Dec. 1, 2025

Trucking & Taxes

Trucking & Taxes

Business End of year planning! Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio...

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Business End of year planning!

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 implied shall be extended to W FOURCY Radio

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

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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

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tax planning, and tax relief for individuals and businesses just

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

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with your hosts.

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Barry G.

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Foul Hey, welcome. It's great to be back here on

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a Monday after holiday. It seemed like have been a

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long time since we've been here. I know last week

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we had to do a rerun hopefully this week we

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got the news out that we're going to be talking

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to owner operators truck drivers out there on the road

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trucking in taxes. You know, I write for Landline Magazine,

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oh Ida Owner Operator Independent Drivers Association. I watch everything

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that goes on, you know, not only with that association,

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but the American Trucking Association and other associations around the country,

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because they're doing so much to try to help, you know,

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truck drivers out there. So we got to be thankful

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for truckers. We got to be thankful for some of

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the associations that do represent truckers to Congress, a Department

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of Transportation, all these people out there that are representing

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you as an owner operator out there to help the

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trucking industry. One of the nice things that came out

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with in the last month was, you know, you've got

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to be able to speak and read English. And then

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you know, they've been finding a lot of illegals driving

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trucks as well, So maybe getting some of this off

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there will help freight rates and everything for the truckers

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that are out there competing with people that shouldn't be

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on the road or driving and driving these rates insanely

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down and that maybe we'll be able to increase the

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load rates for you to be able to move you know,

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the goods across the country. You know, that would be

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a really nice thing to do. So, you know, and

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watching some of these things that are going on, you know,

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and we were watching a lot of things with oh

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Ida and then Landline magazine. You know, they're collecting and

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analyzing you know a lot of data that that comes

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through and you know, trying to make this data much

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worth a lot more for you as an owner operator

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out there. And you know what kind of matters is

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you know, the rates that you're seeing out there, you know,

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especially in October. Now we're you know, finishing November. They'll

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have new reports coming out here for November here shortly.

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You know, you're looking at reefer spot rates. You know,

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they were up a little bit in October, which kind

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of you know, change the trend of where they were,

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you know, but you know, even that slightly higher wasn't

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enough to in my opinion, to cover the cost of

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operating a truck and keeping the trucks on the roads

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as an owner owner operator. And so you know, getting

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those rates to come up would be a great thing.

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You know, in the trucking industry. You know, when they're

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looking at you know, the rates for like you know,

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flatbeds and stuff, they declined and remained relatively flat. So

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you know, it's a little bit of a decline in October,

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maybe one or two cents, not that big of a deal,

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but it was still a decline. It should have been

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increasing these rates. Now. We hope getting English as you know,

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you've got to be able to be able to speak

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it and got to be able to read it. Getting

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that in there and getting those truckers off the road

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might help a little bit. Getting rid of the illegal

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driving trucks should help a little bit. Let's see what

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happens in November and December. Hopefully we can get the

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rates to come up a little bit, especially as we're

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moving closer and closer to the to the new year.

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So you can see, you know, having this information out

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there is really helpful for you as a truck driver,

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you know, and we're looking at you know, trends, you

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know in American Trucking Association, you know, looked at twenty

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twenty four and trucks moved eleven point two seven billion

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tons of freight in twenty four, but that was down

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from the eleven point four to one billion tons hauled

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the previous year. Revenues were down in twenty four versus

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twenty three. You know, it was nine hundred and six

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billion versus you know a little over one trillion, So

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you know, big numbers, but you're gonna remember that. You know,

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this is you know, spread across you know, all the

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owner operators in the trucking industry across the board. So

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you know, sometimes you're gonna feel it a lot harder

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at an owner operator than some of these other companies

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are going to feel it as well. And when these

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other companies are doing you know, a lot more trucks

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out there and they're pushing rates down, it is hurting

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the individual owner operator out there. Now. As an owner operator,

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you know you've got to be watching your expenses. Now.

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That's where companies like our company, truck or Tax Tools

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go to truck or tax Tools dot Com helps you

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watch your expenses by giving you great bookkeeping, running a

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profit maximizer, tax minimizers, things to do to help increase

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your cash flow and what cash you keep yourself for

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your business. Because at the end of the day, it's

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how do we keep more money for ourselves as a

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business owner than it is how much should I be

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paying in taxes? You know, paying taxes is part of life,

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but paying taxes also is a burden on cash, meaning

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you've got to pay this cash out, whether it's estimated

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tax payments, whether you pay the tax April fifteenth, or

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whether you're paying pass tax problems and you've got debt

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and now you're paying not just the tax, but you're

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paying penalties and interest as well. So the goal is

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always to make sure that you're staying in compliance but

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not paying the maximum amount of tax. It's paying the

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minimum amount of tax that is allowed by law. So

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it's finding every single expense. Now is that good and bad? Yes,

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it is good. The good news is if we can

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find every single expense that relates to your business it's

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ordinary and necessary business expenses, it reduces your tax burden. Now,

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it also reduces your net income. So if you're going

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after loans for like a home loan, you know, a

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new mortgage or something, you know it's going to show that, hey,

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you made less money. So you know it does impact

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you know, different portions of your life. But that being said,

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you know, if you can save on taxes. Now, we're

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not just talking about federal income tax, you know, we're

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talking about state income tax and then we're also talking

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about Social Security Medicare taxes. So it's mitigating as much

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of the tax that you can in the best way possible. Now,

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when you're an owner operator and you're a new owner operator,

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a lot of times you're not getting the services or

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consulting the different information that you need to reduce these taxes.

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Now I'm going to tell you, don't be afraid. You

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should be calling truck or tax Tools at eight seven

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seven nine six six two four seven seven again eight

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seven seven nine six six two four seven seven. And

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if you've see in our billboard over off of Interstate

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twelve over near I think it's Hamm in Louisiana. We

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had a couple of billboards out there. You know, Hey,

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we're offering really good right discounted bea So if you've

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seen our billboard, hey connect with us at Facebook. Hey,

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send us a message over there. And if you need

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great bookkeeping for truckers owner operators out there, hey, let

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us know. You know, we had some great discounted prices.

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We can get you started at a very low cost.

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In some cases, we're able to reduce a lot of

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our costs on getting back book keeping caught up for

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the year as well. And it's a great way to

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get started. And the best part is is getting started

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right now and getting everything up to date. We can

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help find every other business expense out there in twenty

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twenty five to reduce that burden of that federal income tax,

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state income tax, so security and medicare all those things.

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And then we're going to look at consulting and deciding, hey,

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how should your business also be structured to help you

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down the road to gather yourself to make sure that

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you're paying the least amount of taxes that are allowed

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by law, because that's the name of the game, you know.

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So you know, we're working doing tax planning right now

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with a lot of our clients. We've gone through a

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majority of them. We've got a whole group that we've

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got to get through this week before I take a

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little bit of vacation. We need a little breather so

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that we can get ready for next year and gear

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up for taxis and ourselves and year in. But we

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need to get you in and get started as soon

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as possible, because that's important to us, it should be

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important to you, and it's important we get the tax

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planning done so that our clients know approximately what they're

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going to oh, what they should be coming up with,

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or maybe what other strategies they need to be employing

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right now to reduce the amount of taxes is they're

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going to be having come April fifteenth, or if they

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haven't made all their estimated tax payments, get your estimated

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tax payments in and go from there. Hey, one of

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the things we're going to tell you a quick break

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when we come back, we're going to talk about American taxes,

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American trucking associations, freight forecast going forward, and what you

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can do we need to do for year end taxes,

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and we'll do that right after the spring.

