290: [Angelina King] Tax Essentials: 2025

>> Anthony Weaver: I know it's a common question. >> Angelina King: Um, actually it's a great question because refunds are interest free money that you're leaving on the table for the IRS to use until you claim it. Refunds could be great,

especially for that single mother. Um, or I'll say it like this, because politically correct mother with kids, you know, um, because some people are offended by that single mom, but mother that has kids, she needs that tax credit, those non refundable credits, um, to raise their kids, you know, because if the father's not in their life, you know, some, some women do not put their, um, exes on.

>> Anthony Weaver: Welcome back, everybody, back to another exciting show of the about that Water podcast where we help the Samus generation build strong financial habits. My name is Anthony Weaver, and one of the things that we're going to be talking into is about taxes. Tax season is right around the corner. Actually, it just started. Um, so I have my favorite tax lady, your favorite tax lady, Angelina King, coming back to share with us all the awesome things that's been happening with

taxes. So are you guys ready? If not, here you go. Here you go. So how you doing today? >> Angelina King: I'm doing wonderful, Anthony. Thanks for having me back. >> Anthony Weaver: Yeah, Um, I mean, I have to say that, you know, the audience keep asking for you to come back. Um, I like to ask you first. I mean, obviously we stay in touch. >> Angelina King: Right? >> Anthony Weaver: And one of the things that I'd.

Me personally, I like that you actually are fully open about taxes and actually just dive right into the tax code and what it is and how we can get better with it. And so I appreciate you for taking your time out of your day to do this. >> Angelina King: Oh, my pleasure is mine. You know, I love to educate people because we need to stay abreast on what's going on. Especially, um, we don't know what's going to happen with this new administration, so we're going to have

to go with the flow right now. So, um, and I'm not going to get political because. >> Anthony Weaver: I mean, with these. >> Angelina King: Taxes, I mean, so I'm not gonna go there. But we all know what the elephant in the room is, so. And we don't want your

listeners or your viewers to have fear, because there's no fear. >> Anthony Weaver: Okay? And for us to build that confidence in the tax code, in taxes, because a lot of us just don't know when should we start filing our taxes? >> Angelina King: Now, if you have all your documents, now is a great time.

Um, and now is actually, you know, an acronym that I can't think of right now but um, today if you have all your documents and if you can go to your online account@the IRS.gov because if you think you're missing something, they should have your transcript already updated. It could be another week. But right now I believe all the documents there and just do a comparison to make sure you have everything. Because the one thing I don't want taxpayers to do is have get an

under reporter notice. Because if you don't report those documents that the IRS has, that's a notice that you're going to get and you're going to have to do an amendment return or work it out with the IRS some kind of way to pay that, uh, if there's any taxes that are owed. So, um, and the reason why to do your taxes early is because one, we want to reduce the um, fraud risk on your Social Security number. Get it out the way. Um, also you have an opportunity to see what

forms are missing. You know, we did have that either in our newsletter on why to consider filing early, the February newsletter. And if you're not getting the newsletter, that's fine, you can find it, find me on LinkedIn and it's posted every month and the weekly tax tips for there. Because a lot of people are like, I don't want to be spammed with email or anything like that. Go to my LinkedIn

account and they're, they're posted there. Go to our Facebook account every week, every month you, you know, free information. And don't um, be shy because even when you file early, I'm just going to look at some notes because I can't remember everything but uh, you get your

refund a little bit quicker. Um, the individuals that do have kids though, and if you file today, which is what, by the time, you know, this recording is February 8th and you file and you have dependents, just know due to the path act of 2015, your re, your tax return is going to be held because they need to make sure that your dependence on your tax filing is legitimate. Because that the reason why the PATH

act went in. Just to summarize what it is, people were claiming each other's kids and when they, when the actual person goes to file, they're like, I can't claim my kids because somebody claimed them. You know, we don't want that. So, um, even if you decide to file after February 15, file as soon as possible because you can also avoid a dependent dispute because I just mentioned about the PATH act and um, even if family members say, well, I'mma claim my sister this year. But that's up to y'all.

I mean, okay, if you giving 100% of um, the financial uh, support to that person, y'all work it out. I'm just a tax professional. I'm an the what the law says. I'm gonna give you what the law says. Okay. And that's on your conscience. I educated you because I have to fill out a due diligence checklist. If you tell me yes or no, that's the answer that I'm gonna say with within that checklist. But just be very mindful with that. You know, um, the other reason why you should consider,

um, filing early. You'll get your refund interest free. You know, um, if you do owe, there is strategy there I wouldn't follow until April 15th. You know, I'm not supposed to tell y'all this, but. >> Anthony Weaver: Right. >> Angelina King: Hold your, your, your, your tax filing till April 15 because the minute that button is pushed, that's when the clock starts. And they expect for you to issue that check. But there's payment plans, so don't be fearful about that.

And I think another. I want to give too much away in the newsletter. But like I said, I directed you to help you navigate to where to see this article. You're going to beat the rush. You know, um, we don't know if there's going to be any delays or glitches in the system. I can't predict the future. Well, you just turn on the news. You can see what's going on. Going on. >> Anthony Weaver: But that's, but what's going on in the news, Will that impact last year's taxes or does

it impact this current year? So when we do our filings for. >> Angelina King: Next year for 2025. >> Anthony Weaver: 2025. Okay. >> Angelina King: Yeah. I don't know what's going, you know, happen. Jesus is coming back soon, walking the earth right now. But. >> Anthony Weaver: Oh my gosh. >> Angelina King: But yeah. Um, and then, you know, also if you want to be a person of charity, you get that

refund. You can give that refund to somebody else. But I'm g. Leave that the decision of the taxpayer. But you know, help. Help your brother out, you know, help your sister out. Um, so those are some of the things that considering filing your return early. >> Anthony Weaver: Gotcha. So we have a. Obviously we like to get the W2 everyday nine to five people out the way first because those are the easies what um has changed far as their tax filing. So like the um, the

allotment for their um. For the 2025 season so that they can start doing their Roth contributions in their traditional IRA contributions. >> Angelina King: Well, the limits have increased. I don't have them right in front of me, but um, the limits for you to contribute to those have increased, um, I wouldn't say significantly, but you know, even

kill. But also for W2s for 2024 because I can't really speak of what's going to go for 2025 because that job and tax act may be gone away with because of, I'll say it, Project 2025, you know. So um, what you used to could write off may go away, but they may re implement it. I um, can't predict the future, but just stay prayerful and hopeful that something is going to be

benefit to the W2 taxpayers. But I believe they're taking more from middle class and lower income and giving more advantage to the high income earners. And that's coming down the pipeline. So starting that side hustle, if you, if you heard that urge for many years to do it, this might be a good time to do it because um, a lot of your expenses that you incur are going to be tax

write offs for you. Tax deductions. Um, the other thing, the standard uh, deductions for single, uh, head of household and married filing jointly and separately have gone up. But if you're single, your standard deduction and if you're a married filing separately, those deductions are the same for 2024. So they're adjusting things for 2025 because of inflation.

