Dec. 15, 2025

Small Business News, Taxes, Payroll, Tips & Advice

Small Business News, Taxes, Payroll, Tips & Advice
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Season 3

TaxTalk4U.com : Small Business News, Taxes, Payroll, Tips & Advice. What you need to know about business, trucking taxes. One Big Beautiful Bill Act, OBBBA to reduce taxes. Getting all your deductions that save you money on taxes. For truckers, tax requirements differ significantly depending on whether you are a company driver or an independent owner-operator. Payroll requirements filing paying taxes, Social security & Medicare, as well as federal withholding taxes. Trust fund Penalties.

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).

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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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 its 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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Fouler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. 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 host, Barry G.

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Foul Or.

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Hey, welcome, it's another great Monday to be here and

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talking small businesses, businesses, business taxes, business news, pay roll,

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i RS problems, and you name it. If you've got

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questions we're going to answer it. You know, when we're

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winding down twenty twenty five and I have clients asking

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us all the time, what can we do to reduce taxes?

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You know, there's different techniques to reducing taxes from you know,

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investing in new business property or equipment, or you know,

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spending money. But sometimes, you know, we listen to the

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recommendations other people make and it doesn't make business sense.

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So you kind of got to look at everything with

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the business perspective. Even if we're winding down the year,

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and yes, we're trying to save money on taxes. Yes

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we're trying to do things that prevent Uncle Sam from

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getting more money than you should be getting from you.

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But you know, more, the first thing you want to

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start with is making sure that you have good salid

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sound bookkeeping, And that's the first place to start. Are

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you getting all the deductions that you should be getting

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for your business? Are you capturing every ordinary necessary business expense?

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You know, I looked at somebody's bookkeeping the other day

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that came to us and said, hey, can you take

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over our bookkeeping? And I said, well, first off, let

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me do a quick review of what you've got and

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a quick review where you're at and to see, you know, hey,

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maybe you've got a good bookkeeper and you know, you

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can continue to rely on them and then we can

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do your taxes and do some tax strategies stuff for you.

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And we were looking at their books and we noticed

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glaring expenses. Now, some of them don't seem to be

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that big. I mean, simple as telephone expense. Do you

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have a telephone line in your business? I mean, whether

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it's your a cell phone, whether it's a landline, you know,

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whatever it is, you're using a phone out there for

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your business? Correct, Well, yeah, that's one place it was minor.

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You know, that could be you know, five hundred dollars

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a month or four hundred dollars a month, and it's

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still a four thousand dollars deduction that you should be

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getting out there, or even six thousand dollars deduction that

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you should be getting for your business, and you've missed it,

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which means you're now paying that with after tax money

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instead of pre tax money. And if you are a

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sole proprietor, you know, not only does that cost you

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fifteen point three percent for self employment tax, but it

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also costs you your federal income tax rate, So depending

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on where you're at, you know, they could be a

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total of thirty five percent tax. And then if you

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have a live in a state that taxes you income taxes,

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well add that to it. So you know, that was

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lost money. Now not that big of a deal because

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we could find that and easily make those adjustments. But

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then we started looking at other expenses and it just

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didn't line up. You know, are you in the trucking business,

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You know, maybe fuel expenses aren't where they should be.

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Maybe they're not looking at your settlement statements and getting

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all the deductions for insurance or tolls or scales or

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the other deductions that they may be taking on your

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settlement statement. And so you know, you need to be

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consciously aware of what's on your financials, what's being done

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for your bookkeeping for it to make sense for you.

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You know, some of the little expenses may not seem

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that little, but they do add up. You know, if

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you're missing only thousand dollars and expenses, again, it costs

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you your money. If you're missing ten or fifteen or

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twenty thousand dollars some expenses because your bookkeeping isn't done

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right well then it's now costing you a lot more money.

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It's not pennies, it's not nickels or diamonds, it's hundreds

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of dollars. You'd be thousands of dollars. So you want

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to make sure you're getting every single deduction that is

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allowed by law and not just jumping to hey, this

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is what it is. Now. We've had somebody come to

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us and said, hey, I was talking to my CPA,

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my bookkeeper and my tax prepayer or whatever whoever it was,

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and they told me to go out and buy new

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equipment before the end of the year. Okay, hey, that's

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great if you need it, if it's going to help

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you in business, But just to buy equipment to save

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money on taxes, now, let's let's just throw out a

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big number out here. Okay, we're going to go out

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and buy a new tractor for one hundred thousand dollars,

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and yes, we're going to be able to take that deduction,

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and maybe we'll be able to take Section one seventy

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nine on the whole amount. And you are self employed,

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so yes, it saves you possibly you know, fifteen three

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hundred dollars on your taxes just for self employment, it

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saves you maybe twenty percent out there's another twenty thousand,

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so it saves you thirty five thousand, but you're still

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out one hundred thousand, so net effect, you're out sixty

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five thousand. Now, if you need the piece of equipment

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and you're going to buy it in January, when I

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take advantage of it today. But if you're not in

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need of this new equipment, or your net income isn't

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high enough to justify buying this new equipment to get

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you the full tax write off, then maybe it's not

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the right time to do it. Or maybe you're buying

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a piece of equipment and you're buying some manufacturing equipment

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but you're not going to put it into use until

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the end of next year. Well, hasn't gone into use,

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so therefore you're not getting advantage of tax right off.

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It's got to be put in use as well. So

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if you're just going to buy a piece of equipment

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to get the rite off, well that's not the right

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way to do it. So it makes you makes the

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tax person look good because you're going to save money

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on your taxes, but it surely doesn't help your pocket book,

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which is really at the end of the game is

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end of the day. The game is to keep as

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much money for yourself as possible. So maybe that means

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using retirement account. Maybe it means adjusting the way you

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do business and instead of being a self proprietor maybe

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you need to be a multi member partnership, maybe you

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need to be escort. All different options to help avoid

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the payment of certain taxes that are out there. You know, yes,

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when you're a partnership or multi member LLC, you know

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you've got to have a guaranteed payment, guaranteed reasonable wage

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for the owners that actually work in the business. Yes,

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as an escort, you've got to have a reasonable salary

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for the things that you as a business owner does

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for the business. Now that you know, there's ways to

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look at it and analyze your job. You know, are

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you doing secretarial work, are you doing administrative work, are

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you doing janitorial work, are you doing CFO work, are

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you doing your CEO work, are you doing mid level

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manager's work, or you know somebody else lower in the

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food chains work. And then you can say, hey, this

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is what I would pay for this part of this

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job janitorial, this is what I would pay for this

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administrative part of the job, and this is what I

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would pay for, you know, mid level management part of

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the job. And then this is what i'd pay for

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CFO CEO work. And then how many hours each week

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are you doing each one of those jobs, And then

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you can come down to hey, this is what my

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pay should be. And then that there gives you your

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reasonable salary for the work that you are doing. So

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if your truck driver, you drive the truck, but yet

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you manage your business, and yet you do administrative work

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as well, and yet you may do a cleaning of

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your truck, sanatorial work, so your salary can be adjusted

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based on the kind of work that you do. So

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the one big beautiful bill that was passed here in

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June July of twenty twenty five gives you different options

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on how to save money on taxes, and year in

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is a perfect time to make sure that you're taking

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advantage of everything that was in this law to optimize

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your income, optimize your savings, make sure that you're taking

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full advantage of the QBI Qualified Business Income Deduction, and

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that deduction is now permanent, so you know there's different

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variables that you you have to strategically time income expenses

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for your business, especially at a year end. So maybe

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you have invoices out there and you don't really want

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to get out and collect them really hard. Maybe you

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want to be paid in January instead of paid in December,

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so you're moving money from this year to next year.

