Fresh & Fit - How To Build Wealth With Trump's Big Beautiful Bill

00:14:07.000 All right, and we're alive.

00:14:08.000 What's up, guys?

00:14:08.000 Well, to the Friendship Podcast, man, regular edition.

00:14:10.000 It's Money Monday, guys.

00:14:11.000 And uh we got a banger for you guys today.

00:14:13.000 We got Steve on the line.

00:14:14.000 He's actually coming in via Zoom remotely, and uh we're gonna be talking about um the big beautiful bill and how to capitalize on this um given that Trump's gonna be in office the next couple of years and um how a lot of you guys can kind of use this to your advantage, because you know, with as with the first administration, there are a bunch of benefits that came out, especially to people that are more entrepreneurial-minded that you can take advantage of that.

00:14:34.000 A lot of people don't know.

00:14:35.000 Now, you know, quick little background on this bill.

00:14:38.000 This bill was passed, what, maybe I think a month or two ago, and the bill is very comprehensive.

00:14:43.000 It covers everything from border security to fighting crime to um, you know uh, you know, reforms when it comes to the welfare system, a whole bunch of stuff.

00:14:55.000 But there was a bunch of stuff in there from a tax perspective that can help a lot of you guys out if you decide that you want to, you know, start a business or start investing in certain assets, etc.

00:15:02.000 Um Steve's gone through the bill, knows it pretty well, um, and he's found a couple of things that you know I think we should bring to your guys' attention uh that you can utilize to kind of leverage um you know yourself here to make some more money during this administration, as you guys know.

00:15:16.000 Um last side trouble was in uh was a good time to be an entrepreneur, then Biden came and messed a lot of that stuff up.

00:15:21.000 But now he's back in office, and we can definitely use um some of this new legislation to your advantage.

00:15:26.000 Um we got Steven, for those of you that don't know, Steve, he is uh our accountant.

00:15:29.000 But Steve, I'll let you kind of take it from here and introduce yourself to the people real quick.

00:15:33.000 Hi guys, hey, thanks for having me back on.

00:15:36.000 Um yeah, so uh, you know, I've been doing your guys' taxes for I don't even know how long, well, at least uh five, six years since you guys started the show.

00:15:42.000 Yep.

00:15:43.000 Um but um yeah, so today's a big day.

00:15:46.000 I don't know if you know uh a lot of your listeners have uh LLC partnership or uh or uh S corporation, they had to file it if they extended today.

00:15:55.000 So today was a big day.

00:15:57.000 Uh we were pretty busy at the office doing some last minute returns.

00:16:00.000 Um and the thing to know about that is if you didn't file today and you're an S-corp, um, you get penalized basically for not filing.

00:16:08.000 Even though you you may not have owed taxes just for not filing it, you're gonna get filed, and it's pretty substantial.

00:16:14.000 I've had taxpayers that you know missed the deadline come in the next year and say, you know, I didn't file my taxes for last year, and then they wind up getting uh hit, you know, with with a couple thousand dollar penalty because it's like a two hundred and uh I think it's like two hundred and forty-five dollars per partner or per shareholder on that S-corp per per month.

00:16:33.000 So if you were supposed to file that September, you don't you know file it for six months, you could do the math on that.

00:16:38.000 You know, that's like 250 bucks per month, and uh it adds up pretty substantially.

00:16:43.000 So um I have a way, you know, if it's a first-time offender and they you know they did it the first time, whatever, we'll do a first-time waiver for them.

00:16:50.000 And a lot of times the IRS will, you know, forgive that.

00:16:53.000 Um, but if you know it's a second year that they're you know doing that, then you know the IRSS says, hey, you know, we'll we'll give you one mulligan, um, but you're you don't get it, you know, this year.

00:17:03.000 But yeah, so like as you mentioned, you know, this this um one big beautiful bill that Trump passed with Congress um a few months ago, it was actually July 4th, it got passed.

00:17:13.000 There's you know uh a lot of sections in there, but there's a section there that's pretty good for the new tax um updates.

00:17:19.000 So basically, um you know the uh 2017 was the last major bill that we had, and a lot of those tax provisions in that bill were set to expire this year in 2024 or 2025, I should say.

00:17:34.000 So um a lot of them got updated.

00:17:37.000 So on for general knowledge purposes, the tax rates in 2017 were dropping about one to two one to three percent across the board for all different types of taxes and tax brackets.

00:17:49.000 That's gonna remain.

00:17:50.000 That's the good news.

00:17:51.000 The other good news is um for small businesses, and the reason why I'm talking about small businesses, not only because it's what we you know, what we focus on, but you gotta remember more than 90% of uh business uh in in the US is small business.

00:18:07.000 That's you know pretty much what our GDP is comprised of.

00:18:09.000 Um nearly 50% of the people in our country are employ are employed by small private businesses.

00:18:16.000 So um that's pretty substantial.

00:18:18.000 Sixty one million people um is pretty big.

00:18:20.000 So the second biggest employer after the government, right?

00:18:23.000 Is the summer.

00:18:24.000 I'm sorry, go ahead.

00:18:25.000 Small businesses are probably the second biggest employer after the U. Federal government, right?

00:18:29.000 Yeah, yeah, 46%.

00:18:31.000 Okay.

00:18:31.000 40%, nearly 50% of our, you know, um, and near um, you know, sixty one sixty-one uh million people are um employed, you know, through that.

00:18:40.000 So and it's it's nearly uh fifty percent of our GDP.

00:18:43.000 70% of our tax revenue that the government uh you know, the IRS uh uh collects comes from small businesses.

00:18:49.000 So it's it behooves us to pay attention to these laws if you're a small business owner.

00:18:54.000 You don't have to know everything through and through.

00:18:56.000 Just get a good CPA that you know can walk you through it, you know, and and it can work with you, um, such as you guys, you know, work with me and just keep you updated on those things.

00:19:04.000 You know, it it it pays to have uh you know a knowledgeable tax guy.

00:19:08.000 Don't try to go in alone when you get a business, you know, just pay just pay the money because you're gonna save more on taxes than you are, you know, trying to keep up with the tax laws and trying to do the forms yourself and and and uh you know the opportunity to to take advantage of the tax the tax you know laws and the in the code.

00:19:27.000 Um leave it leave it to a professional, you know, that it really pays to get somebody that knows what they're doing.

00:19:31.000 So no turbo tax.

00:19:33.000 Um sorry, say that again.

00:19:35.000 No turbo tax.

00:19:36.000 No turbo tax.

00:19:37.000 Yeah, you know, oh my god, I couldn't tell you how many times we've got people coming in trying to do the business taxes.

00:19:41.000 You know, it's one thing if you got a W two and maybe a couple, you know, you know, maybe a couple of W twos at the most, you know, yeah, just use, you know, that's fine.

00:19:49.000 Turbo tax is fine or H and R block or whatever. 0.95

00:19:52.000 You know, but once you get into doing, you know, having your own business, you're gonna want somebody to help you out, get your books straight, you know, keep a separate bank account for your business so you could track your income and your expenses.

00:20:01.000 Um so you know, just wanted to add that in there.

00:20:04.000 But yeah, so this bill, I wanted to go over maybe like three, four major things for you guys, and then you know, could open it up to maybe look at a Q and A. Yeah, yeah.

00:20:13.000 So yeah, guys, we're gonna go over this stuff.

00:20:14.000 Um, you know, and then we'll cover the basics and then obviously we'll open it up for QA so that you guys can ask whatever questions we're gonna open up the phone lines for you guys as well and uh take super chats in.

00:20:23.000 So you got our accountant on the line, guys.

00:20:25.000 We're gonna bring Steve on more often for these money Mondays.

00:20:28.000 I think um, you know, that can provide you guys an enormous amount of value, answer a lot of your questions.

00:20:32.000 Um Steve also has a pretty good background in real estate investing, um, fixing and flipping, a bunch of different stuff.

00:20:37.000 So um accounting isn't just isn't his only expertise, guys.

00:20:41.000 So also um the guy do what to buy if your business uh legally to reduce taxes and does a lot for you.

00:20:47.000 Because if the more money you keep the better.

00:20:49.000 So yeah, so we're gonna have Steve on these uh a lot more guys to give you guys even more value and have a tax professional on almost one every one of these calls.

00:20:55.000 So we got y'all, man.

00:20:56.000 Uh I told you guys we're gonna obviously increase the value and give you guys more, and that's what we're gonna do.

00:21:01.000 And uh yeah, but yeah, go ahead, Steve, take it away.

00:21:03.000 Yeah, so um, you know, I wanted to add, so you know, tell your guys, and I'm gonna I'll put it in the chat too, that um, you know, on my Instagram, I haven't been active, you know, probably over the past year.

00:21:12.000 I've been involved with some personal stuff, which I you know, you guys are aware of.

00:21:16.000 But um, so I've kind of dropped off a little bit, but I'm gonna start um um posting more content on there.

00:21:21.000 And I do if you go on to my uh Instagram, um, go in there.

00:21:25.000 I have a lot of free resources in there for you.

00:21:28.000 I got a calculator for you guys that you know you guys you guys can go in there and see like, hey, if I if I started my own uh sub chapter as corporation, I have a calculator in there.

00:21:36.000 It's pretty simple.

00:21:36.000 You fill out like three or four pieces of information and you could find out pretty accurately, you know, it's not gonna be precise, but pretty accurately, you know, how much of a tax savings you would have by forming your own um you know, LLC and converting it to an S Corp.

00:21:51.000 I have very uh inexpensive guys on there.

00:21:54.000 You can do a call with me, you know, either 30 minute call or 60 minute call on there, you know, just um there but there are some free uh guides in there.

00:22:02.000 So I, you know, I would invite everybody to go on there, join my page.

00:22:05.000 I'm gonna be producing more content on there.

00:22:07.000 Um a lot of times I try to do my best to answer DMs if for people that you know ask me a question through there, um, similar to this QA.

00:22:13.000 So uh just feel free, you know, to to um go on there and uh, you know, see see what um resources that you you need on there.

00:22:22.000 So um, yeah, just kind of diving into this uh this new bill or this updated bill.

00:22:27.000 Um one of the big things that uh we were we were nervous about, you know, including myself, because I'm a I'm set up as a S Corp too.

00:22:33.000 You guys are you guys are both S Corps as well.

00:22:36.000 Yeah.

00:22:36.000 So this, you know, this this hits home.

00:22:38.000 Um there was a twenty percent deduction.

00:22:40.000 So for instance if you had on your S Corp a hundred thousand dollar profit we were getting what's called a QBI that's a qualified business income tax deduction of 20 percent 20%.

00:22:51.000 So if you had a hundred thousand dollar profit you would deduct 20% of that.

00:22:55.000 So you would only have to report an 8000 dollar profit on your tax return and pay tax on the 80,000.

00:23:00.000 So that was set to expire that got renewed and that's going to be a permanent he made it um Trump made it permanent so that's that's like that's like big yeah that's big that that and that only started with him and um 2017 and then now that's that's that's going to be um so that's a huge deduction um you know 20% right off the right off the top is huge.

00:23:21.000 See what about the limit for cars for example the deduction from car I'm getting there.

00:23:26.000 I'll get to that I'm gonna get to that's gonna be one of the things I'm gonna cover yeah and then that you're gonna you guys are gonna like this too.

00:23:33.000 Oh and excuse me I misspoke it's not 20 not not only is it going to get renewed from it's not 20% it jumped up to 23%.

00:23:42.000 So that so um yeah I I I misspoke there.

00:23:45.000 So um that's that's gonna be one of the one of the big ones there.

00:23:48.000 Now going into the um section 179 what the heck is that right?

00:23:52.000 So when you have a business and you buy assets let's say you were a content creator and you buy computers you buy um you know um cameras you buy um lighting and so forth uh you we have what's called um typically you would depreciate that what is that well you take the useful life of that equipment maybe it's five years maybe it's seven years and you would take you know if it's a 10,000

00:24:13.000 dollar uh piece of equipment or let's say it's five thousand dollar piece of equipment you would depreciate that over five years so you only get a 1,000 dollar deduction for the every year for the next five years.

00:24:23.000 Well section 179 um you could as long as it's uh it's it's used in your business for over 50% you could deduct uh 100% of that um whatever the cost of that is um as long as as long as it's used for business and um so that went from uh uh bit small businesses which you know I know it's a big number and it's still considered small business in the eyes of the US but we had a cap of uh up to 1.25 million dollars of any type of

00:24:53.000 business equipment that you would buy that you could expense 100% of immediately that went up now to 2.5 million they doubled the cap on it so that's major you know you know and of course with inflation or the price of everything um has gone up so that's that's only appropriate I think so if people want to buy equipment you know uh or they were looking at getting something more expensive higher end or whatever um they can probably do that over the next couple of years correct yeah correct so that's that's that's jumped up to cap

00:25:23.000 I know a lot of businesses are going to be in that, including myself.

