April 23, 2025

Tax Questions Trucking & Taxes

Tax Questions Trucking & Taxes

Tax Questions Trucking & Taxes, what are the deadlines for taxes, estiamted tax payments, trucker deductions, Over the Road Trucking taxes per diems, new rules for taxes, Chickens and family ranch taxes and deductions. Extensions for 1040 taxes,...

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Season 2

Tax Questions Trucking & Taxes, what are the deadlines for taxes, estiamted tax payments, trucker deductions, Over the Road Trucking taxes per diems, new rules for taxes, Chickens and family ranch taxes and deductions. Extensions for 1040 taxes, due date for taxes with extension. Answering all tax questions.

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

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry gen Fouler EA brings you tax talk for you

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

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As an enrolled agent and a national leader in tax

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resolution as well as Trucker bookkeeping and tax planning. With

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over 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. Foul Hey, welcome in and good morning. It's

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a great day.

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You know, the tax season is almost over. You should

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have filed your tax returns by now. If you haven't,

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it's time to get them filed. I mean, we got

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one day left. You know, there's a lot of deadlines

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to come up. And you know, when we're dealing with

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with deadlines, you know, people stress, people get nervous about them.

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You know, this is not a deadline yet, you've got

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to really be nervous about if you can't get it done,

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file an extension. You know, get it in today, don't

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wait till tomorrow. You know, we're a world of procrastinators.

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So people procrastinate filing taxes. People procrastinating to the last minute,

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and then they're in a panic. Oh my gosh, what

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am I going to do? You know, And you know,

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in my business and you know, preparing taxes, and I've

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been doing this.

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For you know, forty years.

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You know, it's a lot easier today, and then it

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was when I started doing taxes, and you know, we

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used to do it in paper and pencil, and we

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had to you know, sit down and add every one

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of those numbers up and make sure that everything was correct.

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You know, you're adding the W two's and putting it

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in line on there, and you know, going through all that,

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and you know, the time it took and the checks

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and balances of doing those tax returns got really really

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complicated today's day and age, we're all using computers. Those

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computers add the numbers for you. You fill in the forms.

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But I'm going to tell you something, not everybody does

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taxes the same way. So when you go to some

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of these big box stores, these people are just sitting

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there doing data input data inputs. The simple part of

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doing taxes, knowing the ins and outs behind the tax return,

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the tax code, how to save the most money, and

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which way are things going to be better for you

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the taxpayer. That's the knowledge that you need to have

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and the person that is doing the taxes for you

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needs to have.

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So finding it.

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An enrolled agent, somebody licensed by the US Department of

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Treasury to represent.

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You to the highest levels of.

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The IRS, is the ideal person to do a tax

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return for you, because this is what enrolled agents study.

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This is what enrolled agents continue to do, continuing education

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on every single year to make sure that they have

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the information and the most knowledge to save you the

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most money.

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So you know, you got to pick who you're going

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to use and make sure you're finding the best to use.

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Now, in today's questions and answers, you got questions, I

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got answers.

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Ask your questions, you know, call them.

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Into the show taximon in Texamon. To me, you've got

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our information, Give us a call, let us know what

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we can answer. So, what are the deadlines coming up?

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You know, people think it's one deadline today, there's actually

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a right around nine tax deadlines for April fifteenth. Yes,

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we all know the ten forty is due today. Do

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on the fifteenth, and you know, so you've got to

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get those filed by midnight on what we call tax Day.

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There's you know, there's not an extra day this year

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because of holiday or anything. But you've got to get

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it all filed by midnight April fifteen.

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If you don't, it.

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Could cost you a failure to file penalty, which is

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five percent of the unpaid tax for each month or

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partial month the tax return is late.

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So if you've missed your.

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Deadline and have a balance to the IR will send

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you a notice or letter indicating that you must pay

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this penalty or feet.

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Now that'd being said, if you are to do a

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tax refund, you really don't have to worry about this penalty.

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The IRS may also reduce or remove penalties if you've

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acted in good faith and improve reasonable cause, or being

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unable to meet your tax obligations on time. You know,

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what are some of the valid reasons for failing failure

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to pay on time? Is inability to access records, a

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natural disaster, civil disturbance, death or serious illness, or unavoidable

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absence of taxpayer or immediate family system issues that may

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have contributed to delay an electronic filing or payment. And

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we had that a few years ago in the Houston

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area where we had a lot of flooding and you know,

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just tax deadline. Many tax repayers couldn't get to their

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office and before they could even declare it a national disaster.

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We knew we had exemptions, and we knew we had

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reasons for the delay, and we would get you know,

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the delay that's out there now, you know, speaking of

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you know, extensions of time. You know there are several

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states that have automatic deadline extensions in place due to

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national natural disasters.

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Well, it's going to be a long day to day.

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So you know, the Internal Revenue Service did it start

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accepting returns back in January on the twenty seventh.

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And millions in file.

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I heard this morning there's about twenty five percent of

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taxpayers that have not filed yet, so there's still quite

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quite a few people that need to get their tax

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returns filed. There these states with the automatic deadlines, the

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IRS has moved it out to a first twenty five

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Now much time.

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Still got to get an extension.

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In these qualifying states are Florida, who was hit by

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both Hurricane Helena and Hurricane Milton within a matter of

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weeks between September and October. North Carolina was also included

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in the deadlines after Hurricane Helena. And then let's see,

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we've got a few other states, Alabama, Georgia, and South Carolina.

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The extended deadline for those states are entire states now

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some specific areas Juno and Alaska and others affected in

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the Chaves County in New Mexico and several counties in

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Tennessee and Virginia have extended tax deadlines to May first.

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So you know, you've got to know where you're at

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if you've been affected by natural disaster. You can look

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at the IRS dot gov and look at tax deadlines

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and see what was extended out there, and then you.

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Know, I always use it.

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Hey, if you're unsure, at least file the extension and

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if you owe money, are going to owe money.

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To the I R S. Pay it.

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So deadline deadline, deadline April fifteenth. What are other items

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that have deadlines? April fifteenth is your deadline to file

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a federal tax extension. So you've got to get your

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extension in there. So if you're not going to make

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the deadline, get the extension in. If you do have

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that exemption, have to make first. You can wait to first,

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but why not get it done today? That extension is

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going to give you till October fifteenth to file your

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personal tax return. Now, make sure you file form forty

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eight sixty eight. It's easiest to submit it electronically, but

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if you've got to mail it in, get it in

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the mail, make sure it's postmark. Now. I always tell people,

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if you're going to set up to the IRS, send

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it certified so that you have proof that they received it,

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or send a check. Even if you're going to get

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a refund, send them a check. So this is for

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twenty twenty four, to send them a twenty four dollars check.

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That is also proof that the IRS received what you

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mailed in. So like when we do back tax returns

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and somebody's mailing those back tax returns, we always suggest

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them to send one hundred and whatever the year is

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in a check.

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So if it was a.

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Twenty twenty three tax return they were sending in, you

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send them a hundred twenty three dollars proof that the

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IRS received that tax return and it's pending there for processing. However,

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if you don't owe any money and you get a

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back tax return where they're not going to give you

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a refund, you know you said it certified, you don't

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send a check with that. But if you do owe money,

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you send them a small check. Tracking. This is how

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we keep the IRS in check and know that they're

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following through with what they're going to do and that

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they've received it and they can't say they didn't.

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So what are their deadlines?

