September 15, 2025 • 45 mins
TaxTalk4U.com Deadline & Business Bookkeeping. IRS Deadlines when to file, pay estimated taxes, estimated tax due dates. Truckers, business owners or individuals the tax requirements and deadlines. Owner-operators, business owners can file as self-employed business owners, which involves paying quarterly estimated taxes but also allows for claiming business-related deductions. Quarterly estimated taxes how much and when to pay the IRS. Bookkeeping made simple to get every deduction.y the IRS.
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Episode Transcript
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Speaker 1 (00:00):
The topics and opinions express in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W FOURCY
Radio or it's employees are affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fowler EA brings you tax talk for you right here
on W four CY Radio and talk for TV. As
an enrolled agent and a national leader in tax resolution
as well as Trucker bookkeeping and tax planning. With over
thirty years of experience, Barry will break down taxes, bookkeeping,
(00:49):
tax planning, and tax relief for individuals and businesses just
like you. So let's have some tax talk for you
with your hosts.
Speaker 2 (00:58):
Barry G.
Speaker 4 (00:59):
Fowler, Hey, welcome in great Monday morning, September fifteenth. You
know things that happened and you have to do today
is kind of one of these really bad deadline days.
And you know today we're going to talk about deadlines,
(01:22):
what you have coming up all the rest of the
year for twenty twenty five, taxes and the things you've
got to go through and do. Speaking of taxes and
kind of good news, I got a new tax deduction.
We had a berth out on the ranch. It's another
mouth to feed. It's another calf, so in a couple
(01:43):
of months, so I'll start eating more feed. But I
guess that gives me another tax deduction, bigger food bill
to go out there. And she's a healthy, full blooded
angus cow. We were really excited and it was kind
of good news and kind of a surprise. We did AI. No,
(02:06):
not artificial intelligence and stuff like that. It's artificial insemination,
and you know, we got to pick the bowl that
we got to use, so it was really kind of cool.
It was unexpected because did the pregnancy tests on way
back in January. She did not show up as if
she was pregnant, but then she showed up later that
(02:29):
she was pregnant after we had a bowl on the
property for about three months. And we have two others
that are due. One looks like it might be coming
up quicker than we expected, and another one probably be
closer to that November December, a date we were expecting
when the bowl there so kind of a surprise. My
(02:49):
wife predicted it just the night before. She's like, man,
she looks like she's going to pop, and behold that
calf was on the ground in the morning when I
got up. So it's really good, really nice when you
don't have to do anything for your cows and they
have birth naturally without any problems. She's been a great mother,
(03:09):
So that's been good. Hey, you know, so we get
tax eductions right there dealing with the ranch. But you know,
so when you're in business, when you're self employed, maybe
you're doing consulting, maybe you do some side work. Well,
today is another deadline for you. If you have to
make estimated tax payments, you need to get those in today.
(03:32):
Now you can mail a check. Still, they're supposedly trying
to change that to where they're not going to take
checks after September thirtieth of this year. However, what I've
noted is that they have rescinded that and they'll continue
to take checks, you know, later after the thirtieth. So
(03:54):
they're going to want going forward at some point to
be where every tax refund has to be done by
direct deposit. Every tax payment has to be done either
direct deposit or direct debit, or you go online to
IRS dot gov and make the payment through there. You
(04:16):
still have some options to go through and do besides
bailing and check. I see more and more people trying
to get away from checks and everything, but it's still
part of business and everything. So you've got that deadline.
So if you've got to make estimated tax payments, get
them in today. If you're going to mail a check,
(04:38):
have it postmark today. Otherwise, go on the I r
S website and you can go to IRS dot gov
go to payments, and then go in there and set
up an account and make the payment. Well, not a
bad thing to have an account on the IRS website
because you can go in and check all your information
(04:58):
over there. On the ir AS website as well, you
can also trackt your refunds. We also try to tell
people that you should get an identity pen protect yourself.
Nobody else can file unless they have that pen number,
so it kind of does protect your account as well.
Today is awsome the deadline to file your escorp or
(05:21):
your partnership returns that were extended back on March seventeen,
So you would need to make sure that if you
have an escorp or you have a partnership, that you're
getting those returns filed the day now. If you don't
file them today, man, you're going to be hit with penalties,
and penalties will date back to the original filing date,
(05:45):
and then you're going to have penalty after penalty until
they run out of the penalties to hit you with
or until you file. So you know, make sure you
get that return filed. If it's not one hundred percent
absolutely correct, you can always filed a minded return out there.
So I said, yes, you get it filed now. Don't
(06:07):
don't commit fraud or anything. Don't be fraudulent. And the
way you file a return either hopefully you're very close
to having the right numbers for your company, but at
least get those things you know filed, get that in
if you have to. Maybe you didn't break some things
down the way you should, or you're waiting on interest
(06:28):
expense or something else to come through because you know
you couldn't track it, you didn't do bookkeeping all year long.
You know, get them filed and get them in. Maybe
you had a CPA or somebody doing bookkeeping and didn't
do bookkeeping right, and you just need to get a
return filed, get it filed, get it corrected, and then
(06:51):
amend the return to make it right and do it
in the next you know, thirty days from there.
Speaker 2 (06:56):
Hear it.
Speaker 4 (06:57):
Truck or tax tools, taxation solutions, tax relief. We've run
across a couple of trucking businesses who had very terrible
bookkeeping through one of the well known truck or bookkeeping
services that are out there, and we've had to go
in and fix that and get it corrected. Now, it's
taken us a little bit more time than we expected
(07:20):
because the bookkeeping that was done for twenty twenty four
was just terrible, but we managed to get those done
and get them filed here timely. If you're coming to
us and needing twenty four twenty five bookkeeping done, don't
expect it to be done overnight. But as soon as
you can get the information to us, we'll be able
(07:42):
to get things moving and get it done correctly in
short order. Now there's more deadlines coming up. You know,
everybody knows, okay, if you've did an extension back in April,
for your personal return, you have a dead line of
October fifteenth, so you've got to make a file your
(08:08):
ten forty by October fifteenth, So that's your next deadline. Now,
if you had money due and it's more than nine
hundred dollars, DIRS is going to hit you with penalties
and interest that do give you that flexibility of that
nine hundred dollars there, So you know, you want to
make sure that you've paid everything hopefully back in April
(08:33):
when you file the extension or got you within that
nine hundred dollars limit out there. Those are some of
the things that you really want to make sure that
you have done now. Also, October fifteenth, you've got to
file your corporate return if you have it in an extension,
(08:54):
So the eleven twenty is due, remember eleven twenty s
the escort is due today as well. Partnership, but corporations
file on eleven twenty to October fifteenth. Your trust, if
you file at ten forty one for your trust, those
were extended and those would be due October fifteenth as well,
(09:14):
So you want to keep those things in mind. Hey,
we had a question about estimated tax payments. How do
I know and how much do I make for my
estimated tax payment for twenty twenty five. So first, what
we're going to do is calculate your estimates off of
your twenty twenty fourth tax return. So if you filed
(09:35):
to twenty twenty four tax return, or your tax return
is already been filed at some point or almost maybe
a good draft, you should be able to figure out
what your estimated tax payments are from there, because the
IRS is going to want at least one hundred percent
of the twenty twenty four taxes paid in for twenty
twenty five, and then depending on how much you're making
(09:57):
and what your tax is, you may have have to
add to that to get it up to one hundred
and twenty percent, but that's something that you've got to
look at and do. Now. You can also make your
estimates equal to what will be the actual tax that's
going to be due to her twenty twenty five. So
if your business is down, this is something you actually
(10:20):
want to go through and redo your estimates so that
they're on par with what you're actually making and you're
not overpaying. So the goal is is to pay the
minimum amount in set aside the rest and pay the
rest April fifteen, so that you're making money off the
money that you need to pay in taxes next year,
(10:42):
but don't have to pay in your estimates currently, and
then if your business is down, you don't want to
overpay because the goal is not the refund. The goal
is to hold out as much money as possible for
yourself and you earn the interest in investments as we
go from there. Hey, we're going to take a short break.
