00:20:36.000And I've got a large, you know, not too big, but a CPA firm on the west coast of Florida out of Sarasota.
00:20:44.000And 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.
00:21:04.000So I've been focused on that for about 25 years.
00:21:13.000So I made the trip from the West Coast over here.
00:21:16.000And I'm just, you know, hoping to help your guys out, level up.
00:21:19.000We're going to be talking about a few things.
00:21:22.000A 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.
00:21:35.000Yeah, the media only focused on the ICE stuff and the decotations.
00:21:38.000It did not cover any of the financial stuff whatsoever.
00:21:40.000Mainstream 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.
00:21:53.000You 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.
00:21:59.000So, I mean, there's a lot more for small business owners in here that are really important.
00:22:04.000So, I'll touch upon those a little bit, you know, the most that are most relevant to your audience.
00:22:08.000And 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.
00:22:14.000And then we'll talk about a little bit of bonus depreciation, which kind of folds into the cost seg.
00:22:19.000And I think there's a little bit of confusion out there with the cost seg stuff.
00:22:21.000You know, when should you get a study done?
00:23:33.000Yeah, what's the point of paying off so much mortgage?
00:23:35.000You 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.
00:24:03.000I 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.
00:24:37.000I think right now the market is, you know, the rates are still affecting affordability.
00:24:41.000So 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?
00:25:44.000It's the oil that we use because it's like the really sludgy stuff that our refineries use.
00:25:49.000But 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.
00:26:03.000And a conflict there is pretty much going to shut that area down.
00:26:07.000Even 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.
00:26:39.000Like, 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.
00:28:43.000The problem is Coinbase is not capturing both sides of the transaction and that's a huge issue.
00:28:48.000Crypto'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.
00:31:21.000So I started a new company for the RD because there's been kind of an expansion in this.
00:31:25.000That was, again, under the one big, beautiful bill.
00:31:28.000And a lot of businesses qualify for this.
00:31:31.000For instance, like restaurants are a good target for it.
00:31:34.000You 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.
00:31:52.000So we have a company that I set up for it, and I'm looking for 20 motivated guys that we could bring on, training.
00:32:14.000I 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.
00:32:21.000We'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.
00:32:34.000And 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.
00:32:44.000So we're doing it from a CPA standpoint.
00:32:46.000We're not trying to do this from, we're not trying to just make commissions.
00:32:50.000It'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.
00:33:14.000And 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.
00:33:20.000So 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.
00:33:28.000I think it's like 17 bucks or whatever.
00:33:30.000And 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.
00:33:37.000So go in, go in there, you know, download it, look at it.
00:35:22.000Your properties are all under a certain amount.
00:35:24.000You 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.
00:35:36.000So instead of just putting it all $400,000 over 27 and a half, we could take out five-year assets.
00:35:59.000$50,000, I can deduct 100% of that under the bonus depreciation new rule.
00:36:08.000And then I can go to my seven-year assets.
00:36:10.000So that could be like the driveway, the fence.
00:36:12.000That could be other things on the outside of the home that you could depreciate quicker.
00:36:20.000You could accelerate those things and you could depreciate those 100% of it in year one.
00:36:27.000So, and real quick, because I'll, just so the audience really understands what you're saying here.
00:36:31.000So, 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?
00:36:41.000And 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.
00:36:50.000So the other 80% is going to be the actual house.
00:38:09.000So, 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.
00:38:17.000Then you offset that against the rental income.
00:38:19.000So let me ask this then just so that they fully have it.
00:38:23.000So let's say we take for easy math purposes, even though you're never going to find it.
00:39:29.000You 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.
00:39:37.000And 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.
00:39:44.000Because other presidents would be like, okay, you can still, I don't want to use the word depreciate.
00:40:08.000Because a lot of people get confused with the difference between depreciation and cost aggregation.
00:40:13.000Even me, like I even forget some of the stuff.
00:40:15.000Like I like I was in my head, like, wait, can you get it?
00:40:17.000Can you still depreciate if it, you know, if it's a 30-year fix?
00:40:19.000I mean, it's like, no, even you buy cash, which now I'm like, yeah, you're right.
