Ep. 139 | Keep More of Your $150K+ Business Income
Download MP3Welcome 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 tell you how to earn a hundred and 50,000 per year, but we are gonna give you some tax tips, hacks, and strategies to help you keep the most of that hundred and 50 k as possible from the IRS. That's right. Your involuntary business partner, better known as the IRS.
John Tripolsky:So let's dive into this. Me and Chris are gonna have a fantastic conversation around these strategies. But before we do that, as always, let's take a brief moment and thank our episode sponsor.
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John Tripolsky:Hey, everybody. We are back here again on the podcast. And today, we are gonna dive into that title that you see in front of you. We are gonna look at tax benefit strategies for business owners earning over a hundred and 50,000 per year in verified. Let's put verified.
John Tripolsky:Verified income in there. And as always, Chris Picciurro welcome back to the show, sir. You're the co-hostest with the mostest.
Chris Picciurro, CPA:Oh, it's great to be back, of course. How are you doing today?
John Tripolsky:Doing good, man. Doing good. I'm I'm excited about this topic as they all are because we both have to approve them anyways. It's not like we just throw these out, but this applies to a ton of people. Right?
John Tripolsky:And let me ask you this. What is significant about that hundred and 50,000 mark? Like, why why did why did we choose that one fifty?
Chris Picciurro, CPA: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 a higher income household here in The United States. And then a business owner earning more than that typically is going to have some type of financial resources to do tax planning and strategy. At that point, they typically are in a situation where they've made it through just just paying the bills, surviving, and their business is probably growing, and they're looking to to implement things. Because a lot of times during when you're growing, even though you might have a profit, you're investing all the money back into your business and which is a whole another issue, but that that's and your marginal tax rate starts to creep up quite a bit regardless of your filing status.
Chris Picciurro, CPA:You know, at a hundred and $50,000 in net income, assuming you're self employed, you're filling up a lot of that Social Security wage base and and getting into that higher marginal tax rate. So it's a combination. When you talk about tax planning and strategy, it's not just what your income is and what your marginal tax rate is. It's do you have the financial resources to to do any type of planning or strategy? Yeah.
Chris Picciurro, CPA:So someone might say, I wanna I wanna contribute to my retirement plan, but they're spending all their money from their business. Queue Mike Reed up. I'm sure he would our friend, a CPA, and runs our does a bunch of CFO work. Understanding where all that money's going is one thing. So sometimes you're spending you know, as a business owner, if you have a profit of 80,000 and you put that money back in inventory, you're in a tough spot because you don't deduct inventory until you sell it.
Chris Picciurro, CPA:So you've got zero you got 80 tax span, $80, and you have no cash left. So managing your cash flow is is important. And then once you get to a hundred and $50,000 or more, that's where you're you're typically in a good position cash flow wise, and you could really think about some of the things we're gonna talk about.
John Tripolsky: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 one of those. We're actually we'll see multiple trends. One of them being that tax planning and strategy is not just for your ultra wealthy, ultra high income earners. Right?
John Tripolsky:Like, people might hear that, and they say, oh, well, you know, that's for people that make a million plus, 5,000,000 plus. It's not the case. But then also, we talk a ton about, a ton, literally, probably every episode or at least every other one, about really the benefits of being a business owner. But, you know, taking out the stress and the other the other stuff that you get sometimes. But the when it comes to taxes, right, the if done right, planned right, you're educated, or at least you have the the best people on your team, really, the ball is in your court to to almost tell the IRS what the bill is.
John Tripolsky:They're not just gonna send you one and say, oh, slap you with it, you're done with it. You have a lot more control over it. Right?
Chris Picciurro, CPA:If you wanna do the planning, absolutely. And the cool thing about a business owner is that you're paying tax on your net income, not your gross income. So that's that's where, like, where there's some planning opportunities. So yeah. So once you get to again, once you get to over that hundred and $50,000 point, I think your needs change and your ability to implement changes.
