June 2, 2025 • 44 mins
Tax Savings and Retirement. You're interested in the tax savings opportunities related to retirement. Here's a breakdown of how retirement accounts can offer tax advantages and strategies you can use. Strategies for Increasing Tax SavingSide hustle Deduct eligible business expenses like home office costs, business vehicle use, health insurance premiums and max out retireemnt savings. Use HSA accounts to save tax dollars. Bookkeeping experience matters.
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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.
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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 FOCY 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 explicitor 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 choosing W
(00:21):
FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fouler 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 host, Barry G.
Speaker 4 (00:59):
Foul And a good Monday morning. Everybody's having a great day.
I know we've got a few new listeners out there
that I've talked to over the weekend and last week.
Glad to have you anybody else should know that wants
to know more about taxes, book keeping, trucking, small businesses,
(01:26):
tax problem resolution. Make sure you refer them over to
tax Talk for you dot com, Follow us there, follow
us on Facebook, whatever you got to do to make
sure that you're here joining us on Monday morning at
ten am Eastern time. You know we're here to talk
about taxes. You know, you have those mondays that just
(01:49):
don't start the way you know life's supposed to. You know,
sometimes you get in your truck and all the lights
light up and you go, what's going on now? Or
doesn't turn over, it doesn't start, or you know, whatever
the case may be. Today, you know, we come into
the office, we have plans and how we're going to
(02:09):
run the show, and you know you're going to talk
about retirement, tax savings, trucking, you know, you name it,
and all of a sudden, all more in long, you
have computer issues. How do you prepare for a show
When you're having computer issue? You fall back on years
(02:30):
and years of knowledge and maybe things that you've seen
over the weekend that you drug it nuts here in
this case, you know, we're experts at what we do.
You know bookkeeping for truckers, taxes for truckers, small business bookkeeping,
(02:50):
small business taxes and individual taxes. You name it tax resolution.
And then you go online and you see somebody going
and anybody can do this. Anybody can do bookkeeping. Here.
Just take this free day caram course on how to
use your favorite tax software QuickBooks right and now you
(03:13):
can sell bookkeeping everybody and anybody because you are an expert. Man.
Sometimes when I read that, I am glad. I'm wearing
my boots. And sometimes you think you need some hip waiters,
because you know, just because you take a three day
course doesn't make you qualified to do bookkeeping or taxes
or tax resolution. You know, this is what gives people
(03:37):
my industry bad name. You know, you're having years of
expertise in what we do bookkeeping, taxes, tax resolution, fighting
IRS and problems. And you know this is what makes
what we do and what we are doing in business
(03:58):
the excellent choice for your business and to help you.
You know, we offer low costs programs for truckers and
you're starting at twenty five hours a week. You can
go to Trucker tax Tools dot com see what we do.
Click contact us, call us let us get your schedule.
(04:20):
Let's talk about your bookkeeping. You know, you got people
out there thinking they can do it. They have no
clue what the I've seen financial statements from some of
these wonderful people that have been in the business full
three days that are now doing bookkeeping for our truckers
or small businesses out there. You know, I hate to
throw people under the bus, but I have a friend
(04:41):
who decided, you know, bookkeeping is a lucrative business. Bookkeeping
is a time consuming. Bookkeeping takes a lot of knowledge
of Hey, where do I got to classify these things?
Where do we got to go? We spend a lot
of people time training our people to be excellent at
what they do, you know, for truckers and for small
(05:02):
businesses you know across the country that we service. They
called me about every other week asking trying to ask
me questions. What should I do with this? How should
this be classified? What should be done with this? How
do we make this work? Our balance sheet isn't working?
Is this balance sheet right?
Speaker 2 (05:17):
Give me a break.
Speaker 4 (05:18):
You took the three day course. You should know you're
the expert.
Speaker 2 (05:22):
Not me.
Speaker 4 (05:23):
Okay, so you know I can get up my soapbox
and talk about this. You know, it's the same thing
that happens in resolution. We see advertise all over the place.
And now I'm not going to throw certain companies under
the bus, but we train for tax resolution. If you
do taxes, you can do irs problem resolution. And those
(05:43):
people are the ones that give problem resolution tax people
a bad name. They don't follow through with what they're
going to do, They don't communicate what they're doing, They sell,
they undercut, they do all these things to get you
to call them to do they're ires resolution, and then
now you've got a bigger problem, and then you want
(06:05):
to call me to resolve the problem that they created
and made worse because they had no clue what they
were doing. They were stuck in maybe inch deep muddy
when they started. And now it's up to your hip
and you need hit waiters and you need something else
to help get you out. See, this morning just didn't
start out the way we wanted them morning to start out.
(06:27):
But what you learn is a valuable lesson. It's kind
of like the trucking industry. You jump into a truck
at eighteen twenty four gears and you got to work
your way through those gears. And if you don't know
what the heck you're doing, your truck's in the shop
and you got a bigger problem. And if you've hired
one of those that went through, Hey, I got through
(06:48):
this driving academy and now I'm the wonderful, most perfect
truck driver out there. And they're undercutting everybody and creating
a bad name and a bad industry for you. We've
seen it. It's the way it goes. And maybe they're
transporting that load for you, and now you've got a
bigger problem, and you've got to call somebody else to
get that load off the road, or they dropped the
(07:10):
load on the side of the road. Now you got
a bigger problem. We've seen it. It happens, you know,
and that's part of life, you know. Sometimes you've got
to start from the beginning and work for somebody else.
Learn your trade, learn your business, go to college, get
your education. It's not a three day crash course. Somebody
once asked me, can you teach me how to do bookkeeping? Yeah,
(07:34):
but it's a long time commitment. Do you have several
years for us to teach you everything in the ins
and out? It's a bookkeeping it's not just how you
use quick books. It's not just how to sell somebody
that you know how to use quick books, because just
because you know how to do quick books doesn't mean
you know how to do bookkeeping. Just because they taught
you how to sell and to sell somebody to say, hey,
(07:54):
I can do this for one hundred dollars a move great,
God bless you and good life to you. And if
you hired one of those, it just came out of
that three day carash course. God bless you and good
luck to you. You know. I use for an example,
somebody sent me quick books said that hey I did
it myself because I am my bookkeeper, and they had
one hundred and fifty one hundred and eighty thousand dollars
(08:15):
and ask my account what is this? Well, we're just
asking you. Can you break this down for us and
put it where we're supposed to go. Now, you did
your own bookkeeping, you're the expert. You fix it if
you want us to fix it. We do charge to
do this, and we're going to charge our hourly rate
to go through and do this, and you're not gonna
(08:35):
be happy because we're gonna end up going back and
redoing almost all your bookkeeping for you, because it's all wrong.
As we get into it. Now, we'll do it. We understand.
Three weeks later they're calling me back. Can you know,
we just need your input on what we should do
with it. You're the bookkeeper. You figure it out. It
says Monday, it's gonna be a glorious We know that
(08:58):
it's gonna be fun. I spent the weekend traveling across
the roads of Texas from Hempstead to Cisco, Texas, back
down to Temple, Texas, then back home to Hempstead, traveling
Saturday to Livingston, Texas, and then back home Hempstead, Texas.
Great day on the road. Man saw a lot of
good truckers. Stop at a couple of truck stops. Talk
(09:19):
to a few truckers. Man, I hope you guys have
great week. A couple of truckers hauling cattle, you know,
God bless them, and you know, having fun, good good
old boys out there and taking care of the cattle
industry and stuff. You know, it was good to meet
you all at a couple of the truck stops out there,
(09:40):
and good to see you on the road. Now we're
going to get to this.
Speaker 2 (09:43):
You know.
Speaker 4 (09:43):
The next section we're going to talk about is retirement
plan and what retirement plans you should be using for
your small business. We'll get to that right after this break.
Speaker 3 (09:54):
We have only scratched the surface of today's show. Please
stand by us. Barry Chief will be right back with
tax talk for you. If you owe the IRS or
are going through an IRS audit, don't go at it alone.
