Jan. 28, 2025

Tax Season Prep

Tax Season Prep

Ready to File your 2024 taxes what do you need to file? Income Sources, W2, W2-G, 1099 NEC 1099 Misc. 1099B Interest, didivends, Mortgage Interest 1098, 1098T. Makes you ahve allyour information for taxes and deductions. If you are runing a business,...

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Season 2

Ready to File your 2024 taxes what do you need to file? Income Sources, W2, W2-G, 1099 NEC 1099 Misc. 1099B Interest, didivends, Mortgage Interest 1098, 1098T. Makes you ahve allyour information for taxes and deductions. If you are runing a business, self employed get all youre xpenses and look for planning opportunites to save money on taxes. Tax Relief, Tax Planning, Prepare for Audit, Keep you self audit free by doing taxes the right way.

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

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

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

WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests, and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fo Ea brings you tax talk for you right here

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on W four CY Radio and Talkboard TV. As an

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enrolled agent and a national leader in tax resolution as

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well as Trucker bookkeeping.

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And tax planning. With over thirty years of experience.

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Barry will break down taxes, bookkeeping, tax planning, and tax

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relief for individuals and businesses just like you. So let's

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have some tax talk for you with your hosts.

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Barry G.

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Fowler, Good Morning USA. You know I always wanted to

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do that, you know, kind of like Robin Williams, you know,

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good morning Vietnam. Uh, you know, have a little fun

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and we're talking about taxes. And tax prep. What could

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be more fun than that? Well, I can think of

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a lot of things.

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Uh.

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You know, we get into doing taxes and bookkeeping and

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stuff for clients, but uh, weekends and evenings, I also

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get to get out and do a little bit of

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wrenching and uh and dealing with with cattle. So you know,

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when you're dealing with cattle and you're checking for pregnancy,

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you know, you've got to make sure that these cows

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are open before you take them for artificial insemination and

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stuff AI And you put a nice big plastic bag

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downp your arm and you stick your arm up their

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rear end and you check to see if they're pregnant.

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That's the way we feel about taxes sometimes. Do we

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really want to get into this stuff? Do we really

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want to do taxes? Man? Everybody hates doing taxes. Everybody

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hates paying taxes. So you've got to find ways to

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pay less, to know lower what your burden is for

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your taxes. And when you're in business, it becomes even

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more crucial to decrease the burden of taxes and pay

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less in taxes so that you know you're putting more

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money in your pocket, you're saving more money. But today,

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what do we need to provide our tax prepare information

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to prepare our taxes? You know, it starts really really

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simple when when you're out there dealing with prepare and

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you're a new client, you know you're going to have to,

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you know, provide them your tax identification number, your social

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Security numbers. You're going to have to provide your full name,

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your data birth. Most of us are going to require

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a copy of your driver's license. And then if you're

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we're going to need your spouse's full name, their social

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Security number and their data birth and their driver's license

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as well. I'll remember. And nobody can file taxes for you,

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or they shouldn't be filing taxes for you. Out your signature,

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and when you are going to sign your tax return,

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read it, look through it. Don't just go to the

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signature page where they tell you to sign. You know,

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people do this every day. I see this in contracts.

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I see this with people in business not paying attention

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to what they're doing and they just sign. Read what

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you're signing again, Read what you're signing, go through make

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sure the numbers make sense because you're taking full responsibility

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for your tax return now if you're a client of ours,

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every year we provide you with a tax organizer. Go

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through this tax organizer, answer every question that this is

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in the organizer, and then make changes to anything that

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you see that is incorrect or may have change, or

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anything that you need to disclose to us or have

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questions about, write it down. We're going to ask you

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those questions. We're going to find out what you have

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going on. So if you're looking for ways to save money,

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or maybe you've heard from some other podcasts, or you've

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heard from somebody else, oh this or that, or you

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were at a fuel pump, you know, putting gas in

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your truck, and your neighbor starts talking to you about

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taxes and there's a tax deduction. Talk to us. We'll

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answer the questions for you. That's what we're here to do.

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What else do you need? You? As an individual, you

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may have identity protection PIN. So if you've actually filed

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and requested an identity protection PIN from the IRS, you

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will get that letter every year. So whether it's you

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or your spouse, you need to provide a copy of

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that letter to your tax prepayer. That pen is very important.

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The IRS will not let us file your tax return

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without that PEN number, it'll come back and say you

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have an identity protection PIN. So you're going to make

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sure that you provide that PEN to us for both

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you and your spouse, or if it's just your spouse,

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just your spouse. If you're looking for your refund or

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payment to be automatically either debited into your account or

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credited from your account, you're going to have to provide

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your bank's routing number an account number so that we

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make sure that we have everything right. We will ask

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for a voided check just to make sure that you've

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got the right numbers on there. Now. I know many

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people don't have checks these days, or you have very

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few checks. Sometimes it's just making a copy of it,

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write and void on it, and you also put that

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into a secure portal for us. Or if you're showing

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up to somebody's place of business to do it, or

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you're coming here to do your taxes, you can just

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bring your checkbook with you and we can take the

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information off of that as well. If you don't have that,

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you can go to your bank or call your bank

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and ask for those routing numbers and account numbers to

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make sure you've got the right ones. Some credit unions

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have a specific routing number for withdrawing money from your

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account or depositing money into your account, so you need

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to make sure you've got the right routing number, and

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some credit unions require the full account numbers. So if

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you've got maybe four zeros in front of your account number,

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we need to know that. We've got to have every

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one of those zeros on there so that the money

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can get to your account properly. And then you know,

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if you're doing taxes with us, we have you verify

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that information before we're ever going to file your return.

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So when you're signing your tax return, they're going to

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have a transmission page. It has your account and routing

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numbers on it, and we're going to make you sign

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that to verify that information is correct because we're not

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going to take response. It's ability if you provided us

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in correct routing numbers or account numbers, because you know

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the IRS is trying to put money in your account

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and if those are wrong, it's going to take you

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much longer to get your refund when the IRS sends

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it back, or maybe a deposited under the wrong person's

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account not supposed to happen, but it does. So what

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else is needed? Dependent information? Who are your dependents? Now?

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You know, if you've been doing taxes with somebody for

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a long time and you think, oh, they have it verify,

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are you still able to claim the people you claimed

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in the past. Maybe you had a new child and

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you need to provide their name, so security number, and

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date of birth to your tax prepairer. So make sure

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that you have all the dates of birth correct, so

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security numbers correct. Make sure the child's name is correct.

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You may call somebody Johnny and his name is john,

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we'll need to make sure we've got the precise name.

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Or maybe there's a different last name from yours. You

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got married and you have your wife had kids and

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they have a different last name and you're claiming those kids. Well,

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if you're claiming those kids, then you know, we need

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to make sure we got the right last names on there.

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If they've been in childcare, you're going to want childcare records.

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How much did you pay for childcare? And that's got

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to include name, address, and tax ID number of the

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childcare provider. Now, if it's an individual, that's their Social

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Security number. Those people, you know should be reporting that

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information to the IRS. If they've earned this money as

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an individual, if it's a business, it's their employer identification number.

