Season 3, Episode 2 - Decoding Life insurance so You Can Plan Right and Save Big!

Hey TaxCop Crew!!

Pull up a chair, pour yourself a cup of your fave beverage, and let's get cozy as we unpack some super-important tax stuff that you definitely don't want to miss.

Today, we're talking about dodging those tricky tax traps that can catch you off guard—y'know, the kind of stuff that sounds too good to be true. It’s like the IRS's most-wanted list, aka the "dirty dozen," but for sneaky tax schemes, and believe me, you don't wanna find yourself mixed up in these.

We'll talk about legit ways to keep your money safe and sound without stepping into hot water with Uncle Sam. From those juicy-sounding tax breaks for the big earners to the hidden hazards of social media tax "tips," we're shining a light on it all, making sure you know what’s legit and what’s a flat-out con.

And hey, I'm all about keeping your personal info safe from those online creeps and scammy emails that totally aren't from the IRS. We'll go over how to spot these frauds from a mile away.

As always, we're keeping things light but super informative—because taxes can be tough to tackle alone. So, let’s kick back, have a little fun, and get tax-smart together.

Looking forward to how you all feel about what you learned this week.

In this week's episode of Talks with the TaxCop I am having a conversation with none other my sweetie Mr. Eric Berry. We talk about leadership, management, and the inevitable dance between personal and professional lives. Some of the main topics we hit on are:

-Leadership Traits That Matter

-Service Over Profits

-Staying True to Your Mission

-Leveraging Skillsets to Automating Success

-Celebrating Creativity

-The Right Hires For the Right Futures

-Lunch Date or Business Lunch?

-And I Can't Forget Tax Season Reminders

Let us know what you think about this episode and also what you wouldn't mind us discussing next month.

Until next week...

Hey there Taxcop Crew!!

In this week's episode, we're navigating the somewhat murky waters of life insurance from a tax perspective. With the winter keeping us cozied up indoors, it’s a perfect time to dive deep into understanding how policies like Index Universal Life can potentially offer more advantages than your traditional 401k plans. We're getting into the nitty-gritty of IRS tax code 7702, the critical definition and criteria of life insurance under section 772, and the vital importance of correctly managing these policies to avoid catastrophic tax consequences.

As always, I'm here to unpack these complex topics and make them crystal clear. I'll be discussing the cash surrender values, tax liabilities upon termination, and the essence of policy terms. But remember, I'm not a licensed insurance agent—I'm here to give you the tax scoop and keep you informed.

Even though numbers are my game, my family is my heart, and striking a balance between work and personal time is key, even for a tax enthusiast like me. Today, we'll be discussing a particularly eye-opening tax memo from the Bradford Tax Institute. In a few weeks we'll reach out and talk to Rod Massey, one of the Life Insurance Agents that I work with.

By the end of this episode, you'll understand why every number has its story, especially when it comes to the benefits, potential pitfalls, and tax implications of life insurance. So grab your notebook and a warm drink, because we're about to unravel some serious fiscal mysteries.

Got personal experiences, burning questions, or topic suggestions? You know I want to hear all about them, so don't hesitate to reach out. Let's demystify your tax queries together!

So, let's jump right on in ya'll.

Hey TaxCop Crew!!

Happy New Year! I am a little behind in getting the first podcast of the year recorded, but I am getting my act together over this a way. In this week's episode we’ll be diving into must-know tips for filing our tax returns accurately to avoid the dreaded IRS letters and penalties. It’s all about the details, friends – especially when it comes to comparing year-over-year documents like those tricky stock and gambling incomes!

We'll also talk about the ins and outs of filing extensions, the different due dates for various entities, and the importance of estimated tax payments. If back taxes or other issues have you in a bind, don't fret – we'll discuss how to get the help you need.

And for all you business owners contemplating a major decision, buckle up; we're navigating the great debate: to buy or lease a business vehicle. We’ll break down the costs involved with each option and the financial factors using the after-tax present value approach.

