May 12, 2025

Small Business Week

Small Business Week
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Season 2

TAXTALK4U Small Business Week. Tax tips for Small Businesses, Owner Operator Truckers tax tips and scam to avoid, Starting a business, Employer Identification Numbers EIN, How your business is classified, Keeping adequate records, bookkeeping. Trucker Taxes & Bookkeeping @Truckertaxtools.com Resolving tax debt, Trust Fund Penalties Tips for solving IRS Debts, Offer in Compromise, Non-Collectible, Partial Pay agreements @Taxationsolutions.net Tax Relief. Common scams targeting taxpayers.

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.

Become a supporter of this podcast: https://www.spreaker.com/podcast/tax-talk-4-u--6333550/support .

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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Farry gen Fowler EA brings you tax Talk for you

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right here on W four CY Radio and Talk for TV.

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As an enrolled agent and a national leader.

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In tax resolution as well as Trucker bookkeeping and tax planning.

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

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tax planning, and tax relief.

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For individuals and businesses just like you. So let's have

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some tax talk for you with your host, Barry gen Fowler.

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Hey, welcome in, good morning. It's a great Monday morning again.

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Always glad to be here in tax Talk for you.

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Make sure you get over to tax TALKFORU dot com.

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Click subscribe you can go to our Facebook page, click

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like and follow. We really appreciate you joining us here today.

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We're talking small businesses. So maybe you're just looking to

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get into business. Maybe you're an owner operator trucker and

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you're looking to move away from being a a W

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two driver and you're just getting.

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Started, and maybe you've been in business for a while,

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and you.

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Know all these things that information we're going to be

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providing to you, uh here in this program is going

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to help you in your business, run your business, maybe

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stay in compliance in your business so that you don't.

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Have, you know, future problems.

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And so we're talking small business today, and you know,

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if you've got questions, feel free to send us the questions.

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We're going to answer those questions as we go through this.

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But if you're getting out starting a new business, need

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to do a couple of things. First is decide on

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the appropriate business entity, whether it's a sole proprietorship, partnership

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corporation es CORP, or LLC single member multi member. You've

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got to establish those structures, and those structures are stablished

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within your state. So if you're going to do a

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corporation or an LLC, you're going to go to the

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Secretary of State's office in your state and file the

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paperwork to establish that company. Including limited liability companies or

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limited liability partnerships, those are all going to be with

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your Secretary of States. Sole proprietorship. If you're going to

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do a D be A Usually it's done you know locally. Uh.

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So you would go down to your local tax office usually.

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And get that assumed name. Now you got your name

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of your company. Now what Well, the next step is

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get that employer identification number. You know, it's kind of

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like your Solid security number. So it's an EI N

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employer identification number. It is a federal tax identification number

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that's going to be used to identify your business.

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Generally, most businesses.

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Are going to need an EI and you can apply

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for that, you know, through the i r S site,

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or you can file SS four.

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Uh, you can file online. You can do that. Now,

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when you're doing.

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That, make sure you're following through with the information that

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you're getting from the I r S. So, you know,

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let's say you've established an LLLC and you put it

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in as A one and you're checking the box that

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you wanted to be an escort. There's more paperwork to

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file to become an escort. Just because you check the

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box doesn't mean the IRS is designating you as an escort.

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Matter of fact, a letter that they give you will

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tell you exactly what they're expecting from you and what

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to file. Read it, Read it, read it, and if

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you don't understand it, talk to your tax preparer, give

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them a call, have them interpret and make sure that

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you're going to be in client compliance because there's certain

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boxes when you file that SS four that's going to

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make you file payroll forms or file your tax return

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in a certain way. So if you're an LLC and

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check multi member, then it's going to tell you you're going

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to have to file a ten sixty five and it'll

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tell you when your first one is due. If you

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say you're going to have employees during this first year,

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they are going to automatically or require you to file

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payroll tax forms. So you know, making sure that you've

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done things right is extremely important.

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Now you see, here's the problem.

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You checked off you're going to have employees, you don't

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have employees, you don't hire a payroll service, you don't

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even get into business for six months, or you're just

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getting started. So you needed to establish the company. You

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needed to get your website going, you needed to get

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everything else moving before you start really operating this business.

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So you die in your eyes and crossing your t's.

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But you didn't have payroll. The IRS expected payroll forms. Well,

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now you're late in filing even if it's a zero return,

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and the IRS starts charging penalties. Matter of fact, they

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even assume what your payroll was, and they start charging

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your interest in penalties on what taxes is they're assuming

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was due. And so now you've got to recover from

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that and get them to You got to get in

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and then file those zero returns, which waives the taxes

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but doesn't waive the penalties. So you've created a problem,

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and the problem continues to get worse because hey, you

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didn't read the letter. B. You didn't really know what

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they were asking or see. You're like a lot of

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our clients that we bail out of these problems. You

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had no knowledge that if you didn't have payroll, that

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you were still required to file the forms. You also

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didn't know that you had to file additional forms to

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become an escort because you didn't understand what you were reading.

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If you read the letter, so you know, get some help.

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That's what we always advise you. You know, whether it's

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here us AT truck or tax Tools, or you know

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us AT Taxation Solutions, a tax Relief or somebody else

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that's knowledgeable in your business. You need a good tax

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advisor to give you good help to save you from

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what you didn't know about the tax SCOE.

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You know that also goes with you know, filing eleven

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twenties or eleven twenty ses. So you have an entity

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that you are a corporation, so you have.

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John Doe's Baking ink, and you filed for your EI

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in number. The letter came back and said you have

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to file eleven twenty or if you wanted to be

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an escort, you needed to file an AA twenty three

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and the twenty five fifty three to request escort status,

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which you didn't do. And the I r S says

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your first return was due March fifteenth, twenty twenty four

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or twenty twenty five, and you didn't file it because

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you didn't have any revenue. You didn't really start operating

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the business. The IRS still requires that return and you

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still got to file that return, and now the IRS

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is assessing penalties. So you know, knowledge goes a long way.

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Somebody to help you and guy you to have the

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right knowledge and the right information is golden, especially when

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you're running a business. To get the help that you

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need and let the professional people that have the knowledge

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in the tax industry guide you every step of the way.

