Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
>> Anthony Weaver (00:00):
I know it's a common question.
>> Angelina King (00:01):
Um, actually it's a great question because
refunds are interest free money that you're leaving on
the table for the IRS to use until
you claim it. Refunds could be great,
especially for that single mother. Um,
or I'll say it like this, because politically correct
mother with kids, you know,
um, because some people are offended by that single
(00:23):
mom, but mother that
has kids, she needs that tax credit,
those non refundable credits, um, to
raise their kids, you know, because if the father's not in their
life, you know, some, some women do not put
their, um, exes on.
>> Anthony Weaver (00:44):
Welcome back, everybody, back to another
exciting show of the about that Water podcast
where we help the Samus generation build strong financial
habits. My name is Anthony Weaver,
and one of the things that we're going to be
talking into is about
taxes. Tax season is right around the corner.
Actually, it just started. Um, so I
(01:06):
have my favorite tax lady,
your favorite tax lady,
Angelina King,
coming back to share with us all the
awesome things that's been happening with
taxes. So are you guys ready?
If not, here you go. Here you go. So how you doing today?
>> Angelina King (01:26):
I'm doing wonderful, Anthony. Thanks for having me back.
>> Anthony Weaver (01:29):
Yeah, Um, I mean, I have to say that, you
know, the audience keep asking for you to come back.
Um, I like to ask you first. I
mean, obviously we stay in touch.
>> Angelina King (01:40):
Right?
>> Anthony Weaver (01:40):
And one of the things that I'd.
Me personally, I like that you actually are fully open about
taxes and actually just dive right into
the tax code and what it is and how
we can get better with it. And so I appreciate you
for taking your time out of your day to do this.
>> Angelina King (01:58):
Oh, my pleasure is mine. You know, I love to
educate people because we need to stay abreast on what's going
on. Especially, um, we don't know what's going to
happen with this new administration, so we're going to have
to go with the flow right now. So,
um, and I'm not going to get political because.
>> Anthony Weaver (02:18):
I mean, with these.
>> Angelina King (02:19):
Taxes, I mean, so I'm not
gonna go there. But we all
know what the elephant in the room is, so.
And we don't want your
listeners or your viewers to have
fear, because there's no fear.
>> Anthony Weaver (02:35):
Okay? And for us to build that
confidence in the tax code, in taxes, because a lot of
us just don't know when should we start filing
our taxes?
>> Angelina King (02:45):
Now, if you have all your
documents, now is a great time.
Um, and now is actually, you know, an
acronym that I can't think of right now but
um, today if you have all your
documents and if you can
go to your online account@the
IRS.gov because if you think you're missing something,
(03:08):
they should have your
transcript already updated.
It could be another week.
But right now I believe all the documents there and
just do a comparison to make sure you have everything.
Because the one thing I
don't want taxpayers to do is have get an
under reporter notice. Because if you don't report
(03:30):
those documents that the IRS has,
that's a notice that you're going to get and
you're going to have to do an amendment return or work it out with the
IRS some kind of way to pay that,
uh, if there's any taxes that are owed.
So, um, and the reason why to
do your taxes early
is because one, we want to reduce
(03:53):
the um, fraud risk
on your Social Security number.
Get it out the way. Um,
also you have an opportunity to see what
forms are missing. You know, we did have that
either in our newsletter on
why to consider filing early, the February
(04:13):
newsletter. And if you're not getting the
newsletter, that's fine, you can find it,
find me on LinkedIn and it's posted
every month and the weekly tax tips for
there. Because a lot of people are like, I don't want to be spammed with
email or anything like that. Go to my LinkedIn
account and they're, they're posted there. Go
to our Facebook account every week,
(04:35):
every month you, you know, free
information. And don't um, be
shy because even when you file early,
I'm just going to look at some notes because I can't remember
everything
but uh, you get your
refund a little bit quicker. Um, the
individuals that do have kids though,
(04:59):
and if you file today, which is what, by the time, you know,
this recording is February 8th and
you file and you have
dependents, just know due to
the path act of 2015,
your re, your tax return is going to be held because
they need to make sure that your
dependence on your tax filing
(05:21):
is legitimate. Because that the reason why the PATH
act went in. Just to summarize what it
is, people were claiming each other's
kids and when
they, when the actual person goes to file,
they're like, I can't claim my kids because somebody claimed them.
You know, we don't want that. So, um,
(05:42):
even if you decide to file after February
15, file as soon as possible
because you can also avoid a
dependent dispute because I just mentioned about
the PATH act and um,
even if family members say, well, I'mma claim my sister
this year. But that's up to y'all.
(06:04):
I mean, okay, if you giving
100% of um,
the financial uh, support to that
person, y'all work it out. I'm just a tax professional. I'm
an the what the law
says. I'm gonna
give you what the law says. Okay.
And that's on your conscience.
(06:27):
I educated you because I have to fill out
a due diligence checklist.
If you tell me yes or no,
that's the answer that I'm gonna say
with within that checklist. But
just be very mindful with that. You know,
um, the other reason why you should consider,
(06:47):
um, filing early. You'll get your
refund interest free. You know,
um, if you do owe, there is strategy
there I wouldn't follow until April 15th.
You know, I'm not supposed to tell y'all this, but.
>> Anthony Weaver (07:01):
Right.
>> Angelina King (07:03):
Hold your, your, your, your tax filing
till April 15 because the minute that button is
pushed, that's when the clock starts. And they
expect for you to issue that
check. But there's payment plans, so don't be fearful about
that.
And I think another. I want to give too much
away in the newsletter. But
(07:24):
like I said, I directed you to help you navigate to where
to see this article. You're going to beat the
rush. You know, um, we
don't know if there's going to be any delays or glitches in the
system. I can't predict the
future. Well, you just turn on the news.
You can see what's going on. Going
(07:44):
on.
>> Anthony Weaver (07:48):
But that's, but what's going on in the news, Will that
impact last year's taxes or does
it impact this current year? So when we do our
filings for.
>> Angelina King (07:57):
Next year for 2025.
>> Anthony Weaver (08:00):
2025. Okay.
>> Angelina King (08:02):
Yeah. I don't know what's going, you know, happen. Jesus is coming
back soon, walking the earth right
now. But.
>> Anthony Weaver (08:09):
Oh my gosh.
>> Angelina King (08:10):
But yeah. Um, and then, you know, also if
you want to be a person of charity, you get that
refund. You can give that refund to somebody else. But
I'm g. Leave that the decision of the taxpayer.
But you know, help. Help your
brother out, you know, help your sister out.
Um, so those are some of the things that
(08:31):
considering filing your return early.
>> Anthony Weaver (08:33):
Gotcha.
So we have a. Obviously we like to get the
W2 everyday nine to five people out the way first
because those are the easies what um
has changed far as their tax filing.
So like the um, the
allotment for their um. For
the 2025 season so that they can start doing
(08:55):
their Roth contributions in
their traditional IRA
contributions.
>> Angelina King (09:01):
Well, the limits have increased. I don't have them right in front of me,
but um, the limits for you to contribute
to those have increased, um,
I wouldn't say significantly, but you know, even
kill. But also for
W2s for
2024 because I can't really speak of what's going to go
for 2025 because that job and tax act
(09:23):
may be gone away with
because of, I'll say it, Project
2025, you know.