00:40:22.000And then, um, but is it better to wait the years or do it right away at the very beginning?
00:40:27.000It depends because you could have other rental properties that are fully depreciated or just producing it and they're cash flowing a lot better.
00:40:34.000And you want more aggressive depreciation to offset against those others.
00:40:38.000You know, typically when you have multiple properties, it comes into play.
00:40:42.000But 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.
00:42:44.000One 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.
00:42:53.000I know that's not as sexy anymore, but some people do well with that stuff.
00:42:58.000So that turns that activity not into a passive activity.
00:43:04.000It turns it into a business almost, like an operating business.
00:43:09.000So 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.
00:43:16.000Is a goal essentially to get yourself to a part where you got losses?
00:43:22.000Because that would significantly decrease your liability.
00:43:25.000Yeah, but then you could carry those losses into the future.
00:44:47.000Now, I'll say this real quick for the audience because some of them might be like, well, Myron, what's the difference here?
00:44:51.000The 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.
00:44:58.000The reason why that's important is because it brings you into a different tax bracket.
00:45:28.000I remember a couple years ago, it seemed as though if you made like 85K or something like that.
00:45:34.000As 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.
00:46:16.000Yeah, they've been playing with the rates.
00:46:18.000And in general, I think they went back.
00:46:19.000They went down even under this 2%, like pretty much across the board.
00:46:23.000You're basically like what I call is like the no man's land because like you're rich poor.
00:46:27.000It's like you're entry-level luxury, but you're also like not, you don't make enough to like sustain that.
00:46:33.000So 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.
00:46:40.000But 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.
00:47:02.000Because 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.
00:47:08.000Yeah, it jumps exponentially higher where it doesn't like it's a diminishing return, basically.
00:47:42.000So 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?
00:47:48.000So the CEO network guys and the OSS guys.
00:47:52.000They'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.
00:48:01.000So if you go in there, just fill it out.
00:48:03.000And then what I'll do is I'll schedule a 50, like it'll probably be myself or my partner, Darren.
00:48:08.000We'll do like a 15-minute Zoom call with you just to interview you.
00:48:11.000And then the next step, I'm trying to limit it to only 20 guys.
00:48:15.000And then we'll do a whole classroom training on Zoom with probably 10 guys and 10 guys.
00:48:24.000I'll probably split it up just because we're going to have a lot of questions.
00:48:27.000And I'm going to provide all the training, all the tools necessary, everything.
00:48:31.000I'm going to train you guys into, you know, this is all free.
00:48:36.000And I'll tell you guys, you know, I'll explain the whole R D process, how to get people qualified.
00:48:44.000I 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.
00:48:56.000And you have to register with the Internal Revenue Service.
00:48:59.000So I have that database list and we've enriched it where you can actually reach out in your local jurisdiction to CPA offices.
00:49:06.000A lot of CPAs, they don't want to get into doing this stuff because they're busy doing tax work and doing other stuff.
00:49:12.000We'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.
00:49:50.000They're, you know, maybe putting a new point of sale system in there.
00:49:54.000So all of these things that they're doing for their small business qualify for this tax credit.
00:49:59.000Now, 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.
00:50:11.000And we can go back three years and amend your returns.
00:50:22.000It's probably going to be about, you know, close to like $235,000 tax credit.
00:50:28.000So 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.
00:50:40.000So 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.
00:50:57.000My firm is in charge of putting all the numbers together and creating the actual forms that need to be sent into the IRS.
00:51:04.000So these consultants don't have to do it.
00:51:06.000They just have to identify the lead, walk them through, get them pre-qualified, identify the project.
00:51:32.000You know, if you're making 35% of that.
00:51:35.000So 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.
00:51:42.000So a lot of these CPAs will find that very attractive.
00:51:50.000I don't want to stand behind it, but here's a name of, you know, 12 restaurants.
00:51:53.000And then, you know, let's say three or four of them qualify.
00:51:56.000And that turns into, you know, if you, you know, they're going to get 5% of whatever we're charging them.
00:52:00.000So we're doing a fee because it's a lot of work on our end from the CPA firm.
00:52:05.000And 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.