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But we're going to need those records to be able

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to fill out to twenty four to forty one for

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getting the credit for child care out there. Income of dependence,

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So if you're de pendants are earning income, we're going

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to need to know what they've earned so we can

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decide are they truly a dependent? Are you providing more

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than fifty percent of their support in the household even

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if they are seventeen or eighteen, or maybe you're trying

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to claim a parent or other sibling as a dependent

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and you are providing more than fifty percent of their support,

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then we're going to need to know what income those

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adults had so that we can make sure that we

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can verify that you are fifty percent providing fifty percent

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or more of their support. Hey, remember, at tax prepayers,

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you know we hate this role of doing due diligence,

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but the IRS does require us to do due diligence

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for preparing a tax return, and we've got to file

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Form eighty three point thirty two as well, showing that

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the child's custodial parents are releasing the right for you

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to claim this child. So if you have a child

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that could be claimed somewhere else, you would have to

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file this form for the non custodial parents. So not

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only are we doing due diligence of the children or

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maybe adults that you are trying to claim on your

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tax return, we're having to do a little bit of

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due diligence for those children that you've been released to

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be able to claim on your tax return as well.

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You think tax prepayers and have it easy, and you

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know this is all easy. No, the IRS puts stringent

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requirements on tax preparers doing due diligence on returns that

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we're preparing and hold us to that level of due diligence. Hey,

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we come back after this break. We're going to start

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talking about sources of income and what information you've got

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to provide for your income. We'll be back right after this.

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

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stand by as Barry G. Fowler 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. Call Taxation Solutions, Tax relief at eight eight

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eight nine three zero one zero one six. We are

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your solution for IRS 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 all over you. Stop the IRS now

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call eight eight eight nine three zero one zero one

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six or go to Taxationsolutions dot net now for a

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

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for you with more tax stok once again.

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Here's your host, Parry G. Ballum.

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Hey, welcome back. Speaking of taxation solutions and IRS audits.

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You know, the IRS does still do audits and the

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IRS looks at these tax returns and they have computer

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generated algorithms that will go through and decide whose tax

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return to poll. And a lot of these are random,

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but a lot of times it's due to red flags.

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And those red flags can be you know, many different things.

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A lot of times and we'll talk about it later.

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Is using round numbers for your expenses and stuff, but

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also sources of income can become a very big red

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flag for you. And what do we mean by sources

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of income? You like your W two forms or your

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ten ninety ninees. So what does this create? A red

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flags not reporting all your income. So you know, maybe

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you got lost in the mail and you didn't report

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a ten ninety nine and you were only reporting off

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of the ten ninety nine's and you shortage your income,

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or you forgot to put a W two on here,

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you forgot about a small job you had. These can

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cause audits. A lot of times it's just correspondence audits

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saying hey, you missed something, but other times it can

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create you know, big audits where you're having to support

225
00:13:29.440 --> 00:13:33.200
all of your tax return, especially like if you're in business.

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So what other sources of income are we looking for?

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We're looking, you know, of course those W twos, But

228
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then you're looking at a ten ninety nine G, which

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is your unemployment. So if you were unemployed, your state

230
00:13:45.679 --> 00:13:48.480
is going to send you a ten ninety nine G

231
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and that is taxable income to you. Of course you're

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ten ninety nine's and those could be your ne season

233
00:13:56.919 --> 00:14:01.399
unemployment compensation, it can be your ten n nine miscellaneous

234
00:14:01.440 --> 00:14:07.320
for other incomes, rents, royalties, et cetera. Schedules K one

235
00:14:08.000 --> 00:14:14.080
K one's come from ownership in a s corporation or

236
00:14:14.200 --> 00:14:18.879
partnership or limited partnership. Maybe you've done investments and you

237
00:14:19.279 --> 00:14:22.120
invested in one of these oil and gas partnerships. They're

238
00:14:22.159 --> 00:14:25.679
going to send you a K one, So you got

239
00:14:25.679 --> 00:14:28.240
to look at your investments in what you've invested in,

240
00:14:28.720 --> 00:14:34.240
and you may be getting a K one from them.

241
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Ten and nine miscellaneous. Always be looking at that ten

242
00:14:38.320 --> 00:14:41.480
ninety nine d iv dividends, You're going to be looking

243
00:14:41.559 --> 00:14:46.000
for those as well. If you have accouncilors, maybe Schwab

244
00:14:46.159 --> 00:14:49.320
or Fidelity, and dividends have been going through there. You're

245
00:14:49.360 --> 00:14:53.120
going to want to provide the ten ninety nine B

246
00:14:53.799 --> 00:14:59.000
from your brokerage account, and that's going to list out dividends,

247
00:14:59.240 --> 00:15:04.039
interest receipts, and stop trades, gains or losses on the

248
00:15:04.080 --> 00:15:09.720
sale of stocks, so all those are going to be

249
00:15:10.080 --> 00:15:12.840
reported as well. Now, if you're self employed, you get

250
00:15:12.840 --> 00:15:16.440
the ten ninety nine NEC. You're also going to need

251
00:15:16.480 --> 00:15:21.960
to provide records of all your expenses. In most cases,

252
00:15:22.519 --> 00:15:24.720
your preparer is probably going to ask you for a

253
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profit and loss and also possibly a balance sheet. Depending

254
00:15:29.720 --> 00:15:33.720
on how big you are and how much business you're doing,

255
00:15:34.039 --> 00:15:38.759
they're going to be looking for records of all your expenses. Now, hey,

256
00:15:39.200 --> 00:15:41.799
don't take it bad if somebody comes to you and

257
00:15:41.919 --> 00:15:45.279
ask you for proof behind some of the expenses. Maybe

258
00:15:45.320 --> 00:15:48.799
you provided round numbers. They should be asking you, is

259
00:15:48.879 --> 00:15:56.519
this correct. Maybe you provided expenses for maintenance and repairs.

260
00:15:57.279 --> 00:16:00.840
If you've got a truck or you got other assets

261
00:16:00.879 --> 00:16:03.799
that you spend money at repairing, They're going to be

262
00:16:03.840 --> 00:16:08.720
looking for what kind of repairs you did in this business,

263
00:16:09.159 --> 00:16:15.120
And realistically, it's repairs that extended the useful life of

264
00:16:15.759 --> 00:16:21.159
the equipment, not just general repairs like changing oil on

265
00:16:21.480 --> 00:16:26.759
your car truck or changing the fluids and a piece

266
00:16:26.759 --> 00:16:30.440
of equipment. It's going to be hey, I just replaced

267
00:16:30.440 --> 00:16:35.000
my engine, something that extended the useful life. Those kind

268
00:16:35.000 --> 00:16:38.519
of repairs are going to be capitalized and depreciated. Make

269
00:16:38.639 --> 00:16:42.360
sure that if you bought any other fixed assets in

270
00:16:42.399 --> 00:16:46.879
the business, you've disclosed these to your tax prepair so

271
00:16:46.919 --> 00:16:51.360
that they can be recorded correctly and depreciate it. Now,

272
00:16:51.399 --> 00:16:55.039
most of us are going to ask for that receipt

273
00:16:55.440 --> 00:16:59.639
buyer's order. What gives us the information of what you

274
00:16:59.720 --> 00:17:03.039
actually paid for the asset. We have a lot of

275
00:17:03.039 --> 00:17:04.680
people that will come to us and say Hey, I

276
00:17:04.720 --> 00:17:10.279
paid seventy five thousand dollars for this tractor one. In reality,

