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March 25, 2024 - Fresh & Fit

01:24:36

Steve From Accounting Returns

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Time	Text
	Thank you.
	What's up, guys?
	Welcome to the Fresh Fit Podcast, man.
	It is Money Monday, and we're here with Steve.
	We're gonna talk about taxes.
	Let's get annoyed.
	Let's go.
	They did three simultaneous search warrants at Dini's residences, one in Miami, one in Los Angeles, and one in New York City.
	So I was up, I was with academics, we had like almost 40,000 people watching, and I was explaining, it was actually my old agency that I used to work for, HSI. I was explaining how search warrants work, my predictions, etc.
	So make sure to definitely go check that out on the playback, you'll have that up.
	But sorry for that delay, guys, because obviously this is like breaking news and shit, so.
	Yo, Steve, did he pay his taxes, man?
	I don't know.
	We're going to find out.
	Yeah, they're definitely going to find out.
	He's going through it, man.
	Yeah, so holy, man.
	That's not a good thing when you're getting three of your places rated at the same time in three different jurisdictions.
	But yeah, guys.
	Money Monday.
	Yeah, it's Money Monday, man.
	We're here with Steve.
	Obviously, as you guys know, it's tax season.
	So we figured out why not bring our accountant in and we could talk about what you guys need to have in play before the deadline.
	And, you know, Steve has a bunch of things that he has outlined.
	But Steve, real quick, for the people that might not know who you are, can you introduce yourself to all the new viewers?
	Sure.
	So I'm Steve from Accounting.
	These are my clients here.
	And, you know, I've been doing at least three or four years now?
	Yeah.
	It's been a while, man.
	Almost four years.
	Yeah.
	So it's great to be back.
	I'm a CPA. I've got about 30 years experience.
	I got two practices on the west coast of Florida.
	One in Bradenton and one in Sarasota.
	I've been doing this for a long time.
	And I've owned several different businesses, invested in real estate.
	And I, you know, I deal with a whole slew of different industries in my practice as well as high net worth individuals and putting together some complicated tax strategies for them.
	And also, one of the only guys I know that does crypto taxes...
	Yes, one of the very few.
	I know that's one of the areas where a lot of the old-timers are not paying attention to it.
	They would call them traditional finance guys.
	As soon as it came out and I started taking courses in crypto, I said, okay, this is obviously the future of finance.
	The quicker I learned about it and the more I learned about it, the more valuable I will be and be relevant in the future.
	We'll talk a little bit about that stuff, too.
	Probably a high percentage of them are involved with crypto in some way, and they need to basically either report their transactions on their tax return.
	What percentage of accountants would you say are versed in crypto?
	Less than 10%, maybe like 5% at the most.
	I mean, yeah.
	There's a lot of, and this is what I did, I wrote a book, because when I first started taking crypto courses with Charlie and Miguel, I took their course, and now I teach in their course too now.
	So I've done several courses, and I did the tax portion of that for them.
	So I wrote a book because one of my things, when I went in there, it was so advanced, and they were talking so far advanced that it took me a while to catch up.
	So what I did was I said, okay, if I were to do this again, what would have been useful to me?
	So I have a book.
	It's like a one-on-one crypto.
	It just gives you the basics.
	From a tax perspective.
	From a tax perspective, but not only that, just learning the language of crypto and getting in and onboarding and understanding the fundamentals of it.
	So then you have that base knowledge.
	And then from there you can learn how to set up, get on a DAX, onboard, from fiat to an exchange.
	Buy crypto, open up wallets, secure your keys, things of that nature.
	So it takes you to that next level.
	And then learning what cryptos are good to invest in and basically looking at a project and not just like, right now we're in a, it's like the meme coin season right now.
	So they have this blockchain called Solana, you may or may not be aware of it, but everybody's like coming up with like the, you know, like Hunter Biden's laptop as a meme coin, you know, it has no use at all, but people go in and then, you know, these, they call them rug pulls basically.
	So it's like you try to get a sniper bot to get in on a position, carry that up to like, you know, stay in, stay in it for like 15 minutes, look at it and then try to cash out and make, you know, try to double your money.
	It's almost like gambling basically in my opinion.
	It's fun.
	You can have some money.
	There's one kid in my building, which I'm going to be doing some stuff with.
	He's made enough money to buy two cars in the past few months.
	And he's just learned about crypto.
	He's a really smart kid.
	He's like 19 years old.
	So you're one of the few accounts that basically, like, you learn crypto first.
	Once you understood it, you're like, okay, now I know how to apply this from a tax lens and how to properly deal with this.
	Because I think it's very important the audience understand that, like, knows that not only do you understand crypto, but most importantly, you know how to deal with it from a tax perspective.
	Because obviously, it's an asset class that is, I guess, far different than real estate or having a business or, I mean, you tell me.
	So the IRS cheats at it as property.
	So basically, for the most part, your gains in crypto are going to be taxed as capital gains.
	Unless you're a miner.
	And if you're a miner, and you're mining, let's say, Bitcoin, or you're mining some other blockchain, like Pulse Chain or something like that, where you're setting up validator nodes, you're getting paid in rewards of that token, of that basically called the Layer 1 token.
	So that's set up as a business.
	So that's taxed differently.
	That's taxed as ordinary income, which is higher.
	So as you know, but a lot of the crypto stuff is going to be short-term gain, so it's going to be taxed more like an ordinary income because it's taxed higher, but most of the other, excuse me, less transactions Are going to be held for one year or more in crypto because the market's so volatile.
	Yeah.
	So people come in, they trade quick and they're doing like swapping coins.
	And so the biggest mistake I see in crypto and the biggest misunderstanding is not understanding what's taxable, like a taxable event in crypto.
	So basically you get your money.
	You know, you take it from Bank of America, you go into Coinbase, you open up an account, you typically, most people, you know, get, like, U.S. dollar coin, which is a stable coin.
	Yeah.
	It stays, it's pegged to the U.S. dollar.
	They'll get that, and then they'll flip it for Ethereum, get a MetaMask wallet, and then you need Ethereum to transact, because you have to pay transaction fees on the Ethereum networks.
	That's called gas.
	Yeah.
	Then they start flipping that for coins.
	Anytime you make a swap, Is a taxable event.
	Really?
	Yeah.
	Wow.
	Even though you're doing it on the app and you have it cashed out, yeah, but when you swap, that's a taxable event.
	Yeah.
	So if you buy Ethereum and then you're like, okay, and Ethereum, let's say it goes up and you go, I'm going to put this in like US dollar coin and USD, that's a taxable event because it's like a stock trade.
	Does the interface do it for you?
	Let's say you do this on a Coinbase or something.
	Do they do that for you?
	It does, yeah.
	So there's a software program, but we'll get into that.
	So I kind of wanted to start with just the basic stuff for like, hey, I gotta file my taxes.
	When are they due?
	I don't have my stuff ready.
	We'll talk about extensions.
	Okay, so we'll go there and then we'll go into the cryptos.
	You guys can see, obviously, as well, because I didn't even know that that counts as a taxable event.
	That might save some people some headaches in the future.
	Well, yeah.
	I get a ton of people talking to me like, well, I haven't taken any money out.
	I didn't off-board any money yet.
	And I got to off-board.
	I had a guy that he's making millions in crypto.
	And then they have this perception that you're pulling your money off.
	To use it to purchase hard assets, like maybe real estate or something like that, or a vehicle, then that's when it becomes taxable.
	That's what I thought.
	No.
	Wow.
	No.
	No, no, no.
	You have to calculate all that on the blockchain.
	You might have saved some people from going to jail.
	Literally, you might have just saved some people from going to jail right now.
	Yeah, so that's the biggest thing.
	I didn't pull any money out yet, so it's all in there.
	Well, yeah, but you still have transactions where there's gains and maybe losses.
	Last year, 2023, we were probably going to see more losses on these returns.
	And we'll talk a little bit about that.
	Hopefully, some people employed some strategies.
	Is that my phone?
	I don't know what that is.
	Okay, sorry, continue, continue.
	So we'll get into the basics, I guess, for taxes first and get more into crypto.
	Yeah, yeah, yeah, yeah.
	So, I mean, you know, here we are, right?
	A major deadline just passed for you guys, because you guys have S-Corporations, right?
	Yeah.
	And I put you guys on extension.
	You didn't even know it.
	I automatically put you guys on extension.
	W-Steve, man.
	W-Steve, man.
	Yeah, so March 15th passed, and we had to file for the S-Corporations, right?
	That was the deadline.
	So I put you guys on extension.
	I filed a form.
	It's called 7004.
	So for anybody listening out there, hopefully you did that.
	If you didn't, And now you go and file your S Corp return, you're gonna get hit with a penalty from the IRS. So I'll talk, there's a little trick that you can do to get rid of that.
	So March 15th was for partnerships and for S Corps.
	April 15th is for personals, 1040 as you call them, and then for C Corporations.
	I don't have very many C Corporations, maybe like two.
	And then what you can do is you can file for an extension.
	An automatic extension for time to file.
	So here's another mistake people make.
	It's an extension of time to file, not to pay.
	So what do you have to do?
	You have to estimate, come April 15th, what you think you're gonna owe in taxes, right?
	So there's a way, it's called the Safe Harbor Rule.
	So the way to do that, if you're good and you can calculate within 90% of what you would owe when you go to file.
	So let's say, oh, I owe...
	You wind up owing $100,000, but then you go and you make an estimate on April 15th, and you pay that estimate, and you go on extension.
	When you go to file, if you pay $90,000 when you do your extension, and you go find out that you owe $100,000, then you're within that 90%, right?
	So the easy way I do it, as I take your prior year total tax, and another way is you could do 110% of that.
	Ah, to be safe.
	Oh, you owed $100,000 in 2022, let's pay $110,000.
	And then that's a safe harbor.
	So if you owe $200,000, you're not going to get penalized for failure to pay.
