0:00
how to save money on taxes is probably your biggest question especially right now since we're in January heading into
0:06
tax return Season and fortunately we have a special guest here it's TJ the real tax guy and he's blown up on Tik
0:13
Tok and YouTube answering a lot of the most commonly asked questions related to small business taxes well first off you
0:20
you to asked me 20 years ago if I'd be sitting here doing videos for everybody about tax advice I'd say I don't think
0:26
so but I've been doing this for 30 years and what I've learned in the last month because as you said we have blown up
0:33
we've gone from like non-existent to 45,000 followers and 5 million views in
0:38
like five weeks so there's a humongous need for the information that's going out there and I I started this just
0:45
because I was getting really irritated uh with all these videos that start with here's something the IRS doesn't want
0:51
you to know about and here's a loophole and here's a trick and there's it's so
0:56
specific it just all depends what kind of business you're in so we've been developing different ways of answering
1:02
these questions but people like to know is that I've been doing this for 30 years I've got tens of thousands of tax
1:07
returns under my belt and I appear to be the only tax guy out there that will actually answer questions from people
1:13
I'm not just saying I just it floors me I've had 300 appointments in the last 5 weeks trying to meet as many people as I
1:20
can and every one of them is telling me that they've asked their Tax Guy questions and they don't get back to them so that's why I'm glad to help your
1:27
people out with any questions and you know you're going to shoot at me and I really hope what we can do today is is narrow some people's thoughts on how
1:33
deductions work and why we deduct how it all fits together and Enlighten some people here and get make people dat yeah
1:40
and I there's a reason why I didn't get into accounting myself I got into entrepreneurialism when I went to
1:45
college and so but I also love saving money and making money and I know a lot
1:51
of people who are watching this like to do the same thing and one of the things I wanted to do personally was in my
1:58
business find the right tax guy or or gal and find someone who understood what
2:03
I'm trying to do both in my business but also my personal life like I I don't like paying Uncle Sam nobody does but we
2:11
all have to pay taxes here in the United States and but one of the best ways is to use the tax advantages and benefits
2:19
that the code is written in is someone can just like you articulate that to me and say well what's your business type
2:26
what are you actually trying to sell where do you run it and what state and here's all the different things that's
2:32
what what we're looking for I think a lot of people struggle with that because local tax people don't necessarily maybe
2:39
want to dive in that deep they kind of want to just have their state run-of-the-mill tax return me you're
2:44
going to your tax people that are out there now you got to realize and I don't want to beat them up I mean they're doing the best they can it's just here's
2:51
how training works I mean I've got staff here at the office that's on CPA course training we kind of laugh on the lack of
2:58
tax knowledge that they're teaching teaching you in college but you end up going and working at a firm and you work at a firm that works with these
3:04
companies up here that make lots of money and they have their own in in-house accountants they send the
3:10
information over and they just learn where to put them on a tax return and that's why when Us in the middle these
3:15
middle companies go in to get our taxes done they say well bring your stuff well we're supposed to bring everything but
3:22
how are we supposed to know what to bring and that's why I make the analogy and people kind of love it it's like if a surgery ran like a tax office you'd
3:29
have to bring all your own instruments for your own surgery and that's literally what it is cuz what happens when you're done with your surgery and
3:35
you got duct tape instead of stitches you'd go but my friend got stitches and they' go oh well no problem we'll we'll
3:42
charge you for another surgery and we'll put those stitches in that we probably should have told you about in the first
3:47
place but your tax people and you go back and say how come I'm not getting the 179 deduction on these trucks oh we
3:53
can do that for you well how come I'm telling you what you need to do with my te aren't you supposed to tell me what
3:59
to do so that's what I'm hearing all over the country with these 300 of appointments but it's the training that
4:05
they get they're training from people that are used to getting the data in and in order to do what I do you have to
4:10
have a business background to know what's not in the tax turn I'm one of the only guys I know that'll tell you