277
00:17:10.400 --> 00:17:14.000
they paid seventy seven three and ninety two dollars for

278
00:17:14.160 --> 00:17:17.599
that piece of equipment. So you're losing partship, part of

279
00:17:17.640 --> 00:17:21.200
a write off because you're only remembering when you thought

280
00:17:21.279 --> 00:17:23.960
you paid, or maybe what you financed portion of it

281
00:17:24.039 --> 00:17:26.400
and not the whole thing, or maybe you're thinking it

282
00:17:26.400 --> 00:17:29.759
is eighty five thousand because you looked at your financing

283
00:17:29.759 --> 00:17:31.400
agreement and that's how much you're going to pay over

284
00:17:31.440 --> 00:17:33.759
the life of the loan. Well, we've got to get

285
00:17:33.759 --> 00:17:37.759
the actual number from the buyer's order to make sure

286
00:17:37.880 --> 00:17:42.240
that we're recording this correctly for you, so you get

287
00:17:42.240 --> 00:17:47.519
the right right off of your equipment. We want to

288
00:17:47.559 --> 00:17:50.720
make sure that we're dotting the ads and crossing the

289
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t's with you to make sure that you know you're

290
00:17:54.799 --> 00:17:58.519
not going to have any hiccups in your taxes, and

291
00:17:59.039 --> 00:18:01.039
then you don't come back to us a year or

292
00:18:01.079 --> 00:18:04.640
two later. I went, no, Actually, I think we've got

293
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the support to show you where these numbers come from

294
00:18:08.319 --> 00:18:12.839
and you can actually see that, Hey, these are correct

295
00:18:13.160 --> 00:18:15.319
as you're going now, if you're doing bookkeeping with us,

296
00:18:15.680 --> 00:18:19.319
we have truck or tax rules dot Com. We're already

297
00:18:19.359 --> 00:18:22.640
gathering all this information from you as we go. We

298
00:18:22.680 --> 00:18:24.359
get in trouble with people because we ask for too

299
00:18:24.440 --> 00:18:26.920
much information, but it's to do our eyes and cross

300
00:18:26.960 --> 00:18:30.000
the t's for you and the purpose of keeping you

301
00:18:30.079 --> 00:18:33.960
protected if you wherever to go through an audit and

302
00:18:34.039 --> 00:18:36.400
knowing that your tax return is going to be done

303
00:18:37.319 --> 00:18:42.480
correctly with all the information that is required by the

304
00:18:42.519 --> 00:18:48.799
IRS to get the tax deduction, depreciation or even amortization

305
00:18:49.359 --> 00:18:53.839
that's out there on your taxes. Now, being in business,

306
00:18:54.400 --> 00:18:58.000
a lot of times you may not be renting a place.

307
00:18:58.119 --> 00:19:01.240
You may be using a home office. What's a nice

308
00:19:01.279 --> 00:19:03.559
little deduction that you can have a lot of times

309
00:19:03.599 --> 00:19:06.519
we use safe harbor where they're just giving you a

310
00:19:06.720 --> 00:19:12.000
base amount based on the square footage of the office

311
00:19:12.039 --> 00:19:15.640
you use in your house. Now, the IRS has requirements

312
00:19:15.680 --> 00:19:18.720
out there, and those requirements are going to be such

313
00:19:18.799 --> 00:19:23.759
that it is used exclusively for business nothing else should

314
00:19:23.759 --> 00:19:28.039
be going on there. That means, you know, it's not

315
00:19:28.160 --> 00:19:30.799
your family room, living room, it's not the children's playroom.

316
00:19:31.200 --> 00:19:35.119
It's an office you're using for general and administrative expenses

317
00:19:35.880 --> 00:19:39.160
that is used exclusively for office or an area that's

318
00:19:39.240 --> 00:19:42.720
used exclusively for office. Then you know, we have people

319
00:19:42.759 --> 00:19:47.799
that use a barn out there to store their trucks

320
00:19:47.880 --> 00:19:52.440
or their tractors, and they're able to ride off the

321
00:19:53.119 --> 00:19:57.119
usage of the barn for storage or maybe they're using

322
00:19:57.160 --> 00:20:00.319
it for repairs for their truck or tractor. We're going

323
00:20:00.359 --> 00:20:02.559
to be able to show you how you can do

324
00:20:02.599 --> 00:20:05.759
that or even possibly lease it to your business and

325
00:20:06.480 --> 00:20:09.920
change the way the income is recorded out there so

326
00:20:09.960 --> 00:20:14.440
that you get a better write off and help maybe

327
00:20:14.480 --> 00:20:19.519
avoid some self employment taxes out there as well. Now,

328
00:20:19.559 --> 00:20:24.640
if you're in business, hopefully, hopefully you've been making estimated

329
00:20:24.680 --> 00:20:28.640
tax payments. See because you being in business, you're not

330
00:20:28.680 --> 00:20:31.559
getting a paycheck. So if you're self employed and you're

331
00:20:31.720 --> 00:20:35.079
doing schedule see whatever, the bottom line that income on

332
00:20:35.160 --> 00:20:40.759
Schedule c IS is taxed for Social Security, Medicare and

333
00:20:40.839 --> 00:20:43.839
federal income taxes. Solid Security Medicare is going to make

334
00:20:43.880 --> 00:20:47.839
up that fifteen point three percent roughly, and then your

335
00:20:47.839 --> 00:20:50.799
federal income tax based on what your taxable income is,

336
00:20:51.359 --> 00:20:54.839
and you should have been making estimated tax payments throughout

337
00:20:54.880 --> 00:20:57.920
the year every quarter. You know, the IRS doesn't run

338
00:20:58.000 --> 00:21:02.480
regular quarters. It's aid April fifteenth, June fifteenth, September fifteenth,

339
00:21:02.480 --> 00:21:06.359
and January fifteenth is when the estimated taxes are due.

340
00:21:06.599 --> 00:21:09.400
So make sure you made your estimated tax payments. A

341
00:21:09.440 --> 00:21:12.119
lot of times we tell people, hey, make estimated tax

342
00:21:12.160 --> 00:21:15.240
payments easy, make the monthly if your income is too high.

343
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We're going to start talking about tax planning and doing

344
00:21:18.359 --> 00:21:23.799
es corpse or LLC's as a partnership. Many different options

345
00:21:24.200 --> 00:21:28.279
to save you money on your taxes, but it's something

346
00:21:28.319 --> 00:21:30.680
that a good tax prepayer is going to help guide

347
00:21:30.720 --> 00:21:33.400
you down the road to saving money. Hey, when we

348
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come back after this break, we're going to start talking

349
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about rental properties in rental income and we'll talk about

350
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that right after this.

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

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Please stand by as Parry g Thaler will be right

353
00:21:47.160 --> 00:21:53.240
back with tax talk for you. As an owner operator,

354
00:21:53.359 --> 00:21:56.079
you already spend too much time away from your family.

