>>> WELCOME TO "ASK THE SPECIALISTS."

MY NAME IS MIKE>>> WELCOME TO "ASK THE HARTER.

I WILL BE YOUR HOST.SPIALIS."

MY NAME IS MIKEHARTER.

I WILL BE YOUR HOS.

TONIGHT WE HAVE ASK THE CPAS.TONIGHT WE HAVE ASK THE CP.

GET THOSE TAX QUESTIONS TOGETHERGET THOSE TAX QUESTIONS TOR AND AFTER A SHORT BREAK WE WILLAN BE RIGHT BACK.D AFTER A SHORT BREAK WELBE RIGHT BACK.

>>> WELCOME BACK, EVERYBODY.>>> WELCOME BACK, EVERYBO.

LET'S INTRODUCE TONIGHT'SLET'S INTRODUCE TONIGHT'S EXPERTS AND WE HAVE ONEEXPERTS AND WE HAVE ONE GENTLEMAN HERE WHO HAS BEEN ONGENTLEMAN HERE WHO HAS BEEN MANY TIMES AND ONE GENTLEMANMANY TIMES AND ONE GENTLEMN HERE THAT'S GOING TO BE HISHERE THAT'S GOING TO BE HIS DEBUT.

MIKE COSH OF JOSHUA BOLMADEBUT.

MIKE COSH OF JOSHUAA AND M.C.

KOSTRZEWA & CO.,AND M.C.

KOSTRZEWA & CO., WELCOME BACK.

WE ARE TRYING TOWELCOME BACK.

WE ARE TRYINO COUNT HOW MANY TIMES YOU'VE BEENCOUNT HOW MANY TIMES YOU'VN HERE.

WE HAD TO GO ON MULTIPLEHERE.

WE HAD TO GO ON MULTE FINGERS.FINGERS.

>> ONLY A LITTLE LESS THAN>> ONLY A LITTLE LESS THAN YOU.YOU.

>> ALSO WE HAVE ZACH SIMON FROM>> ALSO WE HAVE ZACH SIMOM RFM GROUP IN MOUNT PLEASANT INRFM GROUP IN MOUNT PLEASANN MIDLAND.

WELCOME AND THE FIRSTMIDLAND.

WELCOME AND THE FT TIME SHOW.

MIKE, YOU WILL BE NICE TO HIM.TIME SHOW.

MIKE, YOU WILL ENICE TO HIM.

>> IF YOU'RE NICE TO ME I WILL IF YOU'RE NICE TO ME I WL BE NICE TO YOU.BE NICE TO YOU.

>> OKAY.

THE TAX LAW CHANGES>> OKAY.

THE TAX LAW CHANS COME PRETTY FAST AND HEAVY ANDCOME PRETTY FAST AND HEAVYD COVID MADE IT WORSE.

I THOUGHTCOVID MADE IT WORSE.

I THOT WE WOULD START OUT TODAY SHOWWE WOULD START OUT TODAY SW TALKING A LITTLE BIT ABOUT WHATTALKING A LITTLE BIT ABOUTT HAPPENED IN 2020 BECAUSE OFHAPPENED IN 2020 BECAUSE OF COVID AND IS IT STILL AROUND ORCOVID AND IS IT STILL AROUR DID 2021 CONTINUE SOME OF THESEDID 2021 CONTINUE SOME OF E PROGRAMS?

I WILL THROW OUT APROGRAMS?

I WILL THROW OUA FEW OF THESE TOPICS AND SEE WHATFEW OF THESE TOPICS AND SET YOU GUYS THINK.

FIRST OF ALL, ANYOU GUYS THINK.

FIRST OF AN AND IMPORTED AN IMPORTANT ONE.AND IMPORTED AN IMPORTANT .

WHEN IS THE TAX DUE DATE THISWHEN IS THE TAX DUE DATE YEAR?

WE HAVE HAD JULY, MAY.

TSYEAR?

WE HAVE HAD JULY, M. WHAT IS IT THIS YEAR?WHAT IS IT THIS YEAR?

>> WE ARE BACK TO MID APRIL AND>> WE A IT FEELS GOOD.RE BACK TO MID APRDIT FEELS GOOD.

>> IS IT YOU IS IT REALLY APRI?>> IS IT YOU IS IT REALLY?

IT'S APRIL 18th THIS YEAR,IT'S APRIL 18th THIS YEAR, ISN'T IT?ISN'T IT?

>> ANOTHER CARRY OVER THERE.>> ANOTHER CARRY OVER THE.

>> BY SOME OBSCURE HOLIDAY IN>> BY SOME OBSCURE HOLIDAN WASHINGTON DC OR SOMETHING, AWASHINGTON DC OR SOMETHINGA THREE DAY REPRIEVE.THREE DAY REPRIEVE.

>> NO RUMORS THEY MIGHT EXTEND THE DUE DATE?

LET'S HOPE NOT.>> NO RUMORS THEY MIGHT EDTHE DUE DATE?

LET'S HOPE .

OKAY.

2020 WE HAD ON EMPLOYMENT,OKAY.

2020 WE HAD ON EMPLO, SOME OF IT WAS NONTAXABLE.

WHATSOME OF IT WAS NONXABLE.

WT IS HAPPENING IN 2021?IS HAPPENING IN 2021?

>> WELL, 10,000 TO 2020 ENDED>> WELL, 10,000 TO 2020 ED UP BEING NONTAXABLE BUT IF YOUUP BEING NONTAXABLE BUT IFU ARE IN 2021 IT ENDS UP BEING ALLARE IN 2021 IT ENDS UP BEIL TAXABLE, 100 PERCENT.TAXABLE, 100 PERCENT.

>> OKAY.

REQUIRED MINIMUM>> OKAY.

REQUIRED MINIMUM DISTRIBUTION, FOLKS THAT HAD TO TAKE MONEY OUT OF IRA ACCOUNTSDISTRIBUTION, FOLKS THAT HOTAKE MONEY OUT OF IRA ACCOS AND 2020 GOT A REPRIEVE BECAUSEAND 2020 GOT A REPRIEVE BEE OF COVID.

WHAT ABOUT 2021?

OF COVID.

WHAT ABOUT 2021?

WHAT'S GOING ON THERE?WHAT'S GOING ON THERE?

>> THAT HAS ENDED.

AREN'T BEES>> THAT HAS ENDED.

AREN'TS ARE BACK IN FULL FORCE.ARE BACK IN FULL FORCE.

>> WHAT'S INTERESTING ABOUT>> WHAT'S INTERESTING ABOT WARRANTIES, I DON'T KNOW IF YOU SAW IT BUT THE IRS ISSUED A NEWWARRANTIES, I DON'T KNOW IUSAW IT BUT THE IRS ISSUED W RMD TABLE RELATIVELY RECENTLY INRMD TABLE RELATIVELY RECENN DECEMBER.

MEANING THAT I GUESSDECEMBER.

MEANING THAT I GS WE ARE GOING TO LIVE A LITTLEWE ARE GOING TO LIVE A LITE LONGER, WE HOPE.

>> THEY STRETCHED OUT A LITTLELONGER, WE HOPE.>> THEY STRETCHED OUT A LE LONGER.LONGER.

>> ALL RIGHT, CHEER READY FOR>> ALL RIGHT, CHEER READYR FOLKS THAT DO NOT ITEMIZE THEIRFOLKS THAT DO NOT ITEMIZE R DEDUCTIONS IN 2020 THERE WAS ADEDUCTIONS IN 2020 THERE WA SMALL DEDUCTION.

HOW ABOUT 2021?SMALL DEDUCTION.

HOW ABOUT?

DID THEY CONTINUE THAT?DID THEY CONTINUE THAT?

>> THEY DID, $300 DEDUCTION>> THEY DID, $300 DEDUCTIN SWITCH OR BUTTON 2021 HERE WESWITCH OR BUTTON 2021 HEREE GET $600 FOR A MARRIED FILINGGET $600 FOR A MARRIED FILG JOINTLY.

$300 STILL -- BUTJOINTLY.

$300 STILL -- B HERE'S THE KEY.

YOU GOTTA MAKEUTHERE'S THE KEY.

YOU GOTTA E THAT DONATION ECHO YOU JUSTTHAT DONATION ECHO YOU JUST DON'T GET IT.

HE GOT TODON'T GET IT.

HE GOT TO ACTUALLY --ACTUALLY -- >> CASH.>> CASH.

>> ABSOLUTELY.

48283 WHERE>> ABSOLUTELY.

48283 WHERE YOU'RE MAKING PROPERTY DONATIONS WON'T QUALIFY.YOU'RE MAKING PROPERTY DONSWON'T QUALIFY.

>> PREMIUM TAX CREDIT, 2020>> PREMIUM TAX CRED FOLKS GOT A BREAK.