00:25:26.000 I'm not in that category where I'm going to need that much equipment.

00:25:29.000 But there are businesses.

00:25:30.000 There are construction companies that they need to buy heavy truck equipment.

00:25:34.000 Brick-and-order companies that still operate a storefront and stuff like that.

00:25:38.000 So that allows them to buy more inventory.

00:25:40.000 And that adds up.

00:25:41.000 It adds up very quick.

00:25:42.000 So that's another one as well.

00:25:45.000 Another one is the interest deduction for loans.

00:25:50.000 So if you have, let's say, a small business administration loan, a lot of people do have those.

00:25:54.000 And I see that a lot in my line of work.

00:25:57.000 Although the rate right now is not the greatest, hopefully we're going to see the rates maybe at the tail end here this next couple of meetings we have here.

00:26:06.000 They're going to drop down a little bit.

00:26:07.000 So it's not ideal right now to get the SBA because the prime plus two typically is kind of high right now for that.

00:26:14.000 But at any rate, the deduction for the interest, they used to have a 30% cap on it based on your taxable income that you were spending off.

00:26:24.000 You can only deduct up to 30% of that.

00:26:26.000 Now you can just deduct 100%.

00:26:29.000 So that's a new one as well.

00:26:33.000 Another one is going to be, you know, getting back to what Fresh was talking about is the vehicles.

00:26:38.000 So now what we have, if you have a vehicle over 6,000 pounds, there was this thing called bonus depreciation, right?

00:26:47.000 What is bonus depreciation?

00:26:49.000 Well, that started in 2017.

00:26:50.000 And in 2017, it was 100% bonus depreciation.

00:26:54.000 depreciation so if you bought a vehicle that was over six thousand pounds um you could deduct you know if it was used used for business you could deduct um a hundred percent of it um and then in 2018 that went down to 80 percent and and so on and so forth.

00:27:08.000 So that was set to like I think we're at 40% now.

00:27:11.000 Um that was set to uh to sunset, meaning that was gonna expire.

00:27:17.000 It's gonna go 180, 60, 40, 20, 0.

00:27:20.000 But what they did now for next year for 2025, they jacked it back up to 100%.

00:27:26.000 So for 25, 26, and 27, it's 100%, 100%, 100% for the next uh next three years.

00:27:34.000 So 275.

00:27:36.000 So I mean just out to your point here, um, Steve.

00:27:40.000 If you get a car now, it's not a discount price.

00:27:43.000 Prices are really down on cars, buyers have lowered.

00:27:46.000 To get a car over six thousand pounds, and you add in depreciation, you can win really big on cars now.

00:27:52.000 So that's uh that's really W. So would it be fair to say, because obviously we've been talking about the car market being trash and you know, for a very long time now.

00:28:00.000 Would that be, I guess the only situation where buying a car would make sense now is if you have a business in a 6,000 pounds, that helps a lot of financially at this point.

00:28:07.000 Yeah, it helps.

00:28:08.000 You know, and I gotta I we know I'm I'm in Florida here, so we got a ton of construction.

00:28:11.000 So this applies.

00:28:12.000 I got you know, these owners are buying a new new, you know, huge heavy-duty truck every year, heavy-duty equipment.

00:28:18.000 So as well.

00:28:20.000 Yeah.

00:28:21.000 Yeah.

00:28:21.000 So this, you know, we've been doing a couple of episodes.

00:28:24.000 And the reason why I say this is because we've done a couple episodes on like the car market and how it's a really bad idea to buy a brand new car nowadays or purchase cars in general.

00:28:30.000 Um, but it seems to me, based off what you're saying with this, you know, bonus appreciation, it making a comeback, it seems as though if you're buying a car, one of the few exceptions is if you're buying a car for a business, over 6,000 pounds, then it can financially make a good amount of sense to uh to purchase it.

00:28:48.000 Yeah, so let's say you know you have they say you have a two, you know, I it's easy to get to 250,000 profit these days on an S-corp and you're flowing that through.

00:28:55.000 Let's say you have you know, you buy a truck, you know, 100,000.

00:28:59.000 Um that you're basically you know cutting you know you know, cutting your your profit almost in half.

00:29:05.000 And not only that, it's the purchase price, right, Steve, not what you actually put down.

00:29:09.000 So that's really important for the audience to know too.

00:29:11.000 It's based off the purchase price, guys, not what you put down.

00:29:14.000 You know, and let's say you're at almost like a 30% tax rate.

00:29:17.000 So you could do the math.

00:29:18.000 That's a 30 $30,000 um deduction in your taxes that you're that you're just basically taking that 30,000 that you would have paid on your on your taxes, and you're putting it towards the car.

00:29:30.000 So it's really costing you, let's say, 70,000, you know, in essence.

00:29:33.000 It's costing, you know, you're you're instead of paying it to Uncle Sam, you're putting it to use for you.

00:29:38.000 So um, yeah, that that's it, that's a big one.

00:29:42.000 And if they cut rates uh this Wednesday, like they should, um, you're gonna get way better uh rates for your loans, and of course, uh prices will go up.

00:29:50.000 So if you use that to your advantage, wait to buy a car, then for business, if you're a business type of person like a someone in finance, for example, someone that does like uh law meetings, get yourself a G-Wagon uh for a really good price, and of course, uh with the rates being lowered, shoot better for you as a as I as a business as well.

00:30:06.000 It's pretty good.

00:30:07.000 Yeah, yeah.

00:30:08.000 Yeah, I'm seeing a lot of people just tight.

00:30:10.000 Nobody's spending money, like you said, the caught the car market.

00:30:12.000 It's kind of like you know, the same thing with the real estate market, inventory's going up.

00:30:16.000 Um, you know, things are things are slow.

00:30:18.000 So I think you know, the this this guy's gotta it's gotta lower the rates here because it's gotta get something stimulated in the economy before too long.

00:30:25.000 So hopefully, hopefully uh this that's that's what we're looking at.

00:30:29.000 Cool.

00:30:29.000 Um yeah, going back to uh today.

00:30:31.000 Today, so today's uh the 15th of September.

00:30:34.000 So what happens is uh back in in uh March, March 15th was when the uh partnerships and the as corporations were due, right?

00:30:44.000 So a lot of times people don't have their stuff ready, so we put them on extension, you get an automatic six month extension.

00:30:50.000 Well, that's today.

00:30:51.000 They're supposed to file, like I said, if you didn't file today, uh, you know, you you you're gonna get penalized.

00:30:57.000 Um, but I have a hack.

00:30:59.000 I'll have a hack that I'll share with your listeners, and I don't share this with everybody, um, including most of my clients, but I have a hack.

00:31:05.000 So because I don't share this with my clients because I don't want them to know because I want to get their taxes done.

00:31:09.000 I don't want their taxes to go out, you know, another six months.

00:31:12.000 And then, you know, so um what I do is um, and this is for special occasions, uh we file a zero tax return just to get it in, and then we'll go back and we'll do an amended.

00:31:22.000 So that eliminates so I'll I'll go in out, you know.

00:31:25.000 So I I figured this out a couple years ago.

00:31:26.000 I was talking to my sister, why the why the F are we like killing ourselves?

00:31:29.000 So just file it.

00:31:30.000 What happens if we do an uh zero return?

00:31:32.000 Well, it worked.

00:31:33.000 Um it's not illegal either.

00:31:35.000 So um, yeah, so we did we uh we filed, you know, we probably did like maybe four or five of them uh today because you know we either were kidding get a hold of the tax guy or they're like, oh my god, you know, something maybe they're sick or something happened.

00:31:47.000 So uh we went and just filed a zero return, and then you know, in a few weeks or whatever, when I get their stuff, I'll go in and I'll just file an amended.

00:31:54.000 And it's all electronic, it's done, you know, pretty easily.

00:31:56.000 So I just do a zero return just to get it in on the IRS, and then they're they're they're exempt from the from the penalty.

00:32:03.000 So that's a little heck I'll share with your listeners.

00:32:05.000 Um, but like I said, I don't like to tell all my clients this because everybody will probably be taking advantage of it.

00:32:09.000 It's pretty good though.

00:32:10.000 There you go.

00:32:11.000 Nice little uh tip for people right there.

00:32:13.000 Um okay, what what else?

00:32:15.000 Is there any uh anything else you wanted to cover before?

00:32:17.000 Um I think I thought that was kind of the major thing.

00:32:20.000 Um Steve, can I can I one more thing as well?

00:32:22.000 Oh, yeah, I have one last thing.

00:32:24.000 I'm sorry.

00:32:24.000 I'm sorry, one last thing.

00:32:26.000 I know probably a predominant uh portion of your listeners are in Florida as well as we are, and you know, I I'm I'm as well.

00:32:31.000 Um so for the two hurricanes last year, there was some relief.

00:32:35.000 So if you know it's it's an extension of time to file, not extension of time to pay, right?

00:32:41.000 So um I had some people that had to pay today, and um, you know, of course they were a little late, but what I did was I was able to wave some of their penalties using the you know, Hurricane Halena Hurricane Milton, but you gotta check your zip code.

00:32:56.000 So you check your zip code, see if you're in the you know declared disaster area, and there is some waiver that you can get.

00:33:02.000 It's all a little bit different on on some different types of taxes, but you can um waive some of the penalties uh if you paid late.

00:33:11.000 All right.

00:33:12.000 Wow.

00:33:13.000 Okay.

00:33:13.000 Uh so what we'll do, guys, is we're gonna open up the phone lines for you.

00:33:17.000 Yep.

00:33:17.000 Um while we open up the phone lines, Steve, can you quickly recap the three things uh or the the things that you had mentioned, real quick for those that are just joining in the stream, uh how people could take advantage of this uh big beautiful bill from a financial perspective?

00:33:29.000 Sure, sure, sure.

00:33:30.000 So um the the first major thing that we were gonna talk about was the uh qualified business uh income uh deduction.

00:33:37.000 Um that was set to expire uh for the past since 2017, we were able to deduct 20 percent.

00:33:43.000 So if you made a hundred thousand dollars, you take twenty percent right off the top, and you only report eighty thousand on your on your business income and uh you pay taxes on the eighty thousand.

00:33:53.000 That is set to not only renew but also go from twenty percent to twenty-three percent.

00:33:58.000 So it's gonna we're gonna jump up.

00:34:00.000 So that's that's a great that's a great deduction.

00:34:02.000 The other one is the section one seventy-nine deduction, like I said, you know, most business assets that you buy, you have to depreciate depreciate them over time.

00:34:10.000 So if you got a ten thousand dollar piece of equipment and it's five, you know, it's five years, you would deduct two thousand dollars every year for the next five years.

00:34:17.000 Using Section 179 expense, you could deduct a full amount of it.

00:34:21.000 And then now the full amount in that in that year of purchase.

00:34:25.000 Nice.

00:34:26.000 And uh so that and then that went from uh, you know, you could only um buy up to 1.25 million dollars worth of equipment.

00:34:34.000 Now they doubled it.

00:34:35.000 So it's 2.5 million now for any you know small businesses that are in that league, you know.

00:34:40.000 Awesome.

00:34:41.000 Um and then uh the other one was the loan interest.

00:34:45.000 So that went, you know, was capping it at 30% um of your of your taxable income, basically for the business.

00:34:52.000 Now it's you can deduct the full amount 100%.

00:34:54.000 There's no cap on it.

00:34:55.000 And that's gonna be permanent.

00:34:57.000 Um and then the general rates that were at 2017, they went down you know, across the board pretty much around one to three percent.

00:35:06.000 Those are gonna stay in place now for 25 going forward until until uh probably you know 2027.

00:35:13.000 Um the um what was the other one?

00:35:17.000 The um I think I'm missing one.

00:35:18.000 Card professional memory guys.

00:35:20.000 Oh, the bonus depreciation.

00:35:22.000 So that was set to sunset and go to zero.

00:35:25.000 So specifically for cars over six thousand pounds, we could deduct a hundred percent.

00:35:30.000 So starting in twenty-five, so for twenty-five, twenty-six, and twenty-seven, these the next three years, um, you can deduct a hundred percent of that vehicle.

00:35:40.000 You know what's funny, bro?

00:35:41.000 A lot of the uh entrepreneurs here in Miami, the young guys bought Lambo trucks thinking, oh, I'm gonna write off this car 100%, 40% whatever.

