June 16, 2025

Year-Round Tax Planning Tips, Trucker & Business Taxes

Year-Round Tax Planning Tips, Trucker & Business Taxes
iHeartRadio podcast player icon Spotify podcast player icon Amazon Music podcast player icon Apple Podcasts podcast player icon Audible podcast player icon Pandora podcast player icon Deezer podcast player icon Podchaser podcast player icon Spreaker podcast player icon Podcast Addict podcast player icon JioSaavn podcast player icon Castbox podcast player icon Youtube Music podcast player icon YouTube podcast player icon Castamatic podcast player icon Overcast podcast player icon Castro podcast player icon Fountain podcast player icon Goodpods podcast player icon PocketCasts podcast player icon Podurama podcast player icon Podverse podcast player icon Podyssey podcast player icon RSS Feed podcast player icon
iHeartRadio podcast player icon Spotify podcast player icon Amazon Music podcast player icon Apple Podcasts podcast player icon Audible podcast player icon Pandora podcast player icon Deezer podcast player icon Podchaser podcast player icon Spreaker podcast player icon Podcast Addict podcast player icon JioSaavn podcast player icon Castbox podcast player icon Youtube Music podcast player icon YouTube podcast player icon Castamatic podcast player icon Overcast podcast player icon Castro podcast player icon Fountain podcast player icon Goodpods podcast player icon PocketCasts podcast player icon Podurama podcast player icon Podverse podcast player icon Podyssey podcast player icon RSS Feed podcast player icon
Season 2

Year-Round Tax Planning Tips, Trucker & Business Taxes, stay informed on tax law changes, Maximize deductions, Tax Credits, Roth conversion, Capital gains and loss timing, Review your w-4, marriage Divorce, new child, adoption. Trucker taxes, trucker bookkeeping, entity selection, LLC, Inc, S-Corp, Partnership. Business taxes, Payroll taxes double taxation.
Key tax planning tips for 2025. Retirement Accounts, Health Savings Accounts HSA, Flexible Savings Accounts FSA. TaxTalk4U.com

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

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

Become a supporter of this podcast: https://www.spreaker.com/podcast/tax-talk-4-u--6333550/support.

WEBVTT

1
00:00:00.120 --> 00:00:02.359
The topics and opinions express in the following show are

2
00:00:02.359 --> 00:00:04.000
solely those of the hosts and their guests and not

3
00:00:04.040 --> 00:00:06.919
those of W FOURCY Radio. It's employees are affiliates. We

4
00:00:07.000 --> 00:00:10.080
make no recommendations or endorsements for radio show programs, services,

5
00:00:10.119 --> 00:00:12.439
or products mentioned on air or on our web. No

6
00:00:12.560 --> 00:00:15.480
liability explicit or implies shall be extended to W FOURCY

7
00:00:15.560 --> 00:00:18.239
Radio or it's employees are affiliates. Any questions or comments

8
00:00:18.280 --> 00:00:20.440
should be directed to those show hosts. Thank you for

9
00:00:20.559 --> 00:00:23.359
choosing W FOURCY Radio.

10
00:00:27.960 --> 00:00:28.359
Barry G.

11
00:00:28.559 --> 00:00:31.600
Fouler EA brings you tax talk for you right here

12
00:00:31.640 --> 00:00:35.200
on W four CY Radio and talk for TV. As

13
00:00:35.200 --> 00:00:39.000
an enrolled agent and a national leader in tax resolution

14
00:00:39.640 --> 00:00:43.719
as well as Trucker bookkeeping and tax planning. With over

15
00:00:43.799 --> 00:00:49.240
thirty years of experience, Barry will break down taxes, bookkeeping,

16
00:00:49.679 --> 00:00:53.880
tax planning, and tax relief for individuals and businesses just

17
00:00:54.039 --> 00:00:57.079
like you. So let's have some tax talk for you

18
00:00:57.520 --> 00:00:58.439
with your hosts.

19
00:00:58.920 --> 00:01:03.799
Barry G. Foul Good morning.

20
00:01:04.359 --> 00:01:07.640
It is great morning, had a great weekend and great

21
00:01:07.680 --> 00:01:12.200
Father's Day. I have to actually spend some time with grandkids

22
00:01:12.959 --> 00:01:16.280
and then we get back at it your Monday morning

23
00:01:16.680 --> 00:01:21.560
talking about your favorite topic, taxes, book keeping, tax planning,

24
00:01:21.959 --> 00:01:25.400
and today that's really what this is about. Can you

25
00:01:25.480 --> 00:01:32.480
believe we're already into June, almost halfway through twenty twenty five.

26
00:01:32.920 --> 00:01:35.519
Time flies when you're having fun. Time seems to fly

27
00:01:35.640 --> 00:01:39.319
as you get older and moving quicker. But that's the

28
00:01:39.359 --> 00:01:42.599
story for another day. Here we talking about taxes, talking

29
00:01:42.599 --> 00:01:46.359
about tax planning. Midyear tax planning. You know, this is

30
00:01:46.400 --> 00:01:52.200
an excellent opportunity for you to actually review your financial situation,

31
00:01:52.640 --> 00:01:58.640
you know, make adjustments potentially help minimize your tax liability.

32
00:01:58.079 --> 00:01:59.280
For this year.

33
00:01:59.640 --> 00:02:02.359
And it's a great way to do it. You know,

34
00:02:02.400 --> 00:02:05.400
the first thing we tell people to do, you haven't

35
00:02:05.439 --> 00:02:07.840
done it already, and you should always start from the

36
00:02:07.920 --> 00:02:10.560
beginning of the year because it's much simpler it is. First,

37
00:02:10.840 --> 00:02:13.800
make sure you organize all your tax records, you know,

38
00:02:13.919 --> 00:02:17.599
create a system that keeps all the important information together.

39
00:02:17.919 --> 00:02:20.639
You know, you can use a tax you can use

40
00:02:20.680 --> 00:02:26.199
a software out there to electronically store things and store

41
00:02:26.360 --> 00:02:31.560
paper documents and clearly label all your folders. In our situation,

42
00:02:31.719 --> 00:02:35.199
we have one drive out there or even Google drive

43
00:02:35.240 --> 00:02:41.439
out there where we store dfs of receipts and we

44
00:02:41.599 --> 00:02:46.680
organize it based on year based on categories. And then

45
00:02:46.960 --> 00:02:51.000
because we do run business and then we run farm

46
00:02:51.000 --> 00:02:54.439
and ranch, and then we have things that happen in

47
00:02:54.479 --> 00:02:57.879
our personal life. We have those three buckets and we

48
00:02:57.919 --> 00:03:00.960
put everything into each one of those bucket, so you know,

49
00:03:00.960 --> 00:03:03.639
if it applies to the business, it's you know, been

50
00:03:03.960 --> 00:03:08.080
categorized expense thrown through bookkeeping and we know what all

51
00:03:08.120 --> 00:03:11.280
the expenses are there. If it's running the farm and

52
00:03:11.319 --> 00:03:15.680
the ranch, then it goes into that bucket, whether it's

53
00:03:15.719 --> 00:03:23.159
buying a new calf, leasing a bowl, upgrading fencing, fixing

54
00:03:23.400 --> 00:03:29.159
water lines, whatever it may be, the chickens, donkeys, bigs,

55
00:03:29.639 --> 00:03:33.319
you name it, it's got its bucket within that apartment, ranch folder.

56
00:03:33.919 --> 00:03:38.120
And then all the personal stuff that we do as well.

57
00:03:38.560 --> 00:03:41.879
So we find a way to keep things organized. And

58
00:03:41.919 --> 00:03:43.599
like I said, it's easier to do it from the

59
00:03:43.639 --> 00:03:46.159
first of the year and continue to do it, you know,

60
00:03:46.280 --> 00:03:48.759
all year long. Whether you're using a spreadsheet, whether you're

61
00:03:48.800 --> 00:03:53.199
using a bookkeeping software, whatever it may be. It's it's

62
00:03:53.240 --> 00:03:58.560
about organization and keeping your life and the items and

63
00:03:58.719 --> 00:04:02.000
things that are happening in your life life completely organized.

64
00:04:02.520 --> 00:04:05.840
Take a look at your filing status. You know, has

65
00:04:05.879 --> 00:04:07.960
your filing status changed. Did you get married, did you

66
00:04:07.960 --> 00:04:14.199
get divorced, did you have new dependence, Maybe you had

67
00:04:14.240 --> 00:04:18.800
new kids, maybe you adopted or are caring for your grandkids.

