July 7, 2025

What’s Taxable and What is not Taxable! IRS rules you cant ignore

What’s Taxable and What is not Taxable! IRS rules you cant ignore
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Season 2

Is it income, is it taxable, diving deep into the rules of the IRS taxable and nontaxable money! Trucking, small business, Gifts, Bartering

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

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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

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

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and Talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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

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tax planning, and tax relief for individuals and businesses just

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

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with your host, Barry G.

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Foul Hey, welcome in its great Monday morning after a

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wonderful holiday weekend Independence Day. I hope everybody had a

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great weekend celebrating this countries founding and spending the next

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year let's really think about what independence really means, you know,

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to this country and our freedoms and the rights that

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we have provided by the constitution that was put in

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place by the founders of this wonderful and great country.

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And as we go into our two hundred and fiftieth year,

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which we'll get to celebrate next year, it's just amazing

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where this country is, how far it's come, and you know,

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the freedoms that we get and many many other people

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across this world do not get in their own country,

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and we should celebrate, you know that fact.

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You know. But then we got rules to live by.

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You know, what's in the constitution, what has been written

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by our congressman, signed into law by our presidents, and

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then you know the wonderful executive orders that come out

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interpreting supposedly those laws as well. You know, I've always

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mentioned that sometimes I felt like if I could have

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run for president, been king, like some past presidents felt

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like they were, you know, hey, I would have run myself,

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but you know, hey, I had no desire to leave

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this great nation. Leave it up to other people. Support

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those that should be there, or support those that are

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in office.

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Currently.

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What we're talking about today is now I RIS rules.

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You know, what guidance do you have on what's taxable,

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what's not and the different rules that the IRS has

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that you should not be ignoring as far as income

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and what is considered to be taxable by the wonderful

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i RS. You know, I R S is that be

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all and all badass election company that's out there that

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forces the rules and the laws of this country to

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get taxes paid in so that we can pay for protection,

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defense of this great country and you know, everything else

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this country does. And you know, maybe if we go

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back to those those founders originally created and put the

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federal government only in charge of the things that we're

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in that constitution and let them not let them get

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outside of their bounds, we wouldn't need as much in

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taxes today that we have to support this great nation.

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But we also are tremendously in debt because free giveaways

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seem to continue regardless to get the votes to keep

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people in office and you know, basically taking money from

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one person or everybody in giving out to others. Hey,

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that's my soapbox for to day. Let's get off the

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soapbox and let's get back to what's income.

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You know, if you receive a gift.

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From family member, you know, those are not taxable to you,

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but it could be taxable to the person giving it.

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So receiving a generous cash gift, yeah, RS isn't going

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to tax you for it. It's the giver who needs

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to worry about filing Form seven h nine. If the

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gift exceeds that eighteen thousand per person four, and that's

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going to go up a little bit in twenty five

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and continue to go up six.

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You person that.

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Receives it are not going to owe anything unless that

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gift was secretly a payment for income versus something from you,

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then that gift could be taxable.

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You know, we're gonna take questions here today.

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If there are questions about the big Book, big one

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big beautiful bill, we're gonna address all those questions next week,

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and we are going to interpret a lot of the

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tax code and that one big, beautiful, beautiful bill next week. Harold,

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I'm gonna answer this question today, But if we've got

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more questions on this, you know, we're gonna go in

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a little bit more in depth on this. We're gonna

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spend the time this week studying this one big beautiful

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bill that we didn't spend the time studying over the

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weekend because it was our holiday weekend and we were

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kind of enjoying them with family. Had a lot of

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family in town staying with us, and we were concentrating

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that there. But Harold was asking, with this new thing

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that passed about each child born in the US gets

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a thousand dollars put into a fund for them that

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is going Is that going to be taxed and the

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parents have to pay? How's that going to work?

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I do not believe it's going to be taxed.

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But again, I'm going to get into this bill in

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depth over this next week so that we can spend

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a whole show talking about one big beautiful bill. What's

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in it for you and I and others? What tax

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surprises did they spring upon us? What are they doing

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to save you and I money? One good thing that

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I can say that I know about this bill is

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that it made permanent the Trump tax cuts. We don't

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have to worry about reverting back to the old tax

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code from twenty twenty six. But that I know was

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in this bill, and that is a wonderful thing for

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you and I tax prepayers taxpayers everybody across the board.

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So you know we're talking about a income. Now, let's

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say you're doing some work on the weekends or a

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side hustle. Is that taxable income? So does your we

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can gig count as taxable work? If you are over

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the six hundred dollars threshold for ten ninety nine k's,

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then yes, you're going to have possible taxable income. You

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know it includes you know, if you got money coming

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in from Venmo, they'll PayPal.

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You know that is it possibly be all income?

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Now, if you're transferring, you know, between family, somebody's reimbursing

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your gifts and stuff, you may have to track it

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depending on how much money you have moving through these

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things like Venmo paypals, tholl because certain reports are going

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to go to the I r S. We have seen

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ten ninety nine k's going to the IRS and then

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the I R S coming back and saying, hey, you

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haven't reported this income. Then you'd have to go back

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to the I R S and say, hey, this is

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show proof of transfers family or whatever. But if you're

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making money and you have money coming in, you'll need

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to report it, and then not only report it, then

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you'll be able to write off the write offs against it. Now,

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remember it could be just a hobby. And if it's

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a hobby, if you make ant money, it's still taxable.

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If you're losing money, you only get to write off

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up to what you've made. You don't get to write

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the losses off there as well. So keep a record

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of what you have going on so that you don't

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have to scramble when it comes to tax time. Hey, Francis,

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thanks for the question. Our gifts taxable? As we were

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talking right at the start of this thing, gifts could

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be taxable to the giver, but not the receiver.

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Now, something that I would recommend is make.

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Sure that you keep documentation of gifts that you received,

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because if you happen to go through an audit, the

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IRS will ask proof of gift, proof of information. So

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if they're giving you, let's say a check, and it's

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for a gift, make sure you keep a cop of

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that check so that you have support so you know,

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you want to keep it with your tax return, so

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that you have the information there and handy. If the

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IRS chooses to you for some reason as an audit,

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now you know, and that doesn't matter what the dollar

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amount is. Because if you go through an audit, what

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the IRS does is it goes through and gets all

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your bank statements for the year that they're auditing, adds

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up all your deposits, and then they check it against

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maybe your W two income, and then anything that's above that,

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they all of a sudden decide it is taxable income.

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It's amazing how this works. See, this is not a

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core of law where you're innocent until proven guilty. You're

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guilty until you prove yourself innocent with the I R S.

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And that's the way basically the IRS.