So um, there are instances where a lot of W2, uh workers, you can't really itemize much unless you have mortgage interest, gifts to charity, some medical expenses. The standard, um. And what I do for my clients, there is a sales tax calculator at the IRS website and they just recently updated that because even if you take that max sales tax deduction for the year, the max is $2,500. That may help reduce your tax liability a lot. Because I recently had a client, she was owing

a little over, under uh, $50. And we were like we don't want you to pay anything. Okay? So we were like I'm not gonna push the button until April 15th if you like, you know, to hold this. And she was in agreement. I said there's

one last thing I want to look at. So in order for her to get over that threshold of the standard deduction, I pretty much just looked at her expenses for the year because she's straight W2, um, and she had some medical expenses, mortgage, uh, interest, real estate taxes, um, and she didn't have any gifts to charity, from why I remember. But that sales tax calculator helped push her over because her itemized deductions were more than her standard deduction as head of household.

And that little bit of a push flipped it to a refund because we maxed it out. Because there's instructions@irs.gov SalesTax okay, go to that website, play around with it. Put in your adjusted gross income, if you know it. Um, and then if you had any dependents or anything, you made any large purchases for the tax year, and read the instructions. Because you can either use the number that calculates or you can do the standard sales tax deduction, which is $2,500.

I would go with $2,500, especially if it calculates, yes, 1,200. Okay. The IRS allows it because the instructions are there. Okay. They're matter of fact. Let's be matter of fact as well. >> Anthony Weaver: Right? >> Angelina King: We'll play the game. Just play the game. >> Anthony Weaver: Yeah.

>> Angelina King: And see, that's the thing people don't realize with taxes. Don't be fearful, because if you have a person who, such as myself, who wants to educate you legally via the tax law, you know, if somebody sees this, hey, they may shut me down. Uh, I don't know. But I'm not fearful of that because I want to educate my clients so they're aware. These are some of the things that you look for for your tax professional to see if they understand the law and, um, to the benefit of

you as a taxpayer. Seriously, because I'm. I'm looking out for you. I want to serve, and I want to serve you, the taxpayer, to educate yourself. >> Anthony Weaver: Uh, so what. I mean, I know I like to ask this question all the time because we always get new listeners. How do we pick a good tech professional? >> Angelina King: Well, there is, because I'm listed on the IRS.gov website. There is a directory, and you pretty much can go there and kind of search by your zip

code. Because a lot of the CPAs or tax professionals out there also look at Google reviews, because if there's one bad review that tanks, you know that that turns anybody off. Because right now I'm in the process getting my roof at my house done. And, um, the reviews came back. Really? Really. See, that's another expense anyway. >> Anthony Weaver: But you can put that on the sales tax. I was on their website. They say, like, hey, you got any home repairs? You can put that down.

>> Angelina King: That's right. That's what. See, See, I just educated you, so you sure did use it, it's out there. They don't tell you that it's out there. I look for stuff like that because I'm like, wait a minute, 1099. And small business owners have so much advantage. But see,

W2. And the small businesses can use that sales tax calculator because if you file your, uh, if you're a sole proprietorship, you're going to file it on your schedule C. So I'm looking for things to help lower your tax liability, um, and your taxable income because it looks at the tax tables based on your taxable income in order to calculate what tax whether you're overpaid or underpaid. So. Yeah, um, but, um, back to your question.

Digress. >> Anthony Weaver: Okay. >> Angelina King: Please mention that again. I got sidetracked. Like what? >> Anthony Weaver: Uh, um. >> Angelina King: You messed up too. >> Anthony Weaver: Yeah. Because you saw it. We, um, were talking about, um, crap. Right. But we were, uh, we were on something. But yeah. Well, one of the things is. Oh, um, far as doing the interviews for the tax professional, how do we. >> Angelina King: Oh, yes.

>> Anthony Weaver: If we got the right one. >> Angelina King: Yeah. IRS.gov is first look at their directory. Sorry, y'all. >> Anthony Weaver: I mean, we're gonna keep this all the day. >> Angelina King: Yeah. All right. Keep it. I. I'm not. Okay, first go to irs, because you can even look me up. Um, because every year I take the annual refresher

course. I don't have to, but I do that just to say abreast of some of the changes and then where, you know, there were some changes, but not really, um, that much. Maybe we'll do another interview to kind of go over what the, the changes are for the upcoming changes for 2024 to go more in depth with that. But, um, next look at the Google reviews because read the bad ones too. Don't you see all these five stars and 4.9 and couple

threes. Read the bad ones too, because it has, it gives you a well rounded depiction of how your experience may be. Now if you go and choose that one, that might not be your experience, but reviews and IRS.gov is great. Ask, um, for someone else to refer you, especially if you're out of state, you know, because they may have developed a relationship with another tax preparer in another state. So, um, referrals are great because that's free advertising.

And um, other than that, pray and ask God to lead you. >> Anthony Weaver: Okay with your day. >> Angelina King: Man, I, I've been watching lately, well, toward the end of the year, this show called American Greed. There are some people out here, they have no conscience whatsoever. It's on, uh, well, I'm not going to advertise in that where y'all can look it up. >> Anthony Weaver: Right. Because I saw one of them that was, uh, talking about the guardianship. That one. I was

upset with that one. Yeah, that one. Yeah. >> Angelina King: Um, there's a, there's a guy called, uh, Abraham Shakespeare. If you ever see that episode. This man won the Florida lottery and it didn't turn out very well, but, uh, he got conned by someone. I'm not gonna even mention the ladies now and I'm not gonna get give too much away, but it's just ended tragically. It's just. And then covet when covet hit. And you remember in the news they said they ran out of funds?

