1 00:00:04,360 --> 00:00:09,320 Speaker 1: Ruby, Welcome to grown up stuff. 2 00:00:09,360 --> 00:00:12,000 Speaker 2: I'm Leah Palmery and I'm Matt Stillo. And if you 3 00:00:12,160 --> 00:00:14,920 Speaker 2: thought our journey through the world of taxes was over, 4 00:00:15,280 --> 00:00:16,840 Speaker 2: well you're in for a wonderful surprise. 5 00:00:18,239 --> 00:00:21,040 Speaker 1: That's right, because Matt has officially caught the tax bug 6 00:00:21,200 --> 00:00:23,560 Speaker 1: and he's made it his entire personality. 7 00:00:24,160 --> 00:00:26,000 Speaker 2: That's right. I feel like it depends on what side 8 00:00:26,040 --> 00:00:27,200 Speaker 2: of the coin you're on. I'm on the side of 9 00:00:27,200 --> 00:00:29,160 Speaker 2: the coin where I'm excited to learn more about taxes, 10 00:00:29,160 --> 00:00:31,560 Speaker 2: and if you're not, then maybe skip to the next 11 00:00:31,600 --> 00:00:34,800 Speaker 2: episode or go back to season one or two. I 12 00:00:34,800 --> 00:00:35,159 Speaker 2: don't know. 13 00:00:35,720 --> 00:00:38,480 Speaker 1: It's kind of infectious where I was sort of indifferent 14 00:00:38,680 --> 00:00:42,560 Speaker 1: and then your enthusiasm really got me on board, which, like, again, 15 00:00:42,600 --> 00:00:45,239 Speaker 1: this is a thing that I should know, and I 16 00:00:45,280 --> 00:00:47,239 Speaker 1: do feel better the more that I'm learning about it. 17 00:00:47,240 --> 00:00:50,960 Speaker 1: But truly, your excitement is kind of what has made 18 00:00:51,040 --> 00:00:54,280 Speaker 1: me feel anything close to excitement when it comes to taxes. 19 00:00:54,480 --> 00:00:56,720 Speaker 2: Well, here's the thing. It's like, dude, we work so 20 00:00:56,840 --> 00:00:59,440 Speaker 2: hard for our money, right and the government takes it 21 00:00:59,440 --> 00:01:01,440 Speaker 2: away from us. And look, I'm not saying that we 22 00:01:01,480 --> 00:01:03,880 Speaker 2: shouldn't pay the government, but like, I just want to 23 00:01:03,960 --> 00:01:06,680 Speaker 2: keep more my money if it's possible, and like, sometimes 24 00:01:06,720 --> 00:01:08,600 Speaker 2: there are big things in the way of that, right, 25 00:01:08,600 --> 00:01:10,840 Speaker 2: you've got to learn or whatever. But I really do 26 00:01:10,920 --> 00:01:12,600 Speaker 2: feel this is the corniest thing I say. I've probably 27 00:01:12,600 --> 00:01:14,119 Speaker 2: said eighteen times in the show. But I do think 28 00:01:14,120 --> 00:01:15,880 Speaker 2: that knowledge is powered. If you have the knowledge to 29 00:01:15,880 --> 00:01:17,120 Speaker 2: save a little bit more money and put more of 30 00:01:17,160 --> 00:01:19,319 Speaker 2: in your pocket, why wouldn't you want to learn about it? 31 00:01:19,400 --> 00:01:19,680 Speaker 3: Right? 32 00:01:19,880 --> 00:01:21,520 Speaker 1: Nerd oh? Who said that? 33 00:01:23,160 --> 00:01:23,360 Speaker 3: Wait? 34 00:01:23,400 --> 00:01:25,720 Speaker 1: I do have a question for you. If you get 35 00:01:25,760 --> 00:01:27,520 Speaker 1: yourself a little return this year, what are you going 36 00:01:27,560 --> 00:01:28,880 Speaker 1: to spend it on? Are you going to treat yourself 37 00:01:28,880 --> 00:01:29,280 Speaker 1: to anything? 38 00:01:29,520 --> 00:01:31,640 Speaker 2: Dude? This is the most grown up lame response. It's 39 00:01:31,680 --> 00:01:34,560 Speaker 2: going straight in my retirement account. That's exactly what's going 40 00:01:34,600 --> 00:01:37,119 Speaker 2: to happen, because I don't want to die poor. 41 00:01:37,560 --> 00:01:41,319 Speaker 1: Great points, great points, I mean very responsible of you. 42 00:01:41,400 --> 00:01:43,200 Speaker 1: I'm definitely gonna buy myself a treat, and by treat, 43 00:01:43,280 --> 00:01:45,959 Speaker 1: I mean like a cookie or something, nothing extravagant, but 44 00:01:46,000 --> 00:01:48,480 Speaker 1: like a little treat to celebrate. Okay, I got these done. 45 00:01:48,600 --> 00:01:50,400 Speaker 1: I'm feeling great. Let's go with. 46 00:01:50,360 --> 00:01:52,000 Speaker 2: All the great cookies in New York City? Which cookie 47 00:01:52,000 --> 00:01:55,920 Speaker 2: are going to buy? Okay? Well, I just a dilemma. 48 00:01:55,960 --> 00:01:58,280 Speaker 2: You're like, oh my god, there's so many options. 49 00:01:58,400 --> 00:01:59,720 Speaker 1: You're putting me on the spot. I mean, I guess 50 00:01:59,720 --> 00:02:01,520 Speaker 1: it's to depend how much my return is. 51 00:02:02,840 --> 00:02:04,600 Speaker 2: You can get some pretty fancy cookies in your tea. 52 00:02:04,680 --> 00:02:05,920 Speaker 1: Yeah, I might be splurgeon. 53 00:02:06,000 --> 00:02:06,480 Speaker 2: We don't know. 54 00:02:06,600 --> 00:02:07,040 Speaker 1: We don't know. 55 00:02:07,120 --> 00:02:10,160 Speaker 2: Okay, Well, if it's Levane, if it's insomnia, that's how 56 00:02:10,240 --> 00:02:13,200 Speaker 2: we'll know it's Levane. It's living. Yeah, that's right. I 57 00:02:13,240 --> 00:02:14,560 Speaker 2: might be saying that wrong, but I don't care. 58 00:02:14,600 --> 00:02:17,799 Speaker 1: We're going there. It doesn't matter. So while Ruskaroffalo from 59 00:02:17,800 --> 00:02:20,280 Speaker 1: Brass Taxes walked us through some very helpful basics of 60 00:02:20,320 --> 00:02:23,280 Speaker 1: doing your taxes in the last episode, today we're joined 61 00:02:23,320 --> 00:02:26,000 Speaker 1: by another tax expert who will help the over thirty 62 00:02:26,000 --> 00:02:29,400 Speaker 1: three million Americans who are small business owners make sense 63 00:02:29,440 --> 00:02:30,239 Speaker 1: of tax season. 64 00:02:30,480 --> 00:02:33,800 Speaker 2: That's right. We're focusing more on those with startups, side 65 00:02:33,880 --> 00:02:37,400 Speaker 2: hustles small businesses today, and Lisa Green Lewis will hold 66 00:02:37,400 --> 00:02:39,520 Speaker 2: our hands every step of the way. She's a CPA 67 00:02:39,919 --> 00:02:42,400 Speaker 2: and a tax expert for TurboTax Business with over twenty 68 00:02:42,480 --> 00:02:45,680 Speaker 2: years of experience with tax preparation and explaining tax laws 69 00:02:45,720 --> 00:02:47,560 Speaker 2: to people just like Usliah. 