Build Wealth Using The Tax Code w/ Steve From Accounting
Steve from Accounting, a 25-year CPA in Sarasota, reveals overlooked tax benefits in the Inflation Reduction Act, like permanent bonus depreciation for real estate investors and the QBI deduction, cutting profits by 20%. He warns about Florida’s $400K deduction phase-outs and critiques IRS notices like the CP05A as potential traps. For crypto traders, he highlights loss-harvesting advantages without wash sale restrictions, while advising Martez on Jamaica’s tax laws and Philum to avoid illegal protests. Steve also promotes free R&D tax credit training for 20 consultants, offering $20K–$30K commissions, and urges listeners to act before 2030 amid AI-driven economic shifts. [Automatically generated summary]
We're going to be talking about accounting, money, and how to save you guys on your taxes this year.
Let's get into it.
Let's go!
I just drive.
I'm going to get away.
All right, we're live.
What's up, guys?
Welcome to the Fresh May Podcast, man.
It is Money Monday.
We are here with Steve.
As you guys know, every single Monday we do a Money Monday for the most part.
Help you guys with getting your credit out point, real estate investing, cryptocurrency, stock market index funds.
We got to do another episode on index funds as well.
But, you know, Steve is our accountant, man.
I love when we bring him on because we typically have a cover topic.
So today's topic is going to be some new laws passed that people can take advantage of.
We're going to explain those laws to you guys when it comes to your taxes.
And then we're going to open up the phone lines and answer a bunch of questions.
And you guys will have access to our accountant so we can help you guys out.
And I think we do have an offer as well for you guys to make some money.
Also, we've known Steve from 2020, actually, back in the day.
Yeah.
Yeah, we were just talking about that.
And the first time I was on the show, you guys had only 22,000 subscribers.
And look where you're at.
Yeah.
It's crazy.
Just back at the panorama.
Yeah.
Yeah.
They're fucking bitch on the fucking renewal.
Yeah.
Yeah.
But we'll just say that the owners are prefer kosher.
Anyway, so we, yeah, I guess, Steve, we know who you are, but they might not.
Can you introduce yourself real quick to me?
Yeah, absolutely.
So I'm Steve from Accounting.
And I've got a large, you know, not too big, but a CPA firm on the west coast of Florida out of Sarasota.
And I predominantly work with high net worth individuals, small, you know, businesses, all different industries, construction, real estate, just a whole host of different industries, medical, doctors, practices, entrepreneurs and so forth.
So I've been focused on that for about 25 years.
And yeah, so this is what I do.
And I'm here.
This is tax season.
So I made the trip from the West Coast over here.
And I'm just, you know, hoping to help your guys out, level up.
We're going to be talking about a few things.
A lot of people don't know that The one big beautiful bill had a lot of good tax provisions in there for small business owners, and a lot of them that apply to your guys that are trying to get into business, start their own thing.
So, this is really a good topic.
Yeah, the media only focused on the ICE stuff and the decotations.
It did not cover any of the financial stuff whatsoever.
Mainstream media news did not cover any of the positive stuff for, you know, if you're an entrepreneur or even if you're a regular W-2 employee, there were lots of things in the Big Beautiful Bill that are very beneficial to you.
Yep, on purpose, by the way.
You know, probably the ones you heard about it's no tax on tips and then the overtime, you know, no tax on the overtime stuff.
So, I mean, there's a lot more for small business owners in here that are really important.
So, I'll touch upon those a little bit, you know, the most that are most relevant to your audience.
And then because most of them are probably, you know, regular employees as well, maybe want to start a side business on the side of aspiration.
And then we'll talk about a little bit of bonus depreciation, which kind of folds into the cost seg.
And I think there's a little bit of confusion out there with the cost seg stuff.
You know, when should you get a study done?
When should you not get a study done?
You know, the benefits of that.
And bonus depreciation came back because it was sunsetting.
So that's another one that's now permanent.
So that's huge for the real estate investors that are looking to do that.
We were talking a little bit about the bill that's going to be probably voted for here in Florida with the real estate taxes.
Yeah.
So, you know, the average person, probably it's going to get voted in.
So that'll be on the ballot.
And Rhonda Sands has been talking about that.
No real estate in Florida, which is huge, man.
Yeah.
So I'm sure it's killing me on those taxes, man.
It's going to help.
Yeah, we need it, you know, because the mortgage rates are still up.
You know, affordability is still an issue.
And, you know, I think 60% of the population here in Florida is probably going to vote it in.
We need a two-thirds or what is it?
Three-fifths, three-fifths of the vote.
It's ridiculous because you'll buy, especially the senior citizens hitting a lot of them because they'll move down here, buy a house.
That house is appreciated value, but they got to pay taxes on the value of the house now.
And it's like, bro, I got this thing paid off.
Why am I paying taxes on my own house?
Like, I'm paying the government to live in my house.
This is bullshit.
Yeah, there was a story of an older lady that actually did that, and she lost her property to taxes because you couldn't pay it.
That's crazy.
It's like, what's the point?
Yeah, what's the point of paying off so much mortgage?
You work your whole life, your house is paid off, and obviously prices are going up, inflation's going up, and then you can't pay your taxes, you lose your property.
Yeah, ridiculous.
I think the average owner, I think it'll probably reduce it for the actual, you know, it's got to be a primary residence.
It's got to be homesteaded, obviously.
So, but like a 60% reduction in the oh, so you're not for investment properties?
Not for investment properties, unfortunately.
No, I know.
I haven't got a lot of smartness.
I was thinking about it.
I got excited for a second.
I was like, yes, but okay, so it's only what if you live live in the property, like you live in your primary, you can only have one homestead.
Yeah.
So unfortunately, they're not going to allow for like, you know, two.
Well, I could do this condo, but other than that, which is a big one.
Yeah.
So that's definitely.
If you live in property versus taxes, you got to pay it in the years.
It just depends on what it is.
Yeah, everything's going to, yeah, the equation changes all the time.
I mean, I think.
How much you owe, how much you had to put down, all that other stuff.
Because most people only put down a small amount for their primary residence.
Yeah.
I think right now the market is, you know, the rates are still affecting affordability.
So hopefully within the next year, we get down to like the sixes or maybe if it dips down into fives, you know, in 2027, hopefully, who knows?
I'm not going to lie, though, Steve.
And Iron, I feel like we're in a place where like doom and gloom, bro.
Like, again, a property note is hard to get.
Prices are going up.
It's kind of like, bro, this is hard, man.
It is tough.
Affordability is a huge issue right now.
I think that's going to be the driving force in the next election.
And it's only going to get worse in the next couple weeks.
2030.
Yeah.
Well, I'm saying, like, oh, yeah, yeah, yeah.
I think we're going to go to war.
And that's the time of Iran.
Yeah, it's looking that way.
I mean, they're kind of telegraphing it already.
Yeah.
They've been for like since last year.
They've already, the price of a barrel of oil has already went up to like 60-something.
It's only around 50.
Oh, wow.
If he actually strikes Iran, which is going to probably be any day now, that's going to go up easily to $100 a barrel.
That's crazy.
Yeah.
You guys are going to fill out the pump immediately.
And I think the oil from Venezuela, that's like very thick.
It's more like for roadways and other topics.
It's not really for refined for.
It's the oil that we use because it's like the really sludgy stuff that our refineries use.
But the issue is that where Iran is strategically is right next to a place called Straight of Hermuz, which is like literally 20 to 30% of the world's oil goes through that part through that straight.
And a conflict there is pretty much going to shut that area down.
So that'd be huge.
Even though only about 12% of our oil goes through there, it's going to affect the rest of the world, which is in turn going to affect us anyway.
Since we live in a globalized world.
So even though we don't get a majority of our oil from over there, China does.
China's a big trading partner.
And then obviously conflicts always fuck the markets up.
So yeah, oil prices are going to soar overnight.
Yeah, it's crazy.
Unfortunately.
Yeah.
And I think if I'm not mistaken, like if the world itself only has a roughly two to three months of reserve petroleum in general.
Wow.
Okay.
Like, so even if, even if, you know, we shut down that straight for a long ass time, the world only has roughly two to three months of oil in reserves in the first place.
So it's absolutely going to affect us no matter what.
That's crazy.
Yeah.
Yeah.
So then, you know, so I'll get into that.
And then big, beautiful bill.
And then, yeah.
So just a few things on there, and then I'll wrap up with the, oh, no, I wanted to talk about the new one.
Is, you know, the crypto guys, I know crypto is really not, you know, it got a little high a few months ago.
Now it's back down again, but it hasn't really been doing anything since 2022.
Because I looked at it, it went like 60, low 60K.
Yeah.
Right now it's still.
Gold is soaring.
Yeah, gold is soaring.
So it's Peter Schiff, right?
63K.
Yeah.
And Ethereum is down to 1829.
Wow.
Yeah.
So that's crazy.
Yeah.
So we'll see.
Wow.
Okay, let's be honest here.
It's going to go up.
Buy the dip.
Buy the dip, right?
I'm about to buy the theorem right now.
What the hell?
I haven't seen it this cheap in years.
Like McGuire would say, dollar cost average.
It's going to go back up for sure.
So, yeah, so there's the new form that came out, which is the 1099 DA that just started this year.
People are going to, you know, we just talked about you got yours from Coinbase.
Yeah.
So that's an issue.
I was planning on like this being more of an issue and more of a like, you know, people seeking, you know, to get the information on this.
So I wrote a book.
So if you go to my Seeing Beyond the Numbers on Instagram, yeah, go to my bio and I've got some products in there and that's one of them.
People are not paying attention to it, but you're going to get a 1099.
That only really shows the proceeds.
It might have cost basis on there.
The problem is, like we talked about, you're fine because you got a Coinbase and you stood on Coinbase.
You did all your training and then you onboarded on a Coinbase from your legacy bank and you offboarded.
So all your transactions are captured there.
The problem is a lot of people, they go and they get on Coinbase and then they move that to another chain.
Maybe they went to Paul's chain.
Maybe they went to put some stuff in the MetaMask.
Maybe they went to Solana.
The problem is Coinbase is not capturing both sides of the transaction and that's a huge issue.
Crypto's down, but you still want to report it because if you report the proper cost basis, and there's a way to do that, and my book shows, if you have a question about it, because you're going to have to educate your CPA on this.
The average CPA has no clue.
No, no, no.
So you're going to have to educate them.
And if you're a savvy crypto guy, you're going to want to be able to download my book.
It walks you through step by step very clearly.
And that's what I wrote it for.
So you're going to have this issue.
You want to claim those losses because you can carry those losses forward.
And then when crypto goes back up, maybe it's going to go to 120 again.
And then you're going to be in a gain position.
The problem is, if you don't recognize those losses now, you're not going to have the opportunity to offer it.
This is when you actually pull out from Coinbase.
Correct.
This occurs, triggers when you actually pull.
There's a lot of nuances to it.
The problem is there's multi-chains on there.
So not everything, you know, when you get on Coinbase, everybody thinks, okay, okay, you stood on there.
Maybe you did.
But a lot of people, they move their assets off and then they move into another change wallet, whatever you have.
Yeah.
And then Coinbase doesn't capture all that.
You're going to get a 1099 from.
So let's say, for instance, real quick example, you get on Coinbase, you buy some Ethereum, right?
You buy some Ethereum.
You buy $100,000 worth of it.
You move it over to the MetaMask.
You trade it for some other coins and you bring it back and you bring it back to Ethereum again and it's at $50,000, right?
Coinbase is not going to capture that.
It's going to capture it differently because it doesn't know all the other transactions you have from the other one.
So there's some good software that captures all of the transactions.
You could put all your wallets in there from all the different chains, but it doesn't do a perfect job.
You got to really pay attention to the cost basis.
And some of them, the software does not catch.
So my book talks about that stuff and how to treat it.
There's also different types of transactions.
You got interest on there, you know, when you're getting paid rewards, if you're staking.
There's a lot of different nuances to it.
So anyway, so I want to talk about that.
That's a 1099 DA and it stands for digital assets.
And that's coming out this year.
So people are going to get these forms.
You're going to give it to your accountant.
Your accountant's not going to know what to do with it.
So that's something that I have a resource for you guys on that.
And then I'll wrap up with the R D stuff, which is an exclusive offer for your guys, for the CEO network guys, and for the OSS guys.
So I wanted to put that out there.
Make some money, man.
Yeah.
So I started a new company for the RD because there's been kind of an expansion in this.
That was, again, under the one big, beautiful bill.
And a lot of businesses qualify for this.
For instance, like restaurants are a good target for it.
You know, if you change some menu items, if you change your cooking process, if you put a POS system, or if you have any type of website with AI integration or stuff like that, a lot of small restaurants in your neighborhood qualify for this stuff, and there's substantial amounts of tax credits that they qualify for.
So we have a company that I set up for it, and I'm looking for 20 motivated guys that we could bring on, training.
Console nothing.
They get nothing to make somebody.
I'm pretty good at identifying some pretty good talent.
So I know your guys are, you know, these guys are wanting to level up.
So I want to invite them to come in.
I want to start the first class with 20 guys, and I'm going to train them all personally myself with a couple of guys that have my partners.
We're going to provide all the tools that they need necessary, all the lists, all the flyers, all the education that they need to talk to clients in an articulate way to get them qualified.
And there's nothing, this is something you go out and we have the whole system set up where you go in and you follow it step by step and you qualify a client because this stuff has to be audit proof.
So we're doing it from a CPA standpoint.
We're not trying to do this from, we're not trying to just make commissions.
It's got to be in four, you know, we have to be able to, you know, have a package ready, you know, if the IRS should come back where we can substantiate everything and have it hold.
Like in a social.
Yeah.
All right.
So it's a good way for these guys to make money.
So we'll wrap up with that and talk a little bit about that.
No, it's a good opportunity.
It costs them nothing and they get free training on that topic.
All right.
So yeah, let's kind of, yeah, let's go through it.
So the first topic, what was the first thing you wanted to be to fill Bill?
Hey, guys, get your questions in now.
And then like I said, we're going to open up phone lines at the end of the show, but we're going to let Steve kind of run through his.
So I'll go for the first one because I mean, everybody want in here, a lot of guys, I'm always hearing that they want to talk about real estate.
Again, I have a real estate book.
I think it's like 17 bucks or whatever.