	Because there's different penalties in the IRS. Let's say, man, Steve, I go to work, bro.
	I got kids.
	I got stuff going on.
	I don't want to stress about this at all.
	Right.
	Who should I go to?
	You?
	TurboTax?
	Who should I go to for this?
	So, I mean, if you got a lot of stuff going on and you don't have no interest in doing your own taxes, obviously, if you got too much going on, then you want to hire somebody.
	It's well worth your time to hire somebody that you can trust, that can, you know, obviously keep you out of trouble.
	And...
	I noticed when I switched from, you know, when I was working for the government, it was easy, right?
	You can go to an H&R block, standard, you know what I mean?
	You got one income, it is what it is, you got a regular job, cool, easy.
	But once you become an entrepreneur, you need to invest in an accountant.
	Yeah, so once you have a rental property or you're doing a side hustle, and then you have a W-2 on top of that, then you probably want somebody doing your taxes.
	Who the hell wants it?
	Every year, you've got to be apprised of all the new changes in the tax law.
	You've got to go get the software.
	You've got to figure out and hope you're doing everything correctly.
	Because the laws change.
	There's a bunch of things that Trump put in that Biden kind of slowly got rid of.
	I remember you used to be able to write off 100% of your meals for business.
	And you used to get big tax deductions for vehicles.
	You don't get that stuff anymore now with Biden.
	And little nuances like this, guys, most people are not going to know this stuff.
	Right.
	I would be worried just to even trap myself nowadays.
	You never know.
	Hell, yeah.
	And most people wind up overpaying their taxes.
	The vast majority of people that try to do their own taxes wind up overpaying.
	They don't take advantage of the full tax code.
	Especially when you're an entrepreneur.
	Yeah, exactly.
	So, okay.
	So, sorry.
	So, we talked about the deadlines.
	What else did you want to...
	So, like I said, I put you guys on extension for March 15th.
	Nice.
	Your subchapter S corporation.
	Both of you guys have your own corporations.
	W Steve.
	So, basically, if I didn't do that or you didn't do that, you would get...
	There's a $220 per month...
	It's a steep penalty from the IRS if you didn't do that, right?
	So a lot of people don't realize that.
	And they're like, oh, file an extension.
	You got like $2,500 because you didn't want to pay it for a year or some shit.
	Yeah, so the next year they go to file and all of a sudden they get a letter from the IRS saying they owe like $2,500 or $3,500 or something like that.
	It's a steep penalty.
	So there's a way, if you get these penalties, a lot of people think, oh man, I got penalized.
	They just kind of throw their hands up in the air and they deal with it, they pay it, right?
	You don't have to.
	So if you have a clean record that you didn't have any penalties for the previous three years and you're on time with your file, like you're up to date, like you filed your last three years' taxes, you don't owe anything, what you can do, it's called a first-time record.
	First time abatement waiver.
	So we call it the FTA waiver.
	Not a lot of CPAs know this.
	So I started employing this like, I don't know, 15 years ago in my practice.
	I came across an article.
	So you've done hundreds of these things?
	Yes.
	Okay.
	A lot of people are like, I'm like, no, no, no, don't pay that.
	And then the problem is some people wind up paying it.
	And then they didn't have to.
	And it's harder to get the money back.
	So I'm like, no, no, don't pay it.
	Get penalized.
	When you get the penalty, give it to me.
	And I have a template where I write a letter and then we just send it in.
	If you're a 1040 filer and you have penalties on your personal tax return, then get the penalty notice on the top there, the upper right-hand corner.
	There is going to be a phone number.
	Just get on the phone number and call them and say, hey, I want to do the FTA waiver.
	And then they'll see, they'll look up your account, and they're like, okay, you qualify, and they could abate it right on the phone for you.
	Oh, nice.
	In most cases.
	So that's a little free sauce for your guys there.
	Yeah, I mean, you already gave them a bunch of thousands of dollars right there.
	Bro, we've been going for just a few minutes here, and you've already given them a bunch of value as far as like, oh yeah, that counts as $10,000.
	Taxable event with crypto as far as swapping coins out.
	And then right now with people, because there's probably people watching right now that might have got one of these penalties, and they don't know that they can actually, if they have everything else to stand on.
	Just call that phone number.
	It's an 800 number right there.
	Call that phone number.
	It's right on the penalty notice, and you can get it waived.
	I mean, you might be on hold this time of year, but just start doing some other stuff when you're on hold.
	Yeah.
	Also, chat, just so y'all know, we are going to have a Q&A because I know when we have Steve on, you guys love to ask questions.
	So we will have a Q&A at the end.
	I know Steve just had some things he wanted to talk to y'all about, and then we're going to open it up for Q&A. So if you guys got questions, fnfsuperchat.com, or go ahead and send a Rumble rant in, and we'll answer your questions because some of you guys asked some really good questions.
	And guys, also just to add in as well, we have our own Telegram chat for announcements and events for pressure fit only because, as you know, when you get notified on YouTube or rumbles sometimes, you don't get it all the time right away.
	So type in the Telegram chat.
	I think Mo has it in the chat as well.
	Yes.
	And join that.
	It's free, by the way.
	So I'll turn it back to you, Steve.
	I know you had a list of things that you wanted to talk to other people, so go ahead.
	I'm going to dive in.
	So I think that's kind of what I want to cover, just the basic stuff that some people are going to overlook that I think is going to be valuable for your audience.
	But the other thing I wanted to get into was the crypto tax, because that's the soup du jour today, right?
	It's the soup of the day.
	Everybody's really like, the market's up, and we're in a bear market now.
	We just came off of a terrible long period where we were in the, excuse me, We're in a bull market.
	We were in a bear market for quite a while.
	So I'm sure a lot of the returns that people are doing right now in calculating their crypto transactions are going to come out to have losses.
	So I don't know if a lot of people knew this, but this is another piece of really good, valuable information is And it's different.
	When you're involved with a traditional finance stock market, and you're trading stocks, and you have stocks that are at a loss, a lot of people, what they were doing at the end of the year, like around close to December 31st, they were selling that stock for a loss, and then they would buy it back in the following year, thinking that it might go up again.
	And that's called loss harvesting.
	So the IRS put a stop to that and said, no, no, you can't do that.
	And, you know, they put a wash sale rule in place, meaning that if you sell a stock, you can't buy it back for 30 days.
	Whoa.
	So that eliminated that.
	But in crypto...
	You can.
	It doesn't apply to crypto.
	So a lot of people were probably down on a lot of their positions.
	I know I did.
	I harvested a bunch of losses because I had a ton of positions I was holding that were way down.
	Some of them were like 80, 90% down.
	I'm like, well, I'm not going to sell it now.
	What's the point?
	I'm just going to hang on to it.
	But I winded up selling them right at the end of the year, and then I bought them back like January 2nd or 3rd.
	Pretty much at the same amount.
	And then I harvested those losses.
	So right now, I'm sure the IRS is probably going to come up with a rule to plug that loophole.
	But for now, take advantage of it.
	So hopefully some people did that.
	We'll see how this year plays out.
	Probably people are going to be up.
	In 2024, I would imagine.
	I think this is going to be a pretty good year.
	We've got three more rate cuts coming.
	They just did another $1.2 billion in spending, the stimulus package again.
	It's an election year.
	They're going to bring the rates down as much as they can.
	What's the rates down at this point?
	It's like 7% or something.
	I haven't even checked lately.
	I've been so busy.
	You're in the process right now, right?
	I'm on a contract for a house right now.
	I didn't even ask them what the rate was.
	It's going to be somewhere around 6 or 7, I think.
	I'm buying as an investor, so they always add an extra percent when you buy.
	It's not like a primary residence.
	Steve, let's go earlier about Puerto Rico taxes and crypto.
	I'm going to finish with that.
	Okay, cool.
	Yeah, that's my agenda.
	That's very important.
	I'm going to finish with that.
	So I'm going to go quickly over kind of the stuff we're talking about.
	So I think I had...
	Are we going to pull it on screen?
	All right, let's do it.
	Let's go.
	So I don't know if you can blow that up, but look at...
	Here's a 1040.
	This is the 221040, right?
	You got your name.
	You got your social security number.
	You got your address.
	And then you got your filing status.
	Look what's number three on there.
	Digital assets.
	That's new.
	That's like, now everybody's, oh, the IRS doesn't know what they're doing.
	They don't have the, they're not really paying attention.
	They are, they've been, say they have like this Operation Hidden Treasure that has been since 2018, I believe.
	Was it 20 or 2020?
	It could be 2020.
	Don't quote me on that, but there's a task force at the IRS where they're actually employing people to do on-chain analysis, where they're using tools and they're tracking big wallets, little wallets, and they're just data collecting.
	Most people, probably over 80% of people, are not filing anything on their crypto.
	They think they're totally invisible.
	So there's this thing called, like, unless you're going in some route where you're using maybe a VPN and using some different type of exchange, like maybe KuCoin or something, they don't request your personal information.
	That's called KYC. It's called, like, Know Your Client.
	So these are the data points that they need to know in finance, like, who is this person, right?
	So it's got your...
	And this new thing with digital assets, didn't that just come out last year?
	Yeah, so we've been getting that on our...
	They just moved that on page one.
	And then if you look at page two, if you scroll down to page two towards the end, that's where you sign it, right?
	So go down to page two.
	So look at what it says right above the signature, under penalties of perjury, I declare.
	That's where they get you.
	So now they have the legal foothold on you.
	So if you don't put your crypto in there, you can literally mess yourself up.
	The IRS is not wanting to put people in jail, obviously.
	That's not their main thing, right?
	They want money.
	So they're going to always give you the opportunity to come clean.
	I've had cases where guys have owed hundreds of thousands and it was like blatant, blatant tax evasion.
	And they gave these guys breaks.
	They just want money.
	It doesn't serve them to take a criminal track to it.
	Yeah, I mean, I've worked with IRS agents before, man.