Chris Picciurro, CPA:I agree with you a %. There's tax strategies for all types of different income and asset levels. Mind you, you know, when you're in those when you're in the lower to moderate income levels, typically, it's you're not going to see too many tax advantaged investments implemented. You're not gonna see any too many tax mitigation strategies implemented. Most of your tax planning is gonna be very behavioral, which still can be very effective.
Chris Picciurro, CPA:So that's something to understand that we even teach at Teaching Tax Flow is real have really been breaking down that there are three types of tax planning implementations, behavioral, tax advantaged investments, and tax mitigation strategies. So once you start you once you start having that income go over $1.50, you're gonna wanna take care of those behavioral things, the things that we know you should be doing. A lot of times, strategies are rather a little more basic, a little easier to implement on your own and into those tax advantage investments or tax mitigation strategies. So, yeah, let's talk through this, at what we should be thinking about, at that hundred and 50,000 or more.
John Tripolsky:Absolutely. And it you know, it is a a good number too because you you mentioned a little bit earlier on too. And maybe before we jump into that, you can give us the Chris Pacquiao professional definition of what a marginal tax rate is if somebody's not familiar. Right? Because I think we all kinda grew up with, you know, obviously, the number was different twenty, forty five years ago.
John Tripolsky:But, oh, once you get to a certain number, your tax bracket changes. So tell us really quick. M MTR, marginal tax rate and tax bracket, are they the same thing?
Chris Picciurro, CPA:Right. No. They're absolutely not the same thing. What your marginal tax rate, as we know in teaching tax flow, we have three laws. One of the laws is is that tax agencies are your involuntary business partner.
Chris Picciurro, CPA:So what that means is that on with marginal tax rate, for every dollar of income you report on your tax return that legally and ethically required to report, what percentage of that goes to your business partner? That could be the IRS. It could be a state. It could be a city. That's your marginal tax rate.
Chris Picciurro, CPA:Conversely, every dollar that you protect or don't have to pay tax on in the current year, how much is how much are you saving having to pay? So if your marginal tax rates you know, there there are people in lower income situations that have a 50% marginal tax rate. And you might say, that sounds ridiculous. It's absolutely possible when if, let's say, you're self employed, you are potentially, qualifying for retirement savers credit, maybe an earned income tax credit, child tax credit. So when you talk about credits, those play a role in marginal tax rate.
Chris Picciurro, CPA:Awesome. Or or another big credit another credit in a situation where you maybe are in the lower to middle income situation is the premium tax credit. So let's say you report let's say you expected your income to be $4,050,000 dollars. You have, you have insurance through the the what we call the marketplace, and the government is basically subsidizing that entire insurance premium. It could easily be $1,500 with a family.
Chris Picciurro, CPA:And let's say instead of making 40 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 of that subsidy back that given year. So, again, the you tax bracket's static. Marginal tax rate is not static.
John Tripolsky:Perfect. Perfect definition. And thanks for going over that because I know some people, you know, they they may not have heard that, and they may be so fixated on that tax bracket. Right? Like and that's the that's the number.
John Tripolsky:So that's why when I thought of, you know I used to think, again, a while ago, that, like, a 25,000 or a hundred twenty seven, whatever it was, I think, where where it kinda jumped a little bit. But either way, let's let's get into this for those business owners that are out there. But then also, I think this is a great episode for somebody that's thinking about doing it. Right? Or they just started.
John Tripolsky:They're not making a lot now, but, obviously, the intent is to grow. So you kinda know what to expect. So let's dive in head first off the diving board.
Chris Picciurro, CPA:So let's dive in on on some of these strategies. So we're gonna start with behavioral strategies. When I say behavioral strategies, that means that it's a strategy that you can implement that doesn't necessarily cost you any money out of your pocket. It's and it's just something that you either report on your tax return or or track properly. So as a business owner, many, many business owners, I would almost argue that a majority of definitely gig economists, etcetera, etcetera, gig workers, a lot of them work from home.
Chris Picciurro, CPA:And we should not be afraid of deduction. The home office deduction could be extremely valuable. And if you're if you qualify for the home office deduction, yes, we have a separate podcast episode just on that, so we're not gonna dive into all those details. But let's say you qualify, you have that opportunity to take the simplified method or actual expense method. But one thing to understand why home office reduction is very important is that commuting miles aren't deductible.