70 00:02:47,320 --> 00:02:49,280 Speaker 1: You mean the people who are confused but smiling at 71 00:02:49,320 --> 00:02:51,920 Speaker 1: the same time, because that's me. But as you know, 72 00:02:52,040 --> 00:02:53,840 Speaker 1: I did start a small business, so I am very 73 00:02:53,919 --> 00:02:55,799 Speaker 1: much going to be paying attention to what Lisa is 74 00:02:55,800 --> 00:02:56,440 Speaker 1: saying today. 75 00:02:56,760 --> 00:03:01,640 Speaker 2: Well, let's get to it with Lisa green Lewis own stuff. 76 00:03:04,280 --> 00:03:07,320 Speaker 3: Hi. I'm Lisa green Lewis, and I'm a CPA and 77 00:03:07,440 --> 00:03:11,080 Speaker 3: tax expert with Turbo Tax. I have been doing taxes 78 00:03:11,600 --> 00:03:16,000 Speaker 3: for a very long time, over twenty years, and I'm 79 00:03:16,040 --> 00:03:21,560 Speaker 3: also a spokesperson for TurboTax, so I break down the 80 00:03:21,680 --> 00:03:26,040 Speaker 3: complicated tax laws for reporters and customers. I've always had 81 00:03:26,040 --> 00:03:30,519 Speaker 3: an interest in easily breaking down tax laws and helping 82 00:03:30,520 --> 00:03:31,440 Speaker 3: people save money. 83 00:03:32,240 --> 00:03:36,320 Speaker 2: Amazing, who doesn't love saving money? That was the energy 84 00:03:36,400 --> 00:03:38,920 Speaker 2: we like to bring to grown up stuff. Lisa. We're 85 00:03:39,040 --> 00:03:41,720 Speaker 2: like so thrilled that you're here because we've talked a 86 00:03:41,720 --> 00:03:44,480 Speaker 2: little bit about taxes this season, kind of for the individual. 87 00:03:45,000 --> 00:03:47,440 Speaker 2: But what we're really excited about hearing from you is 88 00:03:47,520 --> 00:03:50,440 Speaker 2: to talk about anyone who's self employed, they're a gig 89 00:03:50,480 --> 00:03:52,960 Speaker 2: economy worker, they got a small business. I can really 90 00:03:53,000 --> 00:03:56,600 Speaker 2: complicate your taxes, right. I had a small business when 91 00:03:56,600 --> 00:03:58,640 Speaker 2: I was much younger, and Leaka speaks as Morcash. She 92 00:03:58,880 --> 00:04:01,360 Speaker 2: is a small business owner. But it just really complicates 93 00:04:01,360 --> 00:04:03,440 Speaker 2: and I got so frustrated doing taxes that I just 94 00:04:03,480 --> 00:04:06,160 Speaker 2: wanted to call it quits. So I'm curious to hear 95 00:04:06,200 --> 00:04:11,280 Speaker 2: from you who could benefit from using TurboTax business to 96 00:04:11,320 --> 00:04:12,080 Speaker 2: do their taxes. 97 00:04:12,920 --> 00:04:17,039 Speaker 3: Yeah, so there are a multitude of business entities that 98 00:04:17,120 --> 00:04:21,279 Speaker 3: could benefit from TurboTax business. So you can be self 99 00:04:21,279 --> 00:04:25,640 Speaker 3: employed or a solopreneur, so like you mentioned, people that 100 00:04:25,720 --> 00:04:29,080 Speaker 3: have a side gig or they work for themselves. But 101 00:04:29,279 --> 00:04:36,320 Speaker 3: also TurboTax business is for s corps or LLC's. You 102 00:04:36,360 --> 00:04:39,920 Speaker 3: can be a multi member LLC or you can also 103 00:04:40,080 --> 00:04:43,120 Speaker 3: be a solo member LLC as well. 104 00:04:43,600 --> 00:04:46,200 Speaker 1: Shout out to solo member LLC's that's me in the house, 105 00:04:46,720 --> 00:04:49,760 Speaker 1: very excited about Yes, yes, yes, there's. 106 00:04:49,600 --> 00:04:52,200 Speaker 3: A lot of those. Yes, you're not alone. 107 00:04:52,640 --> 00:04:54,839 Speaker 1: Thank you. I'm happy to be part of this group 108 00:04:54,880 --> 00:04:58,120 Speaker 1: as well. Although obviously when it does come to TAXI, 109 00:04:58,200 --> 00:05:00,280 Speaker 1: I'm getting a little nervous because there is a to 110 00:05:00,320 --> 00:05:02,880 Speaker 1: think about. So what is sort of the first step 111 00:05:02,880 --> 00:05:05,920 Speaker 1: of this, What should I be like coming prepared with, 112 00:05:06,160 --> 00:05:08,560 Speaker 1: what should I expect from the process. How long is 113 00:05:08,600 --> 00:05:10,560 Speaker 1: this going to take what are sort of the first 114 00:05:10,880 --> 00:05:13,360 Speaker 1: things to collect and also wrap my mind around as 115 00:05:13,360 --> 00:05:14,800 Speaker 1: we're coming into this process. 116 00:05:15,279 --> 00:05:19,080 Speaker 3: Depending on what type of entity you are, you may 117 00:05:19,160 --> 00:05:22,920 Speaker 3: have some differences, but in general, being a small business 118 00:05:22,920 --> 00:05:26,200 Speaker 3: owner is the same. If you're self employed, it's going 119 00:05:26,279 --> 00:05:29,279 Speaker 3: to be a little easier for you because you only 120 00:05:29,320 --> 00:05:33,560 Speaker 3: have to do one tax return. So your self employed 121 00:05:33,640 --> 00:05:36,880 Speaker 3: business that's going to be reported on a Schedule C. 122 00:05:37,600 --> 00:05:39,520 Speaker 3: Now you don't need to know all these forms with 123 00:05:39,600 --> 00:05:42,440 Speaker 3: turbo tax, we don't make you know that. But just 124 00:05:42,520 --> 00:05:45,800 Speaker 3: going over this, you'll file your Schedule C with your 125 00:05:45,800 --> 00:05:49,279 Speaker 3: personal taxes, your ten forty. So the first thing you 126 00:05:49,279 --> 00:05:52,760 Speaker 3: want to do gather all those forms that report your 127 00:05:52,800 --> 00:05:57,080 Speaker 3: income like Form ten ninety nine NEC, Form ten ninety 128 00:05:57,160 --> 00:06:01,080 Speaker 3: nine K if you've had payments processed by a party provider. 129 00:06:01,600 --> 00:06:04,600 Speaker 3: And then most importantly, you want to have those receipts 130 00:06:04,640 --> 00:06:08,800 Speaker 3: for expenses that are worth deductions. If you travel for 131 00:06:08,880 --> 00:06:12,360 Speaker 3: your business, anything like equipment that you ordered for your 132 00:06:12,400 --> 00:06:16,360 Speaker 3: business or even your home office, those are all deductible 133 00:06:16,480 --> 00:06:20,320 Speaker 3: and you should definitely feel empowered to deduct those items, 134 00:06:20,320 --> 00:06:23,640 Speaker 3: which you want to have those receipts together. Now, if 135 00:06:23,720 --> 00:06:27,880 Speaker 3: you are an s corp or a multi member LLC 136 00:06:28,279 --> 00:06:31,000 Speaker 3: or in a partnership. Your taxes are going to be 137 00:06:31,000 --> 00:06:33,680 Speaker 3: a little more involved because you're going to have to 138 00:06:33,760 --> 00:06:38,560 Speaker 3: do two taxes, so