April 27, 2026

Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements

Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements

Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements and the Tax implications of property upgrades: repairs vs. improvements. All business owners...

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Season 4

Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements
Tax Talk 4 U Owner Operator Expenses Repairs & Maintenance vs Improvements and the Tax implications of property upgrades: repairs vs. improvements. All business owners whether owner operators, retail, manufacturers all have to make sure that repairs and maintenance are categized correctly for taxes. Maximize you business deductions to lower your taxes and keep more of what you earn.

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

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

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WEBVTT

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The topics and opinions express 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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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as trucker.

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Bookkeeping and tax planning.

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

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tax planning, and tax relief for individuals and businesses just

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

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with your hosts.

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Barry G.

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Foul Hey, welcome man Monday. You're talking trucking tax I

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mean tax taxes and trucking however you put it. You know,

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if you're in business as an owner operator over the

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road truck driver. This is one of the programs you

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here and listen to if you're a small business person.

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You know, everything we talk about is to try to

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help you save money on your taxes or if you've

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got tax problems, help you through tax problems. And that's

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why every one of our shows is put up as

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a podcast on ihearts, Spreaker, Spotify, you name it, wherever

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it can be put up as a podcast, it goes.

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And you know you can connect with us over on

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Facebook at tax Talk for you. You could even see

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them on truck or tax tools Facebook page and Taxation

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Solutions Facebook page. Trying to get the information out to

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help you as a business person, even as an owner operator,

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truck driver, over the road, trucker, you name it. We're

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here to help you through your business. Now. One of

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the big things we get all the time besides what

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can I deduct? I need to deduct everything? Is this

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deductible or this not deductible? Is this a business expense

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or is this not a business expense? You know, the

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IRS puts everything into what is considered to be ordinary

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necessary to run your business. And so last week, you know,

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we talked about all the different expenses that you could

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use and do and things that get overlooked. It seems

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really simple. You know, things like chains, fire extinguishers, ice scrapers,

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coffee pots, road at lists. You know, how many still

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have a road atlas in your truck. I would tell

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you to raise your hand like we do at Truck

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to success seminar, but I wouldn't see it. You know,

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posts over on Facebook and let us know that, Hey,

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you've got a road at liss. How many times does

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your GPS actually fail you? Now, if you've been driving

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the same roads, you probably know where you're going and

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you know you're just kind of following the road and

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that's where you're going to go. Pens, paper, you know, hey,

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truck or tax tools. Bookkeeping service is deductible expense for you. Uniforms, gloves,

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log books, maps, cell phones, elds, your CB radio that

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you put into your truck, APU that you're putting into

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your truck, tools, wind decks, paper, towels, showers, you name it.

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You know, these are ordinary necessary business expenses for you

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to run your truck. Now we get into the next

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question is, hey, I did some repairs or maintenance on

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my truck. Why is this not one hundred percent deductible today. Well,

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IRS has different rules, so repairs or maine, and it's

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depending on the type of repair or maintenance it is.

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We'll detend whether depend on whether it is a capitalized

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expense or it's just an expense. So if you're going

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to capitalize it means you're going to put it on

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the balance sheet, depreciate it over a period of time,

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and then expense just goes right over and is expense. Now,

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if you're making money, you know generally it's going to

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be capitalized and then it's going to be fully depreciated

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using the depreciation rules. You're still going to get the

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same write off, but you know, it's just got to

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be done differently. And that's where your tax person comes in,

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and that's where they should know. You know, hey, what

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is the difference between you know, what is going to

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be capitalized versus what can we expense today? You know,

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maintenance Generally, if a maintenance repair makes the equipment better,

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restores equipment back to its normal condition, or modifies the

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propriate for a new or different use, then the expense

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is capitalized. So you know, then you've got to depreciate

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it if you have maintenance expenses that don't fall under

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those categories, then it's going to be deducted in full

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in the same year the expense was paid. Okay, So

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some expenses that can be considered expensed in the current year, arts, labor, oil, tires,

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simple repairs. Simple rule of thumb when it comes to maintenance,

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if you repair it, you can deduct it. Now I

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would use the other side as if you're actually restoring it,

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then it is then capitalized. So if you're just repairing

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simple repairs, then you're just going to expense it. If

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you're actually restoring it, the good way of doing it

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is to say then it would be capitalized expense. So

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repairs versus improvements. We talk about this at Truck to Success.

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Oh Ida puts a seminar on usually every year in

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the fall. Hopefully we're going to be doing it again

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this fall, and I go there and speak at the

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Truck to Success seminar, and you know, we talk about

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everything from you know, how you're going to organize your business,

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to lease versus purchase of a truck or even trailer

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or just equipment in general bookkeeping, and of course repairs

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versus improvements. So you know, you as a taxpayer, you're

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required to capitalize the cost of improving tangible property regardless

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of the size or the cost and curve. So we

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have to look at what is improvement, betterment of the unit,

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restore the unit, adapt the unit to new or different

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different uses. So, you know, we try to explain that,

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you know, hey, this is what the i r S

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is looking at. This isn't our rules. This is your

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wonderful internal revenue service that has these rules that are

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put in place. How they're going to look at your

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equipment for repairs versus improvements. Now we have ways around

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certain things and different items we can use to actually

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expense some things. So they do give us a deminius

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safe harbor. Since sometimes it's hard to determine whether to

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deduct or capitalize or repair, the IRS allows safe harbor repairs.

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So for most truckers, you may use a safe harbor

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to deduct amounts up to right around twenty five hundred

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per item or invoice. So you know, if you're doing

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some major repairs that are running you twenty five hundred,

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then you know you can and take and use the

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diminished safe harbor on that and write that expense off

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right there at that time. So it's a nice and

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easy way of doing this and kind of to go

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through and you know, explain this. You know, we have

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some examples of what is going to how you would

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be able to go through and do this. So Jane

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goes in and replaces a part. It costs what two thousand.

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The part is expected to last ten years. The cost

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is deductible because it doesn't exceed that twenty five hundred

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dollars diminished safe harbor threshold. So that's where that diminished

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safe harbor threshold comes in. So you want to use

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that where you can. But Joe, on the other hand,

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went to a more expensive shop and he replaced his

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transmission for three thousand. Okay, come on, transmission is going

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to be more than fifteen thousand. But this is deductible

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as a repair because he just repaired it. Now, if

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he replaced it for the fifteen thousand, then it's going

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to be a capitalized expense, so it's just a repair.

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So again, if you replace that transmission, then that's going

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to be capitalized. So you go in and you repair

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your engine and you do some simple repairs. Okay, it

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may not be simple but you do some minor repairs

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to it, it's going to be deductible. Now, if you

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do a complete engine overhaul, which becomes much more expensive,

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then you're going to want to capitalize that and depreciate

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that over the useful life of the truck. Now that

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may be a three year or five year depreciation model,

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but then you can take bonus appreciation or you can

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take Section one seventy nine depreciation, so you still be

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able to get that full rite off for that part

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of the equipment. You're going through and doing this so

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you know, there is a lot of different fun things

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that you can do that can help you in business,

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but you've got to make sure you're doing it right.