(11:02):
When we come back, we're going to continue talking about
future deadlines in twenty twenty five or for tax here
twenty twenty five. Right after this.
Speaker 3 (11:11):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. If you own the IRS
or are going through an IRS audit, don't go at
it alone. Call Taxation Solutions Tax Relief at eight eight
(11:32):
eight nine three zero one zero one six. We are
your solution for IRS debts, audits, back taxes, garnishments, leans
and levees. Whether you're an individual or business, you need
a solution and a strong aggressive tax resolution.
Speaker 2 (11:52):
Don't let the IRS walk all over you.
Speaker 3 (11:54):
Stop the IRS now call eight eight eight nine three
zero one zero one or go to Taxation Solutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(12:15):
once again.
Speaker 2 (12:16):
Here's your host, Parry G. Fallon.
Speaker 4 (12:21):
Hey, welcome back. You know we're talking about deadlines and
things you need to know when you're in business, maybe
you're self employed and even on the personal side, so
you know, remember you have about thirty days to file
your ten forties. If you're on extensions, get them in,
get them filed. If you haven't worked with somebody yet,
(12:44):
get out there and reach out to them because there's
a lot of tax for prayers that stay booked solidly
all year long. So if you need help, reach out
truck your tax f toos. Taxation Solutions eight eight eight
nine three zero one zero one six eight eight eight
nine three zero one zero one six is Taxation Solutions
tax relief and we can help you as well solve
(13:06):
your IRS problems. Get your taxes done. Maybe back taxes
might be a problem, Maybe forgot, maybe you overlooked it,
maybe you just didn't want to do it. No problem,
we can help you. We can get it done now.
If you're in business and you're doing payroll, you're going
to have a quarterly filing coming due. Those are due
(13:29):
October thirty first, and that's for the third quarter July
through September. Now, you got to make your payroll tax payments.
Payroll tax payments are going to be based on what
the IRS gave you the letter at the beginning of
the year saying, hey, this is your payroll filing requirements.
When to pay your payroll taxes. You know, some people
(13:50):
are on a monthly basis, some are bi weekly, some
are with each payroll. You know, I prefer to set
up every company that we payroll for to pay their
taxes with each and every single payroll. No, wait, you're
not hit on the fifteenth of the next month, even
if you were a monthly filer to having to pay
(14:13):
a large portion of payroll taxes that maybe you didn't
say for, maybe you weren't prepared for, maybe you didn't
think about, or maybe you got hit with other expenses.
And it's easier to avoid paying payroll taxes and pay
those other expenses and then deal with it later. But
it becomes very costly when you do that. One of
our new clients that we just got in. We found
(14:34):
out that, you know, there are three four months behind
and paying their payroll taxes and the penalties on that
is going to be astronomical. They also missed a couple
of filings, so the irs is now for sending out
the first letter with estimated amount that was due and
hitting them with penalties for that. So you know you
(14:54):
want to get in make sure you make your quarterly
filing for payroll nine forty one turn and get that
in before October thirty. First, of course, you got to
wait until the end of the quarter, So just remember
your deadlines. Even if you're using a payroll service verified
the forms were filed and accepted. As we've seen, there
(15:17):
have been some payroll services out there that forget or
miss the filing, or you've got to approve the filing
and you didn't know or you didn't think about it
and so you miss the deadline. So you don't want
to miss the deadlines there as well. Now, speaking of payroll,
you're going to have some annual taxes tax form filing
(15:41):
that's going to be due. So your forum w two
the wage and tax statements for all your employees. You
have a filing deadline of January thirty first, and that's
also the same deadline to file the W twoter copy
A with the Security Administration. And if you do with
(16:03):
holdings for the state, your state has a filing requirement
as well for those W twos, so you want to
make sure you get all those filings done. Again, another
client came to us. We've now found out they didn't
file the W two's state. They only filed them with
Social Security and so you know, so Security administration was complete,
(16:28):
but the state wasn't complete. So got to take care
of that problem and make sure that those things get filed.
Awesome Form ten ninety nine NEEC non employee Compensation so
payments over six hundred. Now they're moving with one big
beautiful bill. You'll have til the end of January to
(16:51):
file that. So those requirements are changing, but you still
got to file that ten ninety nine by the end
of January. So there are changes to this, but you
want to make sure you get your forms filed. Also
Form nine that's your annual federal Unemployment tax return. Deadline
(17:16):
to file the nine forty is January thirty first. However,
if you've deposited all the few detacks and on time.
Then the deadline is extended to February tenth somewhere around there.
You or take holidays versus Sundays and weekend. But why wait?
(17:36):
If you're filing your W two's, you're filing your nine
forty ones that'll be due by the end of January
as well. Get the nine forty filed, Get your payroll
forms done and out of the way so that you
don't have any deadlines that are missed. Question Alice, Yes,
(17:58):
what makes what's the difference between a monthly depositor for
payroll taxes or a semi weekly depositor for payroll tax Well,
a monthly depositor if your tax liability was under fifty thousand,
then during the look back period, so they're gonna send
you this notice in January, they're gonna look back to
the previous year. Then if you're under fifty thousand for
(18:19):
the whole year, then your payroll taxes are due the
month following on the fifteen, So whatever was paid let's
say in August, would be due today. If your semi
weekly depositor means your tax liability was over fifty thousand,
then you get on the semi weekly so for payments
(18:40):
made on Wednesday, Thursday, or Friday, you must be deposited
the tax by the following Wednesday. If your payroll was
paid on a Saturday, Sunday, Monday, or Tuesday, which I'm
not sure how Saturday and Sunday applies unless you're shooting checks.
Most people do direct deposit, then they're due by the
following Friday, and then the one last rule that they
(19:02):
have is one hundred thousand dollars next day rule. So
if you accumulate a tax liability of one hundred thousand
dollars or more out any day, you must deposit the
taxes by the next business day, regardless of your standard
deposit schedule. So, like you know, maybe you're doing huge
(19:22):
bonuses and now you have a huge amount of payroll
taxes to be paid into the IRS, you would have
to deposit that the next day. So isn't that really fun?
I recommend all the time if you're doing payroll, engage
a payroll service. It's worth it. Now some of them
charge you a little bit more than we do, quite
(19:44):
a bit more than we do, but you know, you
need to have a payroll service working for you. Now,
our payroll service you know that we offer. You've got
to be a bookkeeping client of RUS, otherwise we're not
going to do payroll services for you. We want to
encompass that into everything that we're doing so that you
(20:05):
have one stop job in one place to go and
will help you through your payroll. But if you're not
using us, get a payroll service. It's cheaper to have
a payroll service engaged than to ask us to come
back and solve your payroll tax problem. After the fact,
(20:26):
payroll tax problems become very costly to you and your business.
The penalties that are associated with messing up payroll taxes
is astronomical and create not just a problem for the business,
but a problem for you as an individual. You know,
in our next segment we're going to talk a little
(20:47):
bit about those payroll tax problems, but we're going to
continue talking about deadlines this year. You also as a
personal side. December thirty first, twenty twenty five, you have
deadlines still coming up. Deadline to make required minimum distributions.
So if you're seventy three or older, you must take
your rmds from the retirement accounts by the end of
(21:11):
the year. Now, hey, you could use qualified charitable contributions
out of your retirement account to avoid some of the
taxes and avoid it to be accounted towards income. Make
that contribution directly to your church out of your retirement
account and now qualify as part of your rm D.
Take a look at that. You got to talk to
(21:31):
your tax bay see what works best for you. Charitable donations,
you got to make those by the end of the year.
You can charge them on a credit card, you can
pay cash, send a check, but make those before the
end of the year. If you've got a retirement account
in your workplace, December thirty first is the last day
(21:53):
to make contributions to an employer sponsored retirement plan like
a four to oh one K. And then lost harvesting,
So if you can sell assets to get capital gains,
you can sell assets and realize capital losses to offset
your tax liability for five as well. So keep those
(22:14):
things mine. Hey, we're going to take a short break.
We have one last deadline that we're going to discuss
right after this break and talk about payroll taxes and
the penalties that you can incur. What happens and you
mess up right back after this.
