June 30, 2025

Tax Planning and Questions – Individual, Business, Farm Ranch and Trucking Taxes!

Tax Planning and Questions – Individual, Business, Farm Ranch and Trucking Taxes!
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Season 2

Tax Planning and Questions – Individual, Business, Farm Ranch and Trucking Taxes! Tax Questions and answers Where to free file, Taxable tips, Tax extensions, filing deadlines, Tax dedcutions, how to amend you tax returns 1040X, 1120, 1120s or 1065. stnadard dedcution 2025, capital gains taxes,

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

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicit or implies shall be extended to W FOURCY

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

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should be directed to those show hosts. Thank you for

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choosing 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.

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Foul Hey, welcome man, great Monday morning. This is the

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kind of episode that I kind of like, and it

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challenges you, a listener, to submit questions, and then it

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challenges me to be able to answer those questions. Hey,

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this is a test of tax knowledge. Since you've got

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questions wherever you're listening, go to the comments section, go

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ahead and put your questions in. It's send like share.

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You know, the whole works. Let's get the word out

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that we're here talking taxes, and we're talking taxes for you.

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You know, whether it's individual taxes, whether it's small business taxes,

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trucking taxes, and trucker bookkeeping, you name it. Hey, I've

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got a bunch of new clients and I would like

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to sit here and name them all over at truck

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or Tax to some great truckers that have come to

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us over the last week, putting Amanda, Robert, David, Daniel, Greg.

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I know I'm missing about ten more just off the

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top of my head, but those are meetings I have

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coming up here in the next few hours with them

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to do their initial call and get them all set

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up in the bookkeeping and the tax department to make

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sure we're dotting the as and crossing the ease. Hey, today,

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like I said, we're going to be taking questions. You've

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got questions, submit them, we'll get an answer. Talking first

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here in this first section about tax planning and how

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important planning can be in your business and personal When

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it comes to taxes, some people think, you know, hey,

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I'm going to show up, you know, in February, March, April,

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and I am going to be able to save the

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most amount of money on taxes because I've gone to

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somebody to prepare my taxes. You know, we're limited in

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what we can do after the year is done. And

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that means most of the deductions and everything that you've

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spent money on can be deducted. And let's say we're

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working twenty twenty five and we're getting ready to do

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your taxes. If you haven't spent the money, use the

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money to find the deductions in twenty twenty five, we're

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going to be very limited. Yes, we might be able

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to do some retirement accounts. Yes, you might still be

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able to contribute to your health savings account if you

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have a qualified medical plan. But being able to strategize

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with you what you can do throughout the year the

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maximize deductions makes it very difficult. Buying a new vehicle

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or new tractor or new piece of equipment for your

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business can't happen in twenty twenty six and deducted in

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twenty twenty five. But if this is a needed piece

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of equipment, and we don't make this recommendation strong, you know,

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without looking at what's going on in your business. So

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this isn't one of these strong recommendations. Everybody should run

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out and buy a piece of equipment because I'm going

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to be able to take the appreciation and lower my taxes.

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But if you didn't need the equipment, doesn't improve your

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bottom line, doesn't improve the way you do business, then

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you're just spending money. So you run out and buy

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a new truck or new tractor, new trailer, a new

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piece of equipment, and it costs you one hundred thousand dollars. Yeah,

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it could save you, you know, ten, fifteen, twenty five, thirty,

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forty thousand dollars, depending on what tax bracket you're in,

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and you know, self employment taxes and the whole works.

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It could be there, but you're still out the other

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sixty thousand dollars. So it may not be the wise

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financial decision. It may be the tax decision that you

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need to make, but it doesn't make the decision right.

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So you've got to put some business sense to everything

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you do, even when you're talking about saving taxes, because

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you know, yes, our goal here is to minimize the

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tax you pay, maximize the profit that you're making, and

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you've got to use the scales and the values of

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what is going to make sense for you. You know,

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some of the things we see in in tax planning

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is people rushing out because they hear escorp and escort

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can save you money. A rush decision in jumping out

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into escorp can cost you thousands instead of saving you thousands. Now,

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when they talk about tax savings when they're using an escort,

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they're talking about saving money on self employment tax and that,

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oh my god, your tax bill is going to drop

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over tonight. But what many people don't realize when you're

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making this escort election is that you're going to have

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additional costs. And an escort election is only really works

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consistently if you are consistently making a profit, but then

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you're also ready to handle the administrative nightmare that comes

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with it. So you're going to have increased costs for

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payroll compliance. So you've got to do got to do payroll,

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You've got to file the tax forms n W two's

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W three, You've got to pay the payroll taxes, So

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you're going to pay in the federal withholding that you

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withhold from everybody's paycheck, social Security Medicare and the match

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of Social Security Medicare, and then you're probably going to

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have federal unemployment taxes to that, state unemployment taxes to that,

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and then you get down to your now hopefully savings.

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Then you're going to have an additional federal filing with

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eleven twenty s that is your corporate escorpate return and

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then the ke ones that go along with it. Then

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I know this sounds bad. You'll have an additional scrutiny

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of your business or having a reasonable salary for the

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owner that is working in the business. Now, you could

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also cause yourself a problem because you could potentially overpay

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yourself if you're not profitable enough. So we in tax

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planning will weigh out the difference between being self employed

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or being a single member LLC report both reporting on

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Schedule C versus what your tax liability would be reporting

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as an escort and then decide, hey, which is the

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best route for you to go and the best way

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for your business and whether your business net income is

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going to support being an escorp in the model of

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the ESCORP and will it continually do that year after year?

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So you know, you've got to make sure that you're

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doing this, you're timely filing for that es CORP election

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and making the right choices. So we sit down and

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analyze your last twelve to eighteen months of your business.

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We also sit down and with you in forecast the

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next twelve months so that your ESCORP timing can be

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done correctly. And David, thanks for the question out here.

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And man, we're getting started with questions, so it's really

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nice and it's great. Should I have a separate checking

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account for business and personal? And we tell you absolutely.

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One of the first things we do, whether you're a

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sole proprietor whether you're a single member LLC, multi member LLC,

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whether you set up an inc. So if your x

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y Z Inc x y Z Trucking Inc. First thing

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we're going to ask you on the phone is about

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your checking accounts. And we're then going to ask you

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about do you mix business and personal in your checking accounts?

