{"version":"1.0.0","segments":[{"startTime":0.9,"endTime":10.04,"body":"Welcome everyone to Taxes Made Simple."},{"startTime":10.07,"endTime":13.52,"body":"The only podcast that explains the"},{"startTime":10.07,"endTime":13.52,"body":"tax issues that every entrepreneur and"},{"startTime":13.52,"endTime":18.71,"body":"investor needs to know as well as the"},{"startTime":13.52,"endTime":18.71,"body":"latest tax changes all in plain English."},{"startTime":19.16,"endTime":20.24,"body":"My name is Justin Kern."},{"startTime":20.27,"endTime":23.72,"body":"I'm joined by my cohost chase"},{"startTime":20.27,"endTime":23.72,"body":"Birky, who is a personal friend of"},{"startTime":23.72,"endTime":26.3,"body":"mine and CEO of Dark Horse CPAs."},{"startTime":26.3,"endTime":27.04,"body":"Thanks Justin."},{"startTime":27.06,"endTime":30.87,"body":"I actually started a podcast a couple"},{"startTime":27.06,"endTime":30.87,"body":"of years back called Taxes and Beer,"},{"startTime":30.99,"endTime":33.96,"body":"and I'm really excited to get back in"},{"startTime":30.99,"endTime":33.96,"body":"it with him and share with you guys"},{"startTime":33.96,"endTime":38.25,"body":"some incredible information that you"},{"startTime":33.96,"endTime":38.25,"body":"need to know about any tax changes"},{"startTime":38.25,"endTime":42.33,"body":"coming up quick note on the format of"},{"startTime":38.25,"endTime":42.33,"body":"this podcast, they meant to be short."},{"startTime":42.33,"endTime":42.81,"body":"Sweet."},{"startTime":43.184,"endTime":43.875,"body":"To the point."},{"startTime":44.565,"endTime":48.045,"body":"Every episode is going to give you"},{"startTime":44.565,"endTime":48.045,"body":"exactly what you need to know around any"},{"startTime":48.074,"endTime":50.864,"body":"upcoming tax topic that might impact you."},{"startTime":51.165,"endTime":54.824,"body":"And to that end, we have a lot of tax"},{"startTime":51.165,"endTime":54.824,"body":"changes that we need to talk about today."},{"startTime":55.305,"endTime":57.375,"body":"And I'm talking about"},{"startTime":55.305,"endTime":57.375,"body":"the Joe Biden tax plan."},{"startTime":57.525,"endTime":58.754,"body":"So let's get into it."},{"startTime":58.785,"endTime":59.265,"body":"Chase."},{"startTime":59.76,"endTime":60.45,"body":"Good to see you, man."},{"startTime":60.69,"endTime":61.07,"body":"How are you?"},{"startTime":61.08,"endTime":61.38,"body":"It's great."},{"startTime":61.77,"endTime":63.12,"body":"It's great to see you too, man."},{"startTime":63.39,"endTime":67.17,"body":"It's been a while and uh, quite"},{"startTime":63.39,"endTime":67.17,"body":"honestly, I wish that I had a beer"},{"startTime":67.17,"endTime":71.27,"body":"in front of me right now, but uh, I"},{"startTime":67.17,"endTime":71.27,"body":"guess we'll have to go sands it's okay."},{"startTime":71.39,"endTime":71.87,"body":"It's okay."},{"startTime":72.23,"endTime":75.29,"body":"We'll have a beer after, but"},{"startTime":72.23,"endTime":75.29,"body":"let's, let's dive into this."},{"startTime":75.92,"endTime":78.65,"body":"So I've heard a bit about the"},{"startTime":75.92,"endTime":78.65,"body":"Biden tax plan, being bad for"},{"startTime":78.65,"endTime":80.72,"body":"people that are making over 400 K."},{"startTime":80.72,"endTime":82.1,"body":"Here is this true?"},{"startTime":82.1,"endTime":83.36,"body":"And can you elaborate a little bit."},{"startTime":84.495,"endTime":86.145,"body":"Unfortunately it is true."},{"startTime":86.475,"endTime":91.175,"body":"Uh, so if you're making over 400 K"},{"startTime":86.475,"endTime":91.175,"body":"it's, it's not going to be the best"},{"startTime":91.175,"endTime":95.855,"body":"time, uh, under the tax code, uh,"},{"startTime":91.175,"endTime":95.855,"body":"as proposed by Biden's new tax plan."},{"startTime":95.855,"endTime":99.305,"body":"So he's talking about increasing"},{"startTime":95.855,"endTime":99.305,"body":"social security taxes."},{"startTime":99.665,"endTime":103.895,"body":"Uh, you know, top tax bracket"},{"startTime":99.665,"endTime":103.895,"body":"would increase by almost 3%."},{"startTime":104.375,"endTime":106.895,"body":"Uh, itemized deductions"},{"startTime":104.375,"endTime":106.895,"body":"are going to be kept."},{"startTime":107.315,"endTime":111.604,"body":"Uh, the qualified business income"},{"startTime":107.315,"endTime":111.604,"body":"deduction is going to be phased"},{"startTime":111.604,"endTime":113.585,"body":"out, maybe entirely taken away."},{"startTime":113.945,"endTime":117.125,"body":"Uh, so there's a lot of negative"},{"startTime":113.945,"endTime":117.125,"body":"tax changes that are coming"},{"startTime":117.125,"endTime":121.445,"body":"down the pipe for anyone who has"},{"startTime":117.125,"endTime":121.445,"body":"taxable income of 400,000 or more."},{"startTime":122.215,"endTime":123.955,"body":"Well, let's dive into"},{"startTime":122.215,"endTime":123.955,"body":"that for the listeners."},{"startTime":123.985,"endTime":125.485,"body":"Okay, well, we'll take it step by step."},{"startTime":125.785,"endTime":129.115,"body":"Um, first you mentioned social"},{"startTime":125.785,"endTime":129.115,"body":"security taxes are going up."},{"startTime":129.475,"endTime":130.465,"body":"How much are they going up?"},{"startTime":130.495,"endTime":131.425,"body":"What is the impact?"},{"startTime":132.285,"endTime":132.585,"body":"Right."},{"startTime":132.585,"endTime":136.785,"body":"So social security is a"},{"startTime":132.585,"endTime":136.785,"body":"6.2% tax on your wages."},{"startTime":137.145,"endTime":141.165,"body":"And the way that it currently works is"},{"startTime":137.145,"endTime":141.165,"body":"that you only pay that tax up to about"},{"startTime":141.165,"endTime":147.285,"body":"137 or 138,000 of wages, then all of"},{"startTime":141.165,"endTime":147.285,"body":"your wages beyond that don't have any of"},{"startTime":147.285,"endTime":149.055,"body":"that social security tax on top of it."},{"startTime":149.58,"endTime":152.52,"body":"However with Joe Biden's tax plan."},{"startTime":152.52,"endTime":155.22,"body":"What we're talking about here is going"},{"startTime":152.52,"endTime":155.22,"body":"to create what's called a donut hole"},{"startTime":155.22,"endTime":160.35,"body":"where you'll still have that same 6.2%"},{"startTime":155.22,"endTime":160.35,"body":"on your first hundred and 38 K of income."},{"startTime":160.86,"endTime":165.81,"body":"Then there's going to be nothing between"},{"startTime":160.86,"endTime":165.81,"body":"138 and 400, but then after you get"},{"startTime":165.81,"endTime":172.05,"body":"above 400 K of wages, then that 6.2%"},{"startTime":165.81,"endTime":172.05,"body":"kicks back in and goes essentially"},{"startTime":172.05,"endTime":173.55,"body":"for unlimited amount of wages."