	Like, they're really not looking to arrest people unless it's like egregious.
	Nine out of ten times when IRS criminal investigations is after you, you did some other crimes on top of the money crimes, which is why they're not coming after you because you got that money illicitly in the first place.
	Correct.
	But if you're, you know, making a mistake or you didn't know how to label something or whatever it may be, typically it doesn't rise to the level where they're going to come after you criminally.
	It's just like they'd rather get money from you.
	That's what they'd rather do.
	So question, would this trigger an audit if I don't put crypto down on my form, 1041?
	No, not necessarily.
	They are data collecting right now, so probably they're using this not as a tool to go after specific individuals.
	They're using it as a tool to figure out who's actually saying that they have digital.
	How big is this?
	How big is it, you know, because we're talking about that we're like, what, like, maybe three trillion?
	I think once it gets, you know, the entire market cap of all crypto, right, we talk about that, it's like probably the size of like, It's a little bit bigger than Apple, right?
	The equity of Apple.
	The market cap of Apple.
	Really?
	Yeah.
	So it's really small.
	It is small.
	Worldwide, right?
	Worldwide.
	Worldwide.
	From a worldwide perspective.
	So I don't think it's going to be really significant.
	Once it gets to $10 trillion, now it's significant.
	Now you're talking about...
	Did you put for us that we had crypto, I guess, last year?
	Or no, was it not on the form last year?
	It wasn't on, so now it's on now.
	So this year, I have to tell you how much I have.
	Actually, those may become useful because we may use that to offset.
	I'm assuming probably your positions would have been down last year when they calculated some of those positions.
	So how does that work then?
	Because obviously crypto is volatile.
	It's going up and down every single day.
	Do you just tell them how much of each coin you have, I guess?
	No.
	No, no, no.
	They don't care about that.
	That's more for foreign bank accounts, right?
	Okay.
	So that's other than the foreign bank account.
	So how would you even properly estimate So you don't.
	So what you do is you get a software program like CoinLedger, right?
	CoinLedger pulls in, you plug in, you connect your wallets in there, and it can go on and it can pull all the decks, like the decentralized exchange information, all your trades.
	It does a pretty decent job of doing that.
	And it'll scour the blockchain, whether it's Ethereum or, you know, whether it's Solana, and it'll pull all the information and figure out what trades that you did, or swaps, or maybe you got airdrops that you claimed, or maybe you have, like, you did some, like, yield farming where you're getting, like, you know, you're, like, staking your crypto and you're getting, like, interest, basically, on it, more coins.
	So it'll calculate all of that.
	And then it'll give you a pretty good indication of like, you know...
	Does it timestamp it to that day, I guess?
	No, not really.
	It just pulls everything together in a nice report saying, okay, we saw you took this coin, like Ethereum, and you swapped it for USDC. You bought Ethereum at $1,500, but when you swapped it to USDC, it was at $3,000.
	Okay.
	Right?
	So it'll calculate that transaction because you swapped it for...
	A stable point.
	But obviously that report is generated as of that day when you do it.
	No, so it takes January 1st all the way to December 31st.
	Yeah, because it's the year prior.
	So it'll take that calendar year.
	The average of the year.
	It'll pull whatever transactions that were taxable events.
	It knows that.
	Because blockchain is just basically a public spreadsheet.
	Yeah.
	That's all it is, and it's got all the transactions in there, so it knows based on your address and your wallet and the cryptos that you had, they have specific addresses, it knows how to calculate that.
	Now the only problem with when you're pulling all of this data off, you have to analyze the report it prints out, and it'll kind of flag, like CoinLedger's pretty good, it'll flag and say, hey, by the way, we see that you got one side of the transaction here, but you don't have any cost basis on the other side, so you need to look at that deeper.
	So maybe they transfer some crypto over from another wallet.
	And it started with like a zero basis or something like that.
	Their balance sheet's off.
	Yeah.
	Okay.
	So that's why you got to work with...
	Probably in most cases, you probably have to like...
	Do that for your accountant and give them the reports and kind of walk them through.
	Because a lot of these guys don't know what they're looking at.
	They have no idea.
	I'm confused right now.
	I'm just listening to you.
	I'm like, God damn.
	Imagine like, you know, four or five years ago, somebody came to me.
	I would like a swap, a yield, like, you know, liquidity providing airdrop.
	I have no, I would have no idea what they're talking about.
	Shit.
	We trust in Steve.
	Yeah, man.
	Yeah, man.
	So, dude, what I'm realizing is, like, this year and the years to come, your accountant needs to know crypto, man.
	If you have anything.
	This is the future.
	This is the future of finance.
	You need to know it.
	I mean, that's crazy that they just put it to the front page randomly like that.
	Like, hey, yeah, buy digital assets now.
	Yeah, and now they've got the central bank digital currencies.
	Which the U.S. has one, and most major countries do have them too as well.
	So that's the next level.
	I have my own tinfoil theory of how that's going to be rolled out.
	I think it's probably going to be through the stimulus.
	So they'll have people like, okay, they just did a $1.2 billion stimulus package, right?
	So they'll be like, okay, maybe we have some COVID type of event.
	Where they're going to be like, okay, if you want to claim your stimulus money, you're going to get $2,700.
	How are you going to do that?
	We're going to give you CBDC, and then you're going to set up a bank account.
	You're going to go through your KYC, hook in there through your phone, and then everybody's going to want that money, obviously, right?
	And then that's how they're probably going to use some method.
	That's my theory, to usher in the digital bank currencies, I think.
	Wow.
	At some point in the future.
	Listen, let me get it straight.
	So you're telling me, let's say I had crypto back in the day.
	I was in the club popping bottles, getting lit, buying Lampos, Ferraris, all that fun stuff.
	They're going to tax me all the way back then for my crypto, even though it wasn't on the form in 2021, 22?
	Yeah, so what I would say is like, you know, definitely you can go back and I think there's going to be some...
	Grace?
	Yeah.
	So what happened was like back in, I can't even remember, maybe like 20 years ago, there was a lot of like contractors that were working for construction, like developers and stuff like that.
	And a lot of them like didn't, they were like on 1099 basis or whatever, you know, so they would just not issue 1099s.
	So it was becoming a big issue because we had like a real estate boom.
	And with the IRS, it was put together a forgiveness program saying, hey, file all the 1099s, come, and then they weren't going to kill you on all these penalties and interest.
	And it was like a coming to Jesus, like, okay, here's your one chance.
	It's going to be like a forgiveness program where people came forward, they would pay whatever they probably were supposed to owe, and then they get caught up and then...
	Promise to stay in compliance in the future.
	Okay.
	So I think there's going to be something like that because, I mean, the underreporting is, it's crazy.
	Like, I think, like, it's probably less than 10% of people, probably, honestly, that are involved with crypto that are actually reporting on their tax return.
	I would probably estimate it's like that, yeah.
	There's been a couple studies on it.
	I had some good numbers when I did the course.
	I don't have them offhand, but it was ridiculous.
	I think in 2015 or something like that, the IRS did similar to that.
	They figured out who was reporting Bitcoin or something like that.
	And they knew...
	How many people were involved with Bitcoin and sold it or whatever, maybe based on blockchain analysis?
	It is, yeah.
	And then I think there was only maybe 800 people in the entire United States, and we knew thousands and millions of people were involved with the crypto at that point in time.
	So that just goes to show, yeah.
	And then also the general mindset of people that are involved with crypto, Are kind of those that are like, I wouldn't say anti-government, but like anti-establishment.
	Yeah, yeah.
	Right?
	So that kind of like, it's like, there's a way to do it.
	You can make money, you can make a lot of money on it, you can do it right, and you can sleep at night and not worry about.
	If you think for a second that the IRS is stupid and it's not going to come after you, it's not going to find out, like...
	Once you get big sums of money and you're moving whale amounts, you're in the millions, then I don't know if it makes sense to stay off the grid and not report it.
	I'm not worried, but let's say I was a Nigerian scammer.
	Let's just say I got the tip that I was looking towards my crypto now on the forums.
	If I move to Puerto Rico, if I move to maybe Bali, will they come after me then?
	Because, I mean, I'm going out of the country.
	So that's a good question.
	So, I mean, Puerto Rico has Tax Act 60.
	That's like Condado in Puerto Rico, just outside of San Juan, is like a big crypto haven.
	So a lot of people have gone there and have made vast amounts of money.
	And taking advantage of the Tax Act 60.
	So basically, they'll become a full-time resident there, and you only pay 4% in capital gains rate.
	That's huge.
	The problem is, let's say you're planning on doing that, and now you have all these capital gains already, and you have millions.
	Now you want to move to Puerto Rico.
	All of those that you have made on the mainland are subject to the U.S. Internal Revenue Service taxing.
	It's not until you get there and you get an attorney and then you actually sign all the paperwork and then you identify your public addresses for your wallets, then you start there.
	So all that stuff that came prior is subject to the United States mainland.
	Nice thing about that, if you do a full-time residency in Puerto Rico, you don't have to give up your U.S. citizenship, which is good.
	You can't vote in the federal election.
	But you don't, if you don't have any sources of income or anything outside of the U.S., outside of Puerto Rico, excuse me, then you don't even have to file a U.S. income tax return.
	You don't have to file that 1040.
	You just file a Puerto Rican government tax return.
	Oh, wow.
	Interesting.
	A smart move, man.
	Yeah.
	Logan Paul?
	Luke Belmar?
	Well, yeah.
	There's some big, big-time money there.
	So it's done really well for a lot of people.
	But again, it's been gentrified.
	So there's this pull on the island where once you get an area gentrified, it jacks up the real estate prices.
	So a lot of people in the mainland, they're going to Orlando because they can't afford to live there and buy a property anymore.
	So it's becoming something like a Hawaii or something like that.
	So there's kind of that political uprising in there about that.
	We got some chats real quick?
	Yeah, yeah, we can.
	Okay, so we got here...
