Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bob Berger, good morning, Good to have you back.
Speaker 2 (00:02):
Well, good morning Gary, Jim and Lucy. Great to be on.
And you know, nothing says Christmas in the holiday season
like talking taxes, no doubt.
Speaker 1 (00:11):
Yeah, it is not a front burner thing for a
lot of us, right that such a busy season. But
between now and the end of the year, Bob, there
are some things we can do to help ourselves out.
What are the basics.
Speaker 2 (00:22):
Well, there really is a good thing, you know, so
for the reason for the season is goodwill towards man.
And you still have that opportunity before the end of
the year to make a donation of clothing and household
goods to your favorite charity, Goodwill, Salvation Army, or any
of those charities that accept those items. That's still a
pretty good deduction. If you're able to itemize. You still can.
(00:43):
You make sure that you make a list of what
you give and take a photo and get a receipt
for the donation. But that's a really good deduction, and
it's a win win. It's a win for you because
you get the stuff out of your house and you
get a tax deduction. It's a win for the charity
because they can use those supplies to help the needy
that needs that info and that assets.
Speaker 1 (01:01):
How does the itemization work on that? I mean, you
got you got items that have been worn and used.
How do you know what.
Speaker 2 (01:07):
Well you can use? What they say is they want
you to use thrift shop value. And there's a there's
a bunch of the websites out there that actually have
a value for use clothing and you can just go
to the website. I know Goodwill has one and Salvation
Army has one as well, and it'll it'll list the
value for a pair of pants and a shirt and
you just accumulate that and keep that with your records
and then and put that on your tax return as
(01:28):
a deduction if you have an ITEMI So that's really good.
A couple of other things, A couple of other things
you want to do before for the end of the year,
you know, just make sure your retirement plans are funded
if you want to do that. There four one K
and you're already most people have like one more uh
pay period and make sure that you're maxing out those
if you want to do that. That's a great way
to differ some taxes. And so that's always a good
(01:49):
thing to do before the end of the year.
Speaker 1 (01:51):
I know there's a fair amount of confusion in Nebraska
since the last legislative session about exactly what's what with
the new property tax situation? What can you can you
simplify that?
Speaker 2 (02:03):
Well, this is you know, this is an interesting thing.
And I know you know Rosie with his palatial of
west Omaha state. Yeah, I have an issue with this.
You know, we actually have a skipped year here because
historically we received a credit, a twenty percent credit for
the community college taxes as well as the school district taxes. Well,
in the twenty twenty four year, we're only going to
(02:24):
get one of those. The community college credit will be
the only one that's allowed in the twenty four year. So,
you know, the thought processes, we pay in arrears and
so they're going to catch it up next year. But honestly,
if you're looking at it for this year, your Nebraska
tax is going to go up because you're just not
going to get that twenty percent credit.
Speaker 3 (02:38):
Yeah, unless your local district lowers it's levee and some do.
There have been some that jack it up and there
are some that lower it. And that's your best chance,
your best chance of saving on tax Bob is to
have a lower levee and we don't have a common
one around here, so good luck with that.
Speaker 2 (02:55):
Yeah, absolutely absolutely, it's going to be difficult. So that's
that's going to be a surprise for those people who
are making orderly estimated taxes and rely on that credit.
But the state of Nebraska said that they'll take that
in consideration when they're giving you a penalty for underpayment
of taxes. So that's something we need to look out
before the end of the year.
Speaker 1 (03:12):
Right, And they raised the property tax credit, right.
Speaker 2 (03:15):
Yeah, the property tax credit still is still what it
has before, is the twenty percent amount for that on
the community college and the schools in the prior years.
But we won't get to school on this year, but
they're going to be automatic next year.
Speaker 1 (03:28):
You won't have to worry about a five fact Do
you believe?
Speaker 3 (03:31):
Do you believe it when they say they're going to
have a four hundred and forty two million dollar hole
in the two year budget. I don't because they use
that as a political club. If you're looking at a
four hundred and forty two million dollar deficit, that means
we're in a recession. Of this state.
Speaker 2 (03:45):
Are we I don't believe so. I mean it's it's
our state's been very strong. Agriculture is just a wonderful
commodity for the state, and we do it. We do
a lot, and it's you know, our farmers and our
ranchers just do it a wonderful job of maintaining their
product and doing a positive things. All we've got to
do is make sure that we have great prices for
(04:06):
that and that we're not hu you know, smacked down
by a price reduction for corn and wheat and and
those items. So I think we're going to be very
strong going into the next years. And I think our
legislatures are going to see that. And there are some
other things that are going on with this pass through
enity tax credit that that partnerships and s corporations are using,
(04:28):
and uh, that's going to be positive for the state
of Nebraska for for cashlow. And I guess the final
thing I want to talk about is this. Everybody's been
been looking at this Corporate Transparency Act, and this is
just a perfect example of government overreach. They're requiring anybody
who has an LLC or S corporation to submit to
Finns in, which is the federal government's uh sort of
(04:50):
international control organization. Uh, you have to tell them who
the owners are of your corporation and the name of
your corporation, and then you have to include copies of
your driver's license. Now, now, this law was passed in
early or late twenty twenty three for all at twenty
twenty four, and just recently within the last couple of
weeks they've had some court in Texas has upheld a
(05:15):
stay on having to make these filings. But this has
been a huge, a huge burden on small business and
so hopefully we'll get that permanently injunction from having to
file that. But what a horrible thing.