},{"startTime":174.36,"endTime":179.51,"body":"So, you know, once again, if you're"},{"startTime":174.36,"endTime":179.51,"body":"above 400,000 in income, you know,"},{"startTime":179.54,"endTime":180.99,"body":"it's going to be a painful spot."},{"startTime":181.26,"endTime":185.88,"body":"Also, it's going to hit the employer"},{"startTime":181.26,"endTime":185.88,"body":"too, because that 6.2% has an employer"},{"startTime":185.88,"endTime":188.28,"body":"component that will kick in as well."},{"startTime":188.28,"endTime":191.7,"body":"So if you're making over 400 K not"},{"startTime":188.28,"endTime":191.7,"body":"only are you going to be paying"},{"startTime":191.7,"endTime":195.48,"body":"more in social security taxes,"},{"startTime":191.7,"endTime":195.48,"body":"but also your employer is as well."},{"startTime":195.945,"endTime":199.185,"body":"Um, and if you're, self-employed, you're"},{"startTime":195.945,"endTime":199.185,"body":"going to have to eat both sides of that."},{"startTime":199.185,"endTime":203.204,"body":"So that's going to be a rather"},{"startTime":199.185,"endTime":203.204,"body":"painful change that, you know, once"},{"startTime":203.204,"endTime":207.965,"body":"it comes down the pike, uh, that"},{"startTime":203.204,"endTime":207.965,"body":"hits anyone earning over 400 K geez."},{"startTime":207.965,"endTime":208.174,"body":"Yeah."},{"startTime":208.174,"endTime":211.745,"body":"You know, I always thought I was wondered"},{"startTime":208.174,"endTime":211.745,"body":"personally, how they are going to keep"},{"startTime":211.745,"endTime":215.375,"body":"up with social security payouts, you"},{"startTime":211.745,"endTime":215.375,"body":"know, everyone's living a little longer."},{"startTime":215.734,"endTime":216.185,"body":"Right."},{"startTime":216.245,"endTime":219.305,"body":"And you're sitting there trying to"},{"startTime":216.245,"endTime":219.305,"body":"figure out how to, how to sustain, I"},{"startTime":219.305,"endTime":222.334,"body":"guess this is Biden's way of saying"},{"startTime":219.305,"endTime":222.334,"body":"here's how we're going to backfill"},{"startTime":222.334,"endTime":224.464,"body":"all of our social security payouts."},{"startTime":224.614,"endTime":225.095,"body":"Right."},{"startTime":225.96,"endTime":226.5,"body":"Okay."},{"startTime":226.68,"endTime":226.86,"body":"Okay."},{"startTime":226.86,"endTime":227.7,"body":"So that's number one."},{"startTime":227.73,"endTime":229.74,"body":"Number two was tax increases."},{"startTime":230.04,"endTime":232.86,"body":"What, what is the increase in the"},{"startTime":230.04,"endTime":232.86,"body":"tax rate and what is the impact?"},{"startTime":233.355,"endTime":233.745,"body":"Right."},{"startTime":233.745,"endTime":237.135,"body":"So a couple different rates are going"},{"startTime":233.745,"endTime":237.135,"body":"to be going up first and foremost"},{"startTime":237.135,"endTime":238.815,"body":"is the individual top tax rate."},{"startTime":238.815,"endTime":243.855,"body":"As I mentioned for anyone earning over"},{"startTime":238.815,"endTime":243.855,"body":"400 K, it's going to jump from 37% to"},{"startTime":243.855,"endTime":250.965,"body":"39.6%, uh, for corporate taxes, which"},{"startTime":243.855,"endTime":250.965,"body":"are currently a max tax rate of 21%."},{"startTime":251.355,"endTime":253.875,"body":"That's going to be increasing to 28%."},{"startTime":254.67,"endTime":258.45,"body":"Um, and then another thing that's really"},{"startTime":254.67,"endTime":258.45,"body":"going to be thorny for anyone earning"},{"startTime":258.45,"endTime":259.92,"body":"in this case over a million dollars."},{"startTime":259.92,"endTime":263.19,"body":"So not the 400 K Mark we've been talking"},{"startTime":259.92,"endTime":263.19,"body":"about, but if you're earning over a"},{"startTime":263.19,"endTime":268.409,"body":"million dollars, your long-term capital"},{"startTime":263.19,"endTime":268.409,"body":"gains, which previously were taxed at a"},{"startTime":268.409,"endTime":275.55,"body":"maximum of 23.8% are going to be taxed as"},{"startTime":268.409,"endTime":275.55,"body":"ordinary income, which means that that."},{"startTime":275.81,"endTime":280.37,"body":"Those long-term capital gains are"},{"startTime":275.81,"endTime":280.37,"body":"gonna be taxed at up to 39.6%."},{"startTime":280.88,"endTime":285.14,"body":"Eh, you know, whereas, you know,"},{"startTime":280.88,"endTime":285.14,"body":"you're talking about a 16% increase"},{"startTime":285.32,"endTime":286.82,"body":"from where the current levels are."},{"startTime":286.82,"endTime":290.57,"body":"So this is going to take away a lot"},{"startTime":286.82,"endTime":290.57,"body":"of incentives for holding stock for"},{"startTime":290.57,"endTime":294.26,"body":"the long-term because short-term,"},{"startTime":290.57,"endTime":294.26,"body":"and long-term at that income"},{"startTime":294.26,"endTime":296.0,"body":"level would be treated the same."},{"startTime":296.8,"endTime":299.59,"body":"I mean, that, that sounds like"},{"startTime":296.8,"endTime":299.59,"body":"a substantial impact for a"},{"startTime":299.59,"endTime":300.58,"body":"lot of different industries."},{"startTime":300.58,"endTime":302.65,"body":"I mean, I can't imagine"},{"startTime":300.58,"endTime":302.65,"body":"being a hedge fund owner."},{"startTime":303.21,"endTime":305.91,"body":"And looking at that and thinking"},{"startTime":303.21,"endTime":305.91,"body":"that's going to be a good change."},{"startTime":306.44,"endTime":307.34,"body":"Right, right."},{"startTime":307.34,"endTime":309.44,"body":"Biden Biden will definitely"},{"startTime":307.34,"endTime":309.44,"body":"come for those guys."},{"startTime":309.44,"endTime":309.86,"body":"That's for sure."},{"startTime":310.58,"endTime":310.97,"body":"Yeah."},{"startTime":311.45,"endTime":315.92,"body":"Uh, well, okay so, well that, those"},{"startTime":311.45,"endTime":315.92,"body":"two things sound negative, but let's"},{"startTime":315.92,"endTime":317.36,"body":"talk about itemized deductions."},{"startTime":317.36,"endTime":318.2,"body":"There's gotta be some."},{"startTime":318.705,"endTime":320.145,"body":"Some silver lining there, right?"},{"startTime":320.625,"endTime":322.215,"body":"Nope, no silver lining."},{"startTime":322.215,"endTime":324.405,"body":"Unfortunately I got more bad news here."},{"startTime":324.405,"endTime":329.745,"body":"So once again, if you're earning over"},{"startTime":324.405,"endTime":329.745,"body":"$400,000, uh, the tax benefit of your"},{"startTime":329.745,"endTime":334.695,"body":"itemized deductions is going to be"},{"startTime":329.745,"endTime":334.695,"body":"hampered by two different provisions,"},{"startTime":334.905,"endTime":336.825,"body":"uh, at least as promulgated by this plan."