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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. Called Taxation Solutions tax Relief at eight eight

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eight nine three zero one zero one six, we are

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your solution for IRS debts audits, back taxes.

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Garnishments, leans and levees.

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Whether you're an individual or business, you need a solution

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and a strong, aggressive tax resolution.

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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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You're here tex Talk for you. We got a lot

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to be thankful for. You know. Part of one of

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my shows, I usually you know, talk about how you

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know you should be thankful and what we're thankful for

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as agree. I'm thankful for my family, for God, for

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for you all listening, and for our client, said Trucker.

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Tax Tools and taxation Solutions, tax relief from the people

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that put their trust into us. Appreciate them. We appreciate

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all this stuff at W four CY Radio and what

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they do for us. You know here at tax Talk

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for you. If you've got questions, get the questions in

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to us so we can answer the questions for you

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and try to help you and your business grow, minimize

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tax and use the tax code to your advantage, just

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like you know every rich person does, every smart business

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person does. You've got to have somebody on your side.

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You don't have time to read the thousands of pages

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tax code. That's why you've got to have a trusted

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expert like myself and the people that truck or tax

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tools and taxation solutions, tax relief. You know, we were

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talking about tax forecasts or trucking forecasts going out into

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next year and beyond. American Trucking Association has their trucking

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reports out and their forecasts going out. They're actually reporting

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right now that truck tonnage will rise from estimated eleven

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point two seven billion tons to by almost fourteen billion

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tons in twenty twenty twenty thirty five. So over the

227
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next ten years they're seeing a two billion ton more

228
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than a two billion ton increase in tonnage going out there.

229
00:14:37.879 --> 00:14:43.159
For truckers, they're estimating the revenue growth from nine hundred

230
00:14:43.200 --> 00:14:46.200
and six billion to one point four to six trillion,

231
00:14:47.480 --> 00:14:51.240
and this accounts for close to seventy seven percent of

232
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freight market by the end of that forecast, which ends

233
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in twenty thirty five. They're also looking at other modes

234
00:14:59.840 --> 00:15:04.039
of transportation, and you know, the freight tonnage moved by

235
00:15:04.159 --> 00:15:07.000
railroads is going to fall from you know, ten point

236
00:15:07.039 --> 00:15:10.840
six percent to nine point nine percent twenty thirty five.

237
00:15:12.120 --> 00:15:14.919
They're accounting for most of that's going to be due

238
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to declines in coal volume. So you know, it's one

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of the things that's that they're looking at and saying, hey,

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this is where growth is going to come from, and

241
00:15:28.200 --> 00:15:33.240
this is where it's going to go down. Now you're

242
00:15:33.279 --> 00:15:38.440
going to see air cargo, domestic waterborne transportation, and pipe lights.

243
00:15:38.480 --> 00:15:41.639
We're going to see increases in tonnage between you know,

244
00:15:41.679 --> 00:15:46.159
twenty five and thirty five, twenty five and thirty five.

245
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Now we've seen that here in the Texas area because

246
00:15:48.919 --> 00:15:51.799
we've seen multiple pipelines coming through in the areas we

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live where they're moving natural gas UH and stuff from

248
00:15:58.120 --> 00:16:03.720
Texas you know to sports of Midwest and stuff through Louisiana.

249
00:16:03.840 --> 00:16:08.120
So we're seeing a lot more pipeline activity going out there.

250
00:16:08.200 --> 00:16:11.320
So it's it's going to be you know, a lot

251
00:16:11.440 --> 00:16:18.440
more stuff going through the pipelines and definitely getting a

252
00:16:18.600 --> 00:16:22.639
freight going that way and moving goods and moving services

253
00:16:22.679 --> 00:16:25.759
and goods across the country. You know, now as an

254
00:16:25.759 --> 00:16:28.759
owner operator, you know what you're really concerned with is

255
00:16:28.799 --> 00:16:33.399
what your bottom line? How much money did I make? Now,

256
00:16:33.919 --> 00:16:36.240
you know it's one of those things to look at

257
00:16:36.240 --> 00:16:38.200
the bottom line and say how much money did I make?

258
00:16:38.240 --> 00:16:40.639
What you're really looking at is how much money did

259
00:16:40.639 --> 00:16:43.639
I keep? Because if you're keeping nothing, all you're doing

260
00:16:43.799 --> 00:16:47.679
is making ends meet. And you know that's it. You're

261
00:16:47.720 --> 00:16:52.360
working hard for, paying you know, family bills, putting food

262
00:16:52.360 --> 00:16:55.519
on the table, making your mortgage payments, taking care of

263
00:16:55.600 --> 00:16:59.559
your kids because wife, whatever it is that you are

264
00:16:59.639 --> 00:17:02.639
taking care of, that's all you're you're working for. You

265
00:17:02.720 --> 00:17:07.440
work day and night, slaving away to pay all these bills,

266
00:17:07.759 --> 00:17:10.839
and you're not seeing anything from it. So you've got

267
00:17:10.839 --> 00:17:14.319
to find a way to start putting money away. And

268
00:17:14.480 --> 00:17:16.960
you know that's not hey skipping and saying hey, I'm

269
00:17:17.000 --> 00:17:18.880
just not going to file taxes and I'm not going

270
00:17:18.960 --> 00:17:20.880
to pay That's not the right way to do it.

271
00:17:21.279 --> 00:17:24.839
You know, the right way to do it is preparing

272
00:17:25.279 --> 00:17:30.319
to find ways to reduce the tax burden. Now, you know,

273
00:17:30.319 --> 00:17:34.200
when you think about it, your bottom line automatically gets

274
00:17:34.279 --> 00:17:37.160
hit fifteen point three percent right off the top. If

275
00:17:37.200 --> 00:17:41.160
you are owner operator reporting on schedule. See not an escorp,

276
00:17:41.880 --> 00:17:45.519
not a partnership, you're just reporting there as a sole

277
00:17:45.640 --> 00:17:49.319
proprietor right there on schedule. See it gets hit right

278
00:17:49.359 --> 00:17:52.200
off the top of fifteen point three percent. That's so scary.

279
00:17:52.240 --> 00:17:55.200
And medical tax now, it doesn't matter whether you made

280
00:17:55.599 --> 00:17:57.799
you know, fifty thousand or you made one hundred thousand,

281
00:17:58.279 --> 00:18:03.440
you could hit fifteen point three percent full self employment taxes.

282
00:18:03.960 --> 00:18:09.079
So saving money, reducing your debt, income, reducing the amount

283
00:18:09.160 --> 00:18:14.559
you're getting tax becomes extremely important for you in business.