68
00:04:19.720 --> 00:04:24.560
All those things can and do effect your taxes. So

69
00:04:25.040 --> 00:04:27.120
you know, you can identify how you're going to file,

70
00:04:27.199 --> 00:04:30.959
whether it's you know, married filing, joint married filing, separate,

71
00:04:31.040 --> 00:04:35.079
had a household, or maybe you're now just single again.

72
00:04:35.480 --> 00:04:38.560
So all those can have an impact on your taxes.

73
00:04:39.000 --> 00:04:41.920
When those have an impact on your taxes, then you

74
00:04:42.000 --> 00:04:44.360
might want to go back and adjust your W four

75
00:04:44.399 --> 00:04:47.399
if you're an employee. If you're not an employee and

76
00:04:47.439 --> 00:04:51.240
you're self employed, maybe an owner operator, truck driver, maybe

77
00:04:51.279 --> 00:04:54.519
you run a small business, maybe you're a consultant, then

78
00:04:54.560 --> 00:04:57.759
you might want to relook at your estimated taxes. By

79
00:04:57.800 --> 00:05:02.879
the way, June sixteenth, your second estimated tax payment is

80
00:05:03.000 --> 00:05:06.439
due today, so you know, if you've been working with

81
00:05:06.560 --> 00:05:09.680
us and you got your estimated taxes to pay, make

82
00:05:09.680 --> 00:05:12.720
sure you get those estimated taxes pay today, so you know,

83
00:05:12.839 --> 00:05:16.800
get in there and make those estimated tax payments. So

84
00:05:17.560 --> 00:05:22.720
changes in life, marriage, divorce, birth and death all affect

85
00:05:22.920 --> 00:05:28.079
your personal situation, your filing status eligibility to claim certain

86
00:05:28.480 --> 00:05:34.120
credits and claim certain deductions. When all those are impacting

87
00:05:34.199 --> 00:05:37.240
your life. For taxes, it's a time for a financial

88
00:05:37.279 --> 00:05:41.000
review and see where you're at and what's changed. You

89
00:05:41.040 --> 00:05:44.360
know best to sit down and work with an enrolled

90
00:05:44.399 --> 00:05:48.519
agent or somebody at our office to figure out what

91
00:05:48.560 --> 00:05:52.360
your estimated taxes should be. But you can also, as

92
00:05:52.399 --> 00:05:55.480
the IRS says, go to the IRS dot gov and

93
00:05:55.720 --> 00:06:00.279
you can use the IRS Tax Withholding Estimator, and you

94
00:06:00.279 --> 00:06:03.079
can utilize their online tool. I'm not going to say

95
00:06:03.120 --> 00:06:07.360
how accurate it is or inaccurate it is. You know,

96
00:06:07.439 --> 00:06:12.800
that's for you to choose. Especially if you're changing, you're withholding,

97
00:06:13.040 --> 00:06:16.480
so you know, when you are sitting down and you're

98
00:06:16.519 --> 00:06:21.439
looking at what's impacting your life, you know, make sure

99
00:06:21.560 --> 00:06:25.519
that you've correlated it over to what's going to impact

100
00:06:25.920 --> 00:06:30.319
your taxes for the year or federal and state. Hey

101
00:06:30.360 --> 00:06:32.879
maybe you've changed your address and you've moved, it's a

102
00:06:32.879 --> 00:06:35.360
good idea to keep the IRS up to date on

103
00:06:35.399 --> 00:06:43.079
your address. Notify the postal service, notify the IRS as well.

104
00:06:43.639 --> 00:06:47.120
You can complete the Form eighty eight twenty two, which

105
00:06:47.160 --> 00:06:50.279
is the change of Address form with the IRS so

106
00:06:50.319 --> 00:06:53.000
that they have the correct address, so just in case

107
00:06:53.480 --> 00:06:56.079
you get one of those fund grams from the IRS

108
00:06:56.120 --> 00:06:59.160
saying hey, you made a mistake on your tax return.

109
00:07:00.079 --> 00:07:04.920
The IRS knows where the mail at too, or of

110
00:07:04.920 --> 00:07:09.160
course yet you get elected for that, try it audit,

111
00:07:09.720 --> 00:07:12.519
or they just made changes to your return because you

112
00:07:12.639 --> 00:07:15.959
made a mistake or left the W two off the

113
00:07:16.120 --> 00:07:19.560
nine A nine hour off, whichever it is. But at

114
00:07:19.639 --> 00:07:22.279
least you're getting notified so you can make the corrections

115
00:07:22.399 --> 00:07:26.160
or figure out what went wrong. You should also report

116
00:07:26.759 --> 00:07:31.519
name changes to Solid Security Administration. Get your Solid Security

117
00:07:31.519 --> 00:07:32.680
card corrected.

118
00:07:33.079 --> 00:07:33.279
You know.

119
00:07:33.480 --> 00:07:36.240
You should make all these changes as soon as possible.

120
00:07:36.560 --> 00:07:39.759
You know, and since you're sitting here, you know, midyear

121
00:07:39.920 --> 00:07:44.079
looking at everything that has transpired. So if you're a newlywed,

122
00:07:44.600 --> 00:07:49.439
get those addresses changed with the IRS, get your name changed.

123
00:07:49.480 --> 00:07:51.759
If you've changed your name when you got married, get

124
00:07:51.800 --> 00:07:55.000
it changed with Solid Security Administration. Make sure if you're

125
00:07:55.079 --> 00:07:57.519
working with the tax preprayer they know that you've changed it,

126
00:07:57.560 --> 00:08:00.000
because when you go to E file, if you've changed

127
00:08:00.160 --> 00:08:03.120
your name, it's going to get kicked out. If you

128
00:08:03.199 --> 00:08:06.240
didn't change your name, and you're going to prepare, let

129
00:08:06.319 --> 00:08:08.720
him know what the name is on your Social Security

130
00:08:08.759 --> 00:08:12.720
card as well. And you know I always say this,

131
00:08:13.319 --> 00:08:17.240
better late than never. If you haven't started saving for retirement,

132
00:08:17.800 --> 00:08:22.040
start now. Make the changes. Every dollar that you can

133
00:08:22.120 --> 00:08:28.879
put into a retirement plan is money saved for your future,

134
00:08:29.199 --> 00:08:33.080
and the longer you have, the more that money will

135
00:08:33.120 --> 00:08:36.440
be worth out there in the future. You know, as

136
00:08:36.559 --> 00:08:40.039
I told my son when he first started working, he's like, Dad,

137
00:08:40.360 --> 00:08:42.679
you know, I can't afford to put any money into

138
00:08:43.399 --> 00:08:45.919
retirement plan. Sat down with my son and I looked

139
00:08:45.919 --> 00:08:48.639
at him and I went, this is your first job, right, yes,

140
00:08:48.960 --> 00:08:53.200
So you really don't know what your actual take home

141
00:08:53.279 --> 00:08:57.879
pay is going to be until you get that first check. Correct, Well, yeah,

142
00:08:58.080 --> 00:09:02.159
we could estimate here the company you're working for and

143
00:09:02.320 --> 00:09:04.600
does a four to h one K match and they

144
00:09:04.639 --> 00:09:07.679
do it up to five percent, So take five percent,

145
00:09:08.080 --> 00:09:11.120
put it into your four oh one k, then they

146
00:09:11.240 --> 00:09:15.159
match that same five percent. Now, when you get your

147
00:09:15.200 --> 00:09:18.360
first check, it's going to be painful. You're going to

148
00:09:18.440 --> 00:09:21.559
notice it because it'll be the first time getting out

149
00:09:21.559 --> 00:09:25.240
of college and working a job for a good amount

150
00:09:25.279 --> 00:09:28.879
of money that you're going to actually see the impact

151
00:09:29.279 --> 00:09:34.159
of federal Social Security and Medicare taxes coming out of

152
00:09:34.200 --> 00:09:36.480
your check. But you can also going to see the

153
00:09:36.600 --> 00:09:39.200
four to oh one k that comes out as well

154
00:09:39.600 --> 00:09:42.919
that you've just started saving for retirement. Now, after that

155
00:09:42.960 --> 00:09:45.120
first check, you're never going to notice it again, because

156
00:09:45.120 --> 00:09:46.879
I almost guarantee you're going to be like a lot

157
00:09:46.919 --> 00:09:50.039
of other people that you don't look at your check

158
00:09:50.399 --> 00:09:52.840
very much. You look at what went into your bank account.

