Speaker 1: Hey, hey, hey, we're back. We're brown, we're black. We
Speaker 1: see I switch to order up a little bit. I'm
Speaker 1: Tiffany and this is brown Ambition, Round Ambition. Yes. Oh, honestly,
Speaker 1: the people love us, Mandy, Do you realize that?
Speaker 2: Uh no, but tell me.
Speaker 1: I spoke at two places this past weekend. I spoke
Speaker 1: at Black Women Talk Tech, which was really done on
Speaker 1: fire with honestly engagements. I don't know what's happening. It's
Speaker 1: like my name is on the list somewhere and they're like,
Speaker 1: go get her, and I'm like, what really me? But
Speaker 1: so I spoke there, and then I also spoke at
Speaker 1: I flew to Vegas for a day to speak at
Speaker 1: a Black enterprise has this annual conference that's really so
Speaker 1: call Women of Power, and it's so amazing. But when
Speaker 1: I tell you, people are like, oh my god, I
Speaker 1: love your podcast. I love your podcast. Oh my god,
Speaker 1: coll Madie, I said, hi, oh my god, and I'm
Speaker 1: like wow. Before it used to be like, you know,
Speaker 1: like you know one in one and four and then
Speaker 1: one and two. Now everybody will run down. They're like,
Speaker 1: oh my god, I love the ba Janie Stead, Oh
Speaker 1: my god, I love brand A Bishen and I'm a
Speaker 1: dream catcher. It's like they have to check off the list,
Speaker 1: but Brand Ambish is always on my list. Now.
Speaker 2: I love that, you know what I love. And this
Speaker 2: is when you know, like when you're you know, my
Speaker 2: little brother is like so cool, like so cool. He
Speaker 2: is five years younger than me and just cooler than
Speaker 2: me and every other single way. But his friends when
Speaker 2: they like he he just started a book club because
Speaker 2: he's trying to, you know, stay woke with it. And
Speaker 2: he had his first book club meeting and he was like,
Speaker 2: one person found out that you're my sister, and then
Speaker 2: we just talked about that the whole time.
Speaker 1: I love that you favorite. Yeah.
Speaker 2: I was like, ooh when when my friend when his
Speaker 2: friends know me, then he's that's when he pays attention.
Speaker 2: And he's like, oh, but that podcast that you're doing,
Speaker 2: yeah relegit.
Speaker 1: Yeah that's awesome.
Speaker 2: Oh that's so great though.
Speaker 1: Yeah.
Speaker 2: The love is the love is mutual. You guys, I
Speaker 2: still can't believe you've been at this for nearly four years.
Speaker 1: I know, it's it's like a it's a it's past
Speaker 1: toddler stage. We are officially in preschool.
Speaker 2: And the people still love it, So that's exciting all
Speaker 2: the traveling. I'm trying to plan a little spring, little
Speaker 2: spring break kind of vacation for myself. I need. I realized.
Speaker 2: I don't think I've taken a proper vacation in a while,
Speaker 2: so it is high time.
Speaker 1: What are you thinking about going?
Speaker 2: I was looking at Charleston because you know, I have
Speaker 2: a soft spot for a soft spot for Savannah, Georgia.
Speaker 2: I got married there. I'm from Georgia. I love Savannah,
Speaker 2: but people are always throwing shade and saying that Charleston
Speaker 2: is better than Savannah, and I just feel like I
Speaker 2: need to figure it out. I need to find out
Speaker 2: for real.
Speaker 1: So yeah, well, first of all, you already know I
Speaker 1: love Savannah. I was so happy when you got married there.
Speaker 1: I was like, yes tooper like my favorite American cities,
Speaker 1: And I'm Charleston this weekend. No way? Yeah, well cause
Speaker 1: I so I'm speaking at south By Southwest and I
Speaker 1: link tomorrow in Austin, and then I'm speaking at this
Speaker 1: Black Expo, Black and Financial Empowerment Expo, and it's in Charleston.
Speaker 1: And I didn't even realize because sometimes I want to
Speaker 1: look at my schedule till a couple of days before.
Speaker 1: And I've always wanted to go to Charleston because, like you,
Speaker 1: I freaking love Savannah. So now I'm excited. I'm like, yes,
Speaker 1: I love old houses. I cannot wait to see Charleston.
Speaker 2: Oh okay, Well you find out where all the good
Speaker 2: food spots are and then let me know, because that's
Speaker 2: half Once. Once I'm planning a vacation. Now I'm just
Speaker 2: getting so I'll just get tired, just like sitting down
Speaker 2: to planet, like where are we going to stay? What
Speaker 2: are we going to eat? I just wish someone would
Speaker 2: do it for me. So you do their research and
Speaker 2: then you know.
Speaker 1: I'm honestly and I'm like a very touristy tourist, you know,
Speaker 1: the first time I go to someplace, like I'm the
Speaker 1: types of like, no, I want to know the torsty places.
Speaker 1: I want to take a picture next to the big Fork,
Speaker 1: and I want to you know, like I want to
Speaker 1: do all of those things. So I definitely will.
Speaker 2: There's a thing wrong with that. I'll whip the selfie
Speaker 2: stick out.
Speaker 1: But yeah, that's crazy, I'm not doing that.
Speaker 2: That's like, that's that's the one silver lining of the
Speaker 2: house spending is that We've built up enough points that
Speaker 2: we don't have to pay for airfare, and I love
Speaker 2: like the East Coast cities. It's just you know, in essence,
Speaker 2: we're in New York. It's it's really cheap to fly
Speaker 2: to some of these towns on the East Coast. So
Speaker 2: that's why we tend to stick closer to home. But
Speaker 2: looking forward to it, got to figure out what we're
Speaker 2: gonna do with Molly, I know, Walker, Oh and shout
Speaker 2: out to the listener who sent me a sweet she
Speaker 2: called me Molly. She's like, I have a message for
Speaker 2: Molly's mom. Real talk. I am walking around this house
Speaker 2: saying things. I'm like, I am turning into my mother
Speaker 2: or not my mother, but like a like a stern
Speaker 2: pre k teacher, is how I sound. I am just
Speaker 2: like no, ma'am, No, ma'am. We do not bark, ma'am,
Speaker 2: just like we don't. We don't ask for food like that,
Speaker 2: miss ma'am.
Speaker 1: Who am icho tea? I means like very well done,
Speaker 1: because you know you like you don't want these the
Speaker 1: herts boys, but you want to.
Speaker 2: Be firm, and we do not bark like that.
Speaker 1: But oh bye, you don't have food.
