{"version":"1.0.0","segments":[{"startTime":6.536,"endTime":10.136,"body":"Welcome back to the Ambitious"},{"startTime":6.536,"endTime":10.136,"body":"Bookkeeper Podcast and YouTube."},{"startTime":10.136,"endTime":12.176,"body":"If you're watching us on YouTube, welcome."},{"startTime":12.606,"endTime":15.126,"body":"I have Adrian Lopez on again."},{"startTime":15.126,"endTime":17.316,"body":"We, I had him on sometime last year."},{"startTime":17.316,"endTime":19.896,"body":"I can't remember exactly the"},{"startTime":17.316,"endTime":19.896,"body":"episode number, so I'll just have"},{"startTime":19.896,"endTime":21.156,"body":"to link it in the show notes."},{"startTime":21.526,"endTime":28.589,"body":"But Adrian is, I'm dubbing you my"},{"startTime":21.526,"endTime":28.589,"body":"official tax expert for the podcast."},{"startTime":29.549,"endTime":30.314,"body":"So welcome back."},{"startTime":33.334,"endTime":34.339,"body":"Thanks for, thanks for having me back."},{"startTime":34.339,"endTime":34.619,"body":"Hello?"},{"startTime":34.669,"endTime":35.019,"body":"Hello."},{"startTime":35.519,"endTime":40.739,"body":"Today we are going to, we're gonna"},{"startTime":35.519,"endTime":40.739,"body":"discuss the one big, beautiful bill."},{"startTime":41.189,"endTime":42.239,"body":"Fun stuff."},{"startTime":42.239,"endTime":44.369,"body":"We'll try to keep it fun at least."},{"startTime":44.399,"endTime":49.169,"body":"And Adrian was gracious enough to"},{"startTime":44.399,"endTime":49.169,"body":"come share his expertise on that and"},{"startTime":49.169,"endTime":52.349,"body":"give us a little education from the"},{"startTime":49.169,"endTime":52.349,"body":"perspective of like maybe what we should"},{"startTime":52.349,"endTime":56.069,"body":"be watching out for as bookkeepers, how"},{"startTime":52.349,"endTime":56.069,"body":"we can help our clients through this."},{"startTime":56.369,"endTime":61.289,"body":"And just flag some things for when it"},{"startTime":56.369,"endTime":61.289,"body":"comes time at the end of this month,"},{"startTime":61.319,"endTime":64.889,"body":"if you're listening, when this goes"},{"startTime":61.319,"endTime":64.889,"body":"live in January of when hopefully"},{"startTime":64.889,"endTime":68.789,"body":"you'll be sending your books, your"},{"startTime":64.889,"endTime":68.789,"body":"client's books to their tax preparers."},{"startTime":68.825,"endTime":72.605,"body":"and you'll just stand out more if"},{"startTime":68.825,"endTime":72.605,"body":"you are kind of in the know about"},{"startTime":72.605,"endTime":74.165,"body":"this and you can flag some things."},{"startTime":74.165,"endTime":75.965,"body":"So any who?"},{"startTime":77.604,"endTime":77.904,"body":"Yeah."},{"startTime":77.964,"endTime":78.414,"body":"Yeah, yeah."},{"startTime":78.534,"endTime":80.961,"body":"And, and if you have questions, you"},{"startTime":78.534,"endTime":80.961,"body":"know, Serena, I'm gonna be, \\ I got"},{"startTime":80.961,"endTime":82.821,"body":"a couple notes and stuff I'm going"},{"startTime":80.961,"endTime":82.821,"body":"through, but if you have questions"},{"startTime":82.821,"endTime":84.321,"body":"about like, Hey, how would this apply?"},{"startTime":84.321,"endTime":87.711,"body":"Or like, Hey, how can, how can bookkeepers"},{"startTime":84.321,"endTime":87.711,"body":"better keep this in perspective?"},{"startTime":88.051,"endTime":90.241,"body":"Feel free to, feel free to interrupt"},{"startTime":88.051,"endTime":90.241,"body":"me and, and, you know, because"},{"startTime":90.241,"endTime":91.021,"body":"I, I don't want to be a lecture."},{"startTime":91.021,"endTime":92.041,"body":"I interactive, you know."},{"startTime":92.051,"endTime":96.281,"body":"own private little presentation"},{"startTime":92.051,"endTime":96.281,"body":"on an A CPE course where I get"},{"startTime":96.281,"endTime":99.731,"body":"to interrupt the presenter and"},{"startTime":96.281,"endTime":99.731,"body":"be like, well what about this?"},{"startTime":101.986,"endTime":102.256,"body":"That's great."},{"startTime":102.821,"endTime":103.961,"body":"Uh, alright."},{"startTime":103.961,"endTime":106.091,"body":"So all I do kind of take it away."},{"startTime":106.091,"endTime":108.851,"body":"Maybe give a little, if you wanna"},{"startTime":106.091,"endTime":108.851,"body":"give a short little background on"},{"startTime":108.851,"endTime":110.621,"body":"who you are before we dive in, in"},{"startTime":110.951,"endTime":111.241,"body":"Sure,"},{"startTime":111.491,"endTime":112.511,"body":"have those listening."},{"startTime":112.511,"endTime":114.701,"body":"Haven't heard the other"},{"startTime":112.511,"endTime":114.701,"body":"episode we did together."},{"startTime":116.101,"endTime":116.446,"body":"sure, sure."},{"startTime":117.616,"endTime":118.336,"body":"Well, hello everybody."},{"startTime":118.456,"endTime":119.746,"body":"Uh, my name is Adrian Lopez."},{"startTime":119.746,"endTime":122.326,"body":"I am a CPA based out of"},{"startTime":119.746,"endTime":122.326,"body":"Sacramento, California."},{"startTime":122.365,"endTime":123.967,"body":"I'm a former IRS revenue agent."},{"startTime":124.027,"endTime":127.604,"body":"I used to be a small business employed"},{"startTime":124.027,"endTime":127.604,"body":"auditor at the, internal Revenue Service."},{"startTime":127.874,"endTime":131.174,"body":"Now I have my own tax and"},{"startTime":127.874,"endTime":131.174,"body":"accounting practice, and I, I love"},{"startTime":131.174,"endTime":132.854,"body":"talking and learning with Serena."},{"startTime":133.146,"endTime":134.679,"body":"I, I appreciate she keeps"},{"startTime":133.146,"endTime":134.679,"body":"bringing me back here."},{"startTime":134.709,"endTime":138.519,"body":"So hoping to, hoping to teach y"},{"startTime":134.709,"endTime":138.519,"body":"y'all something today about taxes"},{"startTime":138.519,"endTime":140.289,"body":"and the, the one big beautiful bill."},{"startTime":140.289,"endTime":142.089,"body":"I'm sure all of you have"},{"startTime":140.289,"endTime":142.089,"body":"heard about it in the news."},{"startTime":142.449,"endTime":143.919,"body":"It's funny we don't even know the acronym."},{"startTime":143.919,"endTime":145.419,"body":"Some people call it like OBBB."},{"startTime":145.419,"endTime":147.369,"body":"Some people call it like"},{"startTime":145.419,"endTime":147.369,"body":"the BBB three, you know, so,"},{"startTime":147.444,"endTime":147.884,"body":"just call it?"},{"startTime":148.599,"endTime":149.259,"body":"but we still."},{"startTime":150.744,"endTime":155.679,"body":"Yeah, we, we still don't quite know how"},{"startTime":150.744,"endTime":155.679,"body":"the acronym's gonna be pronounced and"},{"startTime":155.679,"endTime":158.619,"body":"it's gonna plague us accountants and"},{"startTime":155.679,"endTime":158.619,"body":"CPAs for at least the next eight years."},{"startTime":158.694,"endTime":158.914,"body":"So,"},{"startTime":162.069,"endTime":165.129,"body":"so we'll be, we'll be just kinda"},{"startTime":162.069,"endTime":165.129,"body":"going, doing a, a rough overview of the"},{"startTime":165.129,"endTime":166.779,"body":"one, the one big beautiful bill act."},{"startTime":166.829,"endTime":168.869,"body":"There's some individual provisions,"},{"startTime":166.829,"endTime":168.869,"body":"there's some business provisions."},{"startTime":168.869,"endTime":171.089,"body":"I'm sure a lot of you bookkeepers,"},{"startTime":168.869,"endTime":171.089,"body":"you're gonna be concerned about the"},{"startTime":171.089,"endTime":172.829,"body":"business stuff, so, we'll, don't worry."},{"startTime":172.829,"endTime":173.849,"body":"We'll, we'll get into that."},{"startTime":173.913,"endTime":177.513,"body":"Just as a disclaimer, I am a CPA, but I'm"},{"startTime":173.913,"endTime":177.513,"body":"not your CPA, so please always consult"},{"startTime":177.513,"endTime":180.453,"body":"with the qualified tax professional"},{"startTime":177.513,"endTime":180.453,"body":"when, when preparing folks is tax returns"},{"startTime":180.453,"endTime":182.133,"body":"and, uh, or if you have tax questions."},{"startTime":182.193,"endTime":184.567,"body":"So, gotta throw that in there."},{"startTime":185.347,"endTime":186.457,"body":"So just an introduction."},{"startTime":186.457,"endTime":190.267,"body":"What is the, the, you know, what,"},{"startTime":186.457,"endTime":190.267,"body":"what is this, what is this bill?"},{"startTime":190.418,"endTime":193.293,"body":"so under the, under the previous tax"},{"startTime":190.418,"endTime":193.293,"body":"regime, you know, we had eight years"},{"startTime":193.293,"endTime":196.834,"body":"under the previous tax code, or tax"},{"startTime":193.293,"endTime":196.834,"body":"act, which is a tax Cuts and Jobs act."},{"startTime":196.947,"endTime":197.967,"body":"that was pressed by President Trump."},{"startTime":197.967,"endTime":199.467,"body":"That was back in 2017."},{"startTime":199.615,"endTime":203.68,"body":"so this bill that was passed"},{"startTime":199.615,"endTime":203.68,"body":"here, July, 2025, addressed a lot"},{"startTime":203.68,"endTime":204.335,"body":"of stuff that was gonna sunset."},{"startTime":205.045,"endTime":207.566,"body":"There was a lot of like, little"},{"startTime":205.045,"endTime":207.566,"body":"changes in nuances that, well,"},{"startTime":207.566,"endTime":208.346,"body":"I don't wanna say little."},{"startTime":208.526,"endTime":212.846,"body":"The TCJA actually was, was the biggest"},{"startTime":208.526,"endTime":212.846,"body":"tax reform we've had since probably 1986."},{"startTime":213.476,"endTime":214.166,"body":"It was, it was, it was a big change."},{"startTime":214.256,"endTime":215.696,"body":"so a lot of that stuff was gonna sunset."},{"startTime":216.116,"endTime":221.096,"body":"The, the, the oh B has made a lot of"},{"startTime":216.116,"endTime":221.096,"body":"stuff permanent and, and so now us, us"},{"startTime":221.096,"endTime":225.206,"body":"CPAs have, have breathed the sigh of"},{"startTime":221.096,"endTime":225.206,"body":"relief and be like, okay, we don't have"},{"startTime":225.206,"endTime":226.286,"body":"to go back to the old rules anymore."},{"startTime":227.426,"endTime":231.383,"body":"So we can, we could keep our, keep"},{"startTime":227.426,"endTime":231.383,"body":"our expertise, some somewhat constant."},{"startTime":232.213,"endTime":235.183,"body":"I will say there's, there's always a lot"},{"startTime":232.213,"endTime":235.183,"body":"of federal and state tax differences."},{"startTime":235.231,"endTime":238.321,"body":"we're still waiting to see how a lot"},{"startTime":235.231,"endTime":238.321,"body":"of the states are going to respond"},{"startTime":238.411,"endTime":241.351,"body":"with their federal, with their"},{"startTime":238.411,"endTime":241.351,"body":"income tax laws compared to, to"},{"startTime":241.351,"endTime":242.761,"body":"how the Fed the Fed handles things."},{"startTime":243.181,"endTime":248.131,"body":"So, um, you know, asterisk on"},{"startTime":243.181,"endTime":248.131,"body":"that, they're, I mean, hell, I"},{"startTime":248.131,"endTime":250.561,"body":"think some of them are issuing"},{"startTime":248.131,"endTime":250.561,"body":"guidance like this month, right?"},{"startTime":250.561,"endTime":252.631,"body":"In January and people are"},{"startTime":250.561,"endTime":252.631,"body":"supposed to be filing their tax"},{"startTime":252.631,"endTime":253.621,"body":"returns here pretty soon, so,"},{"startTime":253.706,"endTime":254.726,"body":"always a fun time."},{"startTime":255.536,"endTime":255.756,"body":"so."},{"startTime":258.091,"endTime":258.721,"body":"Absolutely."},{"startTime":258.752,"endTime":262.289,"body":"so before I, before I dive in, I am"},{"startTime":258.752,"endTime":262.289,"body":"curious, Serena, if you, if you have"},{"startTime":262.289,"endTime":265.619,"body":"any like, high level questions that,"},{"startTime":262.289,"endTime":265.619,"body":"that maybe you might wanna address"},{"startTime":265.619,"endTime":267.749,"body":"with your audience before I get into"},{"startTime":265.619,"endTime":267.749,"body":"like, the nitty gritty of it is there's"},{"startTime":267.749,"endTime":270.419,"body":"things that, like you've heard or"},{"startTime":267.749,"endTime":270.419,"body":"you've wondered about, you know, one"},{"startTime":270.419,"endTime":273.419,"body":"again, the specifics of things before"},{"startTime":270.419,"endTime":273.419,"body":"I just kind of go through an overview."},{"startTime":273.419,"endTime":274.589,"body":"What's, what's kind of on your mind?"},{"startTime":274.719,"endTime":275.499,"body":"disclosure,"},{"startTime":277.629,"endTime":283.337,"body":"I have like not, I've kind of heard"},{"startTime":277.629,"endTime":283.337,"body":"bits and pieces here and there, but this"},{"startTime":283.337,"endTime":285.197,"body":"year has just been kind of crazy for me."},{"startTime":285.197,"endTime":291.115,"body":"And so I've been really like"},{"startTime":285.197,"endTime":291.115,"body":"not plugged into all the noise."},{"startTime":291.145,"endTime":293.245,"body":"Like I took a break from social media."},{"startTime":293.245,"endTime":295.885,"body":"I'm still off of social"},{"startTime":293.245,"endTime":295.885,"body":"media and things like that."},{"startTime":295.885,"endTime":299.995,"body":"So I've heard bits and pieces here and"},{"startTime":295.885,"endTime":299.995,"body":"there, and so I'm like kind of high"},{"startTime":299.995,"endTime":303.625,"body":"level aware of, what's going on, and"},{"startTime":299.995,"endTime":303.625,"body":"I've read some summaries and stuff."