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So we're going to continue talking about things for truckers

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and what you can deduct, what you cannot deduct, things

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you need to look at as you're going through. And

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one of the big items we're going to talk about

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in the next second's factoring, and we'll do that right

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after this.

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

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stand by as Parry G. Fouler will be right back

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with tax talk for you.

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If you own the.

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

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at it alone. Called Taxation Solutions Tax Relief at eight

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eight eight nine three zero one zero one six.

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We are your solution for IRS.

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Debts, audits, back taxes, garnishments, leans and levees. Whether you're

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an individual or business, you need a solution and a strong,

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aggressive tax resolution.

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Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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

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back to tax stock for you with more tax stock

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once again.

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Here's your host, Barry G. Fowler.

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Hey, I hope you guys are all having a great

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week out there, you know where. We're out working on

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the ranch here this weekend, and gosh, it was getting

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really hot out but you know, we're getting things down

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and moving right along. We're setting up some new offices

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out there. We continue to improve facilities for taxation solutions

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and truck or tax tools, you know. So we're getting

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things done and having fun. We got a busy week

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this week. We'll be on Ask the Experts tomorrow morning

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at ten a m. Eastern time again right here on

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w four c Y Radio. So you know, look for

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us tomorrow morning as well. You know, today we're you know,

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we're talking trucking and expenses, and you know, the first

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segment we talked about repairs versus maintenance, what's capitalized, what

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you can expense. We're talking about one of these evil

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things that I don't really like, and I am not

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a huge fan of this item, and I see businesses

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doing it. There is sometimes a need for it. Sometimes

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you've got to go this way. Sometimes it makes life

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a little bit easier, but it does cost money and

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it does get expensive. I've seen these guys make a

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lot of money in this kind of business. And no,

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it's not lending, because my gosh, you know, when you

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go to one of these lenders on these trucks, sometimes

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they gouge you with high interest rates, which is criminal

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as I see in it going out. But this is

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another way that you, as a business owner, are losing money.

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But sometimes it's a necessary evil that is factoring. So

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factoring is a financial service where business sells your accounts

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receivable or unpaid invoices to a third party at a

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discount to get immediate cash. Okay, so you know you're

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you're sitting there. You got your own authority and you're invoicing,

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and then you don't want to do the collections on it.

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You don't have people that necessarily pay you timely. You know,

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you're not sure how you're going to get paid, and

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you've got to meet your bills. You resort to factory

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where they take you know, one to three percent of

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what you have. And then also sometimes they'll recover back

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from you things they cannot collect, so you know that

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00:14:12.519 --> 00:14:18.039
sometimes is a major cost in your business paying that out.

222
00:14:18.440 --> 00:14:22.159
So the primary cost of factoring is the factoring fee

223
00:14:22.519 --> 00:14:25.240
or the discount ring, which is a percentage of the

224
00:14:25.279 --> 00:14:29.440
invoices face value that the factor is going to charge

225
00:14:29.480 --> 00:14:33.639
you for their services. Now, I've seen that these rates

226
00:14:33.679 --> 00:14:36.759
rent run from anywhere from a half percent to five

227
00:14:36.799 --> 00:14:41.000
percent per invoice, and then hey, I've seen rates go

228
00:14:41.240 --> 00:14:45.919
as high as ten percent depending on factors of invoice volume,

229
00:14:46.559 --> 00:14:51.519
customer credit, credit worthiness, and the type of industry. A

230
00:14:51.519 --> 00:14:55.919
lot of factoring in trucking. I've seen it stay at

231
00:14:56.000 --> 00:14:59.679
one to three percent range depending on the factor that

232
00:14:59.720 --> 00:15:03.360
you get go to. So you just got to be

233
00:15:03.480 --> 00:15:06.960
aware of the cost of factoring. Now, the cost of

234
00:15:07.000 --> 00:15:10.159
factoring is a deductible expense, so you do get to

235
00:15:10.159 --> 00:15:13.960
write that off on your taxes. What's not deductible is

236
00:15:14.039 --> 00:15:17.240
any of the reserves that the factor may hold. So

237
00:15:17.960 --> 00:15:21.480
you know, the factor requires you sometimes to leave reserves there.

238
00:15:21.519 --> 00:15:24.279
So they're going to pay you, let's say ninety seven percent,

239
00:15:24.679 --> 00:15:27.600
but they actually pay you ninety percent, and then they

240
00:15:27.679 --> 00:15:31.399
keep the other seven percent there in reserve and build

241
00:15:31.440 --> 00:15:34.279
the reserves so that if they have a chargeback, they

242
00:15:34.320 --> 00:15:36.799
can pull it out of the reserves. Now, when they

243
00:15:36.799 --> 00:15:39.399
pull it out of the reserves, it becomes an expense

244
00:15:39.440 --> 00:15:43.720
for you. So so you need to record the gross

245
00:15:43.759 --> 00:15:48.120
amount of income and record the factoring fees as expenses.

246
00:15:48.360 --> 00:15:51.679
So if you have a ten thousand dollars invoice, the

247
00:15:51.759 --> 00:15:55.840
ten thousand dollars is gross revenue, and if they kept

248
00:15:56.159 --> 00:16:00.399
you know, three percent of that, the three percent is

249
00:16:00.440 --> 00:16:05.360
the three hundred dollars, and that is the expense on it. Now,

250
00:16:05.360 --> 00:16:07.399
if they hold a reserve, you would also put on

251
00:16:07.440 --> 00:16:11.279
the balance sheet that you have a reserve amount of

252
00:16:11.879 --> 00:16:15.679
let's say seven hundred dollars, and so they would have

253
00:16:16.000 --> 00:16:19.320
that reserve over there, and then you would track your

254
00:16:19.360 --> 00:16:21.720
reserve and as they come out and pay the reserves.

255
00:16:21.759 --> 00:16:25.000
It comes out of the reserve account. It's not income

256
00:16:25.080 --> 00:16:27.559
when they pay it out to you as reserves. Now,

257
00:16:27.600 --> 00:16:31.440
if they pull money out from the reserves, it's an expense.

258
00:16:32.720 --> 00:16:37.120
So that would lower your gross income down and take

259
00:16:37.159 --> 00:16:42.919
that so that reserve account is an escrow account on

260
00:16:43.440 --> 00:16:47.360
the balance sheet, does not hit your profit and loss. Now,

261
00:16:47.399 --> 00:16:51.120
there are some in this industry that do a bookkeeping

262
00:16:51.159 --> 00:16:53.080
and they do it more on a cash flow basis

263
00:16:53.200 --> 00:16:55.960
and a cash basis, and they don't do a balance

264
00:16:56.000 --> 00:16:59.000
sheet for you. I'd steer away from those people, and

265
00:16:59.480 --> 00:17:02.279
you know, make sure I'm going to get a balance

266
00:17:02.320 --> 00:17:05.319
sheet and a profit and loss every month for the

267
00:17:05.480 --> 00:17:08.279
bookkeeping that you get. That way, you can see what

268
00:17:08.440 --> 00:17:10.799
you have sitting in your reserve account. You know, everybody

269
00:17:10.880 --> 00:17:13.519
knows cash flow. It's cash in cash out. Hey, I

270
00:17:13.559 --> 00:17:15.279
got ten dollars left at the end of the month.