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There's a lot of different ideas we can come up

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with for timing or making things better and reducing your taxes.

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And we're going to keep discussing reducing your taxes for

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twenty twenty five 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 Power will be right back

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with tax talk for you. If you owned 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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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.

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Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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net now for a free no obligation consultation. Let's get

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back to tax stock for you with more tax stock

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once again.

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Here's your host, Barry G. Feller.

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Hey, welcome back. You know here today we're talking about

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small business news, taxes, aarro, tips and advice. It's a

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real nice thing at your end of finding ways to

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keep more money in your pocket, reduce use your taxes,

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because this is the name of the game, is paying

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the least amount of taxes allowed by law and how

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do we do this and how do we accomplish this,

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Especially in twenty twenty five, as the years winding down,

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you know, it's the critical time for small business owners

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to capitalize that significant tax and benefits, especially those that

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were introduced by the One Big Beautiful Bill Act. You know,

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we were talking about accelerating investments, maximizing deductions, you know,

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talking about making qualifying capital purchases to reduce your tax

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bill income. But only if the equipment is necessary to

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improve or help your business. If you're just doing it

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for the tax right off, and you're not going to

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it's not going to improve your business. It's not something

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you would normally buy. There's not a huge reason to

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do so. Therefore, business wise, I'm not a fan of

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just doing that to reduce taxes. I want to see

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the business reason strategy behind it before you make that

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investment into machinery, equipment, software, whatever it may be. That's

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going to have a large capital outlay, and that's money

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out of your pocket that you're having to spend to

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buy this equipment. So make sure it makes business sense.

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We were talking about strategically timing things for the business. Now,

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if you operate as a cash business, you really should

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consider accelerating deductible expenses. You know, if you're buying office

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applies anyway, and you can buy office supplies here this

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00:13:48.320 --> 00:13:51.840
month for next year, you can take that as a

224
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write off paying future bills and bills come in that

225
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aren't due till next year, you can pay immediately and

226
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take advantage of of maybe the discount on the invoice

227
00:14:02.039 --> 00:14:04.720
because maybe it's ten percent. You get ten percent off

228
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if you pay within the first ten days or something.

229
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You can also take advantage because you get the rite

230
00:14:10.720 --> 00:14:13.279
off this year or something you could have waited to

231
00:14:13.320 --> 00:14:16.679
pay next year. So it keeps more tax money in

232
00:14:16.720 --> 00:14:20.159
your pocket, money that you've already committed to spending. But

233
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it's you know, time is running out to do those

234
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kind of things. You've got fifteen sixteen days left this

235
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month to take advantage of paying things early to get

236
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the ride offs for twenty twenty five. So if you're

237
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sitting on a bunch of invoices to pay and you

238
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have a large net income, get them paid before you're

239
00:14:39.960 --> 00:14:42.759
in get that check out and in the mail before

240
00:14:42.799 --> 00:14:46.600
December thirty first, so that you can use those expenses

241
00:14:46.679 --> 00:14:51.679
to lower your net income. Now, just remember, you know,

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this is the strategies that you need to use to

243
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help lower your net income at the end of the year,

244
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and then it would also improve your d come so

245
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far for twenty twenty six at the beginning. That's the

246
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same with what we were talking about in the first segment,

247
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is maybe not pursuing elections on those accounts receivables are

248
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at year end. Granted, you'd rather get the money in

249
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because you'd rather have it, and especially before they spend

250
00:15:17.279 --> 00:15:21.159
it and can't afford to pay you anymore. But if

251
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you're dealing with businesses that you can count on reliably

252
00:15:24.440 --> 00:15:29.080
to pay you in a timely manner, then them paying

253
00:15:29.159 --> 00:15:32.879
you next year. Delaying getting the invoices out so they

254
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don't cut you a check before the end of the year.

255
00:15:36.159 --> 00:15:39.200
Might be a strategy you can use here at year

256
00:15:39.360 --> 00:15:44.320
and to save yourself money on the tax on that

257
00:15:44.399 --> 00:15:47.000
income that's coming in, and then you collect it next

258
00:15:47.080 --> 00:15:50.679
year and then it becomes you're added to your income there.

259
00:15:51.159 --> 00:15:54.360
Now when you're in business and sometimes you're doing these

260
00:15:54.399 --> 00:15:59.440
things to strategically time things, it does lower your net income.

261
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So if you're simply going after mortgage loan or you're

262
00:16:02.320 --> 00:16:06.039
going after other loans for your business, a lower net

263
00:16:06.080 --> 00:16:10.600
income isn't always the thing that a bank or lender

264
00:16:10.759 --> 00:16:15.440
wants to see either. So you've got to have strategic

265
00:16:15.879 --> 00:16:21.320
thinking behind what you're doing, including the timing of the

266
00:16:21.360 --> 00:16:25.679
income and expenses for your business. So you know, that's

267
00:16:25.759 --> 00:16:28.840
one of the things that when we talk to people

268
00:16:29.039 --> 00:16:31.000
is hey, you know, we're talking about it from a

269
00:16:31.000 --> 00:16:34.600
tax strategy, but sometimes you've got to talk about it

270
00:16:34.639 --> 00:16:40.480
from a business strategy as well, and applying what is

271
00:16:41.080 --> 00:16:44.399
projected for the future. So if your projection's out to

272
00:16:44.480 --> 00:16:47.039
the future, as you're going to borrow some money, you

273
00:16:47.159 --> 00:16:51.159
may need higher net income in twenty twenty five to

274
00:16:51.440 --> 00:16:54.799
get the loans that you need. To buy the equipment

275
00:16:55.039 --> 00:16:58.039
or get the financing and stuff like that that you

276
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need for your business as well or even for your

277
00:17:01.000 --> 00:17:04.359
personal as we've seen where people have done things to

278
00:17:04.440 --> 00:17:08.279
keep expenses or keep the income down so they're not

279
00:17:08.319 --> 00:17:10.799
paying as much in taxes, and then they go to

280
00:17:10.839 --> 00:17:12.839
apply for mortgage and they don't have the income to

281
00:17:12.880 --> 00:17:18.440
support the mortgage. That sometimes can become an issue for

282
00:17:18.680 --> 00:17:23.799
you in your business. You know, you've got to put

283
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the strategies out there and see, you know, hey, is

284
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this going to make sense for me? Is this going

285
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to be a issue. Is this going to be a problem. Yes,

286
00:17:36.279 --> 00:17:39.519
it's nice to save that fifteen point three percent on

287
00:17:40.079 --> 00:17:44.559
self employment taxes, but then again, you know you've got

288
00:17:44.640 --> 00:17:47.680
the offset of what's going on out there now. One

289
00:17:47.720 --> 00:17:50.640
of the beauties we were talking about is escorts and

290
00:17:52.079 --> 00:17:57.119
partnerships or multi member LLC's that file as a partnership.

