WEBVTT - How Tiffany Saved $100,000 On Her Taxes By Making One Crucial Change 0:00:16.840 --> 0:00:23.600 Hey, hey, hey, we're back and I'm black and we're brown. 0:00:25.560 --> 0:00:26.920 I missed you last week. 0:00:27.360 --> 0:00:28.880 I know I missed you too. 0:00:28.920 --> 0:00:31.200 I was like, am I doing Mandra Proud doing this 0:00:31.280 --> 0:00:32.080 interview solo? 0:00:32.159 --> 0:00:32.440 Nola? 0:00:32.720 --> 0:00:35.920 Tila try to take my job? No? 0:00:36.000 --> 0:00:38.560 Yeah, Tula was fun. She was she was awesome. Forget 0:00:38.560 --> 0:00:40.239 about to you. I guess his birthdays tomorrow? 0:00:40.560 --> 0:00:45.879 Oh she famous presidents in her time. No, Beyonce was 0:00:45.880 --> 0:00:48.680 a September birthday. I can't think of anyone special. 0:00:50.159 --> 0:00:52.240 It's not why is it? Like? What is your birthday? 0:00:52.280 --> 0:00:53.559 Like You're like, I don't care, and then when it 0:00:53.600 --> 0:00:55.160 gets to You're like I do, I do? I do care? 0:00:55.280 --> 0:01:00.319 Right, it's my birthday. I don't know why exp I'm 0:01:00.320 --> 0:01:02.720 not going anywhere, but I will say I just got 0:01:02.720 --> 0:01:05.440 back from Mexico for like a retreat where I spoke 0:01:05.880 --> 0:01:09.000 and it was it got like a birthday trip because 0:01:09.000 --> 0:01:11.319 it was three days and the most beautiful isor I'd 0:01:11.319 --> 0:01:13.120 ever been in. So I'm like, you know what, I 0:01:13.120 --> 0:01:15.319 went away for my birthday unofficially, So. 0:01:15.400 --> 0:01:19.080 Happy early birthday? Yeah, I thank yeah? So are you 0:01:19.120 --> 0:01:22.640 just keeping a low key. 0:01:21.760 --> 0:01:23.840 I don't know. I don't know what Superman has planned. 0:01:25.400 --> 0:01:26.880 I don't know. We were supposed to go to a spot, 0:01:26.959 --> 0:01:28.560 but I don't know. I don't know. We'll see he 0:01:28.640 --> 0:01:29.160 has planned. 0:01:29.280 --> 0:01:30.920 I told him he doesn't have to go crazy because 0:01:30.959 --> 0:01:33.720 quite honestly, you know, just trying to get the house 0:01:33.760 --> 0:01:34.880 done at this point, you know. 0:01:35.400 --> 0:01:37.120 Yeah, But is it really like that or is it 0:01:37.160 --> 0:01:39.200 like if he doesn't do something, you're going to resent him, 0:01:39.319 --> 0:01:41.120 because that's how I usually am. I'm like, oh, I 0:01:41.120 --> 0:01:43.920 don't want anything special, but if you don't do something like. 0:01:44.080 --> 0:01:46.520 I just want something like you know, like honestly one 0:01:46.520 --> 0:01:48.000 thing that I do enjoyed, Like I think one year 0:01:48.000 --> 0:01:50.320 we went to a comedy club or comedy that was fun. 0:01:51.440 --> 0:01:54.560 So I feel like I would love like something like that, 0:01:54.640 --> 0:01:57.200 something fun and dinner, and honestly, I feel like that 0:01:57.240 --> 0:01:58.200 would be more than enough. 0:01:59.160 --> 0:02:01.400 I feel you on like the we've already had the 0:02:01.400 --> 0:02:04.000 conversation about Christmas time, and I'm like, so you're cool 0:02:04.040 --> 0:02:08.040 with no presents, right because there's this house I know, 0:02:09.240 --> 0:02:11.280 or can we get a couch for Christmas? Because we 0:02:11.360 --> 0:02:12.760 probably are going to need one of those? 0:02:13.440 --> 0:02:14.560 And that's honestly how I feel. 0:02:14.600 --> 0:02:17.119 I'm like, eh, I'm not you know, there's no big 0:02:17.160 --> 0:02:19.400 because I was even saying, you know, you know, I 0:02:19.400 --> 0:02:20.840 think it's kind of time for you to get a car. 0:02:20.919 --> 0:02:22.320 He's like, let's wait. 0:02:22.320 --> 0:02:26.080 Until after all of this because like his car is 0:02:26.120 --> 0:02:28.160 like on its last wheel. 