355
00:21:56.759 --> 00:22:00.599
Trucker Tax Tools handles all your bookkeeping impacts no matter

356
00:22:00.640 --> 00:22:03.319
what level trucker you are. Life on the road can

357
00:22:03.359 --> 00:22:06.920
be taxing, but that doesn't mean that your wallet or

358
00:22:07.039 --> 00:22:10.920
time with your family should suffer. Trucker Tax Tools makes

359
00:22:11.000 --> 00:22:14.759
your life run smoothly. Go to Trucker text tools dot

360
00:22:14.799 --> 00:22:17.279
Com for a free guide that will give you the

361
00:22:17.440 --> 00:22:21.920
tools to never worry about your taxes again. Call Trucker

362
00:22:22.000 --> 00:22:26.119
Tax Tools eight seven seven nine sixty six two four

363
00:22:26.480 --> 00:22:30.200
seven seven or go to Trucker tax tools dot com

364
00:22:30.200 --> 00:22:36.680
now and let the experts keep you trucking. Let's get

365
00:22:36.720 --> 00:22:39.759
back to tax stock for you with war tax Stock

366
00:22:40.319 --> 00:22:40.920
once again.

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Here's your host, Barry G.

368
00:22:43.559 --> 00:22:43.920
Feller.

369
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Hey, welcome back. You know, we're trying to keep people trucking,

370
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to keep people on the road, and you know, keep

371
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people moving in business. You know, speaking of business and stuff,

372
00:22:57.839 --> 00:23:02.079
our president has had a business the first seven days

373
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in office, and I feel like he's been moving everything,

374
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you know, right down the road, from helping people in

375
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North Carolina, getting out to California and finding ways to

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help help people in California with all these natural disasters.

377
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And you know, it's kind of been an amazing week

378
00:23:24.880 --> 00:23:30.759
to actually watch this president to work and what he's

379
00:23:30.799 --> 00:23:34.079
trying to do and and staying true to, you know,

380
00:23:34.079 --> 00:23:38.599
what he committed to, you know in his re election

381
00:23:39.160 --> 00:23:43.400
speeches and campaign speeches and everything out there is. Next

382
00:23:43.519 --> 00:23:45.920
things on his agenda is trying to get tips non

383
00:23:46.000 --> 00:23:49.480
taxable in Social Security non taxable. Let's see if he

384
00:23:49.480 --> 00:23:51.960
accomplished this in the first one hundred days or how

385
00:23:52.000 --> 00:23:55.920
long it's going to take him to do this. But

386
00:23:56.039 --> 00:23:59.200
right before the break, we were talking about other income

387
00:23:59.319 --> 00:24:01.880
like Runnald. You're going to need to make sure you're

388
00:24:01.960 --> 00:24:05.720
providing records of income and expenses for that rental property,

389
00:24:06.039 --> 00:24:10.680
all the expenses that are required upkeep of that rental property,

390
00:24:10.759 --> 00:24:15.480
including things like mortgage, interest, in insurance payments, even traveling

391
00:24:15.680 --> 00:24:20.000
to the rental house to make sure everything's okay. If

392
00:24:20.039 --> 00:24:22.799
you get a new rental asset, their inner want the

393
00:24:22.839 --> 00:24:27.680
costs that dy placed in service and stuff for depreciation,

394
00:24:28.279 --> 00:24:31.559
and so they're going to be looking for all that

395
00:24:31.599 --> 00:24:34.279
information on your rental property as well, or even if

396
00:24:34.279 --> 00:24:37.480
you sold the rental property, they're going to want to

397
00:24:37.519 --> 00:24:39.599
see the closing statements on that so they can get

398
00:24:39.599 --> 00:24:43.599
all the income introductions for that retirement income. This is

399
00:24:43.640 --> 00:24:45.559
pretty simple. You're going to get a ten ninety nine,

400
00:24:45.599 --> 00:24:48.920
aren't You're going to need to provide that. If you

401
00:24:48.960 --> 00:24:53.200
have traditional iras and you now have a basis, so

402
00:24:53.240 --> 00:24:55.440
you put too much money in and money that didn't

403
00:24:55.480 --> 00:24:59.480
qualify that you may have basis in your traditional IRA,

404
00:25:00.039 --> 00:25:02.640
they're going to need to know that information because that's

405
00:25:02.720 --> 00:25:06.880
already pre tax post tax money. If you've got Social

406
00:25:06.920 --> 00:25:09.880
Security coming in, they're going to want the SSA ten

407
00:25:10.000 --> 00:25:13.640
ninety nine. Or if you have railroad retirement benefits, you're

408
00:25:13.680 --> 00:25:18.319
going to give that RRB ten ninety nine. If you've

409
00:25:18.359 --> 00:25:21.240
got teacher retirement or other government pensions, they're going to

410
00:25:21.240 --> 00:25:24.920
give you those ten ninety nine rs for those pensions. Savings,

411
00:25:24.960 --> 00:25:28.200
investments and dividends. We've already talked about the you know

412
00:25:28.240 --> 00:25:31.480
ten ninety nine div but you may get ten ninety

413
00:25:31.559 --> 00:25:36.279
nine I int for interest. If you've got interest on

414
00:25:36.319 --> 00:25:38.799
your bank account, you're going to see that, especially if

415
00:25:38.799 --> 00:25:41.319
it's over ten dollars. Under that they're not going to care.

416
00:25:42.319 --> 00:25:45.039
And of course the ten ninety nine bees for your

417
00:25:45.119 --> 00:25:48.279
sale of stock or other properties, ten ninety nine S

418
00:25:48.400 --> 00:25:51.119
on the sale of your house, and yes, if you

419
00:25:51.200 --> 00:25:54.279
sold the house that needs to be disclosed, yes you

420
00:25:54.359 --> 00:25:57.039
may have the exclusion out there, but we've got to

421
00:25:57.079 --> 00:26:00.759
fill out the forms for the home sale inclusion if

422
00:26:00.799 --> 00:26:06.079
you qualify. If you had health savings accounts or long

423
00:26:06.160 --> 00:26:09.680
term care reimbursements, you're going to have the ten ninety

424
00:26:09.799 --> 00:26:16.640
nine SA or ten ninety nine LTC. And then again

425
00:26:16.880 --> 00:26:21.559
we talk about providing records of estimating taxes. If you've

426
00:26:21.559 --> 00:26:27.200
got large dividends, a large interest, a lot of trades

427
00:26:27.279 --> 00:26:31.559
with gains, you're going to have to provide that as well.

428
00:26:31.599 --> 00:26:36.440
And then if you have transactions involving cryptocurrency, you've got

429
00:26:36.480 --> 00:26:40.960
to provide that information as well, so they do tax

430
00:26:41.039 --> 00:26:45.519
you on transactions in cryptocurrency. If you're just holding it,

431
00:26:45.640 --> 00:26:48.680
have it, sold it, there's bought it, there's nothing to report.