271
00:17:15.599 --> 00:17:19.160
You know that's my net. Okay, Well, that's not the

272
00:17:19.200 --> 00:17:22.599
way counting is supposed to work or bookkeeping is supposed

273
00:17:22.599 --> 00:17:26.440
to work. You need to should have a true profit

274
00:17:26.480 --> 00:17:32.599
and loss and balance sheet, taking proper expenses so you

275
00:17:32.680 --> 00:17:36.440
have other costs in factoring. So don't miss these costs.

276
00:17:36.839 --> 00:17:39.680
You know you have maybe application fee, maybe you've got

277
00:17:39.720 --> 00:17:45.119
to pay a fee to become a client of that factor.

278
00:17:45.599 --> 00:17:49.880
They may be doing credit check and they charge you

279
00:17:49.920 --> 00:17:53.440
a fee for that, that's deductible as well. If they're

280
00:17:53.440 --> 00:17:55.839
doing wire transfers to you and they hit you with

281
00:17:55.880 --> 00:17:59.559
the wire transfer fee, you know every time they transfer money,

282
00:18:00.079 --> 00:18:04.000
then you know you've got to take that as an

283
00:18:04.039 --> 00:18:08.319
expense as well. Hopefully they're doing it via ach and

284
00:18:08.400 --> 00:18:10.839
not charging your fees to transfer money. But if there

285
00:18:10.839 --> 00:18:14.440
are doing wire fees, remember that's just another cost you're

286
00:18:14.519 --> 00:18:17.559
paying out of your pocket. Yes, it's deductible, but it

287
00:18:17.599 --> 00:18:20.799
also comes out of the money that you're getting when

288
00:18:20.839 --> 00:18:24.920
you factor those invoices. And then if you terminate and

289
00:18:24.960 --> 00:18:29.079
they charge a termination fees, that's deductible. So the first

290
00:18:29.119 --> 00:18:33.880
thing I tell you, whether you're factoring, you're signing a least,

291
00:18:34.039 --> 00:18:37.920
you're buying a new truck, whatever it may be, Read

292
00:18:38.200 --> 00:18:44.119
your documents, understand them. If you're not really sure, ask questions,

293
00:18:44.559 --> 00:18:47.160
have them write it out for you. Okay, what is

294
00:18:47.200 --> 00:18:50.599
this going to cost me? Okay, there's an application fee,

295
00:18:50.720 --> 00:18:53.559
I understand that. How much is it great? You're going

296
00:18:53.640 --> 00:18:55.279
to do a credit check and you're going to charge

297
00:18:55.279 --> 00:18:58.279
me for it so that I can use your service.

298
00:18:58.759 --> 00:19:01.400
Negotiate with them, maybe they won't charge it to you

299
00:19:01.799 --> 00:19:05.720
wire transfer fees. Can't We do this via ACCH so

300
00:19:05.759 --> 00:19:09.480
that I can get my money transferred to me without

301
00:19:09.559 --> 00:19:13.599
having to pay a wire transfer fee. You know, saving

302
00:19:13.720 --> 00:19:16.920
money is sometimes the name of the game. Yeah, those

303
00:19:16.960 --> 00:19:19.400
may be a ride out for you, may be deductible

304
00:19:19.440 --> 00:19:21.599
for you, but it doesn't mean it has to be

305
00:19:21.640 --> 00:19:25.319
a cost for you. Because you know, if they charge

306
00:19:25.359 --> 00:19:29.359
you fifteen dollars every week for wire transfer, that adds

307
00:19:29.440 --> 00:19:34.640
up very quickly. You know, there's no reason to have

308
00:19:34.680 --> 00:19:38.200
that fee every single time that you're getting money from

309
00:19:38.240 --> 00:19:41.880
your invoices. So you know, make sure it's somebody that

310
00:19:41.920 --> 00:19:46.559
can do ach to you. You know, maybe they're putting

311
00:19:46.599 --> 00:19:49.119
it to your common data card and then you can

312
00:19:49.200 --> 00:19:52.880
transfer it to yourself and there's no fees involved in that,

313
00:19:53.079 --> 00:19:57.000
so be much cheaper than having them do a wire transfer.

314
00:19:57.319 --> 00:20:00.680
You know, I've seen banks, you know with the wire

315
00:20:00.720 --> 00:20:05.000
transfer fee for incoming. Now, just imagine this. Every week

316
00:20:05.079 --> 00:20:09.400
you're getting money wire transferred to you, your factor's charging you.

317
00:20:10.000 --> 00:20:12.920
We'll just do this easy ten dollars a week and

318
00:20:12.960 --> 00:20:15.519
then your bank every time the wire transfer comes in.

319
00:20:15.640 --> 00:20:18.000
I saw mine hit me for fifteen dollars when I

320
00:20:18.000 --> 00:20:20.920
got a wire transfer. Well this just say ten dollars. Well,

321
00:20:21.279 --> 00:20:23.519
you know you got fifty two weeks. You know that's

322
00:20:23.519 --> 00:20:27.079
five hundred and twenty dollars for paying the factor and

323
00:20:27.119 --> 00:20:29.559
then you're also paying it to your bank. And if

324
00:20:29.559 --> 00:20:31.880
they're only charging your ten dollars, it's five hundred and

325
00:20:32.559 --> 00:20:36.000
twenty dollars. So now you're one thousand and forty. Yeah,

326
00:20:36.000 --> 00:20:39.200
but I get to deduct it. If you're in a

327
00:20:39.359 --> 00:20:43.759
twenty percent tax bracket, it's only saving you two hundred

328
00:20:43.799 --> 00:20:46.720
dollars on your taxes. But you're still out you know

329
00:20:46.799 --> 00:20:50.799
that full thousand dollars. Okay, you save two hundred. Hey,

330
00:20:50.839 --> 00:20:53.680
we're down to eight hundred and twenty dollars. You're still

331
00:20:53.680 --> 00:20:56.039
out of pocket that you're not getting that back from

332
00:20:56.039 --> 00:20:59.960
the IRS. You're not getting that back from your reduction tax.

333
00:21:00.880 --> 00:21:04.880
So you know what those fees. We don't want to

334
00:21:04.920 --> 00:21:07.799
be hit with fees where you don't need to be hit.