00:52:31.000Now we want to see the proof, the support, and we have those.
00:52:37.000So 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.
00:53:07.000So 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.
00:53:14.000They're going to take, they're going to, they're going to take the spots first.
00:53:18.000But anybody else, you know, everyone is welcome, obviously, to this opportunity.
00:54:42.000So, 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.
00:54:49.000I 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.
00:55:59.000And look, for some guys, that may be their route.
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00:58:11.000So that stays on the 27 and a half years.
00:58:13.000But anything like five year, seven years.
00:58:16.000So 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.
00:59:04.000That's a little getting a little technical, a little boring, but you know, from if it works, it works.
00:59:09.000Your CPA, you know, hopefully they know what they're talking about.
00:59:11.000A lot of CPAs, they don't really break up the properties properly.
00:59:15.000But, you know, try to try to identify a guy that feels confident.
00:59:18.000Like if you have a house, you know, let's say the general rule of thumb to be conservative is a $500,000 investment property.
00:59:24.000You don't really need a cost segregation firm to pay them $5,000, $10,000 or whatever.
00:59:31.000If 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.
01:00:09.000And 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.
01:00:20.000So make sure, and when you donate, make sure you put the last four digits in the donation.
01:00:25.000And guys, this is an announcement here for you guys as well.
01:00:27.000We have a limited amount of time left.
01:00:55.000It's happening in four eyes right now.
01:00:57.000And 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.
01:01:05.000Yeah, I like when you guys have these shows.
01:01:53.000I 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.
01:03:43.00024 months, they say 24 months within the five-year period, a 60-month period.
01:03:48.000You got to have 24 months of primary residence in that.
01:03:50.000You know, it doesn't sound like you guys are going to move out and move back in.
01:03:53.000So just 24 months from the time that you guys closed on the property.
01:03:57.000And then you give all your stuff to your, you know, your CPA.
01:04:00.000You 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.
01:04:07.000You want to, you know, just even you've got to write them down on a piece of paper.
01:04:56.000This is a chance to ask Steve questions, man.
01:04:59.000You know, you know, completely for free.
01:05:00.000So, 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.
01:06:50.000So, so, and everybody should do this for the audience here.
01:06:54.000You should always pull your transcripts and it's easy to do and it's free.
01:06:57.000And we could do it now easier than ever because the IRS has a website now set up for it.
01:07:01.000But anyway, getting back to your question here, I just wonder if they just like, it's kind of like warranty stuff.
01:07:07.000It's like, how many people are and they hold this money and then they make money off of it.
01:07:11.000And then like, ah, well, you timed out.
01:07:13.000You didn't comply because the average person like either got lost in the mail or didn't do it in time.
01:07:18.000There'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.
01:07:29.000So I don't know why they would be asking for it.
01:07:31.000So I think for me, I think it's a scam personally.
01:07:35.000I mean, I know it's a legitimate IRS notice, but there's no reason they would, you know, it's just stupid.
01:07:40.000But 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,
01:07:54.000because 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.
01:10:05.000So, 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.
01:10:13.000They should have, but they didn't tell me anything.
01:10:15.000But 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.
01:12:21.000So this is a great opportunity to call into the show and ask a very successful accountant who runs his own firm questions.
01:12:27.000And 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.
01:12:38.000I was still working for the government, guys.
01:13:45.000But 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.
01:13:51.000So 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.
01:14:00.000Having a business for taxes is OP is like a cheap code.
01:16:41.000But 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.
01:16:56.000They're still going to need somebody like you to put all that stuff together.
01:17:00.000And 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.
01:17:11.000So, if you're asking me, like, yeah, don't bother because you know, it's going to, we're going to be rendered obsolete.
01:18:07.000Just 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.
01:18:46.000Um, 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.
01:18:57.000So, we still do this show because you know it adds a lot of value and helps you guys out.
01:19:01.000Like, I literally dropped everything I was doing to come do this.
01:19:05.000Only thing I ask in return: you don't got to donate a dollar.
01:19:07.000All you got to do is just smash the fucking like button so someone else can come across this information.
01:19:11.000A 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.
01:19:17.000So, 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.
