00:14:14.000He's actually coming in via Zoom remotely, and uh we're gonna be talking about um the big beautiful bill and how to capitalize on this um given that Trump's gonna be in office the next couple of years and um how a lot of you guys can kind of use this to your advantage, because you know, with as with the first administration, there are a bunch of benefits that came out, especially to people that are more entrepreneurial-minded that you can take advantage of that.
00:14:35.000Now, you know, quick little background on this bill.
00:14:38.000This bill was passed, what, maybe I think a month or two ago, and the bill is very comprehensive.
00:14:43.000It covers everything from border security to fighting crime to um, you know uh, you know, reforms when it comes to the welfare system, a whole bunch of stuff.
00:14:55.000But there was a bunch of stuff in there from a tax perspective that can help a lot of you guys out if you decide that you want to, you know, start a business or start investing in certain assets, etc.
00:15:02.000Um Steve's gone through the bill, knows it pretty well, um, and he's found a couple of things that you know I think we should bring to your guys' attention uh that you can utilize to kind of leverage um you know yourself here to make some more money during this administration, as you guys know.
00:15:16.000Um last side trouble was in uh was a good time to be an entrepreneur, then Biden came and messed a lot of that stuff up.
00:15:21.000But now he's back in office, and we can definitely use um some of this new legislation to your advantage.
00:15:26.000Um we got Steven, for those of you that don't know, Steve, he is uh our accountant.
00:15:29.000But Steve, I'll let you kind of take it from here and introduce yourself to the people real quick.
00:15:33.000Hi guys, hey, thanks for having me back on.
00:15:36.000Um yeah, so uh, you know, I've been doing your guys' taxes for I don't even know how long, well, at least uh five, six years since you guys started the show.
00:15:46.000I don't know if you know uh a lot of your listeners have uh LLC partnership or uh or uh S corporation, they had to file it if they extended today.
00:15:57.000Uh we were pretty busy at the office doing some last minute returns.
00:16:00.000Um and the thing to know about that is if you didn't file today and you're an S-corp, um, you get penalized basically for not filing.
00:16:08.000Even though you you may not have owed taxes just for not filing it, you're gonna get filed, and it's pretty substantial.
00:16:14.000I've had taxpayers that you know missed the deadline come in the next year and say, you know, I didn't file my taxes for last year, and then they wind up getting uh hit, you know, with with a couple thousand dollar penalty because it's like a two hundred and uh I think it's like two hundred and forty-five dollars per partner or per shareholder on that S-corp per per month.
00:16:33.000So if you were supposed to file that September, you don't you know file it for six months, you could do the math on that.
00:16:38.000You know, that's like 250 bucks per month, and uh it adds up pretty substantially.
00:16:43.000So um I have a way, you know, if it's a first-time offender and they you know they did it the first time, whatever, we'll do a first-time waiver for them.
00:16:50.000And a lot of times the IRS will, you know, forgive that.
00:16:53.000Um, but if you know it's a second year that they're you know doing that, then you know the IRSS says, hey, you know, we'll we'll give you one mulligan, um, but you're you don't get it, you know, this year.
00:17:03.000But yeah, so like as you mentioned, you know, this this um one big beautiful bill that Trump passed with Congress um a few months ago, it was actually July 4th, it got passed.
00:17:13.000There's you know uh a lot of sections in there, but there's a section there that's pretty good for the new tax um updates.
00:17:19.000So basically, um you know the uh 2017 was the last major bill that we had, and a lot of those tax provisions in that bill were set to expire this year in 2024 or 2025, I should say.
00:17:37.000So on for general knowledge purposes, the tax rates in 2017 were dropping about one to two one to three percent across the board for all different types of taxes and tax brackets.
00:17:51.000The other good news is um for small businesses, and the reason why I'm talking about small businesses, not only because it's what we you know, what we focus on, but you gotta remember more than 90% of uh business uh in in the US is small business.
00:18:07.000That's you know pretty much what our GDP is comprised of.
00:18:09.000Um nearly 50% of the people in our country are employ are employed by small private businesses.
00:18:31.00040%, nearly 50% of our, you know, um, and near um, you know, sixty one sixty-one uh million people are um employed, you know, through that.
00:18:40.000So and it's it's nearly uh fifty percent of our GDP.
00:18:43.00070% of our tax revenue that the government uh you know, the IRS uh uh collects comes from small businesses.
00:18:49.000So it's it behooves us to pay attention to these laws if you're a small business owner.
00:18:54.000You don't have to know everything through and through.
00:18:56.000Just get a good CPA that you know can walk you through it, you know, and and it can work with you, um, such as you guys, you know, work with me and just keep you updated on those things.
00:19:04.000You know, it it it pays to have uh you know a knowledgeable tax guy.
00:19:08.000Don't try to go in alone when you get a business, you know, just pay just pay the money because you're gonna save more on taxes than you are, you know, trying to keep up with the tax laws and trying to do the forms yourself and and and uh you know the opportunity to to take advantage of the tax the tax you know laws and the in the code.
00:19:27.000Um leave it leave it to a professional, you know, that it really pays to get somebody that knows what they're doing.
00:19:37.000Yeah, you know, oh my god, I couldn't tell you how many times we've got people coming in trying to do the business taxes.
00:19:41.000You know, it's one thing if you got a W two and maybe a couple, you know, you know, maybe a couple of W twos at the most, you know, yeah, just use, you know, that's fine.
00:19:49.000Turbo tax is fine or H and R block or whatever.
00:19:52.000You know, but once you get into doing, you know, having your own business, you're gonna want somebody to help you out, get your books straight, you know, keep a separate bank account for your business so you could track your income and your expenses.
00:20:01.000Um so you know, just wanted to add that in there.
00:20:04.000But yeah, so this bill, I wanted to go over maybe like three, four major things for you guys, and then you know, could open it up to maybe look at a Q and A. Yeah, yeah.
00:20:13.000So yeah, guys, we're gonna go over this stuff.
00:20:14.000Um, you know, and then we'll cover the basics and then obviously we'll open it up for QA so that you guys can ask whatever questions we're gonna open up the phone lines for you guys as well and uh take super chats in.
00:20:23.000So you got our accountant on the line, guys.
00:20:25.000We're gonna bring Steve on more often for these money Mondays.
00:20:28.000I think um, you know, that can provide you guys an enormous amount of value, answer a lot of your questions.
00:20:32.000Um Steve also has a pretty good background in real estate investing, um, fixing and flipping, a bunch of different stuff.
00:20:37.000So um accounting isn't just isn't his only expertise, guys.
