1 00:00:02,000 --> 00:00:02,440 Speaker 1: Of course. 2 00:00:02,560 --> 00:00:04,400 Speaker 2: My partner, Stacy Tisdale is here. 3 00:00:04,840 --> 00:00:06,400 Speaker 1: Happy Wealth Wednesday, everybody. 4 00:00:06,440 --> 00:00:08,680 Speaker 3: We have a really exciting show for you today because 5 00:00:08,680 --> 00:00:11,520 Speaker 3: we're going to show you how to like taxes. 6 00:00:11,640 --> 00:00:15,280 Speaker 2: Oh that's to hate taxes. I hate taxes, but. 7 00:00:15,400 --> 00:00:17,280 Speaker 4: Not like just how to avoid paying them. I don't 8 00:00:17,280 --> 00:00:18,640 Speaker 4: care if you like them or don't like them. If 9 00:00:18,640 --> 00:00:19,439 Speaker 4: you don't want to pay him. 10 00:00:19,320 --> 00:00:19,560 Speaker 2: I want to. 11 00:00:23,440 --> 00:00:25,799 Speaker 1: I talked to you about it and I was like, wow, ye, 12 00:00:26,120 --> 00:00:29,320 Speaker 1: just the stuff you learn and everything. 13 00:00:29,520 --> 00:00:32,760 Speaker 2: My accountant called me and I almost passed out. I 14 00:00:32,800 --> 00:00:35,320 Speaker 2: was like, wow, how much? But yeah, So let's introduce 15 00:00:35,360 --> 00:00:35,960 Speaker 2: our guests. 16 00:00:36,040 --> 00:00:38,160 Speaker 1: We have Carter Cofield and he is. 17 00:00:38,080 --> 00:00:41,720 Speaker 3: The co host of melanin Money on YouTube, which is. 18 00:00:42,000 --> 00:00:44,559 Speaker 4: A great great financial literacy show. 19 00:00:44,440 --> 00:00:47,559 Speaker 3: Great financial literacy show, and UH learn a lot from that. 20 00:00:48,440 --> 00:00:51,839 Speaker 3: And it's really interesting. You are a tax expert, financial expert. 21 00:00:51,880 --> 00:00:55,240 Speaker 3: You've helped small businesses, celebrities, everybody get their money right. 22 00:00:55,760 --> 00:00:58,800 Speaker 3: But it's interesting how you came into this field in 23 00:00:58,840 --> 00:01:01,280 Speaker 3: the first place. So tell us audience, you know initially 24 00:01:01,280 --> 00:01:02,720 Speaker 3: how you got started as an accountant. 25 00:01:02,840 --> 00:01:05,440 Speaker 4: Yeah. So most people don't know is my my parents 26 00:01:05,520 --> 00:01:07,160 Speaker 4: died when I was young, right, so my mom dad 27 00:01:07,160 --> 00:01:09,200 Speaker 4: when I was fourteen, and my dad did when I 28 00:01:09,240 --> 00:01:12,120 Speaker 4: was sixteen, so and I graduated in O nine, so 29 00:01:12,160 --> 00:01:14,440 Speaker 4: right around the recession. So I was the epiton me, 30 00:01:14,480 --> 00:01:17,880 Speaker 4: if I don't have there's no fallback plan, right, So 31 00:01:18,240 --> 00:01:20,160 Speaker 4: when my guidance counselor asked me, like, what do you 32 00:01:20,160 --> 00:01:21,959 Speaker 4: want to be when you like go to college, I 33 00:01:22,000 --> 00:01:24,440 Speaker 4: went to the computer and typed in what job has 34 00:01:24,600 --> 00:01:27,720 Speaker 4: the lowest unemployment rate? Because I literally could not afford 35 00:01:27,760 --> 00:01:30,240 Speaker 4: to be unemployed because I watched my family and my 36 00:01:30,280 --> 00:01:33,479 Speaker 4: friend suffered from poverty. So like, when I googled it, 37 00:01:33,800 --> 00:01:38,800 Speaker 4: CPA was a number one profession that had no unemployment 38 00:01:38,880 --> 00:01:40,479 Speaker 4: during the whole through the whole recession. 39 00:01:40,520 --> 00:01:41,600 Speaker 2: So I want to look that up. 40 00:01:41,760 --> 00:01:43,920 Speaker 4: I want to do that, Yeah, because no matter what's 41 00:01:43,959 --> 00:01:45,200 Speaker 4: happened with the economy, people need. 42 00:01:45,200 --> 00:01:48,280 Speaker 5: To Yeah, they do, right, and you're less likely to 43 00:01:48,280 --> 00:01:51,600 Speaker 5: get audited, right if you use certified a CPA. 44 00:01:51,760 --> 00:01:53,760 Speaker 4: Yeah, exactly. So I was like, I'm going to college 45 00:01:53,760 --> 00:01:55,880 Speaker 4: for that. Then I went to I went to the 46 00:01:55,960 --> 00:01:58,520 Speaker 4: University of Illinois, which was one of the top colleges, and 47 00:01:58,640 --> 00:01:59,160 Speaker 4: here we are. 48 00:01:59,720 --> 00:02:02,200 Speaker 2: You did you always like numbers because some people I 49 00:02:02,240 --> 00:02:02,680 Speaker 2: love numbers. 50 00:02:02,720 --> 00:02:04,600 Speaker 4: I love money because I was always had the question 51 00:02:04,640 --> 00:02:06,400 Speaker 4: why don't we have it? Right? Like, I see people 52 00:02:06,400 --> 00:02:08,240 Speaker 4: with the money, but we don't have it, So I 53 00:02:08,280 --> 00:02:10,760 Speaker 4: want to learn how I can help attract it. So 54 00:02:10,800 --> 00:02:14,200 Speaker 4: I was always good with numbers, and CPA was just 55 00:02:14,240 --> 00:02:16,320 Speaker 4: the field that I chose to put my expertise in. 56 00:02:17,880 --> 00:02:19,440 Speaker 1: So you're passionate about this. 57 00:02:19,919 --> 00:02:23,960 Speaker 4: I am, because like as a culture, making money for 58 00:02:24,080 --> 00:02:26,760 Speaker 4: us just became like natural and like something that we 59 00:02:26,800 --> 00:02:28,799 Speaker 4: can attain. And as soon as we figure out that 60 00:02:28,840 --> 00:02:30,400 Speaker 4: we can make money, then we figure out about the 61 00:02:30,400 --> 00:02:32,720 Speaker 4: thing called taxes. Right now, we make a million dollars, 62 00:02:32,760 --> 00:02:34,079 Speaker 4: the uncle Stam wants to take half of. 63 00:02:34,040 --> 00:02:36,200 Speaker 5: It, right, But then we see people saving so much 64 00:02:36,240 --> 00:02:38,600 Speaker 5: on taxes that are making so much money. 65 00:02:38,720 --> 00:02:39,720 Speaker 2: What am I paying more? 66 00:02:40,360 --> 00:02:40,560 Speaker 1: Yeah? 67 00:02:40,919 --> 00:02:45,240 Speaker 5: Exactly, Jeff Bezos, my taxes is a billionaire literally. All right, Well, 68 00:02:45,280 --> 00:02:47,480 Speaker 5: let's get into some of these questions, because you know, 69 00:02:47,680 --> 00:02:49,520 Speaker 5: I have a lot when it comes to taxes. 70 00:02:49,560 --> 00:02:51,480 Speaker 2: Now, one thing I want to talk about is having 71 00:02:51,480 --> 00:02:52,079 Speaker 2: an LLC. 72 00:02:52,240 --> 00:02:55,120 Speaker 5: I see people talking about that a lot more recently 73 00:02:55,400 --> 00:02:57,480 Speaker 5: and saying when you graduate from college, you should have 74 00:02:57,520 --> 00:03:01,080 Speaker 5: an LLC right away. So can you talk about why 75 00:03:01,160 --> 00:03:02,560 Speaker 5: that's important or. 76 00:03:02,520 --> 00:03:03,200 Speaker 2: Is it important. 77 00:03:03,440 --> 00:03:06,080 Speaker 4: Yeah, So I don't know if the necessarily having the 78 00:03:06,240 --> 00:03:09,040 Speaker 4: LLC in place is important. I mean, you want to 79 00:03:09,080 --> 00:03:10,440 Speaker 4: have it, But I think the bigger tale when it 80 00:03:10,440 --> 00:03:12,920 Speaker 4: comes to taxes is that if you want to win 81 00:03:12,960 --> 00:03:14,640 Speaker 4: the game of taxes, you need to need to have 82 00:03:14,680 --> 00:03:18,080 Speaker 4: a business or become an investor. The tax code is 83 00:03:18,080 --> 00:03:21,440 Speaker 4: made for entrepreneurs and investors. If you're not one of 84 00:03:21,480 --> 00:03:23,520 Speaker 4: the two, you are playing yourself when it comes to taxes. 85 00:03:23,600 --> 00:03:26,120 Speaker 4: So I love the narrative like when you graduate college, 86 00:03:26,160 --> 00:03:29,440 Speaker 4: like start an LLC, start some type of small businesses, 87 00:03:29,480 --> 00:03:32,000 Speaker 4: because that way you'll be able to turn a lot 88 00:03:32,000 --> 00:03:36,320 Speaker 4: of your personal expenses into tax deductible business expenses. So 89 00:03:36,320 --> 00:03:38,960 Speaker 4: I think that's why everybody says good Llcup. 90 00:03:38,400 --> 00:03:40,000 Speaker 1: And you and I were talking just like overall. 91 00:03:40,000 --> 00:03:42,720 Speaker 3: We were talking about how much we hate taxes every 92 00:03:43,160 --> 00:03:45,600 Speaker 3: but how the rich and the middle class think of 93 00:03:45,680 --> 00:03:49,640 Speaker 3: taxes so differently, like having a tax paying season versus 94 00:03:49,680 --> 00:03:50,840 Speaker 3: tax saving season. 95 00:03:51,040 --> 00:03:53,760 Speaker 4: Yeah. Yeah, so our conversation before, I said that there 96 00:03:53,800 --> 00:03:57,000 Speaker 4: are actually two tax seasons. Most people think it's only one. 97 00:03:57,080 --> 00:03:59,960 Speaker 4: They think of tax season as January through April, right, 98 00:04:00,280 --> 00:04:02,760 Speaker 4: that is tax paying season. Most middle class people go 99 00:04:02,840 --> 00:04:05,080 Speaker 4: to their CPA in February and say how much am 100 00:04:05,120 --> 00:04:07,320 Speaker 4: I going to owe? That's what middle class do. The 101 00:04:07,440 --> 00:04:10,080 Speaker 4: wealthy do something different. The wealthy understand that tax saving 102 00:04:10,160 --> 00:04:13,480 Speaker 4: season is August through December, the last few months of 103 00:04:13,480 --> 00:04:15,640 Speaker 4: the year, and they go to their CPA and say, 104 00:04:15,760 --> 00:04:19,800 Speaker 4: what strategies can we implement so that I don't have 105 00:04:19,880 --> 00:04:22,720 Speaker 4: to pay taxes? And if you take care of business 106 00:04:22,800 --> 00:04:25,360 Speaker 4: during tax saving season, you don't have to worry about 107 00:04:25,360 --> 00:04:28,120 Speaker 4: nothing during tax paying season because you've done the work. Well, 108 00:04:28,200 --> 00:04:33,159 Speaker 4: let's talk about this, talk about it, let's get it, let's. 109 00:04:32,880 --> 00:04:35,120 Speaker 2: Get it for tax saving season. 