The Tax Answers Advisor

The Tax Answers Advisor

The tax world is always revolving and changing. How does the taxpayer keep up with both individual tax and business tax changes? The year 2020 saw thousands of pages added to the tax code. We help our listeners to understand the importance of using a licensed, credentialed tax preparer, such as an Enrolled Agent (EA), to prepare their individual tax returns and their business tax returns. You will learn how a proactive approach to rapidly changing tax laws will help you to pay the least amount of income tax possible. You’ll learn by working year-round with an Enrolled Agent. You can maximize both your tax deductions and your tax credits. Together we can help you create tangible strategies to achieve financial success and increase cash flow. By strategic planning and implementation, you can keep tax liability down in the future no matter what Congress does. The Tax Answers Advisor can be heard every Thursday at 9 AM Pacific Time on the VoiceAmerica Business Channel.

Episodes

Tax Preparation? Tax Resolution? What Will You Choose?

March 16, 2023 • 60 mins
As one long tax seasons continues (long because April 18 is the filing deadline), many taxpayers have filed, other have yet to file, some will file an extension, and some will not file at all. Where are you in this mix? Hopefully, you have already filed your tax return or you soon will file your tax return. But some 15 million plus taxpayers have overdue prior year tax returns and it does not look good for them to get current any...
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How to Think Like a Bank & Reduce Taxes at the Same Time!

January 5, 2023 • 60 mins
Is it possible to think like a bank and take control of your finances and taxes? With guest Sarry Ibrahim, I will discuss how taxpayers with properly structured life insurance can take control of finances and actually think like bank for a number of financing options. With these strategies many taxpayers can save on taxes now and into retirement. Learn how you can practically be your own bank if you are considering investing in ...
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Is It Really That Easy to Eliminate Your Back Tax Debt?

December 15, 2022 • 60 mins
How many times have your heard late night ads on satellite radio stating how easy it is to eliminate your back tax debt? “Just contact us to get rid of your back taxes.” What does it really take to properly handle back taxes? How do you qualify for an offer? Is there really an IRS Fresh Start Program? So many more questions can be asked on this topic. With guest Eric Green we answer these questions and provide the guidance o...
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Encore What Did I Learn From the 2022 Tax Season? Know What for 2022?

December 9, 2022 • 60 mins
Each tax season has its own unique challenges. In 2022 working the 2021 tax year, I encountered several first time experiences after 20+ years of tax preparation. There were many provisions that only applied to the 2021 tax year. How I kept it all straight is truly a miracle. As I spoke to new clients and to returning clients, I come to understand how challenging the past couple years has been for them. As observations of the ...
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Start Now on Your 2022 Tax Return Before It Is Too Late!!

December 1, 2022 • 60 mins
The tax world is constantly in utter flux. The years 2021 and 2022 were no different. What you could take in 2021, you cannot take in 2022. An expanded Child Tax Credit in 2021 is not available in 2022. What other adjustments do you have to plan for as the year comes to a close? I will cover some IRS notes, make some recommendations for the end of year, and review some big adjustments you should expect in your refund and other...
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What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?

November 18, 2022 • 60 mins
Soon you will be receiving your W-2 and some bank interest. Thinking you have all your forms you need to go to your tax professional and have your taxes filed. Then, the day after your tax return is sent to the IRS a form 1099 with the letters “NEC”, “MISC”, “K”, or some other letter appears in your mailbox. What do you do? Is there anything you need to do? Should you have been expecting the form? Is the form correct? As the...
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Tip or Not to Tip? -- Is that Tip Really Taxable?

October 27, 2022 • 60 mins
Working in an industry where tipping is common? Do you depend on tips to make a living and support your family? Are you aware the income received via tips, including cash received is taxable income? Is your employer requiring you to report your tips? As an employer what is your responsibility with regard to tips? What exactly is a tip? I will cover what qualifies as a tip, what are cash and non-cash tips, why it is important ...
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Basis? I Am So Confused? What is Basis? Why Is Basis Important?

October 20, 2022 • 60 mins
To correctly calculated their gains or losses for tax purposes, taxpayers must know their basis in stocks, gifts received, inheritances, and so much more. For shareholders in an S-Corporation, LLC members, and partners in a partnership, knowing and tracking their basis in the business entity is absolutely essential, especially in years when the entity has a pass through loss. How do taxpayers keep track of their basis? For thos...
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Natural Disasters and Tax Scams -- How Ready Are You?

