Tax Advisor And Tax Accountant Lamar CO

Tax Advisor And Tax Accountant Q &A

With Marcelino Dodge, EA
Cash Tracks Financial, Inc.

Tax Advisor Podcast 10/07/2021 . . . Part 1

This tax advisor and tax accountant material is a transcript from Tax Answers Advisor Podcast on October 7, 2021. The program presenter is Marcelino Dodge, Enrolled Agent, owner of Cash Tracks Financial, Inc. Cash Tracks Financial is a tax accountant, tax services, tax advisor, financial advisory, business financial planning, retirement planner, and insurance company with corporate headquarters in Lamar, Colorado.

Transcript

Tax Answers Advisor Introduction

Marcelino:
Good, fabulous day and welcome to The Tax Answers Advisor, this is Marcelino Dodge, we are so happy to have you listening to this program today, whether it be live or On Demand later. We’re just going to keep rocking and rolling here, as we’re on show number 44. And a little tidbit that I just am amazed that in this program is that it was one year ago today that I did the first program. My very first Tax Answers Advisor and it is so exciting to still be with you here a year later, with a worldwide audience throughout the United States, Canada, China, Sweden. It’s amazing who wants to listen about taxes, US income tax that just totally amazes me.

And when I started this program a year ago, it was of course with the goal to just talk to you, the taxpayer, whether you’re an individual or a business, and just put it in a way that you can understand and then show that indeed, we can be here to help you. And, of course, he listened to this on one of many platforms, probably either Apple podcast, or Spotify, or maybe even through IHeartRadio, but wherever you’re listening to it, once again, thank you. And I do a lot of work. And I do work throughout the country through the wonderful, wonderful web got a lot of cloud-based software we use and so you’re always welcome to contact me anything we discussed on the program here today or on previous programs, the email success@cashtracksfinancial.com, the phone number 844-394-4287.

Tax Advisor And Tax Accountant Website

And of course, our website, which is https://cashtracksfinancial.com and with that, in any of those means you can call, you can set up a free mutual exploration session with us. And we’ll be happy to do it through Zoom meeting or another type of web conferencing, just to get to know you a little bit to see if the programs we have to offer here are what you’re looking for and trying to do some tax planning and just have general business success and taking care of a lot of financial different matters for you. Today, we’re going to do something a little different there and having tax questions and answers with a tax answers advisor.

Yes, it is an exciting day here for me. And it’s been exciting because I’ve for a few months now I’ve been looking for someone to really help me out and help to grow this business. And tell you what, I think I found the right person, took a lot of patience. A lot of all just grinding the axe trying to find them you know just going through those resumes and everything and which is kind of which is in a way a pain but in a way fun to do. But then when you find a nice person like I’m going to have my new assistant today helped me out with some stuff. This is Tiff Tilton joining me today. So, Tiff I just want to say thank you, and welcome to the program today.

Tiff:
I’m happy to be here.

Tax Advisor and Tax Accountant Video

Find more information on this tax specialist video

 

Marcelino:
Yes. So just moved down to our area because we’re in little southeast Colorado is where we’re located. And Tiff was moving down here. And I really needed somebody to come in, and man, she just is going to be great. So, I asked him to join today just so she can get out there. And people can get to know who else is here in this office, especially if you’re calling the office always good to know who you could be talking to. And you’ll either be talking to me you’ll be talking to Tiff so if you’re watching this on Facebook Live or through YouTube later, these are the faces you’ll see.

If you want to talk video conference, or at least the face to put with the, with the voice when you call. So, it’s always good to know these things. And so, Tiff is a little new to the tax business, a little bit of accounting background she has. So, she can be learning a lot over the next few weeks and months. But I tell you what, she’s going to be there. We’re going to get some good training up and going. But so, we’re going to answer some of her questions today that she has no, and it’s great because she’s going to look at it and help us as someone coming in from the outside.

Like if someone walks into our tax advisor and tax accountant office, like what are these questions? So, you know, it’s going to be really it’s going to be nice just to help you to understand a few things here. When I started this program, I always like to dispel various myths that are out there. And one that I’m going to dispel again is the one that talks about the rich people do not pay their fair share. It’s interesting, they talk about the taxpayer and Jobs Act which is passed at the end of 2017. Now, these are facts these are directly from the IRS, you make your choice and what you think.

But these are the facts that you can go to the IRS website and look them up, which is where I went and got these details from, for example, the top 1% of taxpayers, which is the top 1% of the richest people in the United States, they pay 40% already of the federal income tax. Now, an interesting point about that is that that’s for 2018, which was the first full year of the tax cuts and Jobs Act, they actually paid a higher percentage of the taxes in 2018, than they did in 2017 2%. Because it was 38% in 2017, they paid 40% in 2018.

Interesting is interesting, supposedly, it was a rich payer, tax cut for the rich, while it looks like they paid a little bit more of their share, then you go into the top 10% in 2018. They paid that group, which is the top 10% of all taxpayers a paid 71% of the federal income tax, of the total federal income tax base, which is more than what they paid in 2017, who’s only 70%. So, we see these two groups, whether you’re in the 1%, or the 10%, or if you’re not, not in either of those groups, but you’re you hear all this information out there. It’s interesting that a, such a small percentage of the population pay such a large percentage of the federal income tax.

Tax Advisor and Tax Accountant Services

When you need professional expert IRS tax services, call Cash Tracks Financial Services, Inc. at our office phone number (719) 336-8739 or via our website Contact Us form at Contact Cash Tracks Financial

Tiff:
Sure. Yeah. Definitely lots of areas to make mistakes.

Marcelino:
Yes, lots of areas for mistakes there. It’s, it’s there. So yeah, we keep looking, we keep working, we keep improving, and it’s a constant learning process. And something. Also, there’s a lot of they talk about the, the like, the plan, the President is talking about the American family plan or whatever, there’s a lot of tax provisions in that, that most people don’t realize, in the other part of it is that there’s a good chance that if that does pass, which, who knows if it will or not, but if it does pass, taxes will be going up for some people.

And the sad part about it is from what I’ve read, and what I’ve done about it, if you’re in a self-employed person in particular, an S Corp, for example, like was with this businesses. It could, it could be increasing my taxes. It could be making, like S Corp shareholders, who take distributions can now could, if that passes become subject to self-employment tax, which that’s a whole other discussion, but still just show, it’s just trying to keep up with this isn’t law yet.

But it’s one of those things that could become law as a 2022. So, and there’s a few other things in there, we might get into a good discussion about or I might go ahead and bring out for you there. Now, another point I want to make here. As you go out, and you talk to people talk, talk to tax professionals there. Is there anything in particular you think about Tiff and you think about having someone do your taxes?

Tiff:
One thing that was really interesting to me when I first started talking to you, for the job, as well as just the taxes in general was the amount of security that your office provides, and that you the way that you go about things and that things are not just sent through email, and that everything is secure here, so that all of the information. So I think that’s important. When you do look for someone, that it your information is secure. That was that was a learning curve for me.

Tax Services

When you need professional expert IRS tax services, call Cash Tracks Financial Services, Inc. at our office phone number (719) 336-8739 or via our website Contact Us form at Contact Cash Tracks Financial.

Our Tax Advisor And Tax Accountant Services Office

Cash Tracks Financial Inc.
117 W Beech St
Lamar, CO 81052
(719) 336-8739
Your SE Colorado Tax Advisor and Tax Accountant

Next Tax Advisor Information in this series Q & A

https://cashtracksfinancial.com/wp-content/uploads/2022/01/irs.jpg
https://cashtracksfinancial.com/tax-advisor-tax-accountant/