	Arshad Khan.
	Arshad goes, I love you guys.
	I'm a multimillionaire businessman with my brother from Georgia.
	We own extended...
	Oh, hold on.
	Extended state hotels.
	Okay.
	And have about 1K rooms, event halls, etc.
	I just ended a relationship with my second woman because you can't fix modern Western women.
	Okay.
	We got DZA says, he goes, hi FNF, quick advice, I'm 25 and I work two full-time jobs and just paid off my 18k car in two years and I have 8k saved up after and would like to have more free time from one of these full-time jobs to network more.
	Any advice on which move I should make now?
	$25,000.
	Yeah, bro.
	Good job on paying off your car.
	I mean, listen, people's main expense is where you live and where you're car as well.
	Car debt especially is going to be high, so good job on that.
	Networking itself, bro, you want to be in a major city where there's actually access, a lot of groups going on.
	I would say like Miami, Texas, even Vegas as well.
	So find a local area that's good for you, depending on what you're doing.
	Like, for example, let's say you're doing real estate.
	Meetup.com in your local area.
	Find that meetup group.
	Go over there.
	Go to different events on Facebook.
	Whatever you can find in that area for whatever your expertise is, go do that as well.
	But again, major cities, Texas, Miami, Vegas, New York, that's where you should be.
	Yep.
	Dr.
	B84 says, shelter fresh.
	Bro!
	Tell me why I'm eating dinner, right?
	At Komodo.
	I look over to my left and I'm like, I know this nigga.
	What?
	Dr.
	B84 is eating dinner right next to me on a date.
	Shout out to him, man.
	He says, my girl is still bugging about our Miami trip last week.
	Good to see you in Komodo.
	The other day when I was celebrating my 40th birthday, two years ago, my girl weren't even looking at me.
	I spent the week in Miami with one.
	Yeah, 20 years ago, he was a blank, invisible to girls.
	Now he's doing well for himself, successful, and he's getting, you know, what he deserves, recognition.
	So shout out to him.
	Happy birthday, bro.
	We got here.
	Darfurgang says, Steve, my brother owns a commercial property.
	How can I reap the benefits or tax benefits using the property for my business without him necessarily giving up ownership to me?
	I mean, yeah, so the only thing you can do is rent the property from him and then take a tax deduction on your tax return for the rent if it's legitimate.
	But beyond that, I don't know.
	What else can you do?
	That's about it, yeah, because if he doesn't want to relinquish ownership to you, then you're not going to be able to take any depreciation on it.
	Okay.
	Jay Hurd.
	I'm a freshman in college and plan on following the accounting path.
	How would you build skills, do internships, and network in the field to set yourself up for success for accounting?
	So I don't know if you're interested in taking the CPA track, but definitely I would get in with a CPA firm.
	I mean, they're always looking for people.
	They're always hiring.
	They're always short-staffed, and you're going to be exposed to a lot of things.
	That's a good feather in your cap to put on your resume going forward.
	So that makes you much more employable and attractive.
	I would find as well the best, or I want to say the most plugged-in accountant in my area on LinkedIn.
	Hit him up, if he's going to respond to you at least, and say, hey, I'm a guy looking to get into accounting.
	I'm willing to learn, spend hours working for you for free.
	Would you mentor me?
	I mean, you don't even have to do that.
	There's a lot of CPA firms that'll take you and, you know, you could just do like, you know, like run to the post office, answer the phones or just do like just very basic stuff, fill out organizers or things of that nature where you can get your foot in the door.
	They're always looking for people to help out in the office because we're busy.
	That's good.
	Water Dragon says, question, what is the time limit to go from, this is a good question, sole proprietor to LLC and same from LLC to S-Corp?
	So it is up to 24 months.
	If you go to my bio in my Instagram, I got the A to Z LLC to S-Corp and it walks you through step-by-step with videos in there and everything on how to do that.
	And we did a whole episode on this.
	If any of you guys are watching this podcast right now and you're an S-Corp, You're a sole proprietor, you're an LLC, you're fucking up.
	You need to switch over and become an S-Corp immediately.
	The only time it should even be an LLC, correct me if I'm wrong, is if it's a real estate property, right?
	Yeah, because we talk about it all the time.
	Because you're going to wind up filling out, it's called the Schedule C of your 1040, that's the most audited form in the IRS. It's the number one audited form.
	And also you're going to be winding up to pay whatever profit you...
	Declare on that on that Schedule C is going to be subject to 15.3% self-employment tax.
	Then you got to pay ordinary income tax on it.
	Bam!
	So you're getting like double tax.
	Yeah, it's it's it's steep.
	So you know, so all you guys, you need to switch over to an S Corp immediately.
	You know, you guys that have a just a simple LLC or sole proprietorship, you're fucking up man.
	You need to switch on over to an S Corp immediately.
	Yeah, if you've got a $50,000 profit, On that, that's a $7,500 savings right off the bat just by doing that.
	Wow.
	$7,500 on a $50,000 profit.
	That's another question I know they would ask.
	How much do I need to earn per year to switch over to an S-Corp makes sense?
	Anywhere between $40,000 and $50,000.
	Once you hit your net, your net profit, once you take your income, take all your expenses out, if your net is around $40,000 to $50,000, then you should be an S-Corporation.
	Wow.
	Not gross.
	Not gross.
	So if you're actually netting it and that's what you're getting, okay, $40,000 minimum?
	$100,000 in income.
	I have $50,000 in expenses and everything with my car, my rent, and whatever, whatever expense you have for your business.
	And my net profit is $40,000.
	They need to be an S-Corp.
	An S-Corp, yeah.
	Okay.
	All right.
	Nigel Cardoza goes, hey, Steve, is accounting still a good career to get into in 2024?
	Where is the best place to start and how can you progress from zero to 100?
	Thanks, FNAF. Good question.
	Yeah, become a tax professional and learn about crypto.
	This is where the future of finance is right here.
	That's how you diversify yourself as an accountant.
	You're going to need a lot of help doing that.
	There's actually even people that are just, they're not even like true tax professionals.
	They just know how to go in and calculate all of the gains and losses and figure out what's like, put a report together for accountants.
	They're putting these services together and that's all they focus on.
	They're making the business out of it.
	Gotcha.
	That's how big it's becoming.
	Okay.
	Versus if you're an accountant and you can do it yourself.
	Right.
	And understand it, yeah.
	There's people that are just like, okay, this is a little niche.
	I'm going to focus in on this.
	We need help with that.
	I don't have time to go out and download people's wallets and hook them together and check everything.
	This is something that either they have to do and bring to their accountant or they have to get somebody to help them do it.
	Wow.
	Okay.
	If I was a CPA, I would just hire them to work for me.
	Shoot.
	That's what I told them.
	I got a couple guys that's like, look, in my group, they're like, if you guys can learn this and master this, you will be like, this is, you know, the firms are going to be looking for people like you.
	Wow.
	Until the software and the interfaces become more integrated and, you know, maybe there's like an over layer of like, you know, like they're trying to come out with a couple of these, they call them like interoperable, like they can layer on all the chains and bring all the data in.
	And you guys see it's official.
	It's officially on the tax form now.
	So it's like...
	They're not messing around anymore.
	Now it's actually...
	This is the first year that it's on the...
	2023 is the first year it's been on the tax form.
	So...
	All they had...
	I might have mentioned it.
	The Operation Hidden Treasure, right?
	That was like 2020, right?
	So, like, think about it.
	Last year and maybe like 2022 and 2023, the market was down, right?
	So a lot of these guys...
	That now, like, they were, like, IT, right, is, like, a soft spot.
	Like, there's a lot of unemployed IT guys.
	Yeah.
	So the IRS can pick up this talent.
	And they started, like, when the market was down, they were picking up this talent.
	And now they're putting them to use as IRS on-chain analyzers.
	They're basically crypto auditors almost.
	Basically, they're just doing, like, on-chain analysis and gathering data and putting things together and figuring out, like...
	Wow.
	Yeah.
	When do you...
	Would you say, I mean, obviously this is the first year they're rolling it out, so there's always going to be kinks or whatever, but would you say within the next five to ten years, if people don't appropriately, I guess, declare their crypto for tax purposes, they're pretty much going to be in a situation where the IRS will be in a position to come after you?
	Yeah, so what they did with Coinbase, there was a case where they could just go in and basically, it's called a John Doe, they'd send a John Doe letter.
	So what the IRS was doing was, what Coinbase viewed it as, was like a fishing expedition.
	So they were trying to send out, like, oh, give us the name of all the people that are on your exchange.
	Because they wanted to see if they were looking at their 1040 to see, oh, are you reporting?
	Marrying it up, yeah.
	And then they fought it, but they lost.
	They lost that case.
	They went to the Supreme Court and they lost.
	Do you think they'll be able to...
	Yeah, they're going to strong arm these...
	And these chains want to stay in business, right?
	It's about money.
	So they're going to do whatever it takes to comply.
	So they won this time.
	Yeah.
	But...
	IRS can come back again, try it again, and they can keep trying.
	There's a big case right now.
	And it was a young guy.
	He's a Russian developer.
	So he wrote this program called Tornado Cash.
	It was a mixer wallet.
	And the Dutch government basically now has indicted him.
	Now this case is going on.
	So they're saying this guy is responsible for $1.2 billion worth of money laundering and transactions.
	Because people utilize the service.
	But all he did was write the computer code and then release it.
	So now they're saying, well, you should have known that these transactions were like money laundering transactions.
	They got identified as money laundering transactions.
	So now they're prosecuting him.
	He's pleading not guilty.
	He's going to fight the case.
	But, you know, computer code is like, in our law, in our common law in the United States, it's protected under freedom of speech, right?
	So you can write computer code.
	So that's all he did.
	It's just a tool that anybody can use.
	It's a public mixer.
	The Mixer wallet is a very useful tool to have in crypto because there needs to be a way for business-to-business, B2B transactions, or let's say at some point you're going to start paying your employees in crypto.