Speaker 2 (10:11):
Call Taxation Solutions Tax.
Speaker 3 (10:14):
Relief at eight eight 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. Don't let the IRS walk all over you.
(10:37):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(10:58):
once again.
Speaker 2 (10:59):
Here's your their host, Barry Chief Fallon.
Speaker 4 (11:04):
Hey, welcome back, Hey Kenny, thanks for joining us here.
Saw you sent a message into us saying hi, Yeah,
it was good to meet you out there in Cisco, Texas,
where we stopped at one of the truck stops up
near there, so it was good to meet you and
good to have a conversation with you. Stay safe out
(11:25):
there on the road, and thanks for all that you do. Hey,
we're talking about saving for retirement. You know, first time
we had this conversation. With small businesses and everything, they're like, well,
we can't afford And when we talk with truckers, they're like, hey,
nobody's ever talked to us about saving for retirement or
retirement accounts. And you know, as I say to most
(11:45):
people in business, you're not planning to do this for
the rest of your life. I've talked to a lot
of truckers and they kind of laughed at me and said, hey,
I plan on you know, being in the seat till
the end of time. And great, good for you, but
maybe you want to spend some time with family, or
maybe you want to slow it down at some point.
And you know, we're always looking for tax strategies to
(12:07):
save money on taxes and do different things, but saving
for retirement is one of the strategies that you can
be using to save money on your taxes at the
same time putting a little nest egg over here in
the side so that you eventually could slow down and
live happy for a little bit better in retirement and
(12:28):
not be in the truck every single week. So what
kind of accounts can you use? You know, we talk
about retirement accounts for the self employed, we're talking about
tax advantages accounts like a SEP self employed Simplified Employee
Pitching Plan IRA self employed four oh one K simple iras,
(12:52):
and then there's a different advantage type four oh one
ks as well. Even including in these strategies might be
something like a health savings account HSA, you know, another
potential savings for you know, long term savings since you
know in an HSA it's not a use it or
lose it, so you know, whether you're planning to you know,
(13:14):
retire early or keep working well in retirement age, you're
going to need some savings, you know at some point
in the good news for you, being self employed gives
you access to certain tax advantage accounts with the higher
contribution limits that you can get than using a traditional IRA,
(13:39):
So you can use that set IRA Simplified Employee Pension
Plan you know s e P IRA. It offers tax
deferred growth for individuals or small business with one to
four employees while allowing contributions up to seventy thousand in
(13:59):
twenty twenty five. You know, there has some requirements and
everything in there. If you've got employees, then you've got
to do matching and the same contribution type for yourself
as well as all the employees. But if you're self employed,
then you're the only employee, or maybe it's just you
(14:19):
and your spouse, you're using an SEP plan like this
can definitely give you some tax advantages to saving money.
The other one is a self employed for a one K.
If it's just you or you and your spouse working
for a business, your self employed for one K lets
(14:41):
you put money aside tax defer or even tax free.
It features higher contribution limits up to seventy thousand for
twenty twenty five, and since you can contribute both as
an employer and employee, gives you some good advantage. Just there.
(15:01):
There are rules and regulations to it, so we'll come
back to some of these rules and regulations. For some
of these plans, you can use simple IRA. It's a
savings investment match for employees. Simple IRA there's a plan
for businesses with fewer than one hundred employees, contribution limits
(15:22):
are much lower than those with a self employed four
oh one K or a step IRA, so you know,
you've got to look at what those limits are. And
then there's got some advantage plans, so you know, like
the Fidelity Advantage four oh one K is an pooled
employer plan design specifically for growing businesses, features all the
(15:48):
benefits of the four to one K, such as higher
contribution limits and an employeer match with a simplified plan
design and reduced administrative responsibility. There's some good plans that
are out there, so if you're not sure you know
which plan is for you, we can kind of take
(16:09):
a look at some of these plans.
Speaker 2 (16:12):
You know.
Speaker 4 (16:13):
One of the other things that we talked about at
the beginning of this segment was HSAS. You know, one
thing I like about HSAS, it's a health savings account
that help HSA Health Savings Plan is you know, a
long term savings option that you can consider. When you're
you have a health savings account, you can save you know,
(16:35):
fifteen point three percent on any contribution. Since you're paying
as an employer an employee, you know, this is money
that's going in before your Social Security and Medicare tax
allows you to keep that money there, accumulate that money,
and then use the money that you have there for
(16:58):
health payment. So every time you go to the doctor meeting,
copays or deductibles, things like that can be done through
this health savings account and you can have an investable
and that investment continues to grow tax free. And then
you know, until you're using use up the funds stuff,
(17:21):
and it's your money. It's not a user to lose it.
Like you used to see with these flexible savings accounts
and these other health accounts that used to have when
you work for an employer, you would have to use
it by the end of the year. This money continues
to sit out there and continue to grow, and it
becomes your money even if you choose different insurance or
(17:44):
change insurance or able to have insurances not HSA qualified
or anymore. You know, some of the things that you
know we do like when we're dealing with these plans,
is that you can maximize, you know, the money that
you have out there. Some important things like the self
(18:05):
employed for one K, you know their contribution. If you're
between the ages of sixty and sixty three, you're eligible
to contribute up to eleven two hundred and fifty additional
money as a catch up contribution if your plan allows.
There's certain plan rules you've got to go through out there,
(18:29):
so you know you need to, you know, make sure
you're looking at the plans that are there. The combined
limit for employers and employees is seventy thousand or one
hundred percent of the employee's salary, whichever is lower. So
if you're working with somebody in there keeping your guaranteed
(18:51):
payments or your salary a little bit lower, let's say
you're in the sixty thousand range, then you're going to
be limited to sixty thousand. You're not going to be
able to go all the way up to the seventy
if you're again in the sixty to sixty three range
instead of seventy or eighty one and fifty dollars. But
(19:13):
if your salary is set lower, then you're going to
be set to that lower limit. So this is something
that you can look at and decide, hey, maybe I
want to increase my salary so I can maximize my
contribution to my four to oh one K and use
that four one k there for yourself and you might
(19:36):
split up a four to oh one k between you know,
wroth and the traditional tie as well. And we had
a question here where would a person find a self
employed four one K plan? Well, if you call us,
we've got some great advisors we can refer you to.
So you can call us over here at truck or
(19:56):
Tax Tools. You can use our DURA number eight seven
seven nine six six two four seven seven and then
we can get you referred over to somebody to you
who gets you set up with the world okay, or
you can go simply to Fidelity dot com or swab.
They've got some self employed plans out there as well.
(20:21):
So there's a lot of fun things that we get
to talk about in you know, setting up for retirement,
but using the retirement plans to save yourself money is
the ideal thing for you to do to put money
away pre tax and avoid some of the high taxes
(20:42):
out there. After the break, we've got a couple other
questions about what is a levey and can tax people
take business money without notifying the business. We're going to
address those right after this.
Speaker 3 (20:56):
We have only scratched the surface of today's show. Please
and Bias Barrygfowler will be right back with.
Speaker 2 (21:03):
Taxtock for you.
Speaker 3 (21:07):
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 what level trucker you are.
Life on the road can be taxing, but that doesn't
mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly.
Speaker 2 (21:28):
Go to Trucker tax Tools dot com for.
Speaker 3 (21:31):
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.
Speaker 2 (21:46):
And let the experts keep you trucking.
Speaker 3 (21:51):
Let's get back to tax stock for you with more
tax stock once again.
Speaker 2 (21:57):
Here's your host, Barrygfower.
Speaker 4 (22:01):
Hey, welcome back. You know we love questions, so if
you've got questions, to send them into the radio station
or you can send them over here to us at
Trucker Tax Tools, Taxation Solutions, Tax Relief. Our phone number
here at Trucker Tax Tools is eight seven seven nine
sixty six two four seven seven. Hey give us a call.