Speaker 3 (22:30):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. As an owner operator, you
already spend too much time away from your family. Trucker
Tax Tools handles all your bookkeeping and taxes. No matter
(22:51):
what level trucker you are. Life on the road can
be taxing, but that doesn't mean that your.
Speaker 2 (22:56):
Wallet or time with your family should suffer.
Speaker 3 (23:00):
Trucker Tax Tools makes your life run smoothly. Go to
Trucker tax Tools dot com for a free guide that
will give you the tools to never worry about your
taxes again. Call Trucker Tax Tools eight seven seven nine
sixty six two four seven seven or go to Trucker
tax Tools dot com now and let the experts keep
(23:22):
you trucking. Let's get back to tax stock for you
with more tax stock once again, here's your host, Barry G.
Speaker 2 (23:33):
Fallow.
Speaker 4 (23:36):
I have to laugh. I had a great question come in.
You know, in the first part of this show, we
talked about our new tax deduction. No, my wife and
I did not have a baby, We had a calf,
and so somebody was asking, how is this a tax deduction? Well,
when you're enraging and farming new animals on the property. No,
(23:57):
you don't get a SOST security number forum. No you
don't get to take the child tax credit for them.
We all wish that could happen. I've had people go, hey,
my dog cow, things like that. If you can get
a solid security number, then I'm sure I can find
a way to deduct it. Yeah, our our calf is
going to get an ear tag. It's going to get
(24:17):
a number, but it isn't a solid security number, you know,
but it is going to contribute to my feed bill
as I do feed supplemental feed to my cows. So
you know, it's it's something that becomes a deductible expense
for our ranch because we do sell cows or we
(24:38):
do sell meat, we do sell eggs, and we do
raise our own chickens and our own pigs. So you know,
as we're going through in selling animals, the feed cost
is deductible, supply cost is deductible. Vaccines and everything else
that we may use on the property for our animal.
(25:00):
You know, those things are all deductible. So yes, we
consider that a new tax deduction. Actually it should be
considered to be an added expense which is a deduction
for us, but it's you know, part of farmer and
ranching life that we get to joyce. So we had
(25:20):
that wonderful surprises this weekend. I'm looking forward to having
a couple of more calves here over the next couple
of months. So we know it's not calving season. We're
kind of off from everybody, but it's a great time,
you know for us in our business and stuff. What
we're tax deadline we need to talk about, and that's
(25:42):
the January fifteenth estimated tax deadline. So your fourth and
final estimated tax payment for twenty twenty five is going
to be due January fifteenth, twenty twenty six, and that
payment covers income earned from September one through December thirty first,
(26:03):
twenty twenty five. Now remember these are usually based on
your twenty twenty four tax return. You may owe more
money than this, you may owe less. You may decide, hey,
I want to be more complicated and I want to
base each of my quarterly estimates off of actual income,
which is good. Maybe you have a business that, hey,
(26:26):
cycles up in the last quarter, so maybe you sell
items that your income comes in because of gift giving
and everything around Christmas time, and so you know, you
may change the way your estimates are because your first
quarter or second quarter estimates may need to be really
(26:46):
low because you're going based on actual earn net income,
and then maybe starting the third and then the fourth quarter,
those two estimates would go way up. Or maybe you
are very cyclical in business and that your business does
a lot in January through March or even April, and
your first two estimated tax payments would be higher and
(27:09):
then the final two would be lower. That's a way
of doing it as well. However, if your business is
that way, I would actually tell you that you make
an even estimated tax payment throughout the year so that
you're not taking funds and giving them earlier than you
have to, and you can earn the interest in or
(27:30):
investment income off of those funds as you pay it
over a period of time. But if your income goes
way up towards the end, then you want to keep
your payments low and do it unactual and pay them
that final order out there. So that's one way of
looking at doing that. But you've got to have good
bookkeeping for your business. You've got to be able to
(27:52):
track what you have going through and then you've got
to be able to make sure that you're doing this right.
Some of the ways we work with people that do
estimated taxes, if they're running an escort, the owner of
that business has got to be on payroll or reasonable salary,
but it didn't say when that reasonable salary has to
(28:13):
be paid. So that reasonable salary could be a bonus
towards the end of the year based on net income
for the business or something. You can use some kind
of model out there to determine what that is. But
you could make all that payment go to federal withholding
which covers all the estimates that might be required, and
it comes as if you've done it evenly all throughout
(28:34):
the year, so you didn't have to pay a dime
to the irs, but you make that hump sum payment
in December so that you're making the money and keeping
that money invested in working for you, but make that
payment later on. So some of the things to consider
in some of the ways to look at doing estimated
tax payments to make your life a little bit easier
(28:58):
and a less up front to the government. Now, this
brings one of the topics that we have seen come
up more and more. Over the last few weeks, we've
had a number of companies calling us because they they
blew it. To be honest with you, they blew it.
They missed payroll tax deadlines, they missed pay payroll tax deposits.
(29:25):
They just downright missed it, and it becomes costly. I
mean the stiff penalties that the i R S what's
on you, uh, the accrued interest they add to it,
the leans now that they place on your assets, and
then potential personal liability for that business payroll tax debt.
(29:51):
Now what are the what are the financial penalties? I
mean and people think, oh, it's not really that bad.
It is. So the failure deposit penalty. The i R
S going to impose a tiered penalties for late or
insufficient payroll tax deposits. For the first one to five
days that you're late, you get here with two percent
(30:11):
of the unpaid deposit. Six to fifteen days late becomes
five percent of the unpaid deposit. More than fifteen days.
You know, there are money hungry out there and people
can't afford this. As it is, you're more than fifteen
days late, they hit you ten percent of the unpaid deposits.
(30:34):
So Let's just say you had ten thousand dollars due
and all of a sudden they're going to hit you
with ten percent. That add to another thousand on top
of the five percent, on top of the two percent crazy,
and then more than ten days after the IRS notice,
it's fifteen percent of the unpaid tax deposit man. This
(30:58):
is why having a good payroll service and making sure
your payroll taxes are paid is so so important, even
if you've got to get a loan and pay exorbitant
interest rate. Let's say you can get a line of
credit for ten or twelve percent. That is sure cheaper,
and the penalty is the IRS is hitting you with
right there, because that doesn't even include the interest they're
(31:20):
going to apply. Now you fail to file as well,
you get a separate penalty of five percent of the
unpaid tax. Each month or part of month a return
is late, up to a maximum twenty five percent. You're
five months late, you get hit the old twenty five percent.
(31:41):
Now add to that interest. So it isn't bad enough.
You're more than ten days late, more than fifteen day.
You're more than fifteen days late, they've sent out a notice.
You're another fifteen percent on top of that because you
didn't pay after the notice, then you guy also got
hit with the twenty five percent, and now the IRS
comes back hits you well, interest compounding daily on any
(32:06):
unpaid taxes and penalties from the original due date until
the debt is paid in full. Now original due date
of the deposit not from when the form was required
to be filed. So if say you missed March is
filing deadline, but you didn't pay the tax for January
(32:28):
in February, so the interest starts from February on that
deposit that should have been made. Then the interest starts
in February. Then the interest starts in March, and it
just continues to roll on. Now the interest rate is
adjusted quarterly and is typically based on the federal short
term rate plus only three percent. Only three percent on
(32:51):
top of the short term rate. Then you haven't filed
the state returns. Each state is going to impose their
own set of penalties for late filings late deposits, and
these can vary widely from state to state. Plus interest
they're getting you coming and going? Now, do you think
(33:13):
that's bad enough? Gets worse? Oh mister, how can it
get worse? It does. It's the I R S. There's
a personal liability side of this for business owners, for
signers on the checking account, those that had authority to
make a decision for the business, and it's called the
Trust Fund Covery Penalty t frp. Irs can hold a
(33:36):
reasonable responsible person and that can be anyone in the
business who has authority to make payment decisions and hold
them personally liable for the employee portion of the withheld
fayeral taxes considered to be the trust fund taxes. That
(33:57):
is the portion that you withhold items of your employees
check for federal withholding Social Security and Medicare and if
anything else they're payable to the IRS and you don't
pay it in you can be hit with this trust
fund penalty and it's equal to one hundred percent of
(34:18):
the unpaid trust fund portion of the taxes, and you
are held personally liable. Now this is owners, officers, or
other responsible parties. So you are a signer manager on
the checking account, you may have authority to make decisions
(34:38):
of who gets paid and who doesn't. Even if you
did not make that decision to not pay the payroll taxes,
you can be held personally responsible and at risk if
you're found liable for those unpaid trust fund taxes, and
this personal liability is often non dischargeable in bankruptcy. Now,
(35:04):
we had a guy that came to us years ago
that got held lovel He actually trusted the people he
was working for that was going to represent have representation
for him, and basically they threw him under the bus
and said he was the one that had to make
the decisions on whether or not payroll taxes were supposed
(35:26):
to be paid. He got hit with the drust fund
penalties close to a million dollars trying to hold him lively. Hey,
what happens when that happens. How do you recover from that?
