Aug. 25, 2025

Tax Planning 2025 and Beyond

Tax Planning 2025 and Beyond
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Season 2

Tax Talk 4 you Tax Planning for 2025 and beyond. Keep more of what you make. Minimizing taxes is essential to protecting your lifestyle, longevity, and legacy. That’s why we make proactive tax strategy an integral part of our services. Taxes can be your largest cash expense. Minimize the burden with planning IRA, SEP, 401K, HSA, Roth Conversion. Also maximize your business deductions, Trucking/Owner Operator deductions. Capital gains and offsets. Tax strategies help you keep more of you money

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 and the following show are

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solely those of the hosts and their guests, and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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

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tax planning, and tax relief for individuals and businesses just

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

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with your hosts.

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Barry G. Fowler, Hey, welcome and man, good Monday morning.

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We had a great weekend going to weather even though

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it's got kind of hot, but we've got our pond

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has been dug. We're just trying to get water in it,

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and when we just need God to bless us with

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a bunch of rains so we can fill the pond

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with water and then fish and all that fun stuff. So,

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you know, we're having a good time doing things around

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the ranch, and you know, we do a lot in

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ranch taxes and bookkeeping and taxes for truckers. You know,

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we do it all out here and we have a

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lot of fun doing it. And really kind of interesting

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is that there's a lot of truckers out there that

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also have property or ranch farm and they're doing a

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little bit of both. So we kind of give them

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a lot of guidance on, you know, how to run

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their business, not just in the trucking business, but also

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in the farm and ranch business and and helping people.

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And that's really the goal at the end of the day,

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is helping people. And you know, to that end, you know,

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this show is all about tax planning twenty twenty five

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and beyond. You know, we're not just looking at you know,

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what are we going to do to save you money

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in taxes, you know, here in twenty five, but we're

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looking at twenty six, twenty seven and out to the

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future and making things makes sense in the simplest way

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so that you, as a tax payer, can limit what

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you're going to pay and taxes in there are ways

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to do it. You know, both whether you're running a

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business or whether you are a W two employee, there

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are things that you can can do. You know, with

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twenty twenty five, we're well under the way. We're more

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than halfway through the year. Can you believe it. We're

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almost here to the end of August, you know, coming

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up on Labor Day, so you know, it's an incredible

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half time. Flies when you're having phone or getting old,

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I don't know which one is the cause. You know,

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there's a lot of questions for this year. You know,

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what's going to happen global economy, what's going to happen

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in the interest with interest rates, what's going to happen

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in the stock market, and you know, you never know

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what the future holds. You saw last week Friday they

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talked about possibly lowering interest rates. Market went crazy. Everybody

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thinks it's a great thing. If we can get these

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interest rates to come back down, it's going to help

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everybody prosper and markets are going to continue to run rampant.

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But Hey, you just never know, you know, what the

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Fed is going to do with these interest rates, no

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matter how they talk, until they do it, it's just

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what it is. You know, We're going to kind of

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focus on the things that we can control, like taxes

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or tax planning. You know, you can't avoid taxes altogether,

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but we can definitely find the ways to reduce them

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with some very thoughtful planning. You know, we're going to

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discuss maybe seven eight smart steps you can take this

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year to keep more of your money and put yourself

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in a position where your savings is able to grow. So,

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you know, this year we've got some great news. First,

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irs widen the tax brackets meeting potentially lower income taxes

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for many and increase the standard deduction and many savings incentives.

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You know, the inflation adjustments to the tax bracket means

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you and I and everybody every tax out there will

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have more taxable income before being bumped into the next

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higher bracket. So when you move from one bracket to

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the other, it has increase taxes and the tax rates increase,

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and then they increase the standard deduction and for twenty

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twenty five and thirty thousand dollars for married couples when

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you're filing jointly, that's eight hundred dollars increase. For single filers,

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it increase by four hundred all the way up to

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fifteen thousand. This means you don't have to go through

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and itemize your deduction. You're going to get this thirty

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thousand right off the top. Now. You know, if your

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mortgage interest in, your charitable contributions, and your state and

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local taxes, your medical and dental expenses, all those are

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going to add up to more than thirty thousand dollars,

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then you're going to one to itemize. Now, some of

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these are limited, like your medical deductions. You know, you've

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got to get over a percentage of yours are income.

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But for your state and local taxes and your mortgage interests,

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things like that, No, you don't have to get over that.

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You're just trying to get over that thirty thousand dollars level. Now,

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this goes to also charitable donations. You know, for the

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most part, when you're looking at charitable donations, when you're

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using the standard deduction, you've got to get over that

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thirty thousand. Half Interest and property taxes are close or

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above a thirty thousand, then you're going to be able

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to get the terrible deduction right off as part of

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itemizing those expenses. And then part of planning in this

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is if you're not going to exceed the standard deduction,

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you might consider lunching not just charitable donations into a

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single year, but maybe paying property taxes and stuff that

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you can control to where you can pay all your

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property taxes in January and then again December, all of

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the same year, and then maybe that helps you get

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over the standard deduction, and then maybe your charitable contributions.

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The same thing is here, we get it for twenty five,

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but we do it in twenty six, and we do

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it at the beginning and the end, and now you've

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got more value out there. So you got to look

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at it. You got to think about it. Got to

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run the numbers and say, hey, which is the best

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way of doing this. So if I'm bunching to get

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to itemize deductions, it gets me over, it's going to

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save me more money one year or the other. If

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you don't bunch, or even if you did bunch and

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you can't get over it, then it doesn't matter which

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way to it, because you want to be able to

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just sit down and look at it say hey, this

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is what's going to be right. You know, you if

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you're going to itemize, you can also donate appreciated assets

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that have been held longer than one year to a

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qualified public charity and deductive the market value that asset

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and not pay capital gains tax. Now that kind of

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donation is generally subject to a thirty percent just a

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gross income limitation. Any access deductible amount can be carried

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for up to five years. So there are ways of

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doing this. You know. There's also what they call charitable trusts.

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So maybe you don't want to give a bunch of

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money in one year to a particular charity, but you

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want to be able to spread it out. So maybe

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you sold a business and you made quite a bit

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of money. Maybe you receive stock options and a lot

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of money, and you want to be able to take

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a larger charitable contribution for twenty twenty five. You could

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set up what is considered to be a charitable trust.