335
00:21:08.400 --> 00:21:12.359
And that's one of the areas that you can actually

336
00:21:13.039 --> 00:21:19.599
save yourself when you are looking at costs and your

337
00:21:19.640 --> 00:21:22.400
bottom line. Hey, when we come back. We're going to

338
00:21:22.519 --> 00:21:27.640
talk about communications and what is deductible for communications as

339
00:21:27.759 --> 00:21:31.400
a owner operator over the road trucker. We'll do that

340
00:21:31.480 --> 00:21:32.079
right after this.

341
00:21:33.559 --> 00:21:37.200
We have only scratched the surface of today's show. Please

342
00:21:37.240 --> 00:21:40.759
stand by as Barry Gee Fowler will be right back with.

343
00:21:40.960 --> 00:21:42.039
Tax talk for you.

344
00:21:45.000 --> 00:21:48.079
As an owner operator, you already spend too much time

345
00:21:48.119 --> 00:21:51.920
away from your family. Trucker Tax Tools handles all your

346
00:21:51.920 --> 00:21:55.200
bookkeeping in taxes. No matter what level trucker you are,

347
00:21:55.400 --> 00:21:58.599
life on the road can be taxing, but that doesn't

348
00:21:58.640 --> 00:22:02.000
mean that your wallet or time with your family should suffer.

349
00:22:02.519 --> 00:22:06.480
Trucker Tax Tools makes your life run smoothly. Go to

350
00:22:06.519 --> 00:22:09.319
Trucker tax Tools dot com for a free guide that

351
00:22:09.400 --> 00:22:13.039
will give you the tools to never worry about your

352
00:22:13.079 --> 00:22:17.599
taxes again. Call Trucker Tax Tools eight seven seven nine

353
00:22:17.720 --> 00:22:21.839
sixty six two four seven seven or go to Trucker

354
00:22:21.920 --> 00:22:25.440
tax Tools dot com now and let the experts keep

355
00:22:25.480 --> 00:22:31.319
you trucking. Let's get back to tax stock for you

356
00:22:31.440 --> 00:22:36.400
with more tax stock once again, here's your host, Barry G.

357
00:22:36.640 --> 00:22:37.000
Faller.

358
00:22:39.519 --> 00:22:42.599
Hey, welcome back, man. I enjoy talking about trucking. If

359
00:22:42.599 --> 00:22:47.599
you're a trucker over the road, trucker owner operator, give

360
00:22:47.680 --> 00:22:51.279
us a call Trucker Tax Tools. Let us talk about

361
00:22:51.319 --> 00:22:55.079
your bookkeeping and your taxes. This is what we do.

362
00:22:55.279 --> 00:23:00.400
We specialize in ninety five percent of our businesses around you,

363
00:23:01.119 --> 00:23:04.440
that owner operator over the road trucker. So you go

364
00:23:04.559 --> 00:23:07.240
to Trucker tax Tools dot com or just give us

365
00:23:07.240 --> 00:23:10.400
a call at eight seven seven nine nine six six

366
00:23:10.519 --> 00:23:15.480
four seven seven and let us talk about how we

367
00:23:15.519 --> 00:23:18.559
can help you with your bookkeeping with your taxes to

368
00:23:18.640 --> 00:23:21.559
keep you up to date. And you know what the

369
00:23:21.599 --> 00:23:24.680
benefit is of having like a profit and loss and

370
00:23:24.759 --> 00:23:28.039
balance sheet. Matter of fact, what we'll do is in

371
00:23:28.079 --> 00:23:31.400
the next segment we'll kind of talk about that. You know,

372
00:23:31.440 --> 00:23:35.359
what is the benefit of having bookkeeping and profit and

373
00:23:35.359 --> 00:23:39.400
loss and balance sheets. So you know, hey, get with us.

374
00:23:39.480 --> 00:23:44.200
When you do call us mentioned tax talk for you,

375
00:23:44.279 --> 00:23:48.519
we get you special discounts as well. So you as

376
00:23:48.559 --> 00:23:51.880
a trucker, you know, hey, you need to save money

377
00:23:51.880 --> 00:23:54.599
everywhere you can and find all the savings. And we're

378
00:23:54.599 --> 00:23:58.200
going to talk about you know, communications and what's deductible

379
00:23:58.200 --> 00:24:03.759
and what's not. But I had Jose ask here, what

380
00:24:03.880 --> 00:24:07.759
about personal expenses and personal supplies? What can we deduct?

381
00:24:08.119 --> 00:24:09.880
So I want to give you an answer here at

382
00:24:09.960 --> 00:24:12.440
you know, and I appreciate the questions that are coming in.

383
00:24:13.519 --> 00:24:18.359
You know, not all personal supplies are considered tax deductible.

384
00:24:18.640 --> 00:24:22.240
And again for in order for you know, personal supplies

385
00:24:22.240 --> 00:24:25.759
to be considered tax deductible, they have to be ordinary

386
00:24:25.759 --> 00:24:29.880
and necessary for your business. And whether you're over the

387
00:24:29.960 --> 00:24:34.720
road truck or owner operator or a small business person,

388
00:24:35.240 --> 00:24:37.799
you know, the rules are going to be applying the

389
00:24:37.920 --> 00:24:41.400
same way. You know, so when you are operating your business,

390
00:24:41.400 --> 00:24:45.880
you're looking at what is ordinary, what is necessary, and

391
00:24:46.440 --> 00:24:48.880
you know, in the trucking business, you know, some of

392
00:24:48.920 --> 00:24:53.759
these can be things like uniforms. Now, not every piece

393
00:24:53.759 --> 00:24:59.119
of clothing is considered a uniform. Uniforms more or less

394
00:24:59.160 --> 00:25:01.680
have logo on them. So if you're buying a shirt

395
00:25:01.799 --> 00:25:05.640
doesn't have a logo or anything on it, you know, hey,

396
00:25:05.680 --> 00:25:09.240
it's probably not deductible. But if you do have an

397
00:25:09.240 --> 00:25:13.480
emergency vest that would be deductible. If you could wear

398
00:25:13.519 --> 00:25:19.799
those clothes anywhere else, you know, church or shopping or whatever,

399
00:25:21.240 --> 00:25:26.440
they would not necessarily be considered deductible business expenses. But again,

400
00:25:26.440 --> 00:25:28.839
if it's got your logo and stuff on it or

401
00:25:28.880 --> 00:25:33.279
there certain things are required for where you work, then

402
00:25:33.519 --> 00:25:37.640
you would be considered a uniform and would be deductible. No, you,

403
00:25:37.799 --> 00:25:40.680
being an owner operator, can't says say, hey, everything you

404
00:25:40.799 --> 00:25:45.000
buy is required for work. You know, you have certain

405
00:25:45.039 --> 00:25:48.960
things you have to wear because your has mat or

406
00:25:49.440 --> 00:25:51.559
you know, maybe you've got to have steel toe boots.