},{"startTime":303.695,"endTime":307.556,"body":"I know that 10 90 nines is always a big"},{"startTime":303.695,"endTime":307.556,"body":"question mark for a lot of bookkeepers."},{"startTime":307.556,"endTime":312.716,"body":"Like there was stuff floating around and"},{"startTime":307.556,"endTime":312.716,"body":"I think they were going to have the change"},{"startTime":312.776,"endTime":314.726,"body":"happen sooner and then things change."},{"startTime":314.726,"endTime":317.066,"body":"So definitely wanna address 10 90 nines."},{"startTime":317.101,"endTime":319.723,"body":"but other than that, I don't"},{"startTime":317.101,"endTime":319.723,"body":"really have any like big."},{"startTime":320.728,"endTime":327.768,"body":"Big overarching questions about the"},{"startTime":320.728,"endTime":327.768,"body":"bill, other than basically like give"},{"startTime":327.768,"endTime":333.708,"body":"us the, like what's need to know on a"},{"startTime":327.768,"endTime":333.708,"body":"business level for as a bookkeeper, right?"},{"startTime":333.708,"endTime":336.678,"body":"When, which you already know because"},{"startTime":333.708,"endTime":336.678,"body":"you also do bookkeeping for clients."},{"startTime":336.678,"endTime":339.198,"body":"So this is hopefully"},{"startTime":336.678,"endTime":339.198,"body":"gonna be easy for you."},{"startTime":339.198,"endTime":344.418,"body":"But like, what are the kind of like"},{"startTime":339.198,"endTime":344.418,"body":"the, the need to knows for people"},{"startTime":344.418,"endTime":348.228,"body":"like me who are like, I don't just"},{"startTime":344.418,"endTime":348.228,"body":"give me, give me the overview."},{"startTime":348.228,"endTime":354.288,"body":"Like, don't dive off into all the like,"},{"startTime":348.228,"endTime":354.288,"body":"crazy, like all, obviously there's,"},{"startTime":354.588,"endTime":357.918,"body":"there's an overlap with the personal"},{"startTime":354.588,"endTime":357.918,"body":"taxes for a lot of business owners,"},{"startTime":357.918,"endTime":362.598,"body":"so I'll kind of default to you to like"},{"startTime":357.918,"endTime":362.598,"body":"what you think is gonna be like the most"},{"startTime":362.598,"endTime":365.644,"body":"commonly come across things or whatever."},{"startTime":365.682,"endTime":369.492,"body":"but for the most part, like as a"},{"startTime":365.682,"endTime":369.492,"body":"bookkeeper, what do we need to really"},{"startTime":369.492,"endTime":373.842,"body":"be aware of to highlight for our clients"},{"startTime":369.492,"endTime":373.842,"body":"and make sure that they're not missing"},{"startTime":373.842,"endTime":375.607,"body":"out on things with their tax repairs."},{"startTime":376.346,"endTime":376.706,"body":"Got it."},{"startTime":376.766,"endTime":377.126,"body":"Okay."},{"startTime":377.426,"endTime":377.696,"body":"Okay."},{"startTime":377.816,"endTime":380.756,"body":"Well, and I guess since we brought up"},{"startTime":377.816,"endTime":380.756,"body":"the, the, the subject to 10 90 nines,"},{"startTime":380.796,"endTime":382.116,"body":"let's, let's talk about that first."},{"startTime":382.116,"endTime":385.276,"body":"So, ten nine air reporting has been"},{"startTime":382.116,"endTime":385.276,"body":"changed by the one big beautiful"},{"startTime":385.276,"endTime":388.536,"body":"bill, , prior to the, the previous"},{"startTime":385.276,"endTime":388.536,"body":"regime under the previous rules."},{"startTime":388.536,"endTime":391.926,"body":"So you had to give a 10 99, either"},{"startTime":388.536,"endTime":391.926,"body":"a miscellaneous or a 10 99 NEC,"},{"startTime":392.276,"endTime":395.852,"body":"for anybody who, who has, payments"},{"startTime":392.276,"endTime":395.852,"body":"for services of $600 or more."},{"startTime":396.084,"endTime":399.785,"body":"and just to clarify, a lot of"},{"startTime":396.084,"endTime":399.785,"body":"folks they may, this is, this is a"},{"startTime":399.785,"endTime":401.165,"body":"side that would help bookkeepers."},{"startTime":401.345,"endTime":405.185,"body":"A lot of folks think you have to give"},{"startTime":401.345,"endTime":405.185,"body":"a 10 89 for payments of goods and you"},{"startTime":405.185,"endTime":407.945,"body":"actually don't, it's only, it's only"},{"startTime":405.185,"endTime":407.945,"body":"services and service based payments."},{"startTime":407.945,"endTime":411.005,"body":"So if you're receiving some sort"},{"startTime":407.945,"endTime":411.005,"body":"of consideration that's a physical,"},{"startTime":411.005,"endTime":413.345,"body":"tangible good from someone,"},{"startTime":411.005,"endTime":413.345,"body":"you don't have 10 99 for that."},{"startTime":413.803,"endTime":415.213,"body":"just, just, just throw that out there."},{"startTime":415.213,"endTime":417.163,"body":"A lot of folks get confused"},{"startTime":415.213,"endTime":417.163,"body":"about the rules, like, oh, when"},{"startTime":417.163,"endTime":418.063,"body":"do I have to give somebody that?"},{"startTime":418.063,"endTime":420.043,"body":"Or, you know, they're like,"},{"startTime":418.063,"endTime":420.043,"body":"I have a hundred vendors."},{"startTime":420.043,"endTime":422.233,"body":"I buy stuff from, like,"},{"startTime":420.043,"endTime":422.233,"body":"how do I 10 99 them?"},{"startTime":422.233,"endTime":422.953,"body":"I'm like, dude, you don't have to."},{"startTime":423.203,"endTime":427.703,"body":"it's like gotten more confusing over"},{"startTime":423.203,"endTime":427.703,"body":"the past however many, five, six years"},{"startTime":427.703,"endTime":432.173,"body":"ago when they implemented the 10 99 K"},{"startTime":427.703,"endTime":432.173,"body":"with the payment processors because the"},{"startTime":432.173,"endTime":436.553,"body":"payment processors aren't delineating"},{"startTime":432.173,"endTime":436.553,"body":"what's a service and what's a good, right."},{"startTime":436.793,"endTime":443.603,"body":"So their 10 99 I've, we just"},{"startTime":436.793,"endTime":443.603,"body":"made it into a verb or their,"},{"startTime":444.043,"endTime":444.328,"body":"Yes,"},{"startTime":444.953,"endTime":446.213,"body":"they're 10 99 ing"},{"startTime":446.468,"endTime":446.588,"body":"I."},{"startTime":447.538,"endTime":451.463,"body":"that their payment processor,"},{"startTime":447.538,"endTime":451.463,"body":"whether it's a good or a service."},{"startTime":451.463,"endTime":453.293,"body":"So that's caused confusion."},{"startTime":453.653,"endTime":458.363,"body":"There's also been confusion over, I still"},{"startTime":453.653,"endTime":458.363,"body":"get clients of mine that are like, why is"},{"startTime":458.363,"endTime":461.753,"body":"this vendor of mine or customer of mine."},{"startTime":462.728,"endTime":467.648,"body":"Asking for, , like a 10 99 or a W"},{"startTime":462.728,"endTime":467.648,"body":"nine from me when like they paid"},{"startTime":467.648,"endTime":470.888,"body":"me commissions through PayPal"},{"startTime":467.648,"endTime":470.888,"body":"and I'm like, they shouldn't be."},{"startTime":471.938,"endTime":473.018,"body":"gonna 10 99, you."},{"startTime":473.348,"endTime":476.558,"body":"So there's all these added layers"},{"startTime":473.348,"endTime":476.558,"body":"that have happened over the last few"},{"startTime":476.558,"endTime":480.428,"body":"years that have added confusion to it."},{"startTime":480.518,"endTime":484.538,"body":"However, I will say that we came"},{"startTime":480.518,"endTime":484.538,"body":"across this with one of our clients"},{"startTime":484.538,"endTime":490.04,"body":"is they had, a vendor that did"},{"startTime":484.538,"endTime":490.04,"body":"that provided goods and services."},{"startTime":490.04,"endTime":495.59,"body":"And so if something is combined, you"},{"startTime":490.04,"endTime":495.59,"body":"can report the whole thing on the 10 99"},{"startTime":495.75,"endTime":496.04,"body":"Yeah,"},{"startTime":496.52,"endTime":498.62,"body":"like, 'cause then it becomes"},{"startTime":496.52,"endTime":498.62,"body":"confusing splitting it out."},{"startTime":498.62,"endTime":500.48,"body":"If you send the vendor a 10 99 that"},{"startTime":500.6,"endTime":501.14,"body":"that's great."},{"startTime":501.44,"endTime":503.6,"body":"that you've paid them, they're"},{"startTime":501.44,"endTime":503.6,"body":"gonna be like, why doesn't"},{"startTime":503.62,"endTime":504.16,"body":"That's right."},{"startTime":504.38,"endTime":506.66,"body":"just add it, just put"},{"startTime":504.38,"endTime":506.66,"body":"the whole thing on there."},{"startTime":506.66,"endTime":509.06,"body":"But in general, like you said, yes."},{"startTime":510.595,"endTime":510.835,"body":"Yeah."},{"startTime":511.165,"endTime":512.605,"body":"So the only free services That's correct."},{"startTime":512.785,"endTime":515.161,"body":"And, and I will say, you know,"},{"startTime":512.785,"endTime":515.161,"body":"a similar threshold used to"},{"startTime":515.161,"endTime":516.271,"body":"exist for the ten nine Ks."},{"startTime":516.271,"endTime":516.421,"body":"Right."},{"startTime":516.421,"endTime":518.611,"body":"It was like, it, it"},{"startTime":516.421,"endTime":518.611,"body":"was such a huge change."},{"startTime":518.611,"endTime":523.231,"body":"Everyone was like, wait, I'm gonna get"},{"startTime":518.611,"endTime":523.231,"body":"a 10 99 k from like eBay and PayPal for"},{"startTime":523.231,"endTime":524.851,"body":"stuff that's like 600 bucks or more."},{"startTime":525.091,"endTime":529.081,"body":"The previous threshold used to be,"},{"startTime":525.091,"endTime":529.081,"body":"I believe it was 200 transactions"},{"startTime":529.081,"endTime":531.631,"body":"in any one calendar year or $20,000."},{"startTime":531.746,"endTime":532.526,"body":"it 20,000?"},{"startTime":534.011,"endTime":537.462,"body":"I, I think it was, I think"},{"startTime":534.011,"endTime":537.462,"body":"it was 2020 or 2020, 20,000."},{"startTime":537.467,"endTime":542.266,"body":"20,000. And so like all these over 20"},{"startTime":537.467,"endTime":542.266,"body":"k. And so all these people were like,"},{"startTime":542.266,"endTime":547.036,"body":"wait, like I sell little knickknacks and"},{"startTime":542.266,"endTime":547.036,"body":"caricatures on eBay and now I'm gonna get"},{"startTime":547.036,"endTime":548.626,"body":"a ten nine K. And it's like, it's a hobby."},{"startTime":548.626,"endTime":549.766,"body":"It's like, dude, it's not a business."},{"startTime":549.766,"endTime":550.096,"body":"You know?"},{"startTime":550.096,"endTime":554.027,"body":"And so that, that, just to speak to the"},{"startTime":550.096,"endTime":554.027,"body":"10, nine Ks, that threshold has been"},{"startTime":554.027,"endTime":555.977,"body":"rolled back, so as part of the, the BBB."},{"startTime":555.977,"endTime":560.44,"body":"So now you should only be getting"},{"startTime":555.977,"endTime":560.44,"body":"a 10 99 K if it's either, more"},{"startTime":560.44,"endTime":564.01,"body":"than 2200 transactions in a year"},{"startTime":560.44,"endTime":564.01,"body":"or the $20,000 filing threshold."},{"startTime":564.76,"endTime":567.871,"body":"So, what's interesting as well"},{"startTime":564.76,"endTime":567.871,"body":"is for 10 99 miscellaneous forms,"},{"startTime":567.871,"endTime":572.7,"body":"or 10 99 NEC, the threshold has"},{"startTime":567.871,"endTime":572.7,"body":"been, heightened from $600 to 2000."},{"startTime":573.51,"endTime":577.17,"body":"So all those little one-time jobs and"},{"startTime":573.51,"endTime":577.17,"body":"stuff that people might do for you, I"},{"startTime":577.17,"endTime":579.63,"body":"mean, I know we work with, you know,"},{"startTime":577.17,"endTime":579.63,"body":"construction contractors, this and that."},{"startTime":579.63,"endTime":581.49,"body":"Like you might have just subs for a day."},{"startTime":581.49,"endTime":584.477,"body":"You might have like daily and stuff"},{"startTime":581.49,"endTime":584.477,"body":"like, that's been, that's been moved"},{"startTime":584.477,"endTime":586.637,"body":"up, uh, to $2,000 now, so not a."},{"startTime":586.752,"endTime":589.992,"body":"not effective for this"},{"startTime":586.752,"endTime":589.992,"body":"filing 20, 25 season?"},{"startTime":589.992,"endTime":590.592,"body":"Correct."},{"startTime":591.972,"endTime":592.182,"body":"Okay."},{"startTime":592.487,"endTime":593.147,"body":"That's correct."},{"startTime":593.147,"endTime":593.657,"body":"That's correct."},{"startTime":593.712,"endTime":594.282,"body":"confusion for"},{"startTime":594.287,"endTime":594.707,"body":"place."},{"startTime":596.507,"endTime":598.877,"body":"It's, it's why Congress wrote it that way."},{"startTime":598.877,"endTime":599.597,"body":"I do not know."},{"startTime":599.597,"endTime":600.467,"body":"Go call your congressman."},{"startTime":600.887,"endTime":601.247,"body":"You know?"},{"startTime":601.247,"endTime":601.727,"body":"Um,"},{"startTime":601.752,"endTime":603.102,"body":"forms and all of that."},{"startTime":603.252,"endTime":603.642,"body":"Right."},{"startTime":603.882,"endTime":604.482,"body":"Whatever."},{"startTime":607.817,"endTime":610.809,"body":"you know, so that does take"},{"startTime":607.817,"endTime":610.809,"body":"effect one, one to 2026."},{"startTime":610.809,"endTime":613.449,"body":"So that, so, so now we can"},{"startTime":610.809,"endTime":613.449,"body":"all breathe a sigh of relief."},{"startTime":613.579,"endTime":613.729,"body":"for"},{"startTime":613.779,"endTime":614.859,"body":"You know, there's, there's, there's,"},{"startTime":615.049,"endTime":615.979,"body":"we did last year."},{"startTime":616.029,"endTime":616.239,"body":"yeah."},{"startTime":616.419,"endTime":617.019,"body":"For, for 25."