},{"startTime":336.825,"endTime":337.155,"body":"So."},{"startTime":337.539,"endTime":342.49,"body":"The first issue is going to be"},{"startTime":337.539,"endTime":342.49,"body":"that, uh, your tax benefit is going"},{"startTime":342.49,"endTime":347.26,"body":"to be capped at 28% for anyone"},{"startTime":342.49,"endTime":347.26,"body":"once again, earning over 400 K."},{"startTime":347.56,"endTime":351.07,"body":"So that means that you know, where"},{"startTime":347.56,"endTime":351.07,"body":"you'd normally get the tax benefit"},{"startTime":351.07,"endTime":354.55,"body":"of your marginal tax rate, which"},{"startTime":351.07,"endTime":354.55,"body":"if you're, you know, earning over"},{"startTime":354.55,"endTime":357.01,"body":"400 K is going to be that 39.6%."},{"startTime":357.55,"endTime":359.64,"body":"So unfortunately, Yeah."},{"startTime":359.64,"endTime":364.39,"body":"Instead of getting that 39.6% benefit"},{"startTime":359.64,"endTime":364.39,"body":"for every dollar, you know, that you're"},{"startTime":364.39,"endTime":369.46,"body":"itemizing, you're only going to get a"},{"startTime":364.39,"endTime":369.46,"body":"28% benefit and that's across the board."},{"startTime":369.46,"endTime":371.29,"body":"It's not progressive"},{"startTime":369.46,"endTime":371.29,"body":"or anything like that."},{"startTime":371.29,"endTime":376.75,"body":"So you're basically taking an 11%"},{"startTime":371.29,"endTime":376.75,"body":"haircut, uh, on your itemized deductions."},{"startTime":377.08,"endTime":378.969,"body":"And on top of that, they're talking about."},{"startTime":379.035,"endTime":383.865,"body":"Reinstating the Pease limitation,"},{"startTime":379.035,"endTime":383.865,"body":"which not a lot of people are familiar"},{"startTime":383.865,"endTime":386.535,"body":"with, but essentially what that"},{"startTime":383.865,"endTime":386.535,"body":"does is for anyone over a certain"},{"startTime":386.535,"endTime":392.655,"body":"income level, it reduces the itemized"},{"startTime":386.535,"endTime":392.655,"body":"deduction benefit by 3% for every"},{"startTime":392.655,"endTime":395.175,"body":"dollar earned over a certain threshold."},{"startTime":395.62,"endTime":398.47,"body":"Which in this case, once"},{"startTime":395.62,"endTime":398.47,"body":"again, they chose 400,000."},{"startTime":399.07,"endTime":404.35,"body":"So as an example, if you had"},{"startTime":399.07,"endTime":404.35,"body":"$500,000 of taxable income, your"},{"startTime":404.35,"endTime":410.41,"body":"a hundred thousand over that"},{"startTime":404.35,"endTime":410.41,"body":"400, so 3% of that 100 is $3,000."},{"startTime":410.68,"endTime":414.7,"body":"Your itemized deductions are going"},{"startTime":410.68,"endTime":414.7,"body":"to be reduced by in that case $3,000"},{"startTime":414.97,"endTime":418.21,"body":"on top of the fact that you're"},{"startTime":414.97,"endTime":418.21,"body":"already limited, you know, by that"},{"startTime":418.21,"endTime":420.4,"body":"28% limitation I just spoke about."},{"startTime":421.11,"endTime":424.53,"body":"So theoretically as you're earning more"},{"startTime":421.11,"endTime":424.53,"body":"and more, I mean way above 400,000."},{"startTime":424.95,"endTime":429.21,"body":"You could get to a point where you're"},{"startTime":424.95,"endTime":429.21,"body":"not getting any benefit from any itemized"},{"startTime":429.21,"endTime":431.34,"body":"deduction, if it's going to reduce by 3%."},{"startTime":432.409,"endTime":432.95,"body":"Yeah."},{"startTime":432.979,"endTime":433.849,"body":"At a certain point."},{"startTime":433.849,"endTime":434.09,"body":"Yeah."},{"startTime":434.09,"endTime":437.239,"body":"There's, there's a, uh, you know, a point"},{"startTime":434.09,"endTime":437.239,"body":"where you'd actually take the standard"},{"startTime":437.239,"endTime":442.52,"body":"deduction because your itemized deductions"},{"startTime":437.239,"endTime":442.52,"body":"would totally be, uh, negated by that 3%."},{"startTime":443.57,"endTime":443.719,"body":"Okay."},{"startTime":443.719,"endTime":444.679,"body":"Well, let's talk about next."},{"startTime":444.679,"endTime":447.739,"body":"The standardized deduction"},{"startTime":444.679,"endTime":447.739,"body":"is 20% right now, correct?"},{"startTime":448.89,"endTime":452.52,"body":"So actually we're talking about the"},{"startTime":448.89,"endTime":452.52,"body":"qualified business income deduction"},{"startTime":452.52,"endTime":453.57,"body":"here, but yes, you're right."},{"startTime":453.6,"endTime":454.44,"body":"20%."},{"startTime":454.8,"endTime":458.67,"body":"And essentially what's changing here"},{"startTime":454.8,"endTime":458.67,"body":"is that once again, if you're making"},{"startTime":458.67,"endTime":464.25,"body":"over $400,000 more bad news is that"},{"startTime":458.67,"endTime":464.25,"body":"this is going to be phased out."},{"startTime":464.34,"endTime":467.1,"body":"So this is regardless of whether"},{"startTime":464.34,"endTime":467.1,"body":"you're qualified business."},{"startTime":467.43,"endTime":469.56,"body":"Uh, so even if you're"},{"startTime":467.43,"endTime":469.56,"body":"qualified, as opposed to."},{"startTime":469.785,"endTime":472.605,"body":"Specified service, which"},{"startTime":469.785,"endTime":472.605,"body":"you know, is a big debate."},{"startTime":473.025,"endTime":478.635,"body":"Uh, you know, if you're above $400,000 of"},{"startTime":473.025,"endTime":478.635,"body":"income, you're going to get phased out."},{"startTime":478.665,"endTime":483.195,"body":"And that's even if you have the salary"},{"startTime":478.665,"endTime":483.195,"body":"and wage requirement, as well as, you"},{"startTime":483.195,"endTime":487.695,"body":"know, any fixed assets that allowed you to"},{"startTime":483.195,"endTime":487.695,"body":"take that deduction beyond certain income"},{"startTime":487.695,"endTime":492.195,"body":"levels, they're going to totally phase"},{"startTime":487.695,"endTime":492.195,"body":"that out for people earning over $400,000."},{"startTime":494.395,"endTime":496.285,"body":"You know, I've learned,"},{"startTime":494.395,"endTime":496.285,"body":"I thought about this."},{"startTime":496.65,"endTime":501.03,"body":"When we were going through, you know,"},{"startTime":496.65,"endTime":501.03,"body":"some of these changes and it really makes"},{"startTime":501.03,"endTime":505.59,"body":"you, it really discourages you from,"},{"startTime":501.03,"endTime":505.59,"body":"from a goal of trying to earn a certain"},{"startTime":505.59,"endTime":507.15,"body":"amount for, you know, your livelihood."