284
00:18:14.839 --> 00:18:17.359
Because you made one hundred thousand dollars, you're now paying

285
00:18:17.440 --> 00:18:21.480
fifteen three hundred dollars in self employment taxes. You know

286
00:18:21.680 --> 00:18:24.480
that's crazy, especially knowing what we're going to get back

287
00:18:24.480 --> 00:18:27.880
from Social Security when we go to retire. You look

288
00:18:27.880 --> 00:18:29.799
at how much money you've paid in over the years,

289
00:18:29.839 --> 00:18:33.119
and then they're telling you that they're thinking about reincreasing

290
00:18:33.240 --> 00:18:37.160
retirement age. Hey, you want to say social security. Put

291
00:18:37.480 --> 00:18:42.279
every Congressman, every senator, every employee of the federal government

292
00:18:42.839 --> 00:18:46.440
right into Social Security and not into federal pension and

293
00:18:46.480 --> 00:18:49.240
we'll see how fast social Security gets fixed for you

294
00:18:49.319 --> 00:18:53.599
and I and everybody else. It's another soapbox for another day.

295
00:18:53.640 --> 00:18:55.960
I'm sorry, you know, we're going to get distracted with this,

296
00:18:56.200 --> 00:18:59.599
but that is the way to fix Social Security, because

297
00:18:59.599 --> 00:19:05.119
I don't think any king, queen, prince, or princess of

298
00:19:05.160 --> 00:19:07.640
the federal government should be on any other plan than

299
00:19:07.640 --> 00:19:11.039
the plans that we are on. If Obamacare and Social

300
00:19:11.079 --> 00:19:13.400
Security is good enough for you and I, it is

301
00:19:13.440 --> 00:19:17.160
good enough for every government employee. Now that being said,

302
00:19:17.519 --> 00:19:22.119
back to reducing taxes. See, I can get on that showbox,

303
00:19:22.440 --> 00:19:24.680
and once I get on it, I start running. And

304
00:19:24.720 --> 00:19:28.039
I'm sorry. You know, we're trying to reduce stuff for you,

305
00:19:29.319 --> 00:19:31.359
and what we've got to do is find ways to

306
00:19:31.400 --> 00:19:35.880
do that. So we've got to identify all eligible deductions

307
00:19:35.920 --> 00:19:40.039
that you can have in your business, everything that's ordinary

308
00:19:40.039 --> 00:19:46.759
and necessary, everything that you've got to do to save

309
00:19:46.839 --> 00:19:51.839
you money on taxes and reduce that burden right there alone.

310
00:19:51.920 --> 00:19:55.119
So you know, if you could save ten thousand dollars

311
00:19:55.200 --> 00:19:59.240
on your net income, you know that's another one five

312
00:19:59.359 --> 00:20:04.000
hund dollars in your pocket that you have saved in

313
00:20:04.160 --> 00:20:07.680
Social Security and Medicare taxes. That's not even talking about

314
00:20:07.960 --> 00:20:10.559
the federal income tax rate. That's not even talking about

315
00:20:10.559 --> 00:20:14.160
the state income tax rate. That is purely talking about

316
00:20:14.599 --> 00:20:18.039
self employment taxes. So you can see how valuable if

317
00:20:18.119 --> 00:20:21.279
you find twenty thousand dollars of expenses that you're not

318
00:20:21.440 --> 00:20:24.839
taking that you should be taking on your business. You know,

319
00:20:24.920 --> 00:20:28.319
now we're talking, we saved you know, three thousand and

320
00:20:28.359 --> 00:20:31.839
sixty dollars. Well, you're spending the money anyway, but it

321
00:20:31.839 --> 00:20:34.119
should be a business expense. But you haven't been taking

322
00:20:34.160 --> 00:20:38.920
that business expense. You just cost yourself three thousand and

323
00:20:38.960 --> 00:20:44.200
sixty dollars. Now absolutely federal taxes to it. You add

324
00:20:45.240 --> 00:20:48.440
state income taxes to it, and now you saved even

325
00:20:48.480 --> 00:20:52.240
more money. You might be hit five thousand dollars savings.

326
00:20:52.519 --> 00:20:54.559
So if you spend it any way and it should

327
00:20:54.599 --> 00:20:58.559
relate to business, let's get it over there to business

328
00:20:59.039 --> 00:21:02.920
so you can get the proper deductions. Now, remember we're

329
00:21:02.920 --> 00:21:06.880
looking for ordinary and necessary business expenses. We're looking for

330
00:21:06.960 --> 00:21:09.799
things that you may not have taken, things that somebody

331
00:21:09.799 --> 00:21:16.000
else overlooked. We've seen tax prepayers overlook things in truckers

332
00:21:16.480 --> 00:21:20.599
taxes because they have no idea what they're doing in

333
00:21:20.640 --> 00:21:25.240
the trucking industry for taxes. And when they miss those

334
00:21:25.319 --> 00:21:30.319
expenses and they miss those items It costs you way

335
00:21:30.359 --> 00:21:34.039
more than you can ever imagine, especially when they've been

336
00:21:34.079 --> 00:21:36.359
doing these taxes for you, and they've been doing them

337
00:21:36.359 --> 00:21:38.759
wrong for two years, three years, five years, ten years,

338
00:21:39.000 --> 00:21:43.160
whatever that number is. That number compounds and it gets

339
00:21:43.240 --> 00:21:47.319
worse and worse every single year. Now we're going to

340
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take a short break and then we're going to come

341
00:21:49.160 --> 00:21:54.319
back and talk about estimated tax payments, maximizing deductions, and

342
00:21:54.359 --> 00:21:58.440
what you should be looking for right after this, we.

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00:21:58.440 --> 00:22:01.000
Have only scratched the surface of today's show.

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Please stand by as Barry gif Fowler will be right

345
00:22:04.960 --> 00:22:05.480
back with.

346
00:22:05.680 --> 00:22:06.680
Tax talk for you.

347
00:22:09.720 --> 00:22:12.799
As an owner operator, you already spend too much time

348
00:22:12.839 --> 00:22:16.640
away from your family. Trucker Tax Tools handles all your

349
00:22:16.640 --> 00:22:19.880
bookkeeping and taxes. No matter what level trucker you are.

350
00:22:20.119 --> 00:22:23.319
Life on the road can be taxing, but that doesn't

351
00:22:23.359 --> 00:22:26.720
mean that your wallet or time with your family should suffer.

352
00:22:27.240 --> 00:22:31.200
Trucker Tax Tools makes your life run smoothly. Go to

353
00:22:31.240 --> 00:22:34.039
Trucker tax Tools dot com for a free guide that

354
00:22:34.119 --> 00:22:37.759
will give you the tools to never worry about your

355
00:22:37.799 --> 00:22:42.319
taxes again. Call Trucker Tax Tools eight seven seven nine

356
00:22:42.440 --> 00:22:46.559
sixty six two four seven seven, or go to Trucker

357
00:22:46.640 --> 00:22:50.160
tax tools dot Com now and let the experts keep

358
00:22:50.200 --> 00:22:55.960
you trucking. Let's get back to tax stock for you

359
00:22:56.160 --> 00:22:58.720
with more tax stock once again.

360
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Here's your host, Barry G. Ballu.