(22:22):
Let us get started doing your bookkeeping, your taxes for
you and helping you keep your truck on the road
not having to worry about bookkeeping or taxes. And you
know you're going to have quality of bookkeeping with you know,
thirty plus years of experience here doing truck or bookkeeping
and truck or taxes. You know you've got the knowledge
(22:42):
of people that can handle and help you keep your
truck on the road running smoothly. And yes, questions, great questions.
What is a levee? A levee is when the IRS,
and if we're talking about a tax levy, is when
the IRS goes in and takes all the money out
(23:03):
of your bank account because you owed the IRS money. Now,
the IRS will send you letters and notices, will send
you a final notice, even a certified notice of intent
to levy, and they're going to levy your account within
roughly forty five days, and they're going to take everything
that you have there to try to satisfy satisfy the
(23:25):
levee amount. Now, if you have the full amount in
there to set a settle it, or more money than
that's in there, they're only going to take up to
what you owe. But if you have less than that,
they're going to take it all. Same question we had
come in here. Can the tax people take business money
without notifying the business. It depends on which tax people
you're talking about. Talking about the irs, you owe them money,
(23:47):
they have notified you first and send you letters. Yes,
they can levy your bank accounts, even the business accounts,
and with your name and social securities attached to it,
and maybe you self employed, they can take it. If
your name and social Security number and you owe money personally,
is on any other accounts out there, they can take it.
(24:09):
That includes your kids, grandkids. If you've got five to
twenty nine accounts set up with your social Security number
on it for kids or grandkids, they can take that money.
If your social Security numbers attached to any of your
kids accounts, they can take that money. Or even parents accounts,
they can take that money if you owe the irs.
(24:31):
So if you're talking about us as tax preparers, now
you're going to sign, let's say, money to come out
of your account to go to the IRS to pay
your taxes that are due. You will sign the tax
return and you will also sign a transaction form that
says this money is coming out and going to the IRS.
The IRS is going to pull it. If you're doing
(24:52):
payroll with somebody like us at Trucker Tax Tools, then
that money for payroll taxes signed is going to come out.
You're going to get notified through email or phone call
that hey, these taxes are do and this is when
this is coming out. Question, is any of the stuff
(25:13):
we're talking about just for truckers. Now, we specialize in
doing truckers, but we do service other clients and other
small businesses all across the country as well. Trucker Tax
Tools focuses on trucking, taxation solutions, tax relief, Taxation Solutions,
does bookkeeping and taxes for all small businesses out there.
(25:36):
These retirement accounts we just talked about can be applicable
to any small business out there. So if you're looking
for tax savings, they will use everything. You can use
all these accounts to save yourself money on taxes. Next
question we got coming in this has been rapid fire questions.
(26:00):
I love it. Ken. I'm assuming the IRS leave your
bank account and a negative status. So here's what happens.
The IRS takes every dime out of your account. The
bank you're banking with charges you a fee for honoring
the banks or the IRS levee. So when they open
(26:20):
your account back up, your account is at negative because
you owe the bank your fee, everything else, every transaction.
Let's say you had checks outstanding, you had debits outstanding
that hit your account. After the IRS levey hits your account,
your account is going to go negative. They will not
(26:42):
pull any funds back from the IRS to make those payments.
Too bad, So sad is what the bank is going
to tell you. What you should have done is called
taxation solutions, tax relief gotten the head of the problem,
stopped this levee and then you would not have that problem.
(27:04):
So if you've got a levey that's outstanding, you've got
a final notice of intent to levy that maybe you
received last week or the week before, or even on Friday,
or even today, call us at eight eight eight nine
three zero one zero one six again eight eight eight
nine three zero one zero one six, and let us
talk about getting relief for your tax problem. Or it
(27:27):
gets to the IRS levee. You don't want the IRS
levy and your bank account, then let's get a plan
in place to put a solution that means you're going
to have to do some work. Unfortunately, just because you
hire us and we put a hold and we get
a stop doesn't mean it's time to ignore us and
(27:49):
the IRS. It means it's time to do the due
diligence and the work that we ask you to do,
put a final solution in place to solve this tax
debt and get you some tax relief that you have
been wanting, needing to get rest and get sleep. Hey,
great questions, great questions. I love them.
Speaker 2 (28:12):
You know.
Speaker 4 (28:12):
I love doing IRS problem resolution and fighting the IRS
and talking with the IRS and putting something to bed
to where you can rest at night, sleep at night.
And I get phone calls from people and saying, oh,
thank god, I'm so happy to have you. So glad
we went with you, or came back and decided to
(28:32):
go with you, because you followed through with what you're
going to do and what you said you're going to do.
I had to couple people mad at me because we've
been working on an issue for maybe nine months, but
they have not actively done their part. You know, we
needed bookkeeping. They didn't want to pay us to do
bookkeeping for them for their business. We need bookkeeping to
get the solution in place. If you just get it
(28:55):
done for us, get it to us, that solution would
already be there. We had a person and the one
in an instant offering compromise, will okay provide this, and
then you drag your feet. Four months later they're finally
providing it and we're having to start all over to
fight the irs. So if you hire somebody, be ready
to get moving, get things done, especially if you run
(29:16):
a small business or a big business. Let's get it done.
Next question we had was would your company be able
to do books and take take taxes for a company
that is making under fifty thousand dollars a year. Absolutely,
we have great plans for your business. Give us a call,
let us get started. Hey, when we come back, we're
(29:38):
going to talk about other tax saging saving strategies you
in your life save you as much money as possible.
Speaker 3 (29:46):
Right back up, we have only scratched the surface of
today's show. Please stand by as Barry Chief Power will
be right back with tax talk for you as an
owner our operator. You already spend too much time away
from your family. Stop spending time doing paperwork. Go to
(30:07):
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 (30:24):
Here's your host, Barry G. Fallo.
Speaker 4 (30:29):
Hey, welcome back. You know tax strategies. I said, you know, hey,
we started today Monday, and you name it. What could
go wrong? Did go wrong? You know, trying to come
up with, uh, you know what we're going to talk
about today and making sure that everything was going to work. Hey,
it was a Monday, but we made it. We're making
(30:51):
it through this program. Thanks. It's all the wonderful and
good questions we've been getting from our listeners out there
across the country. We're glad to have you. You're looking
for a tax strategy. Maybe you're a W two employee.
In the first place, I start going back to IRA
or retirement contributions. If your company has a four to
(31:14):
h one k SEP offers matches. Maximize your contribution, and
I don't care what age you are, change it. Maximize
the contribution. Make that money come out before you ever
see it, and you won't notice it, and you'll start saving.
When my son came out of college, The first thing
(31:34):
he asked me is, hey, you know the company I'm
working for has a four to oh one K and
I'm going to put I don't can't afford to put
any money in there. No, son, Brian, you got to
max your contribution into your four to oh one k
a day and every day going forward. If you want
to be a millionaire when you go to retire, don't
(31:58):
count on Social Security, don't count on anything else. Count
on yourself, big big boy. Puts your boots on and
pull them up by the straps, and now learn how
to live with what your net is out of your check.
Maximize that company match. Maximize the funds that are going
when he got married. The same thing for my daughter
in law. Maximize your money going into your retirement. She
(32:21):
was a teacher. Maximize the money going into teacher retirement
in four three b's or any other vehicle to go through.
Saves your money on taxes, maximizes your contribution. You will
have a lot more money at retirement, and never ever
ever ever touch that account, ignore it, hack like it
doesn't exist. Amazing how that works. Can you ever wonder
(32:45):
why the government itself has your employer with whole federal
income tax, because if you had to make a quarterly
tax payment, like many small business owners have to, you
would hate taxes as much as every small business owner does.
When you see what it does to your check. The
first check you get, you notice it, the second, third, fourth,
(33:08):
you probably notice it. The fifth you're done looking. You
don't even pay attention to what comes out anymore. You're
living on what that net is. So we tell you
suck it up, buttercup. Make the contributions to your iras
or four to one ks when your employer offers it
to you, and you'll never feel it. Hey, you're a
(33:29):
W two employee, you're looking for something else. Start a
side hustle. Hey, make part of your phone bill tax deductible,
make home office tax deductible. If you can, make sure
you qualify mileage on your car. Go into your side hustle.