432
00:26:48.799 --> 00:26:52.160
If you're buying and selling or buying, you know, selling

433
00:26:52.400 --> 00:26:54.480
things you've held for a number of years. We've got

434
00:26:54.480 --> 00:26:57.920
to report the gains in cryptocurrency, even if you didn't

435
00:26:57.920 --> 00:27:01.480
pull the money out of the count. If you sold

436
00:27:01.960 --> 00:27:06.079
bitcoin when it hitched hit one hundred thousand and you

437
00:27:06.160 --> 00:27:08.839
have gains that those gains got to be reported even

438
00:27:08.920 --> 00:27:12.319
pull money out. Now, if you accept credit cards in

439
00:27:12.359 --> 00:27:14.880
your business, you may get a ten ninety nine K

440
00:27:16.400 --> 00:27:20.000
payment card. Places are now required to file those ten

441
00:27:20.079 --> 00:27:23.480
ninety nine k's as well, and you know, the IRS

442
00:27:23.599 --> 00:27:25.359
is going to find a way to use that to

443
00:27:25.440 --> 00:27:28.599
tie back to your business. If you're reporting it out there,

444
00:27:29.039 --> 00:27:31.480
maybe you've got gambling income. You're going to get a

445
00:27:31.599 --> 00:27:38.119
W two G jury records any hobby income and expenses.

446
00:27:38.200 --> 00:27:43.279
So maybe you run have chickens and you sell eggs,

447
00:27:44.279 --> 00:27:47.240
that is supposed to be reported as well. And it

448
00:27:47.279 --> 00:27:49.640
may be just a hobby to you, but that's still

449
00:27:49.640 --> 00:27:54.160
income coming in. If you receive prizes or rewards, those

450
00:27:54.240 --> 00:27:58.240
have got to be reported, trust income, royalty income on

451
00:27:58.279 --> 00:28:02.519
a ten ninety nine miscellaneous, any other ten ninety nine's

452
00:28:02.720 --> 00:28:07.119
you may receive as well. And here's a big one

453
00:28:07.279 --> 00:28:11.759
record of alimony paid or received. And then you've got

454
00:28:11.759 --> 00:28:14.640
to provide your expouse to Solid Security them so you

455
00:28:14.680 --> 00:28:18.079
get the deduction. Xpouse has to report it as income.

456
00:28:18.440 --> 00:28:23.559
This also would be for like separate maintenance as well.

457
00:28:23.920 --> 00:28:28.359
There are certain categories that may not fall under alimony

458
00:28:28.680 --> 00:28:32.240
or separate maintenance. And you've got to take a look

459
00:28:32.240 --> 00:28:36.000
at the state tax refunds could be taxable if you've

460
00:28:36.039 --> 00:28:41.400
deduct deducted it and itemized deductions and you've deducted more

461
00:28:41.559 --> 00:28:46.559
than what your actual tax was, so you know you

462
00:28:47.039 --> 00:28:50.480
preparing to get your taxes done. This is all the

463
00:28:50.519 --> 00:28:53.680
income information that is going to be needed. Now you

464
00:28:53.720 --> 00:28:55.519
may have other income coming in and you got to

465
00:28:55.519 --> 00:28:59.480
report that as well. If you're running that business. Again,

466
00:28:59.559 --> 00:29:03.039
I say, you've got to make sure a I would

467
00:29:03.079 --> 00:29:06.200
tell you to have a separate bank account for your business,

468
00:29:06.359 --> 00:29:09.240
no matter how small that business is, so that you

469
00:29:09.359 --> 00:29:13.759
can actually record all the income that came into that account.

470
00:29:14.119 --> 00:29:17.440
Not necessarily everything deposited in the account is income. Some

471
00:29:17.599 --> 00:29:20.880
of it could be capital paid in by you or

472
00:29:20.960 --> 00:29:24.880
loans from you to the business, but it allows you

473
00:29:24.960 --> 00:29:28.160
to a little bit easier to figure out what your

474
00:29:28.200 --> 00:29:30.640
income was for the business if you're depositing all your

475
00:29:30.720 --> 00:29:34.599
income into that account and running all your expenses through

476
00:29:34.599 --> 00:29:38.720
that account, to help determine if you've got all the

477
00:29:38.799 --> 00:29:44.000
rite offs. Now, what types of deductions are there available

478
00:29:44.039 --> 00:29:47.960
to you. Well, you know, types of deductions can really

479
00:29:48.000 --> 00:29:50.960
depend a lot on your life situation and what you do.

480
00:29:51.640 --> 00:29:54.119
You know, it's likely you're not going to need all

481
00:29:54.119 --> 00:29:58.079
this information that we're going to have to file your taxes,

482
00:29:58.559 --> 00:30:01.759
but if you do qualit in this, and then you're

483
00:30:01.759 --> 00:30:04.119
going to want to have this. So if you have

484
00:30:04.440 --> 00:30:08.160
home ownership, you're going to have to have your ten

485
00:30:08.240 --> 00:30:13.279
ninety eight, which is your mortgage interstatements, and if you're

486
00:30:13.359 --> 00:30:16.680
buying a home from an individual, and paying them in payments.

487
00:30:16.759 --> 00:30:19.039
They should be providing you with a ten ninety eight

488
00:30:19.039 --> 00:30:22.039
as well for the interest you've paid them, So you

489
00:30:22.039 --> 00:30:23.960
should be looking for that and if they don't give

490
00:30:23.960 --> 00:30:26.480
it to you should be asking for it as well.

491
00:30:27.319 --> 00:30:30.839
Your real estate and personal property tax records, So if

492
00:30:30.880 --> 00:30:37.880
you're paying property taxes, real estate taxes, maybe your business

493
00:30:37.880 --> 00:30:42.440
phase on personal property, those records of taxes you've paid

494
00:30:42.559 --> 00:30:45.359
in that year you're going to need to have as well,

495
00:30:45.480 --> 00:30:50.359
including your real estate taxes. If you've done home energy

496
00:30:50.599 --> 00:30:55.400
improvements like solar panels, solar water heater, you're going to

497
00:30:55.440 --> 00:30:57.920
want to have the receipts and the statements on that

498
00:30:58.119 --> 00:31:02.400
of what doesqualify as well. If you went out and

499
00:31:03.319 --> 00:31:07.920
purchased an electric vehicle or hybrid, some of these vehicles

500
00:31:07.960 --> 00:31:12.480
will qualify for tax credits out there. They're going a

501
00:31:12.519 --> 00:31:14.279
lot of the dealerships will tell you and give you

502
00:31:14.319 --> 00:31:17.319
the information on it. That's information that your tax preparer

503
00:31:17.400 --> 00:31:20.160
is going to ask you for to make sure that

504
00:31:20.880 --> 00:31:27.400
you have that tax credit for getting that electric vehicle

505
00:31:27.680 --> 00:31:29.640
out there. A lot of times you might want to

506
00:31:29.759 --> 00:31:33.359
verify before you even finalize the payment, and the plan

507
00:31:33.440 --> 00:31:37.000
on the electric vehicle is that does that vehicle actually

508
00:31:37.079 --> 00:31:40.400
qualify for the credits before you sign the dot in

509
00:31:40.519 --> 00:31:45.480
mine if that's the reason you're buying the vehicle. And

510
00:31:45.519 --> 00:31:47.279
the other thing you're going to need is any other

511
00:31:47.400 --> 00:31:49.920
ten ninety eight series forms that are going to be

512
00:31:50.200 --> 00:31:53.079
out there. So if you have provided a form, bring

513
00:31:53.119 --> 00:31:56.559
that form in, even if we don't need it as

514
00:31:56.599 --> 00:32:02.720
a tax preparer. That's information that we might need and

515
00:32:02.839 --> 00:32:05.039
we could set it aside if it's not, it's not

516
00:32:05.119 --> 00:32:08.200
a big deal. We'd rather have more information than too

517
00:32:08.680 --> 00:32:13.880
little of information out there. Charitable donations, you know how

518
00:32:13.960 --> 00:32:18.960
much did you give to church or other schools, other

519
00:32:19.079 --> 00:32:25.240
charitable organizations, any records of nine cash donations and the

520
00:32:25.359 --> 00:32:29.640
number of miles you may have driven for charitable medical purposes.

