Nov. 12, 2024

Trump Win Now what for Taxes

Trump Win Now what for Taxes

Trump wins Election! What does this mean for taxes. Trump tax cut. No Tax on social security, No tax on Tips, No tax on Overtime. How to fix government, social security and taxes. Lower Tax balance budget and term limits. Stop the IRS IRS tax debt IRS...

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Trump wins Election! What does this mean for taxes. Trump tax cut. No Tax on social security, No tax on Tips, No tax on Overtime. How to fix government, social security and taxes. Lower Tax balance budget and term limits. Stop the IRS IRS tax debt IRS help

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests, and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax Talk for you right here

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on W four.

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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.

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With over thirty years of experience.

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Barry will break down taxes, book keeping, tax planning, and

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tax relief for individuals and businesses just like you.

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So let's have some tax Talk for you with your hosts.

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Barry G.

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Foul Hey, welcome to tax Talk for you.

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Hey, check us out at tax TALKFORU dot com. Subscribe

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there you know here today Veterans Day. You know, we

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take a few moments to pause honor the brave men

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and women who have put their.

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Lives on the line to defend.

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Our freedoms, the freedoms we cherish here in the United States.

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You know, it's not just a holiday.

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You know, it's a reminder of the sacrifices that these

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brave men and women are veterans put on them, put

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themselves out there for us to allow us to live

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our everyday lives and the freedoms that we have. It's

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about remembering those soldiers who left home facing the unknown,

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miss their families and their family gatherings, maybe watch their

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children's birthdays and birthday parties, and you know, face unguidly

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challenges out there just for the love of our country,

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and so we should take the time to remember them

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and give thanks. We have a lot of good friends

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both at our truckers and veterans personal friends of mine

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who sacrifice their family to be out there and to

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defend our freedoms. Michael a dear friend of ours. You know,

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he's a veteran. He put his life out there. He

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came back with some injuries, and you know we appreciate

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we help him wherever we can and take care of

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and honor his sacrifice and his services, and you know

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many others that we have known throughout the years and

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been friends with over the years that have put their

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lives out of hold just to make this sacrifice for

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us and our country. So you know, again, if you

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see a veteran out there, you know, tell them thank you.

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And it doesn't have to be here on Veterans Day,

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only any day you see somebody in the military, thank

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them for their service. These are men and women who

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are stopping everything to get out there and protect years

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and my freedoms and freedoms for our children and our grandchildren.

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You know, here today we get to actually talk about

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something that you know, it kind of excites.

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Me because we're getting a new administration.

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And yes it's an old one Trump coming back, but

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the possibility of all the tax cuts. We had no

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idea where we were going to be heading after twenty

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twenty five with the tax and what was going to

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happen with the tax policy. The current administration wanted to

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get rid of the tax policy that we are living

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under currently and go back to what we had back

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in twenty seventeen.

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Because these Trump tax.

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Cuts that took effect expire at the end of twenty

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twenty five. Now we're expecting with Congress coming in both

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the House and the Senate and President Trump that the

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twenty twenty seventeen tax cuts, hopefully they will come in

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and make those permanents, so we won't live under a

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temporary tax policy, but we'll actually live under a known

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tax policy that we have currently. And so that was

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the Tax Cuts and Jobs Act of twenty seventeen, and

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you know, it lowered the individual tax rates, It set

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a higher standard to duck, gave us higher child tax credits,

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It put a cap on deducting state and local taxes.

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It gave a larger lifetime.

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A state and gift tax exemption, and all those we're

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going to be slated to end. So now we're hoping

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that Conmerse will come in and do this and put

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this in and make this a permanent part of the

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tax code, not just temporary. So you know what we're

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looking at at the moment. We look at the standard deduction.

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The standard deduction is for single for twenty twenty four

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is going to be fourteen thousand, six hundred. If you're married,

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finally jointly, it's twenty nine thousand, two hundred, and if

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you're head of household, it's twenty one thousand, nine hundred.

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Now you can choose to deduct the standard deduction or

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the itemized.

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The reason you choose itemized is.

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You're going to be able to get over the standard

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amount and the standard deduction. So if you're single and

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with and you bought a house recently in the higher

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interest rates and everything, you might between your interest deduction,

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your state in local tax deduction, and charitable deductions, you

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just might get over that standard deduction of fourteen thousand,

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six hundred. And it's the same with Mary finally, joint,

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you know, if you're going to itemize, you've got to

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get over that. So you know, if you're very charitable

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and you give a lot of money to charity, that

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will be a.

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Big hurdle for you to.

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Get over and get that as an itemized deductions. But

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combined with your mortgage interest in properly property taxes and

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stayed in local taxes, you might get over that twenty

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nine thousand, two hundred. So you've got to take a

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look at it for your situation. And then the standard

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deduction also is going to bump you up, So if

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you're at least sixty five or blind, you can claim

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an additional standard deduction of one nine and fifty dollars

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if you're using single or at a household filing status.

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If you're both sixty five and blind, the additional deduction

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amount is doubled. So keep those things in mind because

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it gives you a little bit more of an advantage

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out there. So with those things in mind, you know,

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you've got to really sit down and look at it.

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You know, what's your filing status, how old are.

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You, what is your standard deduction versus itemized seductions? And

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every good tax preparer out there should be looking at

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this across the board for every person that they prepare taxes.

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So if you've got mortgage interest and property taxes and

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charitable contributions both cash, you know, and if you're making

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donations of non cash items, both of those count towards

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getting to the itemized deductions to get over your standard deduction.

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But you got to take a look at that now.

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To be honest, there are a lot of people that

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don't qualify because they're still under low interest rates and

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maybe they don't give very much to charity or a

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lot less. I mean, everybody's world is different, so you know,

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you've got to get over that standard deduction amount, so

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you take a look at it. It's not something that

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everybody gets out there and is able to do. Now,

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one of the other benefits of the Trump tax cuts

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was the child tax credit. So the child tax credit

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increased under the Trump tax laws, and you know, there

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were forty million families nationwide each year uses to help

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offset some of the costs for raising children. Now you

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get a two thousand dollars credit for each child that's

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under seventeen.