0:02:28.720 --> 0:02:31.040 And he's like, yeah, but well, where we live is 0:02:31.120 --> 0:02:32.119 like where we live now. 0:02:32.160 --> 0:02:35.160 He works like right here, so he's kind of like, 0:02:35.320 --> 0:02:37.600 I don't drive that much. Let's just get the house done. 0:02:38.400 --> 0:02:40.640 And every time I go to the house, I'm like, Justin, 0:02:40.800 --> 0:02:43.280 so I'm working. I would say I love my contractor. 0:02:43.320 --> 0:02:48.640 He's amazing. His name is Justin, and first all, it's 0:02:48.639 --> 0:02:51.280 funny because whenever I put him on social media, all 0:02:51.320 --> 0:02:57.480 you hear me say is Justin. But he's West Indian honestly, 0:02:57.560 --> 0:02:59.840 and Justin is like the best because he's really like 0:03:00.440 --> 0:03:03.120 what I like about his personality is so easygoing. So 0:03:03.160 --> 0:03:05.359 I'm like, Justin, I don't know Justin way. I don't 0:03:05.400 --> 0:03:07.440 like the windows like that. Justin the bathroom's so small, 0:03:07.639 --> 0:03:11.799 you know, he takes everything astride. I'm like, Justin, you 0:03:11.880 --> 0:03:13.919 must have sisters. He's like, I have two. I'm like, oh, 0:03:14.040 --> 0:03:15.160 he's trained you well. 0:03:15.480 --> 0:03:16.800 So he's awesome. 0:03:16.880 --> 0:03:22.200 His company is called Build Team Construction. Honestly, he's I'm 0:03:22.240 --> 0:03:24.040 really fortunate because you know, we remember we I think 0:03:24.080 --> 0:03:24.880 we both interviewed it. 0:03:25.000 --> 0:03:26.239 Did you interview a bunch of people? 0:03:26.720 --> 0:03:29.680 We got quotes from three different contractors and we ended 0:03:29.760 --> 0:03:32.960 up going with the most amazing person ever. His name's Javier, 0:03:33.080 --> 0:03:35.240 but yeah, we did. We did quotes and then we 0:03:35.280 --> 0:03:37.600 finally settled on Hovier, who wasn't the cheapest, but he 0:03:37.760 --> 0:03:38.680 was the best choice. 0:03:39.040 --> 0:03:40.640 Same thing, Justin was not the cheapest. 0:03:40.680 --> 0:03:42.480 He was some place in the middle, but he was 0:03:42.560 --> 0:03:44.760 just really a good choice because which you really want 0:03:44.800 --> 0:03:47.400 someone who is going to listen to you but also 0:03:47.440 --> 0:03:52.320 obviously going to give their professional opinion. And there were 0:03:52.360 --> 0:03:55.600 just some like there's always unexpected things like one of them, 0:03:55.680 --> 0:03:56.280 like the stack. 0:03:56.480 --> 0:03:59.520 I'm learning so much about plumbing. I'm like, wait, what right. 0:03:59.600 --> 0:04:00.800 He's like, we had to take all this out. You 0:04:00.840 --> 0:04:02.600 see this corrosion. I'm like, what does that mean? Justin, 0:04:02.640 --> 0:04:03.360 That's what I told them to. 0:04:03.360 --> 0:04:05.440 That it means money, right exactly. 0:04:05.480 --> 0:04:07.960 I'm like, Justin, what are you showing me these scraps for. 0:04:08.960 --> 0:04:09.880 He's like, I'm just. 0:04:09.880 --> 0:04:12.920 Letting you know, because we're we're the basement's getting redone, 0:04:12.920 --> 0:04:14.920 and I guess the basement us to flood a little, 0:04:14.920 --> 0:04:20.280 so we're getting a French strain. Yeah, it's like you 0:04:20.320 --> 0:04:23.760 do like a trench around the inside perimeter of the 0:04:24.279 --> 0:04:27.520 of the basement, and so like in the trench you 0:04:27.600 --> 0:04:31.760 put like a big huge hose and so if water 0:04:31.880 --> 0:04:34.400 tries to come in, it kind of goes to the hole. 0:04:34.480 --> 0:04:36.960 It's almost like having what's the you know, like the 0:04:36.960 --> 0:04:39.040 gutters that the leaves fall into, like on the outside 0:04:39.040 --> 0:04:40.800 of the house. It's like having that inside the house 0:04:40.880 --> 0:04:43.279 but in the ground, so that way the water doesn't 0:04:43.279 --> 0:04:45.640 come into the basement. It comes into the hose, and 0:04:45.720 --> 0:04:48.479 it like kind of like goes through the holes outside. Sure, 0:04:49.360 --> 0:04:52.279 So but like that, I'm like, Justin was showing me 0:04:52.279 --> 0:04:55.360 all these things like oh, Tiffany, we had to irrigate 0:04:55.400 --> 0:04:56.000 the navigate. 