
it before the April fifteenth deadline. April fifteenth also brings

405
00:28:34.559 --> 00:28:40.000
you the deadline to make IRA or Health Saving Account

406
00:28:40.400 --> 00:28:45.640
contributions for twenty twenty four, So if you're an individual

407
00:28:45.799 --> 00:28:49.599
income tax filers, you know, make sure you make your

408
00:28:49.599 --> 00:28:53.640
contributions to those two accounts. All savings accounts have their

409
00:28:53.759 --> 00:28:58.640
own rules, so whether you have a family medical plan

410
00:28:59.160 --> 00:29:02.440
or an individual medical plan will set your limits there.

411
00:29:03.680 --> 00:29:06.759
Check your plan out because not every plan is HSA

412
00:29:07.079 --> 00:29:13.000
qualified for you to be able to make those HSA contributions. Now,

413
00:29:13.039 --> 00:29:16.079
if you can talk to your tax repreer because it

414
00:29:16.119 --> 00:29:20.440
may save you some money on your taxes. Don't just

415
00:29:20.480 --> 00:29:23.720
go out and do it to do it, but hey,

416
00:29:23.799 --> 00:29:25.559
if it can save you money on taxes, it's a

417
00:29:25.559 --> 00:29:30.240
great way to save. And if you qualify based on

418
00:29:31.200 --> 00:29:36.079
your medical plan, then it's a great way to put money.

419
00:29:36.200 --> 00:29:39.799
That money can grow and as long as you only

420
00:29:39.920 --> 00:29:42.160
use it for medical you don't get taxed on it. Now,

421
00:29:42.160 --> 00:29:45.240
if you were to pull it out for other purposes

422
00:29:45.319 --> 00:29:47.559
or other uses, you're going to get taxed on that

423
00:29:47.720 --> 00:29:51.079
money and have penalties on that money. But if you

424
00:29:51.119 --> 00:29:54.599
don't need it, it can sit out there and a

425
00:29:54.680 --> 00:30:00.240
lot of HSA banks that do these things will allow

426
00:30:00.359 --> 00:30:05.160
you to invest into money market accounts mutual funds where

427
00:30:06.079 --> 00:30:08.920
this money can grow based on the stock market or

428
00:30:09.839 --> 00:30:12.839
money market based on the interest rates and stuff out there.

429
00:30:12.880 --> 00:30:15.559
So it's a good saving way to save. And if

430
00:30:15.559 --> 00:30:18.039
you don't need it and you contribute it to it

431
00:30:18.079 --> 00:30:20.599
every year, it's a great way to have money available

432
00:30:20.599 --> 00:30:23.720
to you when you do need it to meet those

433
00:30:23.839 --> 00:30:29.240
ever increasing high deductibles on these incredibly stupid medical plans

434
00:30:29.400 --> 00:30:36.359
that are out there. April fifteenth also brings you your

435
00:30:36.559 --> 00:30:45.200
first quarterly estimate for twenty twenty five. So this estimated

436
00:30:45.200 --> 00:30:48.319
tax payment means that you need to make an estimate

437
00:30:48.640 --> 00:30:52.960
of what your income tax is likely to be in

438
00:30:53.039 --> 00:30:58.279
twenty twenty five. Now you can use the Irish Form

439
00:30:58.440 --> 00:31:03.400
ten forty to calculate how much your liability what could

440
00:31:03.440 --> 00:31:08.079
be for that year. IRS Publication five oh five is

441
00:31:08.119 --> 00:31:10.599
also going to contain all the rules and details you're

442
00:31:10.599 --> 00:31:14.759
going to need to know how to calculate this amount.

443
00:31:15.400 --> 00:31:18.440
If you overestimate, government's going to give you a refund.

