290: [Angelina King] Tax Essentials: 2025
As tax season approaches, many people find themselves overwhelmed with questions about filing, refunds, and credits. In the latest episode of our podcast, we welcomed tax expert Angelina King, CEO of 718 Tax Services, who shared invaluable insights that can help you navigate this often-stressful time of year.
In this episode of About That Wallet, host Anthony Weaver welcomes back tax expert Angelina King to discuss the ins and outs of tax season. With tax season officially underway, Angelina shares her insights on why filing early can be beneficial, especially for single mothers and those claiming dependents. They explore the importance of understanding tax credits and the implications of the PATH Act on tax returns.
💬 Question of the Day: What strategies do you use to stay organized during tax season? Share your thoughts in the comments!
💡 Want to learn more about Angelina? Check out her insights on LinkedIn for regular tax tips and updates.
🔔 Don’t forget to subscribe and hit that notification bell for more expert advice on financial wellness and tax strategies!
=||Chapters||=
(00:00) Introduction
(02:30) Importance of filing taxes early
(10:15) Understanding tax credits and the PATH Act
(15:45) Tips for avoiding IRS penalties
(22:10) Record keeping and technology for tax season
(28:50) Changes in tax laws for 2024
(35:30) Strategies for W2 employees vs. business owners
(42:00) Final thoughts and advice
(45:00) How to connect with Angelina
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episode 290
Transcript
>> Anthony Weaver: I know it's a common question.
Speaker:>> Angelina King: Um, actually it's a great question because
Speaker:refunds are interest free money that you're leaving on
Speaker:the table for the IRS to use until
Speaker:you claim it. Refunds could be great,
Speaker:especially for that single mother. Um,
Speaker:or I'll say it like this, because politically correct
Speaker:mother with kids, you know,
Speaker:um, because some people are offended by that single
Speaker:mom, but mother that
Speaker:has kids, she needs that tax credit,
Speaker:those non refundable credits, um, to
Speaker:raise their kids, you know, because if the father's not in their
Speaker:life, you know, some, some women do not put
Speaker:their, um, exes on.
Speaker:>> Anthony Weaver: Welcome back, everybody, back to another
Speaker:exciting show of the about that Water podcast
Speaker:where we help the Samus generation build strong financial
Speaker:habits. My name is Anthony Weaver,
Speaker:and one of the things that we're going to be
Speaker:talking into is about
Speaker:taxes. Tax season is right around the corner.
Speaker:Actually, it just started. Um, so I
Speaker:have my favorite tax lady,
Speaker:your favorite tax lady,
Speaker:Angelina King,
Speaker:coming back to share with us all the
Speaker:awesome things that's been happening with
Speaker:taxes. So are you guys ready?
Speaker:If not, here you go. Here you go. So how you doing today?
Speaker:>> Angelina King: I'm doing wonderful, Anthony. Thanks for having me back.
Speaker:>> Anthony Weaver: Yeah, Um, I mean, I have to say that, you
Speaker:know, the audience keep asking for you to come back.
Speaker:Um, I like to ask you first. I
Speaker:mean, obviously we stay in touch.
Speaker:>> Angelina King: Right?
Speaker:>> Anthony Weaver: And one of the things that I'd.
Speaker:Me personally, I like that you actually are fully open about
Speaker:taxes and actually just dive right into
Speaker:the tax code and what it is and how
Speaker:we can get better with it. And so I appreciate you
Speaker:for taking your time out of your day to do this.
Speaker:>> Angelina King: Oh, my pleasure is mine. You know, I love to
Speaker:educate people because we need to stay abreast on what's going
Speaker:on. Especially, um, we don't know what's going to
Speaker:happen with this new administration, so we're going to have
Speaker:to go with the flow right now. So,
Speaker:um, and I'm not going to get political because.
Speaker:>> Anthony Weaver: I mean, with these.
Speaker:>> Angelina King: Taxes, I mean, so I'm not
Speaker:gonna go there. But we all
Speaker:know what the elephant in the room is, so.
Speaker:And we don't want your
Speaker:listeners or your viewers to have
Speaker:fear, because there's no fear.
Speaker:>> Anthony Weaver: Okay? And for us to build that
Speaker:confidence in the tax code, in taxes, because a lot of
Speaker:us just don't know when should we start filing
Speaker:our taxes?
Speaker:>> Angelina King: Now, if you have all your
Speaker:documents, now is a great time.
Speaker:Um, and now is actually, you know, an
Speaker:acronym that I can't think of right now but
Speaker:um, today if you have all your
Speaker:documents and if you can
Speaker:go to your online account@the
Speaker:IRS.gov because if you think you're missing something,
Speaker:they should have your
Speaker:transcript already updated.
Speaker:It could be another week.
Speaker:But right now I believe all the documents there and
Speaker:just do a comparison to make sure you have everything.
Speaker:Because the one thing I
Speaker:don't want taxpayers to do is have get an
Speaker:under reporter notice. Because if you don't report
Speaker:those documents that the IRS has,
Speaker:that's a notice that you're going to get and
Speaker:you're going to have to do an amendment return or work it out with the
Speaker:IRS some kind of way to pay that,
Speaker:uh, if there's any taxes that are owed.
Speaker:So, um, and the reason why to
Speaker:do your taxes early
Speaker:is because one, we want to reduce
Speaker:the um, fraud risk
Speaker:on your Social Security number.
Speaker:Get it out the way. Um,
Speaker:also you have an opportunity to see what
Speaker:forms are missing. You know, we did have that
Speaker:either in our newsletter on
Speaker:why to consider filing early, the February
Speaker:newsletter. And if you're not getting the
Speaker:newsletter, that's fine, you can find it,
Speaker:find me on LinkedIn and it's posted
Speaker:every month and the weekly tax tips for
Speaker:there. Because a lot of people are like, I don't want to be spammed with
Speaker:email or anything like that. Go to my LinkedIn
Speaker:account and they're, they're posted there. Go
Speaker:to our Facebook account every week,
Speaker:every month you, you know, free
Speaker:information. And don't um, be
Speaker:shy because even when you file early,
Speaker:I'm just going to look at some notes because I can't remember
Speaker:everything
Speaker:but uh, you get your
Speaker:refund a little bit quicker. Um, the
Speaker:individuals that do have kids though,
Speaker:and if you file today, which is what, by the time, you know,
Speaker:this recording is February 8th and
Speaker:you file and you have
Speaker:dependents, just know due to
Speaker:the path act of 2015,
Speaker:your re, your tax return is going to be held because
Speaker:they need to make sure that your
Speaker:dependence on your tax filing
Speaker:is legitimate. Because that the reason why the PATH
Speaker:act went in. Just to summarize what it
Speaker:is, people were claiming each other's
Speaker:kids and when
Speaker:they, when the actual person goes to file,
Speaker:they're like, I can't claim my kids because somebody claimed them.
Speaker:You know, we don't want that. So, um,
Speaker:even if you decide to file after February
Speaker:15, file as soon as possible
Speaker:because you can also avoid a
Speaker:dependent dispute because I just mentioned about
Speaker:the PATH act and um,
Speaker:even if family members say, well, I'mma claim my sister
Speaker:this year. But that's up to y'all.
Speaker:I mean, okay, if you giving
Speaker:100% of um,
Speaker:the financial uh, support to that
Speaker:person, y'all work it out. I'm just a tax professional. I'm
Speaker:an the what the law
Speaker:says. I'm gonna
Speaker:give you what the law says. Okay.
Speaker:And that's on your conscience.
Speaker:I educated you because I have to fill out
Speaker:a due diligence checklist.
Speaker:If you tell me yes or no,
Speaker:that's the answer that I'm gonna say
Speaker:with within that checklist. But
Speaker:just be very mindful with that. You know,
Speaker:um, the other reason why you should consider,
Speaker:um, filing early. You'll get your
Speaker:refund interest free. You know,
Speaker:um, if you do owe, there is strategy
Speaker:there I wouldn't follow until April 15th.
Speaker:You know, I'm not supposed to tell y'all this, but.
Speaker:>> Anthony Weaver: Right.
Speaker:>> Angelina King: Hold your, your, your, your tax filing
Speaker:till April 15 because the minute that button is
Speaker:pushed, that's when the clock starts. And they
Speaker:expect for you to issue that
Speaker:check. But there's payment plans, so don't be fearful about
Speaker:that.
Speaker:And I think another. I want to give too much
Speaker:away in the newsletter. But
Speaker:like I said, I directed you to help you navigate to where
Speaker:to see this article. You're going to beat the
Speaker:rush. You know, um, we
Speaker:don't know if there's going to be any delays or glitches in the
Speaker:system. I can't predict the
Speaker:future. Well, you just turn on the news.
Speaker:You can see what's going on. Going
Speaker:on.
Speaker:>> Anthony Weaver: But that's, but what's going on in the news, Will that
Speaker:impact last year's taxes or does
Speaker:it impact this current year? So when we do our
Speaker:filings for.
Speaker:>> Angelina King: Next year for 2025.
Speaker:>> Anthony Weaver: 2025. Okay.
Speaker:>> Angelina King: Yeah. I don't know what's going, you know, happen. Jesus is coming
Speaker:back soon, walking the earth right
Speaker:now. But.
Speaker:>> Anthony Weaver: Oh my gosh.