And it really walks you through to prepare you to bring all your stuff to your accountant at the end of the year to make sure you're doing things right.
So go in, go in there, you know, download it, look at it.
It's a quick read.
Bonus Depreciation Strategies00:13:45
But the bonus depreciation.
Can you tell them what depreciation is?
And then you know what bonus depreciation is because they might not understand.
So basically, when you buy a house, the house is typically most accountants, like they'll allocate a little bit for land.
Let's say that you buy a $500,000 house.
You have to depreciate it over time.
So that means the house gets expensed not all in one year.
You have to expense it over 27 and a half years.
If you have a 30-year mortgage, right?
That has nothing to do with the mortgage.
It has nothing to do with the mortgage.
No.
So I buy a house.
Let's say I buy a house cash and I'm going to rent it out.
I can rent it or it becomes a business asset, right?
So it's an income-producing asset.
So I can depreciate it.
So I want to expense the $500,000, but I can't expense it all in one year.
So you have to be earning it.
You can't depreciate if you're living in it only.
Well, let's say I buy a house just to rent it.
So it becomes, because you don't depreciate your primary residence.
That's what I meant.
Yeah.
Yeah.
So it's an investment.
So I want to depreciate over time.
So the government's hire says, hey, you could depreciate it over 27 and a half years.
Oh, and by the way, you can't depreciate the land.
So I have to allocate $100,000 towards the land.
Now I have $400,000 of costs that I have to depreciate over 27 and a half years.
So a lot of guys do a cost segregation study.
So they think, okay, I have to hire a firm.
I have to get it professionally done.
You know, some of these on the low end cost like $5,000 to get done.
Some on the higher end, maybe are $10,000 to $15,000.
So if you, in my opinion, if you buy a $500,000 house, you don't really need to pay an engineering firm to do it.
We did it through your properties.
Your properties are all under a certain amount.
You can get a good CPA that kind of knows what he's doing, and you could kind of estimate the cost of, you know, how much the carpeting is, how much are the cabinets, you know, so we could do a cost segregation and you can segregate pieces of that house.
So instead of just putting it all $400,000 over 27 and a half, we could take out five-year assets.
So that could be the carpets.
That could be some of the floating floors.
That could be the draperies.
That could be the cabinets, things that are not structurally to the house.
And go ahead.
Do you want to say something else?
So I'll put that in five years.
So let's say I pull out 50 grand of those five-year assets.
Now I got $350,000.
$50,000, I can deduct 100% of that under the bonus depreciation new rule.
And then I can go to my seven-year assets.
So that could be like the driveway, the fence.
That could be other things on the outside of the home that you could depreciate quicker.
You could accelerate those things and you could depreciate those 100% of it in year one.
So, and real quick, because I'll, just so the audience really understands what you're saying here.
So, guys, when you buy a house, right, basically what depreciation is, is like you're writing off the wear and tear that your house is going to experience over 27 and a half years, right?
And the reason why he was saying like, you take a $500,000 house, the reason why it goes to $400,000 is because the government automatically assumes that 20% is going to be the land.
Correct.
So the other 80% is going to be the actual house.
That's what you could depreciate over the 27 and a half years.
So you got $500,000.
You know what?
Well, I'll even go easier math.
$100,000 house, right?
Yeah.
20% is automatically gone.
So now you got that 80K that you can work with.
Correct.
Now you're going to basically go 27 and a half years over 80K.
What is that per year?
Let's say $1,600.
$1,600 a year that you're going to save in taxes.
Right.
If you take that $100,000 house, 80% of it, that's the structure.
20% of the land.
You can't depreciate land, guys.
That's why buying land alone kind of sucks for tax benefits.
So that 80% on the structure, then you depreciate over 27 and a half years.
That's $1,600 a year.
And then on top of depreciation, you get another bite at the apple to lower your taxes, which is cost segregation.
Which think of cost segregation is like the brother of depreciation that's more aggressive.
Right?
So cost segregation is another way to kind of limit your tax liability that tends to be on a faster scale.
So versus 27 and a half years, now it's five to ten years, but it's on stuff that isn't structural.
Like you said before, things on the interior of the house, correct?
Which would be just an example of that.
So carpet and padding, cabinets that are like you can screw them out and remove them.
Kitchen fixes, right?
Bathroom light fixtures.
Yeah.
Correct.
Yeah.
Vanities, things of that nature.
You could depreciate them quicker.
So, you know, rather than getting like, you know, roughly a $2,000 deduction for depreciation, you can get maybe a $20,000 deduction, which is a huge.
Then you offset that against the rental income.
So let me ask this then just so that they fully have it.
So let's say we take for easy math purposes, even though you're never going to find it.
$100,000 house, right?
Yeah.
Now you take 20% remove.
We got 80,000.
So 27 and a half years, that's about $1,600 a year.
Then we get a second bite at the Apple with the cost segregation.
Let's say we spend, make math easy, $10,000 on the interior of the house on the non-structural stuff.
Kitchen Cabinet is whatever it may be, just for easy math.
That $10K that we spent, can we deduct all of it?
Or can we at once, right?
That's what the, yeah, so now you can do 100% of it.
So even that is quicker because that's a five-year asset.
So we should take 20% of it, right?
But now, so under the new bill, you say, no, you can take 100% of it.
And that's under Trump, big beautiful bill.
So under other presidents, guys, it would have been you, that 10K you spent, you would have had to wait five years.
So let's do the math again: $100,000 house.
$20K is gone because of land.
The government basically gives you $80K to use to depreciate $1,600 per year.
So you take that off.
Then let's say you spend $10,000 fixing stuff inside that's not structural, right?
The cabinets and everything else you mentioned.
It's up to you.
You could take that $10K and deduct it once for the year, limit your tax liability with the $1,600 plus extra $10K, or you could do it over five years.
Correct.
And Trump is the one that basically put it in place where you could take that cost segregation and take all the benefits from it that first year if you want.
Correct.
Because other presidents would be like, okay, you can still, I don't want to use the word depreciate.
You can still get the benefit, but it would be over five years versus 27 and a half years.
So you basically cut more taxes in a shorter period of time.
But Trump allowed it where, you know what?
We could give you guys one up front where you take that full 10K off your taxes.
Correct.
If they want.
Yep.
That's a perfect way to explain it.
Yeah.
Better than I could.
Yeah.
Give me ones if that makes sense for you guys.
Because a lot of people get confused with the difference between depreciation and cost aggregation.
Even me, like I even forget some of the stuff.
Like I like I was in my head, like, wait, can you get it?
Can you still depreciate if it, you know, if it's a 30-year fix?
I mean, it's like, no, even you buy cash, which now I'm like, yeah, you're right.
And then, um, but is it better to wait the years or do it right away at the very beginning?
It depends because you could have other rental properties that are fully depreciated or just producing it and they're cash flowing a lot better.
Yeah.
And you want more aggressive depreciation to offset against those others.
You know, typically when you have multiple properties, it comes into play.
But the main driving thing here, I want to make sure that you understand is that the, you know, with the bonus depreciation is, or the cost segregation.
And that's only exclusive to Trump.
Has any other president allowed that?
Because I remember Trump was in the middle of the year.
Well, it came in.
Yeah, it came in in 2017.
So that was under Trump.
So this is all the renewals.
He's bringing it back.
Yeah.
So they were all going to sunset after his second term, hypothetically.
And then he had that four-year gap.
So he got it all renewed again.
Okay.
So, you know, these are great.
I don't think any other president, like, guys, if you're a real estate investor or like a business owner, Trump is very good for you.
That's huge.
It's huge from a small business.
90% of all business in America is small business.
So this is huge.
Lots of benefits for you if you're an entrepreneur.
Absolutely.
Yeah.
And then so it's this is permanent.
This is permanent because when we did the 2017 Jobs Cuts Act, it was sunsetting.
So we had 100%, then it went to 80%, then it went to 60, 40, 20, and then it was going to sunset.
So people can.
Now it's 100%.
It's permanent now.
Okay.
So people can elect to either get that benefit over a five-year split, 20% per year or take one upfront deduction.
And I can see how you can use that strategically.
Let's say, for example, guys, right?
You know, you know, you're going to get taxed to hell this year, right?
For other things, right?
This is a good way to be like, you know what?
I want to cut my tax liability from this angle.
And then you could take all that upfront depreciation that year that you're getting taxed to kind of save.
And get an offset, yeah.
Yeah, get an offset.
So that's a really good strategic tool that you have if you guys are going to buy real estate.
This is why real estate is so good because you could basically get two bites of the apple.
You can use conventional depreciation over 27 and a half years.
Then on top of that, you can add in cost segregation.
And then you choose with the cost of segregation if you want to do it over five years and do a nice slow burn.
Or sometimes you don't need the domestic deduction.
And some of these, because it's a passive activity, rentalist, you're limited on how much you can take on the loss.
So you don't want that bonus depreciation to throw you into huge loss.
So there's ways around it.
One of the loopholes is going to be to turn that property into, instead of having year leases, you could do like a short-term leases, like Airbnb type of stuff.
I know that's not as sexy anymore, but some people do well with that stuff.
So that turns that activity not into a passive activity.
It turns it into a business almost, like an operating business.
So whatever loss you incur, even if the bonus depreciation brings you into a loss and it's huge, you could take the full amount of it.
Is a goal essentially to get yourself to a part where you got losses?
Because that would significantly decrease your liability.
Yeah, but then you could carry those losses into the future.
So that's okay.
Even if you generate Raymond that first year and you get limited how much you can take, you could still carry it forward indefinitely.
And then that'll offset future income, future profits.
Okay.
So bonus depreciation is back, which is good.
And it's here to stay this time.
The other big one, which is a real quick one, easy, is the, it's called QBI.
That's qualified business income.
So any business activity, S-Corp, let's say, and you have a profit of $100,000, you get a 20% deduction.
So you don't have to claim $100,000 profit on your income tax return.
You only claim $80,000.
You get a 20%, whatever profit you have.
So you made $200,000.
You only claim $160,000.
You get a 20% off the top deduction off your profit.
W. Trump made this.
And he made that permanent.
And see, it's crazy because no one ever talks about any of this shit.
Because the Big Beautiful Bill was so big and comprehensive.
Like, yeah, they only talked about immigration the whole time and like no taxes on tips and bullshit like that.
But all the other stuff they didn't mention.
So wait, okay, let me make sure I have that right.
So you're saying if you decide, so if you ought to be an entrepreneur, right now is like the best time to segue into the business.
Well, no, this has been, but it was, it was set to expire.
So he got it renewed and it's permanent now.
So if you generate $100,000 or more, you get a free, I don't want to say free, but you basically get $20,000 right off the bat.
You get $20,000 off automatically.
Correct.
So they're going to tax you as if you make $80K.
Correct.
Now, I'll say this real quick for the audience because some of them might be like, well, Myron, what's the difference here?
The difference, guys, is that like when you have, let's say make $100,000, but then they're only going to make you liable for $80,000, but you made $100,000.
The reason why that's important is because it brings you into a different tax bracket.
Correct.
If you're in a lower tax bracket, you get charged less for your taxes, even though you made more.
You should be at the $100,000 range, but now you're at the 80 range.
So you're saving a bunch on taxes.
And that's the benefit of being liable for a smaller amount.
Yeah, we have a graduated tax.
You know, the more you make, the more you, you know, the higher your effective tax rate is.
You know, some people think that's unfair.
They think we should go to the flat tax and make things easy.
You know?
What's the magic number?
I remember a couple years ago, it seemed as though if you made like 85K or something like that.
As far as like for, like for more like Normie's, like there was one tax bracket, if I'm not mistaken, where if you made anything over like 85K, it was a significant jump.
Well, now it's like around $400,000.
So once you get to that $400,000, there's a lot of provisions where they start to phase out.
They call it like a phase out where you don't qualify for it anymore.
So it's right around that phase.
So it used to be like $150,000 for like single.
So for a family cycle, run around $400,000.
What's the, I'm trying to think, like for a single person, there was like one tax bracket where you're like in a no man's land.
Yeah, let's go.
You make enough to be $75,000.
I think it was, yeah, that was like a few years back.
I remember that.
You know what I'm saying?
Yeah, they've been playing with the rates.
And in general, I think they went back.
They went down even under this 2%, like pretty much across the board.
You're basically like what I call is like the no man's land because like you're rich poor.
It's like you're entry-level luxury, but you're also like not, you don't make enough to like sustain that.
So it's like, it's a, and you get, and you get kind of burned for both ends because you make just enough to be considered upper middle class.
Correct.
But they're still taxing you significantly and you don't make the amount of money that other people in your tax bracket making 100, 200K can sustain.
So I had a friend at my old job.
Yeah.
And we got unlimited overtime, right?
At my job, my old job.
And the funny part is he would start working to not avoid that no man's land.
Why stop working?
But it's because it'll fuck him up.
Because again, he's going to be that no man's land where you can't make enough money because you're getting tax from all the worst place to be.
Yeah, it jumps exponentially higher where it doesn't like it's a diminishing return, basically.
You call that.
Yeah, that's what it is.
I don't know what the number is.
I remember before it was like something 80K, but I know exactly what you're talking about.
Yeah.
So there was.
I'm trying to figure out what that number is.
I was like, is the guy crazy than I thought about it?
Look it up.
I think it was like $750, but that was, yeah, that was a couple years ago.
Yeah.
Why Stop Working?00:06:41
Yeah, smart guy.
So we talked about the 1099 D.
I think I kind of went into a lot about that.
But then the other one, what's going to be, we talked about cost segregation.
Yeah, and I'll just talk about the R D stuff.
Yeah.
Okay.
So this is, you know, obviously this is for everybody, but I'm going to give preferential treatment to the guys that are in your group, right?
So the CEO network guys and the OSS guys.
They're going to get, you know, so if I see their, you know, their names come across and you put in there, and I think, Mo, you're going to put the website I got set up for them, I think out there, the link.
So if you go in there, just fill it out.
And then what I'll do is I'll schedule a 50, like it'll probably be myself or my partner, Darren.
We'll do like a 15-minute Zoom call with you just to interview you.
And then the next step, I'm trying to limit it to only 20 guys.
And then we'll do a whole classroom training on Zoom with probably 10 guys and 10 guys.
I'll probably split it up just because we're going to have a lot of questions.