So um, what
you used to could write off may go away, but they may
re implement it. I um, can't predict the
future, but just stay prayerful and
hopeful that something is going to be
(09:46):
benefit to the W2 taxpayers. But
I believe they're taking more from
middle class and lower income
and giving more advantage to the high income
earners. And that's coming down the
pipeline. So starting that
side hustle, if you, if you heard that urge for many
years to do it, this might be a good
(10:09):
time to do it because
um, a lot of your expenses that you
incur are going to be tax
write offs for you. Tax deductions.
Um, the other thing,
the standard uh, deductions for
single, uh, head of household and married filing jointly
(10:29):
and separately have gone up. But if you're
single, your standard deduction and
if you're a married filing separately,
those deductions are the same for
2024. So they're adjusting
things for 2025 because of inflation.
So um, there are instances
where a lot of
(10:50):
W2, uh workers, you
can't really itemize much unless you have mortgage
interest, gifts to charity, some
medical expenses. The standard, um.
And what I do for my clients, there is a sales
tax calculator at the IRS website
and they just recently updated that because
(11:10):
even if you take that max sales tax deduction
for the year, the max is $2,500. That
may help reduce your tax
liability a lot. Because I
recently had a client, she was owing
a little over, under uh, $50. And
we were like we don't want you to pay anything.
Okay? So we were like I'm not gonna push the
(11:33):
button until April 15th if you like, you know, to
hold this. And she was in agreement. I said there's
one last thing I want to look at. So
in order for her to get over that
threshold of the standard deduction,
I pretty much just looked at
her expenses for the year because she's straight W2,
(11:53):
um, and she had some medical
expenses, mortgage, uh, interest,
real estate taxes, um,
and she didn't have any gifts to charity, from why I
remember. But that sales tax calculator helped
push her over because her
itemized deductions were
(12:14):
more than her standard deduction as head of household.
And that little bit of a push
flipped it to a refund
because we maxed it out. Because there's
instructions@irs.gov
SalesTax
okay, go to that website, play
around with it. Put in your adjusted gross
(12:36):
income, if you know it. Um,
and then if you had any dependents or anything,
you made any large purchases for the tax
year, and read the instructions. Because you can either
use the number that calculates or you
can do the standard sales tax
deduction, which is $2,500.
(12:57):
I would go with $2,500, especially if it
calculates, yes,
1,200. Okay. The IRS
allows it because the instructions are there.
Okay. They're matter of fact. Let's be matter of fact
as well.
>> Anthony Weaver (13:13):
Right?
>> Angelina King (13:15):
We'll play the game. Just play the
game.
>> Anthony Weaver (13:19):
Yeah.
>> Angelina King (13:19):
And see, that's the thing people don't realize with taxes. Don't be
fearful, because if you have a person
who, such as myself, who wants to
educate you legally via
the tax law, you know, if
somebody sees this, hey, they may shut me down. Uh, I
don't know. But I'm not fearful of that because I
want to educate my clients so they're aware.
(13:42):
These are some of the things that you look for for your
tax professional to see if they
understand the law and,
um, to the benefit of
you as a taxpayer. Seriously, because I'm. I'm
looking out for you. I want to serve, and I want to
serve you, the taxpayer, to educate
(14:02):
yourself.
>> Anthony Weaver (14:03):
Uh, so what. I mean, I know I
like to ask this question all the time because we always get new
listeners. How do we
pick a good tech professional?
>> Angelina King (14:16):
Well, there is, because I'm listed on the
IRS.gov website. There is a
directory, and you pretty much
can go there and kind of search by your zip
code. Because a lot of the CPAs or
tax professionals out there also look at
Google reviews, because if there's one bad
review that tanks, you know
(14:37):
that that turns anybody off. Because right now
I'm in the process getting my roof at my house
done. And, um, the
reviews came back. Really? Really. See, that's another
expense anyway.
>> Anthony Weaver (14:52):
But you can put that on the sales tax. I was on their website. They say, like,
hey, you got any home repairs? You can put that down.
>> Angelina King (14:58):
That's right. That's what. See, See, I just
educated you, so you sure did
use it, it's out there. They don't tell you that it's out
there. I look for stuff like that because I'm like, wait
a minute, 1099. And small business
owners have so much advantage. But see,
W2. And the small
businesses can use that sales tax calculator because
(15:21):
if you file your, uh, if you're a sole
proprietorship, you're going to file it on your
schedule C. So I'm looking for things to
help lower your tax liability,
um, and your taxable income because it looks at the tax
tables based on your taxable income in
order to calculate what tax whether you're overpaid
or underpaid. So. Yeah, um,
(15:44):
but, um, back to your question.
Digress.
>> Anthony Weaver (15:49):
Okay.
>> Angelina King (15:52):
Please mention that again.
I got sidetracked. Like what?
>> Anthony Weaver (15:59):
Uh, um.
>> Angelina King (16:02):
You messed up too.
>> Anthony Weaver (16:03):
Yeah. Because you saw
it. We, um, were talking about,
um,
crap. Right. But we
were, uh, we were on something.
But yeah. Well, one of the things is. Oh, um, far
as doing the interviews for the tax professional, how do we.
>> Angelina King (16:23):
Oh, yes.
>> Anthony Weaver (16:24):
If we got the right one.
>> Angelina King (16:26):
Yeah. IRS.gov is first look at
their directory. Sorry, y'all.
>> Anthony Weaver (16:31):
I mean, we're gonna keep this all the
day.
>> Angelina King (16:34):
Yeah. All right.
Keep it. I. I'm not.
Okay, first go to irs, because you can even look me
up. Um, because every year I take the annual refresher
course. I don't have to, but I do that just
to say abreast of some of the changes and then where,
you know, there were some changes, but not really,
(16:56):
um, that much. Maybe we'll do another interview
to kind of go over what the, the changes are
for the upcoming changes for
2024 to go more in depth
with that. But, um, next
look at the Google reviews because
read the bad ones too.
(17:16):
Don't you see all these five stars and
4.9 and couple
threes. Read the bad ones too, because
it has, it gives you a well rounded
depiction of how your experience may be.
Now if you go and choose that one, that might not
be your experience, but reviews
(17:36):
and IRS.gov is great.
Ask, um, for someone else to refer you, especially
if you're out of state, you know, because they may have
developed a relationship with another
tax preparer in another state. So,
um, referrals are great because that's free advertising.
And um, other than that, pray and ask
(17:58):
God to lead you.
>> Anthony Weaver (18:01):
Okay with your day.
>> Angelina King (18:06):
Man, I, I've been watching
lately, well, toward the end of the year, this show
called American Greed. There are some
people out here, they have no conscience
whatsoever. It's on, uh, well, I'm
not going to advertise in that where y'all can look it up.
>> Anthony Weaver (18:22):
Right. Because I saw one of them that was, uh, talking
about the guardianship. That one. I was
upset with that one. Yeah, that one.
Yeah.
>> Angelina King (18:32):
Um, there's a, there's a guy called, uh,
Abraham Shakespeare. If you ever see that
episode. This man won the
Florida lottery and it didn't
turn out very well, but, uh, he got
conned by someone. I'm not gonna even mention the
ladies now and I'm not gonna get give too much
(18:52):
away, but it's just ended tragically.
