Dec. 22, 2025

Trucking & Taxes, IRS debt solutions

Trucking & Taxes, IRS debt solutions
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Season 3

TaxTalk4U Trucking & Taxes, IRS debt solutions Talk4U.com TaxTalk4U.com Trucking, Business and Taxes. What you need to know about trucking. Mistakes that cost truckers and business owners thousands. Bad or No Bookkeeping and the Most overlook Expenses to minimize taxes for business. Missing Business Expenses, Incomplete bookkeeping, Bookkeeping done by those that don’t know trucking. Keep it Simple principle of bookkeeping truckertaxtools.com

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 explicit or implies shall be extended to W FOURCY

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

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should be directed to those show hosts. Thank you for

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choosing W FOURCY Radio.

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Barry G.

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Fouler 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, good morning. It's a great Holy week getting

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ready for Christmas. You know, I get to do certain

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things that are a lot of fun, and one of

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those is being Santa, you know, and and doing this

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for kids in a small play group, and everything was

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a lot of fun. Uh, reading a book and telling

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the stories that of Christmas. Really entertaining for myself and

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really enjoyable to be able to spread a little bit

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of joy and fun for kids. You know, So you

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get the opportunity to do that. But ye also is

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it time to step back in. Remember you know what

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Christmas is really all about. It it's not about the

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presence and the gifts. Yeah, that's wonderful and fun, but

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teaching the kids that there was a bigger gift given

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to us by God and giving us our Lord and savior,

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Jesus Christ, who was born you know, Christmas morning. It's

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what we celebrate. And so this week I heard something

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really interesting from our priest. You know when when people say,

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you know, happy Holidays, it's really happy Holy Days and

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you know, Merry Christmas. That's that's what it's really all about.

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But you know, we're at the end of the year.

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You know, maybe you're driving a truck, maybe you're an

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owner operator, maybe you're a small business person, maybe you're

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running business. You know, whatever it is, you're finding ways

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to do what save money, reduce taxes, make more money,

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keep more money in your pocket. All those are goals

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of the business own the goals the government is to

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do bleg taxes, you know, redistribute the wealth, as they

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may say. And what they consider to be wealthy and

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what you and I consider to be wealthy are really

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on two different levels. And those that are ultra rich

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have the people working for them that are finding ways

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for them to save money. Sometimes it's through investments that

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give them huge write offs of depreciation and other expenses

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via maybe a K one. Maybe it's investing in real

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estate and getting deductions for again depreciation and other items

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that they can take advantage of by investing in real estate.

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And you see, hey there people come through and say, hey,

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there's ways of reducing your taxes down to nothing. You

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know there are, but sometimes those ways aren't the ways

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that you or I need to go, you know, losing

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money on investment proper and losing money by getting a

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K one that shows losses, you know, sometimes isn't the

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right way to do it because you're losing money or

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you're getting a write off because you put money in

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it as an investment, but maybe you need more return

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on that investment than those losses that you take. So

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you know, what do you do well if you're an

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owner operator in the trucking business, a small business person,

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tax planning, you know, it shouldn't be something that you

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put off until you're going to filing. It doesn't always. Instead,

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you should be taking a completely proactive approach to finding

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ways to save money year round. You should be always

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looking for ways to save money. So as an owner operator,

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you should have monthly financial statements. Is all businesses as well.

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It should have an income statement or what you would

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say is a profit and loss statement, and you should

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also get a balance sheet. Don't let somebody cut corners

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and give you aasically at cash flow statement that doesn't

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really show you just what your business is doing, how

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much money are you doesn't give you a balance sheet.

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And we've got some people that compete against Trucker tax

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toles that realistically, all they're really doing is providing them

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a cash flow statement. They're not really providing them a

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full financial statement. So you kind of got to be

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aware of those things that don't give them a balance sheet.

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You know, at Trucker Tax tools, we're giving you not

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just a balance sheet profit and loss. We're giving you

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income statement comparisons from month to month, and then you know,

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the last six twelve months of operating, you'll be able

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to see everything out there, and then cash flow statement

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those become important to you to determine your profitability. Did

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you buy new assets or equipment, did you miss any

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expenses to These are all things you're going to be

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able to see out there. I had a conversation with

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somebody that's rand new to Trucker tax tools and was

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working with them talking about their financial statement. We're missing items.

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We're missing some subscriptions that you know, subscriptions he was

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using within the truck. We were missing telephone expense. We

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know he was using his cell phone for business purposes

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because hey, he was talking to me on it. That

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was his mode of communication. And there were other items

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that we were looking at, going, hey, you didn't have

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insurance listed. It wasn't deducted on his settlement statement. Oh

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I paid that out of my personal account. Okay, let's

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get this over to the business finding all those deductions,

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using the comparisons to give you an idea of whether

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you know something's missing or underreported, or making sure that

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you just have every item out there. You know, those

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things become really important, But waiting until the last minute

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to discover those things makes life a little bit harder. Now,

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you know we're coming up one year end. We hear

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CPAs and other financial advisors saying buy a new equipment,

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buying new equipment. Well, personally, I hate the suggestion of

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just buying new equipment just save money on taxes. So

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when you look at it from just purely saving money

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on taxes, yeah, it might be a good idea. Because

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if you invest in one hundred thousand dollars truck and

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you're able to take Section one seventy nine, say a

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full hundred thousand, you saved one hundred thousand dollars in

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net income out you're reporting on Schedule C, and you

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happen to be in the twenty five percent tax bracket.