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You could maximize that charitable trust and take that deduction

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in the year you made that donation to this charitable trust,

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and then you use that charitable trust to pass out

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money every year to the charities you wanted to go to.

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So you're taking advantage of putting money into this trust

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and then and donating as you see fit. Now this trust,

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once you have it, it's really nice. You can give

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to the trust every year and then the trust can

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give money out and therefore you know your trust is

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out there staying invested in making money to make the

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donation straight from the trust. And when you donate to

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that charitable trust, then you're taking the rite off you

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can manipulate. You're bunching into this trust being able to

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possibly itemize your charitable deductions. We're going to take a

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short break here, but when we come back, we're going

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to talk about some of the higher savings incentives that

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the new Qualified Bill has put in place that you

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can use to save money or on taxes for twenty

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twenty five and in the future. We'll do that right

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after them.

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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 IRS

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

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it alone. Call Taxation Solutions Tax Relief at eight eight

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eight nine three zero one zero one six. We are

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

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

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

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the IRS walk all over you. Stop the IRS now

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call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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free no obligation consultation.

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Let's get back to tax talk for.

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You with more tax talk once again. Here's your host,

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Carry G.

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Ballum. Hey, welcome back. You know talking about tax planning

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twenty twenty five and beyond. Some people have run a

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file of the IRS. Maybe we would say have problems

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with the IRS. Oh the IRS. Taxation Solutions tax Relief

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has an A plus rating with the Better Business Bureau.

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We can go in and do a tax analysis for

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you and analyze why the IRS is saying you owe.

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What we can do to maybe fix that problem or

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maybe get rid of that debt. And it doesn't always

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take what people try to sell you offers a compromises.

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Sometimes it just takes getting penalties invaded, or fixing your

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tax return or doing an audit reconsideration. If that's the reason.

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It's things we can look at to help you make

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a decision on what's the best way of solving this

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tax problem. But it takes you know, calling US eight

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eight eight nine three zero one zero one six again

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eight eight eight nine three zero one zero one six

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to get that tax relief and to save you from

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the IRS or even having to deal with the IRS.

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Now tax plenty. You know, there are things out there

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now people most people have heard. You know. You can

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contribute to your IRA and you can contribute up to

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seven thousand for twenty twenty five, and then if you're

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over fifty, you can add another thousand dollars to that.

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Now you don't have to wait. You do have till

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April fifteenth of twenty twenty six to make your donations

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for twenty twenty five, but you don't have to wait

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till then. You can actually do smaller increments every month. Now,

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if you're contributing to U four to h one K,

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you may need to sit down with the tax guy

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plan see if you can and to continue to make

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contributions into an IRA as well. But if you don't

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have a plan, you definitely want to look at this now.

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If you're self employed, maybe you're an owner operator truck driver,

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maybe you're a contractor, maybe you're a consultant. Hey, maybe

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you want to put more money away. Then you have

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SOLO four oh one case, you have Sepple on self

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employee pitch plan, or you can just use the standard IRA,

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but it gives you options to put money aside for

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your retirement. You know, we have talked to many truckers

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and people that we've talked to owner operators. First thing

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we start mentioning is, hey, we didn't you start putting

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money away for retirement. Here's how you can do it.

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Here's what it's going to say you tax wise. And

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they're like, nobody's ever talked to me about that, or

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what's your retirement plan. I'm going to drive it until

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I drop. Well that's great, but that's not retirement. That's

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work to start thinking about your retirement. And the younger

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you are that you start thinking about retirement, the more

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you're going to have that retirement because you're going to

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be accruing this money and earning money on the money

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that you set aside and have invested that will continue

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to grow year after year. You know, we sat down

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and done the analysis. When my son came out of

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college and went to work, he's like, I can't afford

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to put money into the four oh one k that

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they have. No, you can't afford not to put money

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in this four oh one k because you're never going

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to miss it. It's kind of like the iris of

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the government figured this out a long time ago. If

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we withhold sold Security, Medicare, and federal income taxes from

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your paycheck as you get paid, you will never feel it.

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When tax rates go up. You will never notice it

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because it came out of your check before you ever

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received it. It's kind of like boiling a lobster, boiling

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a frog. Throw a frog in out water, it's going

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to leap right out and put it in cold water

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and put it and started let it boil. It's going

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to stay there and cook itself. O. That's what the

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IRS wants you to do. U, this Department of Treasury.

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I just want you to cook yourself. And that's the

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good part about having a W two employee. You don't

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have to notice it. So you want to start contributing

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as young as possible and continue to have this money

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invested in going And we've got a question from Walter.

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Thanks for the question where should be putting this money?

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To set it aside, I'm going to tell you where

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it shit. And it's not a coffee can buried in

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your backyard. It doesn't earn any interest baut there to

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make any money. It's not invested in anything. There are a

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lot of good funds, you know, whether you use somebody

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like Fidelity or Schwab or robin Hood, they've got iras

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and you can choose those investments, whether it's something like

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American Funds. You know, there's a number of different iras

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and stuff out there and gives you different investing opportunities

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and stuff. So you want to look into it, maybe

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get down to talking to an investment advisor. If you

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need an investment advisor, Hey, you can call us. We

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got people that are in Texas and then they've got

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people all around the country that can help you. But

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you can call us at eight eight eight nine three

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zero one zero one six eight eight eight nine three

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zero one zero one six and we can get you

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00:16:21.919 --> 00:16:25.279
referred out to some friends at amor Price that would

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be more than happy to help you. And then we

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got a question from tomorrow. Tomorrow is it ever too

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late to start saving. No, it doesn't matter how and

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when you start saving. But if you start young, then

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you will definitely have more money in the future or retirement.

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So you want to keep those things in mind. And Eugene, Hey, Eugene,

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that's a great name. Thanks for the question here at

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Eugene was my father's name, so I really love that.

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If you change working companies, does the four to oh

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one k transfer over? No, the four to oh one

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k doesn't transfer, But you can roll the money out

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of a four to oh one k into an IRA,

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And I suggest you do that and get it out

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of your company account and roll it into your own

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personal IRA. And there are companies again like Fidelity and Schwab,

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robin Hood and some of them will help you get

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a good investment advisor and they'll help you as well.

