Fresh & Fit - Build Wealth Using The Tax Code w- Steve From Accounting

00:18:32.000 All right, we are live.

00:18:32.000 What's up, guys?

00:18:33.000 Welcome to the Freshman Podcast, man.

00:18:34.000 We're going to be talking about accounting, money, and how to save you guys on your taxes this year.

00:18:34.000 We are here with Steve.

00:18:39.000 Let's get into it.

00:18:39.000 Let's go!

00:19:13.000 I just drive.

00:19:14.000 I'm going to get away.

00:19:21.000 All right, we're live.

00:19:22.000 Welcome to the Fresh May Podcast, man.

00:19:22.000 What's up, guys?

00:19:23.000 It is Money Monday.

00:19:24.000 We are here with Steve.

00:19:26.000 As you guys know, every single Monday we do a Money Monday for the most part.

00:19:29.000 Help you guys with getting your credit out point, real estate investing, cryptocurrency, stock market index funds.

00:19:35.000 We got to do another episode on index funds as well.

00:19:38.000 But, you know, Steve is our accountant, man.

00:19:40.000 I love when we bring him on because we typically have a cover topic.

00:19:43.000 So today's topic is going to be some new laws passed that people can take advantage of.

00:19:48.000 We're going to explain those laws to you guys when it comes to your taxes.

00:19:52.000 And then we're going to open up the phone lines and answer a bunch of questions.

00:19:54.000 And you guys will have access to our accountant so we can help you guys out.

00:19:57.000 And I think we do have an offer as well for you guys to make some money.

00:20:00.000 Also, we've known Steve from 2020, actually, back in the day.

00:20:02.000 Yeah.

00:20:03.000 Yeah, we were just talking about that.

00:20:04.000 And the first time I was on the show, you guys had only 22,000 subscribers.

00:20:08.000 And look where you're at.

00:20:09.000 Yeah.

00:20:10.000 It's crazy.

00:20:12.000 Just back at the panorama.

00:20:13.000 Yeah.

00:20:14.000 They're fucking bitch on the fucking renewal. 1.00

00:20:19.000 Yeah.

00:20:20.000 But we'll just say that the owners are prefer kosher.

00:20:26.000 Anyway, so we, yeah, I guess, Steve, we know who you are, but they might not.

00:20:32.000 Can you introduce yourself real quick to me?

00:20:33.000 Yeah, absolutely.

00:20:34.000 So I'm Steve from Accounting.

00:20:36.000 And I've got a large, you know, not too big, but a CPA firm on the west coast of Florida out of Sarasota.

00:20:44.000 And I predominantly work with high net worth individuals, small, you know, businesses, all different industries, construction, real estate, just a whole host of different industries, medical, doctors, practices, entrepreneurs and so forth.

00:21:04.000 So I've been focused on that for about 25 years.

00:21:07.000 And yeah, so this is what I do.

00:21:11.000 And I'm here.

00:21:12.000 This is tax season.

00:21:13.000 So I made the trip from the West Coast over here.

00:21:16.000 And I'm just, you know, hoping to help your guys out, level up.

00:21:19.000 We're going to be talking about a few things.

00:21:22.000 A lot of people don't know that The one big beautiful bill had a lot of good tax provisions in there for small business owners, and a lot of them that apply to your guys that are trying to get into business, start their own thing.

00:21:33.000 So, this is really a good topic.

00:21:35.000 Yeah, the media only focused on the ICE stuff and the decotations.

00:21:38.000 It did not cover any of the financial stuff whatsoever.

00:21:40.000 Mainstream media news did not cover any of the positive stuff for, you know, if you're an entrepreneur or even if you're a regular W-2 employee, there were lots of things in the Big Beautiful Bill that are very beneficial to you.

00:21:52.000 Yep, on purpose, by the way.

00:21:53.000 You know, probably the ones you heard about it's no tax on tips and then the overtime, you know, no tax on the overtime stuff.

00:21:59.000 So, I mean, there's a lot more for small business owners in here that are really important.

00:22:04.000 So, I'll touch upon those a little bit, you know, the most that are most relevant to your audience.

00:22:08.000 And then because most of them are probably, you know, regular employees as well, maybe want to start a side business on the side of aspiration.

00:22:14.000 And then we'll talk about a little bit of bonus depreciation, which kind of folds into the cost seg.

00:22:19.000 And I think there's a little bit of confusion out there with the cost seg stuff.

00:22:21.000 You know, when should you get a study done?

00:22:23.000 When should you not get a study done?

00:22:25.000 You know, the benefits of that.

00:22:27.000 And bonus depreciation came back because it was sunsetting.

00:22:30.000 So that's another one that's now permanent.

00:22:33.000 So that's huge for the real estate investors that are looking to do that.

00:22:37.000 We were talking a little bit about the bill that's going to be probably voted for here in Florida with the real estate taxes.

00:22:45.000 Yeah.

00:22:45.000 So, you know, the average person, probably it's going to get voted in.

00:22:48.000 So that'll be on the ballot.

00:22:49.000 And Rhonda Sands has been talking about that.

00:22:52.000 No real estate in Florida, which is huge, man.

00:22:54.000 Yeah.

00:22:54.000 So I'm sure it's killing me on those taxes, man.

00:22:57.000 It's going to help.

00:22:58.000 Yeah, we need it, you know, because the mortgage rates are still up.

00:23:00.000 You know, affordability is still an issue.

00:23:02.000 And, you know, I think 60% of the population here in Florida is probably going to vote it in.

00:23:07.000 We need a two-thirds or what is it?

00:23:09.000 Three-fifths, three-fifths of the vote.

00:23:11.000 It's ridiculous because you'll buy, especially the senior citizens hitting a lot of them because they'll move down here, buy a house. 1.00

00:23:17.000 That house is appreciated value, but they got to pay taxes on the value of the house now.

00:23:21.000 And it's like, bro, I got this thing paid off.

00:23:23.000 Why am I paying taxes on my own house?

00:23:24.000 Like, I'm paying the government to live in my house.

00:23:26.000 This is bullshit.

00:23:27.000 Yeah, there was a story of an older lady that actually did that, and she lost her property to taxes because you couldn't pay it. 1.00

00:23:31.000 That's crazy.

00:23:32.000 It's like, what's the point?

00:23:33.000 Yeah, what's the point of paying off so much mortgage?

00:23:35.000 You work your whole life, your house is paid off, and obviously prices are going up, inflation's going up, and then you can't pay your taxes, you lose your property.

00:23:44.000 Yeah, ridiculous.

00:23:44.000 I think the average owner, I think it'll probably reduce it for the actual, you know, it's got to be a primary residence.

00:23:49.000 It's got to be homesteaded, obviously.

00:23:51.000 So, but like a 60% reduction in the oh, so you're not for investment properties?

00:23:58.000 Not for investment properties, unfortunately.

00:24:00.000 No, I know.

00:24:00.000 I haven't got a lot of smartness.

00:24:02.000 I was thinking about it.

00:24:02.000 I got excited for a second.

00:24:03.000 I was like, yes, but okay, so it's only what if you live live in the property, like you live in your primary, you can only have one homestead.

00:24:10.000 Yeah.

00:24:11.000 So unfortunately, they're not going to allow for like, you know, two.

00:24:14.000 Well, I could do this condo, but other than that, which is a big one.

00:24:17.000 So that's definitely.

00:24:17.000 Yeah.

00:24:19.000 If you live in property versus taxes, you got to pay it in the years.

00:24:22.000 It just depends on what it is.

00:24:25.000 Yeah, everything's going to, yeah, the equation changes all the time.

00:24:28.000 How much you owe, how much you had to put down, all that other stuff.

00:24:28.000 I mean, I think.

00:24:31.000 Because most people only put down a small amount for their primary residence.

00:24:35.000 Yeah.

00:24:37.000 I think right now the market is, you know, the rates are still affecting affordability.

00:24:41.000 So hopefully within the next year, we get down to like the sixes or maybe if it dips down into fives, you know, in 2027, hopefully, who knows?

00:24:48.000 I'm not going to lie, though, Steve.

00:24:49.000 And Iron, I feel like we're in a place where like doom and gloom, bro.

00:24:54.000 Like, again, a property note is hard to get.

00:24:57.000 Prices are going up.

00:24:58.000 It's kind of like, bro, this is hard, man.

00:25:00.000 Affordability is a huge issue right now.

00:25:00.000 It is tough.

00:25:02.000 I think that's going to be the driving force in the next election.

00:25:05.000 And it's only going to get worse in the next couple weeks.

00:25:07.000 2030.

00:25:08.000 Well, I'm saying, like, oh, yeah, yeah, yeah.

00:25:08.000 Yeah.

00:25:10.000 I think we're going to go to war.

00:25:11.000 And that's the time of Iran. 0.97

00:25:14.000 Yeah, it's looking that way.

00:25:15.000 I mean, they're kind of telegraphing it already.

00:25:17.000 Yeah.

00:25:18.000 They've been for like since last year.

00:25:19.000 They've already, the price of a barrel of oil has already went up to like 60-something.

00:25:24.000 It's only around 50.

00:25:25.000 Oh, wow.

00:25:26.000 If he actually strikes Iran, which is going to probably be any day now, that's going to go up easily to $100 a barrel.

00:25:33.000 That's crazy.

00:25:33.000 Yeah.

00:25:34.000 You guys are going to fill out the pump immediately.

00:25:35.000 And I think the oil from Venezuela, that's like very thick.

00:25:39.000 It's more like for roadways and other topics.

00:25:41.000 It's not really for refined for.

00:25:44.000 It's the oil that we use because it's like the really sludgy stuff that our refineries use.

00:25:49.000 But the issue is that where Iran is strategically is right next to a place called Straight of Hermuz, which is like literally 20 to 30% of the world's oil goes through that part through that straight.

00:26:03.000 And a conflict there is pretty much going to shut that area down.

00:26:06.000 So that'd be huge.

00:26:07.000 Even though only about 12% of our oil goes through there, it's going to affect the rest of the world, which is in turn going to affect us anyway.

00:26:15.000 Since we live in a globalized world.

00:26:16.000 So even though we don't get a majority of our oil from over there, China does.

00:26:19.000 China's a big trading partner.

00:26:21.000 And then obviously conflicts always fuck the markets up.

00:26:24.000 So yeah, oil prices are going to soar overnight.

00:26:27.000 Yeah, it's crazy.

00:26:28.000 Unfortunately.

00:26:29.000 Yeah.

00:26:30.000 And I think if I'm not mistaken, like if the world itself only has a roughly two to three months of reserve petroleum in general.

00:26:39.000 Wow.

00:26:39.000 Like, so even if, even if, you know, we shut down that straight for a long ass time, the world only has roughly two to three months of oil in reserves in the first place.

00:26:39.000 Okay.

00:26:49.000 So it's absolutely going to affect us no matter what.

00:26:52.000 That's crazy.

00:26:54.000 Yeah.

00:26:55.000 So then, you know, so I'll get into that.

00:26:55.000 Yeah.

00:26:57.000 And then big, beautiful bill.

00:26:59.000 And then, yeah.

00:27:00.000 So just a few things on there, and then I'll wrap up with the, oh, no, I wanted to talk about the new one.

00:27:05.000 Is, you know, the crypto guys, I know crypto is really not, you know, it got a little high a few months ago.

00:27:09.000 Now it's back down again, but it hasn't really been doing anything since 2022.

00:27:13.000 Because I looked at it, it went like 60, low 60K.

00:27:17.000 Right now it's still.

00:27:17.000 Yeah.

00:27:18.000 Gold is soaring.

00:27:19.000 Yeah, gold is soaring.

00:27:21.000 So it's Peter Schiff, right?

00:27:24.000 63K.

00:27:25.000 Yeah.

00:27:26.000 And Ethereum is down to 1829.

00:27:27.000 Wow.

00:27:28.000 Yeah.

00:27:29.000 So that's crazy.

00:27:30.000 Yeah.

00:27:31.000 So we'll see.

00:27:31.000 Wow.

00:27:32.000 Okay, let's be honest here.

00:27:34.000 It's going to go up.

00:27:34.000 Buy the dip.

00:27:35.000 Buy the dip, right?

00:27:35.000 I'm about to buy the theorem right now.

00:27:37.000 What the hell?

00:27:37.000 I haven't seen it this cheap in years.

00:27:39.000 Like McGuire would say, dollar cost average.

00:27:41.000 It's going to go back up for sure.

00:27:44.000 So, yeah, so there's the new form that came out, which is the 1099 DA that just started this year.

00:27:49.000 People are going to, you know, we just talked about you got yours from Coinbase.

00:27:52.000 Yeah.

00:27:52.000 So that's an issue.

00:27:54.000 I was planning on like this being more of an issue and more of a like, you know, people seeking, you know, to get the information on this.

00:28:02.000 So I wrote a book.

00:28:03.000 So if you go to my Seeing Beyond the Numbers on Instagram, yeah, go to my bio and I've got some products in there and that's one of them.

00:28:13.000 People are not paying attention to it, but you're going to get a 1099.

00:28:16.000 That only really shows the proceeds.

00:28:17.000 It might have cost basis on there.

00:28:19.000 The problem is, like we talked about, you're fine because you got a Coinbase and you stood on Coinbase.

00:28:25.000 You did all your training and then you onboarded on a Coinbase from your legacy bank and you offboarded.

00:28:30.000 So all your transactions are captured there.

00:28:32.000 The problem is a lot of people, they go and they get on Coinbase and then they move that to another chain.

00:28:37.000 Maybe they went to Paul's chain.

00:28:38.000 Maybe they went to put some stuff in the MetaMask.

00:28:41.000 Maybe they went to Solana.

00:28:43.000 The problem is Coinbase is not capturing both sides of the transaction and that's a huge issue.

00:28:48.000 Crypto's down, but you still want to report it because if you report the proper cost basis, and there's a way to do that, and my book shows, if you have a question about it, because you're going to have to educate your CPA on this.

00:29:02.000 The average CPA has no clue.

00:29:04.000 No, no, no.

00:29:05.000 So you're going to have to educate them.

00:29:07.000 And if you're a savvy crypto guy, you're going to want to be able to download my book.

00:29:12.000 It walks you through step by step very clearly.

00:29:14.000 And that's what I wrote it for.

00:29:15.000 So you're going to have this issue.

00:29:17.000 You want to claim those losses because you can carry those losses forward.

00:29:21.000 And then when crypto goes back up, maybe it's going to go to 120 again.

00:29:25.000 And then you're going to be in a gain position.

00:29:26.000 The problem is, if you don't recognize those losses now, you're not going to have the opportunity to offer it.

00:29:32.000 This is when you actually pull out from Coinbase.

00:29:34.000 Correct.

00:29:35.000 This occurs, triggers when you actually pull.

00:29:38.000 There's a lot of nuances to it.

00:29:40.000 The problem is there's multi-chains on there.

00:29:42.000 So not everything, you know, when you get on Coinbase, everybody thinks, okay, okay, you stood on there.

00:29:46.000 Maybe you did.

00:29:47.000 But a lot of people, they move their assets off and then they move into another change wallet, whatever you have.

00:29:52.000 Yeah.

00:29:53.000 And then Coinbase doesn't capture all that.

00:29:55.000 You're going to get a 1099 from.

00:29:57.000 So let's say, for instance, real quick example, you get on Coinbase, you buy some Ethereum, right?

00:30:02.000 You buy some Ethereum.

00:30:04.000 You buy $100,000 worth of it.

00:30:06.000 You move it over to the MetaMask.

00:30:08.000 You trade it for some other coins and you bring it back and you bring it back to Ethereum again and it's at $50,000, right?

00:30:16.000 Coinbase is not going to capture that.

00:30:19.000 It's going to capture it differently because it doesn't know all the other transactions you have from the other one.

00:30:24.000 So there's some good software that captures all of the transactions.

00:30:28.000 You could put all your wallets in there from all the different chains, but it doesn't do a perfect job.

00:30:32.000 You got to really pay attention to the cost basis.

00:30:35.000 And some of them, the software does not catch.

00:30:37.000 So my book talks about that stuff and how to treat it.

00:30:40.000 There's also different types of transactions.

00:30:42.000 You got interest on there, you know, when you're getting paid rewards, if you're staking.

00:30:47.000 There's a lot of different nuances to it.

00:30:48.000 So anyway, so I want to talk about that.

00:30:50.000 That's a 1099 DA and it stands for digital assets.

00:30:56.000 And that's coming out this year.

00:30:58.000 So people are going to get these forms.

00:30:59.000 You're going to give it to your accountant.

00:31:00.000 Your accountant's not going to know what to do with it.

00:31:03.000 So that's something that I have a resource for you guys on that.

00:31:09.000 And then I'll wrap up with the R D stuff, which is an exclusive offer for your guys, for the CEO network guys, and for the OSS guys.

00:31:17.000 So I wanted to put that out there.

00:31:18.000 Make some money, man.

00:31:20.000 Yeah.

00:31:21.000 So I started a new company for the RD because there's been kind of an expansion in this.

00:31:25.000 That was, again, under the one big, beautiful bill.

00:31:28.000 And a lot of businesses qualify for this.

00:31:31.000 For instance, like restaurants are a good target for it.

00:31:34.000 You know, if you change some menu items, if you change your cooking process, if you put a POS system, or if you have any type of website with AI integration or stuff like that, a lot of small restaurants in your neighborhood qualify for this stuff, and there's substantial amounts of tax credits that they qualify for.

00:31:52.000 So we have a company that I set up for it, and I'm looking for 20 motivated guys that we could bring on, training.

00:32:02.000 They get nothing to make somebody.

00:32:02.000 Console nothing.

00:32:05.000 I'm pretty good at identifying some pretty good talent.

00:32:08.000 So I know your guys are, you know, these guys are wanting to level up.

00:32:11.000 So I want to invite them to come in.

00:32:14.000 I want to start the first class with 20 guys, and I'm going to train them all personally myself with a couple of guys that have my partners.

00:32:21.000 We're going to provide all the tools that they need necessary, all the lists, all the flyers, all the education that they need to talk to clients in an articulate way to get them qualified.

00:32:34.000 And there's nothing, this is something you go out and we have the whole system set up where you go in and you follow it step by step and you qualify a client because this stuff has to be audit proof.

00:32:44.000 So we're doing it from a CPA standpoint.

00:32:46.000 We're not trying to do this from, we're not trying to just make commissions.

00:32:50.000 It's got to be in four, you know, we have to be able to, you know, have a package ready, you know, if the IRS should come back where we can substantiate everything and have it hold.

00:33:00.000 Like in a social.

00:33:01.000 Yeah.

00:33:01.000 All right.

00:33:01.000 So it's a good way for these guys to make money.

00:33:03.000 So we'll wrap up with that and talk a little bit about that.

00:33:05.000 No, it's a good opportunity.

00:33:06.000 It costs them nothing and they get free training on that topic.

00:33:08.000 So yeah, let's kind of, yeah, let's go through it.

00:33:08.000 All right.

00:33:10.000 So the first topic, what was the first thing you wanted to be to fill Bill?

00:33:13.000 Hey, guys, get your questions in now.

00:33:14.000 And then like I said, we're going to open up phone lines at the end of the show, but we're going to let Steve kind of run through his.

00:33:20.000 So I'll go for the first one because I mean, everybody want in here, a lot of guys, I'm always hearing that they want to talk about real estate.

00:33:25.000 Again, I have a real estate book.

00:33:28.000 I think it's like 17 bucks or whatever.

00:33:30.000 And it really walks you through to prepare you to bring all your stuff to your accountant at the end of the year to make sure you're doing things right.

00:33:37.000 So go in, go in there, you know, download it, look at it.

00:33:40.000 It's a quick read.

00:33:42.000 But the bonus depreciation.

00:33:46.000 Can you tell them what depreciation is?

00:33:47.000 And then you know what bonus depreciation is because they might not understand.

00:33:51.000 So basically, when you buy a house, the house is typically most accountants, like they'll allocate a little bit for land.

00:33:57.000 Let's say that you buy a $500,000 house.

00:34:01.000 You have to depreciate it over time.

00:34:02.000 So that means the house gets expensed not all in one year.

00:34:06.000 You have to expense it over 27 and a half years.

00:34:09.000 If you have a 30-year mortgage, right?