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You know, we know life moves absolutely quick. You grab

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your business card, you go out for lunch and you

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forgot it wasn't a client meeting, or you cover a

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expense that should have been on your business card and

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you put it on your personal card. You know, life happens.

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You can get reimbursed for that, but you can't transfer

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the transaction but to the you know, for the IRS.

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It could be a red flag. Also when you are

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commingling funds, if you are set up to limit your liability,

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that commingling funds can Here's what the attorneys tell me

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is corporate veil. Now I'm not an attorney, never wanted

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to be. Turney. Don't charge legal fees, So don't take

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this as legal advice. Take this as tax advice. So

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when we come back from this break, we're going to

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continue talking about some of the risks that you have

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commingling funds business and personal in your company. Over right

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back after this, we.

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Have only scratched the surface of today's show. Please stand

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by as Barry G. Fowler will be right back with

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tax talk for you. If you owe the IRS or

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are going through an IRS audit, don't go at it alone.

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Called taxation Solutions tax relief at eight eight eight nine

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three zero one zero one six, we are your solution

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for IRS debts audits. Back taxes, garnishments, 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 eye

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as walk all over you. Stop the irs now call

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eight eight eight nine three zero one zero one six

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or go to Taxation Solutions dot net now for a

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

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for you with more tax talk once again.

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Here's your host, Barry G. Faller.

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Hey, we're talking about taxes, tax planning and all your questions.

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So get as many questions in regarding taxes as possible. Mister,

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when did they separate CNES Corp. You've actually got to

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make this election yourself or through us to establish an

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actual escort. So when you set up your corporation with

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the state, So if you do Missy Trucking, Inc. And

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then file for your employer Identification number with the federal government,

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it's going to come back and tell you you're going to

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final eleven twenty, which is a C corporation. And if

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when you are a corporation, then you have to file

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that eleven twenty every year. And unless you make the

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election through the IRIS to make yourself an escort, and

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you only have so much time to do it. Otherwise

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you've got to jump through some hoops and do it retroactively.

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So you want to make sure you file the twenty

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five to fifty free timely to make that ESCORP election. Now,

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when you are company like this in LLC or corporation

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and you start commingling funds, funds mixing business and personal,

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you know you can lose induction some deductions out there,

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and the eligibility of some deductions. Of course, the attorneys

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tell me you're going to weakend your legal protections, piercing

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that corporate veil for your LLC and your corporation you

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could get if you were going through an IRS audit,

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you should you might have some penalties, not necessarily from

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commingling funds, but from making something that's non deductible and

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stuff out there, and then you could have some very

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difficulty producing clean and creditical books for your investors, you know,

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So you want to make sure that you're doing that.

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If you did charge something, I saw a question flash up.

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I didn't see who it was. It was from Mickey.

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If you do use your personal card for business, can

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the expenses be repaid to the personal.

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Yes.

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What I tell people to do is to make it

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clean and file an expense report with your company. Treat

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it like you're working for somebody else, and file that

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expense report and get that reimbursement. Put the receipt in there,

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attach it to it. It's the same link turning in

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let's say mileage. You're using your personal vehicle for business.

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You know, do the expense report and turn that in

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so that you know you can track every month your

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mileage and you have where you went, places you were going,

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and the reimbursement to yourself for that that mileage. Let's see. Oh,

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I've got a message here from Gary. Am I required

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to make estimated tax payments as a small business owner? Yes? No,

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maybe you know. First thing we're going to do is

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look at your twenty twenty four tax return. What was

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your tax liability from that return? Not what you had

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to pay when you did it, but how much money

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was the actual tax. Then we have to look at

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what is going to be your federal holding for this year.

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If let's say your spouse works and has a W

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two income and you've been in the business before and

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at the end of the day, her withholdings enough to

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cover what the tax liability was on your twenty fourth

229
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tax return. Then the IRS is not going to have

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a requirement for you to make an estimated tax payment,

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but you may be required to pay taxes April fifteenth

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the next year, and you probably got to do a

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little bit of tax planning to see if you need

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to set money aside to pay future taxes next year,

235
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not necessarily have to pay them in So, maybe your

236
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income has increased greatly, or maybe your spouse lost their

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job and doesn't have the W two income, then you

238
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probably would have to pay estimated taxes because you don't

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have that withholding any So there's a lot of variables

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to it. So that's why it's yes, no, And maybe

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if you're seeing a huge increase in income, then you

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definitely want to go through some tax planning and set

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enough money aside. Now, maybe you've made money in business

244
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and this year is a really down year and you're

245
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having to pay absorbitant estimated taxes. You can actually go

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to the actual method and pay your estimated taxes based

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on actual earnings from your company. Now that requires a

248
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very close review of your financials and your financial situation

249
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prior to each estimate being due. Now, what are those

250
00:16:36.919 --> 00:16:40.879
estimates due? You know, first one April fifteenth, notingl like

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hitting you square in the head when you're already having

252
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to pay taxes or filed by April fifteen. Then you

253
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got to make your first estimated tax payment. Then the

254
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next one isn't a quarter later, it's two months later,

255
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and it's June fifteenth, then September fifteenth, and then January fifteenth.

256
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So you've got those four tax payments that are out there.

257
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We're just glad they didn't hit you December fifteenth, right

258
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before Christmas, so you can enjoy your holidays and spend

259
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some money out there. But you know, even if you

260
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don't pay estimated taxes and you're not required, to make

261
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sure you're looking at your financial position and where you're

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at so that you've got enough money to pay the

263
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taxes plus possibly the first estimate come April fifteenth, because

264
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you know that's a double witch an hour. You want

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to make sure you got money for both of them

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and get those things both paid. That's out there.

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Hey.

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You know, when we do tax planning, we're always looking

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at what we say is minimizing the tax, but maximizing profit,

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you know, and sometimes you know that goes hand in hand.