521
00:32:30.000 --> 00:32:32.720
And this isn't always needed. It's only going to be

522
00:32:32.880 --> 00:32:35.640
if you're going to get over the standard deduction, and

523
00:32:35.720 --> 00:32:40.160
standard deductions are really pretty high, so getting over that

524
00:32:40.200 --> 00:32:43.720
it means you have a lot of mortgage interest, a

525
00:32:43.720 --> 00:32:46.839
lot of property taxes up to the ten thousand limit,

526
00:32:47.680 --> 00:32:51.640
then we might be able to get into charitable deductions.

527
00:32:52.000 --> 00:32:53.440
And we come back up to the break. We're going

528
00:32:53.480 --> 00:32:58.480
to talk about medical expenses, health insurance, childcare expenses, educational expenses,

529
00:32:58.480 --> 00:32:59.599
and much more.

530
00:32:59.680 --> 00:33:04.279
Right after this, we have only scratched the surface of

531
00:33:04.359 --> 00:33:08.319
today's show. Please stand by as Barry gef Fowler will

532
00:33:08.359 --> 00:33:09.599
be right back with.

533
00:33:09.799 --> 00:33:10.920
Tax talk for you.

534
00:33:13.599 --> 00:33:16.960
As an owner operator, you already spend too much time

535
00:33:16.960 --> 00:33:18.000
away from your family.

536
00:33:18.559 --> 00:33:20.599
Stop spending time doing payerwork.

537
00:33:21.079 --> 00:33:24.599
Go to Trucker tax tools dot com a solution filled

538
00:33:24.640 --> 00:33:28.799
specifically for truckers. Trucker tax tools dot Com makes your

539
00:33:28.880 --> 00:33:35.000
life run smoothly. Let's get back to tax stock for

540
00:33:35.119 --> 00:33:39.400
you with more tax stock once again, here's your host,

541
00:33:39.880 --> 00:33:40.319
Barry G.

542
00:33:40.599 --> 00:33:40.960
Fowler.

543
00:33:43.519 --> 00:33:46.839
Hey, welcome back. You know sometimes like you know, getting

544
00:33:46.880 --> 00:33:49.119
things started, and let's let's heat it up a little bit.

545
00:33:49.920 --> 00:33:53.799
How do you fix so security? Nice? Really? Uh the

546
00:33:53.880 --> 00:33:56.680
question of the day. If you guys suggestions how to

547
00:33:56.720 --> 00:33:59.519
fix a security man, I'd love to talk about it

548
00:34:00.039 --> 00:34:04.279
point and uh, you know, maybe the next next week's

549
00:34:04.279 --> 00:34:06.759
show we'll talk about fixing social security, we'll fix talk

550
00:34:06.759 --> 00:34:11.280
about fixing the tax plan. We'll look at things out

551
00:34:11.280 --> 00:34:13.639
there in a different light. But today I want to

552
00:34:13.639 --> 00:34:15.519
fix those security while we're on a roll and want

553
00:34:15.559 --> 00:34:18.519
Trump's on a roll. Hey, let's eliminate the taxes on

554
00:34:18.639 --> 00:34:22.079
social Security. Eliminate the offset so that anybody can take

555
00:34:22.119 --> 00:34:25.119
Social Security once you reach sixty two and a half

556
00:34:25.199 --> 00:34:28.039
and not have to be offset for income that we

557
00:34:28.079 --> 00:34:32.519
have coming in. And let's put every government employee on

558
00:34:32.599 --> 00:34:39.239
Social Security, including every senator, congressman, and uh, you know,

559
00:34:40.000 --> 00:34:42.400
everybody out there. If it's good enough for you and me,

560
00:34:42.480 --> 00:34:45.639
it's good enough for them. And I guarantee they fix

561
00:34:45.719 --> 00:34:50.000
Social Security tomorrow or within hours. Anyway, that's my soapbox.

562
00:34:51.239 --> 00:34:54.360
We're talking about tax deductions, and you know what can

563
00:34:54.360 --> 00:34:58.039
we deduct medical expenses? You know what did you pay

564
00:34:58.079 --> 00:35:04.800
for healthcare? Your insurance, doctor's visits, statist visits, hospitals. We've

565
00:35:04.800 --> 00:35:07.360
got to hurle to get over. So sometimes this doesn't

566
00:35:07.400 --> 00:35:09.800
make sense depending on what your deductibles and everything are,

567
00:35:09.960 --> 00:35:12.400
how much income you have coming in, and then what

568
00:35:12.760 --> 00:35:16.199
if you've even gotten over the standard deduction yet, So

569
00:35:16.880 --> 00:35:20.039
don't rush to get this information together or spend a

570
00:35:20.079 --> 00:35:22.360
lot of time doing it. Just know what the total

571
00:35:22.519 --> 00:35:25.199
might be, and then if you're close or you've gone

572
00:35:25.239 --> 00:35:29.599
over the standard deduction, then we'll talk about possibly getting

573
00:35:30.119 --> 00:35:35.000
things for doctors and dentists and hospitals. However, healthcare insurance,

574
00:35:35.599 --> 00:35:38.119
you might be able to get the self employed deduction

575
00:35:38.239 --> 00:35:40.920
for self employed health insurance, so we're going to want

576
00:35:40.960 --> 00:35:44.480
to know that. And if you refer got a to

577
00:35:44.639 --> 00:35:49.400
Form ten ninety five A because you enrolled in the marketplace,

578
00:35:49.719 --> 00:35:53.039
we are going to need that form to report on

579
00:35:53.079 --> 00:35:56.079
your taxes as well, because you may get more back

580
00:35:56.280 --> 00:35:59.039
in premium tax credit if your income's less than you

581
00:35:59.199 --> 00:36:03.400
said it was, or you may unfortunately owe money if

582
00:36:03.400 --> 00:36:06.559
you've been getting too much credit out there. I still

583
00:36:06.599 --> 00:36:09.119
can't believe when they're running these ads are saying, you know,

584
00:36:09.840 --> 00:36:12.239
ninety percent of the people are able to qualify for

585
00:36:13.840 --> 00:36:16.599
credits on you know, unemployed health insurance, because I haven't

586
00:36:16.599 --> 00:36:19.719
found very many that actually do that we do taxes for,

587
00:36:20.280 --> 00:36:24.440
so it surely is a maybe one intent actual people

588
00:36:24.440 --> 00:36:28.079
that go through the marketplace, and not one intent and

589
00:36:28.119 --> 00:36:32.159
a very American Hey, who knows you know, I'm not

590
00:36:32.199 --> 00:36:35.960
an expert in health insurance or anything you know from there,

591
00:36:37.000 --> 00:36:40.480
but I am an expert at tax preparation and preparing

592
00:36:40.599 --> 00:36:43.480
taxes and representing you as a tax payer when you

593
00:36:43.519 --> 00:36:47.079
owe money to the irs so that you can take

594
00:36:47.119 --> 00:36:50.239
to the bank. What else are we looking for? Educational expenses?