Speaker 2: One of our listeners shouted out because I was. I
Speaker 2: was whining about how expensive like pet Co was for
Speaker 2: all of Mollie's toys and everything, and she mentioned Chewy
Speaker 2: dot com, like Chew like a toy, and I'm obsessed.
Speaker 2: My mom and my sister both have dogs, and they
Speaker 2: were like, what you don't know about Chewy? So Chewy
Speaker 2: has affordable food and they do delivery and stuff. So
Speaker 2: I'm gonna check them out.
Speaker 1: I know, maybe one day, one day, I could see
Speaker 1: myself one day with a dog, maybe.
Speaker 2: As a person who has anxiety. It is. She's been
Speaker 2: so helpful for me to just like, calm down, just
Speaker 2: calm down and pet the dog. Yeah.
Speaker 1: I know, they just seem so lovable, but they also
Speaker 1: seem like so much work.
Speaker 2: You have to get a good one. I mean, we've
Speaker 2: got really lucky with Mollie. You know, behavioral why she
Speaker 2: doesn't have any issues. She's not snapping at us, she's
Speaker 2: not peeing all over the floor, she's not a puppy.
Speaker 2: I made a point to get a dog that was
Speaker 2: house trained. That was a big thing for me. She's
Speaker 2: not unsafe for people to be around, so I don't
Speaker 2: feel like I have to change my lifestyle, Like we
Speaker 2: had all kinds of babies and people over last weekend
Speaker 2: and Molly was great. So you have to find the
Speaker 2: right fit for you, and it is a lot of
Speaker 2: work it can be. And I'm not saying that dogs
Speaker 2: who have those issues aren't worthy of adoption, but for
Speaker 2: our lifestyle, Mollie she was and it was the right
Speaker 2: time too, right time.
Speaker 1: And like Leila has been seeing like a friend of mine,
Speaker 1: she's like meeting like her her Beyonce of her industry.
Speaker 1: I think this woman like she's like like high finance,
Speaker 1: so like she like has like three trillion dollars on
Speaker 1: the asset. I forget what companies she works for. So
Speaker 1: my friend used to work for Golden Sax and she
Speaker 1: someone heard her gushing over I wish I knew the
Speaker 1: name of this woman. So I heard her gushing over
Speaker 1: this woman's so she's actually having a h at lunch
Speaker 1: with her and she was like she posted on NIGI
Speaker 1: and was like, you know what, if any questions do
Speaker 1: you have for let me see if I can find her name,
Speaker 1: because I gus she was just like gushing like this
Speaker 1: woman is everything that was like trillion under assets of
Speaker 1: one of the things I know she said that she
Speaker 1: wanted to ask her, is you know do people still
Speaker 1: question you despite you being so okay? I found her name.
Speaker 1: Her name is Susan Shank when she wrote she's the
Speaker 1: Beyonce finance and that's what I call her, nothing but respect.
Speaker 1: She's managed two trillion of two trillion dollars of transactions.
Speaker 1: She's also the first black woman to head a publicly
Speaker 1: traded financial institution, and so she's always wanted to be
Speaker 1: like her. She's an engineer, an NBA grad turned financier,
Speaker 1: and she is loved by her city of Detroit. So
Speaker 1: so my friend is super brilliant. She's managed nearly eight
Speaker 1: billion dollars on her assets. She's worked for Golden Sacks.
Speaker 1: My friend Natasha, and I just thought to myself, and
Speaker 1: this woman is married. I don't know if she has children,
Speaker 1: but I remember this thinking to myself, like because the
Speaker 1: question I wanted to ask is like, what did she
Speaker 1: have to say no to in order to say yes
Speaker 1: to family? You know that's a good question because you know,
Speaker 1: as we get like a little bit older, you know,
Speaker 1: before I'm like, I don't say no to any like
Speaker 1: I'm going to say yes to everything. And to your point,
Speaker 1: I've been doing a lot of like travel and speaking
Speaker 1: and this and that, but like, for the first time,
Speaker 1: there is more requests than I have than I have
Speaker 1: space for it. So usually I don't I only say no.
Speaker 1: I only had to say no to a request because
Speaker 1: it wasn't a fit. I'm like, no, it's not a fit,
Speaker 1: or no I don't believe in that mission, or no,
Speaker 1: you know, whatever reason. But it was never because like, okay,
Speaker 1: I honestly I don't have the capacity even though it's
Speaker 1: something i'd like to do. This is the first time
Speaker 1: ever that there are things coming in and I'm like,
Speaker 1: oh my god, I want to do it. Oh my gosh,
Speaker 1: I don't have the capacity. So it's just and it
Speaker 1: is mostly because of family planning, you know, not necessarily
Speaker 1: because I don't have any time. And so it's like, ah,
Speaker 1: so there's this weird poll where I'm like, oh my gosh,
Speaker 1: I want to go for.
Speaker 2: It, but I think it's time for us to have
Speaker 2: for a new Shaw on the show. Yeah, I do,
Speaker 2: and I better to talk about balancing work with family
Speaker 2: and having a career similar to what you do. We
Speaker 2: need to have new Shawn.
Speaker 1: It's high time, yes, because it's I you know, it's
Speaker 1: it's definitely a struggle, you know, and so I'm just like, okay,
Speaker 1: what how you know, because there's definitely this fear that like, Okay,
Speaker 1: so if I get pregnant, then you know, then I
Speaker 1: you know, like I'm gonna have to stop traveling at
Speaker 1: some point then the baby's gonna be here. So I'm
Speaker 1: not gonna really want to travel for a while. What
Speaker 1: if that's a whole year, you know, like, you know,
Speaker 1: can you take a year off and be like Beyonce
Speaker 1: be back or would you take a year off and
Speaker 1: come back? Like Voice to Men, like the genre has
Speaker 1: moved on, you know what.
Speaker 2: I mean, A Bruno much brought it back a little bit.
Speaker 1: You know, but I'm just exactly, but you know, they
Speaker 1: moved on from boys to men. Voice to Men was
Speaker 1: the biggest thing out Mandy. I don't want to be
Speaker 1: boys to men.
Speaker 2: I have a feeling. I mean, I don't have all
Speaker 2: the answers. I have no children, nor do I have
Speaker 2: a speak career. And you know the same way you do.
Speaker 2: But let me offer my free advice. But I feel
Speaker 2: like you're not going to be able to be out
Speaker 2: of the picture for a year. I think that I
Speaker 2: just I don't think that you'll be able to do it.
Speaker 2: It's just that, not that I'm saying you would like
Speaker 2: sacrifice what's good for your family to do it, but
Speaker 2: I think you're going to find a way to make
Speaker 2: both happen. And like I've seen people like for a
Speaker 2: news to it, and I feel like it's really possible.
