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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security. Okay,

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Speaker 2: So I put this in all my tax slides all

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Speaker 2: the time because I think I want everyone to have

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Speaker 2: this perspective and understand this, and so Warren Buffett. Warren

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Speaker 2: Buffett stated I paid a lower tax rate than my

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Speaker 2: secretary thanks to the many loopholes and deductions that benefit

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Speaker 2: the wealthy. And so I love to include this, and

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Speaker 2: I love to have start off with this conversation because

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Speaker 2: the reality is that Warren Buffett is not boasting. He's

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Speaker 2: not saying it's right. He actually thinks that it's wrong.

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Speaker 2: But the reality is the reality. So this goes back

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Speaker 2: to my conversation of earlier saying Okay, well, if you

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Speaker 2: don't currently have a business or you're not currently investing,

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Speaker 2: you need to invest. You have Warren Buffett, one of

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Speaker 2: the richest men in the world, saying that his tax rate, right,

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Speaker 2: so not saying the amount of taxes that he pays.

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Speaker 2: His tax rate is lower than his secretary. So that

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Speaker 2: tax rate just means that his rate is probably at

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Speaker 2: twenty five percent and his secretary is probably at thirty

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Speaker 2: five percent, right, And it's all about It's all about

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Speaker 2: because of it's sorry, it's all because of what he's

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Speaker 2: investing in and where his income is flowing in from.

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Speaker 2: And so the government is always going to incentivize things

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Speaker 2: that they want to pretty much happen. Right, So if

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Speaker 2: they want more people to become landlords. They're going to

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Speaker 2: incentivize real estate. That's why there's so many tax deductions

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Speaker 2: and so many different perks when it comes to real estate.

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Speaker 2: When it comes to taxes, it's because the government needs help.

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Speaker 2: They want landlords. They want you to be a landlord

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Speaker 2: because they cannot house everyone. When it comes to you know,

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Speaker 2: food and energy and all those things, there's a bunch

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Speaker 2: of different tax deductions surrounding them. And it's because that's

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Speaker 2: what the IRS wants. The IRIS wants you, I'm sorry,

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Speaker 2: that's what the government wants. The government wants you to

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Speaker 2: invest your money in the stock market long term, not

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Speaker 2: short term. Right, So what do they do. They make

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Speaker 2: the tax rates for long term investment lower than the

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Speaker 2: tax rates for short term investing. Right, And so you

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Speaker 2: all have to just it's really about mindset when I educate.

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Speaker 2: When i'm educating you all, if you know, you want

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Speaker 2: to go off and do your own taxes, that's fine,

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Speaker 2: But when I'm educating, it's really about mindset. So that

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Speaker 2: way you all can understand what's possible and you can

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Speaker 2: understand pretty much the rules of the game. Okay, so

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Speaker 2: I'll read this. You guys can feel free to take

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Speaker 2: a screenshot of this. This is pretty much what I

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Speaker 2: spoke to you all about already in terms of what

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Speaker 2: tax planning is. But tax planning is the analysis and

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Speaker 2: arrangement of a person's and business financial situation in order

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Speaker 2: to reduce their tax liability. The tax plan ensures that

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Speaker 2: all elements of the financial plan work together to pay

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Speaker 2: the lowest tax in a legal and efficient manner. Through

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Speaker 2: tax planning, individuals ensure they can attain maximum tax efficiency.

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Speaker 2: Reducing tax liability increases the ability to take the money

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Speaker 2: you would have paid to the irs and allow you

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Speaker 2: to contribute it, contribute it to your dreams. Okay, So

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Speaker 2: that in a nutshell is what tax plan it is.

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Speaker 2: And a one liner, keep more of your money so

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Speaker 2: you could do whatever it is that you want with it, right,

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Speaker 2: and to make it simple. Now, I'm going to start

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Speaker 2: talking about tax planning, and we're going to start off

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Speaker 2: with bookkeeping. I used to be so lenient when it

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Speaker 2: comes to bookkeeping, and I used to try to find

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Speaker 2: a way around it to tell people, you know, maybe

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Speaker 2: you don't need bookkeeping, maybe you could try to do

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Speaker 2: it yourself. No, you guys need some sort of bookkeeping. Now,

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Speaker 2: whether you decide to do the bookkeeping yourself. Everyone needs

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Speaker 2: some sort of bookkeeping software. Some people choose to keep

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Speaker 2: track of their books, and you know, let's say they

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Speaker 2: sorry they made you to keep track of their books.

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Speaker 2: Let's say it on Excel. Right. The issue with trying

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Speaker 2: to maintain your books and money that's coming in and

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Speaker 2: going out of your business. The issue with that is

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Speaker 2: that when you do that, you have you pretty much

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Speaker 2: have the opportunity to miss things, right. So if you're

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Speaker 2: missing things, you may forget to include a transaction, you

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Speaker 2: may include you know, some revenue or some expenses. So

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Speaker 2: what you want to do is you want to make

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Speaker 2: sure that you're able to kind of get ahead of that, right.

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Speaker 2: And so I do recommend like some sort of software.

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Speaker 2: So whether that's like quick Books, Sorry, some of my clients.

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Speaker 2: I use quick Books within my company with my clients.

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Speaker 2: But what's some other one WAVE A lot of not

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Speaker 2: a lot of clients, but some clients do use WAVE.

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Speaker 2: I don't care what you use, just use something, right,

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Speaker 2: And so the business.

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Speaker 3: Is that this episode is brought to you by P

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 1: accused of murdering a Texas man a Venezuela and charged

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Speaker 1: with filming and selling child pornography in Michigan. These are

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Speaker 1: just some of the heinous migrant criminals caught because of

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Speaker 1: President Donald J. Trump's leadership. I'm Christy nom the United

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Speaker 1: States Secretary of Homeland Security. Under President Trump, attempted illegal

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Speaker 1: border crossings are at the lowest levels ever recorded, and

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Speaker 1: over one hundred thousand illegal aliens have been arrested. If

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Speaker 1: you are here illegally, your next you will be fine.