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Looks at it.

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Here's all the money that came into your account, here's

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what you had reported as income, and then this is

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the difference to therefore it must be tax So you'll

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need to show them, Hey, I needed a grass sale,

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I did this, I had a gift given to me.

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These are the things that you'll make this money taxable

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because these are not the items that should be on there. Hey,

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you may have kids in college. Are kids scholarships taxable income?

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We're going to discuss that right after this break.

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

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stand by as Barry G. Fowler will be right back

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with tax talk for you. If you owe the IRS

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

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it alone. Called Taxation Solutions tax Relief at eight eight

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eight nine three zero one zero one six, we are

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

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

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a solution and a straw, an 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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stock for you with more tax tock once again, here's

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your host, Barry G.

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Feller.

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Scholarships Scholarships, scholarship man. You know, when you get kids

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in college, really appreciate every dollar that your child gets

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in scholarships. It really helps offset some of the costs

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of sending a kid, you know, to school for their education.

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You know, my daughter is going.

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To Texas Tech and she gets some good scholarships because

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of the grades as she pulls rds that she had

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in high school as well, and as long as she

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continues to pull those grades, she continues to get those scholarships,

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which is fantastic. Have another son is going to physical

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therapy school for his doctorate. He gets a little bit

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of scholarship money, but every dollar of scholarship money that

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he gets, he appreciates because it helps offset some of

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the costs of going to school and you don't have

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to possibly come out in debt, especially when you are

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in a doctorate program and looking to come out and

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become a physical therapist in the future. And it's the

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same with my daughter at Texas Tech. You know, in

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her undergraduate the scholarships, you know, provide a good basis

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to pay for a lot of the expenses that are

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at the school. But are these taxable now? The scholarships

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you receive as a candidate for a degree at an

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eligible educational institution. These funds for qualified education expenses, which

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include tuition fees required for enrollment horse related expenses like books, supplies,

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equipment that are required as a student in the courses

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that they're taking. Those funds used for those expenses. Qualified

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education expenses are tax free now if you receive scholarships

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greater than those tuition and fees and books that are required.

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You get enough money to help pay for accommodations or travel,

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it gets taxed just like regular income. So that means

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if your award covers your dorm, your meal plan, you'll

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need to report a chunk of that on the taxes

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as income. So kind of got to remember that it

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could be taxable income for those scholarships based on what

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they receive. So that means, you know, if you're if

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your tuition and fees were let's say seven thousand dollars

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for the semester, and you only receive five thousand, you

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know there is no taxable income. But if the twition

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and fees were seven thousand and you received twelve thousand,

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five thousand of that taxable income, So you know, there

230
00:14:17.919 --> 00:14:22.480
may be things there where you've got to report income

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00:14:22.799 --> 00:14:27.039
based on the scholarships that you have received. Hey, good question,

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and matter of fact, one of the things that we're

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going to get out here eller, when I sell random things,

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do I have.

235
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To pay tax on it?

236
00:14:38.039 --> 00:14:41.559
Well, you know, if you're getting rid of personal items

237
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like clothes or both tech things like cell phones, those

238
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aren't taxable provided you sold them for less than what

239
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you paid for. You know, that caveat that the IRS

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puts on there. If you're making a profit off the

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item selling it for more than what you paid for,

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then you've got taxable income. But you know, if you're

243
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getting things and automatically reselling them all the time and

244
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basically running a business selling odds and stuff, you may

245
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be treating it like a business and it may be income.

246
00:15:15.879 --> 00:15:18.600
So i RS is going to look at, you know,

247
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some patterns that you have as well. What do you

248
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consistently do Are you consistently you know, buying items, maybe

249
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you wear them once or twice and then turnaround and

250
00:15:28.960 --> 00:15:31.960
sell them, and you're selling them for more than what

251
00:15:32.039 --> 00:15:34.759
you paid for them, then obviously you're probably in a

252
00:15:34.879 --> 00:15:38.240
business if you're continually just selling them for less than

253
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what you paid for. You know, you may keep track

254
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of what you're buying and the expense of it so

255
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that you can prove to the I r S if

256
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they came out and added you that you were selling

257
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them for.

258
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Less than what.

259
00:15:53.440 --> 00:15:55.960
It's all things to think about as you're going through this.

260
00:15:56.200 --> 00:15:59.080
If you're consistently doing this and you're showing a pattern

261
00:15:59.120 --> 00:16:04.000
of you know, buying and selling things, then you're probably

262
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in business. Something you've got to really take a look at,

263
00:16:08.879 --> 00:16:11.279
not to your tax for prayer, show them what you're doing,

264
00:16:11.320 --> 00:16:13.960
show them the income that you're making, maybe showing the losses.

265
00:16:14.240 --> 00:16:16.279
Maybe it's just a little hobby you've got going on.

266
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You're not making money, and you may only be able

267
00:16:19.360 --> 00:16:21.799
to deduct, you know, up to the income that you're

268
00:16:22.240 --> 00:16:26.279
have coming in because you know, a hobby is is

269
00:16:26.360 --> 00:16:30.639
only subject to losses up to you or so, you know,

270
00:16:30.759 --> 00:16:33.919
little things that are out there, Hey, bartering, you know,

271
00:16:34.559 --> 00:16:36.039
people barter meaning.

272
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You're basically trading one thing for another.

273
00:16:39.360 --> 00:16:44.879
Uh. You know, maybe you're trading your haircut for doing

274
00:16:44.960 --> 00:16:47.120
some design work on their website.

275
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You know.

276
00:16:48.799 --> 00:16:52.720
Maybe you know somebody is doing some landscaping for you

277
00:16:52.799 --> 00:16:58.399
and you've done some bookkeeping for them. Or maybe somebody

278
00:16:58.399 --> 00:17:01.000
else is providing you a service and you're turning around

279
00:17:01.000 --> 00:17:05.279
and providing them goods or services in return. Or you

280
00:17:05.400 --> 00:17:08.039
run a restaurant and you you know, somebody comes and

281
00:17:08.079 --> 00:17:12.039
takes care of cleaning or landscaping and you're giving them

282
00:17:12.079 --> 00:17:13.839
some free food and they were giving.

283
00:17:13.599 --> 00:17:17.279
You free service. And that's bartering. And guess what as

284
00:17:17.359 --> 00:17:18.880
taxable income?

285
00:17:19.240 --> 00:17:22.319
You know, you both parties are going to owe taxes

286
00:17:22.359 --> 00:17:25.119
on what they receive and the value of that service

287
00:17:25.480 --> 00:17:29.839
swap is treated like income even if no money changes hands.

