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Speaker 1: All right, it is way yet. Angela ye, I'm Angela Yee.

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Speaker 1: And Jasmine from the Jasmine brand is here. And because

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Speaker 1: we care and we know people have taxes, do all right,

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Speaker 1: Eric Lee is here a tax attorney. Is that the

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Speaker 1: right thing to say? Tax attorney? Tax attorney? Okay? Actually

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Speaker 1: I actually use Eric and he's been amazing for me.

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Speaker 1: So I want to make sure that we get some

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Speaker 1: of these things out because I know it can be

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Speaker 1: very scary when you know you either owe money to

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Speaker 1: the irs or you just haven't filed your taxes and

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Speaker 1: you don't have it together. All right, So the deadline

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Speaker 1: is usually April fifteenth, but it's April eighteenth this year.

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Speaker 1: It's April eighteenth this year. And with some of your

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Speaker 1: listeners in various states, due to some of the FEMA

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Speaker 1: emergency declarations, their extensions have been actually possibly transitioned all

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Speaker 1: the way to October sixteenth. Wow. Yeah. So for example,

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Speaker 1: if you're in New York and if you were part

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Speaker 1: of the storms back into some and if you live

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Speaker 1: in Suffolk County, Erie County, it goes into October sixteenth.

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Speaker 1: So it's very important for your listeners to check on

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Speaker 1: the IRIS website as well as the female websites to

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Speaker 1: make sure where their extensions may have been extended to,

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Speaker 1: because you could have an extension and I don't even

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Speaker 1: know it, right, that's right, And do you have to

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Speaker 1: do anything for that extension, like you don't have to

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Speaker 1: file it's just automatically, great question. No, it's automatically extended.

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Speaker 1: But you have to look at which state it is.

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Speaker 1: Like for example, in Arkansas where the storms that just

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Speaker 1: occurred back in the end of March, their date is

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Speaker 1: extended to July. Okay. Now, if you have a listener

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Speaker 1: who believes that they won't be able to finish by

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Speaker 1: July in Arkansas, then they should file an actual extension, okay,

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Speaker 1: as soon as possible. And so when we talk about

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Speaker 1: filing an extension, right, what's the deadline for that. Let's

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Speaker 1: just say you know you're not going to have your

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Speaker 1: taxes ready and you're like, okay, look April eighteen, maybe

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Speaker 1: that's your deadline. Is that also the deadline file for

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Speaker 1: an extension? Yes, yea, So it depends if we're talking

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Speaker 1: about a corporate or a personal return. If it's corporate,

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Speaker 1: the deadline was March March. And then if you file

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Speaker 1: an extension. Then I'll go into September. September fifteen, okay,

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Speaker 1: so you go ahead, let you finish. But then if

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Speaker 1: it's a personal return, April eighteen right now, and then

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Speaker 1: file an extension will go up to October sixteen, so

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Speaker 1: it's basically six months from the date of the actual deadline. Okay.

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Speaker 1: If they owe you money, Okay, let's just say the

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Speaker 1: IRS owes you money and you file late, all right,

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Speaker 1: do they give you penalties for that? They will assess

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Speaker 1: late filing penalties, but there may also be interest that

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Speaker 1: they pay you. Oh yeah, so it's actually, you know,

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Speaker 1: a win win on both sides. Now, if you have

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Speaker 1: any listeners who may actually have some penalties, right, there

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Speaker 1: will always be some phone numbers where they can call

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Speaker 1: if it is the first time they made a late filing,

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Speaker 1: or if there's a really good excuse okay late filing,

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Speaker 1: like if you're actually live in one of these areas,

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Speaker 1: family emergencies, COVID whatever, Usually the IRS will be very

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Speaker 1: gracious and actually return or wave that penalty. So at

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Speaker 1: least try at least try. Okay, Now, what if you

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Speaker 1: haven't filed your taxes in years? There's a lot of

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Speaker 1: listeners who are like, man, I haven't even done my taxes,

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Speaker 1: you know, since twenty fifteen. Then what, well, you better

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Speaker 1: get all your materials all together, because originally when your

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Speaker 1: listeners go, look up, when can we actually file a

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Speaker 1: tax return? Or how far back can the IRUs look? Right?