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Sometimes it sounds contradictory. Hey, how am I going to

272
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maximize my profit? The more we can minimize the tax

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that you do, the more money you actually keep in

274
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your pocket. One way we do that at is making

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sure that you're tracking all deductible expenses. Are you finding

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everything that can be deductible? See when I go and

277
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I do a seminar with oh Ida Owner Operator Independent

278
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Drivers Association, and I go there and I speak, and

279
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I also write for Landline magazine and you can see

280
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my articles in their Trucking and taxes are fact that

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we're working on an article this morning and talking about

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different expenses that are missed and different tax problems that

283
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people have. But what we always look to do is

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to make sure that anything that you're paying with after

285
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tax dollars that should be business related, meaning you didn't

286
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find it to take it as a deduction. We find

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it to make it deductible to save you money. Now

288
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you know that minimizes profit but also maximizes what you're

289
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keeping because it's moved it from where you're paying an

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extra uh twenty percent on it because your tax bracket

291
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or thirty percent self employment taxes and everything into it.

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So you're paying this with after tax money, and it

293
00:19:11.359 --> 00:19:14.720
should be paid out of this bucket over here that

294
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is before tax. So you've got to make sure that

295
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you're tracking your deductible expenses and you know, making sure

296
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that even the small purchases like subscriptions and parking client

297
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gifts aren't slipping through the cracks, and that you're getting

298
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all those deductions. You know, sometimes the big things are

299
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easy fuel rent marketing, But if you're not logging every

300
00:19:41.200 --> 00:19:45.720
single expense, then you're giving the irs a much bigger

301
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check than they deserve. Not that they deserve anything, but

302
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you know, we do have to fund federal government for

303
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you know, our protection, social Security, medicare you know, yeaday iadyada,

304
00:19:56.319 --> 00:19:59.279
you name it, do it. So you need to make

305
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sure that you're tracking all your expenses so you're not

306
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losing deductions, overstating profits, or you're missing the opportunity for

307
00:20:09.720 --> 00:20:13.480
legitimate right offs. Now, you know, you kind of got

308
00:20:13.480 --> 00:20:17.400
to make sure that you're doting your eyes, you're crossing

309
00:20:17.440 --> 00:20:21.839
your t's, making sure the deductible expenses is the correct

310
00:20:22.000 --> 00:20:25.119
expenses out there. You may be paying cell phone, and

311
00:20:25.160 --> 00:20:27.559
you think it's one hundred percent right off. Well, that

312
00:20:27.880 --> 00:20:32.240
cell phone that you have out there should be allocated

313
00:20:32.279 --> 00:20:35.480
to both business and personal, especially if it's your personal life,

314
00:20:35.839 --> 00:20:39.240
because you do take phone calls from your mom, your dad,

315
00:20:39.319 --> 00:20:42.599
your sister's, your brother, your friends, but you're also taking

316
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phone calls your business associates, your clients, you know, people

317
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that work for you, or people that you work for,

318
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whatever it is. You know that you've got to be

319
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able to take the appropriate amount of the write off.

320
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So you've got to be aware of these things. You

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don't want to overstate the deductions, but you don't want

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to miss the deductions either, So you know, make sure

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that you have what you need and you're getting the

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proper deductions that you need to have for your business. Hey,

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we're going to talk some more and answer some more

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questions right after this quick break.

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

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stand by as Barry gif Fowler will be right back with.

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Tax talk for you.

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As an owner operator, you already spend too much time

331
00:21:37.599 --> 00:21:41.400
away from your family. Trucker tax tools handles all your

332
00:21:41.400 --> 00:21:44.640
bookkeeping and taxes no matter what level trucker you are

333
00:21:44.880 --> 00:21:48.079
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334
00:21:48.119 --> 00:21:51.480
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335
00:21:52.000 --> 00:21:55.960
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336
00:21:56.000 --> 00:21:58.799
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337
00:21:58.920 --> 00:22:02.519
will give you the tools to never worry about your

338
00:22:02.559 --> 00:22:07.079
taxes again. Call Trucker Tax Tools eight seven seven nine

339
00:22:07.200 --> 00:22:08.920
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340
00:22:09.039 --> 00:22:11.960
Seven seven or go to Trucker tax.

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00:22:11.720 --> 00:22:16.799
Toools dot com now and let the experts keep you trucking.

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00:22:18.680 --> 00:22:21.480
Let's get back to tax talk for you with more

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00:22:21.680 --> 00:22:23.480
tax talk once again.

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Here's your host, Barry G. Fallo.

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Hey, welcome back. Like I said, I love questions. You know,

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last week we had a great show. We had a

347
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lot of questions and I got a lot of comments

348
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over my dogs. Maybe next week I'm going to do

349
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it out by the chickens or something so we can

350
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see how many people we have that love chickens or

351
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have backyard chickens. I could do a whole show just

352
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on backyard chickens and what we've learned. But you know,

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we talked about taxes, truckickers, bookkeeping, small businesses, your personal taxes,

354
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you name it. Hey got a great question from Gabe

355
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can I get another extension. I figured out I'm going

356
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to owe more money than I thought, and I need

357
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more time to pay and file gave. Unfortunately, the IRS

358
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gives you a six month extension if you filed for

359
00:23:19.079 --> 00:23:23.359
the extension before April fifteenth, and then you would have

360
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to file it by October fifteenth. The extensions that IRS

361
00:23:27.799 --> 00:23:31.200
grants you is not an extension of time to pay,

362
00:23:31.440 --> 00:23:34.480
only extension of time to file, and they only give

363
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you those six months. So if you're owing the money,

364
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you should have paid it all in by April fifteenth.

365
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Otherwise the IRS is going to hit you with interest

366
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in penalties, and unfortunately there's not another extension to file

367
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to get you more time to file. On top of that,

368
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you just need to do everything you can to get

369
00:23:58.960 --> 00:24:02.720
it filed and then we can work with the IRS

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to set up a payment plan. If the amount is

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significant and your income has gone down and you can't

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afford to pay, then there's other solutions that are there

373
00:24:14.720 --> 00:24:18.119
for you that can be put in place, but they're

374
00:24:18.160 --> 00:24:22.680
also going to require that you actually pay your estimated

375
00:24:22.720 --> 00:24:25.880
taxes as well with any solution that's going to go in.