Speaker 3 (05:28):
So is it enjoined right now or do Nebraska s
corporations and LLCs have to do?
Speaker 2 (05:34):
It is enjoined right now, and they aren't taking any
more applications or submissions for this overreach, and we are
suggesting that people still make an attempt to file because
it is just a temporary injunction, so it hasn't been
permanent yet. So it's just a huge, huge burden on business.
Speaker 1 (05:53):
Just one more thing before we run here. Talking to
Bob Berger, CPA BOT, I got a question via email
from my sherrys that I just read that you can
roll over five twenty nine money into a roth ira.
Is this something that can be done only in twenty
twenty four or is it going to be ongoing.
Speaker 2 (06:12):
That's a really good thing. They've changed the tax laws
positively that for that raw for that five twenty nine plan,
it looks like it appears is going to be ongoing.
But the five twenty nine plan really happens rollover after
the obviously the child has expended all the things on education,
and that's one of the things to do before the
end of the year, make sure you get your five
twenty nine plan paid, but before the after your child
(06:36):
has gone through college and there's still funds left over,
you're able to contribute to a to an roth ira
for that child, but you are subject to the annual
limitations on that, and that's ongoing. So this is a
great benefit for those people who have funded the five
twenty nine plans and those kids out there that are
that are eligible to roll those over. So talk to
your financial planner, talk to your CPA, make sure that
(06:57):
you understand those rules, and that's a good option for them.
Speaker 1 (07:00):
Excellent info Bob, thanks and Merry Christmas.
Speaker 2 (07:03):
Well, thanks for having me on guys, Merry Christmas to
you all, and as stay profitable.
Speaker 1 (07:06):
All right, there, you got it, Bob Burger.
Bob Berger, good morning, Good to have you back.
Speaker 2 (00:02):
Well, good morning Gary, Jim and Lucy. Great to be on.
And you know, nothing says Christmas in the holiday season
like talking taxes, no doubt.
Speaker 1 (00:11):
Yeah, it is not a front burner thing for a
lot of us, right that such a busy season. But
between now and the end of the year, Bob, there
are some things we can do to help ourselves out.
What are the basics.
Speaker 2 (00:22):
Well, there really is a good thing, you know, so
for the reason for the season is goodwill towards man.
And you still have that opportunity before the end of
the year to make a donation of clothing and household
goods to your favorite charity, Goodwill, Salvation Army, or any
of those charities that accept those items. That's still a
pretty good deduction. If you're able to itemize. You still can.
(00:43):
You make sure that you make a list of what
you give and take a photo and get a receipt
for the donation. But that's a really good deduction, and
it's a win win. It's a win for you because
you get the stuff out of your house and you
get a tax deduction. It's a win for the charity
because they can use those supplies to help the needy
that needs that info and that assets.
Speaker 1 (01:01):
How does the itemization work on that? I mean, you
got you got items that have been worn and used.
How do you know what.
Speaker 2 (01:07):
Well you can use? What they say is they want
you to use thrift shop value. And there's a there's
a bunch of the websites out there that actually have
a value for use clothing and you can just go
to the website. I know Goodwill has one and Salvation
Army has one as well, and it'll it'll list the
value for a pair of pants and a shirt and
you just accumulate that and keep that with your records
and then and put that on your tax return as
(01:28):
a deduction if you have an ITEMI So that's really good.
A couple of other things, A couple of other things
you want to do before for the end of the year,
you know, just make sure your retirement plans are funded
if you want to do that. There four one K
and you're already most people have like one more uh
pay period and make sure that you're maxing out those
if you want to do that. That's a great way
to differ some taxes. And so that's always a good
(01:49):
thing to do before the end of the year.
Speaker 1 (01:51):
I know there's a fair amount of confusion in Nebraska
since the last legislative session about exactly what's what with
the new property tax situation? What can you can you
simplify that?
Speaker 2 (02:03):
Well, this is you know, this is an interesting thing.
And I know you know Rosie with his palatial of
west Omaha state. Yeah, I have an issue with this.