407
00:25:51.759 --> 00:26:00.200
Those are deductible, your gloves, shower expenses, the coffee you know,

408
00:26:00.240 --> 00:26:04.400
even the coffee maker, things like that are required possibly

409
00:26:04.559 --> 00:26:06.720
for your truck. You use it within your truck, and

410
00:26:06.759 --> 00:26:09.200
therefore we're going to be able to deduct it. So

411
00:26:09.240 --> 00:26:13.880
it is a very very broad tax deduction that you

412
00:26:14.000 --> 00:26:17.160
can use, but you really got to think about it,

413
00:26:17.519 --> 00:26:24.319
keeping in mind the IRS's words ordinary and necessary. And

414
00:26:24.319 --> 00:26:26.160
then it's going to make it easier for you to

415
00:26:26.200 --> 00:26:29.200
decide whether or not the item is considered to be

416
00:26:29.480 --> 00:26:33.319
tax deductible. And if you're not sure, ask your tax preprayer.

417
00:26:33.359 --> 00:26:36.599
Hopefully you knows ins and outs of the trucking business

418
00:26:36.680 --> 00:26:41.240
like we do. You know, we're always looking at everything

419
00:26:41.359 --> 00:26:46.160
that we have that you can use within business. Now

420
00:26:46.559 --> 00:26:48.680
we're coming into this section. I want to talk about communication.

421
00:26:49.160 --> 00:26:52.640
So you've got to keep in mind that these methods

422
00:26:52.640 --> 00:26:57.480
of communication need to be used strictly for business. If

423
00:26:57.519 --> 00:27:01.039
you use the item for both business and personal, like

424
00:27:01.079 --> 00:27:05.200
a cell phone, you may have to identify how much

425
00:27:06.000 --> 00:27:10.319
you use that cell phone for business and how much

426
00:27:10.480 --> 00:27:14.319
you use it for personal. Now, some people are going

427
00:27:14.359 --> 00:27:21.240
to use your cell phone exclusively for business. Now, you know,

428
00:27:21.920 --> 00:27:24.880
they may have two lines for business, you know, one

429
00:27:24.920 --> 00:27:27.720
for business, one for personal. They're carrying two phones. I

430
00:27:27.880 --> 00:27:29.960
see it all the time. But I do see some

431
00:27:30.039 --> 00:27:32.960
people that do do. And one of the reasons they

432
00:27:33.039 --> 00:27:36.000
do that is they do get into data with calls

433
00:27:37.240 --> 00:27:39.880
from their business. So therefore they want to be able

434
00:27:39.920 --> 00:27:43.799
to shut down and ignore business, you know, maybe evening

435
00:27:43.839 --> 00:27:47.720
hours or morning hours or some particular time during the day,

436
00:27:48.400 --> 00:27:54.039
and then they have their personal for family use. So

437
00:27:54.359 --> 00:27:58.359
I have seen that. So you know, when we're looking

438
00:27:58.400 --> 00:28:03.680
at truck driver seductions, you know, and we're talking about communications,

439
00:28:03.799 --> 00:28:08.119
any technology needed for communication order to run your business

440
00:28:08.720 --> 00:28:13.559
can be considered a deductible expense. Now, you as a

441
00:28:13.599 --> 00:28:18.039
truck driver, there are many methods of communication that you'll

442
00:28:18.079 --> 00:28:20.680
be able to deduct and you know, we're talking about

443
00:28:20.720 --> 00:28:23.200
tax deductions. So if you're going to use these anyway,

444
00:28:23.640 --> 00:28:26.400
these are things that you want to be able to

445
00:28:26.440 --> 00:28:30.680
find a way to deduct your CB radio. You know,

446
00:28:30.799 --> 00:28:34.519
so the cost of putting in the CB radio, the

447
00:28:34.559 --> 00:28:37.359
cost of that equipment intends whatever it takes to put

448
00:28:37.400 --> 00:28:43.480
it in the CB radio. That is a deductible business expense. Internet,

449
00:28:43.880 --> 00:28:46.119
so if you're using Internet, you can be using that

450
00:28:46.359 --> 00:28:54.000
for communications. You know, email, text, messaging, message boards, load boards,

451
00:28:54.400 --> 00:28:58.000
things like that. You're using those things to communicate. Your

452
00:28:58.079 --> 00:29:02.079
radio in your truck considered a communication device, even though

453
00:29:02.079 --> 00:29:05.240
you're not communicating out, you're receiving it. You replace your

454
00:29:05.279 --> 00:29:08.759
radio in your truck, or you put satellite radio in

455
00:29:08.799 --> 00:29:16.359
your truck, those are considered to be deductible expenses. Phone cards,

456
00:29:17.000 --> 00:29:19.519
so maybe you're not traveling with a cell phone. Maybe

457
00:29:19.559 --> 00:29:21.920
you just pick up his phone card and then you all.

458
00:29:22.000 --> 00:29:26.440
Places don't see that much anymore. Matter of fact, I

459
00:29:26.519 --> 00:29:28.920
think it's harder to find a phone on the road.

460
00:29:29.480 --> 00:29:34.319
I know years ago, you know, I've seen that the

461
00:29:34.359 --> 00:29:40.039
phones that payphones around have quickly disappeared over a period

462
00:29:40.039 --> 00:29:44.920
of time. We did find a place in Hawaii near

463
00:29:44.960 --> 00:29:50.000
the volcano that actually had Superman's phone booths, and we

464
00:29:50.000 --> 00:29:52.799
were talking with the kids and I kind of started

465
00:29:52.880 --> 00:29:55.799
laughing because I saw the phone was sitting there, and

466
00:29:55.839 --> 00:29:58.160
I went, oh, my god, where is Superman because he's

467
00:29:58.200 --> 00:30:01.920
probably going into that phone booth and changing into his

468
00:30:02.039 --> 00:30:03.960
cape and going.

469
00:30:05.079 --> 00:30:05.319
You know.

470
00:30:05.359 --> 00:30:08.400
And they looked at me like, what, Okay, I'm old,

471
00:30:09.599 --> 00:30:14.200
I remember those shows. I don't think they've seen that

472
00:30:14.680 --> 00:30:15.880
version of Superman.

473
00:30:16.400 --> 00:30:16.559
Now.

474
00:30:16.599 --> 00:30:18.960
I think he just tears off his clothes and right

475
00:30:19.000 --> 00:30:22.400
into his cape and going. Doesn't need a phone booth

476
00:30:22.400 --> 00:30:25.200
anymore because he can't find one. But I know where

477
00:30:25.200 --> 00:30:28.960
it is. It's right there by the volcano in Hawaii.

