Ep. 139 | Keep More of Your $150K+ Business Income - Teaching Tax Flow: The Podcast

Episode Transcript
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John Tripolsky (00:02):
Welcome back everybody to the teaching tax
flow podcast episode 139. Today,we are looking at tax strategies
for business owners earning over$150,000 per year. Now this
episode, we're not gonna tellyou how to earn a hundred and
50,000 per year, but we aregonna give you some tax tips,

(00:25):
hacks, and strategies to helpyou keep the most of that
hundred and 50 k as possiblefrom the IRS. That's right. Your
involuntary business partner,better known as the IRS.
So let's dive into this. Me andChris are gonna have a fantastic
conversation around thesestrategies. But before we do

(00:47):
that, as always, let's take abrief moment and thank our
episode sponsor.

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Hey, everybody. We are back here again on the
podcast. And today, we are gonnadive into that title that you
see in front of you. We aregonna look at tax benefit
strategies for business ownersearning over a hundred and
50,000 per year in verified.Let's put verified.
Verified income in there. And asalways, Chris Picciurro welcome

(01:48):
back to the show, sir. You'rethe co-hostest with the mostest.

Chris Picciurro, CPA (01:51):
Oh, it's great to be back, of course. How
are you doing today?

Doing good, man. Doing good. I'm I'm excited
about this topic as they all arebecause we both have to approve
them anyways. It's not like wejust throw these out, but this
applies to a ton of people.Right?
And let me ask you this. What issignificant about that hundred
and 50,000 mark? Like, why whydid why did we choose that one
fifty?

Well, there's a few reasons. First of
all, I think at a hundred and$50,000 just by percentages, it
seemed that would be kind of ahigher income household here in
The United States. And then abusiness owner earning more than
that typically is going to havesome type of financial resources
to do tax planning and strategy.At that point, they typically

(02:36):
are in a situation where they'vemade it through just just paying
the bills, surviving, and theirbusiness is probably growing,
and they're looking to toimplement things. Because a lot
of times during when you'regrowing, even though you might
have a profit, you're investingall the money back into your
business and which is a wholeanother issue, but that that's

(02:58):
and your marginal tax ratestarts to creep up quite a bit
regardless of your filingstatus.
You know, at a hundred and$50,000 in net income, assuming
you're self employed, you'refilling up a lot of that Social
Security wage base and andgetting into that higher
marginal tax rate. So it's acombination. When you talk about
tax planning and strategy, it'snot just what your income is and

(03:18):
what your marginal tax rate is.It's do you have the financial
resources to to do any type ofplanning or strategy? Yeah.
So someone might say, I wanna Iwanna contribute to my
retirement plan, but they'respending all their money from
their business. Queue Mike Reedup. I'm sure he would our
friend, a CPA, and runs our doesa bunch of CFO work.

(03:42):
Understanding where all thatmoney's going is one thing. So
sometimes you're spending youknow, as a business owner, if
you have a profit of 80,000 andyou put that money back in
inventory, you're in a toughspot because you don't deduct
inventory until you sell it.
So you've got zero you got 80tax span, $80, and you have no
cash left. So managing your cashflow is is important. And then

(04:04):
once you get to a hundred and$50,000 or more, that's where
you're you're typically in agood position cash flow wise,
and you could really think aboutsome of the things we're gonna
talk about.

Right. And, really, from probably one of the
first episodes we've done,there's been a good trend, and I
think that's followed every oneof those. We're actually we'll
see multiple trends. One of thembeing that tax planning and
strategy is not just for yourultra wealthy, ultra high income
earners. Right?
Like, people might hear that,and they say, oh, well, you
know, that's for people thatmake a million plus, 5,000,000

(04:32):
plus. It's not the case. Butthen also, we talk a ton about,
a ton, literally, probably everyepisode or at least every other
one, about really the benefitsof being a business owner. But,
you know, taking out the stressand the other the other stuff
that you get sometimes. But thewhen it comes to taxes, right,
the if done right, plannedright, you're educated, or at

(04:55):
least you have the the bestpeople on your team, really, the
ball is in your court to toalmost tell the IRS what the
bill is.
They're not just gonna send youone and say, oh, slap you with
it, you're done with it. Youhave a lot more control over it.
Right?

If you wanna do the planning,
absolutely. And the cool thingabout a business owner is that
you're paying tax on your netincome, not your gross income.
So that's that's where, like,where there's some planning
opportunities. So yeah. So onceyou get to again, once you get
to over that hundred and $50,000point, I think your needs change
and your ability to implementchanges.

