November 11, 2024 • 49 mins
Trump wins Election! What does this mean for taxes. Trump tax cut. No Tax on social security, No tax on Tips, No tax on Overtime. How to fix government, social security and taxes. Lower Tax balance budget and term limits. Stop the IRS IRS tax debt IRS help
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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,
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(00:20):
W FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fowler EA brings you tax Talk for you right here
on W four.
Speaker 2 (00:32):
CY Radio and Talk for TV.
Speaker 3 (00:34):
As an enrolled agent and a national leader in tax
resolution as well as Trucker bookkeeping and tax planning.
Speaker 2 (00:43):
With over thirty years of experience.
Speaker 3 (00:45):
Barry will break down taxes, book keeping, tax planning, and
tax relief for individuals and businesses just like you.
Speaker 2 (00:54):
So let's have some tax Talk for you with your hosts.
Barry G.
Speaker 4 (00:59):
Foul Hey, welcome to tax Talk for you.
Speaker 5 (01:06):
Hey, check us out at tax TALKFORU dot com. Subscribe
there you know here today Veterans Day. You know, we
take a few moments to pause honor the brave men
and women who have put their.
Speaker 4 (01:21):
Lives on the line to defend.
Speaker 5 (01:25):
Our freedoms, the freedoms we cherish here in the United States.
Speaker 4 (01:30):
You know, it's not just a holiday.
Speaker 5 (01:32):
You know, it's a reminder of the sacrifices that these
brave men and women are veterans put on them, put
themselves out there for us to allow us to live
our everyday lives and the freedoms that we have. It's
(01:53):
about remembering those soldiers who left home facing the unknown,
miss their families and their family gatherings, maybe watch their
children's birthdays and birthday parties, and you know, face unguidly
challenges out there just for the love of our country,
(02:17):
and so we should take the time to remember them
and give thanks. We have a lot of good friends
both at our truckers and veterans personal friends of mine
who sacrifice their family to be out there and to
defend our freedoms. Michael a dear friend of ours. You know,
(02:42):
he's a veteran. He put his life out there. He
came back with some injuries, and you know we appreciate
we help him wherever we can and take care of
and honor his sacrifice and his services, and you know
many others that we have known throughout the years and
been friends with over the years that have put their
(03:05):
lives out of hold just to make this sacrifice for
us and our country. So you know, again, if you
see a veteran out there, you know, tell them thank you.
And it doesn't have to be here on Veterans Day,
only any day you see somebody in the military, thank
them for their service. These are men and women who
(03:27):
are stopping everything to get out there and protect years
and my freedoms and freedoms for our children and our grandchildren.
You know, here today we get to actually talk about
something that you know, it kind of excites.
Speaker 4 (03:44):
Me because we're getting a new administration.
Speaker 5 (03:47):
And yes it's an old one Trump coming back, but
the possibility of all the tax cuts. We had no
idea where we were going to be heading after twenty
twenty five with the tax and what was going to
happen with the tax policy. The current administration wanted to
get rid of the tax policy that we are living
(04:08):
under currently and go back to what we had back
in twenty seventeen.
Speaker 4 (04:14):
Because these Trump tax.
Speaker 5 (04:17):
Cuts that took effect expire at the end of twenty
twenty five. Now we're expecting with Congress coming in both
the House and the Senate and President Trump that the
twenty twenty seventeen tax cuts, hopefully they will come in
and make those permanents, so we won't live under a
(04:39):
temporary tax policy, but we'll actually live under a known
tax policy that we have currently. And so that was
the Tax Cuts and Jobs Act of twenty seventeen, and
you know, it lowered the individual tax rates, It set
a higher standard to duck, gave us higher child tax credits,
(05:04):
It put a cap on deducting state and local taxes.
Speaker 4 (05:09):
It gave a larger lifetime.
Speaker 5 (05:11):
A state and gift tax exemption, and all those we're
going to be slated to end. So now we're hoping
that Conmerse will come in and do this and put
this in and make this a permanent part of the
tax code, not just temporary. So you know what we're
(05:33):
looking at at the moment. We look at the standard deduction.
The standard deduction is for single for twenty twenty four
is going to be fourteen thousand, six hundred. If you're married,
finally jointly, it's twenty nine thousand, two hundred, and if
you're head of household, it's twenty one thousand, nine hundred.
(05:55):
Now you can choose to deduct the standard deduction or
the itemized.
Speaker 4 (06:03):
The reason you choose itemized is.
Speaker 5 (06:05):
You're going to be able to get over the standard
amount and the standard deduction. So if you're single and
with and you bought a house recently in the higher
interest rates and everything, you might between your interest deduction,
your state in local tax deduction, and charitable deductions, you
just might get over that standard deduction of fourteen thousand,
(06:29):
six hundred. And it's the same with Mary finally, joint,
you know, if you're going to itemize, you've got to
get over that. So you know, if you're very charitable
and you give a lot of money to charity, that
will be a.
Speaker 4 (06:41):
Big hurdle for you to.
Speaker 5 (06:44):
Get over and get that as an itemized deductions. But
combined with your mortgage interest in properly property taxes and
stayed in local taxes, you might get over that twenty
nine thousand, two hundred. So you've got to take a
look at it for your situation. And then the standard
(07:05):
deduction also is going to bump you up, So if
you're at least sixty five or blind, you can claim
an additional standard deduction of one nine and fifty dollars
if you're using single or at a household filing status.
If you're both sixty five and blind, the additional deduction
(07:26):
amount is doubled. So keep those things in mind because
it gives you a little bit more of an advantage
out there. So with those things in mind, you know,
you've got to really sit down and look at it.
Speaker 4 (07:42):
You know, what's your filing status, how old are.
Speaker 5 (07:44):
You, what is your standard deduction versus itemized seductions? And
every good tax preparer out there should be looking at
this across the board for every person that they prepare taxes.
So if you've got mortgage interest and property taxes and
charitable contributions both cash, you know, and if you're making
(08:08):
donations of non cash items, both of those count towards
getting to the itemized deductions to get over your standard deduction.
But you got to take a look at that now.
To be honest, there are a lot of people that
don't qualify because they're still under low interest rates and
(08:28):
maybe they don't give very much to charity or a
lot less. I mean, everybody's world is different, so you know,
you've got to get over that standard deduction amount, so
you take a look at it. It's not something that
everybody gets out there and is able to do. Now,
one of the other benefits of the Trump tax cuts
(08:51):
was the child tax credit. So the child tax credit
increased under the Trump tax laws, and you know, there
were forty million families nationwide each year uses to help
offset some of the costs for raising children. Now you
(09:13):
get a two thousand dollars credit for each child that's
under seventeen.
Speaker 4 (09:18):
The government acts as if.
Speaker 5 (09:20):
If you're seventeen or eighteen, it doesn't cost you that
much to raise your child, so you don't get the
child tax credit. I've never understood that. I don't know
anybody understands that sometimes those seventeen and eighteen year olds
costs me more than when they were, you know, thirteen,
fourteen or fifteen. You know they started driving. Now all
of a sudden, you've got more insurance, you've got more
(09:43):
vehicle costs, and vehicle insurance isn't cheap once you get
another driver out there. So you know, I've never understood
why the child tax credit stops there.
Speaker 4 (09:56):
But if they are seventeen.
Speaker 5 (09:58):
Or older, you do get five hundred dollars credit for
each one of them, and that goes for you know,
other dependence too, So full time students nineteen through twenty
four you'll be able to get that five hundred dollars
credit as well. Now, we're expecting a lot of this
to stay in place with the new Congress out there.
Speaker 4 (10:24):
You know, we're trying to find, you know, what's going to.
Speaker 5 (10:28):
Change based on you know, how Trump ran for reelection
and what his promises are, and you know, as you're
sitting down and looking at this, how it's going to
affect you and your family in twenty twenty five and beyond.
(10:49):
And hopefully some of the changes that Trump was looking
at doing is going to come into play in twenty
twenty four with Congress being they'll make it retroactive, but
at the very least it's going to be in twenty
twenty five. We see a lot of changes coming up
(11:09):
for there. One of the other big advantages and we're
going to talk about this a little bit and how
this works in your favor as an American citizen and
for families out there, is taking advantage of the lifetime
of state and gift tax exemption. Also why you can
(11:32):
and what Trump did under the twenty seventeen Trump tax
laws that helped you or your family when you're passing
in a state along and we will talk about that
right after this quick break.