And how can that make a huge difference in what
you're doing in working for somebody in that business, and
(35:46):
how can they hold you responsible. Now we're going to
talk about the results of what happened for this guy
here Shortly after this quick break, we have.
Speaker 2 (35:55):
Only scratched the surface of play's show. Please stand by us.
Parry G. Fowler will be right back with tax stock
for you.
Speaker 3 (36:06):
As an owner operator, you already spend too much time
away from your family.
Speaker 2 (36:11):
Stop spending time doing.
Speaker 3 (36:13):
Paperwork, Go to Trucker tax tools dot Com a solution
built specifically for truckers. Trucker tax tools dot Com makes
your life run smoothly. Let's get back to tax stock
for you with more tax stock once again.
Speaker 2 (36:31):
Here's your host, Barry G. Fowler.
Speaker 4 (36:36):
You know, sometimes you're having fun and talking and trying
to get points across and help people realize the damage
they create by missing certain deadlines like payroll tax deadlines
or payroll tax deposits. You can throw your producers off. Hey,
what can we say, life is short. Let's have some fun,
you know in dealing with somebody that has missed payroll
(37:00):
tax deadlines and companies and helping them recover and save.
You know, it really damages business. It really hurts for
the people working in the business that may have been
charged with having personal responsibility for something that happened in
their business. And one of the gentlemen that we were
(37:22):
dealing with happened to be a manager. One was an
actually this is two different people. Really. One was a
manager of a bar who signed on a petty cash
account and then got held liable for over one hundred
and fifty thousand dollars of payroll taxes. But All he
did was manage the bar, turned in time sheets, and
never had any financial responsibility for the company except for
(37:45):
paying out of the mixed beverage account for the liquor
that was delivered or and he didn't order the liquor.
All he was authorized to do was write the checks
to pay for the liquor that came in, and the
IRS held him responsible. We were able to prove that
he had no knowledge of any other part of the
(38:05):
operations of the business and could not be held liable
because he only signed on this account and there was
never ever payroll that went through that account, so he
only used that account and had no knowledge of what
funds were actually in the account either, because he never
saw financial reports for that part of the business. We
(38:28):
were able to get him off the second gentleman. He
was close to a million dollars and we had to
really work at this because the IRS was turning us
down every step of the way for every appeal we had.
He had come to us about four years after he
was charged with trust fund penalties because they were coming
(38:49):
after him, but he did not have knowledge of that.
He was even assessed the trust fund penalties because the
company he was working for changed everything to their address,
and then the company went under and the company offered
him representation, and the representation they gave was he was
(39:11):
the person that was responsible making decisions for the payroll taxes.
So he got hit along with the owners. Now that
both owners passed away in the meantime and when the
IRS was coming back, the IRS was very insistent he
was the only one that could do it well. He
had no assets available to pay the IRS anything, So
(39:33):
we had to choose other routes to go around the
IRS to get these payroll taxes lifted off of him
so that he could finish live in his life. And
he was going to retire, so he did not have
the income or the wherewithal to pay this million dollars
in trust fund penalties. So you know, keep those things
(39:56):
in mind now other things that can come of not
paying your payroll tax. Of course, Leans and levees. IRS
is going to put leans on the business. If the
trust fund penalty has been levied against you, they're going
to lean against your personal assets. They're going to levy
if you're not on a payment plan with them or
haven't worked something out. The IRS will come after the
(40:16):
bank accounts and property of business and if you have
the trust fund penalties of your personal assets as well.
And if you don't believe me, go to the IRS website.
You can go actually go to US Department of Treasury
and go auctions and see the items and things that
are auctioned off on their website, including property, businesses, business licenses.
(40:41):
They're all there as well. In extreme cases of willful
and intentional tax evasion, business owners can face criminal prosecution,
which then can result in enlarge fines and imprisonment. So
you're scared. Be scared, especially if you're doing this you
know intentionally you could increase your auditress. Consistently missing payroll
(41:06):
tax deadlines can draw unwanted attention from the I r
S and then increase your likelihood of being audited. And
then it has damage to your reputation and operational damage.
It affects your cash flow, It affects your credit rating,
It can harm your reputation with your employees, vendors, and clients,
because hey, if the I r S is coming after money,
(41:28):
IRS is may be levying where your money's coming from
as well, So it may affect your clients when they
get that notice. So you want to make sure that
you're filing and paying your payroll taxes. If you've missed them,
get them in, file them as soon as possible. If
you're in trouble with the I R S and you
want to be not held personally liable because they can
(41:50):
go back through up to three years and hit you
with trust fund penalties, go back and pay the trust
fund portion of the tax. Get that paid so you
can limit the current of the civil liability side you personally.
And if you're first time a vender, you can probably
get some penalty abatement for reasonable cause for the delay, fire,
(42:12):
natural disaster, serious illness. You're going to have to have proof,
but you can do that. And above I'll seek professional
tax help, navigate the process, correct errors, communicate with the IRS,
and minimize the consequence. And that's what we do here
at Taxation Solutions Act Relief. If you've got IRS problems,
(42:34):
whether it's personal or whether it's business, call us eight
eight eight nine three zero one zero one six again
eight eight eight nine three zero one zero one six
get our expertise. Let us help you through your tax
problem with the IRS and stop them from coming after you.
Hopefully we can stop them from trust fund penalties and
(42:56):
keep you there on your side because you do need representation. Now.
The fun things in life we get to do is
working with truckers. We worked truckers at tech Trucker Tax Tools.
Go to Trucker tax Tools dot net. Hey, last week
we had a special offer. This is the last week
we're going to do this. If you're looking for free bookkeeping,
(43:17):
call us at eight seven seven nine nine six two
four seven seven again eight seven seven nine nine six
two four seven seven, or go to Trucker tax Tools
dot com. Put in your information. Let us help you
give you free bookkeeping from January through August with our
bookkeeping contract. It's a great way to get eight months
(43:39):
of free bookkeeping right now. Don't delay and give us
a call, or go to our website and hit our
contact page.
Speaker 2 (43:46):
Get in.
Speaker 4 (43:46):
We'll call you back and we'll get you started. Don't
miss the opportunity to get free bookkeeping for twenty twenty
five now. If you've got problems we're relating to twenty
four or before, we can help you with that as well.
We've got special rates to help you. Just give us
a call. Hey, most important thing out of today if
(44:07):
you've enjoyed this show, go to tax Talk number four
you dot com. That was a letter you, tax Talk
number four letter you dot com and follow us. Follow
us on Facebook like, share with your friends, with your family,
and then be here every Monday at ten am Eastern Time.
(44:28):
I W four CY Radio. We want you here, We
want your questions. We want to help you navigate the
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the truck driving, you follow your GPS, we do the bookkeeping.
It helps you navigate the road to financial success. To
(44:48):
do that today, jump in at tax Talk before you
dot com be here. Have a god bless glorious week.
Enjoy life, life is short, make it fun. We'll see
you next week right here. W four CUI Radio. Tax
Talk for you dot Com, Thank you chech.
Speaker 3 (45:07):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Are you behind on taxes and your bookkeeping? Are you
dealing with dirs and ready to have some relief, Then
(45:28):
you need Tax Talk for You, hosted by tax and
trucker expert Barry G.