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You know, don't get stuck in the mud and the

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minutia of hey this is the paperwork or having to

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study up to understand the tax code. You know, go

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to Trucker tax tools dot com. Especially if you are

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a trucker, we can help you. We have the knowledge

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to be able to help keep your life running smooth,

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keep you working. I mean you as an owner operator.

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If you're on the road and you're an over road trucker,

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the last thing you really want to do is to

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come home and deal with paperwork, or deal with paper

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work before you go on the road, or deal with

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paperwork when you have.

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To stop the rest.

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You know, you want to be able to spend time

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talking to your family, being with your family, and that

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is what you need to do as opposed to sitting

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down and doing all the paperwork that may be required.

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It's bad enough that you know, you've got to keep

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track of everything else that you have going on to

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venture into dealing with taxes or bookkeeping, and you want

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to make your life a little bit easier, and that's

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what we do at.

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Truck or Tax Tools.

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Now, if you're a W two driver over the road

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and you're looking to actually get out and become an

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owner operator, have your own truck, your own business. And

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one of the things that I suggest is oh IDA

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Foundation has a great program that they run. It's about

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three days long and it's in October and it's in

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Blue Springs, Missouri, just down the road from o Ida

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Owner Operators Independent Drivers Association, and it's called Truck to Success.

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The go online look up Truck to Success o IDA

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Foundation and register to come to that event.

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I'll be there.

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I talk about bookkeeping, taxes, lease, purchase entities, the whole

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works at this seminar, So you know, make sure you

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come and join us there.

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Hey, we're going to take a quick break and then.

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We're going to continue talking about small businesses and what

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you need to run your small business to make sure

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as you get started on the right foot.

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We'll be right back after this.

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

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stand by as Barry G. Fowler will be right back

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with tax talk for you. If you owe the I

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R S or are going through an IRS audit, don't

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go at it alone. Called Taxation Solutions tax Relief that

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eight eight eight nine three zero one zero one six.

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We are your solution for IRS, TETs, audits, back taxes, garnishments.

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Leans and levees.

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Whether you're an individual or business, you need a solution

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and a strong aggressive tax resolution. Don't let the IRS

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walk go over you. Stop the IRS.

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Now call eight eight eight nine.

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Three zero one zero one six or go to Taxationsolutions

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

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get back to tax stock for you with more tax

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stock once again.

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Here's your host, Barry G. Fowler.

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Hey, welcome back.

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You know we're talking small businesses today, but this really applies.

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To all businesses.

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So as you go through and you're starting your business,

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you want to make sure if you're doing business, you

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know the right way, you're keeping track of the right information.

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Record keeping, bookkeeper all becomes very important. Good records, good

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bookkeeping is going to help you monitor the progress of

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your business. So when you have financial statements, you know,

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and you're preparing them, You're going to identify the sources

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of income. You're going to keep track of your deductible expenses,

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keep track of your basis in your property, be able

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to use those to be able to prepare your tax returns,

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and then it would be supporting the items that you're

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having on your tax return. You know, both income and

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the deductible expenses. So you know, record keeping is important,

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So develop a system. And whether you're using you know,

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Trugger tax tools as an owner operator or you're a

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small business and you're using this to do your record

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keeping out there, having a system in place makes life easier.

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So we have a system that we use for every one.

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Of our clients, and our system is really communicated to

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our clients. You know, we're getting the records that we

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need from you as our client, each and every single

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month to be able to provide financial statements that are usable.

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In your business.

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So we're gathering such things as your bank statements, your

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credit card statements, your cash receipts, even recepdes for larger

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items that you're purchasing, so that we can just determine

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whether these you know, let's say repairs should be capitalized

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for like an engine replacement or transmission, or if they

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should be expensed if you're by other equipment, making sure

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that it's capitalized and depreciated the correct way. Tracking your

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loans even because you're paying principle and interest is a

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tax deduction, principle is not. It's just a reduction of liability.

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Making sure that you're finding all the expenses in your business. So,

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you know, having somebody that can help you or do

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book keeping for you takes the burden off the minutia

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of day to day little things that you get bogged

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down in and you can spend the time running your

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business identifying the good, the bad, the ugly of your

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business and how to make improvements in your business to

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be successful. So you know, those those kind of things

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become highly important to you as a business owner. Now,

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what kind of records should you be keeping as the

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business owner? So depending on your record keeping system.

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You know, we.

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Always tell our truckers and over the road guys that

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a year on the road best thing in news have

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a folder sitting there or even a box you know

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with folders in it that you know you can have

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a separate folder for fuel, separate folder for maintenance, separate

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folder for supplies, and you can separate everything there so

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that you put in the receipts in there.

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You know, a good way.

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Of keeping track of them too is even on your

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phone and take a picture of the receipt, put it

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in a file folder by year, by a month, and

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be able to keep track of that as well. You know,

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you want to make sure that you do have those receipts.

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But you know, if you're using least on and you're

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getting settlement statements, what you're charging on your maybe your

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common Data card or your fuel card or their card

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is going to come right off your settlement statement, so

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we'll be able to deduct that from the settlement statement.

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But if it's.

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Going through your bank account, then you know, yes, you

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want to make sure that you've got the receipts and

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the support and the information that you need in case

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you would go through an audit. But also you know,

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if you're looking at your financials and something seems really

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out of place or odd, you might be able to

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go back to those receipts and understand that, hey, there

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was something different that happened this month that is out

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of the ordinary, and you know, part of establishing a business,

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it's talking about budgeting. If you go back to one

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of our podcasts, Budgeting one oh one, where we talk

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about budgeting for both business and personal. You know, if

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you've come up with a budget for the business, you'll

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be able to look and to help identify trends and

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what's the difference between what actual expenses you had versus

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what you were.

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Planning, you know, for the future.

