Let's Talk with Leaha & Rhonda

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You're listening to locally produced programming created in KUNV Studios on public radio. KUNV 91.5.

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The following is a paid program sponsored by Crawford Management Group and Smart Time Consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of KUNV Las Vegas, the University of Nevada Las Vegas, or the Board of Regents of the Nevada System of Higher Education. Hi this is

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Leah Crawford and I'm Rhonda Nolan. Welcome to the Let's Talk with Leah and Rhonda show. We're here for you and we're ready to go. Let's do it. Hey good I am solo today and we are going to talk tax. Yes, my favorite, my favorite is topic. As you know, tax season is approaching. I know you guys are trying to, you know, those that have filed, you know, congratulations, you're done. But those that are waiting, two things you can do now, well several things. You can get the return filed. You can file an extension, but remember the extension is to file, not to pay. If you have a liability, you want to estimate it, and you want to get it paid by April 17th. You can file the extension electronically, or you can mail it in. You can send over your payment electronically if you have an IRS account or you can mail it in. I just want to let you know this has been an amazing tax season. We are also accepting new clients so if you need help filing that extension you can contact us at 702-382-5737. We work with our clients and we are accepting new clients. We love tax returns. Taxes is my favorite thing. Like I talked to Wes earlier, one of our earlier radio shows. Every client for us is a VIP client. to make sure that we give you the best return based off the information that you provide to us. And we also ask deep. Well, we ask questions. You know, we can simple rainiously document your answers so that we can make sure that we are giving you the best return. It is reflective of, you know, what you did in 2022. But I wanna say something for those that are out there that haven't done returns. You know, you haven't done returns in three years, four years, five years, six years, 10 years. The good thing is you only have to go back six years. Yes, you only have to go back six years. And when I say that, you know, to be in compliance with the IRS, you know, let's get in compliance. You know, let's get those returns filed get the information, you know in there So, you know if it's a payment plan that we have to get into Let's get into that payment plan if it's refunds because if six if four or five six years ago you got refunds Guess what? You forfeited them. So best practices is to try to do the return every year. See where you are and then let's plan on how we can do better. I know for our clients, when people come into our office, our office is like a long term relationship. That's how we look at it. We are your tax partner. We want to work with you. We want to see you grow. This year we've had some amazing gains for a few of our clients. Some of our clients became first-time homeowners. Some clients actually opened up their businesses, started their businesses, and we made sure that they were set up properly because not only do we prepare taxes, we also are a doc prep service. What does that mean? That means that we prepare your documents. So we set you up if you're an LLC, right, with all the documents that you need. We file you with the Secretary of State, and we're also a Commercial Registered Agent. That also means that if you want to set up a nonprofit, we can do that, too. That also means that if you want to set up a C-Corp, if you want to get your patent and trade, your patent, your trade mark, service mark with the State of Nevada, we are a document preparation service. We prepare documents. We help clients with certifications. It's a long process, but we help you with the certification because it's paperwork, right? It's paperwork. We are a registered document preparation service. With that, we're also notaries, right? So some of the documents need to be notarized. Everyone in my office, registered doc prep service. Everybody in here is also a notary public. We take pride in making sure that we dot our I's, we cross our T's, we dot our I's, we cross our T's. So with that, we work with our clients. But again, gains, they, you know, opening up new businesses, buying houses, you know, understanding where they are in the tax, you know, in the process, teaching them about their return, because the client said to me, new client, and I love it. What she said when she finished her return, she appreciated the interview afterwards, because now she understood the numbers that were on her return. And then she read the statement at the bottom that said basically the representation of this return is on her and she paid me to prepare it. But she needs to understand it. So what I want you to do, even when you go and you pay for that service, that tax service, take the time, talk to the preparer. Make sure you understand what is on your return. And I've said it before, I'll say it again. If you pay someone to do your return, make sure they sign