(05:28):
I agree with you a %. There'stax strategies for all types of
different income and assetlevels. Mind you, you know, when
you're in those when you're inthe lower to moderate income
levels, typically, it's you'renot going to see too many tax
advantaged investmentsimplemented. You're not gonna
see any too many tax mitigationstrategies implemented. Most of
your tax planning is gonna bevery behavioral, which still can

(05:50):
be very effective.
So that's something tounderstand that we even teach at
Teaching Tax Flow is real havereally been breaking down that
there are three types of taxplanning implementations,
behavioral, tax advantagedinvestments, and tax mitigation
strategies. So once you startyou once you start having that
income go over $1.50, you'regonna wanna take care of those

(06:12):
behavioral things, the thingsthat we know you should be
doing. A lot of times,strategies are rather a little
more basic, a little easier toimplement on your own and into
those tax advantage investmentsor tax mitigation strategies.
So, yeah, let's talk throughthis, at what we should be
thinking about, at that hundredand 50,000 or more.

Absolutely. And it you know, it is a a good
number too because you youmentioned a little bit earlier
on too. And maybe before we jumpinto that, you can give us the
Chris Pacquiao professionaldefinition of what a marginal
tax rate is if somebody's notfamiliar. Right? Because I think
we all kinda grew up with, youknow, obviously, the number was
different twenty, forty fiveyears ago.
But, oh, once you get to acertain number, your tax bracket

(06:53):
changes. So tell us reallyquick. M MTR, marginal tax rate
and tax bracket, are they thesame thing?

Right. No. They're absolutely not the same
thing. What your marginal taxrate, as we know in teaching tax
flow, we have three laws. One ofthe laws is is that tax agencies
are your involuntary businesspartner.
So what that means is that onwith marginal tax rate, for
every dollar of income youreport on your tax return that

(07:20):
legally and ethically requiredto report, what percentage of
that goes to your businesspartner? That could be the IRS.
It could be a state. It could bea city. That's your marginal tax
rate.
Conversely, every dollar thatyou protect or don't have to pay
tax on in the current year, howmuch is how much are you saving

(07:40):
having to pay? So if yourmarginal tax rates you know,
there there are people in lowerincome situations that have a
50% marginal tax rate. And youmight say, that sounds
ridiculous. It's absolutelypossible when if, let's say,
you're self employed, you arepotentially, qualifying for
retirement savers credit, maybean earned income tax credit,

(08:00):
child tax credit. So when youtalk about credits, those play a
role in marginal tax rate.
Awesome. Or or another bigcredit another credit in a
situation where you maybe are inthe lower to middle income
situation is the premium taxcredit. So let's say you report
let's say you expected yourincome to be $4,050,000 dollars.

(08:21):
You have, you have insurancethrough the the what we call the
marketplace, and the governmentis basically subsidizing that
entire insurance premium. Itcould easily be $1,500 with a
family.
And let's say instead of making40 to 50,000, you had a great
year, now you made 100,000.You're gonna owe all of that
back. You're gonna owe all ofthat subsidy back that given

(08:42):
year. So, again, the you taxbracket's static. Marginal tax
rate is not static.

Perfect. Perfect definition. And thanks for going
over that because I know somepeople, you know, they they may
not have heard that, and theymay be so fixated on that tax
bracket. Right? Like and that'sthe that's the number.
So that's why when I thought of,you know I used to think, again,
a while ago, that, like, a25,000 or a hundred twenty
seven, whatever it was, I think,where where it kinda jumped a

(09:09):
little bit. But either way,let's let's get into this for
those business owners that areout there. But then also, I
think this is a great episodefor somebody that's thinking
about doing it. Right? Or theyjust started.
They're not making a lot now,but, obviously, the intent is to
grow. So you kinda know what toexpect. So let's dive in head
first off the diving board.