IF THEY GOT AIT, 200FOLKS GOT A BREAK.

IF THEYA BENEFIT FROM THE MARKETPLACE,BENEFIT FROM THE MARKETPLA, THERE TAX CREDITS THEY SAID NOTHERE TAX CREDITS THEY SAIO PENALTY FOR WHATEVER HAPPENED INPENALTY FOR WHATEVER HAPPEN 2020.

WHAT ABOUT 2021?2020.

WHAT ABOUT 2021?

>> WELL, YOU ARE TALKING ABOUT>> WELL OBAMA CARE., YOU ARE TALKING TOBAMA CARE.

>> YES.

>> IF YOU GET HEALTH INSURANCE>> YES.>> IF YOU GET HEALTH INSUE -- I'M NOT -- WELL, ALL WE KNOW-- I'M NOT -- WELL, ALL WEW IS THAT WHEN YOU APPLY FOR ANIS THAT WHEN YOU APPLY FORN OBAMA CARE PLAN YOU TAP INTO AOBAMA CARE PLAN YOU TAP INA PARTICULAR PREMIUM THAT YOU PAY.PARTICULAR PREMIUM THAT YO.

THAT PREMIUM WILL GO ON YOUR TAXTHAT PREMIUM WILL GO ON YOX RETURN.

BASED UPON YOUR STATUSRETURN.

BASED UPON YOUR STS AND BASED UPON THE INCOME YOUAND BASED UPON THE INCOME U HAVE, YOUR FILING STATUS ANDHAVE, YOUR FILING STATUS AD INCOME, YOU ARE EITHER GOING TOINCOME, YOU ARE EITHER GOIO BREAK EVEN -- I DON'T THINK IBREAK EVEN -- I DON'T THINI HAVE SEEN THE EVERETT.

WE COULDHAVE SEEN THE EVERETT.

WE D HAVE A REFUND AS PART OF FILINGHAVE A REFUND AS PART OF FG A RETURN OR YOU MIGHT OWEA RE ADDITIONAL TAX.TURN OR YOU MIGHT OWEADDITIONAL TAX.

>> SO, IN 2021, THOUGHT MAYBE>> SO, IN 2021, THOUGHT ME THERE WAS A CATCH THERE WITHTHERE WAS A CATCH THERE WIH UNEMPLOYMENT.

I BELIEVE THERE IS A CATCH IN THEIR.UNEMPLOYMENT.

I BELIEVE THSA CATCH IN THEIR.

>> YOU ARE REFERRING TO>> YOU ARE REFERRING TO SOMETHING.SOMETHING.

>> YEAH.

I THINK THE GENERAL>> YEAH.

I THINK THE GENEL RULE IS IS IF YOU HAVE A TAXRULE IS IS IF YOU HAVE A TX CREDIT IT WILL BE RECAPTURED.CREDIT IT WILL BE RECAPTUR.

THERE'S A SMALL RIG EXCEPTION IFTHERE'S A SMALL RIG EXCEPTF YOU RECEIVED UNEMPLOYMENT.YOU RECEIVED UNEMPLO >> THAT'S FOR THE YEAR 2021.YMENT.>> THAT'S FOR THE YEAR 20.

>> CORRECT.

OKAY.

WE HAD PPP>> CORRECT.

OKAY.

WE HAD P LOANS FOR BUSINESSES AND THELOANS FOR BUSINESSES AND TE LIGHT.

THEY WERE TAX FREE INLIGHT.

THEY WERE TAX FREE N 2020.

WHAT'S GOING ON IN 2021?

2020.

WHAT'S GOING ON IN 2 MORE PPP LOANS AND WHAT'S THEMORE PPP LOANS AND WHAT'S E STATUS?

>> WE HAVE TWO ROUNDS.

FIRSTSTATUS?>> WE HAVE TWO ROUNDS.

FIT AND SECOND ROUND OF PPP.

BOTHAND SECOND ROUND OF PPP.

BH ARE POTENTIALLY FORGIVABLE ASARE POTENTIALLY FORGIVAB LONG AS YOU MEET THE CRITERIA.LESLONG AS YOU MEET THE CRITE.

ALSO THAT WAS PRETTY LIBERAL.ALSOHAT WAS PRETTY LIBERAL.

THERE WERE A FEW PEOPLE THATTHERE WERE A FEW PEOPLE THT WOULDN'T MEET THAT CRITERIA.WOULDN'T MEET THAT CRITERI.

>> OKAY.

>> ALSO IN THAT SAME REGARD>> OKAY.

THERE IS A VARIETY OF PROGRAMS>> ALSO IN OUT THERE THAT ARE A LITTLETHAT SAME REGADTHERE IS A VARIETY OF PROGSOUT THERE THAT ARE A LITTLE OBSCURE, MAYBE NOT EVERYBODY INOBSCURE, MAYBE NOT E OUR AUDIENCE IS AWARE, BUT THEYVERYBONOUR AUDIENCE IS AWARE, BUTY ENDED UP BEING TAXABLE.

WE HADENDED UP BEING TAXABLE.

WED SOME DOCTORS ENDED UP GETTINGSOME DOCTORS ENDED UP GETTG WHAT WOULD LOOK LIKE A PPP LOANWHAT WOULD LOOK LIKE A PPPN BUT WAS DESCRIBED IN OTHERBUT WAS DESCRIBED IN OTHER WORDS, AND THAT ENDED UP BEINGWORDS, AND THAT ENDED UP BG TAXABLE.TAXABLE.

>> YUP.

OKAY.

STIMULUS CHECKS.>> YUP.

OKAY.

STIMULUS CH.

WE HAD A COUPLE DIFFERENT ROUNDSWE HAD A COUPLE DIFFERENT S OF THOSE IN 2020.

ANYTHINGOF THOSE IN 2020.

ANYTHING HAPPENING IN 2021?

SIMILARHAPPENING IN 2021?

SIMILAR CHECKS AND WHAT'S THE STATUS OFCHECKS AND WHAT'S THE STATF THOSE?

>> NUMBER THREE CAME.

TAXPAYERSTHOSE?>> NUMBER THREE CAME.

TAXS SHOULD BE VERY, VERY CAREFULSHOULD BE VERY, VERY CAREFL WITH KEEPING THEIR THREEWITH KEEPING THEIR THREE STIMULUS PAYMENTS IN ORDER SOSTIMULUS PAYMENTS IN ORDERO YOU CAN REPORT THEM PROPERLY.YOU CAN REPORT THEM PROPER.

NUMBER THREE WHICH CAME I THINKNUMBER THREE WHICH CAME I K IN EARLY 2020 -- MADE.IN EARLY 2020 -- MADE.

>> MARCH, APRIL I THINK.>> MARCH, APRIL I THINK.

>> YEAH.

THE IRS DID SEND>> YEAH.

THE IRS DID SEND LETTERS TO EVERYBODY.

THEY ARELETTERS TO EVERYBODY.

THEYE FULLY REPORTABLE ON THE RETURNLETTERS TO EVERYBODY ALTHOUGH THEY ARE NOT ON ITS.

THEYNALTHOUGH THEY ARE NOT ON IS FACE TAXABLE TO YOU.

BASICALLYFACE TAXABLE TO YOU.

BASICY IT COMES DOWN TO ONE REASON ORIT COMES DOWN TO ONE REASOR ANOTHER YOU DID NOT GET THEANOTHER YOU DID NOT GET THE APPROPRIATE STIMULUS OR UNDERPAID YOU WILL GET IT WHENAPPROPRIATE STIMULUS ORUNDERP YOU FILE YOUR 1040 THIS YEAR.AID YOU WILL GET IT NYOU FILE YOUR 1040 THIS YE.

>> YOU YOU MAY GET MORE MONEY>> YOU YOU MA BACK FROM THIS PARTICULAR TAXY GET MORE MYBACK FROM THIS PARTICULAR X DEPENDING ON YOUR PRIOR YEARS ORDEPENDING ON YOUR PRIOR YER TWO YEARS AGO INCOME.TWO YEARS AGO INCOME.

>> TRUE TO FORM IF THEY ENDED>> TRUE TO FORM IF THEY ED UP FOR ONE REASON OR ANOTHERUP FOR ONE REASON OR ANOTHR PAYING YOU OVERPAYING YOU I SEEPAYING YOU OVERPAYING YOU E NOTHING IT SAYS YOU HAVE TO PAYNOTHING IT SAYS YOU HAVE TY BACK.

>> NO LINE ITEM THERE.BACK.>> NO LINE ITEM THERE.

>> WILL COME TO THE MODERN UNITED STATES.>> WILL COME TO THE MODERNUNITED STATES.

>> CHILD CARE CREDIT.

BIG DEAL,>> CHILD CARE CREDIT.