376
00:24:26.160 --> 00:24:29.480
So if your income is down, then I suggest you

377
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go to the actual method to do your estimated taxes

378
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and prove that you can pay a lower amount than

379
00:24:39.039 --> 00:24:42.000
what would be based on the twenty twenty four tax

380
00:24:42.039 --> 00:24:46.519
return that you will be filing, hopefully by the final

381
00:24:46.640 --> 00:24:51.880
due due date in October fifteen. Now, if you are

382
00:24:52.359 --> 00:24:58.200
a partnership escorp, that six month extension went from March

383
00:24:58.759 --> 00:25:03.880
and therefore you have to September fifteenth file yours corp

384
00:25:04.119 --> 00:25:08.519
returns and stuff out there. Rebecca, can I file my

385
00:25:08.680 --> 00:25:13.079
taxes for free? IRS? Says you can. You can go

386
00:25:13.160 --> 00:25:18.279
in and free filing may be possible using IRS Direct

387
00:25:18.279 --> 00:25:21.680
File or IRS Free File, depending on your income and

388
00:25:21.880 --> 00:25:27.319
tax situation. Other options are There's places all around the

389
00:25:27.359 --> 00:25:34.839
country called VITA Volunteer Income Tax Assistance or TCE, which

390
00:25:34.880 --> 00:25:38.799
is tax counseling for the elderly, can also be explored

391
00:25:38.880 --> 00:25:44.079
if you are qualified. So either program you may qualify for, Yes,

392
00:25:44.319 --> 00:25:47.680
you can do it. Do I absolutely suggest that I've

393
00:25:47.759 --> 00:25:52.839
seen some of these things prepared. No, not necessarily, but

394
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if that is your only option and you can get

395
00:25:57.319 --> 00:26:01.279
away with free file, that's fine. If you're straight, just

396
00:26:01.400 --> 00:26:07.160
one w two and maybe you're young, you know, hey,

397
00:26:07.359 --> 00:26:10.119
maybe you can get in and use IRS direct file

398
00:26:10.200 --> 00:26:16.119
depending on what your income is as well, Brenda, what

399
00:26:16.240 --> 00:26:20.200
if you missed the tax filing deadline, Well, if you

400
00:26:20.359 --> 00:26:24.359
miss the deadline and taxes are owed, hey, penalties an

401
00:26:24.400 --> 00:26:26.960
interest are going to get acrow. However, if you've got

402
00:26:26.960 --> 00:26:32.000
a refund coming back, there's generally no problem with filing late,

403
00:26:32.119 --> 00:26:34.720
but file as soon as possible. Now, I'm going to

404
00:26:34.799 --> 00:26:37.319
tell you I've seen people who it didn't file, they

405
00:26:37.319 --> 00:26:39.200
were afraid they were going to owe, or just didn't

406
00:26:39.200 --> 00:26:44.000
get around to it. And you know, you wait, you

407
00:26:44.079 --> 00:26:47.279
drag your feet, and now you're four years, five years

408
00:26:47.319 --> 00:26:50.200
down the road, and you're going to go file and

409
00:26:50.240 --> 00:26:52.680
you find out you're going to get a refund from

410
00:26:52.759 --> 00:26:58.079
a tax return from twenty nineteen or twenty twenty or

411
00:26:58.400 --> 00:27:02.640
twenty twenty one, and guess what, you're not getting it?

412
00:27:03.119 --> 00:27:06.319
You had three years to claim for a refund. Now,

413
00:27:06.440 --> 00:27:09.839
isn't ironic? The IRS can go back as far as

414
00:27:09.880 --> 00:27:14.160
it wants to force you to file and then collect

415
00:27:14.160 --> 00:27:17.559
the tax for ten years after you filed and it's

416
00:27:17.559 --> 00:27:21.400
been accepted. But you've got only a three year period

417
00:27:21.920 --> 00:27:24.720
to file your tax return and do a claim for refund.

418
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Some things are left to make you wonder, isn't it

419
00:27:30.519 --> 00:27:34.000
Gabe follow up question, how can I make my estimated

420
00:27:34.119 --> 00:27:38.279
tax payment? You can go online, go to IRS dot

421
00:27:38.359 --> 00:27:41.240
gov and do your estimated tax payments there. Make sure

422
00:27:41.319 --> 00:27:44.920
when you put in your estimated tax payments, you log

423
00:27:45.039 --> 00:27:48.880
in to your own account out there and make sure

424
00:27:48.920 --> 00:27:52.279
it's verified. They use one ID or something else out

425
00:27:52.279 --> 00:27:57.039
there for this, and you can make your estimated tax payments. Now,

426
00:27:57.160 --> 00:27:59.799
make sure you put in the tax year twenty twenty

427
00:27:59.799 --> 00:28:03.319
five and they estimate tax payments. If you don't, you

428
00:28:03.359 --> 00:28:05.799
happen to put twenty four or some other here, that's

429
00:28:05.839 --> 00:28:08.200
where it's going to go, and then you would have

430
00:28:08.240 --> 00:28:10.319
to call the IRS to get them to move the money.

431
00:28:10.319 --> 00:28:12.440
But if you owe them, they're not going to be

432
00:28:12.759 --> 00:28:16.759
very happy about moving the money to estimated tax payment

433
00:28:17.000 --> 00:28:19.240
that's out there, But that's the easiest way. You can

434
00:28:19.400 --> 00:28:21.960
also send in a check and use ten forty ES

435
00:28:22.599 --> 00:28:25.400
and send that forum in with a check and the

436
00:28:25.440 --> 00:28:30.200
IRS will still accept it. Again, make sure not only

437
00:28:30.279 --> 00:28:33.960
on the ES form when you're sending it in. On

438
00:28:34.000 --> 00:28:38.440
the check put yourself security number, but twenty twenty five

439
00:28:38.920 --> 00:28:42.640
ten forty first quarter, second quarter, whichever quarter it happens

440
00:28:42.680 --> 00:28:48.079
to be so that you can make sure it gets

441
00:28:48.079 --> 00:28:50.359
credited to the right period, and if it doesn't get

442
00:28:50.400 --> 00:28:54.519
credited to the right period, then you have proof that

443
00:28:54.599 --> 00:28:56.880
it should have went there and the irs would have

444
00:28:57.119 --> 00:29:01.519
to move those dollars to the right sue stimated tax payment.