291
00:17:57.599 --> 00:18:01.680
You can save money on self employment tax is based

292
00:18:01.720 --> 00:18:06.000
on whatever your reasonable wage is for your business. And

293
00:18:06.839 --> 00:18:09.039
we always have to sit down and look at it

294
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and do an analysis. Is it right to move from

295
00:18:11.799 --> 00:18:15.759
a sole proprietorship a single member LLC to an escort

296
00:18:15.960 --> 00:18:21.480
or to opening a multi member LLC, maybe a husband

297
00:18:21.519 --> 00:18:25.240
and wife LLC that can report as a partnership. And

298
00:18:25.680 --> 00:18:27.440
you know, we've always got to look at what that

299
00:18:27.559 --> 00:18:32.480
reasonable wage is versus what your net income is from

300
00:18:32.480 --> 00:18:35.960
your business, because there's not always a great reason to

301
00:18:36.079 --> 00:18:39.480
move and become an escort unless it's going to do

302
00:18:39.680 --> 00:18:44.160
what save you money on taxes, and that savings is

303
00:18:44.359 --> 00:18:49.079
usually comes from self employment taxes. So if you're netting

304
00:18:49.240 --> 00:18:52.640
one hundred thousand dollars in net income but your reasonable

305
00:18:53.000 --> 00:18:56.359
wage with ninety, well you know there's only about a

306
00:18:56.400 --> 00:19:00.839
fifteen hundred dollars savings on self employment taxes. Bye, not

307
00:19:01.079 --> 00:19:04.200
worth the hassle to go do payroll in a whole

308
00:19:04.240 --> 00:19:07.400
new tax form. So you'd have to file eleven twenty s,

309
00:19:07.839 --> 00:19:09.640
you'd have to do payroll, you'd have to do nine

310
00:19:09.759 --> 00:19:14.000
forty one, nine forties W Two's well, you only save

311
00:19:14.079 --> 00:19:18.599
fifteen hundred dollars and you now have to do all

312
00:19:18.640 --> 00:19:21.920
these other things. But if your net income is two

313
00:19:22.000 --> 00:19:25.680
hundred thousand, even if your reasonable salary was one hundred thousand,

314
00:19:26.079 --> 00:19:29.839
you're talking good savings fifteen point three percent and about

315
00:19:30.039 --> 00:19:34.720
eighty thousand dollars. That's nothing to sneeze at. That gives

316
00:19:34.759 --> 00:19:38.079
you savings. It puts money in your pocket that you're

317
00:19:38.160 --> 00:19:40.279
going to be able to keep a year after years,

318
00:19:40.279 --> 00:19:42.640
as long as your net income is that much higher

319
00:19:42.680 --> 00:19:46.680
than what your reasonable wage is. And maybe you're in

320
00:19:46.680 --> 00:19:49.359
the trucking business. Maybe a reasonable wage for you to

321
00:19:49.440 --> 00:19:51.920
drive a truck for your own business is fifty thousand

322
00:19:52.000 --> 00:19:55.599
dollars and you're net eight one hundred. Well you get

323
00:19:55.599 --> 00:19:58.640
to save fifteen point three percent on the other fifty thousand,

324
00:19:59.039 --> 00:20:02.680
so that's seventy five hundred dollars. Is what keeps in

325
00:20:02.720 --> 00:20:05.799
your pocket less what the burden is to do payroll

326
00:20:05.920 --> 00:20:10.359
and do you know, file the other tax return, So

327
00:20:10.480 --> 00:20:13.920
there are savings out there for you. It works kind

328
00:20:13.960 --> 00:20:17.039
of the same way with the multi member partnership or

329
00:20:17.039 --> 00:20:21.279
a multi member LLC, is that you file a partnership return,

330
00:20:21.440 --> 00:20:23.359
but you don't have to do payroll, So that's a

331
00:20:23.480 --> 00:20:27.839
nice part. It saves you from having to do payroll

332
00:20:27.960 --> 00:20:31.480
and payroll taxes and payroll tax forms and stuff. So

333
00:20:31.559 --> 00:20:36.240
there's some beauty into that. So that multi member LLC

334
00:20:36.880 --> 00:20:39.759
filing as a partnership can save you even more money,

335
00:20:40.119 --> 00:20:43.599
depending on your reasonable wage that you've got to have,

336
00:20:44.119 --> 00:20:47.799
and then that reports it as a guaranteed payment versus

337
00:20:47.880 --> 00:20:52.079
actually having to do payroll for you and whoever else

338
00:20:52.200 --> 00:20:55.799
is a member of the partnership with you. So some

339
00:20:55.880 --> 00:20:58.160
of those things are things that you should keep in

340
00:20:58.200 --> 00:21:01.079
mind when you're doing an analysis, especially coming here at

341
00:21:01.079 --> 00:21:03.079
the end of the year, moving into next year, because

342
00:21:03.119 --> 00:21:06.279
you only have so March fifteen to make that election

343
00:21:06.960 --> 00:21:09.960
ESCORP status for twenty twenty six. Hey, when we're speaking

344
00:21:10.000 --> 00:21:13.519
about payroll and small business payrol, we're going to keep

345
00:21:13.559 --> 00:21:16.599
talking about payroll on things you've got to do and

346
00:21:16.640 --> 00:21:19.720
when you do do payroll. Right after this quick.

347
00:21:19.480 --> 00:21:24.480
Break, we have only scratched the surface of today's show.

348
00:21:25.079 --> 00:21:28.359
Please stand by as Barry Chief Fowler will be right

349
00:21:28.400 --> 00:21:28.960
back with.

350
00:21:29.160 --> 00:21:30.240
Tax talk for you.

351
00:21:33.160 --> 00:21:36.240
As an owner operator, you already spend too much time

352
00:21:36.279 --> 00:21:40.119
away from your family. Trucker Tax Tools handles all your

353
00:21:40.119 --> 00:21:43.359
bookkeeping and taxes. No matter what level trucker you are.