Speaker 3 (11:56):
We have only scratched the surface of place show. Please stays.
Barrygfowler will be right back with tax talk for you.
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(12:45):
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Speaker 2 (12:46):
The experts keep you trucking.
Speaker 3 (12:51):
Let's get back to tax stock for you with more
tax stock once again, here's your host, Barrygfower.
Speaker 5 (13:02):
Hey, welcome back. You know when I talk at truck
to Success. It's a semin are put on by Owner
Operator Independent Drivers Association, you know, talking to truckers and
we get into the nitty gritty of taxes and how
to save money on taxes. But we always talk about
(13:23):
what's coming up in tax laws, and we talk about
you know, politicians, we talk about celebrities, we talk about
people that are rich, and.
Speaker 4 (13:32):
And we talk about you know, tax planning. One of
the things that I really hit home.
Speaker 5 (13:38):
For is, you know, every politician I've ever known has
never found a tax that they didn't like and finding
ways to tax people. Now, you know, conservatives are more
of hey, lower the tax rates is going to generate
more economic boom and more to the economy. But you know,
(13:58):
they still got to bring in the tax money to
pay for the things that the government is supposed to
do for us, and even pay for the things the
government shouldn't be doing for us. But that's that's another
topic for later in this that we'll get on my
soapbox and be able to explain my philosophy and my thoughts.
But give tax and a state tax, you know, this
(14:20):
is taxing money that's already been taxed maybe once, maybe twice,
maybe three times, and maybe even more. And so you know,
when we deal with family businesses and passing the businesses
on from one family member to another, or passing a
family ranches.
Speaker 4 (14:42):
Or farms or.
Speaker 5 (14:46):
Just the estate for most families, if you're going to
tax it, and you're going to tax close to you know,
forty fifty. And then depending on whether you're in a state,
you know, in what state you're in, you may get
a state tax as well. But passing on family land
even becomes very very expensive. But you know, luckily, under
(15:08):
the Trump tax cuts in twenty seventeen, you're able to
pass on about twelve thousand, nine hundred dollars nine hundred
twelve million, nine hundred thousand dollars of state.
Speaker 4 (15:24):
Money to your family. So you can pass that down.
Speaker 5 (15:28):
Now, not everybody's going to hit it, but sometimes you
do hit that just because the value of your land
or the value of your business might get you to there.
One thing that you can do if you have that
kind of money, or if you're trying to maybe help
(15:49):
your your child or grandchild or even great grandchild out,
you do have some annual gift limits, and for twenty
twenty four it's eighteen thousand dollars that you can give
to a family member individual that's going to go to
them and they're not have to file a gift tax
return for But if you're married, then it can go
(16:15):
up to thirty six thousand. Now the nice part is
is you can give you eighteen thousand to let's say
your daughter in eighteen thousand to your son in law,
and then your spouse can do the same thing, and
so there would be amount up to seventy two thousand.
(16:35):
And that's money that you can pass through to family
that you know you don't have to file that gift
tax return to do it.
Speaker 4 (16:46):
So you know, keep those kind of things in mind.
Speaker 5 (16:48):
If we're looking to pass money through down to the generations,
this one way of doing it. Twenty twenty five, it's
going to go to nineteen thousand, and the state limit
is going to go up to thirteen point six one
million or thirteen point ninety nine million twenty twenty five.
(17:13):
So there are some great limits out there. Now, what
is Trump going to do? So when we look at
what Trump's.
Speaker 4 (17:25):
Going to do, you know.
Speaker 5 (17:29):
Trump wants to drip taxes on businesses US businesses.
Speaker 4 (17:36):
Now, the one thing you got to understand.
Speaker 5 (17:37):
People say, hey, tax business, tax business, tax business. Well,
businesses still have to get a certain rate of return.
When you're in business, you're in business to make money,
not just for the pay of the employees, but to
give a rate of return to your investors. And so
(18:03):
if you are Exon, you are Walmart, you are Family Dollar,
whatever you are out there in business, even you know
small mom and pop, You've got to make a certain
amount of money. And the only way you can do
that is to charge a certain rate that's going to
give you that kind of return on the goods or
(18:25):
services that you provide. Now, if the government comes in
and increases your taxes by ten percent, where's that money going.
Speaker 4 (18:34):
To come from.
Speaker 5 (18:36):
Well, most people think that money is going to come
right out of the business. Well, the business still has
to provide a way to return. The business still needs
to provide mom and pop a certain amount of money
to make ends meet. Yes, I could fire somebody and
pay the taxes. That's one last person working, but we
(18:59):
need that person working to provide the services to the
people that were providing services or goods too. So now
I've got an increase the price of the product that
I am providing by more than ten percent. See, it
(19:19):
wasn't a tax on the business. It was a tax
on the consumer disguised as a tax on the business. Hey,
have you ever looked at the actual taxes in fuel
tax at the pump? You have your state taxes, you
have your fuel federal fuel taxes, and then you have
(19:40):
the actual costs of the gasoline. So if that tax
was roughly forty five cents out of every gallon of gas,
government's taking the money still from you. You just don't
see it because embedded into the price of that gasoline
(20:01):
that you just purchased at the pump. See, big business
didn't pay it. They just collected it.
Speaker 4 (20:08):
And remitted it to Uncle Sam.
Speaker 5 (20:13):
So they're out there collecting their money. So Trump has
talked about a lot of different things. So he's proposed
some changes in going to a couple of individual tax
rates being fifteen and thirty percent. That thirty percent would
(20:33):
start at one hundred and seventy thousand, fifteen percent maximum
long term capital gains tax rate.
Speaker 4 (20:43):
They will have. What he wants to do is give.
Speaker 5 (20:47):
An annual inflation indexing of capital gains.
Speaker 4 (20:51):
So these are some of the ideas.
Speaker 5 (20:52):
That are being floated out there for Trump tax cuts.
Speaker 4 (21:00):
So you know, it's things like that that's you.
Speaker 5 (21:04):
Know, it could be a good thing for you or
I to see that there'd be less tax brackets out there,
but there's no guarantee that that's where they're going to go.
Speaker 4 (21:19):
In these Trump tax cabits. Now.
Speaker 5 (21:22):
Trump is also talked about getting ready of taxies on
Social Security.
Speaker 4 (21:28):
Great idea.
Speaker 5 (21:30):
People sixty five and older, people that are on so
Security need that money to live on.
Speaker 4 (21:35):
It is not.
Speaker 5 (21:38):
Enough money to live on day to day, week to week,
year to year, and it doesn't keep up with.
Speaker 4 (21:44):
Inflation as well.
Speaker 5 (21:45):
So if that is your only fallback is social Security,
getting that money normally would be tax free anyway because
you don't have any other income. But if it allows
you to go out and get a part time job
to supplement that and keep solid Security tax free, that's
even better for you and I getting out and continuing
(22:08):
to work.
Speaker 4 (22:09):
In retirement.
Speaker 5 (22:11):
Even if it's on a part time basis, and keeping
Social Security tax free.
Speaker 4 (22:17):
So that is a good thing. You know, he's talked
about doing no tax on tips.
Speaker 5 (22:27):
You know, that could be a good thing, But again,
and you know, you've got to look at where people
are in earning income on tips and tipped employees. They're
making very little usually if they're a restaurant to a worker,
they make very little hourly and rely on tips that
(22:49):
are out there. There should be still some kind of
base in there. Not sure how he's going to implement
making tips tax free and what's already not disclosed because
certain restaurants are only required to put in a certain
(23:10):
percentage of for tips, and who knows what people keep
on a cash basis, if cash is still used out
there for tips. So you know, we take a look
at those things, and you know, after we come back
from this break, we're going to talk about what they're
(23:31):
talking about doing for the child tax credits as well
with the new possible Trump tax laws going forward, and
we'll talk about that right after this.
Speaker 3 (23:45):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. If you own the I
R S or are going through an I R S audit,
don't go at it alone.
Speaker 2 (24:02):
Call Taxation Solutions Tax.
Speaker 3 (24:04):
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(24:27):
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
(24:48):
once again.