361
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The first things that I wanted to touch on coming

362
00:23:06.319 --> 00:23:08.079
back from the break, and then I've got to answer

363
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a question from maybe here. Review your estimated tax payments, say,

364
00:23:12.880 --> 00:23:14.920
you know, make sure you've made them. You know those

365
00:23:14.960 --> 00:23:18.519
were due April fifteenth, June fifteenth, September fifteenth, and then

366
00:23:18.680 --> 00:23:21.480
the next one to do January fifteenth. You want to

367
00:23:21.480 --> 00:23:25.839
make sure you make an estimated tax payments to avoid

368
00:23:25.960 --> 00:23:29.200
you know, any penalties with the irs, and that's interest

369
00:23:29.240 --> 00:23:31.319
as well, as long as you've made them based on

370
00:23:31.920 --> 00:23:35.680
you know, twenty twenty four taxes, or you can use

371
00:23:35.839 --> 00:23:39.440
actual projections or actual numbers for twenty twenty five, if

372
00:23:39.480 --> 00:23:43.960
you have those actual numbers each quarter and making sure

373
00:23:44.039 --> 00:23:47.440
you're making the right ones. I hear a lot of

374
00:23:47.440 --> 00:23:51.079
people out there a say common recommendation is to set

375
00:23:51.079 --> 00:23:53.799
aside twenty five to thirty percent of your net income

376
00:23:54.000 --> 00:23:57.559
for estimated tax payments. I agree that you should be

377
00:23:57.599 --> 00:24:01.720
setting aside a good change, and it could be twenty

378
00:24:01.759 --> 00:24:04.200
five to thirty percent, depending on where you're at business.

379
00:24:04.640 --> 00:24:07.799
It does not mean pay that money into the IRS.

380
00:24:07.880 --> 00:24:13.799
It says make the minimum that's required estimated tax payments,

381
00:24:14.240 --> 00:24:16.960
and if business is down or net income is down,

382
00:24:17.039 --> 00:24:22.440
then we can adjust to actual numbers for your estimated

383
00:24:22.519 --> 00:24:26.039
tax payments as well. So you've got to have that

384
00:24:26.079 --> 00:24:30.319
good bookkeeping to be able to modify those estimated tax

385
00:24:30.359 --> 00:24:33.880
payments as the years go year goes on, and making

386
00:24:33.880 --> 00:24:36.680
sure you're paying in the right amount of money. Now,

387
00:24:37.559 --> 00:24:41.440
Gabe asked a real interesting question. We've seen this come

388
00:24:41.519 --> 00:24:46.680
up several times. Gabe asked, my CPA, who's preparing my

389
00:24:46.799 --> 00:24:50.839
taxes told me I could take mileage on my semi

390
00:24:50.839 --> 00:24:58.599
truck and appreciation and actual expenses. Your CPA is absolutely wrong.

391
00:25:00.039 --> 00:25:03.720
Maybe check his credentials because most CPAs should know this

392
00:25:03.799 --> 00:25:06.599
and stuff. So maybe he's not. Maybe he's just representing

393
00:25:06.680 --> 00:25:10.279
himself that way or she Maybe you just think they

394
00:25:10.319 --> 00:25:14.480
are and they're just a tax preparer. You should be

395
00:25:14.559 --> 00:25:18.559
taking actual expenses and depreciation on your truck, whether it's

396
00:25:18.559 --> 00:25:21.359
three to three or five years, or Section one seventy

397
00:25:21.440 --> 00:25:24.720
nine or bonus appreciation depending on when you bought it.

398
00:25:25.960 --> 00:25:27.839
We got to look at every one of those options,

399
00:25:27.839 --> 00:25:30.359
but you need to get that tax return fixed. And

400
00:25:30.400 --> 00:25:33.799
if this is your first year doing it, get last

401
00:25:33.880 --> 00:25:36.720
year's tax return fixed. Now, Hey, give us a call

402
00:25:36.759 --> 00:25:39.599
at eight seven seven nine sixty six two four seven

403
00:25:39.720 --> 00:25:42.920
seven again eight seven seven nine six six two four

404
00:25:43.000 --> 00:25:46.319
seven seven and Gabe, we can get those things reviewed

405
00:25:46.440 --> 00:25:51.599
and fixed for you as well. Get your book keeping right.

406
00:25:51.759 --> 00:25:54.400
Get somebody that knows the ins and outs of the

407
00:25:54.480 --> 00:25:59.720
trucking street out there. And that being said, you know

408
00:26:00.519 --> 00:26:04.039
you can take mileage like on your personal vehicle when

409
00:26:04.039 --> 00:26:08.119
you're using it for business. So if you're running to

410
00:26:08.839 --> 00:26:14.319
get parts or supplies for your truck trailer, you know

411
00:26:14.400 --> 00:26:19.359
those miles can be deducted. If you're going out and

412
00:26:19.400 --> 00:26:22.640
discussing business with somebody or trying to get new business

413
00:26:22.759 --> 00:26:26.400
to come in. You know, the meals and entertainment deduction.

414
00:26:26.960 --> 00:26:31.119
Don't let that be put into travel meals. Keep that separate,

415
00:26:32.200 --> 00:26:35.839
so it's meals and entertainment. A lot of times, you

416
00:26:35.880 --> 00:26:39.839
know you're going out and discussing business when you're at

417
00:26:39.839 --> 00:26:45.279
home and you're at local restaurant, and if you're discussing

418
00:26:45.319 --> 00:26:49.880
business and everything, then that meal could be deductible. And

419
00:26:49.920 --> 00:26:52.480
it's only fifty percent deductible, but at least it is

420
00:26:52.680 --> 00:26:59.400
deductible versus travel meals are eighty percent deductible. But the

421
00:26:59.480 --> 00:27:03.839
IRS offer something different for you as an owner operator.

422
00:27:04.000 --> 00:27:07.359
If you are over the road, meaning you're not coming

423
00:27:07.359 --> 00:27:10.240
home every night. If you're coming home every night, your

424
00:27:10.359 --> 00:27:13.480
meals or what we're about to discuss isn't going to

425
00:27:13.640 --> 00:27:17.119
count for you. Only business meals meaning when you've taken

426
00:27:17.160 --> 00:27:21.880
somebody out to achieve get more business, talk about business,

427
00:27:21.960 --> 00:27:25.319
maybe maybe bring on a partner, maybe bring on a

428
00:27:25.359 --> 00:27:29.559
new driver or something like that. Those meals are business meals.

429
00:27:30.960 --> 00:27:34.839
But meals while you're working is just like anybody else

430
00:27:34.920 --> 00:27:39.640
working a local job. They are not going to be deductible,

431
00:27:39.720 --> 00:27:41.720
and you're not going to be able to take for

432
00:27:41.920 --> 00:27:45.079
dems because you're not away from home. But if you're

433
00:27:45.119 --> 00:27:49.319
an over the road owner operator, one of the biggest

434
00:27:49.359 --> 00:27:53.680
deductions that you can take is a per diem. So

435
00:27:53.880 --> 00:27:58.039
the higher S allows a per diem per day deduction

436
00:27:58.200 --> 00:28:02.359
for meals and incidental fences why you're away from your

437
00:28:02.759 --> 00:28:07.279
tax home. And they changed this rate effective October first,

438
00:28:07.319 --> 00:28:10.599
twenty twenty four, and they went up to a rate

439
00:28:10.680 --> 00:28:15.160
of eighty dollars per full day or forty dollars per

440
00:28:15.279 --> 00:28:18.079
half day. So the day that you leave and the

441
00:28:18.160 --> 00:28:21.759
day you come home are half days. The days in

442
00:28:21.920 --> 00:28:25.559
between are the full days. So if you were to

443
00:28:25.680 --> 00:28:29.160
leave on Sunday, that would be a half day and

444
00:28:29.200 --> 00:28:32.480
come back on Friday that would be a half day.