Speaker:>> Angelina King: But yeah. Um, and then, you know, also if
Speaker:you want to be a person of charity, you get that
Speaker:refund. You can give that refund to somebody else. But
Speaker:I'm g. Leave that the decision of the taxpayer.
Speaker:But you know, help. Help your
Speaker:brother out, you know, help your sister out.
Speaker:Um, so those are some of the things that
Speaker:considering filing your return early.
Speaker:>> Anthony Weaver: Gotcha.
Speaker:So we have a. Obviously we like to get the
Speaker:W2 everyday nine to five people out the way first
Speaker:because those are the easies what um
Speaker:has changed far as their tax filing.
Speaker:So like the um, the
Speaker:allotment for their um. For
Speaker:the 2025 season so that they can start doing
Speaker:their Roth contributions in
Speaker:their traditional IRA
Speaker:contributions.
Speaker:>> Angelina King: Well, the limits have increased. I don't have them right in front of me,
Speaker:but um, the limits for you to contribute
Speaker:to those have increased, um,
Speaker:I wouldn't say significantly, but you know, even
Speaker:kill. But also for
Speaker:W2s for
Speaker:2024 because I can't really speak of what's going to go
Speaker:for 2025 because that job and tax act
Speaker:may be gone away with
Speaker:because of, I'll say it, Project
Speaker:2025, you know.
Speaker:So um, what
Speaker:you used to could write off may go away, but they may
Speaker:re implement it. I um, can't predict the
Speaker:future, but just stay prayerful and
Speaker:hopeful that something is going to be
Speaker:benefit to the W2 taxpayers. But
Speaker:I believe they're taking more from
Speaker:middle class and lower income
Speaker:and giving more advantage to the high income
Speaker:earners. And that's coming down the
Speaker:pipeline. So starting that
Speaker:side hustle, if you, if you heard that urge for many
Speaker:years to do it, this might be a good
Speaker:time to do it because
Speaker:um, a lot of your expenses that you
Speaker:incur are going to be tax
Speaker:write offs for you. Tax deductions.
Speaker:Um, the other thing,
Speaker:the standard uh, deductions for
Speaker:single, uh, head of household and married filing jointly
Speaker:and separately have gone up. But if you're
Speaker:single, your standard deduction and
Speaker:if you're a married filing separately,
Speaker:those deductions are the same for
Speaker:2024. So they're adjusting
Speaker:things for 2025 because of inflation.
Speaker:So um, there are instances
Speaker:where a lot of
Speaker:W2, uh workers, you
Speaker:can't really itemize much unless you have mortgage
Speaker:interest, gifts to charity, some
Speaker:medical expenses. The standard, um.
Speaker:And what I do for my clients, there is a sales
Speaker:tax calculator at the IRS website
Speaker:and they just recently updated that because
Speaker:even if you take that max sales tax deduction
Speaker:for the year, the max is $2,500. That
Speaker:may help reduce your tax
Speaker:liability a lot. Because I
Speaker:recently had a client, she was owing
Speaker:a little over, under uh, $50. And
Speaker:we were like we don't want you to pay anything.
Speaker:Okay? So we were like I'm not gonna push the
Speaker:button until April 15th if you like, you know, to
Speaker:hold this. And she was in agreement. I said there's
Speaker:one last thing I want to look at. So
Speaker:in order for her to get over that
Speaker:threshold of the standard deduction,
Speaker:I pretty much just looked at
Speaker:her expenses for the year because she's straight W2,
Speaker:um, and she had some medical
Speaker:expenses, mortgage, uh, interest,
Speaker:real estate taxes, um,
Speaker:and she didn't have any gifts to charity, from why I
Speaker:remember. But that sales tax calculator helped
Speaker:push her over because her
Speaker:itemized deductions were
Speaker:more than her standard deduction as head of household.
Speaker:And that little bit of a push
Speaker:flipped it to a refund
Speaker:because we maxed it out. Because there's
Speaker:instructions@irs.gov
Speaker:SalesTax
Speaker:okay, go to that website, play
Speaker:around with it. Put in your adjusted gross
Speaker:income, if you know it. Um,
Speaker:and then if you had any dependents or anything,
Speaker:you made any large purchases for the tax
Speaker:year, and read the instructions. Because you can either
Speaker:use the number that calculates or you
Speaker:can do the standard sales tax
Speaker:deduction, which is $2,500.
Speaker:I would go with $2,500, especially if it
Speaker:calculates, yes,
Speaker:1,200. Okay. The IRS
Speaker:allows it because the instructions are there.
Speaker:Okay. They're matter of fact. Let's be matter of fact
Speaker:as well.
Speaker:>> Anthony Weaver: Right?
Speaker:>> Angelina King: We'll play the game. Just play the
Speaker:game.
Speaker:>> Anthony Weaver: Yeah.
Speaker:>> Angelina King: And see, that's the thing people don't realize with taxes. Don't be
Speaker:fearful, because if you have a person
Speaker:who, such as myself, who wants to
Speaker:educate you legally via
Speaker:the tax law, you know, if
Speaker:somebody sees this, hey, they may shut me down. Uh, I
Speaker:don't know. But I'm not fearful of that because I
Speaker:want to educate my clients so they're aware.
Speaker:These are some of the things that you look for for your
Speaker:tax professional to see if they
Speaker:understand the law and,
Speaker:um, to the benefit of
Speaker:you as a taxpayer. Seriously, because I'm. I'm
Speaker:looking out for you. I want to serve, and I want to
Speaker:serve you, the taxpayer, to educate
Speaker:yourself.
Speaker:>> Anthony Weaver: Uh, so what. I mean, I know I
Speaker:like to ask this question all the time because we always get new
Speaker:listeners. How do we
Speaker:pick a good tech professional?
Speaker:>> Angelina King: Well, there is, because I'm listed on the
Speaker:IRS.gov website. There is a
Speaker:directory, and you pretty much
Speaker:can go there and kind of search by your zip
Speaker:code. Because a lot of the CPAs or
Speaker:tax professionals out there also look at
Speaker:Google reviews, because if there's one bad
Speaker:review that tanks, you know
Speaker:that that turns anybody off. Because right now
Speaker:I'm in the process getting my roof at my house
Speaker:done. And, um, the
Speaker:reviews came back. Really? Really. See, that's another
Speaker:expense anyway.
Speaker:>> Anthony Weaver: But you can put that on the sales tax. I was on their website. They say, like,
Speaker:hey, you got any home repairs? You can put that down.
Speaker:>> Angelina King: That's right. That's what. See, See, I just
Speaker:educated you, so you sure did
Speaker:use it, it's out there. They don't tell you that it's out
Speaker:there. I look for stuff like that because I'm like, wait
Speaker:a minute, 1099. And small business
Speaker:owners have so much advantage. But see,
Speaker:W2. And the small
Speaker:businesses can use that sales tax calculator because
Speaker:if you file your, uh, if you're a sole
Speaker:proprietorship, you're going to file it on your
Speaker:schedule C. So I'm looking for things to
Speaker:help lower your tax liability,
Speaker:um, and your taxable income because it looks at the tax
Speaker:tables based on your taxable income in
Speaker:order to calculate what tax whether you're overpaid
Speaker:or underpaid. So. Yeah, um,
Speaker:but, um, back to your question.
Speaker:Digress.
Speaker:>> Anthony Weaver: Okay.
Speaker:>> Angelina King: Please mention that again.
Speaker:I got sidetracked. Like what?
Speaker:>> Anthony Weaver: Uh, um.
Speaker:>> Angelina King: You messed up too.
Speaker:>> Anthony Weaver: Yeah. Because you saw
Speaker:it. We, um, were talking about,
Speaker:um,
Speaker:crap. Right. But we
Speaker:were, uh, we were on something.
Speaker:But yeah. Well, one of the things is. Oh, um, far
Speaker:as doing the interviews for the tax professional, how do we.
Speaker:>> Angelina King: Oh, yes.
Speaker:>> Anthony Weaver: If we got the right one.
Speaker:>> Angelina King: Yeah. IRS.gov is first look at
Speaker:their directory. Sorry, y'all.
Speaker:>> Anthony Weaver: I mean, we're gonna keep this all the
Speaker:day.
Speaker:>> Angelina King: Yeah. All right.
Speaker:Keep it. I. I'm not.
Speaker:Okay, first go to irs, because you can even look me
Speaker:up. Um, because every year I take the annual refresher
Speaker:course. I don't have to, but I do that just
Speaker:to say abreast of some of the changes and then where,
Speaker:you know, there were some changes, but not really,
Speaker:um, that much. Maybe we'll do another interview
Speaker:to kind of go over what the, the changes are
Speaker:for the upcoming changes for
Speaker:2024 to go more in depth
Speaker:with that. But, um, next
Speaker:look at the Google reviews because
Speaker:read the bad ones too.
Speaker:Don't you see all these five stars and
Speaker:4.9 and couple
Speaker:threes. Read the bad ones too, because
Speaker:it has, it gives you a well rounded
Speaker:depiction of how your experience may be.
Speaker:Now if you go and choose that one, that might not
Speaker:be your experience, but reviews
Speaker:and IRS.gov is great.