And I'm going to provide all the training, all the tools necessary, everything.
I'm going to train you guys into, you know, this is all free.
And I'll tell you guys, you know, I'll explain the whole R D process, how to get people qualified.
We have already enriched lists.
I even have 700,000 CPAs throughout the whole United States and every single tax professionals, that is, because every tax professional, including myself, has to get what's called a PTIN number.
And you have to register with the Internal Revenue Service.
So I have that database list and we've enriched it where you can actually reach out in your local jurisdiction to CPA offices.
A lot of CPAs, they don't want to get into doing this stuff because they're busy doing tax work and doing other stuff.
So you can walk in there.
We'll give you the, you know, I have like pre, you know, made up flyers and stuff and how to talk to them, you know, because I'm a CPA, you know, and I would, I would listen, you know, and you can just offer to them, say, hey, you know, if you have clients that qualify for this, they understand what it is.
Yeah.
And, you know, we'll pay you 5%.
So, and then we were, we're going to train these guys.
You'll be our consultant guys where they can actually take a business.
Let's say it's a restaurant.
Let's say you walk around and you just hit your neighborhood, the restaurant owners, and you talk to them.
A lot of these restaurants, they qualify and they don't even know they qualify because they're continually improving processes.
They're changing menu items.
They're, you know, maybe putting a new point of sale system in there.
So all of these things that they're doing for their small business qualify for this tax credit.
Now, what did the one big beautiful bill do that made this different is now instead of taking those costs and again, it's kind of like depreciation and spreading them out over many years, you can deduct it all in that one year.
And we can go back three years and amend your returns.
And I'm getting refunds.
So I think one client, like my partner was talking to one guy, they got like $140,000.
I'm working on one right now.
It's a big construction company.
It's probably going to be about, you know, close to like $235,000 tax credit.
So if you're going through that, if you go through the process with us, and I have another website, which I'll reveal once you do the interview with us, we walk you through step by step.
So you go through, you get the training, and then you go through and you could qualify a client, generate a questionnaire, figure out what processes and projects that they implemented, and then we can do the data collection, whether it's payroll reports or invoices and stuff like that to collect the data.
My firm is in charge of putting all the numbers together and creating the actual forms that need to be sent into the IRS.
So these consultants don't have to do it.
They just have to identify the lead, walk them through, get them pre-qualified, identify the project.
Ready to go.
And then we're paying them 20%.
Once they get to a certain level, and you can see it right on that URL, you can make up to 35%.
So you figure, you know, like this one last one, I think we're doing one that's about $140,000.
You know, we're getting paid, let's say it's $150,000.
We're getting paid $30,000 on it.
You know, if you're making 35% of that.
So some of these, you know, even just for a referral, if you just want to toss a referral over to us on a name and then we do the qualification, you get paid 5% on it.
So a lot of these CPAs will find that very attractive.
I know I would.
I'm like, all right, I don't want to do the work.
I don't want to do the qualification.
I don't want to stand behind it, but here's a name of, you know, 12 restaurants.
And then, you know, let's say three or four of them qualify.
And that turns into, you know, if you, you know, they're going to get 5% of whatever we're charging them.
So we're doing a fee because it's a lot of work on our end from the CPA firm.
And we're doing it from a, it's a CPA-led, you know, consult and review process because I have to stand behind this because in a couple years, you know, I'm getting that stuff like right now with the ERTC credit stuff where the IRS now is sending out notices saying, hey, we gave you this money, you know, two and a half years ago for the, you know, the employee retention tax credit, which a lot of them were substantial.
Now we want to see the proof, the support, and we have those.
So that's what I'm building now.
So if somebody comes to me, I build an audit proof package that we keep, we file the forms, and then we make sure that we can defend it later on because I have to protect my license.
It's important.
And I understand how this stuff goes because the IRS catches up with this stuff, you know, two years.
You can go with some of these other companies, but then, you know, in two or three years, they could, you know, the lights could be out.
Everybody could be out of the office and their company could be defunct.
And then, you know, who are you going to go back after?
Right.
I mean, so that's what we're doing.
So I want to, you know, I want to, you know, I'm going to basically screen everybody and I basically see, you know, CEO network guys or OSS guys coming in.
They're going to take, they're going to, they're going to take the spots first.
But anybody else, you know, everyone is welcome, obviously, to this opportunity.
All right.
So what's the, also, we found the magic number.
Mo, can you?
Annual income is roughly between 117 to 150K generally in positions of household of upper middle class.
So that for two people, right?
So you have 75, 75, yeah.
It puts them in the upper middle class.
22 to 24% federal tax brackets.
Correct.
Is that for married filing jointly?
Is that for household or is that for a single person?
It says, yeah, look at household, annual.
Household.
Yeah, so it's a whole, yeah.
So you figure you would take the 150, 75.
So that was like the threshold.
I remember.
Yeah, because this was a couple years ago when we ID'd it to be 85.
And obviously that makes sense with the way, you know, I mean, dude, $100,000 today is way less than $100,000 in 2019.
Oh, yeah.
Marsmen and Energy Thresholds00:03:09
Pre-COVID.
Yeah.
The way weight difference.
So that makes sense.
So yeah, pretty much, guys.
So it seems here that no man's land is 100.
What is it?
So it's 105 to 201?
Is that the no man's land, pretty much?
Yeah.
Because you're getting taxed at 24%.
At 24%.
For married couples, yeah.
So for a single guy.
And then for married, it's 200.
50 to, yeah.
Okay.
So yeah, guys.
So, you know, try to make more than that if you're going to go ahead and get into that range so you don't get destroyed as much on the taxes.
I will say that kudos to Trump because I think on average across the board, everybody's paying about 2% to 3% lower in their base than usual.
Yeah.
That's good.
Was there any Did you want What a Did you want Next to the final?
Yeah, let's open it up for questions.
Yeah, okay, that was quick.
All right.
Shit.
But before that, we'll do our work from our sponsor for this episode of Money Mondays.
All right, here we go.
Real fast.
All right.
All right, today's sponsor is Marsmen.
Now, real quick, we're going to talk about something that doesn't get talked about enough.
Hit your 30s and stuff just starts feeling different.
Not just in the gym either.
Like overall energy, focus, recovery, all of it.
And then you start noticing little things like, why am I cashing in the middle of the day?
Why do I feel tired?
Why does the same routine not hit the same anymore?
Because they're looking into it more, just trying to understand what's going on.
And one thing that kept coming up was low T.
Then once you go down that rabbit hole, you see people pushing TRT.
Like it's just some casual decision.
And look, for some guys, that may be their route.
But for us, we want to start with something natural first before jumping into something more intense.
That's why we're excited to tell you guys about Marsmen.
When it comes to Marsmen, what we like about it is its approach.
It's designed to support your body's testosterone production to help support things like energy, stamina, recovery, and focus.
Afoot going into needles slash synthetics route, which is kind of tough.
And it's got greenest guys looking already like for Tongit, Ali, Shilajit, Sting, Boron, and more.
We know many would be generally into what it's about.
This is exactly what kind of product you want to look at, especially in regards to natural support.
No needles, no synthetic route, and no over-the-hype top hype.
It's all made in the U.S., third-party tested, and it comes with a 90-day money-back guarantee.
So it's easy to trade it without feeling locked in.
So if you've been feeling that same slump, low energy, low drive, not feeling as locked in as you used to be, this is definitely worth checking out.
For limited time, our listeners get 50% off for life plus free shipping and through gifts at mango to mars.com.
That's why mangogo to mars.com, 50% off and three free gifts when you check out.
After you purchase, they'll ask you where you're from, where you heard about it.
Please support our show and tell them you came from us.
We want to put this on your radar now because the real deal is wild.
I mean, you try it, it hits us, and let us know what you think.
Thank you from Mars Man for sponsoring this episode.
50% Off + Free Shipping00:02:24
All right.
Good stuff.
I don't want to lie, bro.
I feel like most guys feel like really low energy nowadays.
They don't know why.
It's probably going to be tests.
Environmental assault on everything.
The water, the food, the soap.
The air.
You don't feel like that libido doesn't want to even smash it anymore.
It's like, stay home and leave you to games and not do anything.
It is bad, though.
It's really bad.
Really bad.
All right.
So we'll do the phone lines, guys, coming up very soon.
We got a phone lines, Mo.
But yo, so question.
So go ahead.
If I have a property, right?
And let's say like I'm fixing the roof.
I'm fixing like, you know, the door and different things on the property.
Can I deduct all of that from my taxes now?
100%?
Yeah.
So now with a bonus depreciation, typically you would have to add some of that stuff.
So like a roof, typically you're going to have to, you know, depreciate it over.
It's more of a structural component.
So that stays on the 27 and a half years.
But anything like five year, seven years.
So let's say you, you know, you put new cabinets in or you do new carpet or new, you know, floating floor or stuff like that or a new light fixtures, you can deduct that under either section 179, which we have, or you can do the bonus depreciation.
I like the bonus depreciation better.
Yeah.
Just only because there's, and I'm not going to get into the weeds with this, but there's something called depreciation recapture.
So if you go to sell that house, anything that you depreciated under section 179 is subject to what's called depreciation recapture.
So when you calculate your gain on that, whatever portion of the gain is attributed to that depreciation is taxed at a higher rate.
So if it's bonus depreciation, that doesn't apply.
Okay.
So I like to take bonus.
That's a little getting a little technical, a little boring, but you know, from if it works, it works.
Your CPA, you know, hopefully they know what they're talking about.
A lot of CPAs, they don't really break up the properties properly.
But, you know, try to try to identify a guy that feels confident.
Like if you have a house, you know, let's say the general rule of thumb to be conservative is a $500,000 investment property.
You don't really need a cost segregation firm to pay them $5,000, $10,000 or whatever.
If you got a pretty decent CPA, he could, you know, the IRS allows you to estimate costs on certain things, the cabinets and the flooring and the light fixtures.
You can estimate the appliances.
24 Months of Residence00:04:44
It's not hard to do.
You don't need an engineer for him to come and pay it.
If he's a good CPA, he probably will be.
Even if he charges a couple hundred dollars extra, it's worth to do the return.
Just do it that way.
Yeah.
Cheaper.
All right.
Got the phone lines up, guys.
Yeah, yeah, yeah.
All right, guys, the number is going to be here: 646-490-0394.
Again, 646-490-0394.
And also, if you want to cut the phone line, make sure you donate with your last four digits in the donation, whether it's through FNF, Super Chat, Locals Tips, Rumble Rants.
So make sure, and when you donate, make sure you put the last four digits in the donation.
And guys, this is an announcement here for you guys as well.
We have a limited amount of time left.
It's almost 2030.
I'm telling you guys, time's running out.
Money is not circulating like it used to anymore.
Money is slowing down and the richer getting richer, poor getting poor.
Middle class is done.
You see nowadays.
Middle class is like almost like complete numbers.
It's eroded, yeah.
So you got to make your money now, man.
Before 2030, because guys, this is a real thing happening.
I was in some rooms last year in the summer.
I heard about this shit last year.
It's happening in four eyes right now.
And guys, Money Mondays are the best episodes because you got to learn how to make money, how to save money, because fellas, right now we're in a recession.
Yeah, I like when you guys have these shows.
You get back to your roots.
Yeah, yeah.
These are the best shows.
But you know the worst part?
The media is telling people, it's fine.
Don't worry.
Everything's okay.
Well, yeah, they want you to put your head in.
Yeah, put your head in the sand and not, you know.
It's bad.
And look at all the job losses.
They're not reporting that on the news every day.
With AI right now.
So by 2030, it's going to be cooked, bro.
And like, what do you have after that?
I got kids that are down here at Brickle.
Dude, they're making like 50, 100K a month off of doing AI prompts.
And I'm like, damn, 20 years old.
Yeah.
If you learn AI and you use it and you leverage it, like, you know, we use it in my business too.
So that's, you know, those guys will win for the short term, you know, the next other five, five, six, seven years.
Yeah.
But those that don't know anything about it right now, they're cooked.
Yeah.
Yeah.
They're cooked.
I would urge people to find something they can do now to make some money before this whole thing collapses because it's not looking good, bro, at all.
No, no.
Yeah.
No, not at all.
All right.
We got a first caller?
Yes.
All right, let's go.
9651.
You are up.
9651.
You are up.
Are we up?
He just left.
Okay.
Well, 2633, you are up.
2633.
This whole thing collapses because.
All right.
We can hear you, brother.
Just turn your TV or computer off.
Sound.
Hello.
Yeah, we got you, bro.
What's the question?
Yeah, my question is.
So I'm 19 years old.
I bought my first house with my brother, and I've been living here by myself.
I have been renovating and fixing it up, and I'm planning on selling it in a year.
I just don't know where to go from there or what to do next.
Yeah, so I mean, obviously, that's not an investment property.
That's your primary resident with your brother.
So you have to live in it.
So you can get what's called an exclusion up to $500,000 on a gain.
So if every gain is less than $500,000, you can exclude the entire gain.
But it's a one-time exclusion.
So you get $500,000 through your lifetime to use.
So that's for a primary residence.
But the thing is, you have to live in it 24 months.
So don't sell it before you're in it for 24 months.
Otherwise, you won't qualify for it.
So just living it in a year won't qualify.
Right.
Okay.
So two years.
You want it 24 months.
Yeah.
24 months, they say 24 months within the five-year period, a 60-month period.
You got to have 24 months of primary residence in that.
You know, it doesn't sound like you guys are going to move out and move back in.
So just 24 months from the time that you guys closed on the property.
And then you give all your stuff to your, you know, your CPA.
You give them the closing, the HUD statement from when you bought it, the HUD statement from when you sold it, and whatever amounts that you put in there.
You want to, you know, just even you've got to write them down on a piece of paper.
You probably want that better.
But, you know, hey, we put cabinets in, we put carpeting in, we put new kitchen, you know, refrigerator, whatever.
Add all that stuff up because that you want to get, you don't want to take as much of an exclusion as you want to because it's a lifetime.
So you get $250,000 and your brother gets $250.
And you don't want to use it all up.
Incorporating Copy Compliance00:09:48
You know what I mean?
So try to put as much cost that you put into that property in there.
So the cost basis is way up as much as high as possible.
Legitimately, that is.
Does that answer your question, bro?
