August 4, 2025 • 46 mins
TaxTalk4U.com One Big Beautiful Bill Trucking - Owner Operator taxes, Farm & Ranch Taxes how the One Big Beautiful Bill can save you money. Tax Rates and Brackets, Qualified Business Income Deduction, Section 179 Expensing, Capital Gains from the Sale of Farmland Property, Modification of Limit on Business Interest, Fuel Taxes, Fuel Taxes, New Tax Break for Lenders of Agricultural Loans, Estate Tax Exemption, Installment Payments for Farmland Sales. OBBBA helping Truckers, Farmers & Ranchers
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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).
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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 explicitor implies shall be extended to W FOURCY Radio
or its employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
W FOURCY Radio.
Speaker 2 (00:27):
Barry G. 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, tax.
Speaker 3 (00:50):
Planning, and tax relief.
Speaker 2 (00:51):
For individuals and businesses just like you. So let's have
some tax talk for you with your host, Barry G.
Speaker 3 (00:59):
Foul Hey, good morning, American man.
Speaker 4 (01:04):
It's a great day, I mean, another Monday, starting the
week off, and what better way to do it is
having a bunch of tax talk. You you're talking tax
is you know The first question I got this morning
is what's on my agenda?
Speaker 3 (01:19):
What do you do?
Speaker 4 (01:20):
So it's kind of funny leading into the show, and
we got people that follow us. So if you go
to tax Talk for you and that's the number four
and the letter you dot com, you can follow us there.
You can message us there. You can go to our
Facebook page as well and message I think we get Instagram.
(01:40):
If you're following on truck or Tax Tools or Taxation
Solutions again, you can message there and do that, or
if you're listening on the radio, you can message through
the radio station as well. So you know, the question
was is what do I do? You know, I have
a one hour show and then I have a couple
(02:01):
of shows that I'm privileged to be on called That's
the Experts as well Nationwide and Houston. But basically I am,
you know, the president founder of both Taxation Solutions, Tax
Relief and Trucker Tax Tools. So I work against the
I R S to save our clients money for taxes
(02:24):
that they owe or find strategies to reduce their taxes
on Trucker Tax Tools.
Speaker 3 (02:32):
It's basically guiding the.
Speaker 4 (02:34):
Business and helping our bookkeepers and tax people find the
best ways of saving money for our clients and saving
money on their taxes, both you know, federal state and
some states you have local income taxes as well, and
(02:55):
so we work every way possible in every angle to
keep the tax is at a minimum. Now, my week
this week is in busy, busy week, you know, of course,
we've got the show here today and then Wednesday, I
am heading off to I R S Liaison meeting. This
(03:19):
meeting that I'm going to there is going to be
talking about business and individuals taxes, the Dirty dozen tax gams,
different trends that are going on, different solutions, and just
getting to know more of the I R S people
that I have to work with, and the I R
(03:41):
S Liaison too when I need them to be able
to step in and help. One of the things that
we've got to have is written Information Security Plan or
they call wisps. I'm going to learn a little bit
more about that, some other requirements that they have now
thrown in that we've got to make it adjustments for
protection of our clients. And we're going to learn a
(04:03):
little bit more about the new Social Security Fairness Act
of twenty twenty twenty five we'll have more information about that,
you know, next week we'll see what they got going
on that, and then we're going to be talking about
statute of limitations, things that we've got to know, you know,
to help our people and our clients, you know, managed
(04:28):
through the system and get the best case possible. And
one of the most exciting things I got coming up
is on Friday, I am going to actually go to
a zero road show.
Speaker 3 (04:40):
What's zero? Well, you know, for years we've used quick books.
Speaker 4 (04:44):
Quickbook seems to be against most bookkeeping and counting and
tax firms and stuff. They seem to try to take
our clients every which way. And then, man, if you
are a quick Books user, you know what's happened. Prices
have continually skyrock less service, more confusing software, and so
we have actually moved our whole model of what we
(05:08):
do here to use software out there called zero x
E R. So you know, we've spent this whole first
seven months of the year. Man, we're in August, aren't we.
So we spent the whole first seven months of the
year starting this conversion away from QuickBooks and now using
zero almost one hundred percent. By the end of this month,
(05:31):
we will be one hundred percent on zero and completely
off of quick books and converting. I'm going to, like
I said, this robe show, and we're going to learn
more about the things that are coming up in zero,
some of the things that they offer our clients to
be able to do if you're doing invoicing and stuff
(05:53):
through zero to create software to be using. Taxation Solution
as of today has now opened to being doing more
and more bookkeeping here in the local Houston area for
all types of businesses. So if you're looking for bookkeeping
(06:14):
and tax service, any Taxation Solutions is now providing that
here locally and nationwide for our clients that are going
through tax relief. So more about you know, zero and
some of the things that we're going to be learning
there is learning more about what kind of client advisory
(06:36):
services we can offer through zero to help our clients
as well navigate zero software. And then you know, how
do we promote this to you and to show you
how to use this software easier, better and make your
life a lot easier using AI as well as human interaction,
(07:01):
because you know, realistically, a I can only do so
much in bookkeeping. Our bookkeepers are the ones that actually
finalize everything, but AI can help a little bit more
getting some of these things done, you know. So these
are kind of the good things that we've got going
on here at Trucker Tax Tools and Taxation Solutions, So
(07:24):
you know, we're getting in there digging in new ways
to possibly fight against the IRS for tax relief and
then using a software that we're using to help you
as a business owner be able to do things smartly,
do things aggressively, and be able to get the information
(07:46):
that you need to run your business. So it's pretty
cool things that are coming up this week. Gives us
some things that we're going to be able to talk
about next week, you know. Here in the show and
today what we've come to do is talk about taxes
(08:07):
for truckers, owner operators, farm and ranch people like my stories.
I got a story for you today, and actually it's
probably not a good story. Uh.
Speaker 3 (08:19):
You know.
Speaker 4 (08:20):
We we raised cattle out on the ranch, we raise
pigs out on the ranch. We have chickens, and we've
got turkeys. And so the exciting news for us, at
least yesterday morning, was that we got our first turkey egg.
So now we can hatch at least one. We're hoping
(08:43):
more and then we'll you know, gather more turkeys and
we'll hatch our own turkeys. When we went out later
in the day and we found one of our turkeys
was really injured, torn up skin and everything else. Check
the coopes, and you know, you get you get out
there and you get paranoid that hey, something's entered the
coops and uh and attacking your birds. And you know,
(09:05):
our birds, you know, we we raise them for you know,
turkey dinner and Thanksgiving, Christmas, you know, things like that,
and starting to you know, hatch and raise our own
and so one of our hens out there was really
roughed up and everything. So we found out that we
(09:25):
think our time male turkey if you're not familiar with
terms for turkeys, had to be really rough with the
lady and uh so we've had to separate her and
manage her and and tend to her wounds and stuff,
(09:46):
and uh so we're trying to get her her better
and everything else. So you know, it's a little fun
things we get to do there on the ranch and
taking care of our animals out there, because we really
care about these these animals and they treat us right
at the end of the day, and we need to
(10:07):
treat them right while they're there and enjoying life on
the ranch with us.
Speaker 3 (10:14):
Let's get into truck and taxes.
Speaker 4 (10:16):
You know, the one big beautiful bill signed by President
Trump had things in there for you know, businesses, truckers,
owner operators, you know, and things like the expansion of
the standard deduction was great not just for every individual
out there, and it's also great for the truckers, and
(10:38):
it's great for owner operators, and it's great for every
family that's that's there. You know, it's comes right off
the top, you know, before it's calculated any taxes. So
even if you can't itemize, it gives you a very
good base to start with, so you know, when you're
(11:00):
starting to look at your taxes, that's one place that
we needed to start was the standard deduction. Now we're
going to go qualify business income. How does that affect
your trucking business?
Speaker 2 (11:11):
Right after this, 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.
Speaker 3 (11:25):
If you own the.