01:19:23.000Because this is the life-changing stuff here.
01:19:24.000It'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.
01:19:49.000Like, you got to do your job as a man, and a part of that is provisioning alongside the protection.
01:19:53.000You 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.
01:20:02.000So, think about it this way: if your money's not on point, what do you really have?
01:20:09.000So, long term, you need money for everything.
01:20:12.000Well, 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.
01:20:19.000So, I think this audience is representative of that.
01:20:21.000You 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.
01:20:35.000Yeah, so this is what you, these are what these guys are here.
01:20:39.000This was their main mission, you know.
01:20:42.000And that's what I saw from the beginning, you know, with everything that's gone on in mind.
01:20:45.000I 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.
01:20:52.000So for me, that's this is the audience that we're here for.
01:20:56.000So 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.
01:21:11.000But, 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.
01:21:18.000So I will take a hit financially so that you guys don't have to.
01:22:21.000You know, I always say when there's blood in the streets, it's time to eat.
01:22:24.000You got to take opportunities like this.
01:22:25.000And, 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.
01:22:36.000You're going to seize these opportunities.
01:22:37.000I haven't seen Ethereum that low since like 2021.
01:22:41.000So, you know, I'm just taking opportunity to get some now.
01:23:04.000I 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.
01:23:37.000I 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.
01:23:46.000Because the laws are like rapidly evolving for crypto when it comes to the accounting perspective, monitoring it, et cetera, from the U.S. government.
01:23:53.000So 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.
01:23:59.000That's actually a good sign because that actually means it's legitimate and you know it's not going to go anywhere.
01:24:32.000I 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.
01:24:44.000And 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.
01:24:55.000If 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.
01:25:05.000You're just going to use it for a long-term, long-term investment opportunity.
01:25:10.000So that's how I look at crypto right now, just because it's too volatile.
01:25:16.000And, you know, everybody's got a formula.
01:25:18.000Everybody'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.
01:25:28.000You know, I mean, everybody's got the answer.
01:29:35.000Because it was around thirty thousand dollars of cash payments that I got total for the year.
01:29:40.000Yeah, so I don't know how they when they zeld you.
01:29:42.000Um, 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?
01:29:58.000So, 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?
01:30:13.000I actually live in the property myself as well.
01:30:16.000It was more of a play to bring down my total mortgage cost.
01:30:21.000Oh, so it's like your primary residence that you're kind of renting out some rooms to, like, sort of that's right.
01:30:28.000You 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.
01:30:56.000And people are so typically it's kind of off the radar, you know.
01:30:59.000So I would talk to you who does your taxes, you do them yourself, or you got somebody doing it.
01:31:07.000I 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.
01:31:21.000I 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.
01:31:38.000Yeah, 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.
01:31:47.000So, 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,
01:32:09.000yeah, 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.
01:32:25.000I 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.
01:32:35.000Yeah, you know what, just to preference this, this is not financial advice, this is not financial advice, a little bit tricky there, my friend.
01:32:40.000I don't know what you're trying to do there with cash, but hey, bro.
01:38:46.000And 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.
01:38:56.000So 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.
01:39:10.000And this will serve you throughout your life, bro.
01:39:24.000So if you got $100,000 free clash, figure out how much you need for your immediate needs, okay?
01:39:29.000Whether that's going to be 30 days, 60 days, or whatever, before you get a job.
01:39:33.000And 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.
01:39:44.000And then they come and expire maybe every 60 days or 90 days.
01:40:57.000I don't think the value of communication is pushing up on young guys.
01:41:01.000And it's actually something that I've noticed that I've wanted to speak up about.
01:41:04.000I've went to many different events, America Fest, et cetera.
01:41:07.000And 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.
01:41:15.000And that will fuck you up in the professional world later on.
01:41:37.000And 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.
01:41:45.000Like I like I shouldn't have to ask all these follow-up questions to figure out what the fuck is going on.
01:41:51.000You 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.
01:42:01.000That's a skill set that isn't taught enough anymore.
01:42:21.000You can buy 70K is enough to put into multiple different things.
01:42:24.000Get some Ethereum or a little bit of Bitcoin.