110 00:04:35,240 --> 00:04:35,440 Speaker 1: Yes. 111 00:04:35,560 --> 00:04:37,480 Speaker 4: So, one thing I always tell people is to turn 112 00:04:37,640 --> 00:04:41,200 Speaker 4: your hobby into a side hustle. Right. So, for example, 113 00:04:41,240 --> 00:04:42,800 Speaker 4: I had a friend. She was a lawyer. They get 114 00:04:42,800 --> 00:04:44,760 Speaker 4: one hundred and fifty thousand dollars a year getting killed 115 00:04:44,760 --> 00:04:47,680 Speaker 4: when it came to taxes. Her hobby was traveling. She 116 00:04:47,800 --> 00:04:49,680 Speaker 4: loved to travel the world and eat at five star 117 00:04:49,760 --> 00:04:53,920 Speaker 4: restaurants all across the right. I'm sure, I'm sure you 118 00:04:54,000 --> 00:04:57,880 Speaker 4: can attest. Right, So we sat down for lunch. She's like, Carter, 119 00:04:58,040 --> 00:04:59,640 Speaker 4: is there anyway I can write these trips off? I 120 00:04:59,680 --> 00:05:02,720 Speaker 4: was like, you have a business. She said, no, I said, okay, well, 121 00:05:03,000 --> 00:05:05,640 Speaker 4: let's turn this hobby into a side hustle. So she 122 00:05:05,760 --> 00:05:10,359 Speaker 4: started a vlog about the best restaurants to eat in 123 00:05:10,400 --> 00:05:13,359 Speaker 4: different countries. She started getting subscribers to her blog, she 124 00:05:13,360 --> 00:05:15,479 Speaker 4: started making money off her ebooks. She only made like 125 00:05:15,560 --> 00:05:17,960 Speaker 4: two or three thousand dollars in sales from that side business. 126 00:05:18,040 --> 00:05:21,120 Speaker 4: But what it did is it unlocked all those deductions. 127 00:05:21,160 --> 00:05:23,920 Speaker 4: So the IRS says, if you have a business, any 128 00:05:24,040 --> 00:05:27,120 Speaker 4: expense that is both ordinary or necessary to operate that 129 00:05:27,200 --> 00:05:28,880 Speaker 4: business is tax deductible. 130 00:05:29,000 --> 00:05:31,000 Speaker 2: So you have to travel, you have to eat at these. 131 00:05:30,839 --> 00:05:34,000 Speaker 4: You're to travel, and you have something hotel. It was 132 00:05:34,040 --> 00:05:36,880 Speaker 4: a loss exactly. So now she might have made two 133 00:05:36,880 --> 00:05:39,080 Speaker 4: thousand dollars in her business, but she might have lost 134 00:05:39,160 --> 00:05:42,200 Speaker 4: twenty five thousand dollars in her taxes. That loss from 135 00:05:42,240 --> 00:05:45,560 Speaker 4: her business to subtracted from her income at W two job, right, 136 00:05:45,680 --> 00:05:47,159 Speaker 4: so she didn't have get like a ten or fifteen 137 00:05:47,160 --> 00:05:48,680 Speaker 4: thousand dollars tax rEFInd. 138 00:05:48,320 --> 00:05:49,800 Speaker 2: It's worth it, and she also. 139 00:05:49,839 --> 00:05:50,840 Speaker 4: Has traveled the world. 140 00:05:51,040 --> 00:05:53,480 Speaker 2: I'm standing like, you're already doing it doing it anyway. 141 00:05:53,520 --> 00:05:55,320 Speaker 4: Why don't you, whatever your hobby is, find a way 142 00:05:55,360 --> 00:05:58,480 Speaker 4: to monetize it. Once you make that dollar in your hobby, 143 00:05:58,480 --> 00:05:59,599 Speaker 4: you unlock all those. 144 00:05:59,480 --> 00:06:02,919 Speaker 5: Deductions, right, and then even certain things like say she 145 00:06:03,120 --> 00:06:05,880 Speaker 5: went out to eat with you, that's a business expense because. 146 00:06:05,600 --> 00:06:07,360 Speaker 4: I pay for that meal, by the way, because she 147 00:06:07,400 --> 00:06:09,080 Speaker 4: didn't have a business yet, So I was like my 148 00:06:09,160 --> 00:06:12,760 Speaker 4: car because there's taxes deft to me. Exactly, I'm going 149 00:06:12,800 --> 00:06:14,440 Speaker 4: to take that dusk exactly. 150 00:06:14,560 --> 00:06:17,440 Speaker 3: Any anything, I can just start a blog post about 151 00:06:17,440 --> 00:06:18,480 Speaker 3: anything and then it. 152 00:06:18,440 --> 00:06:22,159 Speaker 4: Has Yeah, So like as long as you monetize that business. 153 00:06:22,200 --> 00:06:24,120 Speaker 4: So I think the other thing people can do is, like, 154 00:06:24,920 --> 00:06:27,480 Speaker 4: whatever your job is paying to do from nine to five, right, 155 00:06:27,880 --> 00:06:30,200 Speaker 4: somebody else would pay to do that same thing from 156 00:06:30,200 --> 00:06:32,560 Speaker 4: five to nine. Start to side business. If you're an 157 00:06:32,600 --> 00:06:34,800 Speaker 4: assistant at W at your W two job, you know 158 00:06:34,800 --> 00:06:37,159 Speaker 4: how men business owners need an assistant, right, just do 159 00:06:37,200 --> 00:06:39,440 Speaker 4: it after hours. Start making money in your side business. 160 00:06:39,480 --> 00:06:41,840 Speaker 4: You can start writing off things like your travel, your rents. 161 00:06:41,839 --> 00:06:44,680 Speaker 4: Would we'll talk about if I want to your automobiles. 162 00:06:44,920 --> 00:06:48,120 Speaker 4: All these things that were already paying for our business 163 00:06:48,120 --> 00:06:50,000 Speaker 4: can be paid for and we can start saving a 164 00:06:50,000 --> 00:06:50,440 Speaker 4: lot of money. 165 00:06:50,480 --> 00:06:52,400 Speaker 5: Now, what if you drive to work, right, let's just 166 00:06:52,440 --> 00:06:54,440 Speaker 5: say you don't have this sad hustle, but you drive 167 00:06:54,480 --> 00:06:57,880 Speaker 5: to work, would your car be considered a business expense? 168 00:06:57,880 --> 00:06:59,920 Speaker 5: And let's say you also, at your job have to 169 00:07:00,200 --> 00:07:03,320 Speaker 5: work from home at times? Is that also potential to 170 00:07:03,360 --> 00:07:03,880 Speaker 5: write that off? 171 00:07:04,240 --> 00:07:06,640 Speaker 4: None of this stuff is tax deductible if you only 172 00:07:06,680 --> 00:07:09,680 Speaker 4: have a W two job. That's what sucks because. 173 00:07:09,560 --> 00:07:10,880 Speaker 1: Of virtual your computer. 174 00:07:11,120 --> 00:07:13,400 Speaker 4: If you could literally be working from home using your 175 00:07:13,400 --> 00:07:15,480 Speaker 4: personal vehicle, all this, But if you have a W 176 00:07:15,600 --> 00:07:19,200 Speaker 4: two job, the IRS says no. The moment you start 177 00:07:19,200 --> 00:07:22,280 Speaker 4: the business, the IRS says yes. Okay, So why don't 178 00:07:22,320 --> 00:07:24,880 Speaker 4: we start businesses? You know what I'm saying. And I 179 00:07:24,880 --> 00:07:27,400 Speaker 4: think it's because the education system taught us to get 180 00:07:27,400 --> 00:07:30,240 Speaker 4: a job. If you think about it, who pays for 181 00:07:30,280 --> 00:07:31,320 Speaker 4: the education system? 182 00:07:31,440 --> 00:07:31,720 Speaker 2: Right? 183 00:07:32,040 --> 00:07:33,560 Speaker 4: The government pays with our tax dollars? 184 00:07:33,600 --> 00:07:36,000 Speaker 5: And we don't think about taxes either when we're in school. 185 00:07:36,440 --> 00:07:39,440 Speaker 5: I don't feel like I've ever had taxes come up 186 00:07:39,480 --> 00:07:40,320 Speaker 5: in a conversation. 187 00:07:40,880 --> 00:07:41,120 Speaker 2: Now. 188 00:07:41,240 --> 00:07:42,400 Speaker 5: You know what else I want to ask you. A 189 00:07:42,400 --> 00:07:46,720 Speaker 5: lot of people moving to other states for tax purposes. 190 00:07:46,760 --> 00:07:49,440 Speaker 5: Can you talk about that? Because I always hear, Oh, 191 00:07:49,480 --> 00:07:52,440 Speaker 5: I'm moving into Texas, I'm moving to Florida, I'm moving 192 00:07:52,480 --> 00:07:53,160 Speaker 5: to Puerto Rico. 193 00:07:53,640 --> 00:07:55,600 Speaker 4: Yeah, so if you move to a state that has 194 00:07:55,720 --> 00:07:58,040 Speaker 4: no state taxes, you avoid state taxing. 195 00:07:58,080 --> 00:07:59,960 Speaker 2: How many states are there that nine? 196 00:08:00,200 --> 00:08:01,840 Speaker 4: Okay, don't ask me name, I know, I know if 197 00:08:01,840 --> 00:08:06,960 Speaker 4: we have Florida, we got Texas, we got Wyoming, Okay, 198 00:08:07,080 --> 00:08:09,400 Speaker 4: we got Vegas, Nevada. 199 00:08:09,480 --> 00:08:13,440 Speaker 5: So that could be worthwhile though, I mean if you 200 00:08:13,480 --> 00:08:18,200 Speaker 5: have the ability to be able to move, because especially 201 00:08:18,240 --> 00:08:20,480 Speaker 5: for I know somebody who got a huge chunk of money, 202 00:08:20,480 --> 00:08:23,400 Speaker 5: but they moved first before they ended up getting that 203 00:08:23,520 --> 00:08:24,720 Speaker 5: money from. 204 00:08:24,720 --> 00:08:27,240 Speaker 4: That reason, probably say five to ten percent. So they 205 00:08:27,320 --> 00:08:29,000 Speaker 4: got a million dollars check they just say fifty two 206 00:08:28,960 --> 00:08:30,880 Speaker 4: one hundred thousand dollars by moving Somewhere. 