},{"startTime":507.39,"endTime":511.05,"body":"You know, at some point you actually"},{"startTime":507.39,"endTime":511.05,"body":"get hit so hard that, you know, it's"},{"startTime":511.05,"endTime":515.43,"body":"that catch 22, you know, you don't want"},{"startTime":511.05,"endTime":515.43,"body":"to get that extra $2,000 raise if you"},{"startTime":515.43,"endTime":518.31,"body":"ever at that point, because you get"},{"startTime":515.43,"endTime":518.31,"body":"taxed so hard once he hit 400 K, right."},{"startTime":518.55,"endTime":519.84,"body":"I mean, that's, that's the reality."},{"startTime":520.395,"endTime":524.385,"body":"Well, I mean, I would pepper that"},{"startTime":520.395,"endTime":524.385,"body":"with, you know, there's very few"},{"startTime":524.385,"endTime":529.275,"body":"scenarios, almost no scenarios where"},{"startTime":524.385,"endTime":529.275,"body":"you take home less money by earning"},{"startTime":529.515,"endTime":534.165,"body":"a certain dollar more, uh, you know,"},{"startTime":529.515,"endTime":534.165,"body":"unless you're in the low income, you"},{"startTime":534.165,"endTime":537.824,"body":"know, brackets where there's earned"},{"startTime":534.165,"endTime":537.824,"body":"income tax credits and other things"},{"startTime":537.824,"endTime":540.824,"body":"that are kind of, you know, more of a"},{"startTime":537.824,"endTime":540.824,"body":"binary thing where you either get the"},{"startTime":540.824,"endTime":545.105,"body":"support or you get the tax credit or"},{"startTime":540.824,"endTime":545.105,"body":"you don't, uh, you know, but for anyone."},{"startTime":545.225,"endTime":547.775,"body":"But that's earning six"},{"startTime":545.225,"endTime":547.775,"body":"figures, generally speaking."},{"startTime":547.775,"endTime":550.775,"body":"I mean, almost across the board, you"},{"startTime":547.775,"endTime":550.775,"body":"know, while you might have a bigger"},{"startTime":550.775,"endTime":555.065,"body":"tax burden as your income increases,"},{"startTime":550.775,"endTime":555.065,"body":"you're never going to be in a worse"},{"startTime":555.085,"endTime":556.805,"body":"net of tax position by earnings."},{"startTime":558.595,"endTime":560.725,"body":"Very positive, very nice."},{"startTime":560.815,"endTime":562.405,"body":"Had to had to pepper something in there."},{"startTime":562.495,"endTime":563.005,"body":"Thank you."},{"startTime":563.245,"endTime":563.635,"body":"Thank you."},{"startTime":563.635,"endTime":564.355,"body":"I appreciate that."},{"startTime":564.355,"endTime":566.245,"body":"Cause I'm sweating over here"},{"startTime":564.355,"endTime":566.245,"body":"thinking about how I'm ever going to."},{"startTime":566.625,"endTime":567.285,"body":"Make it work."},{"startTime":567.315,"endTime":567.525,"body":"Okay."},{"startTime":567.525,"endTime":569.565,"body":"Well, that was all, a"},{"startTime":567.525,"endTime":569.565,"body":"lot of negative stuff."},{"startTime":569.715,"endTime":574.185,"body":"There has to be some benefits, and"},{"startTime":569.715,"endTime":574.185,"body":"we've always talked about people"},{"startTime":574.185,"endTime":577.515,"body":"making over 400 K what's happening to"},{"startTime":574.185,"endTime":577.515,"body":"the people that aren't making 400 K."},{"startTime":577.985,"endTime":578.285,"body":"Right?"},{"startTime":578.285,"endTime":581.045,"body":"So there are a number of positive"},{"startTime":578.285,"endTime":581.045,"body":"provisions, you know, that"},{"startTime":581.045,"endTime":582.095,"body":"are worth highlighting here."},{"startTime":582.395,"endTime":585.905,"body":"Uh, number one, being the child tax"},{"startTime":582.395,"endTime":585.905,"body":"credit, that's going to be increasing"},{"startTime":585.905,"endTime":588.605,"body":"from $2,000, a child to $3,000."},{"startTime":589.025,"endTime":593.165,"body":"Uh, plus they're throwing in a $600 bonus"},{"startTime":589.025,"endTime":593.165,"body":"for any children under the age of six."},{"startTime":594.0,"endTime":598.11,"body":"Another positive, uh, tax provision"},{"startTime":594.0,"endTime":598.11,"body":"here is first time home buyer"},{"startTime":598.11,"endTime":600.3,"body":"tax credit is being reinstated."},{"startTime":600.599,"endTime":603.78,"body":"Uh, and that's going to"},{"startTime":600.599,"endTime":603.78,"body":"be good for up to $15,000."},{"startTime":604.349,"endTime":609.51,"body":"Uh, another tax credit related to children"},{"startTime":604.349,"endTime":609.51,"body":"is the child independent care tax credit."},{"startTime":609.93,"endTime":614.61,"body":"Uh, that under current law is a maximum"},{"startTime":609.93,"endTime":614.61,"body":"of $2,100, uh, that you could get"},{"startTime":614.61,"endTime":618.449,"body":"if you had enough qualified expenses"},{"startTime":614.61,"endTime":618.449,"body":"under Biden's tax plan, that would"},{"startTime":618.449,"endTime":620.91,"body":"actually increase to up to $8,000."},{"startTime":621.12,"endTime":623.31,"body":"So almost a fourfold increase there."},{"startTime":624.09,"endTime":628.86,"body":"Uh, there would also be a renter tax"},{"startTime":624.09,"endTime":628.86,"body":"credit that would be essentially trying to"},{"startTime":628.86,"endTime":634.77,"body":"balance, uh, what your rent and utilities"},{"startTime":628.86,"endTime":634.77,"body":"are to get it to a place where after you"},{"startTime":634.77,"endTime":639.959,"body":"take in the tax impact of this credit"},{"startTime":634.77,"endTime":639.959,"body":"would be a maximum of 30% of your income."},{"startTime":641.01,"endTime":643.41,"body":"Uh, one other area too, is that."},{"startTime":644.105,"endTime":648.105,"body":"We're talking about the 26% tax credit"},{"startTime":644.105,"endTime":648.105,"body":"for contributions to retirement accounts."},{"startTime":648.675,"endTime":652.485,"body":"Uh, and that would be true across"},{"startTime":648.675,"endTime":652.485,"body":"the board, which would negatively"},{"startTime":652.485,"endTime":656.085,"body":"impact anyone who is out of"},{"startTime":652.485,"endTime":656.085,"body":"tax bracket above that amount."},{"startTime":656.535,"endTime":660.555,"body":"Um, but anyone below that amount"},{"startTime":656.535,"endTime":660.555,"body":"is going to be giving, you know, a"},{"startTime":660.555,"endTime":663.065,"body":"hand up, uh, with that tax benefit."},{"startTime":663.905,"endTime":665.095,"body":"That sounds positive."},{"startTime":665.475,"endTime":666.435,"body":"For individuals."},{"startTime":666.775,"endTime":667.275,"body":"Yeah."},{"startTime":667.665,"endTime":670.035,"body":"So if you have a lot of"},{"startTime":667.665,"endTime":670.035,"body":"kids, it helps right now."},{"startTime":670.485,"endTime":671.145,"body":"Indeed it does."},{"startTime":671.265,"endTime":671.745,"body":"Okay, good."},{"startTime":672.435,"endTime":673.785,"body":"Um, so what about businesses?"},{"startTime":673.785,"endTime":675.045,"body":"We talked about individuals."