Speaker 2 (11:25):
IRS or are going through an IRS audit, don't go
at it alone. Call Taxation Solutions Tax 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
(11:49):
need a solution and a strong, aggressive tax resolution. Don't
let the IRS walk all over you. Stop the IRS now.
Call eight eight eight three zero one zero one six
or go to Taxation Solutions dot net now for a
free no obligation consultation. Let's get back to tax talk
(12:15):
for you with more tax talk once again.
Speaker 3 (12:18):
Here's your host, Barry G. Baller Hey, speaking of tax relief.
Speaker 4 (12:26):
You know, if you're going through problems with the I
r S, pick up that phone and call Taxation Selection
Solutions Tax Relief.
Speaker 3 (12:33):
Do it now.
Speaker 4 (12:35):
We had a client call us late Friday, signed up
with us, got their powers of returning in and everything.
Speaker 3 (12:44):
I was on the.
Speaker 4 (12:44):
Phone with the I r S this morning as soon
as it opened up. We were having They were having
an issue there. They received a notice of intent to
the levy and certified and they actually went and picked
it up. They only had maybe two or three days
before the IRS was going to levy their bank accounts.
(13:05):
So we had to take immediate action, and that immediate
action was calling the IRS and getting holds put in
place and man so in the short time I had
when I got in this morning before the show, got
on the phone got through to the I R S.
Which was really amazing for a Monday morning. We got
a thirty day hold in place, so there won't be
(13:28):
any levees out of their bank account. I get to
call him here after the show and let him know
the good news. He can get some more sleep and
not worry that the IRS is going to take everything
he has here in short time that we had. So
(13:50):
if you're faced with that, you know, hopefully it doesn't
come to that point and you can get us started earlier,
because it's a lot easier to start earlier than it
is to try to jump in and do this because
there was no promises that we could stop this Levey.
But the good news is is we were able to
do it. One of our other clients is now being
(14:10):
turned over to a revenue officer because why because they
could not provide us the information that we need to
be able to put them into a proper installment agreement.
They were dragging their feet. Now they're getting assigned a
revenue officer. Yes, we're going to be able to get
that you get it stopped and be able to get
(14:31):
them with an installment agreement in place, but it's going
to take a little bit more time and a little
bit more effort because of their delinquency. So you don't
really want to wait or delay. Get started. Call Taxation
Solutions tax Relief now. Eight eight eight nine three zero
one zero one six again eight eight eight nine three
(14:52):
zero one zero one six. Hey, back to trucking in taxes.
You know, I know truckers have tax problems all the time.
We help a lot of them out of it. So
you know, you, as an owner operator, should call us
and let us get started helping you through this.
Speaker 3 (15:07):
But this one big beautiful.
Speaker 4 (15:08):
Bill, you know it permanently extended and enhanced the twenty
percent deduction for qualified business income.
Speaker 3 (15:18):
Now what's that?
Speaker 4 (15:19):
So your business made one hundred thousand, you are able
to get a twenty percent deduction from your taxes into
lowering your modified adjusted gross income down.
Speaker 3 (15:34):
Although there are some.
Speaker 4 (15:37):
Limitations and maxims on this, one thing that did put
in that was kind of nice is a deduction limit
phasing it expanded and they also put in an inflation
adjusted minimum deduction of four hundred dollars as long as
you had one thousand dollars of qualified business come. So
(16:01):
you know there is some some minimums out there. They
still have this complicated tax calculation and complicated loss carry
forward type deals on this QBI. They didn't make it
much easier. They just made it permanent, which is really nice,
(16:23):
and they you know, put in that minimum out there
so you know, you as a business owner, whether you're
owner operator, you know, a single member l see multi
member l see escort uh, you get to take advantage
of this QBI deduction. Just need to make sure it's
calculated correctly and if you do have losses that the
(16:48):
loss carry forward is done uh correctly as well. So
you do have those complications out there. Wish they could
have made it a little bit simpler, but that being said,
it's what we've got to deal with, and it's nice
to get that twenty percent deduction now.
Speaker 3 (17:07):
In this bill.
Speaker 4 (17:09):
They also put in bonus depreciation. So the One Big
Beautiful Bill Act reinstated the one hundred percent bonus appreciation
for qualified assets acquired after January nineteen, twenty twenty five. Yeah,
why couldn't they just date this January one or December
thirty one, you know, twenty twenty four after that, so
(17:33):
it would cover everything.
Speaker 3 (17:36):
Or you could say, you know, placed.
Speaker 4 (17:39):
In service by something to help it make more sense, because, hey,
you just got penalized. If you actually bought something on
January nineteenth or those nineteen days prior, you know, you're
not going to be able to take that bonus appreciation.
Now you know, maybe you'd be able to take it
(17:59):
if you did and place it in service out there.
So the other side of this is bonus appreciation is
going to go through twenty thirty. So when they're talking
about bonus appreciation, it's purchased after January nineteenth, twenty twenty five,
and placed in service before January one, twenty thirty. Now,
what this is going to allow is for the immediate
(18:22):
deduction or the full cost of your new truck, your
new trailer other equipment. Is supposed to encourage investment and
growth in the trucking industry. So if you are a
sole owner and you're driving one truck and you're going
to get out there and get a new truck, maybe
deponent bonus appreciation be right.
Speaker 3 (18:43):
But maybe it.
Speaker 4 (18:44):
Isn't, so that analysis needs to be done with your
tax preparer to make a determination is this going to
be the correct way for you to do depreciation? Is
if your net income is low this year, you may
not want the bonus appreciation and waste appreciation in a
lower tax bracket. You may want to appreciate it over
(19:06):
a longer period of time and take the depreciation over
three years or five years, depending on your situation and
how your income is running. Now, maybe you're purchasing two,
three four trucks and you're trying to upscale your business.
You can do it selectively based on the truck. You
(19:28):
don't have to do it on all the trucks that
you buy. So you kind of kind of keep this
in mind to kind of play with the numbers and
see what it's going to work for you and what's
going to work.
Speaker 3 (19:40):
The best for you.
Speaker 4 (19:42):
Now, The One Big Beautiful Bill restores the earnings before interest, taxes,
and depreciation and amortization calculation for the thirty percent cap
on the business interest deduction, which expired in twenty twenty two.
This change may allow trucking companies to deduct more of
the interest expense I have not seen most trucking companies
(20:07):
faced with the limitations of this thirty percent cap on
business interest induction. So you know, you've kind of got
to play with this again. Look at this and make
sure your interest isn't too high. You know, you want
to look at your interest rates anyway. And I'm going
to give you a quick word of advice in this too,
(20:31):
is that when I'm at oh Ida Owner Operator Independent
Drivers Association Truck to Success, part of the thing that
there's a seminar that they put on every October, and
there's one coming up here in a couple of months.
We talk about agreements, we talk about interest rates, We
talked about the cost of being in business or getting
(20:54):
in business as an owner operator and all the things
it takes. But one of the things that you to
be aware of is the agreements that you enter a
read them, be read them, c read them. Get a
common theme here. Read your agreement before you sign it.
Know what the cost is, Know what your interest rate
(21:15):
is going to be. We've seen some very high interest
rates on loans that people assigned for or financing of
their truck or leasing of their truck, and it really
isn't set to make you successful in business. It's set
to make them successful in business. And you have no
(21:35):
idea what the cost was because you didn't read the agreement.
You just signed it because what it was the only
way you were going to get the truck or the trailer.
Speaker 3 (21:45):
And be on the road working. Well, that just handcuffs you.
Speaker 4 (21:49):
It makes your job that much harder to be successful
in business. Hey, we're going to take a short break
here and we're going to talk about for DMS the
trucking industry.
Speaker 3 (22:03):
You're right back after this.
Speaker 2 (22:06):
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
(22:26):
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. 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
(22:48):
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 you trucking. Let's get
back to tax talk for you with more tax talk
once again. Here's your host, Barry G.
Speaker 3 (23:09):
Falloon.
Speaker 4 (23:12):
Hey, welcome back. You know we're talking about taxes and trucking.