>> Anthony Weaver: Yeah. Remember that? >> Angelina King: Well, I'll say this a little briefly, but I don't want to give the. There was a, um. Well, yeah, I can give it away because they probably won't air that for another couple more weeks or months, I don't know. But there was a family that came over from a different country and they started all of these fake businesses and that's how they got that free money and that's how it ran out.

And I said, lo and behold, you know, I'm trying to help my clients get money. And there was nothing left. >> Anthony Weaver: Mhm. >> Angelina King: And it's almost like they slapped them on the wrist. >> Anthony Weaver: They slapped a lot of people on the wrist with that one. >> Angelina King: Yeah, yeah. But anyway, right. >> Anthony Weaver: You try to do. Right. And you know, this is what happens a lot of times it's like, am I not lying

enough? Like, I'll get you to think, like, can I lie a little bit? >> Angelina King: Don't, don't ever do that. Come on, Anthony. I don't even, uh. I consider you my spiritual brother. Don't. Don't lie. >> Anthony Weaver: No, no, no. >> Angelina King: Don'T do that. No. Because see, you're going to be the one that gets caught. >> Anthony Weaver: Right? Out of all the people, I'm sure. Yeah, I don't, I don't like jail. >> Angelina King: Um, no. And I tell people, I

joke about it. I'm too skinny to go to jail. >> Anthony Weaver: Okay, look, I bet a buck 20. What, like that's it? >> Angelina King: And I love the Lord and my mama, um, way too much to say, disappoint them. And I'm like, no, uh, angel ain't gonna, you know, I've been asked to do things tax related. And I was like, no, you came to the wrong company. Um, I'm not gonna do it. Write off cigarettes. I think I told you that in my first Episode with you.

>> Anthony Weaver: Yeah. >> Angelina King: This trucker told me, you know, you can write off my cigarettes as meals. What? Textbook? You think textbook? Did you. Anyway, right. Moving on. All right. >> Anthony Weaver: It's okay. >> Angelina King: I'm just me. >> Anthony Weaver: Uh, so we talked about the standard deductions, um, for the sales tax. What is it that a lot of people are not doing in 2024 that they should do for 2025?

>> Angelina King: Adjust your withholding because it's getting serious. Um, and that withholding calculator that we did on another show, Please do. Because, um, I've already ran into issues where the federal withholding is zero. You don't want that to be zero because that's considered you being tax exempt. Do you have a exempt certificate to, uh, support that? Most taxpayers don't, you know, um, because it's going to cause a real

issue. But I understand the strategy because one of my, uh, case studies, they said that

they wanted more money. The. Wow. Because things are so expensive. I get it, I get it. They want it more in their check. I get it. However you really look at this liability, though, you know, um, so be very mindful of that. Um, making sure enough withhold. And my high income earners, um, please take adequate federal income taxes out because you're going to be in a situation where you're a high income earner and then it gets into

the thousands of dollars for your liability. And there's not much I can do if you don't have a side hustle or schedule. Uh, c. You know, and that side hustle is legit. Don't just make stuff up, because we don't do that here. Um, you got to be honest. And. Oh, they'll never see. Don't ever say never. Never ever. Uh, don't ever say that because you probably the one that they pick for audit. >> Anthony Weaver: You got to keep that for what, seven years? Keep your information for seven years.

>> Angelina King: For that I recommend five. Um, some people say three. And especially now with the digital age, you can scan that stuff in and keep it on a thumb drive or external drive. Um, and then you don't have to worry about the paper. You can go to your external, uh, drive or your thumb drive and download it if you need it. And that includes receipts because that's clutter. You know, we don't want

clutter. No, no. But, um, and also to your point with the W2s, look at those closely because a lot of businesses have been going out of business, and you may have trouble getting that W2, but you need to file a complaint with the IRS so you can get your W2. Um, and then if you might have to file an extension, um, with that W2 until that transcript is available. But keep in mind also that the transcript, the wage transcript that you download will not have the full EIN number on

there. So you're going to have to call the IRS to get the full EIN number because your tax professional is going to need that along with the address. So what you do, you ask for an unmasked copy of your wage transcript so you can file, uh, your taxes and also file the complaint. You know, because they, they meaning the company that went out of business still has an obligation to release your W2 or 1099.

>> Anthony Weaver: See, I didn't know that, um, because somebody was telling me recently to start doing a, what they call it, like a digital go bag. And what they mean by that was getting. Printing out the last five pay stubs. Uh, printing out like your. Any other document, forms that's necessary for taxes or your employment information, like you said, your employee, your employer information. So you can still file your tax. Because the ein should be on prior stuff if

you've been there for years. So you can still file it. Um, and so just kind of like to, to make sure that people do that. Is it best practice, like if they already have that latest pay stub, can they still file that taxes with that? Or do you think there's more info on the W2? >> Angelina King: It's more efficient to do it from your W2. But yes, strategy is in one of our tips or the newsletter. Um, we did mention that as

well. But more than likely you need to contact the IRS because they're the ones with the information. They're the ones that need to advise you you can do all that. But I think in interest of time, go on to your online account and um. But. Or wait to file an extension. But that is a strategy you can use. Yeah, but we don't file by paycheck stubs. Mhm. >> Anthony Weaver: I guess. M. That was old school. >> Angelina King: That's old school. >> Anthony Weaver: Okay. Um, because you

said that I did not know. You can actually create your own account inside the IRS website. >> Angelina King: Yes, you can. They. You're gonna have to go through a verification process though. >> Anthony Weaver: I mean it's like the real id, isn't it? >> Angelina King: Yeah, they gotta, they have to verify your identity. Mhm. >> Anthony Weaver: Okay. And then they'll have all that information already built in.