},{"startTime":617.269,"endTime":617.869,"body":"correct."},{"startTime":618.284,"endTime":618.574,"body":"Yeah."},{"startTime":619.039,"endTime":619.249,"body":"what"},{"startTime":619.274,"endTime":619.494,"body":"Um,"},{"startTime":619.609,"endTime":621.469,"body":"in for 2025."},{"startTime":621.469,"endTime":621.679,"body":"10"},{"startTime":621.969,"endTime":622.329,"body":"that's good."},{"startTime":622.329,"endTime":622.489,"body":"That's good."},{"startTime":622.489,"endTime":622.689,"body":"That's great."},{"startTime":624.339,"endTime":626.469,"body":"As accountants, we're always"},{"startTime":624.339,"endTime":626.469,"body":"living in the best always."},{"startTime":627.784,"endTime":628.204,"body":"Mm-hmm."},{"startTime":629.265,"endTime":630.885,"body":"so that, that's, that's some"},{"startTime":629.265,"endTime":630.885,"body":"of the big changes there."},{"startTime":630.975,"endTime":633.315,"body":"There are still some specific"},{"startTime":630.975,"endTime":633.315,"body":"reporting requirements, like there's"},{"startTime":633.315,"endTime":635.655,"body":"stuff for medical payments, you"},{"startTime":633.315,"endTime":635.655,"body":"know, that that hasn't changed."},{"startTime":635.664,"endTime":637.828,"body":"stuff for payments to attorneys,"},{"startTime":635.664,"endTime":637.828,"body":"whether they're incorporated or"},{"startTime":637.828,"endTime":638.908,"body":"not, that stuff hasn't changed."},{"startTime":638.908,"endTime":640.168,"body":"So that's, that's all the same."},{"startTime":640.408,"endTime":645.358,"body":"It's just that for, for generally for ten"},{"startTime":640.408,"endTime":645.358,"body":"nine Salinas and AC forms for 2026 onward"},{"startTime":646.018,"endTime":648.868,"body":"from $600 to 2000, and then the 10 99 Ks."},{"startTime":648.958,"endTime":654.026,"body":"So, for all you square folks out there and"},{"startTime":648.958,"endTime":654.026,"body":"people selling, you know, knitting, little"},{"startTime":654.026,"endTime":657.086,"body":"knitting knicknacks on eBay, hopefully"},{"startTime":654.026,"endTime":657.086,"body":"you'll get a little bit of relief."},{"startTime":657.174,"endTime":659.994,"body":"I will say I used to, I used to buy and"},{"startTime":657.174,"endTime":659.994,"body":"sell guitars like kind of as a hobby,"},{"startTime":659.994,"endTime":663.026,"body":"and so I had to, I had to deal with"},{"startTime":659.994,"endTime":663.026,"body":"this actually, this was like in 23."},{"startTime":663.536,"endTime":663.836,"body":"Yeah."},{"startTime":663.836,"endTime":667.286,"body":"So I was like, wait, I got, I have"},{"startTime":663.836,"endTime":667.286,"body":"to keep all my records and put on"},{"startTime":667.286,"endTime":670.777,"body":"the tax return and, you know, so,"},{"startTime":667.286,"endTime":670.777,"body":"I've personally affected by this, so."},{"startTime":671.372,"endTime":672.392,"body":"personally affected."},{"startTime":672.632,"endTime":673.502,"body":"That's interesting."},{"startTime":673.502,"endTime":675.032,"body":"As a side, do you play guitar?"},{"startTime":677.212,"endTime":678.052,"body":"I do, I do, yeah."},{"startTime":678.052,"endTime":679.432,"body":"Yeah, I play, I play"},{"startTime":678.052,"endTime":679.432,"body":"instruments and stuff."},{"startTime":679.462,"endTime":681.022,"body":"Um, I get a drum sit downstairs."},{"startTime":681.022,"endTime":681.802,"body":"I play electric bass."},{"startTime":681.802,"endTime":683.272,"body":"I play electric guitar, so, yeah."},{"startTime":683.372,"endTime":683.972,"body":"guitar"},{"startTime":684.442,"endTime":684.592,"body":"So,"},{"startTime":684.902,"endTime":685.738,"body":"have a drum set."},{"startTime":685.837,"endTime":687.052,"body":"ah, that's cool."},{"startTime":687.112,"endTime":687.262,"body":"That's cool."},{"startTime":689.422,"endTime":690.352,"body":"Oh my gosh."},{"startTime":690.352,"endTime":690.982,"body":"That's cool."},{"startTime":690.982,"endTime":691.432,"body":"That's cool."},{"startTime":691.432,"endTime":691.852,"body":"All right."},{"startTime":691.852,"endTime":692.242,"body":"All right."},{"startTime":692.342,"endTime":692.672,"body":"ob."},{"startTime":694.145,"endTime":694.505,"body":"Yes."},{"startTime":694.505,"endTime":694.835,"body":"Yes."},{"startTime":694.835,"endTime":695.46,"body":"The L-B-B-B-A."},{"startTime":695.615,"endTime":697.959,"body":"So, so, and I'll, and I'll stick"},{"startTime":695.615,"endTime":697.959,"body":"with, I'll, I'll kind of stick"},{"startTime":697.959,"endTime":700.283,"body":"on the line of sort of more"},{"startTime":697.959,"endTime":700.283,"body":"business centered, provisions here."},{"startTime":701.308,"endTime":702.958,"body":"So is that 10, nine and K"},{"startTime":701.308,"endTime":702.958,"body":"thing, which is important."},{"startTime":703.1,"endTime":705.348,"body":"there is, another huge provision."},{"startTime":705.348,"endTime":708.087,"body":"I, I think probably one of the"},{"startTime":705.348,"endTime":708.087,"body":"most, significant provisions"},{"startTime":708.597,"endTime":709.947,"body":"implemented as part of this bill."},{"startTime":710.082,"endTime":713.532,"body":"it'll basically affect, I'd say,"},{"startTime":710.082,"endTime":713.532,"body":"almost any business that has like"},{"startTime":713.532,"endTime":715.932,"body":"fixed assets and, and capital"},{"startTime":713.532,"endTime":715.932,"body":"permits, that kind of thing."},{"startTime":716.292,"endTime":719.682,"body":"So there's, there's a concept known as"},{"startTime":716.292,"endTime":719.682,"body":"a bonus depreciation, which basically"},{"startTime":719.682,"endTime":721.077,"body":"means for certain types of property."},{"startTime":721.637,"endTime":723.317,"body":"You can place it in service in"},{"startTime":721.637,"endTime":723.317,"body":"your business and you get to"},{"startTime":723.317,"endTime":725.335,"body":"write it off a hundred percent,"},{"startTime":723.317,"endTime":725.335,"body":"the year you place it in service."},{"startTime":725.755,"endTime":727.525,"body":"So there's, there's limits,"},{"startTime":725.755,"endTime":727.525,"body":"depending on what type of property"},{"startTime":727.525,"endTime":729.415,"body":"is it usually qualifies for."},{"startTime":729.415,"endTime":733.342,"body":"Anything from, like vehicles to"},{"startTime":729.415,"endTime":733.342,"body":"tenant improvements in a building,"},{"startTime":733.642,"endTime":738.603,"body":"you know, cement, you know, pavement,"},{"startTime":733.642,"endTime":738.603,"body":"vehicles with some restrictions"},{"startTime":738.843,"endTime":740.163,"body":"as risk, some restrictions."},{"startTime":740.431,"endTime":744.592,"body":"and so this was phasing down since 2023."},{"startTime":744.592,"endTime":747.472,"body":"The, the, the amount of bonus depreciation"},{"startTime":744.592,"endTime":747.472,"body":"you could take was coming down."},{"startTime":747.515,"endTime":749.885,"body":"so they've reset that back to a"},{"startTime":747.515,"endTime":749.885,"body":"hundred percent and it's, it's"},{"startTime":749.885,"endTime":751.115,"body":"nice 'cause it's retroactive."},{"startTime":751.445,"endTime":755.075,"body":"So right now, as everybody's gonna start"},{"startTime":751.445,"endTime":755.075,"body":"filing their tax returns and start,"},{"startTime":755.075,"endTime":758.465,"body":"you know, getting their fixed assets"},{"startTime":755.075,"endTime":758.465,"body":"together for reporting for the 2025 tax"},{"startTime":758.465,"endTime":762.178,"body":"year, any property that was reinstated"},{"startTime":758.465,"endTime":762.178,"body":"or that was placed in service after,"},{"startTime":762.508,"endTime":766.498,"body":"I believe it's January 19th, 2025,"},{"startTime":762.508,"endTime":766.498,"body":"you get to now take a hundred percent"},{"startTime":766.498,"endTime":768.268,"body":"bonus depreciate depreciation on that."},{"startTime":768.542,"endTime":769.832,"body":"which is a big deal because."},{"startTime":770.262,"endTime":773.322,"body":"Being able to take the tax benefit"},{"startTime":770.262,"endTime":773.322,"body":"of something immediately, you know, a"},{"startTime":773.322,"endTime":775.692,"body":"hundred percent in the year that you,"},{"startTime":773.322,"endTime":775.692,"body":"you, you place in service, you know,"},{"startTime":775.902,"endTime":777.072,"body":"you used to have to spread it out."},{"startTime":777.077,"endTime":780.192,"body":"And, and so that would we call"},{"startTime":777.077,"endTime":780.192,"body":"that, um, income tax smoothing"},{"startTime":780.312,"endTime":781.152,"body":"or like income smoothing."},{"startTime":781.632,"endTime":785.172,"body":"So now the fact that you can take it all a"},{"startTime":781.632,"endTime":785.172,"body":"hundred percent, I mean, there's, there's,"},{"startTime":785.232,"endTime":787.152,"body":"there's basically tons of businesses."},{"startTime":787.182,"endTime":789.402,"body":"They might have, you know,"},{"startTime":787.182,"endTime":789.402,"body":"capital improvement, heavy"},{"startTime":789.402,"endTime":791.502,"body":"stuff, a lot of equipment."},{"startTime":791.532,"endTime":794.382,"body":"Um, for example, I have"},{"startTime":791.532,"endTime":794.382,"body":"a, a, a farmer client."},{"startTime":794.802,"endTime":798.462,"body":"I mean, he, he bought what I think"},{"startTime":794.802,"endTime":798.462,"body":"he bought 800 grand worth of tractors"},{"startTime":798.462,"endTime":800.592,"body":"and, and, and equipment in 2025."},{"startTime":801.402,"endTime":802.572,"body":"You know, we're gonna"},{"startTime":801.402,"endTime":802.572,"body":"to write all that off."},{"startTime":802.572,"endTime":804.732,"body":"I mean, this guy's not gonna"},{"startTime":802.572,"endTime":804.732,"body":"pay income tax, like at all."},{"startTime":804.732,"endTime":807.672,"body":"Like he's, you know, and"},{"startTime":804.732,"endTime":807.672,"body":"it's a huge deduction."},{"startTime":807.828,"endTime":810.348,"body":"so this is gonna be one of the most"},{"startTime":807.828,"endTime":810.348,"body":"significant provisions for pretty much"},{"startTime":810.348,"endTime":814.474,"body":"any bookkeeper and any tax professional"},{"startTime":810.348,"endTime":814.474,"body":"to keep in mind when, when preparing the"},{"startTime":814.474,"endTime":817.954,"body":"2025 tax return, you wanna make sure that"},{"startTime":814.474,"endTime":817.954,"body":"your fixed assets and stuff are recorded."},{"startTime":817.954,"endTime":819.004,"body":"It's capitalized properly."},{"startTime":819.004,"endTime":821.914,"body":"And, and to the extent possible,"},{"startTime":819.004,"endTime":821.914,"body":"make sure it's recorded properly"},{"startTime":822.154,"endTime":824.374,"body":"so that the tax preparer could"},{"startTime":822.154,"endTime":824.374,"body":"take advantage of it, right?"},{"startTime":824.374,"endTime":826.963,"body":"And, and use that bonus depreciation,"},{"startTime":824.374,"endTime":826.963,"body":"assuming it's qualified property."},{"startTime":826.993,"endTime":827.053,"body":"Yeah."},{"startTime":827.798,"endTime":828.008,"body":"Is"},{"startTime":828.103,"endTime":828.523,"body":"Um,"},{"startTime":828.878,"endTime":829.418,"body":"So"},{"startTime":829.633,"endTime":829.933,"body":"so"},{"startTime":830.738,"endTime":835.328,"body":"are they bringing back section,"},{"startTime":830.738,"endTime":835.328,"body":"did Section 1 79 go away"},{"startTime":835.328,"endTime":836.483,"body":"and can you talk to that?"},{"startTime":837.458,"endTime":838.693,"body":"The differences between the two."},{"startTime":839.263,"endTime":841.513,"body":"yeah, yeah, yeah."},{"startTime":841.513,"endTime":844.492,"body":"So, section 1 79 is still here,"},{"startTime":841.513,"endTime":844.492,"body":"which is, which is awesome."},{"startTime":844.563,"endTime":847.713,"body":"it's, uh, section 1 79 depreciation"},{"startTime":844.563,"endTime":847.713,"body":"or section 1 79 expense."},{"startTime":848.163,"endTime":852.003,"body":"The, the biggest difference between"},{"startTime":848.163,"endTime":852.003,"body":"1 68, there's two, there's two big"},{"startTime":852.003,"endTime":854.888,"body":"differences, two big differences,"},{"startTime":852.003,"endTime":854.888,"body":"between 1 68, the special depreciation,"},{"startTime":855.128,"endTime":856.598,"body":"special depreciation, and the 1 79."},{"startTime":857.228,"endTime":859.358,"body":"So the special depreciation is automatic."},{"startTime":859.568,"endTime":861.068,"body":"You have to elect out of it to not do it."},{"startTime":861.294,"endTime":866.819,"body":"1 79 you have to elect in to do"},{"startTime":861.294,"endTime":866.819,"body":"it, and you could do it on 1 79."},{"startTime":866.819,"endTime":868.799,"body":"You could do it on a per asset basis."},{"startTime":869.339,"endTime":873.419,"body":"1 68 K is for a whole class of"},{"startTime":869.339,"endTime":873.419,"body":"assets, you know, three year"},{"startTime":873.419,"endTime":876.029,"body":"property, five year property, seven"},{"startTime":873.419,"endTime":876.029,"body":"year property, that kind of thing."},{"startTime":876.473,"endTime":882.113,"body":"That opt in, opt out sort of difference"},{"startTime":876.473,"endTime":882.113,"body":"makes 1 79 sometimes makes sense more"},{"startTime":882.113,"endTime":884.183,"body":"than one 60 k. Sometimes it doesn't."},{"startTime":884.298,"endTime":884.628,"body":"It's like"},{"startTime":884.633,"endTime":886.643,"body":"So that's, that's one of"},{"startTime":884.633,"endTime":886.643,"body":"the big differences is"},{"startTime":886.908,"endTime":887.838,"body":"Like they"},{"startTime":887.873,"endTime":888.443,"body":"Yes,"},{"startTime":888.468,"endTime":888.738,"body":"this"},{"startTime":889.073,"endTime":889.643,"body":"that's correct."