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You saved roughly forty percent of taxes fifteen percent, Social Security,

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Medicare twenty five percent if you were in the twenty

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five per tax bracket, and we're far enough into the

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bracket to save that amount of money, So you know,

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that's fifteen thousand plus another twenty five thousand. Yes, you

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save forty thousand dollars in taxes. However, you're still out

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the other sixty thousand dollars on this equipment or having

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a loan to pay all this equipment back. Now, if

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it's the right time to buy this equipment, you need

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this new equipment, your other equipment keeps failing in your

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downtime for repair costs and maintenance is much larger and

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costing you money. Then maybe this investment, when you buy

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the new tractor or a new trailer, becomes important and

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becomes an important business decision for you. So those are

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the things that you've got to look at. Is it

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the right time? Is this going to improve my business?

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As any business owner would look at new equipment, So

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as an owner operator truck, or you're talking about, you know,

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your tractor, your trailer, things that are going to cost

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a lot of money that you're going to buy. Now,

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if you're in business, maybe it's a new piece of

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equipment or machinery, new production equipment. You buy it, get

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it put into service before the end of the year,

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and you might be able to take the Section one

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seventy nine deduction or bonus appreciation and save yourself quite

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a bit of money. But again, is this going to

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immediately help you in business. You know, if there isn't

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a good business decision besides taxes, it's not always the

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smartest decision to make. You've got to make the right

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decision for yourself or your business and say, hey, not

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only does this make sense from a tax standpoint, but

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this makes sense completely from a business standpoint. So you've

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got to be able to look at every thing you're doing,

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not just from the aspect of saving money on taxes,

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but making it make sense to improve, expand or save

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costs for your business. And we're going to be talking

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about some other items here that save you money in

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your business as you're going throughout the year, things you

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might want to consider, not just for twenty twenty five,

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but now we're going into twenty twenty six, and how

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to save future taxes as well. We'll do that right

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after this first break.

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

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stand by as Barry Chief Fowler will be right back

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with tax talk for you.

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If you own the.

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

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at it alone. Called taxation Solutions tax Relief at eight

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eight eight nine three zero one zero one six. We

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

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leans and levies. 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

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now call eight eight eight nine three zero one zero

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one six or go to taxationsolutions dot net now for

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

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talk for you with more taxtock once again.

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Here's your host, Barry G. Fowler.

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Hey, welcome back again. Happy holidays and Merry Christmas to everybody.

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I hope everybody's able to come together with family and

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enjoy family across We were enjoying family yesterday. We had

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my sisters, my mom, all of our nieces, most of

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our nieces and nephews and their kids, so we probably

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had close to thirty people at our house yesterday. Spent

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most of the day smoking brisket, pork and chicken and

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ribs and sausage, so you know, we were having a

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good time smoking the food in the morning so that

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we could have wonderful dinner last night with everybody and

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having them out on the ranch. My grandkids, my sister's grandkids,

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we're having fun out there with the pigs and the

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cows and the chickens and donkeys and all that fun stuff.

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So you know, we were having a good time. So hopefully

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you get an opportunity to spend this time with family

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and and enjoy the moments you do have for family,

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because as we all get older, those moments are fleeting

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and always seem to go fast. Hey, we're talking about

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how to save money on taxes. We're talking about tax planning.

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We're talking about you know, what can you do as

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an owner operator, a small business person to save money

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on taxes. And one of them we talk about is

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paying your children. You know, if you're a parent, you

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can employ your child to work for your business. Now

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that means they got to do some work. Can't just

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pay them to do nothing. You can't pay them to

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like stamps anymore, because hey, all the stamps just glue on.

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You know, they could put the stamps on envelopes if

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you're mailing out bills or invoices or something else. But

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they've got to do something in your business. And one

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of the reasons you pay your kids is because they're

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going to be in the lower tax bracket than you generally,

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you know, I think it's up to close to twelve

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thousand dollars you can pay them a year, and it's

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other than Social Security and Medicare. It's tax free going

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to them. So you know, it's nice because they can

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then pay for their own sports, they can pay for

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their own clothes. If you've got college age kids to

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take care of, maybe some of your social media for you, you

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can pay them to do the work, and then they

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can pay for their college if you're helping. Those are

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all ideas that you can use to put somebody in

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a lower tax bracket. So if you're making pretty good

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money and your federal income taxes in a twenty five

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percent tax bracket, well if you just lowered it down

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to solid Security and Medicare, then your kids are putting

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money that you're paying them maybe into you can put

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it into an IRA and let it grow. You can

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put it into five twenty nine, so you can put

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it into money market accounts wherever you want to do it,

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and the kids can then use that money if it's

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in a money market or in a checking account, and

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use that money to pay for their clothes. Again, it

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can pay for their sports or whatever else you're working

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to buy them. Maybe you're buying them a car, and

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they can pay for the car out of the money

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that you're giving them through them working for business something else.

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You know, charitable contributions over the years have not really

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been deductible because of the high standard deduction, and so

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if you're making charitable contributions through your business, whether they're

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on schedule c or as an escort, they're going to

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pass through to you. Now most of those charitable contributions

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over the years haven't been deductible, and so change the

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way you categorize it. Get some marketing out of it,

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advertising out of it. So if you're giving to a

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charitable organization and you're getting them to put your banner

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up or promote your business, it is now marketing not

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a charitable contribution, and therefore marketing or advertising becomes one

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hundred percent deductible. So that's turning your charitable contributions into

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a business expense versus a charitable contribution that may or

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may not be deductible. So those are the kind of

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things you need to be looking at now. Retirement contributions

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is another way to save money and get money out

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of your business. And plan for your future. You know,

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when I first got into doing the bookkeeping in taxes

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for truckers, it was because we were solving IRS problems.

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And then the next segment we're going to talk about

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IRS problems and solving those. But it was talking to

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truckers and we started solving their IRS problems and they

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asked us to get into bookkeeping. We're all doing some

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bookkeeping for owner operators across the country, and we decided

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to expand the service nationwide, thus truck or tax tools

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dot Com. So if you're looking for a great bookkeeping service, hey,

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now's the time to get in in contract with us

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to do your bookkeeping and taxes for you, but not

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just for twenty twenty five, but twenty twenty six as well,

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and go forward. We started having conversations though about retirement.