BIG, WE'VE GOT SOMETHING THAT HAPPENED THIS YEAR.

LET'S TALK AWE'VE GOT SOMETHING THATHAPPENED THIS YEAR.

LET'S A LITTLE BIT ABOUT --LITTLE BIT ABOUT -- >> WANT TO TALK ABOUT THAT.>> WANT TO TALK ABOUT THA.

>> YEAH, WE HAVE THE CHILD TAX>> YEAH, WE HAVE THE CHILX CREDIT.

TO GET OUR MONEY ON THECREDIT.

TO GET OUR MONEY OE FRONT END, WE COULD ONLY GET UPFRONT END, WE COULD ONLY GP TO HALF OF THAT.

KEEP IN MINDTO HALF OF THAT.

KEEP IN MD WHEN YOU FILE YOUR TAX RETURNWHEN YOU FILE YOUR TAX RETN YOU'VE ALREADY GOT HALF OF YOURYOU'VE ALREADY GOT HALF OFR CREDIT.

THERE IS A POTENTIAL TOCREDIT.

THERE IS A POTENTIO HAVE TO PAY SOME OF THAT BACK.HAVE TO PAY SOME OF THAT B.

IF YOU GOT TOO MUCH.

IF YOU YOU GOT TOO MUCH.

IF YOU HAVEN'T GOTTEN ENOUGH YOU WILL GET THE REST OF IT.

YOU SHOULDHAVEN'T GOTTEN ENOUGH YOU LGET THE REST OF IT.

YOU SHD HAVE GOTTEN A LETTER AND IT WILLHAVE GOTTEN A LETTER AND IL INDICATE HOW MUCH YOU RECEIVED.INDICATE HOW MUCH YOU RECE.

IT SHOULD BE STRAIGHTFORWARD.IT SHOULD BE STRAIGHTFORWA.

>> BUT THAT'S IMPORTANT FOR US>> BUT THAT'S IMPORTANT F PREPARES TO BRING THATSPREPARES TO BRING THAT INFORMATION IN BECAUSE WE AREINFORMATION IN BECAUSE WE E GUESSING.

WE HAVE SEEN SOMEGUESSING.

WE HAVE SEEN SOME WEIRD AMOUNTS.WEIRD AMOUNTS.

>> ALL THREE OF US PREPARE A>> ALL THREE OF US PREPARA LOT OF TAX RETURNS AND IT MAKESLOT OF TAX RETURNS AND IT S IT SO MUCH EASIER WHEN THEIT SO MUCH EASIER WHEN THE CLIENTS TO A LITTLE BIT OFCLIENTS TO A LITTLE BIT OF PREPARATION OR A LOT A LOT OFPREPARATION OR A L PREPARATION BEFORE THEY COMEOT A LOTFPREPARATION BEFORE THEY COE INTO US, BECAUSE WE ALL WANT TOINTO US, BECAUSE WE ALL WAO DO PROFESSIONAL GOOD WORK.

IDO PROFESSIONAL GOOD WORK.I DON'T LIKE TO GUESS, I LIKE TODON'T LIKE TO GUESS, I LIKO FIND OUT.FIND OUT.

>> SURE YOU GO AS WE ALL KNOW,>> SURE YOU GO AS WE ALL , IT'S NOT SO EASY TO CALL THE IRSIT'S NOT SO EASY AND FIND OUT THE ANSWER OR TO CALL TSAND FIND OUT THE ANSWER OR INFORMATION.INFORMATION.

>> GOOD LUCK TO ANYBODY THAT>> TRIES IS ALL I SAY.GOOD LUCK TO ANYBODY TTTRIES IS ALL I SAY.

>> ONE HOUR 45 MINUTES ON HOLD.>> ONE HOUR 45 MINUTES ON.

WE HAVE QUESTIONS COMING IN,WE HAVE QUESTIONS COMING I, LET'S GET INTO THOSE.

FROMLET'S GET INTO THOSE.

FROM GREENBUSH.

I HAVE TWO IRAS AND IGR AM REQUIRED TO TAKE A MINIMUMEENBUSH.

I HAVE TWO IRASIAM REQUIRED TO TAKE A MINIM DISTRIBUTION.

DO I HAVE TO TAKEDISTRIBUTION.

DO I HAVE TOE IT OUT OF ONE OR BOTH?

HOW DOESIT OUT OF ONE OR BOTH?

HOS THAT WORK?THAT WORK?

>> WONDERFUL QUESTION.

IF THEY>> WONDERFUL QU ARE TRADITIONAL IRAS THE MRD,ESTION.

IFYARE TRADITIONAL IRAS THE M, THE MINIMUM REQUIREDTHE MINIMUM REQUIRED DISTRIBUTION -- YOU CAN MIX AND MATCH ANYWAY YOU WANT.

WHATDISTRIBUTION -- YOU CAN MIDMATCH ANYWAY YOU WANT.

WHAT CAUSES A LITTLE BIT OF TROUBLESCAUSES A LITTLE BIT OF TROS WHEN YOU GET -- THE OTHER NUMBERWHEN YOU GET -- THE OTHER R RETIREMENT PLANS, A 401K.

IS HERETIREMENT PLANS, A 401K.

E TALKING ABOUT A 401K?

THOSE ARETALKING ABOUT A 401K?

THOE TWO SEPARATE ANIMALS FORTWO SEPARATE ANIMALS FOR PURPOSES OF MINIMUM DISTRIBUTION.

BUT IF HE ISPURPOSES OF MINIMUMDISTRIBUTION.

BUT IF H TALKING ABOUT --E IS >> GIVE TO TAKE ONE OUT OF EACHTALKING ABOUT -->> GIVE TO TAKE ONE OUT OH SEED YOU YEAH, DEPENDING ON THESEED YOU YEAH, DEPENDING OE TYPE OF PLAN IT IS.

WITH THETYPE OF PLAN IT IS.

WITH TE QUESTION SAID TO TRADITIONALQUESTION SAID TO TRADITIONL IRAS HE CAN MIX AND MATCH ANDIRAS HE CAN MI TAKE IT ALL ON A ONE AND 0 OUTX AND MATCH DTAKE IT ALL ON A ONE AND 0T OF ANOTHER.

HE CAN MIX AND MATCHOF ANOTHER.

HE CAN MIX ANDH IN ANY WAY HE WANTS.

USE THE NEWIN ANY WAY HE WANTS.

USE TW TABLE THAT ALLOWS FOR THE PROPERTABLE THAT ALLOWS FOR THE R DISTRIBUTION.

>> ALL RIGHT.

GOING TO GET INTODISTRIBUTION.>> ALL RIGHT.

GOING TO GEO A LITTLE BIT OF CRYSTAL BALLA LITTLE BIT OF CRYSTAL BAL ACTION HERE.

FROM MIDLAND, OKAY.ACTION HERE.

FROM MIDLAND,.

WHAT'S THE PROBABILITY THATWHAT'S THE PROBABILITY THAT LONG-TERM CAPITOL GAINS RATESLONG-TERM WILL BE CHANGED BY THE NEWCAPITOL GAINS RASWILL BE CHANGED BY THE NEW ADMINISTRATION?

ANYONE WANT --ADMINISTRATION?

ANYONE WA- >> NO, AND.

THE VIEWER'S>> NO, AND.

THE VIEWER'S COMMENT IS IDEA IS ABSOLUTELY ASCOMMENT IS IDEA IS ABSOLUTS GOOD AS MINE.

OVER EE YEARSGOOD AS I'VE BEEN WRONG AND SOMEBODYMINE.

OVETHTHE YEASI'VE BEEN WRONG GUESSES I REFUSE TO GUESSAND SOMEBOYGUESSES I REFUSE TO GUESS ANYMORE.

I THINK I'M STILLANYMORE.

I THINK I'M STILL TRYING TO FIND OUT AFTER 50TRYING TO FIND OUT AFTER 50 YEARS OF DOING THIS I'M STILLYEARS OF DOING THIS I'M STL TRYING TO FIND OUT WHAT THE LAWTRYING TO FIND OUT WHAT THW IS, NOT WHAT IT MIGHT BE.

OKAY.IS, NOT WHAT IT MIGHT BE.

.

>> WELL, THERE ARE CERTAINLY>> WELL, THERE ARE CERTAIY WAS TALK ABOUT --WAS TALK ABOUT -- >> YEAH, CERTAINLY.>> YEAH, CERTAINLY.

>> LONG-TERM CAPITOL GAINS.>> LONG-TERM CAPITO WITH ALL THE THINGS HAPPENINGL GAIN.WITH ALL THE THINGS HAPPENG WITH THE ECONOMY AND INFLATIONWITH THE ECONOMY AND INFLAN AND NOW WE HAVE UKRAINE, I DON'TAND NOW WE HAVE UKRAINE, IT KNOW IF THAT'S GOING TO BE ONKNOW IF THAT'S GOING TO BEN THE AGENDA OR WHAT WOULD BETHE AGENDA OR WHAT WOULD BE APPROPRIATE.