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The government acts as if.

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If you're seventeen or eighteen, it doesn't cost you that

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much to raise your child, so you don't get the

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child tax credit. I've never understood that. I don't know

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anybody understands that sometimes those seventeen and eighteen year olds

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costs me more than when they were, you know, thirteen,

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fourteen or fifteen. You know they started driving. Now all

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of a sudden, you've got more insurance, you've got more

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vehicle costs, and vehicle insurance isn't cheap once you get

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another driver out there. So you know, I've never understood

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why the child tax credit stops there.

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But if they are seventeen.

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Or older, you do get five hundred dollars credit for

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each one of them, and that goes for you know,

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other dependence too, So full time students nineteen through twenty

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four you'll be able to get that five hundred dollars

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credit as well. Now, we're expecting a lot of this

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to stay in place with the new Congress out there.

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You know, we're trying to find, you know, what's going to.

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Change based on you know, how Trump ran for reelection

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and what his promises are, and you know, as you're

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sitting down and looking at this, how it's going to

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affect you and your family in twenty twenty five and beyond.

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And hopefully some of the changes that Trump was looking

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at doing is going to come into play in twenty

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twenty four with Congress being they'll make it retroactive, but

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at the very least it's going to be in twenty

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twenty five. We see a lot of changes coming up

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for there. One of the other big advantages and we're

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going to talk about this a little bit and how

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this works in your favor as an American citizen and

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for families out there, is taking advantage of the lifetime

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of state and gift tax exemption. Also why you can

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and what Trump did under the twenty seventeen Trump tax

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laws that helped you or your family when you're passing

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in a state along and we will talk about that

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right after this quick break.

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We have only scratched the surface of place show. Please stays.

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Barrygfowler will be right back with tax talk for you.

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away from your family. Trucker Tax Tools handles all your

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dot com now and let.

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The experts keep you trucking.

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Let's get back to tax stock for you with more

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tax stock once again, here's your host, Barrygfower.

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Hey, welcome back. You know when I talk at truck

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to Success. It's a semin are put on by Owner

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Operator Independent Drivers Association, you know, talking to truckers and

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we get into the nitty gritty of taxes and how

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to save money on taxes. But we always talk about

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what's coming up in tax laws, and we talk about

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you know, politicians, we talk about celebrities, we talk about

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people that are rich, and.

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And we talk about you know, tax planning. One of

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the things that I really hit home.

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For is, you know, every politician I've ever known has

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never found a tax that they didn't like and finding

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ways to tax people. Now, you know, conservatives are more

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of hey, lower the tax rates is going to generate

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more economic boom and more to the economy. But you know,

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they still got to bring in the tax money to

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pay for the things that the government is supposed to

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do for us, and even pay for the things the

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government shouldn't be doing for us. But that's that's another

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topic for later in this that we'll get on my

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soapbox and be able to explain my philosophy and my thoughts.

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But give tax and a state tax, you know, this

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is taxing money that's already been taxed maybe once, maybe twice,

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maybe three times, and maybe even more. And so you know,

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when we deal with family businesses and passing the businesses

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on from one family member to another, or passing a

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family ranches.

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Or farms or.

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Just the estate for most families, if you're going to

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tax it, and you're going to tax close to you know,

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forty fifty. And then depending on whether you're in a state,

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you know, in what state you're in, you may get

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a state tax as well. But passing on family land

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even becomes very very expensive. But you know, luckily, under

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the Trump tax cuts in twenty seventeen, you're able to

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pass on about twelve thousand, nine hundred dollars nine hundred

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twelve million, nine hundred thousand dollars of state.

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Money to your family. So you can pass that down.

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Now, not everybody's going to hit it, but sometimes you

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do hit that just because the value of your land

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or the value of your business might get you to there.

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One thing that you can do if you have that

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kind of money, or if you're trying to maybe help

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your your child or grandchild or even great grandchild out,

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you do have some annual gift limits, and for twenty

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twenty four it's eighteen thousand dollars that you can give

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to a family member individual that's going to go to

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them and they're not have to file a gift tax

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return for But if you're married, then it can go

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up to thirty six thousand. Now the nice part is

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is you can give you eighteen thousand to let's say

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your daughter in eighteen thousand to your son in law,

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and then your spouse can do the same thing, and

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so there would be amount up to seventy two thousand.

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And that's money that you can pass through to family

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00:16:40.080 --> 00:16:43.120
that you know you don't have to file that gift

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tax return to do it.

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So you know, keep those kind of things in mind.

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If we're looking to pass money through down to the generations,

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this one way of doing it. Twenty twenty five, it's

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going to go to nineteen thousand, and the state limit

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00:17:04.880 --> 00:17:08.000
is going to go up to thirteen point six one

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million or thirteen point ninety nine million twenty twenty five.

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So there are some great limits out there. Now, what

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is Trump going to do? So when we look at

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what Trump's.

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Going to do, you know.

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Trump wants to drip taxes on businesses US businesses.

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Now, the one thing you got to understand.

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People say, hey, tax business, tax business, tax business. Well,

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businesses still have to get a certain rate of return.

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When you're in business, you're in business to make money,

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not just for the pay of the employees, but to

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give a rate of return to your investors. And so

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if you are Exon, you are Walmart, you are Family Dollar,

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whatever you are out there in business, even you know

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small mom and pop, You've got to make a certain

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amount of money. And the only way you can do

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that is to charge a certain rate that's going to

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give you that kind of return on the goods or

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services that you provide. Now, if the government comes in

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and increases your taxes by ten percent, where's that money going.

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To come from.