159
00:09:53.080 --> 00:09:55.519
You make sure the deposit was there, but you don't

160
00:09:55.519 --> 00:09:58.039
make sure anything else that was on your past up.

161
00:09:58.480 --> 00:10:01.360
Now you don't feel it anymore, is not as painful,

162
00:10:01.679 --> 00:10:06.000
and you've got an automatic savings program for you. Hey,

163
00:10:06.000 --> 00:10:08.759
it's a great way to start saving, and it's a

164
00:10:08.879 --> 00:10:14.320
great way for you to ignore what the net is

165
00:10:14.480 --> 00:10:17.559
coming out of your paycheck. Hey, when we come back

166
00:10:17.559 --> 00:10:20.720
after this break, we're going to talk about maximizing deductions

167
00:10:20.759 --> 00:10:24.399
and credits. Yeah, we're talking about midyear tax planning and

168
00:10:24.440 --> 00:10:26.440
that's part of it. Be right back after this.

169
00:10:27.559 --> 00:10:31.200
We have only scratched the surface of today's show. Please

170
00:10:31.240 --> 00:10:34.480
stand by as Barry gif Fowler will be right back

171
00:10:34.600 --> 00:10:40.399
with tax talk for you. If you owe the IRS

172
00:10:40.519 --> 00:10:43.840
or are going through an IRS audit, don't go at

173
00:10:43.879 --> 00:10:48.039
it alone. Called taxation Solutions, tax relief at eight eight

174
00:10:48.080 --> 00:10:52.639
eight nine three zero one zero one six. We are

175
00:10:52.799 --> 00:10:58.679
your solution for IRS, debts, audits, back taxes, garnishments, leans

176
00:10:59.039 --> 00:11:03.279
and levees. Whether you're an individual or business, you need

177
00:11:03.320 --> 00:11:08.360
a solution and a strong aggressive tax resolution. Don't let

178
00:11:08.440 --> 00:11:11.759
the IRS walk all over you. Stop the IRS now

179
00:11:12.320 --> 00:11:15.720
call eight eight eight nine three zero one zero one

180
00:11:15.879 --> 00:11:20.279
six or go to Taxationsolutions dot net now for a

181
00:11:20.480 --> 00:11:28.840
free no obligation consultation. Let's get back to tax stock

182
00:11:28.919 --> 00:11:31.919
for you with more tax stock once again.

183
00:11:32.399 --> 00:11:34.960
Here's your host, Barry G. Fatler.

184
00:11:37.240 --> 00:11:40.799
Welcome back. In our next segment, we're going to talk

185
00:11:40.879 --> 00:11:46.360
about business tax planning, small business owner operators, truck drivers,

186
00:11:46.399 --> 00:11:49.720
over the wall, truckers, you name it, it's going to

187
00:11:49.759 --> 00:11:52.960
apply to them, So make sure you're staying tuned in.

188
00:11:55.000 --> 00:11:56.919
So the next segment is going to be about that.

189
00:11:57.039 --> 00:12:00.320
But hey, this segment, we're talking about maximizing you tos

190
00:12:00.360 --> 00:12:04.559
and credits and other tax planning on your personal side.

191
00:12:04.759 --> 00:12:07.240
So if you're thinking you might be itemizing this year,

192
00:12:07.720 --> 00:12:09.480
you know that's a big hurdle to get over with

193
00:12:09.559 --> 00:12:13.240
this larger standard deduction, but with mortgage interest rates as

194
00:12:13.320 --> 00:12:16.279
high as they have been over the last couple of years,

195
00:12:17.120 --> 00:12:19.240
and if you've bought a new house, you can you

196
00:12:19.360 --> 00:12:23.480
definitely feel it. You might be very close to itemizing.

197
00:12:23.559 --> 00:12:28.080
So you know, part of this is being strategic about it.

198
00:12:28.279 --> 00:12:30.440
You know, since your mortgage interest is going to be

199
00:12:30.720 --> 00:12:35.720
so high and then your state and local income taxes,

200
00:12:35.840 --> 00:12:41.200
property taxes might be pretty high, your charitable contributions could

201
00:12:41.240 --> 00:12:43.720
be high enough, and you may be getting over that,

202
00:12:44.320 --> 00:12:49.919
so you might look at bunching deduction. Now every year

203
00:12:49.960 --> 00:12:53.320
we talk to people about bunching deductions. Now, we know

204
00:12:53.879 --> 00:12:56.960
state and local taxes are limited to ten thousand dollars,

205
00:12:57.240 --> 00:13:00.919
but if your mortgage interest rate is pretty high and

206
00:13:01.200 --> 00:13:05.159
you have or you have a large purchase that has

207
00:13:05.480 --> 00:13:09.399
large mortgage interest and you have that expense, you can

208
00:13:09.879 --> 00:13:14.919
bunch with charitable contributions and maybe make more charitable contributions

209
00:13:14.960 --> 00:13:19.240
one year. Or if your property taxes and your local

210
00:13:19.240 --> 00:13:23.279
income taxes or maybe only five or six thousand a year,

211
00:13:23.799 --> 00:13:27.120
then maybe you look at one year paying them in

212
00:13:27.279 --> 00:13:30.799
January of one and then that same year paying them

213
00:13:30.799 --> 00:13:35.879
in December. Therefore, you've bunched your property taxes or your

214
00:13:35.960 --> 00:13:40.360
state and local taxes into one year and you got

215
00:13:40.440 --> 00:13:43.960
to that ten thousand, and you're able to now itemize

216
00:13:44.200 --> 00:13:48.080
and get more for your charitable contributions. Maybe you're retired

217
00:13:48.440 --> 00:13:52.919
and you're taking money out of your iras. Instead of

218
00:13:52.960 --> 00:13:55.080
taking the money out and then giving it to a charity,

219
00:13:55.240 --> 00:13:58.919
you can use your rm ds to give directly to

220
00:13:59.000 --> 00:14:03.279
a charity and those non taxable. So there's a lot

221
00:14:03.320 --> 00:14:07.200
of things that you can do to help you lower

222
00:14:07.240 --> 00:14:10.799
your tax pretty much at any age that is out there.

223
00:14:11.200 --> 00:14:14.480
It's figuring out how to use the tax system to

224
00:14:15.279 --> 00:14:19.519
your benefit, and it's where sometimes using a good preparer

225
00:14:20.039 --> 00:14:26.720
to to do this really helps you in figuring out

226
00:14:26.759 --> 00:14:31.039
the best way to get the tax deductions that you

227
00:14:31.240 --> 00:14:34.879
need to save money on taxes. You know, what tax

228
00:14:34.919 --> 00:14:38.240
credits can you get as well, you know, such as

229
00:14:38.279 --> 00:14:42.720
the child tax credit. You know, maybe it is the

230
00:14:42.799 --> 00:14:47.879
improvements to your home energy efficiency credits that are out there,

231
00:14:49.080 --> 00:14:54.320
you know, maybe you have solar credits. Maybe at times

232
00:14:54.399 --> 00:14:58.440
there's credits on you know, purchasing an electronic vehicle, if

233
00:14:58.440 --> 00:15:03.120
that's what you're you know, looking for. Maybe it's even

234
00:15:03.159 --> 00:15:07.519
as we've discussed in the previous segment, retirement contributions, should

235
00:15:07.559 --> 00:15:10.200
you increase your contributions to your four to oh one K,

236
00:15:10.840 --> 00:15:15.200
your IRA or other pre tax retirement accounts to lower

237
00:15:15.360 --> 00:15:18.679
your taxable income. So if you're teacher, maybe it's using

238
00:15:18.720 --> 00:15:21.320
the four or three bs that are offered through the

239
00:15:21.320 --> 00:15:26.360
school districts to help reduce your income and reduce the

240
00:15:26.440 --> 00:15:30.759
taxes and save for retirement out there. You know, I

241
00:15:30.799 --> 00:15:33.200
know a lot of times, you know, maybe you're a

242
00:15:33.559 --> 00:15:37.720
dual income family and you're trying to live off of

243
00:15:37.840 --> 00:15:41.080
one income and save the other. So you know, maybe

244
00:15:41.159 --> 00:15:44.039
you can maximize four oh one ks or four four

245
00:15:44.159 --> 00:15:49.240
H three b's or other retirement savings out there to

246
00:15:49.279 --> 00:15:52.919
create that wealth for you in the future. You know,

247
00:15:53.000 --> 00:15:55.519
other items that you can look at our health savings

248
00:15:55.519 --> 00:16:00.639
accounts hsas. So if your medical plan is eligible and

249
00:16:00.679 --> 00:16:04.480
you're eligible to contribute to an HSA for tax free growth,

250
00:16:04.840 --> 00:16:09.840
tax free withdraws for qualified medical expenses. Great way to

251
00:16:09.960 --> 00:16:13.279
put money away. And then when you use it and

252
00:16:13.320 --> 00:16:15.960
you do have the medical expenses and you use it

253
00:16:16.000 --> 00:16:19.679
out of your HSA account, it's a tax free withdraw

254
00:16:20.600 --> 00:16:24.639
to help meet your deductible's copays so forth and so on.