445
00:28:32.960 --> 00:28:36.519
The four days in between would be full days. So

446
00:28:36.680 --> 00:28:41.640
you would basically get five days of eighty dollars, is

447
00:28:41.680 --> 00:28:45.599
what it comes down to. Now, only eighty percent of

448
00:28:45.640 --> 00:28:48.839
that is deductible if you were still doing your twenty

449
00:28:48.880 --> 00:28:54.599
twenty four taxes the rate before October first, twenty twenty

450
00:28:54.599 --> 00:28:58.000
four with sixty nine dollars, and so if you're doing

451
00:28:58.039 --> 00:29:00.680
twenty twenty four taxes, you have to make sure you

452
00:29:00.799 --> 00:29:04.599
have an accounting of the days from January through the

453
00:29:04.680 --> 00:29:09.240
end of September and then days from October through December,

454
00:29:09.759 --> 00:29:13.440
number of days that you are on the road away

455
00:29:13.839 --> 00:29:17.839
from home. So again you know those predems. It gives

456
00:29:17.839 --> 00:29:20.279
you that eighty dollars, so you know, if you've been

457
00:29:20.279 --> 00:29:22.359
on the road quite a few days, you know it

458
00:29:22.720 --> 00:29:27.240
can really add up. And in our experience, the eighty

459
00:29:27.319 --> 00:29:30.119
dollars is more than what you are going to incur

460
00:29:30.400 --> 00:29:33.799
expenses on the road. Most truckers will eat in their trucks,

461
00:29:34.200 --> 00:29:37.119
are not going out and spending a full eighty dollars

462
00:29:37.160 --> 00:29:43.079
on food when they are on the road. Now, I've

463
00:29:43.119 --> 00:29:46.839
had one truck driver that Ashley swore up and down

464
00:29:46.880 --> 00:29:49.359
he was spending closer to one hundred and twenty dollars

465
00:29:49.400 --> 00:29:52.720
a day on the road, and I went, how well,

466
00:29:52.759 --> 00:29:55.480
you know, when I've got to stop at night wherever

467
00:29:55.559 --> 00:29:59.240
I'm at, I call and do uber eats and have

468
00:29:59.319 --> 00:30:01.799
them bringing out to the track stop, no matter how

469
00:30:01.839 --> 00:30:04.240
far away it is from the city. Okay, now, I

470
00:30:04.319 --> 00:30:08.799
understand you're eating pretty well, but you're calling and handling

471
00:30:08.880 --> 00:30:12.839
somebody bring you food every single night that you are

472
00:30:12.920 --> 00:30:16.400
on the road. That can get expensive. Make sure you

473
00:30:16.440 --> 00:30:20.480
have receipts for that because the IRS might come back

474
00:30:20.599 --> 00:30:24.920
and audit that just for the per diem side, So

475
00:30:25.039 --> 00:30:27.720
you better make sure you've got receipts in a full

476
00:30:27.759 --> 00:30:33.240
accounting of all that for you and your business. So

477
00:30:34.640 --> 00:30:37.519
if you're taking care of taking tracking per diems, make

478
00:30:37.559 --> 00:30:40.519
sure you're tracking those days that are on the road.

479
00:30:41.680 --> 00:30:44.759
There's some good apps for that to be able to

480
00:30:44.839 --> 00:30:48.400
track per diems and other things out there. You can

481
00:30:48.519 --> 00:30:51.799
use those and track the per diems, and then you've

482
00:30:51.839 --> 00:30:56.160
got information. Now, if you own your truck, maybe you

483
00:30:56.200 --> 00:31:01.039
just purchase the truck, you can deduct the preciation and

484
00:31:01.240 --> 00:31:05.799
basically your deduction the decrease in value over time. Or

485
00:31:05.839 --> 00:31:09.440
you can take an immediate first year deduction on assets

486
00:31:09.519 --> 00:31:12.480
purchased and placedent service during the year. Now, what I

487
00:31:12.640 --> 00:31:17.279
caution you on this is really look at how you're

488
00:31:17.279 --> 00:31:20.799
going to take depreciation. If you just spent eighty year

489
00:31:20.799 --> 00:31:25.160
one hundred thousand dollars on a new tractor and you

490
00:31:25.240 --> 00:31:27.799
go to take full depreciation and it takes your net

491
00:31:27.799 --> 00:31:32.519
income down to zero or below, well is it really

492
00:31:32.640 --> 00:31:37.119
doing you that good? Granted, it just saved you, you know,

493
00:31:37.200 --> 00:31:42.240
maybe so secured in federal income taxes partially state income

494
00:31:42.279 --> 00:31:46.640
tax because states will have different rules for depreciation and

495
00:31:46.680 --> 00:31:48.359
you may not be able to take the bonus or

496
00:31:48.359 --> 00:31:50.799
the federal depreciation. You've got to follow the state rules

497
00:31:50.799 --> 00:31:55.160
for depreciation. So you're having to weigh some of these

498
00:31:55.200 --> 00:31:58.920
things out to make sure that you've got it right.

499
00:31:59.359 --> 00:32:02.599
But if you take and depreciation and you are in

500
00:32:02.640 --> 00:32:06.799
a zero percent tax bracket, well you just wasted depreciation.

501
00:32:07.319 --> 00:32:10.240
And especially maybe you were an escort or maybe you

502
00:32:10.279 --> 00:32:12.799
were a partnership and you were able to use other

503
00:32:12.880 --> 00:32:17.160
methods to limit how much solf, scaredy and medicare you're paying.