},{"startTime":890.148,"endTime":893.898,"body":"not very much income, but they were"},{"startTime":890.148,"endTime":893.898,"body":"investing heavily in equipment."},{"startTime":893.898,"endTime":899.718,"body":"They wanna save of that for future years,"},{"startTime":893.898,"endTime":899.718,"body":"so they're gonna maybe opt out of bonus"},{"startTime":899.718,"endTime":902.718,"body":"and just opt in on some of it for 1 79."},{"startTime":902.988,"endTime":903.228,"body":"Okay."},{"startTime":903.833,"endTime":904.283,"body":"That's correct."},{"startTime":904.763,"endTime":905.213,"body":"That's correct."},{"startTime":905.213,"endTime":905.663,"body":"That's correct."},{"startTime":905.801,"endTime":906.971,"body":"so that's, that's one big difference."},{"startTime":906.971,"endTime":910.811,"body":"The other big difference is,"},{"startTime":906.971,"endTime":910.811,"body":"uh, lost my train of thought."},{"startTime":910.811,"endTime":911.051,"body":"Sorry."},{"startTime":913.146,"endTime":913.556,"body":"I know, I know."},{"startTime":914.381,"endTime":914.621,"body":"Hold on."},{"startTime":914.621,"endTime":915.521,"body":"What was the other one"},{"startTime":914.621,"endTime":915.521,"body":"I was gonna talk about?"},{"startTime":915.521,"endTime":915.701,"body":"Yeah."},{"startTime":915.701,"endTime":919.481,"body":"1, 2, 9 most appreciation, bonus."},{"startTime":919.511,"endTime":919.691,"body":"Yeah."},{"startTime":919.721,"endTime":921.841,"body":"Class versus, oh, that's, that's right."},{"startTime":921.841,"endTime":922.741,"body":"That's what I was, okay, I got it."},{"startTime":922.771,"endTime":923.251,"body":"I got it back."},{"startTime":923.453,"endTime":928.853,"body":"so 1 79 can only be used up to the"},{"startTime":923.453,"endTime":928.853,"body":"extent that you have business income"},{"startTime":928.913,"endTime":930.143,"body":"or like business taxable income."},{"startTime":930.413,"endTime":932.273,"body":"So it can't be used to create losses."},{"startTime":933.038,"endTime":936.938,"body":"So if you have, you know, W2 wages"},{"startTime":933.038,"endTime":936.938,"body":"or rental income, other, other types"},{"startTime":936.938,"endTime":939.488,"body":"of income, and you have a business"},{"startTime":936.938,"endTime":939.488,"body":"that you wanna say, take a lot of"},{"startTime":940.118,"endTime":941.648,"body":"exp, want something non expense on,"},{"startTime":941.783,"endTime":942.203,"body":"Mm-hmm."},{"startTime":942.338,"endTime":943.118,"body":"get you to zero."},{"startTime":943.433,"endTime":946.684,"body":"It, it won't get you negative bonus"},{"startTime":943.433,"endTime":946.684,"body":"depreciation can get you negative."},{"startTime":946.856,"endTime":949.814,"body":"and so you can use that, like you said,"},{"startTime":946.856,"endTime":949.814,"body":"say it's a business that's investing"},{"startTime":949.814,"endTime":952.844,"body":"a lot in heavy capital equipment and"},{"startTime":949.814,"endTime":952.844,"body":"you're like, Hey, you know, I, I don't"},{"startTime":952.844,"endTime":954.014,"body":"wanna have any taxable income this year."},{"startTime":954.014,"endTime":956.444,"body":"In fact, I wanna have a loss"},{"startTime":954.014,"endTime":956.444,"body":"that I can use to offset all"},{"startTime":956.444,"endTime":957.794,"body":"this other stuff I got going on."},{"startTime":958.094,"endTime":960.704,"body":"You're gonna wanna prioritize"},{"startTime":958.094,"endTime":960.704,"body":"bonus depreciation once a night."},{"startTime":960.704,"endTime":961.214,"body":"You can't do that."},{"startTime":961.363,"endTime":963.79,"body":"it's limited to, to net taxable"},{"startTime":961.363,"endTime":963.79,"body":"income from a business of zero."},{"startTime":964.145,"endTime":967.058,"body":"that creates really strategic,"},{"startTime":964.145,"endTime":967.058,"body":"opportunities for tax savings,"},{"startTime":967.208,"endTime":968.678,"body":"particularly for people with rentals."},{"startTime":968.741,"endTime":971.951,"body":"I'm sure you've heard people who have"},{"startTime":968.741,"endTime":971.951,"body":"like short-term rentals, Airbnbs, you"},{"startTime":971.951,"endTime":973.181,"body":"know, they have commercial warehouses."},{"startTime":973.181,"endTime":976.151,"body":"They wanna get cost segregation"},{"startTime":973.181,"endTime":976.151,"body":"studies done, you know, all that."},{"startTime":976.151,"endTime":980.141,"body":"Bonus depreciation makes a lot of"},{"startTime":976.151,"endTime":980.141,"body":"that possible where 1 79 doesn't."},{"startTime":980.711,"endTime":982.481,"body":"You can't, you can't use those losses."},{"startTime":982.481,"endTime":983.939,"body":"You can't, aggregate those losses."},{"startTime":983.939,"endTime":985.259,"body":"You'd have to, you'd"},{"startTime":983.939,"endTime":985.259,"body":"have to spread it out."},{"startTime":985.259,"endTime":988.469,"body":"We're one in nine, or sorry, we"},{"startTime":985.259,"endTime":988.469,"body":"where the most depreciation wouldn't"},{"startTime":988.469,"endTime":990.269,"body":"be there now that it is here."},{"startTime":990.929,"endTime":992.219,"body":"Huge tax savings opportunity."},{"startTime":992.309,"endTime":992.909,"body":"I mean, massive."},{"startTime":994.439,"endTime":997.771,"body":"So for all your real estate folks out"},{"startTime":994.439,"endTime":997.771,"body":"there, I mean, if you have a CPA or"},{"startTime":997.801,"endTime":1000.201,"body":"somebody you're doing tax planning with"},{"startTime":997.801,"endTime":1000.201,"body":"and they haven't already discussed,"},{"startTime":1000.801,"endTime":1004.551,"body":"bonus appreciation, 1 68 K cost"},{"startTime":1000.801,"endTime":1004.551,"body":"segregation, sitting on new buildings"},{"startTime":1004.551,"endTime":1006.501,"body":"and stuff, you're already behind"},{"startTime":1006.826,"endTime":1007.276,"body":"Yeah."},{"startTime":1007.521,"endTime":1009.026,"body":"So please go to,"},{"startTime":1009.316,"endTime":1009.676,"body":"Yeah."},{"startTime":1009.948,"endTime":1010.488,"body":"All right."},{"startTime":1010.578,"endTime":1011.898,"body":"Thanks for walking us through that."},{"startTime":1012.198,"endTime":1015.078,"body":"It's all stuff that I learned"},{"startTime":1012.198,"endTime":1015.078,"body":"when I studied for the CPA and"},{"startTime":1015.078,"endTime":1016.818,"body":"now I'm like, relearn all this."},{"startTime":1018.983,"endTime":1020.123,"body":"that's right, that's right."},{"startTime":1020.35,"endTime":1023.385,"body":"I was gonna say, I mean, honestly,"},{"startTime":1020.35,"endTime":1023.385,"body":"besides, let's see, anything else, I"},{"startTime":1023.385,"endTime":1026.528,"body":"mean, there's qualified business income"},{"startTime":1023.385,"endTime":1026.528,"body":"deduction, which is section 180 9 capa."},{"startTime":1026.558,"endTime":1029.138,"body":"But I mean, bookkeepers, unless you're"},{"startTime":1026.558,"endTime":1029.138,"body":"preparing tax returns, you won't,"},{"startTime":1029.228,"endTime":1030.668,"body":"you won't really deal with that."},{"startTime":1030.769,"endTime":1031.339,"body":"Let's see."},{"startTime":1031.339,"endTime":1037.284,"body":"So my only other point of advice would"},{"startTime":1031.339,"endTime":1037.284,"body":"be you're gonna want to have assets"},{"startTime":1037.704,"endTime":1040.644,"body":"segregated on the balance sheet and"},{"startTime":1037.704,"endTime":1040.644,"body":"recorded properly to the extent that"},{"startTime":1040.644,"endTime":1043.399,"body":"you, you're giving the tax preparer,"},{"startTime":1040.644,"endTime":1043.399,"body":"the information he needs to be able"},{"startTime":1043.399,"endTime":1046.099,"body":"to kind of choose and prioritize,"},{"startTime":1043.399,"endTime":1046.099,"body":"okay, what's, what makes sense for 1"},{"startTime":1046.099,"endTime":1048.109,"body":"79 versus what makes sense for 1 68 K?"},{"startTime":1048.352,"endTime":1051.172,"body":"and I'm sure you see it all"},{"startTime":1048.352,"endTime":1051.172,"body":"the time, Serena like, folks"},{"startTime":1051.172,"endTime":1053.062,"body":"don't capitalize stuff properly."},{"startTime":1053.062,"endTime":1055.162,"body":"You know, or they, they, you"},{"startTime":1053.062,"endTime":1055.162,"body":"know, they don't record the full"},{"startTime":1055.162,"endTime":1056.512,"body":"asset price and stuff, you know."},{"startTime":1056.642,"endTime":1059.132,"body":"so I just, I always encourage bookkeepers,"},{"startTime":1056.642,"endTime":1059.132,"body":"make sure you're, you're, you're"},{"startTime":1059.132,"endTime":1061.952,"body":"getting sourced documents for purchases"},{"startTime":1059.132,"endTime":1061.952,"body":"of, of fixed assets and equipment."},{"startTime":1061.952,"endTime":1064.136,"body":"You're, you're capitalizing"},{"startTime":1061.952,"endTime":1064.136,"body":"stuff properly, even loan"},{"startTime":1064.136,"endTime":1066.836,"body":"origination fees, document fees,"},{"startTime":1064.136,"endTime":1066.836,"body":"title fees, government fees."},{"startTime":1066.836,"endTime":1068.966,"body":"Like you gotta, you gotta make sure you"},{"startTime":1066.836,"endTime":1068.966,"body":"capitalize all that properly and be able"},{"startTime":1068.966,"endTime":1070.406,"body":"to write that off through depreciation."},{"startTime":1070.406,"endTime":1071.066,"body":"So it's important."},{"startTime":1071.534,"endTime":1073.514,"body":"I mean, as far as the business tax"},{"startTime":1071.534,"endTime":1073.514,"body":"provisions, that's, that's kind of"},{"startTime":1073.514,"endTime":1075.614,"body":"some of the big stuff as part of"},{"startTime":1073.514,"endTime":1075.614,"body":"the one BBB, to be honest, there's"},{"startTime":1075.614,"endTime":1078.644,"body":"a lot of individual stuff in here"},{"startTime":1075.614,"endTime":1078.644,"body":"for the, for the business stuff."},{"startTime":1078.644,"endTime":1080.774,"body":"That's, that's some of the big,"},{"startTime":1078.644,"endTime":1080.774,"body":"the big points, the tenant and"},{"startTime":1080.774,"endTime":1084.524,"body":"I reporting the 1 79 expense,"},{"startTime":1080.774,"endTime":1084.524,"body":"the one 60 K bonus depreciation."},{"startTime":1084.787,"endTime":1087.298,"body":"so we can, we can jump into some"},{"startTime":1084.787,"endTime":1087.298,"body":"of the individual stuff I know you"},{"startTime":1087.322,"endTime":1090.084,"body":"mentioned, you had a lot of viewers from"},{"startTime":1087.322,"endTime":1090.084,"body":"the previous podcast, they had like,"},{"startTime":1090.084,"endTime":1092.724,"body":"additional questions they, they had or"},{"startTime":1090.084,"endTime":1092.724,"body":"wanted to bring up, that kind of thing."},{"startTime":1092.724,"endTime":1094.287,"body":"So, I'm curious, you know,"},{"startTime":1094.348,"endTime":1096.985,"body":"I don't remember any specific questions."},{"startTime":1096.985,"endTime":1099.775,"body":"I just remember there was a"},{"startTime":1096.985,"endTime":1099.775,"body":"lot of feedback of like, bring"},{"startTime":1099.775,"endTime":1100.945,"body":"him back on for part two."},{"startTime":1102.565,"endTime":1107.665,"body":"So pretty much like whatever, like"},{"startTime":1102.565,"endTime":1107.665,"body":"whatever you're seeing in your tax"},{"startTime":1107.665,"endTime":1111.993,"body":"practice, like common issues or things"},{"startTime":1107.665,"endTime":1111.993,"body":"that you've had to unravel, that's"},{"startTime":1111.993,"endTime":1116.313,"body":"always helpful, but especially if it's"},{"startTime":1111.993,"endTime":1116.313,"body":"related to bad bookkeeping, right?"},{"startTime":1116.313,"endTime":1116.853,"body":"Because our"},{"startTime":1116.993,"endTime":1117.143,"body":"Yeah,"},{"startTime":1117.363,"endTime":1122.763,"body":"is to help our bookkeepers be the"},{"startTime":1117.363,"endTime":1122.763,"body":"best so that they stand out and help"},{"startTime":1122.763,"endTime":1124.743,"body":"their clients as best as possible."},{"startTime":1125.073,"endTime":1128.973,"body":"And a lot of times people just make"},{"startTime":1125.073,"endTime":1128.973,"body":"mistakes 'cause they don't understand"},{"startTime":1129.303,"endTime":1134.103,"body":"like the ultimate impact if they're"},{"startTime":1129.303,"endTime":1134.103,"body":"not doing taxes, like we wouldn't have"},{"startTime":1134.153,"endTime":1134.363,"body":"yeah,"},{"startTime":1134.613,"endTime":1135.003,"body":"into that."},{"startTime":1135.003,"endTime":1137.853,"body":"And a lot of times tax payers"},{"startTime":1135.003,"endTime":1137.853,"body":"aren't sharing the feedback either."},{"startTime":1137.853,"endTime":1138.453,"body":"It's just."},{"startTime":1139.488,"endTime":1139.938,"body":"It gets"},{"startTime":1140.213,"endTime":1140.483,"body":"true,"},{"startTime":1140.748,"endTime":1141.468,"body":"the shuffle."},{"startTime":1141.468,"endTime":1144.588,"body":"So it's not that people are"},{"startTime":1141.468,"endTime":1144.588,"body":"purposely doing a bad job, but if"},{"startTime":1144.588,"endTime":1149.334,"body":"we can help y'all like, do a little"},{"startTime":1144.588,"endTime":1149.334,"body":"bit better and understand, the"},{"startTime":1149.334,"endTime":1152.304,"body":"impact of things, then, then yeah."