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Are coming up for April fifteenth, We're going to talk

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about more deadlines right after this break.

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

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stand by as Barry Chief Fouler will be right back

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with tax talk for you. If you own the IRS

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

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it alone. Called Taxation Solutions, Tax Relief at eight eight

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eight nine three zero one zero one six. We are

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

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

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

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the IRS walk go over you.

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Stop the IRS now.

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Call eight eight eight nine three zero one zero Taxationsolutions

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

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get back to tax stock for you with more tax

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stock once again. Here's your host, Barry G.

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Fowler.

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Hey, welcome back talking about taxation solutions. If you've got

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a tax problem, call that number eight eight eight nine

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three zero one zero one six again eight eight eight

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nine three zero one zero one six specials that were

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running for a tax time fifty percent off of your

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tax analysis. So if you owe the IRS money but

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you're not sure how much, or if you're not sure

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if what year is your returns, you need to file

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because maybe you have some back returns or maybe you

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know you're not sure why the IRS is saying you

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even owe. Doing this tax analysis, they pull transcripts, do

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a complete evaluation, determine what the reason is. Maybe they did,

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maybe it was an audit and you didn't get representation

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and you lost, or you didn't answer and you lost.

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Then you don't know why.

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Those are things that we can pull out there, and

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you know right now just call in, told them you

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heard it here at tax Talk for you and you

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get fifty percent off the tax analysis. Hey, it's a

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fantastic deal again. Eight eight eight nine three zero one

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zero one six eight eight eight nine three zero one

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zero one.

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Six Taxation Solutions. We are triple.

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BBB A plus rated credited. Hey, jump in, let us

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help you. Let us solve the tax problems for you

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before it gets too late and the IRS takes everything

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that you have. We'll talk about that a little bit

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later as well. Deadlines. So you have the deadline to

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file your tax return, or you have the deadline to

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file your extension. Hey, April fifteenth is your deadline to

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pay the tax that is due. And that is whether

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or not you file for an extension. So you know,

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if you're filing for extension, you still got to pay

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the taxes that are due. You're filing your tax return,

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you still got to pay the taxes that are due. However,

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if you've paid at least ninety percent of the tax liability.

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00:13:54.480 --> 00:13:56.720
You can estimate to some degree and you have some

229
00:13:56.799 --> 00:13:59.799
flexibility there. As long as you've paid at least ninety percent,

230
00:13:59.840 --> 00:14:02.480
there not going to hit you with all the penalties.

231
00:14:02.759 --> 00:14:08.080
So you know, make sure that you get your extensions filed,

232
00:14:08.200 --> 00:14:10.840
make sure you pay a taxes that you think they're.

233
00:14:10.639 --> 00:14:13.000
Going to be due. If you've already.

234
00:14:12.639 --> 00:14:15.840
Filed and you can't pay, kese are an installment plan,

235
00:14:16.440 --> 00:14:18.480
especially if it's only one year, but if it's many

236
00:14:18.559 --> 00:14:21.639
years and a lot of money, you might want something

237
00:14:21.639 --> 00:14:22.879
better than an installment plan.

238
00:14:22.960 --> 00:14:24.440
You might want an offering compromise.

239
00:14:24.480 --> 00:14:27.960
You might have to go into non collectible status, depending

240
00:14:28.000 --> 00:14:31.559
on you know, how much money you how much money

241
00:14:31.559 --> 00:14:35.440
you're making, can you can you pay them? Or even

242
00:14:35.480 --> 00:14:37.600
a partial pay installment agreement if there's a lot of

243
00:14:37.600 --> 00:14:43.120
money that's out there. So you know, just remember April

244
00:14:43.159 --> 00:14:47.679
fifteenth you're filing that extension. You also need to pay

245
00:14:47.799 --> 00:14:50.639
the taxes that are due at least up to ninety

246
00:14:50.679 --> 00:14:53.919
percent of the tax liability. What other deadlines we got

247
00:14:54.440 --> 00:14:59.720
Your twenty twenty four Health Savings Account contribution deadline is

248
00:14:59.840 --> 00:15:05.159
a April fifteen, So if you have a medical plan

249
00:15:05.279 --> 00:15:11.200
that qualifies for HSA HELSE Savings account. You can contribute

250
00:15:11.480 --> 00:15:15.879
to your health Savings account and that is tax deductible.

251
00:15:15.919 --> 00:15:21.120
That money goes in before tax, so you know, make

252
00:15:21.200 --> 00:15:24.840
sure that if you're going to contribute to this, you

253
00:15:24.879 --> 00:15:29.639
contribute to before the end of the day April fifteenth.

254
00:15:30.000 --> 00:15:32.200
So for twenty twenty four, you can contribute up to

255
00:15:32.360 --> 00:15:36.480
four thousand and fifty dollars for self only coverage. If

256
00:15:36.519 --> 00:15:40.279
you had family coverage, then your contributional limit is eighty

257
00:15:40.399 --> 00:15:44.080
three hundred. If you're over fifty five, you can contribute

258
00:15:44.159 --> 00:15:50.200
additional thousand dollars. Employer contributions that you have on your

259
00:15:50.279 --> 00:15:53.039
W two that maybe they were making into an HSA

260
00:15:53.720 --> 00:15:57.879
also count towards contributional limits, so don't forget to check

261
00:15:58.159 --> 00:16:03.559
those limitations as well. So if the employer contributed two

262
00:16:03.559 --> 00:16:06.639
thousand for you and your self only coverage, then you

263
00:16:06.679 --> 00:16:10.960
could only put in two and fifty dollars, So just

264
00:16:11.000 --> 00:16:14.720
remember that. It is a great way to put money

265
00:16:14.960 --> 00:16:18.279
aside and you use that to meet your deductibles or

266
00:16:18.440 --> 00:16:24.360
medical bills that again accumulates tax free. You can put

267
00:16:24.399 --> 00:16:28.480
it in investments that are there within your HSA account.

268
00:16:28.559 --> 00:16:30.879
So if you use someplace like HSA bank.

269
00:16:32.440 --> 00:16:36.159
They give you the ability to take funds that are

270
00:16:36.159 --> 00:16:38.639
in that account and invest them through one of their

271
00:16:38.639 --> 00:16:42.399
investment vehicles that they have out there for you, and

272
00:16:42.720 --> 00:16:46.039
you know, if it's making money, it just stays in there.

273
00:16:46.120 --> 00:16:48.840
It's not tax and as long as you only pull

274
00:16:48.879 --> 00:16:54.799
it out for medical reimbursements or to pay medical fees,

275
00:16:55.279 --> 00:16:57.120
then you're not going to get taxed on it. So

276
00:16:57.320 --> 00:16:59.879
it's kind of a beautiful way to say, for those

277
00:17:00.120 --> 00:17:04.480
deductibles and stuff a year in and year out and

278
00:17:05.359 --> 00:17:11.480
keep that money aside. Your other deadline IRA contributions, those

279
00:17:11.599 --> 00:17:16.799
have to be in by April fifteenth or twenty twenty four,

280
00:17:17.480 --> 00:17:21.000
so you have a little bit of time left to

281
00:17:21.039 --> 00:17:26.680
make the transfer and put that into your IRA, so

282
00:17:26.839 --> 00:17:29.440
you can either go into traditional or ROTH. You need

283
00:17:29.480 --> 00:17:33.039
to talk to your enrolled asia that's doing your taxes

284
00:17:33.440 --> 00:17:36.920
and decide what's best for you. So, while ROTH IRA

285
00:17:37.079 --> 00:17:42.480
contributions are considered tax bold, income making contributions could qualify

286
00:17:42.519 --> 00:17:46.759
some taxpayers for the savers credit. The credit is non

287
00:17:46.839 --> 00:17:49.359
refundable and is worth up to fifty percent of the

288
00:17:49.400 --> 00:17:52.880
first two thousand or four thousand for joint filers.

