Aug. 4, 2025

Trucking & Taxes Farm & Ranch taxes impact form OBBBA

Trucking & Taxes Farm & Ranch taxes impact form OBBBA
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Season 2

TaxTalk4U.com One Big Beautiful Bill Trucking - Owner Operator taxes, Farm & Ranch Taxes how the One Big Beautiful Bill can save you money. Tax Rates and Brackets, Qualified Business Income Deduction, Section 179 Expensing, Capital Gains from the Sale of Farmland Property, Modification of Limit on Business Interest, Fuel Taxes, Fuel Taxes, New Tax Break for Lenders of Agricultural Loans, Estate Tax Exemption, Installment Payments for Farmland Sales. OBBBA helping Truckers, Farmers & Ranchers

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

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G. Fowler EA brings you tax talk for you

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

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As an enrolled agent and a national leader in tax

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resolution as well as Trucker bookkeeping and tax planning. With

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

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Planning, and tax relief.

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For individuals and businesses just like you. So let's have

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some tax talk for you with your host, Barry G.

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Foul Hey, good morning, American man.

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It's a great day, I mean, another Monday, starting the

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week off, and what better way to do it is

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having a bunch of tax talk. You you're talking tax

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is you know The first question I got this morning

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is what's on my agenda?

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What do you do?

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So it's kind of funny leading into the show, and

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we got people that follow us. So if you go

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to tax Talk for you and that's the number four

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and the letter you dot com, you can follow us there.

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You can message us there. You can go to our

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Facebook page as well and message I think we get Instagram.

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If you're following on truck or Tax Tools or Taxation

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Solutions again, you can message there and do that, or

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if you're listening on the radio, you can message through

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the radio station as well. So you know, the question

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was is what do I do? You know, I have

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a one hour show and then I have a couple

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of shows that I'm privileged to be on called That's

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the Experts as well Nationwide and Houston. But basically I am,

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you know, the president founder of both Taxation Solutions, Tax

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Relief and Trucker Tax Tools. So I work against the

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I R S to save our clients money for taxes

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that they owe or find strategies to reduce their taxes

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on Trucker Tax Tools.

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It's basically guiding the.

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Business and helping our bookkeepers and tax people find the

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best ways of saving money for our clients and saving

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money on their taxes, both you know, federal state and

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some states you have local income taxes as well, and

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so we work every way possible in every angle to

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keep the tax is at a minimum. Now, my week

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this week is in busy, busy week, you know, of course,

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we've got the show here today and then Wednesday, I

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am heading off to I R S Liaison meeting. This

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meeting that I'm going to there is going to be

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talking about business and individuals taxes, the Dirty dozen tax gams,

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different trends that are going on, different solutions, and just

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getting to know more of the I R S people

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that I have to work with, and the I R

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S Liaison too when I need them to be able

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to step in and help. One of the things that

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we've got to have is written Information Security Plan or

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they call wisps. I'm going to learn a little bit

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more about that, some other requirements that they have now

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thrown in that we've got to make it adjustments for

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protection of our clients. And we're going to learn a

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little bit more about the new Social Security Fairness Act

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of twenty twenty twenty five we'll have more information about that,

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you know, next week we'll see what they got going

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on that, and then we're going to be talking about

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statute of limitations, things that we've got to know, you know,

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to help our people and our clients, you know, managed

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through the system and get the best case possible. And

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one of the most exciting things I got coming up

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is on Friday, I am going to actually go to

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a zero road show.

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What's zero? Well, you know, for years we've used quick books.

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Quickbook seems to be against most bookkeeping and counting and

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tax firms and stuff. They seem to try to take

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our clients every which way. And then, man, if you

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are a quick Books user, you know what's happened. Prices

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have continually skyrock less service, more confusing software, and so

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we have actually moved our whole model of what we

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do here to use software out there called zero x

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E R. So you know, we've spent this whole first

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seven months of the year. Man, we're in August, aren't we.

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So we spent the whole first seven months of the

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year starting this conversion away from QuickBooks and now using

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zero almost one hundred percent. By the end of this month,

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we will be one hundred percent on zero and completely

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off of quick books and converting. I'm going to, like

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I said, this robe show, and we're going to learn

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more about the things that are coming up in zero,

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some of the things that they offer our clients to

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be able to do if you're doing invoicing and stuff

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through zero to create software to be using. Taxation Solution

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as of today has now opened to being doing more

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and more bookkeeping here in the local Houston area for

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all types of businesses. So if you're looking for bookkeeping

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and tax service, any Taxation Solutions is now providing that

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here locally and nationwide for our clients that are going

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through tax relief. So more about you know, zero and

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some of the things that we're going to be learning

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there is learning more about what kind of client advisory

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services we can offer through zero to help our clients

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as well navigate zero software. And then you know, how

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do we promote this to you and to show you

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how to use this software easier, better and make your

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life a lot easier using AI as well as human interaction,

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because you know, realistically, a I can only do so

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much in bookkeeping. Our bookkeepers are the ones that actually

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finalize everything, but AI can help a little bit more

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getting some of these things done, you know. So these

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are kind of the good things that we've got going

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on here at Trucker Tax Tools and Taxation Solutions, So

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you know, we're getting in there digging in new ways

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to possibly fight against the IRS for tax relief and

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then using a software that we're using to help you

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as a business owner be able to do things smartly,

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do things aggressively, and be able to get the information

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that you need to run your business. So it's pretty

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cool things that are coming up this week. Gives us

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some things that we're going to be able to talk

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about next week, you know. Here in the show and

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today what we've come to do is talk about taxes

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for truckers, owner operators, farm and ranch people like my stories.

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I got a story for you today, and actually it's

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probably not a good story. Uh.

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You know.

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We we raised cattle out on the ranch, we raise

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pigs out on the ranch. We have chickens, and we've

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got turkeys. And so the exciting news for us, at

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least yesterday morning, was that we got our first turkey egg.