207 00:08:31,320 --> 00:08:33,920 Speaker 3: You were talking about cars, Yeah, so you would you 208 00:08:34,040 --> 00:08:37,240 Speaker 3: told me about a really interesting way to save a 209 00:08:37,240 --> 00:08:40,280 Speaker 3: lot of money on your car expenses by writing them off. 210 00:08:40,400 --> 00:08:45,800 Speaker 4: Yeah. Yeah, So right now, vehicles are so last year 211 00:08:45,800 --> 00:08:47,679 Speaker 4: and this year. Vehicles are probably one of the easiest 212 00:08:47,720 --> 00:08:51,040 Speaker 4: and most advantaged tax deductions you can take. Right So, 213 00:08:51,160 --> 00:08:53,280 Speaker 4: let's say somebody has a W two job and I 214 00:08:53,400 --> 00:08:55,160 Speaker 4: want to start a business, but they have a vehicle. 215 00:08:56,160 --> 00:08:58,680 Speaker 4: If they rent that vehicle out while they're at work, 216 00:08:59,000 --> 00:09:01,079 Speaker 4: like put it on touro, put it on higher car, 217 00:09:01,840 --> 00:09:04,720 Speaker 4: they are vehicles now with business right, so they're making 218 00:09:04,720 --> 00:09:06,760 Speaker 4: money from their vehicle. So now they're able to write 219 00:09:06,760 --> 00:09:09,800 Speaker 4: off all expenses related to that vehicle, interest on your 220 00:09:09,800 --> 00:09:14,760 Speaker 4: car note, gas repairs, car washes, parking, insurance, and this 221 00:09:14,840 --> 00:09:18,640 Speaker 4: thing called depreciation. So what IRS says is that if 222 00:09:18,720 --> 00:09:20,560 Speaker 4: you hit a car and it weighs over six thousand pounds, 223 00:09:20,640 --> 00:09:22,439 Speaker 4: this is what I'll see all over social media. Right, 224 00:09:23,280 --> 00:09:25,160 Speaker 4: you get to write off this year eighty percent of 225 00:09:25,200 --> 00:09:27,360 Speaker 4: the value of the car. So if you went and 226 00:09:27,400 --> 00:09:31,520 Speaker 4: financed the Cadillac Escalate and it was one hundred thousand dollars, 227 00:09:31,760 --> 00:09:34,880 Speaker 4: you would get an eighty thousand dollars tax reduction. Today 228 00:09:35,720 --> 00:09:39,800 Speaker 4: that alone wipes out most people's tax bill completely. So 229 00:09:39,840 --> 00:09:42,079 Speaker 4: you put no money, you got the car using your business, 230 00:09:42,120 --> 00:09:43,360 Speaker 4: you wrote it off, and you save eighty tw one 231 00:09:43,400 --> 00:09:44,040 Speaker 4: hundred thousand dollars. 232 00:09:44,080 --> 00:09:47,360 Speaker 1: Doesn't matter how I like, once a year. 233 00:09:47,559 --> 00:09:49,760 Speaker 4: So the interesting thing about the play I did. That's 234 00:09:49,760 --> 00:09:52,760 Speaker 4: a good question. So the interesting thing about that play 235 00:09:53,200 --> 00:09:56,360 Speaker 4: is the IRS says your car has to be used 236 00:09:56,360 --> 00:09:59,000 Speaker 4: at least fifty percent for your business. Okay, now, when 237 00:09:59,040 --> 00:10:01,280 Speaker 4: you rent it out, not about how many times it's rented, 238 00:10:01,960 --> 00:10:06,040 Speaker 4: how many times it's available to rents. So if you 239 00:10:06,120 --> 00:10:07,920 Speaker 4: rent it out like two times and then you jack 240 00:10:07,960 --> 00:10:09,720 Speaker 4: the price up high, so nobody rents it out because 241 00:10:09,720 --> 00:10:12,040 Speaker 4: you really don't want people using your car. As long 242 00:10:12,080 --> 00:10:15,960 Speaker 4: as it's available for rent, that counts towards the fifty percent, okay. 243 00:10:16,200 --> 00:10:19,520 Speaker 2: Or if somebody rented out, you just got a huge. 244 00:10:18,800 --> 00:10:23,000 Speaker 4: Yeah yeah exactly, yeah, yeah exactly. So I think that 245 00:10:23,000 --> 00:10:25,120 Speaker 4: that's something that any W two person can do. You 246 00:10:25,200 --> 00:10:27,959 Speaker 4: go on to work, rent list your car, have your car, 247 00:10:28,040 --> 00:10:30,640 Speaker 4: make money while you're at work, and then you get 248 00:10:30,720 --> 00:10:33,319 Speaker 4: you know, it's ten twenty thirty, forty fifty thousand dollars 249 00:10:33,320 --> 00:10:35,559 Speaker 4: deduction depending on what type of vehicle you have. 250 00:10:35,720 --> 00:10:37,800 Speaker 3: I'm hearing so much more about this renting your car, 251 00:10:37,840 --> 00:10:40,840 Speaker 3: putting your car to work. Isn't it just a tremendous liability? 252 00:10:41,520 --> 00:10:43,280 Speaker 4: Well, it depends what company you use. So that's how 253 00:10:43,320 --> 00:10:46,160 Speaker 4: I first started, Like my first my first business, I 254 00:10:46,200 --> 00:10:48,439 Speaker 4: was working in Corporate America making a hundred thousand dollars 255 00:10:48,800 --> 00:10:51,800 Speaker 4: as a CPA. I learned about this tax stuff because 256 00:10:51,800 --> 00:10:55,200 Speaker 4: all CPA doesn't know about tax savings. I learned about this. 257 00:10:55,280 --> 00:10:57,839 Speaker 4: I said, okay, bet watch this. I rented my car 258 00:10:57,880 --> 00:10:59,680 Speaker 4: out while I was at work and I ended up 259 00:10:59,720 --> 00:11:02,319 Speaker 4: being like a twelve thousand dollars refund that next year 260 00:11:02,320 --> 00:11:04,480 Speaker 4: from all the deductions that my car had. And yeah, 261 00:11:04,520 --> 00:11:06,440 Speaker 4: people might get in an accident in your car, but 262 00:11:06,520 --> 00:11:08,600 Speaker 4: that's where the company comes in and pays you. 263 00:11:09,160 --> 00:11:11,480 Speaker 1: So like, yeah. 264 00:11:11,360 --> 00:11:17,240 Speaker 4: Yeah, so I can say this, so so no somebody 265 00:11:17,280 --> 00:11:19,040 Speaker 4: will get and I rent my car out on to 266 00:11:19,320 --> 00:11:22,160 Speaker 4: somebody got an accident, right, I went to the highest 267 00:11:23,360 --> 00:11:25,200 Speaker 4: bidder and they told me to be eight thousand dollars 268 00:11:25,240 --> 00:11:26,840 Speaker 4: for me to fix it. Toro cut me a check 269 00:11:26,880 --> 00:11:29,199 Speaker 4: for eight thousand dollars. Then I go to my friends 270 00:11:29,200 --> 00:11:31,480 Speaker 4: dealership who can do it for four thousand, right, And 271 00:11:31,520 --> 00:11:34,600 Speaker 4: that's part of the difference. Okay, So I don't think 272 00:11:34,600 --> 00:11:37,440 Speaker 4: it's that much liability if you because if you go 273 00:11:37,520 --> 00:11:39,960 Speaker 4: through the right means, Now Touro is the company, I 274 00:11:40,520 --> 00:11:42,400 Speaker 4: is anything other than that. I can't promise you that, 275 00:11:42,440 --> 00:11:44,079 Speaker 4: but they used to. They will cut check based off 276 00:11:44,080 --> 00:11:44,800 Speaker 4: whatever quote you get. 277 00:11:44,880 --> 00:11:46,760 Speaker 2: To make sure whichever company, if you do this, you 278 00:11:46,920 --> 00:11:48,400 Speaker 2: check what they're Hey. 279 00:11:48,640 --> 00:11:49,360 Speaker 4: Look, I would. 280 00:11:52,920 --> 00:11:54,720 Speaker 5: Also I want to make sure that as we are 281 00:11:54,760 --> 00:11:58,160 Speaker 5: talking about texts, we're also talking about retiring in the future, 282 00:11:58,400 --> 00:12:02,520 Speaker 5: savings and investments, right, And so let's talk about the 283 00:12:02,559 --> 00:12:06,760 Speaker 5: benefit of you know, putting money into a retirement or 284 00:12:06,800 --> 00:12:09,640 Speaker 5: a savings plan, but the tax deductions that you get 285 00:12:09,640 --> 00:12:09,920 Speaker 5: from that. 286 00:12:10,600 --> 00:12:13,600 Speaker 4: Yeah. So a key that I think the world needs 287 00:12:13,640 --> 00:12:16,080 Speaker 4: to understand is that the more you invest, the less 288 00:12:16,120 --> 00:12:18,760 Speaker 4: you pay the irs. Right, And that's what real estate 289 00:12:18,800 --> 00:12:21,480 Speaker 4: stocks whatever. So when you invest in these four one 290 00:12:21,559 --> 00:12:25,000 Speaker 4: K retirement plans, you get let's say you invest ten 291 00:12:25,040 --> 00:12:27,160 Speaker 4: thousand dollars here four one K. Yeah, you just invested 292 00:12:27,200 --> 00:12:29,400 Speaker 4: ten thousand dollars, but you also get a ten thousand 293 00:12:29,400 --> 00:12:32,640 Speaker 4: dollars tax deduction for doing so. So you're making money twice. 294 00:12:32,640 --> 00:12:34,640 Speaker 4: You're making money from the investment and you're making money 295 00:12:34,640 --> 00:12:37,079 Speaker 4: from the money that you save from the contribution. 