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Well, most people think that money is going to come

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right out of the business. Well, the business still has

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to provide a way to return. The business still needs

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to provide mom and pop a certain amount of money

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to make ends meet. Yes, I could fire somebody and

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pay the taxes. That's one last person working, but we

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need that person working to provide the services to the

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people that were providing services or goods too. So now

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I've got an increase the price of the product that

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I am providing by more than ten percent. See, it

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wasn't a tax on the business. It was a tax

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on the consumer disguised as a tax on the business. Hey,

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have you ever looked at the actual taxes in fuel

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00:19:32.319 --> 00:19:35.759
tax at the pump? You have your state taxes, you

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00:19:35.799 --> 00:19:40.599
have your fuel federal fuel taxes, and then you have

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00:19:40.720 --> 00:19:44.839
the actual costs of the gasoline. So if that tax

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was roughly forty five cents out of every gallon of gas,

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government's taking the money still from you. You just don't

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see it because embedded into the price of that gasoline

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00:20:01.799 --> 00:20:05.640
that you just purchased at the pump. See, big business

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00:20:05.680 --> 00:20:07.920
didn't pay it. They just collected it.

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And remitted it to Uncle Sam.

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So they're out there collecting their money. So Trump has

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talked about a lot of different things. So he's proposed

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some changes in going to a couple of individual tax

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rates being fifteen and thirty percent. That thirty percent would

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start at one hundred and seventy thousand, fifteen percent maximum

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00:20:38.880 --> 00:20:41.279
long term capital gains tax rate.

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They will have. What he wants to do is give.

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An annual inflation indexing of capital gains.

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So these are some of the ideas.

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00:20:52.839 --> 00:20:57.880
That are being floated out there for Trump tax cuts.

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So you know, it's things like that that's you.

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Know, it could be a good thing for you or

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I to see that there'd be less tax brackets out there,

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but there's no guarantee that that's where they're going to go.

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In these Trump tax cabits. Now.

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Trump is also talked about getting ready of taxies on

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Social Security.

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Great idea.

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People sixty five and older, people that are on so

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00:21:33.200 --> 00:21:34.880
Security need that money to live on.

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It is not.

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Enough money to live on day to day, week to week,

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year to year, and it doesn't keep up with.

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Inflation as well.

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So if that is your only fallback is social Security,

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00:21:51.759 --> 00:21:55.119
getting that money normally would be tax free anyway because

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you don't have any other income. But if it allows

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you to go out and get a part time job

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00:22:00.480 --> 00:22:04.759
to supplement that and keep solid Security tax free, that's

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00:22:04.759 --> 00:22:08.720
even better for you and I getting out and continuing

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to work.

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In retirement.

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Even if it's on a part time basis, and keeping

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Social Security tax free.

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So that is a good thing. You know, he's talked

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about doing no tax on tips.

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You know, that could be a good thing, But again,

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and you know, you've got to look at where people

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are in earning income on tips and tipped employees. They're

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00:22:40.319 --> 00:22:44.000
making very little usually if they're a restaurant to a worker,

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00:22:44.640 --> 00:22:49.200
they make very little hourly and rely on tips that

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00:22:49.240 --> 00:22:52.400
are out there. There should be still some kind of

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00:22:52.480 --> 00:22:56.559
base in there. Not sure how he's going to implement

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making tips tax free and what's already not disclosed because

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00:23:06.160 --> 00:23:10.599
certain restaurants are only required to put in a certain

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00:23:10.640 --> 00:23:14.440
percentage of for tips, and who knows what people keep

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on a cash basis, if cash is still used out

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00:23:18.400 --> 00:23:24.279
there for tips. So you know, we take a look

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at those things, and you know, after we come back

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from this break, we're going to talk about what they're

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talking about doing for the child tax credits as well

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with the new possible Trump tax laws going forward, and

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we'll talk about that right after this.

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

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00:23:48.799 --> 00:23:52.000
stand by as Barry G. Fowler will be right back

355
00:23:52.160 --> 00:23:57.359
with tax talk for you. If you own the I

356
00:23:57.519 --> 00:24:00.359
R S or are going through an I R S audit,

357
00:24:00.759 --> 00:24:01.880
don't go at it alone.

358
00:24:02.200 --> 00:24:04.720
Call Taxation Solutions Tax.

359
00:24:04.440 --> 00:24:08.240
Relief at eight eight eight nine three zero one zero

360
00:24:08.359 --> 00:24:13.319
one six. We are your solution for IRS debts, audits,

361
00:24:13.720 --> 00:24:19.160
back taxes, garnishments, leans and levees. Whether you're an individual

362
00:24:19.240 --> 00:24:23.480
or business, you need a solution and a strong aggressive

363
00:24:23.640 --> 00:24:27.599
tax resolution. Don't let the irs walk all over you.

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00:24:27.880 --> 00:24:31.680
Stop the irs now call eight eight eight nine three

365
00:24:31.839 --> 00:24:36.640
zero one zero one six or go to Taxationsolutions dot

366
00:24:36.759 --> 00:24:45.240
net now for a free no obligation consultation. Let's get

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00:24:45.279 --> 00:24:48.319
back to tax stock for you with more tax stock

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00:24:48.880 --> 00:24:49.480
once again.

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Here's your host, Barry G. Fowler.

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Hey, welcome back.

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You know, we're talking a little bit about Trump tax laws,

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or the future Trump tax laws as they may be

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saying and looking at.

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We have seen where.

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Republicans in Congress have already introduced some legislation to eliminate

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taxes on tips and stuff. Whether that strategy is going

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to work and go forward, I don't know. Probably gonna

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00:25:27.519 --> 00:25:31.799
have to wait till next year to get those things

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in place. And what's going to be the mechanics and

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00:25:35.240 --> 00:25:37.079
mechanisms behind.

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It that will help reduce those taxes.

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00:25:44.359 --> 00:25:48.920
Now, one of the big things that Trump and his

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00:25:49.839 --> 00:25:54.759
Vice president pick JD. Vance was talking about giving a

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00:25:54.960 --> 00:25:58.400
higher child tax credit of five.

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Thousand per chi child.

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00:26:02.960 --> 00:26:06.359
So that's a two hundred and fifty percent increase from

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00:26:06.440 --> 00:26:11.400
the current two thousand per per child per child tax credit.

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00:26:12.200 --> 00:26:19.200
It could go a long way to helping families with children.