Take advantage of them, those expenses, things that you're going
(33:49):
to be using, and make them tax deductible. Free tax items.
We always preach when I talk for up to success,
someone are offered by Idea and the Foundation there, I
always talk how do you maximize your tax savings? And
it's by taking items that you are spending after tax
(34:13):
dollars and making them before tax. You're moving them over
from here, which is after you've already paid the tax,
and then paying them and moving them over here and
being able to expense it and pay it before you
pay the tax. Deductible items where you're necessary expenses for
your business, your side hustle, whatever you may be. You're
(34:34):
now running a business, and now maybe you can rent
your home using the Augusta rule fourteen days without reporting
the income that you're earning from it to theirs. The
only catch you got to be is it can't be
your owners yours primary place of business. And you may
(34:55):
have to have another office somewhere. Hey, but your office
location can be anywhere. You've got to have one. So
if you don't have a home office, you're not renting
a room in your house or your business meetings or stuff.
You can rent that home office use there for business meetings.
Maybe you're doing some entertainment, you can do entertainment and
(35:15):
write off that entertainment. You're entertaining clients, future clients, prospects,
friends that maybe prospects or be able to send you referrals.
All that can be in line with renting your home
and marketing for your business, or maybe now you get
(35:35):
the side hustle and you're looking for other places, and
you decide you want to take a trip, and part
of that trip is to get business. You can redo
your vacation costs by deducting a percentage of expenses spent
for business purposes. This can include your airfare, part of
your hotel bill proportionate to the amount of time that
(35:56):
you spend there on business activities. But you got to
be very cautious mixing business and pleasure. Business owners who
you know generally all get to get greedy using this
write off and begin writing off expenses that aren't legitimate business.
You can find yourselves in deep trouble with the irs
if you get audited. You got to apply, Hey, a
little common sense. You don't see that very much anymore,
(36:18):
but you do need to apply some common sense to
using a write off using your business for travel. Hey,
our travel this weekend was a complete write off. We
were making stops talking to truckers at truck stops all
along the way because one we were using it for
(36:39):
marketing for our business. When I travel, it's about marketing,
it's about bringing in new clients, or even just finding
out what truckers do or what they're looking for when
we go into small businesses. My wife and I work
together in this business. So maybe we're going out to
a new restaurant and we asked to meet the owners,
and we talked to the owners of the managers, because
(37:00):
they're not just to eat, but to try to earn
somebody's business. My daughter and my kids laugh at me
because when I walk into a place, I have to
like to talk. Imagine that, and that means I'm having
a conversation with managers. We're an owner of a business
talking about how their business is, how it's going, kind
(37:22):
of establishing a poor rapport with them to maybe one
day sell them on bringing their business to us, or
finding out if hey, there's a tax problem and you
need help, finding out if there's some way we can
help them in their business and be of service to
them to help them go through. You know, other ideas.
(37:44):
If you're in business, things that you can do is
accelerate appreciation on business assets. Now that does not mean
run out and buy a new piece of equipment just
so you can get the depreciation. Come on, let's be
coming some common sense to them. I hear people all
all the time talking about, Hey, my CBA or my
(38:08):
tax guy told me, gave me a guidance of my
enrolled agents, said go out and buy a new truck
or a new piece of equipment because it's gonna save
me money on my taxes. Yes, it will, okay, be honest,
it will. But is it the right thing to do
for your business? Does it make your business more efficient
or cost effective? Does it help you in the business.
If you can't answer yes to any of those, you're
(38:30):
just replacing some good piece of equipment with a newer
piece of equipment to get the depreciation in the write off.
If you spend one hundred thousand dollars on it to
get a twenty five thousand dollars write off, you're still
out seventy five thousand dollars. And if you didn't pay
cash for it, you have an extra loan out there
that you're paying interest on every single month, principle and
(38:54):
interest going out of your account, and that's money that
hurts your cash flow. So you may have provided you
that tax savings, but it also has costing you a
lot more money, especially if you're replacing a perfectly good,
valuable piece of equipment with something else that doesn't make
sense business wise or efficiency wise. So using bonus depreciation
(39:17):
sometimes isn't even the right thing, because sometimes it's taking
and using depreciation at a lower tax rate than once
your future tax rate may be. Or maybe you bought
this new piece of equipment knowing that you're not going
to continue using it or being out of business next
few years, and now you've taken on the depreciation, you
(39:38):
turn around and sell your piece of equipment, and now
you have income coming in because there is no basis,
and you pay tax on it as well. Hey, couple
of questions. I love to work on finishing this out
with questions. How does affiliate marketing fit into a tax
if you're making a commission from affiliate, Well, when you're
(40:02):
referring to affiliate programs, we refer to some affiliate programs.
Sometimes our marketing is around getting new clients, not just
for us, but for them. So if we're referring some
of these people over to an affiliate of ours, we're
able to take the deduction for marketing as an expense
(40:24):
against that affiliate income as well. So being the Hey,
sometimes your business out there is combining a couple of
different things. You'll be able to write it off as
you go. Even if it's your businesses all around receiving
leads and referring them to an affiliate so you can
(40:44):
earn your commission. Yes, you can write that off against
that as well. Here's one our hot shot truckers included
in the trucking service you offer. Absolutely, we have several
hot hot shot truckers out there that we work with.
Our service is based at Trucker Tax Tools around trucking industry,
(41:08):
transportation industry across the board, so you know, if you
need help, you know, give us a call, Give Trucker
Tax Tools a call, and you know, come see us
eight seven seven nine six six two four seven seven
again eight seven seven nine six six two four seven seven.
(41:29):
Let us get you started talking about your bookkeeping taxes
with us. Hey, our low class plans we're twenty five
dollars a week, and if you're an o IDA member
you get all kinds of discounts. If you're not, we'll
even have a great program where we'll pay for your
first years membership with IDA Owner Operator Independent Drivers Association.
(41:52):
We love those guys over there, and we also work
with a few other trucking associations out there as well,
in a bunch of real estate associations across the country.
So you know, we're here to help view and your
business and small business. If you happen to have a
tax problem, hey, give us a call. Taxation Solutions, Tax Relief,
(42:15):
Taxation Solutions dot net. We helped fight IRS problems. You
can call the same number at truck or tax Tools,
or you can call us direct at eight eight eight
nine three zero one zero one six eight eight eight
nine three zero one zero one six and speak in
affiliate marketing. If you're doing affiliate marketing and you know
somebody that needs help, whether it's bookkeeping for truckers or
(42:39):
small business or tax relief. Hey, we have affiliates around
the country as well that you know. Hey, we pay
for the referrals once they become a client. We love
the referrals coming from our friends and family. You know,
when you're sitting around the table on a holiday or
out on the picnic, somebody talks about a tax problem. Hey,
(43:02):
you know, hey, God God for that Barry Fowler over
Taxation Solutions, tax Relief. We got the guy. I got
the guy in trucking. I got the guy that can
help your small business. This is what we're all about.
Connect with us over on Facebook. You can go to
Taxation Solutions Facebook. Connect with us on Instagram, truck or
(43:23):
tax Tools dot com, truck or tax Tools Facebook, Trucker,
tax Tools Instagram, and of course tax Talk for You
dot com. Follow us over there, like it, share it,
love it, but whatever you do, be back here next Monday,
nine am Eastern time right here on W four CY Radio.
(43:44):
Truck or tax Tools and tax Talk for You, Taxation Solutions.
Thanks for joining me, Thanks for the questions today. Look
forward to seeing you next week right here at tax
Talk for You dot com. Thank you having God blessed
glorious week.
Speaker 3 (44:00):
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 book keep Are
you dealing with the irs and ready to have some relief,
(44:20):
Then you need Tax Talk for You, hosted by tax
and trucker expert Barry G.
Speaker 2 (44:27):
Fowler EA.
