Shows
Cigars and TaxesHandling back taxes - options for repayment and relief | Layton & Stacey SmithYou’re dealing with back taxes—what a headache! What can you do to get this monkey off your back? The first thing to do is to stop running from the IRS and listen to this episode of Cigars and Taxes, where we provide practical options for relief. Grab your drink and cigar and join us in the Somers Point Cigar Lounge.
What Are Back Taxes?
Back taxes are taxes that were due but weren’t paid on time. For example, if you owe taxes from 2022 and still haven’t paid them, then you owe back taxes. T...2024-11-0742 min
Cigars and TaxesTax Considerations for rental properties | Layton & Stacey SmithReal estate offers a wealth of opportunities, but if you’re not careful, you can easily make costly errors. It’s a landscape filled with potential pitfalls, especially when tax and legal considerations come into play. To help you avoid these mistakes, grab your cigar and drink, and join us in this episode as we explore how proper consultation can transform your approach to property investment.
Consulting Professionals
It’s ideal to have a strong relationship with both a tax professional and an attorney to assist with taxes on rental properties.
Tax professionals help you understand the ta...2024-10-3146 min
Cigars and TaxesThe Importance of Record Keeping for Tax Purposes | Layton & Stacey SmithBy a show of hands, how many of you actually keep financial records for tax season?
We’re pretty sure not many hands are up right now.
If you’re a sole proprietor, you better have your hands raised at this moment. Even if you’re a 9-to-5 worker, you may want to start keeping financial records. They just might come in handy for you.
You know what to do now. Grab your drink (water or coffee) and cigar, and join us on our sunny, beautiful patio to learn the importance of keeping record...2024-10-1743 min
Cigars and TaxesHow Do Student Loans Affect My Taxes? | Layton & Stacey SmithYou took out some student loans, and now you’re wondering how they’ll affect your taxes. Will you receive a credit for them? Can student loans change your refund amount?
The only way to find out is by listening to this episode, where we’ll tell you everything you need to know about student loans and taxes. Also, don’t forget to grab your favorite cigar and drink!
Student Loan: What You Need to Know
You do not include the full payment amounts on your taxes—only the interest amount is deductible.
You can also ded...2024-10-1031 min
Cigars and TaxesUnderstanding IRS Audits: What to Expect and How to Prepare | Layton & Stacey SmithYour heart is pounding because you just received the worst letter at exactly the wrong time in your life. The IRS is deciding to audit a past tax return, and you’re unsure why.
You did everything correctly. How are you supposed to handle this situation?
Listen to this episode, and we tell you exactly what you’re supposed to do. Grab your drink and cigar, and join us in the Somerpoint Cigar Lounge.
Why Are You Receiving an IRS Audit Letter?
What is an IRS audit? It’s when the IRS has re...2024-10-031h 01
Cigars and TaxesHow To File Taxes For Prior Years | Layton & Stacey SmithFalling behind your taxes brings so much anxiety. You don’t want to get into trouble with the IRS, so how can you catch up?
Listen to this episode to learn how to file taxes for prior years. Sit back, relax, and take notes with us at the Somerpoint Cigar Lounge.
Why Is It Important to Stay Updated on Taxes?
There are several reasons why it’s essential for you to stay up-to-date on your taxes.
You’re legally required to file your taxes every year.
Ensure the IRS receives the appropriate amount of taxes...2024-09-2645 min
Cigars and TaxesCommon Tax Filing Mistakes and How to Avoid Them | Layton & Stacey SmithOne simple mistake on your tax return can make you lose money or pay more than you have to. That little error can also make you want to rip out every single last strand of hair.
To avoid the headaches this tax season, listen to this episode. We share the most common tax filing mistakes and how to avoid them.
Also, don’t forget to grab your favorite cigar and drink!
Common Filing Errors
Within the episode we shared ten of the most common tax filing mistakes. Here’s five of them...2024-09-1943 min
Cigars and TaxesTaxation on Different Types of Investment Income | Layton & Stacey SmithStock portfolios, investment properties, and accounts, all put you in a different tax bracket. It also makes tax season a bit more interesting, which may leave you with a million and one questions.
In this episode, we’ll guide you through everything you need to know. Grab your favorite cigar and drink, and join us in the cigar lounge to hear more about taxes on investment income.