4:16
what's not in your tax return because I've done 30,000 of these bad boys can you help people from all over the US and
4:23
every state I've been doing that for years especially during Co and stuff and now you know we picked up another 30
4:28
States I'm pretty much work working all over the country we use video meeting we have secure things to put together you
4:34
get to sign it from home so it's just like you're here except you don't have to come up here but since we're having
4:40
fun today if you wanted to come up and come to Minnesota and duth okay it's
4:45
about uh you know sometimes 10 or 20 below you got to experience that once in your life you could come up here in your
4:51
airfare your hotel and your meals and the meal that you did to take your favorite tax guy out would be what
4:58
business expense because you have to come up here for business get your taxes done but we can do it remotely too but
5:04
if you need a vacation you know come on up if people are going TJ where would I go to get 20 below I mean I don't think
5:10
that's much of a hey but I come to you if you're in a nice warm place I got a client that's got to meet with me
5:15
believe it or not in about a week down at the Atlantis uh Resort in Bahamas and
5:21
he said could you come down and help me out and you know me I went oh man I'd hate to have to leave this Frozen hindra
5:27
but I am willing to sacrifice and come down to the Bahamas so I I will be there
5:32
for I am the real Phenix [Music] Guy what's the most common question you
5:40
get asked from small business owners about taxes it's usually something to do with is this deductible as if the IRS
5:48
has a list going wait wait whoa whoa whoa whoa you're in freeze drying stuff well here's a list of what you can right
5:54
off and here's a anything that you need to spend money on that perpetuates your business help helps your business builds
6:01
your business is needed by your business is a deduction you are only categorizing
6:06
it so you when you run your business you're running it on your budget but everybody feels like there's certain
6:12
things to say all right like I'm a tax guy I'm not allowed to write off such and such no don't it's whatever you need
6:19
to spend and that's the biggest question I get is people feel like they're going to put the wrong thing on the tax return
6:24
and the next thing you know the IRS is going to kick in the door and arrest them one of the things I'm hearing over and over again is say to people what are
6:31
you structured like for your taxes and people go oh I'm an LLC I what kind of
6:37
LLC and they're like no no I'm in LLC like yeah there's different kinds you
6:42
can be an LLC that's a sole proprietor and that does a Schedule C on your 1040
6:47
you can be an LLC that switches over to an escort you can also be an LLC that's a partnership and see these are three
6:54
different tax returns that the deductions are the same but how you use
6:59
them and get reimbursed and whatnot for them is different so the advice is different for each of them but I've also
7:05
heard people saying you can't be a business unless you're an LLC well wrong they also say you have to make so much
7:11
money before you have to file a tax return in your business that's incorrect technically you're a business as soon as
7:18
you make a dollar I mean the IRS will audit you if they ever get audited randomly they'll look at your bank
7:24
statements and if youve got a $400 deposit that you can't justify the IRS says well that's a business and you know
7:30
you be say no no you have to make 10,000 before a business and that's when you learn they go no as soon as you make a dollar that's that's a business so
7:37
there's there are these things that's why we're doing these videos because that's kind of information that's out there now that you don't have to do it
7:44
whatever but the corporate structure is where we start and it's not corporate but company structure is where we start
7:51
[Music] yes what are the most common corporate structures for someone who's just
7:57
starting out and they want us start selling let's just say some Freez dried fruit and they just are running it out
8:04
of their home what type of Corporation makes sense for someone who's just starting out trying to make a little side hustle money okay um well this this
8:12
you're going to love because this is and remember these are not my interpretations of the rules this is not
8:18
my watching 7,000 Tik Tok videos and Gathering that data I get my Stu right
8:23
from the IRS and you know why I do that David because if I use that rule I get to sleep at night if I'm going down the
8:30
freeway and it says the the speed limit is 70 M hour and I'm doing 70 M hour and
8:35
the sheriff pulls me over and says do you know why I pulled you over I get to honestly look at him and go I have no
8:41
idea but if I'm doing 90 and I get pulled over and he says do you know why I pulled you over I got to go yeah I