595
00:36:50.920 --> 00:36:55.360
If you have a son, daughter, or maybe yourself going

596
00:36:55.400 --> 00:36:59.360
through college. You're going to look for the Form ten

597
00:36:59.440 --> 00:37:04.199
ninety eight from your educational institution and receives that itemize

598
00:37:04.239 --> 00:37:09.320
the qualified educational expenses and records of any scholarships or

599
00:37:09.320 --> 00:37:12.679
fellowships you may have received. Your child received Form ten

600
00:37:12.800 --> 00:37:17.559
ninety eight E. If you've been paying student loan interest.

601
00:37:18.119 --> 00:37:20.800
Now there's a bunch of tax credits you possibly could get,

602
00:37:22.239 --> 00:37:25.360
so you could get Lifetime Learning credit American Opportunities credit

603
00:37:26.639 --> 00:37:29.000
those credits. But we're going to do that off of

604
00:37:29.599 --> 00:37:33.679
what your educational expenses are out there for your child

605
00:37:33.760 --> 00:37:35.199
to go out and do it. If you make too

606
00:37:35.239 --> 00:37:37.880
much money and your child needs to get a job

607
00:37:38.440 --> 00:37:41.039
and work and then claim themselves and maybe they can

608
00:37:41.079 --> 00:37:45.679
get the credit and save yourselves more money on taxes

609
00:37:46.079 --> 00:37:49.639
because that child on your return may or may not

610
00:37:50.159 --> 00:37:54.119
provide you with enough benefit to actually claim them when

611
00:37:54.159 --> 00:37:59.239
they could actually claim themselves. So things we will look

612
00:37:59.280 --> 00:38:02.440
at when you're out as in college is where it's

613
00:38:02.480 --> 00:38:05.519
going to benefit the most. And a lot of times

614
00:38:05.559 --> 00:38:07.920
them getting a job can get them to where they're

615
00:38:07.960 --> 00:38:11.920
supporting themselves, especially if they're using student loans or other

616
00:38:12.000 --> 00:38:16.280
grants and scholarships out there to pay their bills for

617
00:38:17.239 --> 00:38:21.480
college and then get the tax credits above and beyond that,

618
00:38:22.639 --> 00:38:25.760
Retirement savings you're going to get a form fifty four

619
00:38:25.760 --> 00:38:30.239
to ninety eight showing your IRA contributions. You may also

620
00:38:30.360 --> 00:38:33.880
get fifty four ninety eight SA showing your Health Savings

621
00:38:33.880 --> 00:38:38.199
Account contributions. These are deductions that you're able to take

622
00:38:38.440 --> 00:38:42.800
on your tax return if you've made these contributions into

623
00:38:43.159 --> 00:38:46.559
these accounts. CENTER special requirements on both of these, and

624
00:38:46.599 --> 00:38:48.880
depending on whether you're a four to oh one K

625
00:38:49.519 --> 00:38:54.039
or SEP plan or retirement plan through your your employment,

626
00:38:54.360 --> 00:38:57.559
you may not be able to make IRA contributions on

627
00:38:57.639 --> 00:39:02.079
top of that HI say contributions. If you're in a

628
00:39:02.159 --> 00:39:05.920
medical plan that qualifies for Health Savings account, you can

629
00:39:05.960 --> 00:39:10.599
then put money into that health savings account, which sometimes

630
00:39:10.679 --> 00:39:14.159
it's really nice because it's money you can put in

631
00:39:14.320 --> 00:39:17.960
to use for the future. It doesn't go away after

632
00:39:18.119 --> 00:39:21.360
a year or ten years or twenty years. If you're

633
00:39:21.400 --> 00:39:23.719
not using that money. You can actually have that money

634
00:39:23.760 --> 00:39:28.280
invested into some kind of mutual fund that your HSA

635
00:39:28.400 --> 00:39:32.239
bank would offer and it continue to grow and then

636
00:39:32.320 --> 00:39:36.639
when you do go to meet deductibles or co pays

637
00:39:36.920 --> 00:39:40.679
or pay for prescriptions and stuff. You can use that

638
00:39:40.960 --> 00:39:46.360
HSA card and pay pre tax dollars on there. Now,

639
00:39:46.400 --> 00:39:49.360
those pre tax dollars you spend through the HSA account

640
00:39:49.519 --> 00:39:53.480
are not deductible as a medical expense. If you are

641
00:39:54.159 --> 00:39:56.760
now itemizing for medical you won't be able to claim

642
00:39:56.760 --> 00:40:03.000
them on both sides. You've been in a federally declared disaster.

643
00:40:03.760 --> 00:40:06.760
Now this goes through you know, the IRS. You can

644
00:40:06.800 --> 00:40:10.280
go to IRS dot com and see what is federally

645
00:40:10.639 --> 00:40:15.639
declared disaster areas. You know. A good example is portions

646
00:40:15.760 --> 00:40:21.159
of North Carolina. I'm sure right now it is portions

647
00:40:21.320 --> 00:40:26.960
of California and the wildfires here in Texas, it was

648
00:40:27.679 --> 00:40:32.320
places that got affected by the hurricanes, or maybe even

649
00:40:32.360 --> 00:40:36.440
in Florida where you've been affected by hurricanes. Those are

650
00:40:36.480 --> 00:40:42.239
federally declared disaster areas. Need to make sure city, county

651
00:40:42.400 --> 00:40:48.119
where you lived, worked, or had property, you're gonna have

652
00:40:48.119 --> 00:40:53.480
have property records that support property losses, appraisals, clean up costs,

653
00:40:53.880 --> 00:40:58.599
the records of the cost of rebuilding or repairing, and

654
00:40:58.639 --> 00:41:04.800
then how much where you reimbursed for these costs. What

655
00:41:04.880 --> 00:41:09.280
did the insurance pay you to reimburse Now, if you

656
00:41:09.400 --> 00:41:14.199
got loan from FEMA. The loans from FEMA are not

657
00:41:14.400 --> 00:41:18.079
going to be taxable income but and don't have to

658
00:41:18.079 --> 00:41:20.760
be offset against your repairs or building costs. But if

659
00:41:20.760 --> 00:41:26.639
you've got money from FEMA to rebuild or whatever to

660
00:41:26.960 --> 00:41:31.719
help you, that money would be offset against the costs

661
00:41:31.760 --> 00:41:35.159
that you've come out of pocket to build. And one

662
00:41:35.159 --> 00:41:37.039
of the good things to do is go to the

663
00:41:37.079 --> 00:41:42.360
FEMA website and see if your county, your city has

664
00:41:42.400 --> 00:41:45.320
been declared a federal disaster area. Now, a lot of times,

665
00:41:45.360 --> 00:41:48.000
if you've been declared the federal disaster area, you will

666
00:41:48.000 --> 00:41:53.199
get automatic extensions of time depending on when that disaster

667
00:41:53.280 --> 00:41:57.760
area was declared to file your tax return. Even if

668
00:41:57.760 --> 00:42:04.639
you're on extensions, those deadlines could be extended out months,

669
00:42:05.239 --> 00:42:08.599
you know, three months, six months, whatever that time period

670
00:42:08.800 --> 00:42:12.760
would be. You know, speaking of FEMA, you know, I

671
00:42:12.840 --> 00:42:15.960
know there's a lot of controversies out there and stuff,

672
00:42:16.000 --> 00:42:18.719
and you know, a lot of us don't like federal

673
00:42:18.760 --> 00:42:23.000
government being involved in a lot of things that we

674
00:42:23.079 --> 00:42:26.159
do and see out there. I know there's been talka

675
00:42:26.199 --> 00:42:29.519
possibly dismantling FEMA and giving the money to the states.