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So now we can hatch at least one. We're hoping

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more and then we'll you know, gather more turkeys and

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we'll hatch our own turkeys. When we went out later

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in the day and we found one of our turkeys

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was really injured, torn up skin and everything else. Check

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the coopes, and you know, you get you get out

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there and you get paranoid that hey, something's entered the

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coops and uh and attacking your birds. And you know,

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our birds, you know, we we raise them for you know,

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turkey dinner and Thanksgiving, Christmas, you know, things like that,

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and starting to you know, hatch and raise our own

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and so one of our hens out there was really

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roughed up and everything. So we found out that we

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think our time male turkey if you're not familiar with

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terms for turkeys, had to be really rough with the

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lady and uh so we've had to separate her and

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manage her and and tend to her wounds and stuff,

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and uh so we're trying to get her her better

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and everything else. So you know, it's a little fun

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things we get to do there on the ranch and

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taking care of our animals out there, because we really

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care about these these animals and they treat us right

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at the end of the day, and we need to

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treat them right while they're there and enjoying life on

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the ranch with us.

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Let's get into truck and taxes.

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You know, the one big beautiful bill signed by President

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Trump had things in there for you know, businesses, truckers,

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owner operators, you know, and things like the expansion of

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the standard deduction was great not just for every individual

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out there, and it's also great for the truckers, and

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it's great for owner operators, and it's great for every

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family that's that's there. You know, it's comes right off

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the top, you know, before it's calculated any taxes. So

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even if you can't itemize, it gives you a very

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good base to start with, so you know, when you're

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starting to look at your taxes, that's one place that

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we needed to start was the standard deduction. Now we're

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going to go qualify business income. How does that affect

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your trucking business?

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Right after this, we have only scratched the surface of

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today's show. Please stand by as Barry G. Fowler will

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be right back 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. Call Taxation Solutions Tax Relief at eight

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eight eight nine three zero one zero one six. We

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

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

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need a solution and a strong, aggressive tax resolution. Don't

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let the IRS walk all over you. Stop the IRS now.

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Call eight eight eight three zero one zero one six

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or go to Taxation Solutions dot net now for a

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

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for you with more tax talk once again.

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Here's your host, Barry G. Baller Hey, speaking of tax relief.

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You know, if you're going through problems with the I

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r S, pick up that phone and call Taxation Selection

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Solutions Tax Relief.

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Do it now.

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We had a client call us late Friday, signed up

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with us, got their powers of returning in and everything.

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I was on the.

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Phone with the I r S this morning as soon

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as it opened up. We were having They were having

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an issue there. They received a notice of intent to

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the levy and certified and they actually went and picked

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it up. They only had maybe two or three days

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before the IRS was going to levy their bank accounts.

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So we had to take immediate action, and that immediate

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action was calling the IRS and getting holds put in

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place and man so in the short time I had

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when I got in this morning before the show, got

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on the phone got through to the I R S.

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Which was really amazing for a Monday morning. We got

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a thirty day hold in place, so there won't be

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any levees out of their bank account. I get to

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call him here after the show and let him know

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the good news. He can get some more sleep and

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not worry that the IRS is going to take everything

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he has here in short time that we had. So

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if you're faced with that, you know, hopefully it doesn't

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come to that point and you can get us started earlier,

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because it's a lot easier to start earlier than it

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is to try to jump in and do this because

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there was no promises that we could stop this Levey.

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But the good news is is we were able to

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do it. One of our other clients is now being

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turned over to a revenue officer because why because they

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could not provide us the information that we need to

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be able to put them into a proper installment agreement.

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They were dragging their feet. Now they're getting assigned a

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revenue officer. Yes, we're going to be able to get

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that you get it stopped and be able to get

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them with an installment agreement in place, but it's going

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to take a little bit more time and a little

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bit more effort because of their delinquency. So you don't

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really want to wait or delay. Get started. Call Taxation

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Solutions tax Relief now. Eight eight eight nine three zero

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one zero one six again eight eight eight nine three

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zero one zero one six. Hey, back to trucking in taxes.

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You know, I know truckers have tax problems all the time.

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We help a lot of them out of it. So

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you know, you, as an owner operator, should call us

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and let us get started helping you through this.

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But this one big beautiful.

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Bill, you know it permanently extended and enhanced the twenty

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percent deduction for qualified business income.

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Now what's that?

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So your business made one hundred thousand, you are able

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to get a twenty percent deduction from your taxes into

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lowering your modified adjusted gross income down.

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Although there are some.

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Limitations and maxims on this, one thing that did put

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in that was kind of nice is a deduction limit

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phasing it expanded and they also put in an inflation

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adjusted minimum deduction of four hundred dollars as long as

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you had one thousand dollars of qualified business come. So

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you know there is some some minimums out there. They

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still have this complicated tax calculation and complicated loss carry

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forward type deals on this QBI. They didn't make it

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much easier. They just made it permanent, which is really nice,

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and they you know, put in that minimum out there

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so you know, you as a business owner, whether you're

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owner operator, you know, a single member l see multi

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00:16:34.600 --> 00:16:38.120
member l see escort uh, you get to take advantage

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00:16:38.120 --> 00:16:43.039
of this QBI deduction. Just need to make sure it's

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calculated correctly and if you do have losses that the

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loss carry forward is done uh correctly as well. So

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you do have those complications out there. Wish they could

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have made it a little bit simpler, but that being said,

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it's what we've got to deal with, and it's nice

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to get that twenty percent deduction now.

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In this bill.

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They also put in bonus depreciation. So the One Big

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Beautiful Bill Act reinstated the one hundred percent bonus appreciation

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for qualified assets acquired after January nineteen, twenty twenty five. Yeah,

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why couldn't they just date this January one or December

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thirty one, you know, twenty twenty four after that, so

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it would cover everything.

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Or you could say, you know, placed.

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In service by something to help it make more sense, because, hey,

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you just got penalized. If you actually bought something on

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January nineteenth or those nineteen days prior, you know, you're

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not going to be able to take that bonus appreciation.

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Now you know, maybe you'd be able to take it

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if you did and place it in service out there.

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So the other side of this is bonus appreciation is

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going to go through twenty thirty. So when they're talking

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about bonus appreciation, it's purchased after January nineteenth, twenty twenty five,

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and placed in service before January one, twenty thirty. Now,

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what this is going to allow is for the immediate

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deduction or the full cost of your new truck, your

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new trailer other equipment. Is supposed to encourage investment and

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growth in the trucking industry. So if you are a

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sole owner and you're driving one truck and you're going

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to get out there and get a new truck, maybe

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deponent bonus appreciation be right.

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But maybe it.