Speaker 2: And like what she says about and what she has
Speaker 2: said before when I've heard her talk about it, is
Speaker 2: like when becoming a mother made her more successful, made
Speaker 2: her even attract more wealth because she became more particular
Speaker 2: about what she said yes too, and she asked for
Speaker 2: more because she needed to ask for more from the
Speaker 2: specific opportunities so that she could do less of them,
Speaker 2: you know. And I mean, I'm just making up things.
Speaker 2: I'm not making up, but putting words in her mouth
Speaker 2: a little bit. And then she actually wrote a column
Speaker 2: that I just read. I think it was for Refinery
Speaker 2: twenty nine, like about some of the myths or not
Speaker 2: some of the myths, but some of the advice she
Speaker 2: has for working mom. And one of them that I
Speaker 2: was like doing snaps on the train too, was how
Speaker 2: she says when women have children, you have to go
Speaker 2: back to work, like you have to because the world,
Speaker 2: the wealth that you're missing out on accumulating, you know,
Speaker 2: over the years, can really hurt you and hinder you,
Speaker 2: and especially if you're well it's obviously single mothers don't
Speaker 2: have a choice. You have to work for your child.
Speaker 2: But if you're in a dual income household, it's still
Speaker 2: important for the mother to get back out there and
Speaker 2: to not be out of the workforce for too long.
Speaker 2: So you know, Okay, now she needs to come.
Speaker 1: On nus knows. I'm like, no, honestly, I would really
Speaker 1: love to have her, just because it's like a like
Speaker 1: before it was like, oh, I can totally see you know,
Speaker 1: but now I'm like, oh my gosh, because there's even
Speaker 1: things now where I'm like, oh, well, I don't know.
Speaker 1: That's like, you know, eight months from now. So I'm like, oh, yes,
Speaker 1: I would love to do that thing. Wait wait, what
Speaker 1: if I can't. And so there's all of these like
Speaker 1: clauses now that I have to like keep in mind,
Speaker 1: And so yeah, it's just I mean, I know, I
Speaker 1: remember Patrice uh of Washington, one of our faves. She
Speaker 1: said something to the fact was she she had just
Speaker 1: taken time off to take time off, and she was like,
Speaker 1: you know, and I don't know that it was a
Speaker 1: whole year, but she took time off, and she was like, girl,
Speaker 1: you know, if you built up enough of a of
Speaker 1: a business of like you know, just like a good
Speaker 1: solid business that she was like, it didn't, it didn't
Speaker 1: hurt her business because it just made her more conscious
Speaker 1: about choosing just the right thing. Actually, was gonna reach
Speaker 1: out to my friend Lovely because she has a podcast
Speaker 1: called Jesus and Jealoff with the other girl, eyvon Ogi,
Speaker 1: and she she actually she has a checklist. She said
Speaker 1: that she hasn't. Actually, I was gonna, I was gonna
Speaker 1: hit Lovey up, love if you listen, hey, girl, because
Speaker 1: I love He's been the guests on our show. Because
Speaker 1: there's a checklist that she's created. Because Lovey speaks like
Speaker 1: for a living. I mean, she she's got a New
Speaker 1: York Times bestseller and other things, but I would say
Speaker 1: the core of most of her income, as far as
Speaker 1: I can see from the outside anyway, it's speaking and
Speaker 1: love speaks like like you know, one hundred to two
Speaker 1: hundred days out of the year, so like significant amount
Speaker 1: of days, and so she said, because she gets so
Speaker 1: many amazing opportunities and she can't say yes to them
Speaker 1: all because some of them land on the same day
Speaker 1: that she created a checklist to say, Okay, it's got
Speaker 1: to do at least six out of the ten. So
Speaker 1: that was something I told myself, like, you know what,
Speaker 1: you know, I can't remember what was on her checklist,
Speaker 1: So I was going to reach out just to ask
Speaker 1: and then like, you know, look at it and then
Speaker 1: add it to my own so it can help me
Speaker 1: to make, you know, better decisions. Like just today, I
Speaker 1: just got so many offers today and I was just like, oh,
Speaker 1: I would love to say I mean two thousand and ten.
Speaker 1: Tiffany is like, oh my god, who's that? Is this?
Speaker 1: You want? Twenty nineteen? Tifany, It's like, oh, I need
Speaker 1: to take an ask. Hey.
Speaker 2: One thing I'm trying to figure out is tax season.
Speaker 2: Oh yeah, I still haven't Paul, where are you at?
Speaker 1: Man?
Speaker 2: Where are my taxes? That he's still he's had them for?
Speaker 2: Like what's the good turnaround he's had over two weeks?
Speaker 2: And I'm just like, can I fill up now? Like
Speaker 2: I want to know my fate our listeners. So as promised,
Speaker 2: we are finally getting around to our tech show today
Speaker 2: tex Tuesday.
Speaker 1: Yes, and we've got a special guest who I'm super
Speaker 1: excited about. So let me introduce you to Terry Chantel.
Speaker 1: So I'm at Terry because like maybe I want to say,
Speaker 1: maybe a year ago or maybe a year before that,
Speaker 1: I was getting so you guys know, I have a
Speaker 1: Facebook group called Dreamcatchers. It's like a few hundred thousand women,
Speaker 1: and this woman's video kept getting posted over and over
Speaker 1: and over, and she had a couple of videos go viral,
Speaker 1: and I think she reached out to me, or maybe
Speaker 1: I reached out to her, and she was like, yeah,
Speaker 1: I'm sorry because we have kind of a rule about
Speaker 1: like videos in the group because most of the videos
Speaker 1: in the group, you know, they're like me meme esque videos,
Speaker 1: So we have a rule like you can't post videos
Speaker 1: in the group. But I, you know, I let hers
Speaker 1: rock because they weren't like, you know, these weren't like
Speaker 1: videos of like you know, I don't know, kids getting
Speaker 1: cheese thrown in their face. You know, that's a real
Speaker 1: challenge right now, kids getting cheat thrown on your face.
Speaker 2: I have so little faith in.
Speaker 1: Humanity, right now I know and so like, and so
Speaker 1: I reached out to her and I was like, wow,
Speaker 1: you's so amazing. And so Terry is a financial educator.
Speaker 1: She is a tax educator, especially to entrepreneurs. She's a
Speaker 1: credit educator. She's just really bright and brilliant. And so
Speaker 1: after watching her videos I shared done with my accountain Carlo.