Speaker 2 (24:49):
Here's your host, Barry G. Fowler.
Speaker 4 (24:55):
Hey, welcome back.
Speaker 5 (24:57):
You know, we're talking a little bit about Trump tax laws,
or the future Trump tax laws as they may be
saying and looking at.
Speaker 4 (25:06):
We have seen where.
Speaker 5 (25:10):
Republicans in Congress have already introduced some legislation to eliminate
taxes on tips and stuff. Whether that strategy is going
to work and go forward, I don't know. Probably gonna
have to wait till next year to get those things
(25:31):
in place. And what's going to be the mechanics and
mechanisms behind.
Speaker 4 (25:36):
It that will help reduce those taxes.
Speaker 5 (25:44):
Now, one of the big things that Trump and his
Vice president pick JD. Vance was talking about giving a
higher child tax credit of five.
Speaker 4 (25:58):
Thousand per chi child.
Speaker 5 (26:02):
So that's a two hundred and fifty percent increase from
the current two thousand per per child per child tax credit.
It could go a long way to helping families with children.
And I'm sure there's going to be a phase out
in the phase out is not anywhere anybody likes because
(26:27):
a married filing joint, that phase out could be around
two hundred and fifty thousand dollars. The other question would
be is this a refundable credit? So when they have
refundable credits means that you know, is it going to
pay back to you whether or not you have any
taxes to offset with this credit out there? So what
(26:50):
part is the redistribution of wealth so to say, where
we're taking from one group and giving to another with
this child tax credit. So we've got to look at
that and see how the impact is going to be
on that, how much of a benefit it is to
(27:13):
people with children, and where that phase out is going
to be, because you know, as they say, they want
to make sure everybody taxes the rich, and talking to
a lot of people that nowadays, you know, whether you're
making one hundred thousand or two hundred thousand, it doesn't
seem like you're making ends meet. Either people don't seem
(27:38):
to understand that and can't relate.
Speaker 4 (27:40):
They think that.
Speaker 5 (27:41):
Other person is always richer from them, and let's tax them. Hey,
why don't we get this down to where we're taxing
less and growing the economy. Now, one of the other
things that Trump has proposed is to benefit fit workers
that are on overtime pay, and he said he supports
(28:05):
making overtime pay.
Speaker 4 (28:08):
Non taxable.
Speaker 5 (28:10):
Don't know the mechanisms beyond that, but it would be
a good, good thing and lower the burden of taxes. Now,
hopefully that means not taxing it for Social Security and
medicare as well, So it just it doesn't just lower
the burden on federal income tax, but lowers the burden
(28:31):
on Social Security and medicare on that and maybe an
incentive for small businesses to have the more overtime for
their employees because they wouldn't have to pay that extra
sevent and a half percent of those earnings for Social
(28:51):
Security and medicare as the employer match that's out there.
You know, when we sit down and we talk about this,
this is all things that are proposed. We're going to
see where this heads, you know, over the next you know,
(29:13):
six months, twelve months as we go through Trump presidency
and be able to look at it for small businesses
on how this will benefit you and help make you
(29:33):
more profitable by continuing to pay less in taxes or
reducing the tax burden of running your business.
Speaker 4 (29:44):
So the tax burden is twofold.
Speaker 5 (29:46):
It's not just the tax rate that you're going to
have in your small business, but it's also the paperwork
that's involved in maintaining that small business, some meeting in.
Speaker 4 (30:02):
The tax code that's out there.
Speaker 5 (30:04):
So if you are running a small business and you
have employees, not only do you have to pay the
Social Security and Medicare, but you also got to take
Social Security and Medicare out of your employees check. And
you've got to calculate the withholding rate the correct.
Speaker 4 (30:18):
Way as well.
Speaker 5 (30:20):
And then you've got to file your nine forty ones
every quarter. You've got to file your unemployment forms every quarter.
You've got to file your state payroll forms every quarter,
and you've got to remit the taxes. Whether it's weekly,
whether it's monthly, whether it's quarterly, depends on your business
(30:43):
and how many.
Speaker 4 (30:43):
Employees you have and how much you're paying out every week.
Speaker 5 (30:49):
Where every two weeks, depending on when your payroll is,
we'll dictate how you're going to pay those taxes in
Now we see a lot of times in and small businesses,
so a taxation solutions tax relief. We see problems for
small businesses across the board when they're dealing with payroll taxes,
(31:12):
not filing the forums timely, not paying the payroll taxes.
And once you do that, now you set yourself up
for big, big trouble, and that trouble will compound interest
in penalties, and if you ignore it long enough, it
(31:36):
may even get down towards trust fund penalties where they're
actually assessing those penalties against you personally, not just against
the business, and coming after you to collect for the
trust fund. Now, the trust fund part of the taxes
is the amounts that you withhold from your employees checks.
So that's seven and a half percent of Social Security
(31:57):
and medicare that federal come taxes you with help those.
You can be a trust fund tax penalty for for
not paying that money in which was your employee ease
money that you were supposed to take out for safe
keeping and pass to the I R S. So you
(32:20):
want to make sure you're really on top of your
payroll and your payroll taxes. Now, the one thing, you know,
we've we've had people come to us and ask us, hey,
do you do payroll and can you do our payroll
for us? And yes, we can. Whatever service you choose,
(32:41):
it's worth it, okay. So one thing you want to
make sure of that it's going to be an automated
service so that it's going to get done whether you
have your hands in it or not. It's you know,
going to have some kind of guarantees behind it.
Speaker 4 (33:00):
You know, as long as you have the.
Speaker 5 (33:01):
Money in the account and they can take the money
and pay your payroll taxes and be deposited.
Speaker 4 (33:09):
Over there, that you're going to know that the.
Speaker 5 (33:12):
Forms are going to get filed correctly, the forms are
going to get done because let me tell you this,
I've had somebody tell me, hey, it's thirty dollars a
month for payroll for somebody maybe a month or whatever.
It's too high. Three hundred and sixty dollars a year.
(33:32):
Well you make one mistake. Well, they're went here three
hundred and sixty dollars savings that you didn't want to
pay for payroll. You're now paying maybe ten times that
thirty six hundred to fix your tax problem, or that
tax problem became compounded. Now not only are you paying
(33:54):
a service fee to fix it, but you're paying the
government penalties and interest and then rest fund recovery penalty. Guys,
if you're in a small business, get a payroll service. Get
somebody that's going to handle your payroll for you so
you don't fall into trouble with the.
Speaker 4 (34:16):
I R S. Hey. One of the fun parts about
this show. And I tell people, and I talk to
people all the time, and people ask me, you know, hey,
what would you do?
Speaker 5 (34:29):
Well, first off, I'm not a politician, never wanted to
be a politician. I'm not running for office locally, nationally,
or any way. So don't look to vote for me,
and I'm not asking for any votes. But I have
a lot of fun talking to people about what I
would do.
Speaker 4 (34:49):
If I was king.
Speaker 5 (34:52):
And I laugh about that because I know we don't
have a king here, we have a president. One of
our former presidents kind of I felt like, he, you know, hey,
you got to let it felt like you were king.
You did everything executive order. I wish I could do that,
but you can't.
Speaker 4 (35:06):
Do that.
Speaker 5 (35:09):
But I can rant, I can have a soapbox. I
can tell you how to fix security, how to fix
this government in a very short period of time, and
have every Connors Senator on board fixing it if we
(35:29):
just make a few changes to our government. Hey, you
want to know what that is? You got to stay
tuned and come back right after this break.
Speaker 3 (35:40):
We have only scratched the surface of today's show. Please
stand by as Barry GEF Fowler will be right back with.
Speaker 2 (35:47):
Tax talk for you.
Speaker 3 (35:51):
As an owner operator, you already spend too much time
away from your family.
Speaker 2 (35:56):
Stop spending time doing pay for work.
Speaker 3 (35:59):
Go to truck or tech tools dot com a solution
filled specifically for truckers. Trucker tax tools dot Com makes
your life run smoothly. Let's get back to tax talk
for you with more tax stock once again.
Speaker 2 (36:16):
Here's your host, Barry G. Fallom.
Speaker 4 (36:21):
Hey, welcome back.
Speaker 5 (36:22):
You know I'm gonna tell you, Hey, this is my
soapbox time and this is the fun one.