354
00:21:43.599 --> 00:21:46.759
Life on the road can be taxing, but that doesn't

355
00:21:46.799 --> 00:21:50.200
mean that your wallet or time with your family should suffer.

356
00:21:50.720 --> 00:21:53.880
Trucker Tax Tools makes your life run smoothly.

357
00:21:54.359 --> 00:21:56.319
Go to Trucker tax Tools dot.

358
00:21:56.039 --> 00:21:58.559
Com for a free guide that will give you the

359
00:21:58.680 --> 00:22:03.160
tools to never worry about your taxes again. Call Trucker

360
00:22:03.240 --> 00:22:07.319
Tax Tools eight seven seven nine sixty six two four

361
00:22:07.720 --> 00:22:11.440
seven seven or go to Trucker tax tools dot com

362
00:22:11.480 --> 00:22:12.480
now and let.

363
00:22:12.319 --> 00:22:14.240
The experts keep you trucking.

364
00:22:17.359 --> 00:22:20.200
Let's get back to tax stock for you with more

365
00:22:20.359 --> 00:22:22.200
tax stock once again.

366
00:22:22.640 --> 00:22:25.240
Here's your host, Barry chief Fallum.

367
00:22:27.720 --> 00:22:33.400
Welcome back. Payroll, payroll, payroll, payroll, payroll, payroll. Who likes payroll?

368
00:22:33.519 --> 00:22:36.920
Go up as an employee? You love payroll. That's how

369
00:22:36.960 --> 00:22:41.200
you get paid. You know. The amazing part is is

370
00:22:41.480 --> 00:22:45.119
you don't feel the pain after you're your first check

371
00:22:45.200 --> 00:22:48.160
or two. What do I mean by pain? Well, if

372
00:22:48.200 --> 00:22:51.480
you take my kids, for example, their first job when

373
00:22:51.480 --> 00:22:53.960
they got out, they got a check. They may have

374
00:22:54.039 --> 00:22:56.240
been working for let's say ten dollars an hour and

375
00:22:56.240 --> 00:22:59.119
they work twenty hours and they should be getting they

376
00:22:59.240 --> 00:23:01.960
calculated I should be getting two hundred dollars.

377
00:23:02.480 --> 00:23:03.000
Yeah.

378
00:23:03.279 --> 00:23:06.079
Then they saw the payroll taxes come out and they went,

379
00:23:07.240 --> 00:23:10.160
what is this the government's way of taking money and

380
00:23:10.279 --> 00:23:14.599
enforcing collections. That's what it is. And that first check

381
00:23:14.640 --> 00:23:17.000
it was painful, you know, and it may have only

382
00:23:17.039 --> 00:23:20.440
been you know, fifteen dollars coming out of their check

383
00:23:20.519 --> 00:23:25.160
for Social Security and medicare. But it was painful, painful

384
00:23:25.279 --> 00:23:28.200
to them because they were counting on that two hundred

385
00:23:28.240 --> 00:23:29.799
dollars and now all of a sudden they figured out

386
00:23:29.799 --> 00:23:33.319
the government's taking their money. In their case, they were like,

387
00:23:33.400 --> 00:23:38.359
it's stealing, stealing our money, dad. Well, yeah, it's probably

388
00:23:38.400 --> 00:23:41.519
stuff you're never going to see in your lifetime, or

389
00:23:41.559 --> 00:23:43.400
you're going to get a very little hood back. It

390
00:23:43.400 --> 00:23:46.039
would be better if we all invested our own money

391
00:23:46.039 --> 00:23:48.880
and say, for our own retirement and never touched it.

392
00:23:48.920 --> 00:23:51.279
But that just doesn't happen. Ask people who have four

393
00:23:51.359 --> 00:23:54.799
own k's that they've withdrawn from to do certain things.

394
00:23:55.359 --> 00:23:58.119
They paid bills whatever it may be, or they cashed

395
00:23:58.119 --> 00:24:01.160
out iras and paid the penalty. So we all know

396
00:24:01.240 --> 00:24:05.000
how life goes. But it is the world we live in.

397
00:24:05.359 --> 00:24:10.680
You know, payroll nobody likes doing as an employer. Managing

398
00:24:10.839 --> 00:24:14.640
payroll taxes to be paid by you the employer is

399
00:24:14.680 --> 00:24:18.519
one of the most complex aspects of running a business,

400
00:24:18.640 --> 00:24:23.400
but it is a responsibility that every business owner must.

401
00:24:23.680 --> 00:24:26.960
It has to get right. You know, we're going to

402
00:24:27.000 --> 00:24:30.200
go through some things that happen with payroll. We're going

403
00:24:30.240 --> 00:24:33.160
to go through some good, bad, and ugly with payroll.

404
00:24:33.720 --> 00:24:36.519
But let's just start with the basics of payroll. There

405
00:24:36.559 --> 00:24:39.519
are types of different types of payroll taxes that you

406
00:24:39.640 --> 00:24:42.839
have to pay in and we all know the Federal

407
00:24:43.319 --> 00:24:48.640
income tax that is withheld from your employees' wage based

408
00:24:48.680 --> 00:24:53.279
on their W four form. You the employer are responsible

409
00:24:53.319 --> 00:24:57.279
to withholding and remitting this amount to the federal government.

410
00:24:57.680 --> 00:25:00.480
And there's no matching to this one. This is strictly

411
00:25:00.519 --> 00:25:09.240
withheld from your employees check. Then BIKA Federal Insurance Contributions Act.

412
00:25:09.480 --> 00:25:13.880
It's a shared responsibility between you, the employer and the

413
00:25:14.000 --> 00:25:19.480
employee funding Social Security and Medicare. The Social Security tax

414
00:25:20.079 --> 00:25:23.559
for both you, the employer and the employees at six

415
00:25:23.599 --> 00:25:27.240
point two four six point two percent, which totals to

416
00:25:27.279 --> 00:25:31.559
twelve point four on wages up to the annual limit,

417
00:25:32.079 --> 00:25:34.960
which for this year twenty twenty five was one hundred

418
00:25:34.960 --> 00:25:39.640
and seventy six one hundred dollars. So yes, you you

419
00:25:39.880 --> 00:25:44.319
pay as an employer six point two percent. The employee

420
00:25:44.359 --> 00:25:48.400
pays as well six point two percent, So you're withholding

421
00:25:48.440 --> 00:25:51.440
from theirs and you're contributing from the company. So that's

422
00:25:51.519 --> 00:25:55.759
part of cost of employment. Medicare tax both the employer

423
00:25:55.960 --> 00:26:00.480
and the employee each pay one point four five percent

424
00:26:00.920 --> 00:26:05.680
a total two point nine percent on all wages. Now,

425
00:26:05.759 --> 00:26:09.480
employees who earn over the two hundred thousand dollars annually

426
00:26:09.680 --> 00:26:13.200
must pay in an additional point nine percent towards the

427
00:26:13.240 --> 00:26:17.079
Medicare tax. The employers don't have to match that. Now,

428
00:26:17.559 --> 00:26:21.160
when we talk about trust funds, we talk about the

429
00:26:21.200 --> 00:26:25.359
money that you're withholding from your employees checks. So that's

430
00:26:25.400 --> 00:26:28.599
the federal income tax, and that's your fight at tax,

431
00:26:28.680 --> 00:26:31.559
solid Security and Medicare that you withhold from their check.