0:04:56.240 --> 0:04:57.520 I'm like, Justin, I. 0:04:57.279 --> 0:05:00.520 Don't know what those were. Its mean, And I'm always 0:05:00.520 --> 0:05:04.000 telling Justin, I'm not paying no more money. Justin I 0:05:04.040 --> 0:05:05.920 went to you always laughed at I'm like, I don't 0:05:05.920 --> 0:05:10.960 know what you're laughing for. No, but it's at least 0:05:10.960 --> 0:05:15.400 it's coming along, which I'm happy about. So today I 0:05:15.440 --> 0:05:17.719 went to go see speaking of like money and teams, 0:05:18.080 --> 0:05:21.160 I went to go see Carlos, my accountant, and I 0:05:21.160 --> 0:05:24.440 did my Q three like reports and taxes and IM 0:05:25.120 --> 0:05:27.719 and today Carlos. It was kind of like last minute 0:05:28.360 --> 0:05:31.160 as I was about to leave and I was telling Carlos, 0:05:31.160 --> 0:05:35.280 I said, I don't understand why, because Carlos has instructed 0:05:35.279 --> 0:05:38.279 me that, you know, to set aside thirty five percent 0:05:38.400 --> 0:05:40.400 of like the income I get from the company in 0:05:40.440 --> 0:05:43.160 my in an account for taxes. And I'm like, Carlos, 0:05:43.240 --> 0:05:47.400 I never have like enough in my tax account based 0:05:47.440 --> 0:05:49.200 upon like what you tell me I'm gonna owe. 0:05:50.200 --> 0:05:52.480 Why is that? You know? So we were kind of going. 0:05:52.400 --> 0:05:54.080 Through it, and I was like, it's so frustrating, I said, 0:05:54.080 --> 0:05:58.000 because we don't like I have a three three come 0:05:58.080 --> 0:06:00.680 well four with Brianna Bishon, so four companies, but with 0:06:01.160 --> 0:06:03.880 the three I only really withdraw money from one of them, 0:06:03.920 --> 0:06:05.839 the Academy, and the other two companies we really like 0:06:05.880 --> 0:06:08.840 reinvest the money to grow or like sometimes we just 0:06:08.880 --> 0:06:10.359 keep the money in there, like I have a business 0:06:10.400 --> 0:06:11.040 partner with two. 0:06:10.920 --> 0:06:11.600 Of my companies. 0:06:12.160 --> 0:06:16.320 And I was like, so it seems unfair that if 0:06:16.320 --> 0:06:18.279 I don't pull money out, why am I being texted 0:06:18.320 --> 0:06:20.080 on it? And he was like, I'm like, is that 0:06:20.120 --> 0:06:22.839 what people do like it, Like, I'm sure the you know, 0:06:22.880 --> 0:06:24.520 what do people do at Amazon Apple? 0:06:24.560 --> 0:06:26.640 Are they like getting taxed on a billion. 0:06:26.400 --> 0:06:28.159 Dollars even if they don't make a billion dollars, like 0:06:28.160 --> 0:06:30.240 take home a billion, you know? And he's like, no, 0:06:30.279 --> 0:06:32.840 they're sea Corps. And I was like, do explain more. 0:06:33.080 --> 0:06:36.520 And it didn't make sense before, but my company were. 0:06:36.880 --> 0:06:39.839 They were an es corp and two of them still are. 0:06:40.240 --> 0:06:42.800 But Carlos was sharing that the difference with an es 0:06:42.960 --> 0:06:48.360 Corp is basically it's like a pass through still meaning 0:06:48.480 --> 0:06:51.720 that let's just say my company makes one hundred thousand dollars, 0:06:52.400 --> 0:06:54.680 then Tiffany makes a hundred thousand, whether I pull the 0:06:54.720 --> 0:06:57.799 money out personally or not. But with the C corp 0:06:58.000 --> 0:07:01.200 the benefit is and then that at our current tax rate, 0:07:01.240 --> 0:07:02.960 we're about thirty five percent or something like that. That's 0:07:03.000 --> 0:07:04.960 what our tax rate. My tax rate is now something 0:07:05.000 --> 0:07:10.239 to that effect. But with the Sea Corp, the business itself, 0:07:10.280 --> 0:07:12.360 this is based upon the new laws by our president. 