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Many of our drivers that drive and work with us said, hey,

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my retirement is right here in this truck. I'm going

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to stay in this truck and drive until I drive.

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That's not retirement, that's working. And then it becomes death.

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So that really puts two things certain in life, death

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and taxes. Well, then you're going to pay taxes while

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you're driving the truck and you're just going to use

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that buried. No, we want you to be able to

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retire as well, So you've got to start thinking about

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retirement contributions. And we've all heard that when you contribute

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early and often to retirement, you can retire rich. So

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many truckers haven't even started contributing, So if you haven't

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even started, now's the time to start and then stay consistent.

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Even a small monthly amount is better than absolutely nothing.

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As a business owner, you can fund your own retirement.

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So while contributions to typical iras are limited, you can

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contribute significantly more to retirement account by opening up a

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SEP Simplified Employee Pension Plan IRA or even maybe a

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solo for one K. There's not a company size requirement

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00:18:38.680 --> 00:18:42.680
for either one, and contributions or tax deferred not paid

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federal income tax until you make that withdrawal. So it's

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putting money in there, getting credit for it and getting

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00:18:51.240 --> 00:18:56.240
a deduction for it potentially and saving your self money

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kind of like the iras, contributing money to retirement for

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you for your future. So those are things that you

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need to make sure that hey, you're starting and you're

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doing so that you can plan for retirement. Now. One

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of the things that hey, we always like to touch on,

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and it's one of the biggest deductions that you as

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an owner operator truck driver YETS not W two owner

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00:19:25.359 --> 00:19:30.759
operator truck driver for dams for DAMN rules allow for

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significant non taxable reimbursement for meals and incidental expenses. So

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when you, as a driver are away from home overnight,

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not driving locally and returning home every night, but away

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from home over the road using a single rate eighty

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dollars a day for twenty twenty five and then eighty

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percent of that is deductible, not to fifty percent. Like

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00:19:56.759 --> 00:20:01.240
other business traveler, you have this deduction. So if you're

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on the road, you know two three hundred days out

306
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of the year, you're going to be able to get

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00:20:06.720 --> 00:20:10.119
this deduction. Now the first day and last day it's

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00:20:10.160 --> 00:20:14.160
only forty half. All the days in between is eighty.

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You've got to keep good records of your per diems,

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your eligibility. Again, you must be away from your tax

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home overnight for work that requires sleep rest, and operate

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over fifty miles from home eighty dollars for continental Okay,

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So keep that in mind. Truckers, you can deduct eighty

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00:20:36.200 --> 00:20:41.400
percent of the per diem rate. Documentation is essential because

315
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the IRS does require proof. Now, elds and your dispatch

316
00:20:47.240 --> 00:20:52.200
lugs can help substantiate all that. Well, if you are

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a company driver and you paid under an accountable plan

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00:20:55.839 --> 00:20:58.200
for dems, non taxable, not gonna be able to deduct

319
00:20:58.240 --> 00:21:00.839
it on your tax return. But it's not wages, is

320
00:21:00.880 --> 00:21:02.920
not going to be on your W two. It's going

321
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to lower your adjusted gress income on your W two,

322
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and things like that. So keep those things in mind.

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It's a value deduction. Now. One other rule that you've

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got to have is you've got to have a tax home,

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and you've got to have a home somewhere that you

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actually pay rent or mortgage or something to pay for

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the upkeeper. Otherwise you're in a tax turtle and therefore

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you don't have a home and you don't get for

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a DM. So those are a lot of fun things

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that we get to do for talking with people to

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help reduce your taxes. Hey, we're going to take another

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short break here, and when we come back, we're going

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to talk about IRS problems and solutions to those problems

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so that we can help you have very, very very Christmas.

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Right after that, we have only scratched the surface of

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today's show.

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Please stand by us.

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00:21:55.960 --> 00:21:59.319
Barry Chief Bower will be right back with tax talk

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for you. As an owner operator, you already spend too

340
00:22:05.359 --> 00:22:09.200
much time away from your family. Trucker Tax Tools handles

341
00:22:09.319 --> 00:22:12.480
all your bookkeeping and taxes. No matter what level trucker

342
00:22:12.559 --> 00:22:15.480
you are, life on the road can be taxing, but

343
00:22:15.599 --> 00:22:18.559
that doesn't mean that your wallet or time with your

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00:22:18.599 --> 00:22:23.400
family should suffer. Trucker Tax Tools makes your life run smoothly.

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00:22:23.920 --> 00:22:26.599
Go to Trucker tax Tools dot com for a free

346
00:22:26.640 --> 00:22:30.279
guide that will give you the tools to never worry

347
00:22:30.279 --> 00:22:34.319
about your taxes again. Call Trucker Tax Tools eight seven

348
00:22:34.440 --> 00:22:39.039
seven nine sixty six two four seven seven or go

349
00:22:39.079 --> 00:22:41.960
to Trucker tax Tools dot com now and let the

350
00:22:42.119 --> 00:22:48.640
experts keep you trucking. Let's get back to tax stock

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for you with more tax stock once again, here's your host,

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Barry G.

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Fowler.