Speaker 3 (44:28):
Tune in ten am Eastern time every Monday right here
on W four CY radio and Talk for TV. Don't
forget to check this and past episodes at tax TALKFORU
dot com. See you next week at W fourcy dot com.
The topics and opinions express in the following show are
solely those of the hosts and their guests and not
those of w FOCY 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 explicitor 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 choosing W
(00:21):
FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fouler 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 host, Barry G.
Speaker 4 (00:59):
Foul And a good Monday morning. Everybody's having a great day.
I know we've got a few new listeners out there
that I've talked to over the weekend and last week.
Glad to have you anybody else should know that wants
to know more about taxes, book keeping, trucking, small businesses,
(01:26):
tax problem resolution. Make sure you refer them over to
tax Talk for you dot com, Follow us there, follow
us on Facebook, whatever you got to do to make
sure that you're here joining us on Monday morning at
ten am Eastern time. You know we're here to talk
about taxes. You know, you have those mondays that just
(01:49):
don't start the way you know life's supposed to. You know,
sometimes you get in your truck and all the lights
light up and you go, what's going on now? Or
doesn't turn over, it doesn't start, or you know, whatever
the case may be. Today, you know, we come into
the office, we have plans and how we're going to
(02:09):
run the show, and you know you're going to talk
about retirement, tax savings, trucking, you know, you name it,
and all of a sudden, all more in long, you
have computer issues. How do you prepare for a show
When you're having computer issue? You fall back on years
(02:30):
and years of knowledge and maybe things that you've seen
over the weekend that you drug it nuts here in
this case, you know, we're experts at what we do.
You know bookkeeping for truckers, taxes for truckers, small business bookkeeping,
(02:50):
small business taxes and individual taxes. You name it tax resolution.
And then you go online and you see somebody going
and anybody can do this. Anybody can do bookkeeping. Here.
Just take this free day caram course on how to
use your favorite tax software QuickBooks right and now you
(03:13):
can sell bookkeeping everybody and anybody because you are an expert. Man.
Sometimes when I read that, I am glad. I'm wearing
my boots. And sometimes you think you need some hip waiters,
because you know, just because you take a three day
course doesn't make you qualified to do bookkeeping or taxes
or tax resolution. You know, this is what gives people
(03:37):
my industry bad name. You know, you're having years of
expertise in what we do bookkeeping, taxes, tax resolution, fighting
IRS and problems. And you know this is what makes
what we do and what we are doing in business
(03:58):
the excellent choice for your business and to help you.
You know, we offer low costs programs for truckers and
you're starting at twenty five hours a week. You can
go to Trucker tax Tools dot com see what we do.
Click contact us, call us let us get your schedule.
(04:20):
Let's talk about your bookkeeping. You know, you got people
out there thinking they can do it. They have no
clue what the I've seen financial statements from some of
these wonderful people that have been in the business full
three days that are now doing bookkeeping for our truckers
or small businesses out there. You know, I hate to
throw people under the bus, but I have a friend
(04:41):
who decided, you know, bookkeeping is a lucrative business. Bookkeeping
is a time consuming. Bookkeeping takes a lot of knowledge
of Hey, where do I got to classify these things?
Where do we got to go? We spend a lot
of people time training our people to be excellent at
what they do, you know, for truckers and for small
(05:02):
businesses you know across the country that we service. They
called me about every other week asking trying to ask
me questions. What should I do with this? How should
this be classified? What should be done with this? How
do we make this work? Our balance sheet isn't working?
Is this balance sheet right?
Speaker 2 (05:17):
Give me a break.
Speaker 4 (05:18):
You took the three day course. You should know you're
the expert.
Speaker 2 (05:22):
Not me.
Speaker 4 (05:23):
Okay, so you know I can get up my soapbox
and talk about this. You know, it's the same thing
that happens in resolution. We see advertise all over the place.
And now I'm not going to throw certain companies under
the bus, but we train for tax resolution. If you
do taxes, you can do irs problem resolution. And those
(05:43):
people are the ones that give problem resolution tax people
a bad name. They don't follow through with what they're
going to do, They don't communicate what they're doing, They sell,
they undercut, they do all these things to get you
to call them to do they're ires resolution, and then
now you've got a bigger problem, and then you want
(06:05):
to call me to resolve the problem that they created
and made worse because they had no clue what they
were doing. They were stuck in maybe inch deep muddy
when they started. And now it's up to your hip
and you need hit waiters and you need something else
to help get you out. See, this morning just didn't
start out the way we wanted them morning to start out.
(06:27):
But what you learn is a valuable lesson. It's kind
of like the trucking industry. You jump into a truck
at eighteen twenty four gears and you got to work
your way through those gears. And if you don't know
what the heck you're doing, your truck's in the shop
and you got a bigger problem. And if you've hired
one of those that went through, Hey, I got through
(06:48):
this driving academy and now I'm the wonderful, most perfect
truck driver out there. And they're undercutting everybody and creating
a bad name and a bad industry for you. We've
seen it. It's the way it goes. And maybe they're
transporting that load for you, and now you've got a
bigger problem, and you've got to call somebody else to
get that load off the road, or they dropped the
(07:10):
load on the side of the road. Now you got
a bigger problem. We've seen it. It happens, you know,
and that's part of life, you know. Sometimes you've got
to start from the beginning and work for somebody else.
Learn your trade, learn your business, go to college, get
your education. It's not a three day crash course. Somebody
once asked me, can you teach me how to do bookkeeping? Yeah,
(07:34):
but it's a long time commitment. Do you have several
years for us to teach you everything in the ins
and out? It's a bookkeeping it's not just how you
use quick books. It's not just how to sell somebody
that you know how to use quick books, because just
because you know how to do quick books doesn't mean
you know how to do bookkeeping. Just because they taught
you how to sell and to sell somebody to say, hey,
(07:54):
I can do this for one hundred dollars a move great,
God bless you and good life to you. And if
you hired one of those, it just came out of
that three day carash course. God bless you and good
luck to you. You know. I use for an example,
somebody sent me quick books said that hey I did
it myself because I am my bookkeeper, and they had
one hundred and fifty one hundred and eighty thousand dollars
(08:15):
and ask my account what is this? Well, we're just
asking you. Can you break this down for us and
put it where we're supposed to go. Now, you did
your own bookkeeping, you're the expert. You fix it if
you want us to fix it. We do charge to
do this, and we're going to charge our hourly rate
to go through and do this, and you're not gonna
(08:35):
be happy because we're gonna end up going back and
redoing almost all your bookkeeping for you, because it's all wrong.
As we get into it. Now, we'll do it. We understand.
Three weeks later they're calling me back. Can you know,
we just need your input on what we should do
with it. You're the bookkeeper. You figure it out. It
says Monday, it's gonna be a glorious We know that
(08:58):
it's gonna be fun. I spent the weekend traveling across
the roads of Texas from Hempstead to Cisco, Texas, back
down to Temple, Texas, then back home to Hempstead, traveling
Saturday to Livingston, Texas, and then back home Hempstead, Texas.
Great day on the road. Man saw a lot of
good truckers. Stop at a couple of truck stops. Talk
(09:19):
to a few truckers. Man, I hope you guys have
great week. A couple of truckers hauling cattle, you know,
God bless them, and you know, having fun, good good
old boys out there and taking care of the cattle
industry and stuff. You know, it was good to meet
you all at a couple of the truck stops out there,
(09:40):
and good to see you on the road. Now we're
going to get to this.
Speaker 2 (09:43):
You know.
Speaker 4 (09:43):
The next section we're going to talk about is retirement
plan and what retirement plans you should be using for
your small business. We'll get to that right after this break.
Speaker 3 (09:54):
We have only scratched the surface of today's show. Please
stand by us. Barry Chief will be right back with
tax talk for you. If you owe the IRS or
are going through an IRS audit, don't go at it alone.
Speaker 2 (10:11):
Call Taxation Solutions Tax.
Speaker 3 (10:14):
Relief at eight eight 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. Don't let the IRS walk all over you.