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Now people always ask me how long should I keep

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proceeds for? And it's really funny. We just got a

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text message from Carol asking, oh, you're right here outside

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of Houston here. Well, Carol, you asked how long we

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should keep receipts. Well, that's exactly what we're about to

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talk about. The length of time you should keep a

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document depends on the action, expense or the event that

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is for that receipt. So you're gonna need to keep

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your records as long as it's needed to prove the

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income or the deductions on a tax return. So, you know,

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what we always look at is this is you know,

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if it's a general expense, you know, you keep those

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receipts roughly you know, five to seven years. Now, HIGHRS

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doesn't usually go back and audit back more than two

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or three years, but keeping those receipts out there for

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a little bit longer is a good idea. Now, if

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it's like a truck or a tractor, a fixed asset,

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you're going to want to keep that receipt from the

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day you bought it till roughly three five years after

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you've sold it or abandoned it or got rid of it.

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And what I tell you is is on your tax return,

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make sure whoever's preparing your return gives you the fixed

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asset depreciation listing review that every year with your tax return,

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because those can get relatively lengthy, especially when you're buying

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maybe computers or other items out there that are smaller

304
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but yet to need to be capitalized, and you dispose

305
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of them, abandon them, trash them, they become worthless, you

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don't sell them or anything else, and you want to

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get them off there. Or maybe you've vehicles or other

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00:19:01.640 --> 00:19:05.160
equipment that you sell, but you're a tax prepaired to

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00:19:05.240 --> 00:19:07.640
never ask the question, you know, do you still have

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all these assets? And then when we do bookkeeping, it's

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a lot easier to be able to track because we

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00:19:13.160 --> 00:19:15.680
can see when somebody sold it, but we don't know

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necessarily that you abandoned that computer. Maybe we see you

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buy a new one and then we asked what you

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do with the old one as well, especially if you

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don't have a lot of employees. Now, if you're like

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here us at truck of Taxtules, it has numerous employees.

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When we buy pieces of equipment, we try to make

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sure that the piece of equipment that it's replaced you

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come off our fixed asset listing.

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Once we're adding a.

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New employee and we buught new equipment for them, then

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we know that that doesn't need to come off. It's

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just a new piece of equipment, you know. So you

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know you want to make sure that you're looking at

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that fixed asset listing as well. Now people ask all

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the all the time, well, burden im proof? So if

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I filed my tax return, shouldn't the burden approof be

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on the irs to prove that I was wrong? This

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is not a court of law. They don't have to

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prove you guilty of lie, cheat, steel, leaving something off,

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not reporting income beyond a reasonable doubt. Actually, what they

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require of you is to prove that you recorded all

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your income and the expenses were true. IRS when they

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go through this audit. IRS is very detailed in their

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audit making sure that when they go through and look

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00:20:35.720 --> 00:20:37.759
at your bank statements and add up all the money

338
00:20:37.759 --> 00:20:40.400
that was deposited, they match it to the tax return

339
00:20:40.400 --> 00:20:42.720
and it doesn't match. You now have to prove why.

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So the burden approof lies on you. You must be

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able to prove certain elements of expenses or income on

342
00:20:50.359 --> 00:20:55.039
your tax return when you're reporting it. It falls on you. Hey, Carol,

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00:20:55.079 --> 00:20:57.759
thanks for another question. How long should I keep employment

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tax records? If you have employees, you need to keep

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00:21:01.960 --> 00:21:07.480
these records of employment taxes for at least four years now, Hey,

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00:21:07.519 --> 00:21:10.519
I suggest you keep it back further than that, especially

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records that may fall back, you know, six seven years,

348
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and especially if you have a disgruntled employee, you want

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to make sure you keep those records a little bit

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longer so you have the information to support hours and

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00:21:28.079 --> 00:21:30.680
pay for those employees as well.

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So keep those time sheets or.

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Time blogs of time that people are worth. Hey, when

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we come back after this break, we're going to talk

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about hiring the right tax professional business.

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We're going to do that right after this.

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We have only scratched the surface of place show. Please

358
00:21:50.359 --> 00:21:53.599
stand by as Barry G. Fauer will be right back

359
00:21:53.720 --> 00:21:59.640
with tax talk for you. As an owner operator, you

360
00:21:59.759 --> 00:22:03.359
all spend too much time away from your family. Trucker

361
00:22:03.440 --> 00:22:06.319
Tax Tools handles all your bookkeeping and taxes.

362
00:22:06.359 --> 00:22:08.240
No matter what level trucker you are.

363
00:22:08.519 --> 00:22:11.680
Life on the road can be taxing, but that doesn't

364
00:22:11.720 --> 00:22:12.680
mean that your.

365
00:22:12.480 --> 00:22:15.119
Wallet or time with your family should suffer.

366
00:22:15.640 --> 00:22:18.799
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00:22:19.319 --> 00:22:21.000
Go to Trucker tax Tools.

368
00:22:20.720 --> 00:22:23.359
Dot com for a free guide that will give you

369
00:22:23.400 --> 00:22:27.559
the tools to never worry about your taxes again. Call

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00:22:27.720 --> 00:22:31.920
Trucker Tax Tools eight seven seven nine sixty six two

371
00:22:32.079 --> 00:22:35.960
four seven seven or go to Trucker tax Tools dot

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00:22:36.000 --> 00:22:37.400
com now and let.

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00:22:37.279 --> 00:22:43.680
The experts keep you trucking. Let's get back to tax

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00:22:43.720 --> 00:22:44.279
stock for.

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00:22:44.279 --> 00:22:48.559
You with war tax Stock once again, here's your host,

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00:22:49.079 --> 00:22:49.519
Barry G.

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00:22:49.799 --> 00:22:50.119
Feller.

378
00:22:52.640 --> 00:22:53.480
Hey, welcome back.

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00:22:54.480 --> 00:22:57.079
You know, if you got a tax from call Taxation

380
00:22:57.279 --> 00:23:01.880
Solutions Tax Relief or go to tech Sation Solutions dot net.

381
00:23:02.559 --> 00:23:05.519
Let us jump in front of the I R S

382
00:23:05.599 --> 00:23:09.440
to deal with the tax problem. It's a simple phone call.