444
00:31:18.559 --> 00:31:21.200
I don't recommend you overestimate. It's like giving the government

445
00:31:21.240 --> 00:31:25.119
money and they're not going to pay you the interest

446
00:31:25.160 --> 00:31:28.240
on the money that you deserve. You should be keeping

447
00:31:28.279 --> 00:31:32.240
that as much money as possible and earning the interest

448
00:31:32.440 --> 00:31:39.799
yourself for you, not for the government. But they will

449
00:31:39.839 --> 00:31:43.440
give you the refund if you overestimate. Now. One of

450
00:31:43.519 --> 00:31:45.359
the best ways to do this is if you do

451
00:31:45.519 --> 00:31:49.759
finish your twenty twenty four return by April fifteenth, you

452
00:31:49.799 --> 00:31:52.839
can go in and figure out your estimates baceed on

453
00:31:52.920 --> 00:31:58.000
your twenty twenty four liability, or you can look at

454
00:31:58.039 --> 00:32:02.440
your twenty twenty five and the estimates don't have to

455
00:32:02.480 --> 00:32:05.680
be even depending on how you earn your income. But

456
00:32:08.319 --> 00:32:11.759
if you go by actual so maybe you earn most

457
00:32:11.799 --> 00:32:14.119
of your income towards the end of the year, you

458
00:32:14.119 --> 00:32:17.119
can wait those estimated tax payments based on your earnings.

459
00:32:17.160 --> 00:32:19.599
Now you can have to file additional forms with your

460
00:32:19.599 --> 00:32:22.839
tax return to make sure that you don't get hit

461
00:32:23.079 --> 00:32:28.640
with interest and penalties for not making those payments over

462
00:32:28.680 --> 00:32:33.559
the year. Or hey, some ways to avoid this. If

463
00:32:33.599 --> 00:32:35.680
maybe you're running an escort and you've got to be

464
00:32:35.720 --> 00:32:39.480
on payroll anyway, instead of making estimated tax payments, you

465
00:32:39.759 --> 00:32:46.359
increase your federal withholdings on your payroll, or you wait

466
00:32:46.519 --> 00:32:49.839
till December and make a large bonus payment to yourself

467
00:32:49.880 --> 00:32:53.000
and pay it all in for federal taxes and it

468
00:32:53.079 --> 00:32:57.799
covers you for the whole year, and the government considers

469
00:32:58.000 --> 00:33:00.160
w two payroll as if you paid it all all

470
00:33:00.200 --> 00:33:04.000
year long, not having to worry about when you made

471
00:33:04.359 --> 00:33:09.519
estimated tax payments on the quarterly dates. So little fun

472
00:33:09.640 --> 00:33:12.359
tidbits and techniques. So if you work with your tax

473
00:33:12.400 --> 00:33:18.559
prepare your bookkeeping in your payroll department, you can find

474
00:33:18.599 --> 00:33:22.480
the best way of maximizing the money that's coming through

475
00:33:22.559 --> 00:33:26.440
to you all year long and paying it in you know,

476
00:33:26.559 --> 00:33:32.920
later on during the year when that money's available to

477
00:33:32.960 --> 00:33:35.640
you or when you've got to make sure you have

478
00:33:35.759 --> 00:33:41.359
enough paid end for your taxes. Your second estimated tax

479
00:33:41.400 --> 00:33:45.160
payment is June sixteenth. It doesn't work quarterly. It says

480
00:33:45.240 --> 00:33:49.000
quarterly estimated tax payments. But hey, that's only two months

481
00:33:49.039 --> 00:33:53.680
after the first payment. So you go April fifteenth and

482
00:33:53.720 --> 00:33:59.480
then you go June sixteenth for your second quarters estimated

483
00:33:59.640 --> 00:34:05.799
tax payment. So they've got weird dates in here. You've

484
00:34:05.799 --> 00:34:07.720
got to pay attention to them. It's going to be

485
00:34:07.759 --> 00:34:09.320
on the form. So if you get in your taxes

486
00:34:09.360 --> 00:34:14.480
prepared from truck or tax tools, we would give you

487
00:34:14.480 --> 00:34:17.079
your estimated tax payments that are due, and we'll give

488
00:34:17.079 --> 00:34:20.159
you the estimated vouchers and you'll have the dates on

489
00:34:20.280 --> 00:34:24.000
there that you've got to make your estimated tax payment,

490
00:34:24.599 --> 00:34:27.559
so you know, take a look at those at a calendar.