one for your corporation or es 139 00:06:38,680 --> 00:06:43,680 Speaker 3: corp or multi member LLC, and then that information is 140 00:06:43,720 --> 00:06:47,400 Speaker 3: going to flow through to your personal taxes. But in general, 141 00:06:47,680 --> 00:06:51,360 Speaker 3: it's important to have your financial statements. There's something called 142 00:06:51,440 --> 00:06:54,880 Speaker 3: clean books. You want to have your books clean because 143 00:06:55,440 --> 00:06:58,600 Speaker 3: that is how you get the accurate information that goes 144 00:06:58,600 --> 00:07:01,760 Speaker 3: into your tax return. And then of course all the 145 00:07:01,839 --> 00:07:05,400 Speaker 3: expenses that you're eligible for for your business, which will 146 00:07:05,440 --> 00:07:08,240 Speaker 3: show up on your financial statements. But you want to 147 00:07:08,279 --> 00:07:12,200 Speaker 3: have that together, or any assets that you have, because 148 00:07:12,240 --> 00:07:16,120 Speaker 3: those also appear on your financial statements and can help 149 00:07:16,160 --> 00:07:19,960 Speaker 3: your taxes as well because you're able to depreciate those 150 00:07:20,040 --> 00:07:22,559 Speaker 3: assets and get a deduction for those. 151 00:07:24,480 --> 00:07:29,000 Speaker 2: So you've just rattled off so many terms. I would 152 00:07:29,040 --> 00:07:30,520 Speaker 2: love you to break down some many terms. So I'm 153 00:07:30,560 --> 00:07:32,640 Speaker 2: going to rattle them off one at a time, and 154 00:07:32,680 --> 00:07:34,640 Speaker 2: I'd love for you to kind of like talk a 155 00:07:34,640 --> 00:07:37,000 Speaker 2: little bit about what that is specifically. Okay, so the 156 00:07:37,040 --> 00:07:40,080 Speaker 2: first thing on that list is sole proprietorship. Could you 157 00:07:40,080 --> 00:07:41,320 Speaker 2: break that down for us real quick. 158 00:07:41,960 --> 00:07:44,800 Speaker 3: Yes, So a sole proprietor, you are in the business 159 00:07:44,800 --> 00:07:48,760 Speaker 3: of one. It is your own business. You typically don't 160 00:07:48,800 --> 00:07:52,800 Speaker 3: have employees. I mean some sole proprietors do pay people 161 00:07:52,960 --> 00:07:56,200 Speaker 3: to do work for them, but in general, your business 162 00:07:56,200 --> 00:08:00,680 Speaker 3: of one, you are going to file your business taxes 163 00:08:00,880 --> 00:08:04,640 Speaker 3: with your personal taxes. So that is the simplest form 164 00:08:04,840 --> 00:08:07,680 Speaker 3: of business structure that you're going to have. 165 00:08:08,600 --> 00:08:10,480 Speaker 2: And the thing I always got confused because that's the 166 00:08:10,520 --> 00:08:12,320 Speaker 2: kind of business that I had and I don't have 167 00:08:12,320 --> 00:08:15,120 Speaker 2: it anymore. But you have an EI in and it's 168 00:08:15,160 --> 00:08:18,200 Speaker 2: like your tax number. Is it the same as your 169 00:08:18,240 --> 00:08:20,240 Speaker 2: Social Security number? Or how does that work out when 170 00:08:20,280 --> 00:08:21,960 Speaker 2: you're doing the sole proprietorship thing. 171 00:08:22,360 --> 00:08:25,680 Speaker 3: Yes, that is different. Now some sole proprietors just use 172 00:08:25,720 --> 00:08:29,640 Speaker 3: their social Security number, but you can have an employer 173 00:08:29,720 --> 00:08:34,319 Speaker 3: identification number when you are a sole proprietor. That's how 174 00:08:34,400 --> 00:08:37,560 Speaker 3: you set up your business name. It's a separate name 175 00:08:37,960 --> 00:08:42,000 Speaker 3: from yourself, and you would have a designated EI in. 176 00:08:42,840 --> 00:08:45,080 Speaker 2: Okay, cool, good to know, all right, So we're going 177 00:08:45,120 --> 00:08:46,680 Speaker 2: to go down to the next one here, which is 178 00:08:46,920 --> 00:08:48,160 Speaker 2: general partnership. 179 00:08:48,960 --> 00:08:53,800 Speaker 3: General partnerships, it's not just you. You would have partners designated, 180 00:08:54,320 --> 00:08:58,800 Speaker 3: but that type of partnership offers little protection unlike a 181 00:08:58,880 --> 00:09:03,880 Speaker 3: limited liability corporation where you're getting protection against anything that 182 00:09:03,920 --> 00:09:06,440 Speaker 3: could come against your business income. 183 00:09:07,160 --> 00:09:10,720 Speaker 2: Okay, what about limited partnership. 184 00:09:10,640 --> 00:09:17,040 Speaker 3: So a limited partnership you would have unlimited liability, but 185 00:09:17,080 --> 00:09:22,160 Speaker 3: then your partners could have limited liability and a limited partnership, 186 00:09:22,200 --> 00:09:25,520 Speaker 3: so one partner has to have unlimited liability. 187 00:09:26,200 --> 00:09:29,480 Speaker 2: Okay. Cool. And then scorp, so. 188 00:09:29,760 --> 00:09:33,000 Speaker 3: You do have limited liability with an escorp, and you 189 00:09:33,040 --> 00:09:37,160 Speaker 3: also have partners in your escorp, and your net income 190 00:09:37,280 --> 00:09:42,040 Speaker 3: everything is divided among the partners, and so at tax 191 00:09:42,120 --> 00:09:46,520 Speaker 3: time with the escorp you get a K one and 192 00:09:46,559 --> 00:09:51,880 Speaker 3: that's where that income flows through to your personal taxes. 193 00:09:53,160 --> 00:09:55,920 Speaker 2: Okay. The next one is c corp. How is that 194 00:09:55,960 --> 00:09:57,000 Speaker 2: different than an escorp? 195 00:09:58,040 --> 00:10:03,280 Speaker 3: A C corp Typically people incorporate when they make more 196 00:10:03,400 --> 00:10:07,280 Speaker 3: income and they have a larger business structure. And then 197 00:10:07,600 --> 00:10:11,079 Speaker 3: that at tax time you would have to do a 198 00:10:11,120 --> 00:10:15,280 Speaker 3: tax return for the corporation. And usually with a C 199 00:10:15,480 --> 00:10:20,160 Speaker 3: corp you are paid as an employee if you're the owner, 200 00:10:20,559 --> 00:10:23,280 Speaker 3: so you would get a W two from your C 201 00:10:23,520 --> 00:10:28,200 Speaker 3: corp and then that would be taxed on your personal taxes. 202 00:10:28,480 --> 00:10:30,360 Speaker 2: Got it? Okay, and then we're going to save the 203 00:10:30,360 --> 00:10:33,760 Speaker 2: best for last because our very only is one of these. 