00:35:49.000 And uh to their disappointment, it's only uh weight weighing in 4,800 pounds.

00:35:54.000 Uh so they lost all the depreciation.

00:35:56.000 Yes, and it's a luxury too.

00:35:58.000 They got luxury limits on top of this, and you're like, yeah, so that's the guys buy a G Wagon if you're gonna buy a luxury car to fit your mold.

00:36:04.000 Uh that's a classic car.

00:36:08.000 But they need to have a business too, right?

00:36:09.000 Like they can't be like some fucking yeah, you know. 0.88

00:36:12.000 Yeah, you want yeah, of course, it's gotta be a little bit business.

00:36:15.000 Some of these idiots are gonna be like, oh, I'm gonna buy this and write it off, even though I don't even have a business, right?

00:36:20.000 It's like what the hell?

00:36:21.000 Correct.

00:36:21.000 So I think the last thing was the was the uh today's the last day to file your ass corporation return or your partnership return.

00:36:29.000 So it's uh it's 1120 S is the form, and then the 1065 is the partnership.

00:36:33.000 That was today if you extend it uh in March.

00:36:36.000 Um and again, I was it's uh telling you guys that you know there's a penalty.

00:36:40.000 If you don't do it today, there's a penalty.

00:36:42.000 What you can do is um you know, file a zero.

00:36:45.000 That's what we're doing.

00:36:46.000 But you know, I know you know you you got till midnight tonight to do it, you know.

00:36:50.000 So I don't even know, you know.

00:36:51.000 I mean, a lot of these guys are a little bit late to the party here, so um, but if you have somebody that has access to file your return um electronically, all you really need is the name of your business, the EIN, the address, and then your social security number, name and address, and that's pretty much all you need to put on there, you know, the day because we got an idiot in the chat saying new BMW X5 is 4300 pounds.

00:37:16.000 You can write 80 per 85% off.

00:37:18.000 No, you can't.

00:37:19.000 It's gotta be six thousand pounds to even qualify, dumbass.

00:37:22.000 Bro, guys, like pay attention to the stream, please.

00:37:25.000 Like, you know, guys like this pushing out this disinformation can really get some of y'all messed up.

00:37:30.000 Because somebody might go ahead and buy a BMW X5 thinking that they can, you know, yeah, write that off and they can't.

00:37:35.000 It's gotta be six thousand pounds, bare minimum, right, Steve?

00:37:39.000 Yeah, that's a luxury car too, as well.

00:37:41.000 Also, Alex, Lambrini makes Lamberini trucks, the URC's.

00:37:44.000 Yeah.

00:37:44.000 That's what they call them.

00:37:45.000 So the lingual.

00:37:47.000 Can you explain the luxury thing real quick?

00:37:48.000 Uh Steve.

00:37:49.000 Yeah, there's luxury limits.

00:37:50.000 So it's pretty much around like, you know, you're not gonna you're not gonna get more than like the twenty-eight thousand dollars on a particular vehicle just because of the limits.

00:37:57.000 It's gonna it's gonna make force you to use the five year um on it.

00:38:02.000 So if the car is under six thousand, okay.

00:38:05.000 If it's under six thousand.

00:38:07.000 Okay, so if it's under six thousand, you you can't depreciate the full amount up to uh up front.

00:38:13.000 Right.

00:38:13.000 So that you like the G Wagon, the G guid's over six thousand, so it's considered heavy, heavy duty, heavy equipment.

00:38:19.000 It's gonna consider like a heavy uh heavy piece of equipment.

00:38:21.000 So that's the threshold is the six thousand dollar pounds, even though it is a luxury car, right?

00:38:26.000 Um it's happening.

00:38:31.000 Business, looks, girls, and tax write-offs, G Wagon is number one. 0.89

00:38:36.000 Hands down, bro.

00:38:37.000 In my opinion, yes, I totally agree with that.

00:38:39.000 Yep.

00:38:40.000 I have a lot of like that.

00:38:41.000 I got I put a lot of my my uh doctors um into that.

00:38:45.000 Okay.

00:38:46.000 Yep.

00:38:46.000 So but it does so for you to get the upfront depreciation, five years up front, you need it needs to be six thousand pounds.

00:38:54.000 To get the the set um the bonus depreciation, six thousand pounds, yeah.

00:38:58.000 And you write it off 100%.

00:39:00.000 So for 25, 26, 27, that's the way to go, in my opinion.

00:39:03.000 All right.

00:39:04.000 That's superior.

00:39:05.000 That's the superior way to go to do it.

00:39:07.000 Okay.

00:39:08.000 Um, so uh let's go ahead and open up the phone lines and answer some questions because I'm sure people have uh questions here on a bunch of different stuff.

00:39:13.000 But guys, it doesn't have to be limited to the big beautiful bills, um, you know, tax uh benefits.

00:39:19.000 It could be literally anything.

00:39:20.000 Yeah, so I mean, you know, I don't I'm for any new listeners.

00:39:24.000 Um I have background in uh in real estate, so I've I've flipped a lot of properties, rented properties, bought commercial properties, um, extensive family experiences.

00:39:33.000 You were connected as the host.

00:39:35.000 And that's uh that's just the phone line just opened up.

00:39:37.000 You are now in the host room and can manage your callers from the Collins Studio Web Interface.

00:39:42.000 I also owned um a large uh you know uh portable x-ray company in the state of Florida.

00:39:47.000 I sold to a national.

00:39:48.000 We did ultrasound, we did EKG.

00:39:50.000 Um did that for like 10 years.

00:39:52.000 Um so you know, I I'm an entrepreneur.

00:39:55.000 Um, you know, and I've I've had my own CPA practice for you know, I've been doing this for well, well, aging myself here.

00:40:00.000 Close to 30 years.

00:40:03.000 Nice.

00:40:04.000 Um okay, guys.

00:40:05.000 So we got the phone lines open.

00:40:06.000 You guys know the rules.

00:40:07.000 Uh the phone number to call into the show, 646, 490 0394.

00:40:11.000 Again, that number is 646, 490 uh 0394.

00:40:15.000 Call into the show.

00:40:16.000 If you guys want to cut the line, send it to Super Chat, FNF Super Chat.com, or you can rumble rant or um, you know, duh, I guess maybe gift the sub on kick, uh give subs on kick and then put the last four digits of your number.

00:40:27.000 Um, and we will bring you to the front of the line.

00:40:30.000 So however you guys want to get involved with the show and cut the line, those are the multiple ways.

00:40:34.000 FNF Super Chat.com.

00:40:35.000 Give the sub on kick um or rumble rant in and put the last four digits of your number and you'll cut the queue um and be able to get your question answered.

00:40:42.000 And Castle Club.

00:40:43.000 Um and Castle Club as well.

00:40:44.000 Castle Club guys are gonna be prioritized as well for for you guys.

00:40:46.000 Uh if you guys want to do anything on Council Club.

00:40:48.000 Uh Castle Club is actually gonna be first priority um for questions.

00:40:51.000 So go ahead, guys.

00:40:52.000 You got Steve on the line uh with us.

00:40:55.000 So anything you guys want to ask?

00:40:56.000 It's not cheap.

00:40:57.000 He is definitely uh worth the his weight in gold.

00:41:00.000 And he's doing this for you guys money Mondays out of love.

00:41:03.000 So shout out to him.

00:41:06.000 All right.

00:41:07.000 All right.

00:41:08.000 Ready for the first phone line?

00:41:09.000 Yeah.

00:41:10.000 8033, you're up.

00:41:12.000 8033, you're up.

00:41:15.000 What's good, Myron?

00:41:16.000 What's good?

00:41:16.000 Fresh.

00:41:17.000 Yo, what's up, Steve?

00:41:18.000 This is the kid from Rochester that called last week.

00:41:20.000 All right.

00:41:21.000 Um, Steve, I got a question for you because I'm going to school for accounting.

00:41:26.000 Um I'm looking to get my CPA and with this whole AI thing and outsourcing the India, etc.

00:41:33.000 Do you think it's still worth it to just get my CPA?

00:41:37.000 Um, or should I try to get a minor and like data analytics as well with uh everything going to technology side of things?

00:41:47.000 Yeah, definitely.

00:41:49.000 Um I think it's worth it, yeah.

00:41:51.000 I mean, I think there's still gonna be there's still gonna be a need for CPAs, you know.

00:41:54.000 I don't think AI is gonna out this is is gonna is gonna get rid of everything because there's a lot of um special procedures that need to be done that AI can't do.

00:42:02.000 And you gotta remember there's many fr different fragmented systems that don't connect and speak to each other.

00:42:08.000 So the data that you're going to have to col collect is gonna be from different um databases that are not connected.

00:42:14.000 And there's so many different industries with so many different databases um that need to be, you know, that they're gonna have to be done by a human.

00:42:22.000 So I think I think a lot of this is a little bit overkill.

00:42:26.000 So I definitely don't I don't I do not see a future where um in you know in the force people's future within the next 10 years at least where you know they're gonna outsource some CPAs.

00:42:36.000 No, I I don't I don't believe that.

00:42:39.000 All right, all right.

00:42:40.000 And then one last thing, thank you for that.

00:42:43.000 Uh going through college, just how did you become as successful as you are now?

00:42:48.000 Like do you have any tips to become a successful CPA and um really not just compete with people but dominate the field?

00:42:57.000 Yeah, so um I worked for KPMG right out of right out of college and I did I was lucky enough to do a rotation in audits, which I hated by the way, but you know, some people do like it.

00:43:07.000 Um and then I I did a rotation attacks, and I think you know that's for me where I felt um that's where it kind of like the the bread and butter was for for me going forward.

00:43:18.000 So yeah, that's what I did.

00:43:19.000 I got into the tax rotation and that that you know, so um if you're gonna work for you know, you're gonna get your CPA work for a firm.

00:43:26.000 Um I had another guy too.

00:43:27.000 He was actually in my in my uh my group too.

00:43:30.000 Um he was a CPA up in New York too.

00:43:32.000 I think he I think he went with Deloitte and Touch, I if I if I recall, and I told him, listen, you know, don't let him pigeonhole you into just one area, try to get a rotation in the tax department as well, get exposed to that.

00:43:46.000 So um that would be my advice to you.

00:43:48.000 Um also if you you know if take a uh take a review course, pay for the pay the money for it, you know, whether it's a Becker or uh one of the other ones, um, do that as well.

00:43:59.000 Don't you know um just just make it easy on yourself.

00:44:02.000 And um what what college are you going to for it?

00:44:07.000 Uh so I went to Morgan State, which is the HBCU, and that that was a terrible school.

00:44:13.000 So I came home and then now I'm at uh SUNY, a SUNY school in New York.

00:44:17.000 I don't want to specific because which SUNY school?

00:44:23.000 Here's what I say because people are weird on the internet.

00:44:25.000 He knows outdoors somewhere.

00:44:26.000 You don't want to say it's it's battle, you're not gonna find me.

00:44:29.000 No, I went to RAT, so I was just curious, you know.

00:44:31.000 Yeah, so shit, for real?

00:44:34.000 Yeah.

00:44:34.000 Well, so that's dope.

00:44:36.000 And the people in the comments that are saying the stupid AI thing, I guarantee they don't have a job that's paying over 70k.

00:44:45.000 I don't know if you can see it, but there's a saying like AI is gonna take it.

00:44:49.000 But um Yeah, I appreciate it.

00:44:52.000 I appreciate it.

00:44:53.000 You were just the guy that I was looking at.

00:44:55.000 I was watching uh a video and you were giving some good pointers.

00:44:57.000 So I appreciate that.

00:44:59.000 Thank you, Myron, thank you, Fresh.

00:45:00.000 I'll get Hope you guys have a good night.

00:45:02.000 All right.

00:45:03.000 Steve, just add on to that question real quick.

00:45:05.000 If someone's getting into doing CPA work and accounting work, would you recommend doing social media as a marketing strategy?

00:45:10.000 For example, giving tips.

00:45:12.000 People information.

00:45:12.000 Yeah, if they're hanging their own shhingle.

00:45:14.000 Yeah.

00:45:14.000 Yeah, absolutely.

00:45:15.000 I think that that's gonna be, you know, obviously that that's kind of what you know to be an authority figure in the social media space is kind of where we're going towards.

00:45:22.000 Yeah, as far as a marketing aspect is.

00:45:25.000 Um, you know, you can't you can't, you know, you have to have some type of presence out there, I believe.

00:45:29.000 Um so yeah, definitely.

00:45:32.000 All right.

00:45:33.000 All right.

00:45:34.000 Who's up next?