You know, we actually have a skipped year here because
historically we received a credit, a twenty percent credit for
the community college taxes as well as the school district taxes. Well,
in the twenty twenty four year, we're only going to
(02:24):
get one of those. The community college credit will be
the only one that's allowed in the twenty four year. So,
you know, the thought processes, we pay in arrears and
so they're going to catch it up next year. But honestly,
if you're looking at it for this year, your Nebraska
tax is going to go up because you're just not
going to get that twenty percent credit.
Speaker 3 (02:38):
Yeah, unless your local district lowers it's levee and some do.
There have been some that jack it up and there
are some that lower it. And that's your best chance,
your best chance of saving on tax Bob is to
have a lower levee and we don't have a common
one around here, so good luck with that.
Speaker 2 (02:55):
Yeah, absolutely absolutely, it's going to be difficult. So that's
that's going to be a surprise for those people who
are making orderly estimated taxes and rely on that credit.
But the state of Nebraska said that they'll take that
in consideration when they're giving you a penalty for underpayment
of taxes. So that's something we need to look out
before the end of the year.
Speaker 1 (03:12):
Right, And they raised the property tax credit, right.
Speaker 2 (03:15):
Yeah, the property tax credit still is still what it
has before, is the twenty percent amount for that on
the community college and the schools in the prior years.
But we won't get to school on this year, but
they're going to be automatic next year.
Speaker 1 (03:28):
You won't have to worry about a five fact Do
you believe?
Speaker 3 (03:31):
Do you believe it when they say they're going to
have a four hundred and forty two million dollar hole
in the two year budget. I don't because they use
that as a political club. If you're looking at a
four hundred and forty two million dollar deficit, that means
we're in a recession. Of this state.
Speaker 2 (03:45):
Are we I don't believe so. I mean it's it's
our state's been very strong. Agriculture is just a wonderful
commodity for the state, and we do it. We do
a lot, and it's you know, our farmers and our
ranchers just do it a wonderful job of maintaining their
product and doing a positive things. All we've got to
do is make sure that we have great prices for
(04:06):
that and that we're not hu you know, smacked down
by a price reduction for corn and wheat and and
those items. So I think we're going to be very
strong going into the next years. And I think our
legislatures are going to see that. And there are some
other things that are going on with this pass through
enity tax credit that that partnerships and s corporations are using,
(04:28):
and uh, that's going to be positive for the state
of Nebraska for for cashlow. And I guess the final
thing I want to talk about is this. Everybody's been
been looking at this Corporate Transparency Act, and this is
just a perfect example of government overreach. They're requiring anybody
who has an LLC or S corporation to submit to
Finns in, which is the federal government's uh sort of
(04:50):
international control organization. Uh, you have to tell them who
the owners are of your corporation and the name of
your corporation, and then you have to include copies of
your driver's license. Now, now, this law was passed in
early or late twenty twenty three for all at twenty
twenty four, and just recently within the last couple of
weeks they've had some court in Texas has upheld a
(05:15):
stay on having to make these filings. But this has
been a huge, a huge burden on small business and
so hopefully we'll get that permanently injunction from having to
file that. But what a horrible thing.
Speaker 3 (05:28):
So is it enjoined right now or do Nebraska s
corporations and LLCs have to do?
Speaker 2 (05:34):
It is enjoined right now, and they aren't taking any
more applications or submissions for this overreach, and we are
suggesting that people still make an attempt to file because
it is just a temporary injunction, so it hasn't been
permanent yet. So it's just a huge, huge burden on business.
Speaker 1 (05:53):
Just one more thing before we run here. Talking to
Bob Berger, CPA BOT, I got a question via email
from my sherrys that I just read that you can
roll over five twenty nine money into a roth ira.
Is this something that can be done only in twenty
twenty four or is it going to be ongoing.
Speaker 2 (06:12):
That's a really good thing. They've changed the tax laws
positively that for that raw for that five twenty nine plan,
it looks like it appears is going to be ongoing.
But the five twenty nine plan really happens rollover after
the obviously the child has expended all the things on education,
and that's one of the things to do before the
end of the year, make sure you get your five
twenty nine plan paid, but before the after your child
(06:36):
has gone through college and there's still funds left over,
you're able to contribute to a to an roth ira
for that child, but you are subject to the annual
limitations on that, and that's ongoing. So this is a
great benefit for those people who have funded the five
twenty nine plans and those kids out there that are
that are eligible to roll those over. So talk to
your financial planner, talk to your CPA, make sure that
(06:57):
you understand those rules, and that's a good option for them.
Speaker 1 (07:00):
Excellent info Bob, thanks and Merry Christmas.
Speaker 2 (07:03):
Well, thanks for having me on guys, Merry Christmas to
you all, and as stay profitable.
Speaker 1 (07:06):
All right, there, you got it, Bob Burger.
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