288
00:17:31.000 --> 00:17:34.440
You should track those trades. Now you get the expense

289
00:17:34.519 --> 00:17:37.720
to write off against it. So if you're providing the

290
00:17:37.759 --> 00:17:40.599
service and you're paying for the labor on it, you know,

291
00:17:40.680 --> 00:17:43.640
you still deduct that cost of the labor, but you

292
00:17:43.720 --> 00:17:46.519
report the income that would have been generated for them

293
00:17:46.599 --> 00:17:48.920
if you would have charged them, as well as as

294
00:17:48.920 --> 00:17:50.880
say you were doing this for a restaurant and they

295
00:17:50.920 --> 00:17:55.000
gave you food, they still deduct their labor and they

296
00:17:55.039 --> 00:17:58.920
deduct the cost of food and report what would have

297
00:17:58.960 --> 00:18:03.000
been or should have been income from that. So bartering

298
00:18:03.160 --> 00:18:08.799
does have possible income as well, So you know, it's

299
00:18:08.920 --> 00:18:11.880
one of the things that you've got to look at

300
00:18:12.279 --> 00:18:12.640
all right.

301
00:18:12.759 --> 00:18:15.119
Another great question about what is.

302
00:18:15.160 --> 00:18:21.519
Taxable Jimmy credit card points are those taxable income? I

303
00:18:21.720 --> 00:18:25.839
received a bunch of points from a credit card company

304
00:18:26.200 --> 00:18:27.240
when I signed up?

305
00:18:27.519 --> 00:18:31.039
Is that going to be taxable when I use it? All? Right?

306
00:18:31.119 --> 00:18:34.720
So basically it goes like this. When rewards come as

307
00:18:34.759 --> 00:18:39.400
a percentage of spending, like cash back points for purchases,

308
00:18:39.559 --> 00:18:44.039
they are not taxed. Those are actually viewed as rebate.

309
00:18:44.319 --> 00:18:47.440
Now you get some trouble when you start and you

310
00:18:47.519 --> 00:18:52.079
receive a bonus just simply signing uh an opening signing

311
00:18:52.160 --> 00:18:55.559
up for opening a credit card without meeting kind of

312
00:18:55.559 --> 00:18:58.039
spending requirements. So if you signed up for a new

313
00:18:58.039 --> 00:19:00.880
credit card and they immediately gave you ten thousand points

314
00:19:01.359 --> 00:19:04.319
or one hundred thousand points, you didn't have any spending

315
00:19:04.400 --> 00:19:08.960
requirements to get it, then you possibly have taxable income.

316
00:19:09.200 --> 00:19:11.480
But if you had to spend money, Let's say you

317
00:19:11.920 --> 00:19:15.160
opened up a new credit card and you had to

318
00:19:15.160 --> 00:19:19.799
spend five thousand dollars within six months on the card,

319
00:19:19.839 --> 00:19:22.480
and then they reward you with the points, again, that's

320
00:19:22.480 --> 00:19:25.599
considered to be a rebate, and that's not taxable.

321
00:19:25.799 --> 00:19:27.279
Now here's the thing.

322
00:19:27.759 --> 00:19:33.200
If you're in business and you're using these points to

323
00:19:33.240 --> 00:19:37.799
reduce the cost of goods that you're buying, you've just

324
00:19:37.920 --> 00:19:42.000
reduced the expense of that goods, so it lowers the

325
00:19:42.160 --> 00:19:46.039
right off amount. Points aren't technically taxable, but the cost

326
00:19:46.079 --> 00:19:49.119
of those goods was then nothing. So it's better to

327
00:19:49.240 --> 00:19:52.759
use those points to pay for things that are personal.

328
00:19:52.880 --> 00:19:56.480
Maybe you can you do this to buy lower cost

329
00:19:56.519 --> 00:19:59.839
of travel, maybe buy lower cost of a gift card

330
00:20:00.279 --> 00:20:02.119
or something at the gift card and then you can

331
00:20:02.359 --> 00:20:05.759
use that. So we sometimes use gift cards from our

332
00:20:05.839 --> 00:20:10.559
points in the business to reward employees, give them a

333
00:20:10.640 --> 00:20:14.720
gift card for birthday, holiday or work or something like that.

334
00:20:15.119 --> 00:20:16.920
So you know, you've.

335
00:20:16.559 --> 00:20:19.319
Kind of got to look at how this is going

336
00:20:19.400 --> 00:20:22.400
to be reported or how it's going to be looked at,

337
00:20:22.440 --> 00:20:25.319
how you're earning it. If it's just a rebate and

338
00:20:25.480 --> 00:20:28.480
we don't worry about it, if you just signed up

339
00:20:28.480 --> 00:20:32.440
for those cards and you've got that extra huge bonus

340
00:20:32.480 --> 00:20:34.319
just for signing up, you may.

341
00:20:34.160 --> 00:20:37.920
Want to report it as taxable out there. You found money.

342
00:20:38.279 --> 00:20:42.319
Does the IRS call that taxable income or not. We're

343
00:20:42.359 --> 00:20:44.759
going to address that right after the spring.

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

345
00:20:49.599 --> 00:20:52.799
stand by as Barry chief Dower, we'll be right back

346
00:20:52.960 --> 00:20:58.839
with tax talk for you. As an owner operator, you

347
00:20:59.039 --> 00:21:01.480
already spend too much much time away from your family.

348
00:21:02.200 --> 00:21:05.680
Trucker tax tools handles all your bookkeeping and taxes. No

349
00:21:05.759 --> 00:21:08.559
matter what level trucker you are, Life on the road

350
00:21:08.599 --> 00:21:12.119
can be taxing, but that doesn't mean that your wallet

351
00:21:12.240 --> 00:21:16.039
or time with your family should suffer. Trucker tax Tools

352
00:21:16.079 --> 00:21:19.920
makes your life run smoothly. Go to Trucker tax Tools

353
00:21:19.920 --> 00:21:22.480
dot com for a free guide that will give you

354
00:21:22.599 --> 00:21:26.759
the tools to never worry about your taxes again. Call

355
00:21:26.960 --> 00:21:31.119
Trucker Tax Tools eight seven seven nine sixty six two

356
00:21:31.319 --> 00:21:35.200
four seven seven or go to Trucker tax Tools dot

357
00:21:35.200 --> 00:21:41.839
com now and let the experts keep you trucking. Let's

358
00:21:41.839 --> 00:21:44.799
get back to tax stock for you with more tax

359
00:21:44.839 --> 00:21:46.359
stock once again.

360
00:21:46.799 --> 00:21:49.319
Here's your host, Barry G. Foller.

