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.
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
Tax Preparation? Tax Resolution? What Will You Choose?
3/16/2023
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...
Duration:01:00:00
How to Think Like a Bank & Reduce Taxes at the Same Time!
1/5/2023
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...
Duration:00:54:58
Is It Really That Easy to Eliminate Your Back Tax Debt?
12/15/2022
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...
Duration:00:53:53
Encore What Did I Learn From the 2022 Tax Season? Know What for 2022?
12/9/2022
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...
Duration:00:50:58
Start Now on Your 2022 Tax Return Before It Is Too Late!!
12/1/2022
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...
Duration:00:51:34
What Do I Do With These 1099's? NEC? MISC? K? Letters Mean What?
11/18/2022
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...
Duration:00:51:58
Tip or Not to Tip? -- Is that Tip Really Taxable?
10/27/2022
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...
Duration:01:00:00
Basis? I Am So Confused? What is Basis? Why Is Basis Important?
10/20/2022
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...
Duration:00:47:41
Natural Disasters and Tax Scams -- How Ready Are You?
10/13/2022
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 can report scams to phishing@irs.gov. Are your tax records ready...
Duration:01:00:00
Encore Is the IRS Keeping Your Tax Refund for Your Spouse’s Unpaid Debts
10/7/2022
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 get your portion of the refund. Or, did your spouse filed a tax...
Duration:00:52:46
What Does Your Dependent and Home Energy Credits Have In Common?
9/15/2022
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 just as lucrative in 2022 as 2021? Is there really something in...
Duration:00:48:44
What does EA mean? Why an Enrolled Agent is the Best Choice!
9/8/2022
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, what is required to become an Enrolled Agent, and why it is...
Duration:00:52:52
Can the IRS Balance Enforcement and Provide Taxpayer Service?
9/2/2022
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
Should An Additional 80,000+ IRS Agents Be of Concern To You?
8/12/2022
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 debt? What is an IRS lien or levy? What does is take to qualify for...
Duration:00:43:11
Encore Are You Classifying Your Employees Correctly?
8/4/2022
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 consequences could be for businesses that fail to properly classify and...
Duration:00:54:07
Is Your Home Office a Tax Deduction? Effect on Sale of Home?
7/28/2022
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 an employee and working from home with your own business. I will...
Duration:00:46:08
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
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