Nov. 17, 2025

Should I Start My Own Business

Should I Start My Own Business
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Season 3

TaxTalk4U.com Should I Start My Own Business 5 reason to start your own business, 5 reason to not start your own business Reasons Why and 5 More Why Not to Start Your Own Business "startup," "business plan," and "small business ideas," strategy, operations, finances, and marketing. Trucking success as a Owner Operator. Business Tax problems IRS payroll taxes, Trust fund penalties
#Trucking #businessstartup #businessowner

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implied 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 talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your hosts.

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Barry G. Ho Hey, good morning and welcome. Hopefully you

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just finished watching or listening to asked the experts that

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preceded us here, and I was just doing a show

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with Steve O and asked the Experts talking about IRS

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problems and problem resolutions. You can find those podcasts. Ask

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the Experts has them on all the I Heart, Spotify,

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you name it, it's there. We have some great shows.

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We've been doing some shows with him for many many years.

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Asked the Experts, has this come on and talk about

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tax relief? Hey, this show tax talk for you. You know,

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I enjoyed doing this because we get to bring out

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new information or go back through and talk about different

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things that can help you. The today's show came about

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because we got a number of questions people asking, Hey,

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should I go into business? You know, what do I

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need to do? If I'm going into business or thinking

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about getting out into business? Is this a good idea? Well,

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first off, I can't tell you point blank for you personally,

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if you going into business is the right move for you?

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You know, if maybe you've been a W two employee

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all your life, you're just not sure by going into business.

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That is the first decision you've got to really make,

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you know, So is this the right thing to do

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for me to go out in the business? One? The

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first question do you have what it takes? The drive?

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Can you be success driven? Can you be self driven,

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and are you self motivated? See those are the three selves.

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Because if you you're elf, can't accomplish those three things

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and be those three things, and business is probably not

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right for you. You need somebody that's getting you and

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driving you to be a success as opposed to you

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being a success on your own. Now that could be

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you know, your husband or your wife helps drive you,

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and then maybe you can do a business together and

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be driven to success. When you're a W two employee,

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you're responsible to somebody else. You have that one person

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or multiple people above you that are your bosses that

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are pushing you to get your work done, or you're

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going to be terminated, buyered, you're out of here. It

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doesn't work that way when you're going to go out

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in business. So you have got to be self motivated

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and self driven. It's for that success for yourself and

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for your family. Because going into business one, it takes

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a lot of work. And I've been dealing with entrepreneurs

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and owner operators and truck drivers for you know, more

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than thirty plus years, and I've never seen anybody that

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actually is going to work less in a startup business

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while they're building their business. Then when you were an employee,

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and when you're an employee, you clock in, you clock out.

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It's your forty hours and maybe some overtime here and

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there that you're going to go work. When you're running

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your own business, that could be eighty hours a week.

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It could be seven days a week working. It could

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be not nine to five. Your business could be from

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eight in the morning till eight or ten o'clock at nine,

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depending on what you're going to be doing in your business.

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So these are the things that you've got to think

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about as you step out to go into business for yourself.

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It's going to t take a lot of work. Stepping

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out into business is going to cause a lot of worry,

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and that's hard to avoid. You're going to be worried

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about making payroll, what your future holds, what the uncertainty

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is about income and paying your bills, if you're growing,

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how you're going to grow, how you're going to hire,

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the risks that you're going to have to take for

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credit lines, paying back lines of credit money that you

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owe to other people, or maybe you've brought in investors,

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paying back investors money that you spend based on future

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projections and profits. So It's a lot of stress that's

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involved failure. It's always a possibility. Failure can cost you

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big time. Businesses do fail. Trust me, Not everybody going

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out into business is one hundred percent successful. That's why

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not everybody goes out into business. Some people have to

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be employees and have a W two paycheck. Know, otherwise

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everybody be in business, you know, for themselves, and it's

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not always your fault that they fail, or the fault

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of the owner. You know. Even great decisions and good

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decisions can have bad outcomes, could have a negative impact.

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There's a lot of other factors that you can't control

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in business, you know, and that failure out there can

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cost you relationships and as possibility is something you can't

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deal with personally, so you don't really want to go there.

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I always like people telling me, man, you know, Verry,

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this is the greatest thing because you are your own boss.

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I laugh. I don't ever think of myself as my

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own boss. You know. Maybe when I first started out

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and doing taxes and stuff, I felt empowered to be

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my own boss. But as you continue to grow and

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you continue to take on clients, your client it's become

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your bosses. So I don't report to just one boss.

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I report to hundreds to thousands of people that are

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now my bosses demanding, Hey, we need tax planning this

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time of the year, we need taxes done. You know,

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it's now in their hands to help control and impact

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what we've got to do and what we've got to

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accomplish here. So, you know, even sometimes you feel like

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the employees you hire are your boss with their demands

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of what they want or can't do or can do,

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and you've got to work around it because sometimes hiring

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is hard to do, especially finding good quality people. So

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you're not going to be your own boss, but you

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might feel empowered. So, you know, do I really want

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to be in business? Hey? These are the negative things

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so far that we're talking about. And I'm going to

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guarantee you one thing. You will make the stack yep.

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As a business owner, you will make mistakes. And if

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you can't live with making mistakes, don't start your own business.

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If it's going to affect you and your attitude, You're doomed.

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It's done, it's over. The writing's on the wall. Before

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you ever get started. You're going to make wrong turns,

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you know, sometimes heading into businesses like walking through a

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forest without a trail, you're setting your own trail. You

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need to find your own paths. Sometimes you're going to

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make it right and you should have made a left.

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Sometimes you're going to make a left and you should

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have made it right. Sometimes you just needed to keep

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going down the path you were on and stay straight. Hey,

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the good news is is if you can get around

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those things and you can overcome the little mistakes that

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you make in business, you can survive, and you survive them,

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you come out stronger. Your business comes out stronger. So

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sometimes make those little mistakes makes businesses stronger on their

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good point and realize, hey, we need to go from

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here to there. So maybe you made that left and

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you need to turn back around, and you turn and

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get back to where you were on that straight path

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and fix the things and make it stronger going forward.