289
00:17:53.720 --> 00:17:59.440
When you contribute to retirement accounts. Now you're traditional and

290
00:17:59.519 --> 00:17:59.960
you're raw.

291
00:18:00.480 --> 00:18:05.240
Iras also come with contribution limits, so you can contribute

292
00:18:05.319 --> 00:18:09.039
up to seven thousand to your twenty twenty four traditional

293
00:18:09.279 --> 00:18:13.400
or ROTH IRA. Taxpayers that are fifty or older you

294
00:18:13.440 --> 00:18:18.039
can go to eight thousand. Total contributions between all your

295
00:18:18.119 --> 00:18:23.799
iras count toward the annual contribution limit, so you can

296
00:18:23.920 --> 00:18:25.519
make those contributions.

297
00:18:25.920 --> 00:18:26.640
Also, if you.

298
00:18:26.640 --> 00:18:32.640
Have a SEP plan Simplified Employee Pension Plan, you can

299
00:18:32.720 --> 00:18:37.079
make IRA contributions into there and that you can deduct

300
00:18:37.160 --> 00:18:41.839
up to twenty five percent of employee compensation for the

301
00:18:41.920 --> 00:18:44.599
amount of your contributions, which lever is the last, so

302
00:18:45.960 --> 00:18:50.839
you know you can make those contributions and get them in.

303
00:18:51.839 --> 00:18:54.039
I highly suggest you know, even.

304
00:18:53.799 --> 00:18:57.359
If you're young, I mean if you are in your

305
00:18:57.400 --> 00:19:00.240
twenties and you just got out of college or you're

306
00:19:00.279 --> 00:19:02.759
out there working, if you can contribute through your four

307
00:19:02.799 --> 00:19:05.680
to oh one K if your an employer offers that,

308
00:19:06.200 --> 00:19:10.720
start contributing today and continue to contribute every single year.

309
00:19:11.319 --> 00:19:14.319
If you don't have that a vehicle available to you

310
00:19:14.400 --> 00:19:17.000
through your business that you might be working for, maybe

311
00:19:17.039 --> 00:19:21.440
your self employed, then use the iras, whether traditional or

312
00:19:21.519 --> 00:19:25.319
WROTH and save that money. And if you're in a

313
00:19:25.359 --> 00:19:29.119
lower bracket, we also are a good way to save it.

314
00:19:29.119 --> 00:19:33.599
It doesn't get you as much tax savings because money

315
00:19:33.599 --> 00:19:37.240
goes in after tax, not pre tax. But you might

316
00:19:37.359 --> 00:19:41.079
be in a higher tax bracket. Starting these contributions today

317
00:19:41.119 --> 00:19:44.880
and continuing them every single year when you go to retire,

318
00:19:44.960 --> 00:19:48.799
then you might be today when you're young. You kind

319
00:19:48.799 --> 00:19:51.079
of got to look at what your tax bracket is

320
00:19:51.559 --> 00:19:54.920
to determine, Hey, where am I going to be possibly

321
00:19:55.119 --> 00:19:56.920
in the future. You know, if you're in a ten

322
00:19:56.960 --> 00:19:59.440
percent tax bracket, roth all the way.

323
00:20:00.000 --> 00:20:00.480
If you're in a.

324
00:20:00.559 --> 00:20:04.640
Thirty six percent, thirty six percent tax bracket, hey, you know,

325
00:20:04.799 --> 00:20:09.559
maybe it's you know, the traditional but definitely using the

326
00:20:09.720 --> 00:20:13.279
four to one kse. If you're a small business and hey,

327
00:20:13.279 --> 00:20:16.880
maybe you're running a consulting business just by yourself, no employees,

328
00:20:17.279 --> 00:20:19.880
Hey four to one K. See people in our ideal

329
00:20:20.480 --> 00:20:23.920
side away twenty five percent of your net income and

330
00:20:24.599 --> 00:20:28.279
let that accumulate and never touch it. Hey told this

331
00:20:28.359 --> 00:20:31.240
to my sons, as you know, they came out and

332
00:20:31.279 --> 00:20:33.720
got jobs. You're like, I can't afford to do this,

333
00:20:33.839 --> 00:20:35.839
and you can't afford not to do And if you

334
00:20:35.920 --> 00:20:39.640
start doing it now. You're never going to miss the

335
00:20:39.799 --> 00:20:43.039
money because you've never had it. It comes out of

336
00:20:43.079 --> 00:20:47.079
your check before you get it, and a lot of companies,

337
00:20:47.119 --> 00:20:51.079
depending on where you're working for, do some kind of match,

338
00:20:51.319 --> 00:20:54.880
so there's additional free money with you putting money into

339
00:20:55.240 --> 00:20:58.519
a four to oh one k through a business that

340
00:20:59.319 --> 00:21:02.799
you're so, you know, kind of keep those things in mind,

341
00:21:03.359 --> 00:21:06.799
make it useful for you and grow that nest egg.

342
00:21:07.039 --> 00:21:09.799
Nobody knows where Social Security is going to be in

343
00:21:10.119 --> 00:21:13.440
five years, ten years, twenty years, or forty years from now,

344
00:21:13.960 --> 00:21:14.960
so don't count on it.

345
00:21:15.359 --> 00:21:16.319
Count on yourself.

346
00:21:16.599 --> 00:21:20.799
Hey, we've got more deadlines or April fifteenth, and we'll

347
00:21:20.839 --> 00:21:22.799
talk about them right after this break.

348
00:21:23.960 --> 00:21:27.640
We have only scratched the surface of today's show. Please

349
00:21:27.680 --> 00:21:30.920
stand by as Barry G. Fowler will be right back

350
00:21:31.039 --> 00:21:36.920
with tax talk for you. As an owner operator, you

351
00:21:37.119 --> 00:21:40.640
already spend too much time away from your family. Trucker

352
00:21:40.759 --> 00:21:44.079
Tax Tools handles all your bookkeeping in taxes. No matter

353
00:21:44.119 --> 00:21:46.799
what level trucker you are. Life on the road can

354
00:21:46.839 --> 00:21:50.440
be taxing, but that doesn't mean that your wallet or

355
00:21:50.559 --> 00:21:54.400
time with your family should suffer. Trucker Tax Tools makes

356
00:21:54.480 --> 00:21:58.279
your life run smoothly. Now the Trucker Tax Tools dot

357
00:21:58.279 --> 00:22:00.880
Com for a free guide that will give you the

358
00:22:00.920 --> 00:22:05.400
tools to never worry about your taxes again, called Trucker

359
00:22:05.480 --> 00:22:09.640
Tax Tools eight seven seven ninety six six two four

360
00:22:09.960 --> 00:22:13.680
seven seven, or go to Trucker tax Tools dot com

361
00:22:13.720 --> 00:22:20.200
now and let the experts keep you trucking. Let's get

362
00:22:20.240 --> 00:22:23.240
back to tax stock for you with more tax stock

363
00:22:23.799 --> 00:22:27.440
once again, here's your host, Barry chief Fallon.