00:20:41.000So also um the guy do what to buy if your business uh legally to reduce taxes and does a lot for you.
00:20:47.000Because if the more money you keep the better.
00:20:49.000So yeah, so we're gonna have Steve on these uh a lot more guys to give you guys even more value and have a tax professional on almost one every one of these calls.
00:20:56.000Uh I told you guys we're gonna obviously increase the value and give you guys more, and that's what we're gonna do.
00:21:01.000And uh yeah, but yeah, go ahead, Steve, take it away.
00:21:03.000Yeah, so um, you know, I wanted to add, so you know, tell your guys, and I'm gonna I'll put it in the chat too, that um, you know, on my Instagram, I haven't been active, you know, probably over the past year.
00:21:12.000I've been involved with some personal stuff, which I you know, you guys are aware of.
00:21:16.000But um, so I've kind of dropped off a little bit, but I'm gonna start um um posting more content on there.
00:21:21.000And I do if you go on to my uh Instagram, um, go in there.
00:21:25.000I have a lot of free resources in there for you.
00:21:28.000I got a calculator for you guys that you know you guys you guys can go in there and see like, hey, if I if I started my own uh sub chapter as corporation, I have a calculator in there.
00:21:36.000You fill out like three or four pieces of information and you could find out pretty accurately, you know, it's not gonna be precise, but pretty accurately, you know, how much of a tax savings you would have by forming your own um you know, LLC and converting it to an S Corp.
00:21:51.000I have very uh inexpensive guys on there.
00:21:54.000You can do a call with me, you know, either 30 minute call or 60 minute call on there, you know, just um there but there are some free uh guides in there.
00:22:02.000So I, you know, I would invite everybody to go on there, join my page.
00:22:05.000I'm gonna be producing more content on there.
00:22:07.000Um a lot of times I try to do my best to answer DMs if for people that you know ask me a question through there, um, similar to this QA.
00:22:13.000So uh just feel free, you know, to to um go on there and uh, you know, see see what um resources that you you need on there.
00:22:22.000So um, yeah, just kind of diving into this uh this new bill or this updated bill.
00:22:27.000Um one of the big things that uh we were we were nervous about, you know, including myself, because I'm a I'm set up as a S Corp too.
00:22:33.000You guys are you guys are both S Corps as well.
00:22:36.000So this, you know, this this hits home.
00:22:38.000Um there was a twenty percent deduction.
00:22:40.000So for instance if you had on your S Corp a hundred thousand dollar profit we were getting what's called a QBI that's a qualified business income tax deduction of 20 percent 20%.
00:22:51.000So if you had a hundred thousand dollar profit you would deduct 20% of that.
00:22:55.000So you would only have to report an 8000 dollar profit on your tax return and pay tax on the 80,000.
00:23:00.000So that was set to expire that got renewed and that's going to be a permanent he made it um Trump made it permanent so that's that's like that's like big yeah that's big that that and that only started with him and um 2017 and then now that's that's that's going to be um so that's a huge deduction um you know 20% right off the right off the top is huge.
00:23:21.000See what about the limit for cars for example the deduction from car I'm getting there.
00:23:26.000I'll get to that I'm gonna get to that's gonna be one of the things I'm gonna cover yeah and then that you're gonna you guys are gonna like this too.
00:23:33.000Oh and excuse me I misspoke it's not 20 not not only is it going to get renewed from it's not 20% it jumped up to 23%.
00:23:42.000So that so um yeah I I I misspoke there.
00:23:45.000So um that's that's gonna be one of the one of the big ones there.
00:23:48.000Now going into the um section 179 what the heck is that right?
00:23:52.000So when you have a business and you buy assets let's say you were a content creator and you buy computers you buy um you know um cameras you buy um lighting and so forth uh you we have what's called um typically you would depreciate that what is that well you take the useful life of that equipment maybe it's five years maybe it's seven years and you would take you know if it's a 10,000
00:24:13.000dollar uh piece of equipment or let's say it's five thousand dollar piece of equipment you would depreciate that over five years so you only get a 1,000 dollar deduction for the every year for the next five years.
00:24:23.000Well section 179 um you could as long as it's uh it's it's used in your business for over 50% you could deduct uh 100% of that um whatever the cost of that is um as long as as long as it's used for business and um so that went from uh uh bit small businesses which you know I know it's a big number and it's still considered small business in the eyes of the US but we had a cap of uh up to 1.25 million dollars of any type of
00:24:53.000business equipment that you would buy that you could expense 100% of immediately that went up now to 2.5 million they doubled the cap on it so that's major you know you know and of course with inflation or the price of everything um has gone up so that's that's only appropriate I think so if people want to buy equipment you know uh or they were looking at getting something more expensive higher end or whatever um they can probably do that over the next couple of years correct yeah correct so that's that's that's jumped up to cap
00:25:23.000I know a lot of businesses are going to be in that, including myself.
00:25:26.000I'm not in that category where I'm going to need that much equipment.
00:25:45.000Another one is the interest deduction for loans.
00:25:50.000So if you have, let's say, a small business administration loan, a lot of people do have those.
00:25:54.000And I see that a lot in my line of work.
00:25:57.000Although the rate right now is not the greatest, hopefully we're going to see the rates maybe at the tail end here this next couple of meetings we have here.
00:26:06.000They're going to drop down a little bit.
00:26:07.000So it's not ideal right now to get the SBA because the prime plus two typically is kind of high right now for that.
00:26:14.000But at any rate, the deduction for the interest, they used to have a 30% cap on it based on your taxable income that you were spending off.
00:26:24.000You can only deduct up to 30% of that.
00:26:50.000And in 2017, it was 100% bonus depreciation.
00:26:54.000depreciation so if you bought a vehicle that was over six thousand pounds um you could deduct you know if it was used used for business you could deduct um a hundred percent of it um and then in 2018 that went down to 80 percent and and so on and so forth.
00:27:08.000So that was set to like I think we're at 40% now.
00:27:11.000Um that was set to uh to sunset, meaning that was gonna expire.
00:27:36.000So I mean just out to your point here, um, Steve.
00:27:40.000If you get a car now, it's not a discount price.
00:27:43.000Prices are really down on cars, buyers have lowered.
00:27:46.000To get a car over six thousand pounds, and you add in depreciation, you can win really big on cars now.
00:27:52.000So that's uh that's really W. So would it be fair to say, because obviously we've been talking about the car market being trash and you know, for a very long time now.
00:28:00.000Would that be, I guess the only situation where buying a car would make sense now is if you have a business in a 6,000 pounds, that helps a lot of financially at this point.
00:28:21.000So this, you know, we've been doing a couple of episodes.