255
00:16:24.679 --> 00:16:29.480
You know, really nice way to put money away pre

256
00:16:29.639 --> 00:16:34.480
tax And so when I speak at different seminars around

257
00:16:34.519 --> 00:16:38.080
the country, and we talk about how to minimize your

258
00:16:38.120 --> 00:16:40.320
tax We always talk about how to make sure that

259
00:16:40.879 --> 00:16:45.960
you take from what is after tax dollars and money

260
00:16:46.000 --> 00:16:49.559
that you spend after you pay your taxes and put

261
00:16:49.559 --> 00:16:54.039
it into money that you spend or save pre tax

262
00:16:54.320 --> 00:16:57.639
before it gets taxed. HSA's is a good way to

263
00:16:57.759 --> 00:17:02.120
do that. Sometimes the flexible spending arrangements are really good.

264
00:17:03.120 --> 00:17:08.079
But in a FSA flexible spending arrangement, you got to

265
00:17:08.160 --> 00:17:09.880
use that money before the end of the year. So

266
00:17:10.000 --> 00:17:13.880
things like daycare, if you're a company offers being able

267
00:17:13.880 --> 00:17:18.319
to take money and put it aside before tax, or

268
00:17:18.440 --> 00:17:23.240
even sometimes meeting deductibles on insurance and stuff, you have

269
00:17:23.319 --> 00:17:25.480
to use that money before the end of the year.

270
00:17:26.119 --> 00:17:28.160
So it's a good way to do it, but it's

271
00:17:28.160 --> 00:17:30.319
a use it or lose it plan, so you kind

272
00:17:30.319 --> 00:17:32.440
of got to watch how you do it.

273
00:17:32.720 --> 00:17:32.880
Now.

274
00:17:32.880 --> 00:17:35.720
If you're investing, you know, sometimes you've got to look

275
00:17:35.759 --> 00:17:39.200
at managing your investment income. You know, when the market

276
00:17:39.240 --> 00:17:43.200
is going up and your account is being successful, you

277
00:17:43.279 --> 00:17:49.319
may have some unharvested, unrealized losses, so you can take

278
00:17:49.400 --> 00:17:54.559
those losses to help offset those realized gains. And reduce

279
00:17:54.599 --> 00:17:56.960
your tax pule income. There is an art to do

280
00:17:57.400 --> 00:17:59.400
and so you know, you've kind of got to look

281
00:17:59.400 --> 00:18:01.640
at it. I know I've had some losses in my

282
00:18:01.680 --> 00:18:04.839
account I hate taking, but if my tax rates high enough,

283
00:18:05.240 --> 00:18:07.759
then maybe I've got to look at taking those losses

284
00:18:07.759 --> 00:18:12.680
to offset those realized gains that I've had in my

285
00:18:12.759 --> 00:18:16.799
investment accounts so that i can reduce those taxes. Something

286
00:18:16.839 --> 00:18:19.720
to sit down and look at plan your year, plan

287
00:18:19.839 --> 00:18:21.400
how you want to do it. You may not want

288
00:18:21.440 --> 00:18:23.440
to do it today, but maybe you want to look

289
00:18:23.440 --> 00:18:25.240
at it and do it before the end of the year.

290
00:18:25.799 --> 00:18:29.440
Maybe your income is where maybe you should start considering

291
00:18:29.559 --> 00:18:34.880
making wroth conversions. We have some tax guys clients of

292
00:18:34.920 --> 00:18:38.119
ours who are now have quite a bit of money

293
00:18:38.319 --> 00:18:43.200
into a four oh one k or ira that's a

294
00:18:43.279 --> 00:18:46.920
regular account, and they want to start looking at converting

295
00:18:46.960 --> 00:18:50.799
it to a wroth. Now, you know, a wroth ira

296
00:18:51.079 --> 00:18:55.000
grows and when you distribute that money, there's no tax

297
00:18:55.039 --> 00:18:59.039
on it. So it's advantageous depending on where your tax

298
00:18:59.119 --> 00:19:02.119
rate is going to be in the future. But if

299
00:19:02.160 --> 00:19:04.920
your future tax rates are expected to be higher, then

300
00:19:04.960 --> 00:19:09.079
you should consider converting some of your traditional ira or

301
00:19:09.119 --> 00:19:12.880
traditional four oh one k over to a wroth ira

302
00:19:13.240 --> 00:19:18.000
or the wroth for a one k, especially when you're

303
00:19:18.039 --> 00:19:22.000
paying the conversion taxes. Now could be very advantageous here

304
00:19:22.000 --> 00:19:24.279
in a lower tax bracket out there, But it takes

305
00:19:24.319 --> 00:19:27.160
a little bit of a state and a lot of

306
00:19:27.200 --> 00:19:31.920
tax planning to make sure you're doing this correctly. You know,

307
00:19:32.079 --> 00:19:33.920
maybe you do have an estate and you need to

308
00:19:33.960 --> 00:19:36.640
start planning what's going to happen to it. You know,

309
00:19:36.799 --> 00:19:40.960
maybe that living trust is rightful. Maybe just a will

310
00:19:41.200 --> 00:19:45.160
is correct for you. Maybe you need to sit down

311
00:19:45.240 --> 00:19:50.119
with a trust or a state planning attorney and determine

312
00:19:51.640 --> 00:19:55.440
the pros and cons of living trusts and other estate

313
00:19:55.480 --> 00:19:59.640
planning activities, especially maybe you own land that is going up,

314
00:20:00.160 --> 00:20:02.680
your homes that are going up a value, or you

315
00:20:02.720 --> 00:20:05.400
want to make sure that your family has said and

316
00:20:05.519 --> 00:20:09.079
can avoid like we have in Texas probate, and you

317
00:20:09.160 --> 00:20:12.119
might want to avoid probate, so you use that living

318
00:20:13.160 --> 00:20:16.279
trust that's out there. You know, whatever you decide to do,

319
00:20:16.839 --> 00:20:21.359
you know what I always strongly recommend seek professional advice.

320
00:20:21.759 --> 00:20:25.160
You know, talk to a tax professional. Your tax advisor

321
00:20:25.240 --> 00:20:31.119
is going to provide personalized gallant guidance tailor to your needs,

322
00:20:31.319 --> 00:20:35.559
your financial situation and help you identify, you know, tax

323
00:20:35.599 --> 00:20:40.160
saving opportunities. But you've got to act as well. Don't

324
00:20:40.279 --> 00:20:43.839
just listen to the advice, take advantage of the advice

325
00:20:43.920 --> 00:20:46.240
and do the things that they're telling you to do.

326
00:20:46.720 --> 00:20:50.359
You know, going through this mid year tax planning helps

327
00:20:50.359 --> 00:20:55.000
you avoid surprises, maximize your savings, helps you adapt to changes,

328
00:20:55.440 --> 00:20:59.759
reduce stress at tax time. But be proactive in your

329
00:20:59.799 --> 00:21:03.960
tax situation. Implement some of the strategies so you can

330
00:21:04.000 --> 00:21:07.319
improve your financial health. Hey, we're going to get into

331
00:21:07.799 --> 00:21:12.319
your business taxes, owner operator taxes, trucking taxes. We're going

332
00:21:12.359 --> 00:21:15.119
to do that right after this break. We'll be right back.

333
00:21:16.279 --> 00:21:19.920
We have only scratched the surface of today's show. Please

334
00:21:19.960 --> 00:21:23.519
stand by as Barry Chief Fowler will be right back.

335
00:21:23.319 --> 00:21:24.759
With tax talk for you.

336
00:21:27.720 --> 00:21:30.799
As an owner operator, you already spend too much time

337
00:21:30.839 --> 00:21:34.640
away from your family. Trucker Tax Tools handles all your

338
00:21:34.640 --> 00:21:37.880
bookkeeping and taxes. No matter what level trucker you are.