>> Angelina King: Yes. They'll have your complete tax record for three years out there. >> Anthony Weaver: What? >> Angelina King: Yeah. So you can download. You can even see when you filed your taxes the tax transcript or your tax filing, you can find your wage and transfer. Um, and then you have. If you're a business owner like C. Ah, Corp. S Corp or um, um, because on your 1040 that's where your schedule C is, you can see that business filing has been filed and what day or

whatever on there. So you get a bit of a summary. >> Anthony Weaver: Yeah, well, I'm looking at it. Well, I'm about to sign in right now because I. It looked like it's using the same portal, which is the ID me M thing. Yes, um, to set up. >> Angelina King: That's exactly right. >> Anthony Weaver: So this you know saying like every time we talk, he always teach me something new, which is great. >> Angelina King: I'm glad you. I'm glad you carry attention. Thank you.

>> Anthony Weaver: There ain't nobody else getting any information. I am, I mean. Oh yeah, they do ask for more information. >> Angelina King: They do. Um, U.S. tax professional have to do that too if we access it. So it's. And, and a little tip for our nonprofits out there. If you w2 and you also are starting a nonprofit, um,

record keeping is very important. However, if you didn't get but less than 50,000 in contributions for your nonprofit, you still have to file a form, um, 990N and that is an informational return to let the IRS know that contributions for that tax year were less than

50,000. Because some churches and charitable organizations are getting 1099ks. Okay. For all their contributions that came into their organization. And as you know, all tax documents that you receive, the IRS receives it too. So if you are 501c3 it's best not to ignore it. Although if you made less than $10,000 that year, I advise you do, uh, a form 990N. So it's a 990N. And um, you can file directly at the IRS website for free. >> Anthony Weaver: Okay, that's good.

>> Angelina King: Mhm. Yeah. Because some people W2s and then you got pastors. Because I have a couple pastor as my clients and these pastors are funny. >> Anthony Weaver: Really? What do you mean? >> Angelina King: They're. They're funny. They're hilarious. Like comedy. Comedy relief. >> Anthony Weaver: Seriously, like what they, what they. What they trying to get. >> Angelina King: I can't. Some of them are my um, viewers too.

>> Anthony Weaver: Okay. All right. But they don't know what church it is. What's one thing? What. All right, well, we'll, let's see. How can I reframe this? >> Angelina King: No, um, Anthony, you ain't gonna put me into this. No, because they'll immediately know that I'm talking About. >> Anthony Weaver: Okay, like, look, they only contributed 55. Can we bump that up to 20? 20,000? Like 55. >> Angelina King: You ain't pulling me.

>> Anthony Weaver: Um, well, this was like, you know, it's eating you up on the inside. It gotta come out. It's poison. You gotta share with us. >> Angelina King: Uh. Oh, don't make me cough. >> Anthony Weaver: All right, well, let's change the direction a little bit. Um, because we Talked about the W2s. We had the people with

the nonprofits. Uh, let's get down to the business owners because one of this big thing that I heard a lot of people say that you must fill out before the end of 20, uh, 24, which is this beneficial, um, ownership information report or something like that. Can you tell us what is it and do we really have to file it? >> Angelina King: Well, right now, the latest, um, as of today, I don't know what the latest is. However, they were in, meaning the benefit, um, Bois for short.

Um, it's really protecting the business for all LLCs that are registered in your state, okay? They want you to file. And this has been around for a long time. It's just the. The communication of when you're supposed to file has been the, uh, disconnect. So they want to make sure these LLCs are not laundering money, okay? Because whenever you set up a business account, um, they're going to go ahead and look at your state to make sure that you are, ah, registered and you're a legit company,

okay? You have an EIN number, you have a business name, um, the whole nine. Um, so basically, the long and short of it, they want to make sure that you're not laundering money and you're a legitimate business, and that filing

keeps everything on file. But right now, because I have an additional LLC that I did start that, uh, I don't have to do it until they get through the courts system because they put fear in people like, oh, man, I'm gonna get fined $549 if I don't file and register my business with BOI. Um, it protects you as the business owner, especially if

you're doing things the right way. But that instance where I mentioned about the COVID funds, if they had that implemented back then, I don't think those monies will have been stolen the way they were, you know? Um, really, because they came in our country and they. They pretty much stole ball, these big old houses, these cars. He. I'm sorry, because I'm, like, trying to get people. >> Anthony Weaver: Like I said, it's poison, pretty much.

>> Angelina King: I'm not gonna give Nobody. No ideas. No, no. Okay. Uh, um, just watch the show for yourself. And if you want ideas, hey, watch it for yourself. >> Anthony Weaver: Yeah, we, that's a, uh, but that's the extremes that I've seen on that show. And it's kind of like, okay, are you really utilizing the system? It's not intended, or actually you're, you just finally got caught. Because what is one thing, um, exactly.

>> Angelina King: But if you want a more textbook explanation, uh, but that's the long and short of it. They just want to track to make sure that you are not, uh, and I'm looking it up right now, um, to make sure that I'm, um, compliant as well. Because we want to stay compliant with the U.S. government. Um, we want no visibility, not m here, not there. Um, we just want to follow the rules. And um, because see, right now there's a court order that it's been delayed.

So once they get through all of the rigamarole, you know, spell that. But anyway, um, LLCs, we're going to have to report. And if you go to boi e filing.thinsen.gov and if you have any questions, any business owner out there, this website will give you more information because they work directly with the Corporate Transparency Act. Um, and that applies to all businesses, not so much individuals

or independent contractors. But if your business is registered in the state, whether Florida, whether Maryland, Pennsylvania, all

LLCs, you're not exempt. Even if I believe. I'm not sure if Puerto Rico is involved in this at all, you know, because they're part of the United States. But. >> Anthony Weaver: Right. >> Angelina King: Um, so they just want to keep down on the crimes of, uh, financial crimes. So everything's

on a pause right now. So. But when that turns around, I wouldn't drag my feet and say I'm not gonna file because you don't want to fight, you know, and then you, your ein is probably earmarked, you know, um, so when you go buy your taxes or. You know, I'm not, I'm. Maybe I'm going to the extreme. You go to the dmv, you can't renew your driver's license until you take care of this. So I'm just kind of forward thinking

that might not be the case. But, uh, think about how they did and caught a lot of people with who had to pay child support when they renew their driver's license. You know, some states do that. >> Anthony Weaver: So how to get you. Well, I mean, you just gotta do the right thing at the right time. Time is everything. >> Angelina King: And amen. >> Anthony Weaver: Yeah, we all got Deadlines. >> Angelina King: That's it.