00:28:24.000And the reason why I say this is because we've done a couple episodes on like the car market and how it's a really bad idea to buy a brand new car nowadays or purchase cars in general.
00:28:30.000Um, but it seems to me, based off what you're saying with this, you know, bonus appreciation, it making a comeback, it seems as though if you're buying a car, one of the few exceptions is if you're buying a car for a business, over 6,000 pounds, then it can financially make a good amount of sense to uh to purchase it.
00:28:48.000Yeah, so let's say you know you have they say you have a two, you know, I it's easy to get to 250,000 profit these days on an S-corp and you're flowing that through.
00:28:55.000Let's say you have you know, you buy a truck, you know, 100,000.
00:28:59.000Um that you're basically you know cutting you know you know, cutting your your profit almost in half.
00:29:05.000And not only that, it's the purchase price, right, Steve, not what you actually put down.
00:29:09.000So that's really important for the audience to know too.
00:29:11.000It's based off the purchase price, guys, not what you put down.
00:29:14.000You know, and let's say you're at almost like a 30% tax rate.
00:29:18.000That's a 30 $30,000 um deduction in your taxes that you're that you're just basically taking that 30,000 that you would have paid on your on your taxes, and you're putting it towards the car.
00:29:30.000So it's really costing you, let's say, 70,000, you know, in essence.
00:29:33.000It's costing, you know, you're you're instead of paying it to Uncle Sam, you're putting it to use for you.
00:29:38.000So um, yeah, that that's it, that's a big one.
00:29:42.000And if they cut rates uh this Wednesday, like they should, um, you're gonna get way better uh rates for your loans, and of course, uh prices will go up.
00:29:50.000So if you use that to your advantage, wait to buy a car, then for business, if you're a business type of person like a someone in finance, for example, someone that does like uh law meetings, get yourself a G-Wagon uh for a really good price, and of course, uh with the rates being lowered, shoot better for you as a as I as a business as well.
00:30:08.000Yeah, I'm seeing a lot of people just tight.
00:30:10.000Nobody's spending money, like you said, the caught the car market.
00:30:12.000It's kind of like you know, the same thing with the real estate market, inventory's going up.
00:30:16.000Um, you know, things are things are slow.
00:30:18.000So I think you know, the this this guy's gotta it's gotta lower the rates here because it's gotta get something stimulated in the economy before too long.
00:30:25.000So hopefully, hopefully uh this that's that's what we're looking at.
00:30:59.000I'll have a hack that I'll share with your listeners, and I don't share this with everybody, um, including most of my clients, but I have a hack.
00:31:05.000So because I don't share this with my clients because I don't want them to know because I want to get their taxes done.
00:31:09.000I don't want their taxes to go out, you know, another six months.
00:31:12.000And then, you know, so um what I do is um, and this is for special occasions, uh we file a zero tax return just to get it in, and then we'll go back and we'll do an amended.
00:31:22.000So that eliminates so I'll I'll go in out, you know.
00:31:25.000So I I figured this out a couple years ago.
00:31:26.000I was talking to my sister, why the why the F are we like killing ourselves?
00:31:35.000So um, yeah, so we did we uh we filed, you know, we probably did like maybe four or five of them uh today because you know we either were kidding get a hold of the tax guy or they're like, oh my god, you know, something maybe they're sick or something happened.
00:31:47.000So uh we went and just filed a zero return, and then you know, in a few weeks or whatever, when I get their stuff, I'll go in and I'll just file an amended.
00:31:54.000And it's all electronic, it's done, you know, pretty easily.
00:31:56.000So I just do a zero return just to get it in on the IRS, and then they're they're they're exempt from the from the penalty.
00:32:03.000So that's a little heck I'll share with your listeners.
00:32:05.000Um, but like I said, I don't like to tell all my clients this because everybody will probably be taking advantage of it.
00:32:26.000I know probably a predominant uh portion of your listeners are in Florida as well as we are, and you know, I I'm I'm as well.
00:32:31.000Um so for the two hurricanes last year, there was some relief.
00:32:35.000So if you know it's it's an extension of time to file, not extension of time to pay, right?
00:32:41.000So um I had some people that had to pay today, and um, you know, of course they were a little late, but what I did was I was able to wave some of their penalties using the you know, Hurricane Halena Hurricane Milton, but you gotta check your zip code.
00:32:56.000So you check your zip code, see if you're in the you know declared disaster area, and there is some waiver that you can get.
00:33:02.000It's all a little bit different on on some different types of taxes, but you can um waive some of the penalties uh if you paid late.
00:33:17.000Um while we open up the phone lines, Steve, can you quickly recap the three things uh or the the things that you had mentioned, real quick for those that are just joining in the stream, uh how people could take advantage of this uh big beautiful bill from a financial perspective?
00:33:30.000So um the the first major thing that we were gonna talk about was the uh qualified business uh income uh deduction.
00:33:37.000Um that was set to expire uh for the past since 2017, we were able to deduct 20 percent.
00:33:43.000So if you made a hundred thousand dollars, you take twenty percent right off the top, and you only report eighty thousand on your on your business income and uh you pay taxes on the eighty thousand.
00:33:53.000That is set to not only renew but also go from twenty percent to twenty-three percent.
00:34:00.000So that's that's a great that's a great deduction.
00:34:02.000The other one is the section one seventy-nine deduction, like I said, you know, most business assets that you buy, you have to depreciate depreciate them over time.
00:34:10.000So if you got a ten thousand dollar piece of equipment and it's five, you know, it's five years, you would deduct two thousand dollars every year for the next five years.
00:34:17.000Using Section 179 expense, you could deduct a full amount of it.
00:34:21.000And then now the full amount in that in that year of purchase.
00:35:22.000So that was set to sunset and go to zero.
00:35:25.000So specifically for cars over six thousand pounds, we could deduct a hundred percent.
00:35:30.000So starting in twenty-five, so for twenty-five, twenty-six, and twenty-seven, these the next three years, um, you can deduct a hundred percent of that vehicle.
00:35:41.000A lot of the uh entrepreneurs here in Miami, the young guys bought Lambo trucks thinking, oh, I'm gonna write off this car 100%, 40% whatever.
00:35:49.000And uh to their disappointment, it's only uh weight weighing in 4,800 pounds.
00:35:58.000They got luxury limits on top of this, and you're like, yeah, so that's the guys buy a G Wagon if you're gonna buy a luxury car to fit your mold.