00:34:11.000 That has nothing to do with the mortgage.

00:34:13.000 It has nothing to do with the mortgage.

00:34:14.000 No.

00:34:14.000 So I buy a house.

00:34:16.000 Let's say I buy a house cash and I'm going to rent it out.

00:34:19.000 I can rent it or it becomes a business asset, right?

00:34:23.000 So it's an income-producing asset.

00:34:25.000 So I can depreciate it.

00:34:26.000 So I want to expense the $500,000, but I can't expense it all in one year.

00:34:32.000 So you have to be earning it.

00:34:33.000 You can't depreciate if you're living in it only.

00:34:36.000 Well, let's say I buy a house just to rent it.

00:34:39.000 So it becomes, because you don't depreciate your primary residence.

00:34:43.000 Yeah.

00:34:43.000 That's what I meant.

00:34:44.000 So it's an investment.

00:34:44.000 Yeah.

00:34:45.000 So I want to depreciate over time.

00:34:46.000 So the government's hire says, hey, you could depreciate it over 27 and a half years.

00:34:50.000 Oh, and by the way, you can't depreciate the land.

00:34:52.000 So I have to allocate $100,000 towards the land.

00:34:55.000 Now I have $400,000 of costs that I have to depreciate over 27 and a half years.

00:35:00.000 So a lot of guys do a cost segregation study.

00:35:04.000 So they think, okay, I have to hire a firm.

00:35:06.000 I have to get it professionally done.

00:35:08.000 You know, some of these on the low end cost like $5,000 to get done.

00:35:11.000 Some on the higher end, maybe are $10,000 to $15,000.

00:35:14.000 So if you, in my opinion, if you buy a $500,000 house, you don't really need to pay an engineering firm to do it.

00:35:21.000 We did it through your properties.

00:35:22.000 Your properties are all under a certain amount.

00:35:24.000 You can get a good CPA that kind of knows what he's doing, and you could kind of estimate the cost of, you know, how much the carpeting is, how much are the cabinets, you know, so we could do a cost segregation and you can segregate pieces of that house.

00:35:36.000 So instead of just putting it all $400,000 over 27 and a half, we could take out five-year assets.

00:35:41.000 So that could be the carpets.

00:35:43.000 That could be some of the floating floors.

00:35:45.000 That could be the draperies.

00:35:46.000 That could be the cabinets, things that are not structurally to the house.

00:35:50.000 And go ahead.

00:35:51.000 Do you want to say something else?

00:35:52.000 So I'll put that in five years.

00:35:54.000 So let's say I pull out 50 grand of those five-year assets.

00:35:58.000 Now I got $350,000.

00:35:59.000 $50,000, I can deduct 100% of that under the bonus depreciation new rule.

00:36:08.000 And then I can go to my seven-year assets.

00:36:10.000 So that could be like the driveway, the fence.

00:36:12.000 That could be other things on the outside of the home that you could depreciate quicker.

00:36:20.000 You could accelerate those things and you could depreciate those 100% of it in year one.

00:36:27.000 So, and real quick, because I'll, just so the audience really understands what you're saying here.

00:36:31.000 So, guys, when you buy a house, right, basically what depreciation is, is like you're writing off the wear and tear that your house is going to experience over 27 and a half years, right?

00:36:41.000 And the reason why he was saying like, you take a $500,000 house, the reason why it goes to $400,000 is because the government automatically assumes that 20% is going to be the land.

00:36:50.000 So the other 80% is going to be the actual house.

00:36:50.000 Correct.

00:36:53.000 That's what you could depreciate over the 27 and a half years.

00:36:55.000 So you got $500,000.

00:36:57.000 Well, I'll even go easier math.

00:36:57.000 You know what?

00:36:59.000 $100,000 house, right?

00:37:00.000 Yeah.

00:37:01.000 20% is automatically gone.

00:37:02.000 So now you got that 80K that you can work with.

00:37:05.000 Correct.

00:37:05.000 Now you're going to basically go 27 and a half years over 80K.

00:37:09.000 What is that per year?

00:37:10.000 Let's say $1,600.

00:37:11.000 $1,600 a year that you're going to save in taxes.

00:37:13.000 Right.

00:37:14.000 If you take that $100,000 house, 80% of it, that's the structure.

00:37:18.000 20% of the land.

00:37:19.000 You can't depreciate land, guys.

00:37:20.000 That's why buying land alone kind of sucks for tax benefits.

00:37:23.000 So that 80% on the structure, then you depreciate over 27 and a half years.

00:37:27.000 That's $1,600 a year.

00:37:29.000 And then on top of depreciation, you get another bite at the apple to lower your taxes, which is cost segregation.

00:37:36.000 Which think of cost segregation is like the brother of depreciation that's more aggressive.

00:37:41.000 So cost segregation is another way to kind of limit your tax liability that tends to be on a faster scale.

00:37:41.000 Right?

00:37:47.000 So versus 27 and a half years, now it's five to ten years, but it's on stuff that isn't structural.

00:37:52.000 Like you said before, things on the interior of the house, correct?

00:37:55.000 Which would be just an example of that.

00:37:57.000 So carpet and padding, cabinets that are like you can screw them out and remove them.

00:38:03.000 Bathroom light fixtures.

00:38:03.000 Kitchen fixes, right?

00:38:04.000 Yeah.

00:38:05.000 Correct.

00:38:05.000 Yeah.

00:38:06.000 Vanities, things of that nature.

00:38:07.000 You could depreciate them quicker.

00:38:09.000 So, you know, rather than getting like, you know, roughly a $2,000 deduction for depreciation, you can get maybe a $20,000 deduction, which is a huge.

00:38:17.000 Then you offset that against the rental income.

00:38:19.000 So let me ask this then just so that they fully have it.

00:38:23.000 So let's say we take for easy math purposes, even though you're never going to find it.

00:38:26.000 $100,000 house, right?

00:38:28.000 Now you take 20% remove.

00:38:28.000 Yeah.

00:38:31.000 We got 80,000.

00:38:32.000 So 27 and a half years, that's about $1,600 a year.

00:38:36.000 Then we get a second bite at the Apple with the cost segregation.

00:38:39.000 Let's say we spend, make math easy, $10,000 on the interior of the house on the non-structural stuff.

00:38:44.000 Kitchen Cabinet is whatever it may be, just for easy math.

00:38:46.000 That $10K that we spent, can we deduct all of it?

00:38:50.000 Or can we at once, right?

00:38:51.000 That's what the, yeah, so now you can do 100% of it.

00:38:54.000 So even that is quicker because that's a five-year asset.

00:38:57.000 So we should take 20% of it, right?

00:39:00.000 But now, so under the new bill, you say, no, you can take 100% of it.

00:39:03.000 And that's under Trump, big beautiful bill.

00:39:05.000 So under other presidents, guys, it would have been you, that 10K you spent, you would have had to wait five years.

00:39:09.000 So let's do the math again: $100,000 house.

00:39:13.000 $20K is gone because of land.

00:39:15.000 The government basically gives you $80K to use to depreciate $1,600 per year.

00:39:21.000 So you take that off.

00:39:22.000 Then let's say you spend $10,000 fixing stuff inside that's not structural, right?

00:39:26.000 The cabinets and everything else you mentioned.

00:39:28.000 It's up to you.

00:39:29.000 You could take that $10K and deduct it once for the year, limit your tax liability with the $1,600 plus extra $10K, or you could do it over five years.

00:39:37.000 Correct.

00:39:37.000 And Trump is the one that basically put it in place where you could take that cost segregation and take all the benefits from it that first year if you want.

00:39:44.000 Because other presidents would be like, okay, you can still, I don't want to use the word depreciate.

00:39:44.000 Correct.

00:39:50.000 You can still get the benefit, but it would be over five years versus 27 and a half years.

00:39:53.000 So you basically cut more taxes in a shorter period of time.

00:39:56.000 But Trump allowed it where, you know what?

00:39:58.000 We could give you guys one up front where you take that full 10K off your taxes.

00:40:01.000 Correct.

00:40:02.000 If they want.

00:40:02.000 Yep.

00:40:03.000 That's a perfect way to explain it.

00:40:05.000 Yeah.

00:40:05.000 Better than I could.

00:40:06.000 Give me ones if that makes sense for you guys.

00:40:06.000 Yeah.

00:40:08.000 Because a lot of people get confused with the difference between depreciation and cost aggregation.

00:40:13.000 Even me, like I even forget some of the stuff.

00:40:15.000 Like I like I was in my head, like, wait, can you get it?

00:40:17.000 Can you still depreciate if it, you know, if it's a 30-year fix?

00:40:19.000 I mean, it's like, no, even you buy cash, which now I'm like, yeah, you're right.

00:40:22.000 And then, um, but is it better to wait the years or do it right away at the very beginning?

00:40:27.000 It depends because you could have other rental properties that are fully depreciated or just producing it and they're cash flowing a lot better.

00:40:34.000 And you want more aggressive depreciation to offset against those others.

00:40:34.000 Yeah.

00:40:38.000 You know, typically when you have multiple properties, it comes into play.

00:40:42.000 But the main driving thing here, I want to make sure that you understand is that the, you know, with the bonus depreciation is, or the cost segregation.

00:40:52.000 And that's only exclusive to Trump.

00:40:54.000 Has any other president allowed that?

00:40:55.000 Because I remember Trump was in the middle of the year.

00:40:56.000 Well, it came in.

00:40:56.000 Yeah, it came in in 2017.

00:40:58.000 So that was under Trump.

00:40:59.000 So this is all the renewals.

00:41:00.000 He's bringing it back.

00:41:01.000 So they were all going to sunset after his second term, hypothetically.

00:41:01.000 Yeah.

00:41:06.000 And then he had that four-year gap.

00:41:08.000 So he got it all renewed again.

00:41:09.000 Okay.

00:41:09.000 So, you know, these are great.

00:41:11.000 I don't think any other president, like, guys, if you're a real estate investor or like a business owner, Trump is very good for you.

00:41:17.000 That's huge.

00:41:18.000 It's huge from a small business.

00:41:20.000 90% of all business in America is small business.

00:41:24.000 So this is huge.

00:41:25.000 Lots of benefits for you if you're an entrepreneur.

00:41:29.000 And then so it's this is permanent.

00:41:29.000 Absolutely.

00:41:29.000 Yeah.

00:41:33.000 This is permanent because when we did the 2017 Jobs Cuts Act, it was sunsetting.

00:41:38.000 So we had 100%, then it went to 80%, then it went to 60, 40, 20, and then it was going to sunset.

00:41:43.000 So people can.

00:41:44.000 Now it's 100%.

00:41:45.000 It's permanent now.

00:41:46.000 Okay.

00:41:46.000 So people can elect to either get that benefit over a five-year split, 20% per year or take one upfront deduction.

00:41:54.000 And I can see how you can use that strategically.

00:41:56.000 Let's say, for example, guys, right?

00:41:58.000 You know, you know, you're going to get taxed to hell this year, right?

00:42:00.000 For other things, right?

00:42:02.000 This is a good way to be like, you know what?

00:42:03.000 I want to cut my tax liability from this angle.

00:42:05.000 And then you could take all that upfront depreciation that year that you're getting taxed to kind of save.

00:42:10.000 And get an offset, yeah.

00:42:10.000 Yeah, get an offset.

00:42:11.000 So that's a really good strategic tool that you have if you guys are going to buy real estate.

00:42:17.000 This is why real estate is so good because you could basically get two bites of the apple.

00:42:20.000 You can use conventional depreciation over 27 and a half years.

00:42:24.000 Then on top of that, you can add in cost segregation.

00:42:26.000 And then you choose with the cost of segregation if you want to do it over five years and do a nice slow burn.

00:42:31.000 Or sometimes you don't need the domestic deduction.

00:42:34.000 And some of these, because it's a passive activity, rentalist, you're limited on how much you can take on the loss.

00:42:39.000 So you don't want that bonus depreciation to throw you into huge loss.

00:42:42.000 So there's ways around it.

00:42:44.000 One of the loopholes is going to be to turn that property into, instead of having year leases, you could do like a short-term leases, like Airbnb type of stuff.

00:42:53.000 I know that's not as sexy anymore, but some people do well with that stuff.

00:42:58.000 So that turns that activity not into a passive activity.

00:43:04.000 It turns it into a business almost, like an operating business.

00:43:09.000 So whatever loss you incur, even if the bonus depreciation brings you into a loss and it's huge, you could take the full amount of it.

00:43:16.000 Is a goal essentially to get yourself to a part where you got losses?

00:43:22.000 Because that would significantly decrease your liability.

00:43:25.000 Yeah, but then you could carry those losses into the future.

00:43:27.000 So that's okay.

00:43:28.000 Even if you generate Raymond that first year and you get limited how much you can take, you could still carry it forward indefinitely.

00:43:34.000 And then that'll offset future income, future profits.

00:43:36.000 Okay.

00:43:37.000 So bonus depreciation is back, which is good.

00:43:38.000 And it's here to stay this time.

00:43:40.000 The other big one, which is a real quick one, easy, is the, it's called QBI.

00:43:44.000 That's qualified business income.

00:43:45.000 So any business activity, S-Corp, let's say, and you have a profit of $100,000, you get a 20% deduction.

00:43:53.000 So you don't have to claim $100,000 profit on your income tax return.

00:43:57.000 You only claim $80,000.

00:43:58.000 You get a 20%, whatever profit you have.

00:44:00.000 So you made $200,000.

00:44:02.000 You only claim $160,000.

00:44:04.000 You get a 20% off the top deduction off your profit.

00:44:08.000 W. Trump made this.

00:44:09.000 And he made that permanent.

00:44:11.000 And see, it's crazy because no one ever talks about any of this shit.

00:44:14.000 Because the Big Beautiful Bill was so big and comprehensive.

00:44:17.000 Like, yeah, they only talked about immigration the whole time and like no taxes on tips and bullshit like that.

00:44:21.000 But all the other stuff they didn't mention.

00:44:23.000 So wait, okay, let me make sure I have that right.

00:44:24.000 So you're saying if you decide, so if you ought to be an entrepreneur, right now is like the best time to segue into the business.

00:44:29.000 Well, no, this has been, but it was, it was set to expire.

00:44:32.000 So he got it renewed and it's permanent now.

00:44:36.000 So if you generate $100,000 or more, you get a free, I don't want to say free, but you basically get $20,000 right off the bat.

00:44:42.000 You get $20,000 off automatically.

00:44:44.000 Correct.

00:44:44.000 So they're going to tax you as if you make $80K.

00:44:46.000 Correct.

00:44:47.000 Now, I'll say this real quick for the audience because some of them might be like, well, Myron, what's the difference here?

00:44:51.000 The difference, guys, is that like when you have, let's say make $100,000, but then they're only going to make you liable for $80,000, but you made $100,000.

00:44:58.000 The reason why that's important is because it brings you into a different tax bracket.

00:45:01.000 Correct.

00:45:02.000 If you're in a lower tax bracket, you get charged less for your taxes, even though you made more.

00:45:07.000 You should be at the $100,000 range, but now you're at the 80 range.

00:45:10.000 So you're saving a bunch on taxes.

00:45:11.000 And that's the benefit of being liable for a smaller amount.

00:45:16.000 Yeah, we have a graduated tax.

00:45:18.000 You know, the more you make, the more you, you know, the higher your effective tax rate is.

00:45:22.000 You know, some people think that's unfair.

00:45:23.000 They think we should go to the flat tax and make things easy.

00:45:26.000 You know?

00:45:27.000 What's the magic number?

00:45:28.000 I remember a couple years ago, it seemed as though if you made like 85K or something like that.

00:45:34.000 As far as like for, like for more like Normie's, like there was one tax bracket, if I'm not mistaken, where if you made anything over like 85K, it was a significant jump.

00:45:45.000 Well, now it's like around $400,000.

00:45:47.000 So once you get to that $400,000, there's a lot of provisions where they start to phase out.

00:45:51.000 They call it like a phase out where you don't qualify for it anymore.

00:45:55.000 So it's right around that phase.

00:45:58.000 So it used to be like $150,000 for like single.

00:46:00.000 So for a family cycle, run around $400,000.

00:46:04.000 What's the, I'm trying to think, like for a single person, there was like one tax bracket where you're like in a no man's land.

00:46:10.000 Yeah, let's go.

00:46:10.000 You make enough to be $75,000.

00:46:13.000 I think it was, yeah, that was like a few years back.

00:46:15.000 I remember that.

00:46:16.000 You know what I'm saying?

00:46:16.000 Yeah, they've been playing with the rates.

00:46:18.000 And in general, I think they went back.

00:46:19.000 They went down even under this 2%, like pretty much across the board.

00:46:23.000 You're basically like what I call is like the no man's land because like you're rich poor.

00:46:27.000 It's like you're entry-level luxury, but you're also like not, you don't make enough to like sustain that.

00:46:33.000 So it's like, it's a, and you get, and you get kind of burned for both ends because you make just enough to be considered upper middle class.

00:46:40.000 Correct.

00:46:40.000 But they're still taxing you significantly and you don't make the amount of money that other people in your tax bracket making 100, 200K can sustain.

00:46:49.000 So I had a friend at my old job.

00:46:51.000 And we got unlimited overtime, right?

00:46:51.000 Yeah.

00:46:53.000 At my job, my old job.

00:46:54.000 And the funny part is he would start working to not avoid that no man's land.

00:46:59.000 Why stop working?

00:47:00.000 But it's because it'll fuck him up.

00:47:02.000 Because again, he's going to be that no man's land where you can't make enough money because you're getting tax from all the worst place to be.

00:47:08.000 Yeah, it jumps exponentially higher where it doesn't like it's a diminishing return, basically.

00:47:12.000 You call that.

00:47:13.000 Yeah, that's what it is.

00:47:13.000 I don't know what the number is.

00:47:14.000 I remember before it was like something 80K, but I know exactly what you're talking about.

00:47:17.000 Yeah.

00:47:18.000 I'm trying to figure out what that number is.

00:47:18.000 So there was.

00:47:20.000 I was like, is the guy crazy than I thought about it?

00:47:22.000 Look it up.

00:47:23.000 I think it was like $750, but that was, yeah, that was a couple years ago.

00:47:26.000 Yeah.

00:47:27.000 Yeah, smart guy.

00:47:28.000 So we talked about the 1099 D.

00:47:30.000 I think I kind of went into a lot about that.

00:47:33.000 But then the other one, what's going to be, we talked about cost segregation.

00:47:38.000 Yeah, and I'll just talk about the R D stuff. 0.99

00:47:41.000 Okay.

00:47:41.000 Yeah.

00:47:42.000 So this is, you know, obviously this is for everybody, but I'm going to give preferential treatment to the guys that are in your group, right?

00:47:48.000 So the CEO network guys and the OSS guys.

00:47:52.000 They're going to get, you know, so if I see their, you know, their names come across and you put in there, and I think, Mo, you're going to put the website I got set up for them, I think out there, the link.

00:48:01.000 So if you go in there, just fill it out.

00:48:03.000 And then what I'll do is I'll schedule a 50, like it'll probably be myself or my partner, Darren.

00:48:08.000 We'll do like a 15-minute Zoom call with you just to interview you.

00:48:11.000 And then the next step, I'm trying to limit it to only 20 guys.

00:48:15.000 And then we'll do a whole classroom training on Zoom with probably 10 guys and 10 guys.

00:48:24.000 I'll probably split it up just because we're going to have a lot of questions.

00:48:27.000 And I'm going to provide all the training, all the tools necessary, everything.

00:48:31.000 I'm going to train you guys into, you know, this is all free.

00:48:36.000 And I'll tell you guys, you know, I'll explain the whole R D process, how to get people qualified.

00:48:42.000 We have already enriched lists.

00:48:44.000 I even have 700,000 CPAs throughout the whole United States and every single tax professionals, that is, because every tax professional, including myself, has to get what's called a PTIN number.

00:48:56.000 And you have to register with the Internal Revenue Service.

00:48:59.000 So I have that database list and we've enriched it where you can actually reach out in your local jurisdiction to CPA offices.

00:49:06.000 A lot of CPAs, they don't want to get into doing this stuff because they're busy doing tax work and doing other stuff.

00:49:11.000 So you can walk in there.