},{"startTime":1152.363,"endTime":1156.831,"body":"but yeah, if you wanna go through"},{"startTime":1152.363,"endTime":1156.831,"body":"any, like, of the individual stuff, if"},{"startTime":1156.831,"endTime":1161.146,"body":"like, if it's kind of tied to how it"},{"startTime":1156.831,"endTime":1161.146,"body":"might affect, you know, an owner of a"},{"startTime":1161.146,"endTime":1163.246,"body":"business, that's a good thing to tackle."},{"startTime":1163.246,"endTime":1163.756,"body":"I think."},{"startTime":1164.176,"endTime":1168.611,"body":"Um, for example, if there's anything"},{"startTime":1164.176,"endTime":1168.611,"body":"related to like, I know we have the"},{"startTime":1168.611,"endTime":1172.571,"body":"health insurance deduction and things"},{"startTime":1168.611,"endTime":1172.571,"body":"like that as being self-employed."},{"startTime":1172.571,"endTime":1176.291,"body":"If there's anything along those types"},{"startTime":1172.571,"endTime":1176.291,"body":"of lines that are changing or have been"},{"startTime":1176.291,"endTime":1178.661,"body":"added investments, things like that."},{"startTime":1179.806,"endTime":1180.226,"body":"Mm-hmm."},{"startTime":1180.587,"endTime":1181.162,"body":"That's fair."},{"startTime":1181.192,"endTime":1182.974,"body":"And, and I, can't think of one provision."},{"startTime":1182.999,"endTime":1185.579,"body":"and this is gonna be particularly"},{"startTime":1182.999,"endTime":1185.579,"body":"important to any bookkeepers who"},{"startTime":1185.579,"endTime":1189.149,"body":"do, like service-based businesses"},{"startTime":1185.579,"endTime":1189.149,"body":"that have tips, tips and ities"},{"startTime":1189.149,"endTime":1190.319,"body":"service charges, that kind of thing."},{"startTime":1190.709,"endTime":1194.459,"body":"So you might've all heard, there's this,"},{"startTime":1190.709,"endTime":1194.459,"body":"there's this no tax on tips provision as"},{"startTime":1194.459,"endTime":1195.869,"body":"part of the one big beautiful bill act."},{"startTime":1196.041,"endTime":1198.591,"body":"so the, the prior, under the prior"},{"startTime":1196.041,"endTime":1198.591,"body":"rules, basically tips are fully"},{"startTime":1198.591,"endTime":1199.911,"body":"taxable as any other compensation."},{"startTime":1200.048,"endTime":1204.643,"body":"and an employer would get a fica"},{"startTime":1200.048,"endTime":1204.643,"body":"tax credit for the payroll taxes."},{"startTime":1204.643,"endTime":1206.046,"body":"They pay on, qualified tips."},{"startTime":1206.196,"endTime":1209.226,"body":"So they're, if they employees receive"},{"startTime":1206.196,"endTime":1209.226,"body":"tips, you know, there's, there's a Social"},{"startTime":1209.226,"endTime":1210.516,"body":"security and Medicare burden on that."},{"startTime":1211.071,"endTime":1213.801,"body":"Employers will be able to receive a, a"},{"startTime":1211.071,"endTime":1213.801,"body":"tax credit for, for some of that portion."},{"startTime":1214.581,"endTime":1218.235,"body":"So, so now, it's not that"},{"startTime":1214.581,"endTime":1218.235,"body":"tips are, totally exempt from"},{"startTime":1218.235,"endTime":1220.425,"body":"income tax and, and, and tax."},{"startTime":1220.605,"endTime":1226.178,"body":"There's just kind of a, a deductions"},{"startTime":1220.605,"endTime":1226.178,"body":"allowed for, income tax for qualified"},{"startTime":1226.178,"endTime":1229.073,"body":"tips, up to $25,000, per person."},{"startTime":1229.178,"endTime":1233.168,"body":"unless you're, uh, is it, oh, no,"},{"startTime":1229.178,"endTime":1233.168,"body":"I think that even counts if you're"},{"startTime":1233.168,"endTime":1234.038,"body":"married filing separate as well."},{"startTime":1234.038,"endTime":1234.188,"body":"Yeah."},{"startTime":1234.188,"endTime":1236.528,"body":"So I think it's just 25,000, either"},{"startTime":1234.188,"endTime":1236.528,"body":"if you're married filing joint"},{"startTime":1236.558,"endTime":1237.818,"body":"or, or married filing separate."},{"startTime":1237.818,"endTime":1241.298,"body":"It's just like a, a blanket"},{"startTime":1237.818,"endTime":1241.298,"body":"$25,000, uh, amount."},{"startTime":1241.508,"endTime":1243.188,"body":"You get to basically back"},{"startTime":1241.508,"endTime":1243.188,"body":"that out of your, of what you"},{"startTime":1243.188,"endTime":1244.088,"body":"would have for income tax."},{"startTime":1244.118,"endTime":1247.406,"body":"So, as an example, if you have, say,"},{"startTime":1244.118,"endTime":1247.406,"body":"you know, like you're the world's"},{"startTime":1247.406,"endTime":1251.456,"body":"most best paid waitress, you know,"},{"startTime":1247.406,"endTime":1251.456,"body":"you have a taxable income of 125,000."},{"startTime":1251.936,"endTime":1252.236,"body":"Okay?"},{"startTime":1252.418,"endTime":1254.278,"body":"and 25,000 of that is tips."},{"startTime":1255.298,"endTime":1257.218,"body":"It's actually gonna decrease your taxable"},{"startTime":1255.298,"endTime":1257.218,"body":"income down to a hundred thousand."},{"startTime":1257.743,"endTime":1259.273,"body":"For, for income tax purposes."},{"startTime":1259.303,"endTime":1262.243,"body":"So that's, I mean, for some"},{"startTime":1259.303,"endTime":1262.243,"body":"folks that's, that's quite a bit."},{"startTime":1262.243,"endTime":1264.223,"body":"'cause I, I know a lot of folks, they"},{"startTime":1262.243,"endTime":1264.223,"body":"have a lot of professions where it's like"},{"startTime":1264.223,"endTime":1265.633,"body":"that's tips is like half their income."},{"startTime":1265.693,"endTime":1266.173,"body":"That's like,"},{"startTime":1266.303,"endTime":1267.083,"body":"Or more."},{"startTime":1267.083,"endTime":1267.473,"body":"I mean,"},{"startTime":1267.523,"endTime":1268.243,"body":"you know, it's huge."},{"startTime":1268.883,"endTime":1274.253,"body":"ages since I waited tables, but"},{"startTime":1268.883,"endTime":1274.253,"body":"our wage back then was $3 an hour"},{"startTime":1274.373,"endTime":1276.173,"body":"and then everything else was tips."},{"startTime":1276.173,"endTime":1279.503,"body":"And I was probably making at"},{"startTime":1276.173,"endTime":1279.503,"body":"least $20 an hour overall."},{"startTime":1279.503,"endTime":1280.223,"body":"You know what I mean?"},{"startTime":1280.223,"endTime":1284.993,"body":"So it's like, like I don't, honestly,"},{"startTime":1280.223,"endTime":1284.993,"body":"I don't remember, but it was a lot."},{"startTime":1284.993,"endTime":1286.943,"body":"The difference is a"},{"startTime":1284.993,"endTime":1286.943,"body":"lot, like tips are a big"},{"startTime":1287.048,"endTime":1287.338,"body":"Yeah."},{"startTime":1287.693,"endTime":1289.703,"body":"of, um, of the income."},{"startTime":1289.703,"endTime":1291.983,"body":"So that's a big deal for sure."},{"startTime":1293.128,"endTime":1296.04,"body":"So, so I would encourage, I would"},{"startTime":1293.128,"endTime":1296.04,"body":"encourage all bookkeepers, you know,"},{"startTime":1296.04,"endTime":1299.31,"body":"when, when they're doing the, you know,"},{"startTime":1296.04,"endTime":1299.31,"body":"the books and reconciling payroll and"},{"startTime":1299.31,"endTime":1301.869,"body":"doing all that, you're gonna wanna"},{"startTime":1299.31,"endTime":1301.869,"body":"keep track of, in the financials for"},{"startTime":1301.869,"endTime":1305.41,"body":"what's, tips, what's being retained by"},{"startTime":1301.869,"endTime":1305.41,"body":"the owner and what's being paid out to"},{"startTime":1305.41,"endTime":1308.86,"body":"the employees, because that's, that's"},{"startTime":1305.41,"endTime":1308.86,"body":"gonna have like actual taxable impact"},{"startTime":1308.98,"endTime":1310.938,"body":"on, potentially the owner's tax return."},{"startTime":1311.088,"endTime":1313.038,"body":"But, but especially, you know,"},{"startTime":1311.088,"endTime":1313.038,"body":"you wanna make your payrolls being"},{"startTime":1313.038,"endTime":1315.138,"body":"reported properly and and qualified"},{"startTime":1313.038,"endTime":1315.138,"body":"since you're getting in there."},{"startTime":1315.24,"endTime":1319.438,"body":"they have to be reported on a a W2"},{"startTime":1315.24,"endTime":1319.438,"body":"in order to, to get that deduction,"},{"startTime":1319.975,"endTime":1323.425,"body":"or, or possibly a 10 99, like a ten"},{"startTime":1319.975,"endTime":1323.425,"body":"nine K or 10 90 c, that kind of thing."},{"startTime":1323.538,"endTime":1326.388,"body":"it's gotta be, you know, please"},{"startTime":1323.538,"endTime":1326.388,"body":"make sure, report all that."},{"startTime":1326.503,"endTime":1327.013,"body":"know, we"},{"startTime":1327.078,"endTime":1327.408,"body":"Yeah."},{"startTime":1327.583,"endTime":1328.663,"body":"restaurants work."},{"startTime":1330.193,"endTime":1331.388,"body":"I remember when I."},{"startTime":1331.783,"endTime":1334.638,"body":"do, yeah, I've."},{"startTime":1335.413,"endTime":1335.863,"body":"exactly."},{"startTime":1335.863,"endTime":1338.683,"body":"Like I, when I, I worked at an"},{"startTime":1335.863,"endTime":1338.683,"body":"Italian restaurant too, and it was"},{"startTime":1338.683,"endTime":1343.393,"body":"like the only, they didn't report our"},{"startTime":1338.683,"endTime":1343.393,"body":"tips if as long as they were cash."},{"startTime":1343.393,"endTime":1345.463,"body":"We only reported credit card tips."},{"startTime":1345.763,"endTime":1347.413,"body":"So it's like if, if"},{"startTime":1347.523,"endTime":1347.813,"body":"Yeah."},{"startTime":1347.893,"endTime":1352.603,"body":"reporting, but the employee doesn't"},{"startTime":1347.893,"endTime":1352.603,"body":"know that and then they try to go"},{"startTime":1352.613,"endTime":1352.833,"body":"Yep."},{"startTime":1353.113,"endTime":1355.633,"body":"the deduction because they've"},{"startTime":1353.113,"endTime":1355.633,"body":"kept good records of their"},{"startTime":1355.713,"endTime":1356.003,"body":"Yeah."},{"startTime":1356.743,"endTime":1358.693,"body":"there's gonna be some issues."},{"startTime":1360.978,"endTime":1361.128,"body":"Good."},{"startTime":1362.058,"endTime":1365.056,"body":"So, I, I always encourage, I even"},{"startTime":1362.058,"endTime":1365.056,"body":"have a, my Italian restaurant client,"},{"startTime":1365.056,"endTime":1368.512,"body":"we're moving, the payroll and the"},{"startTime":1365.056,"endTime":1368.512,"body":"POS reporting to Square and Square."},{"startTime":1368.512,"endTime":1370.222,"body":"What's nice about it"},{"startTime":1368.512,"endTime":1370.222,"body":"is it tracks all that."},{"startTime":1370.282,"endTime":1373.132,"body":"So it, it's so easy, whether"},{"startTime":1370.282,"endTime":1373.132,"body":"it's a cash tip, whether it's"},{"startTime":1373.132,"endTime":1373.942,"body":"a credit card tip, right?"},{"startTime":1373.942,"endTime":1376.162,"body":"Square's just doing, it's on market,"},{"startTime":1373.942,"endTime":1376.162,"body":"selling all the reports with Square"},{"startTime":1376.162,"endTime":1378.982,"body":"every month, all that everything's being"},{"startTime":1376.162,"endTime":1378.982,"body":"paid out to the employees properly."},{"startTime":1378.982,"endTime":1382.252,"body":"It's going through payroll, you know,"},{"startTime":1378.982,"endTime":1382.252,"body":"payroll, tax expenses being paid, and so."},{"startTime":1382.957,"endTime":1383.977,"body":"We, we feel very confident."},{"startTime":1383.977,"endTime":1385.987,"body":"She was asking me, she's like, do"},{"startTime":1383.977,"endTime":1385.987,"body":"I have to do anything different?"},{"startTime":1385.987,"endTime":1386.707,"body":"I'm like, no, no, no, no."},{"startTime":1386.707,"endTime":1387.307,"body":"It's cool."},{"startTime":1387.337,"endTime":1389.347,"body":"Square Square is handling all that."},{"startTime":1389.347,"endTime":1390.367,"body":"You know, they're gonna be taken care of."},{"startTime":1390.367,"endTime":1390.997,"body":"Don't, don't worry."},{"startTime":1390.997,"endTime":1393.367,"body":"They can, it's their tax"},{"startTime":1390.997,"endTime":1393.367,"body":"situation, but we're giving them"},{"startTime":1393.367,"endTime":1394.387,"body":"the information that they need."},{"startTime":1394.597,"endTime":1396.637,"body":"You know, they're gonna have what"},{"startTime":1394.597,"endTime":1396.637,"body":"they need to get this deduction."},{"startTime":1396.997,"endTime":1397.807,"body":"Don't worry about it."},{"startTime":1397.883,"endTime":1401.033,"body":"so please all bookkeepers, you know, just,"},{"startTime":1397.883,"endTime":1401.033,"body":"just make sure to keep on top of that."},{"startTime":1401.07,"endTime":1401.52,"body":"I get it."},{"startTime":1401.52,"endTime":1403.83,"body":"Sometimes the clients don't"},{"startTime":1401.52,"endTime":1403.83,"body":"know, and that's why, that's why"},{"startTime":1403.83,"endTime":1406.05,"body":"they have us as professionals"},{"startTime":1403.83,"endTime":1406.05,"body":"to, to help 'em out and, and,"},{"startTime":1406.06,"endTime":1408.85,"body":"employees by like, oh, I'm not"},{"startTime":1406.06,"endTime":1408.85,"body":"gonna report any of the cash"},{"startTime":1408.85,"endTime":1410.56,"body":"tips, because it's not trackable."},{"startTime":1410.56,"endTime":1411.49,"body":"But if they are"},{"startTime":1411.69,"endTime":1411.84,"body":"yeah."},{"startTime":1411.97,"endTime":1416.32,"body":"it with their system, but not, you"},{"startTime":1411.97,"endTime":1416.32,"body":"know, like it's, they shoot them,"},{"startTime":1416.46,"endTime":1416.61,"body":"Yeah."},{"startTime":1416.64,"endTime":1417.06,"body":"Exactly."},{"startTime":1417.07,"endTime":1419.92,"body":"and their employees in the foot and they"},{"startTime":1417.07,"endTime":1419.92,"body":"think they're doing something good, but"},{"startTime":1419.985,"endTime":1420.405,"body":"That's,"},{"startTime":1420.55,"endTime":1420.91,"body":"badly."