	You need a way in order to pay those employees where people can't track it on chain.
	And figure out how much you're getting paid and how much he's getting paid and how much I'm not getting paid.
	Yeah.
	Or how much you paid for a certain...
	Like, these transactions need to have some sort of, like...
	Mixer wallets are useful in that regard, obviously.
	But then you have, you know, the nefarious actors using it for...
	Of course.
	They're fucking up for everybody.
	Yeah, so...
	Damn, okay.
	So, I mean, so the governments are clearly cracking down, man.
	So, guys, you know, obviously this is stuff that's very important so you don't find yourself in a pickle.
	What do we got?
	Alex Scott?
	Hello, guys.
	Big fan.
	I have a question for Steve.
	I have a Schedule K-1 form 1065 from some investments.
	I use FreeTaxUSA for my software, but there is no section to file that form.
	How to file this?
	Yeah, so I don't know what...
	So...
	So on there, on that form, you're going to have, you know, boxes and telling you where you got to put it.
	So, you know, there's going to be like regular rental income, you could have interest, you could have dividends.
	So wherever you could align those two on your tax return, so wherever interest goes, you're going to put that amount there as interest.
	And wherever dividends goes, you're going to put that amount there as dividends.
	If you have a capital gain, Things of that nature.
	So you're going to see those boxes on your K1. If you don't have the actual input screen on that software, it sounds like probably a rinky-dink software that only handles a W2 maybe at the most or something like that.
	So you might have to upgrade your software to have a data entry that handles the K1. Gotcha.
	Trigger Don goes, if I have a MetaMask wallet and receive payments in crypto, ETH, or BNB, is that subject to tax?
	Absolutely.
	That's a great question.
	Yes.
	Anytime you receive any, that's money that you're receiving for your rentals.
	So that goes under rental income.
	So that's what's construed.
	That's not a cap gain.
	Oh, wow.
	Really?
	Yep.
	And it's valued at the time it drops in your wallet and you get it.
	You have to value it at that time.
	Then you have to deal with, if that goes up, So let's say, you know, I drop you some Bitcoin, and it's at 65,000 a coin, and then it goes up to 70,000, you know, you're hanging on to it.
	So now you got this, you received the rental income, right?
	But then now it's at 70, now you have a cap gain of 5,000 on top of that.
	That doesn't happen with U.S. fiat, like, you know, currency when you get, you know, that just, they pay you and you put it in your Bank of America account because it's flat, right?
	There's no up and down.
	There's not volatility in that.
	So that's the difference with crypto.
	So you have that little nuance with the crypto.
	Wow.
	Damn, niggas be taxing.
	Yeah.
	Wow.
	That's crazy.
	I think the biggest takeaway from this is that it's not a taxable event just when you pull the money out.
	It's a taxable event.
	For swapping.
	For swapping.
	All that stuff.
	On a wallet.
	Damn.
	Okay, swapping.
	It's getting airdrops.
	That's another one.
	Airdrops are big.
	So a lot of these Veeam coins and these people, you can have these wallets out there where you're getting all these airdrops of coins and stuff like that.
	If you don't go out and claim them, then they're not really yours.
	But if you go and, like, there's a process to claim these airdrops, and then once you claim these, then you have to recognize the value of that as receiving, like, income, whatever value that was at the time you got the airdrop or you claimed it.
	Okay.
	What do we got here?
	Coform 2019 sales 2020.
	Haven't filed taxes because not sure to file a self-exempt employed or S-Corp.
	Ups and downs with the food truck and the LTD on cash flow at the time of an account.
	Cash flow on point since 2023.
	Damage not filing.
	Reform to elect as S-Corp.
	Man, you did a whole bunch of...
	That's business jargon.
	Yeah, so I'm assuming it's a company.
	He said something about being an S-Corp.
	So I'm assuming you're probably an S-Corp or maybe want to be.
	2019 is a little old, despite that window's already passed if you're not.
	So then you're going to be forced to put it on your Schedule C. But yeah, so...
	What did he say?
	He said he hasn't filed taxes because he's not sure if he should file a self-employed or S-Corp, ups and downs in the food truck.
	I think he means a sole proprietor, right?
	A sole proprietor?
	Probably, yeah.
	Yeah, but the problem is 2019, 2020, you're already too late to go back and make an S-Corp if you haven't already.
	If you have, then you get them filed.
	Now you're going to have late filing fees because of your subchapter S, which could be in the thousands.
	But like I said, you could at least for the 2019, you can get that one waived, but the 2020, you won't.
	Send that question in again, please, so it makes sense.
	It doesn't really make sense, so we can properly answer it.
	I'm Sonar.
	Yeah, I'm Sonar.
	Hi there, question for Steve.
	I'm joining Big Four Audit later this year.
	Do you think this is a good early career path?
	I know you're in the tax, though.
	Yeah, so I worked for KPMG. They still exist.
	They're one of the big guys.
	Yeah, that's a great...
	I equate it to a finishing school.
	You'll learn proper business etiquette, how to speak, how to carry yourself, how to write.
	Very well in a business manner.
	And how to be in big companies.
	Hopefully you get put on big audits where you're rubbing elbows with some high executives, CFOs and controllers and things of that nature.
	So definitely that's a great path to take.
	All right.
	Bullish on me.
	And just so you guys know, we upped it to 20, but get your questions in and we'll answer them.
	Hi there.
	Okay.
	He goes, I day trade the futures market and do e-commerce.
	Is there a way to set up both separate businesses under one entity?
	If so, what?
	If not, would I just do two separate escorts?
	Yeah, just do two separate.
	That's like being a plumber and a stockbroker.
	I don't know why people do that stuff.
	Okay.
	That's that flow.
	He goes, I'm a 1099 cable contractor.
	I have a balance of $130,000 that I haven't paid, and I have to file again this year.
	Is it a problem if I don't pay for a bit getting it together?
	Yeah, so you could do an installment sale.
	$13,000.
	Oh, yeah.
	So, yeah.
	So you're under that threshold.
	I think it's like either $15,000 or $25,000.
	Yeah, so you can set up an automatic...
	Payment plan with the IRS. You just go on, just Google, like, IRS payment plan, and just make sure you're on the IRS government website.
	You can set up a payment plan for that.
	If you're under 25K? I think it's 25K. Don't quote me on it.
	I know, but I know the 13,000 falls under that.
	Yeah, is that 13?
	Yeah, he's 13,000.
	Okay.
	Yeah, so just go online, and you can do it right online.
	It's an automatic approval for that dollar amount, where you just set it up as an installment, figure out how much you want to pay per month, and just do an auto-debit on there.
	We got here, social, made 70k profit on social media this year, sent everything to my accountant, and you just, self-employment, ended up paying 20k taxes.
	Is there a way to save any of this next year?
	Damn!
	Yeah, so just form an S corporation, and then your payment rails, right?
	Who's paying you?
	You need to give them that, like you're gonna start an S corporation, you're gonna have a tax ID number for that S corporation now.
	And you need to set up your payment rails in that new EIN number and new name of that corporation.
	And then you have to have a new bank account, obviously.
	So it's kind of a pain in the ass, but it's obviously going to save you a ton of money if you're paying that much.
	Yeah, so he got you.
	And a lot of these guys, they don't have time to tell you this stuff.
	They're so busy.
	They're not going to sit there and spend the time.
	They're going to be like, fuck it.
	Dude, you owe this.
	I got to go to the next one.
	That's typically how these guys are.
	I've worked for different firms.
	Yeah.
	I used to feel bad.
	Every time I have one of my clients that gets hit with a tax bill, I don't want people paying any more taxes than they have to.
	Especially when it's a big one and they didn't see it coming.
	Pay the tax that you owe to make sure you're doing things right and you're not evading tax evasion.
	But I hate to have people pay taxes.
	I detest that.
	Because your money's better in your pocket spending it the way you see fit, not the way these idiots in Washington, D.C. are doing.
	What if I have a Roth IRA and I decide to trade within my IRA? That's great.
	Yeah, so you could do like a self-directed Roth IRA. That's a big option.
	Now, the only thing, a lot of these guys are young.
	They're not retirement minded.
	No, they want access to that money.
	Are they going to wait until they're 59 and a half to pull it out and use it to buy that Lambo or to buy that house?
	So that's the thing that you've got to figure out.
	So maybe take a portion of that and put it under there so you grow that as a retirement savings.
	A lot of these guys are short-sighted.
	They don't think in those terms.
	I think when you start saying 401k and you start saying IRA and SEP and all this crap, these younger guys, they don't think.
	They're thinking, no, I want to get that car.
	I want to get that house.
	I want to take, you know.
	I can relate.
	Yeah.
	Oh boy.
	That was sweet.
	What's next here?
	We've got some chats here.
	Alright.
	Can you enlarge that for me, man?
	I can't see.
	Ms.
	Deula.
	She says, with an S-Corp, how do you ensure you do anticipate how much taxes by year end?
	I have an accountant and paid quarterly taxes last year, but this year my taxes were surprisingly high due to a good year.
	How do I make work, I think it means, how do I make it work so it's not a surprise how much I owe on distributions?
	So you shouldn't owe anything on distributions.
	Again, this is kind of offboarding your crypto too, right?
	So you measure your taxable income based on the income you have, the expenses you're going to have support for in your return, and whatever that net profit is.
	That flows on your 1040 from your S Corp, and then you pay taxes on that.
	It doesn't matter if you keep all that money in your bank account, or you drain it all and you go on a shopping spree.
	You taking money out of your account is not a taxable event.
	Those are distributions.
	And guys, these are chats from Castle Club, so if you want to be able to get involved in a show at a lower cost, it's $20 to join CastleClub.tv, man.
	You get your questions asked like this.
	So it does save you a bunch of money in the long run if you want to super chat.
	But it looks like her accountant set her up on...
	I don't know if this is a girl or not, but...