432
00:26:31.880 --> 00:26:34.519
So remember that that's a trust fund, meaning that that

433
00:26:34.640 --> 00:26:37.400
money was pulled out of their teck in trust to

434
00:26:37.640 --> 00:26:41.799
you to pay to the federal government. Then, as an employer,

435
00:26:41.880 --> 00:26:46.000
you're also going to be responsible for the federal unemployment tax.

436
00:26:46.359 --> 00:26:50.599
It's paid solely by you, the employer. So when you're

437
00:26:50.599 --> 00:26:53.519
doing hiring, you know you've got to think about what

438
00:26:53.599 --> 00:26:57.759
taxes the company's paying in addition to what you're paying

439
00:26:58.279 --> 00:27:02.680
your employee, because that is the cost of employment, at

440
00:27:02.759 --> 00:27:06.839
least part of it. So the federal unemployment tax is

441
00:27:06.880 --> 00:27:10.880
paid solely by you, the employer, to fund federal unemployment programs.

442
00:27:11.319 --> 00:27:15.160
That full rate is six percent on the first seven thousand. Yeah,

443
00:27:15.160 --> 00:27:17.839
you got worried there, didn't you? Six percent on whatever

444
00:27:17.880 --> 00:27:20.119
you're paying them. No, it's only on the first seven

445
00:27:20.319 --> 00:27:25.680
thousand of each employees wages. But you can get a

446
00:27:25.799 --> 00:27:31.200
credit for paying state unemployment taxes timely, typically going to

447
00:27:31.240 --> 00:27:36.960
reduce the effective rate down to point six percent. So, yeah,

448
00:27:36.960 --> 00:27:39.000
we sweat it out. When you start thinking about six

449
00:27:39.039 --> 00:27:42.000
percent of my employees wages, oh my gosh, and then

450
00:27:42.039 --> 00:27:44.200
you find out it's only on the first seven thousand.

451
00:27:44.279 --> 00:27:45.880
Then you find out that you can reduce it down

452
00:27:45.960 --> 00:27:49.759
to about six if you're paying your state unemployment. Now,

453
00:27:49.880 --> 00:27:56.240
state unemployment and local taxes very significantly by state location.

454
00:27:58.200 --> 00:28:03.599
Also based on on your track record in history. If

455
00:28:03.640 --> 00:28:06.880
you don't have a lot of hiring firing of people,

456
00:28:07.480 --> 00:28:11.279
then your state unemployment race can keep coming down. Here

457
00:28:11.519 --> 00:28:14.440
in taxes, it starts like at two point nine percent,

458
00:28:14.640 --> 00:28:18.160
you can get down to like a one percent based

459
00:28:18.200 --> 00:28:21.240
on the first nine thousand dollars of wages, and then

460
00:28:21.279 --> 00:28:24.160
after that there's no tax. So it's all the things

461
00:28:24.160 --> 00:28:27.359
that we've got to think about. Is you know again

462
00:28:27.599 --> 00:28:32.319
that you federal withholding that fight a tax matching, uh,

463
00:28:32.599 --> 00:28:36.559
the employer's side, a federal unemployment that the only employers have,

464
00:28:37.160 --> 00:28:40.279
and then state and local taxes which could be stayed withholding,

465
00:28:40.839 --> 00:28:45.480
and then the state unemployment taxes as well. And so

466
00:28:45.559 --> 00:28:48.119
when you're looking at it, you've got to go through

467
00:28:48.480 --> 00:28:51.400
and figure this out. Now, the state unemployment taxes is

468
00:28:51.440 --> 00:28:55.400
only tax to the employer, is not tax to the employee,

469
00:28:55.880 --> 00:29:00.839
so again that adds to the cost of having and

470
00:29:00.839 --> 00:29:03.359
and then if you offer any benefits to the employee,

471
00:29:03.400 --> 00:29:07.640
that also adds to the cost of employeer. So you

472
00:29:07.720 --> 00:29:10.839
can sit down and figure out what your cost is

473
00:29:10.880 --> 00:29:16.000
of each and every employee that you have using the

474
00:29:16.039 --> 00:29:20.759
Social Security Medicare tax, your federal unemployment tax, and then

475
00:29:20.799 --> 00:29:25.039
your state unemployment taxes as well. Now some of the

476
00:29:25.039 --> 00:29:27.880
things you as an employer really got to sit down

477
00:29:27.920 --> 00:29:31.599
and look at and make sure you're responsible. Because a

478
00:29:31.599 --> 00:29:34.519
lot of people want to classify workers, and this is

479
00:29:34.880 --> 00:29:39.240
really a big one worker classification. One to classify workers

480
00:29:39.240 --> 00:29:41.799
as independent contractors because then they don't have to pay

481
00:29:41.799 --> 00:29:44.799
so security and medicare matching, They don't have to pay

482
00:29:44.920 --> 00:29:48.279
federal unemployment or state unemployment on them. So it does

483
00:29:48.359 --> 00:29:51.920
reduce the cost of having that worker working for you

484
00:29:52.039 --> 00:29:55.039
if they're an independent contractor. But you've got to make

485
00:29:55.039 --> 00:29:59.000
sure you're looking at what classifies somebody as a worker

486
00:29:59.440 --> 00:30:03.319
as an elployee versus a contractor. That's out there, and

487
00:30:03.359 --> 00:30:05.319
we maybe will do that next week in the next

488
00:30:05.319 --> 00:30:10.279
episode is talking more about work classification. You as an

489
00:30:10.319 --> 00:30:15.599
employer are responsible for withholding and making payments. So you've

490
00:30:15.599 --> 00:30:18.759
got to calculate and withhold the correct amounts from your

491
00:30:18.799 --> 00:30:22.279
employees checks, and then you've got to make timely deposits

492
00:30:22.359 --> 00:30:28.160
to the iers and timely deposits the state agencies. These

493
00:30:28.559 --> 00:30:32.359
payments that you're making to the state into federal are

494
00:30:32.400 --> 00:30:39.359
typically made either monthly semi weekly, depending on the tax liability,

495
00:30:39.839 --> 00:30:43.079
and then you have to do it via Electronic Federal

496
00:30:43.200 --> 00:30:48.039
Tax Payment System. May hear it as the EFTPS system

497
00:30:48.240 --> 00:30:52.240
that you would have to make the payments through that system.