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Hey, welcome back again. Happy Hold Days, Merry Christmas, enjoy

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the Holy Days every moment that you can get. Hope,

356
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every truck driver that's out there, we appreciate everything that

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you do. Why I hope you get time to home

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with your family at some point here over these holy

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days as well. You know, we're talking about trucking and

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taxes and now trucking taxes and IRS problems. Why do

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we have I R S problems? I'm going to give

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you the first one, not making estimated tax payments. You know,

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even our people that work with us, the truckers that

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are out there, we give them estimated tax payments every year,

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and sometimes, you know, getting them to do it is

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next to impossible. Nobody likes to pay taxes, you know,

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I can promise you there isn't one person that likes

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to pay taxes. Now, I can tell you there's a

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lot of people that like to make sure that you

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pay your taxes. And not just people at the IRS,

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but sometimes rich people. Sometimes it's government, you know, Congressmen, senators,

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they all want you to pay taxes and pay as

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much as you possibly can because they want to spend

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your money. We as a tax payer, don't like paying taxes.

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You don't like to see that you owe at the

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end of the year. And you know, one of the

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things you can do so you don't know at the

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end of the year is make those quarterly estimates. Oh

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I think that's so much better. Merry Christmas. You get

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00:24:30.119 --> 00:24:34.440
to pay more in estimated taxes this year. And that's

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why we don't do estimated taxes in December. We do

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00:24:37.240 --> 00:24:40.480
them in January, and then the other times of the

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year you're supposed to do them is April fifteenth, June fifteenth,

384
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October fifteenth, or September fifteenth, and then January fifteenth. So

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you know, you got to make your estimated payment Sarah

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quarter during the year. Yeah, those don't sound like great

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quarterly times, but it is what it is. If you

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make those estimated tax payments, you might be closer to

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what you owe, you might get a refund. But if

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business is down, then you can go to actual and

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not based off of prior years. So there's a lot

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of things we can do out there. But what other

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things cause problems for truckers and even small business people

394
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with their taxes. And I'll tell you one of the

395
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big ones and editor quit record keeping or bookkeeping bookkeeping

396
00:25:27.880 --> 00:25:31.400
by people that just don't care, that have no knowledge

397
00:25:31.440 --> 00:25:35.400
of your business and what you do. And we've done

398
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returns and seeing returns come in for truck drivers and

399
00:25:39.039 --> 00:25:42.839
owner operators out there, and they don't even take the

400
00:25:42.880 --> 00:25:46.119
pretty ems because they didn't have clue. They did appreciation

401
00:25:46.319 --> 00:25:51.279
completely wrong because they had no clue how depreciation should

402
00:25:51.319 --> 00:25:54.279
be on a tractor or a trailer. They didn't explore

403
00:25:54.440 --> 00:25:57.720
the options that you may have. They didn't look at

404
00:25:57.759 --> 00:26:01.880
other deductions that are out there. Doing things like that

405
00:26:02.319 --> 00:26:05.200
can cause problems for you as an owner operator and

406
00:26:05.240 --> 00:26:08.519
you end up paying more money in taxes or having

407
00:26:08.559 --> 00:26:13.200
more debt because you didn't make it those tax payments

408
00:26:13.240 --> 00:26:16.160
because you couldn't afford them at that time. You know,

409
00:26:16.880 --> 00:26:19.799
if you are a business owner or owner operator and

410
00:26:19.839 --> 00:26:22.440
you have people working for you, a lot of times

411
00:26:22.440 --> 00:26:26.279
we see misclassification of workers. Did you hire somebody you

412
00:26:26.279 --> 00:26:29.319
think they're going to be a contract person, but yet

413
00:26:29.720 --> 00:26:34.440
you're providing their equipment, you're telling when, where and how

414
00:26:34.480 --> 00:26:40.319
to work. They're really w two, you just misclassified your worker.

415
00:26:40.559 --> 00:26:44.319
So if you're not meeting the IRS criteria, it can

416
00:26:44.400 --> 00:26:48.599
become a audit trigger. And then once you get audited and

417
00:26:48.640 --> 00:26:53.920
your independent contractors are reclassified as employees, you could be

418
00:26:54.000 --> 00:27:00.680
subject to paying all those employee taxes and if they've

419
00:27:01.279 --> 00:27:06.680
reported them on their own schedule see and paid their

420
00:27:06.880 --> 00:27:10.240
Social Security and medicare, get them to sign off on it.

421
00:27:10.359 --> 00:27:13.480
We might be able to reduce some of those penalties

422
00:27:13.880 --> 00:27:16.640
and the taxes that you may have to pay, but

423
00:27:16.799 --> 00:27:19.960
you may still be responsible for the employer side. See

424
00:27:20.160 --> 00:27:23.519
becomes kind of a catch twenty two out there? How

425
00:27:23.599 --> 00:27:26.920
do they discover this? Amazingly enough, it only takes one

426
00:27:27.000 --> 00:27:30.119
person to go and file for unemployment And now your

427
00:27:30.200 --> 00:27:34.119
unemployment office is coming out and they've done an investigation,

428
00:27:34.240 --> 00:27:37.799
and they investigate and determine this guy's an employee, not

429
00:27:37.920 --> 00:27:42.519
a contractor. So you were subject to unemployment taxes that

430
00:27:42.599 --> 00:27:47.799
you didn't pay in and now you vote. They communicate

431
00:27:48.359 --> 00:27:52.880
with who the wonderful federal government, the irs, and then

432
00:27:52.920 --> 00:27:56.240
they get into a payroll tax audit. Now you've got

433
00:27:56.640 --> 00:28:00.480
the whole ball of action rolling down the hill and

434
00:28:00.640 --> 00:28:05.200
getting bigger and bigger and bigger and bigger. So misclassification

435
00:28:05.519 --> 00:28:11.759
of your employees, contractors, or your workers become extremely important.