0:07:12.760 --> 0:07:15.320 The business itself is taxed at twenty one percent, which 0:07:15.360 --> 0:07:18.280 honestly is criminally low. But this is like what he's 0:07:18.280 --> 0:07:21.480 done that the business itself is taxed at twenty one percent, 0:07:21.520 --> 0:07:25.080 and any money I pull out for Tiffany is a tax. 0:07:25.200 --> 0:07:27.960 I have to pay tax at fifteen percent. So what's 0:07:28.000 --> 0:07:29.920 great about it is is that if I have a 0:07:29.920 --> 0:07:32.280 business that I'm not pulling money out of, I'm only 0:07:32.280 --> 0:07:34.280 paying twenty one percent taxes. Well, the business is only 0:07:34.320 --> 0:07:36.760 paying twenty one percent taxes, and I'm no longer paying 0:07:36.760 --> 0:07:39.320 this extra tax for money I'm not receiving. So we 0:07:39.360 --> 0:07:41.280 looked at the companies and realized that two of them 0:07:41.680 --> 0:07:43.880 really should be sea corps because we're not me and 0:07:43.920 --> 0:07:46.640 my business partner. One company's a Budgetista, which is just me. 0:07:46.760 --> 0:07:48.480 The other company, I have a business partner, it's a 0:07:48.520 --> 0:07:51.160 marketing company, and so we're not pulling money out and 0:07:51.200 --> 0:07:53.360 I'm not pulling money out of Budgetista right now, it 0:07:53.360 --> 0:07:56.280 makes sense to be a sea corp. And he redid 0:07:56.320 --> 0:07:58.960 the numbers of what I have to pay for the 0:07:59.080 --> 0:08:03.040 last two quarters of year. He does an estimate and 0:08:03.160 --> 0:08:04.960 if you read the numbers, and I save one hundred 0:08:05.000 --> 0:08:05.720 thousand dollars. 0:08:05.960 --> 0:08:08.440 Damn. Wait a second, So why didn't he do this before? 0:08:09.240 --> 0:08:11.680 Well because it didn't make sense before because before, well, one, 0:08:11.840 --> 0:08:13.960 the marketing company is brand new, so there wasn't like, 0:08:14.000 --> 0:08:15.480 so when I started it, it was just like, hey, 0:08:15.480 --> 0:08:18.160 be a escorp, you know, which is like, you know, 0:08:18.280 --> 0:08:22.160 makes sense because if your business is making over six figures, 0:08:22.200 --> 0:08:25.120 it really start time to look from going to an 0:08:25.360 --> 0:08:27.320 LLC to a escorp. Or some people go right into 0:08:27.360 --> 0:08:29.560 a escorp, which is fine, but like if you're first 0:08:29.600 --> 0:08:31.840 starting out, some people doing LLC, which is fine, but 0:08:32.200 --> 0:08:33.560 if you start to make a little bit more money 0:08:33.559 --> 0:08:35.280 and the escorp is going to make more sense because 0:08:35.400 --> 0:08:39.000 there's self employment tax that you pay with LLC and 0:08:39.000 --> 0:08:41.319 your account should be running the numbers for you consistently 0:08:41.400 --> 0:08:44.480 to see where does it make sense? So I switched 0:08:44.480 --> 0:08:46.320 from an es corp. I think, laugh from LLC to 0:08:46.360 --> 0:08:49.520 an escorp last year or like two years ago because 0:08:49.559 --> 0:08:51.560 it made sense and it saved me thirty thousand dollars 0:08:51.559 --> 0:08:52.160 in taxes. 0:08:52.440 --> 0:08:53.600 But this year. 0:08:53.840 --> 0:08:56.280 The thing is, if you're pulling money out of your 0:08:56.280 --> 0:08:59.960 company consistently and most of the money out, then being 0:09:00.080 --> 0:09:02.960 an escorp makes sense because you get taxed one time 0:09:03.440 --> 0:09:06.520 if you're not pulling money out, like you're not pulling 0:09:06.559 --> 0:09:08.599 a significant amount of money in comparison to what the 0:09:08.960 --> 0:09:11.520 company makes. So let's just say your company makes one 0:09:11.600 --> 0:09:13.920 hundred thousand dollars and you're pulling out one hundred thousand. 