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So maybe that's the fun part about being in business

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is knowing that you can make a mistake and straighten

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it out and continue to move forward stronger and better

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as an organization and better as a person. Now we're

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going to talk about some of the good things that

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you can do and things and reasons you might want

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to be in business for yourself, and we're going to

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do that 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 Chief Fowler will be right back

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with tax talk for you. If you owe the IRS

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

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it alone. Call Taxation Solutions Tax Relief at eight eight

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eight nine three zero one zero one six. We are

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your solution for IRS debts, audits, back taxes, garnishments, leans

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

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

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the IRS walk all over you. Stop the IRS now

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call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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

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

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Barry G.

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Feller. You know, welcome back. Looking at where I started

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many many years ago to decide I'm going to go

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into business and everything. I came out of college and

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did what everybody else did, and as a CPA way

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back in the eighties was get out to the you

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know Big eight public accounting and you know, work in

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that industry and then move from there to uh, you know,

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out in the corporate world and rise to the corporate ladder.

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I didn't like playing politics with bosses and everything else.

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I had to make a decision earlier what did I

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really wanted to do. And I decided I wanted to

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help people. I wanted to do taxes. I've always been

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doing taxes. Helped my dad when I was a kid

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doing taxes. He worked at one of those you know,

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box firms, uh part time, you know, on the weekends

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and everything for a little more money. Since there were

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five kids that he was feeding, you know, so there

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were seven of us in the household, bus a dog,

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and so you know, he was at that time the

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only one working. So he was doing everything he could

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to make ends meet. And we would go with him

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and we could I could help to taxes, pen and paper,

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pencil and paper, a lot of fun. But I really

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reached back and decided this is something I wanted to do.

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Be out in business for myself. But I had to

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figure out what did people want or need and how

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can I provide that niche to be a success in business.

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So if you're thinking about going out in a business,

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and that's maybe one of the first things you got

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to look at, especially when you're starting to put together

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maybe a business plan, which is really key to get

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in your business started as well. How are you filling

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avoid Is it something people want or neat? Do people

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really want what you're going to be selling or the

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service you're going to be providing. So if you're providing

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a service that makes people feel better, maybe sleep better,

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maybe learn better, live better, product everybody once, hey, go

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out there and go after it. You know, you can

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look at some successful startups and how they were built

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around things that made life better. You know, computers. I mean,

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who would have thought way back in the day computers

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would be so portable That first compact portable computer that

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was there that weighed fifty pounds and had the little

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green screen. And I'm dating myself, but I'm gonna know

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I already know them old that we would lug from

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one place to another became these laptops that we carry

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around that are no more than you know, two to

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five pounds, really kind of cool, or you know, iPads,

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whatever it may be. You know, the progress of transportation,

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web applications, tutoring, tax preparation, i RS, problem resolution, all

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these things that you know, we've jumped into and people

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have jumped into over the years that have become hugely

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successful because it fit a need, built a need, or

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they establish a need for those products. Now, another reason

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for starting a business is maybe you're going to be

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better off. So hey, this this spands full range of

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situations from making more money to being home more to

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be with your children. Maybe you can do a part

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time business, be successful and have more time for your kids.

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Maybe you'd be able to live in a better place.

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Maybe at some point you'd have more time. So there's

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fundamentally some good reasons that can spill over to family

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life that can help you. If it's a business that

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you can run part time and spend more time with family,

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great if it substitutes the income that you were making

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for your w two wages. Again, you got to be

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self driven though during times to make ends meet, make

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it work, and continue to grow that business. Maybe you

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can involve other family members or loved ones that can

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work in the business and help the business grow. And

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now you've got a family business and everybody you know,

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you're raising the ship for everybody out there you know,

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looking back for me, one of my main drivers wanting

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to do business for myself was wanting to be able

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to do things my own way, being that I was

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self driven in to get the business going, and I

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could spend the time that I needed focused on business

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for my clients. That my days didn't have to be

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technically from eight to five. I could be at work

248
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and doing things early in the morning, take a little

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break in the afternoon, and come back. Can do things

250
00:16:00.840 --> 00:16:04.559
at home at night for taxes, bookkeeping, whatever it was

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that we were promoting and pushing to grow our business,

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tax resolution, We can do things that didn't require set

253
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office hours, and it made our life happier because we

254
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could focus on things that the kids can do to

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make their life better such as sports, you know, baseball

256
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and swimming, things like that, and so we could do

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those kind of things, you know, so it made our

258
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lives happier. Another thing that you can consider is you're

259
00:16:38.480 --> 00:16:41.200
going to be able to control your own destiny. You know,

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I built a business, You could build a business. So

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00:16:44.600 --> 00:16:46.879
maybe you want to be an owner operator truck driver

262
00:16:46.960 --> 00:16:49.600
out there, but you're a W two driver right now,

263
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Do I really want to jump out and become an

264
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owner operator. Well, you've got to consider your control, self awareness,

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what can you do, self motivation, all the things that

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we talked about, and negatives on the self side can

267
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be turned around as positives. Out here. You can control

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your own destiny and you're how much you're driven to

269
00:17:08.880 --> 00:17:12.000
be a success. You know, you've got to realize that

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being a success means you're going to be putting your

271
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credit online, You're going to be buying a new truck.