383
00:23:09.480 --> 00:23:14.599
It's free. Uh, it's a free consultation, no judgment. Just

384
00:23:14.640 --> 00:23:17.039
call it aight eight a ninth three zero one zero

385
00:23:17.119 --> 00:23:20.440
one six again eight eight eight ninth three zero one

386
00:23:20.519 --> 00:23:24.319
zero one six or go to Taxation Solutions dot net

387
00:23:24.640 --> 00:23:27.319
or tax relieve. Hey, what are you going to be

388
00:23:27.319 --> 00:23:31.400
looking for when you hire a tax professional? You know

389
00:23:31.480 --> 00:23:34.559
we get this question, Uh, you know why should we

390
00:23:34.640 --> 00:23:41.000
hire you? What makes you different? And you know versus

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00:23:41.240 --> 00:23:44.799
you know, somebody my neighbor may be recommended that. Uh,

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00:23:45.200 --> 00:23:48.000
you know they always get a refund and stuff. But

393
00:23:48.480 --> 00:23:50.640
you know what I tell people is, you know, any

394
00:23:50.759 --> 00:23:54.559
tax professional with a p t I N number prepare

395
00:23:54.599 --> 00:24:00.519
a tax identification numbers authorized the file and prepare tax returns.

396
00:24:01.000 --> 00:24:03.559
But it doesn't make everybody the same.

397
00:24:04.039 --> 00:24:09.759
Tax professionals can have different levels of skills, education, expertise,

398
00:24:10.160 --> 00:24:13.720
and experience. You know what you should be looking for

399
00:24:14.079 --> 00:24:17.400
is one, make sure they do have a PTI in number,

400
00:24:17.720 --> 00:24:21.000
make sure they can electronically file. But more than that,

401
00:24:21.440 --> 00:24:24.000
I would tell you to find somebody that is an

402
00:24:24.160 --> 00:24:28.000
enrolled agent. Now you know there are three different groups

403
00:24:28.000 --> 00:24:31.960
of people that have unlimited representation rights to represent you

404
00:24:32.039 --> 00:24:36.720
to the irs have enrolled agents. You have certified public accountants,

405
00:24:36.759 --> 00:24:39.799
and you have attorneys, and we all have rights to

406
00:24:40.039 --> 00:24:45.079
practice before the IRS. You know, anybody that has those

407
00:24:45.119 --> 00:24:51.200
credentials can represent their clients on any matter including audits, payments, collections,

408
00:24:51.480 --> 00:24:57.799
issue collection issues, or even appeals. Only people that are

409
00:24:58.079 --> 00:25:04.960
attorneys go into you tax court or have obtained the

410
00:25:05.079 --> 00:25:10.000
right via testing to get into US tax court out there.

411
00:25:10.039 --> 00:25:12.960
But that is not somebody you need for preparing your

412
00:25:13.000 --> 00:25:16.119
tax return or doing your bookkeeping. That is somebody you

413
00:25:16.200 --> 00:25:21.519
need is if you actually have a real reason to

414
00:25:21.640 --> 00:25:26.039
be going to tax court. If you're just going to

415
00:25:26.079 --> 00:25:28.720
tax court to prove a point, don't waste your money

416
00:25:28.839 --> 00:25:31.799
or your time. But if you're going to tax court

417
00:25:31.839 --> 00:25:34.920
and you have something that is truly supportive, then I

418
00:25:34.960 --> 00:25:37.359
suggest you can go to tax court. At that point,

419
00:25:38.559 --> 00:25:43.160
enrolled agents like myself and you'll see EA after my

420
00:25:43.319 --> 00:25:47.680
name out there, licensed by the IRS, actually licensed by

421
00:25:47.680 --> 00:25:51.519
the US Department of Treasury, and we are subject to

422
00:25:51.599 --> 00:25:56.640
suitability check. We go through FBI background check. We had

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00:25:56.640 --> 00:26:00.400
to pass a three part special enrollment examination, which was

424
00:26:00.440 --> 00:26:05.039
a comprehensive exam that requires us to demonstrate proficiency in

425
00:26:05.160 --> 00:26:14.599
federal tax, federal tax planning, individual business tax representation ethics,

426
00:26:15.200 --> 00:26:18.960
and then we've got to maintain at least seventy two

427
00:26:19.039 --> 00:26:24.160
hours of continue education every three years. So we are

428
00:26:24.279 --> 00:26:31.319
all about tax is what enrolled agents are representation, planning, preparation.

429
00:26:31.920 --> 00:26:34.640
You know, we need to know and do know the

430
00:26:34.680 --> 00:26:38.599
tax code inside and out. CPAs, on the other hand,

431
00:26:38.680 --> 00:26:43.759
are licensed by the state Boards of Accountancy. They passed

432
00:26:43.799 --> 00:26:48.079
a CPA exam, They've completed a study in accounting at

433
00:26:48.119 --> 00:26:52.920
a college or university, may have a master's degree, hadn't

434
00:26:52.920 --> 00:26:58.519
met experience and good character requirements. These are established by

435
00:26:58.559 --> 00:27:02.839
the Boards of Accountants in each state, and they have

436
00:27:02.920 --> 00:27:08.559
to comply with ethical requirements as well and complete continuing

437
00:27:08.640 --> 00:27:14.079
education to maintain their CPA license. Now, CPAs do offer

438
00:27:14.240 --> 00:27:19.440
range of services. Some will specialize in tax and preparation planning.

439
00:27:19.920 --> 00:27:27.440
Others are accountants and do other things besides tax. See

440
00:27:27.519 --> 00:27:31.319
not every CPA is going to be created equal in

441
00:27:31.680 --> 00:27:37.319
preparing tax returns. Attorneys, you're licensed by the state courts

442
00:27:37.359 --> 00:27:41.000
in the District of Columbia or such as the state

443
00:27:41.119 --> 00:27:45.920
bars generally had to earn a law degree and pass

444
00:27:46.000 --> 00:27:49.720
the bar exam. They have continue education as well and

445
00:27:50.039 --> 00:27:56.319
professional character standards as well. But Again, attorneys specialize in

446
00:27:56.400 --> 00:28:02.359
different fields. Some specialize in tax or tax preparation planning,

447
00:28:02.440 --> 00:28:05.839
and we've had tax attorneys that do work at taxation solutions.

448
00:28:07.519 --> 00:28:11.160
So there are people that are out there in this industry.