204 00:10:34,160 --> 00:10:38,040 Speaker 2: The LLC break that down for us, if you would. Yeah. 205 00:10:38,040 --> 00:10:41,280 Speaker 3: So the LLC, you can be a LLC and be 206 00:10:41,320 --> 00:10:44,120 Speaker 3: a sole proprietor and so it could just be you, 207 00:10:44,200 --> 00:10:50,480 Speaker 3: but you have limited liability against your business, so that 208 00:10:50,679 --> 00:10:55,440 Speaker 3: is protecting your business. You can also have partners in 209 00:10:55,480 --> 00:10:59,160 Speaker 3: an LLC and be a multi member LLC and with 210 00:10:59,280 --> 00:11:04,600 Speaker 3: that there there's decisions made on how your net income 211 00:11:05,200 --> 00:11:08,680 Speaker 3: and things within your business are divided up. 212 00:11:09,400 --> 00:11:12,360 Speaker 1: Okay, great, this is very new for me, So I 213 00:11:12,400 --> 00:11:17,600 Speaker 1: guess my main question is how is doing your taxes 214 00:11:17,640 --> 00:11:20,600 Speaker 1: as a small business owner different than as an individual. 215 00:11:21,520 --> 00:11:25,079 Speaker 3: With someone that's self employed or a self proprietor, you 216 00:11:25,240 --> 00:11:29,880 Speaker 3: are going to have self employment taxes. The structure is 217 00:11:29,920 --> 00:11:34,280 Speaker 3: going to be more simple because you're only filing one 218 00:11:34,400 --> 00:11:38,080 Speaker 3: tax return, but you will have self employment taxes. So 219 00:11:38,600 --> 00:11:43,040 Speaker 3: your self employment taxes are fifteen point three percent of 220 00:11:43,080 --> 00:11:48,199 Speaker 3: your net income. And with an LLC, with that structure, 221 00:11:48,679 --> 00:11:50,719 Speaker 3: you're going to get a K one and it's going 222 00:11:50,760 --> 00:11:54,840 Speaker 3: to be based on your profits and so you're not 223 00:11:54,880 --> 00:11:59,000 Speaker 3: going to have that self employment tax but your profits 224 00:11:59,040 --> 00:12:01,440 Speaker 3: will be on that K one and that will flow 225 00:12:01,480 --> 00:12:03,199 Speaker 3: through to your personal tax return. 226 00:12:03,760 --> 00:12:06,200 Speaker 1: Okay, I've never had a K one before, so I'm excited. 227 00:12:06,200 --> 00:12:07,280 Speaker 1: The sounds exciting. 228 00:12:07,480 --> 00:12:11,400 Speaker 3: So, yeah, you're saving on the self employment taxes. And 229 00:12:11,600 --> 00:12:14,080 Speaker 3: also one thing I do want to point out, so 230 00:12:15,040 --> 00:12:18,000 Speaker 3: a lot of people just starting businesses they want to 231 00:12:18,120 --> 00:12:22,120 Speaker 3: jump into incorporating. They hear that's the thing to do, 232 00:12:22,200 --> 00:12:25,000 Speaker 3: but they're not making any money and they think that 233 00:12:25,080 --> 00:12:29,640 Speaker 3: you'll get more deductions or credits by doing that. But 234 00:12:29,880 --> 00:12:33,720 Speaker 3: self employed do still get a lot of deductions and 235 00:12:33,800 --> 00:12:38,160 Speaker 3: credits similar ones to corporations. So that's just one thing 236 00:12:38,320 --> 00:12:41,520 Speaker 3: to point out. You know, if you're starting out and 237 00:12:41,600 --> 00:12:44,480 Speaker 3: you're not making any money yet, you might want to 238 00:12:44,520 --> 00:12:47,760 Speaker 3: consider that because you're still able to take the same 239 00:12:47,840 --> 00:12:51,720 Speaker 3: deductions and credits and it's just a more simple structure. 240 00:12:51,920 --> 00:12:55,400 Speaker 3: You're not going to have to have multiple tax returns 241 00:12:55,840 --> 00:12:57,120 Speaker 3: and an earlier deadline. 242 00:12:57,880 --> 00:12:59,760 Speaker 2: One of the things that you mentioned when we were 243 00:12:59,800 --> 00:13:01,720 Speaker 2: kind of talking about all those different terms is you 244 00:13:01,800 --> 00:13:04,320 Speaker 2: mentioned the word liability a lot and kind of like 245 00:13:04,400 --> 00:13:08,960 Speaker 2: shielding yourself. Why is that so important? It seems like 246 00:13:09,000 --> 00:13:10,679 Speaker 2: the idea is to protect yourself. Could you talk a 247 00:13:10,679 --> 00:13:11,360 Speaker 2: little bit about that. 248 00:13:11,920 --> 00:13:15,720 Speaker 3: Yeah. So if you're a sole proprietor and self employed 249 00:13:16,240 --> 00:13:20,720 Speaker 3: and something happens with your business, people could come after 250 00:13:20,840 --> 00:13:24,080 Speaker 3: your personal assets and things. 251 00:13:23,760 --> 00:13:25,280 Speaker 1: That you've built, no, thank you. 252 00:13:25,520 --> 00:13:29,360 Speaker 3: Yes, but with the LC they wouldn't be able to 253 00:13:29,400 --> 00:13:35,000 Speaker 3: come after your personal assets. So it's very important to 254 00:13:35,120 --> 00:13:36,079 Speaker 3: protect yourself. 255 00:13:36,320 --> 00:13:38,720 Speaker 2: Leah, this is great news. You're fully experience, you're fully 256 00:13:38,760 --> 00:13:39,320 Speaker 2: protected us. 257 00:13:39,360 --> 00:13:41,679 Speaker 1: Yes, I feel really good. I feel like, don't come 258 00:13:41,720 --> 00:13:42,760 Speaker 1: near my right place. 259 00:13:42,960 --> 00:13:46,080 Speaker 2: Yes. Yeah. Yeah. So a lot of what we talk 260 00:13:46,120 --> 00:13:49,760 Speaker 2: about so far as sounds very complicated. So why is 261 00:13:49,800 --> 00:13:53,000 Speaker 2: it important to use an expert for small business taxes? 262 00:13:53,640 --> 00:13:56,520 Speaker 3: Well, first I want to point out a Forbes Steady 263 00:13:57,000 --> 00:14:00,800 Speaker 3: mentioned that a wapping ninety three percent of small businesses 264 00:14:01,000 --> 00:14:07,280 Speaker 3: overpay their taxes and also TurboTax. We conducted a survey 265 00:14:07,440 --> 00:14:11,760 Speaker 3: with Talker Research and seventeen percent of gen z ers 266 00:14:11,800 --> 00:14:14,840 Speaker 3: believed that you could write off any expense as a 267 00:14:14,840 --> 00:14:15,679 Speaker 3: business expense. 268 00:14:15,760 --> 00:14:17,280 Speaker 2: So it's just. 269 00:14:17,559 --> 00:14:23,560 Speaker 3: Really important to do your taxes right. And also, you 270 00:14:23,560 --> 00:14:26,160 Speaker 3: know you're running a business. You want to put your 271 00:14:26,280 --> 00:14:29,480 Speaker 3: time and effort into your business. You don't have time 272 00:14:30,000 --> 00:14:32,120 Speaker 3: to be thinking about tax laws. 273 00:14:32,400 --> 00:14:35,640 Speaker 2: All the tax law changes nobody has time for this yet, 274 00:14:35,840 --> 00:14:36,640 Speaker 2: Well we do. 275 00:14:37,120 --> 00:14:41,560 Speaker 3: So with Turbo Tax, we're providing done for you experiences 276 00:14:41,800 --> 00:14:46,800 Speaker 3: and that's through our AI and our expert platform and 277 00:14:47,040 --> 00:14:50,840 Speaker 3: our experts. They have an average of twelve years experience. 