Plus, a heads-up for our upcoming shows – we have some exciting episodes lined up, including an interview with an insurance provider and our monthly chats with EB. We're also continuing to up our game with improvements in our podcast production, thanks to Ecamm Live!

So as we tackle these topics, remember to keep calm and cruise through your tax journey. We're here to steer clear of self-inflicted taxation troubles while eyeing prospects for peace of mind. Let's connect – don’t forget to engage with us, share your feedback, and subscribe for all things Talks with the TaxCop.

Hey there TaxCop Crew!! It's another week and another episode.

This week, we're cutting through the red tape to chat about the big guy on the block – the Corporate Transparency Act. Starting 2024, businesses everywhere need to have their ducks in a row or face a $500 daily smackdown. If your company's been around before 2023, it’s time to pay attention and get those Beneficial Owner reports locked and loaded.

And hey, I’ll make sure you get the lowdown on who gets a free pass from the CTA and why keeping your business golden means keeping your accounting crystal clear.

What’s more, we'll talk about the updated rules for 1099-K reports and how to keep your digital bucks sorted with all those swipes and taps on Venmo, PayPal, and Cash App—business on the front, party in the back, and never the twain shall meet.

I'll also share why being a tax-savvy citizen can save your wallet and your sanity. Plus, why we're all about playing it safe and smart with Uncle Sam, maximizing your returns, all legit, no tricks.

No sponsors to shout out today, although I can't get enough of that cold-pressed goodness from Juice From the Raw—just me keeping it real, folks.

Get ready to arm yourself with knowledge that’s as practical as it is priceless. You let me know what you got from this week's podcast.

Hey there TaxCop Crew. Welcome back to Talks with the Taxcop! Yours truly is back and this time I've brought along my partner in crime, Eric Berry. So you already know this is gonna be interesting,

We're going to talk about how you can actually pay your kiddos for work within your business (you heard that right) and the tax perks that come with it. Thinking about throwing the knot overboard? We're going to talk about some things to consider before you finalize your divorce. Thinking about tying the knot? We're going to get into some genius tax advice for lovebirds. Plus, we'll share our penny for your thoughts on a stock gifting strategy that's got everyone talking or at least me and EB, because we were today years old when we learned it.

Eric will give us a sneak peek into his holiday downtime, future plans, and you bet we'll break down some savvy tax strategies for couples, kids, and the whole family. We're even unveiling our own Christmas strategy (spoiler alert: we're not the biggest fans of traditional gift giving).

You'll hear about how your kiddos can funnel their earnings to an IRA, pick up some sweet responsibility chops, and save on taxes. So, buckle up, and get ready for a wild ride down the tax highway! It's tax talk time, let's roll.

Hey TaxCop Crew. Look it's been a minute and I know I keep saying I am going to be consistent, but you gotta watch/listen to this week's episode to find out what's really been going down over this away.

In this episode we discuss an often overlooked topic: GAMBLING and how the tax implications can turn your winning streak into quite the opposite if not handled correctly. From defining the limits to how much you can deduct to the importance of meticulously documenting wins and losses, this episode promises to unravel some of the grey areas surrounding this matter. We'll also dive into the enlightening case of a certain Mr. Bright, whose encounter with the IRS presents a cautionary tale for all.

As tax season approaches, put on your learning hats, keep your notepads handy, and remember, avoiding legal trouble starts with a good foundation. I'm here to shed light on these matters and share some useful advice, drawn not just from my background in federal auditing but also from personal experiences.

Today's episode is an unbiased attempt to educate you on tax compliance, with the aim to make you feel confident and in control, whether you're a small business owner or a casual gambler. So, grab your headphones, make yourself comfortable and let's see wha nuggets you grab from this week's episode.

Hey TaxCop Crew, In this week's episode, I dive into the showing you how to use the IRS Offer and Compromise (OIC) pre-qualifier tool. It's an important subject that many of our listeners have been curious about.

The IRS' OIC pre-qualifier tool is a guide that individuals can you use to help indicate if you need to be on a payment plan or can actually qualify for an OIC. While the tool may indicate that you can fully pay your liability, it's still possible to file an offer and compromise and discuss your financial situation with the IRS.