Speaker 3 (36:29):
You know.
Speaker 5 (36:30):
I've loved this quote that I had read out there
and had seen and I want to tell you back
in I think it was in the seventeen hundreds. Betterment
Franklin basically came out and said, when voters figure out
(36:51):
they can vote themselves money, it's the end of government.
Now I'm paraphrasing, okay, But when you listen to politicians
out there is what can I give you to make
you vote for me?
Speaker 4 (37:03):
What can I give away to vote for me? Now?
Speaker 5 (37:07):
I'm a conservative person, and you know one of my
favorite presidents was actually John F.
Speaker 4 (37:12):
Kennedy.
Speaker 5 (37:13):
It's, you know, as not what your country can do
for you, but what you can do for your country.
And today being Veterans Day, veterans gave a lot to
this country, and we own a lot for the sacrifices
that they make to protect yours and my freedom and
in my freedom to actually sit here.
Speaker 4 (37:35):
And be on my soapbox for a little bit. So
somebody asked me.
Speaker 5 (37:38):
The today, he said, mister Fowler, how would you fix
this country? I said, you know, the first thing that
I would do is term limits across the board. So
you know, senators, congressman, you have turn limits. Two terms.
You're out. If it's good for the president, it's good
(37:59):
for you, serve you two terms. Second thing, we end
government pensions. That's right, you heard it. We end government pensions.
Everybody should be on Social Security. You want to see
(38:19):
social Security get fixed.
Speaker 4 (38:24):
I do.
Speaker 5 (38:27):
If every politician was on social Security, they would fix
social Security in a heartbeat. There's no reason that somebody
that's a government employee should be getting two or three
times what you or I could make on Social Security.
They should be in social Security just like you and I.
(38:51):
It's not like they're volunteering. It's not like they're giving
up their time. Matter of fact, if you look at
pensions for congressmen that have served you know, two or
three terms that are out there, they are incredibly way
too high. If they're going to get a pension from
this government, that every dollar that they make outside of
(39:14):
the government should offset that government pension.
Speaker 4 (39:23):
For every dollar that they make while they're in.
Speaker 5 (39:28):
Office, it should offset what they're making from our federal government.
It's your tax dollars and my tax dollars that are
out there, and it doesn't serve us a good purpose.
Speaker 4 (39:45):
Let's take the government back to its roots. And what's
the roots. It's the Constitution, It's what this government is
supposed to a bud by, it's the.
Speaker 5 (40:03):
Founding fathers, rules and regulations for this government.
Speaker 4 (40:11):
To honor.
Speaker 5 (40:17):
Most of the powers back then were reserved to the states,
not to the federal government. You and I should be
able to vote in our own state what laws and
what we as citizens of our state want, doesn't have
(40:38):
to abide by national.
Speaker 4 (40:43):
Laws.
Speaker 5 (40:44):
We shouldn't be living under so many national laws. If
you look at the regulations that they put on truckers
to the Department of Transportation, if you look at all
the laws we've got to live under from this federal
government and the mint of paperwork that it takes to
live within the rules of the government as a business,
(41:07):
it's incredible. You know, even the states have overreach. You know,
you've got to have a license to go out and fish.
I mean, come on, we should be able to go
out and fish. Uh, you know some of the other
things that you've got to have licenses to do in
(41:27):
every state. You know, look at your state laws and
what kind of licenses.
Speaker 4 (41:33):
You've got to got to.
Speaker 5 (41:35):
Have to do this or that or you know, if
you live in a city, all the rules and regulations
that you've got to you live in a subdivision and
you've got all these laws on the homeowners association. You know,
you chose to buy that house under those homeowners association rules,
and you may not like it, but that was your choice.
(41:56):
If you don't like it, move to the country, move
somewhere that doesn't have a homeowners association, or get involved,
getting involved with the grassroots.
Speaker 4 (42:09):
Get the government.
Speaker 5 (42:12):
Out of years in my life. Let us have life, liberty,
the pursuit of happiness. You know, protect our borders. You know,
we protect our homes. We put security in our homes.
(42:32):
Some people, if they're rich, they may put walls around
their homes to keep people out. But we don't want
to keep anybody out of this country. Well, you know what,
my grandparents moved here from Poland and they came in
through Ellis Island. They came in following the laws of
the country because they wanted to be here. They wanted
(42:55):
to improve their lives, contribute to this economy. So protect
our borders. We want immigration here. We just wanted to
be legal. Force the rules on businesses that hire illegals.
If you put businesses there and make sure that you
(43:21):
can't hire somebody that's illegal and pay them, then they
won't be coming here illegally. They're going to come here
legally to get a job. I've got a lot of
friends and a lot of people we have helped in
immigration that have immigrated to this country legally, and they're
(43:45):
not happy with illegal immigration either. They went through every
section of red tape to get to this country and
do things the right way defend our borders.
Speaker 4 (44:01):
See, simple change is simple rules. You know, many many
years ago and I don't even know, matter of fact,
I'm gonna have to look this up. Our legislators.
Speaker 5 (44:15):
Basically volunteered to go and represent you and I in
the federal government, and then it became paid, and then
it became all kinds of bureaucrats up there. We need
to get it back. You know, I live in Texas
and they meet every two years. They get called back
(44:35):
for special legislation, they get small perdeems, but they go
back into the workforce at work like you and I do.
Pass that balance budget put a balance balanced budget amendment in.
I think we can get enough states that would say, yes,
we need to do this. Live within our means. You
(44:56):
and I can't live in an exorbit in spend everything
that we want out there in the family. We would
be bankrupt and broken. So why does our federal government
extended credit beyond credit. Put each and every individual in
(45:18):
this country, each citizen in this country, so much in debt,
balance the budget. Actually pass a budget every year. If
it doesn't pass, no continuing resolution, give us a budget
or get out.
Speaker 4 (45:35):
Do your job.
Speaker 5 (45:39):
See, people don't like the fact that we here in
the US should demand better of our politicians, demand better
of the people that are up there representing you, and I.
Speaker 4 (45:57):
Demand that.
Speaker 5 (45:58):
Hey, we've put security and Medicare in place. We put
in Obamacare, and it is not affordable. Government's paying a
lot of the premiums for everybody. It used to be
that I, as an employer, could afford to pay health
insurance for my employees because it didn't cost that much
(46:22):
to have health insurance for my employees. And then Obamacare
came along to say make it more affordable. It made
it more expensive, and then it put the burden on
the government to help pay for this. Get the government
out of our lives. It will help you, It will
(46:46):
help me. Pre existing conditions that I understand. To carry
health insurance, you should carry it. You should be carrying
it from when you get out of college till forever.
You're not invincible. I know everybody feels it's invincible. But
when health insurance was reasonable, you could afford to carry
(47:08):
that health insurance and you chose not to Medicare. Medicaid
is that safety net to help you when you have
that situation that's out there, and that's.
Speaker 4 (47:24):
What it's there for.
Speaker 5 (47:26):
So security was meant as a safety net, not as
a be all and offer your retirement, but for many
it is so not taxing social security is a beautiful
benefit to help those that are there, but it needs
to be fixed. See baby members flooding retirement. Many of
(47:49):
them still have to work because of inflection, because of
the cost of living and everything out there. So not
taxing social security will help by the fixing social security
would have helped years ago, and now we need to
fix it because future generations need that help. So that's
(48:12):
my soapbox for today. How to fix the government and
some quick easy steps. I feel it's easy. But let's
start with the first two main things. And once you
put those two things in place, term limits for.
Speaker 4 (48:34):
House and Senate.
Speaker 5 (48:37):
And no pensions, government pensions out the door, put them
on social security.
Speaker 4 (48:47):
Love it. Let's get it done.
Speaker 5 (48:50):
And next week were to keep talking taxes, We're going
to find ways to reduce taxes for truckers, for small businesses.
That is what our job is here to do. So
join with us every week Mondays, ten am Eastern Time
at Tax Talk for You, be here every Monday.
Speaker 4 (49:09):
Thank you.
Speaker 3 (49:12):
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,
(49:32):
then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer Ea Kenyan, 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
(49:53):
next week at W fourcy dot com
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(00:20):
W FOURCY Radio.
Speaker 2 (00:27):
Barry G.