0:09:14.000 --> 0:09:14.680 Be an escorp. 0:09:14.880 --> 0:09:17.480 If your company makes one hundred thousand and you're pulling 0:09:17.480 --> 0:09:19.720 out twenty thousand and keeping the eighty thousand in the 0:09:19.760 --> 0:09:22.480 company because maybe you're saving up for like a building 0:09:22.559 --> 0:09:22.960 or whatever. 0:09:23.440 --> 0:09:24.560 Make it a c corp. 0:09:24.640 --> 0:09:28.160 Because it doesn't make sense to pay taxes on money 0:09:28.160 --> 0:09:31.120 that you're not actually taking. And so that's why it 0:09:31.160 --> 0:09:34.199 didn't make sense before because I won't I was pulling 0:09:34.240 --> 0:09:36.440 money out from the Budgetista before up until this year 0:09:36.800 --> 0:09:40.160 because their academy wasn't making enough. So now I just 0:09:40.280 --> 0:09:43.000 pull from the academy and the Budgetista I really have 0:09:43.080 --> 0:09:46.400 been using to build business. You know, we're saving to 0:09:46.440 --> 0:09:49.360 buy certain things, and I don't really need the Budgetiza money, 0:09:49.520 --> 0:09:51.800 so I've let it sit there. But the government's like, well, 0:09:51.800 --> 0:09:53.480 whether you let it sit there or not, you're an 0:09:53.640 --> 0:09:56.520 es corp. That's money earned, whether you take it, whether 0:09:56.520 --> 0:09:58.840 you withdraw it or not. And so making that transition 0:09:58.880 --> 0:10:00.679 this was actually the perfect year for it. And what 0:10:00.840 --> 0:10:05.280 Carlos has done is I can I can file an 0:10:05.320 --> 0:10:07.439 amendment or something like that so that way I can 0:10:07.480 --> 0:10:10.360 be tax as anes corpse for the whole year. So 0:10:10.400 --> 0:10:12.960 it's not like like I'm not going to be penalized 0:10:12.960 --> 0:10:14.719 and saying like it's going to start just now. No, 0:10:14.880 --> 0:10:17.680 the government will look at from January till now you 0:10:17.760 --> 0:10:21.240 were a C corp. And so, but asking questions and 0:10:21.320 --> 0:10:25.200 sharing where you are financially, Like I tell Carlos like 0:10:25.240 --> 0:10:28.559 everything you know, like when it comes to finances, because 0:10:28.679 --> 0:10:31.640 and even sometimes we'll just talk conversationally. So with your account, 0:10:31.679 --> 0:10:33.600 if you have a business, there's certain things that you 0:10:33.679 --> 0:10:35.960 might mention that he's going to look at and say, 0:10:35.960 --> 0:10:39.000 from a tax perspective, how can I use that information 0:10:39.320 --> 0:10:41.480 to lower your tax burden? Like when I got married, 0:10:41.960 --> 0:10:44.320 when Jirell and I, oh, Superman, well whatever y'all know 0:10:44.320 --> 0:10:47.480 his name passed you anyway, when Superman and I butt 0:10:47.520 --> 0:10:50.480 our homes. So these things, you know, Carlos will look 0:10:50.480 --> 0:10:53.680 at it and say, huh, how do I infuse this 0:10:53.760 --> 0:10:57.679 information to lower Tiffany's tax burden? And when I was complaining, 0:10:58.040 --> 0:11:01.280 you know like yo, I don't have you know, two 0:11:01.400 --> 0:11:04.960 hundred thousand dollars in my tax savings accounts. That's crazy, 0:11:05.360 --> 0:11:07.800 and he was like wait then when I was explaining, 0:11:07.840 --> 0:11:09.120 and then I was just whining. I was like, I 0:11:09.120 --> 0:11:09.800 don't even. 0:11:09.600 --> 0:11:11.520 Take all that money outah nah. 0:11:11.559 --> 0:11:13.840 He was like, wait, so you don't take money out 0:11:13.880 --> 0:11:16.559 and I was like wait no, and he was like, okay, 0:11:16.679 --> 0:11:18.839 well this is a different conversation, Tiffany. But I never 