>> IT IS A VALID QUESTION BUTAPPROPRIATE.>> IT IS A VALID QUESTIONT THERE IS ANY NUMBER OF ECONOMICTHERE IS ANY NUMBER OF ECOC COMMENTATORS THAT WILL GIVE YOUCOMMENTATORS THAT WILL G JUST AS GOOD OF AN IDEA AS WEIVUJUST AS GOOD OF AN IDEA ASE COULD.COULD.

>> HERE DIDN'T HAVE A CITY PER SE BUT WRITING OFF FUEL>> HERE DIDN'T HAVE A CYPER SE BUT WRITING OFF FUEL EXPENSES ON YOUR TAXES.

LESSEXPENSES ON YOUR TAXES.

LES DIFFERENTIATED BETWEEN MAYBE A BUSINESS OWNER AND AN EMPLOYEEDIFFERENTIATED BETWEEN MAYABUSINESS OWNER AND AN EMPLE AND TALK A LITTLE BIT ABOUT THEAND TALK A LITTLE BIT ABOUE DIFFERENCE.

I DON'T KNOW WHETHER WE HAVE A BUSINESS OWNER OR ANDIFFERENCE.

I DON'T KNOW WRWE HAVE A BUSINESS OWNER ON EMPLOYEE.

>> WE DON'T.

THAT'S A CRITICALEMPLOYEE.>> WE DON'T.

THAT'S A CRIL QUESTION.QUESTI >> FROM A BUSINESS STANDPOINTON.>> FROM A BUSINESS STAN WE CAN DEFINITELY WRITE FUELDPTWE CAN DEFINITELY WRITE FUL OFF.

THERE'S USUALLY TWOOFF.

THERE'S USUALLY TWO DIFFERENT WAYS OF HANDLING WHATDIFFERENT WAYS OF HANDLINGT WOULD BE CONSIDERED AN AUTOWOULD BE CONSIDERED AN AUTO EXPENSE.

WE DO MILEAGE OREXPENSE.

WE DO MILEAGE OR ACTUAL.

MILEAGE WILL INCLUDE ALLACTUAL.

MILEAGE WILL INCLUL THESE ITEMS LIKE INSURANCE ANDTHESE ITEMS LIKE INSURANCED FUEL AND ACTUAL IS GOING TO BEFUEL AND ACTUAL IS GOING TE WHATEVER WE ACTUALLY SPENT ONWHATEVER WE ACTUALLY SPENTN THE FUEL EXPENSE.THE FUEL EXPENSE.

>> IF YOU ARE AN EMPLOYEE WHAT>> IF YOU ARE AN EMPLOYEET HAPPENS THERE IF YOU ARE DRIVINGHAPPENS THERE IF YOU ARE DG YOUR CAR FOR BUSINESS AND YOUYOUR CAR FOR BUSINESS AND U ARE PUTTING GAS IN YOUR CAR ANDARE PUTTING GAS IN YOUR CAD THEY ARE NOT REIMBURSING YOU,THEY ARE NOT REIMBURSING WHAT HAPPENS THEN?

Y,WHAT HAPPENS THEN?

>> SORRY, NOT DEDUCTIBLE.

USED TO BE BACK IN THE OLD DAYS, TWO>> SORRY, NOT DEDUCTIBLE.DTO BE BACK IN THE OLD DAYSO OR THREE YEARS AGO.

FORM 21 OHOR THREE YEARS AGO.

FORM 2H SIX UNREIMBURSED EMPLOYEESIX UNREIMBURSED EMPLOYEE EXPENSES IS BY THE BODY FOREXPENSES IS BY THE BODY FOR SEVERAL YEARS NOW.

THE BESTSEVERAL YEARS NOW.

THE BEST APPROACH WOULD BE TO HAVE YOURAPPROACH WOULD BE TO HAVE R EMPLOYER REIMBURSE YOU WHAT THEEMPLOYER REIMBURSE YOU WHAE IRS ALLOWED MILEAGE RATE ISIRS ALLOWED MILEAGE RATE IS CONVENIENT, EASY WAY TO GET THATCONVENIENT, EASY WAY TO GET IN.IN.

>> CERTAINLY.

>> THE ONLY OTHER MILEAGE ON>> CERTAINLY.>> THE ONLY OTHER MILEAGEN HIM AWARE OF WOULD BE CHARITABLEHIM AWARE OF WOULD BE CHARE MILEAGE.

YOU CAN DEDUCT MILEAGEMILEAGE.

YOU CAN DEDUCT MIE AND SERVICE TO FIVE O ONE CAND SERVICE TO FIVE O ONE C THREE.THREE.

>> HUSBAND AND MYSELF AREN'T>> HUSBAND AND MYSELF ARET DISABILITY.

DO WE NEED TO FILEDISABILITY.

DO WE NEED TO E FOR A STATE -- OKAY.

DO WE NEEDFOR A STATE -- OKAY.

DO WED TO FILE A FEDERAL OR A STATETO FILE A FEDERAL OR A STAE INCOME TAX RETURN?

ONINCOME TAX RETURN?

ON DISABILITY.

WHAT IS THE ADVANTAGE OF A FEDERAL RETURN.DISABILITY.

WHAT IS THEADVANTAGE OF A FEDERAL RET.

>> BOTH RETURNS YOU HAVE TO>> BOTH RETURNS YOU HAVE O ASSESS WHETHER THERE'S ANYTHING ELSE OUT THERE AND SOME SORT OFASSESS WHETHER THERE'S ANYGELSE OUT THERE AND SOME SOF PROGRAM.

EITHER A FEDERALPROGRAM.

E PROGRAM OR A STATE PROGRAM THATITHER A FEDERALPROGRAM OR A STATE PROGRAMT MIGHT GIVE YOU SOME MONEY JUSTMIGHT GIVEOU SE MO FROM FILING A RETURN.

IF THAT'SNEY JUSTFROM FILING A RETURN.

IF TS ALL THEY HAVE ON ITS FACE HISALL THEY HAVE FACE YOU WOULD SAY, WELL, ANDON ITS FACE SFACE YOU WOULD SAY, WELL, D THEY ARE NOT GETTING -- IF THEYTHEY ARE NOT GETTING -- IFY HAVE DISABILITY THEY ARE NOTHAVE DISABILITY THEY A GETTING ANY 1099 OR CERTAINLYRE NTGETTING ANY 1099 OR CERTAIY NOT A W-2.

ON ITS FACE THEYNOT A W-2.

ON ITS FACE THEY WOULDN'T FILE.

IT'S ANWOULDN'T FILE.

IT'S AN ASSESSMENT OF WHAT OTHERASSESSMENT OF WHAT OTHER PROGRAMS THAT ARE WORKED THROUGHPROGRAMS THAT ARE WORKED TH THE TAX RETURN THAT MIGHT RESULTTHE TAX RETURN THAT MIGHT T IN US GETTING SOME SORT OFIN US GETTING SOME SORT OF TRANSFER PAYMENT FROM EITHER THETRANSFER PAYMENT FROM EITHE FEDERAL GOVERNMENT OR THE STATEFEDERAL GOVERNMENT OR THE E THAT THEY ARE IN.THAT THEY ARE IN.

>> THESE ARE THE STATE LEVELS.>> THESE ARE THE STATE LE.

>> YEAH, WE WOULD HAVE THINGS>> YEAH, WE WOULD HAVE THS LIKE HOME HEATING CREDITS TOWARDLIKE HOME HEATING CREDITS D PROPERTY TAX CREDITS.

IF YOUPROPERTY TAX CREDITS.

IF YU DIDN'T RECEIVE YOUR STIMULUSDIDN'T RECEIVE YOUR STIMULS PAYMENT, FILING YOUR RETURN IS APAYMENT, FILING YOUR GOOD WAY TO GET THAT KICK RETURAGOOD WAY TO GET THAT KICK STARTED, THINGS LIKE THAT.STARTED, THINGS LIKE THAT.

>> YEAH, SO, IF YOU ARE STILL>> YEAH, SO, IF YOU ARE SL -- IF YOU STILL HAVE PROPERTY-- IF YOU STILL HAVE PROPEY TAXES OR PAYING RENT OR SOMEBODYTAXES OR PAYING RENT OR SOY MAYBE IN A NURSING HOME,MAYBE IN A NURSING HOME, CERTAINLY SOMETHING TO LOOK AT.CERTAINLY SOMETHING TO LOO.

NOT JUST I DON'T HAVE INCOME SONOT JUST I DON'T HAVE INCOO I DON'T HAVE TO FILE A RETURN.I DON'T HAVE TO FILE A RET.