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If you're going to be an owner operator or leasing

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a truck for you know, three years, five years, whatever

274
00:17:23.039 --> 00:17:26.720
it may be, you're going to be possibly get going

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out and getting your own authority and then you're going

276
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to be having to collect on invoices. Maybe you'll be

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a LEAs tign driver and they're just going to give

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you settlement statements. That might be the easiest route to

279
00:17:37.359 --> 00:17:42.039
ease into being an owner operator out there, but again,

280
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accepting loads, going after it, getting driven for a success

281
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is going to be up to you, and you're going

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to control your destiny, your financial future by how much

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are you going to go out there and work? Now,

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you also got to consider in this if you're going

285
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to be like an owner operator is fluctuating freight prices

286
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and fluctuating costs that just cost of fuel, repairs, things

287
00:18:15.200 --> 00:18:17.000
like that. So you've got to take a little bit

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of everything into consideration. So it may seem like maybe

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you're making a dollar or two more a mile being

290
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an owner operator, but then you've got more expenses over here,

291
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such as owning the truck, repairs and maintenance and things

292
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like that, lease of trailers, whatever you may be. You've

293
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got to factor all that in to what your income

294
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level is. So maybe you're making ten dollars more you

295
00:18:43.799 --> 00:18:47.799
know out there, now you've got maybe eight dollars more

296
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of cost, so maybe there is two dollars of flexibility

297
00:18:50.359 --> 00:18:54.279
and more income for you. But then you've got self

298
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employment taxes and other things out there, and you've got

299
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other administrative costs that you've got to account for. So

300
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those are the kind of things that you're going to

301
00:19:03.759 --> 00:19:06.759
have to be looking at as all your expenses. And

302
00:19:06.799 --> 00:19:08.680
then what you're going to want to do is say, hey, yes,

303
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I am self motivated, I'm self driven, I'm self aware,

304
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and I have that drive to go after this. Now stop,

305
00:19:18.559 --> 00:19:21.400
take a step back, put a business plan together, and

306
00:19:21.480 --> 00:19:23.839
in that business plan. Make a decision what do I

307
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How much money do I need to be a success

308
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to pay for the things in my life. That is

309
00:19:32.359 --> 00:19:35.559
what you need to do when you're going out into business.

310
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You may not be going out there to change the

311
00:19:38.440 --> 00:19:42.359
world or better. You may not. You may only be

312
00:19:42.519 --> 00:19:46.880
trying to change your little family world and make it better.

313
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But maybe you have the idea of a product or

314
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service that will make the world, the United States a

315
00:19:56.640 --> 00:20:00.400
better place. Go for it. Hire people, pay them a

316
00:20:00.400 --> 00:20:04.599
good salary. Build the business that you've dreamed of in

317
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the business of your dreams. Be that go getter, go

318
00:20:07.920 --> 00:20:10.839
after it. Maybe you want to be the next huge

319
00:20:11.079 --> 00:20:15.559
trucking company, Go for it. Be self driven. So, if

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your business has a purpose and you have the drive,

321
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being in business maybe the right thing for you. Hey,

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we're going to take a short break. When we come back,

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we're going to talk about some business tax problems that

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people have who have been in business and now are

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looking for solutions to tax problems, and we're going to

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discuss those right after this break.

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

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stand by as Barry Chief Dowler will be right back with.

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Tax talk for you.

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As an owner operator, you already spend too much time

331
00:20:52.920 --> 00:20:56.759
away from your family. Trucker Tax Tools handles all your

332
00:20:56.759 --> 00:21:00.000
bookkeeping in taxes. No matter what level trucker you are,

333
00:21:00.240 --> 00:21:03.440
life on the road can be taxing, but that doesn't

334
00:21:03.480 --> 00:21:06.839
mean that your wallet or time with your family should suffer.

335
00:21:07.359 --> 00:21:11.319
Trucker Tax Tools makes your life run smoothly. Go to

336
00:21:11.359 --> 00:21:14.160
Trucker tax Tools dot com for a free guide that

337
00:21:14.240 --> 00:21:17.839
will give you the tools to never worry about your

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00:21:17.880 --> 00:21:22.480
taxes again. Call Trucker Tax Tools eight seven seven nine

339
00:21:22.559 --> 00:21:26.680
sixty six two four seven seven or go to Trucker

340
00:21:26.720 --> 00:21:30.279
tax Tools dot com now and let the experts keep

341
00:21:30.319 --> 00:21:36.119
you trucking. Let's get back to tax stock for you

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00:21:36.200 --> 00:21:41.200
with more tax stock once again. Here's your host, Barry G.

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Faller. Hey, welcome back. You know we're talking about going

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into business and it is the right thing to do.

345
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You know, sometimes in business you struggle. Sometimes it's money struggles.

346
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Sometimes it's sales are struggling sales or damn, sometimes costs

347
00:22:01.279 --> 00:22:06.079
are gone way up due to inflation, things like that,

348
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and so you find got to find cash flow solutions, right,

349
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and sometimes that's the consequences of taxes. We were dealing

350
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with the client who had major cash flow problems, but

351
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he was trying to find everything he could do to

352
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take care of his employees had been with him a

353
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long time, and instead of closing the business and telling everybody, hey,

354
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we just can't afford to do this anymore, he just

355
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kept making payroll. But what he was doing was in

356
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pain in the payroll taxes. Now he's in way over

357
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his head. And you know, if you're avoiding paying payable

358
00:22:47.839 --> 00:22:51.000
taxes for cash flow, you're going to have bigger problems.

359
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If you can't afford to pay the payroll taxes, you

360
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can't afford to be in business, to be honest with you,

361
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or you can't afford to have as many employees. Sometimes

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you've got to do that reduction just to make it

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make sense to keep the business afloat for those that

364
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you can afford to keep on in business, just supported

365
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by the revenues that are coming in. What happens when

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you don't pay your payroll taxes, Well, the IRS comes

367
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after you. IRS is going to be all over you,

368
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and the IRS is going to be looking for that

369
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money any way, shape or form. Now there are two

370
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parts to payroll taxes. There is the part that the

371
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company pays so Security and Medicare, So that's roughly seven

372
00:23:43.599 --> 00:23:48.960
and a quarter percent of your payroll taxes of gross payroll.

373
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And then there is the side that is pulled from

374
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the employee's check, which is that matching seven and a

375
00:23:57.400 --> 00:24:02.279
quarter SOI Security and Medicare and the federal withholdings. Now

376
00:24:02.359 --> 00:24:07.599
that portion is considered pulled out in trust means you

377
00:24:08.079 --> 00:24:11.200
were trusted to pull that money from your employees check

378
00:24:11.240 --> 00:24:14.160
and send it to the IRS. That portion can be

379
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subject to trust fund penalties. What are trust fund penalties?