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Speaker 1: Normally it's three years, not bad forget it. But if

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Speaker 1: you do not report income and if you definitely if

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Speaker 1: you miss income by twenty five percent, they can go

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Speaker 1: all the way up to six years. Six years. Okay,

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Speaker 1: So you have a client, you have a listener who

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Speaker 1: hasn't filed since twenty fifteen, First off, get professional, Get

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Speaker 1: a professional to actually called rus and indicate, hey, Eric

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Speaker 1: Lee hasn't filed a tax return since twenty seventeen. We

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Speaker 1: are fully colledgnizant about that. We are trying to set

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Speaker 1: up a deadline where we'll actually gather all the materials

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Speaker 1: to actually send in our tax returns twenty seventeen to

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Speaker 1: twenty eighteen, twenty nineteen. Okay, do not think that just

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Speaker 1: because the IRUs hasn't contacted you that they won't right, Okay?

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Speaker 1: Is there a time when they don't contact you anymore?

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Speaker 1: You know how they'd be like, oh this job's off

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Speaker 1: your credit report after seven years? Is there a period

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Speaker 1: of time that they can't go back any further? They're like, Okay,

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Speaker 1: you got away with it because you ten years ago

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Speaker 1: you didn't file. We never called you out on it.

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Speaker 1: Is it ever too late? Technically? It is never too late.

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Speaker 1: Technically it falls under the very last moment when you

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Speaker 1: actually committed the wrongdoing. Right, But if you're constantly not

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Speaker 1: filing intentionally, you're constantly do sech a limitations does not

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Speaker 1: run right or it does not end, so you're constantly

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Speaker 1: committing this wrong. So there tically, the iris can always

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Speaker 1: go back to you if you have not foiled a

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Speaker 1: tax return. I know this is a broad question, but

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Speaker 1: how far in advance should people be preparing for the taxes?

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Speaker 1: Obviously they shouldn't wait to the week of. But you know,

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Speaker 1: if you're a regular person, you know, how far in

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Speaker 1: advanced would you start, you know, preparing for your taxes? Well,

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Speaker 1: sometimes it's hard, right, it depends for your average listener.

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Speaker 1: It will be once when you get your W two

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Speaker 1: from your employer, right, and you can batch up some

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Speaker 1: of your e trade um documents or some of you know,

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Speaker 1: that's right, you should be able to file your tax return.

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Speaker 1: Obstensibly you should be okay at the end of January

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Speaker 1: right now. Certainly you have some listeners are a bit

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Speaker 1: more complicated that have a you know, a bunch of businesses, right,

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Speaker 1: and that may take a bit longer because you can't

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Speaker 1: file the personal return until the corporate returns filed, right,

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Speaker 1: so that may take a little bit longer. All right, Now,

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Speaker 1: let's talk about people who have kids. Right, Let's just

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Speaker 1: say you're not together, you have children. Who gets to

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Speaker 1: file the children because that's a big deal. I know

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Speaker 1: that's something that Jasmine was asking about as well. But

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Speaker 1: how do you decide that? Is it? Um? Unless they

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Speaker 1: say you have joint custody with these kids, they spend

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Speaker 1: equal amounts of time, who files that? Well, it depends

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Speaker 1: on first of all, if there was actually a divorce,

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Speaker 1: right because the divorce decree whatever, maybe never married, say

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Speaker 1: they were never married, you would theoretically look at who

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Speaker 1: is actually the higher income earner of the parents. Okay,

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Speaker 1: right now. There are many cases, including in my clients,

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Speaker 1: where one just race file claim the child. Yeah and that, yeah,

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Speaker 1: that's all it messes up the other does. So what

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Speaker 1: do you do? Well, um, but hold on, you were

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Speaker 1: you were saying, the person that makes the most money

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Speaker 1: should claim the child absolutely and explain why because, um,

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Speaker 1: because their tax bracket is at the highest Okay. So

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Speaker 1: whereas if a person is at the ten percent bracket, right,

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Speaker 1: and they don't really have much taxes to actually pay

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Speaker 1: in and they're claiming a child, you know, two thousand dollars,

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Speaker 1: they may not even need that two thousand dollars credit, right,

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Speaker 1: whereas the other parent would actually use that credit. That's right, Now,

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Speaker 1: what can you do at that point? Um, hopefully it's amicable, Yeah, right,

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Speaker 1: A lot of times it's not. Though, Yeah, if it's not,

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Speaker 1: you know, that's going to be a completely different issue.