478
00:30:29.279 --> 00:30:32.519
So if you're ever out in Hawaii, go find the

479
00:30:32.519 --> 00:30:36.319
phone booth and see a Superman somewhere around there. You know,

480
00:30:36.440 --> 00:30:39.240
little funny stories that we're going through and looking at

481
00:30:39.200 --> 00:30:40.640
it and think about it in life, and you go,

482
00:30:41.200 --> 00:30:42.640
when I was growing up, there was a phone on

483
00:30:42.680 --> 00:30:45.480
every single corner. Well, now there's a phone in every

484
00:30:45.519 --> 00:30:48.519
single hand. And I don't care whether you're sitting at

485
00:30:48.559 --> 00:30:53.359
a restaurant, you're sitting at a fuel pump, you're in

486
00:30:53.359 --> 00:30:57.440
a travel stop, you name it. People walking down the street,

487
00:30:57.519 --> 00:31:01.240
you're sitting there with this hand up here. Yeah, like

488
00:31:01.319 --> 00:31:05.960
this man, you put the phones down sometimes, you know,

489
00:31:06.519 --> 00:31:08.400
sometimes it was nice you had to find a quarter

490
00:31:08.839 --> 00:31:12.720
or something a dime to make a phone call and

491
00:31:12.759 --> 00:31:17.680
call your parents because you're running late. Now, Hey, what

492
00:31:17.759 --> 00:31:20.319
do we have we have things like Life three sixty

493
00:31:20.440 --> 00:31:23.000
or do we have tracking on our phones so you

494
00:31:23.000 --> 00:31:26.279
can know where your kids are, your spouse or family

495
00:31:26.400 --> 00:31:29.599
or whatever it is, know where they're at day in

496
00:31:29.720 --> 00:31:35.440
and day out. Tracking around here sometimes is incredible and stupid,

497
00:31:35.480 --> 00:31:40.119
but that's part of communication devices that you have out there,

498
00:31:41.319 --> 00:31:44.559
you know, So things you've got to look at make

499
00:31:44.599 --> 00:31:47.519
them tax reductible. Hey, we're going to take a quick

500
00:31:47.559 --> 00:31:50.160
break when we come back. Then we're going to talk

501
00:31:50.200 --> 00:31:54.680
about what is the benefit of absolutely great bookkeeping like

502
00:31:54.759 --> 00:31:58.319
we do, and what is the benefit of a balance

503
00:31:58.359 --> 00:32:01.839
sheet and a profit in line us for you and

504
00:32:01.880 --> 00:32:06.599
your business and understanding how knowing how your business is

505
00:32:06.640 --> 00:32:10.039
doing and help you improve your business. And we're going

506
00:32:10.079 --> 00:32:11.359
to do that right after this.

507
00:32:12.880 --> 00:32:16.519
We have only scratched the surface of today's show. Please

508
00:32:16.559 --> 00:32:20.079
stand by as Barry G. Fowler will be right back with.

509
00:32:20.279 --> 00:32:25.440
Tax talk for you as an owner operator.

510
00:32:25.640 --> 00:32:28.480
You already spend too much time away from your family.

511
00:32:29.039 --> 00:32:33.039
Stop spending time doing paperwork. Go to Trucker tax tools

512
00:32:33.039 --> 00:32:37.799
dot com, a solution filled specifically for truckers. Trucker tax

513
00:32:37.839 --> 00:32:44.160
Tools dot Com makes your life run smoothly. Let's get

514
00:32:44.200 --> 00:32:48.400
back to tax stock for you with more taxtock once again.

515
00:32:48.880 --> 00:32:51.400
Here's your host, Barry G. Fowler.

516
00:32:53.880 --> 00:32:57.359
Hey, welcome back. We talk all the time at truck

517
00:32:57.440 --> 00:33:03.839
to Success with old ideas trucker program that basically it's

518
00:33:03.880 --> 00:33:06.960
taking new truckers people that have maybe w two drivers,

519
00:33:07.039 --> 00:33:09.799
want to become owner operators, want to run their own business.

520
00:33:10.640 --> 00:33:12.599
Some of them want to be leased on, some of

521
00:33:12.640 --> 00:33:14.599
them decide they're going to get their own authority. But

522
00:33:14.680 --> 00:33:18.119
we talk about all these wonderful things that truckted success.

523
00:33:18.720 --> 00:33:21.400
And when I'm here, I also talk about financial statements,

524
00:33:21.839 --> 00:33:26.400
the benefits of having financial statements for your business and

525
00:33:26.480 --> 00:33:29.359
getting a complete set of financial statements, not just a

526
00:33:29.400 --> 00:33:32.160
cash flow statement, but a complete set of financial statements

527
00:33:32.160 --> 00:33:36.039
that includes the statement of financial position, balance sheet, the

528
00:33:36.119 --> 00:33:40.759
statement of profit and loss, the statement of cash flows,

529
00:33:41.480 --> 00:33:45.720
and sometimes notes to the financial statements. So these are

530
00:33:45.799 --> 00:33:50.720
things that you're wanting to actually look at and understand

531
00:33:50.839 --> 00:33:55.039
and see. So your statement of financial position balance sheet

532
00:33:55.400 --> 00:33:57.599
is the easiest way of putting it. You know, when

533
00:33:57.599 --> 00:33:59.640
we put everything together, you know, the first thing that

534
00:33:59.680 --> 00:34:02.160
starts with, of course, the cover page, maybe the cover letter,

535
00:34:02.200 --> 00:34:05.200
explaining that we put this together based on the information

536
00:34:05.400 --> 00:34:09.840
you gave us and things we've requested from you. The

537
00:34:09.920 --> 00:34:12.719
third page is going to be the balance sheet, and

538
00:34:12.760 --> 00:34:17.639
it's going to show what you own, your assets, your liabilities,

539
00:34:18.199 --> 00:34:22.079
and equity at a specific point in time. So you know,

540
00:34:22.159 --> 00:34:26.320
right now we may be finishing up Marches financial statements,

541
00:34:26.800 --> 00:34:29.880
and so you're going to see Marches balance sheet, and

542
00:34:31.360 --> 00:34:33.880
so that gives you the statement as in that period

543
00:34:33.960 --> 00:34:36.719
of time. Now when you're talking about assets, it's going

544
00:34:36.800 --> 00:34:38.679
to show the full value of the assets, going to

545
00:34:38.679 --> 00:34:42.360
show the depreciated appreciation taken, and it's going to give

546
00:34:42.400 --> 00:34:46.280
you your net assets that are out there, fixed assets,

547
00:34:46.280 --> 00:34:48.800
and then add in you know, other assets that you

548
00:34:48.840 --> 00:34:55.079
may have out there. So it's a nice detailed information

549
00:34:55.800 --> 00:35:01.840
for you, listing again all your assets, you know, cash,

550
00:35:02.039 --> 00:35:05.480
your trucks, your trailers, appreciation of course, and then your

551
00:35:05.519 --> 00:35:09.559
liabilities you know, your loans, accounts payable, and then your

552
00:35:09.559 --> 00:35:13.440
equity section, which is your stake in the business, so

553
00:35:14.320 --> 00:35:19.159
you know some of the key trucking specific accounts. You're

554
00:35:19.159 --> 00:35:24.000
going to include things like trucks and equipment trailers all

555
00:35:24.039 --> 00:35:31.000
long term assets. Then your liabilities and you know things

556
00:35:31.039 --> 00:35:34.800
that you may have like fuel surcharges or driver payables,