it. Paid preparer, make sure they sign it. Can't tell you the number of times I see people. They come into our office, a little disgruntled. They pay people to do their returns. They either can't find them, they're not talking to them, different things like that. And they said, well, I paid somebody. And I'm like, well, PURDIS Return is self-prepared. And they were like, well, no, I paid somebody. Well, no, PURDIS Return is self-prepared. So just so that you look, underneath your signature, there's a whole box for the pay prepare to have their signature. You know, years and years, eons ago, I'm telling my age, eons ago, we used to have to put our social security number on these returns. Yep, now we have personal tax identification numbers that we put on these returns. And it's easy, so if you are prepared, you're out there doing returns, go get your pizza number. It's renewed every year annually with the IRS. You can get signed up to file returns electronically. You know, just little things you can do because this is a business. It is a business and it's a good business if you just take time to understand the business and know the business. So again, we've had clients that had amazing, amazing gains and they're still growing. They're still growing. What I love about our office is we work as a team. So it's several of us in there. You know Jen, if you want to contact us, you know, first point of contact is Ms. Jen. Ms. Jen is bubbly over the phone, easy to talk to, she'll get your extension set up and she'll send you out our client organizer. You know, you can contact us 702-382-5737. Again, 702-382-5737. You know, Ms. Jenn is bubbly. And Brenda, Brenda does the follow-up. You know, Brenda's in the office. Brenda's going to ask you the questions. And to make sure that the return that we have represents your activity for the prior year. You know, we've had clients come in that set up LLCs, and they said, well, Lee, I didn't have a whole bunch of activity, but I spent some money you know I started doing stuff you know to get in I bought some products I bought some products I set up my LLC I did some advertising you know I made a few sales not a lot of sales you know should I file and the answer is yes you should you know and now like I'm all of my everyone out there that takes those electronic payments you know you do the cash app you do the Zelle But maybe Zelle doesn't know but cash app Venmo. They send they have a 1099 K for you For the transactions that you receive through these services you receive credit card payments 1099 K for the transactions that you receive through these services what I want to tell you is you want to pull that form and You want to see exactly what it says, you know, I didn't realize I was getting one. I Got an IRS account. That's another tip that we'll talk about a minute got an IRS account Started looking through there My 1099 K was there Okay, showing the amount of money that had been transacted through credit cards and I went on Venmo same thing and I was like oh wow I report the income because it automatically goes into my business account but just know that these documents are there now and it was driven by a muscle security number so I had to contact the agency because my company has an EIN number and it should go on my EIN number I just want you guys to know that you know you want to keep good records. You know, Rhonda and I talk about it all the time.

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Documentation.

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Documentation. And with cell phones, with e-files and things like that, you don't have to keep the paper like we used to. You can scan stuff in, organize it electronically, but you want to keep the documents. For our office, we email the return to you through our system. What I love about that, the return is password protected. And I tell people, what's the password? Okay, read the email. It's in the email. It's your information encrypted a certain way. I love sending it that way because you got to go into it. Or if you're in our portal, yes, we have a portal. If you're in our portal where we where you upload your documents, you can see your return there. So if you ever need a return, you can always log into our portal and get your information. You know, we changed a lot, upgraded a lot of our services because of covid. We had to start doing things electronically, you know, contactless business, but we work through it. I am happy, proud. You know, my staff, they are amazing. They are friendly and they want to help you. And what I love is we are consistent. Our office is open all year long. If you have a question and you have a concern, we work not only just to give you a quick answer, we research it and you know and and we dialogue so that we can give you the best answer with the resources that we have. My name is Leah Crawford. I am the owner of Crawford Management Group but I am also the host of the Let's Talk with Leah and Rhonda show. I want to say Rhonda I miss you. I know Rhonda couldn't make it here today but guys she will be here next week with a bunch of energy and a whole bunch of information. We've been going back and forth talking about the things that we're going to talk