So let's dive in on on some of these
strategies. So we're gonna startwith behavioral strategies. When
I say behavioral strategies,that means that it's a strategy
that you can implement thatdoesn't necessarily cost you any
money out of your pocket. It'sand it's just something that you
either report on your tax returnor or track properly. So as a

(09:50):
business owner, many, manybusiness owners, I would almost
argue that a majority ofdefinitely gig economists,
etcetera, etcetera, gig workers,a lot of them work from home.
And we should not be afraid ofdeduction. The home office
deduction could be extremelyvaluable. And if you're if you
qualify for the home officededuction, yes, we have a

(10:12):
separate podcast episode just onthat, so we're not gonna dive
into all those details. Butlet's say you qualify, you have
that opportunity to take thesimplified method or actual
expense method. But one thing tounderstand why home office
reduction is very important isthat commuting miles aren't
deductible.
So if you your home is yourprimary business location, then
every time you leave the home todrive somewhere, those miles are

(10:36):
now deductible. That's why andso there if you have a
legitimate home office, youshould absolutely take that
deduction. You are paying foryour home office. Either you're
paying rent or you're paying amortgage payment or you're
paying utilities. You're payinganyway.
So when I say it's behavioral,it doesn't cost you any more
money to take the home officereduction. It's simply tracking

(10:56):
and reporting it with your taxprofessional. However, it could
reduce your taxable incomesignificantly. So the home
office reduction is somethingthat's really easy and important
to take. It's not easynecessarily, but it's important
to take as a deduction if youqualify.

So it's And that too, I think we've had a lot of
discussions with it. And peopleit's I mean, a home office does
not need to be, right, a a wingthat you've added onto your
house with a separate entry,separate power source, all this
stuff.

Right.

I mean, I think we even brought up the example
way back in the day. You couldbe an Uber Eats driver, and you
have a space in your home orapartment. It could be a closet
where you sit down, you utilizethat as an office. You keep some
materials in there. Whatever youdesignate, right, is is your
primary use for businesspurposes.
Right?

And it has to have exclusive use also.
Absolutely. So home officededuction, definitely something
you could take now being thehome office deduction is
available not just to peoplethat are self employed or single
member LLCs, taxes disregardedentities, home offices available
to c corps, s corps, partnersand partnerships, or members of
LLCs. Again, check out theTeaching Tax Flow YouTube

(12:10):
channel. We a breakdown of everytype of situation and how you
take the home office deductionbased on each of those.
So I actually remember recordingthose with you, John, in Indiana
after teaching a a class foreight hours, and we said, ah,
we're still gonna explain this.So we whiteboarded it out, and
we wrote that down. Soabsolutely home office
deduction. The second, thing,someone with a hundred and

(12:35):
$50,000 or more of income shouldbe considering someone self
employed are retirement plancontributions. Now depend I'm
gonna preface this by saying ifyou have employees that are that
you have to really talk to alicensed financial adviser, you
should be talking to a licensedfinancial adviser anyway to make
sure that you the contributionsyou make are, allowed.

(12:57):
We can't exclude employees andand and, there there are
different rules. So, like, forour company, quite frankly, we
have awesome team members, andwe want to contribute, and we
want to match some retirementcontributions. We wanted to keep
our administrative costsrelatively low, so we chose to
use a simple IRA plan, and sothat worked for us. If you don't

(13:21):
have employees or if you haveyou know, if you so it comes
down to do you have eligibleemployees of what type of plan
and how much money do you wannaput away in a retirement, what
makes sense. But the point isretirement plan contributions,
let's assume most people don'thave employees, especially when
you're just getting started.
That's behavioral. Right? Iflet's say you're a business
owner, you have a hundred and$50,000 worth of profit. Let's

(13:43):
say you have some money sittingaround in your business account
at the end of the year. Itdoesn't even have to be at the
end of the year.
The nice thing with theretirement contribution is you
typically have until you fileyour tax return to make a
contribution for the previousyear. And you say, I made a
hundred and $50,000 last year. Iwanna put $20,000 away into
retirement. You take that$20,000. You you take it out of

(14:05):
your business account or yourpersonal account.
You contribute it to aretirement plan. Let's just say
you're making a SEPcontribution. You still own that
SEP. You still own that $20,000.So why that's behavioral, it's
it's still there's still assetsin your purview.
They're they're still in yourpersonal, on your personal

(14:25):
balance sheet. However, that$20,000 that you shifted from
from one place to the other isnow a tax deduction. So if
you're in a 30% marginal taxrate situation, that $20,000
reduced your taxes by $6,000,and you still have the $20,000.
So it's an example of, again, amore basic strategy or

(14:45):
behavioral. Now retirement plancontributions could be anything
from a from an IRA, traditionalIRA, to a SEP IRA, all the way
to a very complex complexdefined benefit plan or cash
balance plan.
That's where you're gonna wantwe talk about this all the time,
John, is making sure you workwith your personal board of
directors to ensure that you aredoing things the right way, and,

(15:10):
you know, you could be the bestdriver in the world. Perfect
driving record, safe, efficient.But if you take a wrong turn on
turn out of your house, youcould be making a lot of
problems for yourself. Right? SoAbsolutely.
Gotta make sure you're

on board. We

that that board of directors is kinda like
your GPS.