Chris Picciurro, CPA:So if you your home is your primary business location, then every time you leave the home to drive somewhere, those miles are now deductible. That's why and so there if you have a legitimate home office, you should absolutely take that deduction. You are paying for your home office. Either you're paying rent or you're paying a mortgage payment or you're paying utilities. You're paying anyway.
Chris Picciurro, CPA:So when I say it's behavioral, it doesn't cost you any more money to take the home office reduction. It's simply tracking and reporting it with your tax professional. However, it could reduce your taxable income significantly. So the home office reduction is something that's really easy and important to take. It's not easy necessarily, but it's important to take as a deduction if you qualify.
John Tripolsky:So it's And that too, I think we've had a lot of discussions with it. And people it's I mean, a home office does not need to be, right, a a wing that you've added onto your house with a separate entry, separate power source, all this stuff.
Chris Picciurro, CPA:Right.
John Tripolsky:I mean, I think we even brought up the example way back in the day. You could be an Uber Eats driver, and you have a space in your home or apartment. It could be a closet where you sit down, you utilize that as an office. You keep some materials in there. Whatever you designate, right, is is your primary use for business purposes.
John Tripolsky:Right?
Chris Picciurro, CPA:And it has to have exclusive use also. Absolutely. So home office deduction, definitely something you could take now being the home office deduction is available not just to people that are self employed or single member LLCs, taxes disregarded entities, home offices available to c corps, s corps, partners and partnerships, or members of LLCs. Again, check out the Teaching Tax Flow YouTube channel. We a breakdown of every type of situation and how you take the home office deduction based on each of those.
Chris Picciurro, CPA:So I actually remember recording those with you, John, in Indiana after teaching a a class for eight hours, and we said, ah, we're still gonna explain this. So we whiteboarded it out, and we wrote that down. So absolutely home office deduction. The second, thing, someone with a hundred and $50,000 or more of income should be considering someone self employed are retirement plan contributions. Now depend I'm gonna preface this by saying if you have employees that are that you have to really talk to a licensed financial adviser, you should be talking to a licensed financial adviser anyway to make sure that you the contributions you make are, allowed.
Chris Picciurro, CPA:We can't exclude employees and and and, there there are different rules. So, like, for our company, quite frankly, we have awesome team members, and we want to contribute, and we want to match some retirement contributions. We wanted to keep our administrative costs relatively low, so we chose to use a simple IRA plan, and so that worked for us. If you don't have employees or if you have you know, if you so it comes down to do you have eligible employees of what type of plan and how much money do you wanna put away in a retirement, what makes sense. But the point is retirement plan contributions, let's assume most people don't have employees, especially when you're just getting started.
Chris Picciurro, CPA:That's behavioral. Right? If let's say you're a business owner, you have a hundred and $50,000 worth of profit. Let's say you have some money sitting around in your business account at the end of the year. It doesn't even have to be at the end of the year.
Chris Picciurro, CPA:The nice thing with the retirement contribution is you typically have until you file your tax return to make a contribution for the previous year. And you say, I made a hundred and $50,000 last year. I wanna put $20,000 away into retirement. You take that $20,000. You you take it out of your business account or your personal account.
Chris Picciurro, CPA:You contribute it to a retirement plan. Let's just say you're making a SEP contribution. You still own that SEP. You still own that $20,000. So why that's behavioral, it's it's still there's still assets in your purview.
Chris Picciurro, CPA:They're they're still in your personal, on your personal balance sheet. However, that $20,000 that you shifted from from one place to the other is now a tax deduction. So if you're in a 30% marginal tax rate situation, that $20,000 reduced your taxes by $6,000, and you still have the $20,000. So it's an example of, again, a more basic strategy or behavioral. Now retirement plan contributions could be anything from a from an IRA, traditional IRA, to a SEP IRA, all the way to a very complex complex defined benefit plan or cash balance plan.