445
00:29:01.799 --> 00:29:07.680
All right, Brenda Man, we're on a roll here, one

446
00:29:07.759 --> 00:29:11.359
big beautiful bill. What's in it? Well, right now, it

447
00:29:11.400 --> 00:29:14.640
has passed the Senate with some changes. It goes back

448
00:29:14.680 --> 00:29:18.519
to the House and I believe it's going into committee

449
00:29:19.039 --> 00:29:22.799
and they will settle all this out and at the

450
00:29:22.880 --> 00:29:25.680
end of the day, once the dust settles, will be

451
00:29:25.680 --> 00:29:29.880
able to go through and do a complete review of

452
00:29:29.920 --> 00:29:33.480
what the tax implications is in this bill. There are

453
00:29:33.519 --> 00:29:37.279
some really nice things I have seen now. You know,

454
00:29:37.400 --> 00:29:40.799
once they finished going through the numbers out there and

455
00:29:41.279 --> 00:29:44.680
reconciling between the two different bills, the House and the Senate,

456
00:29:45.079 --> 00:29:49.680
and it gets to the President, you're going to see

457
00:29:49.720 --> 00:29:54.240
some increases in child tax credits. You're going to see

458
00:29:54.279 --> 00:30:00.200
where cash tips have become non tax bulls. As long

459
00:30:00.240 --> 00:30:05.160
as your income is below a certain amount, might be

460
00:30:05.200 --> 00:30:09.720
interesting to change the way people get paid and you know,

461
00:30:09.799 --> 00:30:13.839
start taking cash tips even in service business that isn't

462
00:30:14.440 --> 00:30:18.200
where you're doing waiter waitresses. I mean, maybe I should

463
00:30:18.240 --> 00:30:20.400
just do a line out of it, Hey send cash

464
00:30:20.480 --> 00:30:23.480
dour staff for tips and make it non deductible, a

465
00:30:23.559 --> 00:30:29.000
non taxable. I've also seen where they're going to make

466
00:30:29.440 --> 00:30:31.759
and I don't know all the requirements behind it yet,

467
00:30:31.960 --> 00:30:36.079
so security non taxable. But there's still going to be

468
00:30:36.759 --> 00:30:39.880
some things that I think if you're making too much money,

469
00:30:39.960 --> 00:30:42.440
you're still going to have to pay back or have

470
00:30:42.599 --> 00:30:47.480
your benefits reduced some of the other things that are happening.

471
00:30:47.640 --> 00:30:52.200
And this isn't necessarily from the bill, but twenty twenty

472
00:30:52.240 --> 00:30:56.400
five standard deduction amounts for single filer is going to

473
00:30:56.440 --> 00:31:00.880
be fifteen thousand, you're married filing jointly thirty thousand, and

474
00:31:00.960 --> 00:31:05.440
had a household twenty two thousand, five hundred. The Child

475
00:31:05.559 --> 00:31:11.319
tax Credit for dependence under seventeen right now sits at

476
00:31:11.319 --> 00:31:14.839
a maximum of two thousand per child in twenty twenty five,

477
00:31:16.359 --> 00:31:20.880
so we'll see. Misty, is that tip thing really going

478
00:31:20.960 --> 00:31:24.400
to work? Yes? No, maybe, you know, it's one of

479
00:31:24.480 --> 00:31:28.599
those things that you might want to ask people how

480
00:31:28.680 --> 00:31:34.000
much of the cash tips they're actually reporting to their employer,

481
00:31:34.559 --> 00:31:38.279
and how much cash tips are actually given these days,

482
00:31:38.839 --> 00:31:42.680
most tips are done on the credit cards, so they're

483
00:31:42.720 --> 00:31:47.319
talking about cash tips. So unless something changed in that

484
00:31:47.559 --> 00:31:54.119
big beautiful bill might be limited in what actually is

485
00:31:54.599 --> 00:31:58.440
non taxable, or you and I when we're out at

486
00:31:58.519 --> 00:32:03.119
the restaurants giving it tip, should start giving cash tips

487
00:32:03.440 --> 00:32:07.279
instead of putting it on credit card form because then

488
00:32:07.759 --> 00:32:11.880
they would not report it. So when I'm looking at

489
00:32:11.880 --> 00:32:14.799
that bill, I see the word cash tips, so I'm

490
00:32:14.880 --> 00:32:19.079
assuming it'd be a cold hard cash. Now, maybe the

491
00:32:19.160 --> 00:32:24.160
interpretation might be something different out there, but we'll have

492
00:32:24.240 --> 00:32:29.960
to look and see what happens with this big beautiful bill. Hey,

493
00:32:30.000 --> 00:32:33.519
we got a couple other questions about capital gains and taxes,

494
00:32:33.559 --> 00:32:35.599
and we're going to talk about that right after this

495
00:32:35.720 --> 00:32:36.319
quick break.

496
00:32:37.559 --> 00:32:41.240
We have only scratched the surface of today's show. Please

497
00:32:41.279 --> 00:32:44.519
stand by as Barry Chief Fowler will be right back

498
00:32:44.599 --> 00:32:50.440
with tax talk for you. As an owner operator, you

499
00:32:50.680 --> 00:32:53.200
already spend too much time away from your family.

500
00:32:53.759 --> 00:32:55.799
Stop spending time doing paperwork.

501
00:32:56.279 --> 00:32:59.240
Go to truck or text tools dot com a solution

502
00:32:59.440 --> 00:33:03.759
filter typically for truckers. Trucker tax tools dot Com makes

503
00:33:03.799 --> 00:33:10.039
your life run smoothly. Let's get back to tax stock

504
00:33:10.119 --> 00:33:11.960
for you with more tax stock.

505
00:33:12.519 --> 00:33:18.240
Once again, here's your host, Barry G. Fallum.