},{"startTime":675.345,"endTime":678.825,"body":"Um, you mentioned that the corporate"},{"startTime":675.345,"endTime":678.825,"body":"tax rate was going to increase"},{"startTime":679.035,"endTime":681.945,"body":"what other changes may impact"},{"startTime":679.035,"endTime":681.945,"body":"businesses under Biden's tax plan."},{"startTime":682.92,"endTime":683.25,"body":"Right."},{"startTime":683.25,"endTime":687.06,"body":"So there's a number of things out"},{"startTime":683.25,"endTime":687.06,"body":"there that don't have a ton of"},{"startTime":687.06,"endTime":690.18,"body":"specificity to them, but I'll kind"},{"startTime":687.06,"endTime":690.18,"body":"of give you the high level items."},{"startTime":690.18,"endTime":693.06,"body":"You know, some of them I'm not even"},{"startTime":690.18,"endTime":693.06,"body":"gonna address because, you know, for"},{"startTime":693.06,"endTime":697.59,"body":"example, there's a minimum tax rate"},{"startTime":693.06,"endTime":697.59,"body":"of 15% for corporations with profits"},{"startTime":697.62,"endTime":699.12,"body":"greater than a hundred million dollars."},{"startTime":699.54,"endTime":702.18,"body":"Uh, I don't know about you, but"},{"startTime":699.54,"endTime":702.18,"body":"there's not too many businesses I"},{"startTime":702.18,"endTime":706.98,"body":"know of that have profits of a hundred"},{"startTime":702.18,"endTime":706.98,"body":"million maybe revenues, but, uh, so."},{"startTime":707.095,"endTime":709.885,"body":"Well, we'll ignore that for the"},{"startTime":707.095,"endTime":709.885,"body":"purposes of this conversation."},{"startTime":710.365,"endTime":714.235,"body":"Uh, but one of the things that's in"},{"startTime":710.365,"endTime":714.235,"body":"there is increased taxes, uh, to small"},{"startTime":714.535,"endTime":716.695,"body":"businesses for adopting retirement plans."},{"startTime":716.965,"endTime":721.915,"body":"So once again, you know, trying"},{"startTime":716.965,"endTime":721.915,"body":"to incentivize, uh, the provision"},{"startTime":721.915,"endTime":725.745,"body":"of retirement accounts, uh, for"},{"startTime":721.915,"endTime":725.745,"body":"employees, you mean increase tax"},{"startTime":725.745,"endTime":727.635,"body":"credits for small businesses."},{"startTime":727.965,"endTime":728.565,"body":"Exactly."},{"startTime":728.565,"endTime":732.975,"body":"So the cost for administering those plans,"},{"startTime":728.565,"endTime":732.975,"body":"you know, are going to generate larger"},{"startTime":732.975,"endTime":735.285,"body":"tax credits in the currently do got it."},{"startTime":735.66,"endTime":735.81,"body":"Okay."},{"startTime":736.29,"endTime":741.47,"body":"Uh, another area would be, uh,"},{"startTime":736.29,"endTime":741.47,"body":"expanding renewable energy tax credits."},{"startTime":741.56,"endTime":744.98,"body":"Obviously that's always a"},{"startTime":741.56,"endTime":744.98,"body":"democratic, uh, priority."},{"startTime":745.01,"endTime":747.89,"body":"So that's, uh, that's"},{"startTime":745.01,"endTime":747.89,"body":"in this plan as well."},{"startTime":748.55,"endTime":754.19,"body":"Another area is a 10% Sur tax on"},{"startTime":748.55,"endTime":754.19,"body":"corporations that are offshoring jobs, you"},{"startTime":754.19,"endTime":758.51,"body":"know, that are creating goods and services"},{"startTime":754.19,"endTime":758.51,"body":"that are then sold back to the U S uh,"},{"startTime":758.57,"endTime":762.86,"body":"obviously there's a lot of businesses"},{"startTime":758.57,"endTime":762.86,"body":"that do that to increase their margins."},{"startTime":763.2,"endTime":768.0,"body":"Uh, but you know, the, the policy"},{"startTime":763.2,"endTime":768.0,"body":"here that the Biden administration"},{"startTime":768.03,"endTime":772.05,"body":"is contemplating is keeping"},{"startTime":768.03,"endTime":772.05,"body":"jobs in America, obviously."},{"startTime":772.05,"endTime":777.12,"body":"So on top of that, they're also"},{"startTime":772.05,"endTime":777.12,"body":"talking about a 10%, uh, tax"},{"startTime":777.12,"endTime":779.46,"body":"credit on goods made in America."},{"startTime":779.79,"endTime":783.24,"body":"Uh, and not only would this be, you"},{"startTime":779.79,"endTime":783.24,"body":"know, a refundable tax credit, but"},{"startTime":783.24,"endTime":784.95,"body":"it would be an advanced tax credit."},{"startTime":785.46,"endTime":788.19,"body":"So you'd get that before you"},{"startTime":785.46,"endTime":788.19,"body":"even filed your tax return."},{"startTime":789.2,"endTime":789.71,"body":"Well, that's nice."},{"startTime":789.74,"endTime":792.26,"body":"So you're, you're"},{"startTime":789.74,"endTime":792.26,"body":"producing goods in the U S."},{"startTime":792.84,"endTime":794.01,"body":"You're going to get a tax credit for that."},{"startTime":794.01,"endTime":797.22,"body":"So you're trying to bring jobs back to"},{"startTime":794.01,"endTime":797.22,"body":"the U S with that tax credit as well."},{"startTime":797.64,"endTime":798.21,"body":"Exactly."},{"startTime":798.6,"endTime":798.93,"body":"Yep."},{"startTime":799.35,"endTime":800.58,"body":"Well, that's very, that's positive."},{"startTime":800.97,"endTime":801.78,"body":"That's very positive."},{"startTime":802.23,"endTime":803.64,"body":"Um, okay."},{"startTime":803.64,"endTime":809.58,"body":"So next on the list is the death tax"},{"startTime":803.64,"endTime":809.58,"body":"or inheritance tax, you know, family"},{"startTime":809.58,"endTime":811.53,"body":"members pass on what's happening."},{"startTime":811.53,"endTime":812.1,"body":"What's impacting."},{"startTime":812.11,"endTime":814.14,"body":"I know that this is a"},{"startTime":812.11,"endTime":814.14,"body":"big pain point for us."},{"startTime":814.83,"endTime":819.81,"body":"For one party in particular that"},{"startTime":814.83,"endTime":819.81,"body":"they, they, they seem to really"},{"startTime":819.81,"endTime":823.26,"body":"want to make sure to triple"},{"startTime":819.81,"endTime":823.26,"body":"tax you when someone passes on."},{"startTime":823.26,"endTime":824.76,"body":"So w w what's going on there?"},{"startTime":825.255,"endTime":825.525,"body":"Right."},{"startTime":825.525,"endTime":827.564,"body":"So this is only going to get more painful."},{"startTime":827.745,"endTime":830.295,"body":"Uh, so couple things are happening here."},{"startTime":830.594,"endTime":833.895,"body":"Uh, probably the biggest area, you"},{"startTime":830.594,"endTime":833.895,"body":"know, that caught most people's eyes."},{"startTime":833.895,"endTime":838.454,"body":"Is that the, uh, amount of your"},{"startTime":833.895,"endTime":838.454,"body":"exemption, you know, from the total"},{"startTime":838.454,"endTime":842.354,"body":"value of your estate right now is"},{"startTime":838.454,"endTime":842.354,"body":"about 11 and a half million dollars."