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Now some of the things you can do tax planning wise,

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if you have an eligible medical account, you can do

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a health savings account. It's got to be an HSA

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qualified medical plan. So if you've got your own plan,

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you can check on it. If you're working for a company,

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you can check and see if it's HSA available or

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if they have an HSA available there that you can

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contribute to it. Sometimes companies will match it too. You

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do have a contributional limit of forty three hundred for

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yours only yourself coverage or eighty five fifty eight thousand,

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five hundred and fifty dollars for family coverage. That was

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an increase from twenty twenty four. It went up from

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forty one to fifty to forty three hundred. But it

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is money that's put away pre tax and then if

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you are fifty five or older, you're eligible to make

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catchup contributions of one thousand dollars. So maximum contributional limit

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between husband and wife married filing joint would be ten thousand,

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five hundred. Now, the beautiful part about this is you

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don't have to use it to or lose it. It

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can stay there and continue to grow. You can use

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the investment accounts that's offered through someplace like HSA Bank

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and then have that money invested where it would be

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invested in whatever funds they're offering and grow based on

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the stock market. And so those funds can can sit

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out there and continue to grow, and if you don't

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use it during the year, it rolls and continues to

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stay with you the next year. So this could be

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a very good way of saving money for future medical

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bills or meeting a future deductible and you know, maximizing

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the contribution into it and let it continue to grow

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tax free as long as you pull the money out

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for qualified medical expenses, then it comes out tax free.

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Really nice. Some of the things you can do. You

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can contribute to five twenty nine savings accounts for your kids,

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your grandkids, further education for yourself. You know, put money

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in there. Earnings and withdrawals are Federal income tax free

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when used for qualified education. Now, some of those contributional

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limits are governed by state laws, but they're usually quite high.

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You know, you want to be able to put money

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into these accounts and then let the kids use it

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for their education, and then if they don't use it,

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you can move it to somebody else's education or grandkids

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or transfer it to somebody else. It's a really good

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way of helping kids with their educational needs and the

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money that it takes to pay for this education. So

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those are the kind of things that you want to

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be looking at possibly doing to help save money for

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the future. Hey, Alex, question your question is, if I

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have a four to oh one K with Fidelity, can

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I move it to Swab? Yes, if you're moving it

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out from the four toh one K. Let's say you

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left a company their four oh one ks or with Fidelity,

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then yes, you can move it to an individual account Wishwab.

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If you are self employed and have a four to

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oh one K and it's currently sitting with Schwab, you

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would work with your investment guys over at Schwab and

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they would roll set up a whole new four to

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00:21:13.440 --> 00:21:17.160
oh one K or your company and set it up

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there at Schwab. Now, if you're just an employee, you

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have the company and have no control, you're not going

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to be able to move that company that you're working

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for is four oh one K from Fidelity to Schwab.

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You know, those are the complications that matter. But if

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you've left the company, yes, you can move it to

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an individual account over chwab. Or if you are the

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owner of the business, you can make a decision where

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your business is going to be at and where you're

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going to have before oh one K. So there's a

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lot of fun and a lot of things we can

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do to help save you money, and you know we're

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going to talk a little bit more about how you

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can go back continuing save money for taxes and keeping

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your tax bill to a minimum. And we're gonna do

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that right after this.

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

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00:22:12.200 --> 00:22:15.440
stand by as Barry G. Fowler will be right back

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with tax.

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Talk for you.

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As an owner operator, you already spend too much time

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00:22:23.039 --> 00:22:26.880
away from your family. Trucker Tax Tools handles all your

371
00:22:26.880 --> 00:22:30.079
bookkeeping and taxings. No matter what level trucker you are.

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00:22:30.319 --> 00:22:33.519
Life on the road can be taxing, but that doesn't

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00:22:33.559 --> 00:22:36.920
mean that your wallet or time with your family should suffer.

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00:22:37.480 --> 00:22:41.400
Trucker Tax Tools makes your life run smoothly. Go to

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00:22:41.440 --> 00:22:44.240
Trucker tax Tools dot com for a free guide that

376
00:22:44.359 --> 00:22:47.960
will give you the tools to never worry about your

377
00:22:48.000 --> 00:22:52.519
taxes again. Call Trucker Tax Tools eight seven seven nine

378
00:22:52.680 --> 00:22:56.799
sixty six two four seven seven or go to Trucker

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00:22:56.839 --> 00:23:00.359
tax Tools dot com now and let the experts keep

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00:23:00.400 --> 00:23:06.279
you truncket. Let's get back to tax talk for you

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with more tax talk once again. Here's your host, carry

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Chief ballu.

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Hey, welcome back. Yeah, several more questions in here. I

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00:23:18.680 --> 00:23:22.319
really like the questions that are coming through. Another question

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00:23:22.359 --> 00:23:26.319
from Alex is there a takeout fee or penalty to

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00:23:26.319 --> 00:23:29.079
do this move? You would have to look at your

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00:23:29.119 --> 00:23:31.759
four toh one K plan that you have with Fidelity

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to see if there was some time period on it.

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00:23:35.359 --> 00:23:38.799
I don't usually think we see a penalty to do that.

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As long as the money's not coming out to you

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and it's a direct rollover, there should be no funds. Now,

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if you don't do a direct rollover, you have roughly

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sixty days to move the funds back into retirement account.

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So if you pulled all your funds out of a

395
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four to oh one K and we're going to roll

396
00:23:56.440 --> 00:23:58.759
it over to an IRA, you've got to make sure

397
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you do it the right way. Direct rollover is much

398
00:24:02.160 --> 00:24:05.559
simpler because you're not going to have to prove to

399
00:24:05.640 --> 00:24:10.079
the I r S that you didn't you made the timeline.

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00:24:10.119 --> 00:24:13.400
So a direct rollo would be the best thing for you.