Speaker 3 (00:28):
Fowler EA brings you tax Talk for you right here
on W four.
Speaker 2 (00:32):
CY Radio and Talk for TV.
Speaker 3 (00:34):
As an enrolled agent and a national leader in tax
resolution as well as Trucker bookkeeping and tax planning.
Speaker 2 (00:43):
With over thirty years of experience.
Speaker 3 (00:45):
Barry will break down taxes, book keeping, tax planning, and
tax relief for individuals and businesses just like you.
Speaker 2 (00:54):
So let's have some tax Talk for you with your hosts.
Barry G.
Speaker 4 (00:59):
Foul Hey, welcome to tax Talk for you.
Speaker 5 (01:06):
Hey, check us out at tax TALKFORU dot com. Subscribe
there you know here today Veterans Day. You know, we
take a few moments to pause honor the brave men
and women who have put their.
Speaker 4 (01:21):
Lives on the line to defend.
Speaker 5 (01:25):
Our freedoms, the freedoms we cherish here in the United States.
Speaker 4 (01:30):
You know, it's not just a holiday.
Speaker 5 (01:32):
You know, it's a reminder of the sacrifices that these
brave men and women are veterans put on them, put
themselves out there for us to allow us to live
our everyday lives and the freedoms that we have. It's
(01:53):
about remembering those soldiers who left home facing the unknown,
miss their families and their family gatherings, maybe watch their
children's birthdays and birthday parties, and you know, face unguidly
challenges out there just for the love of our country,
(02:17):
and so we should take the time to remember them
and give thanks. We have a lot of good friends
both at our truckers and veterans personal friends of mine
who sacrifice their family to be out there and to
defend our freedoms. Michael a dear friend of ours. You know,
(02:42):
he's a veteran. He put his life out there. He
came back with some injuries, and you know we appreciate
we help him wherever we can and take care of
and honor his sacrifice and his services, and you know
many others that we have known throughout the years and
been friends with over the years that have put their
(03:05):
lives out of hold just to make this sacrifice for
us and our country. So you know, again, if you
see a veteran out there, you know, tell them thank you.
And it doesn't have to be here on Veterans Day,
only any day you see somebody in the military, thank
them for their service. These are men and women who
(03:27):
are stopping everything to get out there and protect years
and my freedoms and freedoms for our children and our grandchildren.
You know, here today we get to actually talk about
something that you know, it kind of excites.
Speaker 4 (03:44):
Me because we're getting a new administration.
Speaker 5 (03:47):
And yes it's an old one Trump coming back, but
the possibility of all the tax cuts. We had no
idea where we were going to be heading after twenty
twenty five with the tax and what was going to
happen with the tax policy. The current administration wanted to
get rid of the tax policy that we are living
(04:08):
under currently and go back to what we had back
in twenty seventeen.
Speaker 4 (04:14):
Because these Trump tax.
Speaker 5 (04:17):
Cuts that took effect expire at the end of twenty
twenty five. Now we're expecting with Congress coming in both
the House and the Senate and President Trump that the
twenty twenty seventeen tax cuts, hopefully they will come in
and make those permanents, so we won't live under a
(04:39):
temporary tax policy, but we'll actually live under a known
tax policy that we have currently. And so that was
the Tax Cuts and Jobs Act of twenty seventeen, and
you know, it lowered the individual tax rates, It set
a higher standard to duck, gave us higher child tax credits,
(05:04):
It put a cap on deducting state and local taxes.
Speaker 4 (05:09):
It gave a larger lifetime.
Speaker 5 (05:11):
A state and gift tax exemption, and all those we're
going to be slated to end. So now we're hoping
that Conmerse will come in and do this and put
this in and make this a permanent part of the
tax code, not just temporary. So you know what we're
(05:33):
looking at at the moment. We look at the standard deduction.
The standard deduction is for single for twenty twenty four
is going to be fourteen thousand, six hundred. If you're married,
finally jointly, it's twenty nine thousand, two hundred, and if
you're head of household, it's twenty one thousand, nine hundred.
(05:55):
Now you can choose to deduct the standard deduction or
the itemized.
Speaker 4 (06:03):
The reason you choose itemized is.
Speaker 5 (06:05):
You're going to be able to get over the standard
amount and the standard deduction. So if you're single and
with and you bought a house recently in the higher
interest rates and everything, you might between your interest deduction,
your state in local tax deduction, and charitable deductions, you
just might get over that standard deduction of fourteen thousand,
(06:29):
six hundred. And it's the same with Mary finally, joint,
you know, if you're going to itemize, you've got to
get over that. So you know, if you're very charitable
and you give a lot of money to charity, that
will be a.
Speaker 4 (06:41):
Big hurdle for you to.
Speaker 5 (06:44):
Get over and get that as an itemized deductions. But
combined with your mortgage interest in properly property taxes and
stayed in local taxes, you might get over that twenty
nine thousand, two hundred. So you've got to take a
look at it for your situation. And then the standard
(07:05):
deduction also is going to bump you up, So if
you're at least sixty five or blind, you can claim
an additional standard deduction of one nine and fifty dollars
if you're using single or at a household filing status.
If you're both sixty five and blind, the additional deduction
(07:26):
amount is doubled. So keep those things in mind because
it gives you a little bit more of an advantage
out there. So with those things in mind, you know,
you've got to really sit down and look at it.
Speaker 4 (07:42):
You know, what's your filing status, how old are.
Speaker 5 (07:44):
You, what is your standard deduction versus itemized seductions? And
every good tax preparer out there should be looking at
this across the board for every person that they prepare taxes.
So if you've got mortgage interest and property taxes and
charitable contributions both cash, you know, and if you're making
(08:08):
donations of non cash items, both of those count towards
getting to the itemized deductions to get over your standard deduction.
But you got to take a look at that now.
To be honest, there are a lot of people that
don't qualify because they're still under low interest rates and
(08:28):
maybe they don't give very much to charity or a
lot less. I mean, everybody's world is different, so you know,
you've got to get over that standard deduction amount, so
you take a look at it. It's not something that
everybody gets out there and is able to do. Now,
one of the other benefits of the Trump tax cuts
(08:51):
was the child tax credit. So the child tax credit
increased under the Trump tax laws, and you know, there
were forty million families nationwide each year uses to help
offset some of the costs for raising children. Now you
(09:13):
get a two thousand dollars credit for each child that's
under seventeen.
Speaker 4 (09:18):
The government acts as if.
Speaker 5 (09:20):
If you're seventeen or eighteen, it doesn't cost you that
much to raise your child, so you don't get the
child tax credit. I've never understood that. I don't know
anybody understands that sometimes those seventeen and eighteen year olds
costs me more than when they were, you know, thirteen,
fourteen or fifteen. You know they started driving. Now all
of a sudden, you've got more insurance, you've got more
(09:43):
vehicle costs, and vehicle insurance isn't cheap once you get
another driver out there. So you know, I've never understood
why the child tax credit stops there.
Speaker 4 (09:56):
But if they are seventeen.
Speaker 5 (09:58):
Or older, you do get five hundred dollars credit for
each one of them, and that goes for you know,
other dependence too, So full time students nineteen through twenty
four you'll be able to get that five hundred dollars
credit as well. Now, we're expecting a lot of this
to stay in place with the new Congress out there.
Speaker 4 (10:24):
You know, we're trying to find, you know, what's going to.
Speaker 5 (10:28):
Change based on you know, how Trump ran for reelection
and what his promises are, and you know, as you're
sitting down and looking at this, how it's going to
affect you and your family in twenty twenty five and beyond.
(10:49):
And hopefully some of the changes that Trump was looking
at doing is going to come into play in twenty
twenty four with Congress being they'll make it retroactive, but
at the very least it's going to be in twenty
twenty five. We see a lot of changes coming up
(11:09):
for there. One of the other big advantages and we're
going to talk about this a little bit and how
this works in your favor as an American citizen and
for families out there, is taking advantage of the lifetime
of state and gift tax exemption. Also why you can
(11:32):
and what Trump did under the twenty seventeen Trump tax
laws that helped you or your family when you're passing
in a state along and we will talk about that
right after this quick break.
Speaker 3 (11:56):
We have only scratched the surface of place show. Please stays.
Barrygfowler 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 what level trucker you are.