380
00:24:18.440 --> 00:24:22.960
Penalties that are assessed because you made the choice not

381
00:24:23.079 --> 00:24:27.240
to pay them into the IRS and use the money

382
00:24:27.640 --> 00:24:31.319
that was you pulled out in trust and use it

383
00:24:31.799 --> 00:24:34.359
to not pay the IRS but to pay other bills.

384
00:24:34.920 --> 00:24:39.000
IRS can come in and assess trust fund penalties against

385
00:24:39.000 --> 00:24:43.359
the owners of the business in any signers on the

386
00:24:43.480 --> 00:24:48.839
checking account. That there alone can hit you hard as

387
00:24:48.880 --> 00:24:53.160
an individual. So you want to make every attempt possible

388
00:24:53.599 --> 00:24:57.599
to pay at the very minimum all the trust fund

389
00:24:57.640 --> 00:25:02.039
taxes you withheld from people's checks. Sometimes that's not possible,

390
00:25:02.079 --> 00:25:04.400
and you're going to get hit with the trust fund

391
00:25:04.720 --> 00:25:09.119
penalties again. They gets hit against any owners in the

392
00:25:09.160 --> 00:25:14.440
business and any signers on checking accounts, they're considered to

393
00:25:14.440 --> 00:25:19.200
be decision makers. Hey, we've got a quick question from Joe.

394
00:25:20.160 --> 00:25:23.519
I was a manager of a bar and they hit

395
00:25:23.559 --> 00:25:28.400
me with trust fund penalties? Can I get those removed? Joe,

396
00:25:28.799 --> 00:25:33.440
I've seen this before you as a manager, you've had

397
00:25:33.480 --> 00:25:36.359
signature authority over at a checking account. We would have

398
00:25:36.400 --> 00:25:40.079
to look at what authority you actually had there. We

399
00:25:40.200 --> 00:25:44.200
might be able to get trust fund penalties removed from you,

400
00:25:44.839 --> 00:25:48.079
depending on a what account you were signing on. If

401
00:25:48.119 --> 00:25:50.720
you were just signing on a petty cash account that

402
00:25:50.920 --> 00:25:53.839
only had a small amount, you didn't have anything to

403
00:25:53.880 --> 00:25:57.000
do with payroll or beating other bills. Besides, what was

404
00:25:57.200 --> 00:26:01.880
products that were dropped off that you either didn't order

405
00:26:01.920 --> 00:26:05.480
or didn't have a say in those kind of things.

406
00:26:05.920 --> 00:26:07.559
We might be able to get you off of those

407
00:26:07.640 --> 00:26:12.119
trust fund penalties, especially not being an owner but being

408
00:26:12.119 --> 00:26:15.000
a signer on the account. Yes, you can be held responsible.

409
00:26:15.640 --> 00:26:18.960
We have seen where managers and businesses that had signature

410
00:26:19.000 --> 00:26:22.200
authority on account have been held one hundred percent liable

411
00:26:22.240 --> 00:26:27.640
for trust fund penalties. Unfortunately, sometimes you cannot avoid those

412
00:26:29.240 --> 00:26:31.960
because you had the authority to do it. And it

413
00:26:32.000 --> 00:26:36.680
came to the IRS's attention that you helped make the

414
00:26:36.720 --> 00:26:39.920
decision not to pay the payroll taxes, and you did

415
00:26:39.960 --> 00:26:43.359
nothing to get them to pay those payroll taxes either.

416
00:26:44.720 --> 00:26:46.920
But if you had absolutely zero knowledge of it, we

417
00:26:47.039 --> 00:26:52.279
might be able to become that portion of it. So

418
00:26:52.400 --> 00:26:57.400
kind of keep those things in mind as well. The

419
00:26:57.440 --> 00:27:03.599
other tax problems that happened usually only happened because you

420
00:27:03.680 --> 00:27:07.599
were a C corp and didn't pay the federal taxes

421
00:27:07.720 --> 00:27:13.720
on your corporation. You didn't find a timely file your

422
00:27:13.920 --> 00:27:17.039
s corp or partnership returns and didn't get k ones

423
00:27:17.079 --> 00:27:20.039
out to the owners of the business. They hit you

424
00:27:20.079 --> 00:27:24.119
with penalties on the non filing of the tax return

425
00:27:24.200 --> 00:27:28.400
or late filing of the tax return. Those penalties, yes,

426
00:27:28.480 --> 00:27:30.799
some of them we can get waved and sometimes with

427
00:27:30.880 --> 00:27:33.920
good cause we can get those things waved as well.

428
00:27:34.440 --> 00:27:37.240
So you know, we've got to look at all the

429
00:27:37.599 --> 00:27:41.720
different ways of going about getting a solution that is

430
00:27:41.839 --> 00:27:46.440
in place. And if you are getting a K one,

431
00:27:46.759 --> 00:27:51.000
then everything flows to your personal return and the taxes

432
00:27:51.000 --> 00:27:55.559
are paid there. Now most people ask why am I

433
00:27:55.599 --> 00:27:59.039
getting taxed this full amount when I only took so

434
00:27:59.200 --> 00:28:04.680
much in distribute. Distributions amongst themselves are not taxable unless

435
00:28:04.680 --> 00:28:09.799
it's as distribution an excess of basis. Long story on basis,

436
00:28:09.799 --> 00:28:14.319
and we can't cover that here today. But it's the

437
00:28:14.359 --> 00:28:20.160
net income from the business that is taxable on your

438
00:28:20.200 --> 00:28:23.640
personal tax return. And you'll see many different mines on

439
00:28:23.680 --> 00:28:29.039
that K one depending on your income source, depending on distributions,

440
00:28:29.079 --> 00:28:32.920
depending on you know, how your profits are coming in,

441
00:28:33.039 --> 00:28:36.440
and interest dividends, et cetera. Different items can show up

