Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Taxes are due tomorrow and you haven't made any progress
on that yet. Don't hit the panic button. I'm glad
you're with us here. On kfab's Morning News, Gary Sladdlemayer,
Jim Rows bringing on Bob Berger from Burger, Elliott and
Pritcher The Least Interesting Man in the World, Robert, Good.
Speaker 2 (00:15):
Morning, Bro, Good morning Gary, Jim, and Lucy, thank you
for having me on for the happy tax filing eve.
Speaker 1 (00:22):
Indeed, let's start with this basic question because I've never
been one hundred percent clear on this. They say you
can file for an extension, but you still have to
pay on time. Is that right?
Speaker 2 (00:33):
That's correct?
Speaker 1 (00:34):
Well, how do you know if you have to if
you need an extension?
Speaker 2 (00:39):
That's the catch twenty two year, isn't it?
Speaker 1 (00:41):
Yeah?
Speaker 2 (00:41):
That how do you know if you haven't, if you
haven't worked it up, how do you know how much
sho And that's the issue is you just to some
degree you estimate your tax liability based on the numbers
that you have. You know, so you can and file
a form forty eight sixty eight which extends the time
to file, and you download that and put that in
the mail as long as you can postmark on it
by April fifteenth that I'll extend your time to file
(01:04):
the paperwork. But if you've got to send some money in,
you need to get on that IRS dot gov or
Revenue dot Nebraska dot gov or Revenue dot IOWAG dot
gov and use the online tools to help you make
that deposit. And it is sort of an estimate at
this point in time.
Speaker 1 (01:23):
So what's new this year if anything from last year.
Speaker 2 (01:27):
Well, there's a couple of things that people seem to
be missing and it's really surprising. And one of the
things that snuck up was this energy efficient home improvements
and a lot of people have replaced windows and doors
and furnaces and air conditioners and don't realize that they've
changed the rules on that. And it used to be
a five hundred dollars lifetime limit and that lifetime limit
(01:49):
is gone, so annually you can claim a deduction. Actually
it's a credit up to six hundred dollars for windows
and doors and insulation, an additional six hundred dollars if
you replace an air conditioner or furnace, and it's thirty
percent of the costs to do that for each one
of those, So you could have up to twelve hundred
dollars of additional refunds coming to you just for updating
(02:11):
your home home Steff. So that's been a big thing
that people have forgotten about.
Speaker 3 (02:15):
Now, I have a degree from a big ten institution.
I'm an educated man, but I don't understand what's going
on with Nebraska and the property tax credit. And I
guess now we also need to file for the at
least for twenty twenty four. And maybe I'm wrong, because
again I'm confused on this one, big guy, But what
about this community college credit? Do we have to file
(02:38):
for that on the Nebraska return?
Speaker 2 (02:40):
You do? And that's a great that's a great comment.
So you know they actually met to reduce our property
tax liability and for this year it actually went up.
And so you do have to file for that community
college credit. And this will be the last year that
we'll do that. Next year it should already be included,
and I think people are seeing that on their property
tax bills, to be included on your property taxes for
(03:02):
twenty twenty five that you're going to pay. Okay, but yes,
you do need to file for the community college property
tax credit on form PTC Nebraska PTC property tax credit.
Speaker 3 (03:10):
So talk to your guy or your gal and make
sure they do that. But what about the actual the
property tax credit that was supposed to happen, but then
they have the legislative session that messed up property taxes
even more? Do you need to file for that too?
Because that's supposed to automatically happen.
Speaker 2 (03:27):
Now it will. And so starting in twenty twenty five,
when you do your twenty twenty five return or your
income taxes, you will no longer have to file for
a property tax credit. That should already be built in
to your to your taxes that you're paying.
Speaker 3 (03:41):
All right, so you got two things. You got two
things you need to do this year. You need to
file for that, and you need to file for the
community college tax credit.
Speaker 2 (03:48):
Correct.
Speaker 3 (03:49):
That just going to cost me another five hundred dollars
for my accountant guy, Oh out, rosie. That's going to
take five to ten fifteen tax. It's tough, it can be,
mostly because I'm trying to hide tax. I mean, I'm
trying to avoid on that sort of attack.
Speaker 2 (04:06):
No, he's just gonna pay the right amount of tax.
So that's exactly what you're supposed to do. And you
know all the all of the tax repairers, and it's
pretty even the tax software now are on the on
the same page of giving you that Nebraska property tax credit.
And probably the last thing I want to talk about
is this casualty loss. I know we had some major
straight line wins July of twenty twenty four, and there
(04:28):
is some relief because FEMA did come out and declared
a disaster area. So you can claim a casualty loss
for those basically the decrease in the value of your property,
but it's got to exceed ten percent of your adjusted
gross income. So if you make one hundred thousand dollars,
it's got to be more than ten thousand dollars loss
before you get a deduction for anything. And that's an
(04:48):
item my seduction that flows through on your schedule A
as A as a deduction, So that's an assist there,
and people need to be aware of that. To form
forty six eighty four casualty loss. Make sure that they're
aware of that, or tell them a person that they've
had that loss, and it's the loss is taken in
the year that the damage occurred, not the year you
replaced the property or get it fixed. It's in the
(05:10):
year that damage occurred, so people want to make sure
that they put that on their twenty twenty four returns.