00:49:12.000 We'll give you the, you know, I have like pre, you know, made up flyers and stuff and how to talk to them, you know, because I'm a CPA, you know, and I would, I would listen, you know, and you can just offer to them, say, hey, you know, if you have clients that qualify for this, they understand what it is.

00:49:26.000 Yeah.

00:49:27.000 And, you know, we'll pay you 5%.

00:49:30.000 So, and then we were, we're going to train these guys.

00:49:33.000 You'll be our consultant guys where they can actually take a business.

00:49:36.000 Let's say it's a restaurant.

00:49:37.000 Let's say you walk around and you just hit your neighborhood, the restaurant owners, and you talk to them.

00:49:42.000 A lot of these restaurants, they qualify and they don't even know they qualify because they're continually improving processes.

00:49:48.000 They're changing menu items.

00:49:50.000 They're, you know, maybe putting a new point of sale system in there.

00:49:54.000 So all of these things that they're doing for their small business qualify for this tax credit.

00:49:59.000 Now, what did the one big beautiful bill do that made this different is now instead of taking those costs and again, it's kind of like depreciation and spreading them out over many years, you can deduct it all in that one year.

00:50:11.000 And we can go back three years and amend your returns.

00:50:15.000 And I'm getting refunds.

00:50:16.000 So I think one client, like my partner was talking to one guy, they got like $140,000.

00:50:20.000 I'm working on one right now.

00:50:21.000 It's a big construction company.

00:50:22.000 It's probably going to be about, you know, close to like $235,000 tax credit.

00:50:28.000 So if you're going through that, if you go through the process with us, and I have another website, which I'll reveal once you do the interview with us, we walk you through step by step.

00:50:40.000 So you go through, you get the training, and then you go through and you could qualify a client, generate a questionnaire, figure out what processes and projects that they implemented, and then we can do the data collection, whether it's payroll reports or invoices and stuff like that to collect the data.

00:50:57.000 My firm is in charge of putting all the numbers together and creating the actual forms that need to be sent into the IRS.

00:51:04.000 So these consultants don't have to do it.

00:51:06.000 They just have to identify the lead, walk them through, get them pre-qualified, identify the project.

00:51:10.000 Ready to go.

00:51:11.000 And then we're paying them 20%.

00:51:14.000 Once they get to a certain level, and you can see it right on that URL, you can make up to 35%.

00:51:19.000 So you figure, you know, like this one last one, I think we're doing one that's about $140,000.

00:51:26.000 You know, we're getting paid, let's say it's $150,000.

00:51:30.000 We're getting paid $30,000 on it.

00:51:32.000 You know, if you're making 35% of that.

00:51:35.000 So some of these, you know, even just for a referral, if you just want to toss a referral over to us on a name and then we do the qualification, you get paid 5% on it.

00:51:42.000 So a lot of these CPAs will find that very attractive.

00:51:46.000 I know I would.

00:51:47.000 I'm like, all right, I don't want to do the work.

00:51:48.000 I don't want to do the qualification.

00:51:50.000 I don't want to stand behind it, but here's a name of, you know, 12 restaurants.

00:51:53.000 And then, you know, let's say three or four of them qualify.

00:51:56.000 And that turns into, you know, if you, you know, they're going to get 5% of whatever we're charging them.

00:52:00.000 So we're doing a fee because it's a lot of work on our end from the CPA firm.

00:52:05.000 And we're doing it from a, it's a CPA-led, you know, consult and review process because I have to stand behind this because in a couple years, you know, I'm getting that stuff like right now with the ERTC credit stuff where the IRS now is sending out notices saying, hey, we gave you this money, you know, two and a half years ago for the, you know, the employee retention tax credit, which a lot of them were substantial.

00:52:31.000 Now we want to see the proof, the support, and we have those.

00:52:35.000 So that's what I'm building now.

00:52:37.000 So if somebody comes to me, I build an audit proof package that we keep, we file the forms, and then we make sure that we can defend it later on because I have to protect my license.

00:52:47.000 It's important.

00:52:48.000 And I understand how this stuff goes because the IRS catches up with this stuff, you know, two years.

00:52:52.000 You can go with some of these other companies, but then, you know, in two or three years, they could, you know, the lights could be out.

00:52:57.000 Everybody could be out of the office and their company could be defunct.

00:53:00.000 And then, you know, who are you going to go back after?

00:53:04.000 I mean, so that's what we're doing.

00:53:04.000 Right.

00:53:07.000 So I want to, you know, I want to, you know, I'm going to basically screen everybody and I basically see, you know, CEO network guys or OSS guys coming in.

00:53:14.000 They're going to take, they're going to, they're going to take the spots first.

00:53:18.000 But anybody else, you know, everyone is welcome, obviously, to this opportunity.

00:53:22.000 All right.

00:53:23.000 So what's the, also, we found the magic number.

00:53:26.000 Mo, can you?

00:53:28.000 Annual income is roughly between 117 to 150K generally in positions of household of upper middle class.

00:53:36.000 So that for two people, right?

00:53:37.000 So you have 75, 75, yeah.

00:53:39.000 It puts them in the upper middle class.

00:53:40.000 22 to 24% federal tax brackets.

00:53:43.000 Is that for married filing jointly?

00:53:43.000 Correct.

00:53:47.000 Is that for household or is that for a single person?

00:53:49.000 It says, yeah, look at household, annual.

00:53:53.000 Household.

00:53:54.000 Yeah, so it's a whole, yeah.

00:53:55.000 So you figure you would take the 150, 75.

00:53:56.000 So that was like the threshold.

00:53:57.000 I remember.

00:53:58.000 Yeah, because this was a couple years ago when we ID'd it to be 85.

00:54:01.000 And obviously that makes sense with the way, you know, I mean, dude, $100,000 today is way less than $100,000 in 2019.

00:54:08.000 Oh, yeah.

00:54:09.000 Pre-COVID.

00:54:09.000 Yeah.

00:54:10.000 The way weight difference.

00:54:11.000 So that makes sense.

00:54:14.000 So yeah, pretty much, guys.

00:54:15.000 So it seems here that no man's land is 100.

00:54:22.000 What is it?

00:54:22.000 So it's 105 to 201?

00:54:25.000 Is that the no man's land, pretty much?

00:54:27.000 Yeah.

00:54:29.000 Because you're getting taxed at 24%.

00:54:31.000 At 24%.

00:54:32.000 For married couples, yeah.

00:54:35.000 So for a single guy.

00:54:37.000 And then for married, it's 200.

00:54:40.000 50 to, yeah.

00:54:41.000 Okay.

00:54:42.000 So, you know, try to make more than that if you're going to go ahead and get into that range so you don't get destroyed as much on the taxes.

00:54:42.000 So yeah, guys.

00:54:49.000 I will say that kudos to Trump because I think on average across the board, everybody's paying about 2% to 3% lower in their base than usual.

00:54:58.000 Yeah.

00:54:58.000 That's good.

00:55:01.000 Was there any Did you want What a Did you want Next to the final?

00:55:04.000 Yeah, let's open it up for questions.

00:55:06.000 Yeah, okay, that was quick.

00:55:07.000 All right.

00:55:08.000 Shit.

00:55:08.000 But before that, we'll do our work from our sponsor for this episode of Money Mondays.

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00:57:18.000 All right.

00:57:19.000 Good stuff.

00:57:22.000 I don't want to lie, bro.

00:57:23.000 I feel like most guys feel like really low energy nowadays.

00:57:26.000 They don't know why.

00:57:26.000 It's probably going to be tests.

00:57:28.000 Environmental assault on everything.

00:57:30.000 The water, the food, the soap.

00:57:32.000 The air.

00:57:33.000 You don't feel like that libido doesn't want to even smash it anymore.

00:57:36.000 It's like, stay home and leave you to games and not do anything.

00:57:39.000 It is bad, though.

00:57:40.000 It's really bad.

00:57:41.000 Really bad.

00:57:42.000 So we'll do the phone lines, guys, coming up very soon.

00:57:42.000 All right.

00:57:45.000 We got a phone lines, Mo.

00:57:48.000 But yo, so question.

00:57:49.000 So go ahead.

00:57:50.000 If I have a property, right?

00:57:52.000 And let's say like I'm fixing the roof.

00:57:55.000 I'm fixing like, you know, the door and different things on the property.

00:58:00.000 Can I deduct all of that from my taxes now?

00:58:02.000 100%?

00:58:03.000 Yeah.

00:58:03.000 So now with a bonus depreciation, typically you would have to add some of that stuff.

00:58:07.000 So like a roof, typically you're going to have to, you know, depreciate it over.

00:58:10.000 It's more of a structural component.

00:58:11.000 So that stays on the 27 and a half years.

00:58:13.000 But anything like five year, seven years.

00:58:16.000 So let's say you, you know, you put new cabinets in or you do new carpet or new, you know, floating floor or stuff like that or a new light fixtures, you can deduct that under either section 179, which we have, or you can do the bonus depreciation.

00:58:32.000 I like the bonus depreciation better.

00:58:34.000 Yeah.

00:58:35.000 Just only because there's, and I'm not going to get into the weeds with this, but there's something called depreciation recapture.

00:58:41.000 So if you go to sell that house, anything that you depreciated under section 179 is subject to what's called depreciation recapture.

00:58:50.000 So when you calculate your gain on that, whatever portion of the gain is attributed to that depreciation is taxed at a higher rate.

00:58:59.000 So if it's bonus depreciation, that doesn't apply.

00:59:02.000 Okay.

00:59:02.000 So I like to take bonus.

00:59:04.000 That's a little getting a little technical, a little boring, but you know, from if it works, it works.

00:59:09.000 Your CPA, you know, hopefully they know what they're talking about.

00:59:11.000 A lot of CPAs, they don't really break up the properties properly.

00:59:15.000 But, you know, try to try to identify a guy that feels confident.

00:59:18.000 Like if you have a house, you know, let's say the general rule of thumb to be conservative is a $500,000 investment property.

00:59:24.000 You don't really need a cost segregation firm to pay them $5,000, $10,000 or whatever.

00:59:31.000 If you got a pretty decent CPA, he could, you know, the IRS allows you to estimate costs on certain things, the cabinets and the flooring and the light fixtures.

00:59:41.000 You can estimate the appliances.

00:59:43.000 It's not hard to do.

00:59:44.000 You don't need an engineer for him to come and pay it.

00:59:47.000 If he's a good CPA, he probably will be.

00:59:50.000 Even if he charges a couple hundred dollars extra, it's worth to do the return.

00:59:54.000 Just do it that way.

00:59:55.000 Cheaper.

00:59:55.000 Yeah.

00:59:56.000 All right.

00:59:57.000 Got the phone lines up, guys.

01:00:00.000 Yeah, yeah, yeah.

01:00:01.000 All right, guys, the number is going to be here: 646-490-0394.

01:00:05.000 Again, 646-490-0394.

01:00:09.000 And also, if you want to cut the phone line, make sure you donate with your last four digits in the donation, whether it's through FNF, Super Chat, Locals Tips, Rumble Rants.

01:00:20.000 So make sure, and when you donate, make sure you put the last four digits in the donation.

01:00:25.000 And guys, this is an announcement here for you guys as well.

01:00:27.000 We have a limited amount of time left.

01:00:30.000 It's almost 2030.

01:00:31.000 I'm telling you guys, time's running out.

01:00:33.000 Money is not circulating like it used to anymore.

01:00:36.000 Money is slowing down and the richer getting richer, poor getting poor.

01:00:40.000 Middle class is done. 0.94

01:00:41.000 You see nowadays.

01:00:43.000 Middle class is like almost like complete numbers. 1.00

01:00:45.000 It's eroded, yeah.

01:00:46.000 So you got to make your money now, man.

01:00:48.000 Before 2030, because guys, this is a real thing happening.

01:00:51.000 I was in some rooms last year in the summer.

01:00:54.000 I heard about this shit last year.

01:00:55.000 It's happening in four eyes right now.

01:00:57.000 And guys, Money Mondays are the best episodes because you got to learn how to make money, how to save money, because fellas, right now we're in a recession.

01:01:05.000 Yeah, I like when you guys have these shows.

01:01:06.000 You get back to your roots.

01:01:07.000 Yeah, yeah.

01:01:08.000 These are the best shows.

01:01:09.000 But you know the worst part?

01:01:10.000 The media is telling people, it's fine.

01:01:12.000 Don't worry.

01:01:13.000 Everything's okay.

01:01:14.000 Well, yeah, they want you to put your head in.

01:01:16.000 Yeah, put your head in the sand and not, you know.

01:01:18.000 It's bad.

01:01:19.000 And look at all the job losses.

01:01:20.000 They're not reporting that on the news every day.

01:01:22.000 With AI right now.

01:01:24.000 So by 2030, it's going to be cooked, bro.

01:01:25.000 And like, what do you have after that?

01:01:27.000 I got kids that are down here at Brickle.

01:01:29.000 Dude, they're making like 50, 100K a month off of doing AI prompts.

01:01:32.000 And I'm like, damn, 20 years old.

01:01:35.000 Yeah.

01:01:35.000 If you learn AI and you use it and you leverage it, like, you know, we use it in my business too.

01:01:40.000 So that's, you know, those guys will win for the short term, you know, the next other five, five, six, seven years.

01:01:46.000 Yeah.

01:01:47.000 But those that don't know anything about it right now, they're cooked.

01:01:51.000 Yeah.

01:01:52.000 They're cooked.

01:01:53.000 I would urge people to find something they can do now to make some money before this whole thing collapses because it's not looking good, bro, at all.

01:02:01.000 No, no.

01:02:01.000 Yeah.

01:02:02.000 No, not at all.

01:02:03.000 All right.

01:02:03.000 We got a first caller?

01:02:04.000 Yes.

01:02:04.000 All right, let's go.

01:02:05.000 9651.

01:02:06.000 You are up.

01:02:07.000 9651.

01:02:09.000 You are up.

01:02:13.000 Are we up?

01:02:15.000 He just left.

01:02:17.000 Okay.

01:02:20.000 Well, 2633, you are up.

01:02:23.000 2633.

01:02:25.000 This whole thing collapses because.

01:02:26.000 All right.

01:02:27.000 We can hear you, brother.

01:02:28.000 Just turn your TV or computer off.

01:02:32.000 Sound.

01:02:35.000 Hello.

01:02:35.000 Yeah, we got you, bro.

01:02:37.000 What's the question?

01:02:40.000 So I'm 19 years old.

01:02:40.000 Yeah, my question is.

01:02:43.000 I bought my first house with my brother, and I've been living here by myself.

01:02:47.000 I have been renovating and fixing it up, and I'm planning on selling it in a year.

01:02:51.000 I just don't know where to go from there or what to do next.

01:02:56.000 Yeah, so I mean, obviously, that's not an investment property.

01:02:59.000 That's your primary resident with your brother.

01:03:02.000 So you have to live in it.

01:03:05.000 So you can get what's called an exclusion up to $500,000 on a gain.

01:03:11.000 So if every gain is less than $500,000, you can exclude the entire gain.

01:03:15.000 But it's a one-time exclusion.

01:03:17.000 So you get $500,000 through your lifetime to use.

01:03:21.000 So that's for a primary residence.

01:03:25.000 But the thing is, you have to live in it 24 months.

01:03:30.000 So don't sell it before you're in it for 24 months.

01:03:33.000 Otherwise, you won't qualify for it.

01:03:35.000 So just living it in a year won't qualify.

01:03:38.000 Right.

01:03:39.000 So two years.

01:03:39.000 Okay.

01:03:40.000 You want it 24 months.

01:03:41.000 Yeah.

01:03:43.000 24 months, they say 24 months within the five-year period, a 60-month period.

01:03:48.000 You got to have 24 months of primary residence in that.

01:03:50.000 You know, it doesn't sound like you guys are going to move out and move back in.

01:03:53.000 So just 24 months from the time that you guys closed on the property.

01:03:57.000 And then you give all your stuff to your, you know, your CPA.

01:04:00.000 You give them the closing, the HUD statement from when you bought it, the HUD statement from when you sold it, and whatever amounts that you put in there.

01:04:07.000 You want to, you know, just even you've got to write them down on a piece of paper.

01:04:09.000 You probably want that better.

01:04:10.000 But, you know, hey, we put cabinets in, we put carpeting in, we put new kitchen, you know, refrigerator, whatever.

01:04:16.000 Add all that stuff up because that you want to get, you don't want to take as much of an exclusion as you want to because it's a lifetime.

01:04:23.000 So you get $250,000 and your brother gets $250.

01:04:26.000 And you don't want to use it all up.

01:04:27.000 So try to put as much cost that you put into that property in there.

01:04:27.000 You know what I mean?

01:04:30.000 So the cost basis is way up as much as high as possible.

01:04:35.000 Legitimately, that is.

01:04:36.000 Does that answer your question, bro?

01:04:39.000 Yeah, that makes sense.

01:04:42.000 Anything else?

01:04:42.000 All right.

01:04:44.000 That is it.

01:04:45.000 You're welcome.

01:04:45.000 Thank you.

01:04:46.000 But good stuff, though.

01:04:47.000 19 years old.

01:04:47.000 Bottom house with your brother.

01:04:48.000 Good stuff, man.

01:04:49.000 Nice.

01:04:50.000 Solid.

01:04:51.000 Yeah, I love the channel.

01:04:52.000 Thank you guys so much.

01:04:53.000 You're welcome.

01:04:53.000 No problem.

01:04:54.000 Appreciate it.

01:04:55.000 Next.

01:04:55.000 Guys, get on the line, man.

01:04:56.000 This is a chance to ask Steve questions, man.

01:04:59.000 You know, you know, completely for free.

01:05:00.000 So, this is obviously, as you guys know, we typically go with super chats first, but jump on a line 646-490-0394 is the number to call into the show.

01:05:09.000 Who's up next?

01:05:10.000 Next, we have 6854.

01:05:12.000 You are up.

01:05:13.000 6854, you are up.

01:05:15.000 Hello.

01:05:17.000 Yeah, we got you.

01:05:18.000 Go ahead.

01:05:19.000 Hey, Steve, how are you doing?

01:05:20.000 Hey, good.

01:05:21.000 How are you?

01:05:22.000 Good, good.

01:05:23.000 So, I have a question.

01:05:25.000 I saw last year, January 2025, IRS sent me a CP05A.

01:05:33.000 I don't know if you know what that is.

01:05:36.000 So, yeah, so wait, what's the number?

01:05:39.000 Say CP what CP05A.

01:05:43.000 05A.

01:05:44.000 Okay.

01:05:45.000 Was it like a okay?

01:05:46.000 So what is it?

01:05:47.000 What did it say?

01:05:50.000 CP stands for like compute.

01:05:51.000 That's a computer generated notice.

01:05:53.000 So it was like an automated notice.

01:05:55.000 But do you remember what it said?

01:05:57.000 I'm trying to think what that is.

01:05:58.000 That's cool.

01:05:59.000 Some of them, I don't know.

01:06:00.000 I remember what they did.

01:06:02.000 They just needed some stuff.

01:06:04.000 So I think it was I didn't act on it in time.

01:06:07.000 If I did act on it in time, they would have sent me some tax returns and I would have got money from it.

01:06:11.000 But they're holding your IRS refund to verify withholding.

01:06:18.000 So maybe they wanted a copy to a like typically back in the old days, we used to attach a copy of the W-2.

01:06:23.000 We don't do that anymore.

01:06:25.000 I don't know why they would do that.

01:06:26.000 But anyway, they wanted you to submit a copy of your W-2.

01:06:29.000 You know, I wonder if it's that shit.

01:06:30.000 You know, the IRS probably does this.

01:06:32.000 They probably have some like, some like actuary guy that goes in there.

01:06:36.000 You know, if we send out all these notices and, you know, probably, you know, maybe like 67% of the people will actually comply with it.

01:06:46.000 They already have your W-2 in your transcript, which I'll talk about too.

01:06:46.000 They don't need to.

01:06:50.000 So, so, and everybody should do this for the audience here.

01:06:54.000 You should always pull your transcripts and it's easy to do and it's free.

01:06:57.000 And we could do it now easier than ever because the IRS has a website now set up for it.

01:07:01.000 But anyway, getting back to your question here, I just wonder if they just like, it's kind of like warranty stuff.

01:07:07.000 It's like, how many people are and they hold this money and then they make money off of it.