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Isn't, so that analysis needs to be done with your

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tax preparer to make a determination is this going to

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be the correct way for you to do depreciation? Is

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if your net income is low this year, you may

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not want the bonus appreciation and waste appreciation in a

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00:19:02.799 --> 00:19:06.400
lower tax bracket. You may want to appreciate it over

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a longer period of time and take the depreciation over

299
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three years or five years, depending on your situation and

300
00:19:16.880 --> 00:19:20.759
how your income is running. Now, maybe you're purchasing two,

301
00:19:20.839 --> 00:19:24.400
three four trucks and you're trying to upscale your business.

302
00:19:24.920 --> 00:19:28.359
You can do it selectively based on the truck. You

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don't have to do it on all the trucks that

304
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you buy. So you kind of kind of keep this

305
00:19:34.359 --> 00:19:36.319
in mind to kind of play with the numbers and

306
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see what it's going to work for you and what's

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going to work.

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The best for you.

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Now, The One Big Beautiful Bill restores the earnings before interest, taxes,

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and depreciation and amortization calculation for the thirty percent cap

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on the business interest deduction, which expired in twenty twenty two.

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This change may allow trucking companies to deduct more of

313
00:20:02.440 --> 00:20:06.039
the interest expense I have not seen most trucking companies

314
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faced with the limitations of this thirty percent cap on

315
00:20:12.440 --> 00:20:17.359
business interest induction. So you know, you've kind of got

316
00:20:17.359 --> 00:20:19.720
to play with this again. Look at this and make

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sure your interest isn't too high. You know, you want

318
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to look at your interest rates anyway. And I'm going

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to give you a quick word of advice in this too,

320
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is that when I'm at oh Ida Owner Operator Independent

321
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Drivers Association Truck to Success, part of the thing that

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there's a seminar that they put on every October, and

323
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there's one coming up here in a couple of months.

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We talk about agreements, we talk about interest rates, We

325
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talked about the cost of being in business or getting

326
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in business as an owner operator and all the things

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it takes. But one of the things that you to

328
00:21:00.319 --> 00:21:05.079
be aware of is the agreements that you enter a

329
00:21:05.200 --> 00:21:09.599
read them, be read them, c read them. Get a

330
00:21:09.599 --> 00:21:12.519
common theme here. Read your agreement before you sign it.

331
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Know what the cost is, Know what your interest rate

332
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is going to be. We've seen some very high interest

333
00:21:18.759 --> 00:21:22.640
rates on loans that people assigned for or financing of

334
00:21:22.680 --> 00:21:27.119
their truck or leasing of their truck, and it really

335
00:21:27.160 --> 00:21:30.920
isn't set to make you successful in business. It's set

336
00:21:30.960 --> 00:21:35.839
to make them successful in business. And you have no

337
00:21:35.960 --> 00:21:39.279
idea what the cost was because you didn't read the agreement.

338
00:21:39.680 --> 00:21:42.680
You just signed it because what it was the only

339
00:21:42.720 --> 00:21:45.200
way you were going to get the truck or the trailer.

340
00:21:45.359 --> 00:21:49.119
And be on the road working. Well, that just handcuffs you.

341
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It makes your job that much harder to be successful

342
00:21:55.680 --> 00:21:58.839
in business. Hey, we're going to take a short break

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here and we're going to talk about for DMS the

344
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trucking industry.

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You're right back after this.

346
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We have only scratched the surface of today's show. Please

347
00:22:10.400 --> 00:22:13.680
stand by as Barry G. Fowler will be right back

348
00:22:13.759 --> 00:22:19.680
with tax talk for you. As an owner operator, you

349
00:22:19.839 --> 00:22:23.359
already spend too much time away from your family. Trucker

350
00:22:23.440 --> 00:22:26.799
Tax Tools handles all your bookkeeping and taxes no matter

351
00:22:26.839 --> 00:22:29.519
what level trucker you are. Life on the road can

352
00:22:29.559 --> 00:22:33.119
be taxing, but that doesn't mean that your wallet or

353
00:22:33.279 --> 00:22:37.160
time with your family should suffer. Trucker Tax Tools makes

354
00:22:37.200 --> 00:22:40.960
your life run smoothly. Go to Trucker tax Tools dot

355
00:22:41.000 --> 00:22:43.480
com for a free guide that will give you the

356
00:22:43.640 --> 00:22:48.119
tools to never worry about your taxes again. Call Trucker

357
00:22:48.200 --> 00:22:52.319
Tax Tools eight seven seven nine sixty six two four

358
00:22:52.680 --> 00:22:56.400
seven seven or go to Trucker tax Tools dot Com

359
00:22:56.440 --> 00:23:02.920
now and let the experts keep you trucking. Let's get

360
00:23:02.960 --> 00:23:05.960
back to tax talk for you with more tax talk

361
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once again. Here's your host, Barry G.

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Falloon.

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Hey, welcome back. You know we're talking about taxes and trucking.

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Matter of fact, it's a title of my article in

365
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Landline magazine. So if you're a member of oh IDA

366
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he check out that magazine with from Landline. I think

367
00:23:29.119 --> 00:23:31.920
we were on page seventy four, but look up trucking

368
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and taxes. Hey, next month, the next magazine that's coming

369
00:23:36.279 --> 00:23:38.359
out is going to be all about the one Big

370
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Beautiful Bill and trucking, So make sure you get that magazine,

371
00:23:42.880 --> 00:23:48.200
look up that article and see all the different impacts

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of the one Big Beautiful Bill. We're just hitting some

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highlights here today and we're talking about for diems. You know,

374
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when I talk about for diems, it's it's a great

375
00:23:59.519 --> 00:24:04.079
tax right for owner operators out there. Unfortunately, you as

376
00:24:04.160 --> 00:24:08.440
a W two driver, you don't get a tax right

377
00:24:08.480 --> 00:24:13.680
off for per diems. But if your businesses you're working

378
00:24:13.759 --> 00:24:17.680
for decided to pay you per diems for every night

379
00:24:17.759 --> 00:24:19.799
that you're on the road. It's a great way to

380
00:24:19.839 --> 00:24:22.640
get money that is tax free.

381
00:24:23.039 --> 00:24:24.359
However, it does.

382
00:24:24.279 --> 00:24:30.880
In impact your W two wages because most companies lowered

383
00:24:30.920 --> 00:24:33.680
the wages to be able to give you for dms.