It's just. And then covet
when covet hit. And you remember in the
news they said they ran out of funds?
>> Anthony Weaver (19:03):
Yeah. Remember that?
>> Angelina King (19:06):
Well, I'll say this a little briefly, but I don't want
to give the. There was a, um. Well,
yeah, I can give it away because they probably won't air
that for another couple more
weeks or months, I don't know. But
there was a family that came over from a different
country and they started all
(19:26):
of these fake businesses and that's how they
got that free money and that's how it ran out.
And I said, lo and behold, you know,
I'm trying to help my clients get money.
And there was nothing left.
>> Anthony Weaver (19:40):
Mhm.
>> Angelina King (19:41):
And it's almost like they slapped them
on the wrist.
>> Anthony Weaver (19:45):
They slapped a lot of people on the wrist with that one.
>> Angelina King (19:48):
Yeah, yeah. But
anyway, right.
>> Anthony Weaver (19:51):
You try to do. Right. And you know, this is what
happens a lot of times it's like, am I not lying
enough? Like, I'll get you to think,
like, can I lie a little bit?
>> Angelina King (20:02):
Don't, don't ever do that. Come on, Anthony. I don't
even, uh. I consider you my spiritual brother. Don't.
Don't lie.
>> Anthony Weaver (20:08):
No, no, no.
>> Angelina King (20:11):
Don'T do that. No.
Because see, you're going to be the one that gets caught.
>> Anthony Weaver (20:16):
Right? Out of all the people, I'm sure.
Yeah, I don't, I don't like jail.
>> Angelina King (20:23):
Um, no. And I tell people, I
joke about it. I'm too skinny to
go to jail.
>> Anthony Weaver (20:29):
Okay,
look, I bet a buck 20. What, like
that's it?
>> Angelina King (20:38):
And I love the Lord and my mama, um, way too much to
say, disappoint them. And I'm
like, no, uh, angel ain't gonna,
you know, I've been asked to do things
tax related. And I was like, no, you came to the wrong company.
Um, I'm not gonna do it. Write off
cigarettes. I think I told you that in my first Episode
(20:58):
with you.
>> Anthony Weaver (20:59):
Yeah.
>> Angelina King (20:59):
This trucker told me, you know, you can write off my cigarettes
as meals.
What? Textbook? You think
textbook? Did you. Anyway,
right. Moving on. All right.
>> Anthony Weaver (21:13):
It's okay.
>> Angelina King (21:14):
I'm just me.
>> Anthony Weaver (21:17):
Uh, so we talked about the standard
deductions, um, for the sales
tax. What is it that a lot
of people are not doing in 2024 that they should do
for 2025?
>> Angelina King (21:30):
Adjust your withholding because it's getting
serious. Um, and that withholding
calculator that we did on another show,
Please do. Because, um,
I've already ran into issues where the
federal withholding is zero. You don't want
that to be zero because that's considered
(21:50):
you being tax exempt.
Do you have a exempt certificate
to, uh, support
that? Most taxpayers don't,
you know, um, because it's going to cause a real
issue. But I understand the strategy because
one of my, uh, case studies, they said that
(22:10):
they wanted more money. The. Wow. Because
things are so expensive. I get it,
I get it. They want it more in their check. I get
it. However you
really look at this liability,
though, you know,
um, so be very
mindful of that. Um, making
(22:32):
sure enough withhold. And my high income
earners,
um,
please take adequate federal
income taxes out because you're going to be in a situation where
you're a high income earner and then it gets into
the thousands of dollars for your liability. And
(22:52):
there's not much I can do if you don't have
a side hustle or schedule. Uh,
c. You know, and that side hustle is
legit. Don't just make stuff
up, because we don't do that here.
Um, you got to be honest. And. Oh, they'll never
see. Don't ever say never.
(23:13):
Never ever. Uh, don't
ever say that because you probably the one that they
pick for audit.
>> Anthony Weaver (23:23):
You got to keep that for what, seven years? Keep your information for
seven years.
>> Angelina King (23:26):
For that I recommend five.
Um, some people say three. And especially
now with the digital age, you can scan that stuff in and keep
it on a thumb drive or external drive.
Um, and then you don't have to worry about the
paper. You can go to your external, uh, drive
or your thumb drive and download it if you need
(23:46):
it. And that includes receipts because
that's clutter. You know, we don't want
clutter. No,
no. But, um, and also
to your point with the W2s, look at
those closely because a lot of businesses have
been going out of business, and you may
(24:06):
have trouble getting that W2, but you need to file a
complaint with the IRS so you can get your
W2. Um, and then if you
might have to file an extension, um,
with that W2 until that
transcript is available. But
keep in mind also that the transcript, the
wage transcript that you download will
(24:29):
not have the full EIN number on
there. So you're going to have to call the IRS to get the
full EIN number because
your tax professional is going to need that along with
the address. So what you do, you ask
for an unmasked copy of
your wage transcript so you can
(24:49):
file, uh, your taxes and also file the
complaint. You know, because they,
they meaning the company that went out of business still has an
obligation to release
your W2 or 1099.
>> Anthony Weaver (25:04):
See, I didn't know that, um, because somebody was
telling me recently to
start doing a, what they call it,
like a digital go bag. And what
they mean by that was getting. Printing out the
last five pay stubs. Uh, printing
out like your. Any other document,
(25:25):
forms that's necessary for taxes or your employment
information, like you said, your employee, your
employer information. So you can still file your tax.
Because the ein should be on prior stuff if
you've been there for years. So you can still file
it. Um, and
so just kind of like to, to make
sure that people do that. Is it best practice,
(25:48):
like if they already have that latest pay stub, can they
still file that taxes with that? Or do you think there's more
info on the W2?
>> Angelina King (25:56):
It's more efficient to do it from your W2. But yes,
strategy is in one of our tips or
the newsletter. Um, we did mention that as
well. But more than likely you need
to contact the IRS because they're
the ones with the information.
They're the ones that need to advise you you can do all that.
(26:16):
But I think in interest of time,
go on to your online account and
um. But. Or
wait to file an extension. But that is a strategy you
can use. Yeah, but we don't
file by paycheck stubs.
Mhm.
>> Anthony Weaver (26:33):
I guess. M. That was old school.
>> Angelina King (26:35):
That's old school.
>> Anthony Weaver (26:36):
Okay. Um, because you
said that I did not know. You can actually create your own
account inside the IRS website.
>> Angelina King (26:44):
Yes, you can. They. You're gonna have to go through a
verification process though.
>> Anthony Weaver (26:49):
I mean it's like the real id, isn't it?
>> Angelina King (26:51):
Yeah, they gotta, they have to verify your
identity.
Mhm.
>> Anthony Weaver (26:58):
Okay. And then they'll have all that information already built
in.
>> Angelina King (27:01):
Yes. They'll have your complete tax record for three
years out there.
>> Anthony Weaver (27:05):
What?
>> Angelina King (27:06):
Yeah. So you can download. You can even see
when you filed your taxes the tax
transcript or your tax filing, you
can find your wage and transfer. Um, and then you have. If you're
a business owner like C. Ah, Corp.
S Corp or um,
um, because on your 1040 that's where your schedule
(27:26):
C is, you can see that business
filing has been filed and what day or
whatever on there. So you get a bit of a
summary.