436
00:28:12.200 --> 00:28:16.920
You need to make sure you're checking and confirming that

437
00:28:16.960 --> 00:28:22.119
your independent contractors are truly independent. Out there. Something else

438
00:28:22.200 --> 00:28:26.400
that really happens a lot, and it causes a lot

439
00:28:26.440 --> 00:28:32.799
of tax issues, is missing important deadlines. Being an owner operator,

440
00:28:32.920 --> 00:28:37.880
small business owner, you're demanding lifestyle can lead to min

441
00:28:38.240 --> 00:28:42.319
missed tax deadlines. And I mean that could be you're

442
00:28:42.400 --> 00:28:46.480
ten forty not filed on time April fifteenth, or the

443
00:28:46.519 --> 00:28:52.359
extension to October fifteenth. It could be your escort non

444
00:28:52.400 --> 00:28:57.839
file timely in March, or your partnership return not file

445
00:28:57.920 --> 00:29:01.640
timely and you didn't gas get any extension for either

446
00:29:01.799 --> 00:29:04.920
one of those, or you didn't meet the extension time

447
00:29:05.319 --> 00:29:08.759
so you know, which would be September fifteenth, and you

448
00:29:08.839 --> 00:29:13.400
miss that deadline too. Now you've got bigger problems. Now,

449
00:29:13.440 --> 00:29:16.359
if you're owner operator, you also have to file Form

450
00:29:16.400 --> 00:29:20.400
twenty two to ninety the Heavy Highway Vehicle Use tax.

451
00:29:20.680 --> 00:29:24.400
Miss the deadlines there again because of the demanding lifestyle

452
00:29:24.440 --> 00:29:26.680
of a business owner owner operator and being on the

453
00:29:26.759 --> 00:29:30.720
road or or just running your business day to day,

454
00:29:31.279 --> 00:29:33.799
these things slip under the crack. You can't afford to

455
00:29:33.839 --> 00:29:36.680
have that happen. You've got to remember the other thing

456
00:29:36.720 --> 00:29:42.680
we see causing problems is taking large deductions and discrepancies.

457
00:29:43.119 --> 00:29:47.680
So you know, large deductions round numbers, things that just

458
00:29:47.720 --> 00:29:52.039
don't make sense for you and your business discrepancies. Your

459
00:29:52.079 --> 00:29:56.240
income was reported at two hundred and fifty thousand, but

460
00:29:56.440 --> 00:29:59.440
yet your ten ninllion nine's were reported at two hundred

461
00:29:59.440 --> 00:30:04.200
and seventy five thousand. That discrepancy right there is also

462
00:30:04.680 --> 00:30:08.519
going to be a red flag for you in your business.

463
00:30:08.640 --> 00:30:11.079
So you want to make sure that you're collecting and

464
00:30:11.680 --> 00:30:16.119
notating all of your income. Now, how can those differences happen?

465
00:30:16.480 --> 00:30:20.200
So if people don't know trucking, maybe never seen a

466
00:30:20.240 --> 00:30:23.839
settlement statement before, and they're doing bookkeeping for you, and

467
00:30:24.039 --> 00:30:26.440
what they do is report what went into your bank,

468
00:30:26.799 --> 00:30:29.240
there could be a huge difference between what went through

469
00:30:29.279 --> 00:30:33.680
your bank account and what actually you earned because your

470
00:30:33.680 --> 00:30:38.599
settlement statement is going to show possibly deductions for things

471
00:30:38.640 --> 00:30:42.759
that you charged on your common data card or fuel card,

472
00:30:43.319 --> 00:30:45.720
and so it's going to have deductions for fuel. Maybe

473
00:30:45.759 --> 00:30:50.160
you're releasing your truck through the carrier leased on from

474
00:30:50.440 --> 00:30:52.599
and they didn't pick up the lease amount, they didn't

475
00:30:52.640 --> 00:30:58.920
pick up fuel, they didn't pick up insurance. Maybe the

476
00:30:59.039 --> 00:31:03.359
least carrier that you're running through pace for repairs but

477
00:31:03.400 --> 00:31:06.359
then charges you back or takes escrow. So they didn't

478
00:31:06.400 --> 00:31:10.119
account for all these things for your business, and now

479
00:31:10.240 --> 00:31:13.599
you have underreported income. Now you have to go back

480
00:31:13.599 --> 00:31:16.839
in a menu return or prove that hey, these other

481
00:31:16.920 --> 00:31:21.279
deductions should be there, so making sure that somebody is

482
00:31:21.359 --> 00:31:24.759
doing the job that needs to be done to report

483
00:31:24.799 --> 00:31:29.599
your income correctly so that you don't have those large

484
00:31:29.680 --> 00:31:35.160
discrepancies between what was reported as income to the IRS

485
00:31:35.799 --> 00:31:41.039
and you reported on your tax return. So what's the solution.

486
00:31:41.680 --> 00:31:44.720
How do we solve this problem and how do we

487
00:31:45.359 --> 00:31:50.880
stop the IRS from taking everything you have? And we're

488
00:31:50.880 --> 00:31:52.319
going to take a short break. We're going to talk

489
00:31:52.359 --> 00:31:59.200
about solutions, solutions and taxation solutions and solving this IRS

490
00:31:59.240 --> 00:32:02.559
problems you may have just had. We'll do that right

491
00:32:02.599 --> 00:32:03.039
after this.

492
00:32:04.279 --> 00:32:07.960
We have only scratched the surface of today's show. Please

493
00:32:08.000 --> 00:32:11.279
stand by as Barry G. Fowler will be right back

494
00:32:11.319 --> 00:32:17.160
with tax talk for you. As an owner operator, you

495
00:32:17.400 --> 00:32:20.839
already spend too much time away from your family. Stop

496
00:32:20.920 --> 00:32:25.319
spending time doing paperwork. Go to Trucker textools dot com

497
00:32:25.359 --> 00:32:29.880
a solution filled specifically for truckers. Trucker tax tools dot

498
00:32:29.920 --> 00:32:36.000
Com makes your life run smoothly. Let's get back to

499
00:32:36.119 --> 00:32:39.839
tax talk for you with more tax talk once again.