Matter of fact, it's a title of my article in
Landline magazine. So if you're a member of oh IDA
he check out that magazine with from Landline. I think
we were on page seventy four, but look up trucking
and taxes. Hey, next month, the next magazine that's coming
(23:36):
out is going to be all about the one Big
Beautiful Bill and trucking, So make sure you get that magazine,
look up that article and see all the different impacts
of the one Big Beautiful Bill. We're just hitting some
highlights here today and we're talking about for diems. You know,
(23:57):
when I talk about for diems, it's it's a great
tax right for owner operators out there. Unfortunately, you as
a W two driver, you don't get a tax right
off for per diems. But if your businesses you're working
for decided to pay you per diems for every night
(24:17):
that you're on the road. It's a great way to
get money that is tax free.
Speaker 3 (24:23):
However, it does.
Speaker 4 (24:24):
In impact your W two wages because most companies lowered
the wages to be able to give you for dms.
It's kind of a catch twenty two out there, especially
if you're trying to mortgage or get a mortgage on
a house, or buy something as well out there that
you need financing. But for dems basically is what the
(24:47):
IRS allows you to take for meals while you're on
the road driving as an owner operator. Now what this
means is is so the IRS will have you look
at how many nights you are away from home. Those
nights are paid at eighty dollars per night that you're
(25:08):
away from home, except the first day you leave and
the day you come home. You get half on each
of those days, so you could actually count it nights
away from home, so that first night through the last
night would get you to accomplish of half first day,
(25:29):
last day, because you wouldn't count the last day because
you were home that night. So the subject to a
twenty percent deduction. Yes, a few years ago we had
one hundred percent deduction of per diems but just down
to the eighty percent now, but you could do get
eighty dollars a night, so it's it's really nice. Now,
(25:50):
you do have to maintain a home or residents or apartment.
You've got to have something you come back to that
you help maintain. And if you're on the road and
you're maybe living with somebody else, have a lease drawn
up between you. If you're living with your family or
parents and they're not charging you anything, do get at
(26:11):
least to put together. Well, you can deduct those pretty
ms for every night that you're on the road. Pay
them something helps them, helps you. You've got to have
a place that you're coming back to to lay your
head down that you're maintaining as well. Now, don't go
tell your tax preparer that you were on the road
(26:32):
four hundred and thirty five days, just like somebody did
the other week to us, because there are only three
hundred and sixty days in a year. If you're on
the road every day, you didn't maintain or return anywhere
to lay your sweet little head down at night. So
the irs isn't going to go for it. It may
set you up for an audit. Some of the other
(26:53):
things that truckers do pay. They do pay a federal
excise tax on the sale of most new heavy duty
trucks and trailers. You do every year pay the heavy
Highway Vehicle use tax. Those typically forms are due in
July twenty two nineties. You're gonna pay fuel taxes levied
(27:18):
on your diesel fuel which is at twenty four point
four cents gallen, which is higher than gasoline which is
only at eighteen point four. You know, you're also going
to pay your if the taxes, and then if you
have employees, maybe you're an ES corp or maybe I
(27:38):
have other drivers, You're gonna pay payroll taxes, Social Security, Medicare,
Federal unemployment tax, and then state unemployment tax. And then
you may have some state withholding taxes. And then as
an owner operator if you're set up as a DBA
or single member LSE, you pay the self employment taxes.
(28:01):
All the fun things you get to do as a
owner operator. Now, the one thing that I'll tell you,
Trucker Tax Tools works with truckers. We are exclusively trucker oriented.
We do bookkeeping for truckers in nationwide. We have the
systems in place to make your life so much easier
(28:25):
and guide you through it. We run our tax Minimizer
profit maximizer. We find ways to help you save money.
We find the deductions you're missing and we get them
to you to make your life simpler. In order to
get into the low bookkeeping prices that we've got, you
call us at eight seven seven nine sixty six two
(28:46):
four seven seven Again it's eight seven seven nine six
six two four seven seven, Or you can go to
Trucker tax tools dot com Again Trucker tax tools dot
com eight seven seven nine six six two four seven seven.
We'll make your life simple and easy. We started as
(29:07):
low as twenty five dollars a week for bookkeeping. So
give us a call, let us get started, let us
get going from here. All right, we promised to talk
farm ranch taxes, not just taking care of animals, farm
and ranch taxes. This one big beautiful bill. You know,
(29:29):
you got to admit they did things that helped businesses
across the board. And you know a couple of the
things that they did was to help you know, farmers
out and ranchers out. And the biggest one is the
state tax exemption. That's right, see farming ranching. You've had
(29:53):
landed family for years.
Speaker 3 (29:56):
You bought cheap.
Speaker 4 (29:57):
Now the governments want to say the values have gone
through the roof. I mean, you think about it. You
know here in Texas, you know, you look around and
maybe years ago land was one thousand dollars an acre,
and now the same land is now going for you know,
ten thousand, twenty thousand, forty thousand, fifty thousand. Our hey
(30:19):
guy owned some land near the highway that's been in
his family name for years, and an absorbitant amount of
acreage out there and I'm going to say roughly one
hundred acres. Well, they've had people offering him fifty fifty
thousand an acre that they received from family that was
purchased for maybe hundreds of dollars an acre, and then
(30:43):
you know, was valued at them with that transition ad
you know, maybe thousand or two an acre, and now
people are offering closer to fifty thousand dollars an acre. Well,
they've put in a state tax exemption increase, and the
estate tax exemption has been permanently set at fifteen fifteen
million per individual and thirty million for couples, indexed at inflation.
(31:09):
So that will continue to go up and be increased
out there as well. So then they're going to allow
for the installment payments for farmland sales.
Speaker 3 (31:23):
So if you're selling your farmland.
Speaker 4 (31:27):
And you sell to a qualified farmer, you can elect
to pay the net income tax from the sale of
that farmland and four annual installments. So it's kind of
encouraging you to sell this land from one farmer to
another farmer to be able to do this installment agreement
(31:48):
out there. So it's really a nice thing for farming
ranchers out there pass along your farmer ranch to other
people that want to do farm or ranching as well.
So that's something you want to consider. We've seen land
around us is being developed and turned into housing. It's crazy.
(32:13):
When we purchased out here a few years ago, there
was nothing going out towards our home. You know, there
was a BUCkies and then you know, we would go
north and maybe you know, for our ten miles north
of that BUCkies there was really nothing.
Speaker 3 (32:32):
It was just country roads. It was really nice.
Speaker 4 (32:34):
And now we've got one development over here that's supposed
to have you know, three to five hundred homes. We
owe this other country road that we go on and
it's now turned into another huge development and they're taking
all this farmland and putting developments out there. I have
nothing against development, but we need farmers, we need ranchers,
and we need them bad because we need the food.
(32:57):
We need the Hey, we need the field and good
farmland is going to be development and stuff. Hey, we're
going to talk about some more things with this one
big beautiful bill of farming and ranching, such as relaxed
rules for payment limits, unqualified pass through entities, bonus.
Speaker 3 (33:17):
Appreciation, and stuff that farmers and ranchers can do. And
we'll right after this.
Speaker 2 (33:24):
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. Stop
spending time doing paperwork. Go to Trucker tax tools dot com,
(33:45):
a solution built specifically for truckers. Trucker tax tools dot
Com makes your life run smoothly.
Speaker 3 (33:54):
Let's get back to tax stock for.
Speaker 2 (33:56):
You with more tax stock once again, here's your host,
Parry G.
Speaker 3 (34:02):
Fallon. Hey, welcome back.
Speaker 4 (34:07):
You know really nice in this one big beautiful bill
and helping farmers ranchers, business owners, you name it.
Speaker 3 (34:14):
You know.
Speaker 4 (34:14):
A couple of things they threw in there specifically for
agricultural farming, ranching, you know, the estate tax, the installment plan.