THERE'S OTHER PROGRAMS OUTTHERE'S OTHER PROGRAMS OUT THERE.

>> A COUPLE TIMES IN MY LIFE ITHERE.>> A COUPLE TIMES IN MY LI HAVE SEEN WERE EFFECTIVEHAVE SEEN WERE EFFECTIVE DISABILITY PAYMENTS ARE REPORTED AND WHAT THEY CALL A NONSTANDARDDISABILITY PAYMENTS ARE REDAND WHAT THEY CALL A NONSTD W-2 YOU.

NO SOCIAL SECURITY.W-2 YOU.

NO SOCIAL SECURIT.

THEY COME FROM AN INSURANCETHEY COME FROM AN INSURANCE COMPANY AND PUT THEM ON A W-2.COMPANY AND PUT THEM ON A .

THAT KIND OF DISABILITY PAYMENTTHAT KIND OF DISABILITY PAT IS AS REPORTABLE ON A 1040 ASIS AS REPORTABLE ON A 1040S THE ONES WE ARE TALKING ABOUTTHE ONES WE ARE TALKING ABT THAT ARE NOT REPORTED ON ANYTHAT ARE NOT REPORTED ON AY FORMAL IRS FORM.FORMAL IRS FORM.

>> ALL RIGHT, CALL FROM>> ALL RIGHT, CALL FROM LUDINGTON.

IN REGARD TO MEDICARELUDINGTON.

IN REGARD TO MEE PART B -- HANG TIGHT.

I'M IN ITPART B -- HANG TIGHT.

I'M T GET DEEP IN THE MEDICARE.

IGET DEEP IN THE MEDICARE.

I THINK WE'RE LOOKING AT THETHINK WE'RE LOOKING AT THE ASPECT OF HOW MUCH YOU PAY FORASPECTF HO MUCH YOU PAY FOR SOCIAL SECURITY AND YOUR INCOME,SOCIAL SECURITY AND YOUR I SO IF YOU HAVE A HIGH INCOME,SO IF YOU HAVE A HIGH INCOE YEAR THEN YOUR SOCIAL SECURITYYEAR THEN YOUR SOCIAL SECUY GETS EFFECTIVE.

THERE QUESTIONGETS EFFECTIVE.

THERE QUESN IS, IS THERE ANYWAY YOU CANIS, IS THERE ANYWAY YOU CAN AVOID THE PREVIOUS YEAR'S TAXES,AVOID THE PREVIOUS YEAR'S , RETURNS, OR INCOME REPORTED, IFRETURNS, OR INCOME REPORTEF YOU MAKE, TO LOWER IT.

I THINKYOU MAKE, TO LOWER IT.

I TK WE HAVE A SITUATION WHERE THEYWE HAVE A SITUATION WHERE Y HAVE HIGH INCOME AND THEY KNOWHAVE HIGH INCOME AND THEY W IT'S GOING TO AFFECT THE SOCIALIT'S GOING TO AFFECT THE SL SECURITY.

IS THERE ANY WAY THEYSECURITY.

IS THERE ANY WAY CAN MAKE SURE IT DOESN'T IMPACTYCAN MAKE SURE IT DOESN'T IT YOUR SOCIAL SECURITY MEDICAREYOUR SOCIAL SECURITYEDICE COSTS?

>> YOU ARE TALKING ABOUT THE IRCOSTS?>> YOU ARE TALKING ABOUT R MAA.MAA.

>> YES.

>> THE ONLY THING THAT COMES TO>> YES.

MY MIND WITH THAT IS FOR -- IT>> THE ONLY THING THAT COOMY MIND WITH THAT IS FOR -T MAY NOT BE ON POINT -- FORMAY NOT BE ON POINT -- FOR WHATEVER MEDICARE THEY END UPWHATEVER MEDICARE THEY E PAYING, IF THEY ARE IN EITHER ANDPPAYING, IF THEY ARE IN EITA SOLE PROPRIETORSHIP ON A 1040SOLE PROPRIETORSHIP ON A 10 SCHEDULE C OR MAYBE A FORM ORSCHEDULE C OR MAYBE A FORMR THEY HAVE A ACTIVE TRADE ORTHEY HAVE A ACTIVE TRADE OR BUSINESS THAT'S REPORTED, ATBUSINESS THAT'S REPORTED, T LEAST THE MEDICARE THEY DO PAY ENDS UP BEING WHAT WE KNOW IS ALEAST THE MEDICARE THEY DOYENDS UP BEING WHAT WE KNOWA SELF-EMPLOYED HEALTH INSURANCE PREMIUM AND NON- SCHEDULE A WITHSELF-EMPLOYED HEALTH INSUREPREMIUM AND NON- A VERY, VERY LIMITED CHANCES.

SCHEDULE HA VERY, VERY LIMITED CHANC.

>> I THINK IF YOU HAVE ALREADY>> I THINK IF YOU HAVE ALY BEEN REPORTED THAT INCOME ANDBEEN REPORTED THAT INCOME D HAD THE RETURN, THAT SHIP ISHAD THE RETURN, THAT SHIP S PRETTY MUCH SAILED.

YOU CAN'TPRETTY MUCH SAILED.

YOU CAT REALLY IMPACT WHAT HAS BEENREALLY IMPACT WHAT HAS BEEN HAPPENING.

YOU HAVE TO WAITHAPPENING.

YOU HAVE TO WAIT ANOTHER YEAR FOR THINGS TO EVENANOTHER YEAR FOR THING OUT OR LEVEL OUT, GET BACK TOS TONOUT OR LEVEL OUT, GET BACKO NORMAL.

MAYBE THERE'S A SALE OFNORMAL.

MAYBE THERE'S A SAF PROPERTY OR SOME UNUSUALPROPERTY OR SOME UNUSUAL TRANSACTION THAT RAISED THEIR INCOME.

THEY HAVE TO WAITTRANSACTION THAT RAISED THRINCOME ANOTHER YEAR.

THEY WILL PAY MORE.

THEY HAVE TO WAITANOTHER YEAR.

THEY WILL PAE FOR ONE MORE YEAR.FOR ONE MORE YEAR.

>> YAK I THINK -- I DON'T THINK>> K I THINK -- I DON'T TK THERE'S -- I DON'T THINK THERE'STHERE'S -- I DON'T THINK TS ANY CURRENT WAY TO ADJUST AANY CURRENT WAY TO ADJUST A CALCULATION THAT IS BASED UPONCALCULATION THAT IS BASED N THE PRIOR YEAR TAX RETURN.

NOW ITHE PRIOR YEAR TAX RETURN.I SEE WHAT YOU'RE SAYING.SEE WHAT YOU'RE SAYING.

>> LET'S TAKE A LOOK HERE.>> LET'S TAKE A LOOK HERE.

SAYS HERE WHAT CAN BE DONE ABOUTSAYS HERE WHAT CAN BE DONET LATE -- WHAT CAN BE DONE ABOUTLATE -- WHAT CAN BE DONE AT LATE 1099 FILING WHEN THE FARMER'S TAXES FARMERS TAXES ARE DUE MARCH 1st?LATE 1099 FILING WHEN THEFARMER'S TAXES FARMERS TAXEDUE MARCH 1st?

>> LATE 1090 NINES?

WELL, THEY WERE ALL DUE -- WHAT?

JANUARY ?>> LATE 1090 NINES?

WELLYWERE ALL DUE -- WHAT?

JAN?

A LOT OF ENTITIES, SOME SORT OFA LOT OF ENTITIES, SOME SOF EXTENSION OUT TO FEBRUARY 15thEXTENSION OUT TO FEBRUARY h .

IF YOU HAVEN'T RECEIVED THEM.

IF YOU HAVEN'T RECEIVED M YET, THE ONE THING YOU CAN DO IFYET, THE ONE THING YOU CANF YOU ARE EXPECTING THEM AS MAYBEYOU ARE EXPECTING THEM AS E CONTACTING THE ENTITY YOU ARECONTACTI SUPPOSED TO GET IT FROM AND ATNG THE ENTITY YOU ESUPPOSED TO GET IT FROM ANT LEAST ASK THEM WHERE THEY ARE,LEAST ASK THEM WHERE THEY , GIVEN THE STATUS OF MALE THESEGIVEN THE STATUS OF MALE TE DAYS THEY COULD'VE PUT THEM INDAYS THE THE MAIL AND THEY ARE THEREY COULD'VE PUT THENTHE MAIL AND THEY ARE THERE LATE --LATE -- >> THEY ARE JUST RECIPIENTS.>> THEY ARE JUSTECIPIENTS.

