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First Aired - 09/02/2010 04:30PM
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This week on Flash Talks Cash Andrew & Flash talk about the importance of paying your taxes, and the millions of ways the IRS can reach out and pay your taxes for you. Tune in to get the low down on everything from wage garnishes to bank account liens and all of the other scary government techniques for taking money that they consider to be theirs. Plus the duo cover some helpful new tax laws of 2010. This episode was sponsored by Acme Smoked Fish: a culinary mainstay in NYC for over 55 years.
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Flash Talks Cash Introduction: Legal Loan Sharks (15:38)
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Flash Talks Cash, JoAnn Flash Fleming, Andrew Newman, Heritage Radio Network, paying taxes, why do you owe the government money in the first place?, we all know people who neglect, live caller, are student loans tax deductable?, only the interest is deductable, maximum you can deduct is $2500, penalties add up!, if you're 6 months delinquent you pay a 25% penalty, late payment penalties, late filing penalties, you should pay taxes before anything else, you can set up an installment agreement, offer and compromise, for specific kinds of people, only certain people qualify, people who will never have the money to pay the tax in their lifetime, disabled or old people, you wages can be garnished, the IRS has lots of legal strength, they can levy your assets, they can sell your house, tax warrants, you can ammend any tax return you want up to three years, don't be afraid,Email Questions & The Creative Accountant Segment (13:51)
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what is the upside of purchasing a hybrid sedan before the end of 2010, hybrid tax credits, the car has to weigh less than 8500 pounds, conservation credit, only certain cars get you credit, email question about $30,000 in credit card debt, should he take out a loan or try to pay it all up front, he also wants to purchase a house, what should he do?, pay off your credit card debt first!, Creative Accountant Segment, last weeks cards were plummer, writer of bad poety and medicine isnt working, next weeks words: a person would rather not, an object of a crush, a box of kittens, there are new tax laws in 2010, government makes you depreciate commercial improvements over 39 years, now it's been accelerated to 15 years, you can take money out of your IRA for medical or dental expenses, if you are unemployed for 12 weeks and have to pay cobra you can take out of your IRA, you can take $10,000 out if you are a first time home buyer, somebody who has not bought a house in two years,To comment on this episode click here. There are currently Comments