Speaker 2 (45:34):
Fouer EA.
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Tune in ten am Eastern Time every Monday right here
on W FOURCY Radio and Talk for TV. Don't forget
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The topics and opinions express in the following show are
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make no recommendations or endorsements for radio show programs, services,
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should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fowler EA brings you tax talk for you right here
on W four CY Radio and talk for TV. As
an enrolled agent and a national leader in tax resolution
as well as Trucker bookkeeping and tax planning. With over
thirty years of experience, Barry will break down taxes, bookkeeping,
(00:49):
tax planning, and tax relief for individuals and businesses just
like you. So let's have some tax talk for you
with your hosts.
Speaker 2 (00:58):
Barry G.
Speaker 4 (00:59):
Fowler, Hey, welcome in great Monday morning, September fifteenth. You
know things that happened and you have to do today
is kind of one of these really bad deadline days.
And you know today we're going to talk about deadlines,
(01:22):
what you have coming up all the rest of the
year for twenty twenty five, taxes and the things you've
got to go through and do. Speaking of taxes and
kind of good news, I got a new tax deduction.
We had a berth out on the ranch. It's another
mouth to feed. It's another calf, so in a couple
(01:43):
of months, so I'll start eating more feed. But I
guess that gives me another tax deduction, bigger food bill
to go out there. And she's a healthy, full blooded
angus cow. We were really excited and it was kind
of good news and kind of a surprise. We did AI. No,
(02:06):
not artificial intelligence and stuff like that. It's artificial insemination,
and you know, we got to pick the bowl that
we got to use, so it was really kind of cool.
It was unexpected because did the pregnancy tests on way
back in January. She did not show up as if
she was pregnant, but then she showed up later that
(02:29):
she was pregnant after we had a bowl on the
property for about three months. And we have two others
that are due. One looks like it might be coming
up quicker than we expected, and another one probably be
closer to that November December, a date we were expecting
when the bowl there so kind of a surprise. My
(02:49):
wife predicted it just the night before. She's like, man,
she looks like she's going to pop, and behold that
calf was on the ground in the morning when I
got up. So it's really good, really nice when you
don't have to do anything for your cows and they
have birth naturally without any problems. She's been a great mother,
(03:09):
So that's been good. Hey, you know, so we get
tax eductions right there dealing with the ranch. But you know,
so when you're in business, when you're self employed, maybe
you're doing consulting, maybe you do some side work. Well,
today is another deadline for you. If you have to
make estimated tax payments, you need to get those in today.
(03:32):
Now you can mail a check. Still, they're supposedly trying
to change that to where they're not going to take
checks after September thirtieth of this year. However, what I've
noted is that they have rescinded that and they'll continue
to take checks, you know, later after the thirtieth. So
(03:54):
they're going to want going forward at some point to
be where every tax refund has to be done by
direct deposit. Every tax payment has to be done either
direct deposit or direct debit, or you go online to
IRS dot gov and make the payment through there. You
(04:16):
still have some options to go through and do besides
bailing and check. I see more and more people trying
to get away from checks and everything, but it's still
part of business and everything. So you've got that deadline.
So if you've got to make estimated tax payments, get
them in today. If you're going to mail a check,
(04:38):
have it postmark today. Otherwise, go on the I r
S website and you can go to IRS dot gov
go to payments, and then go in there and set
up an account and make the payment. Well, not a
bad thing to have an account on the IRS website
because you can go in and check all your information
(04:58):
over there. On the ir AS website as well, you
can also trackt your refunds. We also try to tell
people that you should get an identity pen protect yourself.
Nobody else can file unless they have that pen number,
so it kind of does protect your account as well.
Today is awsome the deadline to file your escorp or
(05:21):
your partnership returns that were extended back on March seventeen,
So you would need to make sure that if you
have an escorp or you have a partnership, that you're
getting those returns filed the day now. If you don't
file them today, man, you're going to be hit with penalties,
and penalties will date back to the original filing date,
(05:45):
and then you're going to have penalty after penalty until
they run out of the penalties to hit you with
or until you file. So you know, make sure you
get that return filed. If it's not one hundred percent
absolutely correct, you can always filed a minded return out there.
So I said, yes, you get it filed now. Don't
(06:07):
don't commit fraud or anything. Don't be fraudulent. And the
way you file a return either hopefully you're very close
to having the right numbers for your company, but at
least get those things you know filed, get that in
if you have to. Maybe you didn't break some things
down the way you should, or you're waiting on interest
(06:28):
expense or something else to come through because you know
you couldn't track it, you didn't do bookkeeping all year long.
You know, get them filed and get them in. Maybe
you had a CPA or somebody doing bookkeeping and didn't
do bookkeeping right, and you just need to get a
return filed, get it filed, get it corrected, and then
(06:51):
amend the return to make it right and do it
in the next you know, thirty days from there.
Speaker 2 (06:56):
Hear it.
Speaker 4 (06:57):
Truck or tax tools, taxation solutions, tax relief. We've run
across a couple of trucking businesses who had very terrible
bookkeeping through one of the well known truck or bookkeeping
services that are out there, and we've had to go
in and fix that and get it corrected. Now, it's
taken us a little bit more time than we expected
(07:20):
because the bookkeeping that was done for twenty twenty four
was just terrible, but we managed to get those done
and get them filed here timely. If you're coming to
us and needing twenty four twenty five bookkeeping done, don't
expect it to be done overnight. But as soon as
you can get the information to us, we'll be able
(07:42):
to get things moving and get it done correctly in
short order. Now there's more deadlines coming up. You know,
everybody knows, okay, if you've did an extension back in April,
for your personal return, you have a dead line of
October fifteenth, so you've got to make a file your
(08:08):
ten forty by October fifteenth, So that's your next deadline. Now,
if you had money due and it's more than nine
hundred dollars, DIRS is going to hit you with penalties
and interest that do give you that flexibility of that
nine hundred dollars there, So you know, you want to
make sure that you've paid everything hopefully back in April
(08:33):
when you file the extension or got you within that
nine hundred dollars limit out there. Those are some of
the things that you really want to make sure that
you have done now. Also, October fifteenth, you've got to
file your corporate return if you have it in an extension,
(08:54):
So the eleven twenty is due, remember eleven twenty s
the escort is due today as well. Partnership, but corporations
file on eleven twenty to October fifteenth. Your trust, if
you file at ten forty one for your trust, those
were extended and those would be due October fifteenth as well,
(09:14):
So you want to keep those things in mind. Hey,
we had a question about estimated tax payments. How do
I know and how much do I make for my
estimated tax payment for twenty twenty five. So first, what
we're going to do is calculate your estimates off of
your twenty twenty fourth tax return. So if you filed
(09:35):
to twenty twenty four tax return, or your tax return
is already been filed at some point or almost maybe
a good draft, you should be able to figure out
what your estimated tax payments are from there, because the
IRS is going to want at least one hundred percent
of the twenty twenty four taxes paid in for twenty
twenty five, and then depending on how much you're making
(09:57):
and what your tax is, you may have have to
add to that to get it up to one hundred
and twenty percent, but that's something that you've got to
look at and do. Now. You can also make your
estimates equal to what will be the actual tax that's
going to be due to her twenty twenty five. So
if your business is down, this is something you actually
(10:20):
want to go through and redo your estimates so that
they're on par with what you're actually making and you're
not overpaying. So the goal is is to pay the
minimum amount in set aside the rest and pay the
rest April fifteen, so that you're making money off the
money that you need to pay in taxes next year,
(10:42):
but don't have to pay in your estimates currently, and
then if your business is down, you don't want to
overpay because the goal is not the refund. The goal
is to hold out as much money as possible for
yourself and you earn the interest in investments as we
go from there. Hey, we're going to take a short break.
(11:02):
When we come back, we're going to continue talking about
future deadlines in twenty twenty five or for tax here
twenty twenty five. Right after this.
Speaker 3 (11:11):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. If you own the IRS
or are going through an IRS audit, don't go at
it alone. Call Taxation Solutions Tax Relief at eight eight
(11:32):
eight nine three zero one zero one six. We are
your solution for IRS debts, audits, back taxes, garnishments, leans
and levees. Whether you're an individual or business, you need
a solution and a strong aggressive tax resolution.