As in every episode, I recommend seeking the help of a tax professional, as different professionals may have different approaches and insights. It's important to note that certain situations, like being a partnership corporation or residing in a US territory, may not be applicable to the OIC pre-qualifier tool, but that doesn't mean an offer and compromise situation doesn't exist.

Before seeking assistance in a specific area, individuals are encouraged to familiarize themselves with the concept of the offer and compromise pre-qualifier. I explain various options for resolving tax issues, including installment agreements, partial payment installment agreements, and currently not collectible status, among others. The goal is to find a resolution that doesn't cause financial hardship while still addressing tax obligations.

I also discuss an interesting case regarding the Hobby Loss Rules and what to look out for and how to prepare yourself to stay in front of this situation.

As always, I emphasize the importance of being prepared by having all your documentation in order. By staying organized and informed, you can navigate tax situations confidently and avoid unnecessary stress.

We hope you find this episode insightful and informative. Remember, Talks with the Taxcop is here to help you make sense of the tax world and empower you to make informed decisions. Stay tuned for more episodes coming soon!

 https://irs.treasury.gov/oic_pre_qualifier/

Hey there, Taxcop Crew! In this week's episode, we're tackling the exciting world of Offer in Compromise (OIC). We'll be breaking down all the nitty-gritty details and sharing some awesome tips and strategies to help you keep more money in your pocket. 

Get ready to learn everything you need to know about the components of an Offer in Compromise, and the pre-qualifiers for this financial relief mechanism. We'll be exploring the importance of proper documentation when dealing with submitting your OIC paperwork to the IRS, and how it can make all the difference in successfully navigating this remedy option.

And if you're wondering about the ins and outs of loans and advances, we've got you covered too.

Join us as we provide valuable insights and practical resources to help you audit-proof your business and stay ahead of any potential audits. Plus, we'll be sharing the latest updates on our auditproof your business and life guides and industry-specific workbooks, designed to empower you with the knowledge and tools to tackle any tax challenge.

So, grab your favorite beverage, sit back, and let's jump into the wonderful world of taxes and financial freedom. Let's do this!

Sources used:

www.bradfordtaxinstitute.com

https://www.irs.gov/taxtopics/tc204

Hey Tax Cop Crew!!  Welcome to another episode of Talks with The Tax Cop.  In this week's epidose we are trying something a little new and introducing segments to the podcast so that we can get things more streamlined and systemized for you.

Of course I am going to start with an Intro so those of you who are new to the Tax Cop Crew can learn a little bit more about what this podcast is actually all about and learn more about yours truly to see if you wanna stay around and be part of the crew. (We definitely want to you to stay as part of the crew.

Then we go into our Audit & Awe segment of the podcast where we bring to your attention those things that you need to watch out for when it comes to all things that could be open for an Audit and sprinkle a little wonder and awe as to how you can best prepare to get yourself out of the situation if you ever find yourself facing a notice from the IRS or your State Comptroller.  This week's focus is on GAMBLING WINNINGS & LOSSES and how they werk together. Let us know what you think after listening.

Our next segment for this week is called Balancing the Beat.  This week, I am going to continue our series where I am breaking down the tax remedies that are available to you if you have a balance due and you can't pay the balance due in full.  Now these remedies are focused on what happens at the Federal level with the IRS, but a lot of these remedies can still be applied at the State level (depending on your State). This week's remedy is none other than Currently Non Collectible (CNC).  All information was obtained from the  TaxPayer Advocate. Y'all know how I feel about going directly to the source to get your information. 

During our discussion one of my favorite IRS tools was discussed so I wanted to give you a direct link to where I tell ALL my clients to go to see for themselves how much they should be withholding for the upcoming tax year: IRS Withholding Calculator. 

Then we close you out for the week. Let us know which segement was your favorite and we are looking forward to any and all feedback to continue to provide you the information and the interviews you wanna hear and see on this podcast. 

Until next week...