278 00:14:51,000 --> 00:14:57,000 Speaker 3: You're matched to an expert that is experienced in specific businesses. 279 00:14:57,520 --> 00:15:01,400 Speaker 3: You want them to be knowledgeable about big businesses, whether 280 00:15:01,560 --> 00:15:06,160 Speaker 3: you're a content creator or a real estate agent. You 281 00:15:06,200 --> 00:15:09,920 Speaker 3: want them to know those specific deductions that you're eligible for. 282 00:15:10,720 --> 00:15:11,400 Speaker 2: Yes, I do. 283 00:15:11,520 --> 00:15:14,160 Speaker 1: That is very true because there are certain things where 284 00:15:14,200 --> 00:15:16,080 Speaker 1: I'm like, how about this new shirt that I got, 285 00:15:16,120 --> 00:15:17,920 Speaker 1: but I'm on camera? Can I wear it on camera? 286 00:15:17,960 --> 00:15:21,480 Speaker 1: And I've had some people the right one say no, 287 00:15:21,720 --> 00:15:24,040 Speaker 1: that is not a deduction for you. For me, it 288 00:15:24,160 --> 00:15:25,920 Speaker 1: seems like it would be, but it's not. 289 00:15:26,520 --> 00:15:27,600 Speaker 3: Yes, I wish no. 290 00:15:27,800 --> 00:15:29,200 Speaker 2: Yeah, I wish that. 291 00:15:29,840 --> 00:15:32,120 Speaker 1: Thank you, yeah, Because then I'd also be like, well, 292 00:15:32,160 --> 00:15:34,400 Speaker 1: I got myself this new moisturizer again, so I look 293 00:15:34,480 --> 00:15:39,200 Speaker 1: beautiful as I create content. But again, sadly, no Sephora 294 00:15:39,280 --> 00:15:42,360 Speaker 1: receipts are making it into my deductions for this year. 295 00:15:42,400 --> 00:15:44,400 Speaker 1: But you know, maybe some other way. 296 00:15:44,520 --> 00:15:49,880 Speaker 3: We'll find other ways, but definitely not cosmetics or clothes, unfortunately, 297 00:15:50,360 --> 00:15:53,280 Speaker 3: one other thing I wanted to bring up to into 298 00:15:53,360 --> 00:15:58,360 Speaker 3: it owns our other brands, and so we make it 299 00:15:58,440 --> 00:16:03,200 Speaker 3: easy to transfer your information from QuickBooks. It's seamless integration 300 00:16:03,560 --> 00:16:10,880 Speaker 3: between QuickBooks and your turbo Tax taxes. So your financials 301 00:16:10,920 --> 00:16:16,680 Speaker 3: from QuickBooks which tracks your income, expenses, even your business mileage, 302 00:16:17,120 --> 00:16:21,760 Speaker 3: it can transfer directly to your TurboTax return. That helps 303 00:16:21,800 --> 00:16:27,280 Speaker 3: you save time and also avoids manual entry or any errors. 304 00:16:27,760 --> 00:16:29,800 Speaker 2: Yeah, so if you're already using QuickBooks to run your 305 00:16:29,800 --> 00:16:32,600 Speaker 2: business like, it's one simple step away, yeah, to start 306 00:16:32,680 --> 00:16:35,640 Speaker 2: using TurboTax for your business taxes as well. Yes, we 307 00:16:35,760 --> 00:16:36,080 Speaker 2: love that. 308 00:16:36,400 --> 00:16:39,480 Speaker 1: If we do love that no manual entry here. I 309 00:16:39,520 --> 00:16:41,600 Speaker 1: know we talked a little bit about certain things that 310 00:16:41,640 --> 00:16:44,160 Speaker 1: you can can't deduct, and we've also talked about that 311 00:16:44,200 --> 00:16:48,640 Speaker 1: TurboTax business has these different experts that can really understand 312 00:16:48,760 --> 00:16:51,040 Speaker 1: exactly what your small business is doing and help you 313 00:16:51,080 --> 00:16:53,320 Speaker 1: with the deductions. Can we go for some like general 314 00:16:53,360 --> 00:16:55,400 Speaker 1: ones of things that you can and can't deduct? And 315 00:16:55,520 --> 00:16:59,960 Speaker 1: also how's this different from me as and individual deductions? 316 00:17:00,120 --> 00:17:04,600 Speaker 3: So definitely your startup costs, if you just started a business, 317 00:17:04,760 --> 00:17:09,439 Speaker 3: you could deduct that any advertising marketing, if you have 318 00:17:09,480 --> 00:17:14,200 Speaker 3: a website, or you have websites support. I would say 319 00:17:14,280 --> 00:17:18,720 Speaker 3: anything directly related to your business, feel empowered to deduct it. 320 00:17:18,800 --> 00:17:21,399 Speaker 3: A lot of people are afraid, but if you have 321 00:17:21,560 --> 00:17:25,000 Speaker 3: those receipts, you definitely want to deduct it. Another big 322 00:17:25,040 --> 00:17:29,800 Speaker 3: one is your car expenses. You could deduct either mileage 323 00:17:30,520 --> 00:17:35,480 Speaker 3: or actual expenses. And then there's also it's called Section 324 00:17:35,680 --> 00:17:41,000 Speaker 3: one seventy nine deductions, and that's where you could deduct 325 00:17:41,240 --> 00:17:46,320 Speaker 3: a lump sum of your purchase instead of depreciating it 326 00:17:46,560 --> 00:17:50,640 Speaker 3: or capitalizing it over the years. So for instance, if 327 00:17:50,680 --> 00:17:55,760 Speaker 3: you're a ride share driver and you purchased a suv 328 00:17:56,000 --> 00:18:00,760 Speaker 3: that's six thousand pounds but under fourteen thousands in twenty 329 00:18:00,840 --> 00:18:04,400 Speaker 3: twenty four, and you started using that for your business 330 00:18:04,480 --> 00:18:08,360 Speaker 3: over fifty percent, you could deduct up to thirty five 331 00:18:08,440 --> 00:18:11,800 Speaker 3: hundred dollars oh for twenty twenty four, and a lot 332 00:18:11,800 --> 00:18:14,560 Speaker 3: of people are surprised. And it's not just dedicated to 333 00:18:14,640 --> 00:18:16,400 Speaker 3: a rise to your driver. You could be a real 334 00:18:16,520 --> 00:18:20,600 Speaker 3: estate agent or anyone like that. That's something to keep 335 00:18:20,600 --> 00:18:24,639 Speaker 3: in mind. Or equipment you buy, they have that same 336 00:18:24,720 --> 00:18:28,160 Speaker 3: section one point seventy nine where up to a certain 337 00:18:28,200 --> 00:18:32,119 Speaker 3: amount you could deduct the whole expense outright instead of 338 00:18:32,119 --> 00:18:35,120 Speaker 3: depreciating it over the years. 