296 00:12:37,360 --> 00:12:40,880 Speaker 5: Hey, some people think that because I don't have any 297 00:12:40,920 --> 00:12:44,520 Speaker 5: savings or I don't have any money extra, I'm living 298 00:12:44,600 --> 00:12:47,920 Speaker 5: check to check, that I can't afford to put into 299 00:12:47,960 --> 00:12:49,680 Speaker 5: a retirement or a savings plan. 300 00:12:49,760 --> 00:12:52,400 Speaker 2: But you can because this is actually going to come 301 00:12:52,400 --> 00:12:52,760 Speaker 2: back to. 302 00:12:52,720 --> 00:12:55,239 Speaker 4: You saving you money in taxes. So the more you contribute, 303 00:12:55,240 --> 00:12:57,560 Speaker 4: the higher refund is likely going to be. And as 304 00:12:57,600 --> 00:13:00,760 Speaker 4: long as you're using your refund for you know, smart things, 305 00:13:00,800 --> 00:13:02,440 Speaker 4: you'll be putting yourself off in a better position. 306 00:13:02,600 --> 00:13:04,920 Speaker 5: I learned that in my super broke day, you know, 307 00:13:04,960 --> 00:13:07,800 Speaker 5: when I started my roth ira and my four oh 308 00:13:07,840 --> 00:13:10,280 Speaker 5: one K to have the money go straight into that, 309 00:13:10,320 --> 00:13:12,960 Speaker 5: but then also knowing that it was deductible. 310 00:13:13,080 --> 00:13:15,200 Speaker 3: So yeah, and I think that so you have to 311 00:13:15,200 --> 00:13:17,079 Speaker 3: be you have to be deducting. 312 00:13:17,760 --> 00:13:20,679 Speaker 4: Well, I mean, whoever's doing your taxes, Yeah, you have to. 313 00:13:22,400 --> 00:13:24,400 Speaker 4: Don't do your own taxes because you're probably gonna you're 314 00:13:24,440 --> 00:13:27,600 Speaker 4: gonna cast yourself more mistakes. You will trying to you know, 315 00:13:27,679 --> 00:13:28,200 Speaker 4: out smarter. 316 00:13:28,160 --> 00:13:29,760 Speaker 1: You know you have to, you have to be able. 317 00:13:29,880 --> 00:13:32,679 Speaker 3: You're doing tax deductions instead of just the standard deduction. 318 00:13:33,160 --> 00:13:36,040 Speaker 4: No, no, so you asked me about standard are itemizing? No, 319 00:13:37,120 --> 00:13:38,720 Speaker 4: the moment you contribute to a four one K, no 320 00:13:38,800 --> 00:13:41,679 Speaker 4: matter if you itemize or not, you get the deduction. 321 00:13:43,200 --> 00:13:46,360 Speaker 4: So so you want to make sure that you're contributing 322 00:13:46,600 --> 00:13:48,760 Speaker 4: to a four one K or ira. I think the 323 00:13:48,840 --> 00:13:52,120 Speaker 4: bigger thing that people don't contribute is because. 324 00:13:51,840 --> 00:13:54,840 Speaker 1: They terrified that they don't have the day to day No. 325 00:13:54,760 --> 00:13:57,080 Speaker 4: They're terrified they can't use the money to their sixty 326 00:13:57,160 --> 00:14:00,000 Speaker 4: But not true. But because right, well we'll talk about 327 00:14:00,040 --> 00:14:03,400 Speaker 4: the second not true. 328 00:14:04,600 --> 00:14:05,600 Speaker 2: If you want to buy a home. 329 00:14:05,720 --> 00:14:08,520 Speaker 4: Yeah, yeah, well actually so there's there's the way outside 330 00:14:08,520 --> 00:14:10,120 Speaker 4: of that that. There's that way, but there's a way 331 00:14:10,120 --> 00:14:12,679 Speaker 4: outside of that. So most people don't contribute to retirement 332 00:14:12,760 --> 00:14:15,559 Speaker 4: plans because they say, well, what happens if I have 333 00:14:15,559 --> 00:14:17,760 Speaker 4: an emergency? Now, if I'm not fifty nine and a half, 334 00:14:17,800 --> 00:14:19,400 Speaker 4: I'm gonna have to pay taxes and penalties if I 335 00:14:19,480 --> 00:14:24,800 Speaker 4: use the money early. Maybe seventy percent of four one 336 00:14:24,880 --> 00:14:28,680 Speaker 4: K providers have a loan provision in their full one K. 337 00:14:29,480 --> 00:14:31,400 Speaker 4: Most people don't know that. So if you look at 338 00:14:31,400 --> 00:14:33,640 Speaker 4: your full one K documents, seventy percent of employers will 339 00:14:33,640 --> 00:14:36,520 Speaker 4: allow you to take a loan against the money and 340 00:14:36,520 --> 00:14:39,240 Speaker 4: your full one K for up to fifty thousand dollars 341 00:14:39,600 --> 00:14:40,920 Speaker 4: or fifty percent whatever's left. 342 00:14:41,040 --> 00:14:42,400 Speaker 2: You just have to pay it back in a certain 343 00:14:42,400 --> 00:14:42,880 Speaker 2: amount of time. 344 00:14:42,920 --> 00:14:44,720 Speaker 4: You have to pay it back within five years. But 345 00:14:44,760 --> 00:14:47,840 Speaker 4: the interest rates are better than any other interest what 346 00:14:47,920 --> 00:14:50,120 Speaker 4: you'll get in today's environment. I think right now you're 347 00:14:50,120 --> 00:14:54,200 Speaker 4: paying eight to ten percent on interest. But when you 348 00:14:54,240 --> 00:14:57,000 Speaker 4: borrow from your own four to one K, you pay, 349 00:14:57,040 --> 00:14:58,960 Speaker 4: you may pay the loan back who you paying. 350 00:14:58,720 --> 00:15:00,600 Speaker 2: Interests back to yourself exactly. 351 00:15:00,680 --> 00:15:04,920 Speaker 4: I'd rather pay interest to myself then Chase for twenty 352 00:15:04,960 --> 00:15:07,400 Speaker 4: five percent or another credit card company for twenty five percent. 353 00:15:07,640 --> 00:15:09,400 Speaker 4: So most people can take a loan from their full 354 00:15:09,440 --> 00:15:11,320 Speaker 4: one k and use that money if they were to 355 00:15:11,320 --> 00:15:13,360 Speaker 4: have an emergency. And I think if they knew that 356 00:15:13,360 --> 00:15:14,920 Speaker 4: they could take a loan from it in case of 357 00:15:14,960 --> 00:15:18,360 Speaker 4: an emergency, more people will be prone to leverage you 358 00:15:18,520 --> 00:15:19,080 Speaker 4: in the first place. 359 00:15:19,080 --> 00:15:20,600 Speaker 5: But the only problem is if you don't pay it 360 00:15:20,640 --> 00:15:23,160 Speaker 5: back also within the five years, and that can be 361 00:15:23,240 --> 00:15:23,640 Speaker 5: an issue. 362 00:15:23,720 --> 00:15:25,960 Speaker 4: Yeah, if you don't pay it back within the five years, 363 00:15:25,960 --> 00:15:28,200 Speaker 4: that whatever you took out is just a distribution, So 364 00:15:28,280 --> 00:15:30,720 Speaker 4: pay it back. But I would rather somebody use that 365 00:15:30,800 --> 00:15:33,200 Speaker 4: as a loan than taking a loan back, taking a 366 00:15:33,240 --> 00:15:35,440 Speaker 4: loan from another company at twenty five thirty percent. 367 00:15:35,880 --> 00:15:38,600 Speaker 1: Just takeout, don't take out more than you know your compare. 368 00:15:38,280 --> 00:15:39,800 Speaker 4: It, and then what are you taking out for? Is 369 00:15:39,800 --> 00:15:43,680 Speaker 4: the better? Better question? We all get clear because what 370 00:15:44,640 --> 00:15:46,600 Speaker 4: we've had, what I've had some of my clients do 371 00:15:47,280 --> 00:15:49,560 Speaker 4: is they'll take a loan against they're fall one K 372 00:15:49,840 --> 00:15:52,240 Speaker 4: to buy a real estate property. Then they'll have the 373 00:15:52,360 --> 00:15:54,480 Speaker 4: cash for from the real estate pay off the loan. 374 00:15:55,080 --> 00:15:59,080 Speaker 4: So now they're using their asset to generate more assets. 375 00:15:59,320 --> 00:16:01,280 Speaker 5: Now, what if say you had some really high interest 376 00:16:01,360 --> 00:16:04,560 Speaker 5: rate credit cards and you said, you know what, these 377 00:16:04,600 --> 00:16:05,800 Speaker 5: interest rates are so high? 378 00:16:06,520 --> 00:16:09,400 Speaker 2: Would that be something that a person would consider doing. 379 00:16:09,680 --> 00:16:11,640 Speaker 4: Yeah, I mean if you if you have high interest 380 00:16:11,640 --> 00:16:15,800 Speaker 4: credit card debt, that that's making the loan America. Now 381 00:16:15,840 --> 00:16:17,560 Speaker 4: you got to pay. Now you get two thousand dollars 382 00:16:17,560 --> 00:16:20,040 Speaker 4: a month in credit card bills, I would think it's 383 00:16:20,040 --> 00:16:21,640 Speaker 4: a good idea to take them to brawl gets your 384 00:16:21,640 --> 00:16:23,240 Speaker 4: full one k pay it off. Because now we pay 385 00:16:23,240 --> 00:16:25,040 Speaker 4: your full one K back, you only might be paying 386 00:16:25,280 --> 00:16:30,280 Speaker 4: six hundred dollars a month instead exactly, So only take 387 00:16:30,280 --> 00:16:32,080 Speaker 4: the loan, like if you know what you're going to 388 00:16:32,160 --> 00:16:33,680 Speaker 4: do with the money and if it's wise. 389 00:16:33,760 --> 00:16:36,960 Speaker 2: Now, another hack you talk about is paying your children. Yeah, 390 00:16:37,040 --> 00:16:38,760 Speaker 2: do your business, so discuss that. 391 00:16:39,240 --> 00:16:41,520 Speaker 4: Well, this is like when I was working with wealthy 392 00:16:41,560 --> 00:16:44,040 Speaker 4: clients in corporate America. This is what I saw each 393 00:16:44,480 --> 00:16:48,520 Speaker 4: and every one of them doing. And it's because it's 394 00:16:48,560 --> 00:16:50,400 Speaker 4: so many principles inside that we need to understand as 395 00:16:50,440 --> 00:16:53,280 Speaker 4: a culture. Right, So if you have a business, which 396 00:16:53,320 --> 00:16:56,360 Speaker 4: we all should have, we just talked about that, and 397 00:16:56,440 --> 00:16:58,680 Speaker 4: your kids working your business, this could be shredding paper, 398 00:16:58,800 --> 00:17:02,040 Speaker 4: doing your