361
00:21:51.680 --> 00:21:56.160
Hey, speaking of Trucker Tax Tools this week. Last week,

362
00:21:56.720 --> 00:21:59.559
we were working with a couple of carriers out there that.

363
00:22:00.480 --> 00:22:02.240
Do a lot of least on drivers.

364
00:22:02.279 --> 00:22:05.359
So if you a carrier that has a bunch of

365
00:22:05.480 --> 00:22:09.480
least on owner operators, hey, give truck or Tax Tools

366
00:22:09.480 --> 00:22:13.079
a call. We've got a special program for your drivers.

367
00:22:13.599 --> 00:22:15.960
Give us a call it eight seven seven nine six

368
00:22:16.119 --> 00:22:19.799
six two four seven seven. If you're leased on somewhere

369
00:22:19.920 --> 00:22:22.440
and you're looking for a great bookkeeping company, truck or

370
00:22:22.480 --> 00:22:27.400
Tax Tools is a great company to work with to

371
00:22:27.440 --> 00:22:31.079
get your bookkeeping and your tax is done. Me being

372
00:22:31.119 --> 00:22:34.160
the president founder of truck or Tax Tools. You know

373
00:22:34.359 --> 00:22:40.079
I write for a great magazine called Landline Magazine. Do

374
00:22:40.319 --> 00:22:44.599
articles all about trucking and taxes. If you get in

375
00:22:44.599 --> 00:22:47.960
the magazine, make sure that you go back and read

376
00:22:48.000 --> 00:22:52.079
that article that we put out each each and every magazine.

377
00:22:52.799 --> 00:22:55.960
They keep those even on their website for many many

378
00:22:56.039 --> 00:23:00.319
years and you can find our articles there everything from

379
00:23:00.359 --> 00:23:06.559
discussing bookkeeping, taxes, per diems, corporations. Should I be an escort?

380
00:23:07.680 --> 00:23:13.079
All that is covered in magazine by us. And then

381
00:23:13.119 --> 00:23:18.119
I also go to oid A Owner Operator Independent Drivers

382
00:23:18.160 --> 00:23:22.000
Association and speak at the Truck to Success Seminar, talking

383
00:23:22.039 --> 00:23:29.920
to truckers about their bookkeeping, taxes, entity formation, least purchase depreciation,

384
00:23:31.119 --> 00:23:34.720
you name it, we're talking about it affects you financially

385
00:23:35.279 --> 00:23:40.440
and on your taxes. Be back there in October up

386
00:23:40.480 --> 00:23:45.599
near oida's headquarters in Blue Springs, Missouri. So if you're

387
00:23:45.640 --> 00:23:47.799
looking to get out and be an owner operator, is

388
00:23:47.799 --> 00:23:51.920
one of the great events you should actually attend. And

389
00:23:51.960 --> 00:23:55.680
whenever questions you don't get answered in the seminar, I'm

390
00:23:55.799 --> 00:24:00.440
usually ad in the lobby of the hotel every evening.

391
00:24:00.720 --> 00:24:02.880
You're talking to truckers.

392
00:24:02.440 --> 00:24:05.640
That want to learn more and know more about.

393
00:24:05.440 --> 00:24:11.079
Their finances, bookkeeping, taxes and everything else that's around trucking.

394
00:24:11.119 --> 00:24:13.480
And I need to learn more about you guys in

395
00:24:13.559 --> 00:24:16.720
the trucking business. But again, if you're running a company

396
00:24:16.759 --> 00:24:21.000
and you've got at least drivers, whether it's one, ten,

397
00:24:21.400 --> 00:24:25.200
twenty fifty, give us a call. We've got a program

398
00:24:25.240 --> 00:24:29.079
for your owner operators eight seven seven nine sixty six

399
00:24:29.160 --> 00:24:33.119
two four seven seven. It benefits you as well because

400
00:24:33.599 --> 00:24:36.599
you know that your owner operators getting their taxes and

401
00:24:36.680 --> 00:24:41.759
bookkeeping taken care of and helps them with their finances

402
00:24:42.119 --> 00:24:45.680
to know that, hey, they're going to be around for

403
00:24:45.799 --> 00:24:49.160
a good while working for your business, taking care of things.

404
00:24:48.960 --> 00:24:49.640
The right way.

405
00:24:50.079 --> 00:24:53.880
We were talking about found money. Does the IRS call

406
00:24:53.920 --> 00:24:59.279
it income? Stumbled upon five hundred dollars, thousand dollars, Maybe

407
00:24:59.319 --> 00:25:02.640
you got a surprise pay out from a class action lawsuit.

408
00:25:03.039 --> 00:25:07.319
That's all considered taxable income. I'm sorry, my friends, it's

409
00:25:07.400 --> 00:25:13.440
taxable income. Even gambling winnings, no matter how small, should

410
00:25:13.440 --> 00:25:17.680
go on your return. I RS does not ignore in

411
00:25:17.720 --> 00:25:22.720
any way, shape or form any unexpected cash. Neither should you.

412
00:25:23.440 --> 00:25:25.720
How many people do I know that found money are

413
00:25:25.720 --> 00:25:27.759
going to tell their tax guy that I found one

414
00:25:27.759 --> 00:25:30.160
thousand dollars laying on the side of the road. Not

415
00:25:30.359 --> 00:25:33.160
many they go spend the cash.

416
00:25:33.160 --> 00:25:34.000
Should you?

417
00:25:34.119 --> 00:25:38.279
According to the irs. Absolutely, you had gambling winnings. Hey,

418
00:25:38.319 --> 00:25:41.960
you got to report your gambling winnings the casino depending

419
00:25:41.960 --> 00:25:44.640
on how much money you made, or the lottery, depending

420
00:25:44.640 --> 00:25:46.319
how much money you made, it's going to report it.

421
00:25:46.720 --> 00:25:51.279
And so if you've gotten that W two G.

422
00:25:51.640 --> 00:25:56.119
And you've got reported gambling winnings and stuff, guess what

423
00:25:56.599 --> 00:25:58.400
you're gonna have to put it on your tax return.

424
00:25:58.519 --> 00:26:02.319
Now you can ride off if you are itemizing gambling

425
00:26:02.359 --> 00:26:06.400
losses up to your winnings per event. There are different

426
00:26:06.400 --> 00:26:10.839
ways of being able to write off what is out there.

427
00:26:10.960 --> 00:26:14.279
So talk to your tax guy or gal.

428
00:26:14.519 --> 00:26:17.279
And get the lowdown on what you've got to report

429
00:26:17.359 --> 00:26:21.680
for gambling winnings. Life insurance we get this question quite

430
00:26:21.720 --> 00:26:25.160
a bit. Somebody has passed away and there's life insurance payouts.