},{"startTime":842.834,"endTime":844.895,"body":"Meaning that if you have"},{"startTime":842.834,"endTime":844.895,"body":"an estate that's worth."},{"startTime":845.219,"endTime":846.839,"body":"You know, $11 million."},{"startTime":846.87,"endTime":850.56,"body":"None of it's going to get taxed because"},{"startTime":846.87,"endTime":850.56,"body":"it's below the exemption amount, but under"},{"startTime":850.56,"endTime":856.349,"body":"Biden's tax plan, that is actually going"},{"startTime":850.56,"endTime":856.349,"body":"to revert to 2009 levels at 3.5 million."},{"startTime":856.829,"endTime":861.599,"body":"So in that same scenario where you have,"},{"startTime":856.829,"endTime":861.599,"body":"you know, an $11 million state, uh,"},{"startTime":861.599,"endTime":865.17,"body":"you're going to have to actually pay"},{"startTime":861.599,"endTime":865.17,"body":"tax on everything above 3.5 million."},{"startTime":865.229,"endTime":870.265,"body":"So 7.5 in that case, And"},{"startTime":865.229,"endTime":870.265,"body":"whatever you do have to pay tax"},{"startTime":870.265,"endTime":873.325,"body":"on is going to be taxed at 45%."},{"startTime":873.625,"endTime":880.405,"body":"Uh, the current rate is 40%, so that's"},{"startTime":873.625,"endTime":880.405,"body":"bumping up by 5% and a really interesting"},{"startTime":880.405,"endTime":884.485,"body":"provision that they're adding in here"},{"startTime":880.405,"endTime":884.485,"body":"too, is that for deceased taxpayers"},{"startTime":884.485,"endTime":886.645,"body":"that had income of over $400,000."},{"startTime":887.195,"endTime":892.655,"body":"Uh, Biden's tax plan would tax any"},{"startTime":887.195,"endTime":892.655,"body":"unrealized capital gains at the time"},{"startTime":892.655,"endTime":896.585,"body":"of death and unrealized, meaning"},{"startTime":892.655,"endTime":896.585,"body":"it's just a paper gain, you know,"},{"startTime":896.585,"endTime":897.905,"body":"you haven't actually sold the stock."},{"startTime":897.935,"endTime":900.335,"body":"So that's going to be a big one."},{"startTime":900.395,"endTime":904.775,"body":"Um, on top of the fact that, you know,"},{"startTime":900.395,"endTime":904.775,"body":"you could get above a million dollars"},{"startTime":904.775,"endTime":909.845,"body":"easily, which then puts those gains,"},{"startTime":904.775,"endTime":909.845,"body":"you know, at that 39.6% tax rate."},{"startTime":910.525,"endTime":915.465,"body":"So between all of these changes, We're"},{"startTime":910.525,"endTime":915.465,"body":"talking about an estate tax rate that"},{"startTime":915.465,"endTime":920.625,"body":"could get up to 67%, uh, which is"},{"startTime":915.465,"endTime":920.625,"body":"almost double the current effective"},{"startTime":920.625,"endTime":925.115,"body":"rate for States, uh, dive into the"},{"startTime":920.625,"endTime":925.115,"body":"unrealized capital gains that the date"},{"startTime":925.205,"endTime":927.125,"body":"of death, just, just for two seconds."},{"startTime":927.125,"endTime":930.695,"body":"So I understand that you're"},{"startTime":927.125,"endTime":930.695,"body":"telling me grandpa passes away."},{"startTime":930.695,"endTime":933.785,"body":"He has a million dollars"},{"startTime":930.695,"endTime":933.785,"body":"in stock with some company."},{"startTime":933.785,"endTime":934.415,"body":"It doesn't matter."},{"startTime":934.535,"endTime":937.415,"body":"Just a million dollars in stock goes"},{"startTime":934.535,"endTime":937.415,"body":"up and down every single day on the"},{"startTime":937.415,"endTime":940.535,"body":"date of death, they look at what"},{"startTime":937.415,"endTime":940.535,"body":"the number was that day and they"},{"startTime":940.535,"endTime":943.175,"body":"say you owe us 39% of that amount."},{"startTime":944.1,"endTime":946.83,"body":"Yeah, as it's currently written,"},{"startTime":944.1,"endTime":946.83,"body":"that's exactly how it would work."},{"startTime":946.89,"endTime":951.96,"body":"Uh, obviously, you know, if a provision"},{"startTime":946.89,"endTime":951.96,"body":"like that came into reality, uh, you"},{"startTime":951.96,"endTime":955.65,"body":"know, they're going to probably create"},{"startTime":951.96,"endTime":955.65,"body":"some nuance where you'll have maybe an"},{"startTime":955.65,"endTime":959.939,"body":"alternate valuation date, you know, six"},{"startTime":955.65,"endTime":959.939,"body":"months after death or something like that."},{"startTime":960.21,"endTime":962.64,"body":"You know, some of the same provisions"},{"startTime":960.21,"endTime":962.64,"body":"that they do with the step of a"},{"startTime":962.64,"endTime":965.13,"body":"basis, uh, for inherited property."},{"startTime":965.52,"endTime":967.89,"body":"Uh, but the way that they're"},{"startTime":965.52,"endTime":967.89,"body":"talking about it right now, what"},{"startTime":967.89,"endTime":969.569,"body":"you just said is exactly correct."},{"startTime":970.42,"endTime":972.3,"body":"It just seems like unnecessary stress."},{"startTime":972.66,"endTime":976.14,"body":"Can you imagine, you have to think about"},{"startTime":972.66,"endTime":976.14,"body":"all that once a loved one passes on, what"},{"startTime":976.14,"endTime":978.9,"body":"do you have to think about is how you're"},{"startTime":976.14,"endTime":978.9,"body":"going to liquidate all their assets today,"},{"startTime":978.96,"endTime":980.52,"body":"just to make sure you can cover the taxes."},{"startTime":981.2,"endTime":981.47,"body":"Yeah."},{"startTime":981.47,"endTime":983.78,"body":"I mean, we think about that"},{"startTime":981.47,"endTime":983.78,"body":"sort of thing all the time."},{"startTime":983.78,"endTime":988.58,"body":"So unfortunately I can't imagine"},{"startTime":983.78,"endTime":988.58,"body":"that, but I hope that I hope our"},{"startTime":988.82,"endTime":993.8,"body":"taxpayers for the most part don't so"},{"startTime":988.82,"endTime":993.8,"body":"assuming that there's not some crazy."},{"startTime":993.985,"endTime":997.675,"body":"You know, reversal and the electoral"},{"startTime":993.985,"endTime":997.675,"body":"college and Trump stays in office."},{"startTime":997.765,"endTime":999.685,"body":"Um, when are these"},{"startTime":997.765,"endTime":999.685,"body":"changes going to affect?"},{"startTime":1001.415,"endTime":1001.775,"body":"Right."},{"startTime":1001.775,"endTime":1006.965,"body":"So that's really a fluid situation right"},{"startTime":1001.775,"endTime":1006.965,"body":"now because, uh, the control of the Senate"},{"startTime":1007.235,"endTime":1010.775,"body":"is really going to dictate, you know,"},{"startTime":1007.235,"endTime":1010.775,"body":"the speed and the scope of, you know,"},{"startTime":1010.775,"endTime":1012.455,"body":"how these changes come down the pike."