Yeah, that makes sense.
All right.
Anything else?
That is it.
Thank you.
You're welcome.
But good stuff, though.
19 years old.
Bottom house with your brother.
Good stuff, man.
Nice.
Solid.
Yeah, I love the channel.
Thank you guys so much.
No problem.
You're welcome.
Appreciate it.
Next.
Guys, get on the line, man.
This is a chance to ask Steve questions, man.
You know, you know, completely for free.
So, this is obviously, as you guys know, we typically go with super chats first, but jump on a line 646-490-0394 is the number to call into the show.
Who's up next?
Next, we have 6854.
You are up.
6854, you are up.
Hello.
Yeah, we got you.
Go ahead.
Hey, Steve, how are you doing?
Hey, good.
How are you?
Good, good.
So, I have a question.
I saw last year, January 2025, IRS sent me a CP05A.
I don't know if you know what that is.
So, yeah, so wait, what's the number?
Say CP what CP05A.
05A.
Okay.
Was it like a okay?
So what is it?
What did it say?
CP stands for like compute.
That's a computer generated notice.
So it was like an automated notice.
But do you remember what it said?
I'm trying to think what that is.
That's cool.
Some of them, I don't know.
I remember what they did.
They just needed some stuff.
So I think it was I didn't act on it in time.
If I did act on it in time, they would have sent me some tax returns and I would have got money from it.
But they're holding your IRS refund to verify withholding.
So maybe they wanted a copy to a like typically back in the old days, we used to attach a copy of the W-2.
We don't do that anymore.
I don't know why they would do that.
But anyway, they wanted you to submit a copy of your W-2.
You know, I wonder if it's that shit.
You know, the IRS probably does this.
They probably have some like, some like actuary guy that goes in there.
You know, if we send out all these notices and, you know, probably, you know, maybe like 67% of the people will actually comply with it.
They don't need to.
They already have your W-2 in your transcript, which I'll talk about too.
So, so, and everybody should do this for the audience here.
You should always pull your transcripts and it's easy to do and it's free.
And we could do it now easier than ever because the IRS has a website now set up for it.
But anyway, getting back to your question here, I just wonder if they just like, it's kind of like warranty stuff.
It's like, how many people are and they hold this money and then they make money off of it.
And then like, ah, well, you timed out.
You didn't comply because the average person like either got lost in the mail or didn't do it in time.
There's no reason why the IRS should be asking you for a W-2 because they have that fucking W-2, excuse my language, in your transcript because your employer files it.
They have to by law.
So I don't know why they would be asking for it.
So I think for me, I think it's a scam personally.
I mean, I know it's a legitimate IRS notice, but there's no reason they would, you know, it's just stupid.
But anyway, so since we're talking about the transcript stuff, everybody should get on irs.gov, irs.gov, go in there, and then hit the button, get your transcripts online, and pull all your,
because every time you got a W-2 or a 1099 or a brokerage statement, K1, anything related that anybody files under your social security or your tax ID number gets put into a transcript at the IRS and it's all there.
So then you know exactly.
Now they don't get updated until about May or June for like 2025 because W-2s just come out in January, 1099s in February.
So the IRS doesn't catch up to it until about May or June.
But you should still have access.
You know, you're going to have to, you know, have a verification of IDs.
I think it's ID.me or whatever.
You do that.
You can get in there and instantly get all your IRS transcripts to find out what's in there.
And I always have access to that with your username and password.
But yeah, I don't know what to tell you.
I don't know why they would send that because, I mean, every employer has to file W-2s on all their employees.
So the IRS has a copy of that.
So I don't know why they would not be, unless the employer dropped the that doesn't make sense to me.
I think it's a way for them to generate revenue.
And they know a certain percentage of the people, like a warranty, are not going to take advantage of it or not do it in time and comply.
And then they could, you know, they'll hold your refund.
So it's a way for them to keep more money, I guess.
So should my next steps be then?
What year is it related to?
I think it's 23.
Well, then you have time because you can claim a refund going back three years.
If it's past three years, then you can't.
You lose the opportunity.
So you got to jump on it now because we're in 25.
So 23, you got to do it now.
You got to do it like right away.
I spoke to, so last year I spoke to them.
You know, I had my accountant on the phone line.
I'm like, I was talking to them, made them talk to each other.
I'm like, told my accountant, just give them what they need.
And they sent it over.
Because the thing was, they were supposed to send me money for this, right?
If I sent the paperwork for the stuff.
But since I didn't do it on time, they started sending me letters saying, oh, I owe money now.
Like, what the fuck?
Like, they didn't make sense.
So, so I took, then they stopped sending the letters once, I guess, my accountant sent everything over, but they didn't send me any money back.
They should have, but they didn't tell me anything.
But so my accountant did tax returns, I think, for 24, and I was supposed to get returns from the IRS, but the IRS cut money from that, from whatever they were asking me for for the CPA.
Oh, so that's why I, so, okay.
Yeah, it sounds to me like you have to, I don't know, without looking at that notice, do you have a copy of it?
I actually don't.
I think it was I lost it, so I didn't know what was going on the whole time.
You didn't, so your accountant should have a copy of it, right?
Obviously, he had to reply to it.
I don't know.
I mean, I would call him up.
I mean, he did your tax return.
They got to keep copies of it.
So I can't imagine he wouldn't keep copies of it.
So I would start there first, try to get copies of it.
And then if you want, you can, you know, send me, you know, you could try to try to do it.
They told me 16 weeks, oh, 16 weeks from like the summer.
It's been well past that.
So I haven't gotten any answer for that.
Yeah, but you know, it's a 2023 return.
The lights are not out on that return.
You could still, you know, amend or you could still, you're still entitled to that refund as long as you comply.
It's when you get past the three-year limit when you lose the opportunity.
So the opportunity still exists.
So I don't care what they're telling you or whatever.
The IRS I know right now for a fact is super slow at processing anything.
I have stuff that's been taking like a year, you know, for people to get their money back.
So it could be still in process, but you need to get a copy of that IRS notice and a copy of your return.
And then, you know, then you can address whatever they're asking for in there.
You still have time.
I don't believe you lost your opportunity on that.
Thanks so much.
You're welcome.
You're welcome.
Yeah.
All right, man.
All right.
Who's up next?
Hey, guys, remember, call into the show.
646-490-0394.
Phone lines are open, man.
So this is a great opportunity to call into the show and ask a very successful accountant who runs his own firm questions.
And you also, I mean, you normally work with higher net worth individuals who are entrepreneurs, but you also help work with guys that are like regular W-2 workers or like, you know, let's say you guys want to, because I remember I had Steve.
I was still working for the government, guys.
So I remember Steve like vividly.
He did my government taxes and then he did my separate income that I made from the business.
And, you know, I was able to segue from W-2 employee to entrepreneur working with him.
You know, we were able to make that transition seamlessly.
So he's still a fantastic accountant, even if you're not an entrepreneur or you're thinking about entrepreneurship.
You had to unplug it.
Predominantly, this wasn't an abuse.
This wasn't your main gig.
It was really, you were doing really well, too.
Yeah, with a side gig.
Yeah, with the fitness stuff.
Exactly.
And that's like when I had you on, I was still working for the government.
And I remember you for at least one year or two, you did my taxes.
I went to HR Block.
I was like, this is bullshit.
I didn't get anything back.
And then I remember you did it before we were able to get some money back.
And it was right when I was doing, because at that point, the fitness business made a little bit more than the government.
Yeah, I remember you sending me renting the apartment.
We're talking about how to incorporate it with your business.
And then you showed me the aerial of the pair.
Yeah, yeah, yeah.
I was like, dude, that looks good.
Yeah.
And that was all like, you know, because as a government employee, like, you're not able to do that typically.
So it was a whole other thing.
But I, you know, Steve was with me, that was with me the whole way when I transitioned from being a regular W-2 employee all the way into entrepreneurship.
So guys, like, I would argue, like, you know, if you want to get into entrepreneurship and do this, you have one of the friendliest presidential administrations to do it right now.
Having a business for taxes is OP is like a cheap code.
Yeah.
You can write off a lot of stuff.
Yeah, you really can.
As an employee, you're kind of cooked.
So it's a good way.
It's a really good way to cut your liability down of taxable, which your taxable income.
Okay, but yeah, guys, call to the show right there.
Long Term Opportunities00:15:42
646-490-0394.
Let's go to the next caller.
Vet said, bring the hoes out.
Bro, it's Monday Mondays, bro.
Get your money on point, man.
Yeah, the holes will be there, bro.
Guys, it's kind of cold in Miami.
I think what happened, Chris was like, yeah, it's super cool right now.
Too cold for the thoughts, right?
Yeah.
But Wednesday, Friday, we got another show.
We got shows.
Yeah.
So yeah, Wednesday or Friday, we got some after hours for y'all.
You guys got to get your minds out on these.
Bro, y'all niggas just think about pussy all day, man.
Come on, man.
Because all they think about is bitches, man.
I've been there.
All right.
So who's up next?
Next up, 4371.
You're up 4371.
Yo.
Quality there.
4371.
Cool.
Caller.
How old are you?
Where are you calling from?
I'm sorry.
How old are you and where are you calling from?
I'm 25 and I'm from Florida.
Cool.
All right.
What's up, man?
What's your question?
What's up, Myron?
What's up, Fresh?
What's up, Steve?
Hey, hi.
I'm working.
Sorry.
I'm working in industry right now, accounting, two years.
I'm doing my CPA right now.
I'm about two out of four exams done.
And right now, I'm just looking at Canada for the future, right?
And just wanted to see if like what you know, AI streaming, like streamlining businesses about like bookkeeping and tax.
Like I wanted to start my own bookkeeping and tax business or like a CFO at a fractional advisory.
And I was kind of wondering what your thoughts was for like the future.
I feel like that might just be taken over.
No.
You're still going to, there's, look, ChatGPT still makes a shit ton of, you know, mistakes.
Learn as much, you know, I'm sure you do, right?
Are you training yourself in all the different platforms of AI?
Like, you know, the Claude and Grog and ChatGPT and some of the other agents like Manus.
And are you using those tools?
Oh, yeah.
Yeah.
I work.
And actually, I work a lot with Power BI and a lot of data visualization tools as well.
Okay.
I mean, I would say if you want to get into it, there's still going to be a market for it.
So it's going to be those that excel at it are going to be the ones that are really skilled at using those tools.
So not only, you know, I know you're going to have to, you know, take a lot of time and, you know, study for the CPA exam.
That's, that's it.
But like if you want to build a business because you could do a lot with it, but you're still, at the end of the day, you know, the average person, You know, the average client is not going to know how to use those tools for themselves, and they're not going to go down the rabbit hole trying to figure out all their accounting and their tax stuff.
They're still going to need somebody like you to put all that stuff together.
And yeah, so with and with having the license and having the knowledge in the background, I mean, I think, I think, definitely go for it.
So, if you're asking me, like, yeah, don't bother because you know, it's going to, we're going to be rendered obsolete.
No, it's not going to be that quick.
And still, at the end of the day, there's still going to have to be some human interaction with the clients.
And there, you know, someone's going to have to review the stuff because you can't just basically trust AI to do everything automatically.
I don't think we're at that point yet.
So, I think you're sitting in a good spot.
When do you think you have your test done?
My projection, I want to be done by probably like June or July.
I'm working on one right now.
Are you working for a firm right now?
I'm working in industry at 500.
Okay, okay, good, good.
Yeah, so I would say, yeah, definitely go for it.
I think there's still an amazing opportunity there for you.
So, go for it.
Just really master those all those tools, you know, that you can help you do a lot more, a lot quicker, and then you know, start to bring on clients.
Okay, okay, I appreciate you.
You're welcome.
Thanks, Myron.
Uh, thanks, Fresh.
Yeah, I started watching you guys about like six months ago, and uh, I've been a lot smarter with my money, I'll tell you that.
Good stuff, bro.
Good stuff.
All right.
Uh, who's up next?
Next up, we have one eight four five.
You are up.
Hey, guys, do me a favor.
Um, smash the like button, guys.
Um, as you guys know, um, these episodes don't generate as much views because people don't care about you know being fiscally responsible, everyone just cares about bitches and other degenerate behaviors like gambling.
So, we still do this show because you know it adds a lot of value and helps you guys out.
Like, I literally dropped everything I was doing to come do this.
So, do me a saw, guys.
Only thing I ask in return: you don't got to donate a dollar.
All you got to do is just smash the fucking like button so someone else can come across this information.
A lot of you guys are asking really good questions and you know, that other people might have or be in a similar journey, you know, in their life.
So, uh, the only thing we ask is to smash the like button, man, because uh, that's how important this stuff is, yeah, uh, for you guys.
Because this is the life-changing stuff here.
It's not us, you know, debating women and showing how dumb they are, it's about helping you guys make um as much money as you guys can and uh be successful in your life.
I mean, be independent, right?
So that you don't have to subject yourself to poorly behaved women.
Rather, you can go ahead and get yourself a girl, um, put yourself in a position to find a woman that's going to be worthy.
I'm committing to just after your point, but you have to get your money on point first, man.
Like, I've told you guys before, you can't be a brokey and expect a woman to submit to you.
That's not fair on her end either.
Like, you got to do your job as a man, and a part of that is provisioning alongside the protection.
You know, 50-50 is not going to cut it along with financial changes and economic changes, dating has changed too, and there's no more transactions ever before.
So, think about it this way: if your money's not on point, what do you really have?
What can you stand on?
Books only, right?
Bro, it's not going to do very well.
So, long term, you need money for everything.
Well, and I think you know, like the general rule is like, you know, women, you know, like kind of filter and select for the top, what, 10, 20, maybe if they're lucky.
So, I think this audience is representative of that.
You know, so if you got the what is it, the after-hour show, where you got, you know, maybe, you know, this is like 10%, like the top 10, 15, 20% of the, you know, this is the intellectual guys wanting to level up.
Yeah, so this is what you, these are what these guys are here.
This is what they intended out.
This was their main mission, you know.
And that's what I saw from the beginning, you know, with everything that's gone on in mind.
I have a personal stake in this just because of my, you know, my personal story and stuff like that with my son that was a follower of you guys too, as well.
So for me, that's this is the audience that we're here for.
So this is with a main driving force, I think, you know, going back to the grassroots of what you guys really set out to do.