431
00:26:25.480 --> 00:26:30.920
Those generally will skip being taxable, as some that lump

432
00:26:31.000 --> 00:26:36.319
sum you get is typically tax free. There are things

433
00:26:36.359 --> 00:26:40.599
that will shift. If you're getting delayed payouts and getting interest,

434
00:26:40.720 --> 00:26:41.960
the interest is going.

435
00:26:41.799 --> 00:26:44.759
To be taxed on that. The principle is not.

436
00:26:46.359 --> 00:26:49.599
If the policy was transferred to someone else before death,

437
00:26:49.640 --> 00:26:51.759
and parts of it could be taxable.

438
00:26:51.799 --> 00:26:53.440
There's a lot of specific rules to this.

439
00:26:54.039 --> 00:26:58.319
If you've got in life insurance policy through your business,

440
00:26:58.680 --> 00:27:03.200
and you've been deducting the life insurance premiums that may

441
00:27:03.279 --> 00:27:08.119
be taxable income to business or the person receiving it.

442
00:27:08.279 --> 00:27:12.119
So you don't want to be deducting life insurance premiums

443
00:27:12.160 --> 00:27:16.319
that are paid out on behalf of the owners or

444
00:27:16.799 --> 00:27:23.119
key members of your staff or de man in the organization.

445
00:27:23.599 --> 00:27:28.319
So you need to watch what you're doing, how you're

446
00:27:28.359 --> 00:27:31.799
doing it, and you know whether you're making taxable not

447
00:27:32.000 --> 00:27:35.880
to your tax guy and see is this going to

448
00:27:35.920 --> 00:27:39.000
be taxable if I do it this way? Especially operating

449
00:27:39.119 --> 00:27:43.880
in a business. Now we get questions about court settlements

450
00:27:44.480 --> 00:27:48.400
and getting payouts and maybe you've been involved in a lawsuit.

451
00:27:50.000 --> 00:27:54.880
Are they taxable? Yes, they could be taxable. So money

452
00:27:55.440 --> 00:27:59.240
from personal injury cases for physical harm is going to

453
00:27:59.240 --> 00:28:04.079
be generally from tax However, payments for things like emotional

454
00:28:04.119 --> 00:28:10.640
distress payouts punitive damages are usually considered taxable income. Now

455
00:28:10.720 --> 00:28:13.480
it all depends on why the money was awarded. So

456
00:28:14.160 --> 00:28:18.640
you've kind of got to look at your breakdown of

457
00:28:18.799 --> 00:28:22.079
your settlement to these companies when they go through and

458
00:28:22.759 --> 00:28:25.880
settle want to make sure that this is deductible for

459
00:28:25.960 --> 00:28:30.039
them a tax to you because they want if they're

460
00:28:30.039 --> 00:28:32.960
going to settle, they're going to want the deduction, so

461
00:28:33.000 --> 00:28:35.960
they're going to be more apt to put it for

462
00:28:36.160 --> 00:28:42.400
emotional distress and possibly punitive damages because it's taxable to

463
00:28:42.440 --> 00:28:49.119
you and deductible for them. But personal injury physical harm,

464
00:28:49.160 --> 00:28:50.839
you know, is not going to be deductible as the

465
00:28:50.880 --> 00:28:53.359
business side, so you know they're not looking for the

466
00:28:53.400 --> 00:28:55.000
settlement to go that way.

467
00:28:55.400 --> 00:28:55.599
Now.

468
00:28:55.799 --> 00:28:59.599
You know, if they're paying an addition for let's say

469
00:28:59.640 --> 00:29:02.599
medical expenses and stuff like that, yes, it's going to

470
00:29:02.680 --> 00:29:05.160
be deductible for them as the party paying it out

471
00:29:06.279 --> 00:29:09.559
and not reportable income to you.

472
00:29:10.200 --> 00:29:13.759
Hey, your employer just gave you a gift to taxable

473
00:29:14.240 --> 00:29:14.440
or not.

474
00:29:15.000 --> 00:29:19.559
Now you know you as the employee, don't really want

475
00:29:19.599 --> 00:29:23.440
it to have extra taxable income. Would rather be tax free.

476
00:29:23.640 --> 00:29:26.240
So the holiday bonus or a gift card you get

477
00:29:26.279 --> 00:29:30.559
from your boss, you know, maybe he's not just cheerful.

478
00:29:30.960 --> 00:29:37.200
It could be taxable compensation. So in the IRS's eyes,

479
00:29:37.799 --> 00:29:42.720
if it has monetary value, it's income. Now non cash

480
00:29:42.759 --> 00:29:47.400
gifts under twenty five, like maybe a ham, turkey, chicken,

481
00:29:48.599 --> 00:29:52.839
fruit basket, cookies, you know that's.

482
00:29:52.559 --> 00:29:53.200
Going to go through.

483
00:29:53.400 --> 00:29:56.720
You know and you receive that as a gift. Anything

484
00:29:56.799 --> 00:30:01.119
suspendable should be hitting your W two. So we may

485
00:30:01.160 --> 00:30:03.720
give out a gift card, you know of like twenty

486
00:30:03.799 --> 00:30:07.759
five dollars or something to our staff, or hey, if

487
00:30:07.799 --> 00:30:11.160
we did gift cards through our credit card company with

488
00:30:11.240 --> 00:30:14.359
our cash back points, then you know it is could

489
00:30:14.440 --> 00:30:16.359
we just give it to our staff and it can

490
00:30:16.400 --> 00:30:19.240
be fifty dollars value or something like that because it

491
00:30:19.240 --> 00:30:22.960
didn't cost us anything, We're not deducting anything. Therefore, you

492
00:30:22.960 --> 00:30:27.440
know to us it's non monetary value. It was just

493
00:30:27.480 --> 00:30:31.640
a rebate at the points that got so you kind

494
00:30:31.640 --> 00:30:32.000
of got to.

495
00:30:32.000 --> 00:30:32.559
Look at it.

496
00:30:32.799 --> 00:30:35.559
If you are an employer and you're going to give

497
00:30:35.799 --> 00:30:39.519
your staff some money, then it most likely needs to

498
00:30:39.559 --> 00:30:43.720
be a bonus rough W two. Hey, they're new trends,

499
00:30:44.079 --> 00:30:49.559
new things that are going out there, Kickstarter, crowdfunding, things

500
00:30:49.640 --> 00:30:53.839
like that. Is this free money or is it income?

501
00:30:54.279 --> 00:30:57.119
We're going to answer that question right after this break.