00:45:35.000 Um again, guys, number calling to the show is six four six four nine zero zero three nine four.

00:45:43.000 Oh, okay.

00:45:44.000 Um and uh, you know, you can either rumble rant in FNF Super Chat.com, uh get the sub, whatever it may be, um, and put the last four digits of your number and we'll get you in to ask a question.

00:45:55.000 Um who's up next?

00:45:57.000 5800, you're up 5800.

00:46:01.000 You are up.

00:46:03.000 Hey, hey, my uh my name is Rider.

00:46:06.000 Um I'm calling from uh Florida, from Backstable, Florida.

00:46:10.000 So Steve.

00:46:11.000 Um I couple years ago I started an S Corp, and my question is putting simple and short.

00:46:18.000 Um I don't plan to to renew the the S Corp.

00:46:24.000 Uh you know, every year you have to pay renewal fees.

00:46:27.000 I plan to renew it this year.

00:46:29.000 So am I still subject to those monthly penalties you talked about uh for not filing for filing taxes for S Corp if I just let it dissolve?

00:46:40.000 Okay, so you're you there's no charge on the federal government.

00:46:44.000 The IRS isn't charging to keep the S Corp, it's gonna be the state of Florida.

00:46:47.000 So what you're talking about is the Department of State in Florida, which is better known as sunbiz.org.

00:46:53.000 That's if you increase are you a Florida S Corp.

00:46:59.000 Yes.

00:47:00.000 Okay.

00:47:00.000 Yeah, so um, yeah, so that's the fee that yeah, they'll they're just gonna dissolve it on you if you don't pay the fee.

00:47:07.000 So you'll get a notice saying that it was it it's called administratively dissolved.

00:47:11.000 They'll dissolve it, they'll take you out of the system.

00:47:14.000 Um, and then but what you have to do to get out of the IRS system is you have to file a final return, you know, whether it's a zero return or whatever, because the IRS has no idea that you didn't pay your fee for the Sunbiz, and they don't even care.

00:47:27.000 I honestly they just you know they look at it from oh, you got a you got a uh F E I N number, you know, uh a federal employer identification number from us for your S Corp, and you know, uh you're required to file.

00:47:41.000 Um have you ever filed?

00:47:45.000 No, I I I uh I've never filed on behalf of my S Corp.

00:47:50.000 Never.

00:47:50.000 Okay, so then don't so I I'm assuming that did you ever get a tax ID number from them?

00:47:57.000 I believe I uh I think so you probably never filed.

00:48:05.000 That means you never file the proper form to become an S-Corp, because there's a specific form you gotta file for that.

00:48:11.000 So basically I did.

00:48:13.000 I did a couple years back I did file, I did file the IRS on the to uh to uh to uh make my S Corp uh official.

00:48:22.000 It was but it was you know years ago, so how many years ago?

00:48:26.000 When was the last time you filed?

00:48:28.000 Uh back back in 2020.

00:48:30.000 Um I never I never I never every every but I'm a W I'm a W2 employee now.

00:48:36.000 I I've I've I always have been.

00:48:38.000 So whenever I file taxes, I you know, I I do my 1040, you know, that W-2 employees employees have to do, but I never did any special filing for my S Corp because I never I never did any business.

00:48:53.000 So then here's what I'll tell you.

00:48:56.000 Don't do anything since it's 2020, you're paying your past, don't do anything.

00:49:01.000 It's it's probably dead.

00:49:03.000 Yeah, it's probably dead.

00:49:04.000 Um don't file now because then you're gonna get a notice saying you're late and you're gonna get the you're gonna get the penalties and all that.

00:49:10.000 And since you didn't have any, you know, activity on it, just let it die.

00:49:13.000 Uh honestly, don't do anything.

00:49:16.000 Clearly.

00:49:17.000 Sometimes you by you doing things, you know, thinking you're doing the right thing.

00:49:20.000 Oh, let me file.

00:49:21.000 And if you know, it just creates it just creates it just opens doors for the IRS to be, oh, here we go.

00:49:27.000 You know, otherwise they don't you're not on their system, you're not on the radar, you're not there's no information in there.

00:49:31.000 Just leave it alone.

00:49:34.000 Yeah, yeah, yeah.

00:49:35.000 Yeah, you're not on there.

00:49:36.000 Just funny.

00:49:38.000 It's funny because I actually am a contractor and I uh the the company I'm performing contract work is the IRS.

00:49:44.000 So funny story.

00:49:45.000 I appreciate the advice.

00:49:47.000 All right.

00:49:48.000 You got it.

00:49:48.000 Yeah.

00:49:48.000 Uh let's get it to the next caller.

00:49:50.000 Again, guys, number call into the show, 646-4900394.

00:49:53.000 That is number to call into the show.

00:49:55.000 Um ask any questions.

00:49:56.000 Uh, you know, we're basically giving a bunch of value today when it comes to the big beautiful bill.

00:50:01.000 Um, you know, getting your taxes sorted, investing in real estate, crypto, whatever you guys got questions on financial.

00:50:07.000 It's money Monday, man, just adding value.

00:50:09.000 So expert advice as well.

00:50:10.000 If you guys want to cut the uh the line time, just put uh donate to the show.

00:50:14.000 Uh whether it's uh OSS or sorry, excuse me, um CC Cows Club or um on Rumble rant or a kick sub and then put the last four district numbers.

00:50:24.000 So we'll go to next was next on the one.

00:50:25.000 1911, you're up.

00:50:27.000 All right, one nine one one.

00:50:28.000 Go ahead.

00:50:28.000 What is your question?

00:50:29.000 1911.

00:50:31.000 Hey, how's it going, you guys?

00:50:33.000 What's up?

00:50:35.000 Hey, um so I have uh I have an S Corp.

00:50:40.000 My uncle was doing my taxes.

00:50:41.000 He's my CPA, and he failed to file my taxes for three years for the business, and I just got smacked with uh like sixteen thousand dollars with the IRS.

00:50:54.000 Um three years, bro.

00:50:57.000 Yo, what the hell?

00:50:58.000 Yeah.

00:51:00.000 Yeah.

00:51:01.000 So that's your family.

00:51:02.000 That's your family.

00:51:03.000 It's a family too, nigga. 0.99

00:51:04.000 What the hell?

00:51:05.000 You so you got an IRS notice for the escort?

00:51:10.000 Um, I mean, every year he was saying, Oh, sorry, go ahead.

00:51:13.000 No, go ahead, go ahead.

00:51:14.000 Listening.

00:51:16.000 Um, every year he would say that he would they were filed, but then this year apparently he was saying, Oh no, we just filed all three of them together.

00:51:24.000 Um I'm sorry, last year.

00:51:27.000 Uh, but at the beginning of this year, pretty much for all the last three years.

00:51:33.000 Wow.

00:51:34.000 Okay.

00:51:35.000 And and so, and is it is it for your 1120 as as corporation income tax return?

00:51:42.000 Yes.

00:51:43.000 Okay.

00:51:44.000 So it's just a failure to pay.

00:51:46.000 It's a failure, it's the failure to file fees.

00:51:50.000 Yeah, okay.

00:51:50.000 And there's two members under the escort.

00:51:53.000 So give me give me the years and give me the amount for each year.

00:51:58.000 2021, 2022, 2023.

00:52:02.000 Okay.

00:52:02.000 Um, I don't know the exact amounts, but it's like 5100, and then like 5300, and then like 5600 for each year.

00:52:11.000 Okay, so one of those years you can get what's called an FTA waiver.

00:52:16.000 FTA waiver.

00:52:18.000 So um DM me on my uh I might even have a guide out there for it on my uh on my link tree in my uh in my uh Instagram.

00:52:27.000 So I'm uh at seeing beyond the numbers, all one word.

00:52:30.000 I think I have a I think I have a get a guide out there to um well, ask him.

00:52:35.000 He should do that.

00:52:36.000 It's called an FTA waiver.

00:52:37.000 That's a first-time abatement waiver.

00:52:39.000 So you should get it on one of the years, so that I take about five, six thousand dollars off there.

00:52:44.000 Um shit.

00:52:46.000 And the other two either.

00:52:49.000 Steve, what do what do you what should people look for when they're hiring accountants?

00:52:51.000 Like clearly he trusted family, they got him in a bad position financially.

00:52:56.000 What should people be looking for when they're trying to look for and or hire an accountant to avoid this?

00:53:02.000 You know, I I always tell people, you know, whatever industry you're in, talk to guys around you, you know, that have been doing it, you know, doing the same thing that you're doing and they've been doing it for a while, and then ask them who they use, ask them if they're happy with that person, if the fees are reasonable, and if their guy is uh is accessible, like you know, when you have questions and I need something answered, I need help.

00:53:24.000 Are they accessible?

00:53:25.000 Do they get you to get do they call you back?

00:53:26.000 You know, do they pay attention to you?

00:53:28.000 Things like that.

00:53:28.000 So I would always start there.

00:53:30.000 That's that's that's kind of the best way to find find a guy, you know.

00:53:33.000 Um recommendations.

00:53:38.000 So you know, I you know, I do trucking.

00:53:40.000 So talk to some other guys in the truck, and hey, who do you use?

00:53:43.000 Oh, you use Stan.

00:53:44.000 Do you like Stan?

00:53:44.000 Is he good?

00:53:45.000 Okay, you know, that because that's how I get most of my businesses through referral.

00:53:48.000 Steve, would you recommend not using family for the most part?

00:53:52.000 I don't like it, you know, when it comes to business stuff, you know.

00:53:55.000 I mean, it all depends.

00:53:56.000 You know, I I have family members, I do their stuff, so I don't have a problem.

00:53:58.000 I mean, I treat them like everybody else.

00:54:00.000 Um, you know, I make sure you know they're just important as all my clients.

00:54:04.000 Um, but sometimes, you know, um you get family members and then it kind of like, you know, I don't know if it's a matter of it was his fault or you gave him the stuff too late, or he didn't get on you early.

00:54:14.000 I don't know.

00:54:15.000 Um, you know, I don't know the all the specifics behind it.

00:54:18.000 Um that's all it's uh it's it's his fault.

00:54:21.000 I mean, can I add on to what you need to look for is the responsiveness.

00:54:24.000 I mean, I just put too much trust in him because he was my uncle.

00:54:27.000 Like now my one of my cousins does my taxes, but like if I text him, he responds within like the hour.

00:54:34.000 My uncle will take three to four days because he's just pushing me to the side, you know.

00:54:39.000 Even though I'm paying him, he's probably too busy.

00:54:42.000 Yeah, he's too busy.

00:54:43.000 Yeah.

00:54:44.000 Probably been doing it in a while.

00:54:45.000 Yeah, I mean, you see a lot of guys, they get they get they get like that, you know.

00:54:49.000 Yeah, dude.

00:54:49.000 Just uh bro, you probably hired your uncle because you know you thought you could get a good price or some shit like that.

00:54:54.000 Dude, just hire someone who's in your industry, pay the money, don't be a cheapskate.

00:54:59.000 You know, but dude, tell your cousin, tell your cousin to do that.

00:55:02.000 It's called FTA waiver.

00:55:03.000 Write that down and say, tell him to get on it.

00:55:07.000 Let me let me let me look it up on my I think I have it on there.

00:55:10.000 I think I put a good one.

00:55:13.000 So my uncle took a power of attorney and said that he's gonna talk like try to fight with the IRS or whatever.

00:55:21.000 I'm they're not they're not gonna do it.

00:55:23.000 Um I I know this already.

00:55:25.000 They it's it's they're gonna let one year go.

00:55:29.000 You're gonna get the one year using this method.

00:55:31.000 But let me let me get you the link tree.

00:55:32.000 Hold on.

00:55:33.000 The other thing too, bro, is like people hire family to save money or whatever.

00:55:36.000 Dude, just if you got a businessman, like just get an accountant that's really good at you know, whatever because I agree with Steve that like going and finding an accounting in your niche is probably the best way to go because they're gonna have they're gonna just understand certain things based on different types of business things that you can write off, etc.

00:55:52.000 So um, yeah, bro.

00:55:54.000 Just people always fall for the oh, I'm gonna use family or whatever, but as you can see here, he might have not been equipped.

00:55:59.000 Maybe he was overwhelmed, uh, maybe you didn't pay him enough.

00:56:02.000 Who knows?

00:56:03.000 But yeah, dude, just always.

00:56:04.000 Also, to your point, they're vetted.

00:56:05.000 Because someone's using them already.

00:56:07.000 Yeah.

00:56:07.000 Undervetted, so that's good.

00:56:08.000 Yeah, just look into the FTA waiver.