498
00:30:52.440 --> 00:30:55.880
Then you've got to report it. You've got to file

499
00:30:56.440 --> 00:31:04.079
the required tax forms quarterly nine annually W twos, so

500
00:31:04.720 --> 00:31:07.880
you've got to make sure you're making those filings. Then

501
00:31:08.319 --> 00:31:11.680
if you're filing for the state, you may have quarterly

502
00:31:11.720 --> 00:31:14.880
filings with the State and Employment Office, and then when

503
00:31:14.920 --> 00:31:16.680
you file your W two's, you got to do the

504
00:31:16.720 --> 00:31:20.359
state reporting as well. And then you know you're nine

505
00:31:20.400 --> 00:31:23.039
to forty, which is your federal unemployment tax, and you've

506
00:31:23.039 --> 00:31:27.000
got to make that reporting in January of every year.

507
00:31:27.480 --> 00:31:30.759
And then maybe you're a small small business and you

508
00:31:30.839 --> 00:31:35.160
only have nine four annual filing. Don't get all these

509
00:31:35.160 --> 00:31:39.960
things confused. Make sure you're reading your documentation and your

510
00:31:40.039 --> 00:31:42.599
letters from the IRS. It says, hey, this is how

511
00:31:42.640 --> 00:31:46.200
we've got to file. As well as in January, the

512
00:31:46.240 --> 00:31:49.680
IRS sends you a letter that says, hey, this is

513
00:31:49.720 --> 00:31:53.759
how you've got to make your deposits for federal taxes

514
00:31:53.880 --> 00:31:56.000
as well. So you've got to read a lot of

515
00:31:56.000 --> 00:31:59.240
this stuff is read, read, read. Hey, we got to

516
00:31:59.240 --> 00:32:02.319
take short. We're going to continue talking about payable taxes,

517
00:32:02.359 --> 00:32:04.240
but we're going to talk about what happens if you

518
00:32:04.279 --> 00:32:07.920
don't make these payments or meet these deadlines, and do

519
00:32:08.000 --> 00:32:08.960
that right after.

520
00:32:09.920 --> 00:32:13.559
We have only scratched the surface of today's show. Please

521
00:32:13.599 --> 00:32:16.839
stand by as Barry G. Fowler will be right back

522
00:32:16.960 --> 00:32:22.880
with tax talk for you. As an owner operator, you

523
00:32:23.000 --> 00:32:26.440
already spend too much time away from your family. Stop

524
00:32:26.519 --> 00:32:30.920
spending time doing paperwork. Go to Trucker tax tools dot com,

525
00:32:30.960 --> 00:32:35.480
a solution filled specifically for truckers Trucker Tax Tools dot

526
00:32:35.519 --> 00:32:41.599
Com makes your life run smoothly. Let's get back to

527
00:32:41.759 --> 00:32:45.440
tax talk for you with more tax talk once again.

528
00:32:45.920 --> 00:32:48.440
Here's your host, Barry G. Foller.

529
00:32:50.759 --> 00:32:54.839
Hey, welcome back. Finally got some questions came in, and

530
00:32:55.880 --> 00:32:59.160
you know the question is, is I'm a sofaprider single

531
00:32:59.240 --> 00:33:02.680
member SEE and I don't have employees. Do I need

532
00:33:02.759 --> 00:33:07.160
to do payroll for myself? No? No, no, So if

533
00:33:07.160 --> 00:33:10.079
you're a sole proprietor you're a single member l SE

534
00:33:10.119 --> 00:33:14.839
and you have no employees, you do not manage payroll

535
00:33:14.920 --> 00:33:19.079
taxes in the traditional sense, meaning you don't do payroll

536
00:33:19.559 --> 00:33:24.880
single member ll SEE, no employees, there is no payroll.

537
00:33:25.119 --> 00:33:30.240
You pay self employment tax at the time of filing

538
00:33:30.279 --> 00:33:35.440
your federal tax return, which covers both employee and employer

539
00:33:35.599 --> 00:33:40.599
portions of Social Security and medicare, totaling that fifteen point

540
00:33:40.640 --> 00:33:44.720
three percent. However, you do need to make estimated tax

541
00:33:44.759 --> 00:33:50.759
payments as off your ten forty so that you are

542
00:33:50.839 --> 00:33:54.759
paying taxes in quarterly, but there are no nine forty ones,

543
00:33:54.839 --> 00:33:57.680
nine forties, W two's or anything else to file if

544
00:33:57.720 --> 00:34:03.079
you have no employee, so your self employment tax again

545
00:34:03.279 --> 00:34:07.640
is reported on your net income off your schedule see

546
00:34:08.280 --> 00:34:11.760
of your personal tax return on the ten forty. So

547
00:34:12.320 --> 00:34:15.480
payrolls if you have employees, or maybe you're an escort

548
00:34:16.000 --> 00:34:18.480
and you have to run payroll, or c corp And

549
00:34:18.559 --> 00:34:21.639
you have to run payroll, you've got to file all

550
00:34:21.760 --> 00:34:24.960
those forms. Now, what happens when you don't do this?

551
00:34:26.079 --> 00:34:29.800
Taxation Solutions has worked with many, many companies that have

552
00:34:30.360 --> 00:34:35.880
failed at this one job, and that's doing payroll tax returns.

553
00:34:36.400 --> 00:34:40.199
That's doing their filing or their payroll taxes and paying

554
00:34:40.199 --> 00:34:45.079
it in. Now, remember we talk about trust fund. Trust

555
00:34:45.119 --> 00:34:48.920
fund is the money that you withhold from your employees.

556
00:34:49.039 --> 00:34:53.239
Check the federal income tax, you withhold, social Security and

557
00:34:53.400 --> 00:34:57.320
Medicare that you withhold from their pay are considered to

558
00:34:57.320 --> 00:35:00.000
be trust fund. And then you have the company taxes,

559
00:35:00.280 --> 00:35:04.880
the federal unemployment, state unemployment, You're social Security and Medicare

560
00:35:04.920 --> 00:35:09.960
in that match. Excuse me. See I get choked up

561
00:35:10.000 --> 00:35:13.079
over people that don't pay their payroll taxes because this

562
00:35:13.199 --> 00:35:19.280
becomes a nightmare, a nightmare. See, when you're withholding money

563
00:35:19.280 --> 00:35:23.159
from your employees, check the IRS is trusting the fact

564
00:35:23.199 --> 00:35:28.320
that you're going to pay that back to the IRS timely,

565
00:35:28.880 --> 00:35:31.960
almost immediately. We tell most of our employers that if

566
00:35:32.000 --> 00:35:34.519
we do payroll for you, we're going to do your

567
00:35:34.559 --> 00:35:39.280
payroll and immediately transfer the money to the IRS for