>> Anthony Weaver: Yeah. So, I mean, okay, so we got our understanding on that part. Um, is there anything cool and sexy that business owners can kind of take advantage of for our, uh, 2024 taxes? >> Angelina King: Cool and sexy is record keeping for your business because it'll make it easier for the tax professional. Because if you come to my office with a box of receipts like someone did a number of years ago, I'm gonna look at you like you at the back of the

line. I do want to help you. I'm, uh, not going to turn you away, but with my new responsibilities now, um, I'm going to have to turn you away. Um, and there is a awesome app called 4receipt.com um, that if you have a receipt, you have a bank statement, a credit card statement. You can link it to this, this app, uh, or website and they have a free plan and then it goes up from $5 to $12 a month to track and organize your, uh, your expenses. So there's no excuse. The technology

is out there. It's almost like we don't want to pay for, to be organized. You know, sometimes you have to pay to be organized because that platform will organize your receipts into categories for you. So when you take it to your tax professional, it helps ease the issue. Because if you come to me, the bookkeeping fee is going to be $600 or more. >> Anthony Weaver: I mean, m. You got. It's a lot for you to go through.

>> Angelina King: It is. And it's time consuming because, look, I have to construct a P L, which is profit and loss statement. Oh, the schedule C does that for me. Ah, ah. But you got to organize that data for me to put it in the right categories. M. You know, um, and then, you know, if you making a little bit over 50,000 or plus, you, you want a balance sheet, you know, and it has your assets, your liabilities, owner's equity, and a cash flow

statement. So we know what cash is coming in and out. Um, and then a trial balance. These are basics. Go to the irs.gov it tells you think, um, I'm lying. >> Anthony Weaver: Go to irs.gov well, no, I believe you. >> Angelina King: Like I know you. I'm telling your, your audience here, you know. Um, yeah, so record keeping is very important for our small business owners because it makes it easier for your tax professional. It really does. And it keeps your costs down.

>> Anthony Weaver: Okay. And the IRS does, uh, for people who are wondering, they do give you a nice lovely 28 page PDF on how to do your records keeping. Um, and if you want a cheat Code to use AI to help you out. Take this PDF, slide it on over to Chat GPT and say, hey, generate me a Excel sheet or spreadsheet with this information so that I can do my taxes. >> Angelina King: There you go.

>> Anthony Weaver: Yeah. And it would extract it. And actually on this PDF, they do give you all the columns and rows on what you need for each one. So this is actually great. They give you great examples on pages starting on page, uh, 18 on a PDF. >> Angelina King: Good information. >> Anthony Weaver: Yep. >> Angelina King: Right. >> Anthony Weaver: Teamwork. We got this. All right. >> Angelina King: I think that's it.

>> Anthony Weaver: Yeah. So, uh, so with you just, um, to kind of let people know, like, if somebody's out there and they was like, yeah, I really want to become, start, uh, working in taxes. Where could they go or what should they do? What are the best steps for them? >> Angelina King: The best steps is getting like an overview on what taxes means to you. Because you got to be detail oriented. If you want to do this, anyone can. Um, the

steps, and I'll take it a little step further. If you want to run your own tax firm, um, the first step for the basic is to get a P10 that is a personal tax identification number. And you can get that at the IRS website. You register. I think now they're charging people like 1995 to, um, either doing a renewal or start it because at one time it used to be free and anybody could do taxes. And that's when a lot of people

got in trouble. But anyway, um, were fraudulent and, um, learn and get mentored by someone, you know, um,

I'm willing to do that. I'm mentoring someone right now who's making a transition from corporate into trying to figure out they want to do taxes. You, um, got to be passionate about what you really want to do. And if this tax going to be your, um, your next step, be passionate about, don't just do it. Oh, I can get, I can make X amount of dollars in, in three months, period. That's great. However, you're gonna run yourself into the ground, um, because it's no joke. It really

isn't. Um, and the next thing, make sure you have a heart for serving because people have real issues. Um, I wasn't prepared for that, but, um, in a sense I was because that was my training. From leaping from corporate America to business owner and then back into corporate America. Uh, people have real issues, uh, not aside from your, uh, tax, uh, filing, because you're a counselor. Especially if you want to have a, you know, present the tax document to that taxpayer via zoom or

in person. You have to Love people, you know, don't just love the money. Um, the money will come. Don't chase the money. The money will come. And if you do a great, excellent, phenomenal job, you get so many referrals like, oh man, she's good, he's good. And then it builds your, your confidence and rapport. You don't have to know everything about taxes. Just know that if there's something you don't know, and I've said this several times, let me look into that and I'll get back with you.

All right, so find a mentor, um, kind of let them, you know, you can shadow under them. And uh, I do mentoring, I do. So if anybody wants to reach out, um, I definitely will be more than willing and be committed. Because if we set up a time, you know, an hour, maybe two hours to go over your goals first. And what is your strategy for learning how to do taxes? There are tax schools. Because I'm not going to teach you. There are tax

schools. I'm, um, not going to name those. You can do your chat, DPT research, uh, on that, or Google, copilot, whatever. And those tax schools, um, they do charge, it's not free. And you can do an online class or certain, um, certain big, uh, box. I'm not going to mention those, but they offer classes in your city and that's how you get your foot in. But that

P10 is, is going to be probably one of your first steps, you know, and then just observe, uh, absorb the information. There are probably YouTube videos that there's classes because I know one particular software company, they offer some classes on YouTube, so you could do that. But if you want to navigate and go into owning your own firm, just know the FBI is gonna look at your back seriously, because you're gonna be fingerprinted. And that process takes six to whatever

weeks. They probably shorten the time now because they're going into your background, they're guaranteeing your financial health. Um, even every year when I take this refresher course, um, they ask if my taxes are up to date. Because before you can even say, I'm going to sit down for this three hour test, have all your ducks in a row because.

And then when you file for that, it's called an ein and you already have your P10, they're gonna, uh, they're gonna, they probably gonna scrape you to the coals because this boi is, is now going to probably be in effect later this year. We don't know due to the federal court order, but that takes A while. But during that time of waiting, continue to get mentored. You know, come up with your business name. Um, start with social media, because social media is

free. You know, talk to local tax, uh, businesses in your area. >> Anthony Weaver: Podcasters. >> Angelina King: Yeah, podcasters, yes. Come to atw and, um, he will help you out. But, uh, great question. But if anybody wants any more detailed information on how I got started, I believe you need to go to, um. >> Anthony Weaver: The first time we interviewed you.