social media, answer phones, whatever. You can pay 399 00:17:02,080 --> 00:17:05,720 Speaker 4: your kids up to thirteen eight hundred and fifty dollars each. 400 00:17:07,320 --> 00:17:10,439 Speaker 4: You receive the tax deduction for paying your kids, and 401 00:17:10,520 --> 00:17:13,000 Speaker 4: your kids receive the money tax free as long as 402 00:17:13,040 --> 00:17:16,119 Speaker 4: they're below the age of seventeen. So instead of like 403 00:17:16,760 --> 00:17:19,560 Speaker 4: making money and then paying your kids with money that 404 00:17:19,600 --> 00:17:21,879 Speaker 4: you've already been taxed on, why don't you pay your 405 00:17:21,920 --> 00:17:24,720 Speaker 4: kids from your business so that you, as the owner, 406 00:17:24,760 --> 00:17:26,920 Speaker 4: can get a deduction and the kids can receive the 407 00:17:26,960 --> 00:17:28,760 Speaker 4: money tax free. And if you want to take it 408 00:17:28,760 --> 00:17:31,280 Speaker 4: a step further than that, don't let the kids spend 409 00:17:31,280 --> 00:17:34,320 Speaker 4: the whole thirteen eight hundred and fifty Take sixty five 410 00:17:34,400 --> 00:17:38,439 Speaker 4: hundred of that and put it into their wroth ira. Right, So, 411 00:17:38,520 --> 00:17:40,840 Speaker 4: now you've paid your kids from your business, you've got 412 00:17:40,880 --> 00:17:43,680 Speaker 4: a tax deduction, your kids receive the money tax free, 413 00:17:43,760 --> 00:17:46,119 Speaker 4: and angel as you know, wroth iras are never taxing 414 00:17:46,119 --> 00:17:48,400 Speaker 4: if you're paying, So now you're putting money into another 415 00:17:48,400 --> 00:17:50,040 Speaker 4: account that's never going to be taxed. And if you 416 00:17:50,080 --> 00:17:52,679 Speaker 4: do this when your kids are aged six, by the 417 00:17:52,680 --> 00:17:54,680 Speaker 4: time they're seventeen, they will have one hundred and fifty 418 00:17:54,680 --> 00:17:57,440 Speaker 4: thousand dollars of tax free money. If you want to 419 00:17:57,480 --> 00:18:00,360 Speaker 4: go to college, see here's that. If you don't want 420 00:18:00,359 --> 00:18:01,760 Speaker 4: to start a business, use that. 421 00:18:02,720 --> 00:18:03,560 Speaker 2: Your son aged doubt. 422 00:18:05,600 --> 00:18:07,880 Speaker 4: That was our first question, was age. 423 00:18:07,920 --> 00:18:09,840 Speaker 1: I was like, yeah, it's like, well what happened to 424 00:18:10,119 --> 00:18:12,040 Speaker 1: But you can do stuff. If they're over each yeah, 425 00:18:12,080 --> 00:18:12,680 Speaker 1: you can still. 426 00:18:12,520 --> 00:18:15,639 Speaker 4: Pay them, but all of the money won't be tax free. 427 00:18:16,119 --> 00:18:16,240 Speaker 3: You know. 428 00:18:16,520 --> 00:18:19,520 Speaker 4: You know what I'm saying. I would rather pay my 429 00:18:19,600 --> 00:18:23,160 Speaker 4: kids with after tax money, and then if you want 430 00:18:23,160 --> 00:18:25,600 Speaker 4: something use this money. Don't use us using my money 431 00:18:25,640 --> 00:18:27,679 Speaker 4: that have already pay taxes on. So I think that 432 00:18:28,200 --> 00:18:30,199 Speaker 4: if we all did that, we would set ourselves up, 433 00:18:30,720 --> 00:18:32,880 Speaker 4: but we'll also set up our future generation. 434 00:18:33,280 --> 00:18:35,360 Speaker 5: Now, another thing that you can do that you talk 435 00:18:35,440 --> 00:18:40,199 Speaker 5: about is renting out your home to your business. That's crazy, 436 00:18:41,080 --> 00:18:41,960 Speaker 5: So how does that work? 437 00:18:42,040 --> 00:18:46,800 Speaker 4: Okay, so you went crazy on the phone. 438 00:18:48,480 --> 00:18:50,000 Speaker 2: This is what I'm actually about to do. 439 00:18:51,119 --> 00:18:54,080 Speaker 5: You're doing it for Yes, I have a two family 440 00:18:54,160 --> 00:18:57,200 Speaker 5: house and so for the rent of that is actually 441 00:18:57,240 --> 00:18:58,800 Speaker 5: going to be my business. 442 00:18:59,040 --> 00:18:59,440 Speaker 4: Perfect. 443 00:19:00,040 --> 00:19:02,960 Speaker 5: I'll be paying myself my business rent to be able 444 00:19:03,000 --> 00:19:04,960 Speaker 5: to use that for everything I have to do for work, 445 00:19:05,000 --> 00:19:06,719 Speaker 5: for recording, podcasting, all of that. 446 00:19:06,840 --> 00:19:07,960 Speaker 4: Well, I got a crazy play for you, and I 447 00:19:07,960 --> 00:19:09,280 Speaker 4: don't know if it's a good on camera, I'll give 448 00:19:09,320 --> 00:19:11,439 Speaker 4: to you after. Well, we could do it, or we 449 00:19:11,440 --> 00:19:12,920 Speaker 4: could do one is however you want to do it. 450 00:19:13,040 --> 00:19:15,840 Speaker 4: So the one of the strategies I love to teach 451 00:19:16,040 --> 00:19:20,400 Speaker 4: is a strategy is called the Augusta rule. So in Augusta, Georgia, 452 00:19:21,040 --> 00:19:24,040 Speaker 4: they have the golf master's tournaments. And what happened was 453 00:19:24,240 --> 00:19:26,440 Speaker 4: the people who lived in Augusta was like, okay, well, 454 00:19:26,600 --> 00:19:29,240 Speaker 4: I'm just gonna get a hotel and I'm gonna rent 455 00:19:29,280 --> 00:19:32,560 Speaker 4: out my primary residence. They were making ten twenty thousand 456 00:19:32,560 --> 00:19:35,159 Speaker 4: dollars a week from all these people going to the 457 00:19:35,160 --> 00:19:38,280 Speaker 4: golf tournament. And the IRS was like, okay, well we 458 00:19:38,320 --> 00:19:41,040 Speaker 4: want to tax that money because you all are making 459 00:19:41,080 --> 00:19:45,000 Speaker 4: money that's outside of our taxation. So but the people 460 00:19:45,080 --> 00:19:47,960 Speaker 4: of Augusta, Georgia, obviously it's a high network town. So 461 00:19:47,960 --> 00:19:51,720 Speaker 4: they end up winning the battle, of course, because his money. 462 00:19:51,520 --> 00:19:55,840 Speaker 6: Talks, right, because lawyers, yeah, the finest lawyers, right, So 463 00:19:55,880 --> 00:19:58,200 Speaker 6: they won the fight and the IRS had, hey, okay, 464 00:19:59,320 --> 00:20:03,400 Speaker 6: if you rent your primary residence for fourteen days or less, 465 00:20:03,760 --> 00:20:04,240 Speaker 6: you don't have. 466 00:20:04,160 --> 00:20:08,240 Speaker 4: To recognize the income on your tax retire cool. So 467 00:20:08,520 --> 00:20:10,840 Speaker 4: business owners got smart. I was like, wait, well, if 468 00:20:10,840 --> 00:20:13,880 Speaker 4: they can do it, can't we do it? So then 469 00:20:14,119 --> 00:20:16,960 Speaker 4: that then there became this play where if you have 470 00:20:17,080 --> 00:20:22,040 Speaker 4: a business, you can charge your business to use your 471 00:20:22,040 --> 00:20:25,080 Speaker 4: primary residence for whatever you want to do it. So, 472 00:20:25,160 --> 00:20:26,560 Speaker 4: let's say you want to shoo content in your home, 473 00:20:26,920 --> 00:20:31,119 Speaker 4: you can charge you can charge your business one thousand 474 00:20:31,119 --> 00:20:33,119 Speaker 4: dollars a day to use your home for content studio. 475 00:20:33,800 --> 00:20:36,360 Speaker 4: If you do have for fourteen days, that is fourteen 476 00:20:36,440 --> 00:20:38,920 Speaker 4: thousand dollars that you charge your business to use your home. 477 00:20:39,400 --> 00:20:43,359 Speaker 4: So your business gets a fourteen thousand dollars right off 478 00:20:43,560 --> 00:20:45,200 Speaker 4: for rent, just like if you was to use a 479 00:20:45,240 --> 00:20:48,280 Speaker 4: space right but you get to if you're the person 480 00:20:49,320 --> 00:20:51,119 Speaker 4: a pan of money too. So now you receive the 481 00:20:51,160 --> 00:20:53,960 Speaker 4: money tax free. So you can get a fourteen thousand 482 00:20:53,960 --> 00:20:57,160 Speaker 4: dollars tax reduction and you can receive fourteen thousand dollars 483 00:20:57,240 --> 00:21:00,280 Speaker 4: tax free. Now let's take it a step further. Yes, 484 00:21:00,720 --> 00:21:03,720 Speaker 4: let's say, so you get to choose what days you 485 00:21:03,760 --> 00:21:06,280 Speaker 4: want to rent out your primary residence. So what if 486 00:21:06,320 --> 00:21:08,600 Speaker 4: you happened to do it when a Beyonce concert was 487 00:21:08,600 --> 00:21:13,480 Speaker 4: in town? The rent that you can charge your business 488 00:21:13,520 --> 00:21:17,040 Speaker 4: is based off rent comps at that moment. So if 489 00:21:17,080 --> 00:21:19,960 Speaker 4: Beyonce comes into town, it might you might be able 490 00:21:20,000 --> 00:21:21,760 Speaker 4: to rent out your house for two thousand dollars a 491 00:21:21,800 --> 00:21:24,800 Speaker 4: day because your city is jumping. So now we just 492 00:21:24,800 --> 00:21:26,840 Speaker 4: got a twenty eight thousand dollars ride off of our 493 00:21:26,880 --> 00:21:30,280 Speaker 4: business and we just received twenty eight thousand dollars tax free. 494 00:21:30,400 --> 00:21:32,800 Speaker 2: Okay, So the thousand dollars a day would be based 495 00:21:32,800 --> 00:21:35,800 Speaker 2: on comps comps at that period, Okay. 496 00:21:35,960 --> 00:21:37,800 Speaker 4: So I had one of our clients do it. He 497 00:21:37,840 --> 00:21:42,480 Speaker 4: had a mansion in and in Arizona. Last year. The 498 00:21:42,520 --> 00:21:45,320 Speaker 4: super Bowl was the Arizona last year. 499 00:21:45,440 --> 00:21:46,679 Speaker 2: That was a wild yeah. 500 00:21:46,920 --> 00:21:50,280 Speaker 4: So he went from being able to do fifteen hundred 501 00:21:50,280 --> 00:21:53,720 Speaker 4: dollars comps for his area to four thousand dollar comps 502 00:21:53,840 --> 00:21:57,120 Speaker 4: that week. So he was able to get like fifty 503 00:21:57,240 --> 00:22:01,720 Speaker 4: somethings fifty thousand dollars in tax money from his business 504 00:22:01,760 --> 00:22:03,879 Speaker 4: by taking advantage of that Augusta ru or doing the 505 00:22:03,880 --> 00:22:05,359 Speaker 4: super Bowl at the time. 506 00:22:06,200 --> 00:22:10,080 Speaker 1: So you have to cut yourself a check. Yeah, yeah, 507 00:22:10,080 --> 00:22:10,480 Speaker 1: it's going. 