They also put a new tax break for lenders of
agricultural loans, so this is good too. Twenty five percent
of the interest received by lenders on loans secured by
(34:35):
farmland is tax exempt. However, they did put in their
provision that a portion of the lenders associated expenses would
not be deductible, so they did have a little bit
of an offset on that. But if your bank or
an institution that's doing agricultural loans, this is a good
(34:57):
way of protecting loans to farm and ranchers. The qualified
business deduction also is applied to farming and ranching, and
you have net income, you're going to be able to
take advantage of that twenty percent qualified business deduction, so
(35:18):
you'll be able to do that as well. It did
put in increase Section one seventy nine expensing, so if
you're buying a lot of equipment, you could use Section
one seventy nine to expense It's a couple of limitations. Now,
most farmers and ranchers that I know aren't going to
spend one point two million to two point five million,
(35:39):
but those.
Speaker 3 (35:40):
Limits have been extremely increased.
Speaker 4 (35:43):
Equipment has gone up drastically in the farming and ranching business,
especially with some of the pollution requirements of equipment especially
being sold. Now, when I'm talking to people that are
running heavy equipment men out in the ranching, you know
(36:03):
they're having to go through more fuel because of some
of the requirements that are put out there and the
deaf and stuff that they've got to put into their attractors.
So you know, there are some concerns and stuff out there,
but it does put that in there, and then they
(36:23):
can also as farming and ranching can use the one
hundred percent bonus appreciation. Again, you got to look at
the net income, you know, from the business and stuff
as well. Now, a couple of things that you know,
we want to look at in farming and ranching. There's
(36:45):
an exemption from AGI limitations for farmers. So farmers and
ranchers who derive seventy five percent of their more their
average gross income from these kind of activity, they're exempt
from the general nine hundred thousand adjusted gross income limited.
Speaker 3 (37:05):
According to UH.
Speaker 4 (37:07):
Some stuff in the food business news, you know, so
you know, it's really nice if you are in the
farming and ranching business.
Speaker 3 (37:18):
Now I'm gonna I'm going to tell you this.
Speaker 4 (37:21):
If you're in farming and ranching, you got to do
a better job of keeping track of your business income expenses.
If you're like one of my farm and ranch clients
that we've got out there, they're not very good at
keeping up with their expenses.
Speaker 3 (37:37):
Or how they drove derive their income.
Speaker 4 (37:41):
Did you derive your income, you know, from cattle sales?
Did you drive it from hay sales, corn sales, soybean,
whatever your product you're out there, you need to keep
track of, you know, the income company. You know, when
you're selling cattle, was it a cattle that you've had
(38:03):
or you've been using for production? When you bought a cow,
let's say you went to the auction, Is this cow
being raised and going to be used in your breeding program?
That becomes a depreciable asset. Who would have thought a
cow was depreciable. Maybe you bought a new bowl for
(38:23):
your breeding stock that again is capitalized and appreciated. So
you got to know what you have going on. You know,
we had a client that come to us every year
and bring a spreadsheet and say, hey, these these cows
were sold. We sold them off at the auction. We
got this form, but they're part of my breeding stock
and we've been depreciating them. Well, why do I have
a game because I had original costs in this, because
(38:45):
we used depreciation over the years for it. So you know,
we need to know this in which cows you sold. Now,
maybe you're just raising, Uh, you have your cows, you
have your breeding stock, and you're selling off the halves
that you've had produced.
Speaker 3 (39:03):
On the ranch. That's just purely income.
Speaker 4 (39:07):
But if you're selling an appreciable asset, it may be
capital gains out there. Maybe ordinary income depends on appreciation
and other stuff. So things that we get to play
with and do with ranching. You go out and buy
a new tractor, Yes, we need to be able to
deduct the cost of the tractor as a depreciated asset,
(39:30):
and we need to be able to aduct the interest expense.
So you kind of got to break those things down
and give the right numbers. See, farming and ranching is
just like running any other business. It may have its
special little nuances of what are you producing. You know,
you producing corn, soybean, fruits, and vegetables. You name it that,
(39:55):
it's production. You may be producing cattle, beef, cattle, breeding cattle,
dairy cattle, whatever it may be. You are in the
production business and you need to make sure you're getting
all the proper ride offs that you can get in
your farm or ranch. You know you're going out and
(40:16):
buying hey, maybe you paid cash for you get a receipt. Ranchers,
I tell you I bought hey. They're not giving you
a receipt for the hay, and you may pay them cash.
Get a receipt, document it. If they won't give you
a receipt, have them just sign a piece of paper
saying that you bought four rolls of hey, or six
(40:37):
or twelve, or maybe you had them delivered. You'd pick
up you know, whatever the case may be, you just
need to get a receipt for it so that you
can make proper deduction feed costs. You run down to
the feed store and you picked up feet. You know,
track your mileage. It may be your farm truck, your
ranch truck. Track your mileage to and from the feed
(41:01):
stores more supply stores. You know, we run out to
producers co op and we pick up feed. We may
run over to attractor supply or Steinhauser's or something and
pick up feed or mineral or salt. Whatever it may
be that you're picking up for your farm and ranch
is a deductible expense. So you know, you should be
(41:24):
documenting everything that you're doing in the business, just like
any other business that's out there. And when you say
it's too hard, it's it's too hard to save money
on taxes. You'd rather pay Uncle Sam a lot more
or would you rather take every legitimate tax deduction that
you qualify for. Well, to me, every legitimate tax deduction
(41:47):
you qualify for is the number one way to go
because it saves your money on taxes. It saves you money.
You know, whether it's state taxes, local taxes, income tax
is you name it. Speaking of local taxes and property taxes,
property taxes continue to go up every year. You know
(42:08):
out where we live. Our county tried to get rid
of our ag exemption. What it caused us a ton
of money based on the valuation of our ranch land
that's out there. I wish I could get that kind
of money for this land, but no, I don't think
we live in an area where we're going to be
able to get that kind of money for our land,
(42:29):
but the property taxes continue to go up. Losing our
tax exemption would have been a nail in the coffin.
We would have had to get rid of it just
to be able to afford it. To watch your property taxes,
especially if you're here in Texas and watch your AG exemption. Hey,
we don't deal in property taxes, and don't call us
for property tax help. I just had to get that
off of my chest. I sabox of Hey, what we
(42:53):
had to go through and deal with. Here do you
deal with is tax relief from the irs. We fight
the Irs. If you owe the Irs ten thousand dollars
or more, give us a call eight eight eight nine
three zero one zero one six again eight eight eight
nine three zero one zero one six or go to
Taxation Solutions dot net.
Speaker 3 (43:15):
Get your tax relief in order today. If you're a
trucker owner our operator farmer.
Speaker 4 (43:22):
Rancher, give us a call it Trucker tax tools eight
seven seven nine six six two four seven seven again
eight seven seven nine six six two four seven seven.
Let us get your bookkeeping taxes. Let us, minimize what
you're going to pay to the irs, and do things
the right way for your business. And that's what it's
(43:44):
all about. Speaking about what it's all about.
Speaker 3 (43:46):
Tax Talk for You.
Speaker 4 (43:48):
If you don't follow us on Facebook, go to tax
Talk the number four letter you dot com, tax Talk
for You dot Com. Follow us there, follow us on Facebook.
Never miss an episode, and if you do, you can
go back and hear a podcasts where on iHeart, Spotify,
all the different places where you can get our podcasts better. Yet,
(44:12):
you should be here every Monday, nine am Eastern Time
on W four CI Radio and never ever miss an episode.
Put it in your phone to remind you to be
here for're tax Talk for You, whether it's through Taxation
Solutions Facebook page, or it's through truck or tax Tools
(44:34):
Facebook page or tax Talk for You Facebook page. Just
make sure you're here. You can watch us on YouTube,
you can catch us in all the major podcast sites.
Whatever you do, be here now. I'm going to tell
you how a very god bless and glorious week. Enjoy
what you do. If you're in business, if you're an owner, operator,
(44:57):
your farmer, rancher, thank you for what you do in business.
Speaker 3 (45:01):
To do for so.