384
00:24:33.960 --> 00:24:36.480
It's kind of a catch twenty two out there, especially

385
00:24:36.480 --> 00:24:38.839
if you're trying to mortgage or get a mortgage on

386
00:24:38.920 --> 00:24:42.720
a house, or buy something as well out there that

387
00:24:42.759 --> 00:24:47.240
you need financing. But for dems basically is what the

388
00:24:47.279 --> 00:24:51.559
IRS allows you to take for meals while you're on

389
00:24:51.599 --> 00:24:55.920
the road driving as an owner operator. Now what this

390
00:24:56.119 --> 00:24:59.880
means is is so the IRS will have you look

391
00:25:00.119 --> 00:25:04.119
at how many nights you are away from home. Those

392
00:25:04.279 --> 00:25:08.319
nights are paid at eighty dollars per night that you're

393
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away from home, except the first day you leave and

394
00:25:13.799 --> 00:25:17.119
the day you come home. You get half on each

395
00:25:17.119 --> 00:25:20.839
of those days, so you could actually count it nights

396
00:25:20.880 --> 00:25:24.599
away from home, so that first night through the last

397
00:25:24.680 --> 00:25:29.279
night would get you to accomplish of half first day,

398
00:25:29.359 --> 00:25:31.920
last day, because you wouldn't count the last day because

399
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you were home that night. So the subject to a

400
00:25:36.599 --> 00:25:40.839
twenty percent deduction. Yes, a few years ago we had

401
00:25:40.839 --> 00:25:43.559
one hundred percent deduction of per diems but just down

402
00:25:43.599 --> 00:25:46.319
to the eighty percent now, but you could do get

403
00:25:46.359 --> 00:25:50.759
eighty dollars a night, so it's it's really nice. Now,

404
00:25:50.960 --> 00:25:56.400
you do have to maintain a home or residents or apartment.

405
00:25:56.920 --> 00:25:59.559
You've got to have something you come back to that

406
00:25:59.640 --> 00:26:02.720
you help maintain. And if you're on the road and

407
00:26:02.720 --> 00:26:06.720
you're maybe living with somebody else, have a lease drawn

408
00:26:06.759 --> 00:26:08.920
up between you. If you're living with your family or

409
00:26:09.039 --> 00:26:11.559
parents and they're not charging you anything, do get at

410
00:26:11.640 --> 00:26:14.240
least to put together. Well, you can deduct those pretty

411
00:26:14.319 --> 00:26:17.319
ms for every night that you're on the road. Pay

412
00:26:17.359 --> 00:26:22.119
them something helps them, helps you. You've got to have

413
00:26:22.400 --> 00:26:25.400
a place that you're coming back to to lay your

414
00:26:25.400 --> 00:26:29.559
head down that you're maintaining as well. Now, don't go

415
00:26:29.680 --> 00:26:31.960
tell your tax preparer that you were on the road

416
00:26:32.000 --> 00:26:34.599
four hundred and thirty five days, just like somebody did

417
00:26:34.640 --> 00:26:37.119
the other week to us, because there are only three

418
00:26:37.200 --> 00:26:39.559
hundred and sixty days in a year. If you're on

419
00:26:39.599 --> 00:26:43.359
the road every day, you didn't maintain or return anywhere

420
00:26:43.759 --> 00:26:47.559
to lay your sweet little head down at night. So

421
00:26:48.480 --> 00:26:50.839
the irs isn't going to go for it. It may

422
00:26:50.920 --> 00:26:53.559
set you up for an audit. Some of the other

423
00:26:53.640 --> 00:26:57.640
things that truckers do pay. They do pay a federal

424
00:26:57.960 --> 00:27:01.680
excise tax on the sale of most new heavy duty

425
00:27:01.720 --> 00:27:05.720
trucks and trailers. You do every year pay the heavy

426
00:27:05.880 --> 00:27:12.079
Highway Vehicle use tax. Those typically forms are due in

427
00:27:12.319 --> 00:27:18.079
July twenty two nineties. You're gonna pay fuel taxes levied

428
00:27:18.279 --> 00:27:22.359
on your diesel fuel which is at twenty four point

429
00:27:22.359 --> 00:27:27.559
four cents gallen, which is higher than gasoline which is

430
00:27:27.599 --> 00:27:32.319
only at eighteen point four. You know, you're also going

431
00:27:32.400 --> 00:27:35.160
to pay your if the taxes, and then if you

432
00:27:35.279 --> 00:27:38.480
have employees, maybe you're an ES corp or maybe I

433
00:27:38.559 --> 00:27:44.319
have other drivers, You're gonna pay payroll taxes, Social Security, Medicare,

434
00:27:45.720 --> 00:27:49.839
Federal unemployment tax, and then state unemployment tax. And then

435
00:27:49.880 --> 00:27:53.400
you may have some state withholding taxes. And then as

436
00:27:53.400 --> 00:27:57.400
an owner operator if you're set up as a DBA

437
00:27:57.599 --> 00:28:01.240
or single member LSE, you pay the self employment taxes.

438
00:28:01.759 --> 00:28:04.759
All the fun things you get to do as a

439
00:28:05.119 --> 00:28:08.359
owner operator. Now, the one thing that I'll tell you,

440
00:28:08.480 --> 00:28:15.359
Trucker Tax Tools works with truckers. We are exclusively trucker oriented.

441
00:28:15.799 --> 00:28:19.880
We do bookkeeping for truckers in nationwide. We have the

442
00:28:20.000 --> 00:28:23.400
systems in place to make your life so much easier

443
00:28:25.079 --> 00:28:28.359
and guide you through it. We run our tax Minimizer

444
00:28:28.400 --> 00:28:32.519
profit maximizer. We find ways to help you save money.

445
00:28:32.519 --> 00:28:35.279
We find the deductions you're missing and we get them

446
00:28:35.480 --> 00:28:39.759
to you to make your life simpler. In order to

447
00:28:40.079 --> 00:28:43.079
get into the low bookkeeping prices that we've got, you

448
00:28:43.160 --> 00:28:46.079
call us at eight seven seven nine sixty six two

449
00:28:46.119 --> 00:28:51.319
four seven seven Again it's eight seven seven nine six

450
00:28:51.519 --> 00:28:54.480
six two four seven seven, Or you can go to

451
00:28:54.519 --> 00:28:58.799
Trucker tax tools dot com Again Trucker tax tools dot

452
00:28:58.839 --> 00:29:03.759
com eight seven seven nine six six two four seven seven.