502
00:30:58.319 --> 00:31:02.000
We have only scratched a surface of today's show. Please

503
00:31:02.039 --> 00:31:05.279
stand by as Barry G. Fowler will be right back

504
00:31:05.359 --> 00:31:11.319
with tax talk for you. As an owner operator, you

505
00:31:11.440 --> 00:31:14.880
already spend too much time away from your family. Stop

506
00:31:14.960 --> 00:31:18.759
spending time doing paperwork. Go to Trucker tax tools dot

507
00:31:18.799 --> 00:31:23.680
Com a solution built specifically for truckers. Trucker tax Tools

508
00:31:23.720 --> 00:31:29.920
dot Com makes your life run smoothly. Let's get back

509
00:31:29.960 --> 00:31:33.880
to taxtok for you with more tax talk once again.

510
00:31:34.359 --> 00:31:36.920
Here's your host, BARRYG. Fallow.

511
00:31:39.319 --> 00:31:44.160
All right, so you raised money through some crowdfunding, go fundme,

512
00:31:44.519 --> 00:31:47.160
bick starter, I don't know the other ones that are

513
00:31:47.160 --> 00:31:47.519
out there.

514
00:31:47.599 --> 00:31:48.839
Is that income? Yes?

515
00:31:48.960 --> 00:31:52.319
No, maybe that's really the answer. If it's truly a

516
00:31:52.440 --> 00:31:56.000
gift to help you get started, or let's say GoFundMe,

517
00:31:57.480 --> 00:32:00.240
it may not be taxed. But if you're us a

518
00:32:00.319 --> 00:32:04.559
kickstarter or crowdfunding somewhere out there, and you're offering perks

519
00:32:04.640 --> 00:32:08.119
or services in return to be treated as business income.

520
00:32:08.440 --> 00:32:10.799
Do you use a kickstarter and you're having a product

521
00:32:10.880 --> 00:32:13.680
out there and you get these people to put up

522
00:32:13.720 --> 00:32:17.400
money and they're going to get the product back income.

523
00:32:17.799 --> 00:32:20.720
All they did was pre buy the product that helps

524
00:32:20.759 --> 00:32:23.839
you get started, get your inventory, and now you're giving

525
00:32:23.880 --> 00:32:29.039
them inventory. So therefore that is income. You use crowdfunding

526
00:32:29.079 --> 00:32:33.519
and they get shares of your business or something through this,

527
00:32:34.039 --> 00:32:37.920
then it's not income. It's an investment. So you kind

528
00:32:37.920 --> 00:32:42.359
of get to look at what is What is the

529
00:32:42.359 --> 00:32:46.880
person that's giving you money getting back in return? If nothing,

530
00:32:47.400 --> 00:32:50.160
or an investment, then it is not income. It may

531
00:32:50.160 --> 00:32:53.039
be a gift, it's an investment. If they're getting a

532
00:32:53.079 --> 00:32:56.880
perk or service or discounts because they are out there,

533
00:32:56.920 --> 00:32:59.880
it could be considered income. Do you need to watch

534
00:33:00.000 --> 00:33:02.359
sure what you need to do?

535
00:33:02.839 --> 00:33:03.000
Hey?

536
00:33:03.079 --> 00:33:06.400
The next one, we got health savings accounts? Is that

537
00:33:06.480 --> 00:33:10.799
taxable income when I withdraw it? Technically no, As long

538
00:33:11.000 --> 00:33:16.799
as you are using those health savings accounts HSA funds

539
00:33:17.119 --> 00:33:22.400
reproved medical expenses, it is completely tax free. Now, the

540
00:33:22.440 --> 00:33:25.200
beauty of this is you've put the money into your

541
00:33:25.240 --> 00:33:29.880
health savings account tax free, and you withdraw the money

542
00:33:30.480 --> 00:33:34.079
use it to pay for medical expenses tax free. But

543
00:33:34.160 --> 00:33:37.640
if you take that same money for something unrelated or

544
00:33:37.720 --> 00:33:41.960
you turn sixty five, then you're facing income and it's

545
00:33:42.039 --> 00:33:46.480
taxed plus a twenty percent penalty. But if you strictly

546
00:33:46.920 --> 00:33:50.480
use it to stick to your health related spending, it's

547
00:33:50.519 --> 00:33:53.400
tax free. Hey, it's a beautiful way. If you've got

548
00:33:53.440 --> 00:33:57.559
a family plan and you can put money into an

549
00:33:57.759 --> 00:34:01.799
HSA and it's an HSA qualified medical plan and you're

550
00:34:01.839 --> 00:34:05.440
putting that eight thousand plus into this plan. Every year,

551
00:34:05.880 --> 00:34:08.639
you can save that money and use it towrdure deductibles

552
00:34:08.800 --> 00:34:12.000
at future dates, and if you don't use it, it continues

553
00:34:12.039 --> 00:34:15.480
to accumulate out there before you, so that you can

554
00:34:15.599 --> 00:34:19.079
use it at a future time when you need to

555
00:34:19.119 --> 00:34:22.000
pay medical expenses. And you got the tax deduction in

556
00:34:22.039 --> 00:34:24.360
the current year, and as long as you're using it

557
00:34:24.400 --> 00:34:29.280
for medical expenses, it's not considered to be taxable income,

558
00:34:29.639 --> 00:34:31.639
and then you can apply the rules. Once you hit

559
00:34:31.679 --> 00:34:35.039
sixty five that may have changed into one big beautiful bill.

560
00:34:36.000 --> 00:34:36.719
I don't know yet.

561
00:34:36.760 --> 00:34:39.679
We'll double check that and have that on here next week.

562
00:34:39.960 --> 00:34:43.960
But if you use it for medical expenses, you know

563
00:34:44.079 --> 00:34:47.719
you're going to be able to do that. Debt forgiveness

564
00:34:48.039 --> 00:34:50.760
you know that can trigger a tax bill. Yeah, if

565
00:34:50.760 --> 00:34:53.840
it isn't bad enough. You were in debt insolvent and

566
00:34:54.239 --> 00:34:58.679
you got debt given. Nothing like kicking you when you're down,

567
00:34:58.800 --> 00:35:03.559
and now it's to be uh taxable income. So if

568
00:35:03.599 --> 00:35:06.960
a lender cancels your debt, you might owe tax on

569
00:35:07.039 --> 00:35:12.239
the forgiven amount that includes your credit cards, unpaid loans,

570
00:35:12.519 --> 00:35:17.800
for closure differences. You know there are exceptions out there,

571
00:35:18.280 --> 00:35:21.840
you know, like you went through bankruptcy or if you've