},{"startTime":1420.91,"endTime":1421.18,"body":"So it's"},{"startTime":1421.245,"endTime":1421.665,"body":"that's,"},{"startTime":1421.69,"endTime":1425.05,"body":"just advise your clients and"},{"startTime":1421.69,"endTime":1425.05,"body":"hope they do the right thing."},{"startTime":1425.05,"endTime":1427.0,"body":"And if they don't, you have"},{"startTime":1425.05,"endTime":1427.0,"body":"to make a decision on whether"},{"startTime":1427.045,"endTime":1427.465,"body":"that's,"},{"startTime":1427.57,"endTime":1427.75,"body":"them."},{"startTime":1429.64,"endTime":1430.15,"body":"So,"},{"startTime":1430.2,"endTime":1430.53,"body":"correct."},{"startTime":1431.02,"endTime":1431.35,"body":"okay."},{"startTime":1431.35,"endTime":1432.28,"body":"One other note"},{"startTime":1432.345,"endTime":1432.845,"body":"That's correct."},{"startTime":1432.94,"endTime":1436.54,"body":"realized I had too that might be"},{"startTime":1432.94,"endTime":1436.54,"body":"related to business, 'cause I wrote"},{"startTime":1436.54,"endTime":1440.41,"body":"it down as a note for myself that"},{"startTime":1436.54,"endTime":1440.41,"body":"I heard somewhere for my own taxes."},{"startTime":1440.53,"endTime":1444.07,"body":"But tell me, talk to me"},{"startTime":1440.53,"endTime":1444.07,"body":"about a paid leave deduction."},{"startTime":1446.35,"endTime":1448.3,"body":"Do you remember hearing about any of that?"},{"startTime":1448.3,"endTime":1448.48,"body":"I"},{"startTime":1448.615,"endTime":1448.835,"body":"So,"},{"startTime":1449.02,"endTime":1452.32,"body":"you're to take some sort"},{"startTime":1449.02,"endTime":1452.32,"body":"of paid leave deduction."},{"startTime":1452.32,"endTime":1456.94,"body":"If you pay your employees paid"},{"startTime":1452.32,"endTime":1456.94,"body":"leave, you get some additional,"},{"startTime":1457.63,"endTime":1458.47,"body":"can't remember what it was."},{"startTime":1458.47,"endTime":1459.64,"body":"Was it like 2,500?"},{"startTime":1460.83,"endTime":1466.29,"body":"yeah, so, so if I recall there is,"},{"startTime":1460.83,"endTime":1466.29,"body":"um, there's like a paid sick leave."},{"startTime":1466.408,"endTime":1467.818,"body":"I believe it's a tax credit."},{"startTime":1467.818,"endTime":1469.228,"body":"It's like if, if you."},{"startTime":1470.248,"endTime":1472.288,"body":"'cause 'cause a lot, like for"},{"startTime":1470.248,"endTime":1472.288,"body":"example, here in California,"},{"startTime":1472.318,"endTime":1476.818,"body":"there's like, a mandatory like"},{"startTime":1472.318,"endTime":1476.818,"body":"sick leave, you know, provision."},{"startTime":1476.818,"endTime":1478.498,"body":"You have to give a certain"},{"startTime":1476.818,"endTime":1478.498,"body":"amount of sick leave depending"},{"startTime":1478.498,"endTime":1480.178,"body":"on how much the employee accrues."},{"startTime":1480.286,"endTime":1482.866,"body":"there's like, there's like another"},{"startTime":1480.286,"endTime":1482.866,"body":"provision for, I think it's like paid"},{"startTime":1482.926,"endTime":1486.166,"body":"sick and family leave to either take care"},{"startTime":1482.926,"endTime":1486.166,"body":"of a family member, that kind of thing."},{"startTime":1486.166,"endTime":1488.956,"body":"Sometimes they can, the employee can"},{"startTime":1486.166,"endTime":1488.956,"body":"go on, um, short-term disability."},{"startTime":1489.376,"endTime":1492.286,"body":"So there's a credit that if the"},{"startTime":1489.376,"endTime":1492.286,"body":"employer is like, okay look, I'm gonna"},{"startTime":1492.286,"endTime":1494.386,"body":"let this person take some time off."},{"startTime":1494.386,"endTime":1495.286,"body":"I'm just gonna pay their salary."},{"startTime":1495.736,"endTime":1497.116,"body":"I'm just, they're just"},{"startTime":1495.736,"endTime":1497.116,"body":"not gonna be working."},{"startTime":1497.116,"endTime":1497.776,"body":"But I'll pay 'em."},{"startTime":1498.046,"endTime":1502.516,"body":"I believe there is a paid sick leave and"},{"startTime":1498.046,"endTime":1502.516,"body":"family credit that you get to claim, I"},{"startTime":1502.516,"endTime":1506.146,"body":"believe, at the federal and the state"},{"startTime":1502.516,"endTime":1506.146,"body":"level for offering, for offering that."},{"startTime":1506.536,"endTime":1508.606,"body":"The only other alternative is"},{"startTime":1506.536,"endTime":1508.606,"body":"like, oh, they'd have to go claim"},{"startTime":1508.606,"endTime":1511.186,"body":"short-term disability from the state"},{"startTime":1508.606,"endTime":1511.186,"body":"and be outta work for six weeks."},{"startTime":1511.186,"endTime":1512.956,"body":"And even then it's not even"},{"startTime":1511.186,"endTime":1512.956,"body":"a hundred percent a salary."},{"startTime":1512.956,"endTime":1515.626,"body":"I believe it's 65% salary."},{"startTime":1516.406,"endTime":1518.446,"body":"So something, something"},{"startTime":1516.406,"endTime":1518.446,"body":"like that, if I recall,"},{"startTime":1518.636,"endTime":1519.716,"body":"a note for myself"},{"startTime":1519.761,"endTime":1519.952,"body":"to"},{"startTime":1520.556,"endTime":1525.776,"body":"my tax repairer, 'cause I do offer paid"},{"startTime":1520.556,"endTime":1525.776,"body":"leave, but it depends on, like, I guess it"},{"startTime":1525.776,"endTime":1527.516,"body":"sounds like it depends on the situation."},{"startTime":1527.516,"endTime":1530.892,"body":"Like it's only applicable,"},{"startTime":1527.516,"endTime":1530.892,"body":"not just for regular PTO."},{"startTime":1531.225,"endTime":1533.325,"body":"Yeah, I don't, I don't"},{"startTime":1531.225,"endTime":1533.325,"body":"believe it's regular PTO."},{"startTime":1533.325,"endTime":1537.495,"body":"It has to be, I believe some, some"},{"startTime":1533.325,"endTime":1537.495,"body":"sick or, um, either the person is,"},{"startTime":1537.495,"endTime":1540.075,"body":"is ill or a family member is ill"},{"startTime":1537.495,"endTime":1540.075,"body":"for the care of a family member."},{"startTime":1540.075,"endTime":1542.115,"body":"Yeah, it's like a family leave,"},{"startTime":1540.075,"endTime":1542.115,"body":"family medical leave thing."},{"startTime":1542.298,"endTime":1545.838,"body":"and to be fair, I mean, it's a nice"},{"startTime":1542.298,"endTime":1545.838,"body":"benefit as well, you know, be able to give"},{"startTime":1545.838,"endTime":1548.338,"body":"your, give your folks, say paid family"},{"startTime":1545.838,"endTime":1548.338,"body":"leave, somebody comes up, whatever, and"},{"startTime":1548.338,"endTime":1552.118,"body":"you're like, look, take the time off,"},{"startTime":1548.338,"endTime":1552.118,"body":"you know, pay your, I'll pay your salary."},{"startTime":1552.118,"endTime":1553.408,"body":"Just, just come back when you can."},{"startTime":1553.768,"endTime":1556.768,"body":"It's nice to give the employer a, you"},{"startTime":1553.768,"endTime":1556.768,"body":"know, a little bit of a tax break on"},{"startTime":1556.768,"endTime":1558.738,"body":"that because it is, it is sort of a, a, a"},{"startTime":1558.846,"endTime":1561.306,"body":"it's almost like a double dip"},{"startTime":1558.846,"endTime":1561.306,"body":"that they get to take because you"},{"startTime":1561.306,"endTime":1565.416,"body":"are getting a tax deduction in"},{"startTime":1561.306,"endTime":1565.416,"body":"general for just paying wages."},{"startTime":1565.776,"endTime":1567.246,"body":"But to get an additional"},{"startTime":1567.686,"endTime":1567.836,"body":"That's"},{"startTime":1568.206,"endTime":1570.726,"body":"oh, you went, you were a nice employer."},{"startTime":1571.536,"endTime":1572.676,"body":"a little pat on the back."},{"startTime":1572.876,"endTime":1573.236,"body":"That's right."},{"startTime":1573.236,"endTime":1573.536,"body":"That's right."},{"startTime":1573.536,"endTime":1573.926,"body":"That's great."},{"startTime":1574.781,"endTime":1575.231,"body":"That's great."},{"startTime":1575.231,"endTime":1575.651,"body":"That's great."},{"startTime":1575.651,"endTime":1578.482,"body":"And, and, and I'm, you know, the"},{"startTime":1575.651,"endTime":1578.482,"body":"governments do that, a lot of times"},{"startTime":1578.482,"endTime":1581.662,"body":"because they're like, look, it's either"},{"startTime":1578.482,"endTime":1581.662,"body":"the employer's paying the wage or"},{"startTime":1581.662,"endTime":1584.632,"body":"honestly, you know, state disability"},{"startTime":1581.662,"endTime":1584.632,"body":"has to, has to be the tab, you know,"},{"startTime":1584.632,"endTime":1586.552,"body":"someone, someone's gotta do it, you know?"},{"startTime":1586.805,"endTime":1587.705,"body":"so that's, that's a good point."},{"startTime":1587.836,"endTime":1590.716,"body":"I was gonna say too, it's not part"},{"startTime":1587.836,"endTime":1590.716,"body":"of the one BBB, although there is,"},{"startTime":1590.747,"endTime":1594.195,"body":"an employer pension startup tax"},{"startTime":1590.747,"endTime":1594.195,"body":"credit that I am actually using"},{"startTime":1594.195,"endTime":1595.455,"body":"for quite a few of my clients."},{"startTime":1595.55,"endTime":1596.03,"body":"Yeah."},{"startTime":1596.185,"endTime":1597.375,"body":"Let's, let's hear about it."},{"startTime":1598.282,"endTime":1601.038,"body":"Yeah, so there's, there's a tax"},{"startTime":1598.282,"endTime":1601.038,"body":"credit, it's called the Employer"},{"startTime":1601.038,"endTime":1603.078,"body":"Pension Plan, startup Tax Credit."},{"startTime":1603.378,"endTime":1606.888,"body":"And what it's meant to do is it's meant"},{"startTime":1603.378,"endTime":1606.888,"body":"to incentivize employers to start up,"},{"startTime":1607.008,"endTime":1610.993,"body":"you know, 4 0 1 Ks and, and tax savings"},{"startTime":1607.008,"endTime":1610.993,"body":"plans for their, for their employees."},{"startTime":1611.132,"endTime":1612.242,"body":"so you get to."},{"startTime":1612.431,"endTime":1615.906,"body":"as part of the, uh, as part of the"},{"startTime":1612.431,"endTime":1615.906,"body":"credit you get to, to, get a tax credit"},{"startTime":1615.906,"endTime":1617.466,"body":"for all the startup costs of the plan."},{"startTime":1617.536,"endTime":1619.871,"body":"so like if you have to, you know, go"},{"startTime":1617.536,"endTime":1619.871,"body":"to Fidelity and have them set up a"},{"startTime":1619.871,"endTime":1623.081,"body":"plan, there's like administration fees,"},{"startTime":1619.871,"endTime":1623.081,"body":"there's a custodian fee sometimes."},{"startTime":1623.291,"endTime":1625.061,"body":"So you get to, you get to get"},{"startTime":1623.291,"endTime":1625.061,"body":"a tax credit for all that."},{"startTime":1625.129,"endTime":1628.219,"body":"like I have one client we're getting it"},{"startTime":1625.129,"endTime":1628.219,"body":"for, it's like 1500 bucks, you know, to,"},{"startTime":1628.249,"endTime":1632.374,"body":"to establish a, they establish a simple"},{"startTime":1628.249,"endTime":1632.374,"body":"IRA for their employees, starting in 25."},{"startTime":1632.374,"endTime":1633.664,"body":"So we're gonna get her that tax credit."},{"startTime":1634.054,"endTime":1637.294,"body":"And then what's really nice is depending"},{"startTime":1634.054,"endTime":1637.294,"body":"on the number of employees you have and"},{"startTime":1637.294,"endTime":1640.249,"body":"their compensation, you actually get a"},{"startTime":1637.294,"endTime":1640.249,"body":"tax credit for the amount of employer"},{"startTime":1640.249,"endTime":1641.869,"body":"contributions you put into their plans."},{"startTime":1642.514,"endTime":1645.664,"body":"So not, not the employee deferral,"},{"startTime":1642.514,"endTime":1645.664,"body":"employer contributions, I think it's"},{"startTime":1645.664,"endTime":1647.464,"body":"up to a thousand dollars per employee."},{"startTime":1648.304,"endTime":1651.754,"body":"So like my one client, she was telling"},{"startTime":1648.304,"endTime":1651.754,"body":"me like, oh yeah, you know, we, we,"},{"startTime":1651.814,"endTime":1653.434,"body":"we do matching and we do all that."},{"startTime":1653.434,"endTime":1655.474,"body":"And she's like, I think we"},{"startTime":1653.434,"endTime":1655.474,"body":"have like non-employees."},{"startTime":1655.774,"endTime":1657.904,"body":"And I asked, is it, is it more than"},{"startTime":1655.774,"endTime":1657.904,"body":"a thousand dollars per employee?"},{"startTime":1657.904,"endTime":1659.584,"body":"And she's like, oh yeah,"},{"startTime":1657.904,"endTime":1659.584,"body":"you know, for sure."},{"startTime":1659.674,"endTime":1659.914,"body":"Yeah."},{"startTime":1659.914,"endTime":1661.744,"body":"Our, our contributions are"},{"startTime":1659.914,"endTime":1661.744,"body":"pretty, pretty good match."},{"startTime":1661.744,"endTime":1664.234,"body":"And I was just like, well, we get"},{"startTime":1661.744,"endTime":1664.234,"body":"to get a tax credit for you now."},{"startTime":1664.234,"endTime":1666.497,"body":"You know, I think the total tax"},{"startTime":1664.234,"endTime":1666.497,"body":"credit's gonna be like, I think"},{"startTime":1666.497,"endTime":1668.507,"body":"it's like 12 or 15 grand for her."},{"startTime":1669.137,"endTime":1672.767,"body":"And, you know, just, just a high level"},{"startTime":1669.137,"endTime":1672.767,"body":"speaking out, you know, speaking out"},{"startTime":1672.767,"endTime":1674.627,"body":"there to all the bookkeepers and tax"},{"startTime":1672.767,"endTime":1674.627,"body":"payers, you know, tax credit is much"},{"startTime":1674.627,"endTime":1676.517,"body":"more viable than a tax deduction."