364
00:22:29.920 --> 00:22:30.799
Hey, welcome back.

365
00:22:31.680 --> 00:22:34.480
You know talking about deadlines, deadlines, the deadlines, you know

366
00:22:34.480 --> 00:22:37.839
April fifteenth, You know, there's all kinds of deadlines that

367
00:22:37.920 --> 00:22:41.079
happen at this time of the year. We're actually used

368
00:22:41.119 --> 00:22:45.160
to having a few extra days to do taxes because

369
00:22:45.839 --> 00:22:49.559
usually the fifteenth falls around the weekend, and you know,

370
00:22:49.640 --> 00:22:53.960
this year it's on a Tuesday, so we've got to

371
00:22:53.960 --> 00:22:55.799
deal with quicker deadlines this year.

372
00:22:56.200 --> 00:23:00.799
Now it worked. In these deadlines. We've seen people.

373
00:23:00.839 --> 00:23:04.599
You're getting ready to file your taxes, you contributed too

374
00:23:04.720 --> 00:23:07.039
much to your IRA.

375
00:23:07.519 --> 00:23:09.640
So if you accidentally did it, whoops.

376
00:23:09.759 --> 00:23:14.920
I'm sorry, my bad, and then those are ineligible contributions.

377
00:23:15.240 --> 00:23:18.200
You still have time to correct the mistake so you

378
00:23:18.200 --> 00:23:22.799
can withdraw the excess contributions by April fifteenth, and it's

379
00:23:22.799 --> 00:23:24.960
going to keep you from having to pay a six

380
00:23:25.000 --> 00:23:30.680
percent and only Thankfully, IRA contributional limits are higher for

381
00:23:30.799 --> 00:23:33.039
twenty twenty four than you were last year, so it

382
00:23:33.119 --> 00:23:37.680
might make sense to apply the excess amount to this

383
00:23:37.799 --> 00:23:38.440
tax return.

384
00:23:38.680 --> 00:23:40.720
You can do that as well. But if you've.

385
00:23:40.640 --> 00:23:43.759
Contributed too much, or maybe you weren't allowed to contribute

386
00:23:44.160 --> 00:23:48.000
it anyway because of where your income is, and you're

387
00:23:48.240 --> 00:23:55.160
participating in a employee plan and you've just contributed too much, hey,

388
00:23:55.160 --> 00:23:57.640
it's not too late to pull up right back out

389
00:23:58.720 --> 00:23:59.519
and avoid that.

390
00:23:59.519 --> 00:24:02.480
Six percent and penalty up there.

391
00:24:02.759 --> 00:24:04.839
And we were talking about retirement accounts, and we were

392
00:24:04.839 --> 00:24:09.160
talking about traditional and wroth iras April fifteenth.

393
00:24:09.640 --> 00:24:10.640
If you're self.

394
00:24:10.359 --> 00:24:13.480
Employed and do have one of those wonderful solo four

395
00:24:13.519 --> 00:24:18.920
toh one K accounts, make your contributions. You just need

396
00:24:18.960 --> 00:24:22.200
to make sure that you don't exceed your twenty twenty

397
00:24:22.200 --> 00:24:26.839
four contributional limits if you choose to make additional contributions.

398
00:24:26.920 --> 00:24:30.559
So those limits are sixty nine thousand, man, that's a

399
00:24:30.680 --> 00:24:31.880
big number for people.

400
00:24:32.400 --> 00:24:33.599
But if you've got a.

401
00:24:33.400 --> 00:24:36.160
Solo four toh one K, you can contribute up to

402
00:24:36.200 --> 00:24:40.160
twenty five percent of your net adjusted self employment income.

403
00:24:40.480 --> 00:24:44.240
Now that means you're putting this on schedule C and

404
00:24:44.279 --> 00:24:48.799
you have quite a bit of net income. You might

405
00:24:48.839 --> 00:24:50.200
want to go back and listen to one of our

406
00:24:50.200 --> 00:24:54.839
other podcasts talk about escorts or multi member partnerships and

407
00:24:54.839 --> 00:24:57.720
how you can reduce and save money on Social Security

408
00:24:57.759 --> 00:25:02.680
and medicare using one of those vehicles. But if you

409
00:25:02.720 --> 00:25:05.000
are schedule to see and you can contribute up to

410
00:25:05.039 --> 00:25:08.079
twenty five percent of your net adjusted gross income all

411
00:25:08.079 --> 00:25:10.559
the way up to sixty nine thousand dollars. If you

412
00:25:10.599 --> 00:25:12.720
don't need the money, let's get the contributions in there.

413
00:25:13.000 --> 00:25:14.279
Save it for the future.

414
00:25:14.759 --> 00:25:15.480
If you are.

415
00:25:15.400 --> 00:25:19.960
Making ketchup contributions and are fifty or older, you can

416
00:25:19.960 --> 00:25:23.839
contribute up to seventy six thousand, five hundred or twenty

417
00:25:23.880 --> 00:25:28.359
five percent of your net adjusted self employment income, whichever

418
00:25:28.680 --> 00:25:34.920
is less. So you know, hey, this makes sense. Get

419
00:25:34.960 --> 00:25:38.880
those contributions in you only have totalmorrow. One of the

420
00:25:38.920 --> 00:25:41.599
biggest things we preach, and a lot of times we

421
00:25:41.720 --> 00:25:46.759
preach when we're dealing with clients that have tax problems,

422
00:25:46.799 --> 00:25:50.079
and you know, we we see people whether they're whether

423
00:25:50.119 --> 00:25:55.559
they're truckers or small businesses or consultants you've got to

424
00:25:55.599 --> 00:25:59.680
make your estimated tax payments. April fifteenth is your first

425
00:26:00.119 --> 00:26:03.440
due date for estimated tax payments for twenty twenty five,

426
00:26:03.759 --> 00:26:07.200
and then ironic I arrest wants you to pay taxes

427
00:26:07.240 --> 00:26:11.240
that are due April fifteen, and then expect you to

428
00:26:11.240 --> 00:26:13.519
come up with the money to make that first estimated

429
00:26:13.559 --> 00:26:18.319
tax payment April fifteen. It is crazy. Sometimes it's a

430
00:26:18.359 --> 00:26:22.279
lot of money. Sometimes your estimated tax payments could be

431
00:26:22.359 --> 00:26:25.960
twenty thirty, forty fifty thousand dollars. You've up to seventy

432
00:26:26.039 --> 00:26:29.240
or eighty offc because of the income coming in and

433
00:26:29.559 --> 00:26:31.960
the amount of money you making. But you've got to

434
00:26:31.960 --> 00:26:37.480
make those contributions to the federal government an estimated tax payment.

435
00:26:37.920 --> 00:26:39.920
Now, estimated tax payments.

436
00:26:39.680 --> 00:26:43.519
Usually we figure them with your twenty twenty four tax return.