Speaker 1: He was like, wow, she's really on point. Then I
Speaker 1: invited her to teach inside the Academy and she's taught
Speaker 1: a number of classes and actually wrote one of our intensives,
Speaker 1: which is like a three week long course in inside
Speaker 1: the Academy, which everyone is like, it's amazing. Terry is
Speaker 1: just dynamic, she's smart, she's sharp, and so when we
Speaker 1: were going to have our text episode, I was like,
Speaker 1: oo oh, let's invite Terry, and Baby said, okay.
Speaker 2: So Terry, good recap, good recap. Yeah, I'm super excited
Speaker 2: to have her on. We have I've shaken out the
Speaker 2: reader mail bag and if you if you sent in
Speaker 2: a text question, thank you so very much for your questions.
Speaker 2: I've got a handful that we will cover with Terry
Speaker 2: on Today show. And then, as always, if you know,
Speaker 2: new questions pop up for you feel free to send
Speaker 2: us an email at briannabis podcast at gmail dot com,
Speaker 2: or you can hit us up at Briannabisson podcast dot
Speaker 2: com and click ask us anything to shoot us your message.
Speaker 2: So we'll take a little short break and we'll come
Speaker 2: back with Terry Chantel.
Speaker 1: We are back from our break, and I'm super excited
Speaker 1: because Terry is here. The crowd goes wild. You got
Speaker 1: the amazing question that you guys at over to jump
Speaker 1: to right right and you ready.
Speaker 3: I am ready, glad, lad be here.
Speaker 2: Awesome. So let's kick off things with a question from
Speaker 2: an anonymous listener. This is someone who's working in the
Speaker 2: gig economy, so they're a freelancer and wanting to have
Speaker 2: some tax advice. So Terry, here's a question from our
Speaker 2: anonymous listener. I'm trying to get out of debt and
Speaker 2: I decided to pick up some side hustles through the
Speaker 2: gig economy. I've looked into some of these websites like
Speaker 2: task Rabbit, upwork, and flex and realized that I'd be
Speaker 2: considered a quote unquote contractor and I should expect to
Speaker 2: receive a ten ninety nine tax form from them. Can
Speaker 2: you go through the pros and cons of pursuing this
Speaker 2: type of side hustle. Is it really worth it? Or
Speaker 2: will I regret it later when tax season comes around.
Speaker 2: Your thoughts and advice are greatly appreciated. Good questions. There
Speaker 2: are so many people. You know, I just walked, I
Speaker 2: had my dog walk today by like the uber of
Speaker 2: dog walking, and the guy was like, I just wanted
Speaker 2: to make some extra money. So there's so many folks
Speaker 2: out there who are like ubering and task rabbiting to
Speaker 2: make extra cash. So what should they consider before they
Speaker 2: start making that extra money?
Speaker 4: Terry, Well, first thing is we are in a pay
Speaker 4: as you go system. So whether you're making money with
Speaker 4: a job or as a side hustle, you're required to
Speaker 4: pay taxes. And so what a ten ninety nine does
Speaker 4: is require you to report that income to the IRS.
Speaker 4: So mindset shift number one. I have to pay taxes.
Speaker 4: The goal is to pay the least amount of taxes.
Speaker 4: So the great thing about having a side hustle that's
Speaker 4: a gig. The major con is that although you're making money,
Speaker 4: you get to write off business expenses. So it's actually
Speaker 4: a great thing to be considered a contractor in many situations,
Speaker 4: versus as employee. As an employee, for example, Mandy likes
Speaker 4: say that dog walker, if he worked for dog Walkers
Speaker 4: of America, he would get paid I don't know, you know,
Speaker 4: two hundred dollars a week, and they would automatically take
Speaker 4: those taxes out of and he would have no choice
Speaker 4: as to the amount of taxes that will be taken out.
Speaker 4: But let's say it's Brad's dog walking business and it's
Speaker 4: his side hustle. Well, he made two hundred dollars, but
Speaker 4: he gets to write off any expense that went into
Speaker 4: that business, so the flyers that he put out, the
Speaker 4: website that he built, the leashes that he bought. So
Speaker 4: he made two hundred dollars, but he could probably write
Speaker 4: off half of that and not pay taxes on half
Speaker 4: of the money that he made. So really, in many situations,
Speaker 4: when it comes to a side hustle, the pro is
Speaker 4: that it's a business expense. So go ahead and let
Speaker 4: them give you that ten ninety nine because you're going
Speaker 4: to give the irs those business expenses and you're good
Speaker 4: to go.
Speaker 2: Oh yeah, quick question. So with tax reform, I know
Speaker 2: that some thing's changed. For yeah, the great minds think
Speaker 2: alike uh, some things have changed for people who are
Speaker 2: considered like sole proprietors or people who are basically a
Speaker 2: business of one has has any of that changed the
Speaker 2: advice around people in the gig economy.
Speaker 4: No, most of the changes in terms of eliminations and
Speaker 4: things that aren't so you know, there are the negative
Speaker 4: changes happened on the personal side. Actually, some improvements have
Speaker 4: happened on the business side with the incorporation of some
Speaker 4: credits for higher earners on the self employment side, but
Speaker 4: really that side hasn't changed as much, and those bigger
Speaker 4: changes are more they are on the side of corporations
Speaker 4: and c corps, those big headliners that you see.
Speaker 3: But for what we're talking about.
Speaker 4: Self employed, solopreneurs, hot side hustlers, you don't see a
Speaker 4: big change.
Speaker 1: Good to know, Yes, okay, well, we have another question
Speaker 1: coming in from New York. This is from Chris. I
Speaker 1: don't see you say, I can't use your name. Chris
Speaker 1: telling us how much she loves the show, and then
Speaker 1: she says, I am a notary signing agent a contract
Speaker 1: with banks and different different companies to meet with clients
Speaker 1: to notarize mortgage documents, refinance documents, etc. Lately, I've been
Speaker 1: getting more assignments than I did in my first year
Speaker 1: and would like to know when it's best to create
Speaker 1: a business to continue this work. Is there a cap
Speaker 1: on how much a person can make as a contractor
Speaker 1: before they will have to pay back taxes to steak
Speaker 1: in federal For example, I'm already over six hundred dollars
Speaker 1: earnings for twenty nineteen versus twenty eighteen, I only made
Speaker 1: eight hundred for the total year. If there's no cap,
Speaker 1: is it safe to continue to work as a contractor? Also, today,
Speaker 1: I have not received any tax documents for twenty eighteen
Speaker 1: from the companies I've contracted on work for. But I
Speaker 1: but I do keep tracking, so I get.
Speaker 4: This question a lot working with newer business owners a lot.
Speaker 4: The biggest myth is that you have to do something
Speaker 4: special to become a business. But according to the IRS,
Speaker 4: the moment you engage in an activity where the intent
Speaker 4: is to profit, you are a business. You are a soul,
Speaker 4: and by law, you should report that income.