500
00:32:40.319 --> 00:32:42.839
Here's your host, Barry G. Fowler.

501
00:32:45.160 --> 00:32:48.759
Hey, welcome back. As I've told you every segment, more

502
00:32:48.799 --> 00:32:54.680
Happy Holy Days, Merry Christmas. You've taken the time to

503
00:32:54.759 --> 00:32:59.200
listen to today's show. I thank you. Thank you for

504
00:32:59.240 --> 00:33:04.640
being here and listening and hopefully gaining some knowledge to

505
00:33:04.680 --> 00:33:08.680
help you in your business, whether you're running a small business,

506
00:33:08.680 --> 00:33:12.079
whether you're running a large business, or whether you're running

507
00:33:12.079 --> 00:33:16.799
as an owner operator out there, And thank you for

508
00:33:16.880 --> 00:33:21.400
taking the time to listen here during this holy peak

509
00:33:21.559 --> 00:33:26.119
of Christmas. Solutions two of your tax problems, not just

510
00:33:26.200 --> 00:33:30.400
for truckers or owner operators, but for any business owner,

511
00:33:30.480 --> 00:33:35.279
any individual out there that owes money to the IRS.

512
00:33:35.559 --> 00:33:39.519
First thing I suggest everybody does is get a complete

513
00:33:39.519 --> 00:33:43.880
tax analysis done. Find out why, because your solution to

514
00:33:44.160 --> 00:33:48.440
your problem may not be what everybody thinks. You know, Oh,

515
00:33:48.480 --> 00:33:50.680
we're just going to go I see, we're just going

516
00:33:50.759 --> 00:33:53.640
to do this. We're going to do a payment plan. Now,

517
00:33:54.079 --> 00:33:58.359
get a tax analysis. Maybe it's fixing the problem filing

518
00:33:58.440 --> 00:34:01.400
pass two tax returns and then maybe if you get

519
00:34:01.400 --> 00:34:03.440
them filed and it's all within the last three years,

520
00:34:03.559 --> 00:34:06.279
maybe you get that refund back. Outside of those last

521
00:34:06.279 --> 00:34:10.679
three years, there is no refund. So you get them filed,

522
00:34:11.679 --> 00:34:14.079
maybe the IRS file substitute for returns and you need

523
00:34:14.119 --> 00:34:16.480
to file the actual return and it brings the money

524
00:34:16.519 --> 00:34:20.239
down or zero? Is it out? Hey, there's other solutions

525
00:34:20.480 --> 00:34:22.760
out here. We've got to look at it. Maybe the

526
00:34:22.800 --> 00:34:25.480
statute of limitations is running out, and you can save

527
00:34:25.519 --> 00:34:28.719
yourself a lot of money just by deferring and letting

528
00:34:28.800 --> 00:34:33.159
the statutes run out. Maybe you know it's all the past.

529
00:34:33.239 --> 00:34:34.159
Do returns that you.

530
00:34:34.079 --> 00:34:34.679
Have and filed.

531
00:34:34.800 --> 00:34:37.679
Let's get them filed. Let's find out what you're truly,

532
00:34:38.280 --> 00:34:41.800
get the penalties, get everything going everything against you that

533
00:34:42.159 --> 00:34:46.480
is there, and then set up a solution to the problem.

534
00:34:46.519 --> 00:34:48.159
You're not gonna be able to get a solution until

535
00:34:48.159 --> 00:34:50.599
those returns are filed, so we want to get those

536
00:34:50.599 --> 00:34:56.440
filed as quick as possible. Then you have options. First thing,

537
00:34:56.440 --> 00:35:00.719
I say, seek financial help from a professional to get

538
00:35:00.840 --> 00:35:05.440
you on good financial sound putting. So if you're owner operator,

539
00:35:05.480 --> 00:35:08.360
call Trucker Tax Tools or go to Trucker tax tools

540
00:35:08.519 --> 00:35:11.920
dot com and contract with us. Let us get the

541
00:35:11.920 --> 00:35:14.880
bookkeeping and taxes and everything caught up to date, and

542
00:35:15.039 --> 00:35:19.239
then we can get those returns filed, get all the

543
00:35:19.280 --> 00:35:21.559
stuff you need to get that down to the lowest

544
00:35:21.559 --> 00:35:26.920
amount allowed by law, and let us stop thers in

545
00:35:27.000 --> 00:35:30.679
their tracks from collections. The next thing you need to

546
00:35:30.719 --> 00:35:35.000
do if we can't sit down and say, hey, look,

547
00:35:35.119 --> 00:35:38.159
statutes you're running out. We now got to look for

548
00:35:38.239 --> 00:35:42.079
a complete, good solution. What's that solution going to look like?

549
00:35:42.280 --> 00:35:45.679
When most people sell the pipe dream of offering comromise,

550
00:35:45.719 --> 00:35:48.039
settling for pennies on the dollar, whatever you want to

551
00:35:48.079 --> 00:35:51.559
call it, not everybody qualifies. It's going to depend on

552
00:35:51.719 --> 00:35:56.559
equity in home, what assets you own, what income you

553
00:35:56.639 --> 00:35:58.960
have coming in, what's your neat income. If you're an

554
00:35:58.960 --> 00:36:04.960
owner operator, you know you're got W two income, if

555
00:36:05.000 --> 00:36:07.639
your wife's got income. Those are going to take all

556
00:36:07.679 --> 00:36:10.360
this into account for you and your family. But we

557
00:36:10.440 --> 00:36:13.679
got to be proactive in getting this in place. So

558
00:36:13.840 --> 00:36:17.440
it may be setting up a payment plan for the

559
00:36:17.480 --> 00:36:21.000
back taxes that you owe to the i rs. It

560
00:36:21.119 --> 00:36:25.280
may be doing a partial pay installment agreement to get