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Speaker 1: Can do like you were saying, like what that example

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Speaker 1: the Angela just gave that happens to people where someone

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Speaker 1: races they may have agreement or not, and someone races

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Speaker 1: to file and they file first, they file first, and

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Speaker 1: they claimed the child. So the other person, you know,

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Speaker 1: is sol or what if both people do it here? Yeah, okay,

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Speaker 1: well if both people do it, then the second one

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Speaker 1: to file we'll get notified. So that really really first come,

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Speaker 1: first serve um. In the cases where it's amicable, let's

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Speaker 1: just say that they agree like, oh, I'm sorry, Jasmine,

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Speaker 1: I should not have filed right, right, then theoretical I

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Speaker 1: should amend my tax returns and then you're able to

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Speaker 1: claim said child. If it's not amicable, then, um, you

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Speaker 1: know that does become a very very difficult situation. Yeah,

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Speaker 1: you whoever, first it's a race, it's first confirst. Yeah,

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Speaker 1: and then you know that may be part of you

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Speaker 1: may have to look into the child custody as well

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Speaker 1: as just like child support situations, you may have to amend. Um,

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Speaker 1: you guys may have to play within certain other contours

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Speaker 1: of the relationship. Okay, if for children you can write

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Speaker 1: can you write things off like childcare or what kind

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Speaker 1: of things can you write? That's great? You know, like

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Speaker 1: for example, we were just talking about the dependent character.

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Speaker 1: There's a dependent care credit. Right if you're working three

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Speaker 1: thousand dollars, three thousand dollars, a dependent care can be

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Speaker 1: written off six thousand if there's more than one child. Okay,

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Speaker 1: so that you know that's substantial. It used to be

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Speaker 1: much much larger. But we have a different Congress now,

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Speaker 1: so I mean, but you know, six thllsands still better

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Speaker 1: than nothing. What are some things that we should know about,

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Speaker 1: some credits that we should know about that maybe people

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Speaker 1: don't commonly use enough. Two things. One is especially with

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Speaker 1: given what has happened in the markets stock as well

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Speaker 1: as in crypto last year. Many listeners probably have a loss, okay,

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Speaker 1: and they're just thinking like, oh my gosh, I just

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Speaker 1: lost so much money because bitcoin just you know, this

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Speaker 1: money in bitcoin and right. And one of the things

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Speaker 1: that they don't realize is they actually need to collect

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Speaker 1: gathered those statements from their investment professionals and make sure

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Speaker 1: those statements are given to their tax professionals because even

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Speaker 1: though they had a huge loss, they may have gains

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Speaker 1: from other areas so that losses could be net against.

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Speaker 1: And trust me, we have so many clients who may

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Speaker 1: have a brokeage account here and a brokerage account here,

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Speaker 1: but only for whatever reason, show the gains because they

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Speaker 1: only think about the gains or they don't even want

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Speaker 1: to talk about the losses. Right, But the losses will

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Speaker 1: net against the gains, that's one thing. Second of all,

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Speaker 1: let's just say that there are no gains. Even if

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Speaker 1: you have losses, you stick at three thousand dollars a year, Okay,

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Speaker 1: So let's just say I theoretically I have lost fifty

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Speaker 1: thousand dollars from bitcoin last year, right, I still get

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Speaker 1: three thousand to net against my W two wage income

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Speaker 1: at iHeart, okay, which is something, which is something and people,

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Speaker 1: you know a lot of times do forget about it

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Speaker 1: another thing. And this actually I see with my friends

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Speaker 1: they have Airbnb, right, but they don't do it that often?

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Speaker 1: Do you just have it like once a while whatever? Right?

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Speaker 1: First fourteen days tax free? First fourteen days is tax

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Speaker 1: What do you mean? So for example, if I run

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Speaker 1: out my house through you know, through Airbnb, all right,

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Speaker 1: and it's one hundred dollars each visit, right, okay, and

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Speaker 1: I've done sixteen nights, sixteen nights of last year, the

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Speaker 1: first fourteen days is tax free. Okay, I didn't know that.

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Speaker 1: That's an interesting credit. It is, and it used to

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Speaker 1: be part of UM. Wealthier individuals who had um these

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Speaker 1: mansions near golf courses, and what they would do during

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Speaker 1: like the Masters is actually just runt out their homes

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Speaker 1: for Oh. Absolutely absolutely, I mean you know, the code

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Speaker 1: is definitely structured UM to benefit the people who can

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Speaker 1: hire the tax professionals who actually have the income to

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Speaker 1: actually shelter, right, all right, and what are some things

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Speaker 1: we can do to make sure we don't get audited,

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Speaker 1: because that's a really scary thing for somebody when they

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Speaker 1: get that notice from the IRS that they're being audited.