Speaker:Ask, um, for someone else to refer you, especially
Speaker:if you're out of state, you know, because they may have
Speaker:developed a relationship with another
Speaker:tax preparer in another state. So,
Speaker:um, referrals are great because that's free advertising.
Speaker:And um, other than that, pray and ask
Speaker:God to lead you.
Speaker:>> Anthony Weaver: Okay with your day.
Speaker:>> Angelina King: Man, I, I've been watching
Speaker:lately, well, toward the end of the year, this show
Speaker:called American Greed. There are some
Speaker:people out here, they have no conscience
Speaker:whatsoever. It's on, uh, well, I'm
Speaker:not going to advertise in that where y'all can look it up.
Speaker:>> Anthony Weaver: Right. Because I saw one of them that was, uh, talking
Speaker:about the guardianship. That one. I was
Speaker:upset with that one. Yeah, that one.
Speaker:Yeah.
Speaker:>> Angelina King: Um, there's a, there's a guy called, uh,
Speaker:Abraham Shakespeare. If you ever see that
Speaker:episode. This man won the
Speaker:Florida lottery and it didn't
Speaker:turn out very well, but, uh, he got
Speaker:conned by someone. I'm not gonna even mention the
Speaker:ladies now and I'm not gonna get give too much
Speaker:away, but it's just ended tragically.
Speaker:It's just. And then covet
Speaker:when covet hit. And you remember in the
Speaker:news they said they ran out of funds?
Speaker:>> Anthony Weaver: Yeah. Remember that?
Speaker:>> Angelina King: Well, I'll say this a little briefly, but I don't want
Speaker:to give the. There was a, um. Well,
Speaker:yeah, I can give it away because they probably won't air
Speaker:that for another couple more
Speaker:weeks or months, I don't know. But
Speaker:there was a family that came over from a different
Speaker:country and they started all
Speaker:of these fake businesses and that's how they
Speaker:got that free money and that's how it ran out.
Speaker:And I said, lo and behold, you know,
Speaker:I'm trying to help my clients get money.
Speaker:And there was nothing left.
Speaker:>> Anthony Weaver: Mhm.
Speaker:>> Angelina King: And it's almost like they slapped them
Speaker:on the wrist.
Speaker:>> Anthony Weaver: They slapped a lot of people on the wrist with that one.
Speaker:>> Angelina King: Yeah, yeah. But
Speaker:anyway, right.
Speaker:>> Anthony Weaver: You try to do. Right. And you know, this is what
Speaker:happens a lot of times it's like, am I not lying
Speaker:enough? Like, I'll get you to think,
Speaker:like, can I lie a little bit?
Speaker:>> Angelina King: Don't, don't ever do that. Come on, Anthony. I don't
Speaker:even, uh. I consider you my spiritual brother. Don't.
Speaker:Don't lie.
Speaker:>> Anthony Weaver: No, no, no.
Speaker:>> Angelina King: Don'T do that. No.
Speaker:Because see, you're going to be the one that gets caught.
Speaker:>> Anthony Weaver: Right? Out of all the people, I'm sure.
Speaker:Yeah, I don't, I don't like jail.
Speaker:>> Angelina King: Um, no. And I tell people, I
Speaker:joke about it. I'm too skinny to
Speaker:go to jail.
Speaker:>> Anthony Weaver: Okay,
Speaker:look, I bet a buck 20. What, like
Speaker:that's it?
Speaker:>> Angelina King: And I love the Lord and my mama, um, way too much to
Speaker:say, disappoint them. And I'm
Speaker:like, no, uh, angel ain't gonna,
Speaker:you know, I've been asked to do things
Speaker:tax related. And I was like, no, you came to the wrong company.
Speaker:Um, I'm not gonna do it. Write off
Speaker:cigarettes. I think I told you that in my first Episode
Speaker:with you.
Speaker:>> Anthony Weaver: Yeah.
Speaker:>> Angelina King: This trucker told me, you know, you can write off my cigarettes
Speaker:as meals.
Speaker:What? Textbook? You think
Speaker:textbook? Did you. Anyway,
Speaker:right. Moving on. All right.
Speaker:>> Anthony Weaver: It's okay.
Speaker:>> Angelina King: I'm just me.
Speaker:>> Anthony Weaver: Uh, so we talked about the standard
Speaker:deductions, um, for the sales
Speaker:tax. What is it that a lot
Speaker:of people are not doing in 2024 that they should do
Speaker:for 2025?
Speaker:>> Angelina King: Adjust your withholding because it's getting
Speaker:serious. Um, and that withholding
Speaker:calculator that we did on another show,
Speaker:Please do. Because, um,
Speaker:I've already ran into issues where the
Speaker:federal withholding is zero. You don't want
Speaker:that to be zero because that's considered
Speaker:you being tax exempt.
Speaker:Do you have a exempt certificate
Speaker:to, uh, support
Speaker:that? Most taxpayers don't,
Speaker:you know, um, because it's going to cause a real
Speaker:issue. But I understand the strategy because
Speaker:one of my, uh, case studies, they said that
Speaker:they wanted more money. The. Wow. Because
Speaker:things are so expensive. I get it,
Speaker:I get it. They want it more in their check. I get
Speaker:it. However you
Speaker:really look at this liability,
Speaker:though, you know,
Speaker:um, so be very
Speaker:mindful of that. Um, making
Speaker:sure enough withhold. And my high income
Speaker:earners,
Speaker:um,
Speaker:please take adequate federal
Speaker:income taxes out because you're going to be in a situation where
Speaker:you're a high income earner and then it gets into
Speaker:the thousands of dollars for your liability. And
Speaker:there's not much I can do if you don't have
Speaker:a side hustle or schedule. Uh,
Speaker:c. You know, and that side hustle is
Speaker:legit. Don't just make stuff
Speaker:up, because we don't do that here.
Speaker:Um, you got to be honest. And. Oh, they'll never
Speaker:see. Don't ever say never.
Speaker:Never ever. Uh, don't
Speaker:ever say that because you probably the one that they
Speaker:pick for audit.
Speaker:>> Anthony Weaver: You got to keep that for what, seven years? Keep your information for
Speaker:seven years.
Speaker:>> Angelina King: For that I recommend five.
Speaker:Um, some people say three. And especially
Speaker:now with the digital age, you can scan that stuff in and keep
Speaker:it on a thumb drive or external drive.
Speaker:Um, and then you don't have to worry about the
Speaker:paper. You can go to your external, uh, drive
Speaker:or your thumb drive and download it if you need
Speaker:it. And that includes receipts because
Speaker:that's clutter. You know, we don't want
Speaker:clutter. No,
Speaker:no. But, um, and also
Speaker:to your point with the W2s, look at
Speaker:those closely because a lot of businesses have
Speaker:been going out of business, and you may
Speaker:have trouble getting that W2, but you need to file a
Speaker:complaint with the IRS so you can get your
Speaker:W2. Um, and then if you
Speaker:might have to file an extension, um,
Speaker:with that W2 until that
Speaker:transcript is available. But
Speaker:keep in mind also that the transcript, the
Speaker:wage transcript that you download will
Speaker:not have the full EIN number on
Speaker:there. So you're going to have to call the IRS to get the
Speaker:full EIN number because
Speaker:your tax professional is going to need that along with
Speaker:the address. So what you do, you ask
Speaker:for an unmasked copy of
Speaker:your wage transcript so you can
Speaker:file, uh, your taxes and also file the
Speaker:complaint. You know, because they,
Speaker:they meaning the company that went out of business still has an
Speaker:obligation to release
Speaker:your W2 or 1099.
Speaker:>> Anthony Weaver: See, I didn't know that, um, because somebody was
Speaker:telling me recently to
Speaker:start doing a, what they call it,
Speaker:like a digital go bag. And what
Speaker:they mean by that was getting. Printing out the
Speaker:last five pay stubs. Uh, printing
Speaker:out like your. Any other document,
Speaker:forms that's necessary for taxes or your employment
Speaker:information, like you said, your employee, your
Speaker:employer information. So you can still file your tax.
Speaker:Because the ein should be on prior stuff if
Speaker:you've been there for years. So you can still file
Speaker:it. Um, and
Speaker:so just kind of like to, to make
Speaker:sure that people do that. Is it best practice,
Speaker:like if they already have that latest pay stub, can they
Speaker:still file that taxes with that? Or do you think there's more
Speaker:info on the W2?
Speaker:>> Angelina King: It's more efficient to do it from your W2. But yes,
Speaker:strategy is in one of our tips or
Speaker:the newsletter. Um, we did mention that as
Speaker:well. But more than likely you need
Speaker:to contact the IRS because they're
Speaker:the ones with the information.
Speaker:They're the ones that need to advise you you can do all that.
Speaker:But I think in interest of time,
Speaker:go on to your online account and
Speaker:um. But. Or
Speaker:wait to file an extension. But that is a strategy you
Speaker:can use. Yeah, but we don't
Speaker:file by paycheck stubs.
Speaker:Mhm.
Speaker:>> Anthony Weaver: I guess. M. That was old school.
Speaker:>> Angelina King: That's old school.
Speaker:>> Anthony Weaver: Okay. Um, because you
Speaker:said that I did not know. You can actually create your own
Speaker:account inside the IRS website.
Speaker:>> Angelina King: Yes, you can. They. You're gonna have to go through a
Speaker:verification process though.