Speaker 4 (45:02):
We couldn't eat without farming ranchers. We could not have
food or any goods without truckers. You're both special in
our heart. Have a God bless Glorias. We can see
you right back here next week. Tax Talk for You
dot com.
Speaker 2 (45:18):
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 the irs and ready to have some relief,
(45:38):
Then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer ea Quan 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
(45:59):
next week at W four c Y 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 FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
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liability explicitor implies shall be extended to W FOURCY Radio
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be directed to those show hosts. Thank you for choosing
(00:21):
W FOURCY Radio.
Speaker 2 (00:27):
Barry G. 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, tax.
Speaker 3 (00:50):
Planning, and tax relief.
Speaker 2 (00:51):
For individuals and businesses just like you. So let's have
some tax talk for you with your host, Barry G.
Speaker 3 (00:59):
Foul Hey, good morning, American man.
Speaker 4 (01:04):
It's a great day, I mean, another Monday, starting the
week off, and what better way to do it is
having a bunch of tax talk. You you're talking tax
is you know The first question I got this morning
is what's on my agenda?
Speaker 3 (01:19):
What do you do?
Speaker 4 (01:20):
So it's kind of funny leading into the show, and
we got people that follow us. So if you go
to tax Talk for you and that's the number four
and the letter you dot com, you can follow us there.
You can message us there. You can go to our
Facebook page as well and message I think we get Instagram.
(01:40):
If you're following on truck or Tax Tools or Taxation
Solutions again, you can message there and do that, or
if you're listening on the radio, you can message through
the radio station as well. So you know, the question
was is what do I do? You know, I have
a one hour show and then I have a couple
(02:01):
of shows that I'm privileged to be on called That's
the Experts as well Nationwide and Houston. But basically I am,
you know, the president founder of both Taxation Solutions, Tax
Relief and Trucker Tax Tools. So I work against the
I R S to save our clients money for taxes
(02:24):
that they owe or find strategies to reduce their taxes
on Trucker Tax Tools.
Speaker 3 (02:32):
It's basically guiding the.
Speaker 4 (02:34):
Business and helping our bookkeepers and tax people find the
best ways of saving money for our clients and saving
money on their taxes, both you know, federal state and
some states you have local income taxes as well, and
(02:55):
so we work every way possible in every angle to
keep the tax is at a minimum. Now, my week
this week is in busy, busy week, you know, of course,
we've got the show here today and then Wednesday, I
am heading off to I R S Liaison meeting. This
(03:19):
meeting that I'm going to there is going to be
talking about business and individuals taxes, the Dirty dozen tax gams,
different trends that are going on, different solutions, and just
getting to know more of the I R S people
that I have to work with, and the I R
(03:41):
S Liaison too when I need them to be able
to step in and help. One of the things that
we've got to have is written Information Security Plan or
they call wisps. I'm going to learn a little bit
more about that, some other requirements that they have now
thrown in that we've got to make it adjustments for
protection of our clients. And we're going to learn a
(04:03):
little bit more about the new Social Security Fairness Act
of twenty twenty twenty five we'll have more information about that,
you know, next week we'll see what they got going
on that, and then we're going to be talking about
statute of limitations, things that we've got to know, you know,
to help our people and our clients, you know, managed
(04:28):
through the system and get the best case possible. And
one of the most exciting things I got coming up
is on Friday, I am going to actually go to
a zero road show.
Speaker 3 (04:40):
What's zero? Well, you know, for years we've used quick books.
Speaker 4 (04:44):
Quickbook seems to be against most bookkeeping and counting and
tax firms and stuff. They seem to try to take
our clients every which way. And then, man, if you
are a quick Books user, you know what's happened. Prices
have continually skyrock less service, more confusing software, and so
we have actually moved our whole model of what we
(05:08):
do here to use software out there called zero x
E R. So you know, we've spent this whole first
seven months of the year. Man, we're in August, aren't we.
So we spent the whole first seven months of the
year starting this conversion away from QuickBooks and now using
zero almost one hundred percent. By the end of this month,
(05:31):
we will be one hundred percent on zero and completely
off of quick books and converting. I'm going to, like
I said, this robe show, and we're going to learn
more about the things that are coming up in zero,
some of the things that they offer our clients to
be able to do if you're doing invoicing and stuff
(05:53):
through zero to create software to be using. Taxation Solution
as of today has now opened to being doing more
and more bookkeeping here in the local Houston area for
all types of businesses. So if you're looking for bookkeeping
(06:14):
and tax service, any Taxation Solutions is now providing that
here locally and nationwide for our clients that are going
through tax relief. So more about you know, zero and
some of the things that we're going to be learning
there is learning more about what kind of client advisory
(06:36):
services we can offer through zero to help our clients
as well navigate zero software. And then you know, how
do we promote this to you and to show you
how to use this software easier, better and make your
life a lot easier using AI as well as human interaction,
(07:01):
because you know, realistically, a I can only do so
much in bookkeeping. Our bookkeepers are the ones that actually
finalize everything, but AI can help a little bit more
getting some of these things done, you know. So these
are kind of the good things that we've got going
on here at Trucker Tax Tools and Taxation Solutions, So
(07:24):
you know, we're getting in there digging in new ways
to possibly fight against the IRS for tax relief and
then using a software that we're using to help you
as a business owner be able to do things smartly,
do things aggressively, and be able to get the information
(07:46):
that you need to run your business. So it's pretty
cool things that are coming up this week. Gives us
some things that we're going to be able to talk
about next week, you know. Here in the show and
today what we've come to do is talk about taxes
(08:07):
for truckers, owner operators, farm and ranch people like my stories.
I got a story for you today, and actually it's
probably not a good story. Uh.
Speaker 3 (08:19):
You know.
Speaker 4 (08:20):
We we raised cattle out on the ranch, we raise
pigs out on the ranch. We have chickens, and we've
got turkeys. And so the exciting news for us, at
least yesterday morning, was that we got our first turkey egg.
So now we can hatch at least one. We're hoping
(08:43):
more and then we'll you know, gather more turkeys and
we'll hatch our own turkeys. When we went out later
in the day and we found one of our turkeys
was really injured, torn up skin and everything else. Check
the coopes, and you know, you get you get out
there and you get paranoid that hey, something's entered the
coops and uh and attacking your birds. And you know,
(09:05):
our birds, you know, we we raise them for you know,
turkey dinner and Thanksgiving, Christmas, you know, things like that,
and starting to you know, hatch and raise our own
and so one of our hens out there was really
roughed up and everything. So we found out that we
(09:25):
think our time male turkey if you're not familiar with
terms for turkeys, had to be really rough with the
lady and uh so we've had to separate her and
manage her and and tend to her wounds and stuff,
(09:46):
and uh so we're trying to get her her better
and everything else. So you know, it's a little fun
things we get to do there on the ranch and
taking care of our animals out there, because we really
care about these these animals and they treat us right
at the end of the day, and we need to
(10:07):
treat them right while they're there and enjoying life on
the ranch with us.
Speaker 3 (10:14):
Let's get into truck and taxes.
Speaker 4 (10:16):
You know, the one big beautiful bill signed by President
Trump had things in there for you know, businesses, truckers,
owner operators, you know, and things like the expansion of
the standard deduction was great not just for every individual
out there, and it's also great for the truckers, and
(10:38):
it's great for owner operators, and it's great for every
family that's that's there. You know, it's comes right off
the top, you know, before it's calculated any taxes. So
even if you can't itemize, it gives you a very
good base to start with, so you know, when you're
(11:00):
starting to look at your taxes, that's one place that
we needed to start was the standard deduction. Now we're
going to go qualify business income. How does that affect
your trucking business?
Speaker 2 (11:11):
Right after this, 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.
Speaker 3 (11:25):
If you own the.
Speaker 2 (11:25):
IRS or are going through an IRS audit, don't go
at it alone. Call Taxation Solutions Tax 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
(11:49):
need a solution and a strong, aggressive tax resolution. Don't
let the IRS walk all over you. Stop the IRS now.
Call eight eight eight three zero one zero one six
or go to Taxation Solutions dot net now for a
free no obligation consultation. Let's get back to tax talk
(12:15):
for you with more tax talk once again.