508 00:22:10,400 --> 00:22:12,080 Speaker 4: To be yeah, and it has to be off rent comps. 509 00:22:12,160 --> 00:22:14,560 Speaker 4: So like I would just say, get a get a 510 00:22:14,600 --> 00:22:17,840 Speaker 4: calendar of your city's biggest events, and those are the 511 00:22:17,960 --> 00:22:21,080 Speaker 4: days that you want to rent out your primary residence 512 00:22:21,119 --> 00:22:21,720 Speaker 4: to your business. 513 00:22:21,720 --> 00:22:25,480 Speaker 5: Although New York is very expensive every day, holidays, let's 514 00:22:25,480 --> 00:22:27,560 Speaker 5: talk about it. 515 00:22:26,800 --> 00:22:29,000 Speaker 3: Wasn't but it's trying to do rentals during the US 516 00:22:29,119 --> 00:22:33,320 Speaker 3: Open oh yeah, yeah, yeah, and holidays. You see a 517 00:22:33,359 --> 00:22:36,200 Speaker 3: year in video shoot coming, which I had to do anyway. 518 00:22:35,840 --> 00:22:39,560 Speaker 4: Anyway, anyway, And my thing is just like, guys, we're 519 00:22:39,600 --> 00:22:41,160 Speaker 4: already spending the money. 520 00:22:40,920 --> 00:22:43,880 Speaker 2: Anyway, why not get it to ex forward. 521 00:22:43,880 --> 00:22:46,080 Speaker 4: Because that's what the wealthy people are doing. They turned 522 00:22:46,160 --> 00:22:49,680 Speaker 4: their biggest expenses into legitimate taxid Like. 523 00:22:49,640 --> 00:22:52,440 Speaker 5: The fact that they could be making one hundred thousand 524 00:22:52,440 --> 00:22:54,960 Speaker 5: times more than me but paying way less than me 525 00:22:55,119 --> 00:22:55,760 Speaker 5: is insane. 526 00:22:55,880 --> 00:22:58,040 Speaker 4: And I tell people, you can hate the player, or 527 00:22:58,080 --> 00:23:00,680 Speaker 4: you can hate the game, or you can learn the game. 528 00:23:01,119 --> 00:23:03,800 Speaker 5: So because the thing is, there's legal ways that you're 529 00:23:03,960 --> 00:23:06,359 Speaker 5: able to do these things. So it's not like you're 530 00:23:06,400 --> 00:23:08,280 Speaker 5: just not paying your taxes, that you're doing something you're 531 00:23:08,320 --> 00:23:11,240 Speaker 5: not supposed to. You're just understanding how the system works 532 00:23:11,520 --> 00:23:14,240 Speaker 5: and working within that. Now you also, speaking of holidays, 533 00:23:14,600 --> 00:23:17,000 Speaker 5: there's a way that you can save money on your 534 00:23:17,040 --> 00:23:19,280 Speaker 5: taxes as far as holidays with your friends. 535 00:23:19,920 --> 00:23:23,399 Speaker 3: Yes, So this is a good, good type of the 536 00:23:23,440 --> 00:23:24,360 Speaker 3: good type of the. 537 00:23:24,280 --> 00:23:27,880 Speaker 4: Good type of holidays. Right, So as of this recording, 538 00:23:27,880 --> 00:23:30,080 Speaker 4: we have you know, Thanksgiving and Christmas, and most people 539 00:23:30,080 --> 00:23:32,160 Speaker 4: are going to get together with their family anyway, probably 540 00:23:32,200 --> 00:23:34,639 Speaker 4: rent out a nice Airbnb, cook the food. 541 00:23:34,880 --> 00:23:36,800 Speaker 2: I have a great air and b if anybody's interested. 542 00:23:36,840 --> 00:23:39,280 Speaker 4: But okay, go ahead, shameless plot. I love I love it. 543 00:23:39,320 --> 00:23:42,000 Speaker 4: I love it, I love it. I love it. So, 544 00:23:43,480 --> 00:23:46,199 Speaker 4: if you have an LLC or S corporation, whatever your 545 00:23:46,200 --> 00:23:48,160 Speaker 4: business is, structure and we can talk about the difference 546 00:23:48,200 --> 00:23:51,880 Speaker 4: if y'all want to. You're allowed to have what's called 547 00:23:51,880 --> 00:23:55,119 Speaker 4: a board of advisors. Just like fourtune five hundred companies 548 00:23:55,119 --> 00:23:57,680 Speaker 4: have board of directors. You can have board of advisors. 549 00:23:57,840 --> 00:24:00,800 Speaker 4: So this can be your family, your friends, your cousin, 550 00:24:00,840 --> 00:24:03,880 Speaker 4: your mom, dad, little sister, daughter, son. You can pick 551 00:24:03,960 --> 00:24:06,159 Speaker 4: up to five people, five to six. Don't pick more 552 00:24:06,200 --> 00:24:08,119 Speaker 4: than that, it's being greedy. So I say about five 553 00:24:08,200 --> 00:24:10,919 Speaker 4: or six people on your board of advisors. Now that 554 00:24:11,000 --> 00:24:12,800 Speaker 4: you have a board of advisors, you are able to 555 00:24:12,800 --> 00:24:17,040 Speaker 4: have quarterly board of advisor meetings whenever, wherever in the 556 00:24:17,080 --> 00:24:18,920 Speaker 4: world you want to have them at. So my thing 557 00:24:19,000 --> 00:24:21,760 Speaker 4: is Since you're paying for the airbnb anyway, and getting 558 00:24:21,800 --> 00:24:24,160 Speaker 4: your family to come to one place anyway, why don't 559 00:24:24,200 --> 00:24:27,840 Speaker 4: you have Thanksgiving become one of your Board of Advisor meetings. 560 00:24:28,320 --> 00:24:30,639 Speaker 4: All you have to do is meet with them for 561 00:24:30,680 --> 00:24:34,480 Speaker 4: an hour to take notes, take photos, talk about business. 562 00:24:34,720 --> 00:24:37,840 Speaker 4: You're able to write off whatever the airbnb cost. You're 563 00:24:37,880 --> 00:24:39,679 Speaker 4: able to write off whatever flights you pay for for 564 00:24:39,720 --> 00:24:42,239 Speaker 4: your family to get there, and the meals that you 565 00:24:42,240 --> 00:24:46,600 Speaker 4: get catered to the Airbnb are still fifty percent tax deductible. 566 00:24:46,680 --> 00:24:47,640 Speaker 1: How do you set that up? 567 00:24:48,480 --> 00:24:50,439 Speaker 4: So all you need to have is a contract in 568 00:24:50,480 --> 00:24:54,119 Speaker 4: your or in your operating agreement of your business. So 569 00:24:54,160 --> 00:24:57,000 Speaker 4: you have your LLC, you have your operating agreement. You 570 00:24:57,119 --> 00:24:59,320 Speaker 4: just put the Board of Advisor the number of people 571 00:24:59,320 --> 00:25:01,239 Speaker 4: and then first one last names, have them sign it. 572 00:25:01,680 --> 00:25:04,239 Speaker 4: Keep that in your operating operating agreement, and then when 573 00:25:04,280 --> 00:25:06,159 Speaker 4: it comes to writing it off, just use your business 574 00:25:06,160 --> 00:25:10,359 Speaker 4: card for their expenses and document like take photos of 575 00:25:10,480 --> 00:25:13,479 Speaker 4: y'all meeting, take meeting minutes, and like you can use 576 00:25:13,480 --> 00:25:16,439 Speaker 4: an app like otter dot ai. It just literally transcribes 577 00:25:16,560 --> 00:25:18,439 Speaker 4: the whole meeting for you and it goes into a folder, 578 00:25:18,680 --> 00:25:22,960 Speaker 4: so you have photo documentation. You have meeting documentation, and 579 00:25:23,000 --> 00:25:24,840 Speaker 4: then you know you can write off the holidays. You 580 00:25:24,920 --> 00:25:26,200 Speaker 4: do this for Christmas. I do it for my birthday 581 00:25:26,240 --> 00:25:26,960 Speaker 4: every year. Everything. 582 00:25:27,000 --> 00:25:28,760 Speaker 2: It's like a nice Wealth Wednesday trip. 583 00:25:30,400 --> 00:25:33,719 Speaker 3: We have a lot to talk about travel. Yeah, we 584 00:25:33,760 --> 00:25:35,520 Speaker 3: have to see different perspectives around the world. 585 00:25:35,600 --> 00:25:37,480 Speaker 4: Yeah, some people think better than other countries. So if 586 00:25:37,480 --> 00:25:40,119 Speaker 4: I want to have my birthday and Brazil and I 587 00:25:40,280 --> 00:25:41,560 Speaker 4: invite my friends who are all my. 588 00:25:41,480 --> 00:25:48,000 Speaker 5: Business, already sounds dangerous right now, you're making us dangerous. 589 00:25:48,080 --> 00:25:50,840 Speaker 4: Yeah, yeah, right right. But again, as long as you 590 00:25:51,000 --> 00:25:54,399 Speaker 4: document things correctly, you'll be fine. I ought it is 591 00:25:54,400 --> 00:25:57,600 Speaker 4: not something to be scared about if you're if it's 592 00:25:57,680 --> 00:26:00,720 Speaker 4: just a pain though, yeah, I mean like, but but if. 593 00:26:00,600 --> 00:26:02,840 Speaker 2: Everything's documented properly, it's pretty. 