00:36:51.000I mean, a lot of these guys are a little bit late to the party here, so um, but if you have somebody that has access to file your return um electronically, all you really need is the name of your business, the EIN, the address, and then your social security number, name and address, and that's pretty much all you need to put on there, you know, the day because we got an idiot in the chat saying new BMW X5 is 4300 pounds.
00:37:50.000So it's pretty much around like, you know, you're not gonna you're not gonna get more than like the twenty-eight thousand dollars on a particular vehicle just because of the limits.
00:37:57.000It's gonna it's gonna make force you to use the five year um on it.
00:38:02.000So if the car is under six thousand, okay.
00:39:08.000Um, so uh let's go ahead and open up the phone lines and answer some questions because I'm sure people have uh questions here on a bunch of different stuff.
00:39:13.000But guys, it doesn't have to be limited to the big beautiful bills, um, you know, tax uh benefits.
00:39:20.000Yeah, so I mean, you know, I don't I'm for any new listeners.
00:39:24.000Um I have background in uh in real estate, so I've I've flipped a lot of properties, rented properties, bought commercial properties, um, extensive family experiences.
00:40:16.000If you guys want to cut the line, send it to Super Chat, FNF Super Chat.com, or you can rumble rant or um, you know, duh, I guess maybe gift the sub on kick, uh give subs on kick and then put the last four digits of your number.
00:40:27.000Um, and we will bring you to the front of the line.
00:40:30.000So however you guys want to get involved with the show and cut the line, those are the multiple ways.
00:40:35.000Give the sub on kick um or rumble rant in and put the last four digits of your number and you'll cut the queue um and be able to get your question answered.
00:41:51.000I mean, I think there's still gonna be there's still gonna be a need for CPAs, you know.
00:41:54.000I don't think AI is gonna out this is is gonna is gonna get rid of everything because there's a lot of um special procedures that need to be done that AI can't do.
00:42:02.000And you gotta remember there's many fr different fragmented systems that don't connect and speak to each other.
00:42:08.000So the data that you're going to have to col collect is gonna be from different um databases that are not connected.
00:42:14.000And there's so many different industries with so many different databases um that need to be, you know, that they're gonna have to be done by a human.
00:42:22.000So I think I think a lot of this is a little bit overkill.
00:42:26.000So I definitely don't I don't I do not see a future where um in you know in the force people's future within the next 10 years at least where you know they're gonna outsource some CPAs.
00:42:40.000And then one last thing, thank you for that.
00:42:43.000Uh going through college, just how did you become as successful as you are now?
00:42:48.000Like do you have any tips to become a successful CPA and um really not just compete with people but dominate the field?
00:42:57.000Yeah, so um I worked for KPMG right out of right out of college and I did I was lucky enough to do a rotation in audits, which I hated by the way, but you know, some people do like it.
00:43:07.000Um and then I I did a rotation attacks, and I think you know that's for me where I felt um that's where it kind of like the the bread and butter was for for me going forward.
00:43:32.000I think he I think he went with Deloitte and Touch, I if I if I recall, and I told him, listen, you know, don't let him pigeonhole you into just one area, try to get a rotation in the tax department as well, get exposed to that.
00:43:48.000Um also if you you know if take a uh take a review course, pay for the pay the money for it, you know, whether it's a Becker or uh one of the other ones, um, do that as well.
00:43:59.000Don't you know um just just make it easy on yourself.
00:44:02.000And um what what college are you going to for it?
00:44:07.000Uh so I went to Morgan State, which is the HBCU, and that that was a terrible school.
00:44:13.000So I came home and then now I'm at uh SUNY, a SUNY school in New York.
00:44:17.000I don't want to specific because which SUNY school?
00:44:23.000Here's what I say because people are weird on the internet.
00:45:15.000I think that that's gonna be, you know, obviously that that's kind of what you know to be an authority figure in the social media space is kind of where we're going towards.
00:45:22.000Yeah, as far as a marketing aspect is.
00:45:25.000Um, you know, you can't you can't, you know, you have to have some type of presence out there, I believe.
00:45:44.000Um and uh, you know, you can either rumble rant in FNF Super Chat.com, uh get the sub, whatever it may be, um, and put the last four digits of your number and we'll get you in to ask a question.
00:47:00.000Yeah, so um, yeah, so that's the fee that yeah, they'll they're just gonna dissolve it on you if you don't pay the fee.
00:47:07.000So you'll get a notice saying that it was it it's called administratively dissolved.
00:47:11.000They'll dissolve it, they'll take you out of the system.
00:47:14.000Um, and then but what you have to do to get out of the IRS system is you have to file a final return, you know, whether it's a zero return or whatever, because the IRS has no idea that you didn't pay your fee for the Sunbiz, and they don't even care.
00:47:27.000I honestly they just you know they look at it from oh, you got a you got a uh F E I N number, you know, uh a federal employer identification number from us for your S Corp, and you know, uh you're required to file.
00:48:38.000So whenever I file taxes, I you know, I I do my 1040, you know, that W-2 employees employees have to do, but I never did any special filing for my S Corp because I never I never did any business.
00:49:04.000Um don't file now because then you're gonna get a notice saying you're late and you're gonna get the you're gonna get the penalties and all that.
00:49:10.000And since you didn't have any, you know, activity on it, just let it die.
00:50:10.000If you guys want to cut the uh the line time, just put uh donate to the show.
00:50:14.000Uh whether it's uh OSS or sorry, excuse me, um CC Cows Club or um on Rumble rant or a kick sub and then put the last four district numbers.
00:50:24.000So we'll go to next was next on the one.
00:50:41.000He's my CPA, and he failed to file my taxes for three years for the business, and I just got smacked with uh like sixteen thousand dollars with the IRS.
00:51:16.000Um, every year he would say that he would they were filed, but then this year apparently he was saying, Oh no, we just filed all three of them together.
00:52:49.000Steve, what do what do you what should people look for when they're hiring accountants?
00:52:51.000Like clearly he trusted family, they got him in a bad position financially.
00:52:56.000What should people be looking for when they're trying to look for and or hire an accountant to avoid this?
00:53:02.000You know, I I always tell people, you know, whatever industry you're in, talk to guys around you, you know, that have been doing it, you know, doing the same thing that you're doing and they've been doing it for a while, and then ask them who they use, ask them if they're happy with that person, if the fees are reasonable, and if their guy is uh is accessible, like you know, when you have questions and I need something answered, I need help.
00:53:56.000You know, I I have family members, I do their stuff, so I don't have a problem.
00:53:58.000I mean, I treat them like everybody else.
00:54:00.000Um, you know, I make sure you know they're just important as all my clients.
00:54:04.000Um, but sometimes, you know, um you get family members and then it kind of like, you know, I don't know if it's a matter of it was his fault or you gave him the stuff too late, or he didn't get on you early.