>> Anthony Weaver (27:36):
Yeah, well, I'm looking at it. Well, I'm about
to sign in right now because I. It looked like it's
using the same portal, which is the ID me
M thing. Yes, um, to
set up.
>> Angelina King (27:50):
That's exactly right.
>> Anthony Weaver (27:51):
So this you know saying like every time
we talk, he always teach me something new, which is great.
>> Angelina King (27:57):
I'm glad you. I'm glad you carry
attention. Thank you.
>> Anthony Weaver (28:01):
There ain't nobody else getting any information. I am,
I mean. Oh yeah, they do ask for
more information.
>> Angelina King (28:08):
They do. Um, U.S.
tax professional have to do that too if we access it. So
it's. And, and a little tip
for our nonprofits out there. If
you w2 and you also are starting a
nonprofit, um,
record keeping is very important. However,
(28:30):
if you didn't get but less than
50,000 in contributions for
your nonprofit, you still have to
file a form, um,
990N and that is an
informational return to let the
IRS know that contributions for
that tax year were less than
(28:51):
50,000. Because some churches and charitable
organizations are getting
1099ks. Okay.
For all their contributions that came into their
organization. And as you know, all
tax documents that you receive,
the IRS receives it too.
So if you are
(29:11):
501c3 it's
best not to ignore it. Although if
you made less than $10,000 that
year, I advise you do,
uh, a form
990N.
So it's a 990N. And
(29:33):
um, you can file directly at the IRS website
for free.
>> Anthony Weaver (29:37):
Okay, that's good.
>> Angelina King (29:39):
Mhm. Yeah. Because some people
W2s and then you got pastors. Because I have a couple
pastor as my clients
and these pastors are funny.
>> Anthony Weaver (29:50):
Really? What do you mean?
>> Angelina King (29:51):
They're. They're funny. They're hilarious.
Like comedy. Comedy relief.
>> Anthony Weaver (29:57):
Seriously, like what they, what they. What they trying to get.
>> Angelina King (30:01):
I can't. Some of them are
my um, viewers too.
>> Anthony Weaver (30:05):
Okay. All right. But they don't know what
church it is. What's one thing? What. All right, well,
we'll, let's see. How can I reframe this?
>> Angelina King (30:14):
No, um, Anthony,
you ain't gonna put me into this. No,
because they'll immediately know that I'm talking About.
>> Anthony Weaver (30:23):
Okay, like, look, they
only contributed 55. Can we bump that
up to 20? 20,000? Like
55.
>> Angelina King (30:34):
You ain't pulling me.
>> Anthony Weaver (30:41):
Um, well, this was
like, you know, it's eating you up on the inside. It gotta come
out. It's poison. You gotta share with
us.
>> Angelina King (30:52):
Uh. Oh,
don't make me cough.
>> Anthony Weaver (30:58):
All right, well, let's change the direction a little bit.
Um, because we Talked about the
W2s. We had the people with
the nonprofits. Uh, let's get down
to the business owners because one of this big thing that I
heard a lot of people say that you must fill out before the
end of 20, uh, 24, which
is this beneficial, um,
(31:21):
ownership information report or something like
that. Can you tell us what is it
and do we really have to file it?
>> Angelina King (31:29):
Well, right now, the latest, um, as
of today, I don't know what the latest is. However,
they were in, meaning the benefit,
um, Bois for short.
Um, it's really protecting
the business for all LLCs that
are registered in your state, okay? They
(31:50):
want you to file. And this has been around for
a long time. It's just the. The
communication of when you're supposed to
file has been the, uh, disconnect.
So they want to make sure these LLCs are
not laundering money, okay?
Because whenever you set up a business account,
(32:11):
um, they're going to go ahead and look at your state
to make sure that you are,
ah, registered and you're a legit company,
okay? You have an EIN number, you have a
business name,
um, the whole nine.
Um, so basically, the long and
short of it, they want to make sure
(32:33):
that you're not laundering money and you're a
legitimate business, and that filing
keeps everything on file. But right
now, because I have an additional LLC that I did
start that, uh, I don't have to do
it until they get through the courts
system because they put fear in people like,
(32:53):
oh, man, I'm gonna get fined
$549 if I don't
file and register my business with BOI.
Um, it protects you as the business owner, especially if
you're doing things the right way. But
that instance where I mentioned about the COVID
funds, if they had that implemented back
then, I don't think those monies will
(33:16):
have been stolen the way they were, you
know? Um,
really, because they came in our country and they. They pretty
much stole ball, these big old
houses, these cars. He.
I'm sorry, because I'm, like, trying to get people.
>> Anthony Weaver (33:33):
Like I said, it's poison,
pretty much.
>> Angelina King (33:38):
I'm not gonna give Nobody. No ideas. No, no.
Okay. Uh, um, just watch the show for yourself.
And if you want ideas, hey, watch it for
yourself.
>> Anthony Weaver (33:49):
Yeah, we, that's a, uh, but that's the
extremes that I've seen on that show. And it's kind of
like, okay, are you really
utilizing the system? It's not intended,
or actually you're,
you just finally got caught. Because what is one thing,
um, exactly.
>> Angelina King (34:10):
But if you want a more textbook explanation, uh,
but that's the long and short of it. They just want to track
to make sure that you are not, uh, and
I'm looking it up right now, um, to make
sure that I'm, um, compliant as well. Because
we want to stay compliant with the U.S.
government. Um, we want no
visibility, not m
(34:32):
here, not there.
Um, we just want to follow the rules.
And um, because see, right now there's
a court order that it's been delayed.
So once they get through all of the
rigamarole, you know, spell that.
But anyway,
um, LLCs, we're going to have
(34:54):
to report. And if you go to
boi e
filing.thinsen.gov
and if you have any questions, any business owner
out there, this website will give
you more information because they
work directly with the Corporate Transparency
(35:14):
Act. Um, and that applies to all
businesses, not so much individuals
or independent contractors. But if
your business is registered in the state,
whether Florida, whether Maryland,
Pennsylvania, all
LLCs, you're not exempt. Even if I believe.
I'm not sure if Puerto Rico
(35:37):
is involved in this at all, you know, because
they're part of the United States. But.
>> Anthony Weaver (35:42):
Right.
>> Angelina King (35:42):
Um, so they just want to keep down on the
crimes of, uh, financial
crimes. So everything's
on a pause right now. So. But
when that turns around, I wouldn't drag my feet and
say I'm not gonna file because
you don't want to fight, you know, and then
you, your ein is probably
(36:04):
earmarked, you know, um, so
when you go buy your taxes
or. You know, I'm not, I'm. Maybe I'm
going to the extreme. You go to the dmv,
you can't renew your driver's license until you take care of
this. So I'm just kind of forward thinking
that might not be the case. But,
(36:26):
uh, think about how they did and caught a lot of people
with who had to pay child support when
they renew their driver's license.
You know, some states do that.
>> Anthony Weaver (36:38):
So how to get you. Well, I
mean, you just gotta do the right
thing at the right time. Time is everything.
>> Angelina King (36:47):
And amen.
>> Anthony Weaver (36:48):
Yeah, we all got Deadlines.
>> Angelina King (36:51):
That's it.
>> Anthony Weaver (36:52):
Yeah. So, I mean, okay, so we got
our understanding on that
part.