339 00:18:35,520 --> 00:18:37,640 Speaker 2: One thing that I think that people are confused about 340 00:18:37,640 --> 00:18:39,440 Speaker 2: when it comes to deductions like this is people who 341 00:18:40,000 --> 00:18:42,840 Speaker 2: they operate their business out of their own home. I'm 342 00:18:42,880 --> 00:18:45,840 Speaker 2: thinking like rent, I'm thinking utilities. Is any of that 343 00:18:45,920 --> 00:18:46,400 Speaker 2: fair game? 344 00:18:46,800 --> 00:18:49,960 Speaker 3: Yes, so a lot of people are afraid to deduct that. 345 00:18:50,200 --> 00:18:53,480 Speaker 3: But if you have a dedicated space in your home 346 00:18:53,680 --> 00:18:56,560 Speaker 3: where you're running your business, so it can't be like 347 00:18:56,600 --> 00:19:00,240 Speaker 3: your kitchen table where you eat and your kids do homework. 348 00:19:00,320 --> 00:19:03,280 Speaker 3: But if you have a dedicated space, you're able to 349 00:19:03,359 --> 00:19:07,159 Speaker 3: deduct a portion of your mortgage interests if you have 350 00:19:07,280 --> 00:19:12,720 Speaker 3: a mortgage, or rent, utilities, property taxes, all of that, 351 00:19:12,960 --> 00:19:16,760 Speaker 3: and it's based on the square footage of your office 352 00:19:16,920 --> 00:19:21,119 Speaker 3: that you use and also the irs. They know that 353 00:19:21,560 --> 00:19:26,159 Speaker 3: people were hesitant to take this, so they developed a 354 00:19:26,200 --> 00:19:29,120 Speaker 3: way that you can do just like a flat deduction. 355 00:19:29,800 --> 00:19:33,760 Speaker 3: But if you have a mortgage, property taxes, and things 356 00:19:33,800 --> 00:19:38,360 Speaker 3: like that, you should definitely use the other actual expense 357 00:19:38,680 --> 00:19:42,360 Speaker 3: deduction because that might be more I'm really glad. 358 00:19:42,080 --> 00:19:44,360 Speaker 2: That you said that you can deduct rent and utilities, 359 00:19:44,400 --> 00:19:46,560 Speaker 2: because I definitely did that when I had a business. 360 00:19:46,560 --> 00:19:48,320 Speaker 2: And I definitely wasn't entirely sure if I could do 361 00:19:48,320 --> 00:19:50,680 Speaker 2: that or not. So thank you for confirming that it's 362 00:19:50,680 --> 00:19:53,960 Speaker 2: been a lingering ten year fear of mind that the 363 00:19:54,400 --> 00:19:55,480 Speaker 2: government's going to come out for me. 364 00:19:55,600 --> 00:19:56,560 Speaker 3: Yes, no, you can't. 365 00:19:56,880 --> 00:20:01,720 Speaker 1: Okay, great, we'll be right back after a quick. 366 00:20:01,480 --> 00:20:13,359 Speaker 2: Break, and we're back with more grown up stuff. How 367 00:20:13,400 --> 00:20:17,639 Speaker 2: do I don't so? What I am curious here? Is 368 00:20:17,640 --> 00:20:21,120 Speaker 2: there anything small businesses or people who are self employed 369 00:20:21,400 --> 00:20:23,280 Speaker 2: that they should be aware of that maybe aren't so 370 00:20:23,440 --> 00:20:25,760 Speaker 2: obvious when it comes to filing their taxes, Like it 371 00:20:25,800 --> 00:20:28,800 Speaker 2: was a great example about the SUV for twenty twenty 372 00:20:28,800 --> 00:20:30,520 Speaker 2: four that you mentioned about. So are there any like 373 00:20:30,560 --> 00:20:33,760 Speaker 2: sneaky boxes to check or receipts to count or what 374 00:20:33,800 --> 00:20:35,880 Speaker 2: else can we be doing this? Maybe not so obvious. 375 00:20:36,240 --> 00:20:39,159 Speaker 3: One thing we didn't talk about is when you're self 376 00:20:39,200 --> 00:20:43,520 Speaker 3: employed and a small business, you need to make quarterly 377 00:20:43,680 --> 00:20:47,960 Speaker 3: estimated tax payments. And so if you expect to owe 378 00:20:47,960 --> 00:20:51,520 Speaker 3: one thousand dollars or more, you should make those quarterly 379 00:20:51,640 --> 00:20:55,920 Speaker 3: estimated tax payments. Now, if you're self employed, it's called 380 00:20:56,000 --> 00:20:59,720 Speaker 3: annualizing your income. A lot of people don't know about this, 381 00:21:00,240 --> 00:21:05,280 Speaker 3: but you can avoid penalties for not paying estimated taxes 382 00:21:05,320 --> 00:21:08,880 Speaker 3: in a certain quarter virus. They know that you don't 383 00:21:08,960 --> 00:21:13,320 Speaker 3: earn your income evenly over four quarters when you're self employed, 384 00:21:13,760 --> 00:21:17,239 Speaker 3: so you can recognize your income in the quarter that 385 00:21:17,320 --> 00:21:20,320 Speaker 3: you earn it when you do your taxes, and then 386 00:21:20,400 --> 00:21:23,200 Speaker 3: you won't get a penalty in those quarters where you 387 00:21:23,240 --> 00:21:26,080 Speaker 3: don't show income. So that's like a little trick I 388 00:21:26,200 --> 00:21:30,320 Speaker 3: like to tell people, especially since penalties have gone up 389 00:21:30,520 --> 00:21:31,280 Speaker 3: from the irs. 390 00:21:32,320 --> 00:21:35,119 Speaker 1: Can you tell us a little bit too about the 391 00:21:35,160 --> 00:21:38,640 Speaker 1: benefits for small business owners to use Turbotux business. 392 00:21:39,680 --> 00:21:43,119 Speaker 3: Yes, So the benefits are just you not having to 393 00:21:43,200 --> 00:21:44,480 Speaker 3: know the tax laws. 394 00:21:44,640 --> 00:21:45,480 Speaker 1: That's all I need to do. 395 00:21:45,640 --> 00:21:45,800 Speaker 2: Yah. 396 00:21:45,920 --> 00:21:51,600 Speaker 3: Yeah, we make it really easy. You can automatically upload 397 00:21:51,760 --> 00:21:55,639 Speaker 3: your documents to the tax experts and then being able 398 00:21:55,840 --> 00:21:59,800 Speaker 3: to talk to the experts however you want to talk 399 00:21:59,840 --> 00:22:04,080 Speaker 3: to them. You could do it via chat or live video. 