And I think that gets missed.
And it's not for money, you know, because if it was for money, we wouldn't be here right now.
Yeah.
And it's actually, I'll be honest, it's actually fiscally irresponsible for me to even be here and do this at this point.
But, you know, compared to what I was just doing streaming before, but it's that important to us that we need you guys to understand this stuff.
So I will take a hit financially so that you guys don't have to.
That's fine.
So the only thing we ask in exchange is that you smash the like button, share this with a friend, call it to the show, ask questions.
No question is stupid, guys.
I guarantee you, there's someone else on the line or someone watching that has the same exact question that you have.
So yeah, let's go to the next caller.
All right.
What's next?
Next up, we, yeah.
1-845.
You're up 1-845.
What's up, man?
How old are you?
Where are you calling from?
Hello, caller.
Yo.
Yo, where are you calling from and how old are you?
I'm from Toronto.
Okay.
37.
Cool.
All right.
What's your question, man?
I'm just asking and shout out.
You know, Myron, just like the only real one left.
Everybody else switched up, so whatever.
But what's your thoughts on crypto right now?
Because like, you know, I just bought five Ethereum while we're on stream, bro.
I literally just bought five Ethereum while we're on stream.
Yeah.
Like yeah, bro.
You know, I always say when there's blood in the streets, it's time to eat.
You got to take opportunities like this.
And, you know, in times of turmoil and craziness and uncertainty, which is kind of what's happening right now with, you know, the imminent war that's probably more than likely going to go down in the Middle East.
You're going to seize these opportunities.
I haven't seen Ethereum that low since like 2021.
So, you know, I'm just taking opportunity to get some now.
Crypto is not going away.
It's going to be here.
It's going to be up and down.
And right now, it's like what he's doing right now.
He's dollar cost averaging.
He's buying the dip.
So you want to, you know, you want to pick up more when there's a dip.
So you want to buy cheap and you want to sell sell low.
But it's a long-term play.
I think right now, me personally, I was really deep into the crypto stuff with, you know, the and you're one of the few accountants in Florida that like, you know, have kept up with it.
And that's another reason, too.
Like for anyone that says like cryptocurrency isn't legit, guys, there's ETFs that track crypto now.
Accountants are learning this stuff.
Like it is here to stay, bro.
It is here to stay.
Obviously, you're going to always have weird altcoins and all the other stuff.
But I'll say the staples that are not going to go anywhere for sure are going to be Bitcoin and Ethereum.
Yeah.
They're just too big to fail now.
Those are the blue chips.
And you could talk, you could maybe throw Solana in there too as well.
But there's a layer ones.
Those are layer ones.
Stick to those.
I think for now, a lot of these guys like to play with the meme coins and they like to play with a lot of other derivative projects on these chains and stuff like that.
Because the laws are like rapidly evolving for crypto when it comes to the accounting perspective, monitoring it, et cetera, from the U.S. government.
So the fact that the U.S. government, I know some of you guys are like, oh my God, I hate the fact that the U.S. government is like, you know, monitoring this thing.
That's actually a good sign because that actually means it's legitimate and you know it's not going to go anywhere.
So yes, I get it.
We want to be autonomous with our money.
Sure.
But the government wanting to regulate it or regulating it to some degree does give it legitimacy.
Yeah.
It's not going anywhere.
It's CAP22.
It's here to stay.
But it's here to stay.
Just a follow-up question on that, too.
So do you believe it's in a four-year cycle, meaning we're about to be in a bear market and then we got to wait like another year or two?
Or do you think we might recover like soon?
Or what do you think?
I mean, yeah, you know, typically that's 10 how the crypto, I don't think there's enough body of, you know, historical data there to, you know, some people, you know, they like to read the charts.
And to me, it's just like, if you're going to get into crypto right now, if you stick to the layer ones, you know, like you talked about with the two major blue chips, and then you could throw Solana in there too as well.
If you're just stacking your coins and not looking to do any swing trading or stuff like that, then you don't have to really worry about the four-year cycle.
You're just going to use it for a long-term, long-term investment opportunity.
So that's how I look at crypto right now, just because it's too volatile.
And, you know, everybody's got a formula.
Everybody's got a, you know, everybody's going to tell you, you know, it's like, it's like, it's like, I don't know, it's like a horoscope for, you know, for men.
You know, I mean, everybody's got the answer.
Everybody knows.
Nobody really knows.
Nobody fucking knows.
Just know over the long term.
In 10 years.
Come down to Toronto for one of those college debates.
That would be crazy because it's very liberal over here.
Probably can't, bro.
You guys are not free speech.
Probably not.
All right.
You guys are too cucked, bro.
I'm sorry.
UK and Canada, bro.
I'll get arrested for this.
I'm trying to get out of here, man.
I'm trying to get out of here.
Thank you.
All right, man.
Thank you, bro.
Later.
Canada's very brown now.
Very brown.
Yep.
Silver brown.
Yeah.
All right.
Who's up next?
Next up, we have 3077.
You are up 3077.
What's up, bro?
Hey, guys, can you hear me?
Yep, we got you.
What's up?
Perfect.
Massachusetts, 37 years old.
Just a couple of questions if you don't mind real quick.
100% bonus depreciation.
Wasn't that primarily restored back in January 19th?
Anything before that is 40%?
Good question.
Wait, so exactly the same question.
Bonus depreciation?
Yeah, so we asked about.
Go ahead, ask it one more time, bro.
Yeah, you signed a little bit.
100% bonus depreciation was permanently restored back in January 19th.
So anything before that is only 40%?
Yeah, because it was sunsetting.
So they made it permanent.
Correct.
That's correct.
Yeah.
So moving forward.
So what if you bought your house January 18th?
Oh, so is that what happened with you?
No, no, but I'm just saying I bought mine the 21st.
So I think I'm in luck.
But just in case anybody out there that's listening, they bought it before then.
Yeah, so it's going to be, that's going to be the cutoff date there.
Also, they're cooked.
I mean, hypothetically, yeah.
I see.
All right.
And then second question: are you taking new clients from out of state, like Massachusetts?
Yeah, we do all the time.
Yeah.
So I have, if you go into, just DM me and then I could give you a link to get it to actually to my CPU.
Northeast originally, guys.
He's from New York originally, so he's very familiar with, you know, I have my license in New York State as well, too.
But I have, you know, clients in California.
It doesn't matter, you know, because I'm federally licensed with the tech stuff.
So I can do all 50 states.
Okay, all 50 states.
Where did we DM you?
So DM me on my Instagram and then I'll give you the link to get into our new client prospect intake that we have.
I'll send you that link.
I should probably put it in my bio.
You can put the Instagram on the page on the actual screen.
Yeah, it's at CNBI.
The link to your website, too, would be helpful if you could.
Yeah, that's the link.
I'll give you the URL there.
When you DM me.
And then where can we find your book?
So that's going to be in the bio of my Instagram.
So I have what's called, there's free tools in there, and then there's like products and services in there, too.
And there's a bunch of them in there, too, as well.
All right, perfect.
So everything's right in there in my bio.
Appreciate it.
Appreciate it.
Thank you.
Who's up next?
Next up, we have 2615.
You are up.
2615, you are up.
Yo, hello.
Yep.
Yep.
Where are you calling from and how old are you?
Yeah, I'm calling from Arizona.
I'm 27.
All right.
Uh, hit us with a question.
And guys, smash that like button.
We got uh over about 22, 2,300 of you guys watching live right now.
We're on all the platforms.
So smash the like button for us, guys.
Uh, if you're watching on Rumbles, you know, open up a YouTube tab and smash the like button.
Go ahead, bro.
What's your question?
Yeah, um, so I have a question.
I've been doing, uh, I bought a house, I've been doing room rental model, and some of the tenants have been paying me in cash.
Um, not all the time, but every other month here and there, they'll pay me in cash.
But for the most part, they'll cash at me or sell me money.
Um, it's my first full year, uh, 2025 was the first full year I did that.
So, how would I go about you know the cash payments and stuff like that?
Is it even worth it?
Because it was around thirty thousand dollars of cash payments that I got total for the year.
Yeah, so I don't know how they when they zeld you.
Um, I know some of those you know, they get 1099 K's in there saying, um, you know, depending on how much it was, but um, I don't know if they put any type of different description in there, did they?
No, not all the time, okay.
Rental Income and Taxes00:02:45
So, I mean, if it's rental income, I mean, yeah, so are you reporting your rental income and taking expenses and depreciation on those properties, or what's the situation on that?
How are you, are you handling that?
This is one property.
I actually live in the property myself as well.
It was more of a play to bring down my total mortgage cost.
Oh, so it's like your primary residence that you're kind of renting out some rooms to, like, sort of that's right.
You know, I mean, at the end of the day, you know, it's you know, there is a very low chance that the IRS is gonna, you know, pick up on that, but you know, on the offshoot that they would, then, you know, I mean, it's it's not a ton of money, you know, the IRS has a ton of resources to come after and pick up, or you know, um, you know, but if you don't even have an opened-up Schedule E rental schedule for that, it kind of just sounds like it's just personal like money going back and forth.
And people are so typically it's kind of off the radar, you know.
So I would talk to you who does your taxes, you do them yourself, or you got somebody doing it.
I was doing that myself for a couple of years, but uh, I trade stocks too, and I also sold some stock last year, um, took about 20,000 in profits, and then that's kind of what I'm worried too.
I don't really want to have a big tax bill, and then I make about 120 on my job, and then now with the you know about thirty thousand dollars extra in rent payments, yeah, you know, that's I'm a little bit scared about how that uh tax bill is going to come out, so that's kind of a worry of mine right now.
Yeah, the problem is you know, because you're renting a primary residence, you're renting rooms in there, so you can't really depreciate the property because it's your personal residence, so it's just going to be all rental income.
So, that's something that you're going to talk to if you feel comfortable keeping it off, or you know, I mean, I don't know, um, or to you know, talk to your tax preparer, but um, I don't know with your so you're gonna get like a 1099 uh consolid consolidated statement from your brokerage account,
yeah, yeah, I just have to print it out, but I like I said, I've kind of been procrastinating on all that stuff just because uh because of the tax button and you're every year that I have to pay the IRS, man, your government fucking digging in our pockets, yeah, yeah.
I mean, yeah, um, I mean, I, yeah, I don't know what to tell you about the rental income, so um, okay, I know what I would do, but I, yeah, yeah, we're online, bro.
Yeah, you know what, just to preference this, this is not financial advice, this is not financial advice, a little bit tricky there, my friend.
I don't know what you're trying to do there with cash, but hey, bro.
Invest And Get Another Job00:13:08
You know what I'm saying?
I mean, $30,000 is substantial for renting rooms.
I don't know what you're charging these guys, but I'm going to say that.
No, I mean, it's only $850,000 a room, and that's pretty comparable for the market here on a room rental basis.
And it's three rooms.
Bro, doing a webcam.
Something, bro.
God damn.
Yeah, we're taking it as cash.
They're going to do something, bro.
Probably.
Nigga might have defensive crib, man.
FBI, open up.
Nah, nah.
I'm a civilian, man.
I'm a civilian.
Okay, buddy.
None of that.
All right, man.
Civilian.
All right, who's up next?
Thank you, guys.
I appreciate it.
Thanks, Myron.
Everything you do.
Fresh and fit.
Shout out, Bo.
Shout out.
Fresh updates.
Appreciate it, guys.
All right.
Take care.
Fresh up this.
He said, Fresh out, fresh updates.
Okay.
Yeah, guys.
By the way, I'm going to be posting clips from the IRO stream tomorrow on Fresh Updates as well.
Shout out to him.
Should be pretty lit.
Tomorrow, 5 p.m., we're going to go to the gym, Taco Tuesday, fun date, and of course, some activities after for the IRO stream.
Yep.
Next up, we have 8314.
You are up.
8314.
8314.
You are up.
Hello.
What's up, man?
What's your name and where you're from?
Jaden from South Dakota.
And how old are you?
24.
Cool.
What's the question, bro?
So I work at UPS right now.
And we got offered $150K for a buyout to leave.
What do you guys have for an opinion on that?
Wait, a buyout from your job?
Yep.
So, huh?
They're going to pay you that to leave the job?
Yeah.
So, yeah, they're going to pay you $150,000.
And what if you don't take it?
Then what?
You risk just getting laid off?
Yep, pretty much.
Okay, that's a no-brainer.
Just take it, bro.
Take the money and run.
Nigga, what?
Bro!
Yeah, I mean, you really have no choice.
Yeah, that's bro.
That's a that's a that's a fucking save saving grace.
Yeah, wait, I'm a little confused.
Well, there's got to be a reason why he's asking this because I don't think like is there like a chance that you would not get laid off?
Is that why you're asking?
No, I was already laid off right now.
Okay, so it's literally not even a certainty.
It's already happened.
So I'm confused why you would not, like, what has you questioning not taking it?
There's a lot of stipulations with it, like taxes and stuff like that.
I'm not really quite sure exactly what I would do with it after I took it.
I mean, of course, it's going to be taxable because it's income, but like, what else had you?
Because clearly there's a reason why you called in.
So I'm trying to figure out, because this is kind of a no-brainer.
So I'm trying to figure out what has you concerned.
Is it a severance package?
Severance?
There's just things like in it with the buyout.
Like it says, yeah, it says like it'll take a certain amount for taxes.
And also you can't join like unions and stuff.
So it's like for how long?
I don't know.
It's forever.
Oh.
Wait.
You can't.
Okay, explain that, bro.
Because, yeah, like, I need you to fully articulate what actually has you concerned here.
So first it's taxable.
Fine.
We know that.
What else has you concerned?
We're going to get taxes no matter what, bro.
Yeah, for real.
Yeah.
So, so besides taxes, what else is it?
My concern is what I would do afterwards, I guess.
Get another job?
Just get it set on the money, put it in crypto or something like that.
Yeah, and get another job.
Like, by no means, take that money and run and not get another job.
Yeah, you need to start working again.
Give yourself a hobby.
I'm already setting myself up for that.
No matter if I take it or not, I'm already looking at like multiple other jobs.
Are they paying out like your 401k and your benefits, too, like that?
Or are they liquidating those?
Oh, good question.
Yeah.
This $150K, how's it broken down?