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00:26:19.480 --> 00:26:21.920
And I'm sure there's going to be a phase out

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00:26:22.039 --> 00:26:27.559
in the phase out is not anywhere anybody likes because

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00:26:27.759 --> 00:26:31.240
a married filing joint, that phase out could be around

392
00:26:31.240 --> 00:26:34.839
two hundred and fifty thousand dollars. The other question would

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00:26:34.880 --> 00:26:38.720
be is this a refundable credit? So when they have

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00:26:38.799 --> 00:26:42.400
refundable credits means that you know, is it going to

395
00:26:42.400 --> 00:26:45.160
pay back to you whether or not you have any

396
00:26:45.279 --> 00:26:50.680
taxes to offset with this credit out there? So what

397
00:26:50.839 --> 00:26:55.839
part is the redistribution of wealth so to say, where

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00:26:55.880 --> 00:27:02.519
we're taking from one group and giving to another with

399
00:27:02.559 --> 00:27:08.720
this child tax credit. So we've got to look at

400
00:27:08.720 --> 00:27:10.559
that and see how the impact is going to be

401
00:27:10.680 --> 00:27:12.640
on that, how much of a benefit it is to

402
00:27:13.759 --> 00:27:18.880
people with children, and where that phase out is going

403
00:27:19.079 --> 00:27:21.400
to be, because you know, as they say, they want

404
00:27:21.440 --> 00:27:26.240
to make sure everybody taxes the rich, and talking to

405
00:27:26.319 --> 00:27:29.759
a lot of people that nowadays, you know, whether you're

406
00:27:29.799 --> 00:27:32.599
making one hundred thousand or two hundred thousand, it doesn't

407
00:27:32.599 --> 00:27:38.599
seem like you're making ends meet. Either people don't seem

408
00:27:38.640 --> 00:27:40.319
to understand that and can't relate.

409
00:27:40.440 --> 00:27:41.079
They think that.

410
00:27:41.119 --> 00:27:46.160
Other person is always richer from them, and let's tax them. Hey,

411
00:27:46.160 --> 00:27:49.160
why don't we get this down to where we're taxing

412
00:27:49.279 --> 00:27:55.000
less and growing the economy. Now, one of the other

413
00:27:55.079 --> 00:28:00.799
things that Trump has proposed is to benefit fit workers

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00:28:00.839 --> 00:28:05.200
that are on overtime pay, and he said he supports

415
00:28:05.279 --> 00:28:06.799
making overtime pay.

416
00:28:08.079 --> 00:28:10.000
Non taxable.

417
00:28:10.960 --> 00:28:16.000
Don't know the mechanisms beyond that, but it would be

418
00:28:16.200 --> 00:28:20.759
a good, good thing and lower the burden of taxes. Now,

419
00:28:21.160 --> 00:28:24.279
hopefully that means not taxing it for Social Security and

420
00:28:24.319 --> 00:28:27.880
medicare as well, So it just it doesn't just lower

421
00:28:27.880 --> 00:28:31.119
the burden on federal income tax, but lowers the burden

422
00:28:31.240 --> 00:28:37.359
on Social Security and medicare on that and maybe an

423
00:28:37.359 --> 00:28:43.759
incentive for small businesses to have the more overtime for

424
00:28:43.880 --> 00:28:46.440
their employees because they wouldn't have to pay that extra

425
00:28:46.599 --> 00:28:51.680
sevent and a half percent of those earnings for Social

426
00:28:51.720 --> 00:28:56.119
Security and medicare as the employer match that's out there.

427
00:28:59.640 --> 00:29:02.880
You know, when we sit down and we talk about this,

428
00:29:02.880 --> 00:29:08.000
this is all things that are proposed. We're going to

429
00:29:08.119 --> 00:29:12.920
see where this heads, you know, over the next you know,

430
00:29:13.160 --> 00:29:19.119
six months, twelve months as we go through Trump presidency

431
00:29:20.200 --> 00:29:26.759
and be able to look at it for small businesses

432
00:29:27.519 --> 00:29:33.359
on how this will benefit you and help make you

433
00:29:33.440 --> 00:29:39.480
more profitable by continuing to pay less in taxes or

434
00:29:39.599 --> 00:29:42.799
reducing the tax burden of running your business.

435
00:29:44.000 --> 00:29:46.359
So the tax burden is twofold.

436
00:29:46.400 --> 00:29:49.480
It's not just the tax rate that you're going to

437
00:29:50.279 --> 00:29:55.720
have in your small business, but it's also the paperwork

438
00:29:56.119 --> 00:30:01.400
that's involved in maintaining that small business, some meeting in.

439
00:30:02.799 --> 00:30:04.279
The tax code that's out there.

440
00:30:04.319 --> 00:30:07.079
So if you are running a small business and you

441
00:30:07.160 --> 00:30:09.599
have employees, not only do you have to pay the

442
00:30:09.720 --> 00:30:12.119
Social Security and Medicare, but you also got to take

443
00:30:12.160 --> 00:30:15.279
Social Security and Medicare out of your employees check. And

444
00:30:15.440 --> 00:30:18.720
you've got to calculate the withholding rate the correct.

445
00:30:18.400 --> 00:30:19.400
Way as well.

446
00:30:20.039 --> 00:30:22.960
And then you've got to file your nine forty ones

447
00:30:22.960 --> 00:30:27.119
every quarter. You've got to file your unemployment forms every quarter.

448
00:30:27.200 --> 00:30:31.599
You've got to file your state payroll forms every quarter,

449
00:30:33.359 --> 00:30:36.599
and you've got to remit the taxes. Whether it's weekly,

450
00:30:37.920 --> 00:30:43.160
whether it's monthly, whether it's quarterly, depends on your business

451
00:30:43.200 --> 00:30:44.119
and how many.

452
00:30:43.960 --> 00:30:49.400
Employees you have and how much you're paying out every week.

453
00:30:49.759 --> 00:30:52.200
Where every two weeks, depending on when your payroll is,

454
00:30:53.440 --> 00:30:56.279
we'll dictate how you're going to pay those taxes in

455
00:30:57.720 --> 00:31:01.240
Now we see a lot of times in and small businesses,

456
00:31:01.319 --> 00:31:06.480
so a taxation solutions tax relief. We see problems for

457
00:31:06.559 --> 00:31:10.559
small businesses across the board when they're dealing with payroll taxes,

458
00:31:12.279 --> 00:31:16.720
not filing the forums timely, not paying the payroll taxes.