about in the future. Now back to the returns talking about the IRS account. You know people I don't want an IRS account you want to get an IRS account. You want to make sure you even if you pay somebody to do your returns, you want to make sure that the IRS receive those returns. You want to see what notifications are out there about you. And it is, you know, how you set it up. You go on to the IRS account. You set up an ID me account. and be by another computer because you have to go back and forth because they want to verify your identity. You want to make sure that you know they want to make sure that it is you because all of your information is populated there. You can see the history of your returns. You can see any liability that you have. You can also see anything that that any notices that have been sent out to you. The other thing if you have been a victim of identity theft because I know we have you know people out here they're a victim of identity theft don't know what to do. You can get an IRS IPIN number. What is that? It's an identity theft number that nobody can use to file returns on you unless they have your number. If you have been a victim of identity theft, if someone has used your children's social security cards, I mean social security numbers or you know, used, social security number has been compromised in any way, you can contact the IRS, let them know that that happened. And they'll give you an IPIN number. You get the IPIN number every year. So every year you get this number and this number is used to file your return. How do we know that we had clients years ago that were victims of identity theft and by them being victims, you know, every year we look for it. You know, I need your number. I need your number. And they know when they when they bring their returns in. Lee, I got my number. I got my number. you to know is that we educate our clients about this tax process. Business owners, you have employees and sometimes we get confused about payroll taxes and individual income taxes. Two different things, two totally different things. And I had people tell me, Leah, I didn't know what I didn't know. I was like, you know, well, hey, let's dialogue. I had a conversation when you have employees You give them paychecks, right? When you give them paychecks you pull taxes out of their checks Well when you report a tax when you deduct the taxes from their checks, you have to remit that to the IRS, right? With that remittance is also an employer's portion of part of that tax that you send to the IRS. Then you also have to file forms to reconcile those payments, right? And on top of that quarterly, you possibly have to pay a Nevada Modified Business Tax and a Nevada Unemployment Tax. That is totally separate from at the end of the year when you file your tax return, right? And then dependent on what you set up. And we had this conversation before, depending on what you set up will determine the type of return you have to file. You know, some of us out here, we're doing we're doing this, we're doing that, we're doing the other. And when you come into the office and we start pulling the strings, because if you set up a LLC, we want to see those documents if you set up two LLCs we want to see those documents if you set up five LLCs you got an S Corp guess what we want to see all of the documents because each thing could be handled differently right and then we look at it to see how you know which forms we have to use in order to prepare your taxes. So you have the payroll taxes on one hand and then you have your your company, your business's taxes on the other. The other thing is that we were going through a lot of people were getting the new form in the past couple of years this 1099 NEC. So I'm looking at the form and I'm like hmm what did you do for this company because it's different from a 1099 miscellaneous did some more digging so I went to my cliff notes version of the tax code first and I'm like okay 1099 NEC non employee compensation real easy it said it's reported non-employee compensation schedule C schedule F I was like oh then I read somewhere else or it can be taken to other income. I was like, oh, so then I want to know a little bit more guidance because as this form is out there, more guidance will be given. It was schedule C, schedule F. So if you're getting a 1099 miscellaneous, different form, also, you know, their rents, miscellaneous income. So as employers, we need to know how these the people that are performing services for us, how we should be paying them. Do they go on a 1099 miscellaneous or do they go on a 1099 NEC and you want to do the due diligence because I'm sure as we as the years go there's going to be more information about this 1099 NEC what you can and cannot do because then you're talking about workers comp and all these other things where the 1099 miscellaneous was a catch-all at one time it's not that anymore. Two different forms. And what I've seen, if you're filing a 1099 NEC, it's still driven by the W-9. Still driven by the W-9. You got to put Social Security numbers on there. Social Security numbers. Because I've seen some that Social Security numbers are missing. Guys, if you're paying people and you're going to give these