339
00:21:38.119 --> 00:21:41.319
Life on the road can be taxing, but that doesn't

340
00:21:41.359 --> 00:21:44.720
mean that your wallet or time with your family should suffer.

341
00:21:45.240 --> 00:21:49.200
Trucker Tax Tools makes your life run smoothly. Go to

342
00:21:49.240 --> 00:21:52.039
Trucker tax tools dot Com for a free guide that

343
00:21:52.119 --> 00:21:55.759
will give you the tools to never worry about your

344
00:21:55.799 --> 00:22:00.319
taxes again. Call Trucker Tax Tools eight seven seven nine

345
00:22:00.480 --> 00:22:04.519
six six two four seven seven or go to Trucker

346
00:22:04.640 --> 00:22:08.160
tax Tools dot com now and let the experts keep

347
00:22:08.200 --> 00:22:14.079
you trucking. Let's get back to tax stock for you

348
00:22:14.119 --> 00:22:16.720
with more tax stock once again.

349
00:22:17.200 --> 00:22:22.240
Here's your host, Barry G. Fallam.

350
00:22:22.319 --> 00:22:25.000
Hey, welcome back. Hey, speaking of Trucker Tax Tools, and

351
00:22:25.119 --> 00:22:29.640
we had a great week last week, probably one of

352
00:22:29.640 --> 00:22:32.119
the greatest weeks we've had, you know this year. You know,

353
00:22:32.160 --> 00:22:37.279
we're always helping truckers and we're always signing new clients

354
00:22:37.359 --> 00:22:42.480
up for bookkeeping and taxes, new low raids. I don't

355
00:22:42.519 --> 00:22:44.400
know how long the special is going to keep going

356
00:22:44.440 --> 00:22:47.079
on for, but you know, bookkeeping at twenty five dollars

357
00:22:47.119 --> 00:22:51.640
a week, you can't beat it. Give us a call, uh,

358
00:22:52.039 --> 00:22:55.319
let us talk about what we do for owner operators

359
00:22:55.319 --> 00:22:59.119
truckers all across the country. You don't have to be

360
00:22:59.400 --> 00:23:02.000
local to us in any way, shape or form. Our

361
00:23:02.359 --> 00:23:06.359
program has developed around you, a small business owner, the

362
00:23:06.400 --> 00:23:11.960
owner operator over the road trucker that you know needs

363
00:23:12.000 --> 00:23:16.880
financial freedom, needs a freedom from doing bookkeeping and taxes, and.

364
00:23:16.759 --> 00:23:17.960
We can help.

365
00:23:18.119 --> 00:23:20.440
That's what we're here to do. Give us a call

366
00:23:20.480 --> 00:23:24.000
today eight seven seven nine sixty six two four seven

367
00:23:24.079 --> 00:23:28.000
seven Again eight seven seven nine sixty six two four

368
00:23:28.119 --> 00:23:30.839
seven seven. Let us put the program together for you.

369
00:23:30.920 --> 00:23:33.039
Let us show us what we can do for you.

370
00:23:34.240 --> 00:23:38.880
We were helping a new client figuring out how to

371
00:23:39.000 --> 00:23:43.720
transfer his charter from New Jersey to Florida, sending him

372
00:23:43.799 --> 00:23:48.359
some information out and helping him along the way. It's

373
00:23:48.359 --> 00:23:52.640
great to help new clients out there, other people of

374
00:23:52.759 --> 00:23:56.160
the other truckers that we've gotten started helping with their bookkeeping,

375
00:23:57.000 --> 00:23:59.759
getting them on the right track and keeping them working

376
00:23:59.799 --> 00:24:02.519
on you know, that's what it's all about.

377
00:24:02.759 --> 00:24:02.960
You know.

378
00:24:03.000 --> 00:24:07.759
We started from helping truckers when they had i RS

379
00:24:07.880 --> 00:24:11.160
problems and dealing with the i R s and putting

380
00:24:11.200 --> 00:24:15.319
a solution in place, you know, to save them from

381
00:24:15.559 --> 00:24:21.079
their tax debts, unfiled returns money that was owed or

382
00:24:21.119 --> 00:24:24.880
even i R s audits and out of the ad

383
00:24:24.880 --> 00:24:29.480
Guru Trucker Tax tools, to where we helped truckers with

384
00:24:29.519 --> 00:24:31.000
their bookkeeping and taxes.

385
00:24:31.480 --> 00:24:32.200
We had.

386
00:24:33.720 --> 00:24:36.480
Many, many, many truckers comeing to us and say, hey,

387
00:24:36.480 --> 00:24:39.160
can't you just now pick up our bookkeeping taxes. So

388
00:24:39.240 --> 00:24:42.920
we had to do this through this new entity. It's

389
00:24:42.920 --> 00:24:45.720
all about trucking and Trucker tax Tools. Go to Trucker

390
00:24:45.759 --> 00:24:48.440
tax Tools dot com. We're again call us at eight

391
00:24:48.920 --> 00:24:52.440
seven seven nine six six two four seven seven. Let

392
00:24:52.519 --> 00:24:55.599
us get started working for you. We were going to

393
00:24:55.680 --> 00:24:59.279
talk about, you know, small businesses. You know, small businesses

394
00:24:59.720 --> 00:25:05.039
as subject to various taxes, both federal and state, and

395
00:25:05.160 --> 00:25:08.759
it really all comes down to depending on your structure,

396
00:25:08.960 --> 00:25:12.720
your activities. You know, what do you do in business.

397
00:25:12.920 --> 00:25:16.440
But you know, when it comes down to it, it's taxes,

398
00:25:16.559 --> 00:25:21.480
taxes and taxes. I mean, federal, state, you name it,

399
00:25:21.680 --> 00:25:27.440
local city. Everybody wants a piece of what you do.

400
00:25:28.039 --> 00:25:31.359
And so you know, when you're an owner operator or

401
00:25:31.359 --> 00:25:34.599
a small business, you know you've got to have to

402
00:25:34.640 --> 00:25:36.720
file your federal income tax and you're going to pay

403
00:25:36.720 --> 00:25:41.759
federal income tax. You know, most businesses must file an

404
00:25:41.799 --> 00:25:45.400
annual tax returns, you know, paying their taxes on profits

405
00:25:45.440 --> 00:25:54.480
after deducting your expenses, deductions, exemptions, credits, you know, and

406
00:25:54.559 --> 00:25:58.640
then you know, if you're a C corp, then you're

407
00:25:58.640 --> 00:26:02.279
going to pay your flat tax rate, which is about

408
00:26:02.319 --> 00:26:05.319
twenty one percent as of twenty twenty five. And then

409
00:26:05.359 --> 00:26:07.279
if you if you're a C corp and you pass

410
00:26:07.359 --> 00:26:11.759
dividends out, then the shareholders that receive the dividends are

411
00:26:11.759 --> 00:26:14.400
going to pay tax on the dividends, so you have

412
00:26:14.440 --> 00:26:15.440
a double taxation.

413
00:26:15.880 --> 00:26:16.720
May not be the.

414
00:26:16.599 --> 00:26:19.279
Best way to go. Or maybe you set up your

415
00:26:19.599 --> 00:26:23.400
LLC and you're a single member and you're filing your

416
00:26:23.440 --> 00:26:26.799
return on the schedule. See, well, now you also have

417
00:26:27.400 --> 00:26:30.799
self employment tax on top of that. So you know,

418
00:26:30.880 --> 00:26:34.599
if you're operated as a sole proprietor or an independent

419
00:26:34.640 --> 00:26:38.720
contractor single member LLC, you're going to need to pay

420
00:26:38.839 --> 00:26:42.559
self employment tax to cover social Security and Medicare tax.

421
00:26:42.839 --> 00:26:46.039
If you've taken that entity and made it into let's

422
00:26:46.039 --> 00:26:49.720
say in this corp, you're now going to have payroll

423
00:26:49.799 --> 00:26:53.759
taxes because you as the employee of the business, as

424
00:26:53.880 --> 00:26:56.880
the owner working in the business and have to have

425
00:26:56.920 --> 00:27:00.359
a reasonable salary. You're going to have payroll and you're

426
00:27:00.400 --> 00:27:02.839
going to pay federal income tax, You're going to pay

427
00:27:02.880 --> 00:27:06.839
Social Security Medicare. You're going to pay the employer half

428
00:27:07.160 --> 00:27:09.720
of Social Security and Medicare. You're going to pay the

429
00:27:09.799 --> 00:27:13.799
employee half of Social Security and Medicare. And then you're

430
00:27:13.839 --> 00:27:17.559
going to pay the federal income taxes. Well, now with

431
00:27:17.960 --> 00:27:22.960
an employee, you may have state workers compensation or unemployment

432
00:27:23.039 --> 00:27:26.119
insurance that you also have to pay by these are

433
00:27:26.240 --> 00:27:30.079
stacking up. And who said a business never pays taxes?