491
00:34:28.239 --> 00:34:30.159
A lot of our clients, what we want to do

492
00:34:30.320 --> 00:34:36.760
is make sure that you're paying it in as you go,

493
00:34:36.880 --> 00:34:41.000
because sometimes you it's harder to pay on a quarterly

494
00:34:41.039 --> 00:34:43.760
basis or on what I rest wants this quarter, So

495
00:34:43.840 --> 00:34:47.519
sometimes you pay it in a month by month as

496
00:34:47.559 --> 00:34:50.559
you go and as you're earning income. It's and it's

497
00:34:50.599 --> 00:34:54.280
not a bad way to do it. The third estimated

498
00:34:54.320 --> 00:34:59.400
tax payment is actually September fifteenth, twenty twenty five. Again,

499
00:35:00.119 --> 00:35:05.920
want to make sure that your estimates are right. It's

500
00:35:05.960 --> 00:35:12.840
a third one is third one is basically a good

501
00:35:12.880 --> 00:35:15.320
time to start looking at your tax planning for twenty

502
00:35:15.400 --> 00:35:19.760
twenty five and get out there. We had a question

503
00:35:19.920 --> 00:35:25.440
come in and hey, Charles, question is would this apply

504
00:35:25.639 --> 00:35:29.280
only to truckers or for all businesses? So when you're

505
00:35:29.320 --> 00:35:32.599
self employed, this is going to apply to you making

506
00:35:32.760 --> 00:35:38.320
estimated tax payments. These tax deadlines apply to everybody now,

507
00:35:38.360 --> 00:35:41.679
even if you're not a small business or a business

508
00:35:41.679 --> 00:35:44.199
person or a self employed and you have other income

509
00:35:44.280 --> 00:35:49.159
that you have coming in let's say from investments, so

510
00:35:49.239 --> 00:35:56.960
let's say from royalties, and it's a good amount of money,

511
00:35:56.960 --> 00:35:59.000
and you have to pay tax on that every year

512
00:35:59.440 --> 00:36:01.800
over and above of what's withheld. Where you can either

513
00:36:01.880 --> 00:36:05.400
change your withholdings on your W two to cover you know,

514
00:36:05.440 --> 00:36:08.480
those other earnings, or you can make estimated tax payments.

515
00:36:08.519 --> 00:36:14.679
So it's all taxpayers that these deadlines will meet as well.

516
00:36:14.679 --> 00:36:19.000
We'll discuss some of the specifics for truckers here coming

517
00:36:19.079 --> 00:36:23.480
up shortly after the break, we'll continue going through some deadlines.

518
00:36:23.559 --> 00:36:24.800
We'll be right back after this.

519
00:36:26.920 --> 00:36:30.599
We have only scratched the surface of play's show. Please

520
00:36:30.639 --> 00:36:33.840
stand by as Barry G. Fowler will be right back

521
00:36:33.960 --> 00:36:39.760
with tax stock for you as an owner operator. You

522
00:36:40.000 --> 00:36:43.440
already spend too much time away from your family. Stop

523
00:36:43.559 --> 00:36:47.360
spending time building paperwork. Go to Trucker tax tools dot

524
00:36:47.400 --> 00:36:52.280
com a solution filled specifically for truckers. Trucker tax tools

525
00:36:52.320 --> 00:36:58.480
dot Com makes your life run smoothly. Let's get back

526
00:36:58.519 --> 00:37:01.280
to tax stock for you with the war tax doog

527
00:37:01.880 --> 00:37:08.639
once again. Here's your host, ARRG. Sallum.

528
00:37:08.880 --> 00:37:11.599
Hey, welcome back. We're going to get into business tax

529
00:37:11.679 --> 00:37:16.559
deadlines here shortly as well, but continuing in through individual

530
00:37:16.599 --> 00:37:19.880
deadlines for twenty twenty five, and you'll be able to

531
00:37:19.920 --> 00:37:21.960
find a lot of this on our on our website

532
00:37:22.679 --> 00:37:27.920
both at Taxation Solutions dot net and trucketax tools dot com.

533
00:37:28.679 --> 00:37:30.639
So we'll have a lot of the deadlines for twenty

534
00:37:30.719 --> 00:37:36.119
twenty five out there. But October fifteenth is your final

535
00:37:36.280 --> 00:37:41.840
deadline to file your extended twenty twenty four return. Remember

536
00:37:42.119 --> 00:37:45.239
you file that extension back April fifteenth, You got that

537
00:37:45.440 --> 00:37:52.039
six month extension. October fifteenth is now the deadline. And

538
00:37:52.079 --> 00:37:55.119
again it's not the deadline to pay. The deadline to

539
00:37:55.119 --> 00:37:58.920
pay was April fifteenth. This is just a deadline to file.