},{"startTime":1677.027,"endTime":1679.547,"body":"You know, tax credit is a dollar for"},{"startTime":1677.027,"endTime":1679.547,"body":"dollar reduction in your tax liability."},{"startTime":1679.907,"endTime":1682.527,"body":"So you wanna prioritize credits"},{"startTime":1679.907,"endTime":1682.527,"body":"where you can, um, whenever you can."},{"startTime":1683.642,"endTime":1687.122,"body":"So I, I would say, I mean, you know,"},{"startTime":1683.642,"endTime":1687.122,"body":"for tracking purposes, definitely"},{"startTime":1687.122,"endTime":1689.912,"body":"bookkeepers keep, keep an eye on"},{"startTime":1687.122,"endTime":1689.912,"body":"that, the employer contributions,"},{"startTime":1689.912,"endTime":1691.262,"body":"employer matches, that kind of thing."},{"startTime":1691.316,"endTime":1695.126,"body":"I am hoping the tax preparers know about"},{"startTime":1691.316,"endTime":1695.126,"body":"this credit and are willing to take it"},{"startTime":1695.126,"endTime":1696.536,"body":"or having these conversations about it."},{"startTime":1696.665,"endTime":1697.085,"body":"Yeah."},{"startTime":1697.105,"endTime":1699.565,"body":"they should, they should be talking"},{"startTime":1697.105,"endTime":1699.565,"body":"to their clients about this."},{"startTime":1699.631,"endTime":1702.811,"body":"in fact, California has a"},{"startTime":1699.631,"endTime":1702.811,"body":"requirement by it actually already."},{"startTime":1702.871,"endTime":1705.061,"body":"The deadline passed by 1231 of 2025."},{"startTime":1705.301,"endTime":1707.551,"body":"You have to offer a retirement"},{"startTime":1705.301,"endTime":1707.551,"body":"plan to your employees."},{"startTime":1707.551,"endTime":1708.211,"body":"It's not even optional"},{"startTime":1708.454,"endTime":1709.744,"body":"I think Oregon does too."},{"startTime":1709.942,"endTime":1710.812,"body":"oh, okay, okay."},{"startTime":1711.532,"endTime":1714.577,"body":"So it's like this, this pension,"},{"startTime":1711.532,"endTime":1714.577,"body":"you know, startup tax credit."},{"startTime":1714.577,"endTime":1716.302,"body":"It's like, dude, if you're gonna"},{"startTime":1714.577,"endTime":1716.302,"body":"have to do this anyways, it's"},{"startTime":1716.302,"endTime":1717.472,"body":"part of the law, be compliant."},{"startTime":1717.472,"endTime":1718.942,"body":"You might as well get a tax credit for it."},{"startTime":1718.942,"endTime":1719.332,"body":"So,"},{"startTime":1719.668,"endTime":1720.058,"body":"yeah."},{"startTime":1720.058,"endTime":1720.748,"body":"Absolutely."},{"startTime":1720.748,"endTime":1724.108,"body":"And that's just like one little"},{"startTime":1720.748,"endTime":1724.108,"body":"note that I've discussed here on the"},{"startTime":1724.108,"endTime":1726.033,"body":"podcast before and within my community."},{"startTime":1726.853,"endTime":1730.483,"body":"One of the things that we do for"},{"startTime":1726.853,"endTime":1730.483,"body":"our clients at year end is we create"},{"startTime":1730.483,"endTime":1735.716,"body":"a tax package, quote unquote, they"},{"startTime":1730.483,"endTime":1735.716,"body":"can literally just give the, like"},{"startTime":1735.716,"endTime":1739.586,"body":"the workbook, it's an Excel workbook"},{"startTime":1735.716,"endTime":1739.586,"body":"to their tax preparer with all the"},{"startTime":1739.586,"endTime":1743.306,"body":"detail of the accounts that we know"},{"startTime":1739.586,"endTime":1743.306,"body":"they're gonna need to like, fix assets."},{"startTime":1743.306,"endTime":1748.465,"body":"We list out and, charitable contributions"},{"startTime":1743.306,"endTime":1748.465,"body":"and all of the accounts where we know"},{"startTime":1748.465,"endTime":1752.544,"body":"they're gonna wanna be able to see"},{"startTime":1748.465,"endTime":1752.544,"body":"the detail of and Within that, we have"},{"startTime":1752.544,"endTime":1755.994,"body":"like a cover sheet of like, here's"},{"startTime":1752.544,"endTime":1755.994,"body":"what we're addressing in this workbook."},{"startTime":1755.994,"endTime":1759.504,"body":"One of the ones that you"},{"startTime":1755.994,"endTime":1759.504,"body":"should add for this year is the"},{"startTime":1759.504,"endTime":1761.184,"body":"employer pension credit, right?"},{"startTime":1761.184,"endTime":1765.264,"body":"So pull all the detail of all those"},{"startTime":1761.184,"endTime":1765.264,"body":"employer matches, add that as a"},{"startTime":1765.264,"endTime":1769.404,"body":"tab in the workbook, put it on the"},{"startTime":1765.264,"endTime":1769.404,"body":"cover sheet that like, make sure you"},{"startTime":1769.404,"endTime":1770.874,"body":"discuss this with your tax preparer."},{"startTime":1770.874,"endTime":1773.334,"body":"The, the credit that you have"},{"startTime":1770.874,"endTime":1773.334,"body":"available, that you might have available"},{"startTime":1773.334,"endTime":1775.443,"body":"if you created the plan in 2025."},{"startTime":1775.443,"endTime":1777.933,"body":"Or also have a match, right?"},{"startTime":1778.713,"endTime":1779.043,"body":"one."},{"startTime":1779.394,"endTime":1779.694,"body":"Yeah."},{"startTime":1779.694,"endTime":1779.934,"body":"Yeah."},{"startTime":1779.934,"endTime":1783.721,"body":"I mean, if you created a plan, if you"},{"startTime":1779.934,"endTime":1783.721,"body":"have a match, or possibly both, or, you"},{"startTime":1783.721,"endTime":1787.021,"body":"know, it, it actually applies, I believe"},{"startTime":1783.721,"endTime":1787.021,"body":"it applies to the 2024 tax year as well."},{"startTime":1787.08,"endTime":1790.53,"body":"because, because it's from the,"},{"startTime":1787.08,"endTime":1790.53,"body":"the bill that put that into place"},{"startTime":1790.53,"endTime":1793.08,"body":"was the Secure Act 2.0, which I"},{"startTime":1790.53,"endTime":1793.08,"body":"think was implemented in 2023."},{"startTime":1793.53,"endTime":1797.82,"body":"So, you know, all you folks out there who"},{"startTime":1793.53,"endTime":1797.82,"body":"might have been starting retirement plans,"},{"startTime":1798.0,"endTime":1800.31,"body":"if you haven't gotten that tax credit"},{"startTime":1798.0,"endTime":1800.31,"body":"and you started a retirement plan for"},{"startTime":1800.31,"endTime":1804.586,"body":"your employees in the past couple years,"},{"startTime":1800.31,"endTime":1804.586,"body":"you know, go, go, go talk to your, you"},{"startTime":1804.586,"endTime":1805.816,"body":"know, go talk to your tax professional."},{"startTime":1805.816,"endTime":1807.616,"body":"You know, you can, you can"},{"startTime":1805.816,"endTime":1807.616,"body":"always get some money back too."},{"startTime":1807.736,"endTime":1809.871,"body":"I mean, you never know, you"},{"startTime":1807.736,"endTime":1809.871,"body":"know, 2024 wasn't that one ago."},{"startTime":1809.871,"endTime":1810.031,"body":"So."},{"startTime":1810.807,"endTime":1813.087,"body":"it's funny, speaking of charitable"},{"startTime":1810.807,"endTime":1813.087,"body":"contributions, you actually, you"},{"startTime":1813.087,"endTime":1814.917,"body":"actually that's a good, good segue."},{"startTime":1814.97,"endTime":1817.73,"body":"so I don't know if you remember,"},{"startTime":1814.97,"endTime":1817.73,"body":"'cause I know you don't work too much"},{"startTime":1817.73,"endTime":1822.93,"body":"with, with tax arena, but, , so back"},{"startTime":1817.73,"endTime":1822.93,"body":"during COVID, I believe for 2020 and"},{"startTime":1822.93,"endTime":1826.571,"body":"2021, you didn't have to itemize and"},{"startTime":1822.93,"endTime":1826.571,"body":"you could get a certain amount of a"},{"startTime":1826.571,"endTime":1828.101,"body":"charitable contribution deduction."},{"startTime":1828.131,"endTime":1831.571,"body":"I think it was up to $600, on"},{"startTime":1828.131,"endTime":1831.571,"body":"a married filing joint return,"},{"startTime":1831.811,"endTime":1832.711,"body":"you didn't have to itemize."},{"startTime":1832.801,"endTime":1834.991,"body":"So you can get your standard"},{"startTime":1832.801,"endTime":1834.991,"body":"deduction and you get additional"},{"startTime":1834.991,"endTime":1836.041,"body":"charitable contribution deduction."},{"startTime":1836.731,"endTime":1841.981,"body":"So the one BBB, the oh Baba has"},{"startTime":1836.731,"endTime":1841.981,"body":"brought that back actually permanently."},{"startTime":1842.106,"endTime":1845.714,"body":"it's up to $2,000 for joint"},{"startTime":1842.106,"endTime":1845.714,"body":"filers and a thousand dollars for"},{"startTime":1845.714,"endTime":1847.304,"body":"other, for other filing statuses."},{"startTime":1847.304,"endTime":1849.644,"body":"So you can get your standard"},{"startTime":1847.304,"endTime":1849.644,"body":"deduction and if you do a little"},{"startTime":1849.644,"endTime":1852.434,"body":"bit of charitable giving throughout"},{"startTime":1849.644,"endTime":1852.434,"body":"the year, you actually also get, get"},{"startTime":1852.434,"endTime":1854.624,"body":"a tax bid for that, for that now."},{"startTime":1854.867,"endTime":1857.177,"body":"and that's really nice 'cause you"},{"startTime":1854.867,"endTime":1857.177,"body":"know, I mean you work with, pass their"},{"startTime":1857.177,"endTime":1859.487,"body":"entities, you work with, you know,"},{"startTime":1857.177,"endTime":1859.487,"body":"schedule C, so props and all that."},{"startTime":1859.487,"endTime":1861.107,"body":"A lot of times they do have"},{"startTime":1859.487,"endTime":1861.107,"body":"charitable contribution"},{"startTime":1861.107,"endTime":1862.367,"body":"deductions and they're asking."},{"startTime":1862.952,"endTime":1864.212,"body":"Like, Hey, how's that gonna help me?"},{"startTime":1864.212,"endTime":1866.492,"body":"And before it's like, well, dude, you"},{"startTime":1864.212,"endTime":1866.492,"body":"didn't itemize it didn't help you at all."},{"startTime":1866.822,"endTime":1869.852,"body":"Now there actually is a little bit"},{"startTime":1866.822,"endTime":1869.852,"body":"of a, a little bit of a benefit"},{"startTime":1869.852,"endTime":1871.262,"body":"for it, which is, which is nice."},{"startTime":1871.542,"endTime":1871.932,"body":"Yeah."},{"startTime":1872.487,"endTime":1873.087,"body":", That's a small thing."},{"startTime":1873.087,"endTime":1875.794,"body":"It begins, I do believe it"},{"startTime":1873.087,"endTime":1875.794,"body":"begins, 1, 1, 20 26 though."},{"startTime":1875.854,"endTime":1876.424,"body":"So it's sister."},{"startTime":1876.484,"endTime":1878.404,"body":"So for 25, and unfortunately"},{"startTime":1876.484,"endTime":1878.404,"body":"it's not gonna become anybody."},{"startTime":1878.735,"endTime":1881.705,"body":"this is one of those things that like"},{"startTime":1878.735,"endTime":1881.705,"body":"you can also stand out with your clients"},{"startTime":1881.705,"endTime":1885.245,"body":"is be like, this isn't, you know, I"},{"startTime":1881.705,"endTime":1885.245,"body":"see you did charitable contributions"},{"startTime":1885.245,"endTime":1890.105,"body":"in 2025, it's not really gonna"},{"startTime":1885.245,"endTime":1890.105,"body":"help you much, but in 2026 it will."},{"startTime":1890.105,"endTime":1896.165,"body":"So if you have someone you want to give"},{"startTime":1890.105,"endTime":1896.165,"body":"to an organization, and have the cash"},{"startTime":1896.165,"endTime":1899.105,"body":"for it, definitely plan for it in 2026."},{"startTime":1899.465,"endTime":1900.845,"body":"But it's also gonna be permanent."},{"startTime":1900.845,"endTime":1902.945,"body":"So is what you said?"},{"startTime":1903.635,"endTime":1903.925,"body":"yeah."},{"startTime":1904.15,"endTime":1905.98,"body":"So it'll, it'll, yes, yes."},{"startTime":1905.98,"endTime":1907.24,"body":"That's, that's my understanding."},{"startTime":1908.08,"endTime":1908.26,"body":"Yeah."},{"startTime":1908.26,"endTime":1909.07,"body":"Permanently provides, yeah."},{"startTime":1909.07,"endTime":1909.49,"body":"Permanently."},{"startTime":1909.49,"endTime":1909.76,"body":"Yeah."},{"startTime":1909.808,"endTime":1912.088,"body":"so just going forward, you"},{"startTime":1909.808,"endTime":1912.088,"body":"know, I, I know a lot of folks."},{"startTime":1912.718,"endTime":1915.838,"body":"Like, I've seen it in the books where"},{"startTime":1912.718,"endTime":1915.838,"body":"sometimes there would be a charitable"},{"startTime":1915.838,"endTime":1918.028,"body":"contribution that wasn't recorded as such."},{"startTime":1918.028,"endTime":1920.458,"body":"You know, and sometimes those get"},{"startTime":1918.028,"endTime":1920.458,"body":"deducted and, and that kind of thing."},{"startTime":1920.458,"endTime":1922.558,"body":"So you gotta make sure you're"},{"startTime":1920.458,"endTime":1922.558,"body":"separating that out properly."},{"startTime":1922.558,"endTime":1923.878,"body":"You know, the book tax differences, but"},{"startTime":1924.173,"endTime":1928.448,"body":"with someone on my team today, because I"},{"startTime":1924.173,"endTime":1928.448,"body":"was like, yeah, charitable contributions,"},{"startTime":1928.448,"endTime":1931.298,"body":"when they pay it through the business,"},{"startTime":1928.448,"endTime":1931.298,"body":"it's not a business deduction."},{"startTime":1931.328,"endTime":1936.65,"body":"So we report it separately, below the"},{"startTime":1931.328,"endTime":1936.65,"body":"line, but we do pull the detail for it and"},{"startTime":1936.68,"endTime":1940.16,"body":"put it in their tax package so that they"},{"startTime":1936.68,"endTime":1940.16,"body":"can deduct it on their personal taxes."