Patrick: Welcome to Tax Talk. This is Patrick Dougher. We got Jeff Pickering CPA and we’ve got Brad Bolinger of Bolinger and Hogue or bigtaxlaw.com.
We have got a great show for you today. I know that many of you want to get your tax questions answered and so we encourage you to call in at 214-787-1570.
Jeff Pickering CPA, Masters in Taxation, Brad Bolinger CPA and Estate Attorney. So, we’ve got some real rich value and wisdom sitting at the table here. 214 -787-1570 for your questions on today’s show and how to save you some money this year on taxes.
And I will tell you we’ve got some real concerns with higher taxation. Earlier, before the show started, Brad was mentioning that it looks like we may be on the road to 60% for the small business owner. Wouldn’t you agree?
Jeff: Yeah, that’s right. We’re comparing all the taxes that somebody has to deal with and 60%. But, if you live in New York, that’s more like 70%.
Patrick: Ouch. Well, I know we’ve got several deadlines we want to go to before we get too far into the show.
Jeff: Sure.
Patrick: What are some of the deadlines?
Jeff: Yeah, we’ve got our usual March 31st deadline to buy a Ford Fusion or Mercury Mariner hybrid and get the credit, April 15th, the big one; individuals, partnerships, trusts, your first estimated payment.
Extensions is a big one. Extensions are big. There was a recent poll done that says Dallas is number four in filing later in the US. So, we have a lot of people that file extensions, apparently, in Dallas.
Remember, you have to pay the tax because the extension is not an extension to pay. It’s just an extension to file. And if you don’t know how much that is, you just kind of have to guess and pay your tax with the extension.
Brad: Folks, that’s a good point right now I want to bring up. I’m Brad Bollinger and I want to thank Jeff for inviting me here today.
There are some golden opportunities here and if you miss them, the window is shutting, so you need to take advantage of these tax tips, folks. These are real and they will make a difference in your taxes.
I want to thank Jeff for inviting me to talk about estate tax planning. I cannot overemphasize the fact that you’ve got to plan now and you’ve got to put some things in place because we’ve got important deadlines coming. And once those deadlines are past, it’s going to be too late.
The famous Roman emperor, Marcus Aurelius, his biggest quote was, “Life is more like wrestling than dancing,” and that it should stand ready and firm to meet onsets, however unexpected.
Folks, you’ve got to treat your tax planning like a wrestling match. You’ve got to put yourself in the right position and you’ve got to work at it because if you treat it like a dance, then come midnight, I think you’re going to end up owing a whole lot more taxes and missing out on golden opportunities. So, with that, Jeff, I’m looking forward to today’s topic.
Jeff: Great. Yeah, thanks Brad and by the way, for those of you who are interested to know what happened to Rex, we didn’t put him in a closet anywhere. He’s actually having fun in San Antonio. And Brad is the other half of Bolinger and Hogue and we’re glad to have him here.
So, we’ve got callers. We’re going to talk about the Obama thing, but let’s go. Let’s get somebody.
Brad: Very good. Okay. Rahm, you’re on the air.
Rahm: Yes, I got a 1031 exchange question. If I have [4:28 inaudible] property, let’s say, $200,000 and I want to exchange it, then I have to buy exactly $200,000 or if I buy, let’s say, $150,000 worth of property and then $50,000 might be profit on me or how does it work?
Jeff: Yeah, basically, the 1031 means you cannot touch the money. Otherwise, you get the tax consequences. And what it does is if you’ve got a $200,000 property, the gain is the part that gets rolled into the new property. By the way, your name is Rahm?
Rahm: Yes, Sir.
Jeff: Yeah. Were you a listener on our other radio show or did you just happen to find us?
Rahm: No, Si
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