0:11:18.880 --> 0:11:21.080 mentioned that before because I didn't know that was relevant, 0:11:21.400 --> 0:11:23.880 you know, and so like so things like that, like 0:11:24.000 --> 0:11:27.679 speaking to your countin and making those things relevant, like okay, So, 0:11:27.840 --> 0:11:29.280 like I was telling, a lot of my friends are like, oh, 0:11:29.360 --> 0:11:31.120 how come I'm not at Sea Corporate. I'm like, no, Well, 0:11:31.440 --> 0:11:34.200 if you have a business, like, for example, the Academy, 0:11:34.720 --> 0:11:37.680 I get paid, I pull my money out of the academy, 0:11:37.760 --> 0:11:40.280 so it's going to remain an escorp. So if you're 0:11:40.320 --> 0:11:42.720 pulling money out of your company, which most people are, 0:11:42.920 --> 0:11:45.520 then remaining an escorp is it's going to make sense. 0:11:46.000 --> 0:11:48.520 So for like I said, for me, I'm for these 0:11:48.559 --> 0:11:50.760 other two companies, we're not pulling the majority of the 0:11:50.760 --> 0:11:53.880 money out very little as anything. You know, we're basically 0:11:53.880 --> 0:11:56.000 the company is basically keeping most of the money. So 0:11:56.040 --> 0:11:59.400 it doesn't make sense, you know, to remain an escorp. 0:11:59.520 --> 0:12:01.440 So you have to speak to your account and obviously, 0:12:01.720 --> 0:12:05.280 but like those types of conversations are really important because 0:12:05.320 --> 0:12:07.679 I literally was leaving there was like a two hundred 0:12:07.679 --> 0:12:10.400 and forty thousand dollars tax bill for the last two 0:12:10.440 --> 0:12:12.240 quarters of the year, and like almost like as I 0:12:12.280 --> 0:12:15.120 was packing up, that's when I started whining. And then 0:12:15.160 --> 0:12:18.880 Carlos was like, wait, that's a new situation, Tiffany. Let 0:12:18.880 --> 0:12:20.520 me run the numbers again. And he was like, uh, 0:12:20.800 --> 0:12:21.559 we saved you over one. 0:12:21.520 --> 0:12:23.200 Hundred thousand dollars and I was like, oh. 0:12:23.240 --> 0:12:26.280 And then I looked at my my tax savings account 0:12:26.480 --> 0:12:27.760 and I looked at what he said I had to 0:12:27.800 --> 0:12:29.400 pay for Q three for taxes, and it was the 0:12:29.400 --> 0:12:30.840 exact same thing for. 0:12:30.760 --> 0:12:32.120 The first time freaking ever. 0:12:32.559 --> 0:12:36.079 And I was like, yes, I actually have it said no, 0:12:36.080 --> 0:12:37.679 no more, like cause the literally I was gonna have 0:12:37.720 --> 0:12:41.040 to go to my CFO and tell her to cut 0:12:41.040 --> 0:12:44.079 this huge check from one of my companies. 0:12:44.280 --> 0:12:45.559 Like like like like. 0:12:45.520 --> 0:12:47.439 A seventy thousand dollars check that I wasn't going to 0:12:47.480 --> 0:12:49.240 get to enjoy and hand it over to the government 0:12:49.559 --> 0:12:51.000 like that's what that was what I was gonna have 0:12:51.000 --> 0:12:53.480 to do, you know, in order to make up the difference, 0:12:53.800 --> 0:12:55.640 Like hey, Rachel, can you put cup me a seventy 0:12:55.640 --> 0:12:57.160 thousand dollars check I have to give to Uncle Sam. 0:12:57.240 --> 0:12:58.000 Can you imagine. 0:12:58.559 --> 0:13:01.280 So I'm trying to get on that Kushner tax plan 0:13:02.080 --> 0:13:05.000 because I've been reading about it's like the super rich. 0:13:05.120 --> 0:13:07.120 I mean, the tax breaks for the wealthy, if you 0:13:07.200 --> 0:13:09.320 can figure them out, are so lucrative, especially with the 0:13:09.320 --> 0:13:11.760 current administration. And I mean there were a lot of 0:13:11.760 --> 0:13:14.640 tax changes that changed things for small businesses last year 0:13:14.640 --> 0:13:17.520 too and made it, you know, made the tax burden 0:13:17.640 --> 0:13:20.840 less for small businesses. And no, it's awesome