453
00:29:04.160 --> 00:29:07.880
We'll make your life simple and easy. We started as

454
00:29:07.960 --> 00:29:10.799
low as twenty five dollars a week for bookkeeping. So

455
00:29:11.000 --> 00:29:12.920
give us a call, let us get started, let us

456
00:29:12.960 --> 00:29:17.200
get going from here. All right, we promised to talk

457
00:29:17.759 --> 00:29:24.160
farm ranch taxes, not just taking care of animals, farm

458
00:29:24.160 --> 00:29:29.279
and ranch taxes. This one big beautiful bill. You know,

459
00:29:29.440 --> 00:29:34.279
you got to admit they did things that helped businesses

460
00:29:34.440 --> 00:29:37.799
across the board. And you know a couple of the

461
00:29:37.799 --> 00:29:41.279
things that they did was to help you know, farmers

462
00:29:41.319 --> 00:29:45.799
out and ranchers out. And the biggest one is the

463
00:29:46.079 --> 00:29:52.279
state tax exemption. That's right, see farming ranching. You've had

464
00:29:53.400 --> 00:29:55.599
landed family for years.

465
00:29:56.000 --> 00:29:56.839
You bought cheap.

466
00:29:57.319 --> 00:30:01.160
Now the governments want to say the values have gone

467
00:30:01.240 --> 00:30:04.160
through the roof. I mean, you think about it. You

468
00:30:04.160 --> 00:30:07.559
know here in Texas, you know, you look around and

469
00:30:07.720 --> 00:30:11.000
maybe years ago land was one thousand dollars an acre,

470
00:30:11.359 --> 00:30:15.720
and now the same land is now going for you know,

471
00:30:15.839 --> 00:30:19.559
ten thousand, twenty thousand, forty thousand, fifty thousand. Our hey

472
00:30:19.599 --> 00:30:23.599
guy owned some land near the highway that's been in

473
00:30:23.680 --> 00:30:28.839
his family name for years, and an absorbitant amount of

474
00:30:28.880 --> 00:30:31.319
acreage out there and I'm going to say roughly one

475
00:30:31.359 --> 00:30:35.279
hundred acres. Well, they've had people offering him fifty fifty

476
00:30:35.319 --> 00:30:39.000
thousand an acre that they received from family that was

477
00:30:39.039 --> 00:30:42.640
purchased for maybe hundreds of dollars an acre, and then

478
00:30:43.119 --> 00:30:46.960
you know, was valued at them with that transition ad

479
00:30:47.279 --> 00:30:50.759
you know, maybe thousand or two an acre, and now

480
00:30:51.240 --> 00:30:54.519
people are offering closer to fifty thousand dollars an acre. Well,

481
00:30:54.559 --> 00:30:58.440
they've put in a state tax exemption increase, and the

482
00:30:58.599 --> 00:31:02.279
estate tax exemption has been permanently set at fifteen fifteen

483
00:31:02.400 --> 00:31:08.920
million per individual and thirty million for couples, indexed at inflation.

484
00:31:09.559 --> 00:31:15.160
So that will continue to go up and be increased

485
00:31:15.720 --> 00:31:20.440
out there as well. So then they're going to allow

486
00:31:20.480 --> 00:31:23.400
for the installment payments for farmland sales.

487
00:31:23.440 --> 00:31:26.039
So if you're selling your farmland.

488
00:31:27.240 --> 00:31:30.359
And you sell to a qualified farmer, you can elect

489
00:31:30.359 --> 00:31:33.279
to pay the net income tax from the sale of

490
00:31:33.400 --> 00:31:38.039
that farmland and four annual installments. So it's kind of

491
00:31:38.160 --> 00:31:42.440
encouraging you to sell this land from one farmer to

492
00:31:42.559 --> 00:31:48.000
another farmer to be able to do this installment agreement

493
00:31:48.039 --> 00:31:52.680
out there. So it's really a nice thing for farming

494
00:31:52.799 --> 00:31:58.039
ranchers out there pass along your farmer ranch to other

495
00:31:58.079 --> 00:32:01.960
people that want to do farm or ranching as well.

496
00:32:03.200 --> 00:32:06.240
So that's something you want to consider. We've seen land

497
00:32:06.279 --> 00:32:13.359
around us is being developed and turned into housing. It's crazy.

498
00:32:13.599 --> 00:32:18.640
When we purchased out here a few years ago, there

499
00:32:18.680 --> 00:32:22.960
was nothing going out towards our home. You know, there

500
00:32:23.000 --> 00:32:26.519
was a BUCkies and then you know, we would go

501
00:32:26.640 --> 00:32:29.880
north and maybe you know, for our ten miles north

502
00:32:29.920 --> 00:32:32.440
of that BUCkies there was really nothing.

503
00:32:32.519 --> 00:32:34.680
It was just country roads. It was really nice.

504
00:32:34.680 --> 00:32:38.079
And now we've got one development over here that's supposed

505
00:32:38.119 --> 00:32:40.839
to have you know, three to five hundred homes. We

506
00:32:40.920 --> 00:32:43.160
owe this other country road that we go on and

507
00:32:43.200 --> 00:32:47.079
it's now turned into another huge development and they're taking

508
00:32:47.119 --> 00:32:50.640
all this farmland and putting developments out there. I have

509
00:32:50.720 --> 00:32:54.000
nothing against development, but we need farmers, we need ranchers,

510
00:32:54.440 --> 00:32:57.039
and we need them bad because we need the food.

511
00:32:57.279 --> 00:33:01.319
We need the Hey, we need the field and good

512
00:33:01.359 --> 00:33:05.960
farmland is going to be development and stuff. Hey, we're

513
00:33:05.960 --> 00:33:09.079
going to talk about some more things with this one

514
00:33:09.119 --> 00:33:12.880
big beautiful bill of farming and ranching, such as relaxed

515
00:33:12.920 --> 00:33:18.359
rules for payment limits, unqualified pass through entities, bonus.