Chris Picciurro, CPA:That's where you're gonna want we talk about this all the time, John, is making sure you work with your personal board of directors to ensure that you are doing things the right way, and, you know, you could be the best driver in the world. Perfect driving record, safe, efficient. But if you take a wrong turn on turn out of your house, you could be making a lot of problems for yourself. Right? So Absolutely.
Chris Picciurro, CPA:Gotta make sure you're
John Tripolsky:on board. We
Chris Picciurro, CPA:that that board of directors is kinda like your GPS.
John Tripolsky:Exactly. And they really are. It's it's basically your your guiding light, but also, let's just call them, like, accountability partners. Right? It kinda keeps you on track from doing, you know, things people's mamas may have said back in the day.
John Tripolsky:Don't do a dumb thing. Like, don't do stupid things over and over again. Because sometimes, right, as as business owners and, you know, I'll speak as one of them transparently. Mhmm. Sometimes what we're talking about here, you hear it, you hear you hear it so much, but yet you're like, I have no time to focus on that.
John Tripolsky:I'm trying to to run, manage, grow, and keep my head above water with day to day operations. Right? But, unfortunately, if you really step back and look at it, taking let's just give it a number. Say it takes you ten hours to do what we're talking about here, which just throwing out there, it's gonna save you so much of your hard earned income that you kinda gotta put two or two together and then pick your battles. Right?
Chris Picciurro, CPA:Absolutely. You've got to be efficient with your time and resources. Let's talk about something that now is somewhat behavioral, also, and I think actually, the next two things are are sometimes overused or misunderstood. Okay? First thing is gonna be your income shifting strategies.
Chris Picciurro, CPA:We're gonna well, let's start with saying income shifting between family members. We're gonna talk about income shifting between related business entities at the end of this podcast, but income shifting between related, between family members can be a really tax efficient way to plan. So let's say you're a business owner and you have a spouse that works in the business, and it makes sense to pay that spouse a small wage. Now that alone doesn't save you any money. However, that could play a role when that's paired.
Chris Picciurro, CPA:Remember, our our strategies don't like to to they don't like to dance by themselves. They like to be paired and stacked. That could be paired with a retirement plan contribution or a medical reimbursement plan, a section one zero five plan. So there's a lot of things going on. Or paying your children.
Chris Picciurro, CPA:If your children aren't doing legitimate work for your business, it would most likely behoove you to pay them a reasonable wage for what they're doing. And think about this, if your marginal tax rate's 30 something percent and you have a 15 year old, like I've got a 16 year old, 15 year old, and 12 year old, they've all helped me with our business in one way, shape, or form. So paying them a reasonable amount for what they're doing is is fine, and their tax rate is much, much lower than our marginal tax rate. So that's where you wanna start considering it. I'm not this isn't your flash, you know, boom, bang, bing, TikTok, re or Instagram reel saying, go pay your kids exactly the standard deduction amount, and you get a tax rate.
Chris Picciurro, CPA:It's not that easy. The you've gotta do things the right way. You know? It's just like like you can't go you know? Yes.
Chris Picciurro, CPA:I you I'm gonna use that car example. Let's say we're trying to get down to Florida, and we already know we need we wanna go south on 75 for a guy like you living in Michigan. And we wanna use a GPS, but you can't go steal the a car. Right? That's that's bad.
Chris Picciurro, CPA:You've gotta use your own car or have access to a car that someone authorizes you to do that. So so the point is, you know, one of the reasons is, you know, to be transparent, I I always hesitate to do these kind of episodes is that so I don't want things taken out of context. But, again, income shifting strategies to family members could be super effective, either spousal or children or sometimes parents. Let's say you have a parent who's retired, has a very modest amount of income, low marginal tax rate. They help you with the business.
Chris Picciurro, CPA:Could be doing some administrative things. I've got client that we work with in teaching tax law that's an estate planning attorney, and she well, she has her mom helps her out with administrative stuff, and she pays her mom a reasonable wage, and and everyone's happy. And we're moving things from a, you know, 35% marginal tax rate situation to 12%.