506
00:33:18.440 --> 00:33:24.359
Hey, welcome back. Hey, this is a great question from Marty. Marty,

507
00:33:24.880 --> 00:33:27.640
you asked about what do we do different at Trucker

508
00:33:27.759 --> 00:33:32.119
Tax Tools anybody else for truck or bookkeep You know,

509
00:33:32.200 --> 00:33:34.119
this is one of these things I can jump off

510
00:33:34.160 --> 00:33:37.880
and be on my soapbox about different people that jump

511
00:33:37.920 --> 00:33:43.880
into bookkeeping or taxes. And you know, when you specialize

512
00:33:43.920 --> 00:33:47.799
like we do around truckers, we know all the deductions

513
00:33:47.839 --> 00:33:52.839
that you can take and look for additional deductions everywhere

514
00:33:52.880 --> 00:33:56.400
we can find it. Now I see all all the

515
00:33:56.440 --> 00:34:00.880
time online advertisements for people to jump out and be

516
00:34:00.960 --> 00:34:04.559
a bookkeeper, and that you can make hundreds of dollars

517
00:34:04.599 --> 00:34:09.800
off of people doing bookkeeping monthly. You know, those people

518
00:34:10.400 --> 00:34:15.519
no training, not qualified, They just learned from some guy

519
00:34:15.559 --> 00:34:19.079
that gave a short maybe a week course, two day

520
00:34:19.079 --> 00:34:21.239
course or whatever and say hey, this is what you

521
00:34:21.280 --> 00:34:25.159
can do. And then you're using your favorite software like

522
00:34:25.519 --> 00:34:30.079
QuickBooks or zero and think you're you're doing great just

523
00:34:30.159 --> 00:34:34.760
itemizing what's on a bank statement. But you don't realize

524
00:34:34.920 --> 00:34:39.320
that in the trucking industry, you know, you need to

525
00:34:39.360 --> 00:34:43.280
track perdems, you need to make sure that you have

526
00:34:43.400 --> 00:34:46.880
the deduction for a lumper out there, or your scales

527
00:34:47.000 --> 00:34:50.960
or your tolls or you know, bring me breaking down

528
00:34:51.039 --> 00:34:55.519
the way you get paid between fuel search arg to

529
00:34:55.519 --> 00:35:00.000
gross trucking income. All those little things can make it

530
00:35:00.079 --> 00:35:03.960
difference when you, as a trucker need to know and

531
00:35:04.039 --> 00:35:06.639
where's my money from coming from? Where how much am

532
00:35:06.679 --> 00:35:09.400
I making, what's my income? Or when I need to

533
00:35:09.400 --> 00:35:12.719
sit down and figure out my cost per mile, both

534
00:35:13.079 --> 00:35:17.719
the variable and fixed side of this. These are the

535
00:35:17.760 --> 00:35:21.599
things that become, you know, really really important when you're

536
00:35:21.679 --> 00:35:25.000
running a small business and you're an over the road

537
00:35:25.079 --> 00:35:28.000
truck driver. You don't have time to deal with all

538
00:35:28.000 --> 00:35:31.320
this and make sure your bookkeeper knows about the trucking

539
00:35:31.400 --> 00:35:35.840
industry and you know, using truck or tax tools and

540
00:35:35.920 --> 00:35:39.119
go to Trucker tax tools dot com. Uh, we are

541
00:35:39.199 --> 00:35:43.800
here to cater to you and make the system work

542
00:35:44.159 --> 00:35:47.159
for you. You know, I was talking to a young lady

543
00:35:47.639 --> 00:35:51.320
who is in the trucking business, and you know, she

544
00:35:52.039 --> 00:35:54.199
honestly said, you know, hey, I've been doing this by

545
00:35:54.239 --> 00:35:57.679
the seat of my pants for the last couple of years,

546
00:35:58.239 --> 00:36:00.960
and I've come to you and we turned everything over

547
00:36:01.039 --> 00:36:05.320
and you've made this thing really seemless and easy. I

548
00:36:05.360 --> 00:36:08.960
was talking to a gentleman just on a Friday, who's

549
00:36:09.000 --> 00:36:11.480
a trucker out there, has been in the trucking business

550
00:36:11.519 --> 00:36:14.599
for you know, the last you know, four or five years,

551
00:36:14.920 --> 00:36:17.400
been using somebody else. And they went, well, I'm not

552
00:36:17.440 --> 00:36:20.239
sure that they've gotten me on my deductions. And I

553
00:36:20.239 --> 00:36:22.920
told them, hey, I would do a three year review

554
00:36:23.039 --> 00:36:25.480
of his past three years tax retick. First thing we

555
00:36:25.519 --> 00:36:28.400
saw in there that didn't take the deduction for per diems.

556
00:36:28.599 --> 00:36:31.760
There were other expenses in his business, and knowing what

557
00:36:31.840 --> 00:36:35.239
he does and the people that he uses, and you know,

558
00:36:35.320 --> 00:36:39.719
he's moving furniture and stuff across the country, so he's

559
00:36:39.800 --> 00:36:43.119
hiring these kids, but there was never ever a deduction

560
00:36:43.360 --> 00:36:47.880
for contract labor or helpers that are out there, or

561
00:36:47.960 --> 00:36:52.079
for a lumper, and you know it sometimes amazed as

562
00:36:52.119 --> 00:36:54.360
me and he goes, well, I didn't realize they didn't

563
00:36:54.400 --> 00:36:56.719
know what I was doing and didn't know the business. Well,

564
00:36:57.079 --> 00:36:59.760
you've got to know what you're doing, and you got

565
00:36:59.800 --> 00:37:01.800
to know of the business. And so we take our

566
00:37:01.840 --> 00:37:05.760
time to go through everybody's books to make sure that hey,

567
00:37:05.800 --> 00:37:08.400
what kind of business are you running? What do you do?

568
00:37:08.519 --> 00:37:11.519
What do you haul? Where do you haul to? You know,

569
00:37:12.239 --> 00:37:16.559
are you paying your twenty two ninety taxes? Are you

570
00:37:16.559 --> 00:37:19.119
you know, paying your IF to taxes? Is it coming

571
00:37:19.159 --> 00:37:21.559
out of your settlement statement? Are you getting every deduction?