(10:37):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation. Let's get
back to tax stock for you with more tax stock
(10:58):
once again.
Speaker 2 (10:59):
Here's your their host, Barry Chief Fallon.
Speaker 4 (11:04):
Hey, welcome back, Hey Kenny, thanks for joining us here.
Saw you sent a message into us saying hi, Yeah,
it was good to meet you out there in Cisco, Texas,
where we stopped at one of the truck stops up
near there, so it was good to meet you and
good to have a conversation with you. Stay safe out
(11:25):
there on the road, and thanks for all that you do. Hey,
we're talking about saving for retirement. You know, first time
we had this conversation. With small businesses and everything, they're like, well,
we can't afford And when we talk with truckers, they're like, hey,
nobody's ever talked to us about saving for retirement or
retirement accounts. And you know, as I say to most
(11:45):
people in business, you're not planning to do this for
the rest of your life. I've talked to a lot
of truckers and they kind of laughed at me and said, hey,
I plan on you know, being in the seat till
the end of time. And great, good for you, but
maybe you want to spend some time with family, or
maybe you want to slow it down at some point.
And you know, we're always looking for tax strategies to
(12:07):
save money on taxes and do different things, but saving
for retirement is one of the strategies that you can
be using to save money on your taxes at the
same time putting a little nest egg over here in
the side so that you eventually could slow down and
live happy for a little bit better in retirement and
(12:28):
not be in the truck every single week. So what
kind of accounts can you use? You know, we talk
about retirement accounts for the self employed, we're talking about
tax advantages accounts like a SEP self employed Simplified Employee
Pitching Plan IRA self employed four oh one K simple iras,
(12:52):
and then there's a different advantage type four oh one
ks as well. Even including in these strategies might be
something like a health savings account HSA, you know, another
potential savings for you know, long term savings since you
know in an HSA it's not a use it or
lose it, so you know, whether you're planning to you know,
(13:14):
retire early or keep working well in retirement age, you're
going to need some savings, you know at some point
in the good news for you, being self employed gives
you access to certain tax advantage accounts with the higher
contribution limits that you can get than using a traditional IRA,
(13:39):
So you can use that set IRA Simplified Employee Pension
Plan you know s e P IRA. It offers tax
deferred growth for individuals or small business with one to
four employees while allowing contributions up to seventy thousand in
(13:59):
twenty twenty five. You know, there has some requirements and
everything in there. If you've got employees, then you've got
to do matching and the same contribution type for yourself
as well as all the employees. But if you're self employed,
then you're the only employee, or maybe it's just you
(14:19):
and your spouse, you're using an SEP plan like this
can definitely give you some tax advantages to saving money.
The other one is a self employed for a one K.
If it's just you or you and your spouse working
for a business, your self employed for one K lets
(14:41):
you put money aside tax defer or even tax free.
It features higher contribution limits up to seventy thousand for
twenty twenty five, and since you can contribute both as
an employer and employee, gives you some good advantage. Just there.
(15:01):
There are rules and regulations to it, so we'll come
back to some of these rules and regulations. For some
of these plans, you can use simple IRA. It's a
savings investment match for employees. Simple IRA there's a plan
for businesses with fewer than one hundred employees, contribution limits
(15:22):
are much lower than those with a self employed four
oh one K or a step IRA, so you know,
you've got to look at what those limits are. And
then there's got some advantage plans, so you know, like
the Fidelity Advantage four oh one K is an pooled
employer plan design specifically for growing businesses, features all the
(15:48):
benefits of the four to one K, such as higher
contribution limits and an employeer match with a simplified plan
design and reduced administrative responsibility. There's some good plans that
are out there, so if you're not sure you know
which plan is for you, we can kind of take
(16:09):
a look at some of these plans.
Speaker 2 (16:12):
You know.
Speaker 4 (16:13):
One of the other things that we talked about at
the beginning of this segment was HSAS. You know, one
thing I like about HSAS, it's a health savings account
that help HSA Health Savings Plan is you know, a
long term savings option that you can consider. When you're
you have a health savings account, you can save you know,
(16:35):
fifteen point three percent on any contribution. Since you're paying
as an employer an employee, you know, this is money
that's going in before your Social Security and Medicare tax
allows you to keep that money there, accumulate that money,
and then use the money that you have there for
(16:58):
health payment. So every time you go to the doctor meeting,
copays or deductibles, things like that can be done through
this health savings account and you can have an investable
and that investment continues to grow tax free. And then
you know, until you're using use up the funds stuff,
(17:21):
and it's your money. It's not a user to lose it.
Like you used to see with these flexible savings accounts
and these other health accounts that used to have when
you work for an employer, you would have to use
it by the end of the year. This money continues
to sit out there and continue to grow, and it
becomes your money even if you choose different insurance or
(17:44):
change insurance or able to have insurances not HSA qualified
or anymore. You know, some of the things that you
know we do like when we're dealing with these plans,
is that you can maximize, you know, the money that
you have out there. Some important things like the self
(18:05):
employed for one K, you know their contribution. If you're
between the ages of sixty and sixty three, you're eligible
to contribute up to eleven two hundred and fifty additional
money as a catch up contribution if your plan allows.
There's certain plan rules you've got to go through out there,
(18:29):
so you know you need to, you know, make sure
you're looking at the plans that are there. The combined
limit for employers and employees is seventy thousand or one
hundred percent of the employee's salary, whichever is lower. So
if you're working with somebody in there keeping your guaranteed
(18:51):
payments or your salary a little bit lower, let's say
you're in the sixty thousand range, then you're going to
be limited to sixty thousand. You're not going to be
able to go all the way up to the seventy
if you're again in the sixty to sixty three range
instead of seventy or eighty one and fifty dollars. But
(19:13):
if your salary is set lower, then you're going to
be set to that lower limit. So this is something
that you can look at and decide, hey, maybe I
want to increase my salary so I can maximize my
contribution to my four to oh one K and use
that four one k there for yourself and you might
(19:36):
split up a four to oh one k between you know,
wroth and the traditional tie as well. And we had
a question here where would a person find a self
employed four one K plan? Well, if you call us,
we've got some great advisors we can refer you to.
So you can call us over here at truck or
(19:56):
Tax Tools. You can use our DURA number eight seven
seven nine six six two four seven seven and then
we can get you referred over to somebody to you
who gets you set up with the world okay, or
you can go simply to Fidelity dot com or swab.
They've got some self employed plans out there as well.
(20:21):
So there's a lot of fun things that we get
to talk about in you know, setting up for retirement,
but using the retirement plans to save yourself money is
the ideal thing for you to do to put money
away pre tax and avoid some of the high taxes
(20:42):
out there. After the break, we've got a couple other
questions about what is a levey and can tax people
take business money without notifying the business. We're going to
address those right after this.
Speaker 3 (20:56):
We have only scratched the surface of today's show. Please
and Bias Barrygfowler will be right back with.
Speaker 2 (21:03):
Taxtock for you.
Speaker 3 (21:07):
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 what level trucker you are.
Life on the road can be taxing, but that doesn't
mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly.
Speaker 2 (21:28):
Go to Trucker tax Tools dot com for.
Speaker 3 (21:31):
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.
Speaker 2 (21:46):
And let the experts keep you trucking.
Speaker 3 (21:51):
Let's get back to tax stock for you with more
tax stock once again.
Speaker 2 (21:57):
Here's your host, Barrygfower.
Speaker 4 (22:01):
Hey, welcome back. You know we love questions, so if
you've got questions, to send them into the radio station
or you can send them over here to us at
Trucker Tax Tools, Taxation Solutions, Tax Relief. Our phone number
here at Trucker Tax Tools is eight seven seven nine
sixty six two four seven seven. Hey give us a call.
(22:22):
Let us get started doing your bookkeeping, your taxes for
you and helping you keep your truck on the road
not having to worry about bookkeeping or taxes. And you
know you're going to have quality of bookkeeping with you know,
thirty plus years of experience here doing truck or bookkeeping
and truck or taxes. You know you've got the knowledge
(22:42):
of people that can handle and help you keep your
truck on the road running smoothly. And yes, questions, great questions.
