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The Tax Answers Advisor

Business & Economics Podcasts

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.

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.

Location:

United States

Description:

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.

Language:

English


Episodes

How Secure is Your Tax Information With Your Tax Professional?

5/26/2022
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 professional. I will discuss the importance of software security...

Duration:00:56:04

What Did I Learn From the 2022 Tax Season? Know What for 2022?

5/12/2022
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...

Duration:00:50:58

What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?

2/24/2022
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 through your mind you think back to 2021 and finally figure out what...

Duration:00:51:58

I Need What For My Taxes? A Tax Professional? Choosing Wisely!

1/20/2022
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 should be receiving in a refund or having to pay in taxes. Yet, how...

Duration:00:51:53

IRS Enforcement – Letters and Collections Are Moving Quickly!

12/30/2021
Still thinking the IRS is not moving on collections and enforcement? Though service in some areas my be slow, the IRS is ramping up enforcement for non-filers, criminal investigations, and trust fund penalties. 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 enforcement. He will also discuss the options noncompliant taxpayers have if certain filing deadlines are missed. Taxpayers who have unpaid...

Duration:00:55:22

Using Bitcoin to Make Purchases Is A Tax Reportable Event? Huh?

12/23/2021
Since the Great Recession the New Economy has created challenges for both taxpayers and the IRS. More and more taxpayers have jumped into the New Economy without knowing the issues about income reporting and allowable expenses. The IRS is just starting to catchup and taxpayers better be ready. Many taxpayers are buying virtual currency, then using virtual currency to buy products and services. What effect does the purchase and sale of virtual currency have on the tax return? Is using virtual...

Duration:00:52:45

To Rent or Not Rent Out My Home or a Room? Tax Benefits & Risks

12/16/2021
Many taxpayers feel there are great tax advantages to having a rental home or two. Yes, there may be some tax advantages, but there are also risks if the rental property is not setup correctly from the beginning. How are repairs and upgrades on the rental property to be handled? What if instead of renting an entire home, you want to rent out a room in your home? Are there differences for tax purposes? Could taxpayers renting out a room be liable for self-employment tax? Are you ready for the...

Duration:00:52:27

Tax Questions 2.0 and More With The Tax Answers Advisor

12/9/2021
Questions! Questions! Questions! The questions never end when it comes to personal and business income taxes. As the 2022 tax season approaches, we have accumulated even more common questions individuals and businesses ask. When does an income tax return has to be filed? Are the stimulus checks income? Are the Advance Child Tax Credit payments taxable income? So many questions individual taxpayers are asking. Business and self-employed taxpayers are asking even more questions such as: What...

Duration:00:54:09

Basis? I Am So Confused? What is Basis? Why Is Basis Important?

12/2/2021
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...

Duration:00:47:41

Did Your Own Taxes With D.I.Y. Software? Forget Something?

11/18/2021
In 20 plus years of preparing income taxes, I cannot count the number of personal income tax returns I have had to correct after the taxpayer completed their own tax return using “free” tax preparation software. The well meaning taxpayer relies on the interview questions to help them to complete all the correct forms with all the correct entries on the forms. When errors result on the tax return, the taxpayer is responsible, not the tax software used. There is no such thing as “I relied on...

Duration:00:53:33

Gaining Business Traction & Turning Your Vision Into Reality

11/11/2021
Has your business lost its traction? Are you feeling like hard work and determination are no longer enough to sustain and grow your business? Is it possible to remove the typical frustrations to help you gain momentum without getting stuck in the details? How does tax planning work into re-energizing your organization? Today we will discuss how running the Entrepreneurial Operating System can help you use data to check the vital signs of your business, identify key processes on your unique...

Duration:00:53:45

The Tax Challenges & Headaches of Buying and Selling a Business

11/4/2021
Are you considering selling your business? Is buying a business in your near future? Have you spoken to a tax professional about your ideas? Before moving forward on either a purchase of a business or the sale of an existing business, talking to tax professional can save you thousands of dollars of tax. With the proper planning and the right moves you can successfully buy the business of your dreams or sell your successful business with the tax implications already settled. Should I pay...

Duration:00:55:14

How to Take Drastic Action to Save Taxes & Increase Income!

10/28/2021
In the constantly changing tax world, the taxpayer can become a business and not even know it. Have you received a 1099 in the past? Did you know the IRS can then classify you as a business? Have friends and family offered free tax advice? Too often such advice from unqualified individuals can cost you thousand’s in lost deductions and cause a large tax bill. Are you an entrepreneur looking to maximize the tax benefits? What tax strategies and tax systems can you use to save big dollars in...

Duration:00:52:39

Can the IRS Balance Enforcement and Provide Taxpayer Service?

10/21/2021
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 are still waiting for their 2020, and some their 2019, tax...

Duration:00:54:28

Is Your DIY Tax Software Competing Against the Tax Professional?

10/14/2021
Since 2018 more taxpayers are increasingly using do-it-yourself tax software. What many do not realize is that these same DIY software companies also provide software to tax professionals. For many people though this can be problematic, as just recently I had to amend a tax return for a new client who initially completed their return using one of these DIY software companies. For tax professionals to compete on this very tilted playing field they need to focus on making the personal...

Duration:00:54:19

Tax Questions and Answers with The Tax Answers Advisor

10/7/2021
Ms.Tiff Tilton asks tax related questions for various Cash Tracks Financial clients. A wide variety of topics on individual and business taxes will be discussed. We will cover topics such as: What makes the Head of Household filing? Taxable versus non-taxable income? Difference between a W-2 and a 1099? And what documents are needed to file taxes? Why is it important to discuss these topics now? Everyone needs to be ready to file taxes and to plan for tax reduction. The importance of a tax...

Duration:00:53:46

Selling a Business? Understand What You Have! Do It Right!

9/30/2021
Do you understand the type of business you have? What are common mistakes that business owners make? Do you have an exit strategy? I will discuss with Michelle Seiler Tucker these questions and additional topics such as the different types of buyers, the 6 P Method, and the business life cycle. Also, how do you evaluate a business and create bidding wars with buyers? This will be a thrilling, informative hour on selling a business and doing it right with a leading authority on buying,...

Duration:00:55:06

Encore "Secrets" of Business Success with your Tax Professional!

9/23/2021
With your business financial and tax landscape constantly changing, who can help you to stay on track to reach your financial goals? Who is uniquely positioned to help you identify your key numbers and help you to build a success business? We will discuss why it is important to locate and utilize a licensed tax professional such as an Enrolled Agent (EA) who will not only do a great job on your tax return, but also will be available all year to help you achieve better results. Learn how...

Duration:00:55:32

Sustain Business Growth, Build Relationships, & Watch Out for Tax

9/16/2021
The number of businesses that fail in the United States is staggering. How does a business survive the two, three, five, and 10 year time horizons? Building relationships will help to empower you to feel confident about business growth. We will discuss strategies small businesses can use to safeguard and to hedge their bets, during start-up or to get past the two-year hurdle for sustainable growth. Learn how small businesses can be resurrected after stalling or losing market share. Do large...

Duration:00:52:35

Select a Business Entity, Legal Tax Avoidance, & Be Audit Proof!

9/9/2021
What is needed for you and your business to pay minimal taxes and avoid an audit? Wanting to start your own business, but unsure where to start. The selection of the type of business entity can either help or hurt your tax situation now and into the future. We will discuss how you can make the best entity selection for your tax situation. Once you select the proper entity, then by using legal tax avoidance strategies we will help you to keep more of the money you work so hard to earn. The...

Duration:00:54:54