442
00:28:36.480 --> 00:28:38.799
on those K ones and all of those need to

443
00:28:38.839 --> 00:28:42.240
be listed on personal tax return and the taxes are

444
00:28:42.319 --> 00:28:45.559
paid there. If you need money to pay your taxes,

445
00:28:45.599 --> 00:28:49.759
you take a distribution from your business and pay the

446
00:28:49.799 --> 00:28:55.519
taxes from the personal account. Don't enter mingle business and

447
00:28:56.119 --> 00:28:59.720
personal out there. So that's you know, when we're looking

448
00:28:59.759 --> 00:29:02.519
at businesses, that's what I look at is the biggest

449
00:29:02.559 --> 00:29:04.839
thing that comes out of a business is when it

450
00:29:04.880 --> 00:29:09.920
comes to pay tax problems. Is strictly coming back to

451
00:29:10.359 --> 00:29:13.839
mostly time, it's payroll taxes, and it's something you need

452
00:29:13.880 --> 00:29:16.319
to really jump in front of as quick as possible.

453
00:29:16.839 --> 00:29:21.839
They will assign a revenue officer on that on payroll taxes,

454
00:29:22.319 --> 00:29:25.200
because the first thing they're going to start looking at

455
00:29:25.440 --> 00:29:29.160
is to assess the trust fund penalties and then expect

456
00:29:29.160 --> 00:29:32.480
to get one hundred percent collections. Even though they will

457
00:29:32.480 --> 00:29:34.920
set up a payment plan on it, their job is

458
00:29:34.960 --> 00:29:39.079
to get it collected one hundred percent. It was wasn't

459
00:29:39.079 --> 00:29:42.960
your money. It's you know, government's money, and you should

460
00:29:43.000 --> 00:29:46.759
have paid it when you withheld it. So what I

461
00:29:46.799 --> 00:29:50.160
tell you is, if you're in business, don't raid the

462
00:29:50.240 --> 00:29:54.759
kitty from the payroll. Tax side penalties are too high,

463
00:29:54.960 --> 00:29:58.920
too stiff, too much can be the nail that's in

464
00:29:59.000 --> 00:30:03.119
your coffin of your of your business. Find other routes

465
00:30:03.279 --> 00:30:05.559
to go borrow money, get a lot of credit, do

466
00:30:05.680 --> 00:30:10.240
something different. You may have to terminate some people. Do

467
00:30:10.359 --> 00:30:14.200
the things that you need to do to make sure

468
00:30:14.319 --> 00:30:19.640
that you're in control of the finances for the business. So,

469
00:30:21.000 --> 00:30:24.519
if you've got questions, man sending your questions. I got

470
00:30:24.519 --> 00:30:27.799
a question here is kind of off topic. Is because

471
00:30:27.839 --> 00:30:34.079
we mentioned something about an escort here. It is Ralph.

472
00:30:34.440 --> 00:30:38.880
Question is as an es court, I'm an owner. Am

473
00:30:38.880 --> 00:30:43.880
I required to take payroll if you are working in

474
00:30:43.960 --> 00:30:47.680
the business. Ralph, Yes, you, as an owner, are required

475
00:30:47.720 --> 00:30:50.759
to take what is considered to be a reasonable salary.

476
00:30:50.799 --> 00:30:53.880
For the position that you hold and the work you

477
00:30:54.079 --> 00:30:57.559
are doing. So you can actually break your work down

478
00:30:57.680 --> 00:31:06.400
from everything from secretarial work, janitorial work, CEO works, CFO work,

479
00:31:06.880 --> 00:31:13.759
controller work, retail salesperson work, whatever it may be. You

480
00:31:13.799 --> 00:31:17.039
can break your position down into those roles and say, hey,

481
00:31:17.079 --> 00:31:20.119
this is what a reasonable salary is. This is how

482
00:31:20.160 --> 00:31:22.519
much time I spend doing each one of these things,

483
00:31:23.039 --> 00:31:28.039
and you can get that down to a reasonable level.

484
00:31:29.519 --> 00:31:32.920
But yes, if you are working in the business. Now,

485
00:31:33.119 --> 00:31:35.799
if you are let's say just chairman of the board

486
00:31:35.880 --> 00:31:39.000
and you're just kind of overseeing things from a high level,

487
00:31:40.400 --> 00:31:45.440
you're not necessarily working in there. You can take maybe

488
00:31:45.440 --> 00:31:48.559
a salary as a chairman for a small number and

489
00:31:48.599 --> 00:31:51.960
maybe you're working at other jobs and this is only

490
00:31:52.000 --> 00:31:54.440
a small piece that you kind of give guidance to.

491
00:31:55.759 --> 00:31:58.720
Then we can manipulate, you know, from there, how much

492
00:31:58.720 --> 00:32:00.920
time you're spending in the business, what you're doing in

493
00:32:00.960 --> 00:32:03.720
the business. So those are the kind of things that

494
00:32:03.799 --> 00:32:07.559
you would want to look at going from there. Hey,

495
00:32:07.599 --> 00:32:11.039
I've got a couple questions about becoming an owner operator

496
00:32:11.759 --> 00:32:15.039
and how we can truck to success, and we're going

497
00:32:15.119 --> 00:32:17.920
to address those questions right after this quick.

498
00:32:19.559 --> 00:32:23.240
We have only scratched the surface of today's show. Please

499
00:32:23.279 --> 00:32:26.559
stand by as Barry G. Fowler will be right back

500
00:32:26.599 --> 00:32:32.440
with tax talk for you. As an owner operator. You

501
00:32:32.680 --> 00:32:36.119
already spend too much time away from your family. Stop

502
00:32:36.200 --> 00:32:40.559
spending time doing paperwork. Go to Trucker tax tools dot com,

503
00:32:40.640 --> 00:32:45.160
a solution built specifically for truckers. Trucker tax tools dot

504
00:32:45.200 --> 00:32:51.279
Com makes your life run smoothly. Let's get back to

505
00:32:51.400 --> 00:32:55.119
tax talk for you with more tax talk once again.