568
00:35:39.400 --> 00:35:43.039
the payroll taxes both sides, because you know, one, we

569
00:35:43.119 --> 00:35:45.480
don't want you to wait till next month and then

570
00:35:45.519 --> 00:35:47.599
you can't afford to do it. But when you get

571
00:35:47.599 --> 00:35:50.760
into that situation, sometimes people find it the easiest thing

572
00:35:50.760 --> 00:35:53.079
to do is to not pay the payroll taxes, and

573
00:35:53.119 --> 00:35:56.039
then you have a problem. And then once the IRS

574
00:35:56.079 --> 00:36:00.559
catches on that you didn't pay your payroll taxes, guess what. No, No,

575
00:36:00.599 --> 00:36:04.679
they're not coming out and arresting you immediately. No, they're

576
00:36:04.719 --> 00:36:07.639
not going to come out and arrest you for doing

577
00:36:07.679 --> 00:36:10.760
this unless you've committed fraud. What they're going to do

578
00:36:10.880 --> 00:36:13.679
is hit you with the trust fund penalties. They're going

579
00:36:13.679 --> 00:36:17.800
to hit you in the business with penalties and interest.

580
00:36:18.239 --> 00:36:22.440
They're going to hold you, the business owner and any

581
00:36:22.639 --> 00:36:29.880
signers in the business libel for these taxes because you

582
00:36:30.000 --> 00:36:34.119
pulled it out of there. Your employer employees check in

583
00:36:34.320 --> 00:36:38.400
trust to send to the government, and you fail to

584
00:36:38.480 --> 00:36:42.880
do your job, and therefore they hit you personally for

585
00:36:43.000 --> 00:36:45.960
the trust fund taxes. They hit your business for the

586
00:36:46.000 --> 00:36:48.760
trust fund taxes. They're going to set you both up

587
00:36:49.159 --> 00:36:53.760
on a payment plan to pay back the trust fund

588
00:36:53.760 --> 00:36:57.440
taxes and the other taxes. So you're going to see

589
00:36:57.920 --> 00:37:00.199
if you got to hit with trust fund penalties, you're

590
00:37:00.239 --> 00:37:03.000
going to see you making payments on the trust fund

591
00:37:03.039 --> 00:37:07.119
part of the tax personally, and your business making payments

592
00:37:07.199 --> 00:37:13.400
on all the taxes for the business. So you're held responsible. Now,

593
00:37:13.519 --> 00:37:16.599
that doesn't mean that hey, they've doubled dip. Now, it

594
00:37:16.760 --> 00:37:20.119
just means they're finding ways to collect the money from you,

595
00:37:20.599 --> 00:37:23.840
even if you and your business are running together, they're

596
00:37:23.880 --> 00:37:26.480
finding the way to get the money from you. You

597
00:37:26.480 --> 00:37:28.760
ever hear the term can't get blood from a turnip.

598
00:37:29.360 --> 00:37:31.760
I think this is where they're getting blood from a turnip.

599
00:37:33.159 --> 00:37:38.519
You know, they're milking it both ways, coming and going. Now,

600
00:37:39.039 --> 00:37:40.960
maybe you're not a business owner and you were a

601
00:37:41.000 --> 00:37:44.440
signer on the checking account, you were a manager, You

602
00:37:44.599 --> 00:37:48.119
had responsibilities. They come after you as well, and now

603
00:37:48.159 --> 00:37:51.960
they're collecting from you for something that you had no

604
00:37:52.199 --> 00:37:55.960
access to additional money for you weren't the business owner,

605
00:37:56.360 --> 00:37:59.760
but you were considered to have responsibilities and making sure

606
00:38:00.320 --> 00:38:03.880
those taxes were paid and paid timely, and so they're

607
00:38:03.880 --> 00:38:09.320
helding you accountable. Hey, Marjorie, your question was right on.

608
00:38:10.000 --> 00:38:14.199
You as a manager, are being held liable for the

609
00:38:14.239 --> 00:38:18.800
trust fund penalties that the company chose not to pay? Yes,

610
00:38:18.840 --> 00:38:21.519
you're held responsible for those. Now give us a call

611
00:38:23.000 --> 00:38:25.199
eight eight eight nine three zero one zero one six.

612
00:38:25.280 --> 00:38:27.760
Let us help you through that. Let us find ways

613
00:38:27.840 --> 00:38:31.440
to maybe resolve this issue with the IRS and get

614
00:38:31.480 --> 00:38:33.960
you out from underneath those trust fund penalties, especially if

615
00:38:34.000 --> 00:38:39.920
you didn't have representation, or maybe you the company said

616
00:38:39.960 --> 00:38:41.760
they were going to represent you and they did a

617
00:38:41.840 --> 00:38:45.840
terrible job of representation and you got stuck right along

618
00:38:45.880 --> 00:38:48.559
with the owners of the business for the trust fund penalties,

619
00:38:48.559 --> 00:38:51.440
and now the IRS is collecting from you. We need

620
00:38:51.480 --> 00:38:53.679
to get this stop, and we need to either prove

621
00:38:53.760 --> 00:38:56.679
to the IRS that you didn't have that responsibility or

622
00:38:56.679 --> 00:38:59.920
you couldn't make those decisions, or hey, maybe you just

623
00:39:00.000 --> 00:39:02.440
can't afford to make these kind of payments and we

624
00:39:02.480 --> 00:39:04.960
need to get this out. We're back where we need

625
00:39:04.960 --> 00:39:07.280
to work with your employer to get these things paid

626
00:39:07.719 --> 00:39:11.199
and reimburse you for the expension you're having to go

627
00:39:11.239 --> 00:39:14.280
through for them. See, this is a bad thing. We

628
00:39:14.400 --> 00:39:19.519
represented a client who actually managed a bar. He came

629
00:39:19.559 --> 00:39:21.760
to us and got hit with trust fund penalties for

630
00:39:22.000 --> 00:39:24.960
his former employer. Those He hadn't been with his employer

631
00:39:25.000 --> 00:39:27.960
for a couple of years, and before the third year

632
00:39:28.119 --> 00:39:31.599
was up, he got hit with responsibilities for trust fund

633
00:39:31.639 --> 00:39:35.079
penalties because he was a signer on one of the accounts.

634
00:39:35.400 --> 00:39:37.480
Now we were able to go back in and prove

635
00:39:37.599 --> 00:39:41.400
that he only signed on this small cash account and

636
00:39:41.440 --> 00:39:45.039
they only put money into the account enough to cover

637
00:39:45.679 --> 00:39:51.840
the bar tab with the deliveries and everything happening at

638
00:39:51.840 --> 00:39:55.599
the bar, so he could cover just that. It was

639
00:39:55.679 --> 00:40:00.320
basically a petty cash account. But they bought all their

640
00:40:00.320 --> 00:40:04.519
bar supplies and everything there for the restaurant, the bar

641
00:40:04.559 --> 00:40:08.920
and grill, and he had no other responsibilities besides that.