00:56:10.000 The other two years, it's gonna be listen, you can get all the 2848 power of attorney forms you want, and you're gonna get some some freaking uh, you know, 7,000 an hour asshole on the phone.

00:56:21.000 They're not they're just gonna go through the computer, and you know, they're they're they're like bots, basically.

00:56:25.000 Steve, is he gonna have to eat that 18k then I guess?

00:56:28.000 Not the 18.

00:56:28.000 I think it's you see, he said it's it's about 5500 each year, so yeah, about 11 grand of it.

00:56:33.000 Yeah, you can get I think you get about 5500 ticket that first year, the 20, what is that?

00:56:38.000 I think it was 21.

00:56:39.000 The 21, you can get waived fully.

00:56:41.000 They're gonna give you the mulligan on that.

00:56:43.000 So he's gonna pay roughly best case scenario 10 to 11, yeah.

00:56:46.000 About 11, 12 grand, yeah.

00:56:48.000 So there you go.

00:56:48.000 We just saved you $5,000 plus uh on a phone call.

00:56:52.000 On a free money Monday call.

00:56:53.000 That's an automatic pretty much.

00:56:54.000 That's an automatic mulligan you get.

00:56:56.000 You don't have to, you don't you just tell him please write the letter.

00:57:00.000 Bro, we just say bro, six thousand dollars.

00:57:01.000 No, you can chat GPT and chat.

00:57:03.000 I think Chat GPT will rent you a letter.

00:57:05.000 I've done it before, not now.

00:57:06.000 You could just like chat GPT, I need a uh FTA waiver for this tax here for this amount.

00:57:12.000 Here's my here's my business name, here's the tax ID number of it, and boom, it'll do it for you.

00:57:17.000 And and then you just scan in a picture of that uh that that 21 notice and it'll write it, it'll write it pretty good for you.

00:57:24.000 And just give it to your cousin and have him have him look it over and then clean it up and send it out.

00:57:28.000 Damn.

00:57:29.000 Okay, and you said that was on your Instagram?

00:57:32.000 No, I checked that it's not on there.

00:57:34.000 But DM me.

00:57:35.000 DM me and then I'll I'll give you the link to it.

00:57:37.000 Steve, how much do you charge for a call like this or per hour for your customers?

00:57:42.000 So I got it on there.

00:57:43.000 I do you know for a half an hour call, um, which you get a ton of value on there.

00:57:47.000 I go through a lot of things, and yeah, it's not just all tax, it's some business advice stuff too.

00:57:51.000 Um it's uh I think it was like um 300 for for half an hour and I do 500 for an hour.

00:57:57.000 Yeah, it's pretty good.

00:57:58.000 That's that's a that's a discount basically for you guys because you know you gotta got you know, a lot of a lot of guys trying to level up and stuff like that.

00:58:05.000 So yeah, just there you go.

00:58:06.000 So there you go, my friend.

00:58:07.000 You made one phone call you just saved almost 6,000 bucks.

00:58:10.000 So uh let's move to the next caller.

00:58:11.000 I appreciate it.

00:58:12.000 Yeah, no worries, man.

00:58:13.000 Get that FTA waiver, boom, right there, and at least knock out the first year and then uh don't hire your cousin again or your uncle, whoever that was that fucked up. 0.93

00:58:19.000 Yeah.

00:58:19.000 So all right.

00:58:20.000 Cool.

00:58:21.000 Uh who's up next?

00:58:22.000 Uh four, six, four, seven.

00:58:24.000 You are up.

00:58:24.000 All right.

00:58:25.000 Again, guys, uh either rumble rant in FNF Super Chat.com or Castle Club put the l donate and put the last four district number and we get on the line.

00:58:32.000 Go ahead, uh caller.

00:58:33.000 Four, six, four, seven.

00:58:34.000 Actually, no one we should start.

00:58:36.000 What's your name and where you call from?

00:58:37.000 What's your name where you call from, bro?

00:58:38.000 And how old are you?

00:58:40.000 Um I'm shotty, I'm twenty-eight, and I uh live in Indiana.

00:58:45.000 All right, cool.

00:58:46.000 Hit us with your question.

00:58:48.000 All right, so I mean, I I come from accounting, um, you know, majored in school, worked in public, worked in industry, worked with multi-billion dollar companies.

00:59:01.000 And right now, um, I'm making a good salary, roughly one fifty a year, and I just started doing some fractional CFO work.

00:59:08.000 It got me thinking, you know, I could really hang my own shingle there and do fractional CFO work.

00:59:14.000 Kind of trying to figure out if I should focus on a niche or um you know, just how to take it, how to manage the time.

00:59:23.000 I don't want to be a workhorse in charge hourly, like how to price myself.

00:59:27.000 Um I'm really focusing on like you know growth, profit maintenance, uh cash flow projection, financial statement walkthroughs, forecasting budgeting, all that stuff, and you know, the strategic stuff that helps the business, uh really enjoy.

00:59:47.000 So just wondering what you think about that.

00:59:49.000 And are you in public now?

00:59:52.000 No, I'm not.

00:59:53.000 I work for a manufacturing company as a division controller.

00:59:57.000 Okay, so you have a built-in expertise with uh cost accounting and manufacturing, right?

01:00:04.000 Yep, yep.

01:00:05.000 And the fractional CFO work I do is for a uh buy and sell business.

01:00:09.000 We import product and uh sell it online.

01:00:12.000 Okay, okay.

01:00:14.000 Um so yeah, I mean, definitely, you know, so it sounds like you got a niche in there, and I'm sure there's plenty of work you can do, especially with you know, small small business manufacturing.

01:00:23.000 Um you said you're in Indiana.

01:00:25.000 I don't know how much industry there is in in as far as that's concerned.

01:00:28.000 Oh yeah, I mean it's like the art.

01:00:31.000 I think you know, because I think yeah, for what you're talking about, you know, I know we live in an online world and you know you could do Zoom and this and that and the other.

01:00:37.000 But I think from from a standpoint, if you're gonna get those types of clients, you're gonna want they're gonna wanna sit down with you face to face.

01:00:44.000 They're gonna want you to see their business.

01:00:45.000 They're gonna want to walk you through everything.

01:00:46.000 They're gonna want to tell you their story.

01:00:48.000 They're gonna, you know, you it's gonna be more of a relationship thing.

01:00:50.000 So I think if you're gonna get businesses like that, yeah, I would start there.

01:00:54.000 Um, you know, so I mean I would and the thing about that is you get involved in their personal life because you know their business bleeds into their personal life, and you know, you gotta understand what are your personal goals, where do you see yourself in 10 years?

01:01:09.000 You know, what is the business have to look like to get you there and what steps are we taken to make sure that happens.

01:01:15.000 So it really is like that.

01:01:17.000 And the way I understand it is you either are pricing low on a lot of clients or you're pricing a premium amount on a few clients.

01:01:26.000 I'm kind of leaning towards pricing premium on a few.

01:01:29.000 Yeah, I I totally agree with you as far as that's concerned.

01:01:33.000 Um yeah, definitely it sounds to me like you should probably, you know, your wheelhouse is gonna be manufacturing, you know.

01:01:39.000 You th that's probably gonna be ton of businesses around your area, I'm sure that that would that would meet that criteria.

01:01:46.000 Maybe they got you know, a lot of these people they don't hire the right person, and they get like maybe some, you know, Sally, the bookkeeper that's some glorified QuickBooks girl, and she's you know, trying to do everything and be everything, you know, do all the do all the purchase orders, do all the accounts payable, do all the receivable stuff.

01:02:02.000 Um, you know, and then a lot of times books are kind of a mess, and the cost accounting doesn't really give them accurate reporting what they need based on what she's you know doing in you know, uh her data entry stuff, and they need a little bit more sexier reports, you know, to help them um that's where you would come in, you know.

01:02:20.000 So yeah, you know, and I guess you gotta kind of define the parameters for each, you know, everybody's gonna be different, but if you can focus in on some, you know, these are these are the deliverables I can give to you, um, you know, and then you know, um try not to get trying not to be too much for them, you know, where they're trying to get a full-time amount of value out of you know, someone that's just a fractional, you know, uh type of person.

01:02:41.000 So um, yeah, I I like it.

01:02:45.000 All right.

01:02:45.000 Okay, well, I appreciate that.

01:02:47.000 Yeah, and uh and I do offer like the the bookkeeping side, but I contract that stuff out to uh some local bookkeepers.

01:02:53.000 I don't want to touch any of the you know, that's that is that's not a fun that's not a lot of value added.

01:02:58.000 I'm not I'm not a CPA either.

01:03:01.000 I didn't go the CPA route.

01:03:03.000 Um, and I'm not a tax.

01:03:05.000 So I I I would, you know, I strictly say, you know, I'll have a tax person who I refer to and funnel business through, and he funnels business to me.

01:03:14.000 But uh, you know, I don't would you say that's you know, a make or break for some people where you have to do you have to be a CPA or a tax guy.

01:03:24.000 No, that's good.

01:03:25.000 That's a that's a good relationship because your tax guy's gonna throw you a lot of work too when he when he comes.

01:03:29.000 Because sometimes I get businesses I like, listen, you know, I can't, I you're you're you're asking me for stuff that's outside of the scope of what it is that I'm trying to provide to provide to you.

01:03:38.000 And if you want that, I can charge you for it.

01:03:40.000 It's gonna be expensive.

01:03:42.000 Um, but that's where somebody like you can come in and say, hey, you know, I I I've got this client over here, you know, I just want to stick to the tax planning and the tax strategy and tax prep work.

01:03:53.000 Um can you guys take over the accounting and then do the you know do the specialized reporting for them that they need and um and analysis, and that's where you know, that's where you guys can come in.

01:04:03.000 Cause yeah, we we don't I'm so busy with everything else, I don't have a lot of time to do all that stuff.

01:04:08.000 And they don't sometimes a lot of these businesses are in the place where they can't afford somebody to pay you know 150, you know, 100, 150,000.

01:04:16.000 Um, but they do need that that level of service.

01:04:19.000 So yeah, definitely.

01:04:21.000 And I guess my last question is, you know, being that I work a full-time nine to five, and I'm trying to get out of that, you know.

01:04:28.000 I I just want freedom.

01:04:29.000 I I can make 100k and be happy owning my time, then 150 working for someone else.

01:04:35.000 My thing is is you know, when do you go and just say, I'm done with this job and leave?

01:04:41.000 Do you is it at a certain income level?

01:04:44.000 Yeah, you gotta so I did the same thing.

01:04:46.000 So when I started out, um I was working for a small boutique boutique.

01:04:50.000 I got headhunted from New York down here, and um I winded up um getting uh a chain of furniture stores, a chain of gas stations, and a chain of um some fast food.

01:05:02.000 Um, and that was enough.

01:05:03.000 Those those clients were I was billing them so much.

01:05:06.000 I was kind of like a fractional C CFO too when I started.

01:05:09.000 I was billing them so much where it was I was able to to replace my total income at the firm.

01:05:15.000 And then I was able to say, okay, I don't need to do that.

01:05:17.000 And then there was a couple of other things I had in the pipeline that I was working on.

01:05:20.000 So definitely you're where where you know you can replace your you know the 150 that you're making right now once you get to that level, and then you have some stuff in the pipeline where you're gonna exceed that, then you know, and then you can devote, you know, then it's time to work for yourself 100%.

01:05:36.000 Cool.

01:05:37.000 Yeah, all right.

01:05:38.000 Well, I appreciate that.

01:05:39.000 I also do uh like cover calls and cash security puts on the side and uh trying to invest in real estate.

01:05:44.000 So those are some other cash flow I'm trying to produce for myself.

01:05:47.000 Nice.

01:05:47.000 Hey, I really appreciate the advice.

01:05:49.000 Uh yeah, you're yeah, anytime.

01:05:50.000 You know, thanks for having me.

01:05:51.000 Good stuff, man.

01:05:52.000 Appreciate it.

01:05:53.000 All right, uh, who's up next?

01:05:57.000 6407, you're up.

01:06:00.000 6407, you're up.

01:06:03.000 Hey, what's up, guys?

01:06:04.000 My name is Joshua.

01:06:06.000 I'm 37.

01:06:07.000 I'm from the horrible state of New Jersey, as you all know.

01:06:10.000 So uh I'm calling in my question's a little bit different from everybody else's here.

01:06:15.000 I'm not as established as everybody.

01:06:17.000 So recently, and this is for everybody here in my room fresh and Steve.

01:06:21.000 Um I got my MBA in marketing.

01:06:24.000 I also have my BA.