572
00:35:21.880 --> 00:35:26.840
got qualifying mortgage relief. In most cases those can be

573
00:35:26.920 --> 00:35:30.880
avoided being taxable income, but canceled debt is treated like

574
00:35:31.039 --> 00:35:34.199
income you kept. Right now, you might be able to

575
00:35:34.239 --> 00:35:37.800
prove that you're insolvent and you were completely insolvent at

576
00:35:37.840 --> 00:35:40.159
the time of that and be able to get around it,

577
00:35:41.000 --> 00:35:43.000
but you need to talk to your tax preparer and

578
00:35:43.039 --> 00:35:47.800
make sure that you get the IHS doted tes criss

579
00:35:48.239 --> 00:35:53.880
and get the income to where it's not taxable. Rental income, well,

580
00:35:53.880 --> 00:35:56.320
we all know rental income if you're renting out of house,

581
00:35:56.400 --> 00:36:01.440
or you're renting out you have of maybe office buildings

582
00:36:01.480 --> 00:36:04.239
or whatever. You're running a business you have around. But

583
00:36:04.800 --> 00:36:07.840
let's say you got guests staying with and you're charging

584
00:36:07.920 --> 00:36:11.840
them income. You know, whether it's in your second home.

585
00:36:12.039 --> 00:36:15.360
You know, you have a small home outside of your

586
00:36:15.400 --> 00:36:19.840
home out there in your basement ye, or you're doing

587
00:36:19.880 --> 00:36:24.880
it as an airbnb. It is taxable even for short stays.

588
00:36:25.159 --> 00:36:28.440
You know, that includes your cleaning fees and extra guest charges.

589
00:36:28.519 --> 00:36:31.599
But there's Chario's catches. If you rent out your home

590
00:36:31.679 --> 00:36:35.000
fewer than fifteen days a year, you may own nothing

591
00:36:35.280 --> 00:36:38.559
may not be taxable income. So there are differences in

592
00:36:38.639 --> 00:36:43.119
different ways to be able to get income from your home.

593
00:36:43.559 --> 00:36:46.440
Let's say you're going on vacation for a couple of

594
00:36:46.480 --> 00:36:49.960
weeks and you lease out your home through Airbnb for

595
00:36:50.000 --> 00:36:54.320
those same fifteen days that you're gone. Let income is

596
00:36:54.360 --> 00:36:58.000
not possibly not taxable to you, and it just helped

597
00:36:58.000 --> 00:37:00.719
pay for your vacation as well, so you're gonna win win,

598
00:37:01.119 --> 00:37:03.960
So something to look at. I know my sister has

599
00:37:04.000 --> 00:37:07.000
done that before when she's gone on vacation. She's managed

600
00:37:07.039 --> 00:37:11.599
to rent her home up in Indiana for a couple

601
00:37:11.679 --> 00:37:14.519
of weeks. She's right near Lake Michigan, so she's got

602
00:37:14.599 --> 00:37:17.639
a beautiful home, beautiful view, and she was able to

603
00:37:17.679 --> 00:37:21.960
rent it out for fifteen days tax free income for

604
00:37:22.199 --> 00:37:25.880
that period of time. But maybe you've got somebody you're

605
00:37:25.920 --> 00:37:29.920
helping out and they're paying you a little bit of

606
00:37:30.119 --> 00:37:33.159
income and they're staying with you for most of the year,

607
00:37:34.719 --> 00:37:38.039
or for six months, three months, whatever it may be. Yes,

608
00:37:38.159 --> 00:37:41.960
you technically should be reporting that and then you'll be

609
00:37:41.960 --> 00:37:44.719
able to write off what expenses you have against it.

610
00:37:45.039 --> 00:37:47.559
You know that's not all inclusive of everything. What the

611
00:37:47.599 --> 00:37:50.800
irsme account is income. You know, we tell you to,

612
00:37:51.280 --> 00:37:53.679
you know, look at what you're doing, talk about your

613
00:37:54.039 --> 00:37:58.719
tax issues and what could be happening with your tax prepayer,

614
00:37:58.920 --> 00:38:03.880
tax advisor. If you are generating income or money coming

615
00:38:04.000 --> 00:38:06.880
in in any way, shape or form, always sit down

616
00:38:06.960 --> 00:38:09.760
and talk to you your tax advisor and get some

617
00:38:09.880 --> 00:38:12.519
int what you need to do to be able to

618
00:38:12.559 --> 00:38:15.519
write off expenses against this.

619
00:38:15.639 --> 00:38:17.920
Income that you have coming in.

620
00:38:18.480 --> 00:38:21.400
You know, and I say this also because we've got

621
00:38:21.719 --> 00:38:23.400
many people that have come to us that have been

622
00:38:23.440 --> 00:38:27.559
gambling and maybe big gamblers and to gamble consistently, and

623
00:38:27.559 --> 00:38:30.079
they want to write off all their losses. Well, you know,

624
00:38:30.159 --> 00:38:32.320
and they have a lot of winnings, and when you

625
00:38:32.400 --> 00:38:34.239
have to look at the irs rules and how do

626
00:38:34.239 --> 00:38:37.440
you write off gambling winnings versus the losses? And then

627
00:38:37.480 --> 00:38:40.840
you're trying to do it on itemize because you've got

628
00:38:40.880 --> 00:38:44.760
to itemize these deductions and you're not getting above the

629
00:38:44.760 --> 00:38:47.440
standard deduction. And well it doesn't necessarily do you any

630
00:38:47.480 --> 00:38:52.239
good to do it. But maybe you're now a professional

631
00:38:52.400 --> 00:38:55.039
gambler and this is what you do. Then maybe you're

632
00:38:55.119 --> 00:38:58.360
running a business as gambling and you may have to

633
00:38:58.440 --> 00:39:01.159
write it off in a different but you need to

634
00:39:01.199 --> 00:39:03.519
talk to your tax advisor to make sure that you're

635
00:39:03.719 --> 00:39:07.360
doing this right. Let's say you're breeding your dog because

636
00:39:07.360 --> 00:39:12.440
you have pure bread labs, and you get into breeding

637
00:39:12.480 --> 00:39:15.840
your lab and selling the puppy, you know that is

638
00:39:16.000 --> 00:39:19.239
taxable income to you. Now, the beautiful part is is

639
00:39:19.280 --> 00:39:23.239
you get to write off the expenses of the dog

640
00:39:23.320 --> 00:39:27.599
that had puppies, of food and veterinarian bills and things

641
00:39:27.639 --> 00:39:30.199
like that become a right off if you're running this

642
00:39:30.440 --> 00:39:32.360
as a business. Now, if it's a hobby, you only

643
00:39:32.400 --> 00:39:34.039
get to write it off up to the amount of

644
00:39:34.119 --> 00:39:37.679
income you receive. But again it's income that you receive

645
00:39:38.159 --> 00:39:40.199
and you do have the tax right off.