Um, is there anything cool and
sexy that business owners can kind of take
advantage of for our, uh, 2024 taxes?
>> Angelina King (37:09):
Cool and sexy is record keeping for your business
because it'll make it easier for
the tax professional. Because if you come to my office with
a box of receipts like someone did a number of years
ago, I'm gonna look at you like you at the back of the
line. I do want to help you. I'm, uh, not going to
turn you away, but with my new responsibilities
(37:29):
now, um, I'm going to have to turn you
away.
Um, and there is a
awesome app called
4receipt.com
um, that if you have a
receipt, you have a bank statement,
a credit card statement. You can link it to this,
(37:51):
this app, uh, or website
and they have a free plan and then it goes
up from $5 to $12 a month
to track and organize your, uh,
your expenses. So there's no excuse. The technology
is out there. It's almost like we
don't want to pay for,
(38:12):
to be organized. You
know, sometimes you have to pay to be organized
because that platform
will organize your receipts into
categories for you. So when you take it to your
tax professional, it helps
ease the issue. Because if you come to me,
(38:32):
the bookkeeping fee is going to be $600
or more.
>> Anthony Weaver (38:38):
I mean, m. You got. It's a lot for you to go
through.
>> Angelina King (38:41):
It is. And it's time consuming because,
look, I have to construct a P L, which
is profit and loss statement. Oh, the
schedule C does that for me. Ah, ah. But you got
to organize that data for me to put it in the
right categories. M. You know,
um, and then, you know, if you making a little
(39:02):
bit over 50,000 or plus,
you, you want a balance sheet,
you know, and it has your
assets, your liabilities, owner's
equity, and a cash flow
statement. So we know what cash is coming in and
out. Um, and then a trial
balance. These are basics. Go to the
(39:24):
irs.gov it tells you
think, um, I'm lying.
>> Anthony Weaver (39:27):
Go to irs.gov well, no, I
believe you.
>> Angelina King (39:31):
Like I know you.
I'm telling your, your audience here, you
know. Um, yeah, so record keeping
is very important for our small business
owners because
it makes it easier for your tax professional. It really
does. And it keeps your costs down.
>> Anthony Weaver (39:51):
Okay. And the IRS does, uh, for
people who are wondering, they do give you a nice lovely
28 page PDF on how to do your records
keeping. Um, and if you want a cheat
Code to use AI to help you out.
Take this PDF, slide it on over to Chat GPT
and say, hey, generate me a
(40:12):
Excel sheet or spreadsheet
with this information so that I can do my
taxes.
>> Angelina King (40:18):
There you go.
>> Anthony Weaver (40:19):
Yeah. And it would extract it. And actually on this PDF, they do
give you all the columns and rows on
what you need for each one. So this is actually great. They give
you great examples on pages starting on
page, uh, 18
on a PDF.
>> Angelina King (40:36):
Good information.
>> Anthony Weaver (40:37):
Yep.
>> Angelina King (40:38):
Right.
>> Anthony Weaver (40:39):
Teamwork. We got this. All right.
>> Angelina King (40:41):
I think that's it.
>> Anthony Weaver (40:43):
Yeah.
So, uh, so with you
just, um, to kind of let people know, like, if
somebody's out there and they was like, yeah, I really want to become,
start, uh, working in taxes. Where could
they go or what should they do? What are the best steps for
them?
>> Angelina King (41:00):
The best steps is getting like an overview on
what taxes means to you.
Because you got to be detail
oriented. If you want to do this,
anyone can. Um, the
steps, and I'll take it a little step further. If you
want to run your own tax firm,
(41:21):
um, the first step for the
basic is to get a P10 that
is a personal tax identification number.
And you can get that at the IRS website. You
register. I think now they're charging
people like 1995
to, um, either doing a
renewal or start it because at one time
(41:43):
it used to be free and anybody could do
taxes. And that's when a lot of people
got in trouble. But anyway, um,
were fraudulent
and, um, learn and get
mentored by someone, you know, um,
I'm willing to do that. I'm mentoring someone right now
(42:04):
who's making a transition from corporate
into trying to figure out they want to do
taxes. You, um, got to be passionate about
what you really want to do. And if this
tax going to be your,
um, your next step,
be passionate about, don't just do it. Oh, I can get, I can
make X amount of dollars
(42:26):
in, in three months, period. That's
great. However, you're gonna run yourself into the
ground, um, because it's no joke. It really
isn't. Um, and the next
thing, make sure you have a heart for
serving because people have
real issues. Um, I
(42:47):
wasn't prepared for that, but,
um, in a sense I was because that was my
training. From leaping from corporate America
to business owner and then
back into corporate America. Uh, people
have real issues, uh, not aside from
your, uh, tax, uh, filing,
because you're a counselor. Especially
(43:09):
if you want to have a, you know,
present the tax document to that
taxpayer via zoom or
in person. You have to Love
people, you know, don't just love the
money. Um, the money will
come. Don't chase the money. The money will come.
And if you do a great, excellent, phenomenal
(43:31):
job, you get so many
referrals like, oh man, she's good, he's good.
And then it builds your, your confidence
and rapport. You don't have to know
everything about taxes. Just
know that if there's something you
don't know, and I've said this several times,
(43:52):
let me look into that and I'll get back with you.
All right, so find a
mentor, um, kind
of let them, you know, you can shadow under
them. And uh, I do
mentoring, I do. So if anybody wants to reach
out, um, I definitely
will be more than willing and be
(44:14):
committed. Because if we set up a
time, you know, an hour, maybe two
hours to go over your goals
first. And what is your strategy
for learning how to do taxes? There are tax
schools. Because I'm not going to teach you. There are tax
schools. I'm, um, not going to name those. You can
do your chat, DPT
(44:37):
research, uh, on that, or
Google, copilot,
whatever. And those tax schools,
um, they do charge, it's not free.
And you can do an online class or
certain, um, certain
big, uh, box. I'm not going to mention those, but they
(44:57):
offer classes in your city
and that's how you get your foot in. But that
P10 is, is going to be
probably one of your first steps, you know, and
then just
observe, uh, absorb the
information. There are probably YouTube videos
(45:18):
that there's classes because I know one
particular software company, they offer some classes
on YouTube, so you could do that. But if
you want to navigate and go into
owning your own firm, just
know the FBI is gonna look at your back
(45:38):
seriously, because you're gonna be
fingerprinted. And that
process takes six to whatever
weeks. They probably shorten the time now because they're going
into your background, they're guaranteeing your financial
health. Um, even every year
when I take this refresher course, um,
they ask if my taxes are up to date. Because
(46:00):
before you can even say, I'm going to sit
down for this three hour test,
have all your ducks in a row because.
And then when you file for that, it's called an
ein and you already have your P10,
they're gonna, uh, they're
gonna, they probably gonna scrape you to the coals
(46:20):
because this boi is,
is now going to probably be in effect later this
year. We don't know due to the federal
court order, but that takes A while.
But during that time of waiting, continue
to get mentored. You know, come up with your business
name. Um, start
(46:40):
with social media, because social media is
free. You know, talk to
local tax, uh, businesses in your
area.
>> Anthony Weaver (46:51):
Podcasters.
>> Angelina King (46:52):
Yeah, podcasters, yes.
Come to atw and,
um, he will help you
out.