437
00:26:43.839 --> 00:26:46.920
We'll be able to say, hey, you've got to make

438
00:26:47.279 --> 00:26:50.599
this amount of money as a payment for twenty twenty

439
00:26:50.640 --> 00:26:54.759
five based on your taxable income and the taxes for

440
00:26:54.839 --> 00:26:58.039
twenty twenty four. Now we back out things that are

441
00:26:58.079 --> 00:27:02.039
automatically paid, such as withholding on your W two paychecks,

442
00:27:03.680 --> 00:27:06.920
or if you're pulling money from retirement accounts and they're

443
00:27:06.960 --> 00:27:12.920
taking taxes out. Wow, see getting all choked up over

444
00:27:14.519 --> 00:27:17.759
paying all this money to the IRS, and nobody likes

445
00:27:17.799 --> 00:27:19.279
to pay this kind of money.

446
00:27:19.079 --> 00:27:19.720
To the IRS.

447
00:27:19.759 --> 00:27:22.400
But you've got to make that estimated tax and you know,

448
00:27:22.400 --> 00:27:24.839
if you're an offering compromise that's been accepted, you need

449
00:27:24.880 --> 00:27:27.119
to make sure you make your estimates every quart if

450
00:27:27.160 --> 00:27:29.440
you're going to be on a payment plan with the IRS,

451
00:27:29.640 --> 00:27:32.880
and you have to make your estimated tax payments every court,

452
00:27:33.039 --> 00:27:36.440
the IRS expects you to do this. So the first

453
00:27:36.480 --> 00:27:39.559
one April fifteenth, then we talk about the next one

454
00:27:39.599 --> 00:27:43.359
which is out in June fifteenth, and September and then January.

455
00:27:43.440 --> 00:27:46.000
So you've got four of them to make. They're not

456
00:27:46.079 --> 00:27:49.839
truly quarterly because the IRS has weird months that you're

457
00:27:49.880 --> 00:27:53.400
going to pay these in. But you've got to be prepared.

458
00:27:53.200 --> 00:27:56.440
To make these payments. So you can either do them

459
00:27:56.519 --> 00:27:58.960
online through IRS dot gov.

460
00:27:59.319 --> 00:28:04.000
Or you can use Form ten forty ees and Sindy

461
00:28:04.079 --> 00:28:07.039
and their estimated tax payer as well.

462
00:28:07.519 --> 00:28:08.680
State deadlines.

463
00:28:09.279 --> 00:28:14.279
Yeah, some states have taxes and they expect their tax

464
00:28:14.319 --> 00:28:17.680
returns to be filed timely April fifteenth.

465
00:28:18.039 --> 00:28:20.839
There are some states that have some later filing deadlines.

466
00:28:20.920 --> 00:28:28.319
Some states grant extensions to eligible residents for natural disasters,

467
00:28:28.799 --> 00:28:32.319
such as those people out in California that were affected

468
00:28:32.359 --> 00:28:36.440
by the wildfires, are eligible for an extended tax deadline.

469
00:28:36.960 --> 00:28:41.000
And then you know, those that have the irs disaster

470
00:28:41.119 --> 00:28:45.680
related breaks will get them there as well. If you've

471
00:28:45.680 --> 00:28:50.160
lost your records during a natural disaster, you'll get those

472
00:28:50.160 --> 00:28:52.960
documents as soon as you can, and that way you

473
00:28:53.000 --> 00:28:54.519
can get the credit and.

474
00:28:54.480 --> 00:28:57.440
Claim for relief. You can check with your.

475
00:28:57.279 --> 00:29:03.799
Own states revenue department when taxes are due, since the

476
00:29:03.880 --> 00:29:08.359
states can impose late filing and payment penalties as well.

477
00:29:09.920 --> 00:29:12.240
You know, the really nice part is is if you're

478
00:29:12.279 --> 00:29:14.440
in a state that doesn't have state income tax, you

479
00:29:14.480 --> 00:29:17.119
don't have to worry about it. And sometimes I say, hey,

480
00:29:17.240 --> 00:29:19.319
just get out of that state. Get to a state

481
00:29:19.319 --> 00:29:21.200
where you don't have a state income town. There's some

482
00:29:21.240 --> 00:29:24.200
good news and some drawbacks with it, but those good

483
00:29:24.240 --> 00:29:27.279
news and those drawbacks that you have to deal with.

484
00:29:28.599 --> 00:29:29.720
It's good for you.

485
00:29:29.240 --> 00:29:32.440
You know, it could save you money, and that's what

486
00:29:32.720 --> 00:29:37.160
we're always looking at doing now. Some of the states

487
00:29:37.200 --> 00:29:41.559
will also automatically grant you an extension if you file

488
00:29:41.720 --> 00:29:46.480
a federal extension. Well, a couple of states still require

489
00:29:46.599 --> 00:29:49.319
you to file the extension. Now, if you have tax

490
00:29:49.440 --> 00:29:54.480
due within your state, guess what they expect that tax

491
00:29:54.480 --> 00:29:58.400
to be paid in fifteenth just like the irs.

492
00:29:59.240 --> 00:30:02.039
Some states don't the require.

493
00:30:01.680 --> 00:30:04.640
Extensions if you don't own money, So you'll have to

494
00:30:04.720 --> 00:30:08.119
check with your state to see whether or not you

495
00:30:08.279 --> 00:30:13.119
qualify and whether or not you can use those extensions

496
00:30:13.160 --> 00:30:15.440
that you have. Now, I said we were to be

497
00:30:15.440 --> 00:30:18.039
taking questions. We've got some good questions that have come in.

498
00:30:19.759 --> 00:30:21.680
But one of the things that we really want to

499
00:30:21.680 --> 00:30:24.000
talk about is Trucker Tax Tools Real quick.

500
00:30:24.839 --> 00:30:26.200
Trucker Tax Tools.

501
00:30:26.119 --> 00:30:30.319
Does bookkeeping and taxes for Trucker have an absolutely wonderful

502
00:30:30.640 --> 00:30:33.279
bookkeeping special twenty five dollars a week.

503
00:30:33.359 --> 00:30:36.519
That's it. Get your bookkeeping done. Trucker Tax Tols.

504
00:30:36.599 --> 00:30:38.920
We keep up to up to date with everything you've

505
00:30:38.960 --> 00:30:42.880
got going on, and we make sure that got the

506
00:30:42.920 --> 00:30:45.880
eyes across the tes. You know, all your bookkeeping in

507
00:30:46.039 --> 00:30:50.400
so it makes you're filing your taxes simpler, makes running

508
00:30:50.480 --> 00:30:54.480
your business easy and simple. Hey call us now eight

509
00:30:54.559 --> 00:30:57.680
seven seven nine nine six two four seven seven again

510
00:30:57.759 --> 00:31:01.759
eight seven seven nine ninety six four seven seven mentioned

511
00:31:02.039 --> 00:31:06.480
tax talk for you. If you're a member of Owner

512
00:31:06.519 --> 00:31:10.640
Operator and Independent Drivers Association oh IDA. You get special

513
00:31:10.680 --> 00:31:14.319
discounts if you're not a member. It's what if you're

514
00:31:14.319 --> 00:31:16.960
an owner operator, you should be a member. We're going

515
00:31:17.000 --> 00:31:21.319
to pay for your first year's association dues with oh IDA.

516
00:31:21.960 --> 00:31:25.440
You can see how good o Idea is for their

517
00:31:25.440 --> 00:31:28.559
truckers and what they do to help. Now, if you're

518
00:31:28.599 --> 00:31:32.079
also thinking about moving from maybe being a W two

519
00:31:32.240 --> 00:31:35.480
driver to being an owner operator, it will be a

520
00:31:35.480 --> 00:31:38.920
wonderful seminar that o ida's foundation puts out called truck

521
00:31:38.960 --> 00:31:39.839
to Success.