572
00:37:21.679 --> 00:37:24.679
Are they deducting too much money for escrow? You know,

573
00:37:24.760 --> 00:37:28.239
all these things become important and add up for you

574
00:37:28.800 --> 00:37:34.360
in your your business and how that it's got to

575
00:37:34.480 --> 00:37:38.599
make sense, so you know when you're going through and

576
00:37:38.599 --> 00:37:41.840
doing this and finding somebody that knows over the road

577
00:37:41.840 --> 00:37:46.000
trucking trucking businesses at Trucker tax tools dot com is

578
00:37:46.079 --> 00:37:49.760
the place to go. Give us a call it eight

579
00:37:49.880 --> 00:37:52.960
seven seven nine ninety six two four seven seven again

580
00:37:53.039 --> 00:37:56.639
eight seven seven nine nine six two four seven seven

581
00:37:56.719 --> 00:37:59.159
or just go to Trucker tax tools dot com. Hey,

582
00:37:59.239 --> 00:38:02.400
right before the last break, I had a question from

583
00:38:02.440 --> 00:38:07.119
a manual about capital gains. He was asking, what are

584
00:38:07.719 --> 00:38:11.239
the long term capital gains rates for twenty twenty five?

585
00:38:11.559 --> 00:38:16.400
Sold some assets? Okay, so long term capital gains for

586
00:38:16.480 --> 00:38:19.519
twenty twenty five can be anywhere from zero percent to

587
00:38:19.639 --> 00:38:24.480
fifteen or even twenty depending on your taxable income and

588
00:38:24.519 --> 00:38:27.960
your filing status. Now, remember these type of capital gains

589
00:38:28.039 --> 00:38:30.480
rates depending on how you if you're selling an asset

590
00:38:30.519 --> 00:38:34.039
that you've depreciated, you may have to capture recaptured depreciation

591
00:38:34.840 --> 00:38:38.400
and some of that could be taxed as ordinary income

592
00:38:38.960 --> 00:38:42.960
for your business as well. Now, you also got to

593
00:38:43.000 --> 00:38:45.800
remember the depending on how long you've held the asset for.

594
00:38:45.960 --> 00:38:47.920
If it's been less than a year, you might be

595
00:38:48.039 --> 00:38:52.559
subject to short term capital gains, and short term capital

596
00:38:52.599 --> 00:38:57.920
gains are taxed as ordinary income according to where you

597
00:38:58.039 --> 00:39:01.960
fall on your bracket. So you do have, you know,

598
00:39:02.119 --> 00:39:07.320
multiple rates for long term capital gains and then then

599
00:39:07.360 --> 00:39:09.599
you would have short term capital gains if you've held

600
00:39:09.599 --> 00:39:12.119
the asset for less than a year. This also goes

601
00:39:12.159 --> 00:39:16.079
for stocks, bonds, things like that you've held for a

602
00:39:16.159 --> 00:39:22.880
period of time. Out there, let's see, Jeffrey, how do

603
00:39:22.920 --> 00:39:26.599
you file an amended tax return? Well, if you discovered

604
00:39:26.599 --> 00:39:28.920
an error on your tax return or something maybe you

605
00:39:29.039 --> 00:39:31.119
left off, or maybe the IRS sent you one of

606
00:39:31.159 --> 00:39:36.199
these nice courtesy letters saying you know, you left off stocks, bonds, stuff,

607
00:39:36.199 --> 00:39:39.880
and they're not calculating it correctly, you would actually file

608
00:39:40.079 --> 00:39:44.320
a ten forty X that's your amended tax return for

609
00:39:44.480 --> 00:39:48.639
your individual. Now, if you're filing an amended return on

610
00:39:48.679 --> 00:39:54.119
a partnership or escort. You're just going to hit the

611
00:39:54.159 --> 00:39:57.199
box on the ten sixty five for partnership or eleven

612
00:39:57.280 --> 00:40:00.639
twenty s amended return and send it in. It will

613
00:40:00.679 --> 00:40:06.159
also show an amended return on your k ones that

614
00:40:06.199 --> 00:40:10.000
will say amended. So don't forget you amend a corporate

615
00:40:10.079 --> 00:40:13.800
or partnership return, you got to turn around amend your

616
00:40:15.000 --> 00:40:19.480
personal returns as well. Think us. Another question come up,

617
00:40:20.039 --> 00:40:24.440
If we tip cash, can we deduct it? Yes, you can.

618
00:40:25.000 --> 00:40:28.800
So if you're running a business and you do tip cash,

619
00:40:29.280 --> 00:40:33.360
I would recommend that you again file on expense report

620
00:40:33.639 --> 00:40:39.119
with your company. So when you turn in the receipts

621
00:40:39.639 --> 00:40:42.840
that you charge maybe on your company credit card or

622
00:40:42.920 --> 00:40:46.440
debit card, and then you tipped cash, you'd want to

623
00:40:46.480 --> 00:40:49.920
get rambursed. You can do it like a petty cash account,

624
00:40:50.320 --> 00:40:53.920
and then you would turn in that receipt with it

625
00:40:54.039 --> 00:40:57.480
that says I tipped cash eight dollars or ten dollars

626
00:40:57.599 --> 00:41:01.599
or whatever. If you're going to tip an extravagant amount

627
00:41:01.639 --> 00:41:05.280
of money, I've seen some people where they've tipped somebody,

628
00:41:05.360 --> 00:41:08.960
you know, the full bill. Put it on the credit card.

629
00:41:09.039 --> 00:41:13.320
That way you have tracking on it. Because it's about

630
00:41:13.360 --> 00:41:20.480
your business deduction, not about necessarily their tip deduction at

631
00:41:20.480 --> 00:41:23.320
that point, but yes, you could. You could do it

632
00:41:23.360 --> 00:41:25.480
that way and run it through kind of petty cash

633
00:41:25.559 --> 00:41:28.840
out there. It requires a little more paperwork and tracking.