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Speaker 1: And I'm sure there's ways that two can avoid that,

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Speaker 1: because what percentage of people get audited very little on

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Speaker 1: on a certain stance. Right, So they're totally seventy nine

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Speaker 1: thousand audits last year. That's not bad, that's not bad.

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Speaker 1: But the more income you have, more likely yeah audited.

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Speaker 1: Also the more incorrect information. And so when you're talking

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Speaker 1: about like audits, right, one thing that our listeners should

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Speaker 1: actually pay attention to, right, the listeners here, make sure

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Speaker 1: you gather all the information before the tax return is filed. Okay,

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Speaker 1: So let's just say I have two W two's, right,

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Speaker 1: So I have one from iHeart and then I have

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Speaker 1: one from Starbucks. Okay, and I only give the iHeart

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Speaker 1: W two to my accountant totally forgot about it or

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Speaker 1: maybe by Starbucks to B two game in late, got

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Speaker 1: lost in a mail whatever, Right, So I file the

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Speaker 1: tax return under one W two forget this second one.

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Speaker 1: Trust me, I'll get flagged okay, right. Partnerships and other businesses, right, No,

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Speaker 1: I have a lot of those. You do, and at

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Speaker 1: the end of the year, you're supposed to get a

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Speaker 1: K one for every business that you're a partner. I

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Speaker 1: can't stand when peop would be late with the kin.

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Speaker 1: Can I get my K one? Can I get my

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Speaker 1: K one? Right? We had that last year, right, And

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Speaker 1: it's there's also a situation where if you miss the

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Speaker 1: K one, or maybe you just have a listener who

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Speaker 1: has five businesses forgets to send in one K one

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Speaker 1: that will be flagged. Okay, right. Lastly, informational simple stuff,

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Speaker 1: social security numbers, e I N numbers, which is the

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Speaker 1: number for your business, as well as checking account numbers.

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Speaker 1: Make sure those are correct. I know this sounds ridiculous,

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Speaker 1: but every time mess up, people mess up, even in

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Speaker 1: my firm, I'll type it in and then I'll run

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Speaker 1: it by my partner. I'd be like, okay, this is

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Speaker 1: the number six two four one d DA and then

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Speaker 1: Christina has to like check it off. We have to

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Speaker 1: do that, right, yeah, yeah, because sometimes human error, that's

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Speaker 1: what it is, absolutely keystroke error, whatever it is. I

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Speaker 1: was going to ask the biggest mistake you see what

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Speaker 1: people found on taxes, but is a human error or

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Speaker 1: sometimes a human error, sometimes system error. The biggest one

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Speaker 1: that we've been seeing in the past two years. People

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Speaker 1: have been changing their accounts a lot, especially with and

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Speaker 1: when they're moving from one account. Let's just say Morgan

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Speaker 1: Stanley to e Trade. Okay, and maybe they have purchased

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Speaker 1: Microsoft at fifty dollars ten years ago. Then when they

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Speaker 1: moved it, they did not report what they purchased it at. Okay,

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Speaker 1: they sold their Microsoft at one hundred and sixty today,

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Speaker 1: right because the forms did not show the amount that

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Speaker 1: was moved. When it comes to me, the tax preparer,

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Speaker 1: I may see a zero, so instead of being now

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Speaker 1: when you get stocked to be taxed, you have to

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Speaker 1: look at the amount that you sell it at as

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Speaker 1: well as the amount that you purchased at. So it'd

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Speaker 1: be one sixty fifty one ten. If I see a

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Speaker 1: goose egg in one of the forms, I assume that

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Speaker 1: it's zero, then I would be taxed at one sixty,

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Speaker 1: which would be a difference of twenty five dollars per

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Speaker 1: sharing taxes. Okay, that's a big, big air a special

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Speaker 1: these days. And that's only if you sell are moving,

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Speaker 1: just move. Oh, it could be moving. It could be

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Speaker 1: a key stroke error within the financial planning firm. It

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Speaker 1: could be like a lot of things. But we do

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Speaker 1: see a like a lot of errors right now with

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Speaker 1: what it's called ten nine and m T nine, like

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Speaker 1: where we just don't really see the historical cost of

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Speaker 1: the equity or the bitcoin. All right? What about writing

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Speaker 1: off too many things? Because that's another thing people, But oh,

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Speaker 1: you could just write this off. You could write this off.