Exactly. And they really are. It's it's
basically your your guidinglight, but also, let's just call
them, like, accountabilitypartners. Right? It kinda keeps
you on track from doing, youknow, things people's mamas may
have said back in the day.
Don't do a dumb thing. Like,don't do stupid things over and
over again. Because sometimes,right, as as business owners

(15:51):
and, you know, I'll speak as oneof them transparently. Mhmm.
Sometimes what we're talkingabout here, you hear it, you
hear you hear it so much, butyet you're like, I have no time
to focus on that.
I'm trying to to run, manage,grow, and keep my head above
water with day to dayoperations. Right? But,
unfortunately, if you reallystep back and look at it, taking

(16:11):
let's just give it a number. Sayit takes you ten hours to do
what we're talking about here,which just throwing out there,
it's gonna save you so much ofyour hard earned income that you
kinda gotta put two or twotogether and then pick your
battles. Right?

Chris Picciurro, CPA: Absolutely. You've got to be (16:26):
undefined
efficient with your time andresources. Let's talk about
something that now is somewhatbehavioral, also, and I think
actually, the next two thingsare are sometimes overused or
misunderstood. Okay? First thingis gonna be your income shifting
strategies.

(16:47):
We're gonna well, let's startwith saying income shifting
between family members. We'regonna talk about income shifting
between related businessentities at the end of this
podcast, but income shiftingbetween related, between family
members can be a really taxefficient way to plan. So let's
say you're a business owner andyou have a spouse that works in

(17:11):
the business, and it makes senseto pay that spouse a small wage.
Now that alone doesn't save youany money. However, that could
play a role when that's paired.
Remember, our our strategiesdon't like to to they don't like
to dance by themselves. Theylike to be paired and stacked.
That could be paired with aretirement plan contribution or
a medical reimbursement plan, asection one zero five plan. So

(17:32):
there's a lot of things goingon. Or paying your children.
If your children aren't doinglegitimate work for your
business, it would most likelybehoove you to pay them a
reasonable wage for what they'redoing. And think about this, if
your marginal tax rate's 30something percent and you have a
15 year old, like I've got a 16year old, 15 year old, and 12
year old, they've all helped mewith our business in one way,

(17:55):
shape, or form. So paying them areasonable amount for what
they're doing is is fine, andtheir tax rate is much, much
lower than our marginal taxrate. So that's where you wanna
start considering it. I'm notthis isn't your flash, you know,
boom, bang, bing, TikTok, re orInstagram reel saying, go pay
your kids exactly the standarddeduction amount, and you get a

(18:19):
tax rate.
It's not that easy. The you'vegotta do things the right way.
You know? It's just like likeyou can't go you know? Yes.
I you I'm gonna use that carexample. Let's say we're trying
to get down to Florida, and wealready know we need we wanna go
south on 75 for a guy like youliving in Michigan. And we wanna
use a GPS, but you can't gosteal the a car. Right? That's

(18:39):
that's bad.
You've gotta use your own car orhave access to a car that
someone authorizes you to dothat. So so the point is, you
know, one of the reasons is, youknow, to be transparent, I I
always hesitate to do these kindof episodes is that so I don't
want things taken out ofcontext. But, again, income
shifting strategies to familymembers could be super

(19:00):
effective, either spousal orchildren or sometimes parents.
Let's say you have a parentwho's retired, has a very modest
amount of income, low marginaltax rate. They help you with the
business.
Could be doing someadministrative things. I've got
client that we work with inteaching tax law that's an
estate planning attorney, andshe well, she has her mom helps

(19:25):
her out with administrativestuff, and she pays her mom a
reasonable wage, and andeveryone's happy. And we're
moving things from a, you know,35% marginal tax rate situation
to 12%.