John Tripolsky:So Yep. And I see it a lot too. I mean, just in conversations with friends and other people on and about, it's it's almost like there's been, I wouldn't say, a shift in workforce at all, but there's so much opportunity. I love that you brought up, you know, parents or or other people, aunts, uncles, people that are older than you. Know, it's some people might have a hard time grasping at me.
John Tripolsky:Like, well, why would I pay them, or why would that benefit them and me? Well, some of these hobby businesses, right, they they just kinda popped up. They might 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.
John Tripolsky:I mean, they could be packaging shipments of printed T shirts on the dining room table, ideally in a home office, though, for exclusive use. But, right, there's there's a lot of opportunity with that, and it's knowing that these things exist is what makes all the difference. Right? Mhmm.
Chris Picciurro, CPA:Absolutely. Let's talk about the next one. This one is a hot button issue, as you know, for me. I think that as I talk to a lot of other tax professionals, it's the most overused strategy.
John Tripolsky:Oh, I know what we're talking about here. I can feel I can feel it coming.
Chris Picciurro, CPA:Now if you're over a hundred $50,000 in net income, it is a strategy you need to consider. Okay? And that is potentially making an s corporation election or becoming an S corporation. Obviously, if you're self employed, remember, you don't form an S corp. Right?
Chris Picciurro, CPA:You either form an LLC or a corporation, and you elect to be taxed as an S corp. Typically, it's going to be an LLC. A lot of consideration has to go into this decision, including the compliance costs, the additional time to be very much more organized, the time to the the determination of what you're gonna pay yourself as reasonable compensation, yes, on a w two. So s corp owners that are involved with in running their or working in their business need to be paid a reasonable compensation on a w two form. So there's a lot of things to consider.
Chris Picciurro, CPA:Once you start hitting a hundred and $50,000 or more of net income, that's where this makes sense. We have some tons of content in the teaching tax flow YouTube channel, and we even have a video that equates an s corp election to going to a pizza buffet. So I'm gonna challenge John right now
John Tripolsky:Oh, boy.
Chris Picciurro, CPA:To make sure that that reel is linked into the show notes. He's gonna love this when he's editing it, But That makes do it. Alright.
John Tripolsky:That's I'll find I'll plug it in. I will find something to plug in here.
Chris Picciurro, CPA:When you think about potentially electing to be an s corp, I want you to think about going to a pizza buffet, all you can eat pizza. You might be thinking, what in the world is this guy coming up with this example for? Well, here's why. The S Corp election allows you to mitigate payroll taxes, specifically social security and Medicare tax. Well, if your income is low, meaning you don't have a big appetite, paying a higher amount to eat at the buffet doesn't make sense.
Chris Picciurro, CPA:You're not going to take advantage of it all you can eat feature. Or if you already ate an hour before, even if you have a big appetite, it doesn't make sense to buy the pizza buffet. What do I mean by already ate? What if you have a w two job somewhere else, so you've already filled up your Social Security wage base? When does the s corp make sense?
Chris Picciurro, CPA:When you have a big appetite and you are super hungry and you're gonna get your money's worth at that buffet. That's when an s corp makes sense. When you have a ton of self employment income and you can justify a small reasonable compensation and you don't have any other w two So think about that when you're thinking about if an s corp makes sense.
John Tripolsky:And that s corp one, I always think is interesting. Right? And maybe if we can go back. So I promise I will not put you in the hot seat and throw you any questions. Just kind of reiterating what was said.
John Tripolsky:Because you're right. I mean, some people some people and and I've seen it happen with some content, not just ours, but anybody's, where it gets taken out of context because they have that that way of thinking. Like, it's ingrained in them. Like, oh, I heard this on a on a sixty second TikTok video. That's the way I need to do it because I heard it first.
John Tripolsky:And you're not saying that it's not, but I remember, you know, a couple of things you mentioned here. I think we need to just highlight again as, you know, compliance costs. And what we mean by that, right, is there's more costs, frankly, in maintaining and doing your taxes. And then you mentioned payroll, right, and reasonable comp. You just can't say, oh, I reasonably think I should get paid $8,000 a year for, being the key man.