Speaker 2 (12:17):
Life on the road can be taxing, but that doesn't.
Speaker 3 (12:21):
Mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly. Go to
truckertex tools dot com for a free guide that will
give you the tools to never worry about your taxes again.
Call Trucker Tax Tools eight seven seven nine sixty six
two four seven seven or go to Trucker tax Tools
(12:45):
dot com now and let.
Speaker 2 (12:46):
The experts keep you trucking.
Speaker 3 (12:51):
Let's get back to tax stock for you with more
tax stock once again, here's your host, Barrygfower.
Speaker 5 (13:02):
Hey, welcome back. You know when I talk at truck
to Success. It's a semin are put on by Owner
Operator Independent Drivers Association, you know, talking to truckers and
we get into the nitty gritty of taxes and how
to save money on taxes. But we always talk about
(13:23):
what's coming up in tax laws, and we talk about
you know, politicians, we talk about celebrities, we talk about
people that are rich, and.
Speaker 4 (13:32):
And we talk about you know, tax planning. One of
the things that I really hit home.
Speaker 5 (13:38):
For is, you know, every politician I've ever known has
never found a tax that they didn't like and finding
ways to tax people. Now, you know, conservatives are more
of hey, lower the tax rates is going to generate
more economic boom and more to the economy. But you know,
(13:58):
they still got to bring in the tax money to
pay for the things that the government is supposed to
do for us, and even pay for the things the
government shouldn't be doing for us. But that's that's another
topic for later in this that we'll get on my
soapbox and be able to explain my philosophy and my thoughts.
But give tax and a state tax, you know, this
(14:20):
is taxing money that's already been taxed maybe once, maybe twice,
maybe three times, and maybe even more. And so you know,
when we deal with family businesses and passing the businesses
on from one family member to another, or passing a
family ranches.
Speaker 4 (14:42):
Or farms or.
Speaker 5 (14:46):
Just the estate for most families, if you're going to
tax it, and you're going to tax close to you know,
forty fifty. And then depending on whether you're in a state,
you know, in what state you're in, you may get
a state tax as well. But passing on family land
even becomes very very expensive. But you know, luckily, under
(15:08):
the Trump tax cuts in twenty seventeen, you're able to
pass on about twelve thousand, nine hundred dollars nine hundred
twelve million, nine hundred thousand dollars of state.
Speaker 4 (15:24):
Money to your family. So you can pass that down.
Speaker 5 (15:28):
Now, not everybody's going to hit it, but sometimes you
do hit that just because the value of your land
or the value of your business might get you to there.
One thing that you can do if you have that
kind of money, or if you're trying to maybe help
(15:49):
your your child or grandchild or even great grandchild out,
you do have some annual gift limits, and for twenty
twenty four it's eighteen thousand dollars that you can give
to a family member individual that's going to go to
them and they're not have to file a gift tax
return for But if you're married, then it can go
(16:15):
up to thirty six thousand. Now the nice part is
is you can give you eighteen thousand to let's say
your daughter in eighteen thousand to your son in law,
and then your spouse can do the same thing, and
so there would be amount up to seventy two thousand.
(16:35):
And that's money that you can pass through to family
that you know you don't have to file that gift
tax return to do it.
Speaker 4 (16:46):
So you know, keep those kind of things in mind.
Speaker 5 (16:48):
If we're looking to pass money through down to the generations,
this one way of doing it. Twenty twenty five, it's
going to go to nineteen thousand, and the state limit
is going to go up to thirteen point six one
million or thirteen point ninety nine million twenty twenty five.
(17:13):
So there are some great limits out there. Now, what
is Trump going to do? So when we look at
what Trump's.
Speaker 4 (17:25):
Going to do, you know.
Speaker 5 (17:29):
Trump wants to drip taxes on businesses US businesses.
Speaker 4 (17:36):
Now, the one thing you got to understand.
Speaker 5 (17:37):
People say, hey, tax business, tax business, tax business. Well,
businesses still have to get a certain rate of return.
When you're in business, you're in business to make money,
not just for the pay of the employees, but to
give a rate of return to your investors. And so
(18:03):
if you are Exon, you are Walmart, you are Family Dollar,
whatever you are out there in business, even you know
small mom and pop, You've got to make a certain
amount of money. And the only way you can do
that is to charge a certain rate that's going to
give you that kind of return on the goods or
(18:25):
services that you provide. Now, if the government comes in
and increases your taxes by ten percent, where's that money going.
Speaker 4 (18:34):
To come from.
Speaker 5 (18:36):
Well, most people think that money is going to come
right out of the business. Well, the business still has
to provide a way to return. The business still needs
to provide mom and pop a certain amount of money
to make ends meet. Yes, I could fire somebody and
pay the taxes. That's one last person working, but we
(18:59):
need that person working to provide the services to the
people that were providing services or goods too. So now
I've got an increase the price of the product that
I am providing by more than ten percent. See, it
(19:19):
wasn't a tax on the business. It was a tax
on the consumer disguised as a tax on the business. Hey,
have you ever looked at the actual taxes in fuel
tax at the pump? You have your state taxes, you
have your fuel federal fuel taxes, and then you have
(19:40):
the actual costs of the gasoline. So if that tax
was roughly forty five cents out of every gallon of gas,
government's taking the money still from you. You just don't
see it because embedded into the price of that gasoline
(20:01):
that you just purchased at the pump. See, big business
didn't pay it. They just collected it.
Speaker 4 (20:08):
And remitted it to Uncle Sam.
Speaker 5 (20:13):
So they're out there collecting their money. So Trump has
talked about a lot of different things. So he's proposed
some changes in going to a couple of individual tax
rates being fifteen and thirty percent. That thirty percent would
(20:33):
start at one hundred and seventy thousand, fifteen percent maximum
long term capital gains tax rate.
Speaker 4 (20:43):
They will have. What he wants to do is give.
Speaker 5 (20:47):
An annual inflation indexing of capital gains.
Speaker 4 (20:51):
So these are some of the ideas.
Speaker 5 (20:52):
That are being floated out there for Trump tax cuts.
Speaker 4 (21:00):
So you know, it's things like that that's you.
Speaker 5 (21:04):
Know, it could be a good thing for you or
I to see that there'd be less tax brackets out there,
but there's no guarantee that that's where they're going to go.
Speaker 4 (21:19):
In these Trump tax cabits. Now.
Speaker 5 (21:22):
Trump is also talked about getting ready of taxies on
Social Security.
Speaker 4 (21:28):
Great idea.
Speaker 5 (21:30):
People sixty five and older, people that are on so
Security need that money to live on.
Speaker 4 (21:35):
It is not.
Speaker 5 (21:38):
Enough money to live on day to day, week to week,
year to year, and it doesn't keep up with.
Speaker 4 (21:44):
Inflation as well.
Speaker 5 (21:45):
So if that is your only fallback is social Security,
getting that money normally would be tax free anyway because
you don't have any other income. But if it allows
you to go out and get a part time job
to supplement that and keep solid Security tax free, that's
even better for you and I getting out and continuing
(22:08):
to work.
Speaker 4 (22:09):
In retirement.
Speaker 5 (22:11):
Even if it's on a part time basis, and keeping
Social Security tax free.
Speaker 4 (22:17):
So that is a good thing. You know, he's talked
about doing no tax on tips.
Speaker 5 (22:27):
You know, that could be a good thing, But again,
and you know, you've got to look at where people
are in earning income on tips and tipped employees. They're
making very little usually if they're a restaurant to a worker,
they make very little hourly and rely on tips that
(22:49):
are out there. There should be still some kind of
base in there. Not sure how he's going to implement
making tips tax free and what's already not disclosed because
certain restaurants are only required to put in a certain
(23:10):
percentage of for tips, and who knows what people keep
on a cash basis, if cash is still used out
there for tips. So you know, we take a look
at those things, and you know, after we come back
from this break, we're going to talk about what they're
(23:31):
talking about doing for the child tax credits as well
with the new possible Trump tax laws going forward, and
we'll talk about that right after this.
Speaker 3 (23:45):
We have only scratched the surface of today's show. Please
stand by as Barry G. Fowler will be right back
with tax talk for you. If you own the I
R S or are going through an I R S audit,
don't go at it alone.
Speaker 2 (24:02):
Call Taxation Solutions Tax.