459
00:31:18.359 --> 00:31:21.960
And once you do that, now you set yourself up

460
00:31:22.039 --> 00:31:32.160
for big, big trouble, and that trouble will compound interest

461
00:31:32.279 --> 00:31:35.960
in penalties, and if you ignore it long enough, it

462
00:31:36.000 --> 00:31:38.720
may even get down towards trust fund penalties where they're

463
00:31:38.759 --> 00:31:43.839
actually assessing those penalties against you personally, not just against

464
00:31:43.839 --> 00:31:48.039
the business, and coming after you to collect for the

465
00:31:48.079 --> 00:31:50.759
trust fund. Now, the trust fund part of the taxes

466
00:31:50.839 --> 00:31:54.240
is the amounts that you withhold from your employees checks.

467
00:31:55.119 --> 00:31:57.319
So that's seven and a half percent of Social Security

468
00:31:57.359 --> 00:32:02.759
and medicare that federal come taxes you with help those.

469
00:32:03.519 --> 00:32:06.680
You can be a trust fund tax penalty for for

470
00:32:06.880 --> 00:32:10.319
not paying that money in which was your employee ease

471
00:32:10.519 --> 00:32:14.279
money that you were supposed to take out for safe

472
00:32:14.400 --> 00:32:20.279
keeping and pass to the I R S. So you

473
00:32:20.440 --> 00:32:24.400
want to make sure you're really on top of your

474
00:32:24.440 --> 00:32:27.880
payroll and your payroll taxes. Now, the one thing, you know,

475
00:32:27.920 --> 00:32:30.119
we've we've had people come to us and ask us, hey,

476
00:32:30.160 --> 00:32:33.960
do you do payroll and can you do our payroll

477
00:32:34.000 --> 00:32:39.680
for us? And yes, we can. Whatever service you choose,

478
00:32:41.279 --> 00:32:46.440
it's worth it, okay. So one thing you want to

479
00:32:46.480 --> 00:32:49.200
make sure of that it's going to be an automated

480
00:32:49.240 --> 00:32:52.480
service so that it's going to get done whether you

481
00:32:52.599 --> 00:32:56.720
have your hands in it or not. It's you know,

482
00:32:56.799 --> 00:32:59.039
going to have some kind of guarantees behind it.

483
00:33:00.480 --> 00:33:01.759
You know, as long as you have the.

484
00:33:01.720 --> 00:33:04.720
Money in the account and they can take the money

485
00:33:04.759 --> 00:33:10.200
and pay your payroll taxes and be deposited.

486
00:33:09.599 --> 00:33:12.480
Over there, that you're going to know that the.

487
00:33:12.440 --> 00:33:14.640
Forms are going to get filed correctly, the forms are

488
00:33:14.640 --> 00:33:16.759
going to get done because let me tell you this,

489
00:33:17.359 --> 00:33:20.680
I've had somebody tell me, hey, it's thirty dollars a

490
00:33:20.720 --> 00:33:26.319
month for payroll for somebody maybe a month or whatever.

491
00:33:26.400 --> 00:33:29.720
It's too high. Three hundred and sixty dollars a year.

492
00:33:32.480 --> 00:33:36.400
Well you make one mistake. Well, they're went here three

493
00:33:36.480 --> 00:33:39.519
hundred and sixty dollars savings that you didn't want to

494
00:33:39.559 --> 00:33:44.400
pay for payroll. You're now paying maybe ten times that

495
00:33:45.599 --> 00:33:49.519
thirty six hundred to fix your tax problem, or that

496
00:33:49.599 --> 00:33:54.559
tax problem became compounded. Now not only are you paying

497
00:33:54.559 --> 00:33:56.880
a service fee to fix it, but you're paying the

498
00:33:56.960 --> 00:34:03.759
government penalties and interest and then rest fund recovery penalty. Guys,

499
00:34:05.000 --> 00:34:08.880
if you're in a small business, get a payroll service. Get

500
00:34:09.039 --> 00:34:12.079
somebody that's going to handle your payroll for you so

501
00:34:12.199 --> 00:34:16.719
you don't fall into trouble with the.

502
00:34:16.719 --> 00:34:19.800
I R S. Hey. One of the fun parts about

503
00:34:19.840 --> 00:34:23.480
this show. And I tell people, and I talk to

504
00:34:23.519 --> 00:34:26.639
people all the time, and people ask me, you know, hey,

505
00:34:26.639 --> 00:34:27.320
what would you do?

506
00:34:29.199 --> 00:34:31.920
Well, first off, I'm not a politician, never wanted to

507
00:34:31.920 --> 00:34:35.440
be a politician. I'm not running for office locally, nationally,

508
00:34:35.639 --> 00:34:39.800
or any way. So don't look to vote for me,

509
00:34:40.320 --> 00:34:44.159
and I'm not asking for any votes. But I have

510
00:34:44.239 --> 00:34:46.559
a lot of fun talking to people about what I

511
00:34:46.599 --> 00:34:47.199
would do.

512
00:34:49.880 --> 00:34:51.360
If I was king.

513
00:34:52.559 --> 00:34:54.400
And I laugh about that because I know we don't

514
00:34:54.440 --> 00:34:56.840
have a king here, we have a president. One of

515
00:34:56.880 --> 00:34:59.480
our former presidents kind of I felt like, he, you know, hey,

516
00:34:59.519 --> 00:35:01.119
you got to let it felt like you were king.

517
00:35:01.159 --> 00:35:04.079
You did everything executive order. I wish I could do that,

518
00:35:05.440 --> 00:35:06.920
but you can't.

519
00:35:06.960 --> 00:35:07.239
Do that.