00:55:33.000The other thing too, bro, is like people hire family to save money or whatever.
00:55:36.000Dude, just if you got a businessman, like just get an accountant that's really good at you know, whatever because I agree with Steve that like going and finding an accounting in your niche is probably the best way to go because they're gonna have they're gonna just understand certain things based on different types of business things that you can write off, etc.
00:56:10.000The other two years, it's gonna be listen, you can get all the 2848 power of attorney forms you want, and you're gonna get some some freaking uh, you know, 7,000 an hour asshole on the phone.
00:56:21.000They're not they're just gonna go through the computer, and you know, they're they're they're like bots, basically.
00:56:25.000Steve, is he gonna have to eat that 18k then I guess?
00:57:58.000That's that's a that's a discount basically for you guys because you know you gotta got you know, a lot of a lot of guys trying to level up and stuff like that.
00:58:13.000Get that FTA waiver, boom, right there, and at least knock out the first year and then uh don't hire your cousin again or your uncle, whoever that was that fucked up.
00:58:25.000Again, guys, uh either rumble rant in FNF Super Chat.com or Castle Club put the l donate and put the last four district number and we get on the line.
00:58:48.000All right, so I mean, I I come from accounting, um, you know, majored in school, worked in public, worked in industry, worked with multi-billion dollar companies.
00:59:01.000And right now, um, I'm making a good salary, roughly one fifty a year, and I just started doing some fractional CFO work.
00:59:08.000It got me thinking, you know, I could really hang my own shingle there and do fractional CFO work.
00:59:14.000Kind of trying to figure out if I should focus on a niche or um you know, just how to take it, how to manage the time.
00:59:23.000I don't want to be a workhorse in charge hourly, like how to price myself.
00:59:27.000Um I'm really focusing on like you know growth, profit maintenance, uh cash flow projection, financial statement walkthroughs, forecasting budgeting, all that stuff, and you know, the strategic stuff that helps the business, uh really enjoy.
00:59:47.000So just wondering what you think about that.
01:00:14.000Um so yeah, I mean, definitely, you know, so it sounds like you got a niche in there, and I'm sure there's plenty of work you can do, especially with you know, small small business manufacturing.
01:00:31.000I think you know, because I think yeah, for what you're talking about, you know, I know we live in an online world and you know you could do Zoom and this and that and the other.
01:00:37.000But I think from from a standpoint, if you're gonna get those types of clients, you're gonna want they're gonna wanna sit down with you face to face.
01:00:44.000They're gonna want you to see their business.
01:00:45.000They're gonna want to walk you through everything.
01:00:46.000They're gonna want to tell you their story.
01:00:48.000They're gonna, you know, you it's gonna be more of a relationship thing.
01:00:50.000So I think if you're gonna get businesses like that, yeah, I would start there.
01:00:54.000Um, you know, so I mean I would and the thing about that is you get involved in their personal life because you know their business bleeds into their personal life, and you know, you gotta understand what are your personal goals, where do you see yourself in 10 years?
01:01:09.000You know, what is the business have to look like to get you there and what steps are we taken to make sure that happens.
01:01:17.000And the way I understand it is you either are pricing low on a lot of clients or you're pricing a premium amount on a few clients.
01:01:26.000I'm kind of leaning towards pricing premium on a few.
01:01:29.000Yeah, I I totally agree with you as far as that's concerned.
01:01:33.000Um yeah, definitely it sounds to me like you should probably, you know, your wheelhouse is gonna be manufacturing, you know.
01:01:39.000You th that's probably gonna be ton of businesses around your area, I'm sure that that would that would meet that criteria.
01:01:46.000Maybe they got you know, a lot of these people they don't hire the right person, and they get like maybe some, you know, Sally, the bookkeeper that's some glorified QuickBooks girl, and she's you know, trying to do everything and be everything, you know, do all the do all the purchase orders, do all the accounts payable, do all the receivable stuff.
01:02:02.000Um, you know, and then a lot of times books are kind of a mess, and the cost accounting doesn't really give them accurate reporting what they need based on what she's you know doing in you know, uh her data entry stuff, and they need a little bit more sexier reports, you know, to help them um that's where you would come in, you know.
01:02:20.000So yeah, you know, and I guess you gotta kind of define the parameters for each, you know, everybody's gonna be different, but if you can focus in on some, you know, these are these are the deliverables I can give to you, um, you know, and then you know, um try not to get trying not to be too much for them, you know, where they're trying to get a full-time amount of value out of you know, someone that's just a fractional, you know, uh type of person.
01:03:05.000So I I I would, you know, I strictly say, you know, I'll have a tax person who I refer to and funnel business through, and he funnels business to me.
01:03:14.000But uh, you know, I don't would you say that's you know, a make or break for some people where you have to do you have to be a CPA or a tax guy.
01:03:25.000That's a that's a good relationship because your tax guy's gonna throw you a lot of work too when he when he comes.
01:03:29.000Because sometimes I get businesses I like, listen, you know, I can't, I you're you're you're asking me for stuff that's outside of the scope of what it is that I'm trying to provide to provide to you.
01:03:38.000And if you want that, I can charge you for it.
01:03:42.000Um, but that's where somebody like you can come in and say, hey, you know, I I I've got this client over here, you know, I just want to stick to the tax planning and the tax strategy and tax prep work.
01:03:53.000Um can you guys take over the accounting and then do the you know do the specialized reporting for them that they need and um and analysis, and that's where you know, that's where you guys can come in.
01:04:03.000Cause yeah, we we don't I'm so busy with everything else, I don't have a lot of time to do all that stuff.
01:04:08.000And they don't sometimes a lot of these businesses are in the place where they can't afford somebody to pay you know 150, you know, 100, 150,000.
01:04:16.000Um, but they do need that that level of service.
01:04:29.000I I can make 100k and be happy owning my time, then 150 working for someone else.
01:04:35.000My thing is is you know, when do you go and just say, I'm done with this job and leave?
01:04:41.000Do you is it at a certain income level?
01:04:44.000Yeah, you gotta so I did the same thing.
01:04:46.000So when I started out, um I was working for a small boutique boutique.
01:04:50.000I got headhunted from New York down here, and um I winded up um getting uh a chain of furniture stores, a chain of gas stations, and a chain of um some fast food.
01:05:03.000Those those clients were I was billing them so much.
01:05:06.000I was kind of like a fractional C CFO too when I started.
01:05:09.000I was billing them so much where it was I was able to to replace my total income at the firm.
01:05:15.000And then I was able to say, okay, I don't need to do that.