What is a levee? A levee is when the IRS,
and if we're talking about a tax levy, is when
the IRS goes in and takes all the money out
(23:03):
of your bank account because you owed the IRS money. Now,
the IRS will send you letters and notices, will send
you a final notice, even a certified notice of intent
to levy, and they're going to levy your account within
roughly forty five days, and they're going to take everything
that you have there to try to satisfy satisfy the
(23:25):
levee amount. Now, if you have the full amount in
there to set a settle it, or more money than
that's in there, they're only going to take up to
what you owe. But if you have less than that,
they're going to take it all. Same question we had
come in here. Can the tax people take business money
without notifying the business. It depends on which tax people
you're talking about. Talking about the irs, you owe them money,
(23:47):
they have notified you first and send you letters. Yes,
they can levy your bank accounts, even the business accounts,
and with your name and social securities attached to it,
and maybe you self employed, they can take it. If
your name and social Security number and you owe money personally,
is on any other accounts out there, they can take it.
(24:09):
That includes your kids, grandkids. If you've got five to
twenty nine accounts set up with your social Security number
on it for kids or grandkids, they can take that money.
If your social Security numbers attached to any of your
kids accounts, they can take that money. Or even parents accounts,
they can take that money if you owe the irs.
(24:31):
So if you're talking about us as tax preparers, now
you're going to sign, let's say, money to come out
of your account to go to the IRS to pay
your taxes that are due. You will sign the tax
return and you will also sign a transaction form that
says this money is coming out and going to the IRS.
The IRS is going to pull it. If you're doing
(24:52):
payroll with somebody like us at Trucker Tax Tools, then
that money for payroll taxes signed is going to come out.
You're going to get notified through email or phone call
that hey, these taxes are do and this is when
this is coming out. Question, is any of the stuff
(25:13):
we're talking about just for truckers. Now, we specialize in
doing truckers, but we do service other clients and other
small businesses all across the country as well. Trucker Tax
Tools focuses on trucking, taxation solutions, tax relief, Taxation Solutions,
does bookkeeping and taxes for all small businesses out there.
(25:36):
These retirement accounts we just talked about can be applicable
to any small business out there. So if you're looking
for tax savings, they will use everything. You can use
all these accounts to save yourself money on taxes. Next
question we got coming in this has been rapid fire questions.
(26:00):
I love it. Ken. I'm assuming the IRS leave your
bank account and a negative status. So here's what happens.
The IRS takes every dime out of your account. The
bank you're banking with charges you a fee for honoring
the banks or the IRS levee. So when they open
(26:20):
your account back up, your account is at negative because
you owe the bank your fee, everything else, every transaction.
Let's say you had checks outstanding, you had debits outstanding
that hit your account. After the IRS levey hits your account,
your account is going to go negative. They will not
(26:42):
pull any funds back from the IRS to make those payments.
Too bad, So sad is what the bank is going
to tell you. What you should have done is called
taxation solutions, tax relief gotten the head of the problem,
stopped this levee and then you would not have that problem.
(27:04):
So if you've got a levey that's outstanding, you've got
a final notice of intent to levy that maybe you
received last week or the week before, or even on Friday,
or even today, call us at eight eight eight nine
three zero one zero one six again eight eight eight
nine three zero one zero one six, and let us
talk about getting relief for your tax problem. Or it
(27:27):
gets to the IRS levee. You don't want the IRS
levy and your bank account, then let's get a plan
in place to put a solution that means you're going
to have to do some work. Unfortunately, just because you
hire us and we put a hold and we get
a stop doesn't mean it's time to ignore us and
(27:49):
the IRS. It means it's time to do the due
diligence and the work that we ask you to do,
put a final solution in place to solve this tax
debt and get you some tax relief that you have
been wanting, needing to get rest and get sleep. Hey,
great questions, great questions. I love them.
Speaker 2 (28:12):
You know.
Speaker 4 (28:12):
I love doing IRS problem resolution and fighting the IRS
and talking with the IRS and putting something to bed
to where you can rest at night, sleep at night.
And I get phone calls from people and saying, oh,
thank god, I'm so happy to have you. So glad
we went with you, or came back and decided to
(28:32):
go with you, because you followed through with what you're
going to do and what you said you're going to do.
I had to couple people mad at me because we've
been working on an issue for maybe nine months, but
they have not actively done their part. You know, we
needed bookkeeping. They didn't want to pay us to do
bookkeeping for them for their business. We need bookkeeping to
get the solution in place. If you just get it
(28:55):
done for us, get it to us, that solution would
already be there. We had a person and the one
in an instant offering compromise, will okay provide this, and
then you drag your feet. Four months later they're finally
providing it and we're having to start all over to
fight the irs. So if you hire somebody, be ready
to get moving, get things done, especially if you run
(29:16):
a small business or a big business. Let's get it done.
Next question we had was would your company be able
to do books and take take taxes for a company
that is making under fifty thousand dollars a year. Absolutely,
we have great plans for your business. Give us a call,
let us get started. Hey, when we come back, we're
(29:38):
going to talk about other tax saging saving strategies you
in your life save you as much money as possible.
Speaker 3 (29:46):
Right back up, we have only scratched the surface of
today's show. Please stand by as Barry Chief Power will
be right back with tax talk for you as an
owner our operator. You already spend too much time away
from your family. Stop spending time doing paperwork. Go to
(30:07):
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 (30:24):
Here's your host, Barry G. Fallo.
Speaker 4 (30:29):
Hey, welcome back. You know tax strategies. I said, you know, hey,
we started today Monday, and you name it. What could
go wrong? Did go wrong? You know, trying to come
up with, uh, you know what we're going to talk
about today and making sure that everything was going to work. Hey,
it was a Monday, but we made it. We're making
(30:51):
it through this program. Thanks. It's all the wonderful and
good questions we've been getting from our listeners out there
across the country. We're glad to have you. You're looking
for a tax strategy. Maybe you're a W two employee.
In the first place, I start going back to IRA
or retirement contributions. If your company has a four to
(31:14):
h one k SEP offers matches. Maximize your contribution, and
I don't care what age you are, change it. Maximize
the contribution. Make that money come out before you ever
see it, and you won't notice it, and you'll start saving.
When my son came out of college, The first thing
(31:34):
he asked me is, hey, you know the company I'm
working for has a four to oh one K and
I'm going to put I don't can't afford to put
any money in there. No, son, Brian, you got to
max your contribution into your four to oh one k
a day and every day going forward. If you want
to be a millionaire when you go to retire, don't
(31:58):
count on Social Security, don't count on anything else. Count
on yourself, big big boy. Puts your boots on and
pull them up by the straps, and now learn how
to live with what your net is out of your check.
Maximize that company match. Maximize the funds that are going
when he got married. The same thing for my daughter
in law. Maximize your money going into your retirement. She
(32:21):
was a teacher. Maximize the money going into teacher retirement
in four three b's or any other vehicle to go through.
Saves your money on taxes, maximizes your contribution. You will
have a lot more money at retirement, and never ever
ever ever touch that account, ignore it, hack like it
doesn't exist. Amazing how that works. Can you ever wonder
(32:45):
why the government itself has your employer with whole federal
income tax, because if you had to make a quarterly
tax payment, like many small business owners have to, you
would hate taxes as much as every small business owner does.
When you see what it does to your check. The
first check you get, you notice it, the second, third, fourth,
(33:08):
you probably notice it. The fifth you're done looking. You
don't even pay attention to what comes out anymore. You're
living on what that net is. So we tell you
suck it up, buttercup. Make the contributions to your iras
or four to one ks when your employer offers it
to you, and you'll never feel it. Hey, you're a
(33:29):
W two employee, you're looking for something else. Start a
side hustle. Hey, make part of your phone bill tax deductible,
make home office tax deductible. If you can, make sure
you qualify mileage on your car. Go into your side hustle.