516
00:33:17.960 --> 00:33:21.000
Appreciation, and stuff that farmers and ranchers can do. And

517
00:33:21.039 --> 00:33:22.559
we'll right after this.

518
00:33:24.119 --> 00:33:27.759
We have only scratched the surface of today's show. Please

519
00:33:27.799 --> 00:33:31.079
stand by as Barry G. Fowler will be right back

520
00:33:31.160 --> 00:33:36.960
with tax talk for you. As an owner operator, you

521
00:33:37.200 --> 00:33:40.640
already spend too much time away from your family. Stop

522
00:33:40.720 --> 00:33:45.079
spending time doing paperwork. Go to Trucker tax tools dot com,

523
00:33:45.160 --> 00:33:49.720
a solution built specifically for truckers. Trucker tax tools dot

524
00:33:49.720 --> 00:33:52.039
Com makes your life run smoothly.

525
00:33:54.839 --> 00:33:56.799
Let's get back to tax stock for.

526
00:33:56.839 --> 00:34:01.160
You with more tax stock once again, here's your host,

527
00:34:01.640 --> 00:34:02.079
Parry G.

528
00:34:02.319 --> 00:34:05.960
Fallon. Hey, welcome back.

529
00:34:07.039 --> 00:34:09.400
You know really nice in this one big beautiful bill

530
00:34:09.559 --> 00:34:13.639
and helping farmers ranchers, business owners, you name it.

531
00:34:14.000 --> 00:34:14.199
You know.

532
00:34:14.880 --> 00:34:17.760
A couple of things they threw in there specifically for

533
00:34:17.960 --> 00:34:24.320
agricultural farming, ranching, you know, the estate tax, the installment plan.

534
00:34:24.880 --> 00:34:27.679
They also put a new tax break for lenders of

535
00:34:27.840 --> 00:34:31.800
agricultural loans, so this is good too. Twenty five percent

536
00:34:31.840 --> 00:34:35.440
of the interest received by lenders on loans secured by

537
00:34:35.599 --> 00:34:41.039
farmland is tax exempt. However, they did put in their

538
00:34:41.159 --> 00:34:44.639
provision that a portion of the lenders associated expenses would

539
00:34:44.679 --> 00:34:48.039
not be deductible, so they did have a little bit

540
00:34:48.079 --> 00:34:53.079
of an offset on that. But if your bank or

541
00:34:53.079 --> 00:34:57.559
an institution that's doing agricultural loans, this is a good

542
00:34:57.559 --> 00:35:04.840
way of protecting loans to farm and ranchers. The qualified

543
00:35:04.880 --> 00:35:08.760
business deduction also is applied to farming and ranching, and

544
00:35:08.800 --> 00:35:11.000
you have net income, you're going to be able to

545
00:35:11.039 --> 00:35:17.880
take advantage of that twenty percent qualified business deduction, so

546
00:35:18.119 --> 00:35:21.639
you'll be able to do that as well. It did

547
00:35:21.679 --> 00:35:25.440
put in increase Section one seventy nine expensing, so if

548
00:35:25.440 --> 00:35:29.039
you're buying a lot of equipment, you could use Section

549
00:35:29.159 --> 00:35:33.760
one seventy nine to expense It's a couple of limitations. Now,

550
00:35:33.800 --> 00:35:36.159
most farmers and ranchers that I know aren't going to

551
00:35:36.159 --> 00:35:39.760
spend one point two million to two point five million,

552
00:35:39.880 --> 00:35:40.679
but those.

553
00:35:40.599 --> 00:35:43.000
Limits have been extremely increased.

554
00:35:43.280 --> 00:35:48.519
Equipment has gone up drastically in the farming and ranching business,

555
00:35:49.039 --> 00:35:54.440
especially with some of the pollution requirements of equipment especially

556
00:35:54.519 --> 00:35:58.920
being sold. Now, when I'm talking to people that are

557
00:35:59.000 --> 00:36:03.440
running heavy equipment men out in the ranching, you know

558
00:36:03.480 --> 00:36:08.559
they're having to go through more fuel because of some

559
00:36:08.639 --> 00:36:10.880
of the requirements that are put out there and the

560
00:36:10.960 --> 00:36:13.960
deaf and stuff that they've got to put into their attractors.

561
00:36:15.639 --> 00:36:19.079
So you know, there are some concerns and stuff out there,

562
00:36:19.079 --> 00:36:23.480
but it does put that in there, and then they

563
00:36:23.519 --> 00:36:26.960
can also as farming and ranching can use the one

564
00:36:27.000 --> 00:36:30.400
hundred percent bonus appreciation. Again, you got to look at

565
00:36:30.400 --> 00:36:34.239
the net income, you know, from the business and stuff

566
00:36:34.360 --> 00:36:39.800
as well. Now, a couple of things that you know,

567
00:36:39.880 --> 00:36:45.239
we want to look at in farming and ranching. There's

568
00:36:45.280 --> 00:36:50.719
an exemption from AGI limitations for farmers. So farmers and

569
00:36:50.800 --> 00:36:54.280
ranchers who derive seventy five percent of their more their

570
00:36:54.360 --> 00:37:01.239
average gross income from these kind of activity, they're exempt

571
00:37:01.239 --> 00:37:05.480
from the general nine hundred thousand adjusted gross income limited.

572
00:37:05.559 --> 00:37:07.039
According to UH.

573
00:37:07.679 --> 00:37:12.400
Some stuff in the food business news, you know, so

574
00:37:12.800 --> 00:37:15.800
you know, it's really nice if you are in the

575
00:37:15.880 --> 00:37:17.800
farming and ranching business.

576
00:37:18.360 --> 00:37:20.320
Now I'm gonna I'm going to tell you this.

577
00:37:21.039 --> 00:37:23.639
If you're in farming and ranching, you got to do

578
00:37:23.719 --> 00:37:28.559
a better job of keeping track of your business income expenses.

579
00:37:28.800 --> 00:37:30.960
If you're like one of my farm and ranch clients

580
00:37:30.960 --> 00:37:35.599
that we've got out there, they're not very good at

581
00:37:35.639 --> 00:37:38.039
keeping up with their expenses.

582
00:37:37.800 --> 00:37:41.320
Or how they drove derive their income.

583
00:37:41.639 --> 00:37:45.840
Did you derive your income, you know, from cattle sales?