Taxation of Investment Income
Stacey provides an overview of different types of investment income.
Interest Income: Taxed as ordinary income.
Dividend Income: Can be qualified (taxed at capit...2024-09-1230 min
Cigars and TaxesCommon Myths About IRS Tax Deductions | Layton & Stacey SmithYou think you know everything about tax deductions? Well, think again, because you don’t.
In this episode, we’re going to debunk the most common myths about IRS tax deductions. Join us in your favorite cigar lounge and listen to this first installment of the series.
All Expenses Are Deductible
Personal expenses such as utility bills and credit cards are not deductible on individual 1040 tax returns.
Most often extra expenses such as utility bills are deductible on business tax returns. This is known as home office expense.
We provide examples of the type of ex...2024-09-0549 min
Cigars and TaxesCan I fix my tax return if I made a mistake? | Layton & Stacey SmithYou made a mistake on your tax return, but you didn’t realize it until after you filed. Now you’re stuck wondering if you can go back and fix it.
In this episode, we answer this question and tell you how to do it. Grab your favorite drink and cigar to hear our advice.
Amending a Return
Can you fix a mistake on a return? The short answer is yes, and this is known as amending a tax return.
You’ll have to fill out the 1040-X form and attach it to your origina...2024-08-2945 min
Cigars and TaxesTrailer | Layton & Stacey SmithTrailer2024-08-2601 min
Cigars and TaxesWithdrawing From Retirement Accounts Early | Layton & Stacey SmithWe get it! In today’s economy, you may have no choice but to withdraw from your retirement accounts. But is it a good idea to do this?
In this episode, we provide the details you need to know about withdrawing from your retirement accounts early. So, grab your favorite drink and cigar and tune in to hear our insights on this topic.
Going Through Hardship: Should You Touch Your 401K?
Many people tap into their retirement savings when facing financial difficulties or needing to make a significant purchase.
Contributions to your 401(k) are dedu...2024-08-2243 min
Cigars and TaxesWhat are the tax benefits if you own a home? | Layton & Stacey SmithOne of the greatest advantages of homeownership is the array of tax benefits you can claim each year. However, navigating the complexities of ensuring you maximize your refund can be daunting, and mistakes are easy to make without the right knowledge.
In this episode, we delve into the intricate and evolving world of federal and state tax laws, especially as we approach the 2025 tax year. Now is the ideal time to equip yourself with valuable insights and expert advice. So, light up your favorite cigar, pour yourself a drink, and join us as we uncover the secrets...2024-08-1028 min
Cigars and TaxesHow do I file taxes if I am Self Employed? | Layton & Stacey SmithIt’s a whole different headache when tax season comes around and you’re running your own business. In this episode, we’ll discuss filing taxes when you’re self-employed.
So grab your favorite drink and cigar, get comfortable, and let us guide you through the complexity of self-employment taxes. Your future self (and your accountant) will thank you for tuning in!
Reporting Income
Regardless of whether or not you received a 1099 form, you must report all revenue.
Underreporting income can lead to audits and penalties, as discrepancies can be detected through vendor checks.
Filing tax...2024-08-0928 min
Cigars and TaxesWhat if I Can’t Pay My Taxes on Time | Layton and StaceyWhat should you do when you can't pay your taxes on time? Let's just say don't move out of the country, no matter how good the idea sounds.
Instead, listen to this episode, in which we share all the details of what to do in this situation. Join us as we tell you the exact steps to take when you cannot pay your taxes on the designated date from the IRS.
Filing Tax Returns
Always file your tax returns even if you know you owe money and can't pay it.
Penalties for failing to f...2024-08-0843 min
Cigars and TaxesIntroduction to Cigars and Taxes | Layton and StaceyWelcome to the Cigars and Taxes podcast! We are your hosts, Layton Smith and Stacey Hoffler Smith.
In this episode, we will introduce ourselves and the concept behind our podcast. We aim to entertain and inform, bringing the spirit of cigar lounge conversations to a broader audience while sharing valuable insights on tax issues, business growth, and personal development.
Who Are Stacey and Layton.
We are both enrolled agents (EAs) licensed to practice before the IRS and have helped those who own them money.
With a combined experience of 24 years, we have established our...2024-08-0713 min