01:06:25.000 But I'm gonna be honest with you, I'm unemployed, I have no experience, and honestly, I'm lost in what direction to even go in.

01:06:33.000 Because prior, I was trying to get into the creative industry, but as you know, that's ruled by a certain group of people.

01:06:40.000 And uh I decided that I needed to pivot, and right now I really don't know where to go.

01:06:47.000 And considering the credentials that I have, and considering every one of your expertise, uh, what can I do?

01:06:53.000 What should I do?

01:06:54.000 What's what type of path should I figure out and what can I do to turn the degrees that I have into something that's actually real?

01:07:01.000 I want to be a financial foundation for my family now.

01:07:04.000 And I'm gonna be honest, I feel like a freaking loser.

01:07:06.000 And that's the reason why I'm calling in today to see if I can get some expert advice from you guys.

01:07:12.000 I think there's a huge need for social media marketing for small businesses in your area.

01:07:17.000 I mean, being in Jersey, there's got to be a shitload of them.

01:07:19.000 And if you can develop an expertise in doing that, you already have the marketing background.

01:07:23.000 If you're good at with people and you can put a package together to say, hey, you know, whether it's a dentist or uh, you know, uh a salon or a spa or some type of you know, retail outfit uh uh business where you know you you look them up and they're social media presence.

01:07:39.000 I know there's a lot of people in that space, but if you can make a door to door, you know, you know, put some stuff together, that's a start.

01:07:45.000 And um there's there's a big need for that, I think on a on a local level though.

01:07:49.000 Yeah, you can you know just that to Steve here as well.

01:07:53.000 Um regarding experience, you say you don't have that, that's fine, but to Steve's point of helping businesses with social media, uh they're lacking a lot of companies, they don't know how to market at all.

01:08:02.000 It's cool as well.

01:08:04.000 It's basically like brick and mortar, they don't know how to market it as well.

01:08:07.000 But if you can learn just more than them, and you don't have to know everything, just more than the company knows, you can sell them products and services to their benefit.

01:08:15.000 So that's the really thing, easy thing you can do from right now.

01:08:18.000 Um, like Steve said, and it's doable because you can do it online, digital footprint right there, right there uh at your home.

01:08:24.000 Not hard at all.

01:08:26.000 Yeah, a ton of restaurants.

01:08:30.000 Yeah.

01:08:30.000 Uh just one more thing as well.

01:08:32.000 Use AIT Rabbit.

01:08:34.000 Chat GBT.

01:08:35.000 Give me a five-step plan to create services for small companies in Jersey.

01:08:42.000 Boom.

01:08:43.000 Just like that.

01:08:44.000 Just like that.

01:08:45.000 And also, um, to you to add to that, there's a specific industry besides that that I should look into that maybe is a little bit more easier to do that kind of work in, or uh does it matter what's you know?

01:09:00.000 No, I think just I mean, it's it's social media marketing, so I think to a certain extent, you don't need to, you know, it's a restaurant's a restaurant that dentists and dentists.

01:09:08.000 You can look at some other copy, you know, you could copycat some other pages and other other jurisdictions outside of here, you know, that look good that are that are that are doing well, and kind of you know, you don't need to recreate the wheel.

01:09:19.000 They just need actual people to actually do it.

01:09:22.000 So if you could develop a skill set doing it to set up their Instagram to keep their postings on there, the same thing with Facebook, same thing with TikTok.

01:09:29.000 You can start to do you know postings on a weekly basis to put a package together.

01:09:33.000 Um there's a plenty of research out there.

01:09:35.000 There's there's a need for that.

01:09:36.000 There's so many businesses out there, there's so many people.

01:09:38.000 When you're running your own business, you don't have time to do all that shit.

01:09:41.000 Yeah, you know, I could use somebody to do that from a CPA practice.

01:09:45.000 Because we don't do we don't do it, you know.

01:09:47.000 Thank God I've been doing it long enough where we have a ton of referrals.

01:09:49.000 We don't we're not we're not needing that, but I could see a lot of you know um uh people that you know, a lot of owners like you have to develop your own expertise in doing that on yourself.

01:09:58.000 You need somebody to do that.

01:09:59.000 And if you could do it face to face, like on a local level, meet the people.

01:10:02.000 Hey, I put this package here, some of my workers, some of my clients, you just start somewhere, knock on some doors, and not the people will pay you for that.

01:10:10.000 Yep.

01:10:11.000 Okay, then and also just one last question before I let you guys go.

01:10:15.000 Would you recommend getting a mentor in order to help, you know, uh further my uh development that way I know exactly what I'm doing?

01:10:23.000 Of course.

01:10:26.000 Yeah, absolutely.

01:10:27.000 You know, somebody somebody that's doing that too.

01:10:29.000 You can talk to somebody that's doing that, maybe you know, maybe maybe you could help with them and just kind of learn the ropes work for them just to do that.

01:10:36.000 I'm doing whatever what whatever it takes to learn it.

01:10:38.000 You could find a company or someone that's doing the services already.

01:10:41.000 Uh look at their actual program, look at a website, what they offer, create your own based off of that.

01:10:46.000 Hey, brother, uh, I'd love to learn from you directly.

01:10:48.000 Is there any way I can you could do coaching?

01:10:50.000 I'll pay as well, and then see what they say.

01:10:52.000 But again, you can look up the actual format, copy it to your own um skills, and then of course, like receive step branch out and give people advice that way.

01:11:01.000 Okay, then well, you know what, guys, thank you.

01:11:04.000 I appreciate this is amazing.

01:11:06.000 This is gold information.

01:11:07.000 I appreciate and I also appreciate everything that you guys do.

01:11:10.000 I've been watching you guys for a very, very long time for years now, and you you both all of you are doing God's work.

01:11:16.000 And all I have to say is keep doing what you're doing, and uh I'll see you next time, okay, guys.

01:11:22.000 Don't give up.

01:11:23.000 We all have our downtimes, but uh you're still briefly, bro.

01:11:25.000 So you can make it happen for sure.

01:11:27.000 Best to you.

01:11:28.000 Thank you.

01:11:30.000 Have a great night, all right?

01:11:31.000 All right.

01:11:33.000 Uh who's next?

01:11:34.000 And then Steve, let me know when you uh uh good on time.

01:11:38.000 I'm good, yeah.

01:11:39.000 So you just let me know.

01:11:40.000 You got more questions?

01:11:41.000 Uh believe we do.

01:11:43.000 Yeah.

01:11:44.000 I guess outdoors, right?

01:11:46.000 Coming up next.

01:11:47.000 Outdoor school.

01:11:48.000 Yep.

01:11:50.000 Um 2648, you're up to six four eight.

01:11:56.000 Hey Fresh, hey Myron, hey Steve.

01:11:58.000 I was just wondering, um, I'm set to inherit my great aunt's house eventually, and I was just wondering what sort of tips or like pitfalls you would recommend to avoid.

01:12:09.000 Ooh.

01:12:10.000 What's the time?

01:12:11.000 So you say you're set to inherit it.

01:12:14.000 So is she sick or um what what what's the situation there?

01:12:19.000 He's just really old.

01:12:20.000 She just turned 88 yesterday, actually.

01:12:22.000 And I just I want to be prepared for when it happens.

01:12:25.000 Is she working with an attorney to do it? 1.00

01:12:29.000 I I honestly don't know.

01:12:30.000 I've been she's been meeting with people to update her will and stuff.

01:12:35.000 I I don't know all the details on her end.

01:12:36.000 Wait, but are you a part of the will though?

01:12:39.000 Yeah, I'm gonna be the main benefactor.

01:12:42.000 Okay.

01:12:43.000 So when it comes to the property, then one of the nice things is you could st it what's called a step up and basis.

01:12:49.000 What the heck does that mean?

01:12:50.000 Step up and basis.

01:12:51.000 Okay, what that means is she's giving you the house, right?

01:12:54.000 Maybe she paid, who knows? 0.94

01:12:56.000 I'm just gonna come up with a maybe she paid 50 grand for it and now it's worth now it's worth 450.

01:13:02.000 So now you're gonna get it.

01:13:04.000 What you wanna do is you wanna get with your CPA and tell them that you got this house, okay?

01:13:10.000 And you're not getting her basis of what she bought it for at 50,000.

01:13:14.000 You're getting what's called a step up and basis because you're you're you're now your your base is whatever it's gonna be whatever the value of it at the date of um her passing.

01:13:26.000 So it's gonna be the whatever the whatever the let's say you know, she you know, God forbid she passed today or whatever, and it's gonna be whatever the value of that house is today, it's gonna be what your cost basis is gonna be.

01:13:37.000 Well wait a minute, caller.

01:13:39.000 Uh is she sick or anything?

01:13:40.000 Is she sick or is she like feeling like bad?

01:13:42.000 Why do you think she can do 88? 0.99

01:13:44.000 She's actually really healthy.

01:13:45.000 She's still driving and everything.

01:13:46.000 Nigga, what if she listened like 20 more years? 1.00

01:13:48.000 What the heck?

01:13:49.000 You plotting that early, nigga? 1.00

01:13:51.000 Yo.

01:13:52.000 Yeah, her mom made it to a hundred, so she can go forever.

01:13:56.000 No, you're never gonna get that house.

01:14:02.000 Or has something that bad going on with her?

01:14:04.000 She would live a long time, bro.

01:14:05.000 So Winnifet House is kind of like I ideally want.

01:14:08.000 I just don't want my wife and I, because I know we're gonna be responsible for like utilities, tax and stuff as soon as the inheritance happens, and so I just want to be prepared.

01:14:17.000 If you took that house, what do you what would you do with it?

01:14:19.000 Would you rent it?

01:14:20.000 Would you sell it?

01:14:22.000 Well, I listen to Myron a lot.

01:14:24.000 Shout out OSS and I would probably rent it.

01:14:27.000 Okay, good.

01:14:27.000 That's a good that's a good deal.

01:14:29.000 Yeah.

01:14:29.000 Um, but just you know, just to make sure when you start to rent it and you need to depreciate it, you will tell your CPA your comment and say, hey, I inherited this house, and it's gonna be whatever the that cost basis is at the time that you took possession of it.

01:14:48.000 Okay.

01:14:48.000 And then I was wondering uh everyone on the panel what their opinions were on like a property management company.

01:14:54.000 Oh, for sure, bro.

01:14:55.000 Uh, real quick though.

01:14:57.000 Um so let me get it straight.

01:14:59.000 Uh she's pretty healthy.

01:15:01.000 She's 88.

01:15:03.000 Um but let me ask you this question.

01:15:05.000 Are you working a job right now?

01:15:06.000 Are you working yourself?

01:15:08.000 Yeah, I'm an independent contractor for a local nonprofit here in Arizona.

01:15:12.000 Okay.

01:15:13.000 Listen, bro.

01:15:13.000 Just don't offer, bro.

01:15:14.000 That's messed up.

01:15:15.000 Wait.

01:15:16.000 No, I would never.

01:15:17.000 I love her.

01:15:18.000 Okay, great.

01:15:18.000 Great.

01:15:19.000 Just make it sure.

01:15:20.000 Um, awesome.

01:15:21.000 Go ahead.

01:15:22.000 You know the question.

01:15:24.000 No, that was it.

01:15:25.000 Just uh the inheritance and the property.

01:15:27.000 Oh, Steve.

01:15:28.000 What do you mean?

01:15:29.000 Yeah, just what if you just remember just remember that which probably would I tell you, write this on this.

01:15:32.000 It's called um step up and basis.

01:15:35.000 Step up.

01:15:35.000 It's called step up and basis.

01:15:37.000 Yeah, I have CPA and step up written down.

01:15:39.000 Yeah.

01:15:39.000 Steve, what if you had like a trust to transfer the uh property to?

01:15:43.000 Would that help or no?

01:15:46.000 Um well I've is gonna rent it like we talked about, you know, doing you know, putting it in quits quit claim deed it uh into an LLC, a limited liability company.

01:16:00.000 Okay.

01:16:01.000 Because it's real estate and you know, in case you get sued or whatever, they can't come after your other assets.

01:16:06.000 It stays only to the asset that's in that LLC, which would be just that property.

01:16:11.000 By the way, I have an LLC with an EIN already, but it's not really active.

01:16:16.000 Yeah, so if you have that, you know, it's a potential possibility, you can just uh quick claim need it over to that LLC.

01:16:23.000 Um, you know, and follow wherever you're at.

01:16:25.000 I don't know what jurisdiction you're in, but there's a way to do it.

01:16:27.000 It's called the quick claim deed.