449
00:28:12.599 --> 00:28:16.000
But when you're looking at those people, you know you've

450
00:28:16.000 --> 00:28:21.119
got to make sure they are specialized in the tax area. Now,

451
00:28:21.279 --> 00:28:24.640
there are also some preparers that have limited rights, no

452
00:28:24.839 --> 00:28:31.039
representation rights. They have no credentials like we do. They

453
00:28:31.599 --> 00:28:36.240
are part of the annual filing season program or participantants

454
00:28:36.279 --> 00:28:41.400
out there. They don't have to actually prove their knowledge

455
00:28:41.559 --> 00:28:47.480
of taxes or tax planning or representation. So you see

456
00:28:47.519 --> 00:28:49.480
a lot of these people getting out there and just

457
00:28:49.599 --> 00:28:53.960
preparing returns. They can hold a PTI N number, but

458
00:28:54.119 --> 00:28:59.319
no professional credentials. So I always tell you, you know, make

459
00:28:59.400 --> 00:29:02.319
sure that people that you're working for have the credentials,

460
00:29:02.920 --> 00:29:08.200
have the knowledge to help you better. Make sure that

461
00:29:08.240 --> 00:29:12.880
you're getting every tax deduction allowed.

462
00:29:12.359 --> 00:29:17.279
By the law, so that you know that you are getting.

463
00:29:17.400 --> 00:29:23.000
The best tax preparation that there is out there. So

464
00:29:23.200 --> 00:29:27.200
you know, keep those things in mind as you're going

465
00:29:27.279 --> 00:29:33.319
through this. You definitely don't want to just use.

466
00:29:33.359 --> 00:29:34.680
Anybody that's there.

467
00:29:34.759 --> 00:29:36.920
We represent a lot of people for tax relief and

468
00:29:37.000 --> 00:29:40.319
tax problems that was created by somebody that did not know.

469
00:29:41.680 --> 00:29:43.400
The taxes that's out there.

470
00:29:44.240 --> 00:29:47.599
So you're in business, you know, as you're going down

471
00:29:47.640 --> 00:29:51.599
your business sometimes got to be aware of scamps. I

472
00:29:51.599 --> 00:29:53.759
mean you see it in your email, you see it

473
00:29:53.759 --> 00:29:59.440
in the phone calls. You have people soliciting, You have

474
00:29:59.559 --> 00:30:06.000
people out there trying to scam you out of your money.

475
00:30:06.480 --> 00:30:09.799
As a business owner, you know you get targeted as well,

476
00:30:09.920 --> 00:30:12.079
and you need to protect yourself against that.

477
00:30:13.559 --> 00:30:13.759
You know.

478
00:30:13.880 --> 00:30:17.920
Last year our tax community also launched the Coalition against

479
00:30:17.920 --> 00:30:23.720
Scams and Schemes and Threats because of the real big

480
00:30:23.880 --> 00:30:28.720
surge in social media scams that are out there. Uh,

481
00:30:28.799 --> 00:30:34.160
the IRS even has a list of their Dirty dozen

482
00:30:34.799 --> 00:30:40.519
of tax scams that can effect or do effect you

483
00:30:40.839 --> 00:30:43.599
as a business owner. I mean, they have email phishing

484
00:30:43.640 --> 00:30:48.920
scams out there that you see tons of email and

485
00:30:49.000 --> 00:30:51.799
tech scams that are going to be targeting you both

486
00:30:51.920 --> 00:30:57.039
personally and as a business owner. You know, phishing is

487
00:30:57.079 --> 00:30:59.720
an email sent by somebody that's trying to commit fraud,

488
00:30:59.720 --> 00:31:03.400
claim mean to come from let's say the IRS. It

489
00:31:03.480 --> 00:31:08.279
lures you in with a variety of information trying to

490
00:31:08.359 --> 00:31:12.440
get information from you or themishing how I always love

491
00:31:12.480 --> 00:31:15.640
that term here on the IRS website is a text

492
00:31:15.759 --> 00:31:20.839
or smartphone messaging SMS messaging where they're often coming with

493
00:31:20.960 --> 00:31:24.599
alarming language. Hey, you know, the one we see here

494
00:31:24.720 --> 00:31:28.119
is the toll road scam. And our totald authority doesn't

495
00:31:28.119 --> 00:31:32.640
even send out text to collect bills. They've had to

496
00:31:32.680 --> 00:31:34.640
go out there and tell people this because people have

497
00:31:34.720 --> 00:31:37.119
been going in and paying. I mean, even my daughter

498
00:31:37.480 --> 00:31:40.039
at least once a week, goes Dad. I keep getting this,

499
00:31:40.440 --> 00:31:45.279
ignore it, block it. It's bogus. So don't fall for

500
00:31:45.359 --> 00:31:48.039
those things. The IRS isn't going to text you if

501
00:31:48.079 --> 00:31:50.039
you owe money, and they're not going to try to

502
00:31:50.039 --> 00:31:52.759
collect from you over an SMS if you owe money,

503
00:31:53.039 --> 00:31:55.920
or an email or even a phone call unless you've

504
00:31:56.000 --> 00:31:59.440
already been on that as well.

505
00:32:00.079 --> 00:32:01.200
And we're gonna take a short break.

506
00:32:01.240 --> 00:32:03.839
When we come back, we're going to continue talking about

507
00:32:04.400 --> 00:32:06.480
tax scams, and then we're going to talk a little

508
00:32:06.480 --> 00:32:09.720
bit about solving IRIS problems as a business owner.

509
00:32:09.720 --> 00:32:11.000
And we're right back after this.

510
00:32:12.480 --> 00:32:15.240
We have only scratched the surface of today's show.

511
00:32:15.839 --> 00:32:19.599
Please stand by as Barrygfowler will be right back with

512
00:32:19.920 --> 00:32:25.960
tax talk for you as an owner operator. You already

513
00:32:26.039 --> 00:32:29.559
spend too much time away from your family. Stop spending

514
00:32:29.599 --> 00:32:33.440
time doing paperwork. Go to Trucker tax tools dot com

515
00:32:33.559 --> 00:32:38.079
a solution filled specifically for truckers. Trucker tax Tools dot

516
00:32:38.119 --> 00:32:44.160
Com makes your life run smoothly. Let's get back to

517
00:32:44.359 --> 00:32:48.039
tax stock for you with war tax Tock once again.