>> Angelina King: Yeah, about that. While this first episode, when you see me and I kind of talked about how I fell into it, um, I've been doing taxes for years, um, ever since I was in college. Because I was talking about that the other day and I said one of the big box companies didn't put me on the schedule because, see, I was telling it all. Like, you see what they're charging you? You know, I have this big smile on my face. You know, here's my number. Call me after.

I could tell you how to fill out this form. >> Anthony Weaver: So you like the father on the Incredibles. Do you not file Form 10 7A. Do not put your name on this box. >> Angelina King: And people used to ask, what happened to Angela? They didn't put me on the schedule. I didn't even know I was fired. Didn't even know. But I have a heart. Heart for serving people, you know, um, and at first I was doing it for the money. And I wasn't happy. I wasn't. I was doing for the wrong reasons.

>> Anthony Weaver: Yeah. >> Angelina King: And so I had to. I was like, ah, you know, I was a podcast or something. I listened to that, said, don't chase the money. It was the partnership I was in, and I saw how they operated and I think the good Lord wanted me to see that. Uh, because you can't just nickel and dime people. Because, see, the one person I help can send me 10 clients. >> Anthony Weaver: Right. >> Angelina King: So you got to have that perspective.

Um, but they were teaching how to nickel and dime. That's not right. Because you don't like to be neck of the line. >> Anthony Weaver: No, no. I mean, we already get nickel down every time we look at a subscription. I mean, the last thing we'll do is get nickel and dime on our taxes. >> Angelina King: Correct. Yeah. And I mean, it's not about how much refund they get. It's about helping them lower their tax liability and educating them on the

law. Because the IRS ain't going to tell you they're just matter of fact. Just m. Call them sometimes. Don't tell your life story. Just tell them what you need. Pause and get Your information and hang up. Because if you open that can of worms, they're taking notes, the calls are recorded. Don't tell them your life story. Take it from me. Don't, don't do it. >> Anthony Weaver: So, um, because I got one burning

question. Um, because a lot of people are new to taxes or listening to the show that's new. Um, which is what are your thoughts on getting a refund versus not getting a refund and you actually got to pay? I know it's a common question, but. >> Angelina King: Um, actually it's a great question because refunds are interest free money that you're leaving on the table for the IRS to use

until you claim it. Refunds could be great, especially for that single mother, um, or I'll say it like this because politically correct mother with kids, you know, um, because some people are offended by that single mom, but mother that has kids, she needs that tax credit, those non refundable credits, um, to raise their kids, you know, because if the father's not in their life, you know, some would. Some women do not put their, um,

exes on child support. So getting a refund is, um, interest free money that you've loaned to the IRS until you claim it. Okay, Owing. This is the flip side of it. If you owe, the IRS is going to charge you interest and penalties because you didn't, especially with your W2, you're not in line with the tax withholding. And, um, you're taking a little too much. Uh, no, I'm sorry, you're not taking enough withholding out of your, your uh,

paycheck. Because let's see, again, like I mentioned earlier, it's about strategy for some because they want all their money now. But just know at the end of the year you're going to have to pay. Because now that W2 is kind of like your 15.3% in taxes. Um, because if you're a 1099 earner, that's what you're being charged for self employment tax. 15.3%. That's the portion of the Social Security, Medicare, um, the FICA. And they said, well, you made 50,000, we need

15.3% of that. Especially if you don't have any expenses to write off, which I don't believe. Oh, I made 50,000 or 1099 and I didn't have any expenses. Okay, you just lazy. You are. But you mean you at home remotely. >> Anthony Weaver: You ain't paying on the net, huh? So you ain't paying no Internet or something? >> Angelina King: Exactly. Internet. You didn't use your cell phone Right. The electricity that helps run the laptop.

>> Anthony Weaver: Right. Might not have to get new equipment, but some, um. >> Angelina King: You didn't eat that day. >> Anthony Weaver: Did you get a haircut? >> Angelina King: Like, it boggles my mind that some of the time, you know? And that's why I'm here to help and serve because. And educate because you're 10.99. You. You drank something you didn't drink. You drink some water, uh, a, uh, coke, some juice.

>> Anthony Weaver: You put the. Put the water bill on there, too. >> Angelina King: Utilities, it's on your schedule C. So it just amazes me, like, well, how are you functioning? Because I gotta eat every. You know, I have to eat at least three, four meals a day. >> Anthony Weaver: Oh, uh, I need to be on your schedule because I only do it like, twice. >> Angelina King: You know, I tried that. I be so hungry when I get up in the morning. It's like, no, and I'm too

skinny for that. I'm like, I need food. That metabolism has not slowed down for me. Um, but anyway. But yeah, um, what was I saying? >> Anthony Weaver: You're talking about the, uh, the 1099 folks. >> Angelina King: Yeah, well, you were asking about liability and refunds. Okay. But yeah. Um, so getting a refund is not always the best thing.

But I understand the strategy. But even if you're a single dad, that's refundable credits you're leaving on the table that the IRS says you can come get, you know, um, when you find your tax return, because the children under the age of 17, you're allocated $2,000 a child and then some because of your income level. Um, you get the additional child tax credit. But as your income increases, that additional child tax credit is almost obsolete.

>> Anthony Weaver: You know, can it work out for caregivers? Because with the sandwich generation, they taking care of their parents or something like. >> Angelina King: Yes, that you get, um, 500 allocation because they're considered other dependents. You know, they're not so much the child. >> Anthony Weaver: Right. >> Angelina King: They're the other dependent. And that allocation is 500 per person. Because I do a case study. She's taking care of her grandmother.