540
00:37:59.000 --> 00:38:02.960
So if you haven't paid maaid by then by a fifteenth,

541
00:38:03.000 --> 00:38:06.320
you're going to have interest in penalties and stuff that

542
00:38:06.400 --> 00:38:09.920
are going to accumulate on that debt as well. So

543
00:38:10.199 --> 00:38:15.119
make sure October fifteenth you get your tax returns filed.

544
00:38:16.119 --> 00:38:22.800
December thirty first, twenty twenty five required minimum distributions for everybody.

545
00:38:24.199 --> 00:38:27.079
If you're age seventy three or older, you'll have to

546
00:38:27.119 --> 00:38:31.599
make that required minimum distribution by December thirty first, twenty

547
00:38:31.679 --> 00:38:35.679
twenty five. Hey, something really cool about required minimum distributions.

548
00:38:36.320 --> 00:38:41.079
If you make charitable contributions, do it out of your

549
00:38:41.079 --> 00:38:45.880
required minimum distributions. Do a qualified charitable distribution, Hey, that

550
00:38:46.039 --> 00:38:48.800
goes to the charity. It comes out of the money.

551
00:38:48.800 --> 00:38:51.079
It counts as your required minimum distribution, but there's no

552
00:38:51.199 --> 00:38:56.639
tax on it. And especially nowadays, if unless you're itemizing,

553
00:38:57.519 --> 00:39:00.719
you know, charitable contributions is a great to do because

554
00:39:00.719 --> 00:39:05.320
it comes from your heart, but it doesn't save any

555
00:39:05.320 --> 00:39:09.519
money on taxes if you're not itemizing, and the standard

556
00:39:09.519 --> 00:39:12.000
deduction is pretty high, so a lot of times you're

557
00:39:12.000 --> 00:39:18.400
not itemizing, so using a Qualified Charitable Distribution UCD, you

558
00:39:18.400 --> 00:39:21.159
can take money out of your required minimum distribution, give

559
00:39:21.159 --> 00:39:24.719
it directly to the charity and there's no tax on it.

560
00:39:24.960 --> 00:39:31.360
So that does save you some money. And then estimated

561
00:39:31.360 --> 00:39:34.679
tax payments. The fourth one for twenty twenty five would

562
00:39:34.679 --> 00:39:38.360
be due January fifteenth, twenty twenty six. Again, you should

563
00:39:38.400 --> 00:39:40.960
be doing a lot of tax planning if you're having

564
00:39:41.000 --> 00:39:45.840
to make estimated tax tax payments. Whether you're self employed,

565
00:39:45.840 --> 00:39:50.440
whether you're owner operator or your truck driver, you should

566
00:39:50.440 --> 00:39:54.159
be doing tax planning. If you're only on W two

567
00:39:54.360 --> 00:39:57.840
income and there's nothing else, you know, maybe you can

568
00:39:57.880 --> 00:40:01.039
do an IRA, Maybe you can do a say, talk

569
00:40:01.079 --> 00:40:04.400
to your tax preparer and find out the best way

570
00:40:04.480 --> 00:40:09.039
to save you money on your taxes. You know, there's

571
00:40:09.079 --> 00:40:11.079
a lot of things and a lot of deadlines come

572
00:40:11.159 --> 00:40:16.440
up every single year. And those deadlines, you know, those

573
00:40:16.519 --> 00:40:20.840
dates are pretty much hard and fast unless it falls

574
00:40:20.880 --> 00:40:23.679
on a weekend or holiday, and then it moves to

575
00:40:24.079 --> 00:40:28.119
the following Monday or Tuesday. We've had some tax deadlines

576
00:40:28.159 --> 00:40:31.960
that should have fallen on on Monday, but then there's

577
00:40:32.000 --> 00:40:35.119
a holiday in DC and it fall another day later.

578
00:40:38.119 --> 00:40:41.199
So those are the fun things and the hard things

579
00:40:41.239 --> 00:40:45.360
that we've got to go through and do and look

580
00:40:45.400 --> 00:40:54.239
at now businesses, So businesses have their own set of deadlines. Businesses.