that you 0:13:22.520 --> 0:13:26.959 change that strategy. I feel like my I definitely want 0:13:27.000 --> 0:13:29.199 to figure out some ways to like, that's my next 0:13:29.200 --> 0:13:31.120 plan for Helen is just to sit down with me 0:13:31.160 --> 0:13:34.000 and figure out how to minimize our tax liability because 0:13:34.000 --> 0:13:36.560 I definitely know that we are not doing like we're 0:13:36.600 --> 0:13:40.880 not maximizing the tax breaks available to us in the 0:13:40.920 --> 0:13:43.400 most strategic way. And it's just something that I've been 0:13:43.400 --> 0:13:45.320 putting aside because we have the house right now. But 0:13:45.360 --> 0:13:46.840 I'm like, man, wouldn't it be nice to have more 0:13:46.880 --> 0:13:49.000 bank money in the bank to pay for this renovation. 0:13:50.080 --> 0:13:51.640 So that's something I want to look to do for 0:13:52.080 --> 0:13:55.240 twenty nineteen. And also, like I mean, you've worked with 0:13:55.280 --> 0:13:57.200 Carlos for how long? You always mention how you guys 0:13:57.200 --> 0:13:58.000 have grown together. 0:13:58.520 --> 0:14:01.680 Yeah, I feel like since since I was since I 0:14:01.760 --> 0:14:04.720 was teaching preschool, Like I've worked with Carlos since then, 0:14:04.800 --> 0:14:06.280 so like over ten years. 0:14:07.000 --> 0:14:09.640 Yeah, I think I've realized that that the tax preparer 0:14:09.760 --> 0:14:12.360 just straight up like tax preparer that I got, you know, 0:14:12.440 --> 0:14:15.360 off yelp, you know, bless his heart, Paul. He's been awesome. 0:14:15.600 --> 0:14:17.360 I just don't know if he's the right fit for 0:14:17.400 --> 0:14:19.200 me moving forward. So I got to start shopping for 0:14:19.240 --> 0:14:22.240 a new I think tax accountant, especially for tax year 0:14:22.320 --> 0:14:26.600 twenty eighteen, so one more professional to find. 0:14:26.680 --> 0:14:29.160 I know, I know, And honestly, it's it's hard because 0:14:29.160 --> 0:14:31.600 people are like, honestly, I've sent so many people to Carlos. 0:14:31.720 --> 0:14:34.160 He's like I am forbidden to say anything, like I 0:14:34.160 --> 0:14:35.360 can only say his first name. 0:14:36.920 --> 0:14:38.360 Don't worry d Well. 0:14:38.240 --> 0:14:41.200 Because I like, it's because it's hard, it's not necessarily 0:14:41.240 --> 0:14:43.400 easy to find a good account And I said that, 0:14:43.440 --> 0:14:46.440 I said, Carlos, do you know any other really good accountants? 0:14:46.440 --> 0:14:48.440 He's like I do, and I've passed the business I 0:14:48.440 --> 0:14:50.880 can't do onto them and now they can't handle any 0:14:50.880 --> 0:14:53.320 more business. I'm like wow, because you know it's really 0:14:53.440 --> 0:14:57.000 labor intense, like to intensive to like you know, prepare 0:14:57.040 --> 0:14:59.760 someone's tax, learn their businesses, understand the ins and out, 0:15:00.160 --> 0:15:01.760 really understand like what's going. 0:15:01.520 --> 0:15:02.520 On in their lives, you know. 0:15:02.640 --> 0:15:05.000 So he's like, you know, I'm limited in how how 0:15:05.000 --> 0:15:08.400 many people I can take on. And it's important, like 0:15:08.480 --> 0:15:12.240 you know, to find someone who you can share your 0:15:12.280 --> 0:15:13.960 life with, like you have to be able to be 0:15:14.120 --> 0:15:17.560 like like Carlos knows everything from like when I first started, 0:15:17.800 --> 0:15:20.120 you know, when I was teaching preschool and what was 0:15:20.160 --> 0:15:22.280 that like. And he knows when I was making next 0:15:22.280 --> 0:15:25.360 to nothing and just suggesting along the way and always 0:15:25.400 --> 0:15:29.880 tweaking every every quarter, you know. Like I spent about 0:15:29.880 --> 0:15:32.560 an hour with Carlos, and we don't just talk about money. 