Speaker 3 (12:18):
Here's your host, Barry G. Baller Hey, speaking of tax relief.
Speaker 4 (12:26):
You know, if you're going through problems with the I
r S, pick up that phone and call Taxation Selection
Solutions Tax Relief.
Speaker 3 (12:33):
Do it now.
Speaker 4 (12:35):
We had a client call us late Friday, signed up
with us, got their powers of returning in and everything.
Speaker 3 (12:44):
I was on the.
Speaker 4 (12:44):
Phone with the I r S this morning as soon
as it opened up. We were having They were having
an issue there. They received a notice of intent to
the levy and certified and they actually went and picked
it up. They only had maybe two or three days
before the IRS was going to levy their bank accounts.
(13:05):
So we had to take immediate action, and that immediate
action was calling the IRS and getting holds put in
place and man so in the short time I had
when I got in this morning before the show, got
on the phone got through to the I R S.
Which was really amazing for a Monday morning. We got
a thirty day hold in place, so there won't be
(13:28):
any levees out of their bank account. I get to
call him here after the show and let him know
the good news. He can get some more sleep and
not worry that the IRS is going to take everything
he has here in short time that we had. So
(13:50):
if you're faced with that, you know, hopefully it doesn't
come to that point and you can get us started earlier,
because it's a lot easier to start earlier than it
is to try to jump in and do this because
there was no promises that we could stop this Levey.
But the good news is is we were able to
do it. One of our other clients is now being
(14:10):
turned over to a revenue officer because why because they
could not provide us the information that we need to
be able to put them into a proper installment agreement.
They were dragging their feet. Now they're getting assigned a
revenue officer. Yes, we're going to be able to get
that you get it stopped and be able to get
(14:31):
them with an installment agreement in place, but it's going
to take a little bit more time and a little
bit more effort because of their delinquency. So you don't
really want to wait or delay. Get started. Call Taxation
Solutions tax Relief now. Eight eight eight nine three zero
one zero one six again eight eight eight nine three
(14:52):
zero one zero one six. Hey, back to trucking in taxes.
You know, I know truckers have tax problems all the time.
We help a lot of them out of it. So
you know, you, as an owner operator, should call us
and let us get started helping you through this.
Speaker 3 (15:07):
But this one big beautiful.
Speaker 4 (15:08):
Bill, you know it permanently extended and enhanced the twenty
percent deduction for qualified business income.
Speaker 3 (15:18):
Now what's that?
Speaker 4 (15:19):
So your business made one hundred thousand, you are able
to get a twenty percent deduction from your taxes into
lowering your modified adjusted gross income down.
Speaker 3 (15:34):
Although there are some.
Speaker 4 (15:37):
Limitations and maxims on this, one thing that did put
in that was kind of nice is a deduction limit
phasing it expanded and they also put in an inflation
adjusted minimum deduction of four hundred dollars as long as
you had one thousand dollars of qualified business come. So
(16:01):
you know there is some some minimums out there. They
still have this complicated tax calculation and complicated loss carry
forward type deals on this QBI. They didn't make it
much easier. They just made it permanent, which is really nice,
(16:23):
and they you know, put in that minimum out there
so you know, you as a business owner, whether you're
owner operator, you know, a single member l see multi
member l see escort uh, you get to take advantage
of this QBI deduction. Just need to make sure it's
calculated correctly and if you do have losses that the
(16:48):
loss carry forward is done uh correctly as well. So
you do have those complications out there. Wish they could
have made it a little bit simpler, but that being said,
it's what we've got to deal with, and it's nice
to get that twenty percent deduction now.
Speaker 3 (17:07):
In this bill.
Speaker 4 (17:09):
They also put in bonus depreciation. So the One Big
Beautiful Bill Act reinstated the one hundred percent bonus appreciation
for qualified assets acquired after January nineteen, twenty twenty five. Yeah,
why couldn't they just date this January one or December
thirty one, you know, twenty twenty four after that, so
(17:33):
it would cover everything.
Speaker 3 (17:36):
Or you could say, you know, placed.
Speaker 4 (17:39):
In service by something to help it make more sense, because, hey,
you just got penalized. If you actually bought something on
January nineteenth or those nineteen days prior, you know, you're
not going to be able to take that bonus appreciation.
Now you know, maybe you'd be able to take it
(17:59):
if you did and place it in service out there.
So the other side of this is bonus appreciation is
going to go through twenty thirty. So when they're talking
about bonus appreciation, it's purchased after January nineteenth, twenty twenty five,
and placed in service before January one, twenty thirty. Now,
what this is going to allow is for the immediate
(18:22):
deduction or the full cost of your new truck, your
new trailer other equipment. Is supposed to encourage investment and
growth in the trucking industry. So if you are a
sole owner and you're driving one truck and you're going
to get out there and get a new truck, maybe
deponent bonus appreciation be right.
Speaker 3 (18:43):
But maybe it.
Speaker 4 (18:44):
Isn't, so that analysis needs to be done with your
tax preparer to make a determination is this going to
be the correct way for you to do depreciation? Is
if your net income is low this year, you may
not want the bonus appreciation and waste appreciation in a
lower tax bracket. You may want to appreciate it over
(19:06):
a longer period of time and take the depreciation over
three years or five years, depending on your situation and
how your income is running. Now, maybe you're purchasing two,
three four trucks and you're trying to upscale your business.
You can do it selectively based on the truck. You
(19:28):
don't have to do it on all the trucks that
you buy. So you kind of kind of keep this
in mind to kind of play with the numbers and
see what it's going to work for you and what's
going to work.
Speaker 3 (19:40):
The best for you.
Speaker 4 (19:42):
Now, The One Big Beautiful Bill restores the earnings before interest, taxes,
and depreciation and amortization calculation for the thirty percent cap
on the business interest deduction, which expired in twenty twenty two.
This change may allow trucking companies to deduct more of
the interest expense I have not seen most trucking companies
(20:07):
faced with the limitations of this thirty percent cap on
business interest induction. So you know, you've kind of got
to play with this again. Look at this and make
sure your interest isn't too high. You know, you want
to look at your interest rates anyway. And I'm going
to give you a quick word of advice in this too,
(20:31):
is that when I'm at oh Ida Owner Operator Independent
Drivers Association Truck to Success, part of the thing that
there's a seminar that they put on every October, and
there's one coming up here in a couple of months.
We talk about agreements, we talk about interest rates, We
talked about the cost of being in business or getting
(20:54):
in business as an owner operator and all the things
it takes. But one of the things that you to
be aware of is the agreements that you enter a
read them, be read them, c read them. Get a
common theme here. Read your agreement before you sign it.
Know what the cost is, Know what your interest rate
(21:15):
is going to be. We've seen some very high interest
rates on loans that people assigned for or financing of
their truck or leasing of their truck, and it really
isn't set to make you successful in business. It's set
to make them successful in business. And you have no
(21:35):
idea what the cost was because you didn't read the agreement.
You just signed it because what it was the only
way you were going to get the truck or the trailer.
Speaker 3 (21:45):
And be on the road working. Well, that just handcuffs you.
Speaker 4 (21:49):
It makes your job that much harder to be successful
in business. Hey, we're going to take a short break
here and we're going to talk about for DMS the
trucking industry.
Speaker 3 (22:03):
You're right back after this.
Speaker 2 (22:06):
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
(22:26):
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. 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
(22:48):
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 you trucking. Let's get
back to tax talk for you with more tax talk
once again. Here's your host, Barry G.
Speaker 3 (23:09):
Falloon.
Speaker 4 (23:12):
Hey, welcome back. You know we're talking about taxes and trucking.