504
00:32:18.480 --> 00:32:20.759
You know, you've got to look at it to make

505
00:32:20.799 --> 00:32:25.200
sure it's making sense. So, yes, you may have eliminated

506
00:32:25.200 --> 00:32:29.759
a fifteen point three percent tax on some of that money,

507
00:32:29.799 --> 00:32:33.000
but you also got it down to a zero tax rate,

508
00:32:34.160 --> 00:32:37.400
and you ran a lot of that depreciation under that

509
00:32:38.000 --> 00:32:41.839
time period, and under that rate, well, it seems like

510
00:32:41.880 --> 00:32:43.799
a waste when next year you might be in a

511
00:32:43.839 --> 00:32:46.880
twenty five percent tax bracket or a twenty percent tax

512
00:32:46.920 --> 00:32:50.839
bracket and fifteen point three percent you're now at, you know,

513
00:32:51.200 --> 00:32:54.720
thirty five thousand and almost or forty percent tax, thirty

514
00:32:54.720 --> 00:32:58.599
five percent tax. Now that depreciation is worth a heck

515
00:32:58.640 --> 00:33:01.319
of a lot more in the next year than it

516
00:33:01.480 --> 00:33:05.920
was in the current year. So things we've got to

517
00:33:05.920 --> 00:33:10.240
look at and go with, you know, from there. So

518
00:33:10.920 --> 00:33:12.720
you've got to have a good preparer. You've got to

519
00:33:12.759 --> 00:33:16.759
have somebody knowledgeable in the industry, and you've got to

520
00:33:16.799 --> 00:33:20.160
be able to have somebody that can make sense of

521
00:33:20.200 --> 00:33:25.079
it with you so that you can strategize your taxes,

522
00:33:25.279 --> 00:33:31.440
your finances to make your business a bigger success than

523
00:33:31.480 --> 00:33:35.799
where you are today. You know, it's it's things like

524
00:33:35.839 --> 00:33:39.799
that that becomes extremely extremely important. Hey, we're going to

525
00:33:39.839 --> 00:33:42.119
take a quick break here and we're going to talk

526
00:33:42.160 --> 00:33:46.079
about insurance and other deductions that you can be taking

527
00:33:46.160 --> 00:33:50.039
as an owner operator as a small business man as

528
00:33:50.160 --> 00:33:53.319
well for your business. And we'll do that right after

529
00:33:53.359 --> 00:33:53.799
this break.

530
00:33:55.039 --> 00:33:58.680
We have only scratched the surface of today's show. Please

531
00:33:58.720 --> 00:34:02.240
stand by as Jeef Faler will be right back with.

532
00:34:02.440 --> 00:34:07.599
Tax Talk for you as an owner operator.

533
00:34:07.799 --> 00:34:10.639
You already spend too much time away from your family.

534
00:34:11.199 --> 00:34:15.199
Stop spending time doing paperwork. Go to Trucker tax tools

535
00:34:15.199 --> 00:34:19.960
dot com, a solution built specifically for truckers. Trucker tax

536
00:34:20.000 --> 00:34:26.360
Tools dot Com makes your life run smoothly. Let's get

537
00:34:26.400 --> 00:34:30.559
back to tax Stock for you with more taxtock once again.

538
00:34:31.039 --> 00:34:34.599
Here's your host, Barry G. Fallo.

539
00:34:36.039 --> 00:34:40.360
Hey, welcome back. You know I have a great question

540
00:34:40.440 --> 00:34:43.239
here from Sage and if you've got questions you know, hey,

541
00:34:43.280 --> 00:34:46.440
feel free to send them in through Facebook. Don't forget

542
00:34:46.480 --> 00:34:49.159
to ever connect with us at tax Talk for you

543
00:34:49.639 --> 00:34:52.840
dot com. You can follow us over there. All of

544
00:34:52.880 --> 00:34:56.719
our podcasts are up on iHeart, Spotify, you name the

545
00:34:56.760 --> 00:35:00.159
different podcast sites. We are on it and then us

546
00:35:00.199 --> 00:35:03.440
every Monday here ten am Eastern Time on W four

547
00:35:03.480 --> 00:35:09.039
C Y Radio dot com. Or you can connect at

548
00:35:09.079 --> 00:35:12.639
Trucker tax Tools truck or tax tools dot com, Trucker

549
00:35:12.679 --> 00:35:16.599
tax Tools on Facebook. This one came through our Facebook

550
00:35:16.639 --> 00:35:26.079
page from Sage and really enjoy your soapbox. We agree

551
00:35:26.159 --> 00:35:31.000
that everybody should be in one system. Can you help

552
00:35:31.159 --> 00:35:36.360
explain why we're not all on one system? Well, you

553
00:35:36.400 --> 00:35:39.440
know this is me guessing, But the kings and queens

554
00:35:39.519 --> 00:35:45.800
in Congress and our president, way back when when congressmen

555
00:35:45.920 --> 00:35:48.760
started getting more than just a little bit of pay,

556
00:35:49.360 --> 00:35:53.199
decided they could raid our treasury and take pay for

557
00:35:53.280 --> 00:35:57.360
themselves and then rewarded everybody working for the federal government

558
00:35:57.440 --> 00:36:02.960
into their separate pension system to give government employees who

559
00:36:03.039 --> 00:36:07.320
supposedly were making less than common man out there could

560
00:36:07.320 --> 00:36:12.840
be making an industry a separate pension system that was

561
00:36:12.920 --> 00:36:17.639
paying at a higher rate than Social Security or medicare

562
00:36:19.239 --> 00:36:22.679
out there. So where you and I fall, as the

563
00:36:23.079 --> 00:36:28.360
ordinary people, we work to support the federal government, the

564
00:36:28.400 --> 00:36:34.280
federal employees and their pension system that drains our government

565
00:36:34.440 --> 00:36:39.920
of valuable resources. I always believe the federal government should

566
00:36:39.920 --> 00:36:45.119
stick to what's in the Constitution and not overstep its bounds.

567
00:36:45.440 --> 00:36:49.599
The rest should fall to the states. That being said,

568
00:36:49.679 --> 00:36:52.480
we've seen more and more of it falling back to

569
00:36:52.559 --> 00:36:54.920
the states, which is a great thing. Under this president.

570
00:36:56.239 --> 00:36:58.840
You know, we've seen a lot of things come out

571
00:36:58.960 --> 00:37:05.280
where the illegals are getting much more money than our veterans,

572
00:37:06.039 --> 00:37:09.039
which I think is a sad state of affairs in

573
00:37:09.079 --> 00:37:13.960
this country. I think it's more of helping people here,

574
00:37:14.519 --> 00:37:18.079
and it should be more of people helping people, families

575
00:37:18.119 --> 00:37:22.960
helping family themselves, then relying on the federal government for

576
00:37:23.079 --> 00:37:27.280
handouts and everything going forward from there. No, one don't

577
00:37:27.320 --> 00:37:30.320
run for political office and never wanted to, never will.

578
00:37:31.119 --> 00:37:35.000
I enjoy what I do helping truckers every single day

579
00:37:35.280 --> 00:37:39.719
in their business to make them a success and find

580
00:37:39.760 --> 00:37:43.519
ways to hope you as an owner operator, as a

581
00:37:43.559 --> 00:37:48.119
business owner, reduce your tax burden across the board, whether

582
00:37:48.119 --> 00:37:51.880
it's federal or state or even local in some cases,

583
00:37:52.360 --> 00:37:55.760
to pay the minimum amount of taxes allowed by law.

584
00:37:56.119 --> 00:37:59.079
And that's the fun challenge. The other challenge that we

585
00:37:59.159 --> 00:38:03.719
take on we accept, is fighting the irs when you

586
00:38:03.719 --> 00:38:07.039
have a tax problem, so you owe the IRS taxation solutions.