Speaker 3: That's it.
Speaker 4: You don't have to be in LLC, you don't have
Speaker 4: to go downtown to get a DBA, you don't need
Speaker 4: a website. If you said I'm opening up shop and
Speaker 4: it's for profit, then you are a business. So as
Speaker 4: you are running and growing that business, becoming an LLC
Speaker 4: doesn't have as much to do with income as it
Speaker 4: has to do with protection from liability of running that business.
Speaker 4: In LLC is a formal business entity that gives you
Speaker 4: limited liability protection. Basically, in Layman's term, that means that
Speaker 4: you and your business are separate entities. So if you
Speaker 4: are a sole proprietor you're just out there doing your thing,
Speaker 4: then if someone wanted to sue you, Let's say you're
Speaker 4: that dog walker and that dog got hurt, well they
Speaker 4: would sue you and you as a person. So your
Speaker 4: personal assets, anything that you have up for grabs that
Speaker 4: they can use, they can go after it legally. But
Speaker 4: if that dog walker was in LLC, then only that
Speaker 4: as sets that that separate entity that that business owns
Speaker 4: can be up for grabs in the lawsuit. So the
Speaker 4: question really is is what is the risk that I'm
Speaker 4: taking out here operating not as an LLC. Whether you're
Speaker 4: making one dollar or ten thousand dollars, it's about the
Speaker 4: risk and that's something that you should seek a professional
Speaker 4: if you want to form and kind of form that
Speaker 4: entity and kind of do some deeper research. But I
Speaker 4: wouldn't attach that decision to money as much as I
Speaker 4: would attach it to the risk in that type of
Speaker 4: business that you're running running.
Speaker 2: What about what about Chris's or not? Chris? Yes, Chris,
Speaker 2: Sorry Chris? What about Chris's second question? Which is you know?
Speaker 2: For example? I see this question a lot because in
Speaker 2: my in my day job, we work with a lot
Speaker 2: of freelance writers and a couple of them have come
Speaker 2: up this year already and saying, Hey, I haven't gotten
Speaker 2: my ten ninety nine tax form from you guys for
Speaker 2: twenty eighteen. Where it at? Though? So Chris, Chris wants
Speaker 2: to know, because what it's you say, she made eight
Speaker 2: hundred dollars last year, she hasn't gotten any tax forms
Speaker 2: from those companies? What should she do?
Speaker 4: You still report the income. So I'll give a little
Speaker 4: behind the scenes, quick kind of peak when you're a
Speaker 4: tax preparer, and let's say if you gave me fifteen
Speaker 4: ten ninety nine from all of the websites that you
Speaker 4: wrote an article for. Really, what happens in the tax
Speaker 4: software is we just add them all up. It's really
Speaker 4: just a ten ninety nine is proof that the company
Speaker 4: you worked for actually reported that income to the IRS
Speaker 4: because as a company, as a business owner, I am
Speaker 4: required to report the money that I paid to independent
Speaker 4: contractors because IRS wants to know every dollar that everybody
Speaker 4: makes and it's their way of having a documentation of that.
Speaker 4: So if Mandy you wrote an article for me and
Speaker 4: I paid you six hundred dollars, I'm going to create
Speaker 4: a ten ninety nine. I'm going to send one to
Speaker 4: the IRS and say, hey, IRS, I paid Mandy six
Speaker 4: hundred dollars, and then I'm going to give you one.
Speaker 4: So the IRS knows about this money. So you can't
Speaker 4: ignore that ten ninety nine because they already know you
Speaker 4: made it. They're going to come looking for you and say, hey,
Speaker 4: we know you made some money, but you didn't put
Speaker 4: it on.
Speaker 3: Your tax return.
Speaker 4: But the other half of that question is whether I
Speaker 4: give you a ten ninety nine or not. Legally, you
Speaker 4: still are supposed to report that money. Remember what I
Speaker 4: said earlier is that the IRS says if you are
Speaker 4: operating in any activity for a profit, then you're supposed
Speaker 4: to report that money and a lot and you may
Speaker 4: fly below the radar if it's you know, one hundred
Speaker 4: dollars here or two hundred dollars there. But when it
Speaker 4: becomes big money, that's when you see those big tax
Speaker 4: evasion stories that you see celebrities you know are getting
Speaker 4: into big trouble because they didn't get a ten ninety
Speaker 4: nine for all that money they've made, but they should
Speaker 4: have reported it some kind of way. The IRS got
Speaker 4: wind of it. So some companies like Uber, for example,
Speaker 4: I have clients that drive for Uber. They will not
Speaker 4: send their drivers ten ninety n if they made less
Speaker 4: than ten thousand dollars because it's a cost to them.
Speaker 4: So what they'll do they'll just kind of give you, like,
Speaker 4: you know how much you made, just go report it.
Speaker 2: No, that's great to know. I can just tell these people,
Speaker 2: why are you hounding me? Like I could send an
Speaker 2: email to accounts payable and give and it will take
Speaker 2: three weeks to get back to you. Or you could
Speaker 2: just you know, I can tell you how much you spent,
Speaker 2: how much we paid you last year, and you can
Speaker 2: just go file.
Speaker 4: Yeah, they just want to be sure because it's a
Speaker 4: really bad thing if they under report. They just the
Speaker 4: biggest thing is we need to both tell the I
Speaker 4: rs the same number, because if they say one thousand
Speaker 4: and you said twelve hundred, come July first, they will
Speaker 4: send the letter you didn't pay us. You know, you
Speaker 4: said you only made a thousand, but Mandy said you
Speaker 4: made twelve hundred. So it's important that the numbers match,
Speaker 4: but the actual ten ninety nine, the actual paper, is
Speaker 4: not as important.
Speaker 2: Excellent. All right, let's move on to our next question.
Speaker 2: I have lost my place. Here we go. This question
Speaker 2: comes from listener Sure Shar says, I just love you guys,
Speaker 2: and I legit think I know y'all in real life.
Speaker 2: Oh thanks, Shar, So here's her tax question. She also
Speaker 2: knows that I like to get straight to the point
Speaker 2: with my questions. Thank you, Shar, I love it. I
Speaker 2: love a listener who's like, please spare me the five
Speaker 2: paragraphs about you know, your life story. No, I love
Speaker 2: you guys, but thank you for getting to the point.
Speaker 2: All right, Shar says, I withdrew. This is a great question.