},{"startTime":1012.905,"endTime":1017.194,"body":"So right now there is a runoff that"},{"startTime":1012.905,"endTime":1017.194,"body":"will be happening on January 5th."},{"startTime":1017.194,"endTime":1021.785,"body":"I believe in Georgia and"},{"startTime":1017.194,"endTime":1021.785,"body":"it's for two Senate seats."},{"startTime":1021.875,"endTime":1027.065,"body":"And if Democrats were to win both of"},{"startTime":1021.875,"endTime":1027.065,"body":"them, they would control the Senate."},{"startTime":1027.665,"endTime":1029.435,"body":"If Republicans win just one."},{"startTime":1030.14,"endTime":1031.22,"body":"The no control of the Senate."},{"startTime":1031.46,"endTime":1035.329,"body":"And the reason that's so important is"},{"startTime":1031.46,"endTime":1035.329,"body":"because if the Democrats control the"},{"startTime":1035.329,"endTime":1039.47,"body":"Senate and the house, you know, and the"},{"startTime":1035.329,"endTime":1039.47,"body":"white house, you're going to be talking"},{"startTime":1039.47,"endTime":1043.7,"body":"about, you know, kind of a blank check,"},{"startTime":1039.47,"endTime":1043.7,"body":"uh, as long as they don't have dissent"},{"startTime":1043.73,"endTime":1049.73,"body":"amongst their ranks, you know, to put"},{"startTime":1043.73,"endTime":1049.73,"body":"out all of these, uh, tax provisions"},{"startTime":1049.73,"endTime":1051.05,"body":"that they've been contemplating."},{"startTime":1051.79,"endTime":1056.38,"body":"However, if Republicans control the"},{"startTime":1051.79,"endTime":1056.38,"body":"Senate, then you're going to see a more"},{"startTime":1056.38,"endTime":1062.29,"body":"delayed, um, as well as, you know, a"},{"startTime":1056.38,"endTime":1062.29,"body":"bipartisan sort of tax regime, which"},{"startTime":1062.83,"endTime":1066.4,"body":"that's kind of the best case scenario"},{"startTime":1062.83,"endTime":1066.4,"body":"from our standpoint, because you'll"},{"startTime":1066.4,"endTime":1068.89,"body":"see changes, but they won't be major."},{"startTime":1069.25,"endTime":1072.61,"body":"Uh, and you know, they're not going"},{"startTime":1069.25,"endTime":1072.61,"body":"to happen all at once, you know, cause"},{"startTime":1072.61,"endTime":1073.66,"body":"they're going to have to have that."},{"startTime":1073.66,"endTime":1074.44,"body":"Bi-partisan."},{"startTime":1074.945,"endTime":1078.814,"body":"Uh, agreement, which as we know is"},{"startTime":1074.945,"endTime":1078.814,"body":"a little bit difficult to come by"},{"startTime":1078.814,"endTime":1083.135,"body":"these days, however, you know, to"},{"startTime":1078.814,"endTime":1083.135,"body":"have a Democrat controlled Senate, you"},{"startTime":1083.135,"endTime":1087.425,"body":"know, that's, that's going to create"},{"startTime":1083.135,"endTime":1087.425,"body":"massive changes in the tax code that,"},{"startTime":1087.455,"endTime":1092.135,"body":"you know, are going to be negative"},{"startTime":1087.455,"endTime":1092.135,"body":"for anyone of, you know, uh, any"},{"startTime":1092.135,"endTime":1095.074,"body":"sort of affluence or high net worth."},{"startTime":1096.625,"endTime":1098.155,"body":"So what should these"},{"startTime":1096.625,"endTime":1098.155,"body":"guys be doing right now?"},{"startTime":1098.185,"endTime":1099.715,"body":"There's, there's a little"},{"startTime":1098.185,"endTime":1099.715,"body":"bit of uncertainty."},{"startTime":1099.774,"endTime":1101.935,"body":"There's a lot of dire information."},{"startTime":1102.68,"endTime":1103.28,"body":"Coming up."},{"startTime":1103.7,"endTime":1107.0,"body":"Um, you're making 400 K a year right"},{"startTime":1103.7,"endTime":1107.0,"body":"now or more, what should you be doing?"},{"startTime":1107.99,"endTime":1112.58,"body":"So, what we know for sure is that"},{"startTime":1107.99,"endTime":1112.58,"body":"taxes are going up in the future."},{"startTime":1112.94,"endTime":1117.23,"body":"We just don't know when and, you"},{"startTime":1112.94,"endTime":1117.23,"body":"know, the, the, the total scope"},{"startTime":1117.23,"endTime":1118.7,"body":"and the breadth of those changes."},{"startTime":1119.09,"endTime":1123.11,"body":"So, you know, our general advice right now"},{"startTime":1119.09,"endTime":1123.11,"body":"is, you know, play with the tax code, you"},{"startTime":1123.11,"endTime":1129.35,"body":"know, and if you can push income forward"},{"startTime":1123.11,"endTime":1129.35,"body":"to 2020, You might want to do it as long"},{"startTime":1129.35,"endTime":1133.46,"body":"as it doesn't push you up to brackets that"},{"startTime":1129.35,"endTime":1133.46,"body":"make it more painful than it needs to be."},{"startTime":1133.82,"endTime":1135.14,"body":"Uh, same thing with deductions."},{"startTime":1135.38,"endTime":1140.06,"body":"If you can defer those deductions"},{"startTime":1135.38,"endTime":1140.06,"body":"from 2020 to future years, you know,"},{"startTime":1140.06,"endTime":1145.01,"body":"things like depreciation, you know,"},{"startTime":1140.06,"endTime":1145.01,"body":"maybe not taking 100% bonus, uh, then"},{"startTime":1145.01,"endTime":1148.37,"body":"you know, you might find yourself in"},{"startTime":1145.01,"endTime":1148.37,"body":"a better spot there because that tax"},{"startTime":1148.37,"endTime":1151.19,"body":"rate could be meaningfully higher."},{"startTime":1151.46,"endTime":1154.04,"body":"Uh, so that deduction could"},{"startTime":1151.46,"endTime":1154.04,"body":"mean a lot more at that point."},{"startTime":1155.155,"endTime":1159.415,"body":"So really, you know, you're just talking"},{"startTime":1155.155,"endTime":1159.415,"body":"about pushing forward, taxable income,"},{"startTime":1159.774,"endTime":1164.845,"body":"you know, kind of in all scenarios,"},{"startTime":1159.774,"endTime":1164.845,"body":"uh, because what we know, you know, is"},{"startTime":1164.845,"endTime":1169.495,"body":"that we're just going to have a, you"},{"startTime":1164.845,"endTime":1169.495,"body":"know, higher tax regime going forward."},{"startTime":1169.825,"endTime":1173.425,"body":"Um, you know, you do want to be"},{"startTime":1169.825,"endTime":1173.425,"body":"careful though, in terms of whether"},{"startTime":1173.425,"endTime":1174.804,"body":"you're pushing yourself into."},{"startTime":1175.21,"endTime":1179.62,"body":"You know, a level of income that even with"},{"startTime":1175.21,"endTime":1179.62,"body":"a higher tax regime that, you know, would"},{"startTime":1179.62,"endTime":1182.83,"body":"still be more burdensome than it would"},{"startTime":1179.62,"endTime":1182.83,"body":"otherwise, you know, but these are the"},{"startTime":1182.83,"endTime":1186.669,"body":"sorts of conversations that you absolutely"},{"startTime":1182.83,"endTime":1186.669,"body":"need to be having with your CPA."