587
00:38:07.079 --> 00:38:10.719
Tax relief does the things that need to be done

588
00:38:10.800 --> 00:38:14.760
to reduce that tax burden. Fighting to either get you

589
00:38:14.840 --> 00:38:17.360
on the lowest amount payment plan, get rid of get

590
00:38:17.400 --> 00:38:21.320
an offering compromise get you. Tax relief gets you out

591
00:38:21.440 --> 00:38:25.000
of the crosshairs of the IRS and off the burden

592
00:38:25.599 --> 00:38:28.840
of the IRS, and get you back into compliance. But

593
00:38:28.960 --> 00:38:33.280
compliance means paying the minimum amount you can possibly pay

594
00:38:33.639 --> 00:38:36.559
by law, and when you have somebody being able to

595
00:38:36.559 --> 00:38:39.800
help you take advantage of that, then you as the

596
00:38:40.119 --> 00:38:43.199
owner operator, as a business owner, as a taxpayer and

597
00:38:43.320 --> 00:38:49.000
feel better about themselves and reduce that tax burden. Now,

598
00:38:49.039 --> 00:38:52.159
the other things in I'm on my soapbox is term limits.

599
00:38:52.239 --> 00:38:55.119
If term limits is good enough for the president, it's

600
00:38:55.159 --> 00:38:58.760
good enough for every member of Congress. And it does

601
00:38:58.800 --> 00:39:02.119
not mean moved from how to Senate. It means whether

602
00:39:02.199 --> 00:39:04.239
you're in the House or whether you're in the Senate,

603
00:39:04.280 --> 00:39:07.480
you should have two terms and be done. Get out

604
00:39:07.519 --> 00:39:11.119
of government, get back to ordinary life. Go out there

605
00:39:11.239 --> 00:39:14.400
and live the same way you and I do, and

606
00:39:14.719 --> 00:39:17.800
feed your family from you know what we're doing, or

607
00:39:17.960 --> 00:39:20.480
do it like it is in Texas. You know, Congress

608
00:39:20.519 --> 00:39:23.000
only meets every couple of years and you've got to

609
00:39:23.039 --> 00:39:25.960
get things done. And then you Congress gets special sessions

610
00:39:25.960 --> 00:39:27.960
and you get a stipend to be able to go

611
00:39:28.079 --> 00:39:30.880
up and go vote and do the things that need

612
00:39:30.920 --> 00:39:34.519
to be done. It shouldn't be in Congress in session,

613
00:39:34.960 --> 00:39:37.440
you know, twenty four to seven, three or sixty five

614
00:39:37.519 --> 00:39:40.199
days a year, and then well, actually it's only about

615
00:39:40.239 --> 00:39:41.920
two hundred days a year, and the rest seems to

616
00:39:41.920 --> 00:39:45.519
be vacation, and you still get paid. Give them a

617
00:39:45.599 --> 00:39:48.400
daily rate when you're there working, find this is what

618
00:39:48.480 --> 00:39:52.440
you make. Otherwise, return back to your state, return back

619
00:39:52.480 --> 00:39:57.440
to your city, and work. Do a job so that

620
00:39:57.480 --> 00:40:01.559
you can relate to what you're actually passing and understand

621
00:40:02.039 --> 00:40:07.639
how these rules affect businesses affect individuals right there. If

622
00:40:07.679 --> 00:40:10.199
you're subject to Obamacare, just like you and I are,

623
00:40:10.599 --> 00:40:14.239
you would understand it doesn't work. It's expensive, regardless of

624
00:40:14.239 --> 00:40:18.199
whether they put in more incentives. If you're making a

625
00:40:18.239 --> 00:40:21.079
decent amount of money and you're self employed, you can't

626
00:40:21.079 --> 00:40:24.559
afford healthcare because it becomes so dog gone expensive you

627
00:40:24.639 --> 00:40:27.159
can't pay for it. And when a family of four

628
00:40:27.280 --> 00:40:30.400
has to pay twenty five hundred to three thousand dollars

629
00:40:30.440 --> 00:40:34.599
a month and still have a ten thousand dollars deductible.

630
00:40:34.960 --> 00:40:38.519
It's not healthcare to me, It's just a ripoff. Okay,

631
00:40:38.920 --> 00:40:43.400
back to saving money on taxes. Hey, insurance premiums, those

632
00:40:43.480 --> 00:40:49.800
are deductible. Business liability cargo health insurance premiums can be

633
00:40:49.920 --> 00:40:53.239
deductible for self employed. There are ways to make things

634
00:40:53.280 --> 00:40:57.079
deductible if you own a business and maybe you employ

635
00:40:57.119 --> 00:40:59.920
your spouse. Hey, there are things that we need to

636
00:41:00.119 --> 00:41:03.000
do to try to find ways to make things deductible

637
00:41:03.159 --> 00:41:07.559
for you and your businesses. Your license, your fees, includes

638
00:41:07.599 --> 00:41:12.280
costs for your CDL, vehicle registration, if the fuel taxes,

639
00:41:12.880 --> 00:41:17.400
mileage tax, you know, all these things are deductible for

640
00:41:17.639 --> 00:41:22.000
your business. Tools, parking scales. You need to be able

641
00:41:22.039 --> 00:41:24.039
to prove those things. A lot of those come on

642
00:41:24.079 --> 00:41:26.599
your settlement statements if you're least done. But if you're

643
00:41:26.599 --> 00:41:29.119
an owner operator with your own authority, then you've got

644
00:41:29.119 --> 00:41:31.840
to make sure you're tracking these things and you know,

645
00:41:31.880 --> 00:41:35.639
maybe it's through the bank statements, maybe it's through you know,

646
00:41:36.119 --> 00:41:40.840
one of the fuel cards or comminator cards. Uh, these

647
00:41:40.880 --> 00:41:44.440
things you we can track through and see that these

648
00:41:44.480 --> 00:41:48.760
things are there. You want to keep your documentation organized,

649
00:41:49.039 --> 00:41:54.800
maintain and fine tune your records. Great bookkeeping will help

650
00:41:54.920 --> 00:42:00.679
you maintain all of your income and expenses you know,

651
00:42:00.800 --> 00:42:04.920
for the year. Keep your data from your ELD log

652
00:42:05.360 --> 00:42:07.360
get it downloaded. A lot of these things only save

653
00:42:07.480 --> 00:42:10.840
data for about six months, so every quarter you should

654
00:42:10.920 --> 00:42:14.360
be getting the data downloaded to use. You can use

655
00:42:14.400 --> 00:42:18.719
that el D you also to prove what per diems.

656
00:42:19.159 --> 00:42:22.280
How about that, so you can use your ELD data

657
00:42:22.440 --> 00:42:26.079
to prove your per diems. You know, you keep it organized,

658
00:42:26.159 --> 00:42:29.360
keep it in a safe place. You should keep it

659
00:42:29.400 --> 00:42:31.960
for at least three years in case of audit. Now,

660
00:42:32.000 --> 00:42:34.760
if you've got you know, fixed assets on there, like

661
00:42:34.840 --> 00:42:38.519
your tractor, your trailers, you should keep them for you know,

662
00:42:39.239 --> 00:42:43.400
those receipts longer. You should be keeping your tax documentation

663
00:42:43.559 --> 00:42:47.960
for at least seven years so that you have you know,

664
00:42:48.000 --> 00:42:51.960
in the backup and those records as well. After seven years,

665
00:42:52.000 --> 00:42:54.440
you can you know, destroy it. Now, if you've got

666
00:42:54.440 --> 00:42:57.679
some fixed assets you bought but depreciated and then everything,

667
00:42:57.800 --> 00:43:00.559
so you may be holding onto an asset longer, you

668
00:43:00.599 --> 00:43:02.840
may need to keep a return or two prior to

669
00:43:02.880 --> 00:43:07.360
those seven years so that you have proof of depreciation

670
00:43:07.519 --> 00:43:12.320
and stuff on those fixed assets. If you get a

671
00:43:12.400 --> 00:43:15.760
ten ninety nine. You want to make sure you're checking them.