So Yep. And I see it a lot too. I mean, just
in conversations with friendsand other people on and about,
it's it's almost like there'sbeen, I wouldn't say, a shift in
workforce at all, but there's somuch opportunity. I love that
you brought up, you know,parents or or other people,
aunts, uncles, people that areolder than you. Know, it's some
people might have a hard timegrasping at me.
Like, well, why would I paythem, or why would that benefit

(19:57):
them and me? Well, some of thesehobby businesses, right, they
they just kinda popped up. Theymight have a a, you know, a
father-in-law, mother-in-law,mom, dad, somebody that's not
working. And you said, right.They're helping out the admin
stuff.
I mean, they could be packagingshipments of printed T shirts on
the dining room table, ideallyin a home office, though, for

(20:19):
exclusive use. But, right,there's there's a lot of
opportunity with that, and it'sknowing that these things exist
is what makes all thedifference. Right? Mhmm.

Chris Picciurro, CPA: Absolutely. Let's talk about the (20:27):
undefined
next one. This one is a hotbutton issue, as you know, for
me. I think that as I talk to alot of other tax professionals,
it's the most overused strategy.

Oh, I know what we're talking about here. I can
feel I can feel it coming.

Now if you're over a hundred $50,000 in
net income, it is a strategy youneed to consider. Okay? And that
is potentially making an scorporation election or becoming
an S corporation. Obviously, ifyou're self employed, remember,
you don't form an S corp. Right?
You either form an LLC or acorporation, and you elect to be
taxed as an S corp. Typically,it's going to be an LLC. A lot

(21:09):
of consideration has to go intothis decision, including the
compliance costs, the additionaltime to be very much more
organized, the time to the thedetermination of what you're
gonna pay yourself as reasonablecompensation, yes, on a w two.

(21:30):
So s corp owners that areinvolved with in running their
or working in their businessneed to be paid a reasonable
compensation on a w two form. Sothere's a lot of things to
consider.
Once you start hitting a hundredand $50,000 or more of net
income, that's where this makessense. We have some tons of
content in the teaching tax flowYouTube channel, and we even

(21:53):
have a video that equates an scorp election to going to a
pizza buffet. So I'm gonnachallenge John right now

Oh, boy.

To make sure that that reel is linked
into the show notes. He's gonnalove this when he's editing it,
But That makes do it. Alright.

That's I'll find I'll plug it in. I will find
something to plug in here.

When you think about potentially electing
to be an s corp, I want you tothink about going to a pizza
buffet, all you can eat pizza.You might be thinking, what in
the world is this guy coming upwith this example for? Well,
here's why. The S Corp electionallows you to mitigate payroll
taxes, specifically socialsecurity and Medicare tax. Well,

(22:35):
if your income is low, meaningyou don't have a big appetite,
paying a higher amount to eat atthe buffet doesn't make sense.
You're not going to takeadvantage of it all you can eat
feature. Or if you already atean hour before, even if you have
a big appetite, it doesn't makesense to buy the pizza buffet.
What do I mean by already ate?What if you have a w two job
somewhere else, so you'vealready filled up your Social

(22:57):
Security wage base? When doesthe s corp make sense?
When you have a big appetite andyou are super hungry and you're
gonna get your money's worth atthat buffet. That's when an s
corp makes sense. When you havea ton of self employment income
and you can justify a smallreasonable compensation and you
don't have any other w two Sothink about that when you're
thinking about if an s corpmakes sense.

And that s corp one, I always think is
interesting. Right? And maybe ifwe can go back. So I promise I
will not put you in the hot seatand throw you any questions.
Just kind of reiterating whatwas said.
Because you're right. I mean,some people some people and and
I've seen it happen with somecontent, not just ours, but
anybody's, where it gets takenout of context because they have

(23:41):
that that way of thinking. Like,it's ingrained in them. Like,
oh, I heard this on a on a sixtysecond TikTok video. That's the
way I need to do it because Iheard it first.
And you're not saying that it'snot, but I remember, you know, a
couple of things you mentionedhere. I think we need to just
highlight again as, you know,compliance costs. And what we
mean by that, right, is there'smore costs, frankly, in

(24:02):
maintaining and doing yourtaxes. And then you mentioned
payroll, right, and reasonablecomp. You just can't say, oh, I
reasonably think I should getpaid $8,000 a year for, being
the key man.
Right? Like, it's not yourreasonable. It's the

I mean, there's there yeah. We're gonna
we're gonna keep go. I'llmention one more thing before my
blood pressure gets boiling onthis. Or a situation of someone
this happens a lot in themedical profession. You have you
have to save a medical doctor.
That person's making 4 or$500,000 as a you know, working
in a in a hospital system or aprivate medical practice or even

(24:38):
$200,000 3 hundred, 2 50. Theystart moonlighting, right? They
form an LLC. They are workingout of their home. They're
reading charts.
They're they're doing sometelemedicine on the side.
Nothing wrong with that. Butthen they're like, well, my
buddy told me I should be an scorp. Well, wait a second. You
already filled up your entireSocial Security wage base.