01:16:28.000 You could do it with the at the county, you know, get the forms, pay the pay the pay the stamp fee or whatever it is, the filing fee for it.

01:16:35.000 Yeah, And uh do it.

01:16:36.000 All right.

01:16:37.000 Okay.

01:16:38.000 Awesome.

01:16:39.000 Thank you guys.

01:16:40.000 Cool.

01:16:40.000 Alright, bro.

01:16:41.000 Uh who's next?

01:16:44.000 We have six five zero five.

01:16:47.000 You're up.

01:16:49.000 Six five zero five.

01:16:54.000 Six five.

01:16:55.000 We can hear you.

01:16:58.000 Yeah.

01:17:00.000 Thanks.

01:17:04.000 We can't hear you, bro.

01:17:05.000 You're coming in very low and distorted.

01:17:09.000 Yeah, one second, guys.

01:17:12.000 Were you calling from India?

01:17:15.000 Uh from uh Australia.

01:17:17.000 Ah I see.

01:17:20.000 Yeah.

01:17:20.000 Um we can hear you now.

01:17:23.000 A little bit better.

01:17:25.000 Awesome.

01:17:26.000 Awesome.

01:17:26.000 Um I'm calling from uh Australia.

01:17:28.000 I'm Sri Lanka living in Australia, Sydney.

01:17:30.000 Right now.

01:17:31.000 And uh so I'm currently working on an um AI project working uh on like you know, creating an AI system for real estate agencies.

01:17:39.000 Okay.

01:17:40.000 So um just wondering, I was planning on opening up a LLC or an S Corp um in US as well, because uh it's like no more uh tech um Tavian like no friendly tech and everything in terms of uh like you know uh hosting my cloud band service and etc.

01:17:56.000 I'm wondering about the process for that as a portina, like you know, opening up the LSEs um instead and in terms of like you know, in the long term if I'm to like you know, take out uh certain bank loans, etc.

01:18:09.000 What's the book and then like no what's the best spot to uh go?

01:18:13.000 Yeah, so you could do definitely do an LLC. 0.94

01:18:15.000 Um, but since it's just gonna be a service company and you're developing something, you could also do this just a straight S Corp.

01:18:20.000 So if you go on to my Instagram link tree, I have a book in there.

01:18:25.000 I can't remember.

01:18:27.000 I don't even know what the price is to be honest with you.

01:18:29.000 It's not much, but it walks you through, and I have it, it's for all 50 states.

01:18:33.000 Just so you know.

01:18:34.000 You can go in there and it walks you through step by step.

01:18:37.000 There's you could click on links.

01:18:38.000 There's there's some YouTube video, uh hyperlinks in there too to walk you through certain forms to fill out, but it walks you through.

01:18:44.000 And I I think I sold like you guys last year like $5,000 worth of that book, and I think it was only like 17 bucks or something at the time.

01:18:53.000 So a lot of people got it, and they were able to do their their um their LLC and S Corp and get their EIN number, file their S Corp election.

01:19:01.000 It walks you through all of that.

01:19:03.000 And it's and I did it in a way like it's it's like it's like um what were those books they used to do?

01:19:08.000 Um for dummies type of thing, you know.

01:19:11.000 Yeah, yeah, like setting up an S Corp for Dummies or something like that.

01:19:14.000 Yeah, yeah, yeah, yeah.

01:19:14.000 So it's in there, it's called uh it's called LLC to S Corp A to Z. You just hit my link, click in there, cash the committerly.

01:19:21.000 It's a that's a PDF download, it's got all the links in there, it's got all the forms you need, and they walks you through it's dummy proof.

01:19:28.000 All right.

01:19:29.000 All right.

01:19:30.000 Who's up next?

01:19:31.000 Yeah, I didn't know.

01:19:32.000 And uh it's kind of what uh what we um Chris isn't here yet, but I think he's gonna be here soon.

01:19:36.000 Uh I didn't know there was Indians in Australia.

01:19:38.000 Well, it's a lot of them, bro.

01:19:39.000 Tech support.

01:19:40.000 Oh shit, yeah, bro.

01:19:42.000 There's a lot, bro.

01:19:43.000 There's uh yo Australia and the UK, these other five countries, bro, have a lot of immigration, bro.

01:19:49.000 A lot.

01:19:50.000 Where's calling from India? 0.96

01:19:51.000 Like here, we got Hispanics, these other places got like Asians and Indians.

01:19:54.000 Indians, yeah.

01:19:56.000 Come again.

01:19:56.000 Yeah.

01:19:57.000 All right.

01:19:57.000 Um guys, uh, as you guys know, we're gonna do uh Fresh Fit After Hours after this.

01:20:02.000 As you guys know, it's only gonna be on Rumble and Kick only.

01:20:05.000 We no longer stream on YouTube.

01:20:06.000 This channel is basically turned into a financial channel.

01:20:08.000 I'm gonna keep it a dolls with you guys.

01:20:09.000 This channel is basically financial channel now.

01:20:11.000 Um we understand that we've given you guys a lot of value.

01:20:14.000 You know, every time you guys come up to us and say, yo, you help me, whatever.

01:20:16.000 Nine out of ten times it's either with a woman or with finances.

01:20:18.000 Yep.

01:20:19.000 So this channel's gonna continue to pump out financial content for you guys on YouTube.

01:20:23.000 Um you guys are getting shorts, I think.

01:20:25.000 Uh Brett is dropping one or two shorts a day or clips.

01:20:27.000 Yeah.

01:20:27.000 Um, and then obviously you guys are gonna get at least one live stream a week, or if not two live streams on Friday, assuming we don't have a guest or we're not doing something special like that.

01:20:35.000 So I think right now for this Friday, we're probably slated for a um another call-in show with finances.

01:20:40.000 We'll try to get Steve on as many of these as possible, guys, so that we can help you guys from many different angles.

01:20:44.000 And we'll bring in guests as well.

01:20:46.000 Yes.

01:20:46.000 So um this channel is basically gonna be a financial channel, guys, on YouTube at least.

01:20:50.000 I mean, obviously on Rumble and Kick, we're still gonna do what we do, but on YouTube, only money Mondays and clips and change but also it's a storm brewing with the financial system right now.

01:21:00.000 So getting money on point is key to survive what's coming next.

01:21:03.000 So this is very important.

01:21:04.000 So if you enjoy the content, guys, uh the you know, the dating stuff and uh after hours and all the other stuff, it's not gonna happen.

01:21:10.000 You just gotta go to Rumble or kick.

01:21:11.000 Yep.

01:21:12.000 And I think between those two platforms, kick isn't banned anywhere in the world, right?

01:21:15.000 Not that more.

01:21:16.000 he's using Amazon servers, so yeah I think kick you're fine no matter what.

01:21:20.000 I know for some of you guys Rumble is banned in Brazil, Russia, China, France, AK, uh, France, authoritarian countries that don't believe in free speech.

01:21:27.000 But um you're if you're having problems with that, watch on kick and you guys will still have access to us.

01:21:31.000 So I was I was in Paris, right?

01:21:33.000 And I met a business guy that's very successful.

01:21:35.000 And I was like, yeah, we stream a rumble on YouTube say rumble.

01:21:38.000 He heard that the media ban a rumble because they're pushing against the agenda.

01:21:43.000 So purposely banned Rumble because they were exposing Yeah but they they they had I forget who it was they had like a French political podcaster that the French government wanted banned and Rumble said no.

01:21:53.000 And they just turned the service off in the country instead.

01:21:55.000 Yeah.

01:21:56.000 So Rumble does stand by free speech bro so cucked.

01:21:58.000 You know I mean they support their creators.

01:22:00.000 Yes they support their creators bro for real.

01:22:02.000 So but yeah guys nothing changes um just after hours though and you know uh the dating shows everything else like that completely rumble and kick only guys kick.com slash fresh and fit rumble dot com slash fresh and fit um it's only banned kick is only banned in Turkey okay so if you're in Turkey watch rumble but Mo just did a quick little check for us thank you Mo.

01:22:22.000 0667 you're up 0667 what's going on my long story short I'm a Navy veteran I served from 2018 to 2023 and I'm leaning into starting I already have starting a jewelry business based out of Maryland here and I just I'm just wondering if I can get any insight as to what benefits veterans may have and in the aspects of small

01:22:52.000 business versus like normal civilians Steve are there um I'm sure there's probably loans out there specifically for veterans uh to start a business right or he can use like maybe Navy credit union credit union sense to give good loans uh what do you think Steve?

01:23:08.000 Yeah, and I believe, don't quote me on that, but I believe there might be some special programs through the SBA where you get some preferential treatment.

01:23:18.000 Is there a particular reason why you want to do jewelry, though?

01:23:20.000 Is it something that you're interested in and you know a lot about?

01:23:23.000 I've been interested in it for a while.

01:23:27.000 I got out after four deployments overseas.

01:23:32.000 I just started noticing more people, whether it be like rappers or people that just want to be.

01:23:38.000 be into jewelry uh whether they're investing in gold or silver etc there's uh a lot of the uh crowd is switching towards um D V D diamonds or lab diamonds or even Moise night to cut the costs and still get the same look yeah no I mean I was just I was just curious what why you wanted to open a jewelry business in general uh you know if you're interested in it and you want to do it then totally cool.

01:23:58.000 I just wanted to make sure like you weren't doing it because like oh I want to do it just to make as much money as possible because I think there's other endeavors that you can probably use if your goal is making money but if you're actually interested in it and it intrigues you then yeah bro chase your dreams absolutely do it.

01:24:09.000 uh fresh what's your thoughts i mean you're in the jewelry world well my friend uh you're competing with years of actual diamond uh acquisition years of actual family lineage so competitive market you want to fight give it to them raw bro give it to it raw tell them what it is so so i get your point again was tonight and other uh means of getting diamonds but remember at this point they've been established a long time ago these companies and they're it's like family like lineage you know another thing about it bro when

01:24:39.000 you go to jewelers you're going to people that are established nine out of ten times you're you're not going to new people jewelry business is always handed down so you'd have to have a heavy presence on social media like heavy but again yeah track tracks NYC White Carrot all these people have been there for years father grandfather yeah so you can be against lineage not just like companies that sell jewelry that you know now nine out of ten times he got that handed to him from his father yeah but you're right.

01:25:05.000 Yep.

01:25:05.000 So get ready for that okay so if he so basically I've been talking to also hold on hold on hold on hold on what is brother the word itself jewelry first three letters understand we can be against well not only that um the other thing I want to say also when it comes to the jewelry game that I was just thinking about now is um it seems to me like if you don't have a family lineage the only way you're gonna offset is you need to have a huge social media presence too.

01:25:34.000 So I I I would say bro build up your social media presence if you can build it up, then maybe it might be an endeavor to go into, but we don't want you, you know, starting a jewelry business, spending a hundred thousand dollars just to procure some inventory, and then next thing you know, you can't sell it because you don't have the advertising, or you can't beat out K jewelers or Traxxon YC or any of these other guys.

01:25:52.000 Yeah, Trax actually did this from the growing up.

01:25:55.000 He was very smart.

01:25:56.000 Now you can't do this anymore.

01:25:58.000 What you would do is he'll go to every single store, take a picture of items and put it up for sale.

01:26:03.000 He put a markup on it and go buy the item after it was sold.

01:26:07.000 Pretty much get deposited by an item and then sell them at a profit.

01:26:10.000 He did that for a number of uh years, and he amassed a lot of money, bro.

01:26:15.000 Any final social media boosts and remember guys know it is selling items online isn't that hard.

01:26:21.000 If people like you as an individual and they see you put content consistently, you become what an authority in the space.

01:26:26.000 At that point, they trust you, and they go buy from you.

01:26:28.000 Yeah.

01:26:29.000 So all right.

01:26:30.000 So bro, there you go, right there.

01:26:32.000 Um, you know, basically what we're saying is it's risky, and unless you got a big social media presence, it's gonna be difficult, but you can build that social media presence, and what you're up against is you're gonna be up against family lineage and experience and you know, tried and true business models that have lasted a long time.

01:26:47.000 So build up that social media profile so that you can circumvent that.

01:26:50.000 It is a relationship-based business, and it's been multiple amount of years of building that relationship.

01:26:55.000 Yeah, good point.

01:26:55.000 Yeah.

01:26:56.000 So I want to get I want to get rid of it myself, but uh okay.

01:27:00.000 Yep.

01:27:00.000 And you got a platform.

01:27:01.000 You could actually do it if you wanted, and you don't even want to do it.

01:27:03.000 I work with my boy, remember?

01:27:04.000 He's we could get into it easily if you wanted.

01:27:07.000 Yeah.