01:07:11.000 And then like, ah, well, you timed out.

01:07:13.000 You didn't comply because the average person like either got lost in the mail or didn't do it in time.

01:07:18.000 There's no reason why the IRS should be asking you for a W-2 because they have that fucking W-2, excuse my language, in your transcript because your employer files it.

01:07:28.000 They have to by law.

01:07:29.000 So I don't know why they would be asking for it.

01:07:31.000 So I think for me, I think it's a scam personally.

01:07:35.000 I mean, I know it's a legitimate IRS notice, but there's no reason they would, you know, it's just stupid.

01:07:40.000 But anyway, so since we're talking about the transcript stuff, everybody should get on irs.gov, irs.gov, go in there, and then hit the button, get your transcripts online, and pull all your,

01:07:54.000 because every time you got a W-2 or a 1099 or a brokerage statement, K1, anything related that anybody files under your social security or your tax ID number gets put into a transcript at the IRS and it's all there.

01:08:12.000 So then you know exactly.

01:08:14.000 Now they don't get updated until about May or June for like 2025 because W-2s just come out in January, 1099s in February.

01:08:24.000 So the IRS doesn't catch up to it until about May or June.

01:08:27.000 But you should still have access.

01:08:28.000 You know, you're going to have to, you know, have a verification of IDs.

01:08:32.000 I think it's ID.me or whatever.

01:08:34.000 You do that.

01:08:35.000 You can get in there and instantly get all your IRS transcripts to find out what's in there.

01:08:40.000 And I always have access to that with your username and password.

01:08:45.000 But yeah, I don't know what to tell you.

01:08:46.000 I don't know why they would send that because, I mean, every employer has to file W-2s on all their employees.

01:08:51.000 So the IRS has a copy of that.

01:08:52.000 So I don't know why they would not be, unless the employer dropped the that doesn't make sense to me.

01:08:57.000 I think it's a way for them to generate revenue.

01:09:01.000 And they know a certain percentage of the people, like a warranty, are not going to take advantage of it or not do it in time and comply.

01:09:08.000 And then they could, you know, they'll hold your refund.

01:09:10.000 So it's a way for them to keep more money, I guess.

01:09:16.000 So should my next steps be then?

01:09:20.000 What year is it related to?

01:09:23.000 I think it's 23.

01:09:25.000 Well, then you have time because you can claim a refund going back three years.

01:09:31.000 If it's past three years, then you can't.

01:09:33.000 You lose the opportunity.

01:09:34.000 So you got to jump on it now because we're in 25.

01:09:37.000 So 23, you got to do it now.

01:09:38.000 You got to do it like right away.

01:09:41.000 I spoke to, so last year I spoke to them.

01:09:44.000 You know, I had my accountant on the phone line.

01:09:46.000 I'm like, I was talking to them, made them talk to each other.

01:09:49.000 I'm like, told my accountant, just give them what they need.

01:09:52.000 And they sent it over.

01:09:53.000 Because the thing was, they were supposed to send me money for this, right?

01:09:56.000 If I sent the paperwork for the stuff.

01:09:58.000 But since I didn't do it on time, they started sending me letters saying, oh, I owe money now.

01:10:02.000 Like, what the fuck?

01:10:03.000 Like, they didn't make sense.

01:10:05.000 So, so I took, then they stopped sending the letters once, I guess, my accountant sent everything over, but they didn't send me any money back.

01:10:13.000 They should have, but they didn't tell me anything.

01:10:15.000 But so my accountant did tax returns, I think, for 24, and I was supposed to get returns from the IRS, but the IRS cut money from that, from whatever they were asking me for for the CPA.

01:10:28.000 Oh, so that's why I, so, okay.

01:10:30.000 Yeah, it sounds to me like you have to, I don't know, without looking at that notice, do you have a copy of it?

01:10:40.000 I actually don't.

01:10:41.000 I think it was I lost it, so I didn't know what was going on the whole time.

01:10:45.000 You didn't, so your accountant should have a copy of it, right?

01:10:48.000 Obviously, he had to reply to it.

01:10:51.000 I don't know.

01:10:52.000 I mean, I would call him up.

01:10:53.000 I mean, he did your tax return.

01:10:54.000 They got to keep copies of it.

01:10:56.000 So I can't imagine he wouldn't keep copies of it.

01:10:59.000 So I would start there first, try to get copies of it.

01:11:01.000 And then if you want, you can, you know, send me, you know, you could try to try to do it.

01:11:08.000 They told me 16 weeks, oh, 16 weeks from like the summer.

01:11:12.000 It's been well past that.

01:11:13.000 So I haven't gotten any answer for that.

01:11:16.000 Yeah, but you know, it's a 2023 return.

01:11:18.000 The lights are not out on that return.

01:11:20.000 You could still, you know, amend or you could still, you're still entitled to that refund as long as you comply.

01:11:28.000 It's when you get past the three-year limit when you lose the opportunity.

01:11:31.000 So the opportunity still exists.

01:11:33.000 So I don't care what they're telling you or whatever.

01:11:37.000 The IRS I know right now for a fact is super slow at processing anything.

01:11:41.000 I have stuff that's been taking like a year, you know, for people to get their money back.

01:11:46.000 So it could be still in process, but you need to get a copy of that IRS notice and a copy of your return.

01:11:55.000 And then, you know, then you can address whatever they're asking for in there.

01:12:02.000 You still have time.

01:12:03.000 I don't believe you lost your opportunity on that.

01:12:08.000 You're welcome.

01:12:08.000 Thanks so much.

01:12:09.000 You're welcome.

01:12:10.000 All right, man.

01:12:10.000 Yeah.

01:12:12.000 All right.

01:12:15.000 Who's up next?

01:12:16.000 Hey, guys, remember, call into the show.

01:12:18.000 646-490-0394.

01:12:20.000 Phone lines are open, man.

01:12:21.000 So this is a great opportunity to call into the show and ask a very successful accountant who runs his own firm questions.

01:12:27.000 And you also, I mean, you normally work with higher net worth individuals who are entrepreneurs, but you also help work with guys that are like regular W-2 workers or like, you know, let's say you guys want to, because I remember I had Steve.

01:12:38.000 I was still working for the government, guys.

01:12:39.000 So I remember Steve like vividly.

01:12:41.000 He did my government taxes and then he did my separate income that I made from the business.

01:12:46.000 And, you know, I was able to segue from W-2 employee to entrepreneur working with him.

01:12:54.000 You know, we were able to make that transition seamlessly.

01:12:58.000 So he's still a fantastic accountant, even if you're not an entrepreneur or you're thinking about entrepreneurship.

01:13:04.000 You had to unplug it.

01:13:05.000 Predominantly, this wasn't an abuse.

01:13:07.000 It was really, you were doing really well, too.

01:13:07.000 This wasn't your main gig.

01:13:09.000 Yeah, with a side gig.

01:13:10.000 Yeah, with the fitness stuff.

01:13:11.000 Exactly.

01:13:12.000 And that's like when I had you on, I was still working for the government.

01:13:14.000 And I remember you for at least one year or two, you did my taxes.

01:13:18.000 I went to HR Block.

01:13:19.000 I was like, this is bullshit.

01:13:20.000 I didn't get anything back.

01:13:20.000 And then I remember you did it before we were able to get some money back.

01:13:23.000 And it was right when I was doing, because at that point, the fitness business made a little bit more than the government.

01:13:29.000 Yeah, I remember you sending me renting the apartment.

01:13:33.000 We're talking about how to incorporate it with your business.

01:13:36.000 And then you showed me the aerial of the pair.

01:13:37.000 Yeah, yeah, yeah.

01:13:38.000 I was like, dude, that looks good.

01:13:39.000 Yeah.

01:13:40.000 And that was all like, you know, because as a government employee, like, you're not able to do that typically.

01:13:43.000 So it was a whole other thing.

01:13:45.000 But I, you know, Steve was with me, that was with me the whole way when I transitioned from being a regular W-2 employee all the way into entrepreneurship.

01:13:51.000 So guys, like, I would argue, like, you know, if you want to get into entrepreneurship and do this, you have one of the friendliest presidential administrations to do it right now.

01:14:00.000 Having a business for taxes is OP is like a cheap code.

01:14:04.000 Yeah.

01:14:04.000 You can write off a lot of stuff.

01:14:05.000 Yeah, you really can.

01:14:06.000 As an employee, you're kind of cooked.

01:14:07.000 So it's a good way.

01:14:08.000 It's a really good way to cut your liability down of taxable, which your taxable income.

01:14:13.000 Okay, but yeah, guys, call to the show right there.

01:14:15.000 646-490-0394.

01:14:17.000 Let's go to the next caller.

01:14:18.000 Vet said, bring the hoes out. 1.00

01:14:19.000 Bro, it's Monday Mondays, bro.

01:14:20.000 Get your money on point, man.

01:14:21.000 Yeah, the holes will be there, bro.

01:14:22.000 Guys, it's kind of cold in Miami.

01:14:24.000 I think what happened, Chris was like, yeah, it's super cool right now.

01:14:28.000 Too cold for the thoughts, right?

01:14:29.000 Yeah.

01:14:29.000 But Wednesday, Friday, we got another show.

01:14:30.000 We got shows.

01:14:31.000 So yeah, Wednesday or Friday, we got some after hours for y'all.

01:14:31.000 Yeah.

01:14:35.000 You guys got to get your minds out on these.

01:14:37.000 Bro, y'all niggas just think about pussy all day, man. 1.00

01:14:39.000 Come on, man.

01:14:40.000 Because all they think about is bitches, man. 1.00

01:14:43.000 I've been there.

01:14:44.000 All right.

01:14:45.000 So who's up next?

01:14:46.000 Next up, 4371.

01:14:49.000 You're up 4371.

01:14:52.000 Yo.

01:14:55.000 Quality there.

01:14:56.000 4371.

01:14:57.000 Cool.

01:14:58.000 Caller.

01:14:59.000 How old are you?

01:15:00.000 Where are you calling from?

01:15:02.000 I'm sorry.

01:15:03.000 How old are you and where are you calling from?

01:15:05.000 I'm 25 and I'm from Florida.

01:15:07.000 Cool.

01:15:08.000 What's up, man?

01:15:08.000 All right.

01:15:09.000 What's your question?

01:15:10.000 What's up, Myron?

01:15:11.000 What's up, Fresh?

01:15:13.000 What's up, Steve?

01:15:14.000 Hey, hi.

01:15:15.000 I'm working.

01:15:16.000 Sorry.

01:15:17.000 I'm working in industry right now, accounting, two years.

01:15:22.000 I'm doing my CPA right now.

01:15:24.000 I'm about two out of four exams done.

01:15:28.000 And right now, I'm just looking at Canada for the future, right?

01:15:31.000 And just wanted to see if like what you know, AI streaming, like streamlining businesses about like bookkeeping and tax.

01:15:42.000 Like I wanted to start my own bookkeeping and tax business or like a CFO at a fractional advisory.

01:15:49.000 And I was kind of wondering what your thoughts was for like the future.

01:15:53.000 I feel like that might just be taken over.

01:15:56.000 No.

01:15:57.000 You're still going to, there's, look, ChatGPT still makes a shit ton of, you know, mistakes.

01:16:02.000 Learn as much, you know, I'm sure you do, right?

01:16:04.000 Are you training yourself in all the different platforms of AI?

01:16:08.000 Like, you know, the Claude and Grog and ChatGPT and some of the other agents like Manus.

01:16:14.000 And are you using those tools?

01:16:18.000 Oh, yeah.

01:16:18.000 Yeah.

01:16:19.000 I work.

01:16:20.000 And actually, I work a lot with Power BI and a lot of data visualization tools as well.

01:16:26.000 Okay.

01:16:27.000 I mean, I would say if you want to get into it, there's still going to be a market for it.

01:16:30.000 So it's going to be those that excel at it are going to be the ones that are really skilled at using those tools.

01:16:35.000 So not only, you know, I know you're going to have to, you know, take a lot of time and, you know, study for the CPA exam.

01:16:40.000 That's, that's it.

01:16:41.000 But like if you want to build a business because you could do a lot with it, but you're still, at the end of the day, you know, the average person, You know, the average client is not going to know how to use those tools for themselves, and they're not going to go down the rabbit hole trying to figure out all their accounting and their tax stuff.

01:16:56.000 They're still going to need somebody like you to put all that stuff together.

01:17:00.000 And yeah, so with and with having the license and having the knowledge in the background, I mean, I think, I think, definitely go for it.

01:17:11.000 So, if you're asking me, like, yeah, don't bother because you know, it's going to, we're going to be rendered obsolete.

01:17:16.000 No, it's not going to be that quick.

01:17:18.000 And still, at the end of the day, there's still going to have to be some human interaction with the clients.

01:17:24.000 And there, you know, someone's going to have to review the stuff because you can't just basically trust AI to do everything automatically.

01:17:33.000 I don't think we're at that point yet.

01:17:36.000 So, I think you're sitting in a good spot.

01:17:42.000 When do you think you have your test done?

01:17:46.000 My projection, I want to be done by probably like June or July.

01:17:50.000 I'm working on one right now.

01:17:52.000 Are you working for a firm right now?

01:17:54.000 I'm working in industry at 500.

01:17:57.000 Okay, okay, good, good.

01:17:59.000 Yeah, so I would say, yeah, definitely go for it.

01:18:03.000 I think there's still an amazing opportunity there for you.

01:18:05.000 So, go for it.

01:18:07.000 Just really master those all those tools, you know, that you can help you do a lot more, a lot quicker, and then you know, start to bring on clients.

01:18:19.000 Okay, okay, I appreciate you.

01:18:22.000 You're welcome.

01:18:23.000 Thanks, Myron.

01:18:24.000 Uh, thanks, Fresh.

01:18:25.000 Yeah, I started watching you guys about like six months ago, and uh, I've been a lot smarter with my money, I'll tell you that.

01:18:32.000 Good stuff, bro.

01:18:33.000 Good stuff.

01:18:35.000 Uh, who's up next?

01:18:35.000 All right.

01:18:38.000 Next up, we have one eight four five.

01:18:42.000 You are up.

01:18:43.000 Hey, guys, do me a favor.

01:18:45.000 Um, smash the like button, guys.

01:18:46.000 Um, as you guys know, um, these episodes don't generate as much views because people don't care about you know being fiscally responsible, everyone just cares about bitches and other degenerate behaviors like gambling. 0.99

01:18:57.000 So, we still do this show because you know it adds a lot of value and helps you guys out.

01:19:01.000 Like, I literally dropped everything I was doing to come do this.

01:19:04.000 So, do me a saw, guys.

01:19:05.000 Only thing I ask in return: you don't got to donate a dollar.

01:19:07.000 All you got to do is just smash the fucking like button so someone else can come across this information. 0.93

01:19:11.000 A lot of you guys are asking really good questions and you know, that other people might have or be in a similar journey, you know, in their life.

01:19:17.000 So, uh, the only thing we ask is to smash the like button, man, because uh, that's how important this stuff is, yeah, uh, for you guys.

01:19:23.000 Because this is the life-changing stuff here.

01:19:24.000 It's not us, you know, debating women and showing how dumb they are, it's about helping you guys make um as much money as you guys can and uh be successful in your life. 0.67

01:19:31.000 I mean, be independent, right?

01:19:32.000 So that you don't have to subject yourself to poorly behaved women. 1.00

01:19:36.000 Rather, you can go ahead and get yourself a girl, um, put yourself in a position to find a woman that's going to be worthy. 0.98

01:19:41.000 I'm committing to just after your point, but you have to get your money on point first, man.

01:19:45.000 Like, I've told you guys before, you can't be a brokey and expect a woman to submit to you. 1.00

01:19:48.000 That's not fair on her end either.

01:19:49.000 Like, you got to do your job as a man, and a part of that is provisioning alongside the protection.

01:19:53.000 You know, 50-50 is not going to cut it along with financial changes and economic changes, dating has changed too, and there's no more transactions ever before.

01:20:02.000 So, think about it this way: if your money's not on point, what do you really have?

01:20:06.000 What can you stand on?

01:20:07.000 Books only, right?

01:20:08.000 Bro, it's not going to do very well.

01:20:09.000 So, long term, you need money for everything.

01:20:12.000 Well, and I think you know, like the general rule is like, you know, women, you know, like kind of filter and select for the top, what, 10, 20, maybe if they're lucky. 1.00

01:20:19.000 So, I think this audience is representative of that.

01:20:21.000 You know, so if you got the what is it, the after-hour show, where you got, you know, maybe, you know, this is like 10%, like the top 10, 15, 20% of the, you know, this is the intellectual guys wanting to level up.

01:20:35.000 Yeah, so this is what you, these are what these guys are here.

01:20:38.000 This is what they intended out.

01:20:39.000 This was their main mission, you know.

01:20:42.000 And that's what I saw from the beginning, you know, with everything that's gone on in mind.

01:20:45.000 I have a personal stake in this just because of my, you know, my personal story and stuff like that with my son that was a follower of you guys too, as well.

01:20:52.000 So for me, that's this is the audience that we're here for.

01:20:56.000 So this is with a main driving force, I think, you know, going back to the grassroots of what you guys really set out to do.

01:21:02.000 And I think that gets missed.

01:21:03.000 And it's not for money, you know, because if it was for money, we wouldn't be here right now.

01:21:06.000 And it's actually, I'll be honest, it's actually fiscally irresponsible for me to even be here and do this at this point.

01:21:06.000 Yeah.

01:21:11.000 But, you know, compared to what I was just doing streaming before, but it's that important to us that we need you guys to understand this stuff.

01:21:18.000 So I will take a hit financially so that you guys don't have to.

01:21:21.000 That's fine.

01:21:22.000 So the only thing we ask in exchange is that you smash the like button, share this with a friend, call it to the show, ask questions.

01:21:27.000 No question is stupid, guys.

01:21:28.000 I guarantee you, there's someone else on the line or someone watching that has the same exact question that you have.

01:21:35.000 So yeah, let's go to the next caller.

01:21:36.000 All right.

01:21:37.000 What's next?

01:21:38.000 Next up, we, yeah.

01:21:40.000 1-845.

01:21:41.000 You're up 1-845.

01:21:44.000 What's up, man?

01:21:44.000 How old are you?

01:21:45.000 Where are you calling from?

01:21:49.000 Hello, caller.

01:21:50.000 Yo.

01:21:51.000 Yo, where are you calling from and how old are you?

01:21:54.000 I'm from Toronto.

01:21:55.000 Okay.

01:21:57.000 37.

01:21:58.000 Cool.

01:21:58.000 All right.

01:21:59.000 What's your question, man?

01:22:01.000 I'm just asking and shout out.

01:22:04.000 You know, Myron, just like the only real one left.

01:22:07.000 Everybody else switched up, so whatever.

01:22:09.000 But what's your thoughts on crypto right now?

01:22:12.000 Because like, you know, I just bought five Ethereum while we're on stream, bro.

01:22:16.000 I literally just bought five Ethereum while we're on stream.

01:22:18.000 Yeah.

01:22:19.000 Like yeah, bro.

01:22:21.000 You know, I always say when there's blood in the streets, it's time to eat.

01:22:24.000 You got to take opportunities like this.

01:22:25.000 And, you know, in times of turmoil and craziness and uncertainty, which is kind of what's happening right now with, you know, the imminent war that's probably more than likely going to go down in the Middle East.

01:22:36.000 You're going to seize these opportunities.

01:22:37.000 I haven't seen Ethereum that low since like 2021.

01:22:41.000 So, you know, I'm just taking opportunity to get some now.

01:22:46.000 Crypto is not going away.

01:22:47.000 It's going to be here.

01:22:48.000 It's going to be up and down.

01:22:50.000 And right now, it's like what he's doing right now.

01:22:54.000 He's dollar cost averaging.

01:22:56.000 He's buying the dip.

01:22:57.000 So you want to, you know, you want to pick up more when there's a dip.

01:23:00.000 So you want to buy cheap and you want to sell sell low.

01:23:03.000 But it's a long-term play.

01:23:04.000 I think right now, me personally, I was really deep into the crypto stuff with, you know, the and you're one of the few accountants in Florida that like, you know, have kept up with it.

01:23:14.000 And that's another reason, too.

01:23:15.000 Like for anyone that says like cryptocurrency isn't legit, guys, there's ETFs that track crypto now.