(24:59):
Being an s corp would actuallycost you more money in that fact
pattern than than anything. Sowe're gonna so yes. So we We'll
we'll

move along before your head explodes.

Yeah. We're gonna move along and and
wrap things up because those aremy really you know, there's tons
of tax strategies for peoplemaking over a hundred and
$50,000, those are gonna be thefirst few that I would consider
that are more behavioral. Like,electing to be an s corp is more
behavioral. You're ultimatelystill in business. You're still

(25:30):
doing bookkeeping.
You're just reorganizing howyou're taxed. And, yeah, it
might cost you more money incompliance, but it also reduces
your tax. So let's move on fromthose behavioral more more basic
or or entry level tax planningimplementations to a couple
things that are more, you know,that are more tax advantaged

(25:52):
investments or tax mitigationstrategies. So let's let's
change the facts, John. Let'ssay instead of someone making a
hundred and 50,000 thousanddollars, you know, maybe we
might, you know, we might doanother podcast episode down the
road.
Let's change the facts thatsomeone's making $1,500,000.
Okay? So, obviously, all thoseother strategies are in play.

(26:16):
They might it might make sense,for them to increase the amount
they're putting into retirementpotentially. But what should
they do once you start gettinginto that $500,000 or more,
let's say, a million dollars ofof marginal tax or of tax.
Taxable income if you're selfemployed. I'll just throw a

(26:39):
couple tidbits out there. One ofthe strategies is a is a build
upon income shifting, and it'sincome shifting to a related
business entity. A very popularstrategy is called the eight
thirty one b strategy, which iscalled which is a private
reinsurance company. We actuallyhave an entire podcast episode

(26:59):
just on that.
So if you're, you know, you're abusiness owner first of all,
let's say you're making amillion dollars a year. You are
living a good lifestyle. But atthe end of the year, you've got
you've maxed out your retirementaccount, and you got $400,000 in
your business account. And youyou really don't need that money
today. And if you let it sitthere and do nothing, you will

(27:21):
pay tax on it at probably a 40%rate.
That's where you couldpotentially deploy that into
something and take it off ofyour tax return as taxable
income. So that the a 31 bstrategy is something to
consider. The the other twothings would be potentially some
leveraged charitable giving.We've got a whole episode on

(27:41):
that. And then start looking atsome transferable tax credits.
So those once you get to thatpoint, you really need to be
working with a tax professionalthat specializes in strategy,
tax strategy and tax planningimplementations. But And if and
if you're in that situation,good for you. That's amazing. A
lot of times when people grow tothat level, their next step is

(28:06):
to let's say you own a business.You wanna buy a building.
There could be a huge advantageto buying a building. However,
there's a misconception thatsays, well, if I bought a bill
you know, I was working with awith a client this week, the
week we're film recording thisand filming it. Person bought a
commercial building for about$1,600,000 has had to put about

(28:29):
$400,000 of cash intorenovation. So we're all in at
200, has a loan for about1,200,000.0. So that cash outlay
is 800,000, cash flow versus taxflow.
Just because you pay cash for animprovement doesn't make it
immediately deductible. Thebuilding is set up for
depreciation, commercialbuilding, thirty nine years. So

(28:52):
understanding that cash flowversus tax flow, one of the
other laws of teaching tax law,is super important. And before
you you deploy all of that cash,make sure you work with someone
to understand the ramifications.

Absolutely. And and we could almost you know,
kinda wrap this up with, youknow, again, kinda going back to
the beginning about theimportance and really the
accessibility of planning. Youknow, I don't think we have to
harp you know, go crazy with itsaying how important it is, is
that it's there for everybody.So contact your tax pro
directly, and you can reach outto us if you needed to. We even
have something called the hub atteaching tax flow that, you

(29:27):
know, we invite everybody tocheck out.
I mean, it's you're not gonna goto this thing, and it's not
gonna give you any answers.However, what it will do is it
will blow up our inbox. Notreally. But it will actually
help us connect you with theright people. So, I mean, it's
down from anything.
Chris, what are some of the onesthat are on there? Like,
attorney, somebody's needs. Ineed a financial adviser, tax

(29:49):
professional.