>> GENERALLY AS A RECIPIENT YOU>> GENERALLY AS A REC WILL HAVE A GOOD IDEA OF HOWIPIEUWILL HAVE A GOOD I MUCH MONEY RECEIVED DURING THEDEA OF HWMUCH MONEY RECEIVED DURINGE YEAR.

SO THE 1099 SHOULD ONLY BEYEAR.

SO THE 1099 SHOULD OE THERE TO CONFIRM WHAT YOUTHERE TO CONFIRM WHAT YOU PROBABLY ALREADY KNOW.PROBABLY ALREADY K >> WHAT IS THE DUE DATE TO THENOW.>> WHAT IS THE DUE DATE TE GOVERNMENT, THOUGH?

WHEN DO THEGOVERNMENT, THOUGH?

WHEN E 1090 NINES HAVE TO BE ISSUED TO1090 NINES HAVE THE GOVERNMENT?

WHAT'S THAT DUETO BE ISSUOTHE GOVERNMENT?

WHAT'S THE DATE?

>> I FORGOT.DATE?>> I FORGOT.

>> END OF FEBRUARY, I BELIEVE>> END OF FEBRUARY, I BELE THE.

>> END OF FEBRUARY.THE.>> END OF FEBRUARY.

>> IT'S REALLY TO THE BENEFIT>> IT'S REALLY TO THE BENT OF THE RECIPIENTS IS WHAT WE AREOF THE RECIPIENTS IS LOOKING AT HERE.

DO YOUR BEST WHAT ELOOKING AT HERE.

DO YOUR BT YEAR.

THE REAL HARD DEADLINE ISYEAR.

THE REAL HARD DEADLIS FEBRUARY.

>> AS WE ALL KNOW THE 1090FEBRUARY.>> AS WE ALL KNOW THE NINES, AND IN ALL DIFFERENT 1090NINES, AND IN ALL DIFFERENT TIMES AND HOPEFULLY BEFORE THETIMES AND HOPEFULLY BEFOREE DROP DATE, 1040 OF APRIL 18th.DROP DATE, 1040 OF APRIL 1.

>> LET'S TALK HERE -- DOES>> LET'S TALK HERE -- DOES EXTENDED UNEMPLOYMENT HAVE TO BEEXTENDED UNEMPLOYMENT PAID BACK BY PEOPLE WHO WORKEDHAVEEPAID BACK BY PEOPLE WHO WOD AT A SMALL BUSINESS?

I THINKAT A SMALL BUSINESS?

I THK WHAT WE HAVE HERE IS SOMEBODYWHAT WE HAVE HERE IS SOMEBY HAS WORKED IN A SMALL BUSINESS,HAS WORKED IN A SMALL BUSI, HAD SOME INCOME, AND ALSOHAD SOME INCOME, AND ALSO RECEIVED UNEMPLOYMENT.

DO THEYRECEIVED UNEMPLOYMENT.

DO Y HAVE TO PAY THAT BACK?

NOTHAVE TO PAY THAT BACK?

NOT REALLY IN OUR TAX WORLD SOREALLY IN OUR TAX WORLD SO MUCH.

>> I DID HEAR THAT THE STATE ISMUCH.>> I DID HEAR THAT THE STS WORKING THROUGH THIS PROBLEMWORKIN BECAUSE THEY HAVE HAD, IN THEG THROUGH THIS PROBLMBECAUSE THEY HAVE HAD, IN E TERMS OF MILLIONS, PAID OUT ANDTERMS OF MILLIONS, PAID OUD I THINK THEY ARE IN THE PROCESSI THINK THEY ARE IN THE PRS OF TRYING TO JUST LET IT BE.

WEOF TRYING TO JUST LET IT BE PAID IT OUT AND THAT'S THE WAYPAID IT OUT AND THAT'S THEY THIS SUITE IT IS.THIS SUITE IT IS.

>> NOT TRYING TO GO GET IT.>> NOT TRYING TO GO GET I.

>> NOT TRYING TO RECOUP IT.

BUT>> NOT TRYING TO RECOUP I I THINK THEY ARE IN THE WORKS OFTI THINK THEY ARE IN THE WOF HATCHING ALL THAT OUT.HATCHING ALL THAT OUT.

>> OH, BOY.

YEAH.

THERE>> OH, BOY.

YEAH.

THERE CERTAINLY WAS A LOT OF UNEMPLOYMENT PAID OUT.CERTAINLY WAS A LOT OFUNEMPLOYMENT PAID OUT.

>> YES, THERE WAS.>> YES, THERE >> I HAD A FEW STUDENT CLIENTS WAS.>> I HAD A FEW STUDENT CLS WHO MADE MORE ON UNEMPLOYMENTWHO MADE MORE ON UNEMPLOYMT THAN THEY EVER MADE IN THEIRTHAN THEY EVER MADE IN THER WORKING YEARS.WORKING YEAR >> ISN'T IT TRUE?

YEAH.S.>> ISN'T IT TRUE?

YEAH.

>> TO HOPEFULLY, THAT MONEY WAS>> TO PUT TO GOOD USE.

I THINK WE'VE HOPEFULLY, THAT MONSPUT TO GOOD USE.

I THINK WE BEEN BRUSHING BY A LITTLE BITBEEN BRUSHING BY A LITTLE T HERE.

WE TALKED ABOUT CHARITY.HERE.

WE TALKED ABOUT CHAR.

WE'VE BEEN TALKING ABOUT IRAS.WE'VE BEEN TALKING ABOUT I.

LET'S TALK -- LET'S LET OURLET'S TALK -- LET'S LET OUR LISTENERS KNOW ABOUT HOW CAN YOULISTENERS KNOW ABOUT HOW CU MAXIMIZE YOUR CHARITABLEMA CONTRIBUTIONS BY USING YOUR IRA.XIMIZE YOUR CHARITABLECONTRIBUTIONS BY USING YOU.

WHO APPLIES.

A LOT OF PEOPLE AREWHO APPLIES.

A LOT OF PEOPE GETTING THE BENEFIT OF THEIRGETTING THE BENEFIT OF THER CHARITABLE DONATIONS BECAUSE THE WAY THE LAWS ARE WRITTEN RIGHTCHARITABLE DONATIONS B NOW.ECAUEWAY THE LAWS ARE WRITTEN RTNOW.

>> TO ITEMIZE IS NOT AS NEARLY>> TO ITEMIZE IS NOT AS NY AS COMMON AS IT USED TO BE.

THEAS COMMON AS IT USED TO BEE STANDARD CHARITABLE CONTRIBUTIONSTANDARD CHARITABLE CONTRIN WOULD ONLY FIT IN FOR A 1040 ANDWOULD ONLY FIT IN FOR A 10D THE ITEMIZED DEDUCTIONS SCHEDULETHE ITEMIZED DEDUCTIONS SCE A.

BUT I'M SURE, YOU ARE TALKINGA.

BUT I'M SURE, YOU ARE TG ABOUT THE Q CD, THE QUALIFIEDABOUT THE Q CD, THE QUALIFD CHARITABLE DISTRIBUTION.CHARITABLE DISTRIBUTIO >> ONE DOES THAT COME INTO PLAYN.>> ONE DOES THAT COME INTY FOR PEOPLE?

WHAT'S THE AGE ONFOR PEOPLE?

WHA THAT NOW?T'S THE AGNTHAT NOW?

>> WELL, I THINK IT IS -- I>> WELL, I THINK IT IS --I BELIEVE IT IS STILL 70 AND ONEBELIEVE IT IS STILL 70 ANDO HALF, IS THAT RIGHT?HALF, IS THAT RIGHT?

>> I WOULD AGREE.

EVEN THOUGH>> I WOULD AGREE.

EVEN THH 72 YOU DON'T HAVE TO.

SORRY TO72 YOU DON'T HAVE TO.

SORRO INTERRUPT.

>> NOT A PROBLEM.

WHEN THE YEARINTERRUPT.>> NOT A PROBLEM.

WHEN THR IN WHICH YOU ARE 70 AND ONE HALFIN WHICH YOU ARE 70 AND ONF YOU CAN KICK A Q CD AND AS WEYOU CAN KICK A Q CD AND ASE MENTIONED EARLIER YOU CAN GO UPMENTIONED EARLIER YOU CAN P TO $100,000.

I DIDN'T SEE THATTO $100,000.

I DIDN'T SEE T MANY $100,000.

YOU DO SEEMANY $100,000.

YOU DO SEE SMALLER AMOUNTS.

WHAT THIS DOES,SMALLER AMOUNTS.

WHAT THIS, IT BYPASSES -- YOU STILL HAVE TOIT BYPASSES -- YOU STILL HO MENTION IT IN A RETURN, AT LEASTMENTION IT IN A RETURN, ATT IN THE SOFTWARE THAT WE USE.IN THE SOFTWARE THAT WE US.

IT'S GOT TO BE MENTIONED INIT'S GOT TO BE MENTION IN THEIR.