01:23:19.000 Accountants are learning this stuff.

01:23:20.000 Like it is here to stay, bro.

01:23:22.000 It is here to stay.

01:23:23.000 Obviously, you're going to always have weird altcoins and all the other stuff.

01:23:25.000 But I'll say the staples that are not going to go anywhere for sure are going to be Bitcoin and Ethereum.

01:23:29.000 They're just too big to fail now.

01:23:29.000 Yeah.

01:23:31.000 Those are the blue chips.

01:23:32.000 And you could talk, you could maybe throw Solana in there too as well. 1.00

01:23:35.000 But there's a layer ones.

01:23:36.000 Those are layer ones.

01:23:37.000 Stick to those.

01:23:37.000 I think for now, a lot of these guys like to play with the meme coins and they like to play with a lot of other derivative projects on these chains and stuff like that.

01:23:46.000 Because the laws are like rapidly evolving for crypto when it comes to the accounting perspective, monitoring it, et cetera, from the U.S. government.

01:23:53.000 So the fact that the U.S. government, I know some of you guys are like, oh my God, I hate the fact that the U.S. government is like, you know, monitoring this thing.

01:23:59.000 That's actually a good sign because that actually means it's legitimate and you know it's not going to go anywhere.

01:24:03.000 So yes, I get it.

01:24:04.000 We want to be autonomous with our money.

01:24:06.000 Sure.

01:24:07.000 But the government wanting to regulate it or regulating it to some degree does give it legitimacy.

01:24:13.000 Yeah.

01:24:13.000 It's not going anywhere.

01:24:14.000 It's CAP22.

01:24:15.000 It's here to stay.

01:24:16.000 But it's here to stay.

01:24:18.000 Just a follow-up question on that, too.

01:24:20.000 So do you believe it's in a four-year cycle, meaning we're about to be in a bear market and then we got to wait like another year or two?

01:24:26.000 Or do you think we might recover like soon?

01:24:30.000 Or what do you think?

01:24:32.000 I mean, yeah, you know, typically that's 10 how the crypto, I don't think there's enough body of, you know, historical data there to, you know, some people, you know, they like to read the charts.

01:24:44.000 And to me, it's just like, if you're going to get into crypto right now, if you stick to the layer ones, you know, like you talked about with the two major blue chips, and then you could throw Solana in there too as well.

01:24:55.000 If you're just stacking your coins and not looking to do any swing trading or stuff like that, then you don't have to really worry about the four-year cycle.

01:25:05.000 You're just going to use it for a long-term, long-term investment opportunity.

01:25:10.000 So that's how I look at crypto right now, just because it's too volatile.

01:25:16.000 And, you know, everybody's got a formula.

01:25:18.000 Everybody's got a, you know, everybody's going to tell you, you know, it's like, it's like, it's like, I don't know, it's like a horoscope for, you know, for men.

01:25:28.000 You know, I mean, everybody's got the answer.

01:25:30.000 Nobody really knows.

01:25:30.000 Everybody knows.

01:25:31.000 Nobody fucking knows.

01:25:32.000 Just know over the long term.

01:25:35.000 In 10 years.

01:25:36.000 Come down to Toronto for one of those college debates.

01:25:38.000 That would be crazy because it's very liberal over here.

01:25:41.000 Probably can't, bro.

01:25:42.000 You guys are not free speech.

01:25:43.000 Probably not.

01:25:44.000 All right.

01:25:45.000 You guys are too cucked, bro.

01:25:46.000 I'm sorry.

01:25:49.000 UK and Canada, bro.

01:25:50.000 I'll get arrested for this.

01:25:53.000 I'm trying to get out of here, man.

01:25:54.000 I'm trying to get out of here.

01:25:58.000 All right, man.

01:25:58.000 Thank you.

01:25:58.000 Thank you, bro.

01:25:59.000 Later.

01:26:00.000 Canada's very brown now. 0.96

01:26:01.000 Very brown.

01:26:02.000 Yep.

01:26:02.000 Silver brown.

01:26:03.000 Yeah.

01:26:04.000 All right.

01:26:04.000 Who's up next?

01:26:05.000 Next up, we have 3077.

01:26:10.000 You are up 3077.

01:26:14.000 What's up, bro?

01:26:15.000 Hey, guys, can you hear me?

01:26:16.000 Yep, we got you.

01:26:17.000 What's up?

01:26:17.000 Perfect.

01:26:18.000 Massachusetts, 37 years old.

01:26:20.000 Just a couple of questions if you don't mind real quick.

01:26:22.000 100% bonus depreciation.

01:26:24.000 Wasn't that primarily restored back in January 19th?

01:26:28.000 Anything before that is 40%?

01:26:30.000 Good question.

01:26:32.000 Wait, so exactly the same question.

01:26:34.000 Bonus depreciation?

01:26:35.000 Yeah, so we asked about.

01:26:36.000 Go ahead, ask it one more time, bro.

01:26:38.000 Yeah, you signed a little bit.

01:26:39.000 100% bonus depreciation was permanently restored back in January 19th.

01:26:43.000 So anything before that is only 40%?

01:26:47.000 Yeah, because it was sunsetting.

01:26:48.000 So they made it permanent.

01:26:49.000 Correct.

01:26:50.000 That's correct.

01:26:50.000 Yeah.

01:26:51.000 So moving forward.

01:26:52.000 So what if you bought your house January 18th?

01:26:58.000 Oh, so is that what happened with you?

01:27:02.000 No, no, but I'm just saying I bought mine the 21st.

01:27:04.000 So I think I'm in luck.

01:27:06.000 But just in case anybody out there that's listening, they bought it before then.

01:27:09.000 Yeah, so it's going to be, that's going to be the cutoff date there.

01:27:13.000 Also, they're cooked.

01:27:15.000 I mean, hypothetically, yeah.

01:27:19.000 I see.

01:27:20.000 All right.

01:27:20.000 And then second question: are you taking new clients from out of state, like Massachusetts?

01:27:24.000 Yeah, we do all the time.

01:27:25.000 Yeah.

01:27:25.000 So I have, if you go into, just DM me and then I could give you a link to get it to actually to my CPU.

01:27:30.000 Northeast originally, guys.

01:27:31.000 He's from New York originally, so he's very familiar with, you know, I have my license in New York State as well, too.

01:27:37.000 But I have, you know, clients in California.

01:27:38.000 It doesn't matter, you know, because I'm federally licensed with the tech stuff.

01:27:43.000 So I can do all 50 states.

01:27:46.000 Okay, all 50 states.

01:27:47.000 Where did we DM you?

01:27:48.000 So DM me on my Instagram and then I'll give you the link to get into our new client prospect intake that we have.

01:27:55.000 I'll send you that link.

01:27:56.000 I should probably put it in my bio.

01:27:57.000 You can put the Instagram on the page on the actual screen.

01:28:00.000 Yeah, it's at CNBI.

01:28:02.000 The link to your website, too, would be helpful if you could.

01:28:04.000 Yeah, that's the link.

01:28:06.000 I'll give you the URL there.

01:28:08.000 When you DM me.

01:28:08.000 And then where can we find your book?

01:28:10.000 So that's going to be in the bio of my Instagram.

01:28:13.000 So I have what's called, there's free tools in there, and then there's like products and services in there, too.

01:28:17.000 And there's a bunch of them in there, too, as well.

01:28:20.000 All right, perfect.

01:28:20.000 So everything's right in there in my bio.

01:28:23.000 Appreciate it.

01:28:24.000 Appreciate it.

01:28:24.000 Thank you.

01:28:28.000 Who's up next?

01:28:31.000 Next up, we have 2615.

01:28:34.000 You are up.

01:28:35.000 2615, you are up.

01:28:39.000 Yo, hello.

01:28:40.000 Yep.

01:28:41.000 Where are you calling from and how old are you?

01:28:41.000 Yep.

01:28:44.000 Yeah, I'm calling from Arizona.

01:28:46.000 I'm 27.

01:28:47.000 All right.

01:28:49.000 Uh, hit us with a question.

01:28:50.000 And guys, smash that like button. 0.64

01:28:51.000 We got uh over about 22, 2,300 of you guys watching live right now.

01:28:54.000 We're on all the platforms.

01:28:55.000 So smash the like button for us, guys.

01:28:57.000 Uh, if you're watching on Rumbles, you know, open up a YouTube tab and smash the like button.

01:29:00.000 Go ahead, bro.

01:29:01.000 What's your question?

01:29:03.000 Yeah, um, so I have a question.

01:29:06.000 I've been doing, uh, I bought a house, I've been doing room rental model, and some of the tenants have been paying me in cash.

01:29:15.000 Um, not all the time, but every other month here and there, they'll pay me in cash.

01:29:20.000 But for the most part, they'll cash at me or sell me money.

01:29:24.000 Um, it's my first full year, uh, 2025 was the first full year I did that.

01:29:30.000 So, how would I go about you know the cash payments and stuff like that?

01:29:34.000 Is it even worth it?

01:29:35.000 Because it was around thirty thousand dollars of cash payments that I got total for the year.

01:29:40.000 Yeah, so I don't know how they when they zeld you. 0.98

01:29:42.000 Um, I know some of those you know, they get 1099 K's in there saying, um, you know, depending on how much it was, but um, I don't know if they put any type of different description in there, did they?

01:29:56.000 No, not all the time, okay.

01:29:58.000 So, I mean, if it's rental income, I mean, yeah, so are you reporting your rental income and taking expenses and depreciation on those properties, or what's the situation on that?

01:30:09.000 How are you, are you handling that?

01:30:12.000 This is one property.

01:30:13.000 I actually live in the property myself as well.

01:30:16.000 It was more of a play to bring down my total mortgage cost.

01:30:21.000 Oh, so it's like your primary residence that you're kind of renting out some rooms to, like, sort of that's right.

01:30:28.000 You know, I mean, at the end of the day, you know, it's you know, there is a very low chance that the IRS is gonna, you know, pick up on that, but you know, on the offshoot that they would, then, you know, I mean, it's it's not a ton of money, you know, the IRS has a ton of resources to come after and pick up, or you know, um, you know, but if you don't even have an opened-up Schedule E rental schedule for that, it kind of just sounds like it's just personal like money going back and forth.

01:30:56.000 And people are so typically it's kind of off the radar, you know.

01:30:59.000 So I would talk to you who does your taxes, you do them yourself, or you got somebody doing it.

01:31:07.000 I was doing that myself for a couple of years, but uh, I trade stocks too, and I also sold some stock last year, um, took about 20,000 in profits, and then that's kind of what I'm worried too.

01:31:21.000 I don't really want to have a big tax bill, and then I make about 120 on my job, and then now with the you know about thirty thousand dollars extra in rent payments, yeah, you know, that's I'm a little bit scared about how that uh tax bill is going to come out, so that's kind of a worry of mine right now.

01:31:38.000 Yeah, the problem is you know, because you're renting a primary residence, you're renting rooms in there, so you can't really depreciate the property because it's your personal residence, so it's just going to be all rental income.

01:31:47.000 So, that's something that you're going to talk to if you feel comfortable keeping it off, or you know, I mean, I don't know, um, or to you know, talk to your tax preparer, but um, I don't know with your so you're gonna get like a 1099 uh consolid consolidated statement from your brokerage account,

01:32:09.000 yeah, yeah, I just have to print it out, but I like I said, I've kind of been procrastinating on all that stuff just because uh because of the tax button and you're every year that I have to pay the IRS, man, your government fucking digging in our pockets, yeah, yeah.

01:32:25.000 I mean, yeah, um, I mean, I, yeah, I don't know what to tell you about the rental income, so um, okay, I know what I would do, but I, yeah, yeah, we're online, bro.

01:32:35.000 Yeah, you know what, just to preference this, this is not financial advice, this is not financial advice, a little bit tricky there, my friend.

01:32:40.000 I don't know what you're trying to do there with cash, but hey, bro.

01:32:44.000 You know what I'm saying?

01:32:47.000 I mean, $30,000 is substantial for renting rooms.

01:32:50.000 I don't know what you're charging these guys, but I'm going to say that.

01:32:52.000 No, I mean, it's only $850,000 a room, and that's pretty comparable for the market here on a room rental basis.

01:32:58.000 And it's three rooms.

01:32:59.000 Bro, doing a webcam.

01:33:02.000 Something, bro.

01:33:03.000 God damn.

01:33:06.000 Yeah, we're taking it as cash.

01:33:08.000 They're going to do something, bro.

01:33:09.000 Probably.

01:33:11.000 Nigga might have defensive crib, man. 1.00

01:33:14.000 FBI, open up. 0.87

01:33:16.000 Nah, nah.

01:33:18.000 I'm a civilian, man.

01:33:19.000 I'm a civilian.

01:33:20.000 None of that.

01:33:20.000 Okay, buddy.

01:33:22.000 All right, man.

01:33:22.000 Civilian.

01:33:24.000 All right, who's up next?

01:33:26.000 Thank you, guys.

01:33:27.000 I appreciate it.

01:33:27.000 Thanks, Myron.

01:33:28.000 Everything you do.

01:33:29.000 Fresh and fit.

01:33:29.000 Shout out, Bo.

01:33:30.000 Shout out.

01:33:31.000 Fresh updates.

01:33:32.000 Appreciate it, guys.

01:33:33.000 All right.

01:33:33.000 Take care.

01:33:34.000 Fresh up this.

01:33:34.000 He said, Fresh out, fresh updates.

01:33:36.000 Okay.

01:33:36.000 Yeah, guys.

01:33:37.000 By the way, I'm going to be posting clips from the IRO stream tomorrow on Fresh Updates as well.

01:33:41.000 Shout out to him.

01:33:42.000 Should be pretty lit.

01:33:43.000 Tomorrow, 5 p.m., we're going to go to the gym, Taco Tuesday, fun date, and of course, some activities after for the IRO stream.

01:33:52.000 Yep.

01:33:54.000 Next up, we have 8314.

01:33:58.000 You are up.

01:33:59.000 8314.

01:34:03.000 8314.

01:34:04.000 You are up.

01:34:07.000 Hello.

01:34:08.000 What's up, man?

01:34:08.000 What's your name and where you're from?

01:34:11.000 Jaden from South Dakota.

01:34:13.000 And how old are you?

01:34:15.000 24.

01:34:16.000 Cool.

01:34:17.000 What's the question, bro?

01:34:19.000 So I work at UPS right now.

01:34:22.000 And we got offered $150K for a buyout to leave.

01:34:28.000 What do you guys have for an opinion on that?

01:34:31.000 Wait, a buyout from your job?

01:34:34.000 Yep.

01:34:36.000 So, huh?

01:34:36.000 They're going to pay you that to leave the job?

01:34:40.000 Yeah.

01:34:42.000 So, yeah, they're going to pay you $150,000.

01:34:45.000 And what if you don't take it?

01:34:46.000 Then what?

01:34:46.000 You risk just getting laid off?

01:34:49.000 Yep, pretty much.

01:34:50.000 Okay, that's a no-brainer.

01:34:51.000 Just take it, bro.

01:34:52.000 Nigga, what? 1.00

01:34:52.000 Take the money and run. 1.00

01:34:53.000 Bro!

01:34:54.000 Yeah, I mean, you really have no choice.

01:34:56.000 Yeah, that's bro.

01:34:58.000 That's a that's a that's a fucking save saving grace.

01:35:01.000 Yeah, wait, I'm a little confused.

01:35:02.000 Well, there's got to be a reason why he's asking this because I don't think like is there like a chance that you would not get laid off?

01:35:09.000 Is that why you're asking?

01:35:10.000 No, I was already laid off right now.

01:35:15.000 Okay, so it's literally not even a certainty.

01:35:18.000 It's already happened.

01:35:19.000 So I'm confused why you would not, like, what has you questioning not taking it?

01:35:26.000 There's a lot of stipulations with it, like taxes and stuff like that.

01:35:30.000 I'm not really quite sure exactly what I would do with it after I took it.

01:35:35.000 I mean, of course, it's going to be taxable because it's income, but like, what else had you?

01:35:39.000 Because clearly there's a reason why you called in.

01:35:41.000 So I'm trying to figure out, because this is kind of a no-brainer.

01:35:43.000 So I'm trying to figure out what has you concerned.

01:35:45.000 Is it a severance package?

01:35:46.000 Severance?

01:35:47.000 There's just things like in it with the buyout.

01:35:50.000 Like it says, yeah, it says like it'll take a certain amount for taxes.

01:35:56.000 And also you can't join like unions and stuff.

01:36:00.000 So it's like for how long?

01:36:01.000 I don't know.

01:36:02.000 It's forever.

01:36:04.000 Oh.

01:36:05.000 Wait.

01:36:06.000 You can't.

01:36:07.000 Okay, explain that, bro.

01:36:08.000 Because, yeah, like, I need you to fully articulate what actually has you concerned here.

01:36:13.000 So first it's taxable.

01:36:16.000 Fine.

01:36:17.000 We know that.

01:36:18.000 What else has you concerned?

01:36:21.000 We're going to get taxes no matter what, bro.

01:36:23.000 Yeah, for real.

01:36:24.000 Yeah.

01:36:24.000 So, so besides taxes, what else is it?

01:36:27.000 My concern is what I would do afterwards, I guess.

01:36:31.000 Get another job?

01:36:33.000 Just get it set on the money, put it in crypto or something like that.

01:36:37.000 Yeah, and get another job.

01:36:38.000 Like, by no means, take that money and run and not get another job.

01:36:42.000 Yeah, you need to start working again.

01:36:44.000 Give yourself a hobby.

01:36:44.000 I'm already setting myself up for that.

01:36:46.000 No matter if I take it or not, I'm already looking at like multiple other jobs.

01:36:51.000 Are they paying out like your 401k and your benefits, too, like that?

01:36:54.000 Or are they liquidating those?

01:36:55.000 Oh, good question.

01:36:56.000 Yeah.

01:36:57.000 This $150K, how's it broken down?

01:36:58.000 It's enough to keep your benefits and retirement stuff, but that's only for 10 years up, I think.

01:37:04.000 Okay, that's not bad.

01:37:05.000 All right.

01:37:05.000 So this 150K severance package that they're giving you or buyout, whatever you want to call it, how much of it is actual cash?

01:37:13.000 100K, I think, is what it will be after taxes.

01:37:16.000 Okay.

01:37:17.000 You get it all in a lump sum or does it get paid out to you weekly or bio weekly?

01:37:21.000 Just one lump sum.

01:37:22.000 So you get one lump sum of 100,000 cash, and then where's this other 50K come from?

01:37:26.000 Or what does the other 50K encompass, excuse me?

01:37:30.000 What?

01:37:30.000 Sorry.

01:37:31.000 Okay.

01:37:32.000 You're getting $150 total in value, right?

01:37:35.000 For the severance package.

01:37:37.000 $100,000 of that is going to be cash.

01:37:39.000 What is the other $50K comprised of?

01:37:42.000 That's what they're taking for taxes. 0.99

01:37:44.000 They'll just give you $100K straight, basically, and take the other $50 for taxes is basically what I've heard.

01:37:50.000 Okay.

01:37:50.000 So then what's your concern?

01:37:54.000 Because you're already going to pay the taxes up front then.

01:37:57.000 I was basically already going to take it, but it's a certain amount of people that can take it, so I'm not even sure if I'll be able to.

01:38:05.000 I mean, it's a good chance that I'll be accepted for it, but I just didn't know exactly what to do afterwards with the actual cash.

01:38:13.000 Oh, okay.

01:38:13.000 So how to invest the money, basically.

01:38:16.000 Yeah.

01:38:16.000 Right.

01:38:18.000 Well, because you first called in saying, should I take it?

01:38:20.000 So that seems to be the primary concern.

01:38:22.000 Now you're saying if you take it, what's it get?

01:38:24.000 Yeah, obviously invest and get another job.

01:38:26.000 100%.

01:38:27.000 Okay.

01:38:28.000 Yeah, I'm going to be honest with you.

01:38:29.000 Tough love here, you suck at communicating.

01:38:31.000 And actually, and the reason why I'm calling this out properly is because a lot of young men have this issue.

01:38:36.000 Notice how we had to pull the fucking information out of you by asking a bunch of follow-up questions? 0.82

01:38:40.000 That's because we care.

01:38:41.000 Most other people are not going to care.