400 00:22:04,880 --> 00:22:08,280 Speaker 3: You also have the ability to meet with them in 401 00:22:08,320 --> 00:22:13,320 Speaker 3: person in some areas, and so that really helps people out. 402 00:22:13,520 --> 00:22:17,840 Speaker 3: And then just being self employed or having a small business, 403 00:22:17,920 --> 00:22:20,959 Speaker 3: you may come up with questions during the year, and 404 00:22:21,080 --> 00:22:26,119 Speaker 3: so our Turbo Tax business experts, once you use them, 405 00:22:26,359 --> 00:22:29,800 Speaker 3: they're available year round for you to ask questions, and 406 00:22:29,840 --> 00:22:32,800 Speaker 3: that's free for you to call them back. You know, 407 00:22:32,880 --> 00:22:36,280 Speaker 3: you might be thinking about a purchase for something for 408 00:22:36,359 --> 00:22:38,920 Speaker 3: your business and you might want to ask them, Oh, 409 00:22:38,960 --> 00:22:42,480 Speaker 3: I'm thinking of purchasing this equipment in the summer, will 410 00:22:42,520 --> 00:22:46,080 Speaker 3: this be deductible on my taxes? So they can give 411 00:22:46,080 --> 00:22:49,320 Speaker 3: you that year round support and even help you with 412 00:22:50,160 --> 00:22:52,560 Speaker 3: getting ready for your estimated taxes. 413 00:22:53,960 --> 00:22:56,119 Speaker 2: And so I'm curious, like, let's say I'm trying to 414 00:22:56,200 --> 00:22:57,960 Speaker 2: do my taxes on my own right, and I go, 415 00:22:58,160 --> 00:23:00,240 Speaker 2: I hit a wall, and I give you guys a call. 416 00:23:00,640 --> 00:23:03,560 Speaker 2: How can these experts help me while I'm in the 417 00:23:03,560 --> 00:23:04,840 Speaker 2: process of doing my taxes. 418 00:23:05,520 --> 00:23:08,040 Speaker 3: If you're in the process of doing your taxes and 419 00:23:08,119 --> 00:23:11,040 Speaker 3: you come up with a question, we have access to 420 00:23:11,119 --> 00:23:14,760 Speaker 3: the experts online every step of the way, so you 421 00:23:14,840 --> 00:23:19,520 Speaker 3: can connect with them and ask them a question and 422 00:23:20,080 --> 00:23:23,040 Speaker 3: they can assist you, or you can fully hand your 423 00:23:23,080 --> 00:23:24,640 Speaker 3: taxes off to them as well. 424 00:23:25,160 --> 00:23:26,959 Speaker 2: That's good to know. I would always love to try 425 00:23:27,480 --> 00:23:29,840 Speaker 2: to do the taxes right. There's something about the tax forms. 426 00:23:29,880 --> 00:23:31,119 Speaker 2: I'm like, if I could just get through this, I'll 427 00:23:31,119 --> 00:23:33,359 Speaker 2: feel very smart. But good to know that there's an 428 00:23:33,400 --> 00:23:36,639 Speaker 2: expert waiting in the wings to correct all of my mistakes. 429 00:23:37,040 --> 00:23:40,240 Speaker 3: Yeah, if you hand your taxes off to them, they 430 00:23:40,680 --> 00:23:43,679 Speaker 3: review and sign your return and file it for you, 431 00:23:43,760 --> 00:23:47,520 Speaker 3: and it's one hundred percent guarantee. They will not sign 432 00:23:47,560 --> 00:23:50,680 Speaker 3: it unless they're one hundred percent sure that it's accurate. 433 00:23:50,800 --> 00:23:55,159 Speaker 3: So you're getting that extra comfort that you need. Also, 434 00:23:55,440 --> 00:23:58,119 Speaker 3: one of the pain points that we've seen with people, 435 00:23:58,800 --> 00:24:02,399 Speaker 3: they drop their taxes off to someone and they don't 436 00:24:02,440 --> 00:24:05,800 Speaker 3: know where it is in the process, and so our 437 00:24:05,960 --> 00:24:09,000 Speaker 3: tax experts keep you in the loop on where it 438 00:24:09,080 --> 00:24:11,960 Speaker 3: is in the process and when it's going to be done. 439 00:24:12,680 --> 00:24:14,439 Speaker 1: This is like when I order food for delivery and 440 00:24:14,440 --> 00:24:18,680 Speaker 1: I see the little bike on its way to me. Yes, okay, perfect, Yes. 441 00:24:18,040 --> 00:24:20,800 Speaker 3: And we have implemented that just like your door dash, 442 00:24:21,320 --> 00:24:25,240 Speaker 3: we have a tracker that's on your phone and so 443 00:24:25,359 --> 00:24:27,879 Speaker 3: you can see where your return is in the process. 444 00:24:28,320 --> 00:24:30,240 Speaker 2: So is it like a dollar bill that's coming closer 445 00:24:30,240 --> 00:24:32,760 Speaker 2: and closer to me as my return approaches? Is that? What? 446 00:24:32,800 --> 00:24:35,960 Speaker 2: It is? Amazing? I love that I always want to 447 00:24:35,960 --> 00:24:38,000 Speaker 2: know where my money is come to me money. 448 00:24:37,880 --> 00:24:39,400 Speaker 1: Although you don't want to see it if the dollar 449 00:24:39,480 --> 00:24:40,960 Speaker 1: bill is going farther and further away. 450 00:24:41,000 --> 00:24:45,360 Speaker 2: Oh no, okay, So we've talked a lot about what 451 00:24:45,440 --> 00:24:47,680 Speaker 2: TurboTax can do. But I'm curious, you know, Lisa, you're 452 00:24:47,680 --> 00:24:51,800 Speaker 2: a CPA, you're a TurboTax expert. What are the features 453 00:24:52,000 --> 00:24:54,879 Speaker 2: of the software that you love the most or that 454 00:24:54,920 --> 00:24:55,840 Speaker 2: you like working with? 455 00:24:56,640 --> 00:25:01,400 Speaker 3: I would say the ability to easily upload documents and 456 00:25:01,560 --> 00:25:06,120 Speaker 3: just the AI that we've implemented to assist people. That 457 00:25:06,280 --> 00:25:09,840 Speaker 3: is how we've provided done for you experiences. We have 458 00:25:10,160 --> 00:25:15,760 Speaker 3: thousands of business customers that are using our product, and 459 00:25:16,400 --> 00:25:19,720 Speaker 3: we had one customer she says she was able to 460 00:25:19,760 --> 00:25:22,840 Speaker 3: finish her business taxes in thirteen minutes. 461 00:25:23,440 --> 00:25:26,880 Speaker 2: WHOA, I don't believe that, Like it's a month's long process. 462 00:25:26,920 --> 00:25:27,760 Speaker 2: That's amazing. 463 00:25:28,240 --> 00:25:30,920 Speaker 1: Okay, So we talked about having an LLC. But if 464 00:25:30,920 --> 00:25:33,719 Speaker 1: someone has a small business and you're not just a 465 00:25:33,760 --> 00:25:37,960 Speaker 1: sole proprietor here, how should they go about filing both 466 00:25:38,040 --> 00:25:39,200 Speaker 1: business and personal? 467 00:25:39,880 --> 00:25:42,560 Speaker 3: First, you're going to have two deadlines to think about. 468 00:25:42,640 --> 00:25:45,920 Speaker 3: So when you're a small business and let's say you're 469 00:25:45,920 --> 00:25:49,800 Speaker 3: a multi member LLC, you're going to have the March 470 00:25:49,840 --> 00:25:54,840 Speaker 3: seventeenth tax deadline for your business taxes, yes, and then 471 00:25:54,960 --> 00:25:58,919 Speaker 3: you're also going to have your personal taxes, and that 472 00:25:59,000 --> 00:26:02,600 Speaker 3: deadline's April fifth teeth, so you will have two different 473 00:26:02,720 --> 00:26:07,400 Speaker 3: tax returns, unlike someone that's a sole proprietor LLC or 474 00:26:07,440 --> 00:26:13,240 Speaker 3: self employed. Right now, we are offering customers that have 475 00:26:13,520 --> 00:26:16,919 Speaker 3: the business tax return and personal tax return to do. 476 00:26:17,560 --> 00:26:21,040 Speaker 3: We're giving twenty percent off of your personal taxes. 