Speaker 2: I withdrew ten thousand dollars from my traditional IRA back
Speaker 2: in March of twenty eighteen because I was unemployed. My
Speaker 2: intention was to pay it back when I started to work,
Speaker 2: but I was on this aggressive payoff my debt plan,
Speaker 2: and it slipped my mind. So now I owe the
Speaker 2: irs like five thousand dollars. Oh shar. My question is
Speaker 2: can I pay the five thousand, five hundred dollars of
Speaker 2: the ten thousand dollars back before April fifteenth and it
Speaker 2: offset the withdrawal and I only have to pay taxes
Speaker 2: on the remaining forty five hundred that I owe. Oh
Speaker 2: and I forgot to mention that I also went tax
Speaker 2: exempt for four months. I only paid about six thousand
Speaker 2: dollars in federal taxes of the seventy thousand dollars I
Speaker 2: earned from April to December. How can I decrease the
Speaker 2: money that I owe? That was a complex question, so
Speaker 2: let me know if you want me to back up
Speaker 2: and read anything.
Speaker 4: There are pretty much no exceptions to that penalty. Once
Speaker 4: you would draw that money, you have to pay the
Speaker 4: penalty because you have to remember, the whole point of
Speaker 4: a traditional IRA is to say for a retirement and
Speaker 4: to get you know, a tax deduction. So there's really
Speaker 4: nothing you can do. Typically, some plans will You may
Speaker 4: find an IRA plan that says if you pay it
Speaker 4: back within sixty days or something, like that, but trying
Speaker 4: to pay it back a year and a half later
Speaker 4: won't work.
Speaker 2: What if she'd planned to hide, what could she have done?
Speaker 4: Maybe rolled it over to another plan that had a
Speaker 4: little bit more flexibility, like rolling that over to a
Speaker 4: rock IRA, But even that has certain rules like okay,
Speaker 4: you can withdraw all it but for certain reasons. You
Speaker 4: can withdraw the contributions, or you could tax free, or
Speaker 4: you could withdraw it if you're buying it for a
Speaker 4: house down payment. So she could have had some options
Speaker 4: depending on what she needed that money for, maybe for
Speaker 4: medical expenses. But if you want to get money out
Speaker 4: of your traditional iry, if you're not even sure, like
Speaker 4: what's the rules for the traditional or the rough iry,
Speaker 4: call your plan.
Speaker 3: Provider maybe they can help you out.
Speaker 4: You probably can first roll it over to a plan
Speaker 4: that will accommodate the reason that you're trying to withdraw
Speaker 4: the money money.
Speaker 2: Yeah, and withdrawing funds. Withdrawing funds early from your retirement
Speaker 2: plan is almost always going to end up with that
Speaker 2: tax penalty because they're going to look at it because
Speaker 2: as they should. You know, if you're putting in money
Speaker 2: pre tax that you haven't paid taxes on it yet
Speaker 2: and so they're going to come for it then, and
Speaker 2: I and a or not four one K loans like
Speaker 2: with four one k a retirement plan through your employer
Speaker 2: and correct if I'm wrong, Terry. But some of them
Speaker 2: do offer a one K loan where you do take
Speaker 2: out money and then you pay it off. I've done
Speaker 2: this before, and you pay it off, you know, every
Speaker 2: pay period until it's paid back. But a loan is
Speaker 2: totally different than a withdrawal. It's almost like a personal
Speaker 2: loan where they tell you, Okay, you're gonna have this
Speaker 2: much of a monthly payment and you'll pay it back
Speaker 2: at this point and then it's automatically. It was automatically
Speaker 2: just taken out of my paycheck. I didn't have to
Speaker 2: do anything and I and that way I didn't slip
Speaker 2: my mind, you know, I was always paying it back.
Speaker 2: The risk, of course, with a four to one K
Speaker 2: loan is like if I were to lose my job
Speaker 2: at the time that loan would have become due, it
Speaker 2: could have been it could have been due immediately or
Speaker 2: within thirty to sixty days, and some people may not
Speaker 2: be prepared to pay it back. And if you can't
Speaker 2: pay it back, well, then it becomes a distribution and
Speaker 2: then you have to pay taxes on it. So there's
Speaker 2: any time you're dipping into your nest egg, like your
Speaker 2: retirement fund, whether it be an IRA or four one K,
Speaker 2: there's there's always it's never just easy money. It's never
Speaker 2: going to be easy money with no strings attached.
Speaker 4: Yeah, so right, that is absolutely correct about payment plans. Yes, definitely, definitely,
Speaker 4: the IRS has payment plans. So once she files her taxes,
Speaker 4: she will call them and set up a comfortable plane
Speaker 4: payment plan process for them. And of course they're pretty
Speaker 4: flexible as long as you're paying them. But you do
Speaker 4: want to pay that off because they charge interest on
Speaker 4: it and so on and so, but handle it, don't
Speaker 4: ignore it, and get on some type of plan, so
Speaker 4: they so it doesn't escalate into some sort of, you know,
Speaker 4: garnishing type of situation.
Speaker 1: So she did ask the second question about that she
Speaker 1: did go tax exempt for four months and she only
Speaker 1: paid about six K of the federal taxes of the
Speaker 1: seventy K she earned. Is there anything she can do
Speaker 1: to grease to decrease that money that she owns because
Speaker 1: she she did go without paying taxes for a.
Speaker 4: While, unless she has a business or real estate or
Speaker 4: something to offset that. So that last part of her question,
Speaker 4: how she can how can she decrease the money that
Speaker 4: she That's everything altogether.
Speaker 3: So she's saying, in one, I owe.
Speaker 4: This penalty for my withdrawals, but two, I know that
Speaker 4: I wanted my paychecks to be bigger, so I stop
Speaker 4: them from taking money out of my check. And I
Speaker 4: normally know that I pay about ten K by the
Speaker 4: end of the year, but now I'm only at six.
Speaker 4: Not only am I going to owe that penalty, I
Speaker 4: know I didn't pay into the system like I should have.
Speaker 3: There's not much that.
Speaker 4: She can do at this point, but just, you know,
Speaker 4: go forward and try to come up with something that
Speaker 4: reduces her situation going forward. I'm not sure what her
Speaker 4: details are. She makes seventy K and she pays six K?
Speaker 4: Does she have kids?
Speaker 1: And she going? You know she has?
Speaker 3: It's some strategizing at this point.
Speaker 2: Okay, let's take our last question friend listeners. Summer TIF
Speaker 2: you want to take this one.
Speaker 1: So Summer says, my question is for the future business
Speaker 1: owners out there, like Tiffany, I run a business that
Speaker 1: got to a point where we needed to switch to
Speaker 1: an es corp. Congrats, Summa. Well, I wish I knew
Speaker 1: the implications from this jump. I would have saved so
Speaker 1: much money in time. Job me too, she said, Okay,
Speaker 1: I'm about to launch a new LLC and entity, and
Speaker 1: I want to make sure that she does it right.