581
00:40:54.320 --> 00:41:01.000
This including partnerships. That includes LLC's taxes, partnership C corps,

582
00:41:01.280 --> 00:41:04.320
the file eleven twenty S corps. The file eleven twenty

583
00:41:04.360 --> 00:41:10.480
S is if you are a eleven twenty corporation, you

584
00:41:10.519 --> 00:41:14.559
would have your fourth quarter estimated tax payment due January fifteenth,

585
00:41:14.599 --> 00:41:18.039
twenty twenty five, and you would have estimated tax payments

586
00:41:18.119 --> 00:41:21.599
as a C corp all throughout the year. We don't

587
00:41:21.639 --> 00:41:24.800
deal with very many sea corps anymore. Most of our

588
00:41:24.840 --> 00:41:30.960
small businesses will either be multi member partnership LLC or escorp,

589
00:41:31.679 --> 00:41:34.599
and there's some advantages to both. And that the whole

590
00:41:34.639 --> 00:41:40.400
long conversation we can have another day. Twenty twenty four.

591
00:41:40.440 --> 00:41:44.039
Tax season will begin sometime early in twenty twenty five.

592
00:41:44.199 --> 00:41:47.679
They have not set a date for that yet. You're

593
00:41:47.719 --> 00:41:50.960
an employer, you have a deadline of January thirty first

594
00:41:50.960 --> 00:41:55.599
to get your employees W two's out to them. Also

595
00:41:55.960 --> 00:42:01.480
get your ten ninety nine's out. March fifteenth is your

596
00:42:01.960 --> 00:42:08.760
tax deadline. So if you're organized as a partnership including

597
00:42:08.840 --> 00:42:12.800
multi member LLC's es corpse. You need to file your

598
00:42:12.800 --> 00:42:17.480
ten sixty five or eleven twenty s by March fifteenth,

599
00:42:17.599 --> 00:42:21.920
twenty twenty five. If you're calendar your business, if you're nine,

600
00:42:22.000 --> 00:42:24.760
the calendar of your business a whole another calculation out there,

601
00:42:26.960 --> 00:42:32.519
So if you are a fiscal year, the calculation will go.

602
00:42:33.119 --> 00:42:36.039
You have to file by the fifteenth of the third

603
00:42:36.280 --> 00:42:40.239
month following the close of your tax here so if

604
00:42:40.239 --> 00:42:42.400
you have a different tax year, let's say you close

605
00:42:42.440 --> 00:42:45.039
at the end of November, your tax return would be

606
00:42:45.079 --> 00:42:50.880
due February fifteenth, But majority of the businesses out there

607
00:42:51.000 --> 00:42:53.599
are going to be a calendar year businesses and have

608
00:42:53.639 --> 00:42:59.559
that March fifteenth, twenty twenty five deadline. You can then

609
00:42:59.719 --> 00:43:03.960
file also for an extension, which would give you six

610
00:43:04.079 --> 00:43:08.800
months extension and that would take you out to September fifteenth,

611
00:43:08.840 --> 00:43:14.920
twenty twenty five. For your partnership and your escorp a

612
00:43:14.960 --> 00:43:20.400
C corporation eleven twenty you have the deadline of April fifteenth,

613
00:43:20.599 --> 00:43:25.079
and if you file an extension then you can file

614
00:43:25.199 --> 00:43:30.000
by October fifteenth. Now remember if you are an escorp or,

615
00:43:30.199 --> 00:43:34.159
you are a member shareholder and escorp or a member

616
00:43:34.599 --> 00:43:38.079
of a partnership or our partner in the partnership or

617
00:43:38.480 --> 00:43:43.800
member of the LLC. Make sure those escorts and partnerships

618
00:43:43.800 --> 00:43:46.760
get those returns. File timely because you can't file your

619
00:43:46.800 --> 00:43:49.840
return without the K one that's going to come from

620
00:43:50.039 --> 00:43:53.039
the partnership that you are a part of or the

621
00:43:53.199 --> 00:43:57.840
escorp that you may be a shareholder in, and then

622
00:43:58.400 --> 00:44:03.440
estimated tax payments you'd of the fourth quarter to January fifteenth,

623
00:44:03.599 --> 00:44:08.119
twenty twenty six to pay in as a C corp.