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Speaker 1: You could write off your clothes, you could write off

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Speaker 1: you know, all of these dinners. You could write so

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Speaker 1: many things off. What is the limit? And how do

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Speaker 1: you know what you can and can't write off? Well,

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Speaker 1: first of all, you have to have a business, right

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Speaker 1: you can. This is just my life. I want to

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Speaker 1: write it was we talked about business at dinner. How

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Speaker 1: do you like? How do you know? Well? First of all,

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Speaker 1: you know, first of all, you have to have a

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Speaker 1: ordinary business. Okay. The expense must be substantial and traditionally

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Speaker 1: related to the business, okay, okay, And if it isn't,

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Speaker 1: it must be substantiated. Okay. So if it's a meal, right,

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Speaker 1: like let's say the three of us set up a

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Speaker 1: real estate real estate company, all right, and then we

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Speaker 1: had a meal. And let's just say that we had

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Speaker 1: a meal in Detroit, right, Okay, that is obviously a

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Speaker 1: business deduction. That was obviously a business meal. Right. But

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Speaker 1: if say all the three of us were just celebrating

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Speaker 1: and we're just hanging out and we're going to like

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Speaker 1: opera and we're just you know, buying, buying bottle service. Yeah,

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Speaker 1: the Mediterranean sorry, gets very excited. It does. One brought

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Speaker 1: it in you. I didn't say anything, then you chimed in,

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Speaker 1: and then it made me think about the averagehips. I'm sorry, continue,

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Speaker 1: I can't focus now because I'm thinking about aera chips.

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Speaker 1: But um so if we did bottle service, yes, right,

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Speaker 1: that's obviously not a business business, you know, so there

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Speaker 1: needs to be sub stantiation with then the operations. Right.

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Speaker 1: If you read this promoting a new single, well, you

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Speaker 1: know what, that's very very interesting, right, Like what is

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Speaker 1: a promotional expense versus what is actually a business expense? Right? Okay? Um?

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Speaker 1: Or is the promotional expense really related to business? Right?

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Speaker 1: We have clients who go to Vegas, right and they

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Speaker 1: actually are having shareholder meetings, are actually having these dinners,

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Speaker 1: they're actually trying to promote their record or the movie

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Speaker 1: or their project. Okay, that's perfectly fine. But then they're

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Speaker 1: onto floor and they're gambling. What do we have to Yeah,

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Speaker 1: so then the're on the floor and they're gambling. Right,

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Speaker 1: And invariably every year, I'll get one or two calls,

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Speaker 1: Oh I just lost xcent to tables. Yes, but it

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Speaker 1: was a business expense. Yeah, it's a business expense. I

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Speaker 1: was Evangela. I was talking about my movie whatever you know, no, right,

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Speaker 1: because because you have to look at you have to

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Speaker 1: substantiate the business tie to it, right. And then certain

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Speaker 1: people talk about vehicles because what if I'm researching a

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Speaker 1: movie about gambling. Well, for example, if you go, oh,

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Speaker 1: that's a great one, right, that would be okay. I mean,

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Speaker 1: you know, if you're actually doing a legenerate research, um,

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Speaker 1: and if your business has something to do with the

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Speaker 1: interview regarding this project, yeah, that would be fine. Okay.

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Speaker 1: What do you get taxed on when you win in

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Speaker 1: the casino? Like what amount if you if you win

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Speaker 1: more than well, you're supposed to report all your games, okay, Okay,

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Speaker 1: And this is a great question because I don't know

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Speaker 1: if if you win more than twelve hundred dollars on

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Speaker 1: at the slot machines, right, it automatically stops the machine.

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Speaker 1: Somebody has to come over. They're going yeah, yeah something

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Speaker 1: or yeah, well that would become of okay, but one

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Speaker 1: thing that your listeners should know is that the income

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Speaker 1: that they made over at the win, let's just say

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Speaker 1: five hundred dollars, right, can be net against any gambling

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Speaker 1: losses for the same year. Okay, all right, We're going

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Speaker 1: to keep checking a lot of stuff, I know. And

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Speaker 1: then also one other question about I think I heard

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Speaker 1: someone say they wanted to buy a certain car because

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Speaker 1: you can partially write part of it all or something

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Speaker 1: like that. Yeah, can you explain that? Yeah, So, first

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Speaker 1: of all, you have to have a business, yes, and

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Speaker 1: then the vehicle must be at least fifty percent utilized

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Speaker 1: within the business. Okay, okay, if you try to work

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Speaker 1: every day, that's right within the business within the business, right, so,

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Speaker 1: and then it must be over six thousand pounds. So

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Speaker 1: that's what I hear had a way a certain amount,

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Speaker 1: and I thought that was kind of odd, but okay, well,

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Speaker 1: you know, because they don't want you to be the

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Speaker 1: The code is very interesting. It's not just about the money.