Speaker 3 (24:04):
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.
(24:27):
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
(24:48):
once again.
Speaker 2 (24:49):
Here's your host, Barry G. Fowler.
Speaker 4 (24:55):
Hey, welcome back.
Speaker 5 (24:57):
You know, we're talking a little bit about Trump tax laws,
or the future Trump tax laws as they may be
saying and looking at.
Speaker 4 (25:06):
We have seen where.
Speaker 5 (25:10):
Republicans in Congress have already introduced some legislation to eliminate
taxes on tips and stuff. Whether that strategy is going
to work and go forward, I don't know. Probably gonna
have to wait till next year to get those things
(25:31):
in place. And what's going to be the mechanics and
mechanisms behind.
Speaker 4 (25:36):
It that will help reduce those taxes.
Speaker 5 (25:44):
Now, one of the big things that Trump and his
Vice president pick JD. Vance was talking about giving a
higher child tax credit of five.
Speaker 4 (25:58):
Thousand per chi child.
Speaker 5 (26:02):
So that's a two hundred and fifty percent increase from
the current two thousand per per child per child tax credit.
It could go a long way to helping families with children.
And I'm sure there's going to be a phase out
in the phase out is not anywhere anybody likes because
(26:27):
a married filing joint, that phase out could be around
two hundred and fifty thousand dollars. The other question would
be is this a refundable credit? So when they have
refundable credits means that you know, is it going to
pay back to you whether or not you have any
taxes to offset with this credit out there? So what
(26:50):
part is the redistribution of wealth so to say, where
we're taking from one group and giving to another with
this child tax credit. So we've got to look at
that and see how the impact is going to be
on that, how much of a benefit it is to
(27:13):
people with children, and where that phase out is going
to be, because you know, as they say, they want
to make sure everybody taxes the rich, and talking to
a lot of people that nowadays, you know, whether you're
making one hundred thousand or two hundred thousand, it doesn't
seem like you're making ends meet. Either people don't seem
(27:38):
to understand that and can't relate.
Speaker 4 (27:40):
They think that.
Speaker 5 (27:41):
Other person is always richer from them, and let's tax them. Hey,
why don't we get this down to where we're taxing
less and growing the economy. Now, one of the other
things that Trump has proposed is to benefit fit workers
that are on overtime pay, and he said he supports
(28:05):
making overtime pay.
Speaker 4 (28:08):
Non taxable.
Speaker 5 (28:10):
Don't know the mechanisms beyond that, but it would be
a good, good thing and lower the burden of taxes. Now,
hopefully that means not taxing it for Social Security and
medicare as well, So it just it doesn't just lower
the burden on federal income tax, but lowers the burden
(28:31):
on Social Security and medicare on that and maybe an
incentive for small businesses to have the more overtime for
their employees because they wouldn't have to pay that extra
sevent and a half percent of those earnings for Social
(28:51):
Security and medicare as the employer match that's out there.
You know, when we sit down and we talk about this,
this is all things that are proposed. We're going to
see where this heads, you know, over the next you know,
(29:13):
six months, twelve months as we go through Trump presidency
and be able to look at it for small businesses
on how this will benefit you and help make you
(29:33):
more profitable by continuing to pay less in taxes or
reducing the tax burden of running your business.
Speaker 4 (29:44):
So the tax burden is twofold.
Speaker 5 (29:46):
It's not just the tax rate that you're going to
have in your small business, but it's also the paperwork
that's involved in maintaining that small business, some meeting in.
Speaker 4 (30:02):
The tax code that's out there.
Speaker 5 (30:04):
So if you are running a small business and you
have employees, not only do you have to pay the
Social Security and Medicare, but you also got to take
Social Security and Medicare out of your employees check. And
you've got to calculate the withholding rate the correct.
Speaker 4 (30:18):
Way as well.
Speaker 5 (30:20):
And then you've got to file your nine forty ones
every quarter. You've got to file your unemployment forms every quarter.
You've got to file your state payroll forms every quarter,
and you've got to remit the taxes. Whether it's weekly,
whether it's monthly, whether it's quarterly, depends on your business
(30:43):
and how many.
Speaker 4 (30:43):
Employees you have and how much you're paying out every week.
Speaker 5 (30:49):
Where every two weeks, depending on when your payroll is,
we'll dictate how you're going to pay those taxes in
Now we see a lot of times in and small businesses,
so a taxation solutions tax relief. We see problems for
small businesses across the board when they're dealing with payroll taxes,
(31:12):
not filing the forums timely, not paying the payroll taxes.
And once you do that, now you set yourself up
for big, big trouble, and that trouble will compound interest
in penalties, and if you ignore it long enough, it
(31:36):
may even get down towards trust fund penalties where they're
actually assessing those penalties against you personally, not just against
the business, and coming after you to collect for the
trust fund. Now, the trust fund part of the taxes
is the amounts that you withhold from your employees checks.
So that's seven and a half percent of Social Security
(31:57):
and medicare that federal come taxes you with help those.
You can be a trust fund tax penalty for for
not paying that money in which was your employee ease
money that you were supposed to take out for safe
keeping and pass to the I R S. So you
(32:20):
want to make sure you're really on top of your
payroll and your payroll taxes. Now, the one thing, you know,
we've we've had people come to us and ask us, hey,
do you do payroll and can you do our payroll
for us? And yes, we can. Whatever service you choose,
(32:41):
it's worth it, okay. So one thing you want to
make sure of that it's going to be an automated
service so that it's going to get done whether you
have your hands in it or not. It's you know,
going to have some kind of guarantees behind it.
Speaker 4 (33:00):
You know, as long as you have the.
Speaker 5 (33:01):
Money in the account and they can take the money
and pay your payroll taxes and be deposited.
Speaker 4 (33:09):
Over there, that you're going to know that the.
Speaker 5 (33:12):
Forms are going to get filed correctly, the forms are
going to get done because let me tell you this,
I've had somebody tell me, hey, it's thirty dollars a
month for payroll for somebody maybe a month or whatever.
It's too high. Three hundred and sixty dollars a year.
(33:32):
Well you make one mistake. Well, they're went here three
hundred and sixty dollars savings that you didn't want to
pay for payroll. You're now paying maybe ten times that
thirty six hundred to fix your tax problem, or that
tax problem became compounded. Now not only are you paying
(33:54):
a service fee to fix it, but you're paying the
government penalties and interest and then rest fund recovery penalty. Guys,
if you're in a small business, get a payroll service. Get
somebody that's going to handle your payroll for you so
you don't fall into trouble with the.
Speaker 4 (34:16):
I R S. Hey. One of the fun parts about
this show. And I tell people, and I talk to
people all the time, and people ask me, you know, hey,
what would you do?
Speaker 5 (34:29):
Well, first off, I'm not a politician, never wanted to
be a politician. I'm not running for office locally, nationally,
or any way. So don't look to vote for me,
and I'm not asking for any votes. But I have
a lot of fun talking to people about what I
would do.
Speaker 4 (34:49):
If I was king.
Speaker 5 (34:52):
And I laugh about that because I know we don't
have a king here, we have a president. One of
our former presidents kind of I felt like, he, you know, hey,
you got to let it felt like you were king.
You did everything executive order. I wish I could do that,
but you can't.
Speaker 4 (35:06):
Do that.
Speaker 5 (35:09):
But I can rant, I can have a soapbox. I
can tell you how to fix security, how to fix
this government in a very short period of time, and
have every Connors Senator on board fixing it if we
(35:29):
just make a few changes to our government. Hey, you
want to know what that is? You got to stay
tuned and come back right after this break.
Speaker 3 (35:40):
We have only scratched the surface of today's show. Please
stand by as Barry GEF Fowler will be right back with.
Speaker 2 (35:47):
Tax talk for you.
Speaker 3 (35:51):
As an owner operator, you already spend too much time
away from your family.
Speaker 2 (35:56):
Stop spending time doing pay for work.
Speaker 3 (35:59):
Go to truck or tech tools dot com a solution
filled specifically for truckers. Trucker tax tools dot Com makes
your life run smoothly. Let's get back to tax talk
for you with more tax stock once again.
Speaker 2 (36:16):
Here's your host, Barry G. Fallom.
Speaker 4 (36:21):
Hey, welcome back.