518
00:32:48.519 --> 00:32:51.039
Here's your host, BARRYG. Foller.

519
00:32:53.519 --> 00:32:54.279
Hey, welcome back.

520
00:32:54.319 --> 00:32:56.920
Hey, before we get too far, go to tax Talk

521
00:32:57.000 --> 00:33:01.960
for You dot com. Hit subscribe a free subscription. Stay

522
00:33:02.039 --> 00:33:04.000
up to date. You can see all of our past

523
00:33:04.079 --> 00:33:07.880
podcasts and information that will help you, whether you're in business,

524
00:33:07.920 --> 00:33:12.240
whether you're in trouble personally, or need help you know

525
00:33:12.359 --> 00:33:16.319
personal taxes. All the podcasts out there are there to

526
00:33:16.440 --> 00:33:19.799
help you if you decide you're going to do it yourself,

527
00:33:19.920 --> 00:33:24.279
or maybe you decide, hey, you need need help. Taxation solutions,

528
00:33:24.319 --> 00:33:29.119
tax relief is there for you to help you. But

529
00:33:29.279 --> 00:33:33.279
go to tax Talk for You, subscribe, like, follow us,

530
00:33:34.440 --> 00:33:39.200
join us on social media. We'll answer your questions there,

531
00:33:39.599 --> 00:33:43.559
and we'll also answer your questions here during the program,

532
00:33:43.599 --> 00:33:46.160
and we'll bring a lot of questions with us that

533
00:33:46.240 --> 00:33:49.519
people are asking us over on social media as well.

534
00:33:49.880 --> 00:33:51.039
Speaking of social media.

535
00:33:51.119 --> 00:33:55.519
You can get bad advice on social Media's growing concern

536
00:33:55.720 --> 00:34:00.599
in the tax industry because you get bad tax information

537
00:34:00.720 --> 00:34:03.400
and people run with it. You know, you as a

538
00:34:03.559 --> 00:34:09.400
honest tax payer and get very easily misled with bad advice,

539
00:34:10.079 --> 00:34:15.199
potentially leading to identity theft and tax problems. You know,

540
00:34:15.280 --> 00:34:18.639
you got to kind of watch out. We talk about

541
00:34:18.639 --> 00:34:22.880
bad advice, not just on social media, but we talk

542
00:34:22.920 --> 00:34:25.039
of bad advice, you know, whether it's at the bar

543
00:34:25.199 --> 00:34:28.719
talking to somebody they're going to give you advice on

544
00:34:28.760 --> 00:34:32.199
your taxes, or fuel pump advice, you know, or fuel

545
00:34:32.199 --> 00:34:34.679
pump bookkeeping as we would call it.

546
00:34:34.760 --> 00:34:38.400
Sometimes is only worth what you paid for. It just nothing.

547
00:34:38.840 --> 00:34:41.599
You know, you and your business needs somebody that's going

548
00:34:41.639 --> 00:34:44.199
to cater and plan for you in your business so

549
00:34:44.239 --> 00:34:47.199
that you know you've got things right. You got to

550
00:34:47.239 --> 00:34:53.280
watch out for fake charities becomes a consistent problem, especially

551
00:34:53.360 --> 00:34:58.440
when you see crisis or natural disaster that is stripped stricken.

552
00:34:59.079 --> 00:35:02.280
These scammers will are going to set up fake organizations

553
00:35:02.320 --> 00:35:06.800
to take advantage of your generosity. In the trucking industry,

554
00:35:06.920 --> 00:35:09.679
we see a lot of people going after false fuel

555
00:35:09.920 --> 00:35:15.320
tax credit claims. It's become prevalent in the last year

556
00:35:15.480 --> 00:35:19.559
where you know, taxpayers have been getting misled into believing

557
00:35:19.599 --> 00:35:22.719
they're eligible for certain fuel tax credits which they may or.

558
00:35:23.000 --> 00:35:27.280
May not be. It's kind of like the employee Retention credit.

559
00:35:27.360 --> 00:35:30.679
We saw a lot of people being misled into filing

560
00:35:30.719 --> 00:35:34.159
for this employee retention credit where we told them that

561
00:35:34.239 --> 00:35:38.199
they definitely didn't qualify, but yet the company that they

562
00:35:38.199 --> 00:35:42.280
were working with, they were getting text messages and they

563
00:35:42.280 --> 00:35:45.320
fell for the scam. They paid twenty percent up front

564
00:35:45.800 --> 00:35:48.559
of the savings. Now that the IRS has come back

565
00:35:48.599 --> 00:35:51.719
and audited them or said that they didn't qualify, they're

566
00:35:51.719 --> 00:35:54.519
not getting their twenty percent back from the company they

567
00:35:54.599 --> 00:35:55.760
prepared any of this stuff.

568
00:35:56.039 --> 00:35:57.000
Matter of fact, a lot of.

569
00:35:56.920 --> 00:36:01.119
Those companies just faded away into never ever land and

570
00:36:01.840 --> 00:36:04.199
you know, there was nothing other that they were responsible

571
00:36:04.239 --> 00:36:04.760
for nothing.

572
00:36:05.039 --> 00:36:06.599
They didn't even sign you know, the.

573
00:36:06.559 --> 00:36:11.920
Tax reterms as the preparer, so it was a bogus credit.

574
00:36:12.960 --> 00:36:16.639
There's other social media advice out there that you know,

575
00:36:17.159 --> 00:36:21.000
they were talking about some non existent self employment tax

576
00:36:21.039 --> 00:36:24.280
credits that are out there, and so you've kind of

577
00:36:24.320 --> 00:36:28.760
got to watch, you know, out what they're doing. Some

578
00:36:28.800 --> 00:36:32.760
of the other things we've seen as companies misleading about

579
00:36:32.840 --> 00:36:38.360
offers and compromise. So let's go into solving a tax problem.

580
00:36:38.719 --> 00:36:41.039
When you go to solve a tax problem, you have

581
00:36:41.719 --> 00:36:45.800
multiple options. You can do an installment agreement, which is

582
00:36:45.840 --> 00:36:49.079
going to be full pay over the statute of limitations.