506
00:32:55.599 --> 00:33:02.519
Here's your host, Barry G. Fowler. Hey, welcome back, and

507
00:33:02.839 --> 00:33:04.319
we want to get you off on the right foot

508
00:33:04.359 --> 00:33:08.119
truck and to success. You know, becoming a truck driver

509
00:33:08.240 --> 00:33:13.319
and you know going through and running your own trucking

510
00:33:13.400 --> 00:33:17.119
business sounds exciting and some people, you know it is.

511
00:33:17.759 --> 00:33:20.799
I deal with all kinds of people and talking them through,

512
00:33:22.359 --> 00:33:24.920
you know, trucking and different things that are needed when

513
00:33:25.000 --> 00:33:29.480
you are in the trucking business. And you know, becoming

514
00:33:29.559 --> 00:33:34.759
a owner operator is a great idea if you're disciplined

515
00:33:35.200 --> 00:33:38.720
and disciplined entrepreneur who can handle the high initial costs,

516
00:33:39.319 --> 00:33:44.519
the responsibilities risks associated with being your own boss, those

517
00:33:44.559 --> 00:33:48.200
things that we discussed, you know, in the first segment.

518
00:33:48.599 --> 00:33:53.599
The two segments of the show. And you know you

519
00:33:53.759 --> 00:34:00.319
enjoy your independence, you enjoy potential for higher income. Can

520
00:34:00.319 --> 00:34:04.599
you handle the flexibility that you need to be out

521
00:34:04.599 --> 00:34:08.880
there operating the truck? You know? Can you be self

522
00:34:09.000 --> 00:34:13.159
aware of self driven to run your business and have

523
00:34:13.280 --> 00:34:17.440
the ownership you know? You do have higher costs, you

524
00:34:17.599 --> 00:34:24.039
have business risks, you have increased responsibility and less stability. Now,

525
00:34:24.400 --> 00:34:28.159
being an owner operator, you got to be looking at costs.

526
00:34:28.239 --> 00:34:32.039
A lot of times we're looking at things like duel costs,

527
00:34:32.440 --> 00:34:36.639
repair costs. Uh. You know, what kind of truck should

528
00:34:36.719 --> 00:34:38.800
you buy? Should you get a new one, should you

529
00:34:38.800 --> 00:34:43.519
get a used one? You know, what's your risk tolerance

530
00:34:44.039 --> 00:34:48.880
as well? What's your stability tolerance? You know you need

531
00:34:48.920 --> 00:34:52.559
to be one hundred percent stable in your life. The

532
00:34:52.599 --> 00:34:55.440
second side of it is is are you finding every

533
00:34:55.599 --> 00:34:58.960
deduction to keep your taxes? Where this goes for every

534
00:34:59.000 --> 00:35:02.880
business out there is, well not just trucking, But we

535
00:35:02.960 --> 00:35:07.039
get these kind of questions. Cindy asks, my husband's jumping

536
00:35:07.079 --> 00:35:09.960
out to become an owner operator. What's doing is this

537
00:35:10.079 --> 00:35:13.599
information I hear about per diems? Well, perdams is a

538
00:35:13.679 --> 00:35:20.079
tax deduction, and you know per diems basically reimburse people

539
00:35:20.239 --> 00:35:30.239
for travel, for food, miscellaneous incidentals. The IRS for truckers

540
00:35:30.800 --> 00:35:35.199
has a standard perdem amount of eighty dollars per night

541
00:35:35.559 --> 00:35:38.599
away from home except for the first and last, which

542
00:35:38.719 --> 00:35:43.320
then it's forty dollars each of those nights, and then

543
00:35:43.360 --> 00:35:47.320
it's eighty percent deductible, not the fifty percent for meals

544
00:35:47.360 --> 00:35:53.079
and entertainment. So if you aren't over the road trucker. Now,

545
00:35:53.079 --> 00:35:55.480
if you're just trucking locally and return home every night,

546
00:35:55.559 --> 00:36:00.880
you're not getting meals, not getting travel. The per diems

547
00:36:01.320 --> 00:36:04.519
these are for over the road away from home truckers.

548
00:36:04.559 --> 00:36:08.320
You got to have an actual home you're supporting, whether

549
00:36:08.320 --> 00:36:10.760
it's an apartment in a house, whatever it is. You've

550
00:36:10.760 --> 00:36:13.000
got to have someplace that you're supporting that you come

551
00:36:13.039 --> 00:36:15.280
back to and can lay your head down. If you

552
00:36:15.400 --> 00:36:17.119
just live in your truck and you don't have any

553
00:36:17.199 --> 00:36:21.119
of those expenses, you're considered a tax turtle and that

554
00:36:21.280 --> 00:36:25.360
your home is your truck, and therefore you don't get

555
00:36:25.800 --> 00:36:28.960
meals on the road. As simple as that, there's certain

556
00:36:29.039 --> 00:36:32.920
rules out there. We work with you as an owner

557
00:36:32.960 --> 00:36:37.679
operator to help you and guide you what is qualifying

558
00:36:37.719 --> 00:36:39.960
for per diems. We tell you to keep a calendar,

559
00:36:40.920 --> 00:36:45.400
even pull your ELD log so that you have proof

560
00:36:45.480 --> 00:36:47.239
for the nights that you're away from home if you

561
00:36:47.280 --> 00:36:52.760
should be audited. So things like that become deductions and

562
00:36:53.320 --> 00:36:58.280
per diems is a fantastic deduction. And think of it

563
00:36:58.320 --> 00:37:00.280
this way is you know, we get a lot of

564
00:37:00.800 --> 00:37:05.079
truck drivers who are on the road eighty percent of

565
00:37:05.119 --> 00:37:08.039
the time, and that means they're on the road two

566
00:37:08.119 --> 00:37:11.079
hundred and eighty eight days out of the year at

567
00:37:11.159 --> 00:37:15.599
times eighty. Now we didn't take first and last days