But, uh, great question. But if
anybody wants any more detailed
information on how I got started, I
believe you need to go to, um.
>> Anthony Weaver (47:14):
The first time we interviewed you.
>> Angelina King (47:17):
Yeah, about that. While this first
episode, when you see me and I kind of talked about how
I fell into it, um, I've been doing taxes
for years, um, ever since I was in
college. Because I was talking about that the other day and
I said one of the big box companies didn't put
me on the schedule because, see, I was telling it all.
(47:37):
Like, you see what they're charging you?
You know, I have this big smile on my face. You know,
here's my number. Call me after.
I could tell you how to fill out this form.
>> Anthony Weaver (47:48):
So you like the father on the Incredibles. Do
you not file Form
10 7A. Do not
put your name on this box.
>> Angelina King (48:00):
And people used to ask, what happened to Angela? They didn't
put me on the schedule. I didn't even know I was fired.
Didn't even know. But I have
a heart. Heart for serving people,
you know, um,
and at first I was doing it for the money. And I
wasn't happy. I wasn't. I was doing for the
(48:21):
wrong reasons.
>> Anthony Weaver (48:22):
Yeah.
>> Angelina King (48:23):
And so I had to. I was
like, ah, you know, I was a podcast
or something. I listened to that, said, don't chase
the money. It was the partnership I was in, and I saw how
they operated and I think the good Lord
wanted me to see that. Uh, because you can't just
nickel and dime people. Because,
see, the one person I help can send me 10 clients.
>> Anthony Weaver (48:46):
Right.
>> Angelina King (48:48):
So you got to have that perspective.
Um, but they were teaching how to nickel and
dime. That's not right.
Because you don't like to be neck of the line.
>> Anthony Weaver (48:59):
No, no. I mean, we already get
nickel down every time we look at a subscription. I mean, the last
thing we'll do is get nickel and dime on our taxes.
>> Angelina King (49:07):
Correct. Yeah. And I mean,
it's not about how much refund they get.
It's about helping them lower their tax
liability and educating them on the
law. Because the IRS ain't going to tell you they're just matter of
fact. Just m. Call them
sometimes. Don't tell your life story. Just tell them what you
need. Pause
(49:30):
and get Your information and hang up. Because if you open
that can of worms, they're taking notes, the
calls are recorded. Don't tell them your
life story. Take it from me. Don't, don't do
it.
>> Anthony Weaver (49:43):
So, um, because I got one burning
question. Um, because a lot of people
are new to taxes or listening to
the show that's new.
Um, which is what are
your thoughts on getting a refund versus not getting a
refund and you actually got to pay? I know it's a
common question, but.
>> Angelina King (50:04):
Um, actually it's a great question because
refunds are interest free money that you're leaving on
the table for the IRS to use
until you claim it. Refunds could
be great, especially for that single
mother, um, or I'll say it like this
because politically correct mother with kids,
(50:25):
you know, um, because some people are
offended by that single mom,
but mother that has kids,
she needs that tax credit, those non
refundable credits, um,
to raise their kids, you know, because if the father's not
in their life, you know, some would.
Some women do not put their, um,
(50:48):
exes on child support. So
getting a refund is,
um, interest free money
that you've loaned to the IRS until you claim
it. Okay, Owing.
This is the flip side of it. If you owe,
the IRS is going to charge you interest and
(51:10):
penalties because you didn't,
especially with your W2, you're not
in line with the tax withholding.
And, um, you're taking a little too much.
Uh, no, I'm sorry, you're not taking enough withholding
out of your, your uh,
paycheck. Because let's see, again, like I
(51:31):
mentioned earlier, it's about strategy for some because they want all
their money now. But just know at
the end of the year you're going to have to pay. Because
now that W2 is kind of like your
15.3% in taxes.
Um, because if you're a 1099
earner, that's what you're being charged for self
(51:51):
employment tax. 15.3%. That's
the portion of the Social Security, Medicare,
um, the FICA. And they said,
well, you made 50,000, we need
15.3% of that. Especially if
you don't have any expenses to write off, which I don't believe.
Oh, I made 50,000 or 1099 and I didn't have any
(52:12):
expenses. Okay, you just lazy.
You are. But you mean you at
home remotely.
>> Anthony Weaver (52:24):
You ain't paying on the net, huh? So you
ain't paying no Internet or something?
>> Angelina King (52:28):
Exactly. Internet. You didn't use your cell phone
Right. The electricity that
helps run the laptop.
>> Anthony Weaver (52:36):
Right. Might not
have to get new equipment, but some, um.
>> Angelina King (52:42):
You didn't eat that day.
>> Anthony Weaver (52:46):
Did you get a haircut?
>> Angelina King (52:48):
Like, it boggles my mind
that some of the time, you know? And that's
why I'm here to help and serve because. And educate
because you're 10.99.
You. You drank something you didn't
drink. You drink some water,
uh, a, uh, coke, some juice.
>> Anthony Weaver (53:08):
You put the. Put the water bill on there, too.
>> Angelina King (53:12):
Utilities, it's on your schedule C. So it
just amazes me, like, well, how are you
functioning? Because I
gotta eat every. You know, I have to eat at least three, four
meals a day.
>> Anthony Weaver (53:25):
Oh, uh, I need to be on your schedule because I only do it like,
twice.
>> Angelina King (53:29):
You know, I tried that. I be so hungry when I get
up in the morning. It's like, no, and I'm too
skinny for that. I'm like,
I need food. That
metabolism has not slowed down for me.
Um, but anyway.
But yeah, um,
(53:50):
what was I saying?
>> Anthony Weaver (53:53):
You're talking about the, uh, the 1099 folks.
>> Angelina King (53:55):
Yeah, well, you were asking about liability and refunds.
Okay. But yeah.
Um, so getting
a refund is not always the best thing.
But I understand the strategy. But even if you're a
single dad, that's refundable credits you're leaving on
the table that the IRS says you can come get,
you know, um, when you find your tax return,
(54:17):
because the children under the age of
17, you're allocated $2,000
a child and then some because of your income
level. Um, you get
the additional child tax credit. But as
your income increases,
that additional child
tax credit is almost obsolete.
>> Anthony Weaver (54:39):
You know, can it work out for caregivers? Because
with the sandwich generation, they taking care of their parents
or something like.
>> Angelina King (54:46):
Yes, that you get, um,
500 allocation because they're considered
other dependents. You
know, they're not so much the child.
>> Anthony Weaver (54:58):
Right.
>> Angelina King (54:58):
They're the other dependent. And that allocation
is 500 per person. Because I do
a case study. She's taking care of her grandmother.
Um, and I had to convince her,
uh, a number of years ago, you're head of
household. Um, why are
you. Because she kept asking, why am I paying
m taxes every year? You know, I have a
(55:21):
liability every year. So we just go
through our list and ask some questions and build that rapport
with that. That client, because people will tell you
anything. And I've heard a lot, I
bet,
you know, But I think this is what, uh, the good
Lord has me to do right now. And
(55:41):
um, this is my assignment,
and I love it some days. And some days it's
like I want to fix it, but I know I can't.
Only thing I m. Do is pray and
ask God to guide them, because you
can't make their problem your own because you go
crazy, really. But I am
(56:01):
empathetic to a lot of situations, especially.
Especially this week. The people are
going through some real issues. They really are.