BUT IT DOESN'T AFFECT THETHEIR.

BUT IT DOESN'T AFFEE IRS TAX PIC OF THE BEAUTY OF ITIRS TAX PIC OF THE BEAUTY T IS IT PROBABLY SAVES YOU AIS IT PROBABLY SAVES YOU A LITTLE BIT ON THE MICHIGANLITTLE BIT ON THE MICHIGAN LEVEL.

YET YOU ARE STILLLEVEL.

YET YOU ARE STILL CONFIRMING THE IRS I MADE THISCONFIRMING THE IRS I MADE S DISTRIBUTION, OKAY.

LIKE MANYDISTRIBUTION, OKAY.

LIKE MY THINGS THESE DAYS, IT'STHINGS THESE DAYS, IT'S INFORMATION THAT IS REPORTED ON THE RETURN THAT HAS NO DIRECTINFORMATION THAT IS REPORTNTHE RETURN THAT HAS NO DIRT EFFECT OF THE BOTTOM LINE TAXES,EFFECT OF THE BOTTOM LINE , AT LEAST ON THE IRS AND WILLAT LEAST ON THE IRS AND WIL SAVE YOU MONEY ON THE MICHIGANSAVE YOU MONEY ON THE MICHN LEVEL.LEVEL.

>> WELL, IT'S THERE, TOO, IS IF>> WELL, IT'S THERE, TOO,F YOU USE THE RETIREMENT ACCOUNTYOU USE THE RETIREMENT ACCT IT HAS TO GO DIRECTLY FROM YOURIT HAS TO GO DIRECTLY FROMR IRA TO CHARITY.

YOU CAN'T TAKEIRA TO CHARITY.

YOU CAN'T E THE MONEY FIRST IN HAND THENTHE MONEY FIRST IN HAND THN TURNED AROUND AND WRITE A CHECKTURNED AROUND AND WRITE A K TO CHARITY.

DOESN'T WORK THATTO CHARITY.

DOESN'T WORK TT WAY.

YOU HAVE TO WORK WITH YOURWAY.

YOU HAVE TO WORK WITHR CUSTODIAN, SOME CUSTODIANS ISSUECUSTODIAN, SOME CUSTODIANSE CHECKS, SOME DIRECTLY MAKE THECHECKS, SOME DIRECTLY MAKEE CHECKS OUT TO THE CHARITY YOU WANT TO DO.

EVERYBODY HAS ACHECKS OUT TO THE CHARITY UWANT TO DO.

EVERYBODY HAS A DIFFERENT PROGRAM.

BE VERYDIFFERENT PROGRAM.

BE VERY CAREFUL THINKING I HAVE AN IRACAREFUL THINKING I HAVE ANA DISTRIBUTION, NOW I WILL WRITE ADISTRIBUTION, NOW I WILL WA CHECK TO THE CHURCH.

YOU WILLCHECK TO THE CHURCH.

YOU WL NEVER TOUCH THAT CASH.

OKAY.NEVER TOUCH THAT CASH.

OKA.

I HAVE A RENTAL HOUSE AND WHATI HAVE A RENTAL HOUSE AND T ARE THE RULES FOR A 1099 FORARE THRULEFOR A 1099 FOR PEOPLE THAT WORKED FOR ME.PEOPLE THAT WORKED FOR ME.

WE HAVE MAYBE SERVICE IS GOINGWE HAVE MAYBE SERVICE IS GG ON, REPAIRS, WHATEVER.

IS A 1099ON, REPAIRS, WHATEVER.

IS 9 REQUIRED AND IF IT IS, WHAT'SREQUIRED AND IF IT IS, WHAS THE FILING THRESHOLD FOR THAT?THE FILING THRESHOLD FOR T?

>> WELL, THE FILING THRESHOLD>> WELL, THE FILING THRESD REMAINS $600.REMAINS $600.

>> YEP.

>> IF THEY ARE COMPENSATION FOR>> YEP.>> IF THEY ARE COMPENSATIR SERVICES, A REPAIR MAN, PLUMBER,SERVICES, A REPAIR MAN, PL, ELECTRICIAN IT'S A 1099.

FORELECTRICIAN IT'S A 1099.

FR SOME REASON IF THEY ARESOME REASON IF THEY ARE INCORPORATED, THEN THERE IS NOINCORPORATED, THEN THERE IO 1099 FILING REQUIREMENT.

FOR1099 FILING REQUIREMENT.

FR INSTANCE, SO MANY PEOPLE WE KNOWINSTANCE, SO MANY PEOPLE WW HAVE INCORPORATED INTO SMALLHAVE INCORPORATED INTO SMAL CORPORATIONS OR S CORPORATIONS,CORPORATIONS OR S CORPORAT, BUT WE STILL SEE TONS AND TONSBUT WE STILL SEE TONS AND S OF 1090 NINES THAT ARE ISSUED TOOF 1090 NINES THAT ARE ISSO CORPORATIONS BUT THERE IS NOCORPORATIONS BUT THERE IS O FORMAL REQUIREMENT.

YOU ISSUEFORMAL REQUIREMENT.

YOU ISE THEM TO INDIVIDUALS WHO HAVETHEM TO INDI RENDERED SERVICES.

600 OR MOREVIDUALS WHO HAERENDERED SERVICES.

600 OR E OR IS IT OVER 600?OR IS IT OVER 600?

>> $600 OR MORE.>> $600 OR MORE.

>> THAT 1 DOLLAR, 450 YEARS>>THAT 1 DOLLAR, 450 YEARS THAT 1 DOLLAR DIFFERENCE HASTHAT 1 DOLLAR DIFFERENCE HS BEEN CONFUSING ME.BEEN CONFUSING ME.

>> MAKE SURE YOU HAVE YOUR W>> MAKE SURE YOU HAVE YOUW NINES FILLED OUT.

THAT WILLNINES FILLED OUT.

THAT WILL PROVIDE YOU ALL THE INFORMATIONPROVIDE YOU ALL THE INFORMN YOU NEED TO FEEL THAT 1090 NINESYOU NEED TO FEEL THAT 1090S OUT AT THE END OF THE YEAR.

ITOUT AT THE END OF THE YEART CAN BE SOMETIMES DIFFICULT WHENCAN BE SOMETIMES DIFFICULTN IT IS MID JANUARY AND YOU AREIT IS MID JANUARY AND YOU E TRYING TO TRACK DOWN A SOCIALTRYING TO TRACK DOWN A SOCL SECURITY OR IN PIM.SECURITY OR IN PIM.

>> SO TRUE, SO TRUE.>> SO TRUE, SO TRUE.

>> CALL REGARDING SOCIAL>> CALL REGARDING SOCIA SECURITY.

FOLKS ARE WONDERINGLSECURITY.

FOLKS ARE WONDERG THEY ARE RECEIVING SECURITY, ISTHEY ARE RECEIVING SECURITS IT A TAXABLE INCOME.IT A TAXABLE INCOME.

>> DEPENDING ON YOUR OTHER DEPENDING ON YOUR OTHER INCOME AND WHAT THE FAIRLYINCOME AND WHAT THE FAIRLY COMPLEX SOCIAL SECURITYCOMPLEX SOCIAL SECURITY CALCULATION, UP TO 85 PERCENT OFCALCULATION, UP TO 85 PERCF YOUR SOCIAL SECURITY YOU RECEIVEYOUR SOCIAL SECURITY YOU RE CAN BE TAXABLE TO YOU.

IT'SCAN BE TAXABLE TO YOU.

IT'S NEVER GOING TO BE TAXED ON THENEVER GOING TO BE TAXED ONE MICHIGAN LEVEL, BUT UP TOMICHIGAN LEVEL, BUT UP TO 85 PERCENT AND GENERALLY85 PERCENT AND GENERALLY SPEAKING AT MEDIUM LEVELS OFSPEAKING AT MEDIUM LEVELS F INCOME, ONE HALF OF YOUR SOCIALINCOME, ONE HALF OF YOUR SL SECURITY ENDS UP BEING TAXED.

ATSECURITY ENDS UP BEING TAXT LOW LEVELS OF INCOME, THERE ISLOW LEVE NO TAX.

NO MATTER WHAT IT IS, IFLS OF INCOME, THERSNO TAX.

NO MATTER WHAT IT F YOU FILE A 1040 THAT SOCIALYOU FILE A 1040 THAT SOCIAL SECURITY HAS TO BE POSTED INTOSECURITY HAS TO BE POSTED O THAT RETURN.THAT RETURN.

>> ABOUT FOUR MINUTES LEFT.

GOING FAST.

LET'S GET THROUGH AS>> ABOUT FOUR MINUTES LEF.GOING FAST.