It's enough to keep your benefits and retirement stuff, but that's only for 10 years up, I think.
Okay, that's not bad.
All right.
So this 150K severance package that they're giving you or buyout, whatever you want to call it, how much of it is actual cash?
100K, I think, is what it will be after taxes.
Okay.
You get it all in a lump sum or does it get paid out to you weekly or bio weekly?
Just one lump sum.
So you get one lump sum of 100,000 cash, and then where's this other 50K come from?
Or what does the other 50K encompass, excuse me?
What?
Sorry.
Okay.
You're getting $150 total in value, right?
For the severance package.
$100,000 of that is going to be cash.
What is the other $50K comprised of?
That's what they're taking for taxes.
They'll just give you $100K straight, basically, and take the other $50 for taxes is basically what I've heard.
Okay.
So then what's your concern?
Because you're already going to pay the taxes up front then.
I was basically already going to take it, but it's a certain amount of people that can take it, so I'm not even sure if I'll be able to.
I mean, it's a good chance that I'll be accepted for it, but I just didn't know exactly what to do afterwards with the actual cash.
Oh, okay.
So how to invest the money, basically.
Right.
Yeah.
Well, because you first called in saying, should I take it?
So that seems to be the primary concern.
Now you're saying if you take it, what's it get?
Yeah, obviously invest and get another job.
100%.
Okay.
Yeah, I'm going to be honest with you.
Tough love here, you suck at communicating.
And actually, and the reason why I'm calling this out properly is because a lot of young men have this issue.
Notice how we had to pull the fucking information out of you by asking a bunch of follow-up questions?
That's because we care.
Most other people are not going to care.
You absolutely fucking suck at communicating.
You need to fix that, bro.
And I'm telling you this as a man, this inability to communicate your ideas thoughtly and ask questions coherently is going to fuck you up in the future.
Big time.
So because that's a huge, a huge symbol of competency is the ability to ask good questions and or provide information when asked without people having to actually ask a bunch of follow-up questions.
And this will serve you throughout your life, bro.
So you really suck at communicating.
You got to fix that.
So I'll add one thing for you before you leave as far as what to do with the money, okay?
So I would look into setting up a CD ladder.
Okay.
So if you got $100,000 free clash, figure out how much you need for your immediate needs, okay?
Whether that's going to be 30 days, 60 days, or whatever, before you get a job.
And then from there, take the remaining and then set up CD ladders where they could be in increments of $10,000 or $5,000, whatever, so that you have those, you know, because you're going to get a higher rate of interest.
And then they come and expire maybe every 60 days or 90 days.
So you always have some liquidity.
So you're not strapping yourself from cash.
You don't have to ruin a CD or whatever.
Because you don't know what to put in it.
I'm not going to tell you to buy Ethereum or Bitcoin or any shit like that.
And then we don't have a job yet.
So you want, you know, try to get the best.
How much ready do you interest?
I have 15K right now.
Okay.
What are your living expenses every month?
Around $2,500.
Okay.
So let's do the math here.
Let's say you have a year in reserves, right?
You need $2,500 to live.
$2,500 times $12,000 is $30,000.
$30,000.
So when you get that $100K, put $30K away and put it into an emergency fund for a year.
Take the other $70K roughly.
Find some type of asset class to put it into.
You can even diversify it.
Maybe a portion goes into crypto.
A portion goes into crypto.
A portion goes into index funds or whatever.
But also make sure you have another job as well.
Like have another job when this is all there.
And then also learn how to communicate better.
Because that's a serious.
I don't think the value of communication is pushing up on young guys.
And it's actually something that I've noticed that I've wanted to speak up about.
I've went to many different events, America Fest, et cetera.
And a lot of young guys come up to me and I've noticed that a lot of you guys have a serious problem being able to properly convey yourselves and are awkward.
And that will fuck you up in the professional world later on.
You know, I'm curious.
Do they still have Toastmasters?
Like when I was younger, they still have Toastmasters.
I just did it before too.
It helped them a lot.
I thought it used to be way worse.
I was terrible, bro.
I don't know.
I would look at that because it will literally transform your communication.
Yeah, bro.
It's amazing.
It's called Toastmasters.
Toastmasters.
Everybody.
Everybody in your local community.
Yeah.
And I'm telling you because out of love, bro, and I'm not doing it to shit on you or anything else like that, but it was damn near like I was asking you questions like you're on a polygraph.
Like I like I shouldn't have to ask all these follow-up questions to figure out what the fuck is going on.
You should be able to articulate your story concisely and clearly and then be ready for the feedback and provide the people that you're speaking to the requisite information so they can give you a proper response.
That's a skill set that isn't taught enough anymore.
So work on that as well.
But you're in a good position financially, dude.
Besides the fact that you suck at talking, take that 100K.
They're already going to take their 50K from you anyway.
Take 30K, put it in a rainy fund day.
That'll set you up for a year.
Take that other 70K, invest it into different asset classes.
You can buy some gold.
You can buy some silver.
You can buy 70K is enough to put into multiple different things.
Get some Ethereum or a little bit of Bitcoin.
Maybe depending on what state you live in, maybe even have enough to put a down payment on a single family home or a duplex or something like that if you live in a cheap area.
So you've got some options, bro.
And then invest some of that money also into maybe a speaking coach or Toastmasters or something because that's an extremely underrated skill set that people need to learn.
When you speak well and you're able to articulate themselves, people respect you more, creates more opportunities for you, and it creates an air of competency, which is extremely important, dude.
So work on those things and you'll be fine.
But you're in a good position, dude.
You're in a really good position.
Awesome.
Awesome.
All right.
Awesome, man.
No worries.
Who's up next?
Thank you.
Appreciate it.
Tough luck, man.
But we got to be honest with you.
That's good.
That was good.
That was great.
Yeah, dude, it's a phenomenon that I've noticed only with young guys, bro.
Yeah.
It's absolutely nothing.
It's the times.
They're on the computer.
They're chatting.
Tablets don't stop.
Yeah.
Like, I've noticed it with, especially like Jen's ears and on.
It's a very, it's very noticeable.
But even the girls are like that, too.
It's not just the guys.
Even the girls.
The girls are brain dead.
The girls are like when the women are brain dead, they can still get by in life.
Like for the guys.
They look good, yeah.
Yeah, bro.
They're pretty.
It's got to be tough.
Well, they get the grace card.
Yeah.
But Toastmasters helped me a lot, man.
Do you do Toastmasters?
Because I did it a long time ago.
I don't even know what's still around.
I couldn't see.
It was like, I'm in a room.
I'm like, damn, I'm so nervous.
And you get critiqued by everybody there, which is good.
That's what I'm saying.
I tell that shit because of Toastmasters.
Yeah.
I went in there.
You're hired on the spot.
Boom.
But again, my first fucking month for you was terrible, bro.
Yeah.
I don't know.
It was bad.
Yeah.
And look, let me be honest, guys.
There's a lot of people that are super smart, damn near genius level, but they suck at speaking.
So everyone thinks they're stupid.
Right?
So that is, and then there's plenty of people that speak well, but are stupid.
But people are intelligent.
So you know what I mean?
Well, it's like AOC, right?
Yeah.
There's lots of people.
She's pretty.
She looks like she has a worse salad.
You see that clip of her?
They have a good grasp on the English language.
They're using great vernacular.
They're stringing their sentences together in a charismatic way, but they're still stupid.
Venezuela is below the equation.
And you know what?
The thing that kills me, the person that's going to go further is the person that speaks well and is a bullshitter over the person that doesn't speak well, that's higher IQ.
That's true.
So that's the importance of being able to communicate effectively, guys.
It's that important, dude.
It's that important.
And it's something that I've really noticed with a lot of young men, especially when I go to these conventions like America Fest.
A lot of young guys come up to me and talk to me.
And I just notice like extremely awkward and weird mannerisms when people communicate to me, which is fine.
Like, I don't like, I'm not mad at it.
It's just something that I've really noticed.
I'm like, wow, this is something we need to fix.
Yes, Chad, I can do better.
But socially, I'm very adept.
So there you go.
So, anyway, but yeah, no, the guy's in a good position, man.
So, you know, bless him.
Who's up next?
And the guys are laughing at him in the chat.
Some of y'all have a problem with communicating too, bro.
Some of y'all laughing in the chat.
Some of y'all niggas can't even.
Or you're nervous.
Yeah.
You can't even call in.
You can't even call in, bro.
So shout out to him for having the balls to call in.
Who's up next?
Look at Elon Musk.
There you go.
Oh, yeah.
Peter Thiel stutters a lot too.
Really bad.
Dude, I'm gonna balling.
Yeah, yeah, yeah.
Next up, we have.
I also don't think he's as smart as he claims, but that's a whole other conversation.
8422, you are up.
8422, you are up.
Hey, Martez, Alabama.
Okay, your call from Alabama.
Moving Out of the Country? Think Again.00:05:21
How old are you?
Yeah.
35.
Oh, 35.
Okay.
All right.
What's your question?
Yeah.
Yeah.
I talked to Steve last time you guys started a call-in show.
I asked him about like, so I'm moving out of the country.
I'm moving to Jamaica.
So if I'm doing consultations, so I'm doing like freelancing.
Oh, God.
If I'm doing consultations onboarding people to crypto, also, I'll be doing like travel content.
How am I tax if I'm receiving, I guess, U.S. dollars?
So the U.S. is one of the two countries in the world that taxes you on your U.S. on your worldwide income.
So, you know, whatever you're going to contribute, you know, and you get a tax credit for it.
So I don't know.
If there's a certain amount you got to make, don't you got to make like 100 care more?
Yeah.
For them to tax you if you're abroad?
Yes, correct.
Are you going to hit that number, bro?
Or no?
Or more?
Say it again.
Am I whatnot?
Are you going to make over $100,000 a year in Jamaica?
More than likely, yes.
Okay, never mind then.
So, and then you're still going to keep your U.S. status, right?
You're not giving them your passport.
Okay.
So my wife is Jamaican, so more than likely, I will end up.
Would it be smart for me to, you know, naturalize in Jamaica as well and have dual citizenship, or shall I just keep it?
I mean, I don't know about that, but I mean, that's not going to really affect your tax.
Yeah, you would have to renounce your citizenship to not be liable for the taxes, which I don't know if you have to do that.
You have to give up your passport here.
So that's a big, that's a big, you know.
Are you a dual citizen?
No, he's not yet.
He's thinking about becoming a wife.
His wife is Jamaican.
So anyway, so getting back to the tax.
So I don't know what the tax law is in Jamaica.
So how do they tax you there?
I'm not sure yet.
Okay.
So find out if they're going to tax you there.
So let's say they tax you.
Let's say you go to Puerto Rican and they tax you like 4% or something like that, right?
You're going to get a tax, or another country.
Whatever you pay in taxes in that country because you're residing there and you're like a full-time resident there, if you pay anything to that jurisdiction, you get a tax credit here in the U.S.
So if you file your taxes here, whatever you pay there, the U.S. will give you credit for it.
It's called a foreign tax credit.
So you're not having to pay double the taxes.
So yeah, U.S. is going to tax you on your worldwide income if you want to keep your U.S. citizenship status, unfortunately.
And there's going to be certain thresholds that you can make tax-free abroad.
But That's something you had to find out with the Jamaican government to find out, you know, if you were going to file there, become a permanent resident there, but still keep it.
Because the taxes might be high where you don't even want to live there anymore, bro.
Might not be worth it.
Yeah, it sounds like I said we've been checking on Puerto Rico as well, but the real estate is Puerto Rico's good for that.
Yeah, Puerto Rico is good.
But it's not cheap, though.
It's not cheap at all.
As long as you're onboarding people that are outside of the island, you're not onboarding people that are living within the island.
So as long as you're providing services, like it's called export, then you can make all that money and then that's tax-free.
You know, whatever the whatever the situation is there.
So I don't know.
Is that the situation?
It's going to be yours.
I would say figure that out before you go there, dude.
Because the whole reason why you're moving there might be null and void once you figure out how much you get taxed in Jamaica.
Because I'm assuming a big part of the reason why you're going there is probably for lower cost of living and to mitigate tax liability.
Who knows, bro?
If they have high taxes there, it might not be worth it or a high cost of living.
Like, for example, when I went to Turks and Caicos, bro, everything was expensive as hell there.
Bro, Barbados, Jamaica, all that stuff is expensive.
The Caribbean, bro, all the stuff there is expensive as hell, dude.
So I don't know if, you know, because you got to do the math to figure out if it makes sense.
Hey, everything's imported there.
So, you know, you're not, you're, you're, and plus, the services are not going to be the same as you're enjoying, you know, in the States here.
It's going to suck, bro.
Yeah.
I'm sorry, bro.
The Caribbean sucks.
Like, they're on Caribbean time.
Everybody's late.
Nothing gets done.
Very slow.
My wife is Jamaican.
So, I mean, I'm used to it.
I've been there like six or seven times.
So we already have a house there.
So we're good as far as that.
It's one thing to spend four or five weeks, let's say at the most, but it's one thing to spend four or five months or a whole year or something like that.
You know what I mean?
You're going to be missing a lot of stuff.
So, you know, we're spoiled here.
We have a lot of modern conveniences that when you go to the island, you know, you got power outages.
You know, you got to wait in line for certain things.
You know, it's not the same.
I mean, you know, Puerto Rico is part of America and it's probably more Americanized than Jamaica.
And they have a shit ton of issues there.
So, I mean, I would be hard-pressed to spend a long amount of time there.
I mean, I won't miss it.
I'm trying to get out of here.
I'm not going to miss the U.S.
So I don't know.
Oh, that's good then.
Yeah.
So that's the attitude they have then.
Yeah.
Yeah.
I would say, though, retiring in the Caribbean definitely is good because it's very relaxed, very chill and slow pace.
So retiring there definitely would be a better off than America.
Because you got to grind here.
Caribbean, you just chill.
It's like you make your money, you chill, go to the beach, sip some rump punch, and just relax.
There's no really like, oh, hustle, bustle is like super hungry.
Payment Plan Options00:04:17
Right.
Yeah.
So, yeah.
But it depends on the, you know, if you, I don't know.
I would get bored of that.
I got to be, I got to be if you're a grinder, you're going to get like, I remember Client West went to Barbados for like, I think, one day.
Yeah.
He's like, bro, I can't live.