Speaker 3 (05:15):
Wait a minute, though, you have to if you take
the standard deduction and don't and don't file a schedule A,
you're not going to get that right correct.
Speaker 2 (05:24):
So if it's if it's not enough, it's if it's
not significant, you're you're not going to get that benefit,
and that'll limit it limit you out too. If it's
just limited to ten percent of your AGI. Again, if
it's less than ten thousand dollars, then you're not going
to get any benefit there. But for those people who
have lost their homes and a lot of it wasn't
covered by insurance or or their landscaping wasn't covered by insurance,
there's there's an advantage here. And we're seeing a lot
(05:45):
especially we had a lot of flooding up up in
northwest or northwest Iowa, and those people up there have
really had some major damage around Spencer and they've a
lot of that wasn't covered and so they're taking advantage
of this is a really good plan, is a really
good deal for.
Speaker 1 (06:01):
Them, Great Bob, Thanks, good information. Always I appreciate it.
Speaker 2 (06:06):
Well, I appreciate it. So hopefully your calculator tapes are
hung by the chimney with Karen of course, will be
there and you will have a great time. Make sure
you get this filed on time. We've got to make
sure you get those iras paid. That ross IRA's funded,
the HSA's paid. All of those are dowe April fifteen,
So very good. Appreciate it and you guys stay profitable,
all right.
Speaker 1 (06:25):
You too, Robert, Bob, Burger, Burger, Elliott and Pritchard here
on Kobab's Morning News.
Speaker 3 (06:30):
That's that's that's more information than I was able to
process this morning. Well, just know that if you don't itemize,
and you have a degree from right from Big Tenant,
if you don't itemize, you can't get some of these
extra to talk to your If you don't have somebody,
it probably is a good idea to get somebody. Now,
if you had some yeah, if you just do the
easy form, which the I R S likes that.
Speaker 1 (06:52):
But if you don't have a complicated financial life, well
you can you can still today go on whatever whatever
widget you know, the Turbo or whatever you know I
R S and probably get a good idea. Okay, I
got to send them some money, well or not.
Speaker 3 (07:09):
Here's the thing though, I mean, if if you don't
item the I r S likes the easy form because
that means a lot of people are leaving deductions on
the table that they don't know about it, right, right, right,
you know they have Bob on here right, all right.
This is major public seven, Yes News Radio eleventh kf
A B
Taxes are due tomorrow and you haven't made any progress
on that yet. Don't hit the panic button. I'm glad
you're with us here. On kfab's Morning News, Gary Sladdlemayer,
Jim Rows bringing on Bob Berger from Burger, Elliott and
Pritcher The Least Interesting Man in the World, Robert, Good.
Speaker 2 (00:15):
Morning, Bro, Good morning Gary, Jim, and Lucy, thank you
for having me on for the happy tax filing eve.
Speaker 1 (00:22):
Indeed, let's start with this basic question because I've never
been one hundred percent clear on this. They say you
can file for an extension, but you still have to
pay on time. Is that right?
Speaker 2 (00:33):
That's correct?
Speaker 1 (00:34):
Well, how do you know if you have to if
you need an extension?
Speaker 2 (00:39):
That's the catch twenty two year, isn't it?
Speaker 1 (00:41):
Yeah?
Speaker 2 (00:41):
That how do you know if you haven't, if you
haven't worked it up, how do you know how much
sho And that's the issue is you just to some
degree you estimate your tax liability based on the numbers
that you have. You know, so you can and file
a form forty eight sixty eight which extends the time
to file, and you download that and put that in
the mail as long as you can postmark on it
by April fifteenth that I'll extend your time to file
(01:04):
the paperwork. But if you've got to send some money in,
you need to get on that IRS dot gov or
Revenue dot Nebraska dot gov or Revenue dot IOWAG dot
gov and use the online tools to help you make
that deposit. And it is sort of an estimate at
this point in time.
Speaker 1 (01:23):
So what's new this year if anything from last year.
Speaker 2 (01:27):
Well, there's a couple of things that people seem to
be missing and it's really surprising. And one of the
things that snuck up was this energy efficient home improvements
and a lot of people have replaced windows and doors
and furnaces and air conditioners and don't realize that they've
changed the rules on that. And it used to be
a five hundred dollars lifetime limit and that lifetime limit
(01:49):
is gone, so annually you can claim a deduction. Actually
it's a credit up to six hundred dollars for windows
and doors and insulation, an additional six hundred dollars if
you replace an air conditioner or furnace, and it's thirty
percent of the costs to do that for each one
of those, So you could have up to twelve hundred
dollars of additional refunds coming to you just for updating
(02:11):
your home home Steff. So that's been a big thing
that people have forgotten about.
Speaker 3 (02:15):
Now, I have a degree from a big ten institution.