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Speaker 1: It's about the policy, right, Like we're writing this because

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Speaker 1: we're trying to promote certain certain behavior, right. And the

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Speaker 1: reason why it's considered odd why is it six thousand

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Speaker 1: pounds because theoretically the IRUs is trying to promote you

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Speaker 1: to buy commercial vehicles, like true vehicles that would be

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Speaker 1: used on a not stay nice right, a BMW truck. Well,

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Speaker 1: BMW truck could possible. Yeah, okay, exactly where your car.

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Speaker 1: But I mean that's why sometimes where you'll see like

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Speaker 1: some of the more expensive cars, the roles portions now

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Speaker 1: they're exactly within six thousand pounds now on purpose, So

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Speaker 1: you could for the rich people to write it off.

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Speaker 1: What about all these people working from home now and

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Speaker 1: writing off you know, you're yeah, maybe you're right. Can

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Speaker 1: you write off part of your rent? Can you write

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Speaker 1: off if you have a mortgage, part of that but

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Speaker 1: because you're working from home? Well, um, yes, your question. Yeah,

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Speaker 1: you have to look at the total square footage of

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Speaker 1: the house, okay, and then how much you actually devote

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Speaker 1: to your business, So then it must be fractional or

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Speaker 1: in proportion to that. Otherwise you could take the standard calculation,

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Speaker 1: which is fifteen hundred dollars. Okay, yeah, because like, let's

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Speaker 1: just say our producer Dan, he edits a lot of

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Speaker 1: stuff at home. You know, he might leave here and

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Speaker 1: then go home work into the night, editing, editing, editing.

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Speaker 1: That counts well if Dan has a separate business, yes, okay, yes,

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Speaker 1: But if he's just doing it as an employee of iHeart,

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Speaker 1: it does not. Yeah, you have a separate business together. Sorry,

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Speaker 1: but it starts to your accountant. But he's not like mine.

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Speaker 1: We'll talk later Dan, all right, So we just want

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Speaker 1: to make sure that everybody knows that they got to

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Speaker 1: hit these deadlines, and you can. Can you call let's

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Speaker 1: just say there's interest because you paid late. Another thing

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Speaker 1: that I know you've always had me to do is

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Speaker 1: you have to make a payment even if you're getting

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Speaker 1: an extension. Yeah, can you talk about that because that

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Speaker 1: helps people if you owe money. Yeah. So for example,

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Speaker 1: we're coming up right April eighteenth, and if you shouldn't

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Speaker 1: you need to speak with your tax professional and determine

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Speaker 1: what is actually my projected or estimated tax. Even if

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Speaker 1: I found an extension back in all the way into October, right,

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Speaker 1: that doesn't stop the i RS from actually assessing the

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Speaker 1: tax that I truly owed back in April. Okay, So

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Speaker 1: even if it's an extension, it doesn't mean that, oh

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Speaker 1: I stopped the payment or the calculation for the payment.

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Speaker 1: I still owe it in April. So that's very very important. Right.

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Speaker 1: So that's about you always tell me you make sure

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Speaker 1: you make some type of payment, because then it's less interest. Well,

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Speaker 1: you can estimate what you think you might owe, that's right,

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Speaker 1: and that's the job of your professional to actually estimate

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Speaker 1: the amount that you owe. Right. In some cases, some

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Speaker 1: of your listeners may withhold or overpay into the system

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Speaker 1: and then they owe you money. That's right, then they

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Speaker 1: would or well the RS would then owe that listener

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Speaker 1: and money. That's correct. Okay, yeah, yeah, So it just

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Speaker 1: depends on the individuals withholdings. All right, we do you

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Speaker 1: want to make sure everybody's getting into the money. Yeah,

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Speaker 1: and a great conversation. Yeah, So I just want to

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Speaker 1: thank you. So anything that we miss that you feel

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Speaker 1: like is important for our listeners to know as a

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Speaker 1: tax time is approaching us April eighteenth, unless you live

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Speaker 1: in one of those areas where you get an extension,

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Speaker 1: if any of your listeners are actually looking to any

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Speaker 1: EV cars. Especially this year, the rules have definitely changed.