01:05:17.000And then there was a couple of other things I had in the pipeline that I was working on.
01:05:20.000So definitely you're where where you know you can replace your you know the 150 that you're making right now once you get to that level, and then you have some stuff in the pipeline where you're gonna exceed that, then you know, and then you can devote, you know, then it's time to work for yourself 100%.
01:06:54.000What's what type of path should I figure out and what can I do to turn the degrees that I have into something that's actually real?
01:07:01.000I want to be a financial foundation for my family now.
01:07:04.000And I'm gonna be honest, I feel like a freaking loser.
01:07:06.000And that's the reason why I'm calling in today to see if I can get some expert advice from you guys.
01:07:12.000I think there's a huge need for social media marketing for small businesses in your area.
01:07:17.000I mean, being in Jersey, there's got to be a shitload of them.
01:07:19.000And if you can develop an expertise in doing that, you already have the marketing background.
01:07:23.000If you're good at with people and you can put a package together to say, hey, you know, whether it's a dentist or uh, you know, uh a salon or a spa or some type of you know, retail outfit uh uh business where you know you you look them up and they're social media presence.
01:07:39.000I know there's a lot of people in that space, but if you can make a door to door, you know, you know, put some stuff together, that's a start.
01:07:45.000And um there's there's a big need for that, I think on a on a local level though.
01:07:49.000Yeah, you can you know just that to Steve here as well.
01:07:53.000Um regarding experience, you say you don't have that, that's fine, but to Steve's point of helping businesses with social media, uh they're lacking a lot of companies, they don't know how to market at all.
01:08:04.000It's basically like brick and mortar, they don't know how to market it as well.
01:08:07.000But if you can learn just more than them, and you don't have to know everything, just more than the company knows, you can sell them products and services to their benefit.
01:08:15.000So that's the really thing, easy thing you can do from right now.
01:08:18.000Um, like Steve said, and it's doable because you can do it online, digital footprint right there, right there uh at your home.
01:08:45.000And also, um, to you to add to that, there's a specific industry besides that that I should look into that maybe is a little bit more easier to do that kind of work in, or uh does it matter what's you know?
01:09:00.000No, I think just I mean, it's it's social media marketing, so I think to a certain extent, you don't need to, you know, it's a restaurant's a restaurant that dentists and dentists.
01:09:08.000You can look at some other copy, you know, you could copycat some other pages and other other jurisdictions outside of here, you know, that look good that are that are that are doing well, and kind of you know, you don't need to recreate the wheel.
01:09:19.000They just need actual people to actually do it.
01:09:22.000So if you could develop a skill set doing it to set up their Instagram to keep their postings on there, the same thing with Facebook, same thing with TikTok.
01:09:29.000You can start to do you know postings on a weekly basis to put a package together.
01:09:33.000Um there's a plenty of research out there.
01:09:36.000There's so many businesses out there, there's so many people.
01:09:38.000When you're running your own business, you don't have time to do all that shit.
01:09:41.000Yeah, you know, I could use somebody to do that from a CPA practice.
01:09:45.000Because we don't do we don't do it, you know.
01:09:47.000Thank God I've been doing it long enough where we have a ton of referrals.
01:09:49.000We don't we're not we're not needing that, but I could see a lot of you know um uh people that you know, a lot of owners like you have to develop your own expertise in doing that on yourself.
01:09:59.000And if you could do it face to face, like on a local level, meet the people.
01:10:02.000Hey, I put this package here, some of my workers, some of my clients, you just start somewhere, knock on some doors, and not the people will pay you for that.
01:10:27.000You know, somebody somebody that's doing that too.
01:10:29.000You can talk to somebody that's doing that, maybe you know, maybe maybe you could help with them and just kind of learn the ropes work for them just to do that.
01:10:36.000I'm doing whatever what whatever it takes to learn it.
01:10:38.000You could find a company or someone that's doing the services already.
01:10:41.000Uh look at their actual program, look at a website, what they offer, create your own based off of that.
01:10:46.000Hey, brother, uh, I'd love to learn from you directly.
01:10:48.000Is there any way I can you could do coaching?
01:10:50.000I'll pay as well, and then see what they say.
01:10:52.000But again, you can look up the actual format, copy it to your own um skills, and then of course, like receive step branch out and give people advice that way.
01:11:01.000Okay, then well, you know what, guys, thank you.
01:11:58.000I was just wondering, um, I'm set to inherit my great aunt's house eventually, and I was just wondering what sort of tips or like pitfalls you would recommend to avoid.
01:13:04.000What you wanna do is you wanna get with your CPA and tell them that you got this house, okay?
01:13:10.000And you're not getting her basis of what she bought it for at 50,000.
01:13:14.000You're getting what's called a step up and basis because you're you're you're now your your base is whatever it's gonna be whatever the value of it at the date of um her passing.
01:13:26.000So it's gonna be the whatever the whatever the let's say you know, she you know, God forbid she passed today or whatever, and it's gonna be whatever the value of that house is today, it's gonna be what your cost basis is gonna be.
01:14:05.000So Winnifet House is kind of like I ideally want.
01:14:08.000I just don't want my wife and I, because I know we're gonna be responsible for like utilities, tax and stuff as soon as the inheritance happens, and so I just want to be prepared.
01:14:17.000If you took that house, what do you what would you do with it?
01:14:29.000Um, but just you know, just to make sure when you start to rent it and you need to depreciate it, you will tell your CPA your comment and say, hey, I inherited this house, and it's gonna be whatever the that cost basis is at the time that you took possession of it.
01:15:46.000Um well I've is gonna rent it like we talked about, you know, doing you know, putting it in quits quit claim deed it uh into an LLC, a limited liability company.
01:16:28.000You could do it with the at the county, you know, get the forms, pay the pay the pay the stamp fee or whatever it is, the filing fee for it.
01:17:40.000So um just wondering, I was planning on opening up a LLC or an S Corp um in US as well, because uh it's like no more uh tech um Tavian like no friendly tech and everything in terms of uh like you know uh hosting my cloud band service and etc.
01:17:56.000I'm wondering about the process for that as a portina, like you know, opening up the LSEs um instead and in terms of like you know, in the long term if I'm to like you know, take out uh certain bank loans, etc.
01:18:09.000What's the book and then like no what's the best spot to uh go?
01:18:13.000Yeah, so you could do definitely do an LLC.
01:18:15.000Um, but since it's just gonna be a service company and you're developing something, you could also do this just a straight S Corp.
01:18:20.000So if you go on to my Instagram link tree, I have a book in there.