01:38:43.000 You absolutely fucking suck at communicating.

01:38:45.000 You need to fix that, bro.

01:38:46.000 And I'm telling you this as a man, this inability to communicate your ideas thoughtly and ask questions coherently is going to fuck you up in the future.

01:38:54.000 Big time.

01:38:56.000 So because that's a huge, a huge symbol of competency is the ability to ask good questions and or provide information when asked without people having to actually ask a bunch of follow-up questions.

01:39:10.000 And this will serve you throughout your life, bro.

01:39:12.000 So you really suck at communicating.

01:39:14.000 You got to fix that.

01:39:14.000 So I'll add one thing for you before you leave as far as what to do with the money, okay?

01:39:20.000 So I would look into setting up a CD ladder.

01:39:23.000 Okay.

01:39:24.000 So if you got $100,000 free clash, figure out how much you need for your immediate needs, okay?

01:39:29.000 Whether that's going to be 30 days, 60 days, or whatever, before you get a job.

01:39:33.000 And then from there, take the remaining and then set up CD ladders where they could be in increments of $10,000 or $5,000, whatever, so that you have those, you know, because you're going to get a higher rate of interest.

01:39:44.000 And then they come and expire maybe every 60 days or 90 days.

01:39:49.000 So you always have some liquidity.

01:39:51.000 So you're not strapping yourself from cash.

01:39:53.000 You don't have to ruin a CD or whatever.

01:39:56.000 Because you don't know what to put in it.

01:39:58.000 I'm not going to tell you to buy Ethereum or Bitcoin or any shit like that.

01:40:02.000 And then we don't have a job yet.

01:40:04.000 So you want, you know, try to get the best.

01:40:05.000 How much ready do you interest?

01:40:08.000 I have 15K right now.

01:40:10.000 Okay.

01:40:10.000 What are your living expenses every month?

01:40:14.000 Around $2,500.

01:40:17.000 Okay.

01:40:17.000 So let's do the math here.

01:40:19.000 Let's say you have a year in reserves, right?

01:40:20.000 You need $2,500 to live.

01:40:22.000 $2,500 times $12,000 is $30,000.

01:40:25.000 $30,000.

01:40:26.000 So when you get that $100K, put $30K away and put it into an emergency fund for a year.

01:40:32.000 Take the other $70K roughly.

01:40:35.000 Find some type of asset class to put it into.

01:40:37.000 You can even diversify it.

01:40:38.000 Maybe a portion goes into crypto.

01:40:40.000 A portion goes into crypto.

01:40:41.000 A portion goes into index funds or whatever.

01:40:45.000 But also make sure you have another job as well.

01:40:47.000 Like have another job when this is all there.

01:40:49.000 And then also learn how to communicate better.

01:40:55.000 Because that's a serious.

01:40:57.000 I don't think the value of communication is pushing up on young guys.

01:41:01.000 And it's actually something that I've noticed that I've wanted to speak up about.

01:41:04.000 I've went to many different events, America Fest, et cetera.

01:41:07.000 And a lot of young guys come up to me and I've noticed that a lot of you guys have a serious problem being able to properly convey yourselves and are awkward.

01:41:15.000 And that will fuck you up in the professional world later on.

01:41:17.000 You know, I'm curious.

01:41:18.000 Do they still have Toastmasters?

01:41:19.000 Like when I was younger, they still have Toastmasters.

01:41:22.000 I just did it before too.

01:41:22.000 It helped them a lot.

01:41:23.000 I thought it used to be way worse.

01:41:24.000 I was terrible, bro.

01:41:25.000 I don't know.

01:41:26.000 I would look at that because it will literally transform your communication.

01:41:31.000 Yeah, bro.

01:41:31.000 It's amazing.

01:41:32.000 It's called Toastmasters.

01:41:34.000 Toastmasters.

01:41:34.000 Everybody.

01:41:35.000 Everybody in your local community.

01:41:36.000 Yeah.

01:41:37.000 And I'm telling you because out of love, bro, and I'm not doing it to shit on you or anything else like that, but it was damn near like I was asking you questions like you're on a polygraph.

01:41:45.000 Like I like I shouldn't have to ask all these follow-up questions to figure out what the fuck is going on.

01:41:51.000 You should be able to articulate your story concisely and clearly and then be ready for the feedback and provide the people that you're speaking to the requisite information so they can give you a proper response.

01:42:01.000 That's a skill set that isn't taught enough anymore.

01:42:04.000 So work on that as well.

01:42:05.000 But you're in a good position financially, dude.

01:42:07.000 Besides the fact that you suck at talking, take that 100K.

01:42:11.000 They're already going to take their 50K from you anyway.

01:42:13.000 Take 30K, put it in a rainy fund day.

01:42:15.000 That'll set you up for a year.

01:42:16.000 Take that other 70K, invest it into different asset classes.

01:42:19.000 You can buy some gold.

01:42:20.000 You can buy some silver.

01:42:21.000 You can buy 70K is enough to put into multiple different things.

01:42:24.000 Get some Ethereum or a little bit of Bitcoin.

01:42:27.000 Maybe depending on what state you live in, maybe even have enough to put a down payment on a single family home or a duplex or something like that if you live in a cheap area.

01:42:35.000 So you've got some options, bro.

01:42:37.000 And then invest some of that money also into maybe a speaking coach or Toastmasters or something because that's an extremely underrated skill set that people need to learn.

01:42:45.000 When you speak well and you're able to articulate themselves, people respect you more, creates more opportunities for you, and it creates an air of competency, which is extremely important, dude.

01:42:54.000 So work on those things and you'll be fine.

01:42:56.000 But you're in a good position, dude.

01:42:58.000 You're in a really good position.

01:42:59.000 Awesome.

01:43:00.000 Awesome.

01:43:01.000 All right.

01:43:01.000 Awesome, man.

01:43:02.000 Who's up next?

01:43:02.000 No worries.

01:43:03.000 Thank you.

01:43:03.000 Appreciate it.

01:43:04.000 Tough luck, man.

01:43:05.000 But we got to be honest with you.

01:43:06.000 That was great.

01:43:06.000 That's good.

01:43:06.000 That was good.

01:43:07.000 Yeah, dude, it's a phenomenon that I've noticed only with young guys, bro.

01:43:10.000 Yeah.

01:43:10.000 It's absolutely nothing.

01:43:12.000 It's the times.

01:43:13.000 They're on the computer.

01:43:14.000 They're chatting.

01:43:15.000 Tablets don't stop.

01:43:16.000 Yeah.

01:43:17.000 Like, I've noticed it with, especially like Jen's ears and on. 0.93

01:43:20.000 It's a very, it's very noticeable.

01:43:24.000 But even the girls are like that, too. 0.99

01:43:26.000 It's not just the guys.

01:43:27.000 Even the girls.

01:43:27.000 The girls are brain dead.

01:43:28.000 The girls are like when the women are brain dead, they can still get by in life. 1.00

01:43:32.000 Like for the guys.

01:43:33.000 Yeah, bro.

01:43:33.000 They're pretty.

01:43:33.000 They look good, yeah.

01:43:34.000 Well, they get the grace card.

01:43:34.000 It's got to be tough.

01:43:35.000 Yeah.

01:43:36.000 But Toastmasters helped me a lot, man.

01:43:37.000 Do you do Toastmasters?

01:43:38.000 Because I did it a long time ago.

01:43:40.000 I don't even know what's still around.

01:43:41.000 It was like, I'm in a room.

01:43:41.000 I couldn't see.

01:43:43.000 I'm like, damn, I'm so nervous.

01:43:45.000 And you get critiqued by everybody there, which is good.

01:43:47.000 That's what I'm saying.

01:43:48.000 I tell that shit because of Toastmasters.

01:43:50.000 I went in there.

01:43:50.000 Yeah.

01:43:51.000 You're hired on the spot.

01:43:52.000 Boom.

01:43:54.000 But again, my first fucking month for you was terrible, bro.

01:43:57.000 I don't know.

01:43:57.000 Yeah.

01:43:58.000 It was bad.

01:43:58.000 Yeah.

01:43:59.000 And look, let me be honest, guys.

01:44:01.000 There's a lot of people that are super smart, damn near genius level, but they suck at speaking.

01:44:06.000 So everyone thinks they're stupid.

01:44:08.000 Right?

01:44:09.000 So that is, and then there's plenty of people that speak well, but are stupid.

01:44:13.000 But people are intelligent.

01:44:15.000 So you know what I mean?

01:44:16.000 Well, it's like AOC, right?

01:44:18.000 Yeah.

01:44:18.000 There's lots of people.

01:44:19.000 She looks like she has a worse salad. 0.94

01:44:19.000 She's pretty. 0.94

01:44:22.000 You see that clip of her?

01:44:24.000 They have a good grasp on the English language.

01:44:26.000 They're using great vernacular.

01:44:27.000 They're stringing their sentences together in a charismatic way, but they're still stupid.

01:44:30.000 Venezuela is below the equation.

01:44:33.000 The thing that kills me, the person that's going to go further is the person that speaks well and is a bullshitter over the person that doesn't speak well, that's higher IQ.

01:44:33.000 And you know what?

01:44:40.000 So that's the importance of being able to communicate effectively, guys.

01:44:40.000 That's true.

01:44:44.000 It's that important, dude.

01:44:45.000 It's that important.

01:44:46.000 And it's something that I've really noticed with a lot of young men, especially when I go to these conventions like America Fest.

01:44:50.000 A lot of young guys come up to me and talk to me.

01:44:52.000 And I just notice like extremely awkward and weird mannerisms when people communicate to me, which is fine.

01:44:58.000 Like, I don't like, I'm not mad at it.

01:45:00.000 It's just something that I've really noticed.

01:45:01.000 I'm like, wow, this is something we need to fix.

01:45:03.000 Yes, Chad, I can do better.

01:45:04.000 But socially, I'm very adept.

01:45:06.000 So there you go.

01:45:08.000 So, anyway, but yeah, no, the guy's in a good position, man.

01:45:10.000 So, you know, bless him.

01:45:11.000 Who's up next?

01:45:13.000 And the guys are laughing at him in the chat.

01:45:14.000 Some of y'all have a problem with communicating too, bro.

01:45:15.000 Some of y'all laughing in the chat.

01:45:17.000 Some of y'all niggas can't even. 1.00

01:45:18.000 Or you're nervous.

01:45:18.000 Yeah.

01:45:19.000 You can't even call in.

01:45:20.000 You can't even call in, bro.

01:45:21.000 So shout out to him for having the balls to call in.

01:45:24.000 Who's up next?

01:45:25.000 Look at Elon Musk.

01:45:26.000 There you go.

01:45:27.000 Oh, yeah.

01:45:27.000 Peter Thiel stutters a lot too.

01:45:29.000 Really bad.

01:45:30.000 Dude, I'm gonna balling.

01:45:31.000 Yeah, yeah, yeah.

01:45:33.000 Next up, we have.

01:45:35.000 I also don't think he's as smart as he claims, but that's a whole other conversation.

01:45:39.000 8422, you are up.

01:45:41.000 8422, you are up.

01:45:46.000 Hey, Martez, Alabama.

01:45:50.000 Okay, your call from Alabama.

01:45:52.000 How old are you?

01:45:53.000 Yeah.

01:45:54.000 35.

01:45:55.000 Oh, 35.

01:45:56.000 Okay.

01:45:56.000 What's your question?

01:45:56.000 All right.

01:45:57.000 Yeah.

01:45:58.000 I talked to Steve last time you guys started a call-in show.

01:45:58.000 Yeah.

01:46:01.000 I asked him about like, so I'm moving out of the country.

01:46:04.000 I'm moving to Jamaica.

01:46:05.000 So if I'm doing consultations, so I'm doing like freelancing.

01:46:08.000 Oh, God.

01:46:11.000 If I'm doing consultations onboarding people to crypto, also, I'll be doing like travel content.

01:46:19.000 How am I tax if I'm receiving, I guess, U.S. dollars?

01:46:27.000 So the U.S. is one of the two countries in the world that taxes you on your U.S. on your worldwide income.

01:46:34.000 So, you know, whatever you're going to contribute, you know, and you get a tax credit for it.

01:46:39.000 If there's a certain amount you got to make, don't you got to make like 100 care more?

01:46:39.000 So I don't know.

01:46:42.000 For them to tax you if you're abroad?

01:46:42.000 Yeah.

01:46:44.000 Yes, correct.

01:46:45.000 Are you going to hit that number, bro?

01:46:46.000 Or more?

01:46:46.000 Or no?

01:46:48.000 Say it again.

01:46:48.000 Am I whatnot?

01:46:49.000 Are you going to make over $100,000 a year in Jamaica?

01:46:53.000 More than likely, yes.

01:46:54.000 Okay, never mind then.

01:46:55.000 So, and then you're still going to keep your U.S. status, right?

01:47:00.000 You're not giving them your passport.

01:47:02.000 Okay.

01:47:02.000 So my wife is Jamaican, so more than likely, I will end up.

01:47:05.000 Would it be smart for me to, you know, naturalize in Jamaica as well and have dual citizenship, or shall I just keep it?

01:47:14.000 I mean, I don't know about that, but I mean, that's not going to really affect your tax.

01:47:19.000 Yeah, you would have to renounce your citizenship to not be liable for the taxes, which I don't know if you have to do that.

01:47:23.000 You have to give up your passport here.

01:47:24.000 So that's a big, that's a big, you know.

01:47:26.000 Are you a dual citizen?

01:47:29.000 No, he's not yet.

01:47:30.000 He's thinking about becoming a wife.

01:47:31.000 His wife is Jamaican.

01:47:33.000 So anyway, so getting back to the tax.

01:47:36.000 So I don't know what the tax law is in Jamaica.

01:47:39.000 So how do they tax you there?

01:47:42.000 I'm not sure yet.

01:47:43.000 Okay.

01:47:46.000 So find out if they're going to tax you there.

01:47:47.000 So let's say they tax you.

01:47:49.000 Let's say you go to Puerto Rican and they tax you like 4% or something like that, right?

01:47:53.000 You're going to get a tax, or another country.

01:47:55.000 Whatever you pay in taxes in that country because you're residing there and you're like a full-time resident there, if you pay anything to that jurisdiction, you get a tax credit here in the U.S.

01:48:05.000 So if you file your taxes here, whatever you pay there, the U.S. will give you credit for it.

01:48:09.000 It's called a foreign tax credit.

01:48:11.000 So you're not having to pay double the taxes.

01:48:15.000 So yeah, U.S. is going to tax you on your worldwide income if you want to keep your U.S. citizenship status, unfortunately.

01:48:23.000 And there's going to be certain thresholds that you can make tax-free abroad.

01:48:30.000 But That's something you had to find out with the Jamaican government to find out, you know, if you were going to file there, become a permanent resident there, but still keep it.

01:48:38.000 Because the taxes might be high where you don't even want to live there anymore, bro.

01:48:42.000 Might not be worth it.

01:48:44.000 Yeah, it sounds like I said we've been checking on Puerto Rico as well, but the real estate is Puerto Rico's good for that.

01:48:51.000 Yeah, Puerto Rico is good.

01:48:53.000 But it's not cheap, though.

01:48:54.000 It's not cheap at all.

01:48:55.000 As long as you're onboarding people that are outside of the island, you're not onboarding people that are living within the island.

01:49:00.000 So as long as you're providing services, like it's called export, then you can make all that money and then that's tax-free.

01:49:08.000 You know, whatever the whatever the situation is there.

01:49:12.000 So I don't know.

01:49:13.000 Is that the situation?

01:49:14.000 It's going to be yours.

01:49:15.000 I would say figure that out before you go there, dude.

01:49:17.000 Because the whole reason why you're moving there might be null and void once you figure out how much you get taxed in Jamaica.

01:49:22.000 Because I'm assuming a big part of the reason why you're going there is probably for lower cost of living and to mitigate tax liability.

01:49:29.000 Who knows, bro?

01:49:30.000 If they have high taxes there, it might not be worth it or a high cost of living.

01:49:34.000 Like, for example, when I went to Turks and Caicos, bro, everything was expensive as hell there.

01:49:38.000 Bro, Barbados, Jamaica, all that stuff is expensive.

01:49:39.000 The Caribbean, bro, all the stuff there is expensive as hell, dude.

01:49:42.000 So I don't know if, you know, because you got to do the math to figure out if it makes sense.

01:49:47.000 Hey, everything's imported there.

01:49:48.000 So, you know, you're not, you're, you're, and plus, the services are not going to be the same as you're enjoying, you know, in the States here.

01:49:54.000 It's going to suck, bro.

01:49:55.000 I'm sorry, bro.

01:49:55.000 Yeah.

01:49:56.000 Like, they're on Caribbean time. 0.82

01:49:56.000 The Caribbean sucks. 0.82

01:49:57.000 Everybody's late.

01:49:58.000 Nothing gets done.

01:49:59.000 Very slow.

01:50:01.000 My wife is Jamaican.

01:50:02.000 So, I mean, I'm used to it.

01:50:03.000 I've been there like six or seven times.

01:50:04.000 So we already have a house there.

01:50:06.000 So we're good as far as that.

01:50:09.000 It's one thing to spend four or five weeks, let's say at the most, but it's one thing to spend four or five months or a whole year or something like that.

01:50:16.000 You know what I mean?

01:50:17.000 You're going to be missing a lot of stuff.

01:50:19.000 So, you know, we're spoiled here.

01:50:22.000 We have a lot of modern conveniences that when you go to the island, you know, you got power outages.

01:50:27.000 You know, you got to wait in line for certain things.

01:50:29.000 You know, it's not the same.

01:50:32.000 I mean, you know, Puerto Rico is part of America and it's probably more Americanized than Jamaica.

01:50:37.000 And they have a shit ton of issues there.

01:50:39.000 So, I mean, I would be hard-pressed to spend a long amount of time there.

01:50:45.000 I mean, I won't miss it.

01:50:46.000 I'm trying to get out of here.

01:50:47.000 I'm not going to miss the U.S.

01:50:48.000 So I don't know.

01:50:49.000 Oh, that's good then.

01:50:50.000 Yeah.

01:50:50.000 So that's the attitude they have then.

01:50:52.000 Yeah.

01:50:53.000 Yeah.

01:50:54.000 I would say, though, retiring in the Caribbean definitely is good because it's very relaxed, very chill and slow pace.

01:50:59.000 So retiring there definitely would be a better off than America.

01:51:02.000 Because you got to grind here.

01:51:03.000 Caribbean, you just chill.

01:51:04.000 It's like you make your money, you chill, go to the beach, sip some rump punch, and just relax.

01:51:09.000 There's no really like, oh, hustle, bustle is like super hungry.

01:51:13.000 Right.

01:51:13.000 Yeah.

01:51:14.000 So, yeah.

01:51:15.000 But it depends on the, you know, if you, I don't know.

01:51:17.000 I would get bored of that.

01:51:18.000 I got to be, I got to be if you're a grinder, you're going to get like, I remember Client West went to Barbados for like, I think, one day.

01:51:24.000 Yeah.

01:51:25.000 He's like, bro, I can't live.

01:51:26.000 I got to leave it right now.

01:51:27.000 Then you pick up bad habits.

01:51:27.000 What'd you do?

01:51:29.000 You know, start drinking.

01:51:30.000 Then you start drinking more because you're bored.

01:51:32.000 It's like I got to be active.

01:51:32.000 Yeah.

01:51:33.000 I got to be doing stuff.

01:51:34.000 Yeah, good point.

01:51:35.000 That's just me personally, but I'm a disciplined person, so I'm good at it.

01:51:42.000 All right.

01:51:42.000 But okay, I'll see you.

01:51:42.000 Yeah.

01:51:44.000 Stay away from that ganja. 1.00

01:51:45.000 The marijuana.

01:51:47.000 Boomer.

01:51:49.000 Have a good night.

01:51:49.000 Take care.

01:51:50.000 All right, man.

01:51:51.000 All right, bro.

01:51:52.000 Yo, Banner's nigga Joe Ross, bro. 0.98

01:51:54.000 Banda nigga Joe Ross right now, bro. 1.00

01:51:55.000 ASAP, who's permanent.

01:51:57.000 What happened?

01:51:58.000 Barbara's on clean fresh? 1.00

01:51:59.000 Nigga, fuck you. 1.00

01:52:00.000 Of course they do.