583
00:36:49.480 --> 00:36:52.519
You can do a partial pay installment agreement, which means

584
00:36:52.519 --> 00:36:55.519
you're only paying part of the debt over the remaining

585
00:36:55.559 --> 00:36:59.599
statue of limitations. You could possibly go into non collectible

586
00:36:59.599 --> 00:37:03.239
status if you are insolvent, don't have bunch assets or

587
00:37:03.320 --> 00:37:06.840
much income, you might be able to get into currently

588
00:37:06.880 --> 00:37:09.639
non collectible status that ma get reviewed after a couple

589
00:37:09.679 --> 00:37:10.119
of years.

590
00:37:10.679 --> 00:37:12.679
Or what you hear promoted.

591
00:37:12.239 --> 00:37:16.480
On TV, radio and everything else is this wonderful offer

592
00:37:16.480 --> 00:37:21.159
and compromise they offer and compromise where you're getting all

593
00:37:21.320 --> 00:37:26.159
this tax debt for far less than what you owe. Well,

594
00:37:26.559 --> 00:37:32.000
you know, that's an important program that helps people settle

595
00:37:32.039 --> 00:37:38.199
your federal tax debts when you're unable to pay in full.

596
00:37:38.599 --> 00:37:39.679
But there's a lot of.

597
00:37:39.679 --> 00:37:45.440
Large companies out there that are promoting and aggressively promoting

598
00:37:45.920 --> 00:37:49.360
offers and compromises, and they try to get you to

599
00:37:49.519 --> 00:37:52.519
sign up for it when you clearly are not going

600
00:37:52.559 --> 00:37:57.000
to need the qualifications of an offer and compromise, and

601
00:37:57.039 --> 00:37:59.679
then it costs you thousands of dollars. You need to

602
00:37:59.679 --> 00:38:03.159
stey up and think. Sometimes these companies are going to

603
00:38:03.239 --> 00:38:06.599
sell you the ultimate pipe drain dream of settling this

604
00:38:06.679 --> 00:38:09.199
thing for one hundred dollars one thousand dollars, you know,

605
00:38:09.239 --> 00:38:12.079
and you o ten twenty fifty, one hundred thousand, a

606
00:38:12.079 --> 00:38:16.159
million dollars whatever it is the UO, and then they say, hey,

607
00:38:16.199 --> 00:38:19.000
we can settle this thing for far less. We can

608
00:38:19.079 --> 00:38:21.800
get you an offering compromise. But yet you make plenty

609
00:38:21.840 --> 00:38:23.760
of money to pay the debt back. Or you have

610
00:38:23.800 --> 00:38:26.239
a lot of assets including your house and equity in

611
00:38:26.280 --> 00:38:29.679
your house, or four oh one k's or iras or

612
00:38:29.719 --> 00:38:33.400
other assets that you may own or possess. Maybe you

613
00:38:33.440 --> 00:38:37.199
have multiple vehicles. You know, all this stuff comes in

614
00:38:37.280 --> 00:38:41.079
and plays into what the offering compromises. But yet they

615
00:38:41.119 --> 00:38:43.760
sold you on it. And then they come back and say, oh,

616
00:38:43.760 --> 00:38:46.280
well the irs do that, but they knew it all along,

617
00:38:46.840 --> 00:38:50.159
So why are you paying for something that they knew

618
00:38:50.639 --> 00:38:54.360
all along? About settling your tax debt? Now, as a

619
00:38:54.400 --> 00:38:56.960
business owner, you know tax debts very I mean, if

620
00:38:56.960 --> 00:38:59.440
you're running a C corp. And your final eleven twenty,

621
00:38:59.480 --> 00:39:01.920
and you may owe taxes. Hey, there may be a

622
00:39:01.960 --> 00:39:06.440
way to settle your tax debt or get into a

623
00:39:06.480 --> 00:39:10.039
partial pay installment agreement, or maybe you're just going out

624
00:39:10.039 --> 00:39:12.519
of business and the debt's going to fade away. Those

625
00:39:12.519 --> 00:39:18.239
are items that are possibility you're eleven twenty Escort. Escort

626
00:39:18.320 --> 00:39:23.079
does not pay income tax, pays employment taxes. But if

627
00:39:23.119 --> 00:39:28.000
you owe employment taxes, whether you're an Escort Partnership, Inc.

628
00:39:28.639 --> 00:39:33.320
DBA sole proprietorship, those payroll taxes are going to have

629
00:39:33.400 --> 00:39:37.199
to be paid. I RS are very rarely, rarely settles

630
00:39:37.920 --> 00:39:43.239
on those payroll taxes because part of that was trust

631
00:39:43.280 --> 00:39:47.679
fund money you withheld from your employees check and part

632
00:39:47.679 --> 00:39:51.639
of that is the matching portion that the company pays.

633
00:39:51.800 --> 00:39:55.719
And when you owe both halves, the IRS can come

634
00:39:55.760 --> 00:39:59.880
back and hit you with penalties, and it's the trust

635
00:40:00.199 --> 00:40:04.639
penalty against you personally as an owner of the business

636
00:40:04.719 --> 00:40:08.599
or signer on the account. And when that happens, they're

637
00:40:08.599 --> 00:40:13.840
trying to collect from both you and the business same time.

638
00:40:14.320 --> 00:40:17.280
So you really need somebody to run interference for you

639
00:40:17.800 --> 00:40:21.000
to try to avoid having the trust fund penalties or

640
00:40:21.079 --> 00:40:24.320
to make sure that Hey, when you're establishing a payment

641
00:40:24.400 --> 00:40:27.760
plan that they take into account that both the business

642
00:40:27.840 --> 00:40:31.360
and personal are paying on these taxes. But once that

643
00:40:31.519 --> 00:40:34.400
trust fund penalties and the trust fund taxes are paid off,

644
00:40:34.800 --> 00:40:37.800
you need to get that trust fund penalty removed and

645
00:40:37.920 --> 00:40:42.119
taken off the personal side so that you're only paying

646
00:40:42.159 --> 00:40:45.159
the remaining taxes on the business, or better yet, do

647
00:40:45.320 --> 00:40:48.159
everything you can to pay off the trust fund portion

648
00:40:48.239 --> 00:40:51.039
of those taxes so that you're not hit with the

649
00:40:51.079 --> 00:40:55.000
trust fund penalties personally. You also got to watch out