LET'S GET THROS MANY OF THESE QUESTIONS AS WEMANY OF THESE QUESTIONS ASE CAN HEAR.

YES OR NO IS FINE RICOCAN HEAR.

YES OR NO IS FINO IS A PERSONAL GIFT TAXABLE?

I'MIS A PERSONAL GIFT TAXABLEM GOING TO GIVE SOME MONEY TOGOING TO GIVE SOME MONEY TO SOMEBODY, IS THAT TAXABLESOMEBODY, IS THAT TAXABLE INCOME?

>> WANT TO TAKE THAT?INCOME?>> WANT TO TAKE THAT?

>> IT DEPENDS.

GENERALLY, NO.>> IT DEPENDS.

GENERALLY,.

THE RECIPIENT WHO WILL BETHE RECIPIENT WHO WILL BE RECEIVING THE FUNDS WON'T BERECEIVING THE FUNDS WON'T E PAYING ANY TAX.

THERE CAN BE APAYING ANY TAX.

THERE CAN A GIFT TAX INVOLVED.

BUT THATGIFT TAX INVOLVED.

BUT THAT GENERALLY DOESN'T INCLUDE PAYINGGENERALLY DOESN'T INCLUDE G ANY TAX BECAUSE THERE IS A HIGHANY TAX BECAUSE THERE IS AH EXCLUSION.

IT'S MORE OR LESSEXCLUSION.

IT'S MORE OR LES REPORTING THAT NEEDS TO BEREPORTING THAT NEEDS TO BE DONE.DONE.

>> A CURRENT EXCLUSION IS>> A CURRENT EXCLUSION IS $15,000, IS THAT RIGHT?

$15,000, IS THAT RIGHT?

$50,000?

YEAH.$50,000?

YEAH.

>> YOU $15,000.>> YOU $15,000.

>> PER YEAR.>> PER YEAR.

>> LIKE ZACH WAS SAYING, THEN>> LIKE Z YOU HAVE PAPERWORK TO DO.

YOUACH WAS SAYING, NYOU HAVE PAPERWORK TO DO.

U ARE NOT WRITING A CHECK WITHOUTARE NOT WRITING A CHECK WIT FORM.

WE HAVE A LOT OF CLIENTS IFORM.

WE HAVE A LOT OF CLII WILL OFTEN ASK ABOUT THAT.

IT'SWILL OFTEN ASK ABOUT THAT.S ALMOST LIKE A FEAR FACTOR THATALMOST LIKE A FEAR FACTOR T IF THEY GIVE MORE THAN $15,000 IIF THEY GIVE MORE THAN $15I DON'T WANT TO DO THAT.

I TELLDON'T WANT TO DO THAT.

I TL THEM, IF YOU WANT TO DO MORETHEM, IF YOU WANT TO DO MOE ITCHES PAPERWORK AND YOU HAVEITCHES PAPERWORK AND YOU HE THIS LARGE COUPON THAT YOU CANTHIS LARGE COUPON THAT YOUN USE AGAINST IT.

IT SHOULDN'TUSE AGAINST IT.

IT SHOULDNT PROHIBIT YOU FROM WHAT IS RIGHTPROHIBIT YOU FROM WHAT IS T IN YOUR HEART AND WHAT YOU WANTIN YOUR HEART AND WHAT YOUT TO DO FOR YOUR FAMILY OR FRIENDSTO DO FO WHATEVER IT MAYBE.R YOUR FAMILY OR FSWHATEVER IT MAYBE.

>> THAT COUPON YOU MENTION IS>> THAT COUPON YOU MENTIOS THE STATE TAX EXCLUSION OFTHE STATE TAX EXCLUSION OF $11 MILLION STILL?

YOU ARE DESCRIBING IT AS A COUPON.$11 MILLION STILL?

YOU AREDESCRIBING IT AS A COUPON.

>> YEAH!

JUST NIBBLE AWAY ON THE COUPON.

KOHLER FROM MOUNT>> YEAH!

JUST NIBBLE AWANTHE COUPON.

KOHLER FROM MOT PLEASANT WAS ASKING ABOUT HOW DOPLEASANT WAS ASKING ABOUT O YOU TURN SOMEONE INTO THE IRS.YOU TURN SOMEONE INTO THE .

>> OH, JEEZ.>> OH, JEEZ.

>> NEVER HAD TO DO THAT.>> NEVER HAD TO DO THAT.

>> IT'S PRETTY INTERESTING.>> IT'S THAT THERE'S A LOT OF FRAUDS AND PRETTY INTERESTIN.THAT SCHEMES OUT THERE.

YOU KNOW, I THERE'S A LOT OF FRAUDSCHEMES OUT THERE.

YOU KNOI CAN'T SAY I'VE EVER DONE IT.CAN'T SAY I'VE EVER DONE I.

LOOK AT WHO WOULD BE OUT THERELOOK AT WHO WOULD BE OUT TE IN AN AUTHORITY POSITION.

TO ME,IN AN AUTHORITY POSITION.

, IT WOULD BE OUR REPRESENTATIVE.IT WOULD BE OUR REPRESENTA.

I KNOW THEY HAVE WONDERFULI KNOW THEY HAVE WONDERFUL CONTACTS BACK TO THE IRS.

IFCONTACTS BACK TO THE IRS.

F THERE IS A FORMAL WAY TO DO ITTHERE IS A FORMAL WAY TO DT -- MOELLER'S OFFICE HAS HELPED-- MOELLER'S OFFICE HAS HPD US TREMENDOUSLY OVER THE YEARS.US TREMENDOUSLY OVER THE Y. I WOULD GO TO THEM FIRST INI WOULD GO TO THEM FIRST IN MIDLAND.

NOT TO JOHN HIMSELF, OFMIDLAND.

NOT TO JOHN HIMSEF COURSE.

ONE OF HIS IRS LIAISONCOURSE.

ONE OF HIS IRS LIAN PEOPLE.

>> SHORT TIME LEFT, GUYS.

WEPEOPLE.>> SHORT TIME LEFT, GUYS.E TALKED ABOUT GIFTING.

WAS LOOKTALKED ABOUT G AT THE OTHER WAY.

YOU RECEIVED AIFTING.

WAS KAT THE OTHER WAY.

YOU RECEA GIFT.

WHAT IF YOU INHERITED SOMEGIFT.

WHAT IF YOU INHERITEE ASSETS?

>> WELL, THAT DEPENDS ON THEASSETS?>> WE TYPE OF ASSETS YOU ARELL, THAT DEPENDS ON ETYPE OF ASSETS YOU ARE INHERITING.

THERE IS THISINHERITING.

THERE IS THIS CONCEPT OF THAT WE ARE FAMILIARCONCEPT OF THAT WE ARE FAMR CALLED INCOME AND RESPECTEDCALLED INCOME AND RESPECTED DECEIT.

THAT'S THE WAY I TURNDECEIT.

THAT'S THE WAY I TN THEM ANYHOW.

THE IRD ASSETS OFTH ANYHOW.

THE IRD ASSETS F THE ONE YOU DON'T GET A STEP UPTHE ONE YOU DON'T GET A STP IN BASIS AND.

THAT WOULD BE IFIN BASIS AND.

THAT WOULD BF YOU INHERIT BASICALLY RETIREMENTYOU INHERIT BASICALLY RETIT PLANS.

THEY ARE THE PRIMARYPLANS.

THEY ARE THE PRIMARY ONES.

BUT IF YOU INHERIT THEONES.

BUT IF YOU INHERIT TE CASH, IF YOU -- NOT TAXABLE.CASH, IF YOU -- NOT TAXABL.

>> RETIREMENT ACCOUNTS, YES.>> RETIREMENT ACCOUNTS, >> THE MAJORITY OF ASSETS.

Y.>> THE MAJORITY OF ASSETS.

>> ANNUITIES YES OR NO?>> ANNUITIES YES OR NO?

>> NO, TO ME IT'S TAXABLE.>> NO, TO ME IT'S TAXABLE.

>> UNLESS THERE IS BASIS AND>> UNSS TRE IS BASIS AND IT.

HEY, GUYS, WE ARE DONE FORIT.

HEY, GUYS, WE ARE DONER THE NIGHT.

ZACH SIMON, MIKE,THE NIGHT.

ZACH SIMON, MIK, THANKS FOR JOINING US.

THANKSTHANKS FOR JOINING US.

T FOR TUNING IN.

STAY TUNED TOHASFOR TUNING IN.

STAY TUNED O NEXT WEEK FOR ANOTHER "ASK THENEXT WEEK FOR ANOTHER "A SPECIALISTS."

HAVE A GOOD NIGHT.SKESPECIALISTS."

HAVE A GOOD .SPECIALISTS."

HAVE A GOOD .SPECIALISTS."

HAVE A GOOD .SPECIALISTS."

HAVE A GOOD .