Um, and I had to convince her, uh, a number of years ago, you're head of household. Um, why are you. Because she kept asking, why am I paying m taxes every year? You know, I have a liability every year. So we just go through our list and ask some questions and build that rapport with that. That client, because people will tell you anything. And I've heard a lot, I bet, you know, But I think this is what, uh, the good Lord has me to do right now. And um, this is my assignment,

and I love it some days. And some days it's like I want to fix it, but I know I can't. Only thing I m. Do is pray and ask God to guide them, because you can't make their problem your own because you go crazy, really. But I am empathetic to a lot of situations, especially. Especially this week. The people are going through some real issues. They really are. >> Anthony Weaver: Yeah, yeah, yeah. Um, well, hopefully it'll all iron

out by next year. We get to see if there's any cool things that we can actually take advantage of, because the tax code changes every year, and so we got to stay on top of it. And I appreciate you coming on every year. Um, I do have a different set of final questions. Are you up for them? >> Angelina King: Okay. I don't even know what they are I am up for. Yeah, let's do it. >> Anthony Weaver: Dive right on in. I'm glad you trust me. Let's go.

I don't know. You might be like, you know what? I ain't coming back next year. >> Angelina King: Uh, I won't do you like that. If I say no comment, I'll just keep moving. >> Anthony Weaver: Okay. All right, so, number one, what would you give your younger self? I mean, if you could give your younger self one piece of advice, what would it be? >> Angelina King: That's a great question. Um, the one piece of advice, and this is authentic and genuine, is to speak

up. Because there was such a long time I just been quiet and observe, because that's how I. I kind of learn from people. And I am. I observe my entire environment. And for you to be in a thriving environment and communicate, you got to talk. And, uh, you know, I could be winded. And this is. This is a process that I really had to. To kind of leave behind. So, yeah, tell my younger self to speak up.

>> Anthony Weaver: Okay. Number two, what's a money habit you swear by that has made the biggest difference in your life? >> Angelina King: Stop spending unnecessary dollars because it adds up. I am right now challenging myself because I came off a, uh, 20, uh, one day fast, because I do that every year, you know, with my church. And even if I didn't do it with my church, I would do it because you need to cleanse all that stuff out, you know, And.

And it's not so much about the food. It's your connection with God. So I would. And I'm not. Right now. I am with, um, I. This is my own personal challenge. I want to see where every dollar is being spent. So I'm, like, on a financial fast. >> Anthony Weaver: There you go. >> Angelina King: If I don't need it, I. I don't buy it. So, um. And you got to know where every dollar is going from your. From your more. And pay the most important things first, because

I've seen people. Anthony. Oh, I don't know how I'm gonna pay my mortgage. Well, then you should have paid that first. >> Anthony Weaver: Good. >> Angelina King: Hello. >> Anthony Weaver: True. >> Angelina King: Um, I didn't pay my car insurance. That's one of the other things that you need to pay first. Well, ultimately, let me. Let me take a step back, because I'm gonna get a little scriptural.

Um, and not so much. You need to actually, if you're a tither, pay your tithes first time because you got 90% left to do whatever, um, with. And. And that 90 does stretch. Challenge me for 90 days and do that. You know, give 10% to an organization. If you're not the church core and you don't believe in. I still love you. It's just, you know, there is a God, you know? Um, but pay something to an organization, somebody in need. Give your 10% of your earnings to somebody in need if it's not a local

church or organization. 2. Pay yourself 10%. Stick that away. And so now what? You got 80% left to pay your bills. Um, and stop using those credit cards to pay for things if you can't afford them. Okay? So, uh, right now, that's what money means to me, that I have to watch every dollar because food is expensive. Well, we gotta eat. >> Anthony Weaver: Yeah. >> Angelina King: Gas, um, for me now, it's not expensive because I have to put

premium in my. My vehicle. I go to Costco, I take that little, uh, journey up the. The highway to go to Costco and get my gas, okay? Because when it gets on half, I'm like, okay, I know how this can stretch, but I've been in the situation twice already this year. Then I almost ran out of gas, and I knew better, okay? And the light didn't come on yet, but I know my car. >> Anthony Weaver: Take the wheel.

>> Angelina King: I know that's right. You know, because I don't want to push that SOS Button, because I'ma stay there until you bring me some cash. But, yeah, twice this year already. I'm like, we, um, ain't gonna do that. So that's my answer to your question. >> Anthony Weaver: All right, number three. If you could have dinner with a financial expert, past or present, who would it be and why? >> Angelina King: Wow, that's. That's interesting. Can I pick two?

>> Anthony Weaver: Sure. >> Angelina King: I actually want to go to dinner with you because you're very knowledgeable. I think the guests that you have on and the, the, the questions that you do ask, because it's a different perspective for me. The other one would be. And he's not so much a financial, but he does talk about the, um, how money relates to how can break a relationship. Is the hip hop preacher, uh, Eric Thomas.

>> Anthony Weaver: Yes. >> Angelina King: I would love to have dinner with him and just listen because he is on fire. Okay. And he, it works for him. And he has a community. Mhm. And they all get along because they take money out of it. It's about covenant. You know, money is important because money answers all things. And I've said that in a past podcast interview with you because it's in the Bible, it's biblical. Um, but yeah, you and Eric Thomas, I would definitely.

>> Anthony Weaver: Wow. I'm honored. Have you read his book? >> Angelina King: Yes, I have it. Um. Uou. Yes. Um, and then he has a couple other books that they're on my list to get, but I haven't gotten them yet. But you ou put fire into me for 2025 though. >> Anthony Weaver: Nice. All right, number four. What's one thing about money or taxes that you wish more people understood? >> Angelina King: Great question. Um, I like these. Well, for taxes, you know, since I

that's. I'm a tax professional. Is that. I'll say this again, it's no fear. It's all about educating yourself on how taxes actually basically work. Um, it's not just the W2 because it's like an art when I put it together to explain line by line where these numbers are coming from. And you can see the excitement or baffleness on the taxpayer tax client's face. Like, no one explained this to me. I just went and I filed my taxes and the number of, uh, feedback that we've gotten is like, oh,

yeah, I'll be back next year. And they come back and, um, the gratitude for me to explain taxes, um, because they said no one has explained this to me. I didn't know this was out here. I didn't know you could write that off. Miseducation. It's almost like we need to pick up Lauryn Hill's album hey. Because we want to advance the kingdom. You, myself, and the next person. Um, at least that's my goal, you know, um,

not so much. You know, knowledge is power. Because they say, you know, people challenge that, but it really is. If you don't know now you do. Um, in the second part of your question, you said taxes are money. Right? Um, this has to be personal, I guess. Um, read the question one more time. >> Anthony Weaver: Yeah. What is one thing about money or taxes that you wish more people understood? >> Angelina King: Well, I've learned as an adult, money does not grow on trees.