01:27:07.000 But all right.

01:27:08.000 Well, bro, we're not trying to talk you off the ledge or anything like that.

01:27:10.000 People are just being very real and honest, is like we don't we want you to work.

01:27:13.000 No, no, you're good.

01:27:14.000 I appreciate I appreciate the input, bro.

01:27:16.000 That's why I call, bro.

01:27:16.000 I appreciate it.

01:27:17.000 There you go.

01:27:17.000 Take your time and everything.

01:27:19.000 No worries, man.

01:27:19.000 No worries.

01:27:20.000 Just things to keep in mind.

01:27:22.000 Uh, how many more pe uh people we got on the line? 0.85

01:27:24.000 Uh Mo.

01:27:26.000 Mo well, Chris and I walk in yet, so okay, we got a lot a lot more.

01:27:31.000 Yeah, we got a lot more, but we'll do two more.

01:27:33.000 Yeah, we'll do two or three more.

01:27:34.000 Yeah, because Chris.

01:27:34.000 Steve, is that cool?

01:27:35.000 Is that cool, Steve?

01:27:36.000 Yeah, let's yeah, you're fine.

01:27:37.000 You're good.

01:27:37.000 Yo, I'm just laughing at the I'm laughing at the chest, like this one guy.

01:27:43.000 You can do talking about the jewelry.

01:27:44.000 He's like, Yeah, gonna you guys are crazy.

01:27:47.000 Gonna have to do free giveaways and get circumcised as well. 1.00

01:27:53.000 To compete.

01:27:54.000 Oh my god, I don't know how you guys deal with this.

01:27:56.000 5887, you are up five eight eight seven.

01:28:00.000 Yep.

01:28:02.000 Hey, what's going on, guys?

01:28:04.000 What's up, man?

01:28:05.000 What's up?

01:28:06.000 Hey, so uh, yeah, thanks for the opportunity.

01:28:09.000 Um, so Steve just had a question.

01:28:12.000 Um about I I recently filed I changed from an LLC to an S Corp, and uh for 2024, uh I'm in uh almost 100% commission sales job.

01:28:28.000 Uh so there's very, very little overhead.

01:28:30.000 I'm contracted by a company, almost all the revenue comes from them.

01:28:35.000 So I structured it as an S Corp to try to uh save from what I would pay if I was going to pay taxes as an LLC.

01:28:44.000 Although, since I have little overhead, I'm looking at my net income and it's I mean super high.

01:28:51.000 Uh right now it's you know 190k for the year, but I've only made about 40k in true uh expenses for the business.

01:29:01.000 Everything else has just been uh owner distributions, and I'm a little bit concerned, you know, because most of it's just transferring to personal accounts and you know, owner draws and stuff.

01:29:13.000 If I'm really gonna be paying a lot in taxes, or yeah, if there's any way to get it, I don't really know.

01:29:20.000 So you so you're gonna have about 150,000 profit.

01:29:24.000 You say you got 40, you know, you're at 190, 40, 150 profit, ordinary income.

01:29:30.000 You're gonna have some issues on that S-corp because you didn't pay yourself a salary.

01:29:33.000 So the IRS, because of Medicare and Social Security, particularly social security, is going bankrupt or is bankrupt.

01:29:42.000 They're going to start to come after S Corp um owners that are not paying themselves a paycheck and paying some social security and Medicare.

01:29:49.000 So that's one issue.

01:29:50.000 There's a way around that.

01:29:52.000 Um the other issue is there are some advantages that you could take, but I don't know the nature of how you conduct your business.

01:29:58.000 So you know, do You do it online.

01:30:01.000 Are you getting your car?

01:30:02.000 Are you traveling?

01:30:03.000 Are you um you know, using your home office, things of that nature?

01:30:09.000 Where you could you could take advantage of some of these.

01:30:11.000 Um it sounds to me like um you should do a consult with me, at least a 30-minute consult.

01:30:17.000 If you want to, I would I'll just book it.

01:30:19.000 I'm telling you right now, I could probably save you about 15, 20 grand in taxes just based on what everything you just told me.

01:30:25.000 Wow, there you go.

01:30:27.000 Yeah, just get into my Instagram and book it.

01:30:30.000 I think it's one of the links in the book it and I'll get I'll get an email.

01:30:34.000 This is there shouldn't even be uh uh uh this is a no-brainer.

01:30:38.000 Steve has been our accountant for literally what, four or five years now at this point.

01:30:42.000 He saved me hundreds of thousands of dollars.

01:30:43.000 Before we buy a property, we buy a car we call them.

01:30:46.000 Steve, what should we do?

01:30:46.000 We call him before every financial decision.

01:30:48.000 Yeah, like everybody that we bring on the show a lot of times, guys, is someone that's especially with the financial stuff is someone we either know or someone we work with.

01:30:54.000 Yeah.

01:30:54.000 So um, you know, do the console, bro.

01:30:57.000 He's giving you a discount while he's running it for like what, two, three hundred bucks for 30 minutes or so, 500 for an hour, 100% worth it to save thousands.

01:31:04.000 So jump in there and obviously let's go and based on everything you're telling me.

01:31:07.000 You're you're you're in you're headed in the right direction.

01:31:10.000 So that's good, but there's a few things, a few things that it's gonna be beyond the scope of this, you know, call in uh call right now.

01:31:16.000 Um but yeah, it's probably needs to go into details that you don't want to put out in front of thousands of people.

01:31:21.000 Yeah, yeah.

01:31:22.000 So uh fine, no worries.

01:31:24.000 All right, we'll take uh one more call, guys, and then we'll uh close out here.

01:31:29.000 All right, because we gotta get ready for the next show.

01:31:32.000 Is there any okay?

01:31:36.000 Go ahead, caller, who's up next?

01:31:41.000 Oh, there you are.

01:31:42.000 Zero not zero nine two one, you're up zero nine two one.

01:31:47.000 Zero nine two one, you're on there.

01:31:49.000 What's up, Ellis?

01:31:50.000 What's your name?

01:31:50.000 Are we calling in for?

01:31:51.000 I have, of course.

01:31:53.000 Uh Alabama.

01:31:54.000 Okay, how old are you?

01:31:56.000 35.

01:31:58.000 Okay.

01:31:59.000 Yeah.

01:32:00.000 Um foreign income exclusion act.

01:32:03.000 So what um this is to Steve.

01:32:05.000 Um do the only W-2 jobs um account for um that particular tax exclusion, or can you have an LLC or Air Corp or uh tell me a little bit about that?

01:32:22.000 So you're working overseas?

01:32:25.000 No, I will be moving um next year.

01:32:29.000 So get everything in order.

01:32:31.000 Yeah.

01:32:34.000 Okay, so you're gonna be working where and what what country are you going to?

01:32:39.000 Not sure yet, but it may be looking at Kenya.

01:32:44.000 Kenya, okay.

01:32:45.000 Um do you know what the so I mean I don't know what the tax laws are in Kenya.

01:32:48.000 Do they do you get taxed in Kenya?

01:32:52.000 So have you have you looked into um the Kenya tax laws where you're gonna be at?

01:33:02.000 No.

01:33:03.000 And I won't be doing business over there.

01:33:05.000 I I'll be earning US dollars.

01:33:07.000 Uh oh, so the comp you're working for a company, is a US-based company?

01:33:12.000 Yes.

01:33:14.000 Okay, so it's a US, it's a it's a US based company.

01:33:17.000 So how much are you gonna be making?

01:33:21.000 Um around the one a hundred thousand mark.

01:33:27.000 Yeah, so you're probably you're gonna be well below the exclusion amount.

01:33:30.000 Yeah, so you should be able to um yeah.

01:33:32.000 So what happens is the the U.S. taxes you on your worldwide income.

01:33:37.000 So it doesn't matter where you're at in the US, as long as you, you know, if you if you're if you're a U.S. citizen, um, and then if you go to Kenya, if Kenya takes taxes out of that check and you pay to the local, you know, jurisdiction there or the country, um, and you file some whatever form they they need you to file if they if that exists there in Kenya, I don't know, because I don't know the Kenya tax laws.

01:33:57.000 But if they do, then you get what's called a foreign tax credit um on your on your US-based income tax return.

01:34:06.000 Okay, I was asking because my CPA uh told me that certain um LLCs or jobs didn't um didn't work with debt.

01:34:17.000 All right, so caller caller, let me be let me be real blunt with you, bro.

01:34:21.000 You're obviously withholding information for privacy reasons, which is fine.

01:34:24.000 I understand you're on a phone call with thousands of people watching and you're reluctant to answer some of these questions, but understand that for Steve to give you the best answer, um, he needs to know is it with the US government?

01:34:35.000 Is it with a private company that's based in Kenya but is a US-based company?

01:34:38.000 Um All this stuff is very important so that he can give you the best advice.

01:34:42.000 And obviously if you want to do a consult, you're welcome to do that too.

01:34:45.000 But understand for him to properly answer your question, there's going to be a drastic difference of you, let's say being there in Kenya on government business earning US dollars versus maybe working for a private company that might be based in Kenya.

01:34:56.000 You might be subject to certain tax laws there that you might not be subject to as a government employee.

01:35:01.000 Does that make sense?

01:35:02.000 So this is why Steve is asking these questions.

01:35:04.000 Yeah and then there's also going to be like a residency test.

01:35:06.000 Are you going to be you know so there's a bona f it's called bona fide residency test or whatever.

01:35:10.000 And um you um so so you'll you'll have to answer those questions and so and obviously like answer whatever you want.

01:35:16.000 Like I I understand that you might not want everyone to know this and I'm very sensitive to that but just understand if you want to get the most accurate information based on your situation he needs to know these facts they're very pertinent to the answer he gives you so you're going to be a resident I'm assuming right for the pretty much the whole year.

01:35:32.000 Yes and I just have a small basis here and then I just had a question about me just like if I'm starting a B if I'm doing like a um consulting or whatnot.

01:35:43.000 So there's something small um I'm just wondering would that um you know would that work for that with the foreign income exclusion egg.

01:35:55.000 Yeah so basically it's you know like I said they they tax you on your worldwide income.

01:36:00.000 So um I don't know what the specific tax law is in Kenya.

01:36:04.000 So if you have to pay to the jurisdiction in Kenya you're going to get a tax credit for it.

01:36:08.000 But if it's going to be one of the situations where you're a bona fide resident of that country and then you're not of the states and it's that situation you have to go through you have to go through the test of the you know the 200 I think 253 days.

01:36:22.000 No no no with the government okay I just have a small regular basis.

01:36:26.000 Yeah okay okay well thank you very much.

01:36:28.000 Yeah no worries man uh yo I suggest dude if you want more uh you know clear stuff hit up Steve and you can go deeper into detail bro I can walk you through that if that's something you're really interested in doing it I would suggest you kind of like the previous caller we could talk and get into the specifics of that privately.

01:36:42.000 Yeah dude I suggest you definitely do the consult with him because um you might be you might be withholding a piece of information right now that takes everything and make changes everything.

01:36:53.000 Correct.

01:36:53.000 You get what I'm saying?

01:36:54.000 Like it's it's very important that you and and I know this because like when I used to work for the government and guys would go international they weren't subject to certain state laws because they were there as a government official right or sorry other countries tax laws or whatever.

01:37:05.000 So you being there you know if you're right are you a resident are you a U.S. citizen only what kind of business are you running?

01:37:11.000 Are you running a business where that country might give you a break and not tax you all of these things need to be accounted for bro so I suggest you do the consult with Steve and get your questions answered properly.

01:37:20.000 Yep versus like withholding information on this stream and then moving with the wrong information based off what you think you know that you know given your situation I totally understand that you want to keep things private which I respect um but I just want you to get the best info that you can based on what's actually happening in your situation.

01:37:36.000 All right appreciate it.

01:37:38.000 No worries man forever.

01:37:41.000 Awesome um cool so guys we're gonna um end the stream there uh we got to set up for the next show Steve thanks so much for coming on bro uh I think we might have you on on Friday um we should do a Zoom call as well for the guys yeah well let me know you know because I'm I'm I mean you guys are you guys are just down the road a couple hours so I mean if I you know I love coming to Brickle anyway.

01:37:59.000 So just come down whenever you want many you know we do it every Monday bro come whatever Monday you want.

01:38:05.000 You let me know yeah definitely all right so guys I think we'll be back and do another one of these on Friday a call on show answering questions.

01:38:12.000 The first half will be financial as usual then we'll move over to Rumble and make a dating that's how we'll kind of do it.

Fresh & Fit - September 15, 2025

How To Build Wealth With Trump's Big Beautiful Bill

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