557
00:35:35.880 --> 00:35:40.519
maybe taxes do and then you know, we analyze the

558
00:35:40.599 --> 00:35:46.360
components that helps assess your financial health, debt levels, and

559
00:35:46.480 --> 00:35:50.159
the overall value of a business. Now this works the

560
00:35:50.159 --> 00:35:53.920
same way any business that's out there. Now, if you've

561
00:35:53.920 --> 00:35:56.519
got negative equity means you've been taking way too much

562
00:35:56.559 --> 00:36:00.159
money out of your business. So we're looking at that

563
00:36:00.760 --> 00:36:04.559
as you go, and you're taking distributions and everything. So

564
00:36:04.599 --> 00:36:06.519
if you're having to borrow more money to stay in

565
00:36:06.559 --> 00:36:10.679
business and then you're taking distributions, distributions then become taxable

566
00:36:10.760 --> 00:36:13.320
to use, you kind of got to watch your equity

567
00:36:13.679 --> 00:36:18.480
in your business as well. So to understand your balance

568
00:36:18.519 --> 00:36:22.920
sheet a little bit more. Your assets are resources owned

569
00:36:23.199 --> 00:36:26.400
by the company, not you the company because you own

570
00:36:26.480 --> 00:36:29.320
the company, but these are owned by the company by

571
00:36:29.360 --> 00:36:33.559
the company. Current assets are short term assets like cash,

572
00:36:33.840 --> 00:36:38.679
checking accounts, accounts receivable, which is money owed to use.

573
00:36:38.760 --> 00:36:42.440
If you're invoicing, you may have accounts receivable, long term assets,

574
00:36:42.519 --> 00:36:45.599
or permanent or fixed assets such as your truck's trailers

575
00:36:45.639 --> 00:36:51.000
and buildings. And then accumulated depreciation, which is a contra

576
00:36:51.679 --> 00:36:56.559
asset account showing the total depreciation of fixed assets over time,

577
00:36:56.679 --> 00:37:01.920
reducing their book value. So kind of give you the

578
00:37:02.159 --> 00:37:06.639
short rundown of you know, what's on a balance sheet.

579
00:37:06.960 --> 00:37:10.280
You know, now your liabilities are two different types of liabilities,

580
00:37:10.760 --> 00:37:14.679
and your liabilities or obligations that your company owes. Now

581
00:37:14.719 --> 00:37:17.480
you may be a personal guarantee and you owe the

582
00:37:17.519 --> 00:37:21.079
money too, but these are liabilities a company owns. You know,

583
00:37:21.119 --> 00:37:24.719
your current liabilities maybe like your credit card accounts, payable

584
00:37:25.280 --> 00:37:28.719
driver reimbursements do within a year, and then your long

585
00:37:28.800 --> 00:37:31.719
term debts our debts do in more than one year,

586
00:37:31.840 --> 00:37:35.079
such as long term for trucks or other equipment. Or

587
00:37:35.199 --> 00:37:38.360
you may get some kind of capital loan and stuff

588
00:37:38.400 --> 00:37:44.360
out there. Maybe some driver payables those are short term,

589
00:37:44.639 --> 00:37:48.639
so wages or benefits oh to drivers but not yet paid.

590
00:37:50.280 --> 00:37:52.519
You know, you may have payroll taxes do if you're

591
00:37:52.559 --> 00:37:56.960
doing payroll. Those are all going to be short term

592
00:37:57.480 --> 00:38:00.960
items that you're going to have out there. So your

593
00:38:01.079 --> 00:38:04.039
balance sheet is going to give you a snapshot of

594
00:38:04.079 --> 00:38:07.360
your company's assets, liabilities, and equity and give you an

595
00:38:07.400 --> 00:38:12.280
idea of your financial health. Gives you some operational clarity

596
00:38:12.400 --> 00:38:18.199
and helping to manage assets like your fleet, understanding obligations.

597
00:38:19.679 --> 00:38:23.000
It gives you the ability to help make some strategic

598
00:38:23.159 --> 00:38:29.679
decision making based on debt to equity, equipment acquisition, overall

599
00:38:29.760 --> 00:38:36.519
business growth, and essential for accurate tax reporting and audits.

600
00:38:37.000 --> 00:38:40.239
So it becomes extremely important to have that balance sheet

601
00:38:40.719 --> 00:38:44.719
out there as well. Now what everybody gets concerned with

602
00:38:44.840 --> 00:38:48.760
is your profit and loss your income statement. It's a

603
00:38:48.840 --> 00:38:52.880
vital tool for understanding your trucking companies financial health as well.

604
00:38:53.280 --> 00:38:56.199
This report gives you a snapshot of the profitability over

605
00:38:56.239 --> 00:38:58.760
a specific period of time, and I can help you

606
00:38:58.840 --> 00:39:03.599
make informed decisions about your operations. Now you know key

607
00:39:03.639 --> 00:39:09.599
components of your profit and loss is one your revenue

608
00:39:09.719 --> 00:39:13.519
or your income. This section lists all your income generated

609
00:39:13.559 --> 00:39:16.440
by the trucking business, so you know, we break it

610
00:39:16.519 --> 00:39:21.199
down into much more detail because we would do gross

611
00:39:21.199 --> 00:39:26.559
trucking income, so revenue from delivering goods, and then we

612
00:39:26.599 --> 00:39:31.239
break down other income such as you know, bonuses or reimbursements,

613
00:39:31.280 --> 00:39:35.440
fuel surcharge, things like that that you would get back

614
00:39:36.000 --> 00:39:40.599
and would be included in your your revenue. And so

615
00:39:40.760 --> 00:39:43.599
we're listing all those items out so you can see

616
00:39:44.039 --> 00:39:46.599
you know, hey, what am I making up here? And

617
00:39:46.639 --> 00:39:51.159
what's my gross revenue that you know we have. And

618
00:39:51.199 --> 00:39:55.320
then the second section that we do is cost us services,

619
00:39:55.960 --> 00:39:59.320
and that cost a service that we have will break

620
00:39:59.320 --> 00:40:04.559
down things like fuel cost, scales, tolls, you know, bumper,

621
00:40:05.559 --> 00:40:08.519
all those items out there that's the cost of you

622
00:40:08.599 --> 00:40:13.159
doing business and delivering your freight that's out there. And

623
00:40:13.199 --> 00:40:18.719
then the third section is expenses, and these get broken

624
00:40:18.760 --> 00:40:23.719
down and you know, become very much in detail out there,

625
00:40:24.239 --> 00:40:28.719
and you know, your truck, please payment, your insurance premiums,

626
00:40:28.960 --> 00:40:34.440
your license and registration, staff salaries or wages that are

627
00:40:34.480 --> 00:40:39.679
out there. So you're going to have all those expenses

628
00:40:40.559 --> 00:40:44.119
there as part of doing business. Now you're going to

629
00:40:44.159 --> 00:40:47.679
want to look at some of these expenses and determine,

630
00:40:48.280 --> 00:40:51.320
you know, which ones are fixed, which ones are variable,

631
00:40:51.400 --> 00:40:54.360
what's it going to cost you every month, whether your

632
00:40:54.400 --> 00:40:57.000
truck is sitting still. Now, we use a cash flow

633
00:40:57.039 --> 00:40:59.159
statement a little bit for doing that because we can

634
00:40:59.239 --> 00:41:02.039
see the cash going in and out and see where

635
00:41:02.079 --> 00:41:05.639
the cash is going. Income statement is going to actually

636
00:41:05.840 --> 00:41:10.119
give you your picture of your overall financial performance of

637
00:41:10.159 --> 00:41:12.280
the business over a periods such as a month or

638
00:41:12.280 --> 00:41:15.480
a year, It reveals whether the company is making or

639
00:41:15.519 --> 00:41:20.559
losing moment money by comparing total revenue to total expenses.