650
00:40:55.119 --> 00:40:59.639
for any of your employees who may be signers on

651
00:40:59.679 --> 00:41:01.679
the ac out and they could be held liable for

652
00:41:02.199 --> 00:41:06.119
that as well. We had a client that came to

653
00:41:06.199 --> 00:41:09.800
us and all he was was a signee on the

654
00:41:09.840 --> 00:41:12.679
bank business a count. He didn't make a decision on

655
00:41:12.760 --> 00:41:15.639
who got paid or who didn't get paid. That was

656
00:41:15.679 --> 00:41:18.960
still done by the owners of the business. But he

657
00:41:19.039 --> 00:41:24.039
got held liable for almost a million dollars in payroll

658
00:41:24.159 --> 00:41:28.599
taxes for trust fund penalties. Crazy, but that's what the

659
00:41:28.679 --> 00:41:32.599
IRS was looking at, that's what they were holding him

660
00:41:32.840 --> 00:41:36.039
responsible for. Got him off the hook because we could

661
00:41:36.079 --> 00:41:40.719
show that he truly wasn't responsible for the trust fund

662
00:41:40.920 --> 00:41:45.760
or making the decisions or writing the checks. He only

663
00:41:45.800 --> 00:41:50.679
had access enough to the petty cash account to pay

664
00:41:51.239 --> 00:41:54.039
for the little office supplies and the little things that

665
00:41:54.079 --> 00:41:58.039
were coming into the business to save him money.

666
00:41:58.280 --> 00:42:01.159
Mad another client, they were operating.

667
00:42:00.880 --> 00:42:04.000
A bar and they again had a huge trust fund

668
00:42:04.000 --> 00:42:06.840
penalties and then got assessed against his manager as well.

669
00:42:07.159 --> 00:42:09.199
We got to be able to prove that the only

670
00:42:09.280 --> 00:42:13.400
checks that this person could write were authorized by the

671
00:42:13.400 --> 00:42:17.360
owners of the business to pay for the expenses of

672
00:42:17.400 --> 00:42:19.920
the bar tab when they were buying the outcool and

673
00:42:19.960 --> 00:42:21.880
we were able to get it up him. So you've

674
00:42:21.960 --> 00:42:25.000
kind of got to watch what you're doing. Settlement is possible,

675
00:42:25.320 --> 00:42:29.760
removing penalties, removing the trust fund penalty against somebody and

676
00:42:29.800 --> 00:42:32.199
you're a business owner or a business manager as.

677
00:42:32.119 --> 00:42:33.079
Possible as well.

678
00:42:33.400 --> 00:42:35.760
If you will give us a call at truck at

679
00:42:35.880 --> 00:42:39.119
Taxation Solutions eight eight eight nine three zero one zero

680
00:42:39.159 --> 00:42:41.119
one six. If you owe money to the I R. S.

681
00:42:41.679 --> 00:42:45.400
He needs somebody to step in for you between you

682
00:42:46.079 --> 00:42:49.079
and the irs. Hey, I always say, you know, thank

683
00:42:49.119 --> 00:42:51.840
you for joining us here on TAK talk for you,

684
00:42:51.840 --> 00:42:55.519
you know, make sure you get over like share share

685
00:42:55.519 --> 00:42:58.199
it with your friends. We want the information out and

686
00:42:58.639 --> 00:43:02.559
any questions you have, please send them over to us

687
00:43:03.000 --> 00:43:05.079
at tax Talk for You and then we will get

688
00:43:05.119 --> 00:43:10.039
these questions answered on We're here every Monday, ten am

689
00:43:10.159 --> 00:43:14.000
Eastern time right here in W four c Y Radio

690
00:43:14.199 --> 00:43:18.800
Talk Talk for You TV. You can also catch all

691
00:43:18.800 --> 00:43:21.920
our podcasts again at tax Talk for You dot com.

692
00:43:22.559 --> 00:43:26.400
You can catch them over on YouTube as well, and

693
00:43:26.440 --> 00:43:28.119
then we try to post it up on all the

694
00:43:28.119 --> 00:43:31.280
social media out there. And again, if you've got questions,

695
00:43:31.440 --> 00:43:33.679
head over to social media, post the questions over there.

696
00:43:33.760 --> 00:43:36.480
We'll answer them. Other people have the questions as well,

697
00:43:36.880 --> 00:43:39.440
so we want to get the information out. We want

698
00:43:39.480 --> 00:43:41.800
to help you. If you need help solving a tax

699
00:43:41.840 --> 00:43:44.239
problem that you want to do it yourself, send us

700
00:43:44.239 --> 00:43:47.199
the questions. We'll answer them right here on the show

701
00:43:47.559 --> 00:43:51.079
for you again. It's Tax Talk for You dot Com

702
00:43:51.440 --> 00:43:56.119
W four c Y Radio every Monday nine ten am

703
00:43:56.199 --> 00:43:59.519
Eastern time. Again ten am Eastern time. But go to

704
00:43:59.559 --> 00:44:04.239
tax Talk for You dot com like subscribe, never visit episode.

705
00:44:04.480 --> 00:44:07.880
We'll see you next week. Have a god bless glorious

706
00:44:07.880 --> 00:44:08.920
week this week.

707
00:44:10.400 --> 00:44:13.559
Are you an individual or business that wants to understand

708
00:44:13.639 --> 00:44:16.960
taxes and how they affect you. Are you looking for

709
00:44:17.079 --> 00:44:22.440
specific tax advice for self employed, business owners and truckers.

710
00:44:23.039 --> 00:44:27.119
Are you behind on taxes and your bookkeeping? Are you

711
00:44:27.239 --> 00:44:31.239
dealing with dirs and ready to have some relief, Then

712
00:44:31.320 --> 00:44:34.960
you need Tax Talk for You, hosted by tax and

713
00:44:35.079 --> 00:44:37.079
trucker expert Barry g.

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Fouer Ea Kenyan ten am.

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The Eastern Time, every Monday right here on w FOURCY

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Radio and Talk for TV. Don't forget to check this

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and past episodes at tax talkforu dot com. See you

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next week at worcy dot com