561
00:36:25.280 --> 00:36:29.320
through when the statue of limitations is going to run out,

562
00:36:29.519 --> 00:36:33.440
or could be non collectible status because you have just

563
00:36:33.599 --> 00:36:36.320
no income coming in and you can't afford to pay

564
00:36:36.360 --> 00:36:41.199
them anything, and offering compromise might look good at that point,

565
00:36:41.360 --> 00:36:43.800
But maybe you can't afford to do an offering compromise,

566
00:36:44.400 --> 00:36:47.480
then maybe non collectible status is the right way for

567
00:36:47.639 --> 00:36:51.719
you to go. To save you money on your tax

568
00:36:51.800 --> 00:36:55.880
dead that's out there, maybe we can, you know, set

569
00:36:55.960 --> 00:36:59.639
up a partial pay installment agreement over a short term

570
00:37:00.079 --> 00:37:03.519
that pays less than which you will and that may

571
00:37:03.559 --> 00:37:06.920
be the better way of going versus an offering compromise,

572
00:37:07.079 --> 00:37:09.280
because maybe you do make a little bit more money

573
00:37:09.320 --> 00:37:13.960
than you can afford to pay them, because IRS has

574
00:37:13.960 --> 00:37:18.400
strict rules for that offering compromise, and that the income

575
00:37:18.760 --> 00:37:23.559
itself and the way it's spent isn't the way you

576
00:37:23.639 --> 00:37:27.840
spend it. It's way they give you national standards that

577
00:37:27.920 --> 00:37:32.199
you can't exceed. And if you can't exceed those national standards,

578
00:37:32.239 --> 00:37:36.960
but yet your income or your expenditures that are going

579
00:37:37.000 --> 00:37:40.880
out are exceeding the national standards, they're going to make

580
00:37:40.920 --> 00:37:44.400
you come back down to their rules, not your rules.

581
00:37:44.840 --> 00:37:48.039
So if your mortgage payment happens to be let's say,

582
00:37:48.400 --> 00:37:52.360
twenty five hundred a month, and in your area the

583
00:37:52.440 --> 00:37:56.840
national standard is seventeen hundred a month, you're overpaying by

584
00:37:56.880 --> 00:38:01.039
eight hundred dollars a month, and therefore or the IRS

585
00:38:01.119 --> 00:38:04.360
would say, nope, you could pay that to us. Now,

586
00:38:04.400 --> 00:38:06.960
the rules are a little bit more lenient under a

587
00:38:07.000 --> 00:38:10.760
partial pay install them an agreement because they can then

588
00:38:10.880 --> 00:38:14.679
look at it and say, hey, yes, you're more just

589
00:38:14.760 --> 00:38:18.320
higher than national standards, but you can only afford to

590
00:38:18.360 --> 00:38:22.559
pay this of pocket. So hopefully that makes a little

591
00:38:22.599 --> 00:38:27.039
bit of sense. But I mean, if there's ways we

592
00:38:27.079 --> 00:38:30.320
can take care of this penalty reduction, so we can

593
00:38:30.400 --> 00:38:36.639
go in and ask the IRS to remove penalties from

594
00:38:37.280 --> 00:38:41.960
your account, we do that so that it can reduce

595
00:38:42.039 --> 00:38:47.519
the amount of taxes that are Oh so you know

596
00:38:47.719 --> 00:38:50.679
a couple of things. We suggest if you're having problems

597
00:38:50.679 --> 00:38:53.199
with the IRS or having problems with your tax return,

598
00:38:53.679 --> 00:38:57.840
get good bookkeeping. That's the starting point. File your taxes

599
00:38:58.079 --> 00:39:02.159
on time, make your estimated tax payments, and if you

600
00:39:02.400 --> 00:39:05.880
are behind on your filing, catch up on all the

601
00:39:05.920 --> 00:39:09.960
filings that you've missed. So whether it's one year, two years,

602
00:39:10.000 --> 00:39:14.119
three years, seven years, get it done as soon as

603
00:39:14.159 --> 00:39:18.320
possible because the IRS, if you owe, is already putting

604
00:39:18.320 --> 00:39:21.559
steep penalties on you. If they did a return and

605
00:39:21.599 --> 00:39:24.360
filed for you, they didn't file in your best interest.

606
00:39:24.760 --> 00:39:27.840
Did they take every tax deduction? Now they didn't take any.

607
00:39:28.360 --> 00:39:30.800
Maybe they gave you your wife and your kids in the

608
00:39:30.840 --> 00:39:34.519
standard deduction, but they're not figuring depreciation for you. They're

609
00:39:34.559 --> 00:39:37.199
not figuring your expenses for you. They're not figuring any

610
00:39:37.199 --> 00:39:41.920
of that stuff out. So make sure that you are

611
00:39:41.960 --> 00:39:46.000
filing and filing timely, and then you can set up

612
00:39:46.119 --> 00:39:49.519
an installment plan for that year or the year before.

613
00:39:50.760 --> 00:39:55.679
You can make sure that all your deductions are calculated precisely,

614
00:39:56.960 --> 00:39:59.239
because you don't want problems with the irs. You don't

615
00:39:59.239 --> 00:40:02.800
want problems the future that you didn't get every deduction

616
00:40:03.000 --> 00:40:05.840
that they had. It's the way it is. You know,

617
00:40:06.480 --> 00:40:11.800
we suggest that you don't let I R S problems

618
00:40:12.239 --> 00:40:16.320
derail your your work, your business. So if you have

619
00:40:16.360 --> 00:40:19.519
an I R S problem, you need somebody that has

620
00:40:19.559 --> 00:40:23.400
the roadmap to resolving it. The roadmap to the solution

621
00:40:23.760 --> 00:40:28.880
for I R S debt. You know, we had taxation solutions,

622
00:40:28.920 --> 00:40:33.559
dot net tax relief. Taxation solutions, dot net tax relief.