Speaker:>> Anthony Weaver: I mean it's like the real id, isn't it?
Speaker:>> Angelina King: Yeah, they gotta, they have to verify your
Speaker:identity.
Speaker:Mhm.
Speaker:>> Anthony Weaver: Okay. And then they'll have all that information already built
Speaker:in.
Speaker:>> Angelina King: Yes. They'll have your complete tax record for three
Speaker:years out there.
Speaker:>> Anthony Weaver: What?
Speaker:>> Angelina King: Yeah. So you can download. You can even see
Speaker:when you filed your taxes the tax
Speaker:transcript or your tax filing, you
Speaker:can find your wage and transfer. Um, and then you have. If you're
Speaker:a business owner like C. Ah, Corp.
Speaker:S Corp or um,
Speaker:um, because on your 1040 that's where your schedule
Speaker:C is, you can see that business
Speaker:filing has been filed and what day or
Speaker:whatever on there. So you get a bit of a
Speaker:summary.
Speaker:>> Anthony Weaver: Yeah, well, I'm looking at it. Well, I'm about
Speaker:to sign in right now because I. It looked like it's
Speaker:using the same portal, which is the ID me
Speaker:M thing. Yes, um, to
Speaker:set up.
Speaker:>> Angelina King: That's exactly right.
Speaker:>> Anthony Weaver: So this you know saying like every time
Speaker:we talk, he always teach me something new, which is great.
Speaker:>> Angelina King: I'm glad you. I'm glad you carry
Speaker:attention. Thank you.
Speaker:>> Anthony Weaver: There ain't nobody else getting any information. I am,
Speaker:I mean. Oh yeah, they do ask for
Speaker:more information.
Speaker:>> Angelina King: They do. Um, U.S.
Speaker:tax professional have to do that too if we access it. So
Speaker:it's. And, and a little tip
Speaker:for our nonprofits out there. If
Speaker:you w2 and you also are starting a
Speaker:nonprofit, um,
Speaker:record keeping is very important. However,
Speaker:if you didn't get but less than
Speaker:50,000 in contributions for
Speaker:your nonprofit, you still have to
Speaker:file a form, um,
Speaker:990N and that is an
Speaker:informational return to let the
Speaker:IRS know that contributions for
Speaker:that tax year were less than
Speaker:50,000. Because some churches and charitable
Speaker:organizations are getting
Speaker:1099ks. Okay.
Speaker:For all their contributions that came into their
Speaker:organization. And as you know, all
Speaker:tax documents that you receive,
Speaker:the IRS receives it too.
Speaker:So if you are
Speaker:501c3 it's
Speaker:best not to ignore it. Although if
Speaker:you made less than $10,000 that
Speaker:year, I advise you do,
Speaker:uh, a form
Speaker:990N.
Speaker:So it's a 990N. And
Speaker:um, you can file directly at the IRS website
Speaker:for free.
Speaker:>> Anthony Weaver: Okay, that's good.
Speaker:>> Angelina King: Mhm. Yeah. Because some people
Speaker:W2s and then you got pastors. Because I have a couple
Speaker:pastor as my clients
Speaker:and these pastors are funny.
Speaker:>> Anthony Weaver: Really? What do you mean?
Speaker:>> Angelina King: They're. They're funny. They're hilarious.
Speaker:Like comedy. Comedy relief.
Speaker:>> Anthony Weaver: Seriously, like what they, what they. What they trying to get.
Speaker:>> Angelina King: I can't. Some of them are
Speaker:my um, viewers too.
Speaker:>> Anthony Weaver: Okay. All right. But they don't know what
Speaker:church it is. What's one thing? What. All right, well,
Speaker:we'll, let's see. How can I reframe this?
Speaker:>> Angelina King: No, um, Anthony,
Speaker:you ain't gonna put me into this. No,
Speaker:because they'll immediately know that I'm talking About.
Speaker:>> Anthony Weaver: Okay, like, look, they
Speaker:only contributed 55. Can we bump that
Speaker:up to 20? 20,000? Like
Speaker:55.
Speaker:>> Angelina King: You ain't pulling me.
Speaker:>> Anthony Weaver: Um, well, this was
Speaker:like, you know, it's eating you up on the inside. It gotta come
Speaker:out. It's poison. You gotta share with
Speaker:us.
Speaker:>> Angelina King: Uh. Oh,
Speaker:don't make me cough.
Speaker:>> Anthony Weaver: All right, well, let's change the direction a little bit.
Speaker:Um, because we Talked about the
Speaker:W2s. We had the people with
Speaker:the nonprofits. Uh, let's get down
Speaker:to the business owners because one of this big thing that I
Speaker:heard a lot of people say that you must fill out before the
Speaker:end of 20, uh, 24, which
Speaker:is this beneficial, um,
Speaker:ownership information report or something like
Speaker:that. Can you tell us what is it
Speaker:and do we really have to file it?
Speaker:>> Angelina King: Well, right now, the latest, um, as
Speaker:of today, I don't know what the latest is. However,
Speaker:they were in, meaning the benefit,
Speaker:um, Bois for short.
Speaker:Um, it's really protecting
Speaker:the business for all LLCs that
Speaker:are registered in your state, okay? They
Speaker:want you to file. And this has been around for
Speaker:a long time. It's just the. The
Speaker:communication of when you're supposed to
Speaker:file has been the, uh, disconnect.
Speaker:So they want to make sure these LLCs are
Speaker:not laundering money, okay?
Speaker:Because whenever you set up a business account,
Speaker:um, they're going to go ahead and look at your state
Speaker:to make sure that you are,
Speaker:ah, registered and you're a legit company,
Speaker:okay? You have an EIN number, you have a
Speaker:business name,
Speaker:um, the whole nine.
Speaker:Um, so basically, the long and
Speaker:short of it, they want to make sure
Speaker:that you're not laundering money and you're a
Speaker:legitimate business, and that filing
Speaker:keeps everything on file. But right
Speaker:now, because I have an additional LLC that I did
Speaker:start that, uh, I don't have to do
Speaker:it until they get through the courts
Speaker:system because they put fear in people like,
Speaker:oh, man, I'm gonna get fined
Speaker:$549 if I don't
Speaker:file and register my business with BOI.
Speaker:Um, it protects you as the business owner, especially if
Speaker:you're doing things the right way. But
Speaker:that instance where I mentioned about the COVID
Speaker:funds, if they had that implemented back
Speaker:then, I don't think those monies will
Speaker:have been stolen the way they were, you
Speaker:know? Um,
Speaker:really, because they came in our country and they. They pretty
Speaker:much stole ball, these big old
Speaker:houses, these cars. He.
Speaker:I'm sorry, because I'm, like, trying to get people.
Speaker:>> Anthony Weaver: Like I said, it's poison,
Speaker:pretty much.
Speaker:>> Angelina King: I'm not gonna give Nobody. No ideas. No, no.
Speaker:Okay. Uh, um, just watch the show for yourself.
Speaker:And if you want ideas, hey, watch it for
Speaker:yourself.
Speaker:>> Anthony Weaver: Yeah, we, that's a, uh, but that's the
Speaker:extremes that I've seen on that show. And it's kind of
Speaker:like, okay, are you really
Speaker:utilizing the system? It's not intended,
Speaker:or actually you're,
Speaker:you just finally got caught. Because what is one thing,
Speaker:um, exactly.
Speaker:>> Angelina King: But if you want a more textbook explanation, uh,
Speaker:but that's the long and short of it. They just want to track
Speaker:to make sure that you are not, uh, and
Speaker:I'm looking it up right now, um, to make
Speaker:sure that I'm, um, compliant as well. Because
Speaker:we want to stay compliant with the U.S.
Speaker:government. Um, we want no
Speaker:visibility, not m
Speaker:here, not there.
Speaker:Um, we just want to follow the rules.
Speaker:And um, because see, right now there's
Speaker:a court order that it's been delayed.
Speaker:So once they get through all of the
Speaker:rigamarole, you know, spell that.
Speaker:But anyway,
Speaker:um, LLCs, we're going to have
Speaker:to report. And if you go to
Speaker:boi e
Speaker:filing.thinsen.gov
Speaker:and if you have any questions, any business owner
Speaker:out there, this website will give
Speaker:you more information because they
Speaker:work directly with the Corporate Transparency
Speaker:Act. Um, and that applies to all
Speaker:businesses, not so much individuals
Speaker:or independent contractors. But if
Speaker:your business is registered in the state,
Speaker:whether Florida, whether Maryland,
Speaker:Pennsylvania, all
Speaker:LLCs, you're not exempt. Even if I believe.
Speaker:I'm not sure if Puerto Rico
Speaker:is involved in this at all, you know, because
Speaker:they're part of the United States. But.
Speaker:>> Anthony Weaver: Right.
Speaker:>> Angelina King: Um, so they just want to keep down on the
Speaker:crimes of, uh, financial
Speaker:crimes. So everything's
Speaker:on a pause right now. So. But
Speaker:when that turns around, I wouldn't drag my feet and
Speaker:say I'm not gonna file because
Speaker:you don't want to fight, you know, and then
Speaker:you, your ein is probably
Speaker:earmarked, you know, um, so
Speaker:when you go buy your taxes
Speaker:or. You know, I'm not, I'm. Maybe I'm
Speaker:going to the extreme. You go to the dmv,
Speaker:you can't renew your driver's license until you take care of
Speaker:this. So I'm just kind of forward thinking
Speaker:that might not be the case. But,
Speaker:uh, think about how they did and caught a lot of people
Speaker:with who had to pay child support when
Speaker:they renew their driver's license.