522
00:31:40.119 --> 00:31:43.119
So sign up for that seminar.

523
00:31:43.319 --> 00:31:45.319
It's going to be up there in Blue Springs, Missouri,

524
00:31:45.480 --> 00:31:50.079
you know, just right around Kansas City, just maybe a

525
00:31:50.079 --> 00:31:53.880
mile or a half mile from Ida, and we'll be

526
00:31:54.000 --> 00:31:56.240
up there and talking to everything trucking. That's what we

527
00:31:56.359 --> 00:31:59.400
love to do, talk about everything trucking, how to save

528
00:31:59.480 --> 00:32:02.640
truckers money, and what you need to do as a trucker.

529
00:32:02.839 --> 00:32:03.680
Hey, we come back.

530
00:32:03.839 --> 00:32:06.160
We're going to go through and answer the questions that

531
00:32:06.200 --> 00:32:07.200
everybody's been asking.

532
00:32:07.400 --> 00:32:08.640
We'll be right back after this.

533
00:32:10.039 --> 00:32:13.680
We have only scratched the surface of today's show. Please

534
00:32:13.720 --> 00:32:17.000
stand by as Barry G. Fowler will be right back

535
00:32:17.079 --> 00:32:22.880
with tax talk for you as an owner operator. You

536
00:32:23.119 --> 00:32:25.640
already spend too much time away from your family.

537
00:32:26.200 --> 00:32:28.240
Stop spending time doing pay for work.

538
00:32:28.720 --> 00:32:32.240
Go to Trucker tax tools dot com a solution filled

539
00:32:32.279 --> 00:32:36.839
specifically for truckers. Trucker taxtools dot Com makes your life

540
00:32:37.200 --> 00:32:42.920
running smoothly. Let's get back to tax stock for you

541
00:32:43.000 --> 00:32:45.599
with more tax stock once again.

542
00:32:46.039 --> 00:32:51.839
Here's your host, Barry G. Fowler. Hey, don't forget to

543
00:32:51.880 --> 00:32:53.039
call it trucker tax fools.

544
00:32:53.200 --> 00:32:57.400
If you're over the road owner operator, truck driver, get

545
00:32:57.440 --> 00:32:58.880
in on that twenty five dollar a.

546
00:32:58.880 --> 00:33:02.240
Week book big special that we've got going on.

547
00:33:03.240 --> 00:33:06.480
Give us a call at eight seven seven nine ninety

548
00:33:06.519 --> 00:33:10.240
six two four seven seven again eight seven seven nine

549
00:33:10.359 --> 00:33:14.640
ninety six two four seven seven and mentioned tax talk

550
00:33:14.759 --> 00:33:17.559
for you so you can get in on that on

551
00:33:17.599 --> 00:33:23.759
that special and maybe get that year's dunes paid for

552
00:33:24.079 --> 00:33:30.240
OIDA as well. Got questions coming in jeremy asks. Do

553
00:33:30.319 --> 00:33:33.640
I really have to pay the taxes that are due

554
00:33:33.920 --> 00:33:37.319
even if I'm not filing right now? Yes, ce IRS

555
00:33:37.359 --> 00:33:40.759
requires that. So if you have money here, you're going

556
00:33:40.799 --> 00:33:43.680
to file your tax return and you're going to have

557
00:33:43.839 --> 00:33:46.839
tax due, you need to pay at least ninety percent

558
00:33:46.920 --> 00:33:50.279
of them to avoid penalties on that money, you're not

559
00:33:50.279 --> 00:33:53.119
going to avoid interest. If you have another one thousand

560
00:33:53.200 --> 00:33:55.440
or two or whatever, do, they're still going to hit

561
00:33:55.440 --> 00:33:56.039
you with the interest.

562
00:33:56.119 --> 00:33:58.400
But as long as you're within.

563
00:33:58.240 --> 00:34:04.279
That ninety percentile of taxes that you have, the IRS

564
00:34:04.359 --> 00:34:07.920
isn't going to hit you at the late payment penalties

565
00:34:08.039 --> 00:34:12.119
out there. They're going to skip those. So you know,

566
00:34:12.239 --> 00:34:14.239
if you're going to file an extension, pay it. If

567
00:34:14.280 --> 00:34:17.039
you're going to file your tax return, pay it. If

568
00:34:17.039 --> 00:34:21.000
you can't afford to pay it. All taxation solutions, let's

569
00:34:21.000 --> 00:34:24.800
get a payment plan or installment agreement, or let's look

570
00:34:24.840 --> 00:34:27.760
and see why maybe you're not getting all the tax deductions.

571
00:34:27.760 --> 00:34:31.920
I've seen many truckers owner operators out there. They're missing

572
00:34:32.400 --> 00:34:36.159
tax deductions or their return is just done all because

573
00:34:36.159 --> 00:34:41.079
they're not done by somebody that knows trucking or nosines

574
00:34:41.119 --> 00:34:45.000
and outs of the tax go to get you the

575
00:34:45.000 --> 00:34:50.079
best result for you. I've seen things from people estimating

576
00:34:50.760 --> 00:34:52.880
the value of a truck, or you're just leaving the

577
00:34:52.960 --> 00:34:57.599
truck and tractor off the return completely. We're taking both

578
00:34:57.639 --> 00:35:02.639
appreciation on their trail a tractor and trailer and taking

579
00:35:02.679 --> 00:35:03.760
mile edge on their tractor.

580
00:35:03.960 --> 00:35:06.519
Hey, some of these things don't make sense. You can't

581
00:35:06.519 --> 00:35:07.760
have it both ways.

582
00:35:08.480 --> 00:35:11.760
You need to know, hey, how to deduct pretems. You

583
00:35:11.800 --> 00:35:14.039
need to know how to deduct everything. And that's what

584
00:35:14.440 --> 00:35:17.559
truck or tax tools it does. So if you are

585
00:35:17.719 --> 00:35:20.880
a trucker, you know, let's get you in here and

586
00:35:21.079 --> 00:35:23.719
let us start working with you as an owner owner

587
00:35:23.760 --> 00:35:27.280
operator over the road trucker. Let's let's get in and

588
00:35:27.400 --> 00:35:30.280
do taxes correctly. So give us a call again eight

589
00:35:30.360 --> 00:35:34.840
seven seven nine ninety six two four seven seven. So

590
00:35:34.960 --> 00:35:37.559
let's see we've got who is that?

591
00:35:37.719 --> 00:35:38.119
George?

592
00:35:39.239 --> 00:35:43.519
George, Hey, you're right here just outside of Houston. Hey,

593
00:35:44.400 --> 00:35:49.079
how do you have beautiful weekend here? So your question

594
00:35:49.599 --> 00:35:53.800
is if I'm doing payroll and can't afford to make

595
00:35:54.119 --> 00:35:58.119
my payroll tax payments, what do I do? Agree, Yeah,

596
00:35:58.159 --> 00:36:01.079
that's a tough one because I'm going to tell you

597
00:36:01.079 --> 00:36:04.320
you should be making you know that a priority. The

598
00:36:04.360 --> 00:36:09.480
easiest way to make sure you pay your taxes for

599
00:36:09.679 --> 00:36:12.440
payroll is to make sure you pay it with every

600
00:36:12.559 --> 00:36:16.559
single payroll run. You don't don't need to have the

601
00:36:16.639 --> 00:36:19.920
deadlines that the IRS has out there because maybe they

602
00:36:19.960 --> 00:36:22.800
only require you to pay quarterly, or maybe they require

603
00:36:22.840 --> 00:36:25.800
you to pay once a month. I find it much

604
00:36:25.880 --> 00:36:28.639
easier to work with people to make sure that they

605
00:36:28.679 --> 00:36:33.840
pay those payroll taxes in every single payroll period.

