Ask Ralph - Tax Questions

Ralph Estep, Jr. discusses the steps for withdrawing an Employee Retention Credit (ERC) claim in today's episode of the Ask Ralph show. He emphasizes the importance of reviewing eligibility criteria, gathering relevant documentation, determining the reason for withdrawal or amendment, and seeking guidance from a qualified tax professional. Ralph advises completing Form 941-X to make changes or withdraw an ERC claim and stresses the need to provide a clear explanation when submitting the form. He recommends keeping records of all documents submitted and highlights the importance of accuracy and transparency in tax-related matters. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit w...

Ralph Estep, Jr. discusses the best tax breaks for seniors in today's episode of the Ask Ralph show. He highlights tax-saving opportunities such as the extra standard deduction for seniors over 65, spousal IRA contributions, qualified charitable distributions (QCDs), and the Medicare premium deduction. Ralph also suggests exploring state-specific senior tax benefits, downsizing homes to take advantage of capital gains exclusions, and reviewing eligibility for other credits like the Elderly or Disabled Credit. He advises seeking professional advice from experts like Saggio Management Group Inc. to navigate complex tax laws and maximize available tax breaks. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter ...

In this episode of the Ask Ralph show, host Ralph Estep, Jr. discusses the important topic of self-employment tax. He explains that self-employment tax is what individuals who work for themselves must pay on their income, including both employer and employee portions of Social Security and Medicare taxes. Ralph provides a step-by-step guide on how to calculate self-employment tax and then explores concrete ways to reduce or avoid paying excessive amounts. These strategies include setting up a pass-through entity like an LLC taxed as an S corporation or partnership, forming a two-member LLC to classify as a partnership for tax purposes, or electing Subchapter S corporation status. Ralph also highlights the long-term benefits of paying self-employment tax, such as eligibility for Social Security benefits in retirement or during disability. Listeners are encouraged to share the podcast with friends and family and visit www.askralphpodcast.com to leave reviews or voicemails. This episode i...

Ralph Estep, Jr. discusses IRS related identity theft in today's episode of the Ask Ralph show. He emphasizes the importance of responding promptly if the IRS contacts you regarding suspected identity theft and provides steps to take, including contacting the IRS directly and completing Form 14039 - Identity Theft Affidavit. Ralph also highlights the need to protect personal information, monitor credit reports regularly, and be cautious of scams and phishing attempts. He suggests using strong passwords, considering identity theft protection services, and taking proactive measures to prevent identity theft in the first place. The episode concludes with a reminder to share the podcast with friends and family and visit www.askralphpodcast.com for reviews or voicemails. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voic...

Looking for a mortgage? Looking for the best rates? Join Ralph Estep, Jr., as he interviews mortgage expert Jason Bockniak. A great discussion about the mortgage market and the overall economy. Jason dives deep into historical trends and points out some concerning signs he sees in overall economic trends and how that may impact the rates on mortgages. This is a much listen to episode if you are interested in learning about some real interesing parallels between today's economy and the late 1970's.  Here is a link to some of the information Jason discussed. https://www.freddiemac.com/pmms#:~:text=Current%20Mortgage%20Rates,xlsx   LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia)...

It's a tough choice - When should I take my social security? Let Ralph Estep, Jr., share with you some concrete ideas about the right age to select to take your benefits and the potential pitfalls of making the wrong decision for your specific situation. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon     Check out this episode!

No more taxes on Social Security! Join Ralph Estep, Jr., as he explores the lawsuit which could significantly disrupt the US tax system. As we eagerly await a US Supreme Court decision, listen as Ralph explores the Moore case and how it may impact your taxes and entire US tax system. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

What is the real reason for the season? Join Ralph Estep, Jr., as he shares a special Christmas message about joy, hope and love during the holiday season. All of us at the Ask Ralph podcast wish you a very Merry Christmas and a joyous New Year! Check out this episode!

Have you ruined your credit score? Many of us have faced the issue of a low credit score that has impacted our ability to borrow, but don't be discouraged. Join Ralph Estep, Jr., and he explains how credit scores are determined, but more importantly how to fix your credit score. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

Money advice that works, but most people don't want to hear because it takes work to turn these ideas into action. Join Ralph Estep, Jr., as he highlights the four pieces of money advice which will absolutely transform your financial present and provide for a bright financial future.  LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon     Check out this episode!

Don't make the costly mistake of characterizing someone as an independent contractor when they are really an employee. Ralph Estep, Jr., explores the details related to the process of determining the correct status of workers. Avoid significant penalties and sanctions by listening to this vital podcast. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

If you are self-employed or a contract worker you need to listen to today's podcast where Ralph Estep, Jr., explores important tax tips to improve your tax situation. From accurate record keeping to entity considerations, Ralph dives into great ideas for significant tax savings. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

Concrete tax tips and valuable discussion for those working as barbers and in the cosmetology industry. From accounting for tips to using cash apps, Ralph Estep, Jr., dives into beneficial tax assistance strategies.  LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon     Check out this episode!