Speaker:You know, some states do that.
Speaker:>> Anthony Weaver: So how to get you. Well, I
Speaker:mean, you just gotta do the right
Speaker:thing at the right time. Time is everything.
Speaker:>> Angelina King: And amen.
Speaker:>> Anthony Weaver: Yeah, we all got Deadlines.
Speaker:>> Angelina King: That's it.
Speaker:>> Anthony Weaver: Yeah. So, I mean, okay, so we got
Speaker:our understanding on that
Speaker:part.
Speaker:Um, is there anything cool and
Speaker:sexy that business owners can kind of take
Speaker:advantage of for our, uh, 2024 taxes?
Speaker:>> Angelina King: Cool and sexy is record keeping for your business
Speaker:because it'll make it easier for
Speaker:the tax professional. Because if you come to my office with
Speaker:a box of receipts like someone did a number of years
Speaker:ago, I'm gonna look at you like you at the back of the
Speaker:line. I do want to help you. I'm, uh, not going to
Speaker:turn you away, but with my new responsibilities
Speaker:now, um, I'm going to have to turn you
Speaker:away.
Speaker:Um, and there is a
Speaker:awesome app called
Speaker:4receipt.com
Speaker:um, that if you have a
Speaker:receipt, you have a bank statement,
Speaker:a credit card statement. You can link it to this,
Speaker:this app, uh, or website
Speaker:and they have a free plan and then it goes
Speaker:up from $5 to $12 a month
Speaker:to track and organize your, uh,
Speaker:your expenses. So there's no excuse. The technology
Speaker:is out there. It's almost like we
Speaker:don't want to pay for,
Speaker:to be organized. You
Speaker:know, sometimes you have to pay to be organized
Speaker:because that platform
Speaker:will organize your receipts into
Speaker:categories for you. So when you take it to your
Speaker:tax professional, it helps
Speaker:ease the issue. Because if you come to me,
Speaker:the bookkeeping fee is going to be $600
Speaker:or more.
Speaker:>> Anthony Weaver: I mean, m. You got. It's a lot for you to go
Speaker:through.
Speaker:>> Angelina King: It is. And it's time consuming because,
Speaker:look, I have to construct a P L, which
Speaker:is profit and loss statement. Oh, the
Speaker:schedule C does that for me. Ah, ah. But you got
Speaker:to organize that data for me to put it in the
Speaker:right categories. M. You know,
Speaker:um, and then, you know, if you making a little
Speaker:bit over 50,000 or plus,
Speaker:you, you want a balance sheet,
Speaker:you know, and it has your
Speaker:assets, your liabilities, owner's
Speaker:equity, and a cash flow
Speaker:statement. So we know what cash is coming in and
Speaker:out. Um, and then a trial
Speaker:balance. These are basics. Go to the
Speaker:irs.gov it tells you
Speaker:think, um, I'm lying.
Speaker:>> Anthony Weaver: Go to irs.gov well, no, I
Speaker:believe you.
Speaker:>> Angelina King: Like I know you.
Speaker:I'm telling your, your audience here, you
Speaker:know. Um, yeah, so record keeping
Speaker:is very important for our small business
Speaker:owners because
Speaker:it makes it easier for your tax professional. It really
Speaker:does. And it keeps your costs down.
Speaker:>> Anthony Weaver: Okay. And the IRS does, uh, for
Speaker:people who are wondering, they do give you a nice lovely
Speaker:28 page PDF on how to do your records
Speaker:keeping. Um, and if you want a cheat
Speaker:Code to use AI to help you out.
Speaker:Take this PDF, slide it on over to Chat GPT
Speaker:and say, hey, generate me a
Speaker:Excel sheet or spreadsheet
Speaker:with this information so that I can do my
Speaker:taxes.
Speaker:>> Angelina King: There you go.
Speaker:>> Anthony Weaver: Yeah. And it would extract it. And actually on this PDF, they do
Speaker:give you all the columns and rows on
Speaker:what you need for each one. So this is actually great. They give
Speaker:you great examples on pages starting on
Speaker:page, uh, 18
Speaker:on a PDF.
Speaker:>> Angelina King: Good information.
Speaker:>> Anthony Weaver: Yep.
Speaker:>> Angelina King: Right.
Speaker:>> Anthony Weaver: Teamwork. We got this. All right.
Speaker:>> Angelina King: I think that's it.
Speaker:>> Anthony Weaver: Yeah.
Speaker:So, uh, so with you
Speaker:just, um, to kind of let people know, like, if
Speaker:somebody's out there and they was like, yeah, I really want to become,
Speaker:start, uh, working in taxes. Where could
Speaker:they go or what should they do? What are the best steps for
Speaker:them?
Speaker:>> Angelina King: The best steps is getting like an overview on
Speaker:what taxes means to you.
Speaker:Because you got to be detail
Speaker:oriented. If you want to do this,
Speaker:anyone can. Um, the
Speaker:steps, and I'll take it a little step further. If you
Speaker:want to run your own tax firm,
Speaker:um, the first step for the
Speaker:basic is to get a P10 that
Speaker:is a personal tax identification number.
Speaker:And you can get that at the IRS website. You
Speaker:register. I think now they're charging
Speaker:people like 1995
Speaker:to, um, either doing a
Speaker:renewal or start it because at one time
Speaker:it used to be free and anybody could do
Speaker:taxes. And that's when a lot of people
Speaker:got in trouble. But anyway, um,
Speaker:were fraudulent
Speaker:and, um, learn and get
Speaker:mentored by someone, you know, um,
Speaker:I'm willing to do that. I'm mentoring someone right now
Speaker:who's making a transition from corporate
Speaker:into trying to figure out they want to do
Speaker:taxes. You, um, got to be passionate about
Speaker:what you really want to do. And if this
Speaker:tax going to be your,
Speaker:um, your next step,
Speaker:be passionate about, don't just do it. Oh, I can get, I can
Speaker:make X amount of dollars
Speaker:in, in three months, period. That's
Speaker:great. However, you're gonna run yourself into the
Speaker:ground, um, because it's no joke. It really
Speaker:isn't. Um, and the next
Speaker:thing, make sure you have a heart for
Speaker:serving because people have
Speaker:real issues. Um, I
Speaker:wasn't prepared for that, but,
Speaker:um, in a sense I was because that was my
Speaker:training. From leaping from corporate America
Speaker:to business owner and then
Speaker:back into corporate America. Uh, people
Speaker:have real issues, uh, not aside from
Speaker:your, uh, tax, uh, filing,
Speaker:because you're a counselor. Especially
Speaker:if you want to have a, you know,
Speaker:present the tax document to that
Speaker:taxpayer via zoom or
Speaker:in person. You have to Love
Speaker:people, you know, don't just love the
Speaker:money. Um, the money will
Speaker:come. Don't chase the money. The money will come.
Speaker:And if you do a great, excellent, phenomenal
Speaker:job, you get so many
Speaker:referrals like, oh man, she's good, he's good.
Speaker:And then it builds your, your confidence
Speaker:and rapport. You don't have to know
Speaker:everything about taxes. Just
Speaker:know that if there's something you
Speaker:don't know, and I've said this several times,
Speaker:let me look into that and I'll get back with you.
Speaker:All right, so find a
Speaker:mentor, um, kind
Speaker:of let them, you know, you can shadow under
Speaker:them. And uh, I do
Speaker:mentoring, I do. So if anybody wants to reach
Speaker:out, um, I definitely
Speaker:will be more than willing and be
Speaker:committed. Because if we set up a
Speaker:time, you know, an hour, maybe two
Speaker:hours to go over your goals
Speaker:first. And what is your strategy
Speaker:for learning how to do taxes? There are tax
Speaker:schools. Because I'm not going to teach you. There are tax
Speaker:schools. I'm, um, not going to name those. You can
Speaker:do your chat, DPT
Speaker:research, uh, on that, or
Speaker:Google, copilot,
Speaker:whatever. And those tax schools,
Speaker:um, they do charge, it's not free.
Speaker:And you can do an online class or
Speaker:certain, um, certain
Speaker:big, uh, box. I'm not going to mention those, but they
Speaker:offer classes in your city
Speaker:and that's how you get your foot in. But that
Speaker:P10 is, is going to be
Speaker:probably one of your first steps, you know, and
Speaker:then just
Speaker:observe, uh, absorb the
Speaker:information. There are probably YouTube videos
Speaker:that there's classes because I know one
Speaker:particular software company, they offer some classes
Speaker:on YouTube, so you could do that. But if
Speaker:you want to navigate and go into
Speaker:owning your own firm, just
Speaker:know the FBI is gonna look at your back
Speaker:seriously, because you're gonna be
Speaker:fingerprinted. And that
Speaker:process takes six to whatever
Speaker:weeks. They probably shorten the time now because they're going
Speaker:into your background, they're guaranteeing your financial
Speaker:health. Um, even every year
Speaker:when I take this refresher course, um,
Speaker:they ask if my taxes are up to date. Because
Speaker:before you can even say, I'm going to sit
Speaker:down for this three hour test,
Speaker:have all your ducks in a row because.