forms out, give them W-9s. Give them W-9s. Verify that they're giving you the proper Social Security number. EIN number. Whatever number it is. How do you document it? Ask to see the Social Security card. You don't have to make a copy of it. You just want to see it so you can write the numbers down. Make sure the numbers match. Or, if it's an EIN number, they have an SS4 application and they also have their EIN letter from the IRS. Why do you ask for these things? Because you want documentation to say that you did your due diligence. You contemporaneously documented, you hear me, documented, you know, because when you take this deduction and you pay for this service, this is proof that you actually took the deduction that you're um that this service that was provided you paid for it and now you're now you're taking the deduction and proof that you pay for it. Well my name is Leah Crawford I am the owner of Crawford Management Group. Tax is what we do. Tax is what we do. It's one of my most favorite things and the other services that we provide all stem from my love of taxing you. Some of y'all probably, oh she likes tax. Yes, I do. Let me tell you why. Tax to me is like putting a puzzle together. I got my mother sitting here with me across from me and she can she can attest when I was younger. I like putting together puzzles and they could they could you could give me if you wanted to occupy my time and keep me quiet put me in front of a puzzle and I would sit there for hours hours they had a table set up for me they would get me these 2,000 piece puzzles and I would just sit there and I would just put I was just intrigued just putting the puzzle together that's what tax is taking all the information that people give you and I have to put it on the right line research it figure out how do we best handle this one deduction for businesses I want to mention this year for meals it was changed meals are 100% deductible you know before it was 50% 80% no different numbers this year meals are a hundred percent again you're living you're listening to the let's talk with Leah and Rhonda show. I am Leah Crawford. My my my fav Rhonda. She's busy today. I want to say kudos around. I can't I look forward to talking to you next week and hearing about your just just all the things you've been out here doing and and helping our community. cooking show. I know we always give some some some some information cooking show the cooking show. 100 black men of Las Vegas if you are interested in cooking with your kids go to eventbrite 100 black men of Las Vegas please sign up for the cooking class I know that um the web the link is open you want to sign up I want to tell you that they do an amazing job of working with the children virtually and they give you the food. I can't say it enough they give you the food, they give you the recipe, you just need to have your phone set up at 6 o'clock and they will walk you through how to prepare an amazing meal. We've made brownies and just working with the children on measurements, you know, just reading instructions, following instructions, and you know, family time in the kitchen. You know, it's, it's huge. Again, sign up 100 Black Men of Las Vegas on Eventbrite. Hey, and also to my sorors, we are having our annual fundraiser it is Friday Friday April 14th at the Fiesta Hotel you can go to 20pearlslv.com 20pearlslv.com to purchase ticket it is our Emerald fundraiser we are honoring special guests um Sondra Douglas Morgan please go sign up. You can donate. We give scholarships. We give scholarships to high school seniors in Clark County Also, I think on Monday we start the our drive here Look our drive here at for KUMV. I Can tell you this has been an amazing four years working and on air at UNLV. Had no idea how I was going to do this or if I'm not a radio personality. So just being asked and being able to step up to the challenge to come in here now weekly and to talk about what I love. You know raising money, raising money because people in this community, we do good work, but we need money in order to do that. We provide good services. We got Don Marquez talking about insurance. We have a real estate show. We have personal development. We really want to help this community. Me and Rhonda, Rhonda's marketing, I'm an accountant. We want to give good information. We bring all types of people on here so that you get exposure, right? Just listening to the radio, you get exposed to a lot of people. You know, last week with Jesse and Lisa, they are pushing people to be their best selves. You know, buying a book, reading a book, taking 20 minutes a day. You know, all these things are happening here. People talking about, you know, how do you become the best you all you're doing is listening in the morning to the jazz station on Saturday morning and you're getting a wealth of information support the station support the station again my name is Leah Crawford I am signing off for today it is beautiful out here you know I think the mother nature's temper tantrum I think she's by it now so to out there get out enjoy the city and until next week peace and blessings Las out there get out enjoy the city and until next week peace and blessings Las Vegas

Transcribed with Cockatoo