0:15:32.600 --> 0:15:34.760 I talk about like what's going on in life, because 0:15:34.800 --> 0:15:37.840 Carlos was always extracting stuff like wait, you didn't tell 0:15:37.880 --> 0:15:41.000 me that Xyz. You didn't tell me that, you know, 0:15:41.080 --> 0:15:42.800 you have a bonus starter, you didn't tell me, you know. 0:15:42.880 --> 0:15:44.440 So those things come up. 0:15:44.320 --> 0:15:50.360 And then he integrates those things into yeah, my tax plan. 0:15:50.480 --> 0:15:53.160 But even then, like I still am looking for the 0:15:53.160 --> 0:15:53.720 perfect I. 0:15:53.640 --> 0:15:56.360 Mean I I'm hoping Helen is going to work out 0:15:56.360 --> 0:15:58.160 because I need a financial planner. So me and you 0:15:58.160 --> 0:16:00.600 are in the same boat looking for some new new 0:16:00.640 --> 0:16:04.360 blood in the mix. We should have someone hit me 0:16:04.440 --> 0:16:06.520 up and said that we should have a show about 0:16:06.560 --> 0:16:07.600 building your money team. 0:16:09.040 --> 0:16:10.680 You know, I'm trying to let me do it first, 0:16:10.720 --> 0:16:13.080 and then I'm a holler at you about that show. 0:16:14.480 --> 0:16:16.160 How at you? All Right? 0:16:16.200 --> 0:16:17.120 What is the money team? 0:16:17.160 --> 0:16:17.400 I get? 0:16:17.400 --> 0:16:19.560 What is ideal for you? Yeah? It's hard. 0:16:20.240 --> 0:16:22.120 Yeah, it is like who Yeah, I mean, like you know, 0:16:22.160 --> 0:16:25.640 your accountant, maybe a financial advisor, a financial planner, and 0:16:25.720 --> 0:16:27.080 like kind of like that kind of stuff. It is 0:16:27.120 --> 0:16:29.840 hard to find. But one thing that Carlos told me 0:16:29.920 --> 0:16:31.680 this is just kind of like an aside that made 0:16:31.680 --> 0:16:33.280 me a little nervous, But I kind of have seen 0:16:33.280 --> 0:16:36.640 this too. He was like, he is noticing a trend, 0:16:37.240 --> 0:16:41.080 and he was like, he feels like some financial dark 0:16:41.160 --> 0:16:43.480 days are kind of coming, he said, because I'm noticing 0:16:43.520 --> 0:16:46.760 a trend in that although people are making more, they 0:16:46.800 --> 0:16:49.560 are less and less able to afford their life. And 0:16:49.640 --> 0:16:51.400 he said, I'm seeing it more and more in the 0:16:51.440 --> 0:16:54.880 office that people are struggling more even though they're making 0:16:54.920 --> 0:16:58.440 more and He's like, you know, it's it's worrying me. 0:16:58.520 --> 0:17:00.840 And he's like, are you seeing that? And I said 0:17:01.000 --> 0:17:03.880 a mix of yes and no, because I feel like, 0:17:03.920 --> 0:17:06.879 you know, dreamcatchers, like my audience, it's a little different 0:17:06.880 --> 0:17:10.000 because they're actively working on doing better. But I do 0:17:10.080 --> 0:17:12.040 kind of have been feeling that feeling too that He's like, 0:17:12.080 --> 0:17:15.520 people are spending more, things are getting more and more expensive, 0:17:16.000 --> 0:17:18.320 even though people's incomes are growing, he said, but it's 0:17:18.400 --> 0:17:20.800 He's like, honestly, it's making me a little nervous. He 0:17:20.960 --> 0:17:23.560 was like, I feel like, not necessarily that another recession 0:17:23.640 --> 0:17:26.280 is coming, but something is coming, he said, because I'm 0:17:26.359 --> 0:17:28.320 just seeing more and more people come into my office 0:17:28.320 --> 0:17:31.320 who you know, things are not getting better for them. 0:17:31.680 --> 0:17:34.199 Yeah, I mean that's the I mean, he's just hitting on, 0:17:34.359 --> 0:17:37.840 like the real problem with the economic recovery, it's that 0:17:37.960 --> 0:17:40.280 it's been And we talked about this when we did. 0:17:40.880 --> 0:17:44.560 We talked about the anniversary of the financial crisis, how 0:17:44.640 --> 0:17:47.280