John Tripolsky:Right? Like, it's not your reasonable. It's the
Chris Picciurro, CPA:I mean, there's there yeah. We're gonna we're gonna keep go. I'll mention one more thing before my blood pressure gets boiling on this. Or a situation of someone this happens a lot in the medical profession. You have you have to save a medical doctor.
Chris Picciurro, CPA:That person's making 4 or $500,000 as a you know, working in a in a hospital system or a private medical practice or even $200,000 3 hundred, 2 50. They start moonlighting, right? They form an LLC. They are working out of their home. They're reading charts.
Chris Picciurro, CPA:They're they're doing some telemedicine on the side. Nothing wrong with that. But then they're like, well, my buddy told me I should be an s corp. Well, wait a second. You already filled up your entire Social Security wage base.
Chris Picciurro, CPA:Being an s corp would actually cost you more money in that fact pattern than than anything. So we're gonna so yes. So we We'll we'll
John Tripolsky:move along before your head explodes.
Chris Picciurro, CPA:Yeah. We're gonna move along and and wrap things up because those are my really you know, there's tons of tax strategies for people making over a hundred and $50,000, those are gonna be the first few that I would consider that are more behavioral. Like, electing to be an s corp is more behavioral. You're ultimately still in business. You're still doing bookkeeping.
Chris Picciurro, CPA:You're just reorganizing how you're taxed. And, yeah, it might cost you more money in compliance, but it also reduces your tax. So let's move on from those behavioral more more basic or or entry level tax planning implementations to a couple things that are more, you know, that are more tax advantaged investments or tax mitigation strategies. So let's let's change the facts, John. Let's say instead of someone making a hundred and 50,000 thousand dollars, you know, maybe we might, you know, we might do another podcast episode down the road.
Chris Picciurro, CPA:Let's change the facts that someone's making $1,500,000. Okay? So, obviously, all those other strategies are in play. They might it might make sense, for them to increase the amount they're putting into retirement potentially. But what should they do once you start getting into that $500,000 or more, let's say, a million dollars of of marginal tax or of tax.
Chris Picciurro, CPA:Taxable income if you're self employed. I'll just throw a couple tidbits out there. One of the strategies is a is a build upon income shifting, and it's income shifting to a related business entity. A very popular strategy is called the eight thirty one b strategy, which is called which is a private reinsurance company. We actually have an entire podcast episode just on that.
Chris Picciurro, CPA:So if you're, you know, you're a business owner first of all, let's say you're making a million dollars a year. You are living a good lifestyle. But at the end of the year, you've got you've maxed out your retirement account, and you got $400,000 in your business account. And you you really don't need that money today. And if you let it sit there and do nothing, you will pay tax on it at probably a 40% rate.
Chris Picciurro, CPA:That's where you could potentially deploy that into something and take it off of your tax return as taxable income. So that the a 31 b strategy is something to consider. The the other two things would be potentially some leveraged charitable giving. We've got a whole episode on that. And then start looking at some transferable tax credits.
Chris Picciurro, CPA:So those once you get to that point, you really need to be working with a tax professional that specializes in strategy, tax strategy and tax planning implementations. But And if and if you're in that situation, good for you. That's amazing. A lot of times when people grow to that level, their next step is to let's say you own a business. You wanna buy a building.
Chris Picciurro, CPA:There could be a huge advantage to buying a building. However, there's a misconception that says, well, if I bought a bill you know, I was working with a with a client this week, the week we're film recording this and filming it. Person bought a commercial building for about $1,600,000 has had to put about $400,000 of cash into renovation. So we're all in at 200, has a loan for about 1,200,000.0. So that cash outlay is 800,000, cash flow versus tax flow.
Chris Picciurro, CPA:Just because you pay cash for an improvement doesn't make it immediately deductible. The building is set up for depreciation, commercial building, thirty nine years. So understanding that cash flow versus 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.
John Tripolsky:Absolutely. And and we could almost you know, kinda wrap this up with, you know, again, kinda going back to the beginning about the importance and really the accessibility of planning. You know, I don't think we have to harp you know, go crazy with it saying how important it is, is that it's there for everybody. So contact your tax pro directly, and you can reach out to us if you needed to. We even have something called the hub at teaching tax flow that, you know, we invite everybody to check out.