Speaker 2 (11:52):
Don't let the IRS walk all over you.
Speaker 3 (11:54):
Stop the IRS now call eight eight eight nine three
zero one zero one or go to Taxation Solutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(12:15):
once again.
Speaker 2 (12:16):
Here's your host, Parry G. Fallon.
Speaker 4 (12:21):
Hey, welcome back. You know we're talking about deadlines and
things you need to know when you're in business, maybe
you're self employed and even on the personal side, so
you know, remember you have about thirty days to file
your ten forties. If you're on extensions, get them in,
get them filed. If you haven't worked with somebody yet,
(12:44):
get out there and reach out to them because there's
a lot of tax for prayers that stay booked solidly
all year long. So if you need help, reach out
truck your tax f toos. Taxation Solutions eight eight eight
nine three zero one zero one six eight eight eight
nine three zero one zero one six is Taxation Solutions
tax relief and we can help you as well solve
(13:06):
your IRS problems. Get your taxes done. Maybe back taxes
might be a problem, Maybe forgot, maybe you overlooked it,
maybe you just didn't want to do it. No problem,
we can help you. We can get it done now.
If you're in business and you're doing payroll, you're going
to have a quarterly filing coming due. Those are due
(13:29):
October thirty first, and that's for the third quarter July
through September. Now, you got to make your payroll tax payments.
Payroll tax payments are going to be based on what
the IRS gave you the letter at the beginning of
the year saying, hey, this is your payroll filing requirements.
When to pay your payroll taxes. You know, some people
(13:50):
are on a monthly basis, some are bi weekly, some
are with each payroll. You know, I prefer to set
up every company that we payroll for to pay their
taxes with each and every single payroll. No, wait, you're
not hit on the fifteenth of the next month, even
if you were a monthly filer to having to pay
(14:13):
a large portion of payroll taxes that maybe you didn't
say for, maybe you weren't prepared for, maybe you didn't
think about, or maybe you got hit with other expenses.
And it's easier to avoid paying payroll taxes and pay
those other expenses and then deal with it later. But
it becomes very costly when you do that. One of
our new clients that we just got in. We found
(14:34):
out that, you know, there are three four months behind
and paying their payroll taxes and the penalties on that
is going to be astronomical. They also missed a couple
of filings, so the irs is now for sending out
the first letter with estimated amount that was due and
hitting them with penalties for that. So you know you
(14:54):
want to get in make sure you make your quarterly
filing for payroll nine forty one turn and get that
in before October thirty. First, of course, you got to
wait until the end of the quarter, So just remember
your deadlines. Even if you're using a payroll service verified
the forms were filed and accepted. As we've seen, there
(15:17):
have been some payroll services out there that forget or
miss the filing, or you've got to approve the filing
and you didn't know or you didn't think about it
and so you miss the deadline. So you don't want
to miss the deadlines there as well. Now, speaking of payroll,
you're going to have some annual taxes tax form filing
(15:41):
that's going to be due. So your forum w two
the wage and tax statements for all your employees. You
have a filing deadline of January thirty first, and that's
also the same deadline to file the W twoter copy
A with the Security Administration. And if you do with
(16:03):
holdings for the state, your state has a filing requirement
as well for those W twos, so you want to
make sure you get all those filings done. Again, another
client came to us. We've now found out they didn't
file the W two's state. They only filed them with
Social Security and so you know, so Security administration was complete,
(16:28):
but the state wasn't complete. So got to take care
of that problem and make sure that those things get filed.
Awesome Form ten ninety nine NEEC non employee Compensation so
payments over six hundred. Now they're moving with one big
beautiful bill. You'll have til the end of January to
(16:51):
file that. So those requirements are changing, but you still
got to file that ten ninety nine by the end
of January. So there are changes to this, but you
want to make sure you get your forms filed. Also
Form nine that's your annual federal Unemployment tax return. Deadline
(17:16):
to file the nine forty is January thirty first. However,
if you've deposited all the few detacks and on time.
Then the deadline is extended to February tenth somewhere around there.
You or take holidays versus Sundays and weekend. But why wait?
(17:36):
If you're filing your W two's, you're filing your nine
forty ones that'll be due by the end of January
as well. Get the nine forty filed, Get your payroll
forms done and out of the way so that you
don't have any deadlines that are missed. Question Alice, Yes,
(17:58):
what makes what's the difference between a monthly depositor for
payroll taxes or a semi weekly depositor for payroll tax Well,
a monthly depositor if your tax liability was under fifty thousand,
then during the look back period, so they're gonna send
you this notice in January, they're gonna look back to
the previous year. Then if you're under fifty thousand for
(18:19):
the whole year, then your payroll taxes are due the
month following on the fifteen, So whatever was paid let's
say in August, would be due today. If your semi
weekly depositor means your tax liability was over fifty thousand,
then you get on the semi weekly so for payments
(18:40):
made on Wednesday, Thursday, or Friday, you must be deposited
the tax by the following Wednesday. If your payroll was
paid on a Saturday, Sunday, Monday, or Tuesday, which I'm
not sure how Saturday and Sunday applies unless you're shooting checks.
Most people do direct deposit, then they're due by the
following Friday, and then the one last rule that they
(19:02):
have is one hundred thousand dollars next day rule. So
if you accumulate a tax liability of one hundred thousand
dollars or more out any day, you must deposit the
taxes by the next business day, regardless of your standard
deposit schedule. So, like you know, maybe you're doing huge
(19:22):
bonuses and now you have a huge amount of payroll
taxes to be paid into the IRS, you would have
to deposit that the next day. So isn't that really fun?
I recommend all the time if you're doing payroll, engage
a payroll service. It's worth it. Now some of them
charge you a little bit more than we do, quite
(19:44):
a bit more than we do, but you know, you
need to have a payroll service working for you. Now,
our payroll service you know that we offer. You've got
to be a bookkeeping client of RUS, otherwise we're not
going to do payroll services for you. We want to
encompass that into everything that we're doing so that you
(20:05):
have one stop job in one place to go and
will help you through your payroll. But if you're not
using us, get a payroll service. It's cheaper to have
a payroll service engaged than to ask us to come
back and solve your payroll tax problem. After the fact,
(20:26):
payroll tax problems become very costly to you and your business.
The penalties that are associated with messing up payroll taxes
is astronomical and create not just a problem for the business,
but a problem for you as an individual. You know,
in our next segment we're going to talk a little
(20:47):
bit about those payroll tax problems, but we're going to
continue talking about deadlines this year. You also as a
personal side. December thirty first, twenty twenty five, you have
deadlines still coming up. Deadline to make required minimum distributions.
So if you're seventy three or older, you must take
your rmds from the retirement accounts by the end of
(21:11):
the year. Now, hey, you could use qualified charitable contributions
out of your retirement account to avoid some of the
taxes and avoid it to be accounted towards income. Make
that contribution directly to your church out of your retirement
account and now qualify as part of your rm D.
Take a look at that. You got to talk to
(21:31):
your tax bay see what works best for you. Charitable donations,
you got to make those by the end of the year.
You can charge them on a credit card, you can
pay cash, send a check, but make those before the
end of the year. If you've got a retirement account
in your workplace, December thirty first is the last day
(21:53):
to make contributions to an employer sponsored retirement plan like
a four to oh one K. And then lost harvesting,
So if you can sell assets to get capital gains,
you can sell assets and realize capital losses to offset
your tax liability for five as well. So keep those
(22:14):
things mine. Hey, we're going to take a short break.
We have one last deadline that we're going to discuss
right after this break and talk about payroll taxes and
the penalties that you can incur. What happens and you
mess up right back after this.
Speaker 3 (22:30):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. As an owner operator, you
already spend too much time away from your family. Trucker
Tax Tools handles all your bookkeeping and taxes. No matter
(22:51):
what level trucker you are. Life on the road can
be taxing, but that doesn't mean that your.
Speaker 2 (22:56):
Wallet or time with your family should suffer.