584
00:37:46.159 --> 00:37:50.639
Did you drive it from hay sales, corn sales, soybean,

585
00:37:51.079 --> 00:37:55.960
whatever your product you're out there, you need to keep

586
00:37:56.039 --> 00:37:59.480
track of, you know, the income company. You know, when

587
00:37:59.519 --> 00:38:02.679
you're selling cattle, was it a cattle that you've had

588
00:38:03.119 --> 00:38:07.320
or you've been using for production? When you bought a cow,

589
00:38:07.800 --> 00:38:10.760
let's say you went to the auction, Is this cow

590
00:38:11.079 --> 00:38:15.960
being raised and going to be used in your breeding program?

591
00:38:16.360 --> 00:38:20.360
That becomes a depreciable asset. Who would have thought a

592
00:38:20.400 --> 00:38:23.400
cow was depreciable. Maybe you bought a new bowl for

593
00:38:23.519 --> 00:38:28.360
your breeding stock that again is capitalized and appreciated. So

594
00:38:28.440 --> 00:38:31.480
you got to know what you have going on. You know,

595
00:38:31.519 --> 00:38:33.440
we had a client that come to us every year

596
00:38:33.440 --> 00:38:36.079
and bring a spreadsheet and say, hey, these these cows

597
00:38:36.119 --> 00:38:38.039
were sold. We sold them off at the auction. We

598
00:38:38.159 --> 00:38:40.440
got this form, but they're part of my breeding stock

599
00:38:40.480 --> 00:38:42.679
and we've been depreciating them. Well, why do I have

600
00:38:42.719 --> 00:38:45.679
a game because I had original costs in this, because

601
00:38:45.719 --> 00:38:50.079
we used depreciation over the years for it. So you know,

602
00:38:50.199 --> 00:38:53.400
we need to know this in which cows you sold. Now,

603
00:38:53.840 --> 00:38:57.199
maybe you're just raising, Uh, you have your cows, you

604
00:38:57.199 --> 00:39:00.400
have your breeding stock, and you're selling off the halves

605
00:39:00.719 --> 00:39:03.760
that you've had produced.

606
00:39:03.480 --> 00:39:06.679
On the ranch. That's just purely income.

607
00:39:07.440 --> 00:39:10.639
But if you're selling an appreciable asset, it may be

608
00:39:11.199 --> 00:39:16.360
capital gains out there. Maybe ordinary income depends on appreciation

609
00:39:16.599 --> 00:39:20.360
and other stuff. So things that we get to play

610
00:39:20.400 --> 00:39:23.679
with and do with ranching. You go out and buy

611
00:39:23.719 --> 00:39:26.400
a new tractor, Yes, we need to be able to

612
00:39:26.440 --> 00:39:30.239
deduct the cost of the tractor as a depreciated asset,

613
00:39:30.840 --> 00:39:34.360
and we need to be able to aduct the interest expense.

614
00:39:35.000 --> 00:39:37.880
So you kind of got to break those things down

615
00:39:38.039 --> 00:39:40.679
and give the right numbers. See, farming and ranching is

616
00:39:41.039 --> 00:39:43.920
just like running any other business. It may have its

617
00:39:43.960 --> 00:39:47.760
special little nuances of what are you producing. You know,

618
00:39:47.920 --> 00:39:54.760
you producing corn, soybean, fruits, and vegetables. You name it that,

619
00:39:55.000 --> 00:39:59.880
it's production. You may be producing cattle, beef, cattle, breeding cattle,

620
00:40:00.079 --> 00:40:04.280
dairy cattle, whatever it may be. You are in the

621
00:40:04.280 --> 00:40:08.039
production business and you need to make sure you're getting

622
00:40:08.159 --> 00:40:11.880
all the proper ride offs that you can get in

623
00:40:11.960 --> 00:40:16.239
your farm or ranch. You know you're going out and

624
00:40:16.280 --> 00:40:20.920
buying hey, maybe you paid cash for you get a receipt. Ranchers,

625
00:40:21.320 --> 00:40:24.039
I tell you I bought hey. They're not giving you

626
00:40:24.079 --> 00:40:27.760
a receipt for the hay, and you may pay them cash.

627
00:40:28.000 --> 00:40:31.199
Get a receipt, document it. If they won't give you

628
00:40:31.199 --> 00:40:33.599
a receipt, have them just sign a piece of paper

629
00:40:33.679 --> 00:40:37.679
saying that you bought four rolls of hey, or six

630
00:40:37.800 --> 00:40:41.639
or twelve, or maybe you had them delivered. You'd pick

631
00:40:41.719 --> 00:40:45.760
up you know, whatever the case may be, you just

632
00:40:45.800 --> 00:40:47.480
need to get a receipt for it so that you

633
00:40:47.519 --> 00:40:51.719
can make proper deduction feed costs. You run down to

634
00:40:51.760 --> 00:40:53.960
the feed store and you picked up feet. You know,

635
00:40:54.039 --> 00:40:57.679
track your mileage. It may be your farm truck, your

636
00:40:57.760 --> 00:41:01.440
ranch truck. Track your mileage to and from the feed

637
00:41:01.480 --> 00:41:05.079
stores more supply stores. You know, we run out to

638
00:41:05.119 --> 00:41:08.679
producers co op and we pick up feed. We may

639
00:41:08.760 --> 00:41:12.119
run over to attractor supply or Steinhauser's or something and

640
00:41:12.280 --> 00:41:16.639
pick up feed or mineral or salt. Whatever it may

641
00:41:16.679 --> 00:41:19.480
be that you're picking up for your farm and ranch

642
00:41:20.119 --> 00:41:24.480
is a deductible expense. So you know, you should be

643
00:41:24.559 --> 00:41:28.960
documenting everything that you're doing in the business, just like

644
00:41:29.239 --> 00:41:32.360
any other business that's out there. And when you say

645
00:41:32.400 --> 00:41:36.440
it's too hard, it's it's too hard to save money

646
00:41:36.480 --> 00:41:39.239
on taxes. You'd rather pay Uncle Sam a lot more

647
00:41:39.760 --> 00:41:43.519
or would you rather take every legitimate tax deduction that

648
00:41:43.599 --> 00:41:47.239
you qualify for. Well, to me, every legitimate tax deduction

649
00:41:47.320 --> 00:41:50.079
you qualify for is the number one way to go

650
00:41:50.599 --> 00:41:55.519
because it saves your money on taxes. It saves you money.