8:47
kind of got an idea so that's why we teach the rules here's one you're going to love it's actually called a hobby uh
8:53
and the IRS uses this for people that are trying to just lose money in order
8:58
to save money on their taxes and they're just having a business to lose money but in your kind of a thing people are going
9:04
to try the freeze right thing for a while you know they're going to they're going to see if it's something they like you know they're going to want to get
9:10
into it and and they shouldn't feel pressured that they have to make all this money and hire a bookkeeper and get
9:15
a corporate headquarters and incorporate with an LLC and stuff let's say you only sold like 10,000 worth of stuff the
9:21
first year or less well a hobby means that you pretty much spend all your money that you're making and so you keep
9:28
track of it but it doesn't even need to go on a tax return so if your number came up randomly for an audit and they
9:34
say Joe you put $10,000 in you well we ran it here's the records it's kind of a hobby we started and found out it really
9:41
wasn't for us okay and they'll go oh yeah so you have a hobby you just can't lose money in a hobby so you just get it
9:47
to zero and it doesn't affect your tax return you still have that money to come in to replace your cost kind of a thing
9:54
so that's the simplest level of a business if you do lose money you know
9:59
and companies often lose money the first couple of years then you're simply on a schedule C that's the next level you
10:05
know you just put it on a tax return schedule see on your 1040 90% of the people I review their returns Miss tons
10:12
of deductions then like I said if you're in Food Service you probably want to be incorporated to protect yourself then
10:17
you can become an LLC single member okay which you can do if you're married on
10:22
the same return and now you have corporate protection but you're still doing the simple tax return okay then
10:28
you can be the escorp and the other things as it gets bigger growing and we'll talk about when you want to make
10:33
that switch later but you know you can be a hobby for all kinds of years there's a lot of retired people that
10:39
make lawn ornaments and bird houses and things like that and they do keep the records but they don't have to put it on
10:45
a tax return cuz it's a [Music] hobby when someone has a homebased
10:52
business or hobby what are the most common expenses that people Miss
10:58
deducting when they're running a homebased business all right I'm going to add to that some of the mistakes
11:04
people make because of crazy videos out there too cuz it's kind of the same family of of questions and this is where
11:11
that where you your structure of your company comes into play so if you're just on a 1040 schedule see like we were
11:17
just talking about people often often miss the meals that you eat doing it because they
11:25
don't understand what a business meal is they get bad advice ones they miss is
11:30
internet at home because you got to have that some people have their Factory or their Barn you know far enough away
11:36
where they got to have a separate internet out there whatever that is their cell phones they need that for business okay when you're on a schedule
11:43
C you can use your home office deduction but you got to be careful I see people
11:48
all the time not doing that calculation correctly you could only take off a percentage of the house that you're
11:54
using for an office but you see if you become uh an S corporation or a partnership you don't have a home office
12:00
expense and people go well yeah but I had one before yeah on certain tax forms you have a home office expense because
12:07
you're at home and it's on your home kind of tax return but a corporation is a separate tax return and I love this
12:13
one David I hear it all the time people go yeah but I'm going to just rent for me so I'll write me a check for 3,000 a
12:19
month and then my business gets a deduction and I say you're absolutely right your company gets a $3,000
12:26
deduction and they go so how come you're not telling me to do that I said because somebody has to claim that $3,000 as
12:32
income who's your landlord they go well well I am I said so now you got the 3,000 back so I said it really didn't
12:38
help you out much and then they say yeah but you can still write things off I go well now your home just became an investment property so if you sell it
12:45
you no longer get the 2-year home exclusion to not have to pay any capital gain so is it worth it no go you just
12:52
play the game right so people are always missing the mileage is another one because they don't realize what's
12:57
deductible and not deductible for mileage and that's just a huge misconception that's the biggest one is
13:03
they listen to the internet and what you have to do in order to make something deductible and it's not as complicated