	Quarterly?
	But yeah, so what they do is like, and I do it for my clients, so it's based on what, like again, it's called like the safe harbor rule.
	They're going to set you up for, they'll take 110% of your prior year, cut it up to four for each quarter, and then you pay in your vouchers every three months on that.
	Clarifies in the next check.
	Okay.
	I also have an S-Corp 1099.
	Okay, just follow up.
	1099 in healthcare.
	Do I have to register and pay multiple state taxes?
	Different accountants seem to do different things.
	Register for some and not register others.
	So it sounds like she's a traveling healthcare professional?
	Yeah.
	In multiple states?
	Probably.
	That makes the most sense.
	Yeah, because what happens is it's called nexus.
	So when you're physically going to that state, so let's say you're from Florida and you go up to New York and you're physically in that state, whether you're still being paid at a 1099, Technically, you have Nexus in there.
	But it depends on what they file, though.
	If the IRS doesn't go to the state jurisdiction when they do the 1099, then you probably can escape the filing requirement on there.
	I wouldn't like...
	Just go, okay, I worked on it.
	Technically, that state does have...
	It's called nexus over you because you're...
	You worked in their state.
	Yeah, but you're really kind of like not registered.
	You just get the federal 1099 and nothing on the state side because it's not like a W-2 where they have to file New York State on the W-2.
	With the 1099, there's really no, like, I got to file a form with the 1099 New York, you know, jurisdiction, New York State Tech Department.
	So they probably don't.
	So...
	I personally, yeah.
	That's on the employer, I guess, right?
	Yeah.
	She has to ask her employer and figure out?
	Yeah, so she's probably just getting a federal.
	Just put it on your federal and keep it on there.
	And then whatever jurisdiction you're in statewide, obviously you're going to have to adhere to that.
	Okay.
	Yeah, so I wanted to create all these other filings with a nexus and all that shit.
	There's no filing on the state.
	Only when it comes to W-2 do you have to really worry about that.
	Okay.
	Wait, is she in healthcare?
	We're assuming.
	We don't know.
	It sounds to me she's kind of like a...
	Is she a nurse?
	Yeah.
	She's probably like a traveling nurse.
	There we go.
	All right.
	Hey, I have a $10,000 crypto and what type of taxes should I expect and how to avoid?
	What is capital gains tax and gas price?
	Please explain.
	So...
	If you onboard and you buy Ethereum and you haven't done anything with Ethereum, you didn't swap it for another coin, you didn't trade it, you're just sitting on it, you have what's called unrealized gain.
	So that's not a taxable event.
	So that's like if you buy it and just let it sit on the coinbase like most people do.
	Yeah, not until you swap that for something else.
	So based on that question, it sounds to me like it's an unrealized.
	So there's no capital gain yet.
	Can you explain?
	He doesn't know what a capital gains tax is and gas prices.
	Can you explain that to me?
	So capital gain is I buy Ethereum for $1,500 and it goes up to $3,000.
	Now I have a capital gain of $1,500.
	Okay.
	Right?
	But it's unrealized.
	It's not until I... If I swoop it for another coin...
	Or cash out.
	Or cash out, yeah.
	Okay.
	And capital gains can also be you buy a house and you sell it.
	There's capital gains tax on that.
	Right, because it appreciated and you sold it for more than you bought it for.
	The tap gain is based, when you buy it, it's called your cost basis, right?
	So in capital gains, there needs to be appreciation in it.
	Appreciation in it, yeah.
	Okay.
	If I didn't claim my crypto, should I claim it now?
	Oh, and gas prices, what he wants to know.
	Gas price is probably talking about the Ethereum gas price.
	Anytime you swap or do any transaction on any blockchain, whether it's Solana, whether it's the Bitcoin Lightning Network, or it's the Ethereum network, you have to pay A fee in the transaction of that layer one token.
	So in Ethereum, it's called, they call it GWAY. It's freaking weird.
	It's like these nerds that came up with this weird stuff.
	So they call it GWAY. So that's the Ethereum fractional.
	It's like you have a Bitcoin, it's caught up in Satoshis, right?
	So the Ethereum is caught up in GWAY. Gotcha.
	Arigato.
	If I didn't claim my crypto, should I claim it now in my tax problem?
	I already put it in my taxes.
	Also, how do I sell my crypto with little taxes?
	So if, okay, if I didn't claim my crypto, should I claim it now in?
	Yeah, so I mean, it depends on the dollar amount.
	You know, I would have to have no more information, you know.
	I would say if it's only a few hundred, if you're talking a couple few, like 10,000, 11,000, I would like that, you know, I'd have to look at the greater picture of all the other sources of income that you have so you don't get killed.
	But, you know, you could probably, like, it depends on the dollar amount.
	So that's a hard question to answer without any, like, specific numbers.
	Okay.
	Yeah.
	All right.
	Ken Rose says, evening crew, evening Mr.
	Clone.
	If I were to take a profit in crypto and first apply the entirety of it towards my student loan and or my car loan, would I be able to write it off as a tax deduction?
	No, because those are just loans.
	Yeah.
	So when you got the loan, you didn't declare it as income.
	When you pay it off, you don't declare it as a deduction.
	Ooh.
	That's how it works.
	CryptoGlory says, should I make my brother a legal renter of my primary residence?
	I also live there too.
	What type of tax benefits could I receive?
	He has a long-term renter for sure.
	What would you do in my position?
	Be a bum like Chris.
	Because I guess his brother probably pays him rent.
	If you guys get along, then yeah, you do it.
	But if you get along and then you get in a fight and you want to kick him out, then he's going to squat on you.
	He's a squatter!
	You're going to turn into Leo.
	Show those off!
	That's what he's going to tell you.
	So make sure you guys get a lot, bro.
	G Bargo's made a $300K last year as a W2 employee, opened an LLC, but still have to pay over $13K in taxes, and they take 35% down each month from my commission check.
	Holy!
	How much to avoid higher taxes, the LLC is for my rental.
	Holy!
	So I don't know if you're positioned to become a 1099 employee with that 300K. Probably sounds like you might not be able to do that.
	So if you purchase a property, you could take what's called depreciation and you could do a cost segregation study on your property and you could get a massive amount of depreciation in the first few years.
	You can get up to it.
	I wouldn't quite declare you a real estate professional.
	But you can probably take up to a $25,000 loss maximum on there.
	And being a real estate professional helps a lot for tax purposes, guys.
	It's huge.
	Yeah.
	What does one need to become...
	I know you labeled me as one, but...
	It's hours, so you have to demonstrate and then you have to determine that you actively participate in it, that you're involved with managing and doing the leases and renting them out.
	Hours, yeah.
	So there's a whole...
	And they're pretty strict on it, so you go through.
	So we did that with you.
	Having a real estate license or a broker license too is another good indication that you're a real estate professional as well.
	That might be worth it then in that case.
	Because I've always said you don't need a realtor license at all to be an investor.
	It's a waste of time.
	But for that purpose, because getting designated as a real estate professional for tax purposes saves you so much money that it might be worth your time to get that real estate license.
	Right.
	Okay.
	And then does the amount of properties you have...
	Not really.
	No.
	No?
	Yeah.
	You could have one.
	You could have two.
	Yeah.
	Yeah.
	Okay.
	So it really comes down to more hours.
	Correct.
	But having more properties will allow you to be like, well, I spend this amount of time because I have this many.
	It's like they look at it like, okay, what's your main thing?
	Are you doing like a, you know, obviously you're $300,000 a year W-2 wage.
	That's your main job.
	So it's going to be pretty hard for you to substantiate that you're doing something greater than that.
	Okay.
	Yeah.
	Okay.
	All right.
	What else do we got here?
	Fredo Mauricio said, I make 70k a year at a job.
	Won 100k last month playing a poker tournament.
	Can I open an LLC and file as a poker professional?
	Also, can I invest in real rental properties to avoid paying a hefty tax?
	Goddamn, this dude tried to find a way to finesse.
	I mean, it makes sense.
	You're going to be at $100,000 last month playing at the poker tournament.
	What else do you do?
	Yeah, because you're going to...
	So you probably have a lot of travel expenses.
	I don't even get comped at these places where you're playing these, you know...
	Is that a thing like with the poker players?
	I don't know.
	They get comped at these places like free hotel, lodging, meals.
	You probably have a lot of expenses there.
	So yeah, I would consider if this is something that you're making a career out of, then definitely legitimize it.
	Get incorporated, become an ass corporation, and you get right off all your travel, your meals, and your lodging and all that stuff.
	Any expenses that you're incurring to make it to these tournaments.
	Shit.
	Okay.
	Alright.
	Wait, so question.
	If I make money off of, let's say, gambling, I make profits, is that going to be...
	How is that taxed?
	Yeah, so you get a 10...
	These casinos, over $600, they're going to have to issue you a 1099.
	So a lot of my clients, they go to Hard Rock or whatever, and they...
	They'll win and stuff like that.
	So then you have to declare those as income.
	Oh, you have to.
	Yeah, but see what the IRS did, you used to be able to declare, like a lot of these guys, like you could have been even because they lose just as much as they win.
	And then at the end of the year, you tally everything up.
	And then you used to be able to deduct that right off of like the actual winnings.
	Now you have to go and put it on a itemized deduction as your losses.
	You put that on the itemized deduction.
	And the problem with that is you can't really hit the threshold to go over the standard deduction to be itemized.
	So it's almost like you just have to pick up the 1099 on the gambling winnings.
	Damn.
	Unfortunately, yeah.
	So if I win a big parlay, I got to pay taxes no matter what, pretty much.
	Yeah, because you're going to get a 1099.
	The IRS is going to see it right there.
	Because he was covering them by giving you the 1099.
	They're saying, look, we paid this guy this money.
	If you don't pay y'all, then hey, it's on him.
	All right, man.
	So here's what happens.