520
00:35:09.199 --> 00:35:12.280
But I can rant, I can have a soapbox. I

521
00:35:12.280 --> 00:35:16.239
can tell you how to fix security, how to fix

522
00:35:16.280 --> 00:35:21.440
this government in a very short period of time, and

523
00:35:22.320 --> 00:35:29.800
have every Connors Senator on board fixing it if we

524
00:35:29.960 --> 00:35:33.960
just make a few changes to our government. Hey, you

525
00:35:33.960 --> 00:35:36.199
want to know what that is? You got to stay

526
00:35:36.239 --> 00:35:38.239
tuned and come back right after this break.

527
00:35:40.360 --> 00:35:44.000
We have only scratched the surface of today's show. Please

528
00:35:44.039 --> 00:35:47.559
stand by as Barry GEF Fowler will be right back with.

529
00:35:47.760 --> 00:35:48.840
Tax talk for you.

530
00:35:51.559 --> 00:35:54.880
As an owner operator, you already spend too much time

531
00:35:54.920 --> 00:35:55.960
away from your family.

532
00:35:56.519 --> 00:35:58.559
Stop spending time doing pay for work.

533
00:35:59.039 --> 00:36:02.039
Go to truck or tech tools dot com a solution

534
00:36:02.239 --> 00:36:06.519
filled specifically for truckers. Trucker tax tools dot Com makes

535
00:36:06.559 --> 00:36:12.800
your life run smoothly. Let's get back to tax talk

536
00:36:12.880 --> 00:36:15.880
for you with more tax stock once again.

537
00:36:16.360 --> 00:36:21.360
Here's your host, Barry G. Fallom.

538
00:36:21.599 --> 00:36:22.440
Hey, welcome back.

539
00:36:22.480 --> 00:36:24.559
You know I'm gonna tell you, Hey, this is my

540
00:36:25.239 --> 00:36:28.119
soapbox time and this is the fun one.

541
00:36:29.679 --> 00:36:29.880
You know.

542
00:36:30.800 --> 00:36:36.079
I've loved this quote that I had read out there

543
00:36:36.400 --> 00:36:40.480
and had seen and I want to tell you back

544
00:36:40.599 --> 00:36:45.280
in I think it was in the seventeen hundreds. Betterment

545
00:36:45.360 --> 00:36:51.840
Franklin basically came out and said, when voters figure out

546
00:36:51.960 --> 00:36:55.000
they can vote themselves money, it's the end of government.

547
00:36:55.039 --> 00:36:59.840
Now I'm paraphrasing, okay, But when you listen to politicians

548
00:37:00.039 --> 00:37:02.599
out there is what can I give you to make

549
00:37:02.639 --> 00:37:03.320
you vote for me?

550
00:37:03.400 --> 00:37:07.840
What can I give away to vote for me? Now?

551
00:37:07.840 --> 00:37:10.480
I'm a conservative person, and you know one of my

552
00:37:10.639 --> 00:37:12.880
favorite presidents was actually John F.

553
00:37:12.960 --> 00:37:13.320
Kennedy.

554
00:37:13.360 --> 00:37:16.280
It's, you know, as not what your country can do

555
00:37:16.400 --> 00:37:18.280
for you, but what you can do for your country.

556
00:37:18.280 --> 00:37:22.840
And today being Veterans Day, veterans gave a lot to

557
00:37:22.920 --> 00:37:28.920
this country, and we own a lot for the sacrifices

558
00:37:29.039 --> 00:37:31.599
that they make to protect yours and my freedom and

559
00:37:31.599 --> 00:37:33.760
in my freedom to actually sit here.

560
00:37:35.039 --> 00:37:37.840
And be on my soapbox for a little bit. So

561
00:37:38.159 --> 00:37:39.000
somebody asked me.

562
00:37:38.960 --> 00:37:42.280
The today, he said, mister Fowler, how would you fix

563
00:37:42.320 --> 00:37:45.519
this country? I said, you know, the first thing that

564
00:37:45.519 --> 00:37:50.039
I would do is term limits across the board. So

565
00:37:50.440 --> 00:37:56.639
you know, senators, congressman, you have turn limits. Two terms.

566
00:37:56.679 --> 00:37:59.239
You're out. If it's good for the president, it's good

567
00:37:59.239 --> 00:38:06.000
for you, serve you two terms. Second thing, we end

568
00:38:07.679 --> 00:38:14.719
government pensions. That's right, you heard it. We end government pensions.

569
00:38:16.840 --> 00:38:19.719
Everybody should be on Social Security. You want to see

570
00:38:19.760 --> 00:38:20.960
social Security get fixed.

571
00:38:24.119 --> 00:38:24.480
I do.

572
00:38:27.599 --> 00:38:33.960
If every politician was on social Security, they would fix

573
00:38:34.239 --> 00:38:40.559
social Security in a heartbeat. There's no reason that somebody

574
00:38:40.559 --> 00:38:43.440
that's a government employee should be getting two or three

575
00:38:43.519 --> 00:38:46.480
times what you or I could make on Social Security.

576
00:38:46.519 --> 00:38:48.400
They should be in social Security just like you and I.

577
00:38:51.519 --> 00:38:55.000
It's not like they're volunteering. It's not like they're giving

578
00:38:55.079 --> 00:38:57.639
up their time. Matter of fact, if you look at

579
00:38:57.800 --> 00:39:02.880
pensions for congressmen that have served you know, two or

580
00:39:02.880 --> 00:39:07.239
three terms that are out there, they are incredibly way

581
00:39:07.280 --> 00:39:10.599
too high. If they're going to get a pension from

582
00:39:10.639 --> 00:39:14.800
this government, that every dollar that they make outside of

583
00:39:14.840 --> 00:39:19.719
the government should offset that government pension.

584
00:39:23.639 --> 00:39:28.880
For every dollar that they make while they're in.

585
00:39:28.880 --> 00:39:34.159
Office, it should offset what they're making from our federal government.

586
00:39:34.199 --> 00:39:37.400
It's your tax dollars and my tax dollars that are

587
00:39:37.400 --> 00:39:42.679
out there, and it doesn't serve us a good purpose.