Speaker 3 (23:00):
Trucker Tax Tools makes your life run smoothly. Go to
Trucker tax Tools dot com for a free guide that
will give you the tools to never worry about your
taxes again. Call Trucker Tax Tools eight seven seven nine
sixty six two four seven seven or go to Trucker
tax Tools dot com now and let the experts keep
(23:22):
you trucking. Let's get back to tax stock for you
with more tax stock once again, here's your host, Barry G.
Speaker 2 (23:33):
Fallow.
Speaker 4 (23:36):
I have to laugh. I had a great question come in.
You know, in the first part of this show, we
talked about our new tax deduction. No, my wife and
I did not have a baby, We had a calf,
and so somebody was asking, how is this a tax deduction? Well,
when you're enraging and farming new animals on the property. No,
(23:57):
you don't get a SOST security number forum. No you
don't get to take the child tax credit for them.
We all wish that could happen. I've had people go, hey,
my dog cow, things like that. If you can get
a solid security number, then I'm sure I can find
a way to deduct it. Yeah, our our calf is
going to get an ear tag. It's going to get
(24:17):
a number, but it isn't a solid security number, you know,
but it is going to contribute to my feed bill
as I do feed supplemental feed to my cows. So
you know, it's it's something that becomes a deductible expense
for our ranch because we do sell cows or we
(24:38):
do sell meat, we do sell eggs, and we do
raise our own chickens and our own pigs. So you know,
as we're going through in selling animals, the feed cost
is deductible, supply cost is deductible. Vaccines and everything else
that we may use on the property for our animal.
(25:00):
You know, those things are all deductible. So yes, we
consider that a new tax deduction. Actually it should be
considered to be an added expense which is a deduction
for us, but it's you know, part of farmer and
ranching life that we get to joyce. So we had
(25:20):
that wonderful surprises this weekend. I'm looking forward to having
a couple of more calves here over the next couple
of months. So we know it's not calving season. We're
kind of off from everybody, but it's a great time,
you know for us in our business and stuff. What
we're tax deadline we need to talk about, and that's
(25:42):
the January fifteenth estimated tax deadline. So your fourth and
final estimated tax payment for twenty twenty five is going
to be due January fifteenth, twenty twenty six, and that
payment covers income earned from September one through December thirty first,
(26:03):
twenty twenty five. Now remember these are usually based on
your twenty twenty four tax return. You may owe more
money than this, you may owe less. You may decide, hey,
I want to be more complicated and I want to
base each of my quarterly estimates off of actual income,
which is good. Maybe you have a business that, hey,
(26:26):
cycles up in the last quarter, so maybe you sell
items that your income comes in because of gift giving
and everything around Christmas time, and so you know, you
may change the way your estimates are because your first
quarter or second quarter estimates may need to be really
(26:46):
low because you're going based on actual earn net income,
and then maybe starting the third and then the fourth quarter,
those two estimates would go way up. Or maybe you
are very cyclical in business and that your business does
a lot in January through March or even April, and
your first two estimated tax payments would be higher and
(27:09):
then the final two would be lower. That's a way
of doing it as well. However, if your business is
that way, I would actually tell you that you make
an even estimated tax payment throughout the year so that
you're not taking funds and giving them earlier than you
have to, and you can earn the interest in or
(27:30):
investment income off of those funds as you pay it
over a period of time. But if your income goes
way up towards the end, then you want to keep
your payments low and do it unactual and pay them
that final order out there. So that's one way of
looking at doing that. But you've got to have good
bookkeeping for your business. You've got to be able to
(27:52):
track what you have going through and then you've got
to be able to make sure that you're doing this right.
Some of the ways we work with people that do
estimated taxes, if they're running an escort, the owner of
that business has got to be on payroll or reasonable salary,
but it didn't say when that reasonable salary has to
(28:13):
be paid. So that reasonable salary could be a bonus
towards the end of the year based on net income
for the business or something. You can use some kind
of model out there to determine what that is. But
you could make all that payment go to federal withholding
which covers all the estimates that might be required, and
it comes as if you've done it evenly all throughout
(28:34):
the year, so you didn't have to pay a dime
to the irs, but you make that hump sum payment
in December so that you're making the money and keeping
that money invested in working for you, but make that
payment later on. So some of the things to consider
in some of the ways to look at doing estimated
tax payments to make your life a little bit easier
(28:58):
and a less up front to the government. Now, this
brings one of the topics that we have seen come
up more and more. Over the last few weeks, we've
had a number of companies calling us because they they
blew it. To be honest with you, they blew it.
They missed payroll tax deadlines, they missed pay payroll tax deposits.
(29:25):
They just downright missed it, and it becomes costly. I
mean the stiff penalties that the i R S what's
on you, uh, the accrued interest they add to it,
the leans now that they place on your assets, and
then potential personal liability for that business payroll tax debt.
(29:51):
Now what are the what are the financial penalties? I
mean and people think, oh, it's not really that bad.
It is. So the failure deposit penalty. The i R
S going to impose a tiered penalties for late or
insufficient payroll tax deposits. For the first one to five
days that you're late, you get here with two percent
(30:11):
of the unpaid deposit. Six to fifteen days late becomes
five percent of the unpaid deposit. More than fifteen days.
You know, there are money hungry out there and people
can't afford this. As it is, you're more than fifteen
days late, they hit you ten percent of the unpaid deposits.
(30:34):
So Let's just say you had ten thousand dollars due
and all of a sudden they're going to hit you
with ten percent. That add to another thousand on top
of the five percent, on top of the two percent crazy,
and then more than ten days after the IRS notice,
it's fifteen percent of the unpaid tax deposit man. This
(30:58):
is why having a good payroll service and making sure
your payroll taxes are paid is so so important, even
if you've got to get a loan and pay exorbitant
interest rate. Let's say you can get a line of
credit for ten or twelve percent. That is sure cheaper,
and the penalty is the IRS is hitting you with
right there, because that doesn't even include the interest they're
(31:20):
going to apply. Now you fail to file as well,
you get a separate penalty of five percent of the
unpaid tax. Each month or part of month a return
is late, up to a maximum twenty five percent. You're
five months late, you get hit the old twenty five percent.
(31:41):
Now add to that interest. So it isn't bad enough.
You're more than ten days late, more than fifteen day.
You're more than fifteen days late, they've sent out a notice.
You're another fifteen percent on top of that because you
didn't pay after the notice, then you guy also got
hit with the twenty five percent, and now the IRS
comes back hits you well, interest compounding daily on any
(32:06):
unpaid taxes and penalties from the original due date until
the debt is paid in full. Now original due date
of the deposit not from when the form was required
to be filed. So if say you missed March is
filing deadline, but you didn't pay the tax for January
(32:28):
in February, so the interest starts from February on that
deposit that should have been made. Then the interest starts
in February. Then the interest starts in March, and it
just continues to roll on. Now the interest rate is
adjusted quarterly and is typically based on the federal short
term rate plus only three percent. Only three percent on
(32:51):
top of the short term rate. Then you haven't filed
the state returns. Each state is going to impose their
own set of penalties for late filings late deposits, and
these can vary widely from state to state. Plus interest
they're getting you coming and going? Now, do you think
(33:13):
that's bad enough? Gets worse? Oh mister, how can it
get worse? It does. It's the I R S. There's
a personal liability side of this for business owners, for
signers on the checking account, those that had authority to
make a decision for the business, and it's called the
Trust Fund Covery Penalty t frp. Irs can hold a
(33:36):
reasonable responsible person and that can be anyone in the
business who has authority to make payment decisions and hold
them personally liable for the employee portion of the withheld
fayeral taxes considered to be the trust fund taxes. That
(33:57):
is the portion that you withhold items of your employees
check for federal withholding Social Security and Medicare and if
anything else they're payable to the IRS and you don't
pay it in you can be hit with this trust
fund penalty and it's equal to one hundred percent of
(34:18):
the unpaid trust fund portion of the taxes, and you
are held personally liable. Now this is owners, officers, or
other responsible parties. So you are a signer manager on
the checking account, you may have authority to make decisions
(34:38):
of who gets paid and who doesn't. Even if you
did not make that decision to not pay the payroll taxes,
you can be held personally responsible and at risk if
you're found liable for those unpaid trust fund taxes, and
this personal liability is often non dischargeable in bankruptcy. Now,
(35:04):
we had a guy that came to us years ago
that got held lovel He actually trusted the people he
was working for that was going to represent have representation
for him, and basically they threw him under the bus
and said he was the one that had to make
the decisions on whether or not payroll taxes were supposed
(35:26):
to be paid. He got hit with the drust fund
penalties close to a million dollars trying to hold him lively. Hey,
what happens when that happens. How do you recover from that?