I'm an educated man, but I don't understand what's going
on with Nebraska and the property tax credit. And I
guess now we also need to file for the at
least for twenty twenty four. And maybe I'm wrong, because
again I'm confused on this one, big guy, But what
about this community college credit? Do we have to file
(02:38):
for that on the Nebraska return?
Speaker 2 (02:40):
You do? And that's a great that's a great comment.
So you know they actually met to reduce our property
tax liability and for this year it actually went up.
And so you do have to file for that community
college credit. And this will be the last year that
we'll do that. Next year it should already be included,
and I think people are seeing that on their property
tax bills, to be included on your property taxes for
(03:02):
twenty twenty five that you're going to pay. Okay, but yes,
you do need to file for the community college property
tax credit on form PTC Nebraska PTC property tax credit.
Speaker 3 (03:10):
So talk to your guy or your gal and make
sure they do that. But what about the actual the
property tax credit that was supposed to happen, but then
they have the legislative session that messed up property taxes
even more? Do you need to file for that too?
Because that's supposed to automatically happen.
Speaker 2 (03:27):
Now it will. And so starting in twenty twenty five,
when you do your twenty twenty five return or your
income taxes, you will no longer have to file for
a property tax credit. That should already be built in
to your to your taxes that you're paying.
Speaker 3 (03:41):
All right, so you got two things. You got two
things you need to do this year. You need to
file for that, and you need to file for the
community college tax credit.
Speaker 2 (03:48):
Correct.
Speaker 3 (03:49):
That just going to cost me another five hundred dollars
for my accountant guy, Oh out, rosie. That's going to
take five to ten fifteen tax. It's tough, it can be,
mostly because I'm trying to hide tax. I mean, I'm
trying to avoid on that sort of attack.
Speaker 2 (04:06):
No, he's just gonna pay the right amount of tax.
So that's exactly what you're supposed to do. And you
know all the all of the tax repairers, and it's
pretty even the tax software now are on the on
the same page of giving you that Nebraska property tax credit.
And probably the last thing I want to talk about
is this casualty loss. I know we had some major
straight line wins July of twenty twenty four, and there
(04:28):
is some relief because FEMA did come out and declared
a disaster area. So you can claim a casualty loss
for those basically the decrease in the value of your property,
but it's got to exceed ten percent of your adjusted
gross income. So if you make one hundred thousand dollars,
it's got to be more than ten thousand dollars loss
before you get a deduction for anything. And that's an
(04:48):
item my seduction that flows through on your schedule A
as A as a deduction, So that's an assist there,
and people need to be aware of that. To form
forty six eighty four casualty loss. Make sure that they're
aware of that, or tell them a person that they've
had that loss, and it's the loss is taken in
the year that the damage occurred, not the year you
replaced the property or get it fixed. It's in the
(05:10):
year that damage occurred, so people want to make sure
that they put that on their twenty twenty four returns.
Speaker 3 (05:15):
Wait a minute, though, you have to if you take
the standard deduction and don't and don't file a schedule A,
you're not going to get that right correct.
Speaker 2 (05:24):
So if it's if it's not enough, it's if it's
not significant, you're you're not going to get that benefit,
and that'll limit it limit you out too. If it's
just limited to ten percent of your AGI. Again, if
it's less than ten thousand dollars, then you're not going
to get any benefit there. But for those people who
have lost their homes and a lot of it wasn't
covered by insurance or or their landscaping wasn't covered by insurance,
there's there's an advantage here. And we're seeing a lot
(05:45):
especially we had a lot of flooding up up in
northwest or northwest Iowa, and those people up there have
really had some major damage around Spencer and they've a
lot of that wasn't covered and so they're taking advantage
of this is a really good plan, is a really
good deal for.
Speaker 1 (06:01):
Them, Great Bob, Thanks, good information. Always I appreciate it.
Speaker 2 (06:06):
Well, I appreciate it. So hopefully your calculator tapes are
hung by the chimney with Karen of course, will be
there and you will have a great time. Make sure
you get this filed on time. We've got to make
sure you get those iras paid. That ross IRA's funded,
the HSA's paid. All of those are dowe April fifteen,
So very good. Appreciate it and you guys stay profitable,
all right.
Speaker 1 (06:25):
You too, Robert, Bob, Burger, Burger, Elliott and Pritchard here
on Kobab's Morning News.
Speaker 3 (06:30):
That's that's that's more information than I was able to
process this morning. Well, just know that if you don't itemize,
and you have a degree from right from Big Tenant,
if you don't itemize, you can't get some of these
extra to talk to your If you don't have somebody,
it probably is a good idea to get somebody. Now,
if you had some yeah, if you just do the
easy form, which the I R S likes that.
Speaker 1 (06:52):
But if you don't have a complicated financial life, well
you can you can still today go on whatever whatever
widget you know, the Turbo or whatever you know I
R S and probably get a good idea. Okay, I
got to send them some money, well or not.
Speaker 3 (07:09):
Here's the thing though, I mean, if if you don't
item the I r S likes the easy form because
that means a lot of people are leaving deductions on
the table that they don't know about it, right, right, right,
you know they have Bob on here right, all right.
This is major public seven, Yes News Radio eleventh kf
A B
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