642
00:40:09.000 --> 00:40:11.840
He was never even made aware of didn't know anything

643
00:40:11.840 --> 00:40:15.440
about payroll, never even processed payroll, never was in the

644
00:40:15.480 --> 00:40:18.639
corporate office, and they did everything at the corporate office

645
00:40:18.679 --> 00:40:22.719
at the corporate level, but not at the individual barn

646
00:40:22.840 --> 00:40:26.199
in Carill. That's there. So maybe Marjorie, that is your

647
00:40:26.280 --> 00:40:29.239
case as well. We can look at it and do

648
00:40:29.400 --> 00:40:32.599
the analysis to make that decision what's the best thing

649
00:40:32.760 --> 00:40:35.440
to help you. But when you're in this situation, you

650
00:40:35.440 --> 00:40:40.320
know It can be really devastating because you know, they

651
00:40:40.400 --> 00:40:45.280
hit you with taxes for not paying, not paying timely,

652
00:40:45.519 --> 00:40:48.320
not filing, if you didn't file the nine forty ones,

653
00:40:49.440 --> 00:40:52.280
you name it, the penalty as and interest continue to accrue.

654
00:40:52.480 --> 00:40:56.000
And you know, it's hard enough when you're running a

655
00:40:56.000 --> 00:40:59.719
business and you're behind as it is on bills and

656
00:40:59.719 --> 00:41:04.000
you're hind on payroll. This just compounds the issue. But

657
00:41:05.039 --> 00:41:06.800
first thing we want to do is make sure we

658
00:41:06.840 --> 00:41:09.840
get your backing compliance, making sure those taxes continue to

659
00:41:09.880 --> 00:41:12.199
be paid, and if any way at all, to get

660
00:41:12.199 --> 00:41:15.119
those trust fund penalties paid off so that it gets

661
00:41:15.159 --> 00:41:18.920
off your personal record as quick as possible. Or if

662
00:41:18.960 --> 00:41:22.760
you have other employees on there that are being hit

663
00:41:22.800 --> 00:41:25.159
with trust fund penalties, we can get that off their

664
00:41:25.239 --> 00:41:29.960
back as well. So i RS is looking for as

665
00:41:29.960 --> 00:41:34.639
many backs to get themselves attached to, and you know,

666
00:41:34.760 --> 00:41:40.880
unfortunately this is just the way things will go. You know,

667
00:41:41.760 --> 00:41:45.960
this is a hard part of doing payroll. Taxes and

668
00:41:46.039 --> 00:41:49.800
doing payroll. I've seen many people go it alone. The

669
00:41:49.840 --> 00:41:51.840
fees that you're going to get charged seem to be

670
00:41:51.920 --> 00:41:54.239
a little bit high, but the fees that you get

671
00:41:54.320 --> 00:41:57.360
charged are well worth it because they make sure you

672
00:41:57.440 --> 00:42:00.599
get your filing quarterly filings done, make sure you get

673
00:42:00.639 --> 00:42:04.079
your annual filings done. They will make sure that you're

674
00:42:04.639 --> 00:42:08.400
making the deposits properly for payroll taxes. Now, if you

675
00:42:08.400 --> 00:42:11.239
don't have the funds there, there's nobody can help you. Okay,

676
00:42:11.800 --> 00:42:13.880
really just there's nobody that's going to help you be

677
00:42:13.960 --> 00:42:17.280
able to do that. So you're going to want to

678
00:42:17.360 --> 00:42:21.239
make sure that, hey, the funds are there for your

679
00:42:21.320 --> 00:42:26.159
business so that when you do pay payroll, the taxes

680
00:42:26.199 --> 00:42:30.320
are being paid and everything is being done timely, you know.

681
00:42:30.400 --> 00:42:32.639
So those are the kind of things that you need

682
00:42:32.679 --> 00:42:35.599
to do when you're doing payroll out there and making

683
00:42:35.639 --> 00:42:39.519
sure things are there. Again, if you get hit and

684
00:42:39.639 --> 00:42:43.519
you have and page your payroll taxes, you haven't kept

685
00:42:43.519 --> 00:42:46.239
it to date, maybe even with your federal income taxes.

686
00:42:46.599 --> 00:42:50.480
All taxation solutions dot net tax relief again, it is

687
00:42:50.559 --> 00:42:55.280
taxation solutions, dot net tax relief. Get the relief from

688
00:42:55.440 --> 00:43:00.199
the taxes that you deserve. To stop the irn us

689
00:43:00.199 --> 00:43:06.119
in the tracks, stop their collection activity here today. Don't

690
00:43:06.159 --> 00:43:08.280
let them trample all over you because you don't know

691
00:43:08.320 --> 00:43:11.000
the rules and regulations and the laws that they've got

692
00:43:11.000 --> 00:43:13.679
to follow. And you should be following call us at

693
00:43:13.719 --> 00:43:16.480
eight eight eight nine three zero one zero one six

694
00:43:16.920 --> 00:43:20.920
again eight eight eight nine three zero one zero one six. Man.

695
00:43:21.000 --> 00:43:25.599
Time flies when we're having fun, doesn't it talking taxes? Hey?

696
00:43:25.679 --> 00:43:28.679
Next week we're going to continue talking about your end

697
00:43:28.800 --> 00:43:31.920
and taxes and what you can do to help your business,

698
00:43:32.079 --> 00:43:35.480
help yourself, or maybe we'll even continue talking about what

699
00:43:35.559 --> 00:43:38.280
you should do in twenty twenty six to help improve

700
00:43:38.559 --> 00:43:42.320
your business make yourself a bigger success.

701
00:43:42.519 --> 00:43:42.719
Hey.

702
00:43:42.719 --> 00:43:45.800
But all as always, you should follow us over at

703
00:43:45.920 --> 00:43:50.599
tax Talk for you dot com so you never miss

704
00:43:50.599 --> 00:43:52.280
an episode, and if you do, you can get our

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podcasts over there at tax talkforu dot com. Follow us

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on Facebook both at truck or tax Tools, Taxations Solutions,

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tax Relief and tax Talk for You, But never miss

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an episode. We're always here Monday's ten am Eastern Time

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on W four CY Radio W four cy dot com.

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Don't miss us, and if you do, check our podcasts out.

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We're on all the major podcasts. Again, it's tax Talk

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for you dot com. We'll see you next week. Have

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a god blessed, glorious week.

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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.

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Fouer EA.

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Tune in ten am the Eastern Time every Monday right

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here on W four CY Radio Talk for TV. Don't

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forget to check this and past episodes at text talkforuth

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dot com. See you next week at W four c

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Y dot com.

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M HM