Speaker 1: Should she start with an escorp from the very beginning
Speaker 1: or should I wait until a certain point in terms
Speaker 1: of revenue? When does a C corp status make sense?
Speaker 1: I believe that with my current business, before it was
Speaker 1: an es corp, it was classified as a domestic filer.
Speaker 1: It's also confusing. Okay, so let's break it down so one,
Speaker 1: she was at one point, can we just talk about
Speaker 1: the difference between an LLC and an escorp in the
Speaker 1: eye of the of the of taxes.
Speaker 3: Yes, yes, so definitely.
Speaker 4: The biggest reason why es corps are so popular is
Speaker 4: because you can save money.
Speaker 3: That's the high level answer.
Speaker 4: And the way you save that money is you have
Speaker 4: to you can pay less self employment taxes, So Tiffany,
Speaker 4: so the budgeties. As an LLC, everything that you earn
Speaker 4: is considered, you know, self employment income. The moment you
Speaker 4: turn over to an es corp, you can give yourself
Speaker 4: a reasonable salary, and that reasonable salary is not subject
Speaker 4: to those to those taxes. So that's how you save money. So,
Speaker 4: if let's say the business brought in one hundred thousand
Speaker 4: dollars as an LLC, you pay those special taxes on
Speaker 4: that whole hundred k. Switch to an s corp. You
Speaker 4: brought in that same one hundred k, but we said
Speaker 4: we're going to pay you a reasonable salary, let's say
Speaker 4: forty grand. Well forty grand of that money doesn't have
Speaker 4: to pay those special taxes. So that's the understanding of
Speaker 4: why people want to move to an escorp. Now, you'll
Speaker 4: find different opinions on when is the best time to
Speaker 4: move to an es corp.
Speaker 3: Typically, the number one thing is you are at a
Speaker 3: good profitable place.
Speaker 4: Some people will say, you know, once you're netting you know,
Speaker 4: thirty forty fifty. I personally think once you're netting around
Speaker 4: seventy seventy five K. And here's the reason why. When
Speaker 4: you move over to an escort. There are more administrative
Speaker 4: responsibilities involved in that, and those responsibilities cost you money.
Speaker 1: You have to start.
Speaker 4: Paying those quarterly taxes, which means that you need an
Speaker 4: accountant to help you with that, which means that your
Speaker 4: books have to be cleaned. So now you're paying bookkeeping services.
Speaker 4: And if you have employees, you're in you know, so
Speaker 4: it and your taxes costs more the file too, you know,
Speaker 4: and I do esports. Two, you have an escorp, You're
Speaker 4: we're happy to see you escorps.
Speaker 1: Come our way.
Speaker 4: We're like, come on with your problems, come on. So,
Speaker 4: so you have to make sure that the expenses that
Speaker 4: you pay to become an escort far outweigh the benefits.
Speaker 4: And that's why we say you are.
Speaker 3: In a profitable place.
Speaker 4: If it's only going to save you one thousand dollars,
Speaker 4: is it really worth going through all of those changes
Speaker 4: once you add up the expenses that it costs to
Speaker 4: operate as an es corp. And so usually my advice
Speaker 4: is not to start a brand new business as an
Speaker 4: es corp unless you've been in business for a while,
Speaker 4: it has some predictable income and you know that, yes,
Speaker 4: it's going to cost me an extra two grand a year,
Speaker 4: but the taxes that I'm saving far outweighs the administrative
Speaker 4: responsibilities that I have to go through to operate this way.
Speaker 1: Yeah, So for me, it happened for me because of
Speaker 1: my accountant, Carlos. It happened when I was just like
Speaker 1: you said, Terry, he's more conservative as well. I was
Speaker 1: around seventy five to one hundred thousand dollars a year
Speaker 1: as the budgetiese s death, and he was like, okay,
Speaker 1: one girl, it's time to start paying quarterly. Because I
Speaker 1: would always feel like I was back to zero by
Speaker 1: the end. You know, by the end of the year,
Speaker 1: it's like yeah, yeah, yeah, I saved and all this
Speaker 1: money goes to taxes. Yes, And he was like, you know,
Speaker 1: so one you're going to start paying quarterly. And to
Speaker 1: your right, I had a by then this was maybe
Speaker 1: like I don't know, I want to say, four years ago,
Speaker 1: maybe five years ago. I was like, okay, the BUDGETISA
Speaker 1: is steadily at this about seventy five to one hundred
Speaker 1: thousand dollars a year. You know, it's a it's a good,
Speaker 1: solid business. So we switched to an es Corp. And
Speaker 1: it saved me thirty thousand dollars in taxi. So it
Speaker 1: was that, you know, that was a significant amount of
Speaker 1: money to not have to pay as a result of switching.
Speaker 1: Because but like you said, I met with Carlos quarterly
Speaker 1: all of a sudden. I also brought on a CFO
Speaker 1: because and we had a bookkeeper because you're right, You're
Speaker 1: You're like, it's there. You're really wanting to make sure
Speaker 1: that your books are super clean, clear and concise. And
Speaker 1: then she also asked about when does a sea corp
Speaker 1: make sense? So, Terry, I recently, so I've got well
Speaker 1: many and I shared brown ambition, But that's an LLC.
Speaker 1: The budget Nista is a sea corp. Now, I just
Speaker 1: switched over last year. I have a marketing company that's
Speaker 1: a sea corp. And I have an online school that
Speaker 1: I think started off as an escort because it I
Speaker 1: mean right away, I knew it was going to make
Speaker 1: a good amount of money because it was built on
Speaker 1: the back of the budget ESTE. So it was like
Speaker 1: we knew when we launched, this is going to start off,
Speaker 1: like you know, making over six figures a year. So
Speaker 1: can you explain what a sea corp looks like in
Speaker 1: the eyes of taxes and when it was one? Would
Speaker 1: it be a good idea to switch to a sea corp?
Speaker 1: If ever?
Speaker 4: Well, I don't really, that's not my expertise working with
Speaker 4: sea corps. But it's when you're making money and you
Speaker 4: have some future long term goals. Yes, only a C
Speaker 4: corp accommodates. Okay, that's the high level answers to that.
Speaker 4: You can, you know, issue stocks, you can do more things,
Speaker 4: if you want to bring in investors things like that.
Speaker 4: Then that's when you have certain situations business moves that
Speaker 4: you're trying.
Speaker 1: To make that really a C corp best accommodates. And
Speaker 1: right now, I know what the new tax office they've dropped.