401
00:24:13.839 --> 00:24:17.160
So some other things. An idea is as we're going

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through and working on how to save money on taxes,

403
00:24:22.440 --> 00:24:25.440
so if you're in a high income bracket, you know,

404
00:24:25.480 --> 00:24:29.680
maybe it's looking at your investments and different opportunities and

405
00:24:29.799 --> 00:24:33.920
how you're going to grow your money, you know, seeing

406
00:24:34.039 --> 00:24:37.960
rising interest rates and maybe the stock market is continuing

407
00:24:38.000 --> 00:24:41.039
to grow. You know, maybe with the high interest rates,

408
00:24:41.079 --> 00:24:45.680
you invest in some tax reboonds, or maybe you're looking

409
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at some tax deferred investments things like that that allow

410
00:24:51.640 --> 00:24:57.079
you to move this investment out into some other kind

411
00:24:57.079 --> 00:25:01.119
of investment to where it's either tax deferred or helps

412
00:25:01.119 --> 00:25:07.240
you lower your taxes. There are different kinds of investments

413
00:25:07.319 --> 00:25:09.839
where you can go into real estate investments and get

414
00:25:09.880 --> 00:25:15.240
a bunch of deductions this year and defer the profits

415
00:25:15.279 --> 00:25:18.799
into later years when the property is sold, and then

416
00:25:18.839 --> 00:25:21.039
you might be able to do something like ten thirty

417
00:25:21.039 --> 00:25:24.400
one exchanges, which is really complicated. We're not going to

418
00:25:24.400 --> 00:25:27.480
get into into this show right now, but it would

419
00:25:27.559 --> 00:25:30.920
defer to maybe when your tax bracket is tie as

420
00:25:31.000 --> 00:25:33.960
it is today. So there's a lot of different options

421
00:25:34.000 --> 00:25:36.839
out there where you can, you know, defer long term

422
00:25:36.880 --> 00:25:40.400
gains and make them at lower capital gains rates in

423
00:25:40.720 --> 00:25:44.599
different future years. Now, maybe you've got a lot of

424
00:25:44.759 --> 00:25:50.559
capital gains this year and you might consider tax loss harvesting,

425
00:25:50.960 --> 00:25:53.839
you know, so you know, if you've got huge capital

426
00:25:53.839 --> 00:25:58.000
gains that are coming and you've got some large capital losses,

427
00:25:58.400 --> 00:26:01.400
you might sell off the stock, take the losses this year,

428
00:26:02.000 --> 00:26:05.880
and it would offset the capital gains at the ordinary

429
00:26:05.960 --> 00:26:11.000
income up to your reliable limits. So you know, if

430
00:26:11.079 --> 00:26:14.920
you use don't use all the losses that you had

431
00:26:15.039 --> 00:26:17.640
in the year, then you can carry it forward to

432
00:26:17.920 --> 00:26:22.160
future years so you can use those losses. They're not

433
00:26:22.279 --> 00:26:25.079
going to go to waste. So even if you're limited,

434
00:26:25.599 --> 00:26:29.160
you have to do that. You do have to consult

435
00:26:29.200 --> 00:26:34.039
with your tax advisor, consult with your investment advisor, and

436
00:26:34.079 --> 00:26:37.720
then make sure you're looking at the wash sale rules

437
00:26:37.759 --> 00:26:41.759
where you're buying and selling with certain time periods. So

438
00:26:41.799 --> 00:26:43.440
those are a lot of different things that you can

439
00:26:43.480 --> 00:26:48.160
be looking at and how to save yourself money on taxes.

440
00:26:48.680 --> 00:26:51.240
All right, we've got a question here from Jeff. Jeff,

441
00:26:51.279 --> 00:26:54.799
you heard the commercial about truck or tax tools. Is

442
00:26:54.839 --> 00:26:59.519
there low rates for bookkeeping and how do you do bookkeeping.

443
00:27:00.160 --> 00:27:01.640
One of the things I'm going to refer you back

444
00:27:01.680 --> 00:27:04.079
to is that we had a great podcast about trucker

445
00:27:04.160 --> 00:27:07.319
bookiep and taxes. It was a few months ago, but

446
00:27:07.359 --> 00:27:11.200
if you go to tax talkforu dot com, you can

447
00:27:11.240 --> 00:27:13.319
see all our podcasts there. You can probably do a

448
00:27:13.359 --> 00:27:16.839
search for truckers and you'll be able to see Trucker Bookkeeping,

449
00:27:16.920 --> 00:27:21.480
Trucker Taxes. You know we do this for small businesses. Well,

450
00:27:22.359 --> 00:27:25.119
if you're looking for information on the one big beautiful Bill,

451
00:27:25.240 --> 00:27:29.440
we have several shows on that, both individual and business wise,

452
00:27:30.240 --> 00:27:32.480
and you can locate all of those there, or you

453
00:27:32.480 --> 00:27:35.240
can go to ihire, Spotify or any of the other

454
00:27:35.440 --> 00:27:38.720
places that you have podcasts and you can look up

455
00:27:38.759 --> 00:27:42.000
tax Talk for you and it's called tax Talk the

456
00:27:42.119 --> 00:27:45.839
number four the letter you dot com and be able

457
00:27:45.839 --> 00:27:51.279
to find all of our shows there. But to answer

458
00:27:51.359 --> 00:27:54.759
your question, if you call Trucker Tax Tools, we have

459
00:27:55.039 --> 00:27:58.759
great low rates now it starts as low as twenty

460
00:27:58.759 --> 00:28:01.640
five dollars a week. We make it simple, we make

461
00:28:01.720 --> 00:28:04.319
it easy, but you do got to call us at

462
00:28:04.319 --> 00:28:08.240
eight seven seven nine six six two four seven seven

463
00:28:08.319 --> 00:28:11.799
against eight seven seven nine six six two four seven

464
00:28:11.920 --> 00:28:15.319
seven or go to Trucker tax Tools dot com, go

465
00:28:15.400 --> 00:28:18.880
to our contact page. Contact us, we'll call you, we'll

466
00:28:18.880 --> 00:28:21.559
get things set up, we'll get things going. He there's

467
00:28:21.599 --> 00:28:25.279
a couple of anti events coming up in the trucking

468
00:28:25.319 --> 00:28:28.799
world that's out there. We've always been a big sponsor

469
00:28:28.880 --> 00:28:33.359
of ten for d C and usually happens around October

470
00:28:33.359 --> 00:28:37.400
fourth every year in Washington, d C. And they have

471
00:28:37.480 --> 00:28:40.720
the trucks on the plaza. We're waiting on information coming out,