And when you get to the level where you're completely responsible for money, you're going to appreciate it more. Because I see these children, um, anybody under the age of 18, I'm calling them a child because they're spending daddy and mommy's money frivolously. Okay. What if mommy or daddy lost that job or lost that business?

And I think money needs to be more explained to people on, um, it could be evil, and it could be a benefit, you know, because it's the love of money that is the root of all evil, not money itself. It's the love. And if you're motivated and saying that money motivates you, you. You're doing it for the wrong

reasons. Um, yeah, the. The. The sandwich generation and these younger kids, they're not appreciative, because if mommy and daddy are paying for everything and you don't know how money works, you're gonna be lost. So we need to, uh, get back to even myself, because as an adult now, I know how money works. Sometimes money is fearful for me. Like, oh, man, if I spend this, this is gonna happen. This gonna happen. But if I save it and invest it, I can compound my interest.

So. But then you don't want to spend it because it's like you're building this nest egg. But if you have financial goals and big purchases you want to plan for, money is great. It's just how you use it. I hope I answer the question. I, uh, don't know. >> Anthony Weaver: I like it. Like it too, because it's like, where's. >> Angelina King: She going with this? You know? >> Anthony Weaver: But, yeah, I'm. I'm with your thought process because

for me, I'm, um. I'm always jumping with different topics as well. And I'm sure you listen to other interviews and it'd be like, where is Anthony going at with these questions? >> Angelina King: Like, it's very intriguing for me. That's. That's why, you know, that dinner question was awesome. Because it's like, you have a commonality. You understand? I understand. But then you bring a different perspective, you know? And with Eric Thomas, the hip hop preacher,

he's amazing, you know? Um, and it works for him, you know? And his secret to his success is he lives. It's true. So. >> Anthony Weaver: And, um, his network is really good too, um, because I've met the people that are in his network, but I haven't met him yet. So, um, is actually interesting because they come to different conferences, so I was like, oh, I didn't know you were going to be here.

>> Angelina King: Yeah, yeah. Because what is, uh, I don't even think he calls him his right hand, but cj, Uh, I met cj. Oh, awesome, awesome, awesome. He's funny to me because I like their success podcast, um, that they do, because I think it. What is Carl? Jamal. They call him Maul, I guess. And because, see, Jamal and I have the last name, so I was like, that's my brother. >> Anthony Weaver: Right? >> Angelina King: I don't know him. I don't know

him. Um, and it's just great to see. And I, uh, you know, I don't want to offend anybody, but it's great to see black men do positive things. It really is. You know, it's great to see that and they make an impact because this next generation could be lost. God help y'all. >> Anthony Weaver: But nobody wants to work anymore. Um, or put in the. Put in the work, shall I say? >> Angelina King: Yeah, no, you said it right the first time. Because I. I, um. I'll say this,

I guess, because I know. Um. No, I won't. I won't. >> Anthony Weaver: All right, well, we'll talk off my. >> Angelina King: Yeah, we could talk off line. Yeah. >> Anthony Weaver: So. All right. Um, so, Angelina, uh, this has been such a wonderful time. Thank you so much. Is there anything left that you want to say as, uh, a close out for this particular episode for today? >> Angelina King: The one thing I would like to say, and I'm g. Keep this brief, I promise.

Um, those W2 workers that are. Want to switch jobs to make more money or you're just starting out, um, looking for a job. Because I've seen things on social media that people were crying because they don't. They can't find a job. Okay. And they're not marketable. The one thing I would kind of stress, you have to be prepared when you present yourself because you're marketing yourself. You may look great on paper, but for you to communicate that to the interviewer and you're sitting across them,

research what the company does. These are the basic things. Research what the company does. Align that with what you can. Help them, the company with your skills. Sell yourself. Talk in the mirror, do a mock interview before you get there, because a lot of these young people are unprepared and they're. They go to the bottom of the stack of the resumes. And the other thing is get your taxes done.

>> Anthony Weaver: Yeah, they gotta do that. I can imagine a lot of People like, oh, I haven't done my taxes in, like, three years. >> Angelina King: And, you know, you bring up a great point. If you haven't done your taxes in three years, you're missing out on money that the IRS has for you because the stimulus checks are still available. This will probably be the last year that you probably can claim that in

the IRS and the Department of Treasury. They're trying to do the right thing to locate you so you can get your fourteen hundred dollars or more, you know, um, and they put out a blast on their website that a, um, lot of the recovery rebate money has gone unclaimed. I think it's 1.5 billion or million. I think I have that. Yeah, I have it here somewhere. Um, the max amount you can get is $1,400. You can't use $1,400. I know I can. >> Anthony Weaver: Oh, yeah, you can put premium gas in.

>> Angelina King: I have. That'll be earmarked specific for that. Um, yeah, there's, um, over a million dollars still left on the table that, um, taxpayers have not claimed. So don't be afraid that you're not going to get it. But if you need to file your 2021 tax return, ain't much you can do with 2020, because the statute of limit, because you have three years to file your taxes. Okay. But 2021, you have until April 15th to get that in and get your fourteen hundred dollars.

>> Anthony Weaver: All right, well, thank you so much again for all, uh, that you do and continuously to add value to everybody that listens to your voice, to your message. Uh, if you guys haven't already, while you're listening to this episode, go ahead on and sign up for her email list. Um, if you haven't, you can sign up for my email list. I, uh, do have a full section dedicated to 718 tax services because it's a lot of great information, and I do want to share that with my

audience and with you guys. So if you haven't already done so, sign up for both of our newsletters. Hers is more on, uh, as you could say, more scheduled than mine, minus whenever I get to it for the month. Uh, but I'm working on it. It's a work in progress. >> Angelina King: That's right. At least you're doing it because, see, some people don't even send out information. So. Yeah. >> Anthony Weaver: All right, well, thank you so much, everybody.

Y'all be safe. And y'all, you remember, you do have what it takes to be the best version of yourself and your taxes is something is to not be afraid of not turning away. Turn your eyes away from. Lean into it and let's get it done. All right, everybody. Y'all be safe. We out. >> Angelina King: Peace.