588
00:39:45.760 --> 00:39:51.400
Let's take the government back to its roots. And what's

589
00:39:51.440 --> 00:39:57.400
the roots. It's the Constitution, It's what this government is

590
00:39:57.440 --> 00:40:03.400
supposed to a bud by, it's the.

591
00:40:03.480 --> 00:40:10.760
Founding fathers, rules and regulations for this government.

592
00:40:11.960 --> 00:40:13.800
To honor.

593
00:40:17.760 --> 00:40:23.639
Most of the powers back then were reserved to the states,

594
00:40:23.800 --> 00:40:29.400
not to the federal government. You and I should be

595
00:40:29.400 --> 00:40:31.360
able to vote in our own state what laws and

596
00:40:31.480 --> 00:40:38.360
what we as citizens of our state want, doesn't have

597
00:40:38.400 --> 00:40:41.559
to abide by national.

598
00:40:43.280 --> 00:40:43.719
Laws.

599
00:40:44.159 --> 00:40:47.679
We shouldn't be living under so many national laws. If

600
00:40:47.719 --> 00:40:50.480
you look at the regulations that they put on truckers

601
00:40:50.480 --> 00:40:54.920
to the Department of Transportation, if you look at all

602
00:40:55.079 --> 00:40:58.599
the laws we've got to live under from this federal

603
00:40:58.599 --> 00:41:01.880
government and the mint of paperwork that it takes to

604
00:41:01.960 --> 00:41:05.440
live within the rules of the government as a business,

605
00:41:07.360 --> 00:41:13.920
it's incredible. You know, even the states have overreach. You know,

606
00:41:14.239 --> 00:41:17.840
you've got to have a license to go out and fish.

607
00:41:18.320 --> 00:41:20.440
I mean, come on, we should be able to go

608
00:41:20.480 --> 00:41:24.559
out and fish. Uh, you know some of the other

609
00:41:24.599 --> 00:41:27.199
things that you've got to have licenses to do in

610
00:41:27.880 --> 00:41:32.239
every state. You know, look at your state laws and

611
00:41:32.360 --> 00:41:34.159
what kind of licenses.

612
00:41:33.679 --> 00:41:35.239
You've got to got to.

613
00:41:35.239 --> 00:41:39.119
Have to do this or that or you know, if

614
00:41:39.159 --> 00:41:42.159
you live in a city, all the rules and regulations

615
00:41:42.159 --> 00:41:44.559
that you've got to you live in a subdivision and

616
00:41:44.599 --> 00:41:48.559
you've got all these laws on the homeowners association. You know,

617
00:41:48.760 --> 00:41:52.639
you chose to buy that house under those homeowners association rules,

618
00:41:53.320 --> 00:41:56.679
and you may not like it, but that was your choice.

619
00:41:56.960 --> 00:41:58.760
If you don't like it, move to the country, move

620
00:41:58.840 --> 00:42:03.320
somewhere that doesn't have a homeowners association, or get involved,

621
00:42:05.039 --> 00:42:07.280
getting involved with the grassroots.

622
00:42:09.800 --> 00:42:11.199
Get the government.

623
00:42:12.639 --> 00:42:19.280
Out of years in my life. Let us have life, liberty,

624
00:42:19.480 --> 00:42:27.039
the pursuit of happiness. You know, protect our borders. You know,

625
00:42:27.719 --> 00:42:31.760
we protect our homes. We put security in our homes.

626
00:42:32.800 --> 00:42:35.880
Some people, if they're rich, they may put walls around

627
00:42:35.920 --> 00:42:38.639
their homes to keep people out. But we don't want

628
00:42:38.679 --> 00:42:40.920
to keep anybody out of this country. Well, you know what,

629
00:42:41.119 --> 00:42:48.679
my grandparents moved here from Poland and they came in

630
00:42:48.800 --> 00:42:52.039
through Ellis Island. They came in following the laws of

631
00:42:52.079 --> 00:42:55.000
the country because they wanted to be here. They wanted

632
00:42:55.039 --> 00:43:02.360
to improve their lives, contribute to this economy. So protect

633
00:43:02.360 --> 00:43:06.840
our borders. We want immigration here. We just wanted to

634
00:43:06.880 --> 00:43:11.920
be legal. Force the rules on businesses that hire illegals.

635
00:43:14.639 --> 00:43:20.960
If you put businesses there and make sure that you

636
00:43:21.039 --> 00:43:27.800
can't hire somebody that's illegal and pay them, then they

637
00:43:27.840 --> 00:43:31.960
won't be coming here illegally. They're going to come here

638
00:43:32.119 --> 00:43:35.360
legally to get a job. I've got a lot of

639
00:43:35.360 --> 00:43:38.239
friends and a lot of people we have helped in

640
00:43:38.480 --> 00:43:45.119
immigration that have immigrated to this country legally, and they're

641
00:43:45.159 --> 00:43:50.519
not happy with illegal immigration either. They went through every

642
00:43:50.800 --> 00:43:53.599
section of red tape to get to this country and

643
00:43:53.639 --> 00:43:57.519
do things the right way defend our borders.

644
00:44:01.119 --> 00:44:06.079
See, simple change is simple rules. You know, many many

645
00:44:06.159 --> 00:44:08.760
years ago and I don't even know, matter of fact,

646
00:44:08.760 --> 00:44:13.880
I'm gonna have to look this up. Our legislators.

647
00:44:15.039 --> 00:44:18.320
Basically volunteered to go and represent you and I in

648
00:44:18.400 --> 00:44:23.920
the federal government, and then it became paid, and then

649
00:44:23.960 --> 00:44:29.320
it became all kinds of bureaucrats up there. We need

650
00:44:29.320 --> 00:44:32.440
to get it back. You know, I live in Texas

651
00:44:32.519 --> 00:44:35.519
and they meet every two years. They get called back

652
00:44:35.519 --> 00:44:38.280
for special legislation, they get small perdeems, but they go

653
00:44:38.400 --> 00:44:40.760
back into the workforce at work like you and I do.

654
00:44:44.599 --> 00:44:48.960
Pass that balance budget put a balance balanced budget amendment in.