01:18:38.000There's there's some YouTube video, uh hyperlinks in there too to walk you through certain forms to fill out, but it walks you through.
01:18:44.000And I I think I sold like you guys last year like $5,000 worth of that book, and I think it was only like 17 bucks or something at the time.
01:18:53.000So a lot of people got it, and they were able to do their their um their LLC and S Corp and get their EIN number, file their S Corp election.
01:19:14.000So it's in there, it's called uh it's called LLC to S Corp A to Z. You just hit my link, click in there, cash the committerly.
01:19:21.000It's a that's a PDF download, it's got all the links in there, it's got all the forms you need, and they walks you through it's dummy proof.
01:20:27.000Um, and then obviously you guys are gonna get at least one live stream a week, or if not two live streams on Friday, assuming we don't have a guest or we're not doing something special like that.
01:20:35.000So I think right now for this Friday, we're probably slated for a um another call-in show with finances.
01:20:40.000We'll try to get Steve on as many of these as possible, guys, so that we can help you guys from many different angles.
01:20:46.000So um this channel is basically gonna be a financial channel, guys, on YouTube at least.
01:20:50.000I mean, obviously on Rumble and Kick, we're still gonna do what we do, but on YouTube, only money Mondays and clips and change but also it's a storm brewing with the financial system right now.
01:21:00.000So getting money on point is key to survive what's coming next.
01:21:16.000he's using Amazon servers, so yeah I think kick you're fine no matter what.
01:21:20.000I know for some of you guys Rumble is banned in Brazil, Russia, China, France, AK, uh, France, authoritarian countries that don't believe in free speech.
01:21:27.000But um you're if you're having problems with that, watch on kick and you guys will still have access to us.
01:21:33.000And I met a business guy that's very successful.
01:21:35.000And I was like, yeah, we stream a rumble on YouTube say rumble.
01:21:38.000He heard that the media ban a rumble because they're pushing against the agenda.
01:21:43.000So purposely banned Rumble because they were exposing Yeah but they they they had I forget who it was they had like a French political podcaster that the French government wanted banned and Rumble said no.
01:21:53.000And they just turned the service off in the country instead.
01:21:56.000So Rumble does stand by free speech bro so cucked.
01:21:58.000You know I mean they support their creators.
01:22:00.000Yes they support their creators bro for real.
01:22:02.000So but yeah guys nothing changes um just after hours though and you know uh the dating shows everything else like that completely rumble and kick only guys kick.com slash fresh and fit rumble dot com slash fresh and fit um it's only banned kick is only banned in Turkey okay so if you're in Turkey watch rumble but Mo just did a quick little check for us thank you Mo.
01:22:22.0000667 you're up 0667 what's going on my long story short I'm a Navy veteran I served from 2018 to 2023 and I'm leaning into starting I already have starting a jewelry business based out of Maryland here and I just I'm just wondering if I can get any insight as to what benefits veterans may have and in the aspects of small
01:22:52.000business versus like normal civilians Steve are there um I'm sure there's probably loans out there specifically for veterans uh to start a business right or he can use like maybe Navy credit union credit union sense to give good loans uh what do you think Steve?
01:23:08.000Yeah, and I believe, don't quote me on that, but I believe there might be some special programs through the SBA where you get some preferential treatment.
01:23:18.000Is there a particular reason why you want to do jewelry, though?
01:23:20.000Is it something that you're interested in and you know a lot about?
01:23:23.000I've been interested in it for a while.
01:23:27.000I got out after four deployments overseas.
01:23:32.000I just started noticing more people, whether it be like rappers or people that just want to be.
01:23:38.000be into jewelry uh whether they're investing in gold or silver etc there's uh a lot of the uh crowd is switching towards um D V D diamonds or lab diamonds or even Moise night to cut the costs and still get the same look yeah no I mean I was just I was just curious what why you wanted to open a jewelry business in general uh you know if you're interested in it and you want to do it then totally cool.
01:23:58.000I just wanted to make sure like you weren't doing it because like oh I want to do it just to make as much money as possible because I think there's other endeavors that you can probably use if your goal is making money but if you're actually interested in it and it intrigues you then yeah bro chase your dreams absolutely do it.
01:24:09.000uh fresh what's your thoughts i mean you're in the jewelry world well my friend uh you're competing with years of actual diamond uh acquisition years of actual family lineage so competitive market you want to fight give it to them raw bro give it to it raw tell them what it is so so i get your point again was tonight and other uh means of getting diamonds but remember at this point they've been established a long time ago these companies and they're it's like family like lineage you know another thing about it bro when
01:24:39.000you go to jewelers you're going to people that are established nine out of ten times you're you're not going to new people jewelry business is always handed down so you'd have to have a heavy presence on social media like heavy but again yeah track tracks NYC White Carrot all these people have been there for years father grandfather yeah so you can be against lineage not just like companies that sell jewelry that you know now nine out of ten times he got that handed to him from his father yeah but you're right.
01:25:05.000So get ready for that okay so if he so basically I've been talking to also hold on hold on hold on hold on what is brother the word itself jewelry first three letters understand we can be against well not only that um the other thing I want to say also when it comes to the jewelry game that I was just thinking about now is um it seems to me like if you don't have a family lineage the only way you're gonna offset is you need to have a huge social media presence too.
01:25:34.000So I I I would say bro build up your social media presence if you can build it up, then maybe it might be an endeavor to go into, but we don't want you, you know, starting a jewelry business, spending a hundred thousand dollars just to procure some inventory, and then next thing you know, you can't sell it because you don't have the advertising, or you can't beat out K jewelers or Traxxon YC or any of these other guys.
01:25:52.000Yeah, Trax actually did this from the growing up.
01:26:32.000Um, you know, basically what we're saying is it's risky, and unless you got a big social media presence, it's gonna be difficult, but you can build that social media presence, and what you're up against is you're gonna be up against family lineage and experience and you know, tried and true business models that have lasted a long time.
01:26:47.000So build up that social media profile so that you can circumvent that.
01:26:50.000It is a relationship-based business, and it's been multiple amount of years of building that relationship.
01:28:12.000Um about I I recently filed I changed from an LLC to an S Corp, and uh for 2024, uh I'm in uh almost 100% commission sales job.
01:28:28.000Uh so there's very, very little overhead.
01:28:30.000I'm contracted by a company, almost all the revenue comes from them.
01:28:35.000So I structured it as an S Corp to try to uh save from what I would pay if I was going to pay taxes as an LLC.
01:28:44.000Although, since I have little overhead, I'm looking at my net income and it's I mean super high.
01:28:51.000Uh right now it's you know 190k for the year, but I've only made about 40k in true uh expenses for the business.