640
00:41:21.159 --> 00:41:25.199
And by tracking these expenses, you the owner can identify

641
00:41:25.280 --> 00:41:30.679
high cost areas, make adjustments where you can and finding

642
00:41:30.800 --> 00:41:35.559
more fuel efficient routes maybe, or reducing maintenance costs where

643
00:41:35.599 --> 00:41:39.440
you can, or reducing those variable costs. Is it maybe

644
00:41:39.480 --> 00:41:41.559
you're just running through the business that don't need to

645
00:41:41.559 --> 00:41:43.400
be there in the business or shouldn't be a part

646
00:41:43.440 --> 00:41:47.000
of them. But if it's ordinary and necessary, how do

647
00:41:47.039 --> 00:41:51.920
you reduce those ordinary and necessary expenses to be in

648
00:41:51.960 --> 00:41:58.119
the business. So you know, as we're going through these

649
00:41:58.159 --> 00:42:01.239
things and we're looking at, you know, the financial health

650
00:42:01.239 --> 00:42:03.079
of your business, and we start looking at the cash

651
00:42:03.119 --> 00:42:05.800
flow of the primary purpose to provide that snapshot again

652
00:42:06.320 --> 00:42:11.000
and it's your ability to generate cash. So use these things,

653
00:42:11.039 --> 00:42:14.280
put them into a nice little spreadsheet that you can

654
00:42:14.320 --> 00:42:18.599
get over an Old Ideas Foundation website where it will

655
00:42:18.639 --> 00:42:21.320
tell you your cost per mile. You can use our

656
00:42:21.360 --> 00:42:24.400
balance sheets and profit and losses to go right into

657
00:42:24.440 --> 00:42:28.119
those things to work on your cost per mile, which

658
00:42:28.159 --> 00:42:29.880
is what you really want to know when you're in

659
00:42:29.920 --> 00:42:33.639
the trucking business. What's it costing me every mile I go. Man,

660
00:42:33.679 --> 00:42:36.800
we've been running and gutting here, driving down the road

661
00:42:36.840 --> 00:42:39.159
at eighty miles an hour, ninety miles an hour, maybe

662
00:42:39.159 --> 00:42:47.360
one hundred miles an hour, talking about bookkeeping, taxes, pairs, maintenance, factoring, man,

663
00:42:47.880 --> 00:42:52.039
ordinary necessary expenses, communication, all that, and we always run

664
00:42:52.039 --> 00:42:54.800
out of time. But talk faster, man. We're still run

665
00:42:54.800 --> 00:42:57.719
out of time. So what we tell you is is, man,

666
00:42:57.760 --> 00:42:59.760
we appreciate you being here. If you're in the trucking

667
00:42:59.800 --> 00:43:02.960
bit business, you're looking for somebody who does great bookkeeping

668
00:43:03.000 --> 00:43:06.519
and taxes for you, the owner operator. Hey, give us

669
00:43:06.519 --> 00:43:10.000
a call at at Trucker Tax Tools. You know eight

670
00:43:10.079 --> 00:43:12.960
seven seven nine nine six six four seven seven again

671
00:43:13.039 --> 00:43:15.920
eight seven seven nine ninety six six four seven seven.

672
00:43:16.320 --> 00:43:19.320
Let us help you with your bookkeeping, with your taxes

673
00:43:19.840 --> 00:43:22.400
as a trucker. We know trucking the inside and out.

674
00:43:22.719 --> 00:43:25.159
Mentioned you heard it here on tax Talk for you,

675
00:43:26.159 --> 00:43:29.480
and we'll give you special discounts. Now, what I tell

676
00:43:29.519 --> 00:43:33.039
everybody to do is go to tax Talk the number

677
00:43:33.039 --> 00:43:36.519
four letter you dot com, follow us over there, follow

678
00:43:36.639 --> 00:43:39.400
us over on Facebook so you never miss an episode.

679
00:43:39.480 --> 00:43:44.199
If you do, and catch our podcasts over on Iheartspotify,

680
00:43:44.320 --> 00:43:47.199
you know we're there. We're trying to help you as

681
00:43:47.400 --> 00:43:51.000
a business owner in your truck to run more efficiently,

682
00:43:51.280 --> 00:43:54.480
more effectively. Now make sure you're here at Tax Talk

683
00:43:54.559 --> 00:43:58.199
for You ten am Eastern time every Monday. We're going

684
00:43:58.280 --> 00:44:00.559
to be here. You should be here. We're gonna have

685
00:44:00.599 --> 00:44:03.760
a great day, have a great week, have a God

686
00:44:03.840 --> 00:44:08.719
blessed and glorious week. Enjoy what you do, take the

687
00:44:08.800 --> 00:44:12.159
time with family and when you can, because family is

688
00:44:12.280 --> 00:44:15.880
the ultimate in life. And again we'll see you right

689
00:44:15.920 --> 00:44:20.280
here Mondays at ten am Eastern time at W four

690
00:44:20.320 --> 00:44:24.159
Cy Radio, Tax Talk for You dot com. Again, it's

691
00:44:24.199 --> 00:44:27.920
tax Talk the number four letter dot com and we

692
00:44:27.920 --> 00:44:29.119
will see you next week.

693
00:44:30.320 --> 00:44:33.480
Are you an individual or business that wants to understand

694
00:44:33.559 --> 00:44:36.920
taxes and how they affect you. Are you looking for

695
00:44:37.000 --> 00:44:42.400
specific tax advice for self employed business owners and truckers.

696
00:44:42.960 --> 00:44:47.000
Are you behind on taxes and your bookkeeping? Are you

697
00:44:47.119 --> 00:44:51.119
dealing with dirs and ready to have some relief, Then

698
00:44:51.239 --> 00:44:54.880
you need Tax Talk for You, hosted by tax and

699
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trucker expert Barry g.

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Fouer Ea.

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Tune in ten am Eastern time every Monday right here

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

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forget to check this and past episodes at tax talkforouth

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dot com. See you next week at W four c

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y dot com.

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M