646
00:39:40.360 --> 00:39:43.079
So if you are in the breeding.

647
00:39:42.840 --> 00:39:47.440
Business, then even if it's considered be part time maybe

648
00:39:47.480 --> 00:39:50.480
a hobby, it's still income and you still got to

649
00:39:50.559 --> 00:39:52.559
report it, but you get the benefit of running off

650
00:39:53.000 --> 00:39:56.920
many of the expenses that apply to the dog that

651
00:39:57.079 --> 00:40:00.880
is there. We used to breed dogs and to breed labs.

652
00:40:00.960 --> 00:40:04.960
It was really fun for us and we enjoyed doing that,

653
00:40:05.519 --> 00:40:07.480
and we would sell off the puppies, but it gave

654
00:40:07.519 --> 00:40:11.400
us the right off of the expenses of maintaining the

655
00:40:11.480 --> 00:40:16.280
mamas there at our house and We were keeping them

656
00:40:16.760 --> 00:40:19.440
for breeding purposes and they were family members as well,

657
00:40:19.480 --> 00:40:21.360
so it was more of a hobby right off.

658
00:40:21.679 --> 00:40:23.920
Hey, truckers, truckers, trucktor truckers.

659
00:40:24.039 --> 00:40:26.519
You know there are certain things in taxes and stuff

660
00:40:26.559 --> 00:40:30.039
that you get ride offs of. Make sure whatever you do,

661
00:40:30.559 --> 00:40:31.880
you find somebody.

662
00:40:31.480 --> 00:40:33.519
That knows the ins and out's.

663
00:40:34.400 --> 00:40:37.639
Make sure somebody knows all the ride offs or truckers

664
00:40:38.440 --> 00:40:42.239
asking what a lumper is out there, and make sure

665
00:40:42.280 --> 00:40:42.800
you get.

666
00:40:42.639 --> 00:40:44.119
Good bookkeeping and taxes.

667
00:40:44.320 --> 00:40:47.920
Hey, are the great sponsor is taxation solutions? Tax relief?

668
00:40:48.079 --> 00:40:52.079
IRS problems, they're not a problem for taxation solutions, tax

669
00:40:52.119 --> 00:40:55.960
res get the IRS settlement that you qualify for.

670
00:40:56.559 --> 00:40:58.239
You heard about the Fresh Start program.

671
00:40:58.280 --> 00:41:00.360
It's a program done by the IRS and not a

672
00:41:00.400 --> 00:41:03.840
lot of these other companies did not create the program

673
00:41:03.880 --> 00:41:06.599
that they make it sound like they did. We all

674
00:41:06.639 --> 00:41:11.239
work within the programs of the IRS to best settlement,

675
00:41:11.559 --> 00:41:16.599
the best deal possible allowed by law. Now, we hope

676
00:41:16.639 --> 00:41:19.559
you redo your finances and work with you to try

677
00:41:19.559 --> 00:41:21.840
to make sure you're going to qualify. But the only

678
00:41:21.880 --> 00:41:23.599
way to do that is to pick up the phone

679
00:41:23.639 --> 00:41:26.119
and call us at eight eight eight nine three zero

680
00:41:26.480 --> 00:41:29.760
one zero one six again eight eight eight nine three

681
00:41:29.840 --> 00:41:32.679
zero one zero one six. Whether it's your business going

682
00:41:32.719 --> 00:41:36.000
through tax problems, whether you're personally going through tax problems,

683
00:41:36.119 --> 00:41:38.800
or it's a combination of you and your business. Don't

684
00:41:38.840 --> 00:41:42.199
let the irs walk all over you. Stop the irs

685
00:41:42.360 --> 00:41:44.639
now by calling us at eight eight eight nine three

686
00:41:44.719 --> 00:41:48.639
zero one zero one six, or go to Taxations Solutions

687
00:41:48.840 --> 00:41:52.079
dot net and you can put in your information and

688
00:41:52.440 --> 00:41:57.199
get a free no obligation consultation. Hey, I appreciate you

689
00:41:57.320 --> 00:42:00.000
being with us. Tax Talk for you. Go to tech

690
00:42:00.239 --> 00:42:03.880
talk for you dot com. Follow us there, go to

691
00:42:03.960 --> 00:42:07.039
Facebook follow us there. I thank you for being with us.

692
00:42:07.119 --> 00:42:11.400
Have a god bless and awesome, glorious week. I look

693
00:42:11.440 --> 00:42:13.880
forward to seeing you next week when we talk about

694
00:42:14.280 --> 00:42:20.079
President Trump's One Big Beautiful Bill and the tax changes

695
00:42:20.159 --> 00:42:23.719
that are going to affect you and I, everything from

696
00:42:23.800 --> 00:42:27.800
no tax on tips tack, no tax on Social Security,

697
00:42:28.280 --> 00:42:31.559
and how it's going to impact you in your life

698
00:42:31.840 --> 00:42:37.199
with the rules and regulation of the One Big Beautiful Bill.

699
00:42:37.599 --> 00:42:38.440
See you next week.

700
00:42:38.559 --> 00:42:41.679
Right here a text talk for you W four cy

701
00:42:41.880 --> 00:42:47.000
Radio every Monday, ten am Eastern time. See you next week,

702
00:42:47.360 --> 00:42:49.400
God bless you. Have a great week.

703
00:42:50.400 --> 00:42:53.559
Are you an individual or business that wants to understand

704
00:42:53.639 --> 00:42:56.960
taxes and how they affect you. Are you looking for

705
00:42:57.079 --> 00:43:02.480
specific tax advice for self employed business owners and truckers.

706
00:43:03.039 --> 00:43:07.119
Are you behind on taxes and your bookkeeping? Are you

707
00:43:07.239 --> 00:43:11.239
dealing with dirs and ready to have some relief, Then

708
00:43:11.320 --> 00:43:15.000
you need Tax Talk for You, hosted by tax and

709
00:43:15.079 --> 00:43:19.840
trucker expert Barry g. Fouer EA. Tune in ten am

710
00:43:20.039 --> 00:43:23.559
Eastern Time every Monday right here on W four CY

711
00:43:23.719 --> 00:43:27.079
Radio and Talk for TV. Don't forget to check this

712
00:43:27.280 --> 00:43:31.800
and past episodes at tax TALKFORU dot com. See you

713
00:43:31.880 --> 00:43:36.719
next week at W four cy dot com