	When you get K1s, when you get W2s, when you get 1099s, they have your social security number, your name, your address, and that goes on your transcript.
	So they just hit a button.
	So if you don't file, like I have clients that haven't filed in 10 years, right?
	But what happens is the IRS says, alright, you don't want to file.
	They'll give you the minimum deduction, right?
	They'll put you as a single filer, give you the standard deduction, no expenses on there, and then they'll put all your income in, and if it comes out that you have taxable income and you owed, they'll wait.
	But they'll file what's called a substitute tax return on you, right?
	And then you get it, and it's gonna be plus penalties and interest, and it's gonna be big, right?
	So it's gonna be maybe three times of what you originally would've owed.
	Because they got the 1099s from these other entities that proved that they paid you.
	Correct.
	Because I had an Amish kid.
	I'm going to call him Seth.
	How did he even contact you?
	He wrote on a mule and sent a message like...
	So this guy, it's like...
	His...
	So, you know, these guys are like off the grid.
	Yeah, yeah, yeah.
	How did he even find you?
	The horse, his hungry knife.
	Some of them had like this special religious exemption.
	I've seen it before.
	I forget what the name of it is.
	So this guy was working in Tennessee, and the market was going crazy.
	They were doing, like, they're really good carpenters, right?
	Yeah.
	So he was doing all this carpentry stuff for all these developments and stuff like that, making millions.
	The uncle was making millions, and the uncle was telling him, ah, don't file, don't file, don't file, don't file.
	Shit.
	So the IRS came after the uncle after, like, 10 years and said, okay, what I was telling you, like, he had to go, and they gave him that forgiveness program, and they had to do all the 1099s, So Seth is in Sarasota now, and he gets all these 1099s, and then the IRS did all substitute tax returns on him, and he came out to, like, he owed, like, it was close to $200,000.
	Because he had made a couple M's doing the carpentry stuff.
	Yeah, so we went back, and I said, okay, let's figure it out.
	He wasn't even making that much.
	He could make me like $60,000 now, right?
	Yeah.
	So...
	I was like, all right, let's do a deal.
	So I filed all the returns.
	It came out like, you can estimate tax expenses in lieu of not having the receipts, right?
	He couldn't.
	I said, well, let's estimate.
	Let's be reasonable.
	The IRS accepted it.
	So we got his bill down way down.
	I got it down to like 50 grand, but he still didn't have the money to pay it.
	So we did what's called an offer in compromise.
	So then, what happens is, I'm like, how much money do you have in the bank?
	Oh, I have six grand cash.
	Okay, so you're gonna owe six grand.
	How much is your house worth?
	I don't own a house, I rent.
	I'm like, okay, perfect.
	How much is your car worth?
	Eh, maybe like 10 grand in the other truck.
	So I'm like, okay, so the fair market value of that, 16.
	So we got his down to like maybe 17 grand, and it was called the offer and compromise.
	You compromise the balance, and then we put him on a payment plan on there, and then he got it down to like 17,500.
	Wow.
	Yeah, it took a while to do it.
	We had to do it in stages, but that's how you do it.
	Talk about saving his ass.
	You went from a 200K bill to 17.5 and you had to...
	Wow.
	Yeah, I did a lot of it because I'm a certified tax resolution specialist, so I did a lot of that work.
	I knew all the ins and outs and how to put these deals together and compromise.
	I don't do so much of that work anymore, but I still have the skill set for it.
	Yo, imagine it's Caleb.
	He's like, sell my horses.
	Yeah.
	Goddamn, bro.
	Bruh.
	Well, he made it out.
	Holy man.
	Thanks to you.
	So I guess, dude, so like if you're getting 1099s, you better be filing your taxes because someone is reporting to the IRS that they paid you.
	And then if you don't go ahead and file a tax return that shows that income from that 1099, you look bad.
	That's what's going to happen with crypto.
	So crypto is going to have a 1099 reporting system with all this.
	It's going to come out.
	And it's going to go on these people.
	It's going to go on their transcripts eventually.
	I'd say within five to seven years.
	These big exchanges are going to start giving 1099s to the U.S. government.
	Just like Morgan Stanley does.
	Just like Merrill Lynch does.
	Just like Charles Schwab does.
	They're going to have that.
	That's coming.
	So they give you that 1099.
	And if you don't have a mirror image of that when you fire taxes, there's going to be discrepancies and problems.
	Oh, man.
	All right.
	Don't end up like the Amish guy, guys.
	Like Caleb.
	What else we got?
	Steve, I've been DCA in crypto since 2017.
	Never really took a profit.
	Now that it's going back up, I want to take profit and buy property.
	What's the smartest way to do that things, guys?
	Yeah, so again, he's thinking it from like, okay, if I take money out and I off board, I'm going to have to pay taxes on it, right?
	So I don't know how, you know, you DCA'd and if you held your positions, and then when you, you know, like right now it's kind of late to do any tax planning in reference to that, so you're going to have to get hit with whatever that comes out when you do your calculations.
	There's not really much you can do, unfortunately.
	You kind of like already made the money.
	So you've got to set these things up prior to doing this stuff.
	Wow.
	Okay.
	I mean, damn.
	So let's say for example, is there no way to get around that at this point?
	Well, I mean, you can set up a retirement plan, but again, we're getting to the fact that he wants to have access to that money, right?
	Yeah.
	Even when the real estate is...
	Yeah, yeah.
	I mean, I'm dealing with a guy right now that's trying to do some of that, but he's going to have to pay the piper.
	We're going to calculate whatever he owes.
	Okay.
	He made a lot of money, so he's willing to do that, but hopefully you did, too.
	I guess it's safe to say, like, if you're making money, put them to the side.
	Yeah, bro.
	Yeah, man.
	Especially when you're getting 1099.
	Yeah, man.
	People don't make a finesse like, I'll be straight.
	No, man.
	They know exactly how much money you made because the other party that paid you was covering their ass.
	Yeah.
	You know what I mean?
	Think of it like, hey, I bought Amazon and I bought it like $1,000, now it's up to $4,000, right?
	And I want to sell it.
	It's like, what can I do to save on taxes?
	It's like, you made the money.
	You didn't set it up as a qualified retirement account, an IRA or a Roth or something like that.
	You want access to that money.
	So even if you put it in a qualified retirement plan, you're going to get hit with a 10% early withdrawal penalty on it, and then you're going to have to pay whatever taxes that's on there.
	So there's not really much you can do other than calculate whatever amount you're going to have on the capital gains.
	I'm not going to lie, bro.
	When I go to the mailbox, I see IRS, I get scared, bro.
	I think about who?
	Wesley Snipes?
	Amen!
	I'm black, bro.
	Come on out to be me.
	Holy.
	I'm scared as hell.
	All right.
	So, guys, you got to set up properly, man.
	Don't be...
	You stupid.
	Don't be an idiot, man.
	Mosh.
	Match goes WFNF team, mods, and CO Network on Telegram to get announcements for the show and events.
	And that's the link.
	Official, fresh, and fit.
	Yeah, guys, that's our official Telegram.
	Get in there, guys.
	Get in there.
	If you want the updates in real time, join that, and it's free.
	You see us at our live events, shows, pinned in the comments, man.
	Go check it out, man.
	Really good.
	What else do we got here?
	Okay, Steve, what is the process when putting a car under your business, mine is currently a DBA, and bringing in 40k gross?
	40k plus gross.
	I'm assuming it means a year.
	So the process, I mean, there's no special process.
	You just tell your accountant or if you're going to do it yourself, you just list it for whatever the value is.
	And then obviously you're probably using that vehicle not 100% for business.
	So try to estimate like, okay, I use it for 75%.
	So then whatever, like if it's a $50,000 car, you're going to take 75% of that value and then you're going to depreciate over five years.
	All right.
	All right, cool.
	I think we got like one or two more and then we'll close out here, guys, because we got another show for y'all coming up.
	Master of None says, I invested in a rental home, fixed it up, total of $150,000, and opened an LEI? LLC. For a BTM machine.
	Okay, 27.5K. All using money for my trucking, S-Corp.
	My account has said that those aren't tax-deductible.
	Thoughts?
	So I guess he had his trucking business.
	He bought a rental home, fixed it up for $150K, and then he also bought a Bitcoin machine for $27.5K. My accountant said that those aren't tax deductible?
	Thoughts?
	Well, you invested.
	In a property, so that's not taxable, but if you're going to rent it out, then you have depreciation on it, right?
	And cost seg too, because you said you fixed it for 150k.
	You could do a cursory, I have a book out there on cost segregation.
	It's 17 bucks.
	Go in there, it tells you about how to do it.
	You don't have to hire, you don't have to pay a huge cost segregation company to do it.
	It's $150,000 property, you can figure that out yourself.
	Yeah, I don't know if the fixes are $150K or the house is $150K. Yeah.
	Because that makes a big difference, right?
	But still, even though, so let's say if it's below like, I don't know, $400,000 or $500,000, then just do your own cost segregation on it.
	And then you get depreciation.
	So you could do that.
	Your accountant's probably not going to want to do that.
	And then what was the other thing?
	He's like a Bitcoin machine.
	He bought a Bitcoin machine.
	That makes money.
	Basically, I have one of these things too.
	Basically, people do transactions on it and then you get a percentage of every transaction that goes through your Bitcoin.
	Yeah, so you're not going to have much right off there because probably somebody's handling it for you, right?
	So you just get whatever the profit is.
	It's kind of like a standalone thing.
	Yeah, but you're just going to pick up whatever profit you got.
	So that's not going to be tax deductible.
	So he's right in that respect.
	Okay.
	What else do we got here?
	How do I mitigate my tax liability working as a high-earning W-2 employee?
	That's from Taj.
	And then, recently won a lawsuit.
	Won't be receiving 50K after a lawyer fee.
	Should I use a portion to eliminate my 7K collections debt?
	Damn, you got 7K collections?
	Nigga, what the fuck wrong with you, man?