472
00:28:41.440 --> 00:28:44.200
but that's always been a pretty cool event. More truckers

473
00:28:44.240 --> 00:28:47.200
we can get out there, the bigger the event and

474
00:28:47.279 --> 00:28:50.400
the bigger presence that would be felt there on the

475
00:28:50.480 --> 00:28:54.400
National Mall. So what better way of doing it. If

476
00:28:54.400 --> 00:28:57.680
you're going to be in the Washington, DC area around

477
00:28:57.680 --> 00:29:02.440
then look up at ten four D and see the

478
00:29:02.480 --> 00:29:05.359
events that are going on, and then jo up. The

479
00:29:05.440 --> 00:29:07.880
other one that's coming up is Hey, you know, maybe

480
00:29:07.880 --> 00:29:10.960
you're a W two driver, maybe you're owner operator out

481
00:29:11.000 --> 00:29:15.079
there in the trucking profession. Oh IDA puts on a

482
00:29:15.279 --> 00:29:20.200
great seminar called truck to Success, So look up o Ida.

483
00:29:20.359 --> 00:29:23.480
Truck to Success is put on by the Old Ida Foundation,

484
00:29:24.400 --> 00:29:28.240
and they're talking about everything from getting your authority to

485
00:29:28.559 --> 00:29:33.240
running your business to I'm there talking about bookkeeping, taxes,

486
00:29:33.640 --> 00:29:39.119
please purchase business entities. All these things that come into

487
00:29:39.240 --> 00:29:43.000
running your trucking business and everything you ever wanted to

488
00:29:43.039 --> 00:29:48.519
know and probably more crammed into three great days of

489
00:29:48.720 --> 00:29:52.799
educational experience for somebody that's coming out and wanting to

490
00:29:52.839 --> 00:29:58.079
be a owner operator in the trucking business. So it's

491
00:29:58.119 --> 00:30:02.160
a nice event that's coming up into October twenty six

492
00:30:02.359 --> 00:30:05.359
through twenty eighth. I believe it is. But again go

493
00:30:05.440 --> 00:30:08.680
to oh Ida Foundation Truck to Success and you'll be

494
00:30:08.720 --> 00:30:10.599
able to find it. And some of the things that

495
00:30:10.640 --> 00:30:14.400
we consider and think about doing is maybe you've got

496
00:30:14.440 --> 00:30:18.559
a lot of money sitting to IRA's regular IR, but

497
00:30:18.720 --> 00:30:22.720
you might consider doing a WROTH conversion. And this means

498
00:30:22.720 --> 00:30:27.240
transferring money in it from a traditional or pre tax

499
00:30:27.319 --> 00:30:31.359
IRA to a ROTH IRA and then you pay the

500
00:30:31.400 --> 00:30:36.319
taxes today on the pre tax and move that money

501
00:30:36.480 --> 00:30:40.720
into an after tax WROTH account, which means that money's

502
00:30:40.759 --> 00:30:44.000
going to grow tax deferred in the earnings on the

503
00:30:44.039 --> 00:30:47.960
converted balances have the potential to be taxedly free if

504
00:30:48.000 --> 00:30:51.799
the distribution is qualified the five year aging rule for

505
00:30:51.839 --> 00:30:54.640
the accountant has been met and the account owner fifty

506
00:30:54.680 --> 00:30:59.319
nine and a half or Another example exemption is that

507
00:31:00.079 --> 00:31:05.400
you have disability or death. So now another bonus on

508
00:31:05.480 --> 00:31:09.839
this is ross are not subject to required minimum distributions

509
00:31:09.880 --> 00:31:14.599
for the life of the original owner. So if you've

510
00:31:15.079 --> 00:31:20.160
headed a ROTH account, the distribution rules are complex as

511
00:31:20.240 --> 00:31:25.000
you need to talk to a tax professional so you know,

512
00:31:25.079 --> 00:31:28.480
what we want to do is definitely think about you know,

513
00:31:28.680 --> 00:31:31.200
is your income low enough that you would be worth

514
00:31:31.559 --> 00:31:37.000
doing this ROTH version for today. If you're in a

515
00:31:37.079 --> 00:31:40.240
really high tax bracket, it may not be one hundred

516
00:31:40.240 --> 00:31:44.440
percent worth doing, but it does sometimes get you around

517
00:31:44.480 --> 00:31:49.039
those required minimum distributions that you may or may not

518
00:31:49.119 --> 00:31:52.519
want to take each year once you're seventy two and

519
00:31:52.559 --> 00:31:56.160
a half, so you might be able to avoid some

520
00:31:56.559 --> 00:32:00.839
of the rmds that are out there, and that money

521
00:32:00.880 --> 00:32:04.880
continue to grow tax free until you pass it down

522
00:32:04.920 --> 00:32:10.400
to your errors or you start using it yourself. And

523
00:32:10.440 --> 00:32:13.559
it's just a way to manipulate your tax rates as well,

524
00:32:14.759 --> 00:32:18.440
especially when you're on Social Security and you're going through

525
00:32:18.640 --> 00:32:22.119
all this and making decisions. We're gonna take a quick

526
00:32:22.119 --> 00:32:23.920
break here. We're going to come back and we're talking

527
00:32:23.920 --> 00:32:27.359
about a couple more things that you can do your

528
00:32:27.400 --> 00:32:30.519
tax planning at twenty twenty five, and we'll do that

529
00:32:31.000 --> 00:32:31.519
right after that.

530
00:32:32.640 --> 00:32:36.279
We have only scratched the surface of today's show. Please

531
00:32:36.319 --> 00:32:39.559
stand by as Barry gif Fowler will be right back

532
00:32:39.680 --> 00:32:45.480
with tax talk for you. As an owner operator. You

533
00:32:45.720 --> 00:32:49.160
already spend too much time away from your family. Stop

534
00:32:49.240 --> 00:32:53.039
spending time during paperwork. Go to Trucker tax tools dot

535
00:32:53.079 --> 00:32:58.000
com a solution filled specifically for truckers. Trucker tax tools

536
00:32:58.000 --> 00:33:04.200
dot Com makes your life run smoothly. Let's get back

537
00:33:04.240 --> 00:33:08.200
to tax talk for you with more tax tock once again.