623
00:40:35.039 --> 00:40:38.280
You can get a solution to your problem. So if

624
00:40:38.320 --> 00:40:40.679
you owe the I R S, we want to get

625
00:40:40.679 --> 00:40:43.239
a solution in place. We want to remove penalties where

626
00:40:43.320 --> 00:40:47.079
we can. We want to stop the IRS from taking

627
00:40:47.119 --> 00:40:51.079
everything in your bank account with their bank levy, their

628
00:40:51.119 --> 00:40:56.880
wage garnishments. We need to stop them in their tracks today.

629
00:40:57.199 --> 00:41:00.800
So give them a call. Let us put a solution

630
00:41:01.000 --> 00:41:05.880
in place for you so that you don't have to

631
00:41:05.960 --> 00:41:12.840
worry about the irs, especially during these days around Christmas

632
00:41:13.239 --> 00:41:17.440
going into New Year. You need a solution and that

633
00:41:17.639 --> 00:41:22.400
is Taxations Solutions dot Net with the solution, So give

634
00:41:22.480 --> 00:41:25.800
us a call. You can reach Taxation Solutions and truck

635
00:41:25.840 --> 00:41:30.039
or tax Toles eight seven seven nine nine six two

636
00:41:30.159 --> 00:41:33.320
four seven seven again eight seven seven nine nine six

637
00:41:34.199 --> 00:41:37.239
seven seven. Hey again, I just want to say thank

638
00:41:37.280 --> 00:41:40.039
you for tuning in and listening today here on W

639
00:41:40.159 --> 00:41:45.639
fourcy dot com Radio, and we're glad to have you.

640
00:41:45.920 --> 00:41:49.440
I hope you're having a very happy beginning to this

641
00:41:49.519 --> 00:41:54.159
wonderful week of some of the most holy days. So

642
00:41:54.400 --> 00:41:58.840
happy Holy Days, Merry Christmas to Paul. We don't take

643
00:41:58.880 --> 00:42:07.280
this lightly. We enjoy and embrace this season, this wonderful

644
00:42:07.519 --> 00:42:13.280
holiday season here that we celebrate the birth of our

645
00:42:13.360 --> 00:42:18.440
Lord and Savior, and take a moment say a few

646
00:42:18.480 --> 00:42:22.880
prayers for your family if you're listening, say a few

647
00:42:22.920 --> 00:42:25.000
prayers for those truckers that's still going to have to

648
00:42:25.039 --> 00:42:29.440
be on the road over Christmas and not be at home,

649
00:42:29.639 --> 00:42:33.960
or the families away, people away from their families. Say

650
00:42:34.000 --> 00:42:37.719
a prayer for our military, those people that are stationed

651
00:42:37.880 --> 00:42:42.719
overseas and away from their families and people that have

652
00:42:42.840 --> 00:42:49.079
to be away, you know, protecting us our first responders, firefighters,

653
00:42:49.360 --> 00:42:54.320
police officers who are out there electing to serve you

654
00:42:54.440 --> 00:42:58.559
and in our own communities. They need our prayers as

655
00:42:58.679 --> 00:43:04.679
well for them and their families. As always, what we

656
00:43:04.840 --> 00:43:08.119
tell you is enjoy this week. Every week is a

657
00:43:08.119 --> 00:43:13.480
gift from God, So God bless you have a wonderful,

658
00:43:14.280 --> 00:43:19.360
blessed and glorious merry Christmas. We will be back next

659
00:43:19.360 --> 00:43:23.639
week Monday, ten am Eastern time right here n W

660
00:43:23.840 --> 00:43:27.480
four Cy Radio. If you're connected with us on Facebook,

661
00:43:27.559 --> 00:43:31.000
at truck or tax Tools or Taxation Solutions, tax Relief

662
00:43:31.400 --> 00:43:35.400
that you can see these videos pop up. You can

663
00:43:35.400 --> 00:43:38.400
go back to all of our podcasts at tax Talk

664
00:43:38.559 --> 00:43:42.320
for You dot com again, that's tax Talk for You

665
00:43:42.559 --> 00:43:45.119
dot com, or you can find them on all the

666
00:43:45.199 --> 00:43:50.519
major podcast sites like iHeart, Spotify, you name it. We'll

667
00:43:50.559 --> 00:43:53.400
be back next week. Have a guid, blessed and glorious week,

668
00:43:53.440 --> 00:43:56.159
and we'll see you next Monday, ten am Eastern timeline

669
00:43:56.159 --> 00:43:57.239
Tax Talk for You.

670
00:43:58.599 --> 00:44:01.760
Are you an individual is us that wants to understand

671
00:44:01.840 --> 00:44:05.199
taxes and how they affect you Are you looking for

672
00:44:05.280 --> 00:44:10.679
specific tax advice for self employed business owners and truckers?

673
00:44:11.239 --> 00:44:15.320
Are you behind on taxes and your bookkeeping? Are you

674
00:44:15.440 --> 00:44:19.440
dealing with dirs and ready to have some relief, Then

675
00:44:19.519 --> 00:44:23.199
you need Tax Talk for You, hosted by tax and

676
00:44:23.280 --> 00:44:25.280
trucker expert Barry g.

677
00:44:25.559 --> 00:44:26.719
Fouer EA.

678
00:44:26.840 --> 00:44:30.639
Tune in ten am Eastern Time every Monday right here

679
00:44:30.679 --> 00:44:34.559
on W FOURCY Radio and Talk for TV. Don't forget

680
00:44:34.559 --> 00:44:39.199
to check this and past episodes at tax TALKFORU dot com.

681
00:44:39.679 --> 00:44:45.000
See you next week at W fourcy dot com