Speaker 5 (36:22):
You know I'm gonna tell you, Hey, this is my
soapbox time and this is the fun one.
Speaker 3 (36:29):
You know.
Speaker 5 (36:30):
I've loved this quote that I had read out there
and had seen and I want to tell you back
in I think it was in the seventeen hundreds. Betterment
Franklin basically came out and said, when voters figure out
(36:51):
they can vote themselves money, it's the end of government.
Now I'm paraphrasing, okay, But when you listen to politicians
out there is what can I give you to make
you vote for me?
Speaker 4 (37:03):
What can I give away to vote for me? Now?
Speaker 5 (37:07):
I'm a conservative person, and you know one of my
favorite presidents was actually John F.
Speaker 4 (37:12):
Kennedy.
Speaker 5 (37:13):
It's, you know, as not what your country can do
for you, but what you can do for your country.
And today being Veterans Day, veterans gave a lot to
this country, and we own a lot for the sacrifices
that they make to protect yours and my freedom and
in my freedom to actually sit here.
Speaker 4 (37:35):
And be on my soapbox for a little bit. So
somebody asked me.
Speaker 5 (37:38):
The today, he said, mister Fowler, how would you fix
this country? I said, you know, the first thing that
I would do is term limits across the board. So
you know, senators, congressman, you have turn limits. Two terms.
You're out. If it's good for the president, it's good
(37:59):
for you, serve you two terms. Second thing, we end
government pensions. That's right, you heard it. We end government pensions.
Everybody should be on Social Security. You want to see
(38:19):
social Security get fixed.
Speaker 4 (38:24):
I do.
Speaker 5 (38:27):
If every politician was on social Security, they would fix
social Security in a heartbeat. There's no reason that somebody
that's a government employee should be getting two or three
times what you or I could make on Social Security.
They should be in social Security just like you and I.
(38:51):
It's not like they're volunteering. It's not like they're giving
up their time. Matter of fact, if you look at
pensions for congressmen that have served you know, two or
three terms that are out there, they are incredibly way
too high. If they're going to get a pension from
this government, that every dollar that they make outside of
(39:14):
the government should offset that government pension.
Speaker 4 (39:23):
For every dollar that they make while they're in.
Speaker 5 (39:28):
Office, it should offset what they're making from our federal government.
It's your tax dollars and my tax dollars that are
out there, and it doesn't serve us a good purpose.
Speaker 4 (39:45):
Let's take the government back to its roots. And what's
the roots. It's the Constitution, It's what this government is
supposed to a bud by, it's the.
Speaker 5 (40:03):
Founding fathers, rules and regulations for this government.
Speaker 4 (40:11):
To honor.
Speaker 5 (40:17):
Most of the powers back then were reserved to the states,
not to the federal government. You and I should be
able to vote in our own state what laws and
what we as citizens of our state want, doesn't have
(40:38):
to abide by national.
Speaker 4 (40:43):
Laws.
Speaker 5 (40:44):
We shouldn't be living under so many national laws. If
you look at the regulations that they put on truckers
to the Department of Transportation, if you look at all
the laws we've got to live under from this federal
government and the mint of paperwork that it takes to
live within the rules of the government as a business,
(41:07):
it's incredible. You know, even the states have overreach. You know,
you've got to have a license to go out and fish.
I mean, come on, we should be able to go
out and fish. Uh, you know some of the other
things that you've got to have licenses to do in
(41:27):
every state. You know, look at your state laws and
what kind of licenses.
Speaker 4 (41:33):
You've got to got to.
Speaker 5 (41:35):
Have to do this or that or you know, if
you live in a city, all the rules and regulations
that you've got to you live in a subdivision and
you've got all these laws on the homeowners association. You know,
you chose to buy that house under those homeowners association rules,
and you may not like it, but that was your choice.
(41:56):
If you don't like it, move to the country, move
somewhere that doesn't have a homeowners association, or get involved,
getting involved with the grassroots.
Speaker 4 (42:09):
Get the government.
Speaker 5 (42:12):
Out of years in my life. Let us have life, liberty,
the pursuit of happiness. You know, protect our borders. You know,
we protect our homes. We put security in our homes.
(42:32):
Some people, if they're rich, they may put walls around
their homes to keep people out. But we don't want
to keep anybody out of this country. Well, you know what,
my grandparents moved here from Poland and they came in
through Ellis Island. They came in following the laws of
the country because they wanted to be here. They wanted
(42:55):
to improve their lives, contribute to this economy. So protect
our borders. We want immigration here. We just wanted to
be legal. Force the rules on businesses that hire illegals.
If you put businesses there and make sure that you
(43:21):
can't hire somebody that's illegal and pay them, then they
won't be coming here illegally. They're going to come here
legally to get a job. I've got a lot of
friends and a lot of people we have helped in
immigration that have immigrated to this country legally, and they're
(43:45):
not happy with illegal immigration either. They went through every
section of red tape to get to this country and
do things the right way defend our borders.
Speaker 4 (44:01):
See, simple change is simple rules. You know, many many
years ago and I don't even know, matter of fact,
I'm gonna have to look this up. Our legislators.
Speaker 5 (44:15):
Basically volunteered to go and represent you and I in
the federal government, and then it became paid, and then
it became all kinds of bureaucrats up there. We need
to get it back. You know, I live in Texas
and they meet every two years. They get called back
(44:35):
for special legislation, they get small perdeems, but they go
back into the workforce at work like you and I do.
Pass that balance budget put a balance balanced budget amendment in.
I think we can get enough states that would say, yes,
we need to do this. Live within our means. You
(44:56):
and I can't live in an exorbit in spend everything
that we want out there in the family. We would
be bankrupt and broken. So why does our federal government
extended credit beyond credit. Put each and every individual in
(45:18):
this country, each citizen in this country, so much in debt,
balance the budget. Actually pass a budget every year. If
it doesn't pass, no continuing resolution, give us a budget
or get out.
Speaker 4 (45:35):
Do your job.
Speaker 5 (45:39):
See, people don't like the fact that we here in
the US should demand better of our politicians, demand better
of the people that are up there representing you, and I.
Speaker 4 (45:57):
Demand that.
Speaker 5 (45:58):
Hey, we've put security and Medicare in place. We put
in Obamacare, and it is not affordable. Government's paying a
lot of the premiums for everybody. It used to be
that I, as an employer, could afford to pay health
insurance for my employees because it didn't cost that much
(46:22):
to have health insurance for my employees. And then Obamacare
came along to say make it more affordable. It made
it more expensive, and then it put the burden on
the government to help pay for this. Get the government
out of our lives. It will help you, It will
(46:46):
help me. Pre existing conditions that I understand. To carry
health insurance, you should carry it. You should be carrying
it from when you get out of college till forever.
You're not invincible. I know everybody feels it's invincible. But
when health insurance was reasonable, you could afford to carry
(47:08):
that health insurance and you chose not to Medicare. Medicaid
is that safety net to help you when you have
that situation that's out there, and that's.
Speaker 4 (47:24):
What it's there for.
Speaker 5 (47:26):
So security was meant as a safety net, not as
a be all and offer your retirement, but for many
it is so not taxing social security is a beautiful
benefit to help those that are there, but it needs
to be fixed. See baby members flooding retirement. Many of
(47:49):
them still have to work because of inflection, because of
the cost of living and everything out there. So not
taxing social security will help by the fixing social security
would have helped years ago, and now we need to
fix it because future generations need that help. So that's
(48:12):
my soapbox for today. How to fix the government and
some quick easy steps. I feel it's easy. But let's
start with the first two main things. And once you
put those two things in place, term limits for.
Speaker 4 (48:34):
House and Senate.
Speaker 5 (48:37):
And no pensions, government pensions out the door, put them
on social security.
Speaker 4 (48:47):
Love it. Let's get it done.
Speaker 5 (48:50):
And next week were to keep talking taxes, We're going
to find ways to reduce taxes for truckers, for small businesses.
That is what our job is here to do. So
join with us every week Mondays, ten am Eastern Time
at Tax Talk for You, be here every Monday.
Speaker 4 (49:09):
Thank you.
Speaker 3 (49:12):
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,
(49:32):
then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer Ea Kenyan, 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
(49:53):
next week at W fourcy dot com
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