October 13, 2022 • 60 mins
Tax scams. Imitators of the IRS. How creative can they get? It seems every month more news from the IRS is released on the latest attempts to access your personal information. With emails, phone calls, and now text messages scammers are looking to get your information for who knows what. The best defense is to be aware and be watchful. I will inform you of what to avoid clicking or tapping on to protect your information. You c...
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Encore Is the IRS Keeping Your Tax Refund for Your Spouse’s Unpaid Debts

October 7, 2022 • 60 mins
Been wondering what is taking your federal refund so long to arrive by check or direct deposit? Then, finally you receive a letter stating that your refund has been applied to your spouse’s overdue tax debt, defaulted student loan payment, or past due child support. Will you be able to recover any of your federal refund on the withholding from your W-2's or refundable tax credits? Yes, you may qualify as an Injured Spouse and ge...
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What Does Your Dependent and Home Energy Credits Have In Common?

September 15, 2022 • 60 mins
Have you been waiting for the checks for your dependents under 17? Are you anticipating another bigger than normal refund? The Child Tax Credits for 2022 are not the same as 2021. Have you included this change in your tax planning for 2022? Is your dependent still being claimed on another return before you get to file? Is there a way you can claim your dependent before someone else does? Will the dependent day care credit be j...
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What does EA mean? Why an Enrolled Agent is the Best Choice!

September 8, 2022 • 60 mins
First created in 1884 to prepare claims against the government for the American Civil War, Enrolled Agents have been at the forefront of representing taxpayers who need the extra help with personal and business taxes. But, what exactly is an Enrolled Agent? Many taxpayers have never heard of an Enrolled Agent, much less even know what the initials “EA” mean. This program will help you to understand what an Enrolled Agent is, wha...
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Can the IRS Balance Enforcement and Provide Taxpayer Service?

September 2, 2022 • 60 mins
Have you received an IRS payment due notice? Have your tried to call the IRS to get a question answered? Are you still waiting for your 2020 refund? As the IRS recovers from the COVID-19 pandemic, the Service is facing many challenges, including how to balance enforcement while at the same time providing taxpayer service. Many taxpayers are frustrated with the long hold times and even being disconnected. Millions of taxpayers ...
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Should An Additional 80,000+ IRS Agents Be of Concern To You?

August 12, 2022 • 60 mins
Been keeping up with the news of a recent bill in Congress that could add more than 80,000 agents to the IRS? If you are behind on filing or are receiving notices from the IRS, you could have big reason for concern. Do you have a drawer full of IRS notices? Have you seen the advertisements from companies claiming they can reduce or your eliminate your IRS tax debt? Is it really as easy as the claims state to reduce your tax de...
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Encore Are You Classifying Your Employees Correctly?

August 4, 2022 • 60 mins
Many employers are looking for ways to save money. Is it wise to try and pay individuals doing work for you as contractors? Or, is it better to just pay workers as employees? Is this a good idea to save some money? The Internal Revenue Service and many state departments of labor have tests that determine whether an individual is an employee or an independent contractor. I will discuss these tests and what the potential conseq...
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Is Your Home Office a Tax Deduction? Effect on Sale of Home?

July 28, 2022 • 60 mins
Working from home as an employee? Are you operating your business from a home office? What qualifies as a home office? What requirements do you need to meet to take a deduction on your home office? What happens if you sell your home after having an office in the home? These are all very important questions that must be answered for taxpayers who are working from their home. I will cover the difference in working from home as ...
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How Secure is Your Tax Information With Your Tax Professional?

May 26, 2022 • 60 mins
How safe is your personal or business information with your tax professional? Are you considering the security of your private, personal information when selecting the person or organization to prepare your personal or business tax return? Does your tax professional have a Data Security Plan? What kind of online security does a tax professional employ in their office? All importance questions to consider before selecting a tax ...
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What Did I Learn From the 2022 Tax Season? Know What for 2022?

May 12, 2022 • 60 mins
Each tax season has its own unique challenges. In 2022 working the 2021 tax year, I encountered several first time experiences after 20+ years of tax preparation. There were many provisions that only applied to the 2021 tax year. How I kept it all straight is truly a miracle. As I spoke to new clients and to returning clients, I come to understand how challenging the past couple years has been for them. As observations of the ...
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What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?

February 24, 2022 • 60 mins
You received your W-2 and some bank interest. Thinking you have all your forms you go to the tax professional and have your taxes filed. Then, the day after your tax return is sent to the IRS a form 1099 with the letters “NEC”, “MISC”, “K”, or some other letter appears in your mailbox. What do you do? Is there anything you need to do? Should you have been expecting the form? Is the form correct? As these questions pass throu...
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I Need What For My Taxes? A Tax Professional? Choosing Wisely!

January 20, 2022 • 60 mins
Tax season is starting in less than a week. What can taxpayers expect? What can taxpayers do if they are still waiting for their 2020 refund? What challenges has the American Rescue Plan created for taxpayers and tax professionals? This tax season will again be unlike any tax season in the past. Selecting the correct tax professional is absolutely essential for you to get the calculations correct and to know exactly what you s...
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