606
00:36:33.840 --> 00:36:34.280
That you have.

607
00:36:34.599 --> 00:36:38.400
Now you can't afford to pay your first quarters twenty

608
00:36:38.480 --> 00:36:40.280
twenty fives payroll taxes.

609
00:36:40.679 --> 00:36:42.800
You know what I'm going to tell you is you've

610
00:36:42.840 --> 00:36:44.960
got to file the nine to forty one. Get them in.

611
00:36:45.599 --> 00:36:46.239
Take the head.

612
00:36:46.280 --> 00:36:50.039
They're going to send you a nasty gram that says, hey,

613
00:36:50.119 --> 00:36:53.039
you owe, and here's the massive penalties that you're going

614
00:36:53.079 --> 00:36:57.480
to have on there. Start paying as soon as you can,

615
00:36:57.599 --> 00:37:01.159
as much as you can. Point you're probably going to

616
00:37:01.239 --> 00:37:05.599
need some representation because if you don't pay the employee

617
00:37:05.840 --> 00:37:09.440
side of the taxes, the IRS can come back and

618
00:37:09.559 --> 00:37:12.760
hit you with what they call trust fund penalties. Those

619
00:37:12.800 --> 00:37:19.440
trust fund penalties are levied on you, not just the business.

620
00:37:19.760 --> 00:37:23.000
The business and you and anybody else that could be

621
00:37:23.199 --> 00:37:28.000
a signer on that account or had decision making responsibility

622
00:37:28.199 --> 00:37:32.519
for the business. So that means you would be personally

623
00:37:32.679 --> 00:37:36.760
liable for that trust fund penalty if it got levied

624
00:37:36.760 --> 00:37:39.559
against you. Now, if you can get the trust fund

625
00:37:39.599 --> 00:37:41.400
side of it paid off, they won't hit you with

626
00:37:41.440 --> 00:37:44.960
the trust fund penalties, but you still have the other

627
00:37:45.119 --> 00:37:47.400
portion of the tax, which is the company portion of

628
00:37:47.440 --> 00:37:50.039
the tax, to still pay and then you can set

629
00:37:50.039 --> 00:37:54.679
it up in an installment agreement, although with payroll taxes

630
00:37:54.719 --> 00:37:57.400
they do a little bit shorter period. If you've got

631
00:37:57.440 --> 00:37:59.800
the cash flow to be able to start paying on

632
00:38:00.079 --> 00:38:05.960
these taxes, you know, you know, avoid the penalties that

633
00:38:06.559 --> 00:38:08.840
the I R S is going to hit you with.

634
00:38:09.400 --> 00:38:12.760
And that's one of the big things that you know,

635
00:38:12.960 --> 00:38:16.440
we need to do working with you to stop the

636
00:38:16.480 --> 00:38:19.360
I R S and the taxation Solutions can help you.

637
00:38:20.039 --> 00:38:21.800
So if you give us a call at eight eight

638
00:38:21.840 --> 00:38:25.400
to eight nine three zero one zero one six again

639
00:38:25.480 --> 00:38:28.320
eight eight to eight nine three zero one zero one six,

640
00:38:28.519 --> 00:38:32.000
you know we can give you that free consultation to

641
00:38:32.119 --> 00:38:34.880
a free call, free consultation. Let us talk you through it.

642
00:38:34.960 --> 00:38:36.360
Let's see what we can do for you.

643
00:38:37.320 --> 00:38:38.440
Help you. Now, if you've.

644
00:38:38.239 --> 00:38:42.559
Missed other quarters before this, I suggest you don't hesitate.

645
00:38:43.320 --> 00:38:46.760
Matter of fact, any business out there that owes payroll taxes,

646
00:38:47.360 --> 00:38:49.920
don't hesitate to pick up that phone and call us

647
00:38:49.960 --> 00:38:52.519
at eight eight eight nine three zero one zero one

648
00:38:52.719 --> 00:38:56.440
six get that free consultation. Let's talk about this payroll taxes.

649
00:38:56.480 --> 00:39:00.320
And you know what we can do to solve that problem.

650
00:39:01.760 --> 00:39:03.559
If you continue to do this, don't expect to be

651
00:39:03.599 --> 00:39:05.880
in business very long, because they're going to find a

652
00:39:05.920 --> 00:39:09.199
way to shut you down and take whatever assets the

653
00:39:09.760 --> 00:39:13.960
company has because this is important to them collecting. This

654
00:39:14.000 --> 00:39:17.960
isn't your money that you were keeping. This is money

655
00:39:17.960 --> 00:39:19.920
that you pulled out of their check and the company

656
00:39:20.000 --> 00:39:24.400
owes for the Social Security and Medicare match. So you know,

657
00:39:24.480 --> 00:39:28.119
the I R S isn't isn't as lenient, And they

658
00:39:28.239 --> 00:39:31.840
get kind of ridiculous about these payroll taxes that are.

659
00:39:31.679 --> 00:39:34.119
Out there, but they do.

660
00:39:36.400 --> 00:39:41.920
But they do that for a good reason to collect, collect, collect,

661
00:39:42.239 --> 00:39:44.719
you know, that's what the government's job is. You know,

662
00:39:44.760 --> 00:39:46.519
people ask me, you know, what is the I R

663
00:39:46.599 --> 00:39:49.480
S job? You know, isn't it customer service? Isn't it

664
00:39:49.519 --> 00:39:50.199
there to help you?

665
00:39:50.679 --> 00:39:50.880
Well?

666
00:39:50.960 --> 00:39:53.800
Yeah, I mean, if you have a tax question, you

667
00:39:53.840 --> 00:39:55.639
can ask them. Doesn't mean they're going to know the

668
00:39:55.679 --> 00:39:57.920
answer of the right answer, but you can ask them.

669
00:39:58.199 --> 00:40:03.320
That's their customer service. Realistically, the IRS is purely a

670
00:40:03.400 --> 00:40:06.360
collection agency. They are the collection arm of the United

671
00:40:06.400 --> 00:40:09.679
States Department of Teratiary to collect money from you and

672
00:40:09.800 --> 00:40:11.440
I and every other taxpayer.

673
00:40:11.519 --> 00:40:13.719
That's out there. They do it for enforcement.

674
00:40:14.079 --> 00:40:17.679
See if they didn't have a collection agency like the IRS,

675
00:40:18.079 --> 00:40:20.880
then what would be the incentive for you or I

676
00:40:21.599 --> 00:40:24.719
or anyone to file a tax return. It's the threat

677
00:40:25.039 --> 00:40:29.840
of collection that gets you, me and everybody else to

678
00:40:29.880 --> 00:40:32.639
file those tax returns. And it gets a lot of

679
00:40:32.639 --> 00:40:35.920
people to file tax returns, whether they're correct or not,

680
00:40:36.679 --> 00:40:40.719
just to pay more in tax just to avoid getting

681
00:40:40.719 --> 00:40:41.639
an IRS audit.