01:29:01.000Everything else has just been uh owner distributions, and I'm a little bit concerned, you know, because most of it's just transferring to personal accounts and you know, owner draws and stuff.
01:29:13.000If I'm really gonna be paying a lot in taxes, or yeah, if there's any way to get it, I don't really know.
01:29:20.000So you so you're gonna have about 150,000 profit.
01:29:24.000You say you got 40, you know, you're at 190, 40, 150 profit, ordinary income.
01:29:30.000You're gonna have some issues on that S-corp because you didn't pay yourself a salary.
01:29:33.000So the IRS, because of Medicare and Social Security, particularly social security, is going bankrupt or is bankrupt.
01:29:42.000They're going to start to come after S Corp um owners that are not paying themselves a paycheck and paying some social security and Medicare.
01:30:46.000We call him before every financial decision.
01:30:48.000Yeah, like everybody that we bring on the show a lot of times, guys, is someone that's especially with the financial stuff is someone we either know or someone we work with.
01:30:57.000He's giving you a discount while he's running it for like what, two, three hundred bucks for 30 minutes or so, 500 for an hour, 100% worth it to save thousands.
01:31:04.000So jump in there and obviously let's go and based on everything you're telling me.
01:31:07.000You're you're you're in you're headed in the right direction.
01:31:10.000So that's good, but there's a few things, a few things that it's gonna be beyond the scope of this, you know, call in uh call right now.
01:31:16.000Um but yeah, it's probably needs to go into details that you don't want to put out in front of thousands of people.
01:32:05.000Um do the only W-2 jobs um account for um that particular tax exclusion, or can you have an LLC or Air Corp or uh tell me a little bit about that?
01:33:21.000Um around the one a hundred thousand mark.
01:33:27.000Yeah, so you're probably you're gonna be well below the exclusion amount.
01:33:30.000Yeah, so you should be able to um yeah.
01:33:32.000So what happens is the the U.S. taxes you on your worldwide income.
01:33:37.000So it doesn't matter where you're at in the US, as long as you, you know, if you if you're if you're a U.S. citizen, um, and then if you go to Kenya, if Kenya takes taxes out of that check and you pay to the local, you know, jurisdiction there or the country, um, and you file some whatever form they they need you to file if they if that exists there in Kenya, I don't know, because I don't know the Kenya tax laws.
01:33:57.000But if they do, then you get what's called a foreign tax credit um on your on your US-based income tax return.
01:34:06.000Okay, I was asking because my CPA uh told me that certain um LLCs or jobs didn't um didn't work with debt.
01:34:17.000All right, so caller caller, let me be let me be real blunt with you, bro.
01:34:21.000You're obviously withholding information for privacy reasons, which is fine.
01:34:24.000I understand you're on a phone call with thousands of people watching and you're reluctant to answer some of these questions, but understand that for Steve to give you the best answer, um, he needs to know is it with the US government?
01:34:35.000Is it with a private company that's based in Kenya but is a US-based company?
01:34:38.000Um All this stuff is very important so that he can give you the best advice.
01:34:42.000And obviously if you want to do a consult, you're welcome to do that too.
01:34:45.000But understand for him to properly answer your question, there's going to be a drastic difference of you, let's say being there in Kenya on government business earning US dollars versus maybe working for a private company that might be based in Kenya.
01:34:56.000You might be subject to certain tax laws there that you might not be subject to as a government employee.
01:35:02.000So this is why Steve is asking these questions.
01:35:04.000Yeah and then there's also going to be like a residency test.
01:35:06.000Are you going to be you know so there's a bona f it's called bona fide residency test or whatever.
01:35:10.000And um you um so so you'll you'll have to answer those questions and so and obviously like answer whatever you want.
01:35:16.000Like I I understand that you might not want everyone to know this and I'm very sensitive to that but just understand if you want to get the most accurate information based on your situation he needs to know these facts they're very pertinent to the answer he gives you so you're going to be a resident I'm assuming right for the pretty much the whole year.
01:35:32.000Yes and I just have a small basis here and then I just had a question about me just like if I'm starting a B if I'm doing like a um consulting or whatnot.
01:35:43.000So there's something small um I'm just wondering would that um you know would that work for that with the foreign income exclusion egg.
01:35:55.000Yeah so basically it's you know like I said they they tax you on your worldwide income.
01:36:00.000So um I don't know what the specific tax law is in Kenya.
01:36:04.000So if you have to pay to the jurisdiction in Kenya you're going to get a tax credit for it.
01:36:08.000But if it's going to be one of the situations where you're a bona fide resident of that country and then you're not of the states and it's that situation you have to go through you have to go through the test of the you know the 200 I think 253 days.
01:36:22.000No no no with the government okay I just have a small regular basis.
01:36:26.000Yeah okay okay well thank you very much.
01:36:28.000Yeah no worries man uh yo I suggest dude if you want more uh you know clear stuff hit up Steve and you can go deeper into detail bro I can walk you through that if that's something you're really interested in doing it I would suggest you kind of like the previous caller we could talk and get into the specifics of that privately.
01:36:42.000Yeah dude I suggest you definitely do the consult with him because um you might be you might be withholding a piece of information right now that takes everything and make changes everything.
01:36:54.000Like it's it's very important that you and and I know this because like when I used to work for the government and guys would go international they weren't subject to certain state laws because they were there as a government official right or sorry other countries tax laws or whatever.
01:37:05.000So you being there you know if you're right are you a resident are you a U.S. citizen only what kind of business are you running?
01:37:11.000Are you running a business where that country might give you a break and not tax you all of these things need to be accounted for bro so I suggest you do the consult with Steve and get your questions answered properly.
01:37:20.000Yep versus like withholding information on this stream and then moving with the wrong information based off what you think you know that you know given your situation I totally understand that you want to keep things private which I respect um but I just want you to get the best info that you can based on what's actually happening in your situation.
01:37:41.000Awesome um cool so guys we're gonna um end the stream there uh we got to set up for the next show Steve thanks so much for coming on bro uh I think we might have you on on Friday um we should do a Zoom call as well for the guys yeah well let me know you know because I'm I'm I mean you guys are you guys are just down the road a couple hours so I mean if I you know I love coming to Brickle anyway.
01:37:59.000So just come down whenever you want many you know we do it every Monday bro come whatever Monday you want.
01:38:05.000You let me know yeah definitely all right so guys I think we'll be back and do another one of these on Friday a call on show answering questions.
01:38:12.000The first half will be financial as usual then we'll move over to Rumble and make a dating that's how we'll kind of do it.