13:09
as they make it out to be on other [Music] videos this is the kind of things people
13:16
don't realize they think that that I have to be doing something or the IRS gets upset and here's why they don't get
13:23
upset all right David you say to your IRS guy I took TG out to lunch uh the other day and we both got rid by buy
13:29
stakes and that's why the lunch was so expensive could you prove to the IRS that we had lunch even if you had a
13:35
picture doesn't mean it was that meal right there's no way for you to prove that you did it and in in flip side
13:42
there's no way for the IRS to prove that you did it and that's why it's not a criteria cuz there's no way to prove it
13:49
either way and I'm not condoning cheating I like to sleep at night so I'm talking about you know you tell the
13:54
truth so for me it's like I honestly don't want to drive at 9:00 mid night on
13:59
a motorcycle in the woods so I'll get a hotel room once in a while but if I'm out driving around I will be able to
14:05
ride off a meal just because it's part of the perks that I can do as a pration
14:11
[Music] owner I can give you a real life Tik Tock example there's this kid he's
14:18
standing in front of a Lamborghini talking about how he got the Lamborghini
14:23
as a write off and I had to do quite a bit of research to figure this out because it just perplexed me turns out
14:30
that there's a humongous chunk of the younger population because of their knowledge of what they learned from Tik Tok that says a write off is a
14:37
reimbursement from the government so that if David you and I decide to put in there that we spent $7,000 on meals they
14:45
truly believe that the government writes us a check for $7,000 cuz we're helping
14:50
the economy and this is what people are getting off the internet that's when I said okay we'll do some tick Tok things
14:56
and we'll see what it does and the response is I said and we we started this is so overwhelming that I'm trying
15:01
everything I can to get the best information out to [Music]
15:07
people this is another one people always ask me I see small businesses just as
15:12
greedy as the big business because people think it's like between you and the IRS okay and they go okay so daveid
15:19
and I you and I go to dinner I take $200 off my income because I have a business meal with David we went out to eat right
15:26
okay so people go see see you're screwing government well no I'm not where did that $200 go David what out of
15:33
my pocket and into the restaurant business and now the has it to claim it as what income so the IRS is going TJ is
15:42
not going to be paying that tax the restaurant is now going to pay the tax but the restaurant is paying for their
15:48
suppliers and everything so now they have to claim that as income so you see taxes isn't a matter of you just
15:54
screwing the government cuz I don't you don't do that you buy what you need for your business but when you pay somebody
16:00
else now they have the income so it's kind of like a game of hot potato you know you want to get all the deductions
16:06
that you can and then people who don't understand deductions they can pay extra because they're not taking the time to
16:11
learn but if you learn you know cuz we're not doing we're not saying go out and eat seven times a day cuz you can
16:17
write it all up no I'm saying if you are out and you're hungry and you feel the
16:22
need to eat then you can write that meal off there aren't other special criteria
16:27
on it none of the advice I ever give is about overcharging or overspending just
16:34
to to stick it to the government it isn't about sticking it to the government because you start doing that and then they start getting upset with
16:40
you I'm about telling the truth you know using the rules so these aren't tricks these are all things that are in the tax
16:45
code so that's why I like making sure people understand that we're not about not paying the government I'll pay the
16:51
government exactly what I owe them but I'm one of those people that I'm not paying one penny more
16:59
what are things that I need to make sure I'm doing so that when I do choose to use it as a business expense I I make
17:05
sure I have it at the end of the year this this is a good time to bring some of I'm going to specifically answer that
17:10
in a fun way that it's going to be so simple you're going to be like are you serious that that's it is we have a
17:15
subscription thing that's and we can talk about this at the end again it's at the end but there's a free section of
17:21
that subscription thing that covers exactly what you're talking about when am I in business what do I have to do
17:27
how do I track things you know what how do I stay out of trouble things and then the pay level is basically what I've
17:34
learned in 300 meetings that you can condense all the things that I've learned for each of the different companies so that that's a free thing so
17:41