01:42:27.000Maybe 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.
01:42:37.000And 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.
01:42:45.000When 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.
01:42:54.000So work on those things and you'll be fine.
01:44:33.000The 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.
01:47:49.000Let's say you go to Puerto Rican and they tax you like 4% or something like that, right?
01:47:53.000You're going to get a tax, or another country.
01:47:55.000Whatever 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.
01:48:05.000So if you file your taxes here, whatever you pay there, the U.S. will give you credit for it.
01:48:11.000So you're not having to pay double the taxes.
01:48:15.000So yeah, U.S. is going to tax you on your worldwide income if you want to keep your U.S. citizenship status, unfortunately.
01:48:23.000And there's going to be certain thresholds that you can make tax-free abroad.
01:48:30.000But 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.
01:48:38.000Because the taxes might be high where you don't even want to live there anymore, bro.
01:49:48.000So, 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.
01:50:09.000It'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.
01:51:18.000I 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.
01:52:48.000So is there any reason why you didn't file?
01:52:50.000And did you get any notices from the IRS saying that you owe anything?
01:52:54.000Yeah, so I got a couple of notices from them in the mail.
01:52:58.000And 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.
01:53:07.000So I owed a little bit at the end of the year, and I just didn't have enough to pay for it.
01:54:01.000And then what you can do is work out a payment plan.
01:54:03.000So as long as it's less than 50 grand, you can get an automatic payment plan.
01:54:07.000You could do that yourself right on right online.
01:54:08.000As 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.
01:54:17.000But you want to file those just in case anything ever happens and you got to file for bankruptcy.
01:54:23.000The statue of limitations starts ticking the day you file your return.
01:54:27.000If the IRS is going by, you know, you just pay the notice, then no return ever gets filed.
01:54:31.000A statue of limitations never gets started.
01:54:36.000So I always tell my clients, just let's file it, whatever.
01:54:38.000And 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.
01:54:44.000And then, you know, if you don't have the money to pay it, whatever, and then you figure out a payment plan.
01:54:47.000So you can go on as long as it's less than 50 grand.
01:54:50.000You 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.
01:54:57.000And it's pretty, it's kind of really not that bad.
01:54:59.000You know, if you get some extra cash, throw a couple extra payments in there.
01:55:02.000But once you start that payment plan, you never want to skip a payment.
01:55:04.000So 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.
01:55:18.000So 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.
01:56:25.000So, you know, I just wanted to follow up with you.
01:56:28.000Got a job and I'm trying to put in as much overtime now so I can start my business.
01:56:35.000Cool, I did watch another just to deviate from the.
01:56:39.000You 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?
01:56:54.000Oh, that might be a question for Neil Davis bro, that was a while back.
02:00:50.000I appreciate it, but it's outside of the scope of my professional, you know, yeah, scope.
02:00:56.000And that's that's a question for a trust attorney.
02:00:59.000There's a lot of them, I'm sure, up in your air, and they'll set you up properly.
02:01:03.000And they go off equity or do they go off of total value of the asset?
02:01:07.000Because I've always thought that that was interesting.
02:01:08.000It'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?
02:01:20.000Since it's not, I know you said it's just a trust attorney, a real estate trust attorney that handles trust.
02:01:24.000There'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.
02:01:29.000But that's what I would tell you to do.
02:01:30.000You know, a real estate attorney that specializes in trust.
02:01:53.000They put set you up with the properties, got you the S corporation, got you all everything set up correctly.
02:01:58.000So, 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.
02:02:09.000It's going to continue to grow and you want to protect it in the best way possible.
02:02:14.000So like Rhode Island is a small state.
02:02:16.000You can get anywhere in the state within an hour, pretty much.
02:02:18.000So, 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.
02:02:27.000And 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.
02:02:37.000Like for me, the biggest common denominator has been finding someone that actually knows about trust.
02:02:43.000Everyone seems to have like general information, but from what I've got to talk to a lawyer.
02:03:34.000Detail, you know, very specific, but still very good because trusts are definitely something that people want once you start acquiring some real assets.
02:04:02.000Hey, please allow me to say first and foremost, Myron, you are a national treasure.