434
00:27:30.440 --> 00:27:34.240
It seems like it's taxes, taxes, taxes, taxes. Now you're

435
00:27:34.279 --> 00:27:36.680
a business owner. Now you're going to make sure you

436
00:27:36.720 --> 00:27:40.160
make your estimated tax payments. You know, it's crazy again,

437
00:27:40.200 --> 00:27:44.480
it's taxes. Hey, what's today estimated tax payment day? Make

438
00:27:44.519 --> 00:27:48.119
your estimated taxes. Make that payment today, they're due today.

439
00:27:48.559 --> 00:27:52.519
You know, if you are a c court, you may

440
00:27:52.559 --> 00:27:55.960
have estimated taxes as well for your business. Maybe you're

441
00:27:56.079 --> 00:28:01.039
multi member LLC and now you file a partnership return. Well,

442
00:28:01.160 --> 00:28:03.799
it's a pass through so if you don't have employees,

443
00:28:03.880 --> 00:28:07.599
you don't not going to have employment taxes. Matter of fact,

444
00:28:07.799 --> 00:28:11.200
you as the business owner working in your partnership, are

445
00:28:11.240 --> 00:28:13.039
not going to be on payroll, but you're going to

446
00:28:13.079 --> 00:28:16.279
receive what we call guaranteed payments for the work you

447
00:28:16.359 --> 00:28:19.160
do for the business. Those guaranteed payments are going to

448
00:28:19.200 --> 00:28:23.920
be subject to tax self employment taxes on your personal

449
00:28:24.000 --> 00:28:29.039
return that you pay through your estimated tax payments. Again,

450
00:28:29.240 --> 00:28:35.240
do today. Taxes continue to accumulate now depending on the

451
00:28:35.279 --> 00:28:37.759
type of business. If you're an owner operator, you're familiar

452
00:28:37.759 --> 00:28:42.559
with excise taxes. So excise taxes are also applied to

453
00:28:43.240 --> 00:28:48.839
other business activities, such as manufacturing or selling certain types

454
00:28:48.880 --> 00:28:53.720
of products, operating certain types of businesses, or using certain

455
00:28:53.799 --> 00:28:57.599
type of equipment that might truck. Make sure you file

456
00:28:57.640 --> 00:28:59.759
your twenty two to ninety taxes. Those are coming up

457
00:28:59.799 --> 00:29:03.400
to here really soon. If you're an owner operator. See

458
00:29:03.839 --> 00:29:08.119
people don't understand running a small business. Running a small

459
00:29:08.279 --> 00:29:14.359
business means you pay more taxes, have more responsibility. See

460
00:29:14.359 --> 00:29:19.039
that responsibility doesn't stop just with yourself. You are no

461
00:29:19.119 --> 00:29:24.000
longer responsible for one. Now if you're a contractor maybe

462
00:29:24.000 --> 00:29:26.119
it's just you working for it, and you're responsible for

463
00:29:26.279 --> 00:29:30.799
you your business and then your personal taxes. See how that goes.

464
00:29:30.920 --> 00:29:35.000
Not just one responsible for the entity. You're then responsible

465
00:29:35.079 --> 00:29:40.279
for income taxes, so employment taxes, So it becomes two.

466
00:29:40.799 --> 00:29:44.160
Now you start in small business and you're growing, you're

467
00:29:44.160 --> 00:29:48.599
not responsible for one anymore or two anymore. You're now

468
00:29:48.680 --> 00:29:53.319
responsible for each and every one of those employees that

469
00:29:53.559 --> 00:29:57.000
now have become like family. You want to take care

470
00:29:57.039 --> 00:30:00.000
of them. You've got to be responsible to make sure

471
00:30:00.039 --> 00:30:04.000
not only do you give them their paycheck on the

472
00:30:04.359 --> 00:30:08.359
day day, but making sure that your business isn't going

473
00:30:08.440 --> 00:30:12.160
to be in financial debt or hardship. You've got to

474
00:30:12.160 --> 00:30:16.759
make those tax payments for the payroll taxes. Yes, the

475
00:30:16.759 --> 00:30:19.759
Federal withholding the mountain you withheld from their check, the

476
00:30:19.839 --> 00:30:22.839
Soial Security and medicare that you withheld from their check,

477
00:30:23.240 --> 00:30:26.160
the matching Social Security and medicare that the company has to,

478
00:30:26.440 --> 00:30:29.359
the state unemployment insurance that the company has to put,

479
00:30:29.440 --> 00:30:33.279
the federal income taxes, the company would be responsible. Okay,

480
00:30:33.640 --> 00:30:38.640
burden has become great for you. You need to be making

481
00:30:38.680 --> 00:30:43.240
sure that you as the business owner, dotting your eyes,

482
00:30:43.440 --> 00:30:48.559
crossing your t's and making the taxes and tax payments

483
00:30:48.640 --> 00:30:52.880
that you're required to make, including your state and local taxes,

484
00:30:53.519 --> 00:30:58.000
state and local income tax sales tax, deployment workers compensation,

485
00:30:58.400 --> 00:31:02.400
property taxes, all burden on you. Hey, Mike, I appreciate

486
00:31:02.400 --> 00:31:04.119
the question. As a matter of fact, it's going to

487
00:31:04.119 --> 00:31:07.039
bring us to our next topic after the break, which

488
00:31:07.160 --> 00:31:11.279
is what can we do for tax planning for businesses

489
00:31:11.279 --> 00:31:14.400
out there? Owner operators? Mike, We're going to address that

490
00:31:14.480 --> 00:31:15.559
question right after this.

491
00:31:16.960 --> 00:31:20.599
We have only scratched the surface of today's show. Please

492
00:31:20.640 --> 00:31:23.920
stand by as Barry G. Fowler will be right back

493
00:31:24.000 --> 00:31:29.839
with tax talk for you. As an owner operator, you

494
00:31:30.039 --> 00:31:32.559
already spend too much time away from your family.

495
00:31:33.119 --> 00:31:35.200
Stop spending time doing paperwork.

496
00:31:35.640 --> 00:31:39.119
Go to Trucker tax toools dot com, a solution built

497
00:31:39.200 --> 00:31:43.359
specifically for truckers. Trucker tax toools dot com makes your

498
00:31:43.440 --> 00:31:49.559
life run smoothly. Let's get back to tax stock for

499
00:31:49.680 --> 00:31:54.920
you with more tax stock once again, here's your host, BARRYG.

500
00:31:55.160 --> 00:31:55.519
Foller.

501
00:31:57.880 --> 00:32:01.000
Hey, I'd like to message here Albert, you know, thank you.

502
00:32:01.599 --> 00:32:04.880
Happy Father's Day to all the fathers out there. I

503
00:32:04.960 --> 00:32:07.079
know yesterday was Father's Day, so I hope you guys,

504
00:32:07.319 --> 00:32:10.039
all fathers and dads out there had a wonderful Father's Day,

505
00:32:10.039 --> 00:32:13.680
whether it's you know, with your kids, your grandkids. Hope

506
00:32:13.680 --> 00:32:16.279
you enjoyed the day. We're talked about tax planning.

507
00:32:17.720 --> 00:32:18.200
Midyear.

508
00:32:18.519 --> 00:32:21.799
Great time to look at this and look at tax

509
00:32:21.799 --> 00:32:26.119
planning both on the individual and the business level. One

510
00:32:26.160 --> 00:32:30.640
of the places we start looking for businesses and tax planning,

511
00:32:31.960 --> 00:32:34.559
and Mike, thanks for the question about tax planning for

512
00:32:34.640 --> 00:32:37.880
businesses is we start looking at your business structure.

513
00:32:38.160 --> 00:32:38.680
How are you.