594 00:26:02,960 --> 00:26:06,680 Speaker 4: So what's more painful one hundred thousand dollars tax bill? 595 00:26:06,760 --> 00:26:06,920 Speaker 1: Nope? 596 00:26:07,040 --> 00:26:09,120 Speaker 4: Okay, okay, nope. 597 00:26:09,320 --> 00:26:11,280 Speaker 2: I don't want that. No, I don't want that. 598 00:26:11,720 --> 00:26:12,920 Speaker 1: I just hearded this scenario. 599 00:26:12,960 --> 00:26:16,680 Speaker 3: A lot of entrepreneurs end up bootstrapping their businesses, paying 600 00:26:16,720 --> 00:26:19,880 Speaker 3: for it themselves versus getting loans and that type of thing. 601 00:26:20,840 --> 00:26:22,960 Speaker 3: So a friend of mine was telling me she didn't 602 00:26:23,000 --> 00:26:27,200 Speaker 3: realize that she owed herself money and she's talking to 603 00:26:27,240 --> 00:26:31,119 Speaker 3: a financial advisor about needing to get money because she 604 00:26:31,160 --> 00:26:33,119 Speaker 3: wanted to do debt reduction and everything, and they were 605 00:26:33,119 --> 00:26:35,560 Speaker 3: trip figuring out the best thing, and he pointed out 606 00:26:35,600 --> 00:26:37,520 Speaker 3: to her, He's like, well, if you look at your taxes, 607 00:26:37,600 --> 00:26:40,840 Speaker 3: you actually owe yourself about forty thousand dollars and you 608 00:26:40,880 --> 00:26:42,360 Speaker 3: can take a loan against that. 609 00:26:43,200 --> 00:26:47,520 Speaker 4: Yeah. So when most people bootstrap their business, they just say, 610 00:26:47,520 --> 00:26:49,360 Speaker 4: all right, I'm gonna take money on my personal account 611 00:26:49,520 --> 00:26:51,440 Speaker 4: put in my business account because my business can't afford 612 00:26:51,480 --> 00:26:54,159 Speaker 4: to pay the business bills. Instead of doing that, I 613 00:26:54,200 --> 00:26:57,639 Speaker 4: would create a loan agreement from from you to the 614 00:26:57,680 --> 00:27:01,200 Speaker 4: business saying that I'm going to eye Carter Kolefield loan 615 00:27:01,240 --> 00:27:04,320 Speaker 4: this business twenty thousand dollars at a ten percent interest 616 00:27:04,400 --> 00:27:07,000 Speaker 4: rate or whatever. Right, so that you have that document 617 00:27:07,240 --> 00:27:11,040 Speaker 4: in place. Because when your business pays you back, and 618 00:27:11,080 --> 00:27:15,879 Speaker 4: it pays you back interest, business interest on business loans 619 00:27:15,960 --> 00:27:18,600 Speaker 4: is also tax deductible, So now I'm able to write 620 00:27:18,640 --> 00:27:20,400 Speaker 4: off the interest that I pay myself back. 621 00:27:20,480 --> 00:27:20,560 Speaker 3: Right. 622 00:27:22,320 --> 00:27:25,359 Speaker 4: So, like, it's so many strategies I feel like we 623 00:27:25,400 --> 00:27:27,159 Speaker 4: need to learn. This is why I was so passionate 624 00:27:27,160 --> 00:27:29,800 Speaker 4: about taxes, and I went out to be that because 625 00:27:30,119 --> 00:27:32,439 Speaker 4: like I consider myself to be at the tax advisor 626 00:27:32,480 --> 00:27:34,439 Speaker 4: for the culture because I took what I was learning 627 00:27:34,520 --> 00:27:37,280 Speaker 4: in Corporate America and I quit started my own business 628 00:27:37,280 --> 00:27:40,119 Speaker 4: to help small business owners and that's why we created 629 00:27:40,119 --> 00:27:43,680 Speaker 4: mailon and Money to help people make more money also 630 00:27:43,680 --> 00:27:44,439 Speaker 4: pay less taxes. 631 00:27:44,800 --> 00:27:48,480 Speaker 2: Because you're very scared, stared of the irs. Yeah, never 632 00:27:48,480 --> 00:27:49,880 Speaker 2: want to get those letters in the mail. 633 00:27:50,320 --> 00:27:53,760 Speaker 5: And sometimes you're like, don't be too aggressive because I 634 00:27:53,800 --> 00:27:56,400 Speaker 5: want to make sure that I'm not flagged, I'm not audited. 635 00:27:56,440 --> 00:28:01,520 Speaker 5: But as long as everything is through this system and documented, 636 00:28:02,040 --> 00:28:04,720 Speaker 5: then you should take advantage. 637 00:28:04,359 --> 00:28:09,200 Speaker 4: Should take advantage of it because like if you get 638 00:28:09,480 --> 00:28:11,720 Speaker 4: let's say you say you take advantage of all the 639 00:28:11,760 --> 00:28:14,920 Speaker 4: deductions and it saves you two hundred thousand dollarsand taxes. 640 00:28:15,359 --> 00:28:17,960 Speaker 4: If you get audited it and you pass, it's worth 641 00:28:18,000 --> 00:28:21,040 Speaker 4: the two hundred thousand dollars, right, definitely, because like our 642 00:28:21,119 --> 00:28:22,639 Speaker 4: artists like going to the dinnist, if you haven't been 643 00:28:22,640 --> 00:28:25,840 Speaker 4: brushing your teeth, you aren't nervous. If you've been brushing 644 00:28:25,840 --> 00:28:28,640 Speaker 4: your teeth for lossing you you roll up to Dennis 645 00:28:28,640 --> 00:28:30,199 Speaker 4: smile like, what's up, doc? What you got for me? 646 00:28:30,240 --> 00:28:32,520 Speaker 4: Because you knew you were doing what you were supposed 647 00:28:32,520 --> 00:28:34,560 Speaker 4: to do the whole time. So I don't think it's 648 00:28:34,600 --> 00:28:36,960 Speaker 4: nothing to be scared about. I think the easiest way 649 00:28:36,960 --> 00:28:39,240 Speaker 4: to make more money is to pay less taxes right period. 650 00:28:39,640 --> 00:28:41,760 Speaker 3: Okay, what do you say that all the people listening 651 00:28:41,760 --> 00:28:43,440 Speaker 3: out here who are saying, how come my accounts not 652 00:28:43,480 --> 00:28:43,920 Speaker 3: telling me this? 653 00:28:43,960 --> 00:28:46,160 Speaker 2: Because your account's a lazy That is very true. 654 00:28:46,200 --> 00:28:49,200 Speaker 5: Accountants will just do the fill it out the way 655 00:28:49,320 --> 00:28:50,640 Speaker 5: and not even ask you. 656 00:28:50,680 --> 00:28:52,480 Speaker 2: If they're not asking you, I'd like to sit. 657 00:28:52,320 --> 00:28:54,840 Speaker 5: Down in person with my accountant at all times and 658 00:28:54,880 --> 00:28:57,520 Speaker 5: we like check in. And the way I have my 659 00:28:58,440 --> 00:29:01,040 Speaker 5: business set up is they can see my accounts, but 660 00:29:01,080 --> 00:29:03,440 Speaker 5: they can't like pay anything from it. Yeah, So that 661 00:29:03,480 --> 00:29:05,760 Speaker 5: way they're able to see, like what's happening was so 662 00:29:05,960 --> 00:29:09,560 Speaker 5: throughout the year. They're also documenting everything that's happening so 663 00:29:09,600 --> 00:29:13,120 Speaker 5: that it's easier when it's time to do the taxes. 664 00:29:13,360 --> 00:29:13,920 Speaker 2: To know it's there. 665 00:29:13,960 --> 00:29:16,240 Speaker 5: But you know, I've heard horror stories of people having 666 00:29:16,600 --> 00:29:18,160 Speaker 5: money deducted from their account. 667 00:29:18,280 --> 00:29:20,120 Speaker 4: Yeah, you don't want to give them like access to 668 00:29:20,240 --> 00:29:22,960 Speaker 4: pay bills necessarily, because then they can they can get 669 00:29:22,960 --> 00:29:24,440 Speaker 4: crazy with them. But you do want them seeing your 670 00:29:24,440 --> 00:29:28,320 Speaker 4: accounts because like right now I've I've booked the clients 671 00:29:28,520 --> 00:29:31,040 Speaker 4: taxes in November and be like, all right, do that, 672 00:29:31,160 --> 00:29:34,640 Speaker 4: do that implement this one hundred thousand dollars saved. 673 00:29:34,560 --> 00:29:37,560 Speaker 5: Right even depreciation on your home. I know you touched 674 00:29:37,560 --> 00:29:39,320 Speaker 5: about it on your car, but on your home too. 675 00:29:39,200 --> 00:29:41,200 Speaker 4: On your home. So so the play that I want 676 00:29:41,240 --> 00:29:42,480 Speaker 4: to give you, and I'll give it to you on camera. 677 00:29:42,600 --> 00:29:44,840 Speaker 4: So you have us, you say you bought us space 678 00:29:45,280 --> 00:29:48,360 Speaker 4: right that you're going to rent to yourself and use 679 00:29:48,400 --> 00:29:50,760 Speaker 4: it for work. Okay, that's the only use of it. 680 00:29:50,800 --> 00:29:52,479 Speaker 4: Are you letting somebody else? Are you? Like? 681 00:29:52,600 --> 00:29:54,400 Speaker 5: That is really the only use of it. It is 682 00:29:54,440 --> 00:29:56,320 Speaker 5: a space that like I have a two family house. 