	Yo, nigga pay one dollar.
	Goddamn, man.
	Nigga cheap as hell.
	Yeah, what the fuck, man?
	Come on, bro.
	Nigga, god damn, man.
	50K you won, man?
	Fuck.
	Or keep it untouched in use for my real estate and just work my money to pay off my debt.
	Yeah, you got 7K of collections, bro?
	What the fuck?
	Holy.
	So being a W-2 employee, you pay the highest rates.
	You pay the highest rates.
	There's not much you can do other than like put money away for retirement.
	And you have to do like either 401k or a traditional IRA. You can't even do a Roth because Roth's not tax deductible.
	That's what sucks about being a W-2 employee, guys.
	This is why you don't really need an accountant when you're a regular employee and you don't have a side hustle or whatever because it's very standard.
	There's not much to write off.
	It is what it is.
	And then he said he has $7,000 in collections and he's going to get $15,000 after his lawyer fees.
	Bro, if it's in collections, that's probably significantly hurting your credit score.
	And also he can call and say, hey, I only have like $3,000.
	Can I pay off this amount?
	And they'll take it for you.
	Are you $7,000 in debt?
	Are you $7,000 in collections debt?
	Yeah, because if you're in collections, that means your FICO score is shit.
	Yeah.
	And $7,000 is not going to get you a loan and have a collection on your, so pay off the debt.
	Pay off the debt, yeah, 100%, bro.
	Yeah.
	You got to get your credit score off.
	Call them up on the phone and say, hey, listen, man, I'm going to pay this debt off.
	I'm going to have three kids in my name, two kids in my name.
	What can we do here?
	And just so the audience understands, if it's collections debt, the way I'm understanding it and the way that you wrote it, that means that you owed money to a party.
	That party couldn't get that money from you.
	So they sold it.
	They sold that debt to a collection company.
	Your credit score got dinged significantly.
	Now that collection company is over here messaging you saying, yo, pay, motherfucker.
	Collection companies will negotiate, too.
	They will.
	They will.
	Because they're only getting that, like, hey, we can get, like, you know, 20% on them.
	We'll split it with the company that, you know.
	Exactly.
	They'll buy these debts from these companies and get pennies and a dollar.
	For pennies, yeah.
	So they'll negotiate, like let's say you got 7k collections, you tell them, listen man, I only got four.
	A lot of times they'll take that four and be good with it.
	But do it the right way that they're going to make sure they're going to pull it off your report and say that it's satisfied.
	Make sure you get an email or a letter saying that it's paid off in full.
	But if it's in collections, bro, you need to get rid of that immediately because you probably got like a 500 credit score.
	A lot of times in the collection of companies, they'll do it, and they're like, oh, yeah, yeah, sure, yeah, we'll take it.
	And then you wind up sending them the money, paying it, and then they don't take anything off your credit, and now you're screwed still.
	And you're out the money.
	Knock that out first, bro.
	Because you won't even be able to buy a goddamn house.
	You won't invest in real estate.
	Yeah, try it with a fucking 500 credit score.
	Bro, you ain't gonna get it.
	No loans.
	Sorry, sir.
	They're going to be like, no, thanks.
	ARTs goes, hi, Steve.
	I filed a 2021 late.
	Had issues submitting returns via e-file due to missing our IRS PIN. Had to mail returns in.
	Penalties and interest total $3,636.
	Any way to lower or eliminate first time?
	So, I don't know if you were tuned in in the beginning.
	So...
	You're going to do an FTA waiver.
	Get the notice.
	There's going to be a phone number on the top, upper-hand right corner.
	Call them up.
	Say, hey, I want to do the FTA. The person answering the phone is trained.
	They have their internal revenue manual, and they go through this little questionnaire.
	They're going to ask you these questionnaires.
	You're going to say, okay, you know, I filed my taxes the last three years.
	I've never had any penalties before, and here's the problem in my head.
	You don't even have to give them a reason, and it's an automatic FTA waiver, and you could probably get that $36,000.
	If that's all penalties.
	The interest, they won't get rid of, unfortunately.
	But the penalties, you can get substantially lower.
	So, yeah.
	Do that.
	Last one here from Ken Rose says, So, just to confirm, if I take profit in crypto, I should just pay the amount owed in taxes first, unless there are options to defer, and then cover my debts, school loans, car loans, etc.
	credit.
	Perfect.
	Yep.
	Do that.
	There you go, Ken Rose.
	See, you learned something from today's episode.
	Steve, where can the people find you, man?
	So you can find me, the best place on Instagram, seeing beyond the numbers.
	This is a best place.
	Just follow my page.
	After tax season, I'm going to ramp up and try to do more as far as the social media and more educational free content.
	Yeah, this is a busy summer for you.
	Yeah, so I'm going to do a ton of free content, a ton of free trading on crypto, a ton of stuff that I'm building a community to.
	It's kind of talking about what my son was like, You know, only 22 years old when he passed away.
	So all this is in honor of him.
	And this is it.
	So I'm just going to give all the sauce away to the young guys because we need it.
	And that's where my heart is at.
	You don't learn from school, man.
	Yeah, you don't learn from school.
	And we definitely brought in one of the best accountants here, man.
	I mean, guys, we really, man, we shouldn't even be teaching.
	We're giving you guys goddamn sauce, man.
	So our accountant is literally one of the best, man.
	And obviously with the real estate, the podcast, fitness business, etc., you're an entrepreneur, guys.
	You need an accountant like this by your side, man.
	Absolutely.
	And also, DM me.
	I'm really good at answering my DMs.
	I mean, this time of year, the next couple of weeks, I might not respond right away, obviously, but I will eventually get back to you on the DM. So I love that you guys put questions in there.
	Absolutely.
	Seeing beyond the numbers, guys, on Instagram.
	To the best of my ability, if you provide me with the information, and if you want to do a one-on-one consult, it's a one-hour.
	It's only $300.
	You can charge more, man.
	We'll see how it goes.
	Once I start getting busy, I love doing those because it's a face-to-face Zoom, and then within an hour, we even go outside of the scope of just taxes.
	Sometimes I just give them some good financial advice, some good business advice.
	Put it this way.
	I think this is the best way to really explain to the audience the value that you provide, and it is very simple.
	Guys, when I worked for the government, I made about $120,000 per year, right?
	And I paid 30 to 40k in taxes.
	I worked with Steve.
	I made 10x that money, obviously doing the podcast and all the other entrepreneurial ventures.
	I paid right around that amount.
	So I 10x my income, but I paid the same amount of taxes as when I made one-tenth of the money.
	That's what happens when you've got a good accountant and you have a business and you're an entrepreneur.
	You've got real estate.
	So this is why guys like Steve are invaluable, especially if you're going to get into the real estate game.
	Now, crypto as well is in your repertoire?
	Yeah.
	I've been doing that for like the past four years.
	Yeah, because like I said, I teach in the crypto mindset course.
	I'm just going to start my own thing.
	I'm not trying to compete with the crypto mindset guys because they kind of have a different...
	Yeah, they're teaching them about the crypto.
	You're teaching them the tax side.
	I'm teaching the very basic one-on-one for people that don't know anything about crypto and want to get involved with it, how to do it the right way, how to learn about it, how to get onboarded, just kind of like the baby steps, and then to get them to the junior high school or the high school level where you pass them off to the crypto mindset guys.
	You handle the tax line.
	No, I mean, it's a great relationship.
	But yeah, guys, I mean, if that doesn't tell you guys, that's just the raw numbers.
	Like, Steve is the real deal, one of the best accountants I've ever worked with.
	I don't know if you're taking clients on right now, right?
	I am.
	You are?
	Okay.
	Yeah, yeah.
	I've got a really good team right now that's really trained up.
	It's funny because, you know, I haven't really told it.
	Everybody working for me never went to school for accounting, never went to school for tax.
	They got trained on a job by me, personally.
	And I prefer it that way.
	Okay.
	I prefer it that way.
	So, and I've got long-term tenure, you know, I've got one that's over 20 plus years with me.
	So you expanded.
	Yeah, so I've got a great team, and they're just trained up really good, and they really make my life.
	It's a blessing to have them on my team.
	Yeah.
	So guys, again, Steve's Instagram, seeing beyond the numbers.
	Hit him up.
	Hit him up.
	It's available.
	Yeah, DM me and I will get back to you, I promise you.
	Yeah, I'm pretty good at that.
	You're an entrepreneur, you're starting to side hustle, whatever it may be, you need Steve on your side, guys.
	It literally saved me probably millions of dollars at this point.
	Yeah, it's been just so much fun seeing you guys, where you guys started and this whole story and how you guys, I'm proud of you guys, man.
	It's awesome.
	We're happy to have you by the side, bro.
	Guys, and also if you're like a W-2 employee, he helps you too.
	When I was a federal agent, you did my taxes.
	And I was starting my business on the side.
	So if you're like a guy that has a regular job and you're doing a side hustle, Steve is also fantastic to have to help you out with that as well.
	So now we're going to talk about P. Diddy?
	Yeah.
	Don't end up like P. Diddy, guys.
	Forget about the taxes.
	Yeah, no, for sure.
	Guys, so we'll be back with some lovely ladies, guys.
	We got a special episode for y'all.
	I think it's going to be a 20 verse...
	Three in this case.
	Yeah, it's going to be myself, Myron, and Chris versus like 15, 20 girls.
	Yeah, it's going to be a good time, guys.
	Switching up for y'all, man.
	We'll be back here in a little bit.
	I don't know what time we'll start.
	It's 8 o'clock right now.
	We'll let you guys know.
	Probably within the hour.
	If you're in Telegram, you're going to know right away what time to start.
	Because I don't think all the girls are here yet, guys.
	But we love y'all ninjas.
	Check out Steve.
	Appreciate it, guys.
	Seeing Beyond the Numbers on Instagram.
	Yep.
	We'll be back in a little bit.
	Peace.
	Peace.

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