624
00:44:09.119 --> 00:44:11.800
If you are a member of an escort or a

625
00:44:11.840 --> 00:44:15.400
member of a partnership or multi member LCD tax as

626
00:44:15.400 --> 00:44:19.119
a partnership, you'll have your own estimated tax payments on

627
00:44:19.159 --> 00:44:22.559
your personal side, not going to be on business side.

628
00:44:24.280 --> 00:44:26.239
Those are the kind of fun things. Now, if you

629
00:44:26.320 --> 00:44:31.039
are a trucker, you have one more special return to file,

630
00:44:32.480 --> 00:44:36.440
and it's the twenty two ninety it's the heavy Highway

631
00:44:37.760 --> 00:44:45.440
Vehicle use tax. Those dead those taxes are those motor

632
00:44:45.519 --> 00:44:51.039
vehicles that are taxable gross weight of fifty five thousand

633
00:44:51.159 --> 00:44:56.639
pounds or more. Now, you know, if it's in your

634
00:44:56.719 --> 00:44:59.159
name at the time of first use, you've got to

635
00:44:59.159 --> 00:45:02.840
file this A lot of your if you're leased on

636
00:45:02.960 --> 00:45:04.599
to somebody. A lot of times, they take care of

637
00:45:04.639 --> 00:45:07.440
these filings for you. If you've got your own authority

638
00:45:07.599 --> 00:45:10.119
running your own trucks, you're going to be filing these

639
00:45:10.159 --> 00:45:16.440
twenty two nineties yourself. The filing season is July one

640
00:45:17.880 --> 00:45:22.760
through the following June thirtieth. So if you put your

641
00:45:23.960 --> 00:45:26.840
vehicle for first use on a public highway in July,

642
00:45:27.360 --> 00:45:30.880
file your form between July first and August thirty first.

643
00:45:33.400 --> 00:45:37.159
If if it's after that, you're going to file your

644
00:45:37.199 --> 00:45:40.280
twenty two ninety by the last day of the month

645
00:45:40.360 --> 00:45:43.599
following in which you first put the vehicle into use

646
00:45:43.719 --> 00:45:47.320
on a public highway. But make sure you got your

647
00:45:47.360 --> 00:45:51.159
employer identification number. Make sure you have it registered underneath

648
00:45:51.199 --> 00:45:56.440
your company. There's a lot of variables that go into it.

649
00:45:58.239 --> 00:46:00.480
There's a lot of services out there that'll do it.

650
00:46:00.559 --> 00:46:02.800
You can go online and file this or you can

651
00:46:02.840 --> 00:46:10.360
pull the forum off irs dot gov. It's real quick.

652
00:46:10.400 --> 00:46:15.199
Somebody asked a question, what if I miss a tax deadline? Well,

653
00:46:15.239 --> 00:46:17.519
if you miss one of the key deadlines, you have

654
00:46:17.599 --> 00:46:22.800
options depending on which deadline you missed and whether you

655
00:46:22.840 --> 00:46:24.719
owe money or you're going to be due a refund.

656
00:46:24.800 --> 00:46:29.719
So you know if you missed the extension deadline on

657
00:46:29.800 --> 00:46:31.840
your ten forty and you're going to be owed a refund,

658
00:46:31.880 --> 00:46:34.679
there's just get it filed as soon as you can.

659
00:46:35.119 --> 00:46:38.360
There's no penalties, no interest, because the IRS is refunding

660
00:46:38.360 --> 00:46:42.119
your money. Now, if you're really a procrastinator out there

661
00:46:42.199 --> 00:46:44.440
and you don't get it filed for more than three

662
00:46:44.519 --> 00:46:47.800
years after that deadline and you have a refund coming back,

663
00:46:47.840 --> 00:46:52.239
guess what government's keeping your refund? To get it filed

664
00:46:52.320 --> 00:46:56.079
as soon as possible. If you didn't file the extension,

665
00:46:57.159 --> 00:46:59.800
we'll use that on your ten forty, and you didn't

666
00:46:59.840 --> 00:47:02.519
pay all the tax in and you owed money, the

667
00:47:02.559 --> 00:47:06.239
IRS is going to hit you with penalties for laid filing.

