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

June 10, 2021 60 min
What is the Research and Development Tax Credit? Is your small business doing research or some other type of activity that would qualify for this tax credit? What types of businesses are eligible to claim the credit? We will discuss these questions and much more, including what the Research & Development Tax Incentive is, the background, what activities qualify, and the best industries to qualify. If you missed taking this cr...
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We have all heard the commercials asking, “Do you owe $10,000 or more to the IRS?” Or, you may wonder “What is the IRS really doing with collections and enforcement?” Though it may be calm now, taxpayers who have unpaid taxes or who are non-filers will soon be in for a big awakening. Eric Green of the Tax Rep Network and managing partner in the law firm Green & Sklarz LLC will explain the current status of IRS collections and...
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Small businesses with websites could be subject to legal action if their website is not readable by the blind. Around the country small businesses are receiving demand letters for payments of $10,000 for legal settlements if their website cannot be navigated by the blind. Small businesses cannot afford to pay such legal settlements or the legal costs to defend themselves. David Steckelberg of Internet Access for Disabled America...
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Investing in virtual currency or cryptocurrency has caught the attention of the Internal Revenue Service (IRS). Many have invested into virtual currency such as Bitcoin, Litecoin, Dogecoin, or a coin of some sort. What are the tax consequences of buying and selling virtual currency? Direction from the IRS on how to treat virtual currency on your tax return is still unclear. However, the IRS is fiercely committed to have taxpaye...
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For many years you contribute to IRA’s, 401k’s, annuities, and so on in the hope of having a comfortable retirement. The majority of these plans are all taxed as you take distributions in your retirement. You may feel that is okay, thinking that your Social Security Retirement will be tax free. Did you realize that withdrawals from various retirement accounts can actually make up to 85% of your Social Security Retirement paymen...
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What is the Research and Development Tax Credit? Is your small business doing research or some other type of activity that would qualify for this tax credit? What types of businesses are eligible to claim the credit? We will discuss these questions and much more, including what the Research & Development Tax Incentive is, the background, what activities qualify, and the best industries to qualify. If you missed taking this cr...
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We have all heard the commercials asking, “Do you owe $10,000 or more to the IRS?” Or, you may wonder “What is the IRS really doing with collections and enforcement?” Though it may be calm now, taxpayers who have unpaid taxes or who are non-filers will soon be in for a big awakening. Eric Green of the Tax Rep Network and managing partner in the law firm Green & Sklarz LLC will explain the current status of IRS collections and...
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The past 12 months has had historic changes in taxes for individuals and for businesses. The challenges for businesses have steadily increased and may even become more difficult in the current tax environment. How does a small business cope with all the COVID related changes to health benefits? How can a small business get better business deductions on family healthcare expenses? If a business does not quality for the Employee ...
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April 15, 2021 60 min
Who to claim as a dependent on a tax return can range from being simple to very complicated. The IRS has tests that must be met for you to claim an individual as a dependent. For married parents claiming their children, it can be relatively simple. However, other situations, such as divorced parents, single parents, living with a grandparent, and other unusual circumstances can cloud who is eligible to claim a child. You must ha...
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The past 12 months has had historic changes in taxes for individuals and for businesses. The challenges for businesses have steadily increased and may even become more difficult in the current tax environment. How does a small business cope with all the COVID related changes to health benefits? How can a small business get better business deductions on family healthcare expenses? If a business does not quality for the Employee ...
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From a tax perspective, does the American Rescue Plan provide the promised help and relief? The tax changes in this bill are huge. Some apply to 2020 only and some apply to 2021 only. How can you understand the changes? What tax planning opportunities should your tax professional be considering? How are you the taxpayer affected in both 2021 and as we look ahead to 2022? I will explain the changes and the tax planning opportun...
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How safe is your identity? Everyday thousands of people have their identities stolen. Many times this stolen personal information is used to file fraudulent tax returns. What steps can you take to protect yourself? What should your tax professional be doing to protect your identity? What are the warning signs? What can you do if a fraudulent tax return is filed? I will discuss the actions you can take not only protect yourself...
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With the talk about increasing the federal minimum wage, some businesses may consider trying the reclassify their employees. Is this a good idea to save some money? The Internal Revenue Service has tests that determined whether an individual is an employee or an independent contractor. I will discuss these tests and what the potential consequences could be for businesses that fail to properly classify and pay their employees. T...
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Do you have dreams of a better education? Are you aware the federal government has tax credits for qualified education expenses? Whether you are a traditional or non-traditional college student, the understanding of these credits and deductions is vital. Parents of current college students and parents of future college students need to understand how these credits work and what is needed to claim the tax credits or tax deduction...
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With 2020 being unlike any year before, many taxpayers were affected by COVID-19. Because of government shutdowns, layoffs, and children having to be taught at home, many taxpayers had to take distributions from their retirement plans and IRA’s before age 59 ?. Is there a tax penalty for these distributions? Can the distributions be spread out over more than 1 year? Can the funds be redeposited into the retirement plan? These...
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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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From adding machines to calculators to computers, the tax profession has changed tremendously. Now there are numerous do-it-yourself options, cloud storage, electronic files, and numerous other technological challenges. Is your tax professional using the available tools to provide great service and keep your information safe and secure? I will discuss how my tax business has been adjusting to keep up with constantly changing tec...
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February 11, 2021 60 min
Are you non-filer? Do you know someone who has not timely filed their tax return in the last year or perhaps for years? Do you know of a corporation that has not filed its tax return? Each year millions of required tax returns go are not filed. According to the IRS, about $131 million is owed in back taxes, penalties, and interest. What should a taxpayer do if they are behind in filing? This episode is for you. I will discus...
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With tax season officially starting in less than a week, companies are advertising aggressively to get you to use their software to prepare your tax return. But will their virtual tax professional be there in the summer to help you do any tax planning? Is tax preparation just the entering of some numbers or uploading your tax papers? I will discuss the importance of wisely choosing not only a professional to prepare your taxes, ...
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What is a business farm? What is a hobby farm? Farmers have unique circumstances for income and expenses. Some farmers are landlords who own farmland and farm assets, but do not farm themselves. I will help you to understand the difference between a hobby farm and a business farm. The discussion will include which form is correct for reporting purposes. The various forms of farm income will be discussed including resale of fa...
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