634
00:41:28.920 --> 00:41:30.880
So is it worth it to you or not? A

635
00:41:30.920 --> 00:41:35.599
whole different story. Maybe I wouldn't necessarily do it when

636
00:41:35.679 --> 00:41:39.639
I'm doing it as a business meal as much as

637
00:41:39.719 --> 00:41:43.320
I would do it as when I'm just out personally

638
00:41:44.760 --> 00:41:49.480
with my wife and having a romantic dinner. Let's say,

639
00:41:50.000 --> 00:41:53.639
And I would tip in cash if I had it now,

640
00:41:53.719 --> 00:41:55.559
I'd be honest. I don't know how many people carry

641
00:41:55.599 --> 00:41:57.199
a lot of cash with them or carry cash with

642
00:41:57.280 --> 00:42:01.920
them on a daily basis, but hey, it goes out there. Hey,

643
00:42:02.039 --> 00:42:04.000
I want to say thank you for all the wonderful

644
00:42:04.079 --> 00:42:07.360
questions and everything that we've gotten in today. It's great

645
00:42:07.400 --> 00:42:10.280
to do a show like this and get questions and answers.

646
00:42:10.960 --> 00:42:13.159
I'll be honest. I was talking to one of my

647
00:42:13.480 --> 00:42:16.840
new clients here this morning, advising them because they didn't

648
00:42:16.880 --> 00:42:20.719
read the ei N letter that when they set up

649
00:42:20.760 --> 00:42:25.400
their company they were responsible for paying filing a partnership return.

650
00:42:25.920 --> 00:42:28.480
And it's been a number of years and everything, But

651
00:42:28.559 --> 00:42:30.119
I was talking about show prep, and I went, I

652
00:42:30.159 --> 00:42:33.880
did absolutely no show prep today, and I had no

653
00:42:33.960 --> 00:42:35.960
idea what questions you guys would come up with. And

654
00:42:36.119 --> 00:42:38.880
you guys make me look good and ask some great questions,

655
00:42:38.920 --> 00:42:41.400
and I appreciate that. You know. The one thing I

656
00:42:41.400 --> 00:42:44.639
want to say, tax laws and regulations, they're actually complex.

657
00:42:45.199 --> 00:42:48.960
Always you're running a business, you're making money, or you're

658
00:42:48.960 --> 00:42:52.000
looking to start a business, have a good consultation with

659
00:42:52.079 --> 00:42:56.920
a qualified tax professional so that you can get good

660
00:42:56.960 --> 00:43:01.760
advice and good consulting prior you're starting your business or

661
00:43:01.800 --> 00:43:04.800
even while you're running the business. You know, when we

662
00:43:04.840 --> 00:43:08.199
talk here, this is broad based, so this is going

663
00:43:08.280 --> 00:43:11.519
to apply many different ways, kind of like talking about

664
00:43:11.559 --> 00:43:15.519
depreciation and other things out there. Depreciation is specific to

665
00:43:15.800 --> 00:43:18.480
your business and the way it should be done. They

666
00:43:18.480 --> 00:43:23.199
should necessarily take one hundred percent appreciation or a bonus

667
00:43:23.239 --> 00:43:27.599
depreciation when you're in a very very low TASH bracket

668
00:43:27.760 --> 00:43:31.519
could be a waste of a valuable deduction somewhere down

669
00:43:31.559 --> 00:43:34.800
the road. To keep these things in mind, as you're

670
00:43:34.840 --> 00:43:38.800
going through and doing this, you're looking for planning opportunities.

671
00:43:38.840 --> 00:43:43.039
You're looking for ways of saving money and doing things

672
00:43:43.440 --> 00:43:47.519
the right way. I have seen so many people CPAs,

673
00:43:47.760 --> 00:43:51.159
enrolled agents, you name it, out there preparing tax returns

674
00:43:51.159 --> 00:43:55.519
and it's all about making themselves look good. I look

675
00:43:55.800 --> 00:44:00.440
better when I've planned with you as my client. Then

676
00:44:00.519 --> 00:44:04.199
when I come in and say, hey, buy this new

677
00:44:04.320 --> 00:44:06.920
tractor for one hundred thousand dollars and let's save all

678
00:44:07.000 --> 00:44:10.679
your taxes. Do some tax planners do some strategies. So

679
00:44:11.679 --> 00:44:16.119
you want to make sure that you're getting things done

680
00:44:16.760 --> 00:44:20.599
the right way. And you know, if you got more questions,

681
00:44:21.199 --> 00:44:24.000
put them in on wherever you're listening to or if

682
00:44:24.039 --> 00:44:26.960
you hear this podcast, go to tax talkfor You dot Com.

683
00:44:27.199 --> 00:44:30.760
Listen to the podcast on iHeart on our Facebook page

684
00:44:30.920 --> 00:44:33.360
again a tax Talk for You dot Com. Put your

685
00:44:33.440 --> 00:44:36.320
questions in. We'll come back and answer any questions we

686
00:44:36.519 --> 00:44:39.519
missed next week's show, but you've got to tune in

687
00:44:39.599 --> 00:44:42.800
here ten am Eastern time on W four c Y Radio.

688
00:44:43.280 --> 00:44:47.079
Tax Talk for You dot Com go over there like

689
00:44:47.719 --> 00:44:52.519
share Filom, but whatever you do, be here Mondays, ten

690
00:44:52.559 --> 00:44:56.679
am Eastern time. Give us your questions. Love to hear you. Hey,

691
00:44:56.760 --> 00:45:00.360
have a God blessed, glorious week. Enjoy this if we

692
00:45:00.920 --> 00:45:03.000
what God has given us here in the United States,

693
00:45:03.079 --> 00:45:06.559
God bless USA. I bless you be safe out there,

694
00:45:07.079 --> 00:45:08.119
have a glorious week.

695
00:45:09.159 --> 00:45:12.320
Are you an individual or business that wants to understand

696
00:45:12.400 --> 00:45:15.800
taxes and how they affect you. Are you looking for

697
00:45:15.840 --> 00:45:21.239
specific tax advice for self employed business owners and truckers.

698
00:45:21.840 --> 00:45:25.880
Are you behind on taxes and your bookkeeping? Are you

699
00:45:26.000 --> 00:45:28.960
dealing with the irs and ready to have some relief,

700
00:45:29.800 --> 00:45:33.599
Then you need Tax Talk for You, hosted by tax

701
00:45:33.679 --> 00:45:35.880
and trucker expert Barry g.

702
00:45:36.159 --> 00:45:37.320
Fouer EA.

703
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Tune in ten am Eastern Time every Monday right here

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

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forget to check this and past episodes at tax TALKFORU

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dot com. See you next week at W fourcy dot

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com