>> Anthony Weaver (56:09):
Yeah, yeah,
yeah. Um, well, hopefully it'll all iron
out by next year. We get to see if there's any
cool things that we can actually take advantage of, because
the tax code changes every year,
and so we got to stay on top of it. And
I appreciate you coming on every year. Um,
I do have a different set of final questions. Are you up
(56:32):
for them?
>> Angelina King (56:33):
Okay.
I don't even know what they are I am up for. Yeah,
let's do it.
>> Anthony Weaver (56:41):
Dive right on in.
I'm glad you trust me. Let's go.
I don't know. You might be like, you know what? I ain't coming back next
year.
>> Angelina King (56:49):
Uh, I won't do you like that. If I say
no comment, I'll just keep moving.
>> Anthony Weaver (56:54):
Okay.
All right, so, number one,
what would you give your younger self? I mean,
if you could give your younger self one piece of advice,
what would it be?
>> Angelina King (57:14):
That's a great question. Um, the one
piece of advice, and this is authentic and
genuine, is to speak
up. Because
there was such a long time I just been
quiet and observe, because
that's how I. I kind of learn from people.
And I am. I observe my
(57:36):
entire environment. And for you
to be in a thriving environment
and communicate, you got to
talk. And, uh, you
know, I could be winded. And this is. This is
a process that I really had to. To
kind of leave behind. So, yeah, tell my younger self to
(57:58):
speak up.
>> Anthony Weaver (57:59):
Okay. Number two,
what's a money habit you swear by
that has made the biggest difference in your life?
>> Angelina King (58:10):
Stop spending unnecessary
dollars because it adds
up. I am right now challenging
myself because I came off a,
uh, 20, uh, one day fast, because I do that
every year, you know, with my church. And even if I
didn't do it with my church, I would do it because you need to
(58:30):
cleanse all that stuff out, you know, And.
And it's not so much about the food. It's your connection with
God. So I would. And I'm not. Right now.
I am with, um, I.
This is my own personal challenge. I want to see where
every dollar is being spent. So I'm, like, on a financial
fast.
>> Anthony Weaver (58:48):
There you go.
>> Angelina King (58:49):
If I don't need it, I. I don't buy
it. So, um. And you got
to know where every dollar is going
from your. From your more. And pay the
most important things first, because
I've seen people. Anthony.
Oh, I don't know how I'm gonna pay my mortgage. Well, then you should have paid
(59:09):
that first.
>> Anthony Weaver (59:13):
Good.
>> Angelina King (59:15):
Hello.
>> Anthony Weaver (59:17):
True.
>> Angelina King (59:19):
Um, I didn't pay my car insurance.
That's one of the other things that you need to pay
first. Well, ultimately,
let me. Let me take a step back,
because I'm gonna get a little scriptural.
Um, and not so much. You
need to actually, if you're a tither, pay
(59:39):
your tithes first time because you got 90%
left to do whatever,
um, with. And. And that 90 does
stretch. Challenge me for 90 days and do
that. You know, give 10% to an organization.
If you're not the church core and you don't believe in.
I still love you. It's just, you know, there is a
God, you know? Um,
(01:00:01):
but pay something to
an organization, somebody in need. Give your
10% of your earnings to somebody in need if it's not a local
church or organization. 2.
Pay yourself 10%.
Stick that away. And so now
what? You got 80% left to pay your bills.
(01:00:21):
Um, and stop using those
credit cards to pay for things if you can't afford
them. Okay? So,
uh, right now, that's what money means to me,
that I have to watch every dollar
because food is expensive. Well, we gotta
eat.
>> Anthony Weaver (01:00:39):
Yeah.
>> Angelina King (01:00:41):
Gas, um, for me now, it's not expensive because I have to put
premium in my. My vehicle. I go
to Costco, I take that little, uh, journey
up the. The highway to go to Costco and get
my gas, okay? Because when it gets on
half, I'm like, okay, I know
how this can stretch, but I've been in the situation
(01:01:01):
twice already this year. Then I almost ran
out of gas, and I knew better, okay?
And the light didn't come on yet, but I know
my car.
>> Anthony Weaver (01:01:14):
Take the wheel.
>> Angelina King (01:01:15):
I know that's right. You know, because
I don't want to push that SOS Button, because
I'ma stay there until you bring me some cash.
But, yeah, twice this year already. I'm like, we, um,
ain't gonna do that. So
that's my answer to your question.
>> Anthony Weaver (01:01:32):
All right, number three. If you
could have dinner with a financial
expert, past or present, who would it be
and why?
>> Angelina King (01:01:45):
Wow, that's. That's
interesting. Can I pick two?
>> Anthony Weaver (01:01:50):
Sure.
>> Angelina King (01:01:51):
I actually want to go to dinner with you because
you're very knowledgeable. I think the
guests that you have on and the, the, the
questions that you do ask, because it's a
different perspective for me. The
other one would be.
And he's not so much a financial, but he does talk
(01:02:12):
about the, um,
how money relates to how can
break a relationship. Is
the hip hop preacher, uh, Eric Thomas.
>> Anthony Weaver (01:02:25):
Yes.
>> Angelina King (01:02:27):
I would love to have dinner with him
and just listen because he
is on fire. Okay.
And he,
it works for him. And he has a community.
Mhm. And they all get along
because they take money out of it. It's about
(01:02:48):
covenant. You know, money is important because
money answers all things. And I've said that in a past
podcast interview with you because it's in the Bible,
it's biblical. Um, but yeah,
you and Eric Thomas, I would definitely.
>> Anthony Weaver (01:03:02):
Wow. I'm honored. Have you read his book?
>> Angelina King (01:03:05):
Yes, I have it. Um.
Uou. Yes. Um, and then he has a
couple other books that they're on my list
to get, but I haven't gotten them yet. But
you ou put fire into me for 2025
though.
>> Anthony Weaver (01:03:20):
Nice.
All right, number four.
What's one thing about money or
taxes that you wish more people
understood?
>> Angelina King (01:03:34):
Great question. Um, I like these.
Well, for taxes, you know, since I
that's. I'm a tax professional. Is that.
I'll say this again, it's no fear. It's all
about educating yourself on
how taxes actually basically work.
(01:03:58):
Um, it's not just the
W2 because it's like an art when I put it together
to explain line by line where these
numbers are coming from. And you can see
the excitement or
baffleness on the
taxpayer tax client's face.
Like, no one explained this to me. I just went
(01:04:20):
and I filed my taxes
and the number
of, uh, feedback that
we've gotten is like, oh,
yeah, I'll be back next year. And they come back
and, um, the gratitude
for me to explain taxes,
(01:04:42):
um, because they said no one has explained this to
me. I didn't know this was out here. I didn't know
you could write that off.
Miseducation. It's almost like we need to pick up
Lauryn Hill's album
hey. Because we want
to advance the kingdom. You, myself, and the
next person. Um, at
(01:05:04):
least that's my goal, you know, um,
not so much. You know, knowledge is power. Because they say, you know,
people challenge that, but it really
is. If you don't know
now you do. Um, in the second part of your question,
you said taxes are money. Right?
(01:05:25):
Um,
this has to be personal, I guess. Um, read the question
one more time.
>> Anthony Weaver (01:05:33):
Yeah.
What is one thing about money or
taxes that you wish more people
understood?