people can sign up for that and they get all the stuff so I'm going to cover a little bit about that now but that whole thing is a good hour and a half's worth
17:48
of stuff to know so here's the answer to your question yes you do have to keep receipts but not like you think you
17:54
don't have to keep the paper part A smart business person even if you're
17:59
just doing it as a hobby just go get a separate bank account okay that's your business account you can don't have to
18:06
get a separate credit card for it you can use one of your own credit cards just say that one is for the business
18:12
okay and when you look at it every month your books are pretty much done you don't have to get fancy online payroll
18:18
cook bookkeeping systems you have to hire any staff you just look at it and see if you're having a positive cash
18:24
flow so when you go get that coffee you put it on the debit card or the credit card that's for the bill business it's
18:29
doing the books for you and you if you ever look at those it'll say you know the name of the place that you went to
18:35
eat or the coffee and then it'll put the amount that's your receipt cuz it says on there that you spent it at that
18:41
particular establishment what you don't want to do is pull cash out of your business and put cash in your business
18:48
because the IRS thinks it's income you know or you taking money out always do
18:54
like a transfer from your one account to the business account to loan it the money it needs run and it'll know that
19:00
you know the IRS will know it came from you and they won't consider that income I did have a client once that they were
19:05
transferring money between companies by ATM machine and the IRS added an extra
19:11
$80,000 worth of income CU they did this transfer a lot and it took two years to get that one fixed but we got it fixed
19:18
so that's how easy it is you just you do a debit card credit card and you do it all out of One bank account and you
19:23
don't have to have a box full of receipts you can still have one as a backup if you want but the IRS can
19:29
plainly see you know where you're [Music] at what's the best way to not throw red
19:37
flags to the IRS when you want to take a withdraw personally for the work that you've done um they're not going to know
19:44
that you took money out of your account for you so it's not a red flag to the IRS when you do that but depending upon
19:51
the structure like we started this conversation all my tax advice comes to the beginning thing um but the IRS will
19:58
if they audit you and they want to look at all your bank statements and they see cash withdrawals they're going to want to know where it went so here's the
20:05
thing if you're uh an escorp I'm sorry if you're doing a Schedule C like we talked before small business just doing
20:11
it on your 1040 you're going to have some income and you're going to have some expenses and you're going to have profit okay let's say if there's money
20:17
in the account that means you have profit because it's a small business and if you pull money out of that all you
20:23
need to do in that particular situation okay is to just take the draw out you
20:28
don't have to record it or anything okay you just take you're taking what's called a draw you cannot do a draw from
20:35
an escort or a partnership you can only do that from an LLC single member or something on your 1040 why because
20:42
you're going to pay taxes on all that profit either way so whether you take it all now or during the year or at the end
20:49
of the year you're paying taxes on all of it so you do want to keep track that it went to you you know what I mean so
20:55
you don't want to just take cash out uh because they want to know if went to to you or if it went to somebody else so
21:01
it's nice to write yourself a check or again transfer it from the business account directly into your account that
21:07
shows where it [Music] went what's the best way to to do this
21:15
tax friendly for for you as a business to pay your friends and family do you have any advice on that sure um if
21:22
they're like kids there's different rules for paying your kids if they're miners uh especially Farm type stuff
21:28
okay uh you can't I got a guy that wanted to pay his three-year-old 35,000 a year just for the tax deduction and I
21:35
said I don't think the IRS would care first time I was ever asked that before but I said your state might be upset
21:42
because I don't think you can hire anybody under 14 unless it's farmw so there you got to follow those rules and
21:47
that's not a tax answer that's more of a a state law thing but I'm just saying I know it's out there so you'll have to
21:52
find the answer to that uh the IRS would like to see a$ 1099 for anybody that you
21:58
are paying as an independent contractor you know that makes more than $600 or more dollars a year okay they'd like to
22:05
see you send them a$ [Music] 10.99 like how often does the IRS audit