538
00:33:08.640 --> 00:33:11.240
Here's your host, Barry chief Ballin.

539
00:33:13.759 --> 00:33:17.119
Hey, welcome back. I got a couple more quick questions

540
00:33:17.160 --> 00:33:19.599
in here. Can you have somebody from Old Idea come

541
00:33:19.640 --> 00:33:22.480
on and talk about trust success? Hey, we'll try to

542
00:33:22.480 --> 00:33:26.279
get Andrew with the Foundation, or maybe we'll get Louis,

543
00:33:27.079 --> 00:33:31.319
one of the executive vice presidents of Old IDA, to

544
00:33:31.359 --> 00:33:34.519
come on and talk about trust success, talk about old

545
00:33:34.559 --> 00:33:38.039
IDA as well. And the other person we might try

546
00:33:38.039 --> 00:33:39.759
to get on here, we might get Fred from ten

547
00:33:39.839 --> 00:33:42.440
for DC to come on and talk about ten for

548
00:33:42.680 --> 00:33:45.400
DC and what the big plans that he's got or

549
00:33:45.559 --> 00:33:49.599
ten four DC this year. You, as an owner operator,

550
00:33:49.720 --> 00:33:53.599
can get out there now talking about owner operators, maybe

551
00:33:53.599 --> 00:33:59.799
small business owners, big business owners. If you run in

552
00:33:59.839 --> 00:34:03.039
the business, it's that time to do a check out.

553
00:34:03.240 --> 00:34:06.039
Do a financial checkout for your business if you haven't

554
00:34:06.079 --> 00:34:08.719
done it already. Look at your financial statements, look at

555
00:34:08.760 --> 00:34:11.159
your profit and loss, look at your balance sheet, look

556
00:34:11.159 --> 00:34:13.599
at the general edge of where it gives you all

557
00:34:13.639 --> 00:34:18.199
the deductions that you're taking. Have you captured all your

558
00:34:18.239 --> 00:34:21.559
expenses to hear a truck or tax tools. So we

559
00:34:21.800 --> 00:34:26.360
run what we call our tax minimizer profit maximized, and

560
00:34:26.480 --> 00:34:30.679
what we're looking for is every single possible tax deduction

561
00:34:31.119 --> 00:34:34.039
we can take for you and your business. We don't

562
00:34:34.079 --> 00:34:38.480
want to miss any expenses because part of profit maximizing

563
00:34:39.039 --> 00:34:42.480
is minimizing the tax. So the more that you can

564
00:34:42.599 --> 00:34:46.920
keep unless you give to Uncle Sam is better for you.

565
00:34:47.400 --> 00:34:50.840
At Truck to Success, we talk about how to find

566
00:34:50.920 --> 00:34:54.800
those expenses that are after tax and making them pre tax.

567
00:34:55.039 --> 00:34:58.159
So we'll give you a small example cell phones. You're

568
00:34:58.199 --> 00:35:00.199
using your cell phone a business. We've got to look

569
00:35:00.239 --> 00:35:03.280
at what percentage you're using it, but it becomes a

570
00:35:03.360 --> 00:35:07.039
pre tax deduction. So if you were in a twenty

571
00:35:07.079 --> 00:35:10.960
five percent tax bracket and you were missing out on

572
00:35:11.000 --> 00:35:15.280
one hundred dollars, deduction means you just paid Uncle Sam

573
00:35:15.360 --> 00:35:19.039
an extra twenty five dollars on that twenty five percent

574
00:35:19.639 --> 00:35:22.480
of that one hundred. Now, if you saved it and

575
00:35:22.559 --> 00:35:24.880
you took it the expense, you were gonna pay it anyway,

576
00:35:24.880 --> 00:35:27.199
it's going out of your pocket. Right, took it as

577
00:35:27.239 --> 00:35:31.599
an expense for the business. You just saved yourself money. Now,

578
00:35:31.679 --> 00:35:33.960
if you're self employed doing this on schedule, see, you

579
00:35:33.960 --> 00:35:37.800
didn't just save the twenty five but you also saved

580
00:35:37.960 --> 00:35:41.480
a fifteen point three percent Solid Security and Medicare, So

581
00:35:41.559 --> 00:35:44.559
it becomes a huge saving. It seems like pennies on

582
00:35:44.679 --> 00:35:48.280
the dollar. But when you're talking twenty five percent, or

583
00:35:48.320 --> 00:35:51.039
you're adding Social Security and Medicare to it, and now

584
00:35:51.079 --> 00:35:54.079
you're talking forty point three percent, would you rather have

585
00:35:54.159 --> 00:35:56.000
that money in your pocket or would you rather pay

586
00:35:56.199 --> 00:35:59.280
Dear old uncle Sam. I know the answer to the question.

587
00:35:59.719 --> 00:36:03.599
We all would rather have that money in our pocket.

588
00:36:04.000 --> 00:36:07.280
You know, we're looking at other things that we need

589
00:36:07.320 --> 00:36:11.800
to do and checking all other business expenses to whether

590
00:36:11.840 --> 00:36:18.599
you're self employed contractor self employed truck or self employed consultant,

591
00:36:19.039 --> 00:36:22.679
you're looking at every single expense that you can find

592
00:36:23.239 --> 00:36:26.239
to take the deductions that includes you know, when you're

593
00:36:26.239 --> 00:36:30.840
an escort or you're a partnership maybe multi member reporting

594
00:36:30.880 --> 00:36:35.079
on a partnership that's Form ten sixty five. Especially when

595
00:36:35.119 --> 00:36:38.519
you're on schedule CEE and you're doing it reporting at

596
00:36:38.519 --> 00:36:41.920
all self employment income, you know you're looking at how

597
00:36:41.960 --> 00:36:46.320
do I maximize my let's say take home pay, but

598
00:36:46.400 --> 00:36:50.360
let's say ay I keep I want to keep more

599
00:36:50.960 --> 00:36:53.199
of what I make. You know, are you doing the

600
00:36:53.280 --> 00:36:55.880
right thing and your retirement plans? Are you doing the

601
00:36:55.960 --> 00:36:59.440
right thing for hsas Are you doing the right thing

602
00:37:00.679 --> 00:37:04.480
to Maybe you're paying your kids a wage for doing