568
00:37:15.679 --> 00:37:19.440
out of here, so you know this is a rough number,

569
00:37:19.480 --> 00:37:23.440
but right around twenty three thousand dollars tax deduction before

570
00:37:23.599 --> 00:37:27.679
the eighty percent, So that gives you an eighteen four

571
00:37:27.719 --> 00:37:31.199
hundred and thirty two dollars of expense that you're riding

572
00:37:31.239 --> 00:37:37.000
off against your income valuable deduction for an owner operator

573
00:37:37.280 --> 00:37:39.960
right there. Now, if you're a W two driver, you

574
00:37:39.960 --> 00:37:42.559
don't get this. You don't get pre dms. This is

575
00:37:42.599 --> 00:37:47.840
only for owner operators out there. So they took away

576
00:37:48.039 --> 00:37:51.639
the twenty one oh sixth form, which was the underreimbursed

577
00:37:51.679 --> 00:37:56.920
employee business expenses to the Sugarne and many many truck drivers,

578
00:37:57.480 --> 00:38:02.880
and it really affected people's taxes when they went to

579
00:38:03.000 --> 00:38:08.000
the higher standard deduction and took away the unreimbursed business

580
00:38:08.079 --> 00:38:14.960
expenses out there for individuals. So that's the one of

581
00:38:14.960 --> 00:38:19.280
the good deductions for a business owner and especially owner

582
00:38:19.480 --> 00:38:23.119
operators out there. Now, if you're in business, you know,

583
00:38:23.199 --> 00:38:25.880
you got to start thinking about ordinary necessary expenses. And

584
00:38:25.960 --> 00:38:29.400
we do this routine with everybody that's in trucking. We

585
00:38:29.480 --> 00:38:32.480
have a form and we're looking for everything. You know,

586
00:38:32.559 --> 00:38:35.320
when we go through and look at our bookkeeping for

587
00:38:35.679 --> 00:38:43.400
a trucker, you know, we are looking specifically for every deduction.

588
00:38:43.599 --> 00:38:45.159
So when we sit down we look at it. We're

589
00:38:45.159 --> 00:38:48.119
looking at possibly telephone expense. Oh, speaking of telephone, we

590
00:38:48.199 --> 00:38:51.519
haven't really given out this number to get a hold

591
00:38:51.599 --> 00:38:54.000
trucker tax tools so that they can work with you

592
00:38:54.239 --> 00:38:58.559
on bookkeeping and taxes. Matter of fact, we're running a

593
00:38:58.599 --> 00:39:02.599
great special out there right now. If you're driving on

594
00:39:02.719 --> 00:39:09.199
twelve near Ham in Louisiana, you saw our billboard signs

595
00:39:09.280 --> 00:39:12.280
up there. There should be flashing up more often right now.

596
00:39:13.320 --> 00:39:20.039
This talks about low costs, discounted bookkeeping and taxes for truckers. So, hey,

597
00:39:20.559 --> 00:39:22.679
we're out here trying to be a service to truckers

598
00:39:22.719 --> 00:39:26.559
and we help you. We're members of IDA and supporters

599
00:39:26.599 --> 00:39:31.119
of IDA Owner Operator Independent Drivers Association. Hey, whether you

600
00:39:31.199 --> 00:39:33.280
like the association or not, there are a lot of

601
00:39:33.360 --> 00:39:38.519
the great things they do for truckers and helping represent truckers.

602
00:39:38.519 --> 00:39:41.039
So it's a great membership to get out there and

603
00:39:41.280 --> 00:39:47.000
very low costs for you as well. So I do

604
00:39:47.119 --> 00:39:49.920
speak at a truck to success seminars and everything. So

605
00:39:50.760 --> 00:39:54.559
we're always working to find better ways to help truckers.

606
00:39:54.639 --> 00:39:57.000
But even if you're in business, you've got to be

607
00:39:57.039 --> 00:39:59.440
going through and looking. You know, hey, did you deduct

608
00:39:59.480 --> 00:40:02.039
the poor to the cell phone you use for business?

609
00:40:02.039 --> 00:40:06.320
That's your personal phone you're using it? Well, did you

610
00:40:06.480 --> 00:40:10.440
deduct your bookkeeping and tax preparation? Uh? If you go

611
00:40:10.519 --> 00:40:13.719
to truck or tax tools dot com again truck or

612
00:40:13.800 --> 00:40:16.880
tax tools dot com, you can get a free guide

613
00:40:16.920 --> 00:40:20.960
and it gives you the tools to never worry about

614
00:40:21.000 --> 00:40:23.760
your taxes again. Or you can just give us a

615
00:40:23.760 --> 00:40:27.199
call at eight seven seven nine nine six two four

616
00:40:27.280 --> 00:40:30.320
seven seven again eight seven seven nine nine six two

617
00:40:30.320 --> 00:40:33.480
four seven seven Again. Just go to Trucker tax tools

618
00:40:33.559 --> 00:40:37.320
dot com. We're here to provide the service that you

619
00:40:37.480 --> 00:40:40.840
need to help your business that's out there. You know,

620
00:40:40.880 --> 00:40:44.960
did you deduct things like fire extinguish you maybe the

621
00:40:45.000 --> 00:40:48.360
cooking supplies you needed for the cab of the truck,

622
00:40:49.960 --> 00:40:52.960
maybe the new mattress you bought. Those things are all

623
00:40:53.159 --> 00:40:56.559
deductible for your business, and we want you to find

624
00:40:56.599 --> 00:41:01.880
those things. You know, ice person, These may sound like

625
00:41:01.960 --> 00:41:04.920
little things, but the little expenses add up and that's

626
00:41:04.960 --> 00:41:07.119
the kind of things that we're looking for. You know,

627
00:41:07.159 --> 00:41:09.480
do you have subscriptions that you use in the truck

628
00:41:09.519 --> 00:41:12.880
that maybe you're running on your cell phone and that's

629
00:41:12.880 --> 00:41:15.519
getting builds your personal account. We need to help you