682
00:40:41.679 --> 00:40:43.800
They think. Sometimes that doesn't work.

683
00:40:44.119 --> 00:40:46.599
You know, the IRS can still come out and audit

684
00:40:47.039 --> 00:40:50.880
some people, because they don't like paying taxes so much,

685
00:40:51.400 --> 00:40:56.039
do everything they can to take every deduction, whether they're

686
00:40:56.559 --> 00:41:00.599
truly allowed or not. You know, we've seen Rucker tax

687
00:41:00.599 --> 00:41:04.880
returns that are out there taking deductions that make no sense.

688
00:41:05.239 --> 00:41:08.440
Round numbers. Set yourself up for an audit. You know,

689
00:41:08.920 --> 00:41:13.239
we're looking at fuel expense even fifty thousand, office supplies,

690
00:41:13.400 --> 00:41:18.840
three thousand, repairs and maintenance sixty thousand, whoever the number is.

691
00:41:19.199 --> 00:41:22.480
You're using round numbers, and you submit everything in round

692
00:41:22.519 --> 00:41:24.599
numbers to us. We're not going to do your tax

693
00:41:24.639 --> 00:41:27.320
return because we know they're not right. I can almost

694
00:41:27.320 --> 00:41:29.280
guarantee you we can go back and look at many,

695
00:41:29.320 --> 00:41:33.840
many returns that we've done and many years of bookkeeping,

696
00:41:33.840 --> 00:41:37.039
and I don't think I've ever had complete round numbers.

697
00:41:37.280 --> 00:41:38.559
I could say that with a certainty.

698
00:41:38.599 --> 00:41:39.800
I've never had a tax.

699
00:41:39.639 --> 00:41:42.920
Return that we've done bookkeeping for a trucker from that

700
00:41:43.039 --> 00:41:48.320
has come in with completely round numbers all across the board.

701
00:41:48.599 --> 00:41:52.480
It doesn't work. It doesn't make sense at all. So

702
00:41:52.639 --> 00:41:55.159
don't set yourself up for an audit. Don't set yourself

703
00:41:55.239 --> 00:42:00.559
up for problems. Taking deductions that you don't qualify for

704
00:42:01.360 --> 00:42:03.559
also can set you up for an audit.

705
00:42:03.599 --> 00:42:04.360
In red flag.

706
00:42:06.039 --> 00:42:08.639
Speaking of red flags, and this is how we got

707
00:42:08.679 --> 00:42:14.519
off of Penny, Yes, IRS does have red flags. Their

708
00:42:14.599 --> 00:42:19.760
computer system does red flag certain items on your return.

709
00:42:20.199 --> 00:42:23.039
You got to understand the IRS does matching. That's the

710
00:42:23.079 --> 00:42:26.519
first red flag that the IRS has. If your W

711
00:42:26.719 --> 00:42:29.639
two's don't match, or your ten ninety nine's don't match,

712
00:42:29.840 --> 00:42:36.320
or ten ninety nine are miscellaneous non employee compensation, interest

713
00:42:36.599 --> 00:42:40.079
brokers statements, all those things don't match, you're going to

714
00:42:40.119 --> 00:42:43.000
get a nasty letter from the IRS. And these don't

715
00:42:43.079 --> 00:42:46.639
match doesn't mean you're going through a full blown audit.

716
00:42:46.719 --> 00:42:49.639
It means they audited their return for you, and these

717
00:42:49.719 --> 00:42:52.760
things were wrong. Maybe you left them off, maybe you

718
00:42:52.880 --> 00:42:57.599
transpose numbers, maybe you just put it in completely wrong,

719
00:42:58.199 --> 00:43:01.199
whatever the case may be. Or maybe you didn't see

720
00:43:01.199 --> 00:43:02.719
it or you didn't get it in the mail and

721
00:43:02.760 --> 00:43:06.519
so therefore you didn't claim it. That sets you up

722
00:43:06.559 --> 00:43:09.239
for the IRS to go through and say, hey, these

723
00:43:09.239 --> 00:43:11.880
things are wrong. You just either need to fix it

724
00:43:11.960 --> 00:43:14.960
or accept the IRS for what they gave it to you.

725
00:43:15.719 --> 00:43:20.480
At the other side is they're using their computer systems

726
00:43:20.519 --> 00:43:21.599
to look at your numbers.

727
00:43:21.639 --> 00:43:23.199
Do these numbers make sense?

728
00:43:23.599 --> 00:43:27.480
Especially as an owner operator small business person, you know,

729
00:43:28.079 --> 00:43:31.280
if you're feeling an out schedule cee, sometimes the IRS

730
00:43:31.320 --> 00:43:33.519
things everybody that does the schedule see live.

731
00:43:33.480 --> 00:43:36.000
Sheets and steals. That's my opinion.

732
00:43:36.480 --> 00:43:39.360
You know, I find that most small business people are

733
00:43:39.719 --> 00:43:43.719
fairly honest, and sometimes they don't take all the deductions

734
00:43:43.760 --> 00:43:47.440
that they're allowed to by law. And you need every

735
00:43:47.480 --> 00:43:51.880
deduction that's out there, so find it. You're a trucker again,

736
00:43:52.320 --> 00:43:55.360
a trucker tax tools. We've got a great special. You know,

737
00:43:55.400 --> 00:43:57.360
we're coming to the end of this hour. Thing goes

738
00:43:57.400 --> 00:44:01.440
so fast. But what I find out week bookkeeping for

739
00:44:01.519 --> 00:44:05.440
truckers call us eight seven seven nine ninety six two

740
00:44:05.519 --> 00:44:06.880
four seven.

741
00:44:06.679 --> 00:44:09.239
Seven, Get in today. Hey. Every week, we're.

742
00:44:09.119 --> 00:44:12.880
Right here at W four CY Radio nine am Eastern Time.

743
00:44:13.400 --> 00:44:16.599
Check out our podcast over checker at tax talkfor You

744
00:44:16.840 --> 00:44:20.599
dot com. Don't miss a single episode, and connect with

745
00:44:20.679 --> 00:44:22.119
us on Facebook as well.

746
00:44:22.440 --> 00:44:23.639
Thank you, God bless.

747
00:44:23.800 --> 00:44:27.519
Have a glorious tax deadline in a glorious week, have

748
00:44:27.559 --> 00:44:28.159
a great day.

749
00:44:29.239 --> 00:44:32.440
Are you an individual or business that wants to understand

750
00:44:32.480 --> 00:44:35.800
taxes and how they affect you? Are you looking for

751
00:44:35.920 --> 00:44:41.360
specific tax advice for self employed business owners and truckers?

752
00:44:41.920 --> 00:44:45.960
Are you behind on taxes and your bookkeeping? Are you

753
00:44:46.079 --> 00:44:49.039
dealing with the irs and ready to have some wee leave?

754
00:44:49.880 --> 00:44:53.679
Then you need Tax Talk for You, hosted by tax

755
00:44:53.760 --> 00:44:58.679
and trucker expert Barry g. Fouer Ea Kenyan ten am

756
00:44:58.920 --> 00:45:02.119
Eastern Time every Monday right here on W four c

757
00:45:02.320 --> 00:45:05.599
Y Radio and Talk for TV. Don't forget to check

758
00:45:05.719 --> 00:45:10.559
this and past episodes at tex talkforuth dot com. See

759
00:45:10.559 --> 00:45:15.599
you next week at W four c Y dot com