603
00:37:04.519 --> 00:37:07.920
some work for your business. That puts that money coming

604
00:37:07.960 --> 00:37:12.960
off to them into a lower tax bracket, and maybe

605
00:37:13.039 --> 00:37:17.320
the kids use that money to support somewhat themselves. So

606
00:37:17.639 --> 00:37:21.320
say you have kids playing travel baseball. The kids can

607
00:37:21.400 --> 00:37:25.159
work for you pay them, and then he or she

608
00:37:25.920 --> 00:37:31.039
pays the expenses for travel, baseball, travel, softball, whatever it

609
00:37:31.119 --> 00:37:34.400
may be. Maybe they're into music lessons, they can take

610
00:37:34.440 --> 00:37:37.400
that money and pay for music lessons. You could take

611
00:37:37.440 --> 00:37:40.199
portion of that money because they've now earned a wage

612
00:37:40.480 --> 00:37:43.519
and had income, and put it into a retirement account

613
00:37:43.920 --> 00:37:46.840
that starts them off for retirement in the future. Just

614
00:37:46.880 --> 00:37:50.480
imagine what a thousand dollars to day for a child

615
00:37:50.519 --> 00:37:54.039
that's maybe ten or twelve years old, what that would

616
00:37:54.119 --> 00:37:57.719
be worth when they're sixty five and going to retire.

617
00:37:58.119 --> 00:38:01.000
As long as they never touch it. You to contribute

618
00:38:01.199 --> 00:38:04.239
all the way until you know they're eighteen. These are

619
00:38:04.280 --> 00:38:06.800
the things that you can do in tax planning that

620
00:38:06.960 --> 00:38:10.440
not just helps you, but helps them in their future

621
00:38:10.840 --> 00:38:13.480
because moving money out of your tax bracket that may

622
00:38:13.519 --> 00:38:18.960
be in a twenty five thirty six percent tax bracket,

623
00:38:19.320 --> 00:38:25.239
benefits you, benefits them and helps them for their future.

624
00:38:25.880 --> 00:38:30.280
So that you're finding ways to save money in your business,

625
00:38:30.840 --> 00:38:34.800
save money on taxes, and invest and keep as much

626
00:38:35.119 --> 00:38:38.360
money as possible. That's the goal at the end of

627
00:38:38.400 --> 00:38:41.320
the day. It should be everybody's goal at the end

628
00:38:41.360 --> 00:38:43.480
of the day. Now, some of the things that you

629
00:38:43.559 --> 00:38:46.199
might want to do. You might want to look at

630
00:38:46.679 --> 00:38:51.760
changing your estate plan, tax plan, maybe do a living trust.

631
00:38:52.199 --> 00:38:54.159
There's a lot of different things that you can do

632
00:38:54.440 --> 00:38:59.559
to save money and put money aside and help move

633
00:38:59.639 --> 00:39:03.840
money from your generation to the next generation. Hey, did

634
00:39:03.840 --> 00:39:07.320
I say state planning is right for everybody? No, it

635
00:39:07.360 --> 00:39:10.480
may or may not be everybody's situations. I suggest you

636
00:39:10.559 --> 00:39:15.079
sit down and talk with an attorney and then decide

637
00:39:15.079 --> 00:39:17.800
where you're going to go, you know from there. Got

638
00:39:17.800 --> 00:39:20.840
a question here from Sandra, how do we start that?

639
00:39:21.440 --> 00:39:24.800
And is there an age limit to do this before? So,

640
00:39:24.880 --> 00:39:27.360
depending on what you're talking about, if we're talking about

641
00:39:28.719 --> 00:39:33.159
IRA's and we're talking about five twenty nine hsas there's

642
00:39:33.199 --> 00:39:35.440
no age limit to really start that, and you can

643
00:39:35.480 --> 00:39:40.400
start putting money away for retirement sooner the better, and

644
00:39:40.760 --> 00:39:42.599
it's got to be where it's going to save you

645
00:39:42.639 --> 00:39:47.320
money on your taxes and benefit you doing this if

646
00:39:47.360 --> 00:39:49.639
all you are, you know, if you were already of

647
00:39:49.760 --> 00:39:52.400
age and retired and retired, there's not probably going to

648
00:39:52.400 --> 00:39:54.599
be a reason do it now unless you have a

649
00:39:54.880 --> 00:39:59.679
huge stake. Then there'll be some limitations on age out

650
00:39:59.719 --> 00:40:03.679
there for retirement accounts. A state planning, you can do

651
00:40:03.719 --> 00:40:06.239
it at anytime. So you know, we sat down with

652
00:40:06.320 --> 00:40:10.159
the state planners with my parents and they were, you know,

653
00:40:10.239 --> 00:40:14.480
in their sixties. We've done revised and new plans for

654
00:40:14.519 --> 00:40:17.519
them when they were hitting their late seventies and now

655
00:40:17.719 --> 00:40:20.800
when my dad passed away, then we sat down with

656
00:40:20.840 --> 00:40:23.760
the state planners and talked about my mom's estate plan.

657
00:40:25.400 --> 00:40:31.079
And she's well into her eighties and going strong, so

658
00:40:31.559 --> 00:40:33.440
you know, we want to make sure there's enough money

659
00:40:33.480 --> 00:40:36.960
for her to live on, you know, till the end

660
00:40:37.000 --> 00:40:39.599
of her time. So we've done a lot of planning

661
00:40:39.800 --> 00:40:43.679
with her and her people to make sure that you know,

662
00:40:43.719 --> 00:40:46.320
the money's going to be there and not run out

663
00:40:46.800 --> 00:40:50.880
and then be able to give money to her grandchildren

664
00:40:51.000 --> 00:40:54.960
or great grandchildren, which was always the goal of my

665
00:40:55.119 --> 00:40:59.480
parents is to give something of a meeting, not just cash.