02:04:07.000And yeah, like, thank you for everything you do.
02:04:12.000Like, and please don't say this the wrong way.
02:04:15.000Don'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.
02:04:25.000I appreciate you more than anything that you could ever understand.
02:04:46.000Um, 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.
02:04:56.000But um, I don't, I just don't want to pay for fuckery.
02:05:02.000I 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.
02:05:09.000I 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.
02:06:37.000Either A, you renounce your citizenship, don't pay taxes that way.
02:06:39.000Or 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.
02:07:04.000Like, 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.
02:10:53.000Question: Is it better to pay yourself with owner-draws as LLC or pay yourself a tax wage and do owner-draws every non-debt?
02:11:02.000So, yeah, you could do owner-draws, but you call them like shareholder distributions.
02:11:06.000If the LLC is a sole member, the problem is you're reporting that on your Schedule C of your 1040.
02:11:14.000So everything is subject to whatever profit you measure the profit.
02:11:19.000You don't measure how much money you take out.
02:11:21.000So 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.
02:11:29.000You still owe taxes on a $100,000 profit, whether you took it out of the bank or not.
02:11:36.000So 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.
02:11:46.000You're still measuring your income the same way and reporting it on your 1040.
02:11:51.000Or 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.
02:12:07.000It's called, go to the bio and my Instagram.
02:12:12.000It'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.
02:12:23.000And, 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.
02:12:46.000Abo again says, my CPA forgot to file an extension for my taxes of 2024 when I fought last year.
02:12:52.000And I had to pay the IRS a fat penalty for his mistake.
02:12:55.000This was after I kept reminding him to do it too.
02:12:58.000Besides firing him and smacking him upside the head, is there anything I can do to get that money back?
02:13:02.000Yeah, 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.
02:13:48.000They 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.
02:14:31.000And then it's kind of similar to crypto, too.
02:14:33.000So 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.
02:14:41.000Like, you know, like in 2025, people had crypto that was down.
02:14:44.000You could sell it right at the end of the year and then buy it back and then recognize that loss.
02:14:50.000So you can't do that with stocks because it's called like wash sales.
02:16:47.000So 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.
02:16:58.000It's basically limited to the value of that property.
02:17:02.000So you're kind of separating your personal into the limited liability.
02:17:06.000So it just gives you an extra layer of protection, but you got to open up a bank account for it.
02:17:12.000It also gives you a platform to track your expenses, track your costs, income.
02:17:17.000So it's a way to organize yourself in a way as well where you can separate your activity from your personal bank account.
02:17:54.000So at the end of the year, I can just give it to my accountant and he has everything.
02:17:57.000And then he just knows all the expenses right then and there because I separated my card.
02:18:01.000So 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.
02:18:06.000This is the beauty in using credit in the process.
02:18:12.000You need somebody like Steve in your life to help you out.
02:18:15.000And 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.
02:18:21.000And 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.
02:18:28.000So if you do have a full-time job, you don't have time like that.
02:18:30.000This is something that it seems like you can kind of fit into your schedule more flexibly.
02:18:34.000Link is in Castle Club as well as OSS and as well as SUI Network.
02:19:39.000He means as in buying a home and investing it.
02:19:42.000Basically 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.
02:19:52.000So 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.
02:20:07.000So you're going to have to choose one or the other.
02:20:09.000Want 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.
02:20:24.000Okay, 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.
02:20:33.000With the single-family home shit, yeah, yeah, that's a duplex is a different story.
02:20:37.000Yeah, 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.
02:20:45.000Yeah, that's doing it with single-family homes creates problems.
02:20:48.000And 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.
02:20:58.000So that's the problem when you rent rooms, man.
02:21:00.000So you're way more protected if you have a duplex or a triplex, you know, from getting the benefits and the liability.
02:21:07.000But if you want to do a single-family home, house hack the single-family home, then get tenants in there, bruh.
02:21:12.000And 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.
02:21:42.000Yeah, there's like laws that like will let them squat, especially if it's wintertime.
02:21:45.000Oh, bro, you're going to be stuck with them.
02:21:46.000So 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.