514
00:32:38.680 --> 00:32:42.519
Structured, Are you so proprietorship, Are you a partnership, Are

515
00:32:42.519 --> 00:32:47.400
you an LLC? Are you a corporation? All those are

516
00:32:47.400 --> 00:32:51.599
going to determine how you're paying tax each and every

517
00:32:51.880 --> 00:32:56.720
and that structure can also impact the amount of tax

518
00:32:56.759 --> 00:33:00.359
that you're going to pay. See so proprietor depending on

519
00:33:00.400 --> 00:33:03.039
how much money you're making, you're going to be paying

520
00:33:03.240 --> 00:33:07.160
social Security and medicare on the whole bottom line of

521
00:33:07.359 --> 00:33:10.400
your business. So if you were to make one hundred

522
00:33:10.440 --> 00:33:14.599
thousand dollars a year, you're going to pay fifteen point

523
00:33:14.599 --> 00:33:18.880
three percent on that for Social Security and medicare right

524
00:33:18.920 --> 00:33:22.759
off the top. If you are a partnership, as we discussed,

525
00:33:22.759 --> 00:33:25.960
it depends on how you set your guaranteed payments and

526
00:33:26.039 --> 00:33:29.960
that might be manipulated to the quality and the level

527
00:33:30.000 --> 00:33:33.200
of work that you're providing and services you're providing to

528
00:33:33.240 --> 00:33:37.839
the partnership to make it a reasonable salary. LLC could

529
00:33:37.880 --> 00:33:40.240
be taxed as a single member, it could be taxed

530
00:33:40.279 --> 00:33:45.599
as a partnership, could be taxed as an escort. You know,

531
00:33:45.759 --> 00:33:49.279
depending on how you filed your for your employer identification number,

532
00:33:49.720 --> 00:33:52.200
and then if you filed all the right paperwork to

533
00:33:54.079 --> 00:33:57.720
elect escort status or something else. Those can be used

534
00:33:57.759 --> 00:34:01.519
to work at lowering the amount of Social Security and

535
00:34:01.519 --> 00:34:04.319
Medicare taxes that you're going to pay. Or maybe you're

536
00:34:04.359 --> 00:34:08.000
a c court and maybe you shouldn't be now paying

537
00:34:08.119 --> 00:34:12.800
taxes and double taxes and then payroll taxes. See that

538
00:34:12.880 --> 00:34:15.679
business structure out there, it can have a huge impact.

539
00:34:16.000 --> 00:34:18.239
Great time to sit down and do an analysis with

540
00:34:18.320 --> 00:34:22.800
your tax professional to make a determination which is the

541
00:34:22.880 --> 00:34:27.039
right structure for you and how to improve your tax

542
00:34:27.079 --> 00:34:30.639
situation within the structure that you've chosen, or choose a

543
00:34:30.679 --> 00:34:34.679
new structure out there. You know, looking at your business,

544
00:34:34.840 --> 00:34:38.159
what tax deductions and credits that you should be able

545
00:34:38.199 --> 00:34:43.119
to take advantage of. There are various tax deductions that

546
00:34:43.320 --> 00:34:48.719
help reduce your tax burdens. So you know, you got

547
00:34:48.719 --> 00:34:52.280
to look at all the deductionable expenses out there, whether

548
00:34:52.320 --> 00:34:58.159
it's advertising, employee wages, office supplies, business travel, professional services,

549
00:34:59.639 --> 00:35:03.320
all of that is available out there, and you've got

550
00:35:03.320 --> 00:35:05.360
to look at all those deductions and find all the

551
00:35:05.400 --> 00:35:07.800
credits and everything that you can take to help you

552
00:35:07.960 --> 00:35:11.320
reduce for taxes. Hey, we've got a great question here

553
00:35:11.360 --> 00:35:15.559
from Kyle. Do you fill out es Corp paper once

554
00:35:15.760 --> 00:35:19.440
or is it done every year for taxes? Well, the

555
00:35:19.679 --> 00:35:22.840
ESCORP election that you make on Form twenty five to

556
00:35:22.920 --> 00:35:28.159
fifty three is filed one time. IRS has to accept it.

557
00:35:28.159 --> 00:35:31.599
It's got to be filed timely and then for the

558
00:35:31.960 --> 00:35:36.119
IRS to accept for the time period you're asking to

559
00:35:36.159 --> 00:35:39.519
start the escorp. But once the s corp election has

560
00:35:39.559 --> 00:35:44.079
been made, you will file every single year, whether you

561
00:35:44.320 --> 00:35:48.599
have income or not, eleven twenty s which is the

562
00:35:48.639 --> 00:35:53.119
tax return for the ESCORP. So even if your escorp

563
00:35:53.360 --> 00:35:58.119
is not generating any income or having any expenses maybe dormant,

564
00:35:58.440 --> 00:36:01.519
the IRS is actually expected you to still file a

565
00:36:01.599 --> 00:36:05.800
tax return for each and every year that's out there,

566
00:36:05.920 --> 00:36:09.480
and if you don't, they can and do penalize you

567
00:36:09.800 --> 00:36:14.599
for a non compliance. So the election is made one time,

568
00:36:15.199 --> 00:36:17.880
but you continue to file the eleven twenty s the

569
00:36:18.119 --> 00:36:22.679
corporate tax return, every single year. So something else you

570
00:36:22.719 --> 00:36:25.119
want to make sure that you're doing for your business

571
00:36:25.159 --> 00:36:29.079
and helping with your tax plannings and filings is keep

572
00:36:29.519 --> 00:36:35.679
meticulous records. Maintain accurate records of your income and expenses

573
00:36:35.719 --> 00:36:39.079
to support your tax filings and every deduction that's out there.

574
00:36:39.280 --> 00:36:43.440
Use a bookkeeping service. Bookkeeping services and professional services like

575
00:36:43.519 --> 00:36:48.159
ours here at truck Or Tax Tools are tax deductible.

576
00:36:48.440 --> 00:36:52.960
It's a pre tax expense, so you're not paying after tax.

577
00:36:53.239 --> 00:36:56.280
You get the deduction for what you pay for our

578
00:36:56.400 --> 00:37:01.000
services to help save you money on your tax. So

579
00:37:01.280 --> 00:37:05.360
you know, use a service like us. As a matter

580
00:37:05.360 --> 00:37:08.199
of fact, the great low plan that we're offering right

581
00:37:08.239 --> 00:37:13.400
now for bookkeeping for truckers owner operators out there at

582
00:37:13.400 --> 00:37:16.239
twenty five dollars a week call us here at eight

583
00:37:16.320 --> 00:37:19.360
seven seven nine sixty six two four seven seven. Let's

584
00:37:19.400 --> 00:37:24.039
get started here right away. Let's save you money and

585
00:37:24.079 --> 00:37:27.519
find every deduction that's out there. And I tell you,

586
00:37:27.559 --> 00:37:30.840
if you run in a small business, get professional assistance,

587
00:37:30.880 --> 00:37:34.840
whether it's from us here Trucker Tax Tools, taxation solutions,

588
00:37:34.880 --> 00:37:38.920
tax relief. You know, hire a tax consultant, a tax

589
00:37:38.960 --> 00:37:44.920
professional for guidance on you know, strategies, tax savings, business

590
00:37:44.920 --> 00:37:50.559
structure and filing. And be aware of every deadline that

591
00:37:50.679 --> 00:37:56.440
you are going to encounter as a business person. You know,

592
00:37:56.719 --> 00:38:02.400
missing deadlines causes penalties, causes interest and you don't want

593
00:38:02.440 --> 00:38:07.440
to miss those deadlines. Now, Hey, we know we operate

594
00:38:07.480 --> 00:38:11.119
across the United States. We have clients in almost every

595
00:38:11.159 --> 00:38:15.559
state country, long story short. For a long time, didn't

596
00:38:15.599 --> 00:38:17.159
have a client in Hawaii. I got to take a

597
00:38:17.239 --> 00:38:20.119
vacation out in Hawaii, and while I was in Hawaii,

598
00:38:20.159 --> 00:38:23.360
we gained three new clients in Hawaii. So you know,

599
00:38:24.480 --> 00:38:28.920
we are nationwide business out here. Both Taxation Solutions dot

600
00:38:29.000 --> 00:38:33.639
net and Trucker Tax Tools dot Com operate across the

601
00:38:33.639 --> 00:38:40.559
whole US. We're out here helping businesses manage regulations. And

602
00:38:40.760 --> 00:38:43.039
you know, those state tax rates can vary and can

603
00:38:43.159 --> 00:38:46.239
change from state to state. There's some great states out

604
00:38:46.280 --> 00:38:49.559
there that don't have state income tax. I always recommend

605
00:38:49.599 --> 00:38:54.199
those states over states that are paying taxes. But it's

606
00:38:54.320 --> 00:38:57.599
all your choice. Beth Hey, good question here. You know

607
00:38:57.639 --> 00:38:59.880
we're running short on time. You're saying that even if