Speaker:And then when you file for that, it's called an
Speaker:ein and you already have your P10,
Speaker:they're gonna, uh, they're
Speaker:gonna, they probably gonna scrape you to the coals
Speaker:because this boi is,
Speaker:is now going to probably be in effect later this
Speaker:year. We don't know due to the federal
Speaker:court order, but that takes A while.
Speaker:But during that time of waiting, continue
Speaker:to get mentored. You know, come up with your business
Speaker:name. Um, start
Speaker:with social media, because social media is
Speaker:free. You know, talk to
Speaker:local tax, uh, businesses in your
Speaker:area.
Speaker:>> Anthony Weaver: Podcasters.
Speaker:>> Angelina King: Yeah, podcasters, yes.
Speaker:Come to atw and,
Speaker:um, he will help you
Speaker:out.
Speaker:But, uh, great question. But if
Speaker:anybody wants any more detailed
Speaker:information on how I got started, I
Speaker:believe you need to go to, um.
Speaker:>> Anthony Weaver: The first time we interviewed you.
Speaker:>> Angelina King: Yeah, about that. While this first
Speaker:episode, when you see me and I kind of talked about how
Speaker:I fell into it, um, I've been doing taxes
Speaker:for years, um, ever since I was in
Speaker:college. Because I was talking about that the other day and
Speaker:I said one of the big box companies didn't put
Speaker:me on the schedule because, see, I was telling it all.
Speaker:Like, you see what they're charging you?
Speaker:You know, I have this big smile on my face. You know,
Speaker:here's my number. Call me after.
Speaker:I could tell you how to fill out this form.
Speaker:>> Anthony Weaver: So you like the father on the Incredibles. Do
Speaker:you not file Form
Speaker:10 7A. Do not
Speaker:put your name on this box.
Speaker:>> Angelina King: And people used to ask, what happened to Angela? They didn't
Speaker:put me on the schedule. I didn't even know I was fired.
Speaker:Didn't even know. But I have
Speaker:a heart. Heart for serving people,
Speaker:you know, um,
Speaker:and at first I was doing it for the money. And I
Speaker:wasn't happy. I wasn't. I was doing for the
Speaker:wrong reasons.
Speaker:>> Anthony Weaver: Yeah.
Speaker:>> Angelina King: And so I had to. I was
Speaker:like, ah, you know, I was a podcast
Speaker:or something. I listened to that, said, don't chase
Speaker:the money. It was the partnership I was in, and I saw how
Speaker:they operated and I think the good Lord
Speaker:wanted me to see that. Uh, because you can't just
Speaker:nickel and dime people. Because,
Speaker:see, the one person I help can send me 10 clients.
Speaker:>> Anthony Weaver: Right.
Speaker:>> Angelina King: So you got to have that perspective.
Speaker:Um, but they were teaching how to nickel and
Speaker:dime. That's not right.
Speaker:Because you don't like to be neck of the line.
Speaker:>> Anthony Weaver: No, no. I mean, we already get
Speaker:nickel down every time we look at a subscription. I mean, the last
Speaker:thing we'll do is get nickel and dime on our taxes.
Speaker:>> Angelina King: Correct. Yeah. And I mean,
Speaker:it's not about how much refund they get.
Speaker:It's about helping them lower their tax
Speaker:liability and educating them on the
Speaker:law. Because the IRS ain't going to tell you they're just matter of
Speaker:fact. Just m. Call them
Speaker:sometimes. Don't tell your life story. Just tell them what you
Speaker:need. Pause
Speaker:and get Your information and hang up. Because if you open
Speaker:that can of worms, they're taking notes, the
Speaker:calls are recorded. Don't tell them your
Speaker:life story. Take it from me. Don't, don't do
Speaker:it.
Speaker:>> Anthony Weaver: So, um, because I got one burning
Speaker:question. Um, because a lot of people
Speaker:are new to taxes or listening to
Speaker:the show that's new.
Speaker:Um, which is what are
Speaker:your thoughts on getting a refund versus not getting a
Speaker:refund and you actually got to pay? I know it's a
Speaker:common question, but.
Speaker:>> Angelina King: Um, actually it's a great question because
Speaker:refunds are interest free money that you're leaving on
Speaker:the table for the IRS to use
Speaker:until you claim it. Refunds could
Speaker:be great, especially for that single
Speaker:mother, um, or I'll say it like this
Speaker:because politically correct mother with kids,
Speaker:you know, um, because some people are
Speaker:offended by that single mom,
Speaker:but mother that has kids,
Speaker:she needs that tax credit, those non
Speaker:refundable credits, um,
Speaker:to raise their kids, you know, because if the father's not
Speaker:in their life, you know, some would.
Speaker:Some women do not put their, um,
Speaker:exes on child support. So
Speaker:getting a refund is,
Speaker:um, interest free money
Speaker:that you've loaned to the IRS until you claim
Speaker:it. Okay, Owing.
Speaker:This is the flip side of it. If you owe,
Speaker:the IRS is going to charge you interest and
Speaker:penalties because you didn't,
Speaker:especially with your W2, you're not
Speaker:in line with the tax withholding.
Speaker:And, um, you're taking a little too much.
Speaker:Uh, no, I'm sorry, you're not taking enough withholding
Speaker:out of your, your uh,
Speaker:paycheck. Because let's see, again, like I
Speaker:mentioned earlier, it's about strategy for some because they want all
Speaker:their money now. But just know at
Speaker:the end of the year you're going to have to pay. Because
Speaker:now that W2 is kind of like your
Speaker:15.3% in taxes.
Speaker:Um, because if you're a 1099
Speaker:earner, that's what you're being charged for self
Speaker:employment tax. 15.3%. That's
Speaker:the portion of the Social Security, Medicare,
Speaker:um, the FICA. And they said,
Speaker:well, you made 50,000, we need
Speaker:15.3% of that. Especially if
Speaker:you don't have any expenses to write off, which I don't believe.
Speaker:Oh, I made 50,000 or 1099 and I didn't have any
Speaker:expenses. Okay, you just lazy.
Speaker:You are. But you mean you at
Speaker:home remotely.
Speaker:>> Anthony Weaver: You ain't paying on the net, huh? So you
Speaker:ain't paying no Internet or something?
Speaker:>> Angelina King: Exactly. Internet. You didn't use your cell phone
Speaker:Right. The electricity that
Speaker:helps run the laptop.
Speaker:>> Anthony Weaver: Right. Might not
Speaker:have to get new equipment, but some, um.
Speaker:>> Angelina King: You didn't eat that day.
Speaker:>> Anthony Weaver: Did you get a haircut?
Speaker:>> Angelina King: Like, it boggles my mind
Speaker:that some of the time, you know? And that's
Speaker:why I'm here to help and serve because. And educate
Speaker:because you're 10.99.
Speaker:You. You drank something you didn't
Speaker:drink. You drink some water,
Speaker:uh, a, uh, coke, some juice.
Speaker:>> Anthony Weaver: You put the. Put the water bill on there, too.
Speaker:>> Angelina King: Utilities, it's on your schedule C. So it
Speaker:just amazes me, like, well, how are you
Speaker:functioning? Because I
Speaker:gotta eat every. You know, I have to eat at least three, four
Speaker:meals a day.
Speaker:>> Anthony Weaver: Oh, uh, I need to be on your schedule because I only do it like,
Speaker:twice.
Speaker:>> Angelina King: You know, I tried that. I be so hungry when I get
Speaker:up in the morning. It's like, no, and I'm too
Speaker:skinny for that. I'm like,
Speaker:I need food. That
Speaker:metabolism has not slowed down for me.
Speaker:Um, but anyway.
Speaker:But yeah, um,
Speaker:what was I saying?
Speaker:>> Anthony Weaver: You're talking about the, uh, the 1099 folks.
Speaker:>> Angelina King: Yeah, well, you were asking about liability and refunds.
Speaker:Okay. But yeah.
Speaker:Um, so getting
Speaker:a refund is not always the best thing.
Speaker:But I understand the strategy. But even if you're a
Speaker:single dad, that's refundable credits you're leaving on
Speaker:the table that the IRS says you can come get,
Speaker:you know, um, when you find your tax return,
Speaker:because the children under the age of
Speaker:17, you're allocated $2,000
Speaker:a child and then some because of your income
Speaker:level. Um, you get
Speaker:the additional child tax credit. But as
Speaker:your income increases,
Speaker:that additional child
Speaker:tax credit is almost obsolete.
Speaker:>> Anthony Weaver: You know, can it work out for caregivers? Because
Speaker:with the sandwich generation, they taking care of their parents
Speaker:or something like.
Speaker:>> Angelina King: Yes, that you get, um,
Speaker:500 allocation because they're considered
Speaker:other dependents. You
Speaker:know, they're not so much the child.
Speaker:>> Anthony Weaver: Right.
Speaker:>> Angelina King: They're the other dependent. And that allocation
Speaker:is 500 per person. Because I do
Speaker:a case study. She's taking care of her grandmother.