630
00:41:15.559 --> 00:41:18.920
find those. You can get the deduction for those kind

631
00:41:19.000 --> 00:41:22.159
of things as well. What subscriptions are you running? Are

632
00:41:22.159 --> 00:41:26.480
you deducting your eled it's by a road outlyss Do

633
00:41:26.559 --> 00:41:32.440
you pay monthly for subscription to GPS? Things like that

634
00:41:32.440 --> 00:41:37.119
that you need to be aware of. Are you looking

635
00:41:37.159 --> 00:41:40.199
at your settlement statements you see from the company or

636
00:41:40.360 --> 00:41:44.039
least on are they deducting the things the right way

637
00:41:44.159 --> 00:41:46.960
for you? Are they hitting you with deductions that you

638
00:41:47.119 --> 00:41:50.880
don't have. We've seen that as well, So we tell

639
00:41:50.960 --> 00:41:54.159
everybody read your settlement statement, Look at your settlement statement,

640
00:41:54.280 --> 00:41:56.880
know what's on it each and every week you get it.

641
00:41:57.199 --> 00:41:59.440
Make sure the company's not hitting you for something that

642
00:41:59.480 --> 00:42:03.880
you shouldn't be hit with. You're looking for every ordinary

643
00:42:04.039 --> 00:42:10.079
and necessary business expense that you have as a business owner. Now,

644
00:42:10.280 --> 00:42:13.719
don't get carried away trying to put personal stuff over

645
00:42:13.800 --> 00:42:16.920
on the business. You don't want to intermingle business and personal.

646
00:42:17.360 --> 00:42:21.199
You want to keep it separate. You want to reduce

647
00:42:21.239 --> 00:42:24.360
the taxes to the lowest amount you can, and that's

648
00:42:24.400 --> 00:42:27.719
what we work with you to do. Now, what's the

649
00:42:27.760 --> 00:42:31.679
bad part about finding every deduction? Well, again, the good

650
00:42:31.719 --> 00:42:34.320
part is it lowers your income, which lowers your taxes,

651
00:42:34.320 --> 00:42:36.960
which lowers your self employment tax, which lowers your federal

652
00:42:36.960 --> 00:42:42.159
income tax. Bad part is it lowers Social Security. How

653
00:42:42.239 --> 00:42:45.239
much you would be contributing to Social Security, good or

654
00:42:45.280 --> 00:42:49.800
bad depends on your philosophy behind social Security. If your

655
00:42:49.840 --> 00:42:52.679
income is way down you're trying to get loans from

656
00:42:52.679 --> 00:42:56.000
the bank, then the bank doesn't know trucking. They may

657
00:42:56.039 --> 00:42:58.360
not provide you with the loans that you need. Maybe

658
00:42:58.360 --> 00:43:00.239
if you're trying to buy a house, your income would

659
00:43:00.239 --> 00:43:03.639
show way too far down because you know, a think

660
00:43:03.679 --> 00:43:06.000
of it, you just lowered your income by you know

661
00:43:06.320 --> 00:43:10.639
eighteen thousand dollars taxable income by that twenty three thousand

662
00:43:10.719 --> 00:43:13.960
on a financial statement, and you're trying to go to

663
00:43:14.000 --> 00:43:17.159
a bank and your income was really really low, so

664
00:43:17.199 --> 00:43:20.519
that makes things a little bit difficult there for you

665
00:43:20.679 --> 00:43:23.480
as well. Hey, I'm gonna surprised you, man. I'm running

666
00:43:23.519 --> 00:43:27.079
long and they just told me I had one minute left. Hey,

667
00:43:27.159 --> 00:43:29.159
I'm glad you joined us on tax Talk for You.

668
00:43:30.480 --> 00:43:33.639
Follow us over at tax Talk for You dot com. Hey,

669
00:43:33.679 --> 00:43:35.559
next week we're going to be off for Thanksgiving, So

670
00:43:35.639 --> 00:43:39.199
have a wonderful and blessed Thanksgiving and then be back

671
00:43:39.239 --> 00:43:42.320
here every Monday, ten am Eastern time for Tax Talk

672
00:43:42.400 --> 00:43:44.400
for You again. To go to tax Talk for You

673
00:43:44.559 --> 00:43:47.280
dot com. Follow us over there so you don't miss

674
00:43:47.320 --> 00:43:49.679
an episode. And if you do, go check out our

675
00:43:49.719 --> 00:43:53.559
podcast at tax talkfor You dot com or on iHeart, Spotify,

676
00:43:54.079 --> 00:43:57.440
you name it. But above all, have a guide, blessed,

677
00:43:57.760 --> 00:44:00.800
glorious week and a god blessed thanks Thanksgiving, a lot

678
00:44:00.840 --> 00:44:04.480
to be thankful for. We'll see you the weekend after Thanksgiving.

679
00:44:04.920 --> 00:44:07.639
Have a wonderful two weeks.

680
00:44:08.960 --> 00:44:12.119
Are you an individual or business that wants to understand

681
00:44:12.199 --> 00:44:15.599
taxes and how they affect you? Are you looking for

682
00:44:15.639 --> 00:44:21.039
specific tax advice for self employed business owners and truckers.

683
00:44:21.639 --> 00:44:25.679
Are you behind on taxes and your bookkeeping? Are you

684
00:44:25.800 --> 00:44:28.760
dealing with the irs and ready to have some relief,

685
00:44:29.599 --> 00:44:33.400
Then you need Tax Talk for You, hosted by tax

686
00:44:33.480 --> 00:44:38.000
and trucker expert Barry G. Fouler EA. Tune in ten

687
00:44:38.079 --> 00:44:41.800
am Eastern Time every Monday right here on W four

688
00:44:41.800 --> 00:44:45.320
CY Radio and Talk for TV. Don't forget to check

689
00:44:45.440 --> 00:44:50.239
this and past episodes at tax TALKFORU dot com. See

690
00:44:50.280 --> 00:44:55.280
you next week at W fourcy dot com.