},{"startTime":1187.06,"endTime":1191.5,"body":"Um, you know, and that's really kind"},{"startTime":1187.06,"endTime":1191.5,"body":"of the crux of all of this is, you"},{"startTime":1191.5,"endTime":1195.639,"body":"know, being able to run projections,"},{"startTime":1191.5,"endTime":1195.639,"body":"understand, even though we don't know"},{"startTime":1195.639,"endTime":1199.655,"body":"what the future is going to be, you"},{"startTime":1195.639,"endTime":1199.655,"body":"know, This is what it could be today."},{"startTime":1199.655,"endTime":1204.305,"body":"If we, you know, move forward that income,"},{"startTime":1199.655,"endTime":1204.305,"body":"uh, you know, so that you can really run a"},{"startTime":1204.305,"endTime":1206.735,"body":"cost benefit analysis with those numbers."},{"startTime":1208.585,"endTime":1209.845,"body":"Sounds like a lot."},{"startTime":1210.235,"endTime":1213.325,"body":"It sounds like a lot, but I know you"},{"startTime":1210.235,"endTime":1213.325,"body":"guys, I mean, look, you do this all day."},{"startTime":1213.655,"endTime":1216.865,"body":"So anybody who works with you"},{"startTime":1213.655,"endTime":1216.865,"body":"is in good hands right there."},{"startTime":1217.005,"endTime":1218.215,"body":"That's why I'm with you guys."},{"startTime":1218.515,"endTime":1222.775,"body":"So we have a lot of topics that"},{"startTime":1218.515,"endTime":1222.775,"body":"we are going to dive into in more"},{"startTime":1222.775,"endTime":1224.905,"body":"detail on subsequent podcasts."},{"startTime":1225.025,"endTime":1226.375,"body":"And we want to make this a weekly thing."},{"startTime":1226.774,"endTime":1230.945,"body":"Where we kind of unpack some key"},{"startTime":1226.774,"endTime":1230.945,"body":"components, whether it's for individuals"},{"startTime":1230.945,"endTime":1235.205,"body":"or businesses and their tax planning"},{"startTime":1230.945,"endTime":1235.205,"body":"and sort of tax needs and what"},{"startTime":1235.205,"endTime":1241.115,"body":"they can be doing to help even with"},{"startTime":1235.205,"endTime":1241.115,"body":"all the changes coming up right."},{"startTime":1241.445,"endTime":1244.115,"body":"Or what you could be doing to help with"},{"startTime":1241.445,"endTime":1244.115,"body":"all the changes coming up, I should say."},{"startTime":1244.835,"endTime":1245.945,"body":"So I'm, I'm excited."},{"startTime":1246.004,"endTime":1249.365,"body":"I'm excited to kind of dive in and"},{"startTime":1246.004,"endTime":1249.365,"body":"see what we can, we can come up with."},{"startTime":1249.365,"endTime":1252.274,"body":"And I know we have some guests hosts"},{"startTime":1249.365,"endTime":1252.274,"body":"that are going to come on too, as well."},{"startTime":1252.274,"endTime":1254.435,"body":"Other members of the, of the"},{"startTime":1252.274,"endTime":1254.435,"body":"dark horse teams is that right?"},{"startTime":1254.96,"endTime":1255.41,"body":"Absolutely."},{"startTime":1255.41,"endTime":1258.32,"body":"Yeah, so really the, you know, the"},{"startTime":1255.41,"endTime":1258.32,"body":"concept and the format here is going"},{"startTime":1258.32,"endTime":1263.27,"body":"to be for our dark horse CPAs, who"},{"startTime":1258.32,"endTime":1263.27,"body":"work directly with our clients, uh, to"},{"startTime":1263.27,"endTime":1267.08,"body":"share areas of their deep knowledge,"},{"startTime":1263.27,"endTime":1267.08,"body":"uh, you know, for everyone's benefit."},{"startTime":1267.08,"endTime":1270.44,"body":"And if it's, uh, if you're liking"},{"startTime":1267.08,"endTime":1270.44,"body":"what you're hearing, you'll be able"},{"startTime":1270.44,"endTime":1272.18,"body":"to engage directly with those folks."},{"startTime":1272.39,"endTime":1275.06,"body":"We'll have all of their contact"},{"startTime":1272.39,"endTime":1275.06,"body":"information available for you."},{"startTime":1275.62,"endTime":1276.16,"body":"Perfect."},{"startTime":1276.55,"endTime":1278.08,"body":"Well, we can wrap this one up."},{"startTime":1278.53,"endTime":1279.79,"body":"Thank you, chase for joining."},{"startTime":1280.24,"endTime":1281.92,"body":"And I'm excited to do this every week."},{"startTime":1282.365,"endTime":1289.435,"body":"And we'll have some more, I don't know,"},{"startTime":1282.365,"endTime":1289.435,"body":"interesting topics to dive into and,"},{"startTime":1289.735,"endTime":1292.885,"body":"you know, hopefully one of the biggest"},{"startTime":1289.735,"endTime":1292.885,"body":"things I enjoy when I, to, by the way,"},{"startTime":1292.945,"endTime":1294.324,"body":"I'm going to do a little sidetrack here."},{"startTime":1294.355,"endTime":1298.945,"body":"One of the biggest things I enjoy about"},{"startTime":1294.355,"endTime":1298.945,"body":"working with you guys is the exposure"},{"startTime":1298.945,"endTime":1300.895,"body":"to what other individuals are doing."},{"startTime":1300.925,"endTime":1304.705,"body":"Obviously not sharing too much"},{"startTime":1300.925,"endTime":1304.705,"body":"information other than the fact that"},{"startTime":1304.735,"endTime":1307.794,"body":"this is what we're seeing, and this"},{"startTime":1304.735,"endTime":1307.794,"body":"is what we can be doing to help."},{"startTime":1308.215,"endTime":1311.754,"body":"I find that to be one of the most"},{"startTime":1308.215,"endTime":1311.754,"body":"beneficial parts of our relationship."},{"startTime":1312.125,"endTime":1315.425,"body":"And I'm super excited to share some of"},{"startTime":1312.125,"endTime":1315.425,"body":"those little details with the audience."},{"startTime":1316.495,"endTime":1317.005,"body":"Absolutely."},{"startTime":1317.005,"endTime":1318.685,"body":"Well, we love having you as a client."},{"startTime":1318.685,"endTime":1320.995,"body":"So the feeling is more than mutual."},{"startTime":1321.865,"endTime":1322.585,"body":"Thank you, chase."},{"startTime":1323.065,"endTime":1323.755,"body":"I'll let you go."},{"startTime":1324.145,"endTime":1329.785,"body":"And until next time, and now for"},{"startTime":1324.145,"endTime":1329.785,"body":"the disclaimer, the content in the"},{"startTime":1329.785,"endTime":1333.745,"body":"proceeding podcast should not in any"},{"startTime":1329.785,"endTime":1333.745,"body":"way, be construed to be tax advice."},{"startTime":1334.135,"endTime":1336.895,"body":"All tax laws are nuanced"},{"startTime":1334.135,"endTime":1336.895,"body":"and thus are applied to each"},{"startTime":1336.895,"endTime":1338.515,"body":"unique situation differently."},{"startTime":1338.935,"endTime":1340.675,"body":"Don't be a dummy IRS CPX."},{"startTime":1341.15,"endTime":1342.83,"body":"Preferably a dark horse CPA."}]}