Épisodes

  • Tax Preparation? Tax Resolution? What Will You Choose?

    Tax Preparation? Tax Resolution? What Will You Choose?
    Mar 16 2023
    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 anytime soon. What are some key points to remember if you have not yet filed? What are some options you have if you have years of overdue tax returns and back taxes due? Why is it important to be tax compliant? What if I owe taxes because of a former spouse? Look for these answers and so much more on the next Tax Answers Advisor.
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    1 h
  • How to Think Like a Bank & Reduce Taxes at the Same Time!

    How to Think Like a Bank & Reduce Taxes at the Same Time!
    Jan 5 2023
    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 real estate or other investments. Many use these strategies to purchase rental real estate to provide and additional stream of revenue. This is a very informative and thoughtful program.
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    1 h
  • Is It Really That Easy to Eliminate Your Back Tax Debt?

    Is It Really That Easy to Eliminate Your Back Tax Debt?
    Dec 15 2022
    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 on doing it right with a properly trained tax professional. You can get back tax returns filed and if you qualify get back taxes reduced or set up payment arrangements. This program helps you to get your tax debts settled correctly.
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    1 h
  • Encore What Did I Learn From the 2022 Tax Season? Know What for 2022?

    Encore What Did I Learn From the 2022 Tax Season? Know What for 2022?
    Dec 9 2022
    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 2021 tax year are shared, I will be providing reminders of how the planning for 2022 is important as the rules have changed with many 2021 tax rules gone for good. As always the recommendation to work with a tax professional not just a tax preparer will be stressed to help you the taxpayer to always pay only the necessary tax.
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    1 h
  • Start Now on Your 2022 Tax Return Before It Is Too Late!!

    Start Now on Your 2022 Tax Return Before It Is Too Late!!
    Dec 1 2022
    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 areas of your tax return for the year. You will receive the best information that will help you make good tax moves before the end of the year, that way when tax time comes, it will be less taxing.
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    1 h
  • What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?

    What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?
    Nov 18 2022
    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 these questions pass through your mind you think back to earlier this year and finally figure out what could have generated the 1099. But, what do you do now? Having a tax professional, not just a tax preparer or a “tax expert”, working with you could have prevented this unexpected surprise. Learn how to deal with these now and how to prevent such surprises in the future.
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    1 h
  • Tip or Not to Tip? -- Is that Tip Really Taxable?

    Tip or Not to Tip? -- Is that Tip Really Taxable?
    Oct 27 2022
    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 to report tips, and so much more. Those receiving tips can make a good income with good customer service. Just as everything else is with your income, the tax man wants his share. Properly reporting tips can be a benefit not only now, but also down the road when it is time to retire.
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    1 h
  • Basis? I Am So Confused? What is Basis? Why Is Basis Important?

    Basis? I Am So Confused? What is Basis? Why Is Basis Important?
    Oct 20 2022
    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 those who are shareholders, members, or partner in an entity, who is responsible to track the individual’s basis? I will provide a broad overview about basis for tax purposes. Taxpayers need to have accurate basis calculations for the proper capital gains or capital loss calculations or to determine if they can take a pass through loss from a business entity. Having this documentation clear and understandable will be absolutely essential should the IRS come knocking.
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    1 h