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Speaker 1: It used to be just a seventy five energy credit

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Speaker 1: for purchasing an EV car. The rules are completely different

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Speaker 1: for so the manufacturer actually has to qualify with the

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Speaker 1: federal government. Okay, that's not on your listener. But what

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Speaker 1: will be on your listener is whether or not that car.

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Speaker 1: Let's just say it does qualify, if that particular car

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Speaker 1: actually qualifies. So when they purchase an EV they need

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Speaker 1: to ask the dealer if this particular car with this

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Speaker 1: VIN number actually qualifies. Wow, you have to know the

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00:23:35,400 --> 00:23:37,760
Speaker 1: VIN number and everything. They have to look it up.

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00:23:37,800 --> 00:23:39,639
Speaker 1: But there's a lot of work. That's why you need

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00:23:39,680 --> 00:23:42,920
Speaker 1: a tax attorney. For sure. I'm not doing any of

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00:23:43,000 --> 00:23:44,840
Speaker 1: this about myself because I feel like there's more of

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00:23:44,880 --> 00:23:47,080
Speaker 1: a Chiantio get audited too when you do your taxes

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00:23:47,160 --> 00:23:51,639
Speaker 1: on your own. Yeah, yeah, there can be definitely because

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00:23:52,359 --> 00:23:56,239
Speaker 1: again there is the less chance of error right, right,

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00:23:56,320 --> 00:23:59,560
Speaker 1: when you have more people look over the task return right, Right?

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Speaker 1: Do you think if you have like a just a

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00:24:01,240 --> 00:24:05,960
Speaker 1: straight up, like you know, employee, it's just a standard

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00:24:06,040 --> 00:24:08,240
Speaker 1: check you get every single week or every two weeks,

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00:24:08,280 --> 00:24:11,359
Speaker 1: and then is it necessary to hire someone or do

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00:24:11,400 --> 00:24:14,520
Speaker 1: you think something that is just very straightforward is something

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00:24:14,600 --> 00:24:17,560
Speaker 1: you can do yourself. It depends. It depends on the

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00:24:17,600 --> 00:24:20,720
Speaker 1: bandwidth of the listener, right, It depends on what's actually

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00:24:20,800 --> 00:24:23,640
Speaker 1: going on in his or her life. It also depends

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00:24:23,720 --> 00:24:28,840
Speaker 1: on the amount of that check. Right, Right, what I think,

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00:24:29,840 --> 00:24:33,160
Speaker 1: you know, everyone kind of knows like where their capabilities are.

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00:24:33,600 --> 00:24:36,760
Speaker 1: And I'm very good to other people's finances. You can

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00:24:36,800 --> 00:24:39,520
Speaker 1: ask my husband. I'm not very great with my own, okay, right,

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00:24:39,680 --> 00:24:43,040
Speaker 1: And so does your taxes? Who does my taxes? Thankfully?

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00:24:43,080 --> 00:24:45,960
Speaker 1: I have a partner, right, thankfully, Christina does my taxes.

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00:24:46,160 --> 00:24:48,359
Speaker 1: Howard does my taxes? You know, I don't do my

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00:24:48,480 --> 00:24:50,359
Speaker 1: own personal taxes. You know, it's kind of like being

448
00:24:50,400 --> 00:24:53,280
Speaker 1: a doctor, right, I should not be my own physician. Okay. No,

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00:24:53,400 --> 00:24:55,240
Speaker 1: I think that's important too, because it might be things

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00:24:55,320 --> 00:24:57,400
Speaker 1: like we just learned a lot of different things about

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00:24:57,440 --> 00:24:59,760
Speaker 1: tax breaks that maybe you don't know about, and so

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00:25:00,000 --> 00:25:01,879
Speaker 1: if you're trying to do your own you might be

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00:25:02,200 --> 00:25:05,639
Speaker 1: neglecting money. Yeah, money that you could beginning. So I

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00:25:05,720 --> 00:25:09,119
Speaker 1: do feel like that is important, Yeah, absolutely absolutely, And

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00:25:09,480 --> 00:25:12,320
Speaker 1: you know it's an important conversation. One thing for your