>> Angelina King (01:05:42):
Well, I've learned as an adult,
money does not grow on trees.
And when you get to the level where you're
completely responsible for money, you're going to
appreciate it more. Because I see
these children,
um, anybody under the age of 18, I'm
(01:06:03):
calling them a child because they're
spending daddy and mommy's money
frivolously. Okay. What if
mommy or daddy lost that job or lost that business?
And I think money needs to be
more explained to people on,
um, it could be evil, and it
(01:06:24):
could be a benefit, you know, because it's
the love of money that is the root of all evil, not
money itself. It's the love. And if you're
motivated and saying
that money motivates you, you. You're doing it for the wrong
reasons. Um,
yeah, the. The. The sandwich
generation and these younger kids,
(01:06:46):
they're not appreciative, because if mommy
and daddy are paying for everything
and you don't know how money works, you're gonna be
lost. So we need to, uh, get back
to even myself, because as an
adult now, I know how money works.
Sometimes money is fearful for me. Like, oh, man, if I
spend this, this is gonna happen. This gonna happen.
(01:07:09):
But if I save it and invest it,
I can compound my interest.
So. But then you don't want to spend it because it's
like you're building this nest egg. But if you have financial
goals and big purchases you want to plan for,
money is great. It's just how you use it. I hope
I answer the question. I, uh, don't know.
>> Anthony Weaver (01:07:30):
I like it.
Like it too, because it's like,
where's.
>> Angelina King (01:07:37):
She going with this? You know?
>> Anthony Weaver (01:07:40):
But, yeah, I'm. I'm with your thought process because
for me, I'm, um. I'm always jumping with different topics as
well. And I'm sure you listen to other interviews and it'd
be like, where is Anthony going at with these questions?
>> Angelina King (01:07:51):
Like, it's very intriguing for
me. That's. That's why, you know, that dinner
question was awesome. Because it's like,
you have a commonality. You understand? I
understand. But then you bring a different perspective,
you know? And with
Eric Thomas, the hip hop preacher,
(01:08:13):
he's amazing, you know? Um, and
it works for him, you know? And his secret to his
success is he lives. It's
true. So.
>> Anthony Weaver (01:08:23):
And, um, his network is really good too,
um, because I've met the people that are in his network, but I
haven't met him yet. So, um, is actually interesting
because they come to different conferences, so I was like, oh, I
didn't know you were going to be here.
>> Angelina King (01:08:36):
Yeah, yeah. Because what is, uh, I don't
even think he calls him his right hand, but
cj, Uh, I met cj. Oh,
awesome, awesome, awesome. He's funny to me because
I like their success podcast, um, that they
do, because I think it. What is Carl?
Jamal. They call him Maul, I guess.
And because, see, Jamal and I have the last name, so I
(01:08:59):
was like, that's my brother.
>> Anthony Weaver (01:09:00):
Right?
>> Angelina King (01:09:02):
I don't know him. I don't know
him. Um, and it's
just great to see.
And I, uh, you know, I don't want to offend anybody, but it's great to see
black men do positive things.
It really is. You know, it's great to see that
and they make an impact because this
(01:09:23):
next generation could be lost.
God help y'all.
>> Anthony Weaver (01:09:29):
But nobody wants to work anymore. Um,
or put in the. Put in the work, shall I say?
>> Angelina King (01:09:35):
Yeah, no, you said it right the first time.
Because I.
I, um. I'll say this,
I guess, because I know. Um. No, I won't. I
won't.
>> Anthony Weaver (01:09:48):
All right, well, we'll talk off my.
>> Angelina King (01:09:51):
Yeah, we could talk off line. Yeah.
>> Anthony Weaver (01:09:55):
So. All right. Um,
so, Angelina, uh, this has been
such a wonderful time. Thank you so much.
Is there anything left that you want to say
as, uh, a close out for this particular episode for
today?
>> Angelina King (01:10:10):
The one thing I would like to say, and I'm g. Keep this
brief, I promise.
Um, those W2 workers
that are. Want to switch
jobs to make more money
or you're just starting out,
um, looking for a job. Because I've seen things on social
media that people were crying because they don't. They can't find a
(01:10:32):
job. Okay. And they're not marketable.
The one thing I would kind of
stress, you have to be prepared
when you present yourself because you're
marketing yourself. You may look great
on paper, but for you
to communicate that to the interviewer
(01:10:53):
and you're sitting across them,
research what the company does. These are the basic things.
Research what the company does. Align
that with what you can. Help them,
the company with your skills.
Sell yourself. Talk in the mirror, do a
mock interview before you get there, because a
(01:11:14):
lot of these young people are unprepared
and they're. They go to the bottom of the stack
of the resumes. And the other thing is
get your taxes done.
>> Anthony Weaver (01:11:28):
Yeah, they gotta do that. I can imagine a lot of People
like, oh, I haven't done my taxes in, like, three years.
>> Angelina King (01:11:34):
And, you know, you bring up a great point. If you haven't
done your taxes in three years, you're missing out on
money that the IRS has for you because the stimulus
checks are still available. This will probably be the
last year that you probably can claim that in
the IRS and the Department of Treasury. They're trying
to do the right thing to locate you so you can get
(01:11:54):
your fourteen hundred dollars or
more, you know, um, and
they put out a blast on their
website that a, um, lot of the
recovery rebate money has gone
unclaimed. I think it's
1.5 billion or
million. I think I have that. Yeah,
(01:12:15):
I have it here somewhere. Um, the max
amount you can get is $1,400. You can't use
$1,400. I know I can.
>> Anthony Weaver (01:12:25):
Oh, yeah, you can put premium gas in.
>> Angelina King (01:12:30):
I have. That'll be earmarked
specific for that. Um,
yeah, there's, um, over a million dollars still left on the
table that, um, taxpayers have not claimed.
So don't be afraid that you're not going
to get it. But if you need to file your
2021 tax return,
ain't much you can do with 2020, because
(01:12:52):
the statute of limit, because you have three years to file your
taxes. Okay. But 2021, you
have until April 15th to get that in
and get your fourteen hundred dollars.
>> Anthony Weaver (01:13:05):
All right, well, thank you so much
again for all, uh, that you do and
continuously to add value to
everybody that listens to your voice, to your
message. Uh, if you guys haven't already, while
you're listening to this episode, go ahead on
and sign up for her email list. Um,
(01:13:25):
if you haven't, you can sign up for my email list. I, uh,
do have a full section dedicated
to 718 tax services because it's
a lot of great information, and I do want to share that with my
audience and with you guys. So if you haven't already
done so, sign up for both of our
newsletters. Hers is more on,
uh, as you could say, more
(01:13:48):
scheduled than mine, minus
whenever I get to it for the month.
Uh, but I'm working on it. It's a work in progress.
>> Angelina King (01:13:57):
That's right. At least you're doing it because, see, some
people don't even send out information. So. Yeah.
>> Anthony Weaver (01:14:05):
All right, well, thank you so much, everybody.
Y'all be safe. And y'all,
you remember, you do have what it takes to be the best
version of yourself and your taxes is
something is to not be afraid of not turning away. Turn
your eyes away from. Lean into it and let's get
it done. All right, everybody. Y'all be safe.
(01:14:25):
We out.
>> Angelina King (01:14:26):
Peace.