Matter of fact, it's a title of my article in
Landline magazine. So if you're a member of oh IDA
he check out that magazine with from Landline. I think
we were on page seventy four, but look up trucking
and taxes. Hey, next month, the next magazine that's coming
(23:36):
out is going to be all about the one Big
Beautiful Bill and trucking, So make sure you get that magazine,
look up that article and see all the different impacts
of the one Big Beautiful Bill. We're just hitting some
highlights here today and we're talking about for diems. You know,
(23:57):
when I talk about for diems, it's it's a great
tax right for owner operators out there. Unfortunately, you as
a W two driver, you don't get a tax right
off for per diems. But if your businesses you're working
for decided to pay you per diems for every night
(24:17):
that you're on the road. It's a great way to
get money that is tax free.
Speaker 3 (24:23):
However, it does.
Speaker 4 (24:24):
In impact your W two wages because most companies lowered
the wages to be able to give you for dms.
It's kind of a catch twenty two out there, especially
if you're trying to mortgage or get a mortgage on
a house, or buy something as well out there that
you need financing. But for dems basically is what the
(24:47):
IRS allows you to take for meals while you're on
the road driving as an owner operator. Now what this
means is is so the IRS will have you look
at how many nights you are away from home. Those
nights are paid at eighty dollars per night that you're
(25:08):
away from home, except the first day you leave and
the day you come home. You get half on each
of those days, so you could actually count it nights
away from home, so that first night through the last
night would get you to accomplish of half first day,
(25:29):
last day, because you wouldn't count the last day because
you were home that night. So the subject to a
twenty percent deduction. Yes, a few years ago we had
one hundred percent deduction of per diems but just down
to the eighty percent now, but you could do get
eighty dollars a night, so it's it's really nice. Now,
(25:50):
you do have to maintain a home or residents or apartment.
You've got to have something you come back to that
you help maintain. And if you're on the road and
you're maybe living with somebody else, have a lease drawn
up between you. If you're living with your family or
parents and they're not charging you anything, do get at
(26:11):
least to put together. Well, you can deduct those pretty
ms for every night that you're on the road. Pay
them something helps them, helps you. You've got to have
a place that you're coming back to to lay your
head down that you're maintaining as well. Now, don't go
tell your tax preparer that you were on the road
(26:32):
four hundred and thirty five days, just like somebody did
the other week to us, because there are only three
hundred and sixty days in a year. If you're on
the road every day, you didn't maintain or return anywhere
to lay your sweet little head down at night. So
the irs isn't going to go for it. It may
set you up for an audit. Some of the other
(26:53):
things that truckers do pay. They do pay a federal
excise tax on the sale of most new heavy duty
trucks and trailers. You do every year pay the heavy
Highway Vehicle use tax. Those typically forms are due in
July twenty two nineties. You're gonna pay fuel taxes levied
(27:18):
on your diesel fuel which is at twenty four point
four cents gallen, which is higher than gasoline which is
only at eighteen point four. You know, you're also going
to pay your if the taxes, and then if you
have employees, maybe you're an ES corp or maybe I
(27:38):
have other drivers, You're gonna pay payroll taxes, Social Security, Medicare,
Federal unemployment tax, and then state unemployment tax. And then
you may have some state withholding taxes. And then as
an owner operator if you're set up as a DBA
or single member LSE, you pay the self employment taxes.
(28:01):
All the fun things you get to do as a
owner operator. Now, the one thing that I'll tell you,
Trucker Tax Tools works with truckers. We are exclusively trucker oriented.
We do bookkeeping for truckers in nationwide. We have the
systems in place to make your life so much easier
(28:25):
and guide you through it. We run our tax Minimizer
profit maximizer. We find ways to help you save money.
We find the deductions you're missing and we get them
to you to make your life simpler. In order to
get into the low bookkeeping prices that we've got, you
call us at eight seven seven nine sixty six two
(28:46):
four seven seven Again it's eight seven seven nine six
six two four seven seven, Or you can go to
Trucker tax tools dot com Again Trucker tax tools dot
com eight seven seven nine six six two four seven seven.
We'll make your life simple and easy. We started as
(29:07):
low as twenty five dollars a week for bookkeeping. So
give us a call, let us get started, let us
get going from here. All right, we promised to talk
farm ranch taxes, not just taking care of animals, farm
and ranch taxes. This one big beautiful bill. You know,
(29:29):
you got to admit they did things that helped businesses
across the board. And you know a couple of the
things that they did was to help you know, farmers
out and ranchers out. And the biggest one is the
state tax exemption. That's right, see farming ranching. You've had
(29:53):
landed family for years.
Speaker 3 (29:56):
You bought cheap.
Speaker 4 (29:57):
Now the governments want to say the values have gone
through the roof. I mean, you think about it. You
know here in Texas, you know, you look around and
maybe years ago land was one thousand dollars an acre,
and now the same land is now going for you know,
ten thousand, twenty thousand, forty thousand, fifty thousand. Our hey
(30:19):
guy owned some land near the highway that's been in
his family name for years, and an absorbitant amount of
acreage out there and I'm going to say roughly one
hundred acres. Well, they've had people offering him fifty fifty
thousand an acre that they received from family that was
purchased for maybe hundreds of dollars an acre, and then
(30:43):
you know, was valued at them with that transition ad
you know, maybe thousand or two an acre, and now
people are offering closer to fifty thousand dollars an acre. Well,
they've put in a state tax exemption increase, and the
estate tax exemption has been permanently set at fifteen fifteen
million per individual and thirty million for couples, indexed at inflation.
(31:09):
So that will continue to go up and be increased
out there as well. So then they're going to allow
for the installment payments for farmland sales.
Speaker 3 (31:23):
So if you're selling your farmland.
Speaker 4 (31:27):
And you sell to a qualified farmer, you can elect
to pay the net income tax from the sale of
that farmland and four annual installments. So it's kind of
encouraging you to sell this land from one farmer to
another farmer to be able to do this installment agreement
(31:48):
out there. So it's really a nice thing for farming
ranchers out there pass along your farmer ranch to other
people that want to do farm or ranching as well.
So that's something you want to consider. We've seen land
around us is being developed and turned into housing. It's crazy.
(32:13):
When we purchased out here a few years ago, there
was nothing going out towards our home. You know, there
was a BUCkies and then you know, we would go
north and maybe you know, for our ten miles north
of that BUCkies there was really nothing.
Speaker 3 (32:32):
It was just country roads. It was really nice.
Speaker 4 (32:34):
And now we've got one development over here that's supposed
to have you know, three to five hundred homes. We
owe this other country road that we go on and
it's now turned into another huge development and they're taking
all this farmland and putting developments out there. I have
nothing against development, but we need farmers, we need ranchers,
and we need them bad because we need the food.
(32:57):
We need the Hey, we need the field and good
farmland is going to be development and stuff. Hey, we're
going to talk about some more things with this one
big beautiful bill of farming and ranching, such as relaxed
rules for payment limits, unqualified pass through entities, bonus.
Speaker 3 (33:17):
Appreciation, and stuff that farmers and ranchers can do. And
we'll right after this.
Speaker 2 (33:24):
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. Stop
spending time doing paperwork. Go to Trucker tax tools dot com,
(33:45):
a solution built specifically for truckers. Trucker tax tools dot
Com makes your life run smoothly.
Speaker 3 (33:54):
Let's get back to tax stock for.
Speaker 2 (33:56):
You with more tax stock once again, here's your host,
Parry G.
Speaker 3 (34:02):
Fallon. Hey, welcome back.
Speaker 4 (34:07):
You know really nice in this one big beautiful bill
and helping farmers ranchers, business owners, you name it.
Speaker 3 (34:14):
You know.
Speaker 4 (34:14):
A couple of things they threw in there specifically for
agricultural farming, ranching, you know, the estate tax, the installment plan.
They also put a new tax break for lenders of
agricultural loans, so this is good too. Twenty five percent
of the interest received by lenders on loans secured by
(34:35):
farmland is tax exempt. However, they did put in their
provision that a portion of the lenders associated expenses would
not be deductible, so they did have a little bit
of an offset on that. But if your bank or
an institution that's doing agricultural loans, this is a good
(34:57):
way of protecting loans to farm and ranchers. The qualified
business deduction also is applied to farming and ranching, and
you have net income, you're going to be able to
take advantage of that twenty percent qualified business deduction, so
(35:18):
you'll be able to do that as well. It did
put in increase Section one seventy nine expensing, so if
you're buying a lot of equipment, you could use Section
one seventy nine to expense It's a couple of limitations. Now,
most farmers and ranchers that I know aren't going to
spend one point two million to two point five million,
(35:39):
but those.