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00:25:12,359 --> 00:25:16,480
Speaker 1: listeners when you get a tax professional, right, make sure

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00:25:16,560 --> 00:25:18,159
Speaker 1: and this is one thing that I learned from my

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00:25:18,320 --> 00:25:21,399
Speaker 1: mentor Donald. He told me that when you have a client,

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00:25:22,400 --> 00:25:25,920
Speaker 1: go through the tax return with your client and have

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00:25:26,080 --> 00:25:29,440
Speaker 1: them explain it back to you. Okay, because nobody's life

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00:25:29,560 --> 00:25:31,719
Speaker 1: is reduced onto one line of a tax return, right,

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00:25:32,400 --> 00:25:34,200
Speaker 1: nobody's life is just like, oh, this is my income.

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00:25:34,280 --> 00:25:36,920
Speaker 1: That's it right, right, it's there's so much that went

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00:25:37,040 --> 00:25:41,080
Speaker 1: into it. So make sure that your tax professional actually

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00:25:41,160 --> 00:25:43,600
Speaker 1: gives you a courtesy of like going through it and

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00:25:43,720 --> 00:25:47,520
Speaker 1: explaining what dislignement, what dislignement, This is how a calculation is. Okay,

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00:25:48,000 --> 00:25:49,560
Speaker 1: all right, well good, you have a lot of work

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00:25:49,600 --> 00:25:53,040
Speaker 1: could out for you. Then there's a lot of lines

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00:25:53,119 --> 00:25:54,440
Speaker 1: and things that I have to do with. But I

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00:25:54,480 --> 00:25:56,960
Speaker 1: appreciate you for coming through and for voluntary to do that,

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00:25:57,040 --> 00:25:59,720
Speaker 1: because I know a tax season is always a nerve

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00:25:59,760 --> 00:26:02,000
Speaker 1: record time for me and so for a lot of people,

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00:26:02,280 --> 00:26:04,200
Speaker 1: and for some people it's a great time because you

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00:26:04,240 --> 00:26:07,240
Speaker 1: get a check. That's right. Yeah, So how is how

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00:26:07,280 --> 00:26:11,320
Speaker 1: am I looking? You're looking good? All right, you're looking good. Yeah.

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00:26:11,400 --> 00:26:13,920
Speaker 1: You did give me a pound of documentation though, so

477
00:26:16,240 --> 00:26:19,560
Speaker 1: keep on my documents. It's the least I can do. Yeah,

478
00:26:19,680 --> 00:26:21,800
Speaker 1: so you know I have to get a crate to

479
00:26:21,920 --> 00:26:24,520
Speaker 1: like haul all your stuff that But thank you so much,

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00:26:24,680 --> 00:26:27,160
Speaker 1: Eric Leean. Where can people find you? Um? You guys

481
00:26:27,200 --> 00:26:30,480
Speaker 1: can find me over at info at intrinsic dot biz.

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00:26:30,680 --> 00:26:33,600
Speaker 1: Info at intrinsic I N t R I N s

483
00:26:33,680 --> 00:26:37,880
Speaker 1: I C dot biz. And don't forget to give to charity, guys.

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00:26:37,960 --> 00:26:39,680
Speaker 1: That's also something that makes you feel great and you

485
00:26:39,720 --> 00:26:43,680
Speaker 1: can write it off. Oh yeah, absolutely, yes. Make sure

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00:26:43,800 --> 00:26:46,879
Speaker 1: that you gather all of your receipts from the charities.

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00:26:47,160 --> 00:26:49,359
Speaker 1: Make sure that the charities are legitimate. Make sure that

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00:26:49,440 --> 00:26:52,160
Speaker 1: they actually provide you with the letters near that time

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00:26:52,200 --> 00:26:55,080
Speaker 1: at the end of the year. Yeah, because if you

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00:26:55,200 --> 00:26:57,680
Speaker 1: don't get that letter, it's gonna be difficult to claim.

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00:26:58,000 --> 00:27:01,080
Speaker 1: Can you claim your friends on your taxes? Wish Angela

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00:27:01,119 --> 00:27:03,320
Speaker 1: wants to claim me? I do. She's like my child.

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00:27:04,480 --> 00:27:08,200
Speaker 1: You could claim me. All right, it's where you put Angela. Yea,

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00:27:08,320 --> 00:27:12,040
Speaker 1: let's get it where y'all