John Tripolsky:I mean, it's you're not gonna go to this thing, and it's not gonna give you any answers. However, what it will do is it will blow up our inbox. Not really. But it will actually help us connect you with the right people. So, I mean, it's down from anything.
John Tripolsky:Chris, what are some of the ones that are on there? Like, attorney, somebody's needs. I need a financial adviser, tax professional.
Chris Picciurro, CPA:Things when we talk about building our board of your board of directors. Right? And a lot of people hear that and say, man, that sounds good. Those are the hubs in the area. It's teaching tax law backslash hub.
Chris Picciurro, CPA:John will post this link. If you're listening to this, watching this, first of all, thank you. Second of all, like this and subscribe to our YouTube channel. We appreciate it. I'm not too proud you know, ain't ain't too proud to beg as as a hip hop song from the nineties, Mike once said.
Chris Picciurro, CPA:But some of that so you might be out there and and, actually, John, it's interesting. Right? Some a lot of our submissions are actually from other tax professionals, and there's nothing wrong with that. We all have different, skill sets, different, areas we work in. But if you're looking for someone to help with a cost segregation study, research and development credits, grants, estate planning, bookkeeping, CFO services, payroll processing, tax advantage investments, mitigation strategies, financial planning, entity formation, a registered agent service, real estate time investor time tracking, you know, IRS representation, tax preparation, tax planning, life insurance, any and more.
Chris Picciurro, CPA:Just jump into the hub and let us know that dog
John Tripolsky:walker on there. Would you put, like, dog walker, you know, psychologist? But but in all seriousness and and by the way, everybody who's listening is if you're sitting there, you're like, I'm not gonna click on this thing. Be like, these guys are gonna sell me and grenade me with It's there for you, stuff for us. It's not a sales tool.
John Tripolsky:There's there's no gimmicks involved in this. We're just making it a one stop shop. You can click multiple things so we can connect you with the best best person. You don't even have to talk to anybody with us. We could just move you along.
John Tripolsky:So check that out. And, actually, what I think what we'll do here, Chris, too, in the show notes, I have an idea. Maybe since everybody can watch these, they watch our podcast, they listen to the podcast completely free. Right? There there's no obligation anybody for this stuff.
John Tripolsky:Mhmm. I think we're gonna do, like in in the notes here, we're gonna do a, like, a one, two, three steps in there. And, basically, it's like the support us steps. So maybe one, it'll be, you know, click here, subscribe to our YouTube channel. Very easy.
John Tripolsky:If you're not on YouTube, then you got you got other issues. I shouldn't say that. You got other things going on. We'll do that. And then, you know, we'll put some other things in there, and, you know, we'll put the hub in there.
John Tripolsky:Probably number three, but maybe we'll put one more one more in front. And maybe it'll just be a question. Answer a question. Join our defeating taxes private Facebook group, something along those lines. So that way, everybody's really in tune with everything we have going out because I know we got some good content too on the on the roster for the next couple months.
John Tripolsky:So I'm glad we did this one, though, too, because, you know, we I think we started off at one point. You know, we defined that marginal tax rate, kinda moved all the way through many of the the strategies that we hear about, we talk about. I think if anything, hopefully, we made sense of some of these for a lot of people where there's, frankly, a lot of misinformation that's out there. And, really, I won't say misinformation. It's too small of nuggets of information not telling the whole story, which is just as dangerous.
John Tripolsky:So definitely check out everything else we have. Again, don't be lazy. Show notes, if you're watching this. I'm pointing down. It's literally right below here.
John Tripolsky:You have no excuse not to click on those, so do it. You can't you can't say there's a you're trying to meet a tax deadline right now. You got a little time, so no excuses. And then we will see everybody back here next week. Right?
John Tripolsky:Different topic, different day, same day of the week, but completely, completely different approach to something that we as taxpayers have to deal with every single day, whether we like it or not, three hundred and sixty five days a year, that little pesky thing we call taxes. So we'll see everybody next week. Make it a great one. We'll see you soon.
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