608
00:38:59.880 --> 00:39:02.079
a company is not running, took a loss or just

609
00:39:02.119 --> 00:39:05.119
to start up phase, that it's practically dormant. You still

610
00:39:05.119 --> 00:39:09.800
have to file a paper and work taxes. Absolutely, if

611
00:39:09.840 --> 00:39:14.280
you are an escorp, you are still required to file

612
00:39:14.960 --> 00:39:18.960
that eleven twenty s. So when you filed and received

613
00:39:19.000 --> 00:39:23.719
your ESCORP election and you receive the letter, it tells

614
00:39:23.760 --> 00:39:26.519
you when you've got a first file, and then you've

615
00:39:26.599 --> 00:39:31.199
got to continue to file that ESCORP return even if

616
00:39:31.239 --> 00:39:34.679
it's zeros. If you want to keep that company open,

617
00:39:34.800 --> 00:39:37.000
if you're going to be dormant or you're not going

618
00:39:37.039 --> 00:39:41.599
to operate, you know, it's sometimes advisable just to close

619
00:39:41.639 --> 00:39:45.880
the business down and set up a new business or

620
00:39:45.960 --> 00:39:48.960
keep it open with the state and when you're ready

621
00:39:48.960 --> 00:39:52.039
to go back to running the business, get a employer

622
00:39:52.039 --> 00:39:56.440
identification number and start over. You know, but you've got

623
00:39:56.440 --> 00:40:00.320
to look at state regulations as well. Sometimes you've got

624
00:40:00.320 --> 00:40:03.159
to talk to an attorney determine what's the right thing

625
00:40:03.360 --> 00:40:07.719
for you to do, you know, for you and your business.

626
00:40:07.760 --> 00:40:09.519
But the one thing I could say, when you run

627
00:40:09.559 --> 00:40:14.480
a business, you really need to take the time to

628
00:40:14.559 --> 00:40:18.679
go through the structure and then go through your bookkeep

629
00:40:18.840 --> 00:40:22.239
You know, you can use our recommended tax software or

630
00:40:22.280 --> 00:40:26.079
I mean our bookkeeping software that we use zero if

631
00:40:26.119 --> 00:40:30.239
you come to us. You know, we like zero one

632
00:40:30.280 --> 00:40:33.320
of the better softwares out there. It's actually x e

633
00:40:33.559 --> 00:40:39.039
R zero over quick books and over some of the

634
00:40:39.039 --> 00:40:43.599
other softwares that you can be using out there. We

635
00:40:43.840 --> 00:40:46.960
like to use it in our practice because it allows

636
00:40:47.039 --> 00:40:50.360
us to do things a little bit easier and it

637
00:40:50.440 --> 00:40:53.639
is all online, so you know, that's kind of one

638
00:40:53.679 --> 00:40:56.559
of the downfalls, but we can work from from anywhere

639
00:40:57.599 --> 00:41:02.800
using this software that's out there, so it's user friendly,

640
00:41:03.360 --> 00:41:05.199
at least for us. It takes a little bit of

641
00:41:05.199 --> 00:41:08.360
time to get used to, but you can work through it.

642
00:41:08.599 --> 00:41:12.280
As far as taxes go, I always tell you never

643
00:41:12.559 --> 00:41:15.320
go it alone. Don't file your own taxes. Use a

644
00:41:15.360 --> 00:41:19.519
tax professional, use it an enrolled agent, somebody licensed to

645
00:41:19.559 --> 00:41:22.760
do your taxes. Have a consultant, Have somebody that you

646
00:41:22.800 --> 00:41:26.039
can consider a friend that you can call to get

647
00:41:26.079 --> 00:41:29.920
tax advice. When things happen in your business, in your life,

648
00:41:30.280 --> 00:41:35.480
whether it's new child, divorce, marriage, death, whatever it may be,

649
00:41:36.360 --> 00:41:40.320
having that person that you can rely on to consult

650
00:41:40.400 --> 00:41:43.639
with is well worth it. You know, not just when

651
00:41:43.679 --> 00:41:48.199
you're running a business, but in all walks and things

652
00:41:48.239 --> 00:41:50.960
in your life. You know, sometimes do it yourself is

653
00:41:51.000 --> 00:41:53.320
not the right way to do it. As my wife

654
00:41:53.320 --> 00:41:57.119
tells me, we have an electrical problem, we call the electrician.

655
00:41:57.400 --> 00:42:00.559
We have a plumbing problem, we call the plumber. When

656
00:42:00.599 --> 00:42:05.280
we have taxes to do, we rely on us, the

657
00:42:05.400 --> 00:42:09.400
enrolled agents CPAs, the lines of people that are licensed

658
00:42:09.440 --> 00:42:12.559
to work and do this kind of stuff. It makes

659
00:42:12.599 --> 00:42:15.559
your life easier and having somebody that you've been working

660
00:42:15.599 --> 00:42:18.320
with for a number of years. Sometimes is even easier.

661
00:42:18.320 --> 00:42:21.480
Our clients have been with us for three, four, five,

662
00:42:21.880 --> 00:42:25.360
ten years, and we try to make their life easier.

663
00:42:25.480 --> 00:42:27.960
I have clients that have been with me over twenty

664
00:42:28.039 --> 00:42:31.840
years to make their life their businesses easier. How do

665
00:42:31.880 --> 00:42:35.239
you get started working with Trucker Tax Tools Taxation Solutions? Hey,

666
00:42:35.280 --> 00:42:38.400
you give us a call eight seven seven nine six

667
00:42:38.559 --> 00:42:41.559
six two four seven seven again eight seven seven nine

668
00:42:41.559 --> 00:42:44.360
sixty six two four seven seven. We put you on

669
00:42:44.400 --> 00:42:47.440
the low cost book keeping playing. We'll get you started.

670
00:42:47.800 --> 00:42:50.519
We'll get working with you, saving you money on your

671
00:42:50.599 --> 00:42:55.119
taxes and finding all those deductions. Listen, follow the instructions.

672
00:42:55.239 --> 00:42:56.000
Let us help you.

673
00:42:56.280 --> 00:42:56.440
Hey.

674
00:42:56.480 --> 00:42:58.079
One of the most wonderful things that I get to

675
00:42:58.119 --> 00:43:01.119
do is be on here every Monday at time at

676
00:43:01.199 --> 00:43:05.480
tax TALKFORU dot com on W four CY Radio. Never

677
00:43:05.519 --> 00:43:10.519
miss an episode. Go to Facebook, go to Instagram, click follow,

678
00:43:11.119 --> 00:43:16.079
follow and share Tucker tax Tools dot com, Taxation Solutions

679
00:43:16.159 --> 00:43:19.039
dot net. But go to tax Talk for you dot com.

680
00:43:19.039 --> 00:43:21.679
Follow us over there, share it with your friends, and

681
00:43:21.760 --> 00:43:25.320
join us every Monday right here ten am Eastern time,

682
00:43:25.760 --> 00:43:28.199
W four CUI Radio, and we'll see you next week.

683
00:43:28.280 --> 00:43:32.159
You have a God blessed and glorious week. Excel at

684
00:43:32.159 --> 00:43:34.679
what you do, have fun at what you do, but

685
00:43:34.880 --> 00:43:37.480
be here every Monday, ten am at tax talkfor You

686
00:43:37.840 --> 00:43:40.159
dot com. Thank you have a God blessed week.

687
00:43:41.199 --> 00:43:44.360
Are you an individual or business that wants to understand

688
00:43:44.440 --> 00:43:47.760
taxes and how they affect you? Are you looking for

689
00:43:47.880 --> 00:43:53.320
specific tax advice for self employed business owners and truckers.

690
00:43:53.840 --> 00:43:57.920
Are you behind on taxes and your bookkeeping? Are you

691
00:43:58.039 --> 00:44:02.039
dealing with dirs and ready to have some relief, Then

692
00:44:02.119 --> 00:44:05.760
you need Tax Talk for You, hosted by tax and

693
00:44:05.880 --> 00:44:07.880
trucker expert Barry G.

694
00:44:08.199 --> 00:44:09.199
Fower EA.

695
00:44:09.440 --> 00:44:13.239
Tune in ten am Eastern time every Monday right here

696
00:44:13.280 --> 00:44:16.800
on W four CY Radio and Talk for TV. Don't

697
00:44:16.840 --> 00:44:20.559
forget to check this and past episodes at tax talkforu

698
00:44:21.039 --> 00:44:25.400
dot com. See you next week at W fourcy dot

699
00:44:25.400 --> 00:44:27.519
com