672
00:43:16.119 --> 00:43:19.159
You want to confirm from each broker carrier that paid

673
00:43:19.199 --> 00:43:23.760
you over six hundred dollars during the year, those along

674
00:43:23.800 --> 00:43:26.639
with your own records, and be able to substantiate did

675
00:43:26.679 --> 00:43:30.880
you get that money I've seen wrong? Ten ninety nines

676
00:43:30.920 --> 00:43:34.880
come in, overstated ten ninety nine come in. Then you

677
00:43:34.960 --> 00:43:37.639
have to go back to that carrier, that broker and

678
00:43:37.800 --> 00:43:41.159
talk to them about what was actually paid. Be ready

679
00:43:41.199 --> 00:43:46.519
to prove what income you receive from that carrier so

680
00:43:46.559 --> 00:43:50.480
that they're not overstating your income and you're not going

681
00:43:50.559 --> 00:43:55.760
to have issue or problem. Another thing for truck drivers,

682
00:43:56.320 --> 00:44:01.000
make sure you filed and paid your heavy the highway

683
00:44:01.119 --> 00:44:05.119
vehicle use tax Form twenty two to ninety so if

684
00:44:05.159 --> 00:44:08.960
your truck weighs over fifty five pounds or more, this

685
00:44:09.000 --> 00:44:11.679
is an annual tax due by August thirty. First, you've

686
00:44:11.719 --> 00:44:15.920
got to do that. But that fee, that tax is deductive.

687
00:44:16.119 --> 00:44:18.400
Now you know, we go through a lot more than that.

688
00:44:18.639 --> 00:44:21.400
This is just touching. Like the icing on the cake.

689
00:44:22.320 --> 00:44:24.760
You want to find everything that makes up the cake,

690
00:44:25.199 --> 00:44:28.519
all the ingredients that went into it to make it

691
00:44:28.599 --> 00:44:32.639
the best, and you take advantage of every deduction. Cell

692
00:44:32.639 --> 00:44:36.440
phones are ordinary and necessary business expenses. You've got to

693
00:44:36.440 --> 00:44:38.760
be able to communicate, you know, if you're paying for

694
00:44:38.880 --> 00:44:42.519
internet services and stuff for your truck, you've got to

695
00:44:42.559 --> 00:44:44.960
be able to take all those things. So you're looking

696
00:44:45.000 --> 00:44:48.039
for ordinary and necessary. Well in time flies when we're

697
00:44:48.039 --> 00:44:50.920
having fun and you know, even when we're talking taxes

698
00:44:50.920 --> 00:44:53.599
and trucking, I mean is it's a lot of fun

699
00:44:53.639 --> 00:44:56.400
to us and we like saving you money. But as

700
00:44:56.400 --> 00:44:58.960
we come to the clothes and show one thing we

701
00:44:59.000 --> 00:45:00.960
want to tell you to donect with us on Facebook.

702
00:45:01.000 --> 00:45:03.880
Go to Trucker tax Tools. Go to Trucker tax tools

703
00:45:03.920 --> 00:45:06.760
dot com. Click with us over there, give us a

704
00:45:06.800 --> 00:45:09.440
call at eight seven seven nine sixty six two four

705
00:45:09.519 --> 00:45:12.280
seven seven. Let's get set up doing bookkeeping taxes for

706
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you to save you as much money as possible every

707
00:45:15.400 --> 00:45:19.400
single year that we do for hundreds of truckers. Now

708
00:45:19.840 --> 00:45:23.760
we're here Mondays at every ten am every Monday and

709
00:45:24.039 --> 00:45:27.400
W four cy radio. You should be too. And if

710
00:45:27.400 --> 00:45:30.639
you're an owner operator, small business owner just want to

711
00:45:30.679 --> 00:45:34.079
pay less than taxes. If you miss a show, you

712
00:45:34.079 --> 00:45:37.119
can connect with us at tax Talk for you dot com.

713
00:45:37.119 --> 00:45:40.480
Follow us over there, get over to our podcast. Our

714
00:45:40.519 --> 00:45:43.559
podcasts have all the great information that you need to

715
00:45:43.599 --> 00:45:47.360
help run your small business and be a great business

716
00:45:47.360 --> 00:45:52.039
owner owner, reduce your taxes and save money everywhere. Hey,

717
00:45:52.039 --> 00:45:56.519
as always, have a God blessed and very glorious week.

718
00:45:56.960 --> 00:45:59.400
Enjoy what you do. Enjoy when you get home and

719
00:45:59.440 --> 00:46:02.639
spending time with your family. Give them a hug, tell

720
00:46:02.679 --> 00:46:05.400
them you love them, and then tell them, hey, you're

721
00:46:05.440 --> 00:46:07.920
going to be here listening to Tax Talk for You

722
00:46:08.360 --> 00:46:11.159
on W four CRI Radio every Monday at ten am

723
00:46:11.199 --> 00:46:13.599
Eastern Time. If you're standing at a fuel plump with

724
00:46:13.639 --> 00:46:17.000
other truckers, tell them to go to Tax Talk for You.

725
00:46:17.079 --> 00:46:20.199
Connect and follow us over there or follow us on

726
00:46:20.239 --> 00:46:23.000
Facebook so you never miss an episode. We will see

727
00:46:23.039 --> 00:46:26.880
you next week Monday, ten am. Again. Have a God

728
00:46:26.960 --> 00:46:31.679
bless glorious week. Be thankful for this great country and

729
00:46:31.719 --> 00:46:34.039
a wonderful God we have. We'll see you next week.

730
00:46:35.880 --> 00:46:39.039
Are you an individual or business that wants to understand

731
00:46:39.119 --> 00:46:42.440
taxes and how they affect you. Are you looking for

732
00:46:42.559 --> 00:46:48.000
specific tax advice for self employed business owners and truckers.

733
00:46:48.559 --> 00:46:52.599
Are you behind on taxes and your bookkeeping? Are you

734
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dealing with dirs and ready to have some releap, then

735
00:46:56.840 --> 00:47:00.360
you need Tax Talk for you host good Bye tax

736
00:47:00.440 --> 00:47:02.559
and Trucker expert Barry G.

737
00:47:02.880 --> 00:47:04.039
Fower EA.

738
00:47:04.119 --> 00:47:07.920
Tune in ten am Eastern Time every Monday right here

739
00:47:07.960 --> 00:47:11.480
on W four CY Radio and Talk for TV. Don't

740
00:47:11.519 --> 00:47:15.239
forget to check this and past episodes at tax TALKFORU

741
00:47:15.719 --> 00:47:19.280
dot com. See you next week at W four cy

742
00:47:19.800 --> 00:47:22.400
dot com