Speaker 3 (35:40):
Limits have been extremely increased.
Speaker 4 (35:43):
Equipment has gone up drastically in the farming and ranching business,
especially with some of the pollution requirements of equipment especially
being sold. Now, when I'm talking to people that are
running heavy equipment men out in the ranching, you know
(36:03):
they're having to go through more fuel because of some
of the requirements that are put out there and the
deaf and stuff that they've got to put into their attractors.
So you know, there are some concerns and stuff out there,
but it does put that in there, and then they
(36:23):
can also as farming and ranching can use the one
hundred percent bonus appreciation. Again, you got to look at
the net income, you know, from the business and stuff
as well. Now, a couple of things that you know,
we want to look at in farming and ranching. There's
(36:45):
an exemption from AGI limitations for farmers. So farmers and
ranchers who derive seventy five percent of their more their
average gross income from these kind of activity, they're exempt
from the general nine hundred thousand adjusted gross income limited.
Speaker 3 (37:05):
According to UH.
Speaker 4 (37:07):
Some stuff in the food business news, you know, so
you know, it's really nice if you are in the
farming and ranching business.
Speaker 3 (37:18):
Now I'm gonna I'm going to tell you this.
Speaker 4 (37:21):
If you're in farming and ranching, you got to do
a better job of keeping track of your business income expenses.
If you're like one of my farm and ranch clients
that we've got out there, they're not very good at
keeping up with their expenses.
Speaker 3 (37:37):
Or how they drove derive their income.
Speaker 4 (37:41):
Did you derive your income, you know, from cattle sales?
Did you drive it from hay sales, corn sales, soybean,
whatever your product you're out there, you need to keep
track of, you know, the income company. You know, when
you're selling cattle, was it a cattle that you've had
(38:03):
or you've been using for production? When you bought a cow,
let's say you went to the auction, Is this cow
being raised and going to be used in your breeding program?
That becomes a depreciable asset. Who would have thought a
cow was depreciable. Maybe you bought a new bowl for
(38:23):
your breeding stock that again is capitalized and appreciated. So
you got to know what you have going on. You know,
we had a client that come to us every year
and bring a spreadsheet and say, hey, these these cows
were sold. We sold them off at the auction. We
got this form, but they're part of my breeding stock
and we've been depreciating them. Well, why do I have
a game because I had original costs in this, because
(38:45):
we used depreciation over the years for it. So you know,
we need to know this in which cows you sold. Now,
maybe you're just raising, Uh, you have your cows, you
have your breeding stock, and you're selling off the halves
that you've had produced.
Speaker 3 (39:03):
On the ranch. That's just purely income.
Speaker 4 (39:07):
But if you're selling an appreciable asset, it may be
capital gains out there. Maybe ordinary income depends on appreciation
and other stuff. So things that we get to play
with and do with ranching. You go out and buy
a new tractor, Yes, we need to be able to
deduct the cost of the tractor as a depreciated asset,
(39:30):
and we need to be able to aduct the interest expense.
So you kind of got to break those things down
and give the right numbers. See, farming and ranching is
just like running any other business. It may have its
special little nuances of what are you producing. You know,
you producing corn, soybean, fruits, and vegetables. You name it that,
(39:55):
it's production. You may be producing cattle, beef, cattle, breeding cattle,
dairy cattle, whatever it may be. You are in the
production business and you need to make sure you're getting
all the proper ride offs that you can get in
your farm or ranch. You know you're going out and
(40:16):
buying hey, maybe you paid cash for you get a receipt. Ranchers,
I tell you I bought hey. They're not giving you
a receipt for the hay, and you may pay them cash.
Get a receipt, document it. If they won't give you
a receipt, have them just sign a piece of paper
saying that you bought four rolls of hey, or six
(40:37):
or twelve, or maybe you had them delivered. You'd pick
up you know, whatever the case may be, you just
need to get a receipt for it so that you
can make proper deduction feed costs. You run down to
the feed store and you picked up feet. You know,
track your mileage. It may be your farm truck, your
ranch truck. Track your mileage to and from the feed
(41:01):
stores more supply stores. You know, we run out to
producers co op and we pick up feed. We may
run over to attractor supply or Steinhauser's or something and
pick up feed or mineral or salt. Whatever it may
be that you're picking up for your farm and ranch
is a deductible expense. So you know, you should be
(41:24):
documenting everything that you're doing in the business, just like
any other business that's out there. And when you say
it's too hard, it's it's too hard to save money
on taxes. You'd rather pay Uncle Sam a lot more
or would you rather take every legitimate tax deduction that
you qualify for. Well, to me, every legitimate tax deduction
(41:47):
you qualify for is the number one way to go
because it saves your money on taxes. It saves you money.
You know, whether it's state taxes, local taxes, income tax
is you name it. Speaking of local taxes and property taxes,
property taxes continue to go up every year. You know
(42:08):
out where we live. Our county tried to get rid
of our ag exemption. What it caused us a ton
of money based on the valuation of our ranch land
that's out there. I wish I could get that kind
of money for this land, but no, I don't think
we live in an area where we're going to be
able to get that kind of money for our land,
(42:29):
but the property taxes continue to go up. Losing our
tax exemption would have been a nail in the coffin.
We would have had to get rid of it just
to be able to afford it. To watch your property taxes,
especially if you're here in Texas and watch your AG exemption. Hey,
we don't deal in property taxes, and don't call us
for property tax help. I just had to get that
off of my chest. I sabox of Hey, what we
(42:53):
had to go through and deal with. Here do you
deal with is tax relief from the irs. We fight
the Irs. If you owe the Irs ten thousand dollars
or more, give us a call eight eight eight nine
three zero one zero one six again eight eight eight
nine three zero one zero one six or go to
Taxation Solutions dot net.
Speaker 3 (43:15):
Get your tax relief in order today. If you're a
trucker owner our operator farmer.
Speaker 4 (43:22):
Rancher, give us a call it Trucker tax tools eight
seven seven nine six six two four seven seven again
eight seven seven nine six six two four seven seven.
Let us get your bookkeeping taxes. Let us, minimize what
you're going to pay to the irs, and do things
the right way for your business. And that's what it's
(43:44):
all about. Speaking about what it's all about.
Speaker 3 (43:46):
Tax Talk for You.
Speaker 4 (43:48):
If you don't follow us on Facebook, go to tax
Talk the number four letter you dot com, tax Talk
for You dot Com. Follow us there, follow us on Facebook.
Never miss an episode, and if you do, you can
go back and hear a podcasts where on iHeart, Spotify,
all the different places where you can get our podcasts better. Yet,
(44:12):
you should be here every Monday, nine am Eastern Time
on W four CI Radio and never ever miss an episode.
Put it in your phone to remind you to be
here for're tax Talk for You, whether it's through Taxation
Solutions Facebook page, or it's through truck or tax Tools
(44:34):
Facebook page or tax Talk for You Facebook page. Just
make sure you're here. You can watch us on YouTube,
you can catch us in all the major podcast sites.
Whatever you do, be here now. I'm going to tell
you how a very god bless and glorious week. Enjoy
what you do. If you're in business, if you're an owner, operator,
(44:57):
your farmer, rancher, thank you for what you do in business.
Speaker 3 (45:01):
To do for so.
Speaker 4 (45:02):
We couldn't eat without farming ranchers. We could not have
food or any goods without truckers. You're both special in
our heart. Have a God bless Glorias. We can see
you right back here next week. Tax Talk for You
dot com.
Speaker 2 (45:18):
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 the irs and ready to have some relief,
(45:38):
Then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer ea Quan 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
(45:59):
next week at W four c Y dot com
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