I got to leave it right now.
What'd you do?
Then you pick up bad habits.
You know, start drinking.
Then you start drinking more because you're bored.
Yeah.
It's like I got to be active.
I got to be doing stuff.
Yeah, good point.
That's just me personally, but I'm a disciplined person, so I'm good at it.
Yeah.
All right.
But okay, I'll see you.
Stay away from that ganja.
The marijuana.
Boomer.
Have a good night.
Take care.
All right, man.
All right, bro.
Yo, Banner's nigga Joe Ross, bro.
Banda nigga Joe Ross right now, bro.
ASAP, who's permanent.
What happened?
Barbara's on clean fresh?
Nigga, fuck you.
Of course they do.
Barbara's lit.
It's family.
All right.
Who's up next?
We'll answer a few more guys that we're going to close out here.
Yep.
7205.
You've got places to be and people to see.
Well, money to count, right?
I got to go see Brett.
Oh, shit.
Oh, yeah.
Thank you.
Matt, Brett.
7205.
You didn't know him yet?
No, he, yeah.
I didn't know him for a while.
Hey, what's up, fellas?
Yo.
What's up, man?
Fresh Myron.
And what's up, Steve?
Hey, how are you doing?
Good, good.
I just have a question.
So how would someone that's wanting to catch up on owed back taxes, how would they go about doing so?
What's your advice?
So I would start with your first three years.
I don't know what the situation.
Are you talking about yourself personally?
Yeah.
Okay.
So is there any reason why you didn't file?
And did you get any notices from the IRS saying that you owe anything?
Yeah, so I got a couple of notices from them in the mail.
And then I recently got like a promotion, maybe like a year back, a year or two back, and I'm in that like 70 to 75K tax bracket, that range.
So I owed a little bit at the end of the year, and I just didn't have enough to pay for it.
Okay.
Do you know?
So are they any years where you didn't get a notice?
What's that you said?
So did you get a notice for every single year for the past three years?
Yes, for the past, it's been two years.
So last taxes I filed 2024.
Okay, so you got a notice for 20.
Okay, you filed for 24.
Yeah.
So are you a W-2 employee?
Yes.
So there's not much you can do.
So they already did a substitute return and said, okay, you owe this.
Yes, exactly.
And I called around also to see like exactly how much it was and they kind of gave me an estimate.
IRS.
So the issue is you want to file.
Okay.
What you can do is you can get the penalties removed for the first year because it's a first-time waiver.
So I would try to do that.
And then what you can do is work out a payment plan.
So as long as it's less than 50 grand, you can get an automatic payment plan.
You could do that yourself right on right online.
As long as you could pay the total balance in 72 months, which is six years, as long as it gets paid in full, then you could set up an installment plan.
But you want to file those just in case anything ever happens and you got to file for bankruptcy.
The statue of limitations starts ticking the day you file your return.
If the IRS is going by, you know, you just pay the notice, then no return ever gets filed.
A statue of limitations never gets started.
It doesn't start ticking.
So I always tell my clients, just let's file it, whatever.
And then we can get some of the penalties waived so that it reduces some of the balance on one of the years you get a mulligan.
And then, you know, if you don't have the money to pay it, whatever, and then you figure out a payment plan.
So you can go on as long as it's less than 50 grand.
You could do it automatically, put it in there, and then divide it by 72 and then figure out what your minimum payment needs to be.
And it's pretty, it's kind of really not that bad.
You know, if you get some extra cash, throw a couple extra payments in there.
But once you start that payment plan, you never want to skip a payment.
So you want to probably put auto payment on there because a lot of people don't do the auto payment on there and then they mess up, they skip a plan, they skip a payment or it's late and the IRS immediately cancels that payment plan and you got to start all over from square root run.
So you want to do when you go in there and they'll waive the application fee for the payment plan if you do the, if you put your bank account information in there.
It's not that hard to do.
It's very easy.
Coffee Stand Idea00:02:43
Okay.
All righty.
Cool.
Thank you for the information and I appreciate all that you fellas doing for the community and helping fellas out and helping the guys.
So thank you for having me.
Do me a favor guys, smash the like button on YouTube.
If you're watching on Rumble, smash the like button over there.
Let me look here where we're at as far as like we only got 550 likes, guys.
Come on, man.
Let's get to like 90% engagement.
Let's get close to 1,000.
Smash the like button, guys.
Who's the next person?
Next up, we have 1258.
You are up.
All right.
1258.
Hit us with a quick one.
Hey, what's up?
Yo, what's up?
Where are you calling from?
How old are you?
Hey, listen, Byron.
Hey, Big Mo, what's up?
This is Richard.
Big up yourself.
Bumbucka.
Big up, big up.
Big up.
So, Byron, last time we talked about my coffee business, I had some change of plans.
I had to move to Florida.
I'm in Florida now.
So, Ta-Da.
So, you know, I just wanted to follow up with you.
Got a job and I'm trying to put in as much overtime now so I can start my business.
Cool, I did watch another just to deviate from the.
You know the that one thing I know, getting ahead to myself, I watched your podcast with Neil Davis about hall rentals and I figured that in where I'm at in Florida, there's no hall rentals around here, so what's your thoughts on that?
Oh, that might be a question for Neil Davis bro, that was a while back.
Neil's here today.
Yeah yeah yeah, maybe we can bring him back on.
Bring him back on in the future.
Yeah, hall rentals, like back to the hall.
Yeah, they're renting out like event space for that's not yeah, that's not our thing at all bro um, but we can.
We can definitely uh, Fresh could reach out to Neo and bring him back on the show, because that's actually now that I think about it.
That was like one of the ways Neo made his money was yeah um, controlling uh big like spaces to hold events.
Where is he not?
And yeah we'll, we'll do that for you bro, that's cool uh, anything else?
Oh yeah, you still here um, that's it.
I just wanted to call you.
Well Byron, I you talked about uh, with fresh too.
You guys talked about the coffee stand idea.
Um, you know, one of the oh, i'm not trying to bring up the women one woman said she made like quarter million dollars.
So I, you know, i'm still going with my idea about the coffee stand idea that we talked about.
If you want to do it, do it, man.
I mean uh, just like I said, you got to be putting into overtime.
Putting into overtime so I can get that cart.
The cart's really relatively low.
Um, it's just a food handler license and i'm good to go down here.
I could open up, like you know, on on the side of roads permitting yeah, I mean, as long as you keep overhead.
Low man, I mean, do it go, for it sounds good, sounds good.
This is an update.
Uh nice, talking to you guys.
Want to Pay Yourself?00:15:49
Big Mo, big up yourself.
Big man thing, big man, Singina guy in 18 yeah man, all right, no worries man yeah, and chat no after hours.
Tonight guys yeah, not tonight.
Lots of these guys dudes are going crazy in the room channel.
I'll say this though, uh, as much as girls aren't that impressive, they're good to look at.
So I get it.
Chat always, I get it.
Don't worry, tomorrow we'll see some girls tomorrow on our old stream.
Yeah uh, i'm gonna go back on stream after this too, guys.
So hey, you guys will get after hours, but i'm gonna probably cover some uh political stuff.
Uh, react to some of the stuff with Clavicular and his Larry Wills wife.
That was crazy.
Um yeah, it was.
They're gonna give you, i'm gonna give you guys, some uh coverage on the war, what's going on.
Some new stuff came out, so we're gonna don't worry guys, we got y'all anyway.
Man um, who's up next here?
Answer like one or two more of these things that we got to get Steve out of here.
It's already midnight.
Two three three nine, you are up.
Two three three nine, you are up.
All right man, what's up?
Hit us with a question.
Good evening gentleman, good evening, quick question.
I got a couple properties and i'm used to filing a schedule e, so my question would be, um, how old you live by the side or open a trust?
How old are you?
And uh, where do you live?
By the way, i'm 39 and I live in Rhode Island, cool.
So uh, you're asking about, you're inquiring about, getting a trust to protect your assets.
Right correct, fair enough, that's a good question.
I got to do that too, actually.
So you got two properties.
What's the total value of them?
I actually have five, oh yeah five um okay, I want to reserve that, but it's definitely up there to the point.
Where are they in Rhode Island?
I need to to consider this correct.
Yes, okay.
So what is the total?
If you know what is the total value of of all the assets, i'm definitely no, over a million.
Do you have anything closer like in?
Like over a million is a lot bro, like what do you mean?
Like one million into what?
Give us a range I would say between just to be conservative, between one and three.
Okay.
You should know that, by the way.
As a real estate investor, you should know what your assets are worth.
And then, um, how much debt do you have on them?
Uh, right now, under half a million.
That's pretty good.
So, you got a lot of equity.
So, you, so, you have, yeah, so you got roughly 50% equity in all of them.
Yeah, I think so.
What you want to do is get yourself a good attorney that handles that stuff, you know, that does trust.
That's how that's that question.
I appreciate it, but it's outside of the scope of my professional, you know, yeah, scope.
And that's that's a question for a trust attorney.
There's a lot of them, I'm sure, up in your air, and they'll set you up properly.
And they go off equity or do they go off of total value of the asset?
Because I've always thought that that was interesting.
It's going to be the total value of the assets, and it's going to, you know, but as far as like putting your properties within the trust and the mechanism and what the protection that it provides and how to go about doing that, you want to get yourself who should you go to then?
Since it's not, I know you said it's just a trust attorney, a real estate trust attorney that handles trust.
There's going to be a ton of them in your area, you know, just look them up or ask around, maybe, you know, get a good referral from somebody.
But that's what I would tell you to do.
You know, a real estate attorney that specializes in trust.
Trust, yeah.
Fair.
Okay.
And yeah, and that actually, you know, that makes sense because every state is going to be different.
And then talk to a good insurance guy too to get an umbrella policy.
Oh, yeah.
So that's another one, too.
So I'm just going to throw that one out there.
Just tap that right.
Yeah.
Well, you had you got a good attorney.
So that's what you do.
You got a good attorney.
They put set you up with the properties, got you the S corporation, got you all everything set up correctly.
So, but that's another thing that you're going to want to want to consider because now you're getting to the point where you have a substantial asset value.
It's going to continue to grow and you want to protect it in the best way possible.
And you're in Rhode Island, bro.
So like Rhode Island is a small state.
You can get anywhere in the state within an hour, pretty much.
So, you know, I guarantee you there's probably some good lawyers right there in Providence, you know, that you can use that specialize in this.
So yeah, get it.
And from the attorney that you choose, maybe get a good referral from him as far as he should probably know a good insurance guy to give you an umbrella policy.
Like for me, the biggest common denominator has been finding someone that actually knows about trust.
Everyone seems to have like general information, but from what I've got to talk to a lawyer.
Right, right, right.
So I, you know, specialize in that context.
Hey, even if you got to pay him 25, 35, 4,500 bucks, I mean, you're talking, you got a couple of million dollars worth of assets.
I mean, that's, it's time.
It's worth it.
It's time.
Yeah.
Right.
It's worth it.
And now, my last question, gentlemen, before I let you go.
Now, once I do that, will I still be filing a Schedule C for tax returns or what that will change?
You'll still know.
It won't change.
It's just going to be the under a trust, but you're still going to do the Schedule E at the end of the day.
That's still all going to fall on that same rental schedule.
Yeah.
Good questions.
It doesn't change the tax.
The only thing that changes pretty much is the entity.
Yeah.
It's just the protection that you're getting for it.
I understand.
Well, thank you so much, guys.
I really appreciate your time and thank you for what you're doing.
No worries, man.
Good questions.
Thanks, man.
Detail, you know, very specific, but still very good because trusts are definitely something that people want once you start acquiring some real assets.
Good work, man.
Five properties, though.
Who's up next?
Last one we'll do here.
All right.
Yes, we have 6690.
You are up.
6690.
You are up.
Hello.
Can y'all hear me?
Yeah, what's up, man?
We got you.
Hey, please allow me to say first and foremost, Myron, you are a national treasure.
And yeah, like, thank you for everything you do.
Like, and please don't say this the wrong way.
Don't know how in the hell y'all like you and a couple other people are still alive because like you talk about things you're not supposed to talk about and yeah, but you're a national profession.
I appreciate you more than anything that you could ever understand.
No worries.
Um, my uh my question is for the tax guy.
I believe your name is Steve if my name is if I'm correct.
Yeah, yeah, Steve.
Um, so question: I'm going to be a registered plumber in about four months, and um, I'm gonna make a lot of money.
Excellent.
Um, and I was considering not paying taxes simply because of um I'm not trying to get uh if I'm saying too much, please like tell me to be quiet.
But um, I don't, I just don't want to pay for fuckery.
I don't want to, I don't want to say too much because, again, I don't want to talk about them boys, but I don't want to pay for shit that's going on overseas.
I don't want to pay for like a lot of things like after everything when it flows with the SM files and just like a whole bunch of shit.
I just don't want to pay taxes.
I'm going to have to pay taxes unless you renounce your citizenship.
There's no way to avoid taxes, dude.
It's like, you know, no, no, I'm not saying to avoid it.
I'm simply saying I don't want to pay taxes.
I want to stop paying taxes until shit is changed.
Like, I want to do it as a form of protest.
Like, I'm not going to give you money to bomb motherfuckers to oblivion.
I'm not going to give you money to hide your criminality and all your bullshit.
Like, I want, if I'm going to pay taxes, I want it to be to go back to the American people for the American dream.
You know what I mean?
And that's just not happening right now.
So, I'm trying to ask, how can I not pay taxes as a form of protest?
Listen, bro.
Until you made the rules, nigga.
Bro, just make, yeah, just make your money and pay your taxes, Philum.
I love it.
He wants to be a freedom fighter, but if you don't pay, like, the boys are going to show up.
You're going to jail.
Yeah, you're going to go to jail, bro.
I get it.
You know, you know, I mean, there's a way, though, but you got to renounce your citizens.
Yeah.
You got to be like a non-citizen.
Yeah.
Again.
Yeah.
No, yeah.
If he doesn't want to pay any taxes, he's going to renounce his citizenship.
No, yeah, I can't be getting any harassers.
I just wanted to, I just don't want to pay taxes.
The only problem is you'll get picked up by the title.
I'm all about taxes.
I don't want to pay you to do the service.
The best you can do, bro.
You got two options.
Either A, you renounce your citizenship, don't pay taxes that way.