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Speaker 1: Nearly one thousand dollars a day. Imprisoned and deported, you

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Speaker 1: will never return. But if you register using our CBP

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Speaker 1: home app and leave now, you could be allowed to

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Speaker 1: return legally. Do what's right, leave now. Under President Trump

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Speaker 1: America's laws, border and families will be protected sponsored by

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Speaker 1: the United States Department of Homeland.

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Speaker 2: Security right off, if they decide to absolutely, so yes,

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Speaker 2: so sorry, guys, you know my voice is going, so absolutely,

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Speaker 2: if you guys sign up for quick books, if you

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Speaker 2: guys decide to pay me, if you guys decide to

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Speaker 2: pay another professional, all of those things are tax write offs, right,

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Speaker 2: And that's the beauty. And I said this on stage.

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Speaker 2: I was like, you know, the beauty of being a

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Speaker 2: business owner or an investor is that you get to

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Speaker 2: make your money, pay your expenses, and then your tax

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Speaker 2: on what's left. Versus when you are a W two employee,

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Speaker 2: what happens is that you get your money, your tax,

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Speaker 2: and then you have to try to live off what's left,

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Speaker 2: you know. And so just looking at it that way

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Speaker 2: is like you know, I tell clients all the time,

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Speaker 2: it really is about what can we really what can

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Speaker 2: we do to bring more of our personal expenses over

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Speaker 2: to the business side. So now that business is now

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Speaker 2: deducting those expenses versus you know, us trying to live

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Speaker 2: off of let's say that W two income that we're

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Speaker 2: bringing in. So I put bookkeeping first because bookkeeping, as

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Speaker 2: I put here, is really the foundation. Okay, So it

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Speaker 2: is the foundation of tax planning. I cannot help you

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Speaker 2: save on taxes if I don't know how much your

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Speaker 2: business is profiting. If I don't know what expenses you

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Speaker 2: really have or what assets you really have already, it's

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Speaker 2: pretty much impossible for me to help you. And so

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Speaker 2: if you want help or you want to be able

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Speaker 2: to take advantage of things, you have to have your

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Speaker 2: foundation in order, okay. And bookkeeping is very important, especially

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Speaker 2: for you know, if you're going for any loans or

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Speaker 2: you don't know how many people every single year contact me,

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Speaker 2: actually every single week, contact my office and they're like,

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Speaker 2: oh my god, I'm going for a loan and asking

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Speaker 2: me for a profit in law statement. And I can't

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Speaker 2: give them my profit in law statement because I don't

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Speaker 2: have any bookkeeping. Oh my god, can you guys do

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Speaker 2: my bookkeeping? I need you to do my bookkeeping for

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Speaker 2: the past two years, and I need it done in

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Speaker 2: two days, we're like, do you want us to go

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Speaker 2: through twenty four months? Wow? You know, and so because

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Speaker 2: nothing is urgent until it's urgent, and I like to

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Speaker 2: practice a lot, and most people look at me and

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Speaker 2: they're like, Okay, well, you know, you're just like it's

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Speaker 2: just taxes. But it's like, no, this is really the foundation.

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Speaker 2: Like I really am like the powerhouse to a business

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Speaker 2: from the financial perspective because all of these tools, all

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Speaker 2: of these things, if you conduct your business and your

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Speaker 2: incompliance and you have your bookkeeping done and you know

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Speaker 2: you're able to take, you able to save on taxes

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Speaker 2: and file your taxes on time, and all of those

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Speaker 2: things contribute to a profitable business. Okay, so More wrote

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Speaker 2: the story get your stuff Together. So let's just quickly

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Speaker 2: talk about tax deductions. So with tax deductions within tax

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Speaker 2: planning for the most part, sometimes we do have to

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Speaker 2: bring up to clients tax deductions that they need to take,

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Speaker 2: or they need to consider, or they need to shift

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Speaker 2: from a business side I mean sorry, from their personal

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Speaker 2: over to their business. So any consultants, mails, travels, gifts,

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Speaker 2: entertainment service sorry, internet, internet services, computer or software, cell phone, education,

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Speaker 2: medical magazine. So these are just some right. Of course,

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Speaker 2: we have home office, we have vehicle, which we'll talk

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Speaker 2: about a little later. There's so many different things. How

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Speaker 2: I like to tell clients to think about tax deductions,

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Speaker 2: and well, I want to define tax deductions because a

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Speaker 2: lot of times people ask me what's like to define it?

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Speaker 2: So I'll continue this thought, but it just popped in

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Speaker 2: my head that I need to define this. So a

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Speaker 2: lot of times what I tell clients is if you

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Speaker 2: are spending money on this particular thing in order to

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Speaker 2: complete that transaction, in order to get that money through

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Speaker 2: the door, then ninety five percent of the time it

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Speaker 2: is a tax deduction. Okay, So pretty much tax deduction

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Speaker 2: really is just you capturing all of your expenses that

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Speaker 2: you have put out in order to operate your business.

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Speaker 2: So for the irs, in order for something to be

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Speaker 2: considered as an expense, it has to be reasonable, and

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Speaker 2: they had I'm sorry, not reasonable. Sorry, it has to

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Speaker 2: be necessary and ordinary. And so what that means is necessary,

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Speaker 2: meaning that you needed it in order to complete your business. Right,

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Speaker 2: And then there's a necessary an ordinary ordinary meaning that

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Speaker 2: is common. Right, So if it's something common in your

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Speaker 2: industry and it's necessary, is considered a tax deduction,