Speaker 1: It was like thirty five percent. That's how much businesses
Speaker 1: we're paying. It Like, as far as taxes were concerned
Speaker 1: with the Sea Corp, it it reduced like to the
Speaker 1: lows it's ever been to twenty one.
Speaker 3: Somewhere around there.
Speaker 4: Yeah yeah, that's a twenty one percent, which is what
Speaker 4: some people were Yeah.
Speaker 1: Yeah, yeah no, because truthfully, I'm like I needed it,
Speaker 1: doesn't That's why I switched to a sea court because yes,
Speaker 1: is it beneficial for me? But I know that that's
Speaker 1: not there. Why should someone or a company making multiple
Speaker 1: seven figures or eight figures or nine figures, why are
Speaker 1: you paying less taxes? That's it's so crazy that like
Speaker 1: my multi seven figure business has a lower tax rate
Speaker 1: than tifany ely, how like, how does a person I'm
Speaker 1: paying more taxes than my successful business. That's honestly, that's ridiculous.
Speaker 1: And I am and so and I'll just share, like
Speaker 1: what why Carlos said it made sense for me to
Speaker 1: switch to a sea court. But I'm like, I said,
Speaker 1: I'm sure it's more intricate. It's just because for two
Speaker 1: of my businesses we did have long term goals that
Speaker 1: normally we were always pulling a large amount for my
Speaker 1: escort business as an owner draw and like my reasonable income.
Speaker 1: But for the other two businesses, we were keeping a
Speaker 1: lot of the money in the company. But because of
Speaker 1: an ES corp, I was paying taxes on money that
Speaker 1: was being kept in the company. And I was like Carlos, like,
Speaker 1: I can't pay taxes on five hundred thousand dollars that
Speaker 1: I'm not receiving. That's a lot of money, you know.
Speaker 1: And so he was like, Okay, well then it's time
Speaker 1: to switch to a C corp. So that way, the
Speaker 1: burden of those taxes falls on the company, not you,
Speaker 1: because you're not really pulling money out because you're saving
Speaker 1: for a larger you know, for it to make a
Speaker 1: long term move. So so I'm sure it's more intricate, obviously,
Speaker 1: But for me, I made the C corp switch because
Speaker 1: I was not pulling money out of two of my companies. Instead,
Speaker 1: I was keeping it there to make make you know,
Speaker 1: long term moves with that money. So that's what you
Speaker 1: did for me.
Speaker 4: Yeah, and you explained it perfectly. And so it really
Speaker 4: depends on the perspective of the conversation on whether that's
Speaker 4: a good or bad thing. When the tax plan was
Speaker 4: put out there, it was the what the idea that.
Speaker 3: This helps the middle class?
Speaker 4: Well, middle class is not bringing in five hundred a
Speaker 4: million dollars, you know, and yay, the tax forre is
Speaker 4: lowered for the C corp to twenty one percent. That
Speaker 4: really doesn't speak to the middle class, but to the
Speaker 4: class of people where yes, that is great because my
Speaker 4: S corp, I'm paying forty percent over here, and if
Speaker 4: I switch to a C corp, I'm going to be
Speaker 4: paying twenty one percent.
Speaker 3: When when I am winning, I am winning.
Speaker 4: So it just depends on, you know, the conversation, the
Speaker 4: context of it.
Speaker 3: But moving to a SEA corp, I say, my motto.
Speaker 4: Is you want to keep more of what you make,
Speaker 4: and so the everything that I do around the education
Speaker 4: when it comes to taxes is listen, we are not
Speaker 4: about to cheat the system. We're going to learn the
Speaker 4: system so that we can beat the system. So if
Speaker 4: that is, then that's just what it is. And I'm
Speaker 4: not mad at you. In my TUPAC voice, move s, Corpy,
Speaker 4: move child. Yes, Okay, thank you, Carlos.
Speaker 2: I always feel like the text code always brings out
Speaker 2: the republic in people like forget Trump for a minute.
Speaker 2: We all want more money, right, so say you're a
Speaker 2: liberal rich Person's what you're saying. No shade tiff, so
Speaker 2: real quick for people who for people because I know
Speaker 2: this is luckily, you know, a tax reform, everyone was
Speaker 2: really concerned. What does this mean for my taxes? I'm
Speaker 2: going Am I going to owe more? Am I going
Speaker 2: to owe less? What advice do you have for people
Speaker 2: who get an unexpected tax bill this year or maybe
Speaker 2: get way too much of a refund and they realize that, hey,
Speaker 2: maybe I should be giving the government less of a
Speaker 2: free loan during the year in terms of like changing
Speaker 2: or withholdings in twenty nineteen, Yeah, what advice do you
Speaker 2: have for just regular W two workers heading into this
Speaker 2: tax year?
Speaker 1: Number one.
Speaker 4: The Irs has a calculator called the Irs Withholding Calculator
Speaker 4: and it's free to use. You want to make sure
Speaker 4: that the right amount is being taken out of your paycheck,
Speaker 4: so you can go on there, have your last paycheck
Speaker 4: in your hands, plug in the numbers. It'll ask you
Speaker 4: some questions and it will give you an eye idea
Speaker 4: of whether or not you're on part to have the
Speaker 4: right amount taken out of your check, so that you're
Speaker 4: pretty close to breaking even. You're not overpaying, but you
Speaker 4: definitely don't want to be under paying as well. That
Speaker 4: paycheck is really determined by how you fill out your
Speaker 4: tax firms when you get on that job, so make
Speaker 4: sure that you're completing those firms so that they have
Speaker 4: the correct amount being taken out of your check. And
Speaker 4: that is something that a lot of people feel is
Speaker 4: very confusing. They're not sure, so that's why I always say, hey,
Speaker 4: just go to the calculator.
Speaker 2: Excellent. Well, Terry, you've been so helpful and insightful. Thank
Speaker 2: you so much for joining the show. Now let our
Speaker 2: listeners know where they can find out more about you.
Speaker 4: You can find me at cherishtel dot com. That is
Speaker 4: my internet home t E R R I E C
Speaker 4: h A and T E L. And that's where I
Speaker 4: have my courses and ebooks and things like that for.
Speaker 3: Everyday people to beat the system, save or make money.
Speaker 1: Yes, Terry and Terry. For those of you who don't know,
Speaker 1: she is an amazing expert inside the Literature Academy. The
Speaker 1: dream Catchers love you, the dream Builders love you. Brian Ambition,
Speaker 1: I love you, girl.
Speaker 3: I love that this was fun.
Speaker 1: I love it.
Speaker 3: I love it.