01:52:01.000 Barbara's lit.

01:52:02.000 It's family.

01:52:03.000 All right.

01:52:03.000 Who's up next?

01:52:04.000 We'll answer a few more guys that we're going to close out here.

01:52:06.000 Yep.

01:52:07.000 7205.

01:52:08.000 You've got places to be and people to see.

01:52:11.000 Well, money to count, right?

01:52:14.000 I got to go see Brett.

01:52:16.000 Oh, shit.

01:52:16.000 Oh, yeah.

01:52:17.000 Thank you.

01:52:17.000 Matt, Brett.

01:52:18.000 7205.

01:52:19.000 You didn't know him yet?

01:52:20.000 No, he, yeah.

01:52:22.000 I didn't know him for a while.

01:52:23.000 Hey, what's up, fellas?

01:52:24.000 Yo.

01:52:25.000 What's up, man?

01:52:26.000 Fresh Myron.

01:52:27.000 And what's up, Steve?

01:52:28.000 Hey, how are you doing?

01:52:30.000 Good, good.

01:52:31.000 I just have a question.

01:52:32.000 So how would someone that's wanting to catch up on owed back taxes, how would they go about doing so?

01:52:39.000 What's your advice?

01:52:40.000 So I would start with your first three years.

01:52:43.000 I don't know what the situation.

01:52:44.000 Are you talking about yourself personally?

01:52:46.000 Yeah.

01:52:47.000 Okay.

01:52:48.000 So is there any reason why you didn't file?

01:52:50.000 And did you get any notices from the IRS saying that you owe anything?

01:52:54.000 Yeah, so I got a couple of notices from them in the mail.

01:52:58.000 And then I recently got like a promotion, maybe like a year back, a year or two back, and I'm in that like 70 to 75K tax bracket, that range.

01:53:07.000 So I owed a little bit at the end of the year, and I just didn't have enough to pay for it.

01:53:13.000 Okay.

01:53:13.000 Do you know?

01:53:14.000 So are they any years where you didn't get a notice?

01:53:18.000 What's that you said?

01:53:20.000 So did you get a notice for every single year for the past three years?

01:53:25.000 Yes, for the past, it's been two years.

01:53:27.000 So last taxes I filed 2024.

01:53:31.000 Okay, so you got a notice for 20.

01:53:32.000 Okay, you filed for 24.

01:53:35.000 Yeah.

01:53:36.000 So are you a W-2 employee?

01:53:38.000 Yes.

01:53:39.000 So there's not much you can do.

01:53:40.000 So they already did a substitute return and said, okay, you owe this.

01:53:44.000 Yes, exactly.

01:53:46.000 And I called around also to see like exactly how much it was and they kind of gave me an estimate.

01:53:51.000 IRS.

01:53:52.000 So the issue is you want to file.

01:53:54.000 Okay.

01:53:55.000 What you can do is you can get the penalties removed for the first year because it's a first-time waiver.

01:53:59.000 So I would try to do that.

01:54:01.000 And then what you can do is work out a payment plan.

01:54:03.000 So as long as it's less than 50 grand, you can get an automatic payment plan.

01:54:07.000 You could do that yourself right on right online.

01:54:08.000 As long as you could pay the total balance in 72 months, which is six years, as long as it gets paid in full, then you could set up an installment plan.

01:54:17.000 But you want to file those just in case anything ever happens and you got to file for bankruptcy.

01:54:23.000 The statue of limitations starts ticking the day you file your return.

01:54:27.000 If the IRS is going by, you know, you just pay the notice, then no return ever gets filed.

01:54:31.000 A statue of limitations never gets started.

01:54:34.000 It doesn't start ticking.

01:54:36.000 So I always tell my clients, just let's file it, whatever.

01:54:38.000 And then we can get some of the penalties waived so that it reduces some of the balance on one of the years you get a mulligan.

01:54:44.000 And then, you know, if you don't have the money to pay it, whatever, and then you figure out a payment plan.

01:54:47.000 So you can go on as long as it's less than 50 grand.

01:54:50.000 You could do it automatically, put it in there, and then divide it by 72 and then figure out what your minimum payment needs to be.

01:54:57.000 And it's pretty, it's kind of really not that bad.

01:54:59.000 You know, if you get some extra cash, throw a couple extra payments in there.

01:55:02.000 But once you start that payment plan, you never want to skip a payment.

01:55:04.000 So you want to probably put auto payment on there because a lot of people don't do the auto payment on there and then they mess up, they skip a plan, they skip a payment or it's late and the IRS immediately cancels that payment plan and you got to start all over from square root run.

01:55:18.000 So you want to do when you go in there and they'll waive the application fee for the payment plan if you do the, if you put your bank account information in there.

01:55:27.000 It's not that hard to do.

01:55:28.000 It's very easy.

01:55:31.000 Okay.

01:55:31.000 All righty.

01:55:32.000 Cool.

01:55:33.000 Thank you for the information and I appreciate all that you fellas doing for the community and helping fellas out and helping the guys.

01:55:40.000 So thank you for having me.

01:55:42.000 Do me a favor guys, smash the like button on YouTube.

01:55:44.000 If you're watching on Rumble, smash the like button over there.

01:55:48.000 Let me look here where we're at as far as like we only got 550 likes, guys.

01:55:54.000 Come on, man.

01:55:54.000 Let's get to like 90% engagement.

01:55:56.000 Let's get close to 1,000.

01:55:57.000 Smash the like button, guys.

01:55:58.000 Who's the next person?

01:55:59.000 Next up, we have 1258.

01:56:03.000 All right.

01:56:03.000 You are up.

01:56:04.000 1258.

01:56:04.000 Hit us with a quick one.

01:56:07.000 Hey, what's up?

01:56:08.000 Where are you calling from?

01:56:08.000 Yo, what's up?

01:56:09.000 How old are you?

01:56:11.000 Hey, listen, Byron.

01:56:12.000 Hey, Big Mo, what's up?

01:56:13.000 This is Richard.

01:56:15.000 Big up yourself.

01:56:16.000 Bumbucka. 0.52

01:56:17.000 Big up, big up.

01:56:18.000 Big up.

01:56:19.000 So, Byron, last time we talked about my coffee business, I had some change of plans.

01:56:22.000 I had to move to Florida.

01:56:23.000 I'm in Florida now.

01:56:24.000 So, Ta-Da.

01:56:25.000 So, you know, I just wanted to follow up with you.

01:56:28.000 Got a job and I'm trying to put in as much overtime now so I can start my business.

01:56:35.000 Cool, I did watch another just to deviate from the.

01:56:39.000 You know the that one thing I know, getting ahead to myself, I watched your podcast with Neil Davis about hall rentals and I figured that in where I'm at in Florida, there's no hall rentals around here, so what's your thoughts on that?

01:56:54.000 Oh, that might be a question for Neil Davis bro, that was a while back.

01:56:58.000 Neil's here today.

01:56:59.000 Yeah yeah yeah, maybe we can bring him back on.

01:57:03.000 Bring him back on in the future.

01:57:05.000 Yeah, hall rentals, like back to the hall.

01:57:07.000 Yeah, they're renting out like event space for that's not yeah, that's not our thing at all bro um, but we can.

01:57:12.000 We can definitely uh, Fresh could reach out to Neo and bring him back on the show, because that's actually now that I think about it.

01:57:17.000 That was like one of the ways Neo made his money was yeah um, controlling uh big like spaces to hold events.

01:57:23.000 Where is he not?

01:57:24.000 And yeah we'll, we'll do that for you bro, that's cool uh, anything else?

01:57:28.000 Oh yeah, you still here um, that's it.

01:57:29.000 I just wanted to call you.

01:57:30.000 Well Byron, I you talked about uh, with fresh too.

01:57:33.000 You guys talked about the coffee stand idea.

01:57:35.000 Um, you know, one of the oh, i'm not trying to bring up the women one woman said she made like quarter million dollars. 1.00

01:57:41.000 So I, you know, i'm still going with my idea about the coffee stand idea that we talked about.

01:57:47.000 If you want to do it, do it, man.

01:57:48.000 I mean uh, just like I said, you got to be putting into overtime.

01:57:53.000 Putting into overtime so I can get that cart.

01:57:54.000 The cart's really relatively low.

01:57:56.000 Um, it's just a food handler license and i'm good to go down here.

01:58:00.000 I could open up, like you know, on on the side of roads permitting yeah, I mean, as long as you keep overhead.

01:58:07.000 Low man, I mean, do it go, for it sounds good, sounds good.

01:58:12.000 This is an update.

01:58:13.000 Uh nice, talking to you guys.

01:58:14.000 Big Mo, big up yourself.

01:58:16.000 Big man thing, big man, Singina guy in 18 yeah man, all right, no worries man yeah, and chat no after hours.

01:58:24.000 Tonight guys yeah, not tonight.

01:58:25.000 Lots of these guys dudes are going crazy in the room channel.

01:58:30.000 I'll say this though, uh, as much as girls aren't that impressive, they're good to look at. 1.00

01:58:36.000 Chat always, I get it.

01:58:36.000 So I get it.

01:58:38.000 Don't worry, tomorrow we'll see some girls tomorrow on our old stream. 1.00

01:58:40.000 Yeah uh, i'm gonna go back on stream after this too, guys.

01:58:43.000 So hey, you guys will get after hours, but i'm gonna probably cover some uh political stuff.

01:58:47.000 Uh, react to some of the stuff with Clavicular and his Larry Wills wife.

01:58:51.000 That was crazy.

01:58:52.000 Um yeah, it was.

01:58:53.000 They're gonna give you, i'm gonna give you guys, some uh coverage on the war, what's going on.

01:58:57.000 Some new stuff came out, so we're gonna don't worry guys, we got y'all anyway.

01:59:01.000 Man um, who's up next here?

01:59:02.000 Answer like one or two more of these things that we got to get Steve out of here.

01:59:05.000 It's already midnight.

01:59:06.000 Two three three nine, you are up.

01:59:08.000 Two three three nine, you are up.

01:59:10.000 All right man, what's up?

01:59:11.000 Hit us with a question.

01:59:13.000 Good evening gentleman, good evening, quick question.

01:59:18.000 I got a couple properties and i'm used to filing a schedule e, so my question would be, um, how old you live by the side or open a trust?

01:59:29.000 And uh, where do you live?

01:59:29.000 How old are you?

01:59:30.000 By the way, i'm 39 and I live in Rhode Island, cool.

01:59:34.000 So uh, you're asking about, you're inquiring about, getting a trust to protect your assets.

01:59:38.000 Right correct, fair enough, that's a good question.

01:59:42.000 I got to do that too, actually.

01:59:45.000 So you got two properties.

01:59:46.000 What's the total value of them?

01:59:49.000 I actually have five, oh yeah five um okay, I want to reserve that, but it's definitely up there to the point.

01:59:55.000 Where are they in Rhode Island?

01:59:57.000 I need to to consider this correct.

01:59:59.000 Yes, okay.

02:00:00.000 So what is the total?

02:00:01.000 If you know what is the total value of of all the assets, i'm definitely no, over a million.

02:00:09.000 Do you have anything closer like in?

02:00:12.000 Like over a million is a lot bro, like what do you mean?

02:00:16.000 Like one million into what?

02:00:17.000 Give us a range I would say between just to be conservative, between one and three.

02:00:26.000 Okay.

02:00:27.000 You should know that, by the way.

02:00:28.000 As a real estate investor, you should know what your assets are worth.

02:00:31.000 And then, um, how much debt do you have on them?

02:00:35.000 Uh, right now, under half a million.

02:00:38.000 So, you got a lot of equity.

02:00:38.000 That's pretty good.

02:00:39.000 So, you, so, you have, yeah, so you got roughly 50% equity in all of them.

02:00:43.000 Yeah, I think so.

02:00:44.000 What you want to do is get yourself a good attorney that handles that stuff, you know, that does trust.

02:00:48.000 That's how that's that question.

02:00:50.000 I appreciate it, but it's outside of the scope of my professional, you know, yeah, scope.

02:00:56.000 And that's that's a question for a trust attorney.

02:00:59.000 There's a lot of them, I'm sure, up in your air, and they'll set you up properly.

02:01:03.000 And they go off equity or do they go off of total value of the asset?

02:01:07.000 Because I've always thought that that was interesting.

02:01:08.000 It's going to be the total value of the assets, and it's going to, you know, but as far as like putting your properties within the trust and the mechanism and what the protection that it provides and how to go about doing that, you want to get yourself who should you go to then?

02:01:20.000 Since it's not, I know you said it's just a trust attorney, a real estate trust attorney that handles trust.

02:01:24.000 There's going to be a ton of them in your area, you know, just look them up or ask around, maybe, you know, get a good referral from somebody.

02:01:29.000 But that's what I would tell you to do.

02:01:30.000 You know, a real estate attorney that specializes in trust.

02:01:34.000 Fair.

02:01:34.000 Trust, yeah.

02:01:35.000 Okay.

02:01:36.000 And yeah, and that actually, you know, that makes sense because every state is going to be different.

02:01:40.000 And then talk to a good insurance guy too to get an umbrella policy.

02:01:44.000 Oh, yeah.

02:01:45.000 So that's another one, too.

02:01:46.000 So I'm just going to throw that one out there.

02:01:47.000 Just tap that right.

02:01:48.000 Yeah.

02:01:49.000 Well, you had you got a good attorney.

02:01:51.000 So that's what you do.

02:01:52.000 You got a good attorney.

02:01:53.000 They put set you up with the properties, got you the S corporation, got you all everything set up correctly.

02:01:58.000 So, but that's another thing that you're going to want to want to consider because now you're getting to the point where you have a substantial asset value.

02:02:09.000 It's going to continue to grow and you want to protect it in the best way possible.

02:02:13.000 And you're in Rhode Island, bro.

02:02:14.000 So like Rhode Island is a small state.

02:02:16.000 You can get anywhere in the state within an hour, pretty much.

02:02:18.000 So, you know, I guarantee you there's probably some good lawyers right there in Providence, you know, that you can use that specialize in this.

02:02:26.000 So yeah, get it.

02:02:27.000 And from the attorney that you choose, maybe get a good referral from him as far as he should probably know a good insurance guy to give you an umbrella policy.

02:02:37.000 Like for me, the biggest common denominator has been finding someone that actually knows about trust.

02:02:43.000 Everyone seems to have like general information, but from what I've got to talk to a lawyer.

02:02:48.000 Right, right, right.

02:02:49.000 So I, you know, specialize in that context.

02:02:53.000 Hey, even if you got to pay him 25, 35, 4,500 bucks, I mean, you're talking, you got a couple of million dollars worth of assets.

02:02:58.000 I mean, that's, it's time.

02:02:59.000 It's worth it.

02:02:59.000 It's time.

02:03:00.000 Yeah.

02:03:01.000 Right.

02:03:01.000 It's worth it.

02:03:02.000 And now, my last question, gentlemen, before I let you go.

02:03:04.000 Now, once I do that, will I still be filing a Schedule C for tax returns or what that will change?

02:03:10.000 You'll still know.

02:03:11.000 It won't change.

02:03:12.000 It's just going to be the under a trust, but you're still going to do the Schedule E at the end of the day.

02:03:18.000 That's still all going to fall on that same rental schedule.

02:03:20.000 Yeah.

02:03:21.000 Good questions.

02:03:21.000 It doesn't change the tax.

02:03:23.000 The only thing that changes pretty much is the entity.

02:03:25.000 It's just the protection that you're getting for it.

02:03:25.000 Yeah.

02:03:28.000 I understand.

02:03:29.000 Well, thank you so much, guys.

02:03:30.000 I really appreciate your time and thank you for what you're doing.

02:03:32.000 No worries, man.

02:03:33.000 Good questions.

02:03:34.000 Detail, you know, very specific, but still very good because trusts are definitely something that people want once you start acquiring some real assets.

02:03:34.000 Thanks, man.

02:03:43.000 Good work, man.

02:03:44.000 Five properties, though.

02:03:45.000 Last one we'll do here.

02:03:45.000 Who's up next?

02:03:48.000 All right.

02:03:49.000 Yes, we have 6690.

02:03:54.000 You are up.

02:03:55.000 6690.

02:03:57.000 You are up.

02:03:58.000 Hello.

02:03:59.000 Can y'all hear me?

02:04:00.000 Yeah, what's up, man?

02:04:01.000 We got you.

02:04:02.000 Hey, please allow me to say first and foremost, Myron, you are a national treasure.

02:04:07.000 And yeah, like, thank you for everything you do.

02:04:12.000 Like, and please don't say this the wrong way.

02:04:15.000 Don't know how in the hell y'all like you and a couple other people are still alive because like you talk about things you're not supposed to talk about and yeah, but you're a national profession.

02:04:25.000 I appreciate you more than anything that you could ever understand.

02:04:29.000 No worries.

02:04:30.000 Um, my uh my question is for the tax guy.

02:04:32.000 I believe your name is Steve if my name is if I'm correct.

02:04:36.000 Yeah, yeah, Steve.

02:04:37.000 Um, so question: I'm going to be a registered plumber in about four months, and um, I'm gonna make a lot of money.

02:04:45.000 Excellent.

02:04:46.000 Um, and I was considering not paying taxes simply because of um I'm not trying to get uh if I'm saying too much, please like tell me to be quiet.

02:04:56.000 But um, I don't, I just don't want to pay for fuckery.

02:05:02.000 I don't want to, I don't want to say too much because, again, I don't want to talk about them boys, but I don't want to pay for shit that's going on overseas.

02:05:09.000 I don't want to pay for like a lot of things like after everything when it flows with the SM files and just like a whole bunch of shit.

02:05:17.000 I just don't want to pay taxes.

02:05:18.000 I'm going to have to pay taxes unless you renounce your citizenship. 1.00

02:05:22.000 There's no way to avoid taxes, dude.

02:05:24.000 It's like, you know, no, no, I'm not saying to avoid it.

02:05:28.000 I'm simply saying I don't want to pay taxes.

02:05:30.000 I want to stop paying taxes until shit is changed.

02:05:33.000 Like, I want to do it as a form of protest.

02:05:36.000 Like, I'm not going to give you money to bomb motherfuckers to oblivion. 0.87

02:05:39.000 I'm not going to give you money to hide your criminality and all your bullshit.

02:05:44.000 Like, I want, if I'm going to pay taxes, I want it to be to go back to the American people for the American dream.

02:05:50.000 You know what I mean?

02:05:51.000 And that's just not happening right now.

02:05:52.000 So, I'm trying to ask, how can I not pay taxes as a form of protest?

02:05:58.000 Until you made the rules, nigga. 1.00

02:05:58.000 Listen, bro. 1.00

02:06:01.000 Bro, just make, yeah, just make your money and pay your taxes, Philum.

02:06:07.000 I love it.

02:06:07.000 He wants to be a freedom fighter, but if you don't pay, like, the boys are going to show up.

02:06:14.000 Yeah, you're going to go to jail, bro.

02:06:14.000 You're going to jail.

02:06:16.000 I get it.

02:06:17.000 You know, you know, I mean, there's a way, though, but you got to renounce your citizens.

02:06:20.000 Yeah.

02:06:21.000 You got to be like a non-citizen. 0.99

02:06:22.000 Again.

02:06:22.000 Yeah.

02:06:23.000 Yeah.

02:06:23.000 No, yeah.

02:06:24.000 If he doesn't want to pay any taxes, he's going to renounce his citizenship.

02:06:27.000 No, yeah, I can't be getting any harassers.

02:06:29.000 I just wanted to, I just don't want to pay taxes.

02:06:30.000 The only problem is you'll get picked up by the title.

02:06:32.000 I'm all about taxes.

02:06:33.000 I don't want to pay you to do the service.

02:06:35.000 The best you can do, bro.

02:06:36.000 You got two options.

02:06:37.000 Either A, you renounce your citizenship, don't pay taxes that way.

02:06:39.000 Or B, you can mitigate your taxes by buying assets like real estate, investing in your business, you know, and finding, but you're, but you're going to have to pay taxes to some degree, bro.

02:06:48.000 And it takes years to renounce it.

02:06:50.000 You can mitigate it, but you're always going to have to pay taxes, bro, in life.

02:06:53.000 Unless you renounce your citizenship, which it doesn't sound like you want to do that.