666
00:40:59.559 --> 00:41:04.000
But my mom has always been into McDonald's and so

667
00:41:04.599 --> 00:41:09.280
to her was giving the grandkids shares a stock in

668
00:41:09.559 --> 00:41:16.119
McDonald's that they have specifically set aside for that party

669
00:41:16.639 --> 00:41:21.000
as for them personally, and that's going to go to

670
00:41:21.039 --> 00:41:23.639
the grand kids. We had to revise things because they

671
00:41:23.639 --> 00:41:26.719
did it through an IRA, but if the kids would

672
00:41:26.719 --> 00:41:30.800
have been inherited out of the IRA, that stock would

673
00:41:30.840 --> 00:41:34.039
have been had to have been sold and wouldn't have

674
00:41:34.119 --> 00:41:36.719
had the same meeting. So now they have it all

675
00:41:36.960 --> 00:41:40.159
into an after tax account. So we revised their plan

676
00:41:40.280 --> 00:41:42.519
to make it work for what they were trying to

677
00:41:42.559 --> 00:41:45.159
do and their goals. So sitting down with your tax advisor,

678
00:41:45.599 --> 00:41:49.559
sitting down with your investment person helps you modify your

679
00:41:49.559 --> 00:41:52.440
goals and make it work. Whether it's both tax planning

680
00:41:52.880 --> 00:41:56.679
investment planning works out there, you know the best thing

681
00:41:56.719 --> 00:42:00.119
to do is get started, start somewhere, start your plan

682
00:42:00.519 --> 00:42:06.400
figured out, whether it's you know, itemizing standard deduction, bunching expenses,

683
00:42:06.920 --> 00:42:15.199
retirement roth IRA, regular traditional IRA, charitable contributions, state planning.

684
00:42:15.639 --> 00:42:19.000
All these things come in am I doing things right

685
00:42:19.039 --> 00:42:23.400
in my business? My maximizing my deductions? So now leading

686
00:42:23.400 --> 00:42:26.960
into maximizing deductions. If you're a trucker owner operator, Hey,

687
00:42:27.000 --> 00:42:30.199
call Trucker tax Tools or go to Trucker tax tools

688
00:42:30.280 --> 00:42:34.199
dot com. And that is eight seven seven nine six

689
00:42:34.320 --> 00:42:37.400
six two four seven seven again eight seven seven nine

690
00:42:37.440 --> 00:42:40.679
sixty six two four seven seven, And let's get started

691
00:42:41.239 --> 00:42:46.320
working with you in maximizing your deductions and keeping more

692
00:42:46.360 --> 00:42:50.440
money in your pocket as a owner operator business owner.

693
00:42:50.760 --> 00:42:53.760
Maybe it means guiding you to being an escort or

694
00:42:53.800 --> 00:42:58.679
a multi member LLC or just staying as a schedule CEE,

695
00:42:58.880 --> 00:43:01.360
sole proprietor when you get to look at it, how

696
00:43:01.360 --> 00:43:04.400
to maximize those seductions. And that's what we get to do.

697
00:43:04.800 --> 00:43:08.679
So one last question, Hey, Kelly, we got this. Does

698
00:43:08.719 --> 00:43:11.320
this apply to those that work paycheck to paycheck or

699
00:43:11.400 --> 00:43:13.880
is this the ones who have money? Hey, you can

700
00:43:14.039 --> 00:43:17.599
start putting money into iras. It could be a small

701
00:43:17.599 --> 00:43:20.440
amount with every paycheck or if your company has a

702
00:43:20.440 --> 00:43:23.800
four oh one K match, maximize it. Once you get

703
00:43:24.159 --> 00:43:27.400
past that feeling of oh my god, desperation, this isn't

704
00:43:27.440 --> 00:43:30.000
going to work that I need the money. You'll get

705
00:43:30.079 --> 00:43:32.599
used to it, and that money can stay there and

706
00:43:32.639 --> 00:43:36.480
continue to grow. And if a company is contributing to

707
00:43:36.559 --> 00:43:38.400
the four oh one K and matching what you're doing,

708
00:43:38.480 --> 00:43:41.719
it's going to grow even better. So do it, use it,

709
00:43:41.920 --> 00:43:44.679
maximize it. Hey, don't miss an episode of tax Talk

710
00:43:44.760 --> 00:43:47.119
for You. So we get to answer questions, we get

711
00:43:47.159 --> 00:43:50.280
to help you buying the right ways to save money

712
00:43:50.280 --> 00:43:53.519
on taxi. But you've got to be here every Monday

713
00:43:53.559 --> 00:43:56.519
at ten am Eastern Time on W four CY Radio

714
00:43:57.000 --> 00:44:01.280
and tax Talk for You dot Com Againness tax Talk

715
00:44:01.679 --> 00:44:05.679
the number four, the letter you dot com, the tax

716
00:44:05.719 --> 00:44:09.199
Talk for You dot Com. Go over there, like us,

717
00:44:09.400 --> 00:44:14.280
follow us, go to iHeart Spotify, find all of our podcasts.

718
00:44:14.320 --> 00:44:17.960
We have some great podcasts about one big beautiful bill,

719
00:44:18.599 --> 00:44:24.000
trucking and taxes, small business taxes, small business bookkeeping, you

720
00:44:24.159 --> 00:44:26.559
name it, we've got it. But you've got to be

721
00:44:26.719 --> 00:44:30.400
here joining us at tax Talk for You. To go

722
00:44:30.440 --> 00:44:33.000
to tax Talk for You or go to Facebook page.

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00:44:33.480 --> 00:44:36.360
Like us over there, follow us over there, but be

724
00:44:36.559 --> 00:44:41.599
here Mondays ten am on W four CUI Radio. We'll

725
00:44:41.599 --> 00:44:44.559
see you next week. Have a god bless glorious.

726
00:44:46.159 --> 00:44:49.320
Are you an individual or business that wants to understand

727
00:44:49.440 --> 00:44:52.719
taxes and how they affect you. Are you looking for

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specific tax advice for self employed business owners in truckers.

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Are you behind on taxes and your bookkeeping? Are you

730
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dealing with the irs and ready to have some relief,

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Then you need Tax Talk for You, hosted by tax

732
00:45:10.719 --> 00:45:15.199
and trucker expert Barry G. Fowler EA two in ten

733
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am Eastern Time every Monday right here on W FOURCY

734
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Radio and Talk for TV. Don't forget to check this

735
00:45:23.039 --> 00:45:27.599
and past episodes at tax TALKFORU dot com. See you

736
00:45:27.639 --> 00:45:32.559
next week at W fourcy dot com