Speaker:Um, and I had to convince her,
Speaker:uh, a number of years ago, you're head of
Speaker:household. Um, why are
Speaker:you. Because she kept asking, why am I paying
Speaker:m taxes every year? You know, I have a
Speaker:liability every year. So we just go
Speaker:through our list and ask some questions and build that rapport
Speaker:with that. That client, because people will tell you
Speaker:anything. And I've heard a lot, I
Speaker:bet,
Speaker:you know, But I think this is what, uh, the good
Speaker:Lord has me to do right now. And
Speaker:um, this is my assignment,
Speaker:and I love it some days. And some days it's
Speaker:like I want to fix it, but I know I can't.
Speaker:Only thing I m. Do is pray and
Speaker:ask God to guide them, because you
Speaker:can't make their problem your own because you go
Speaker:crazy, really. But I am
Speaker:empathetic to a lot of situations, especially.
Speaker:Especially this week. The people are
Speaker:going through some real issues. They really are.
Speaker:>> Anthony Weaver: Yeah, yeah,
Speaker:yeah. Um, well, hopefully it'll all iron
Speaker:out by next year. We get to see if there's any
Speaker:cool things that we can actually take advantage of, because
Speaker:the tax code changes every year,
Speaker:and so we got to stay on top of it. And
Speaker:I appreciate you coming on every year. Um,
Speaker:I do have a different set of final questions. Are you up
Speaker:for them?
Speaker:>> Angelina King: Okay.
Speaker:I don't even know what they are I am up for. Yeah,
Speaker:let's do it.
Speaker:>> Anthony Weaver: Dive right on in.
Speaker:I'm glad you trust me. Let's go.
Speaker:I don't know. You might be like, you know what? I ain't coming back next
Speaker:year.
Speaker:>> Angelina King: Uh, I won't do you like that. If I say
Speaker:no comment, I'll just keep moving.
Speaker:>> Anthony Weaver: Okay.
Speaker:All right, so, number one,
Speaker:what would you give your younger self? I mean,
Speaker:if you could give your younger self one piece of advice,
Speaker:what would it be?
Speaker:>> Angelina King: That's a great question. Um, the one
Speaker:piece of advice, and this is authentic and
Speaker:genuine, is to speak
Speaker:up. Because
Speaker:there was such a long time I just been
Speaker:quiet and observe, because
Speaker:that's how I. I kind of learn from people.
Speaker:And I am. I observe my
Speaker:entire environment. And for you
Speaker:to be in a thriving environment
Speaker:and communicate, you got to
Speaker:talk. And, uh, you
Speaker:know, I could be winded. And this is. This is
Speaker:a process that I really had to. To
Speaker:kind of leave behind. So, yeah, tell my younger self to
Speaker:speak up.
Speaker:>> Anthony Weaver: Okay. Number two,
Speaker:what's a money habit you swear by
Speaker:that has made the biggest difference in your life?
Speaker:>> Angelina King: Stop spending unnecessary
Speaker:dollars because it adds
Speaker:up. I am right now challenging
Speaker:myself because I came off a,
Speaker:uh, 20, uh, one day fast, because I do that
Speaker:every year, you know, with my church. And even if I
Speaker:didn't do it with my church, I would do it because you need to
Speaker:cleanse all that stuff out, you know, And.
Speaker:And it's not so much about the food. It's your connection with
Speaker:God. So I would. And I'm not. Right now.
Speaker:I am with, um, I.
Speaker:This is my own personal challenge. I want to see where
Speaker:every dollar is being spent. So I'm, like, on a financial
Speaker:fast.
Speaker:>> Anthony Weaver: There you go.
Speaker:>> Angelina King: If I don't need it, I. I don't buy
Speaker:it. So, um. And you got
Speaker:to know where every dollar is going
Speaker:from your. From your more. And pay the
Speaker:most important things first, because
Speaker:I've seen people. Anthony.
Speaker:Oh, I don't know how I'm gonna pay my mortgage. Well, then you should have paid
Speaker:that first.
Speaker:>> Anthony Weaver: Good.
Speaker:>> Angelina King: Hello.
Speaker:>> Anthony Weaver: True.
Speaker:>> Angelina King: Um, I didn't pay my car insurance.
Speaker:That's one of the other things that you need to pay
Speaker:first. Well, ultimately,
Speaker:let me. Let me take a step back,
Speaker:because I'm gonna get a little scriptural.
Speaker:Um, and not so much. You
Speaker:need to actually, if you're a tither, pay
Speaker:your tithes first time because you got 90%
Speaker:left to do whatever,
Speaker:um, with. And. And that 90 does
Speaker:stretch. Challenge me for 90 days and do
Speaker:that. You know, give 10% to an organization.
Speaker:If you're not the church core and you don't believe in.
Speaker:I still love you. It's just, you know, there is a
Speaker:God, you know? Um,
Speaker:but pay something to
Speaker:an organization, somebody in need. Give your
Speaker:10% of your earnings to somebody in need if it's not a local
Speaker:church or organization. 2.
Speaker:Pay yourself 10%.
Speaker:Stick that away. And so now
Speaker:what? You got 80% left to pay your bills.
Speaker:Um, and stop using those
Speaker:credit cards to pay for things if you can't afford
Speaker:them. Okay? So,
Speaker:uh, right now, that's what money means to me,
Speaker:that I have to watch every dollar
Speaker:because food is expensive. Well, we gotta
Speaker:eat.
Speaker:>> Anthony Weaver: Yeah.
Speaker:>> Angelina King: Gas, um, for me now, it's not expensive because I have to put
Speaker:premium in my. My vehicle. I go
Speaker:to Costco, I take that little, uh, journey
Speaker:up the. The highway to go to Costco and get
Speaker:my gas, okay? Because when it gets on
Speaker:half, I'm like, okay, I know
Speaker:how this can stretch, but I've been in the situation
Speaker:twice already this year. Then I almost ran
Speaker:out of gas, and I knew better, okay?
Speaker:And the light didn't come on yet, but I know
Speaker:my car.
Speaker:>> Anthony Weaver: Take the wheel.
Speaker:>> Angelina King: I know that's right. You know, because
Speaker:I don't want to push that SOS Button, because
Speaker:I'ma stay there until you bring me some cash.
Speaker:But, yeah, twice this year already. I'm like, we, um,
Speaker:ain't gonna do that. So
Speaker:that's my answer to your question.
Speaker:>> Anthony Weaver: All right, number three. If you
Speaker:could have dinner with a financial
Speaker:expert, past or present, who would it be
Speaker:and why?
Speaker:>> Angelina King: Wow, that's. That's
Speaker:interesting. Can I pick two?
Speaker:>> Anthony Weaver: Sure.
Speaker:>> Angelina King: I actually want to go to dinner with you because
Speaker:you're very knowledgeable. I think the
Speaker:guests that you have on and the, the, the
Speaker:questions that you do ask, because it's a
Speaker:different perspective for me. The
Speaker:other one would be.
Speaker:And he's not so much a financial, but he does talk
Speaker:about the, um,
Speaker:how money relates to how can
Speaker:break a relationship. Is
Speaker:the hip hop preacher, uh, Eric Thomas.
Speaker:>> Anthony Weaver: Yes.
Speaker:>> Angelina King: I would love to have dinner with him
Speaker:and just listen because he
Speaker:is on fire. Okay.
Speaker:And he,
Speaker:it works for him. And he has a community.
Speaker:Mhm. And they all get along
Speaker:because they take money out of it. It's about
Speaker:covenant. You know, money is important because
Speaker:money answers all things. And I've said that in a past
Speaker:podcast interview with you because it's in the Bible,
Speaker:it's biblical. Um, but yeah,
Speaker:you and Eric Thomas, I would definitely.
Speaker:>> Anthony Weaver: Wow. I'm honored. Have you read his book?
Speaker:>> Angelina King: Yes, I have it. Um.
Speaker:Uou. Yes. Um, and then he has a
Speaker:couple other books that they're on my list
Speaker:to get, but I haven't gotten them yet. But
Speaker:you ou put fire into me for 2025
Speaker:though.
Speaker:>> Anthony Weaver: Nice.
Speaker:All right, number four.
Speaker:What's one thing about money or
Speaker:taxes that you wish more people
Speaker:understood?
Speaker:>> Angelina King: Great question. Um, I like these.
Speaker:Well, for taxes, you know, since I
Speaker:that's. I'm a tax professional. Is that.
Speaker:I'll say this again, it's no fear. It's all
Speaker:about educating yourself on
Speaker:how taxes actually basically work.
Speaker:Um, it's not just the
Speaker:W2 because it's like an art when I put it together
Speaker:to explain line by line where these
Speaker:numbers are coming from. And you can see
Speaker:the excitement or
Speaker:baffleness on the
Speaker:taxpayer tax client's face.
Speaker:Like, no one explained this to me. I just went
Speaker:and I filed my taxes
Speaker:and the number
Speaker:of, uh, feedback that
Speaker:we've gotten is like, oh,
Speaker:yeah, I'll be back next year. And they come back
Speaker:and, um, the gratitude
Speaker:for me to explain taxes,
Speaker:um, because they said no one has explained this to
Speaker:me. I didn't know this was out here. I didn't know
Speaker:you could write that off.
Speaker:Miseducation. It's almost like we need to pick up
Speaker:Lauryn Hill's album
Speaker:hey. Because we want
Speaker:to advance the kingdom. You, myself, and the
Speaker:next person. Um, at
Speaker:least that's my goal, you know, um,
Speaker:not so much. You know, knowledge is power. Because they say, you know,
Speaker:people challenge that, but it really
Speaker:is. If you don't know
Speaker:now you do. Um, in the second part of your question,
Speaker:you said taxes are money. Right?