676
00:42:29.760 --> 00:42:32.679
You know, I'm a strong believer in the Constitution in

677
00:42:32.760 --> 00:42:36.159
states rights and states rights are first, meaning that hey,

678
00:42:36.760 --> 00:42:40.400
local and state authorities probably know more what's going on

679
00:42:40.480 --> 00:42:43.800
in their local community than the federal government does or

680
00:42:43.840 --> 00:42:48.280
ever should know, and maybe giving the money to the

681
00:42:48.280 --> 00:42:52.760
local authorities to get out to help the people in

682
00:42:52.800 --> 00:42:56.760
their community might be the best thing to do. No,

683
00:42:57.000 --> 00:42:59.400
wait and see you know what Trump comes out with

684
00:43:00.400 --> 00:43:03.159
regards to this, But there's a lot of interesting things

685
00:43:03.400 --> 00:43:07.519
that could be could be done to help in each

686
00:43:07.559 --> 00:43:11.400
individual community where help is needed. I know here we

687
00:43:11.519 --> 00:43:16.239
had so much paperwork through FEMA to go through that

688
00:43:16.679 --> 00:43:19.599
many many of our neighbors and friends that had a

689
00:43:19.639 --> 00:43:23.079
lot of hurricane damage just gave up and just paid

690
00:43:23.079 --> 00:43:27.039
it out of the pocket themselves where their insurance didn't

691
00:43:27.079 --> 00:43:30.559
cover and where the paperwork for FEMA was taking way

692
00:43:30.559 --> 00:43:34.280
too long. And you know, when you start running into

693
00:43:34.360 --> 00:43:38.920
those kind of issues and those kind of problems, you know,

694
00:43:39.519 --> 00:43:42.320
it makes you take a double check whether the federal

695
00:43:42.360 --> 00:43:47.519
government is the right place to be involved in dealing

696
00:43:47.599 --> 00:43:53.119
with these kind of events here locally and nationally. You know,

697
00:43:53.159 --> 00:43:56.000
maybe it's just coming up with the money and letting

698
00:43:56.039 --> 00:43:59.599
the local governments deal with it from there. So back

699
00:43:59.639 --> 00:44:02.320
to tax prep if you're a client of ours, get

700
00:44:02.320 --> 00:44:06.440
your stuff in. Early tax season has started, so you

701
00:44:06.440 --> 00:44:10.039
know good news. The IRS is now accepting returns. They

702
00:44:10.119 --> 00:44:15.760
started here today. So if you're ready to prepare your taxes,

703
00:44:15.800 --> 00:44:18.239
and you're not one of our bookkeeping clients, because if

704
00:44:18.280 --> 00:44:21.039
you're a bookkeeping client of ours, hey, we're already in

705
00:44:21.159 --> 00:44:24.320
process of finishing ten ninety nine for you, finishing up

706
00:44:24.360 --> 00:44:27.559
your bookkeeping, gathering the last bits of information to get

707
00:44:27.599 --> 00:44:31.280
things done, and then we'll get processing your business return

708
00:44:31.480 --> 00:44:38.159
or your personal return as we go. You got that organizer, hey,

709
00:44:38.239 --> 00:44:40.719
get it filled out, get it in, get your engagement

710
00:44:40.760 --> 00:44:43.320
letter in. Let's get started. Let's get an early start

711
00:44:43.320 --> 00:44:46.559
this year. That should be the commitment, right now, get

712
00:44:46.599 --> 00:44:49.519
an early start on your taxes. If you got a refund,

713
00:44:49.679 --> 00:44:51.679
let's get it in your pocket, out of the federal

714
00:44:51.719 --> 00:44:54.599
government's pocket. If you ol money, still, get it done.

715
00:44:54.719 --> 00:44:57.760
We could file and you can still pay April fifteenth,

716
00:44:58.039 --> 00:44:59.960
but at least it's done. You know how much money

717
00:45:00.079 --> 00:45:02.039
you need, and you can make sure that that money's

718
00:45:02.079 --> 00:45:03.480
in the account to get a paid or if you

719
00:45:03.519 --> 00:45:06.039
can send a check and send a check that's purely

720
00:45:06.360 --> 00:45:10.559
up to you. Good news is we May. Tax prep

721
00:45:10.639 --> 00:45:13.639
is as easy as possible. Jump in, hey, let us

722
00:45:13.719 --> 00:45:16.920
do it. You can go to Trucker tax tools dot com.

723
00:45:16.920 --> 00:45:19.760
If you're a truck driver, let us start your bookkeeping

724
00:45:20.159 --> 00:45:24.039
your tax prep here today. If you've got a tax problem,

725
00:45:24.239 --> 00:45:28.119
called Taxation Solutions, We're to get this done for you.

726
00:45:28.639 --> 00:45:32.079
We will help you every step of the way. Hey,

727
00:45:32.159 --> 00:45:35.079
look forward to next week. Let's get back on that soapbox.

728
00:45:35.199 --> 00:45:38.599
Let's get back talking about taxes and tax planning and

729
00:45:38.639 --> 00:45:42.079
how we can save you money. Every Monday, ten am

730
00:45:42.119 --> 00:45:45.920
Eastern Time right here at tax TALKFORU dot com and

731
00:45:46.119 --> 00:45:49.119
W four CY Radio. I look forward to having you

732
00:45:49.159 --> 00:45:51.719
here next week. Send in your questions, let us get

733
00:45:51.760 --> 00:45:54.679
an answered. Thank you have a God blessed it glorious week.

734
00:45:55.599 --> 00:45:58.800
Are you an individual or business that wants to understand

735
00:45:58.880 --> 00:46:02.239
taxes and how they affect you. Are you looking for

736
00:46:02.320 --> 00:46:07.719
specific tax advice for self employed business owners and truckers.

737
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Are you behind on taxes and your bookkeeping? Are you

738
00:46:12.440 --> 00:46:15.440
dealing with the irs and ready to have some relief,

739
00:46:16.239 --> 00:46:20.079
Then you need Tax Talk for you, hosted by tax

740
00:46:20.159 --> 00:46:22.320
and trucker expert Barry G.

741
00:46:22.599 --> 00:46:23.599
Fowler EA.

742
00:46:23.880 --> 00:46:27.679
Tune in ten am Eastern time, every Monday, right here

743
00:46:27.719 --> 00:46:30.519
on W FOURCY Radio and Talk for TV.

744
00:46:30.960 --> 00:46:33.360
Don't forget to check this and past.

745
00:46:33.199 --> 00:46:37.599
Episodes at tax TALKFORU dot com. See you next week

746
00:46:37.639 --> 00:46:41.920
at W fourcy dot com