Things when we talk about building our
board of your board ofdirectors. Right? And a lot of
people hear that and say, man,that sounds good. Those are the
hubs in the area. It's teachingtax law backslash hub.
John will post this link. Ifyou're listening to this,
watching this, first of all,thank you. Second of all, like
this and subscribe to ourYouTube channel. We appreciate
it. I'm not too proud you know,ain't ain't too proud to beg as

(30:13):
as a hip hop song from thenineties, Mike once said.
But some of that so you might beout there and and, actually,
John, it's interesting. Right?Some a lot of our submissions
are actually from other taxprofessionals, and there's
nothing wrong with that. We allhave different, skill sets,
different, areas we work in. Butif you're looking for someone to
help with a cost segregationstudy, research and development
credits, grants, estateplanning, bookkeeping, CFO

(30:36):
services, payroll processing,tax advantage investments,
mitigation strategies, financialplanning, entity formation, a
registered agent service, realestate time investor time
tracking, you know, IRSrepresentation, tax preparation,
tax planning, life insurance,any and more.

(30:56):
Just jump into the hub and letus know that dog

walker on there. Would you put, like, dog walker,
you know, psychologist? But butin all seriousness and and by
the way, everybody who'slistening is if you're sitting
there, you're like, I'm notgonna click on this thing. Be
like, these guys are gonna sellme and grenade me with It's
there for you, stuff for us.It's not a sales tool.
There's there's no gimmicksinvolved in this. We're just
making it a one stop shop. Youcan click multiple things so we

(31:20):
can connect you with the bestbest person. You don't even have
to talk to anybody with us. Wecould just move you along.
So check that out. And,actually, what I think what
we'll do here, Chris, too, inthe show notes, I have an idea.
Maybe since everybody can watchthese, they watch our podcast,
they listen to the podcastcompletely free. Right? There
there's no obligation anybodyfor this stuff.
Mhmm. I think we're gonna do,like in in the notes here, we're

(31:41):
gonna do a, like, a one, two,three steps in there. And,
basically, it's like the supportus steps. So maybe one, it'll
be, you know, click here,subscribe to our YouTube
channel. Very easy.
If you're not on YouTube, thenyou got you got other issues. I
shouldn't say that. You gotother things going on. We'll do
that. And then, you know, we'llput some other things in there,
and, you know, we'll put the hubin there.

(32:01):
Probably number three, but maybewe'll put one more one more in
front. And maybe it'll just be aquestion. Answer a question.
Join our defeating taxes privateFacebook group, something along
those lines. So that way,everybody's really in tune with
everything we have going outbecause I know we got some good
content too on the on the rosterfor the next couple months.
So I'm glad we did this one,though, too, because, you know,

(32:21):
we I think we started off at onepoint. You know, we defined that
marginal tax rate, kinda movedall the way through many of the
the strategies that we hearabout, we talk about. I think if
anything, hopefully, we madesense of some of these for a lot
of people where there's,frankly, a lot of misinformation
that's out there. And, really, Iwon't say misinformation. It's

(32:42):
too small of nuggets ofinformation not telling the
whole story, which is just asdangerous.
So definitely check outeverything else we have. Again,
don't be lazy. Show notes, ifyou're watching this. I'm
pointing down. It's literallyright below here.
You have no excuse not to clickon those, so do it. You can't
you can't say there's a you'retrying to meet a tax deadline

(33:02):
right now. You got a littletime, so no excuses. And then we
will see everybody back herenext week. Right?
Different topic, different day,same day of the week, but
completely, completely differentapproach to something that we as
taxpayers have to deal withevery single day, whether we
like it or not, three hundredand sixty five days a year, that
little pesky thing we calltaxes. So we'll see everybody

(33:25):
next week. Make it a great one.We'll see you soon.

Disclaimer (33:32):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment advisor.Securities are offered through
Cabin Securities, a registeredbroker The content of this
podcast does not constitute anoffer of securities.

(33:54):
Offerings can only be madethrough an offering memorandum,
and you should carefully examinethe risk factors and other
information contained in thememorandum.

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Ep. 139 | Keep More of Your $150K+ Business Income

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.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Ep. 139 | Keep More of Your $150K+ Business Income