477 00:26:21,600 --> 00:26:25,240 Speaker 2: Nice, and that's twenty percent off of the sales price 478 00:26:25,320 --> 00:26:28,840 Speaker 2: of the service. Yes, okay, great, good to know, and 479 00:26:28,880 --> 00:26:30,600 Speaker 2: then I have one last question for you and then 480 00:26:30,640 --> 00:26:33,359 Speaker 2: we'll all say goodbye. I'm curious to just also hear 481 00:26:33,359 --> 00:26:35,240 Speaker 2: a little bit about why you wanted to become a 482 00:26:35,280 --> 00:26:37,960 Speaker 2: CPA and how that led you to TurboTax and maybe 483 00:26:37,960 --> 00:26:39,600 Speaker 2: what you'd like about working at TurboTax. 484 00:26:39,800 --> 00:26:44,200 Speaker 3: Okay, yeah, so kind of weird. But I learned how 485 00:26:44,200 --> 00:26:47,000 Speaker 3: to do taxes after high school, like when it was 486 00:26:47,200 --> 00:26:51,479 Speaker 3: paper and I was always really good in math, and 487 00:26:51,720 --> 00:26:55,399 Speaker 3: friends and family knew that I could like explain tax 488 00:26:55,480 --> 00:26:59,280 Speaker 3: laws really easy, and they started asking me questions, and 489 00:26:59,840 --> 00:27:04,480 Speaker 3: I decided to go to college for accounting concentration tax 490 00:27:04,960 --> 00:27:06,879 Speaker 3: And back then you could get what was called a 491 00:27:06,920 --> 00:27:10,760 Speaker 3: c tech license, So that was a license they had 492 00:27:10,960 --> 00:27:14,679 Speaker 3: where you could charge people to do taxes. So I 493 00:27:14,720 --> 00:27:18,080 Speaker 3: started doing taxes for people that way, and then after 494 00:27:18,160 --> 00:27:22,719 Speaker 3: college I decided to go for my CPA license. And 495 00:27:23,440 --> 00:27:27,320 Speaker 3: now also my worlds kind of came together because prior 496 00:27:27,359 --> 00:27:30,760 Speaker 3: to high school, I wanted to be a newscaster and 497 00:27:31,600 --> 00:27:33,560 Speaker 3: I thought I was too shy to talk to people. 498 00:27:33,840 --> 00:27:37,320 Speaker 3: But the VP that hired me at Turbo Tax after 499 00:27:37,440 --> 00:27:39,640 Speaker 3: I started working a little bit, she was like, would 500 00:27:39,640 --> 00:27:42,119 Speaker 3: you like to be a spokesperson for Turbo Tax? And 501 00:27:42,160 --> 00:27:45,040 Speaker 3: I was like, I mean, sure if you train me. 502 00:27:45,359 --> 00:27:50,560 Speaker 3: So fast forward, my two worlds collided and I'm able 503 00:27:50,600 --> 00:27:53,920 Speaker 3: to do my work as a CVA and also talk 504 00:27:54,040 --> 00:27:57,480 Speaker 3: to reporters and do some really fun stuff. 505 00:27:58,240 --> 00:28:00,560 Speaker 1: I was in the stars for you, and also I'm 506 00:28:00,600 --> 00:28:02,680 Speaker 1: so jealous that you have the skills of really being 507 00:28:02,680 --> 00:28:05,399 Speaker 1: able to crunch numbers and understand the laws and all 508 00:28:05,440 --> 00:28:08,360 Speaker 1: of that too. So great job. I know we won't 509 00:28:08,400 --> 00:28:10,359 Speaker 1: keep you much longer because it is tax season, so 510 00:28:10,440 --> 00:28:12,879 Speaker 1: I'm guessing Lisa has a couple of things to do 511 00:28:13,400 --> 00:28:16,960 Speaker 1: to do this today. Awesome, but thank you so much 512 00:28:16,960 --> 00:28:21,000 Speaker 1: for joining us and helping to navigate this world that 513 00:28:21,520 --> 00:28:23,359 Speaker 1: is not so scary once you break it down. 514 00:28:23,640 --> 00:28:26,399 Speaker 3: Thank you for having me, and I did listen to 515 00:28:26,680 --> 00:28:29,760 Speaker 3: some of your podcasts and I really love the topics, 516 00:28:30,640 --> 00:28:33,800 Speaker 3: very interesting and you guys make it fun. 517 00:28:34,160 --> 00:28:35,760 Speaker 2: Oh thanks, Lisa, appreciate it. 518 00:28:35,840 --> 00:28:37,840 Speaker 1: You're doing an amazing job being a grown up. So 519 00:28:38,080 --> 00:28:47,360 Speaker 1: thank you, thank you, our thanks again to Lisa for 520 00:28:47,400 --> 00:28:50,160 Speaker 1: breaking it down for us. Okay, Matt, so tell me 521 00:28:50,200 --> 00:28:52,920 Speaker 1: what the next topic you're feeling kind of curious about is. 522 00:28:53,440 --> 00:28:56,880 Speaker 2: Every time I talk to someone about mornings or morning routines, 523 00:28:56,960 --> 00:28:59,880 Speaker 2: I always tell them I am an aspiring morning person, 524 00:29:00,040 --> 00:29:02,440 Speaker 2: because I truly am. I'm attempting to make this year 525 00:29:02,720 --> 00:29:05,160 Speaker 2: the year that I actually become a morning person. And 526 00:29:05,240 --> 00:29:07,680 Speaker 2: so next episode we're going to speak with Laura Vandercamp, 527 00:29:07,720 --> 00:29:10,120 Speaker 2: who quite literally wrote a book on how to have 528 00:29:10,160 --> 00:29:12,080 Speaker 2: a positive and productive morning routine. 529 00:29:12,240 --> 00:29:15,280 Speaker 1: Matt on behalf of my fellow morning people. We will 530 00:29:15,320 --> 00:29:18,200 Speaker 1: happily and smugly welcome you into the club. 531 00:29:18,320 --> 00:29:19,200 Speaker 2: I feel embraced. 532 00:29:19,600 --> 00:29:22,760 Speaker 1: Yes, the birds are chirping, the sun is shining. We 533 00:29:22,880 --> 00:29:25,640 Speaker 1: are ready to welcome you to the morning. Thank you 534 00:29:26,040 --> 00:29:28,080 Speaker 1: until next time, Good luck being a grown up. 535 00:29:30,640 --> 00:29:34,000 Speaker 2: This is a production of Ruby Studio from iHeartMedia. Our 536 00:29:34,040 --> 00:29:36,000 Speaker 2: executive producers are Lea Palmer. 537 00:29:35,960 --> 00:29:39,360 Speaker 1: And Matt Stillo. This episode was edited and engineered by 538 00:29:39,360 --> 00:29:40,040 Speaker 1: Sierra Spreen. 539 00:29:40,280 --> 00:29:42,760 Speaker 2: We wanted to thank our teammates at Ruby Studio, including 540 00:29:42,800 --> 00:29:47,000 Speaker 2: Sarah You, Ethan Fixel, Racis Swan Krasnoff, Ambrus Smith, Debraharett, 541 00:29:47,160 --> 00:29:48,600 Speaker 2: and Andy Kelly.