Speaker:Um,
Speaker:this has to be personal, I guess. Um, read the question
Speaker:one more time.
Speaker:>> Anthony Weaver: Yeah.
Speaker:What is one thing about money or
Speaker:taxes that you wish more people
Speaker:understood?
Speaker:>> Angelina King: Well, I've learned as an adult,
Speaker:money does not grow on trees.
Speaker:And when you get to the level where you're
Speaker:completely responsible for money, you're going to
Speaker:appreciate it more. Because I see
Speaker:these children,
Speaker:um, anybody under the age of 18, I'm
Speaker:calling them a child because they're
Speaker:spending daddy and mommy's money
Speaker:frivolously. Okay. What if
Speaker:mommy or daddy lost that job or lost that business?
Speaker:And I think money needs to be
Speaker:more explained to people on,
Speaker:um, it could be evil, and it
Speaker:could be a benefit, you know, because it's
Speaker:the love of money that is the root of all evil, not
Speaker:money itself. It's the love. And if you're
Speaker:motivated and saying
Speaker:that money motivates you, you. You're doing it for the wrong
Speaker:reasons. Um,
Speaker:yeah, the. The. The sandwich
Speaker:generation and these younger kids,
Speaker:they're not appreciative, because if mommy
Speaker:and daddy are paying for everything
Speaker:and you don't know how money works, you're gonna be
Speaker:lost. So we need to, uh, get back
Speaker:to even myself, because as an
Speaker:adult now, I know how money works.
Speaker:Sometimes money is fearful for me. Like, oh, man, if I
Speaker:spend this, this is gonna happen. This gonna happen.
Speaker:But if I save it and invest it,
Speaker:I can compound my interest.
Speaker:So. But then you don't want to spend it because it's
Speaker:like you're building this nest egg. But if you have financial
Speaker:goals and big purchases you want to plan for,
Speaker:money is great. It's just how you use it. I hope
Speaker:I answer the question. I, uh, don't know.
Speaker:>> Anthony Weaver: I like it.
Speaker:Like it too, because it's like,
Speaker:where's.
Speaker:>> Angelina King: She going with this? You know?
Speaker:>> Anthony Weaver: But, yeah, I'm. I'm with your thought process because
Speaker:for me, I'm, um. I'm always jumping with different topics as
Speaker:well. And I'm sure you listen to other interviews and it'd
Speaker:be like, where is Anthony going at with these questions?
Speaker:>> Angelina King: Like, it's very intriguing for
Speaker:me. That's. That's why, you know, that dinner
Speaker:question was awesome. Because it's like,
Speaker:you have a commonality. You understand? I
Speaker:understand. But then you bring a different perspective,
Speaker:you know? And with
Speaker:Eric Thomas, the hip hop preacher,
Speaker:he's amazing, you know? Um, and
Speaker:it works for him, you know? And his secret to his
Speaker:success is he lives. It's
Speaker:true. So.
Speaker:>> Anthony Weaver: And, um, his network is really good too,
Speaker:um, because I've met the people that are in his network, but I
Speaker:haven't met him yet. So, um, is actually interesting
Speaker:because they come to different conferences, so I was like, oh, I
Speaker:didn't know you were going to be here.
Speaker:>> Angelina King: Yeah, yeah. Because what is, uh, I don't
Speaker:even think he calls him his right hand, but
Speaker:cj, Uh, I met cj. Oh,
Speaker:awesome, awesome, awesome. He's funny to me because
Speaker:I like their success podcast, um, that they
Speaker:do, because I think it. What is Carl?
Speaker:Jamal. They call him Maul, I guess.
Speaker:And because, see, Jamal and I have the last name, so I
Speaker:was like, that's my brother.
Speaker:>> Anthony Weaver: Right?
Speaker:>> Angelina King: I don't know him. I don't know
Speaker:him. Um, and it's
Speaker:just great to see.
Speaker:And I, uh, you know, I don't want to offend anybody, but it's great to see
Speaker:black men do positive things.
Speaker:It really is. You know, it's great to see that
Speaker:and they make an impact because this
Speaker:next generation could be lost.
Speaker:God help y'all.
Speaker:>> Anthony Weaver: But nobody wants to work anymore. Um,
Speaker:or put in the. Put in the work, shall I say?
Speaker:>> Angelina King: Yeah, no, you said it right the first time.
Speaker:Because I.
Speaker:I, um. I'll say this,
Speaker:I guess, because I know. Um. No, I won't. I
Speaker:won't.
Speaker:>> Anthony Weaver: All right, well, we'll talk off my.
Speaker:>> Angelina King: Yeah, we could talk off line. Yeah.
Speaker:>> Anthony Weaver: So. All right. Um,
Speaker:so, Angelina, uh, this has been
Speaker:such a wonderful time. Thank you so much.
Speaker:Is there anything left that you want to say
Speaker:as, uh, a close out for this particular episode for
Speaker:today?
Speaker:>> Angelina King: The one thing I would like to say, and I'm g. Keep this
Speaker:brief, I promise.
Speaker:Um, those W2 workers
Speaker:that are. Want to switch
Speaker:jobs to make more money
Speaker:or you're just starting out,
Speaker:um, looking for a job. Because I've seen things on social
Speaker:media that people were crying because they don't. They can't find a
Speaker:job. Okay. And they're not marketable.
Speaker:The one thing I would kind of
Speaker:stress, you have to be prepared
Speaker:when you present yourself because you're
Speaker:marketing yourself. You may look great
Speaker:on paper, but for you
Speaker:to communicate that to the interviewer
Speaker:and you're sitting across them,
Speaker:research what the company does. These are the basic things.
Speaker:Research what the company does. Align
Speaker:that with what you can. Help them,
Speaker:the company with your skills.
Speaker:Sell yourself. Talk in the mirror, do a
Speaker:mock interview before you get there, because a
Speaker:lot of these young people are unprepared
Speaker:and they're. They go to the bottom of the stack
Speaker:of the resumes. And the other thing is
Speaker:get your taxes done.
Speaker:>> Anthony Weaver: Yeah, they gotta do that. I can imagine a lot of People
Speaker:like, oh, I haven't done my taxes in, like, three years.
Speaker:>> Angelina King: And, you know, you bring up a great point. If you haven't
Speaker:done your taxes in three years, you're missing out on
Speaker:money that the IRS has for you because the stimulus
Speaker:checks are still available. This will probably be the
Speaker:last year that you probably can claim that in
Speaker:the IRS and the Department of Treasury. They're trying
Speaker:to do the right thing to locate you so you can get
Speaker:your fourteen hundred dollars or
Speaker:more, you know, um, and
Speaker:they put out a blast on their
Speaker:website that a, um, lot of the
Speaker:recovery rebate money has gone
Speaker:unclaimed. I think it's
Speaker:1.5 billion or
Speaker:million. I think I have that. Yeah,
Speaker:I have it here somewhere. Um, the max
Speaker:amount you can get is $1,400. You can't use
Speaker:$1,400. I know I can.
Speaker:>> Anthony Weaver: Oh, yeah, you can put premium gas in.
Speaker:>> Angelina King: I have. That'll be earmarked
Speaker:specific for that. Um,
Speaker:yeah, there's, um, over a million dollars still left on the
Speaker:table that, um, taxpayers have not claimed.
Speaker:So don't be afraid that you're not going
Speaker:to get it. But if you need to file your
Speaker:2021 tax return,
Speaker:ain't much you can do with 2020, because
Speaker:the statute of limit, because you have three years to file your
Speaker:taxes. Okay. But 2021, you
Speaker:have until April 15th to get that in
Speaker:and get your fourteen hundred dollars.
Speaker:>> Anthony Weaver: All right, well, thank you so much
Speaker:again for all, uh, that you do and
Speaker:continuously to add value to
Speaker:everybody that listens to your voice, to your
Speaker:message. Uh, if you guys haven't already, while
Speaker:you're listening to this episode, go ahead on
Speaker:and sign up for her email list. Um,
Speaker:if you haven't, you can sign up for my email list. I, uh,
Speaker:do have a full section dedicated
Speaker:to 718 tax services because it's
Speaker:a lot of great information, and I do want to share that with my
Speaker:audience and with you guys. So if you haven't already
Speaker:done so, sign up for both of our
Speaker:newsletters. Hers is more on,
Speaker:uh, as you could say, more
Speaker:scheduled than mine, minus
Speaker:whenever I get to it for the month.
Speaker:Uh, but I'm working on it. It's a work in progress.
Speaker:>> Angelina King: That's right. At least you're doing it because, see, some
Speaker:people don't even send out information. So. Yeah.
Speaker:>> Anthony Weaver: All right, well, thank you so much, everybody.
Speaker:Y'all be safe. And y'all,
Speaker:you remember, you do have what it takes to be the best
Speaker:version of yourself and your taxes is
Speaker:something is to not be afraid of not turning away. Turn
Speaker:your eyes away from. Lean into it and let's get
Speaker:it done. All right, everybody. Y'all be safe.
Speaker:We out.
Speaker:>> Angelina King: Peace.