Now is the time to find a new Accountant if you are looking to make a change. As we make our New Year's resolutions - now is a great time to resolve to get your books in order. Ralph Estep, Jr., explores why to select a new accountant and what to look for in a new relationship. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at  ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

People tend to panic when they owe the IRS, but Ralph Estep, Jr., provides the best way to reduce the stress and the remove the fear of the process. It's not something to ignore or put-off and there are steps which everyone should take when they find themselves owing the IRS. LISTEN NOW Please share our Podcast will all your friends and family! Submit your questions or ideas for future shows - email us at ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon   Check out this episode!

Payroll is may be a daunting task and if you make mistakes there are significant penalties for not handling payroll correctly. Ralph Estep, Jr., explores why selecting an accountant to handle payroll is so important and explores some of the problems created when errors are made in payroll processing.  Submit your questions or ideas for future shows - email us at ralph@askralph.com or leave a voicemail message on our podcast page Leave A Voicemail Message Like us on Facebook and follow us on Facebook at https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information. To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information! Buy Ralph's Book - Mastering Your Finances ! on Amazon     Check out this episode!

Join Ralph Estep, Jr., on today's Ask Ralph Show as he demystifyies business valuations. Ralph explores what is meant by a business valuation, why they are important and how the process works.  Check out this episode!

Join Ralph Estep, Jr., on today's show as Ralph explores the best year-end tasks to perform when using QuickBooks online to ensure you are ready for tax preparation. Ralph shares specific actions that all businesses should take at year-end. Check out this episode!

Join Ralph Estep, Jr., on today's Ask Ralph show as he discussed some crazy tax deductions which are available to content creators. If you work as a content creator this is a must hear podcast. Check out this episode!

Join Ralph Estep, Jr., on today's Ask Ralph Show as he answers the question - Should I Pay Off My Mortgage With Retirement Funds? Ralph explores the potential consequences as well as tax costs of such a move.  Check out this episode!

Join Ralph Estep, Jr., on today's show as we explores Second Mortgages. Ralph has a discussion about the types of second mortgages as well as the application process. He also delves into the pros and cons of these loans. Check out this episode!

Join Ralph Estep, Jr., on today's show as we discusses what to look for when selecting an accountant to handle your taxes and why choosing a licensed accountant is a better option that a simple tax preparer or online software.  Check out this episode!

Join Ralph Estep, Jr., on today's podcast as he explores the impact of the New Delaware Paid Leave Program and how it will affect all Delaware businesses with more than 10 employees. Ralph discuss the goals of the program as well as the impact on Delaware employers. Check out this episode!

Join Ralph Estep Jr., on today's show as he discusses some Biden Administration updates to the laws related to including student loan debt in bankruptcy. Ralph discusses the new details related to these updated rules. Check out this episode!

Join Ralph Estep, Jr., on today's podcast as he explores some very efficient retirement savings for Gig workers and the self-employed. These are some great opportunities for retirement savings. Check out this episode!

Join Ralph Estep Jr., on today's podcast as he provides some efficient ways to boost charitable giving and get some fantastic year-end tax savings.  Check out this episode!

Join Ralph Estep, Jr., as he explores some great year-end tax planning strategies. Ralph will give some great ideas for taxpayers to reduce or limit their tax liability. Check out this episode!

Join Ralph Estep, Jr., on the podcast where he explorers the importance of supporting small businesses. Ralph discusses the critical aspects of how small business is a life-line to our economy and the communities where they operate. Check out this episode!

Join Ralph Estep, Jr., on today's podcast as he explores the Back Door Roth IRA. Ralph explains what it is and how may benefit from it. Don't miss today's episode and the potential tax benefits of the Back Door IRA. Check out this episode!

Join Ralph Estep Jr, today as he explores the potential reasons you may owe taxes for 2023. Ralph reviews some potential situations which could lead to a dreaded tax bill and how to prepare for tax filing. Check out this episode!

Join Ralph Estep Jr., on today's show as he explores some changes to the form 1099-K and explains how this not only a business issue, but will affect anyone who uses cash apps or other exchange platforms. Ralph explains the newest IRS press release and prepares listeners to it's implementation. Check out this episode!

Join Ralph Estep, Jr., as he wraps up his three part series on Nine Common Things That People Avoid Because of Cost and Some Great Money Saving Alternatives. Ralph explores the final areas where listener will save money and contine to enjoy their lives. Check out this episode!