Take advantage of them, those expenses, things that you're going
(33:49):
to be using, and make them tax deductible. Free tax items.
We always preach when I talk for up to success,
someone are offered by Idea and the Foundation there, I
always talk how do you maximize your tax savings? And
it's by taking items that you are spending after tax
(34:13):
dollars and making them before tax. You're moving them over
from here, which is after you've already paid the tax,
and then paying them and moving them over here and
being able to expense it and pay it before you
pay the tax. Deductible items where you're necessary expenses for
your business, your side hustle, whatever you may be. You're
(34:34):
now running a business, and now maybe you can rent
your home using the Augusta rule fourteen days without reporting
the income that you're earning from it to theirs. The
only catch you got to be is it can't be
your owners yours primary place of business. And you may
(34:55):
have to have another office somewhere. Hey, but your office
location can be anywhere. You've got to have one. So
if you don't have a home office, you're not renting
a room in your house or your business meetings or stuff.
You can rent that home office use there for business meetings.
Maybe you're doing some entertainment, you can do entertainment and
(35:15):
write off that entertainment. You're entertaining clients, future clients, prospects,
friends that maybe prospects or be able to send you referrals.
All that can be in line with renting your home
and marketing for your business, or maybe now you get
(35:35):
the side hustle and you're looking for other places, and
you decide you want to take a trip, and part
of that trip is to get business. You can redo
your vacation costs by deducting a percentage of expenses spent
for business purposes. This can include your airfare, part of
your hotel bill proportionate to the amount of time that
(35:56):
you spend there on business activities. But you got to
be very cautious mixing business and pleasure. Business owners who
you know generally all get to get greedy using this
write off and begin writing off expenses that aren't legitimate business.
You can find yourselves in deep trouble with the irs
if you get audited. You got to apply, Hey, a
little common sense. You don't see that very much anymore,
(36:18):
but you do need to apply some common sense to
using a write off using your business for travel. Hey,
our travel this weekend was a complete write off. We
were making stops talking to truckers at truck stops all
along the way because one we were using it for
(36:39):
marketing for our business. When I travel, it's about marketing,
it's about bringing in new clients, or even just finding
out what truckers do or what they're looking for when
we go into small businesses. My wife and I work
together in this business. So maybe we're going out to
a new restaurant and we asked to meet the owners,
and we talked to the owners of the managers, because
(37:00):
they're not just to eat, but to try to earn
somebody's business. My daughter and my kids laugh at me
because when I walk into a place, I have to
like to talk. Imagine that, and that means I'm having
a conversation with managers. We're an owner of a business
talking about how their business is, how it's going, kind
(37:22):
of establishing a poor rapport with them to maybe one
day sell them on bringing their business to us, or
finding out if hey, there's a tax problem and you
need help, finding out if there's some way we can
help them in their business and be of service to
them to help them go through. You know, other ideas.
(37:44):
If you're in business, things that you can do is
accelerate appreciation on business assets. Now that does not mean
run out and buy a new piece of equipment just
so you can get the depreciation. Come on, let's be
coming some common sense to them. I hear people all
all the time talking about, Hey, my CBA or my
(38:08):
tax guy told me, gave me a guidance of my
enrolled agents, said go out and buy a new truck
or a new piece of equipment because it's gonna save
me money on my taxes. Yes, it will, okay, be honest,
it will. But is it the right thing to do
for your business? Does it make your business more efficient
or cost effective? Does it help you in the business.
If you can't answer yes to any of those, you're
(38:30):
just replacing some good piece of equipment with a newer
piece of equipment to get the depreciation in the write off.
If you spend one hundred thousand dollars on it to
get a twenty five thousand dollars write off, you're still
out seventy five thousand dollars. And if you didn't pay
cash for it, you have an extra loan out there
that you're paying interest on every single month, principle and
(38:54):
interest going out of your account, and that's money that
hurts your cash flow. So you may have provided you
that tax savings, but it also has costing you a
lot more money, especially if you're replacing a perfectly good,
valuable piece of equipment with something else that doesn't make
sense business wise or efficiency wise. So using bonus depreciation
(39:17):
sometimes isn't even the right thing, because sometimes it's taking
and using depreciation at a lower tax rate than once
your future tax rate may be. Or maybe you bought
this new piece of equipment knowing that you're not going
to continue using it or being out of business next
few years, and now you've taken on the depreciation, you
(39:38):
turn around and sell your piece of equipment, and now
you have income coming in because there is no basis,
and you pay tax on it as well. Hey, couple
of questions. I love to work on finishing this out
with questions. How does affiliate marketing fit into a tax
if you're making a commission from affiliate, Well, when you're
(40:02):
referring to affiliate programs, we refer to some affiliate programs.
Sometimes our marketing is around getting new clients, not just
for us, but for them. So if we're referring some
of these people over to an affiliate of ours, we're
able to take the deduction for marketing as an expense
(40:24):
against that affiliate income as well. So being the Hey,
sometimes your business out there is combining a couple of
different things. You'll be able to write it off as
you go. Even if it's your businesses all around receiving
leads and referring them to an affiliate so you can
(40:44):
earn your commission. Yes, you can write that off against
that as well. Here's one our hot shot truckers included
in the trucking service you offer. Absolutely, we have several
hot hot shot truckers out there that we work with.
Our service is based at Trucker Tax Tools around trucking industry,
(41:08):
transportation industry across the board, so you know, if you
need help, you know, give us a call, Give Trucker
Tax Tools a call, and you know, come see us
eight seven seven nine six six two four seven seven
again eight seven seven nine six six two four seven seven.
(41:29):
Let us get you started talking about your bookkeeping taxes
with us. Hey, our low class plans we're twenty five
dollars a week, and if you're an o IDA member
you get all kinds of discounts. If you're not, we'll
even have a great program where we'll pay for your
first years membership with IDA Owner Operator Independent Drivers Association.
(41:52):
We love those guys over there, and we also work
with a few other trucking associations out there as well,
in a bunch of real estate associations across the country.
So you know, we're here to help view and your
business and small business. If you happen to have a
tax problem, hey, give us a call. Taxation Solutions, Tax Relief,
(42:15):
Taxation Solutions dot net. We helped fight IRS problems. You
can call the same number at truck or tax Tools,
or you can call us direct at eight eight eight
nine three zero one zero one six eight eight eight
nine three zero one zero one six and speak in
affiliate marketing. If you're doing affiliate marketing and you know
somebody that needs help, whether it's bookkeeping for truckers or
(42:39):
small business or tax relief. Hey, we have affiliates around
the country as well that you know. Hey, we pay
for the referrals once they become a client. We love
the referrals coming from our friends and family. You know,
when you're sitting around the table on a holiday or
out on the picnic, somebody talks about a tax problem. Hey,
(43:02):
you know, hey, God God for that Barry Fowler over
Taxation Solutions, tax Relief. We got the guy. I got
the guy in trucking. I got the guy that can
help your small business. This is what we're all about.
Connect with us over on Facebook. You can go to
Taxation Solutions Facebook. Connect with us on Instagram, truck or
(43:23):
tax Tools dot com, truck or tax Tools Facebook, Trucker,
tax Tools Instagram, and of course tax Talk for You
dot com. Follow us over there, like it, share it,
love it, but whatever you do, be back here next Monday,
nine am Eastern time right here on W four CY Radio.
(43:44):
Truck or tax Tools and tax Talk for You, Taxation Solutions.
Thanks for joining me, Thanks for the questions today. Look
forward to seeing you next week right here at tax
Talk for You dot com. Thank you having God blessed
glorious week.
Speaker 3 (44:00):
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 book keep Are
you dealing with the irs and ready to have some relief,
(44:20):
Then you need Tax Talk for You, hosted by tax
and trucker expert Barry G.
Speaker 2 (44:27):
Fowler EA.
Speaker 3 (44:28):
Tune in ten am Eastern time every Monday right here
on W four CY radio and Talk for TV. Don't
forget to check this and past episodes at tax TALKFORU
dot com. See you next week at W fourcy dot com.
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