22:14
a small business we don't get data like that to look at and I do all the conferences you know I do many hours of
22:20
continuing it every year the thing about it is it's not a matter of getting whether you're you know how much the IRS
22:26
audits you if if you're following the the rules it's that we were just talking before if you're doing the speed limit
22:32
you don't care if they pull you over you know if you're following the rules and you are being able to justify all your
22:38
expenses that we're now learning about today then you don't really care if they audit you you're like oh fine you know
22:44
and the odds are well they find a little difference here and there probably but you know if you're trying to put 75,000
22:50
miles on as the YouTube video say or you're trying to write off a Lamborghini you know you know those aren't right
22:56
your gck is pretty darn and what you think's deductible or not you're going to be pretty close so you don't even
23:02
worry if they audit you these 70 these 87,000 agents that they were going to get we want those CU they're not going
23:08
to be coming after small business they're not coming even after big business they're coming more after
23:13
people who are cheating on the benefits programs than most anything else because there's hundreds of billions of dollars
23:21
that are going where they shouldn't be going so there's that's where we need to get more care but I if the IRS wanted to
23:26
audit me fine bring them on in I'll make them coffeee cuz I'm not worried about it and that's what I want to teach
23:33
[Music] people how severe or penalties when it comes to a small business uh doing
23:40
things incorrectly for let's just say travel and in like the traveling type of
23:47
section I mean what's the penalty look like that you've seen well remember we said we'd come to the point where we' look at these three fingers okay there's
23:54
a good time to talk about that this is the rule this one here so let's talk about your travel rules okay and so you
24:00
you decided Well I had to do that delivery I was on my motorcycle started to rain I got a hotel room okay so you
24:07
come to me and you say well I had to get that four times during the year okay well this is me up here and my name's on
24:14
that return so I'm going to say four times a year based on your income is very reasonable so there's no reason to
24:20
look at that the IRS doesn't do like on TV and go through every category and
24:25
every receipt and make sure everything's right they're just looking for what they think is an unreasonable number so if
24:32
you have a reasonable number then you're set one of the YouTube videos we have is about a and it's a true story from the
24:37
IRS a couple that had a house in Hawaii and they lived in Southern California you're allowed to deduct the expenses to
24:44
get to your property well they could have taken a rowboat for free but they took a private jet which cost
24:51
$118,000 to go look at their property and they only made 24,000 in rent and yes that was a big flag the IRS decided
24:58
look at it they showed them the receipt they the couple showed the receipt to the IRS they were happy as can be so
25:05
we're not we don't want to be concerned when they come into it but to answer your question specifically here's why we
25:11
just want to tell the truth but I tell the truth and I get tons of deductions I don't need to lie to get anymore there's
25:17
plenty available by telling the truth so here's what the problem comes in let's say 7 years ago you decide to write off
25:24
a bunch of unreasonable travel expenses that cuz someone told you you could okay and the IRS decides to pick that year
25:30
and they go surprise da we just decided to audit you for 7 years ago just a random thing we do and they start
25:36
looking at they're like okay well now they're looking at this this kind of a big number for travel for a business
25:41
that works out of its you know garage so you'd be like well I was told you could write off a trip to Jamaica if you you
25:48
know got up in the morning and tipped your head three times East and picked up some business cards cuz that's what you
25:53
see on Tik Tok stuff all over the place and the IRS goes we're terribly sorry to tell you that that does not make it a
26:00
deductible trip so we're going to take that off your thing that's why we want to get the good advice out there so
26:05
anyway let's say you end up owing like $4,000 for 7 years ago well that means
26:11
you didn't pay those taxes on time so it's a 15% penalty then they're going to charge you interest for seven years on
26:17
that money so by the time they catch up with you now you might owe 7 or $8,000
26:23
on that okay now the good part is if you know a guy like me then you call them up
26:29
and say listen I I want a firsttime abatement so they'll take that 15% penalty off and all the interest but you
26:36