668
00:47:06.760 --> 00:47:09.840
The IRS is going to hit you penalties for non payment,

669
00:47:10.559 --> 00:47:12.960
and then the IRS is going to hit your interest

670
00:47:13.880 --> 00:47:16.199
from the date that it should have been paid. And

671
00:47:16.280 --> 00:47:18.320
if you should have made estimated tax payments then you

672
00:47:18.360 --> 00:47:25.199
did not, Guess what more interest, more penalties. And that's

673
00:47:25.199 --> 00:47:29.239
the fun thing about our government. It's supposed to be

674
00:47:29.320 --> 00:47:36.280
voluntary system to file, except when you don't. Penalties interest

675
00:47:36.320 --> 00:47:40.079
tacking it on, continue to tack it on. If you

676
00:47:40.199 --> 00:47:43.159
misestimated tax payment and you're required to make it. The

677
00:47:43.199 --> 00:47:48.280
IRS is going to tack on interest and penalties. What

678
00:47:48.400 --> 00:47:52.119
if you own more than what you can afford? Hey,

679
00:47:52.880 --> 00:47:55.840
simple idea. Solve your problem in three simple steps. Go

680
00:47:55.880 --> 00:48:01.000
to IRS playbook dot info. Great information for you. It's

681
00:48:01.159 --> 00:48:07.360
a free guide. Go there, jump in see what it's

682
00:48:07.400 --> 00:48:11.760
all about. Again, it's I R S Playbook dot info.

683
00:48:13.920 --> 00:48:20.320
So I'm all the story here. There's deadlines, there's deadlines,

684
00:48:20.559 --> 00:48:25.079
and there's deadline. Keep tracking your deadlines, make sure you

685
00:48:25.079 --> 00:48:27.719
meet those deadlines. Make sure you make your estimated tax payments.

686
00:48:27.760 --> 00:48:30.400
Make sure you file in time. If you need help,

687
00:48:30.840 --> 00:48:34.199
get a good tax reprayer. There's places you can look

688
00:48:34.239 --> 00:48:37.800
and go to find somebody that is really good. Or

689
00:48:37.840 --> 00:48:39.880
you can go right to truck or tax tools dot

690
00:48:39.920 --> 00:48:47.119
com and use us tax net. Go to Taxation Solutions

691
00:48:47.199 --> 00:48:51.400
dot net and let us help solve your tax problem

692
00:48:51.440 --> 00:48:57.599
free consultation, free phone call. But find a good enrolled agent,

693
00:48:58.119 --> 00:49:02.440
find a good CPA, find somebody that has a lot

694
00:49:02.440 --> 00:49:05.800
of experience filing taxes for the industry you may be

695
00:49:05.920 --> 00:49:09.719
working in if you are a business person, so that

696
00:49:09.880 --> 00:49:15.880
somebody can give you some good advice and follow what

697
00:49:16.599 --> 00:49:20.800
guidelines and deadlines that you have Hey, we're coming up

698
00:49:20.840 --> 00:49:22.960
on the new year. Have a happy new year and

699
00:49:23.039 --> 00:49:29.000
a god blessed new year. You know, deadlines are deadlines,

700
00:49:29.239 --> 00:49:32.360
taxes or taxes. We all pay them. We've all got

701
00:49:32.360 --> 00:49:36.920
to do it. But set yourself a new year resolution.

702
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Find the good tax prepare, find somebody that can guide you,

703
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just help save as much money as possible. Owner operator,

704
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Thank you for all you do transporting goods across this country.

705
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You guys barely take breaks, fairly good time at home.

706
00:50:00.159 --> 00:50:03.199
Don't go alone. Call Trucker Tax Tools dot com. Thank

707
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you very much. Oh, a wonderful new year. We will

708
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see you next year. Have a god blessed end of

709
00:50:08.719 --> 00:50:12.719
twenty twenty four and even more blessed twenty twenty five.

710
00:50:13.840 --> 00:50:17.840
Thank you all. Check us out at tax Talk for

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You dot com.

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Are you an individual or business that wants to understand

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taxes and how they affect you. Are you looking for

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specific tax advice for self employed business owners and truckers.

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Are you behind on taxes and your bookkeeping? Are you

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dealing with dirs and ready to have some relief, Then

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you need Tax Talk for You, hosted by tax and

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trucker expert Barry G. Fowerda Kenyan ten am the Eastern Time,

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every Monday, right here on W four CY Radio and

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Talk for TV. Don't forfeit the check this and past

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episodes at text Talk for you dot com. See you

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next week at W four c Y dot com. M