655
00:44:50.400 --> 00:44:52.599
I think we can get enough states that would say, yes,

656
00:44:52.679 --> 00:44:56.119
we need to do this. Live within our means. You

657
00:44:56.199 --> 00:45:02.719
and I can't live in an exorbit in spend everything

658
00:45:02.760 --> 00:45:06.360
that we want out there in the family. We would

659
00:45:06.400 --> 00:45:12.360
be bankrupt and broken. So why does our federal government

660
00:45:12.440 --> 00:45:18.360
extended credit beyond credit. Put each and every individual in

661
00:45:18.400 --> 00:45:22.480
this country, each citizen in this country, so much in debt,

662
00:45:23.519 --> 00:45:27.039
balance the budget. Actually pass a budget every year. If

663
00:45:27.039 --> 00:45:32.519
it doesn't pass, no continuing resolution, give us a budget

664
00:45:33.000 --> 00:45:34.679
or get out.

665
00:45:35.559 --> 00:45:36.239
Do your job.

666
00:45:39.880 --> 00:45:46.199
See, people don't like the fact that we here in

667
00:45:46.239 --> 00:45:51.159
the US should demand better of our politicians, demand better

668
00:45:51.360 --> 00:45:54.840
of the people that are up there representing you, and I.

669
00:45:57.079 --> 00:45:57.760
Demand that.

670
00:45:58.239 --> 00:46:05.800
Hey, we've put security and Medicare in place. We put

671
00:46:05.880 --> 00:46:12.280
in Obamacare, and it is not affordable. Government's paying a

672
00:46:12.280 --> 00:46:14.360
lot of the premiums for everybody. It used to be

673
00:46:14.440 --> 00:46:17.320
that I, as an employer, could afford to pay health

674
00:46:17.360 --> 00:46:21.559
insurance for my employees because it didn't cost that much

675
00:46:22.119 --> 00:46:26.599
to have health insurance for my employees. And then Obamacare

676
00:46:26.679 --> 00:46:28.800
came along to say make it more affordable. It made

677
00:46:28.840 --> 00:46:31.760
it more expensive, and then it put the burden on

678
00:46:31.800 --> 00:46:40.320
the government to help pay for this. Get the government

679
00:46:40.679 --> 00:46:46.599
out of our lives. It will help you, It will

680
00:46:46.599 --> 00:46:53.079
help me. Pre existing conditions that I understand. To carry

681
00:46:53.119 --> 00:46:56.239
health insurance, you should carry it. You should be carrying

682
00:46:56.239 --> 00:47:01.159
it from when you get out of college till forever.

683
00:47:01.480 --> 00:47:05.079
You're not invincible. I know everybody feels it's invincible. But

684
00:47:05.119 --> 00:47:08.920
when health insurance was reasonable, you could afford to carry

685
00:47:08.920 --> 00:47:14.519
that health insurance and you chose not to Medicare. Medicaid

686
00:47:14.719 --> 00:47:20.960
is that safety net to help you when you have

687
00:47:21.039 --> 00:47:24.719
that situation that's out there, and that's.

688
00:47:24.519 --> 00:47:25.159
What it's there for.

689
00:47:26.320 --> 00:47:29.400
So security was meant as a safety net, not as

690
00:47:29.440 --> 00:47:34.679
a be all and offer your retirement, but for many

691
00:47:34.760 --> 00:47:39.119
it is so not taxing social security is a beautiful

692
00:47:39.159 --> 00:47:43.719
benefit to help those that are there, but it needs

693
00:47:43.760 --> 00:47:49.920
to be fixed. See baby members flooding retirement. Many of

694
00:47:49.960 --> 00:47:53.320
them still have to work because of inflection, because of

695
00:47:54.320 --> 00:47:57.719
the cost of living and everything out there. So not

696
00:47:57.880 --> 00:48:00.679
taxing social security will help by the fixing social security

697
00:48:00.960 --> 00:48:05.320
would have helped years ago, and now we need to

698
00:48:05.360 --> 00:48:12.760
fix it because future generations need that help. So that's

699
00:48:12.800 --> 00:48:18.599
my soapbox for today. How to fix the government and

700
00:48:18.719 --> 00:48:24.880
some quick easy steps. I feel it's easy. But let's

701
00:48:24.880 --> 00:48:29.519
start with the first two main things. And once you

702
00:48:29.639 --> 00:48:34.000
put those two things in place, term limits for.

703
00:48:34.079 --> 00:48:35.840
House and Senate.

704
00:48:37.920 --> 00:48:45.320
And no pensions, government pensions out the door, put them

705
00:48:45.320 --> 00:48:46.239
on social security.

706
00:48:47.000 --> 00:48:49.039
Love it. Let's get it done.

707
00:48:50.199 --> 00:48:52.719
And next week were to keep talking taxes, We're going

708
00:48:52.760 --> 00:48:56.480
to find ways to reduce taxes for truckers, for small businesses.

709
00:48:57.719 --> 00:49:00.719
That is what our job is here to do. So

710
00:49:00.840 --> 00:49:04.639
join with us every week Mondays, ten am Eastern Time

711
00:49:04.760 --> 00:49:08.920
at Tax Talk for You, be here every Monday.

712
00:49:09.480 --> 00:49:09.840
Thank you.

713
00:49:12.280 --> 00:49:15.440
Are you an individual or business that wants to understand

714
00:49:15.519 --> 00:49:18.920
taxes and how they affect you. Are you looking for

715
00:49:18.960 --> 00:49:24.360
specific tax advice for self employed business owners and truckers.

716
00:49:24.960 --> 00:49:29.000
Are you behind on taxes and your bookkeeping. Are you

717
00:49:29.119 --> 00:49:32.079
dealing with the irs and ready to have some relief,

718
00:49:32.920 --> 00:49:36.719
then you need Tax Talk for You, hosted by tax

719
00:49:36.800 --> 00:49:41.719
and trucker expert Barry g. Fouer Ea Kenyan, ten am

720
00:49:41.960 --> 00:49:45.480
Eastern time every Monday, right here on W four CY

721
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Radio and Talk for TV. Don't forget to check this

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next week at W fourcy dot com