still have to pay the original fee uh the price and then the interest but if you screwed it that way 7 years ago you
26:43
probably did it 6 years ago and 5 years ago and four years ago cuz remember we now live in this world of what I do 90
26:50
on that Highway all the time the sheriff never pulls me over so it must be okay you know I've been writing off 5050
26:57
million miles a year here and the IRS never says anything so it must be okay bury dead L's next door all week no one
27:03
said a thing it must be okay and so you know it adds up like crazy because the
27:09
IRS when they find an error in a year they're allowed to go one up and one back okay for a total of seven and so
27:17
it's it's like you know they can do that like from 7 to 6 five four all the way
27:23
up to last year and if you've been doing it all those years you're going to end up owing a lot but you only have to
27:28
worry if when it's if you can't explain that they're legitimate expenses for your business because let's face it if I
27:34
were to say to you you know if you saw a video now that said boy just pick up business cards you know in Jamaica and
27:40
you can write that trip off saying you were down there looking at property well your gut tells you that's not right right I mean you're you're going okay
27:46
that sounds a little too good to be true um so that's what you got to go by if your gut says this just really isn't a
27:53
business expense don't don't put it on there then you never have to worry
27:59
I think this all brings up a lot of questions for probably a lot of people watching this of okay well I need
28:05
someone to actually talk to like you TJ who I can say hey this is what I do on a
28:12
daily and a weekly and a monthly basis in my freeze drying business I need a good road map for what I should start
28:21
moving forward with in 2025 to do better on on tracking things
28:27
and also taking advantage of other Tax Strategies so you TJ have something
28:32
that's like this that can help kind of fill in those gaps I knew I was doing this I just didn't realize how nobody
28:38
else was doing it so what we have is now is kind of a two-fold thing to help people out number one is that
28:43
subscription thing which just gives you tons of hours of you know that you don't have to pay me for it's a lot cheaper to
28:50
understand how you want to set things upright and then the way we've always done taxes here is that at the end of
28:57
the process instead of just giving you your taxes back and saying they're done and give us a check and sign and move
29:03
along uh we actually spend time with you because wherever you're at on your business remember we're in this middle
29:09
group wherever you're at we want to grow and as you grow you need to get off of
29:15
you know that 1040 Schedule C into an escorp and and if you want to talk about that I'd be happy to explain that that's
29:21
a big one for people they think there's a limit that you have to make before you can and that's not true when we talk
29:26
with people at the end of the the getting their taxes done you know we end up saying look your business grew a lot
29:32
more than you thought and you're really getting kind of screwed on the 1040 here's what you want to look at to being
29:38
the next step which in most cases is the escort and when you want to make that switch and here's what you do to make it
29:44
and if you're interested in working with TJ or even just talking to him what we've got right now is he's got a
29:52
special offer just for the freeze dry business folks here and in the video
29:57
description of this interview on YouTube you can go below there's a discount code
30:02
for his subscription which includes a lot of different types of topics
30:07
resources and information about how you can go about doing your taxes properly
30:13
for your business but also it's going to get you more contact with the real Tax
30:18
Guy TJ and his team to make sure that you're doing things right and you're also doing it more forward for your
30:24
business so you can also book a consultation with TJ we're going to be doing a lot more conversations with him
30:30
in the future but for right now if you need someone to really fill in those
30:35
gaps to answer questions and know your business for your tax return TJ the T real tax guy is going to be your guy so
30:42
check out the video description below TJ thank you very much for being on this podcast and this episode and just
30:48
literally answering a lot of questions that I myself have other people well I tell you what if your audience you know
30:54
they bring you a lot of questions and they tell you they want me back I will come back anytime you want I mean my goal for 30 years has been to help the
31:02
people out that I work with and this has just been a real hoot for me the last month to have 300 people that I've been
31:08
able to help out and that just cheers me up so I look forward to helping your folks out as well so thanks for having