And how can that make a huge difference in what
you're doing in working for somebody in that business, and
(35:46):
how can they hold you responsible. Now we're going to
talk about the results of what happened for this guy
here Shortly after this quick break, we have.
Speaker 2 (35:55):
Only scratched the surface of play's show. Please stand by us.
Parry G. Fowler will be right back with tax stock
for you.
Speaker 3 (36:06):
As an owner operator, you already spend too much time
away from your family.
Speaker 2 (36:11):
Stop spending time doing.
Speaker 3 (36:13):
Paperwork, Go to Trucker tax tools dot Com a solution
built specifically for truckers. Trucker tax tools dot Com makes
your life run smoothly. Let's get back to tax stock
for you with more tax stock once again.
Speaker 2 (36:31):
Here's your host, Barry G. Fowler.
Speaker 4 (36:36):
You know, sometimes you're having fun and talking and trying
to get points across and help people realize the damage
they create by missing certain deadlines like payroll tax deadlines
or payroll tax deposits. You can throw your producers off. Hey,
what can we say, life is short. Let's have some fun,
you know in dealing with somebody that has missed payroll
(37:00):
tax deadlines and companies and helping them recover and save.
You know, it really damages business. It really hurts for
the people working in the business that may have been
charged with having personal responsibility for something that happened in
their business. And one of the gentlemen that we were
(37:22):
dealing with happened to be a manager. One was an
actually this is two different people. Really. One was a
manager of a bar who signed on a petty cash
account and then got held liable for over one hundred
and fifty thousand dollars of payroll taxes. But All he
did was manage the bar, turned in time sheets, and
never had any financial responsibility for the company except for
(37:45):
paying out of the mixed beverage account for the liquor
that was delivered or and he didn't order the liquor.
All he was authorized to do was write the checks
to pay for the liquor that came in, and the
IRS held him responsible. We were able to prove that
he had no knowledge of any other part of the
(38:05):
operations of the business and could not be held liable
because he only signed on this account and there was
never ever payroll that went through that account, so he
only used that account and had no knowledge of what
funds were actually in the account either, because he never
saw financial reports for that part of the business. We
(38:28):
were able to get him off the second gentleman. He
was close to a million dollars and we had to
really work at this because the IRS was turning us
down every step of the way for every appeal we had.
He had come to us about four years after he
was charged with trust fund penalties because they were coming
(38:49):
after him, but he did not have knowledge of that.
He was even assessed the trust fund penalties because the
company he was working for changed everything to their address,
and then the company went under and the company offered
him representation, and the representation they gave was he was
(39:11):
the person that was responsible making decisions for the payroll taxes.
So he got hit along with the owners. Now that
both owners passed away in the meantime and when the
IRS was coming back, the IRS was very insistent he
was the only one that could do it well. He
had no assets available to pay the IRS anything, So
(39:33):
we had to choose other routes to go around the
IRS to get these payroll taxes lifted off of him
so that he could finish live in his life. And
he was going to retire, so he did not have
the income or the wherewithal to pay this million dollars
in trust fund penalties. So you know, keep those things
(39:56):
in mind now other things that can come of not
paying your payroll tax. Of course, Leans and levees. IRS
is going to put leans on the business. If the
trust fund penalty has been levied against you, they're going
to lean against your personal assets. They're going to levy
if you're not on a payment plan with them or
haven't worked something out. The IRS will come after the
(40:16):
bank accounts and property of business and if you have
the trust fund penalties of your personal assets as well.
And if you don't believe me, go to the IRS website.
You can go actually go to US Department of Treasury
and go auctions and see the items and things that
are auctioned off on their website, including property, businesses, business licenses.
(40:41):
They're all there as well. In extreme cases of willful
and intentional tax evasion, business owners can face criminal prosecution,
which then can result in enlarge fines and imprisonment. So
you're scared. Be scared, especially if you're doing this you
know intentionally you could increase your auditress. Consistently missing payroll
(41:06):
tax deadlines can draw unwanted attention from the I r
S and then increase your likelihood of being audited. And
then it has damage to your reputation and operational damage.
It affects your cash flow, It affects your credit rating,
It can harm your reputation with your employees, vendors, and clients,
because hey, if the I r S is coming after money,
(41:28):
IRS is may be levying where your money's coming from
as well, So it may affect your clients when they
get that notice. So you want to make sure that
you're filing and paying your payroll taxes. If you've missed them,
get them in, file them as soon as possible. If
you're in trouble with the I R S and you
want to be not held personally liable because they can
(41:50):
go back through up to three years and hit you
with trust fund penalties, go back and pay the trust
fund portion of the tax. Get that paid so you
can limit the current of the civil liability side you personally.
And if you're first time a vender, you can probably
get some penalty abatement for reasonable cause for the delay, fire,
(42:12):
natural disaster, serious illness. You're going to have to have proof,
but you can do that. And above I'll seek professional
tax help, navigate the process, correct errors, communicate with the IRS,
and minimize the consequence. And that's what we do here
at Taxation Solutions Act Relief. If you've got IRS problems,
(42:34):
whether it's personal or whether it's business, call us eight
eight eight nine three zero one zero one six again
eight eight eight nine three zero one zero one six
get our expertise. Let us help you through your tax
problem with the IRS and stop them from coming after you.
Hopefully we can stop them from trust fund penalties and
(42:56):
keep you there on your side because you do need representation. Now.
The fun things in life we get to do is
working with truckers. We worked truckers at tech Trucker Tax Tools.
Go to Trucker tax Tools dot net. Hey, last week
we had a special offer. This is the last week
we're going to do this. If you're looking for free bookkeeping,
(43:17):
call us at eight seven seven nine nine six two
four seven seven again eight seven seven nine nine six
two four seven seven, or go to Trucker tax Tools
dot com. Put in your information. Let us help you
give you free bookkeeping from January through August with our
bookkeeping contract. It's a great way to get eight months
(43:39):
of free bookkeeping right now. Don't delay and give us
a call, or go to our website and hit our
contact page.
Speaker 2 (43:46):
Get in.
Speaker 4 (43:46):
We'll call you back and we'll get you started. Don't
miss the opportunity to get free bookkeeping for twenty twenty
five now. If you've got problems we're relating to twenty
four or before, we can help you with that as well.
We've got special rates to help you. Just give us
a call. Hey, most important thing out of today if
(44:07):
you've enjoyed this show, go to tax Talk number four
you dot com. That was a letter you, tax Talk
number four letter you dot com and follow us. Follow
us on Facebook like, share with your friends, with your family,
and then be here every Monday at ten am Eastern Time.
(44:28):
I W four CY Radio. We want you here, We
want your questions. We want to help you navigate the
complicated road of taxes, complicated road of bookkeeping. You do
the truck driving, you follow your GPS, we do the bookkeeping.
It helps you navigate the road to financial success. To
(44:48):
do that today, jump in at tax Talk before you
dot com be here. Have a god bless glorious week.
Enjoy life, life is short, make it fun. We'll see
you next week right here. W four CUI Radio. Tax
Talk for you dot Com, Thank you chech.
Speaker 3 (45:07):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Are you behind on taxes and your bookkeeping? Are you
dealing with dirs and ready to have some relief, Then
(45:28):
you need Tax Talk for You, hosted by tax and
trucker expert Barry G.
Speaker 2 (45:34):
Fouer EA.
Speaker 3 (45:35):
Tune in ten am Eastern Time every Monday right here
on W FOURCY Radio and Talk for TV. Don't forget
to check this and past episodes at tax talkforyu dot com.
See you next week at W fourcy dot com
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