Cigars and Taxes

著者： Layton Smith and Stacey Hoffler Smith
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  • Millions of Americans each year struggle with tax issues. Whether you’re one of them or want to level up your tax literacy, this show is for you. Welcome to "Cigars and Taxes," the podcast where tax talk happens in the relaxed atmosphere of a cigar lounge. Each episode, enjoy a cigar with us and unravel the intricacies of tax planning, tax representation, and current events. Whether you're a seasoned tax professional or just curious about how taxes impact your life, light up and lean back as we break it all down in a way that's as smooth as the smoke we're enjoying. Perfect for listeners looking for a laid-back yet informative dive into the world of taxes.
    Copyright © 2024 Cigars & Taxes. All rights reserved.
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あらすじ・解説

Millions of Americans each year struggle with tax issues. Whether you’re one of them or want to level up your tax literacy, this show is for you. Welcome to "Cigars and Taxes," the podcast where tax talk happens in the relaxed atmosphere of a cigar lounge. Each episode, enjoy a cigar with us and unravel the intricacies of tax planning, tax representation, and current events. Whether you're a seasoned tax professional or just curious about how taxes impact your life, light up and lean back as we break it all down in a way that's as smooth as the smoke we're enjoying. Perfect for listeners looking for a laid-back yet informative dive into the world of taxes.
Copyright © 2024 Cigars & Taxes. All rights reserved.
個人ファイナンス 経済学
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  • Handling back taxes - options for repayment and relief | Layton & Stacey Smith

    Handling back taxes - options for repayment and relief | Layton & Stacey Smith
    2024/11/07

    You’re dealing with back taxes—what a headache! What can you do to get this monkey off your back? The first thing to do is to stop running from the IRS and listen to this episode of Cigars and Taxes, where we provide practical options for relief. Grab your drink and cigar and join us in the Somers Point Cigar Lounge.

    What Are Back Taxes?

    Back taxes are taxes that were due but weren’t paid on time. For example, if you owe taxes from 2022 and still haven’t paid them, then you owe back taxes. This can include income taxes, payroll taxes, and state taxes. Don’t wait to address back taxes because you’ll incur interest, which will continue to grow until the taxes are paid.

    Consequences of Not Paying Back Taxes

    You can’t bury your head in the sand and ignore back taxes. The IRS will keep coming after you until you start paying. Some of the consequences you could face include: Penalties Interest Wage garnishments or other levies Prolonged payment schedules Additionally, the embarrassment of owing back taxes can be harder to deal with than the other consequences and may even strain your relationship with your partner.

    Addressing Your Back Taxes

    Here are the steps we recommend for handling back taxes: Review all of your IRS letters (Don’t throw them away!) Verify the original amount you owe Consult a tax professional (The most important step) We also discuss repayment options: Installment Agreement: Automatic, streamlined, and regular options are available, and we explain each in detail. Partial Payments: Layton shares an example of a client who owed $400,000 and how a partial payment plan helped. Offer in Compromise: This allows you to settle your debt for less than the full amount owed. To qualify for these repayment options, you’ll need to provide the IRS with your income and expenses. Based on this information, the IRS will determine which repayment option is appropriate.

    “Bankruptcy does not automatically eliminate tax liabilities. However, it can reduce the interest accrued on the owed amount.” — Layton Smith
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    43 分
  • Tax Considerations for rental properties | Layton & Stacey Smith

    Tax Considerations for rental properties | Layton & Stacey Smith
    2024/10/31

    Real estate offers a wealth of opportunities, but if you’re not careful, you can easily make costly errors. It’s a landscape filled with potential pitfalls, especially when tax and legal considerations come into play. To help you avoid these mistakes, grab your cigar and drink, and join us in this episode as we explore how proper consultation can transform your approach to property investment.

    Consulting Professionals

    It’s ideal to have a strong relationship with both a tax professional and an attorney to assist with taxes on rental properties. Tax professionals help you understand the tax implications of empowerment zones or areas with special tax credits. We share different scenarios where passive activity loss rules come into play. Attorneys help you understand local laws when renting properties across different states. We share a story of how a lack of legal consultation can lead to significant tax complications.

    Tax Considerations

    Capital Gains and Depreciation Recapture: We go over why it’s important to calculate capital gains, the benefits of 1031 exchanges, and deferring taxes. Tax Documentation: Be sure to do good documentation to substantiate income and expenses. Using tools like spreadsheets or accounting software, and possibly separate accounts for rental income, can simplify record-keeping.

    Rental Property Management

    Some of the expenses and deductions related to renal property management includes: Advertising & Realtor Fees: Tax-deductible expenses for attracting new tenants and realtor fees often equate to the first month's rent. Travel and Auto Expenses: Mileage for property management tasks is deductible for tax purposes. Insurance and Repairs: Differentiating between deductible property insurance and PMI premiums, and accurately recording repairs and capital improvements for tax benefits.

    “If you buy multiple properties, you want to not have an issue with the phase out limit. So you're going to become a real estate professional. Material. Just that. Then you should definitely have a conversation with your tax colleague.” - Layton Smith.
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    46 分
  • The Importance of Record Keeping for Tax Purposes | Layton & Stacey Smith

    The Importance of Record Keeping for Tax Purposes | Layton & Stacey Smith
    2024/10/17

    By a show of hands, how many of you actually keep financial records for tax season?

    We’re pretty sure not many hands are up right now.

    If you’re a sole proprietor, you better have your hands raised at this moment. Even if you’re a 9-to-5 worker, you may want to start keeping financial records. They just might come in handy for you.

    You know what to do now. Grab your drink (water or coffee) and cigar, and join us on our sunny, beautiful patio to learn the importance of keeping records for tax purposes.

    Why Should You Keep Financial Records?

    You spend so much money throughout the year, and you surely aren't keeping count of how many times you swipe your debit card. Now that it’s tax season, it’s hard to remember which purchases you can count towards a tax credit. It also makes your tax advisor's job ten times easier. Keeping track of your financial records allows you to make this wonderful season a stress-free one. Another important reason for record keeping is to ensure you are tax compliant with the IRS. We share examples of our clients who made the mistake of not keeping records. Don’t become like them, folks! Oh, let’s not forget one word: audit protection, or more like audit assurance.

    What Type of Records Should You Keep?

    These are the types of records you should keep for tax purposes: Income records Expense records Investment records Property records We provide examples of each type of record so you know what documents to prepare while filing your taxes.

    Special Attention to Self-Employed Individuals and Small Businesses*

    It’s even more important for you to keep records of your financial statements. This includes the following: Income and expense records Mileage logs Payroll records Poor record-keeping within this group can put you in deep water with the IRS. Develop a system to help you keep track of the above information so you’ll be ready during tax season.

    Digital vs. Manual Record Bookkeeping: Which Is Better?

    Since COVID, most people are switching over to digital record bookkeeping due to its advanced features. Stacey shares why this is a better option for everyone in this day and age. If you choose to have a personal accountant keep track of your records instead, make sure they’re qualified.

    “If you are selected for an audit, try to gather at least 90% of your financial records. This may give you some grace from the IRS.” — Stacey Hoffman Smith.
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    43 分

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