651
00:41:55.960 --> 00:41:59.920
You know, whether it's state taxes, local taxes, income tax

652
00:42:00.119 --> 00:42:04.880
is you name it. Speaking of local taxes and property taxes,

653
00:42:05.199 --> 00:42:08.400
property taxes continue to go up every year. You know

654
00:42:08.639 --> 00:42:10.960
out where we live. Our county tried to get rid

655
00:42:11.039 --> 00:42:14.960
of our ag exemption. What it caused us a ton

656
00:42:15.360 --> 00:42:19.880
of money based on the valuation of our ranch land

657
00:42:20.119 --> 00:42:22.280
that's out there. I wish I could get that kind

658
00:42:22.280 --> 00:42:25.559
of money for this land, but no, I don't think

659
00:42:25.639 --> 00:42:27.480
we live in an area where we're going to be

660
00:42:27.519 --> 00:42:29.800
able to get that kind of money for our land,

661
00:42:29.960 --> 00:42:33.119
but the property taxes continue to go up. Losing our

662
00:42:33.280 --> 00:42:36.519
tax exemption would have been a nail in the coffin.

663
00:42:36.559 --> 00:42:37.840
We would have had to get rid of it just

664
00:42:37.840 --> 00:42:40.599
to be able to afford it. To watch your property taxes,

665
00:42:40.679 --> 00:42:44.679
especially if you're here in Texas and watch your AG exemption. Hey,

666
00:42:45.159 --> 00:42:47.199
we don't deal in property taxes, and don't call us

667
00:42:47.199 --> 00:42:49.840
for property tax help. I just had to get that

668
00:42:49.920 --> 00:42:53.119
off of my chest. I sabox of Hey, what we

669
00:42:53.199 --> 00:42:55.519
had to go through and deal with. Here do you

670
00:42:55.760 --> 00:43:00.840
deal with is tax relief from the irs. We fight

671
00:43:00.920 --> 00:43:03.719
the Irs. If you owe the Irs ten thousand dollars

672
00:43:03.760 --> 00:43:06.639
or more, give us a call eight eight eight nine

673
00:43:06.639 --> 00:43:09.440
three zero one zero one six again eight eight eight

674
00:43:09.559 --> 00:43:13.000
nine three zero one zero one six or go to

675
00:43:13.079 --> 00:43:15.079
Taxation Solutions dot net.

676
00:43:15.360 --> 00:43:19.320
Get your tax relief in order today. If you're a

677
00:43:19.360 --> 00:43:22.440
trucker owner our operator farmer.

678
00:43:22.159 --> 00:43:24.960
Rancher, give us a call it Trucker tax tools eight

679
00:43:25.119 --> 00:43:28.880
seven seven nine six six two four seven seven again

680
00:43:28.960 --> 00:43:32.719
eight seven seven nine six six two four seven seven.

681
00:43:32.880 --> 00:43:36.519
Let us get your bookkeeping taxes. Let us, minimize what

682
00:43:36.559 --> 00:43:39.239
you're going to pay to the irs, and do things

683
00:43:39.360 --> 00:43:43.960
the right way for your business. And that's what it's

684
00:43:44.000 --> 00:43:46.679
all about. Speaking about what it's all about.

685
00:43:46.960 --> 00:43:47.960
Tax Talk for You.

686
00:43:48.480 --> 00:43:51.920
If you don't follow us on Facebook, go to tax

687
00:43:52.000 --> 00:43:56.840
Talk the number four letter you dot com, tax Talk

688
00:43:56.880 --> 00:44:01.400
for You dot Com. Follow us there, follow us on Facebook.

689
00:44:01.519 --> 00:44:03.639
Never miss an episode, and if you do, you can

690
00:44:03.719 --> 00:44:07.480
go back and hear a podcasts where on iHeart, Spotify,

691
00:44:08.079 --> 00:44:12.039
all the different places where you can get our podcasts better. Yet,

692
00:44:12.519 --> 00:44:17.360
you should be here every Monday, nine am Eastern Time

693
00:44:17.760 --> 00:44:23.519
on W four CI Radio and never ever miss an episode.

694
00:44:23.840 --> 00:44:26.679
Put it in your phone to remind you to be

695
00:44:26.760 --> 00:44:30.079
here for're tax Talk for You, whether it's through Taxation

696
00:44:30.280 --> 00:44:34.760
Solutions Facebook page, or it's through truck or tax Tools

697
00:44:34.880 --> 00:44:38.480
Facebook page or tax Talk for You Facebook page. Just

698
00:44:38.639 --> 00:44:41.679
make sure you're here. You can watch us on YouTube,

699
00:44:42.039 --> 00:44:46.400
you can catch us in all the major podcast sites.

700
00:44:46.960 --> 00:44:49.519
Whatever you do, be here now. I'm going to tell

701
00:44:49.519 --> 00:44:53.760
you how a very god bless and glorious week. Enjoy

702
00:44:53.880 --> 00:44:57.320
what you do. If you're in business, if you're an owner, operator,

703
00:44:57.400 --> 00:45:01.239
your farmer, rancher, thank you for what you do in business.

704
00:45:01.440 --> 00:45:02.480
To do for so.

705
00:45:02.519 --> 00:45:05.719
We couldn't eat without farming ranchers. We could not have

706
00:45:05.880 --> 00:45:10.440
food or any goods without truckers. You're both special in

707
00:45:10.519 --> 00:45:13.679
our heart. Have a God bless Glorias. We can see

708
00:45:13.679 --> 00:45:16.199
you right back here next week. Tax Talk for You

709
00:45:16.639 --> 00:45:18.280
dot com.

710
00:45:18.320 --> 00:45:21.480
Are you an individual or business that wants to understand

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taxes and how they affect you. Are you looking for

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specific tax advice for self employed business owners and truckers.

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Are you behind on taxes and your bookkeeping? Are you

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dealing with the irs and ready to have some relief,

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Then you need Tax Talk for You, hosted by tax

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and trucker expert Barry g. Fouer ea Quan ten am

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Eastern Time every Monday right here on W four CY

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Radio and Talk for TV. Don't forget to check this

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and past episodes at tax TALKFORU dot com. See you

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next week at W four c Y dot com