02:06:56.000 No, no, no.

02:06:57.000 I love being an American.

02:06:58.000 I just don't like the fuckery that's going on at the government right now.

02:07:01.000 That's just not constitutional.

02:07:03.000 Like, no.

02:07:04.000 Like, I genuinely believe that everybody's like, when that whole situation, when that whole, when October 7th went down, and then after October 7th, all the shit that happened, that's when Americans really should stop paying taxes.

02:07:19.000 You're doing too much.

02:07:20.000 It should be very funny, man.

02:07:21.000 Yeah.

02:07:22.000 It's good.

02:07:24.000 And look, bro, you know what they're going to, they're going to tell you that only 1% of the tax revenue actually goes to foreign aid.

02:07:29.000 So like, you know, I get it, bro.

02:07:32.000 Yeah, it's not, it's not much, man, at the grand scheme of things.

02:07:35.000 It's just that that 1% that we sent over there has huge geopolitical ramifications, which is the problem.

02:07:40.000 Yeah, that's my point.

02:07:41.000 And that's my point.

02:07:41.000 Like, I want to fight the system some way.

02:07:45.000 I don't know how, like, spreading awareness or whatever, but I want to do something.

02:07:48.000 Like, I don't want to be complicit in the world.

02:07:51.000 Donate to the channel, bro.

02:07:53.000 Donate to charities that help guys and children.

02:07:57.000 That's the best way if you actually want to do something tangible that's actually helping the people that are being oppressed.

02:08:03.000 Slaughter, slaughter.

02:08:05.000 Don't sugarcoat it.

02:08:06.000 Slaughter.

02:08:10.000 Yeah, that's the best way to do it, dude.

02:08:11.000 Protesting taxes is going to put you in jail and you won't be able to help anybody.

02:08:15.000 So buy assets, limit your tax liability, and then donate to charities that help Gauss.

02:08:20.000 All right.

02:08:22.000 All right.

02:08:23.000 Thank you, Fresherson, all y'all.

02:08:23.000 Thank you, Myron.

02:08:25.000 I appreciate y'all.

02:08:25.000 Like, I love y'all.

02:08:27.000 And yeah, again, Myron, National Treasurer.

02:08:29.000 Stay safe, my brother.

02:08:30.000 Please, like, carry that strap when you want them campuses, please, bro.

02:08:34.000 Only if I can legally.

02:08:36.000 A lot of campuses don't allow it, man.

02:08:37.000 So, all right, bro.

02:08:38.000 Thank you.

02:08:39.000 Okay.

02:08:40.000 We got some super chats as well that we got to read.

02:08:42.000 Yeah.

02:08:44.000 Haven't done my taxes on a single member LLC since opening it.

02:08:49.000 It's been five years now.

02:08:50.000 Bruh.

02:08:51.000 I'll have an LC and start purchasing tax deeds.

02:08:54.000 Haven't had any luck.

02:08:55.000 I have no revenue at all.

02:08:56.000 Will I get in trouble?

02:08:57.000 Well, he has no revenue.

02:08:58.000 You have no revenue, so don't worry about it.

02:09:00.000 I mean, I mean, I would probably try to shut it down.

02:09:03.000 Maybe, you know, have your tax guy file a final so it's out of the system.

02:09:06.000 Yeah.

02:09:07.000 Yeah.

02:09:08.000 Who's up next?

02:09:08.000 All right.

02:09:09.000 That's a good thing, then.

02:09:10.000 Guys, smash that like button for me. 0.97

02:09:11.000 My S-Corp business didn't work out as I thought, so I pivoted to crypto and stock trading and made some money.

02:09:17.000 Can I file my crypto and investment taxes on this S-Corp?

02:09:20.000 If so, what forms should I take for my crypto taxes, my Coinbase and Kraken wins losses sheet?

02:09:25.000 Or is the CoinLeague tax report enough?

02:09:27.000 Okay.

02:09:28.000 Do not file it on your S-Corp because you're just adding an extra layer of complexity.

02:09:32.000 That's not going to help you in the tax-wise.

02:09:34.000 It's still going to end up in the same spot on your 1040 anyway at the end of the day.

02:09:37.000 So that's just asking an extra layer of work and complexity and filing.

02:09:41.000 So do not do that.

02:09:42.000 It's not worth it.

02:09:43.000 Guys, we're sitting on 620 now.

02:09:44.000 Let's get to 1,000 likes, man.

02:09:46.000 Keep smashing the like button.

02:09:47.000 Who's up next?

02:09:49.000 T-Dog.

02:09:50.000 Steve, I'm two out.

02:09:53.000 For four exams, done with my CPA.

02:09:55.000 I'm working full-time in industry and accounting.

02:09:56.000 I have about two years of experience, but I want to start my own bookkeeping slash tax fractional CFO advisory business.

02:10:02.000 I'm not trying to be in corporate.

02:10:04.000 What should I do?

02:10:05.000 Go ahead and start it.

02:10:07.000 Like, start the sooner the better.

02:10:09.000 There's a lot of money.

02:10:10.000 There's a lot of people that need help with that stuff.

02:10:12.000 I don't care if AI is coming out.

02:10:14.000 AI is just going to help you do that job better and quicker and easier and make it more profitable.

02:10:20.000 So just do it because at the end of the day, there's a lot of clients to be had that need your help.

02:10:24.000 So just get it started.

02:10:30.000 All right.

02:10:31.000 Hi, Minslayer.

02:10:32.000 My roof needs initial angles for our total repair that will cost at least $10,000.

02:10:36.000 Can I claim this as a depreciation expense on my taxes?

02:10:40.000 It's a repair, so you could do it under repairs and maintenance and just deduct the whole amount.

02:10:46.000 All right.

02:10:48.000 Boys, Steve, good to see you back on the show.

02:10:51.000 Always giving us a knowledge.

02:10:52.000 Thank you.

02:10:53.000 Question: Is it better to pay yourself with owner-draws as LLC or pay yourself a tax wage and do owner-draws every non-debt?

02:11:02.000 So, yeah, you could do owner-draws, but you call them like shareholder distributions.

02:11:06.000 If the LLC is a sole member, the problem is you're reporting that on your Schedule C of your 1040.

02:11:14.000 So everything is subject to whatever profit you measure the profit.

02:11:19.000 You don't measure how much money you take out.

02:11:21.000 So let's say you run a business and you make a $100,000 profit and that profit's sitting in your bank and you didn't withdraw it and pay yourself.

02:11:29.000 You still owe taxes on a $100,000 profit, whether you took it out of the bank or not.

02:11:34.000 So now you're talking about an LLC.

02:11:36.000 So if it's an LLC that you converted to an S-Corp, then you got what's called shareholder loan, Army shareholder distribution, and then you could take that out tax-free.

02:11:46.000 You're still measuring your income the same way and reporting it on your 1040.

02:11:51.000 Or if you didn't become an S-Corp, you're going to file it on a Schedule C and you're going to pay 15.3% self-employment tax on there, whether you withdraw it to yourself or not.

02:12:02.000 Just like paying yourself a salary.

02:12:04.000 So I would do is take the LLC.

02:12:06.000 I got a book on it.

02:12:07.000 It's called, go to the bio and my Instagram.

02:12:12.000 It's called A to Z LLC to S Corp and turn your LLC into an S Corporation and then take whatever amount that you deem is reasonable.

02:12:23.000 And, you know, whether, you know, let's say you're making $100,000, you could take $25,000 of it and deem that as salary to yourself and pay 15.3% on that and then save on the other $75,000.

02:12:35.000 So that would be my advice to you.

02:12:39.000 All right.

02:12:40.000 That's the last one here.

02:12:42.000 We got, coming out next, who we got?

02:12:46.000 Abo again says, my CPA forgot to file an extension for my taxes of 2024 when I fought last year.

02:12:52.000 And I had to pay the IRS a fat penalty for his mistake.

02:12:55.000 This was after I kept reminding him to do it too.

02:12:58.000 Besides firing him and smacking him upside the head, is there anything I can do to get that money back?

02:13:02.000 Yeah, what you can do for that particular year is file a send send the IRS a letter with the original notice that you got if you still have it.

02:13:13.000 Unfortunately, you pay it.

02:13:14.000 I tell my clients, don't pay it because it's harder to get the money back once you pay it.

02:13:18.000 I tell them, don't pay it.

02:13:19.000 Let's file a letter.

02:13:21.000 It's called an FTA waiver.

02:13:24.000 I actually have a free resource on my right now that you can go on there to learn how to exactly write the letter.

02:13:30.000 It's for free.

02:13:31.000 You go onto my Instagram and I have free resources in there.

02:13:35.000 One of them is how to write an FTA letter to the IRS and you're going to write them and say, hey, I paid this.

02:13:41.000 I'm entitled to a first-time abatement.

02:13:45.000 That's what FTA stands for.

02:13:47.000 And they will grant it to you.

02:13:48.000 They might make you fill out a different, another, they'll send you a form to say, okay, if you want it, we can't send the money to you, but you got to fill this form out.

02:13:55.000 I forgot what that form number is.

02:13:57.000 And then you request the refund to be sent to you.

02:14:01.000 Too bad you paid it already.

02:14:04.000 But yeah, go on my Instagram.

02:14:06.000 Go in there.

02:14:07.000 It's called Free Tax Guides.

02:14:08.000 And one of them is the FTA waiver and just follow it.

02:14:10.000 It's got the instructions.

02:14:12.000 It's for free.

02:14:13.000 And you can get that money back.

02:14:15.000 All right.

02:14:18.000 Anonymous says, hey, Steve, would you ever cover trading tax record my trades?

02:14:23.000 Probably for tax season?

02:14:24.000 That's good after trading tax for traders.

02:14:28.000 Yeah, definitely.

02:14:30.000 Yeah, I could definitely do that.

02:14:31.000 And then it's kind of similar to crypto, too.

02:14:33.000 So there's some nuances with crypto that are pretty cool too that I can show guys like, you know, at the end of the year, harvest your losses and then buy your shit back if it's down.

02:14:41.000 Like, you know, like in 2025, people had crypto that was down.

02:14:44.000 You could sell it right at the end of the year and then buy it back and then recognize that loss.

02:14:50.000 So you can't do that with stocks because it's called like wash sales.

02:14:53.000 So you got to wait 30 days.

02:14:55.000 But with crypto, it doesn't apply.

02:14:57.000 Oh, wow.

02:14:58.000 So a lot of people have missed that opportunity.

02:15:00.000 They're down on a crypto and then they decide to hang on to it.

02:15:03.000 I'm like, just sell it, buy it back, you know, January 2nd or 3rd at the same price or whatever, roughly the same.

02:15:10.000 And then at least you have a loss to recognize against your other gains.

02:15:14.000 All right.

02:15:16.000 anymore bm and uh i kid you not that That thing about the property for second.

02:15:30.000 Wait, again, if I had property, I could run off 100% alter depreciation either up front or prolong it.

02:15:40.000 Yeah.

02:15:41.000 Separate it and separate the pieces if, oh, this amount goes to five year.

02:15:45.000 This amount goes to seven year.

02:15:46.000 This amount goes to 15 year.

02:15:48.000 You could take the bonus depreciation on there.

02:15:52.000 Or you just figure out, yeah.

02:15:53.000 So I think I've already done that with yours already.

02:15:56.000 I got to go.

02:15:58.000 I think you're already covered.

02:15:59.000 Oh, I'm sorry.

02:15:59.000 Great.

02:16:00.000 I think I've already handled that for you because I've been, what, I'm, it's been a few years down there.

02:16:04.000 Yeah, I've been, yeah.

02:16:05.000 Five years.

02:16:06.000 And then you did a major renovation like a couple years ago too, right?

02:16:10.000 Yeah, the roof.

02:16:11.000 Yeah.

02:16:11.000 But other stuff, too.

02:16:12.000 Roof plumbing, everything, yeah.

02:16:13.000 Everything, yeah.

02:16:14.000 Okay.

02:16:15.000 All right.

02:16:16.000 Yeah.

02:16:17.000 All right, two more here.

02:16:18.000 Mr. Clap Cheeks.

02:16:20.000 Obama was a starter king and became president.

02:16:23.000 Yeah, he's a smooth talker.

02:16:25.000 Yeah.

02:16:26.000 Persuasion.

02:16:28.000 JR Cedric says, I've rented a property, but it's not an LLC.

02:16:32.000 What should I do to help myself to lower my costs as far as taxes?

02:16:36.000 So that, you know, turning it into an LLC is not going to have a tax impact.

02:16:39.000 That's going to give you an extra layer of liability protection, hence the name LLC.

02:16:45.000 That's limited liability company.

02:16:47.000 So it gives you, in case somebody slips and falls on the property and wants to sue you, it limits their ability to sue you and not get after your personal assets.

02:16:58.000 It's basically limited to the value of that property.

02:17:02.000 So you're kind of separating your personal into the limited liability.

02:17:06.000 So it just gives you an extra layer of protection, but you got to open up a bank account for it.

02:17:12.000 It also gives you a platform to track your expenses, track your costs, income.

02:17:17.000 So it's a way to organize yourself in a way as well where you can separate your activity from your personal bank account.

02:17:25.000 Anybody else?

02:17:26.000 No, that's it.

02:17:27.000 Cool.

02:17:28.000 So guys, go check out Steve.

02:17:29.000 It's Seeing Beyond the Numbers.

02:17:31.000 We've worked with him for years.

02:17:32.000 I mean, six years plus.

02:17:34.000 Best in the game.

02:17:35.000 One of the best in the game.

02:17:36.000 Matter of fact, actually, after we get off here, I'm actually going to give him my tax stuff.

02:17:40.000 I tell you guys all the time, see, you know, we practice what we preach.

02:17:43.000 As you guys know, I use credit cards based on what I do, right?

02:17:45.000 So I have a real estate credit card.

02:17:46.000 I have a fresh fit credit card.

02:17:47.000 I even have a Myron Gaines X credit card now.

02:17:49.000 So all the stuff that I do, I charge it.

02:17:54.000 Why?

02:17:54.000 So at the end of the year, I can just give it to my accountant and he has everything.

02:17:57.000 And then he just knows all the expenses right then and there because I separated my card.

02:18:01.000 So guys, this is the importance of keeping your stuff together, having a good accountant, and track your expenses if you want to be an entrepreneur, especially.

02:18:06.000 This is the beauty in using credit in the process.

02:18:10.000 You kill many birds with one stone.

02:18:12.000 You need somebody like Steve in your life to help you out.

02:18:15.000 And even if you guys are W-2 employee, like and you're transitioning like I did, he's the guy that you want to have.

02:18:21.000 And then for all you guys that are ambitious, want to make some money on the side, that's a huge opportunity where you guys can get a bunch of experience free of charge and make some money on the side.

02:18:28.000 So if you do have a full-time job, you don't have time like that.

02:18:30.000 This is something that it seems like you can kind of fit into your schedule more flexibly.

02:18:34.000 Link is in Castle Club as well as OSS and as well as SUI Network.

02:18:37.000 Call them there.

02:18:38.000 All right.

02:18:38.000 Yeah.

02:18:39.000 So Steve, anything else you want to tell the people where they can find you or any last problem?

02:18:45.000 Yeah.

02:18:45.000 I just saw, guys, get on there.

02:18:46.000 I got this opportunity for the R ⁇ D tax credit that's been expanded under the One Big Beautiful bill.

02:18:52.000 An opportunity.

02:18:53.000 Our average commissions are about $20,000 to $30,000 on conservative typically.

02:18:58.000 So if you're making anywhere from 20% on that, that's a substantial.

02:19:02.000 You're making $4,000 or $6,000.

02:19:03.000 And it's not a ton of work, but we want a group of 20 guys that are very motivated, very ambitious.

02:19:09.000 They want to grind.

02:19:10.000 They want to make money.

02:19:11.000 And we will set you up for success, give you the tools and the training that you need for free on that.

02:19:16.000 So I hope you guys will take advantage of that.

02:19:17.000 I'm looking forward to it, meeting you guys and then working with you guys on a one-on-one basis.

02:19:22.000 Win-win situation.

02:19:23.000 Appreciate it.

02:19:24.000 Thanks for having me, guys.

02:19:25.000 No worries, man.

02:19:25.000 It's always great to have you.

02:19:26.000 Anything else before we...

02:19:27.000 Last one here from 96.

02:19:30.000 Steve, I wanted to know about a path from military to real estate by house hacking.

02:19:35.000 What obstacles have to deal with along the way?

02:19:37.000 House hacking?

02:19:38.000 I'm not sure what he's doing.

02:19:39.000 He means as in buying a home and investing it.

02:19:42.000 Basically buying a home as an owner, but like renting out other parts so you can go ahead and take advantage of the low down payment when you buy it as a owner.

02:19:52.000 So one of them, you know, and I think this kind of relates to the question that that guy had that was making he didn't want to report the $30,000 is you're using your primary residence as a way to earn rental income and then the problem is going to be like you're not going to have a lot of expenses on it.

02:20:07.000 So you're going to have to choose one or the other.

02:20:09.000 Want to keep it a true primary residence, then everything you're collecting is going to be just plain rental income with not a lot of expenses to offset against it because you can't really use your primary residence as a rental activity and you can't have it both ways.

02:20:24.000 Okay, so even if it's you buy a duplex or whatever, still now duplex is different because you could separate that, but if you're doing rooms within your own house, like that, that other guy was like doing it.

02:20:33.000 With the single-family home shit, yeah, yeah, that's a duplex is a different story.

02:20:37.000 Yeah, that you can actually split and you could keep it clean, and you could actually tell you guys, and you're going to house hack, man, try to do it with a duplex at least.

02:20:45.000 Yeah, that's doing it with single-family homes creates problems.

02:20:48.000 And we didn't even talk about like state and city ordinances where they might have, you might get fined by your city or state for using your single-family home as like damn near an apartment complex.

02:20:58.000 So that's the problem when you rent rooms, man.

02:21:00.000 So you're way more protected if you have a duplex or a triplex, you know, from getting the benefits and the liability.

02:21:07.000 But if you want to do a single-family home, house hack the single-family home, then get tenants in there, bruh.

02:21:12.000 And here's, and that also keeps in mind, since you have this shit kind of like off the record, and if a tenant doesn't pay you, you don't really have legal recourse to fight them.

02:21:23.000 Like, you're screwed.

02:21:24.000 Plus, you got to be careful, too, when you fight people in your house.

02:21:27.000 Yeah.

02:21:27.000 Some states have a little bit like, you know, New York State, it's like you can't just kick them out on the streets.

02:21:31.000 Yeah.

02:21:32.000 There's like 10, all of a sudden they have like, you know, more rents in here and they could squat in your own freaking house.

02:21:37.000 So that's a little scary.

02:21:38.000 So you got to make sure you're really vetting these people.

02:21:40.000 They're people that you can trust.

02:21:42.000 Yeah, there's like laws that like will let them squat, especially if it's wintertime.

02:21:45.000 Oh, bro, you're going to be stuck with them.

02:21:46.000 So could you imagine you got a single-family home, you got someone in there, you moved them in, they paid you rent for a month or two, then they stopped.

02:21:53.000 You try to get them out.

02:21:54.000 You try to, you know, call the police, everything else.

02:21:56.000 Change the locks.

02:21:58.000 Bro, and you can't get them out.

02:21:59.000 Damn.

02:22:00.000 Just things to think about.

02:22:01.000 Yeah.

02:22:03.000 It's a huge risk, bro.

02:22:04.000 It's a huge risk.

02:22:05.000 So you got a duplex, guys.

02:22:06.000 Think about this.

02:22:07.000 Yeah, facts.

02:22:08.000 Yeah.

02:22:08.000 Anyway, guys, here, Steve, go check them out.

02:22:11.000 Seeing Beyond the Numbers.

02:22:12.000 And, you know, jump in the program if you guys want to make some side money.

02:22:15.000 There's no risk to you at all.

02:22:16.000 And I love you guys.

02:22:17.000 We'll see you guys in a little bit.

02:22:18.000 Peace.

02:22:18.000 Peace, guys.

02:22:19.000 Appreciate it, guys.

02:22:20.000 I ran, I run so far away.

Fresh & Fit - February 23, 2026

Build Wealth Using The Tax Code w- Steve From Accounting

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