Or B, you can mitigate your taxes by buying assets like real estate, investing in your business, you know, and finding, but you're, but you're going to have to pay taxes to some degree, bro.
And it takes years to renounce it.
You can mitigate it, but you're always going to have to pay taxes, bro, in life.
Unless you renounce your citizenship, which it doesn't sound like you want to do that.
No, no, no.
I love being an American.
I just don't like the fuckery that's going on at the government right now.
That's just not constitutional.
Like, no.
Like, I genuinely believe that everybody's like, when that whole situation, when that whole, when October 7th went down, and then after October 7th, all the shit that happened, that's when Americans really should stop paying taxes.
You're doing too much.
It should be very funny, man.
Yeah.
It's good.
And look, bro, you know what they're going to, they're going to tell you that only 1% of the tax revenue actually goes to foreign aid.
So like, you know, I get it, bro.
Yeah, it's not, it's not much, man, at the grand scheme of things.
It's just that that 1% that we sent over there has huge geopolitical ramifications, which is the problem.
Yeah, that's my point.
And that's my point.
Like, I want to fight the system some way.
I don't know how, like, spreading awareness or whatever, but I want to do something.
Like, I don't want to be complicit in the world.
Donate to the channel, bro.
Donate to charities that help guys and children.
That's the best way if you actually want to do something tangible that's actually helping the people that are being oppressed.
Slaughter, slaughter.
Don't sugarcoat it.
Slaughter.
Slaughter.
Yeah, that's the best way to do it, dude.
Protesting taxes is going to put you in jail and you won't be able to help anybody.
So buy assets, limit your tax liability, and then donate to charities that help Gauss.
All right.
All right.
Thank you, Myron.
Thank you, Fresherson, all y'all.
Like, I love y'all.
I appreciate y'all.
And yeah, again, Myron, National Treasurer.
Stay safe, my brother.
Please, like, carry that strap when you want them campuses, please, bro.
Only if I can legally.
A lot of campuses don't allow it, man.
So, all right, bro.
Thank you.
Okay.
We got some super chats as well that we got to read.
Yeah.
Haven't done my taxes on a single member LLC since opening it.
It's been five years now.
Bruh.
I'll have an LC and start purchasing tax deeds.
Haven't had any luck.
I have no revenue at all.
Will I get in trouble?
Well, he has no revenue.
You have no revenue, so don't worry about it.
I mean, I mean, I would probably try to shut it down.
Maybe, you know, have your tax guy file a final so it's out of the system.
Yeah.
Yeah.
All right.
Who's up next?
That's a good thing, then.
Guys, smash that like button for me.
My S-Corp business didn't work out as I thought, so I pivoted to crypto and stock trading and made some money.
Can I file my crypto and investment taxes on this S-Corp?
If so, what forms should I take for my crypto taxes, my Coinbase and Kraken wins losses sheet?
Or is the CoinLeague tax report enough?
Okay.
Do not file it on your S-Corp because you're just adding an extra layer of complexity.
That's not going to help you in the tax-wise.
It's still going to end up in the same spot on your 1040 anyway at the end of the day.
So that's just asking an extra layer of work and complexity and filing.
So do not do that.
It's not worth it.
Guys, we're sitting on 620 now.
Let's get to 1,000 likes, man.
Keep smashing the like button.
Who's up next?
T-Dog.
Steve, I'm two out.
For four exams, done with my CPA.
I'm working full-time in industry and accounting.
I have about two years of experience, but I want to start my own bookkeeping slash tax fractional CFO advisory business.
I'm not trying to be in corporate.
What should I do?
Go ahead and start it.
Like, start the sooner the better.
There's a lot of money.
There's a lot of people that need help with that stuff.
I don't care if AI is coming out.
AI is just going to help you do that job better and quicker and easier and make it more profitable.
So just do it because at the end of the day, there's a lot of clients to be had that need your help.
So just get it started.
All right.
Hi, Minslayer.
My roof needs initial angles for our total repair that will cost at least $10,000.
Can I claim this as a depreciation expense on my taxes?
It's a repair, so you could do it under repairs and maintenance and just deduct the whole amount.
All right.
Boys, Steve, good to see you back on the show.
Always giving us a knowledge.
Thank you.
Question: Is it better to pay yourself with owner-draws as LLC or pay yourself a tax wage and do owner-draws every non-debt?
So, yeah, you could do owner-draws, but you call them like shareholder distributions.
If the LLC is a sole member, the problem is you're reporting that on your Schedule C of your 1040.
So everything is subject to whatever profit you measure the profit.
You don't measure how much money you take out.
So let's say you run a business and you make a $100,000 profit and that profit's sitting in your bank and you didn't withdraw it and pay yourself.
You still owe taxes on a $100,000 profit, whether you took it out of the bank or not.
So now you're talking about an LLC.
So if it's an LLC that you converted to an S-Corp, then you got what's called shareholder loan, Army shareholder distribution, and then you could take that out tax-free.
You're still measuring your income the same way and reporting it on your 1040.
Or if you didn't become an S-Corp, you're going to file it on a Schedule C and you're going to pay 15.3% self-employment tax on there, whether you withdraw it to yourself or not.
Just like paying yourself a salary.
So I would do is take the LLC.
I got a book on it.
It's called, go to the bio and my Instagram.
It's called A to Z LLC to S Corp and turn your LLC into an S Corporation and then take whatever amount that you deem is reasonable.
And, you know, whether, you know, let's say you're making $100,000, you could take $25,000 of it and deem that as salary to yourself and pay 15.3% on that and then save on the other $75,000.
So that would be my advice to you.
All right.
That's the last one here.
We got, coming out next, who we got?
Abo again says, my CPA forgot to file an extension for my taxes of 2024 when I fought last year.
And I had to pay the IRS a fat penalty for his mistake.
This was after I kept reminding him to do it too.
Besides firing him and smacking him upside the head, is there anything I can do to get that money back?
Yeah, what you can do for that particular year is file a send send the IRS a letter with the original notice that you got if you still have it.
Unfortunately, you pay it.
I tell my clients, don't pay it because it's harder to get the money back once you pay it.
I tell them, don't pay it.
Let's file a letter.
It's called an FTA waiver.
I actually have a free resource on my right now that you can go on there to learn how to exactly write the letter.
It's for free.
You go onto my Instagram and I have free resources in there.
One of them is how to write an FTA letter to the IRS and you're going to write them and say, hey, I paid this.
I'm entitled to a first-time abatement.
That's what FTA stands for.
And they will grant it to you.
They might make you fill out a different, another, they'll send you a form to say, okay, if you want it, we can't send the money to you, but you got to fill this form out.
I forgot what that form number is.
And then you request the refund to be sent to you.
Too bad you paid it already.
Real Estate Credit Card Benefits00:08:19
But yeah, go on my Instagram.
Go in there.
It's called Free Tax Guides.
And one of them is the FTA waiver and just follow it.
It's got the instructions.
It's for free.
And you can get that money back.
All right.
Anonymous says, hey, Steve, would you ever cover trading tax record my trades?
Probably for tax season?
That's good after trading tax for traders.
Yeah, definitely.
Yeah, I could definitely do that.
And then it's kind of similar to crypto, too.
So there's some nuances with crypto that are pretty cool too that I can show guys like, you know, at the end of the year, harvest your losses and then buy your shit back if it's down.
Like, you know, like in 2025, people had crypto that was down.
You could sell it right at the end of the year and then buy it back and then recognize that loss.
So you can't do that with stocks because it's called like wash sales.
So you got to wait 30 days.
But with crypto, it doesn't apply.
Oh, wow.
So a lot of people have missed that opportunity.
They're down on a crypto and then they decide to hang on to it.
I'm like, just sell it, buy it back, you know, January 2nd or 3rd at the same price or whatever, roughly the same.
And then at least you have a loss to recognize against your other gains.
All right.
anymore bm and uh i kid you not that That thing about the property for second.
Wait, again, if I had property, I could run off 100% alter depreciation either up front or prolong it.
Yeah.
Separate it and separate the pieces if, oh, this amount goes to five year.
This amount goes to seven year.
This amount goes to 15 year.
You could take the bonus depreciation on there.
Or you just figure out, yeah.
So I think I've already done that with yours already.
I got to go.
I think you're already covered.
Great.
Oh, I'm sorry.
I think I've already handled that for you because I've been, what, I'm, it's been a few years down there.
Yeah, I've been, yeah.
Five years.
And then you did a major renovation like a couple years ago too, right?
Yeah, the roof.
Yeah.
But other stuff, too.
Roof plumbing, everything, yeah.
Everything, yeah.
Okay.
All right.
Yeah.
All right, two more here.
Mr. Clap Cheeks.
Obama was a starter king and became president.
Yeah, he's a smooth talker.
Yeah.
Persuasion.
JR Cedric says, I've rented a property, but it's not an LLC.
What should I do to help myself to lower my costs as far as taxes?
So that, you know, turning it into an LLC is not going to have a tax impact.
That's going to give you an extra layer of liability protection, hence the name LLC.
That's limited liability company.
So it gives you, in case somebody slips and falls on the property and wants to sue you, it limits their ability to sue you and not get after your personal assets.
It's basically limited to the value of that property.
So you're kind of separating your personal into the limited liability.
So it just gives you an extra layer of protection, but you got to open up a bank account for it.
It also gives you a platform to track your expenses, track your costs, income.
So it's a way to organize yourself in a way as well where you can separate your activity from your personal bank account.
Anybody else?
No, that's it.
Cool.
So guys, go check out Steve.
It's Seeing Beyond the Numbers.
We've worked with him for years.
I mean, six years plus.
Best in the game.
One of the best in the game.
Matter of fact, actually, after we get off here, I'm actually going to give him my tax stuff.
I tell you guys all the time, see, you know, we practice what we preach.
As you guys know, I use credit cards based on what I do, right?
So I have a real estate credit card.
I have a fresh fit credit card.
I even have a Myron Gaines X credit card now.
So all the stuff that I do, I charge it.
Why?
So at the end of the year, I can just give it to my accountant and he has everything.
And then he just knows all the expenses right then and there because I separated my card.
So guys, this is the importance of keeping your stuff together, having a good accountant, and track your expenses if you want to be an entrepreneur, especially.
This is the beauty in using credit in the process.
You kill many birds with one stone.
You need somebody like Steve in your life to help you out.
And even if you guys are W-2 employee, like and you're transitioning like I did, he's the guy that you want to have.
And then for all you guys that are ambitious, want to make some money on the side, that's a huge opportunity where you guys can get a bunch of experience free of charge and make some money on the side.
So if you do have a full-time job, you don't have time like that.
This is something that it seems like you can kind of fit into your schedule more flexibly.
Link is in Castle Club as well as OSS and as well as SUI Network.
Call them there.
Yeah.
All right.
So Steve, anything else you want to tell the people where they can find you or any last problem?
Yeah.
I just saw, guys, get on there.
I got this opportunity for the R ⁇ D tax credit that's been expanded under the One Big Beautiful bill.
An opportunity.
Our average commissions are about $20,000 to $30,000 on conservative typically.
So if you're making anywhere from 20% on that, that's a substantial.
You're making $4,000 or $6,000.
And it's not a ton of work, but we want a group of 20 guys that are very motivated, very ambitious.
They want to grind.
They want to make money.
And we will set you up for success, give you the tools and the training that you need for free on that.
So I hope you guys will take advantage of that.
I'm looking forward to it, meeting you guys and then working with you guys on a one-on-one basis.
Win-win situation.
Appreciate it.
Thanks for having me, guys.
No worries, man.
It's always great to have you.
Anything else before we...
Last one here from 96.
Steve, I wanted to know about a path from military to real estate by house hacking.
What obstacles have to deal with along the way?
House hacking?
I'm not sure what he's doing.
He means as in buying a home and investing it.
Basically buying a home as an owner, but like renting out other parts so you can go ahead and take advantage of the low down payment when you buy it as a owner.
So one of them, you know, and I think this kind of relates to the question that that guy had that was making he didn't want to report the $30,000 is you're using your primary residence as a way to earn rental income and then the problem is going to be like you're not going to have a lot of expenses on it.
So you're going to have to choose one or the other.
Want to keep it a true primary residence, then everything you're collecting is going to be just plain rental income with not a lot of expenses to offset against it because you can't really use your primary residence as a rental activity and you can't have it both ways.
Okay, so even if it's you buy a duplex or whatever, still now duplex is different because you could separate that, but if you're doing rooms within your own house, like that, that other guy was like doing it.
With the single-family home shit, yeah, yeah, that's a duplex is a different story.
Yeah, that you can actually split and you could keep it clean, and you could actually tell you guys, and you're going to house hack, man, try to do it with a duplex at least.
Yeah, that's doing it with single-family homes creates problems.
And we didn't even talk about like state and city ordinances where they might have, you might get fined by your city or state for using your single-family home as like damn near an apartment complex.
So that's the problem when you rent rooms, man.
So you're way more protected if you have a duplex or a triplex, you know, from getting the benefits and the liability.
But if you want to do a single-family home, house hack the single-family home, then get tenants in there, bruh.
And here's, and that also keeps in mind, since you have this shit kind of like off the record, and if a tenant doesn't pay you, you don't really have legal recourse to fight them.
Like, you're screwed.
Plus, you got to be careful, too, when you fight people in your house.
Yeah.
Some states have a little bit like, you know, New York State, it's like you can't just kick them out on the streets.
Yeah.
There's like 10, all of a sudden they have like, you know, more rents in here and they could squat in your own freaking house.
So that's a little scary.
So you got to make sure you're really vetting these people.
They're people that you can trust.
Yeah, there's like laws that like will let them squat, especially if it's wintertime.
Oh, bro, you're going to be stuck with them.
So could you imagine you got a single-family home, you got someone in there, you moved them in, they paid you rent for a month or two, then they stopped.
You try to get them out.
You try to, you know, call the police, everything else.
Change the locks.
Bro, and you can't get them out.
Damn.
Just things to think about.
Yeah.
It's a huge risk, bro.
It's a huge risk.
So you got a duplex, guys.
Think about this.
Yeah, facts.
Yeah.
Anyway, guys, here, Steve, go check them out.
Seeing Beyond the Numbers.
And, you know, jump in the program if you guys want to make some side money.