683 00:29:56,360 --> 00:29:58,760 Speaker 5: I've had some horror it's my home, and so I've 684 00:29:58,760 --> 00:30:02,440 Speaker 5: had some horrible stories of like tenants not moving out, squatting, 685 00:30:02,760 --> 00:30:04,560 Speaker 5: you know, not paying rents in New York too. 686 00:30:04,480 --> 00:30:05,200 Speaker 2: That I have to deal with. 687 00:30:05,280 --> 00:30:07,240 Speaker 5: It's really tied them out, right, So I don't want 688 00:30:07,240 --> 00:30:09,480 Speaker 5: to go through that again. And so what I'm doing 689 00:30:09,680 --> 00:30:11,600 Speaker 5: is a lot of times like if people come into town, 690 00:30:11,680 --> 00:30:13,000 Speaker 5: now I have a place to stay, but I also 691 00:30:13,080 --> 00:30:15,880 Speaker 5: can work from there. And so you know, me having 692 00:30:15,880 --> 00:30:17,760 Speaker 5: my real estate license. If there's things that I want 693 00:30:17,760 --> 00:30:19,760 Speaker 5: to do our meetings, at least, now I have this 694 00:30:19,840 --> 00:30:20,880 Speaker 5: space that I can do it in. 695 00:30:21,520 --> 00:30:24,880 Speaker 4: Absolutely so on top of that, so obviously you can 696 00:30:24,920 --> 00:30:26,760 Speaker 4: work there and then what you what you can do 697 00:30:26,880 --> 00:30:30,560 Speaker 4: is you can charge your your business can pay you 698 00:30:30,760 --> 00:30:34,520 Speaker 4: for the use of that facility. What you also can 699 00:30:34,560 --> 00:30:38,640 Speaker 4: do is run a cost segregation study on your property 700 00:30:39,160 --> 00:30:43,719 Speaker 4: to accelerate the depreciation. Because most properties will appreciate over 701 00:30:43,760 --> 00:30:45,320 Speaker 4: twenty seven and a half years. So if you get 702 00:30:45,320 --> 00:30:47,800 Speaker 4: a half a million dollar property, divide about twenty seven 703 00:30:47,840 --> 00:30:49,320 Speaker 4: and a half, it's gonna be about you'll get about 704 00:30:49,320 --> 00:30:53,200 Speaker 4: eighteen thousand dollars deduction per year for having the property. 705 00:30:53,240 --> 00:30:55,480 Speaker 4: Eighteen k is good. But or you can do a 706 00:30:55,560 --> 00:30:59,280 Speaker 4: cost sex study, which would allow you to accelerate the depreciation. 707 00:30:59,360 --> 00:31:03,120 Speaker 4: You can write off about thirty percent in the first year, 708 00:31:03,240 --> 00:31:05,280 Speaker 4: so thirty percent of five hundred thousand, it's like one. 709 00:31:05,200 --> 00:31:07,560 Speaker 2: Hundred and something one hundred and fifty. 710 00:31:07,520 --> 00:31:10,040 Speaker 4: Yeah, one hundred yeah, about hundred and fiftybo one hundred fifty, 711 00:31:10,040 --> 00:31:11,880 Speaker 4: So it seat of get eighteen thousand dollars deduction, you 712 00:31:11,880 --> 00:31:15,600 Speaker 4: would get one hundred and fifty thousand dollars deduction what 713 00:31:15,760 --> 00:31:18,000 Speaker 4: you think can write off against other income. 714 00:31:21,960 --> 00:31:23,960 Speaker 1: I'm having a talk with my account or getting a 715 00:31:24,040 --> 00:31:24,360 Speaker 1: new one. 716 00:31:24,640 --> 00:31:26,680 Speaker 4: Yeah, no, I mean, but yeah, I just have these 717 00:31:26,680 --> 00:31:27,840 Speaker 4: comment And that's why I say, you don't have to 718 00:31:27,880 --> 00:31:28,720 Speaker 4: know as much as I know. 719 00:31:29,120 --> 00:31:31,040 Speaker 2: You should know enough, but your account should know, your 720 00:31:30,960 --> 00:31:32,720 Speaker 2: accountant should yeah, yes, should know. 721 00:31:33,080 --> 00:31:34,800 Speaker 4: You should be like, what can I do before the 722 00:31:34,920 --> 00:31:35,800 Speaker 4: end of the year, and then. 723 00:31:35,760 --> 00:31:37,000 Speaker 2: You got to do your reachss to be like this. 724 00:31:37,160 --> 00:31:39,760 Speaker 5: And sometimes I think it's certain areas there are specific 725 00:31:40,720 --> 00:31:43,680 Speaker 5: you know, like landmarks. Sometimes there are special tax breaks 726 00:31:43,680 --> 00:31:46,720 Speaker 5: that we should always be looking into as well in 727 00:31:46,840 --> 00:31:48,960 Speaker 5: certain neighborhoods and things too. 728 00:31:49,200 --> 00:31:51,920 Speaker 4: Yeah, on the state level, on the city level. But 729 00:31:52,000 --> 00:31:54,280 Speaker 4: I think if you focus on the federal level, meaning 730 00:31:54,280 --> 00:31:56,440 Speaker 4: that wherever you go, you get the everything that we 731 00:31:56,480 --> 00:31:58,280 Speaker 4: talked about was on the federal level. If you focus 732 00:31:58,320 --> 00:32:00,920 Speaker 4: on these things, you'll be able to save a lot 733 00:32:00,920 --> 00:32:03,600 Speaker 4: of money. Here's the crazy part, at least for me. 734 00:32:05,920 --> 00:32:10,520 Speaker 4: Education as a business owner is also tax deductible. But 735 00:32:11,240 --> 00:32:13,280 Speaker 4: when you go to college and pay one hundred thousand, 736 00:32:13,280 --> 00:32:16,320 Speaker 4: and I have more degrees than the than the thermometer, 737 00:32:16,400 --> 00:32:19,320 Speaker 4: So I get college is necessary. I get it. But 738 00:32:20,600 --> 00:32:23,680 Speaker 4: most people stop educating themselves after college. When if you're 739 00:32:23,680 --> 00:32:26,200 Speaker 4: a business owner and so and you pay ten thousand 740 00:32:26,240 --> 00:32:29,280 Speaker 4: dollars for a coaching program about business that is one 741 00:32:29,360 --> 00:32:33,120 Speaker 4: hundred percent deductible. So why wouldn't you pay in investing 742 00:32:33,200 --> 00:32:34,240 Speaker 4: yourself to learn more. 743 00:32:34,360 --> 00:32:35,280 Speaker 2: I love taking class. 744 00:32:35,400 --> 00:32:37,640 Speaker 3: A lot of people get stuck on that. Well, I 745 00:32:37,640 --> 00:32:38,840 Speaker 3: don't want to pay the fee, I don't want to 746 00:32:38,840 --> 00:32:39,360 Speaker 3: pay whatever. 747 00:32:39,560 --> 00:32:41,560 Speaker 4: Well, like you said, you pay the better yourself. Will 748 00:32:41,560 --> 00:32:43,600 Speaker 4: you pay the irs best in yourself? 749 00:32:44,080 --> 00:32:46,160 Speaker 5: You know, when you're selling at home watching TV and 750 00:32:46,200 --> 00:32:48,880 Speaker 5: bige watching TV shows, you could be learning more to 751 00:32:48,880 --> 00:32:50,400 Speaker 5: help bring your business to the next level. 752 00:32:50,880 --> 00:32:52,640 Speaker 1: One excellent? 753 00:32:53,200 --> 00:32:53,719 Speaker 2: You are one? 754 00:32:53,880 --> 00:32:56,040 Speaker 1: You want to share all this knowledge for free? 755 00:32:56,360 --> 00:32:57,040 Speaker 4: Oh yeah. 756 00:32:59,360 --> 00:32:59,840 Speaker 1: Free? 757 00:33:00,600 --> 00:33:02,400 Speaker 4: Yes? So I have a free e book with over 758 00:33:02,440 --> 00:33:05,040 Speaker 4: one hundred different tax deductions that was not free. I'm 759 00:33:05,040 --> 00:33:07,680 Speaker 4: giving to you all people for free. People normally pay 760 00:33:07,720 --> 00:33:10,160 Speaker 4: for it. Yeah yeah, yeah, people normally pay for it. 761 00:33:10,160 --> 00:33:13,360 Speaker 4: But it's one hundred different tax reductions that people can 762 00:33:13,400 --> 00:33:15,960 Speaker 4: implement today. So like, if you get the book today, 763 00:33:16,240 --> 00:33:18,120 Speaker 4: it can save you tens of thousand dollars before the 764 00:33:18,240 --> 00:33:20,840 Speaker 4: years out if you read it and implement the strategy. 765 00:33:20,960 --> 00:33:23,640 Speaker 4: So if they text the word book to three one 766 00:33:23,680 --> 00:33:27,480 Speaker 4: two eight four seven twenty three oh nine. They will 767 00:33:27,520 --> 00:33:29,720 Speaker 4: be able to get that book for free. 768 00:33:30,000 --> 00:33:32,560 Speaker 5: All right, text book to three one two eight four 769 00:33:32,680 --> 00:33:34,680 Speaker 5: seven twenty three oh nine. 770 00:33:34,840 --> 00:33:36,200 Speaker 2: Is this tax deductible for you? 771 00:33:37,040 --> 00:33:42,560 Speaker 4: Yes? Okay, depend on how many people? Yeah, right right right. 772 00:33:42,920 --> 00:33:45,040 Speaker 1: For sure, Thank you so much. 773 00:33:45,160 --> 00:33:48,200 Speaker 4: No, this was fun. People find you also, yeah okay, yeah, 774 00:33:48,400 --> 00:33:52,480 Speaker 4: so on all social media platforms Cofield Underscore Advisor, we 775 00:33:52,520 --> 00:33:53,560 Speaker 4: also can follow our companies. 776 00:33:53,600 --> 00:33:55,479 Speaker 1: It's co Field one F that screwed me up. 777 00:33:55,520 --> 00:33:59,800 Speaker 4: Oh yeah, yeah, yess Cofield one F Underscore Advisor. Or 778 00:34:00,080 --> 00:34:02,840 Speaker 4: check out our our financial education company, Mellon in Money, 779 00:34:03,120 --> 00:34:07,000 Speaker 4: which we're teaching investing, taxes and all types of business strategyes. 780 00:34:07,000 --> 00:34:08,840 Speaker 1: Melon and Money has a great YouTube channel. 781 00:34:08,960 --> 00:34:13,000 Speaker 4: Oh yeah, yeah, really really great angel. Yeah, we'll get 782 00:34:13,239 --> 00:34:13,840 Speaker 4: We're gonna. 783 00:34:13,600 --> 00:34:15,480 Speaker 2: Get to get on your level. 784 00:34:15,600 --> 00:34:16,480 Speaker 1: Save some money on my. 785 00:34:16,480 --> 00:34:19,799 Speaker 3: Taxi now, thank you all for tuning in to Wealth 786 00:34:19,840 --> 00:34:24,200 Speaker 3: Wednesdays and tonight. On Wealth Wednesdays, after party, Jason White 787 00:34:24,239 --> 00:34:29,040 Speaker 3: talks to Gigi jj McGuire service. They talk about she's 788 00:34:29,080 --> 00:34:30,680 Speaker 3: planning to open a new restaurants. 789 00:34:30,800 --> 00:34:31,920 Speaker 1: They talk about. 790 00:34:31,719 --> 00:34:33,840 Speaker 3: All sorts of great things. I'll be sure to Tune 791 00:34:33,880 --> 00:34:36,640 Speaker 3: in at the Federal Code on YouTube. 792 00:34:36,760 --> 00:34:38,280 Speaker 2: Yep Gji has been trending, y'all.