},{"startTime":1940.218,"endTime":1943.638,"body":"if they're itemizing or what"},{"startTime":1940.218,"endTime":1943.638,"body":"now in the future, they won't"},{"startTime":1943.638,"endTime":1945.198,"body":"have to, but that's one of those"},{"startTime":1945.233,"endTime":1945.533,"body":"necessarily"},{"startTime":1945.588,"endTime":1947.118,"body":"that like, we just ensured to do that."},{"startTime":1947.118,"endTime":1949.368,"body":"And she was like, oh, I didn't"},{"startTime":1947.118,"endTime":1949.368,"body":"realize you couldn't deduct"},{"startTime":1949.368,"endTime":1950.238,"body":"those through the business."},{"startTime":1950.238,"endTime":1953.358,"body":"I'm like, yeah, it's not, and it's"},{"startTime":1950.238,"endTime":1953.358,"body":"not an operating expense either, and"},{"startTime":1953.358,"endTime":1956.808,"body":"that's why we also don't put it above,"},{"startTime":1953.358,"endTime":1956.808,"body":"you know, we put it below the line,"},{"startTime":1956.858,"endTime":1957.278,"body":"that's."},{"startTime":1957.498,"endTime":1962.118,"body":"um, because you don't need to do"},{"startTime":1957.498,"endTime":1962.118,"body":"charitable contribution stuff."},{"startTime":1962.118,"endTime":1962.328,"body":"Brain,"},{"startTime":1963.833,"endTime":1964.163,"body":"That's great."},{"startTime":1964.583,"endTime":1964.883,"body":"That's good."},{"startTime":1965.063,"endTime":1965.333,"body":"That's good."},{"startTime":1966.053,"endTime":1966.503,"body":"That's great."},{"startTime":1967.313,"endTime":1969.443,"body":"So that's, that's a nice,"},{"startTime":1967.313,"endTime":1969.443,"body":"nice little bonus there."},{"startTime":1969.499,"endTime":1970.399,"body":"as part of the one B, BB."},{"startTime":1970.399,"endTime":1973.429,"body":"So I encourage all bookkeepers,"},{"startTime":1970.399,"endTime":1973.429,"body":"please separate that out and,"},{"startTime":1973.742,"endTime":1974.822,"body":"make sure, make sure to highlight."},{"startTime":1974.822,"endTime":1977.222,"body":"'cause 'cause some people, you know,"},{"startTime":1974.822,"endTime":1977.222,"body":"I've worked with taxpayers, I've, I've"},{"startTime":1977.222,"endTime":1980.822,"body":"audited folks, you know, they did tithing,"},{"startTime":1977.222,"endTime":1980.822,"body":"they did tithing outta their business."},{"startTime":1980.87,"endTime":1981.921,"body":"and it's, sometimes it's a lot."},{"startTime":1981.921,"endTime":1984.231,"body":"It's like five or 10% of their,"},{"startTime":1981.921,"endTime":1984.231,"body":"their business income every month."},{"startTime":1984.231,"endTime":1985.581,"body":"You know, they, they"},{"startTime":1984.231,"endTime":1985.581,"body":"remit to their church."},{"startTime":1986.121,"endTime":1989.211,"body":"And so, , sometimes I've, I've looked"},{"startTime":1986.121,"endTime":1989.211,"body":"at the books of records and I was like,"},{"startTime":1989.211,"endTime":1990.651,"body":"yeah, this is the tithing amount, right?"},{"startTime":1990.651,"endTime":1993.741,"body":"And the, the client didn't"},{"startTime":1990.651,"endTime":1993.741,"body":"know how much it was."},{"startTime":1994.071,"endTime":1995.841,"body":"They would just give the"},{"startTime":1994.071,"endTime":1995.841,"body":"p and l the tax repair."},{"startTime":1995.841,"endTime":1997.401,"body":"Oh, it just came out, however it came out."},{"startTime":1997.401,"endTime":1999.171,"body":"They're like, wait, is that money?"},{"startTime":2000.161,"endTime":2003.491,"body":"So make, make sure, you know, I"},{"startTime":2000.161,"endTime":2003.491,"body":"encourage all folks, please note that the"},{"startTime":2003.491,"endTime":2007.121,"body":"financial, so your clients can see kinda"},{"startTime":2003.491,"endTime":2007.121,"body":"what's, what's really happening there."},{"startTime":2007.333,"endTime":2010.063,"body":"cause sometimes those tithing"},{"startTime":2007.333,"endTime":2010.063,"body":"contributions can be a lot, you"},{"startTime":2010.063,"endTime":2012.943,"body":"know, and, and it would, it would"},{"startTime":2010.063,"endTime":2012.943,"body":"take people back more than once."},{"startTime":2012.943,"endTime":2013.123,"body":"So,"},{"startTime":2013.958,"endTime":2014.018,"body":"yeah."},{"startTime":2014.833,"endTime":2015.493,"body":"so it's important."},{"startTime":2015.498,"endTime":2015.758,"body":"It's important."},{"startTime":2016.333,"endTime":2016.613,"body":"Absolutely."},{"startTime":2017.018,"endTime":2017.308,"body":"Yeah."},{"startTime":2017.594,"endTime":2021.134,"body":"the self-employed health insurance"},{"startTime":2017.594,"endTime":2021.134,"body":"deduction, was that a secure"},{"startTime":2021.134,"endTime":2024.884,"body":"2.0 thing and is that staying?"},{"startTime":2026.149,"endTime":2027.769,"body":"no, that's, it's funny."},{"startTime":2027.769,"endTime":2030.641,"body":"That's been, that's been a"},{"startTime":2027.769,"endTime":2030.641,"body":"tax deduction for a long time."},{"startTime":2030.742,"endTime":2033.232,"body":"and it's funny actually,"},{"startTime":2030.742,"endTime":2033.232,"body":"a lot of people miss it."},{"startTime":2033.442,"endTime":2036.172,"body":"So I, I would encourage"},{"startTime":2033.442,"endTime":2036.172,"body":"'em by any tax repair."},{"startTime":2036.652,"endTime":2038.662,"body":"Ask your clients, especially you're"},{"startTime":2036.652,"endTime":2038.662,"body":"self-employed at small business"},{"startTime":2038.662,"endTime":2039.982,"body":"folks, do they have health insurance?"},{"startTime":2040.046,"endTime":2042.296,"body":"some states still penalize for"},{"startTime":2040.046,"endTime":2042.296,"body":"not having health insurance."},{"startTime":2042.296,"endTime":2045.146,"body":"California's unfortunately one"},{"startTime":2042.296,"endTime":2045.146,"body":"of 'em, the feds no longer do."},{"startTime":2045.236,"endTime":2046.946,"body":"But that, that still doesn't"},{"startTime":2045.236,"endTime":2046.946,"body":"mean the states don't."},{"startTime":2047.048,"endTime":2051.002,"body":"and you get, you get a dollar for dollar"},{"startTime":2047.048,"endTime":2051.002,"body":"tax deduction for any, self-employed"},{"startTime":2051.002,"endTime":2053.215,"body":"health insurance that's paid for"},{"startTime":2051.002,"endTime":2053.215,"body":"the, uh, the sole prop, you know,"},{"startTime":2053.215,"endTime":2054.625,"body":"the, the person or their family."},{"startTime":2055.225,"endTime":2058.315,"body":"So I, I, I'll be honest, I've done"},{"startTime":2055.225,"endTime":2058.315,"body":"audits where that was one of the"},{"startTime":2058.315,"endTime":2060.745,"body":"first things I asked about was,"},{"startTime":2058.315,"endTime":2060.745,"body":"Hey, like you're self-employed."},{"startTime":2060.745,"endTime":2061.465,"body":"Do you have health insurance?"},{"startTime":2061.465,"endTime":2062.845,"body":"I'm not even seeing a deduction on here."},{"startTime":2063.295,"endTime":2064.825,"body":"And sometimes I'd have to adjust."},{"startTime":2065.32,"endTime":2068.62,"body":"The deduction in the client, in the,"},{"startTime":2065.32,"endTime":2068.62,"body":"in the oddities favor because their"},{"startTime":2068.62,"endTime":2071.98,"body":"tax repair, you know, they, they pay"},{"startTime":2068.62,"endTime":2071.98,"body":"like 20 grand a year for supple health"},{"startTime":2071.98,"endTime":2073.33,"body":"insurance plan from covered California."},{"startTime":2073.48,"endTime":2074.23,"body":"It's huge."},{"startTime":2074.26,"endTime":2074.68,"body":"It's huge."},{"startTime":2074.68,"endTime":2075.37,"body":"And the guy's like, wait."},{"startTime":2075.455,"endTime":2076.895,"body":"paying it through my business, so"},{"startTime":2076.9,"endTime":2077.11,"body":"Yeah."},{"startTime":2077.345,"endTime":2078.395,"body":"not get caught."},{"startTime":2078.575,"endTime":2080.135,"body":"And even if you are like, maybe"},{"startTime":2080.35,"endTime":2080.86,"body":"That's correct."},{"startTime":2081.035,"endTime":2081.875,"body":"just thinks it's business"},{"startTime":2082.235,"endTime":2082.525,"body":"Yeah,"},{"startTime":2082.595,"endTime":2084.755,"body":"so it's a diff, it's different treatment."},{"startTime":2084.755,"endTime":2086.735,"body":"So definitely split that out"},{"startTime":2086.89,"endTime":2087.28,"body":"That's correct."},{"startTime":2087.365,"endTime":2087.875,"body":"line if"},{"startTime":2087.97,"endTime":2088.36,"body":"Yes."},{"startTime":2088.475,"endTime":2093.005,"body":"through the business, if they're"},{"startTime":2088.475,"endTime":2093.005,"body":"not, highlight that on their, as a"},{"startTime":2093.005,"endTime":2095.075,"body":"question, on their little cover thing."},{"startTime":2095.075,"endTime":2096.575,"body":"If you're doing a tax package"},{"startTime":2097.445,"endTime":2101.228,"body":"like I am, or creating"},{"startTime":2097.445,"endTime":2101.228,"body":"notes for your clients"},{"startTime":2101.405,"endTime":2104.615,"body":"to give to their tax repair,"},{"startTime":2101.405,"endTime":2104.615,"body":"like this is how we stand out."},{"startTime":2106.268,"endTime":2106.628,"body":"That's great."},{"startTime":2106.628,"endTime":2109.418,"body":"And it's, it's, it, I'm, like"},{"startTime":2106.628,"endTime":2109.418,"body":"I said, it's usually expensive"},{"startTime":2109.418,"endTime":2110.408,"body":"depending on what state you're in."},{"startTime":2110.408,"endTime":2111.998,"body":"I mean, some employed health"},{"startTime":2110.408,"endTime":2111.998,"body":"insurance is not cheap."},{"startTime":2111.998,"endTime":2114.821,"body":"So, like I remember one time"},{"startTime":2111.998,"endTime":2114.821,"body":"I, I, I saved a guy, I think"},{"startTime":2114.821,"endTime":2116.111,"body":"it was like a 25,000 deduction."},{"startTime":2116.381,"endTime":2117.911,"body":"I mean, you know, it's"},{"startTime":2116.381,"endTime":2117.911,"body":"such a simple thing."},{"startTime":2117.911,"endTime":2120.071,"body":"All I had to do is ask a couple questions,"},{"startTime":2117.911,"endTime":2120.071,"body":"Hey, what's your health insurance?"},{"startTime":2120.071,"endTime":2122.741,"body":"You know, you got ten five or"},{"startTime":2120.071,"endTime":2122.741,"body":"something, you know, what's going on?"},{"startTime":2123.221,"endTime":2125.141,"body":"And he is like, dude, you're"},{"startTime":2123.221,"endTime":2125.141,"body":"like, I've been working with"},{"startTime":2125.141,"endTime":2126.341,"body":"a tax professional for years."},{"startTime":2126.341,"endTime":2128.411,"body":"You're like, the only guy's"},{"startTime":2126.341,"endTime":2128.411,"body":"ever asked about that."},{"startTime":2128.771,"endTime":2130.901,"body":"And I was like, dude, I just"},{"startTime":2128.771,"endTime":2130.901,"body":"saved you some money, dude."},{"startTime":2131.171,"endTime":2134.201,"body":"So, you know, that's a, that's"},{"startTime":2131.171,"endTime":2134.201,"body":"a very powerful deduction."},{"startTime":2134.201,"endTime":2134.561,"body":"You're right."},{"startTime":2134.661,"endTime":2135.741,"body":", Definitely, definitely keeping on that."},{"startTime":2135.741,"endTime":2137.331,"body":"That's, that's still,"},{"startTime":2135.741,"endTime":2137.331,"body":"that's still going on."},{"startTime":2137.331,"endTime":2138.351,"body":"Nothing's been changed by that."},{"startTime":2138.621,"endTime":2140.331,"body":"That's been a deduction"},{"startTime":2138.621,"endTime":2140.331,"body":"for, for a long time."},{"startTime":2140.361,"endTime":2143.121,"body":"And, and I think it's,"},{"startTime":2140.361,"endTime":2143.121,"body":"honestly, it's only anecdotal."},{"startTime":2143.121,"endTime":2145.041,"body":"I'd say it's one of the more"},{"startTime":2143.121,"endTime":2145.041,"body":"easier deductions that's missed."},{"startTime":2145.613,"endTime":2150.476,"body":"Yeah, especially if like for me, like I"},{"startTime":2145.613,"endTime":2150.476,"body":"came from corporate, so for a long time"},{"startTime":2150.476,"endTime":2155.456,"body":"that was never anything that I was on"},{"startTime":2150.476,"endTime":2155.456,"body":"my radar until I became self-employed."},{"startTime":2155.456,"endTime":2158.546,"body":"And that's probably the same"},{"startTime":2155.456,"endTime":2158.546,"body":"issue with your clients."},{"startTime":2158.546,"endTime":2161.546,"body":"Like if they worked corporate,"},{"startTime":2158.546,"endTime":2161.546,"body":"this is a new thing, why would"},{"startTime":2161.546,"endTime":2164.096,"body":"they even think to bring it up?"},{"startTime":2164.096,"endTime":2166.406,"body":"Because that's not a"},{"startTime":2164.096,"endTime":2166.406,"body":"deduction as an employee."},{"startTime":2168.056,"endTime":2168.206,"body":"You"},{"startTime":2168.351,"endTime":2168.886,"body":"That's great."},{"startTime":2168.986,"endTime":2169.381,"body":"your"},{"startTime":2169.816,"endTime":2170.056,"body":"great."},{"startTime":2170.186,"endTime":2171.596,"body":"health insurance premiums."},{"startTime":2172.346,"endTime":2172.796,"body":"Right,"},{"startTime":2174.106,"endTime":2177.507,"body":"Well, so yeah, so as an employee,"},{"startTime":2174.106,"endTime":2177.507,"body":"and this was negotiated under,"},{"startTime":2177.507,"endTime":2178.617,"body":"under the Bill Clinton era."},{"startTime":2178.667,"endTime":2182.597,"body":"so health insurance premiums"},{"startTime":2178.667,"endTime":2182.597,"body":"are, are actually non-taxable for"},{"startTime":2182.597,"endTime":2185.687,"body":"income tax purposes for from, from"},{"startTime":2182.597,"endTime":2185.687,"body":"an employer, from a WT employer."},{"startTime":2185.687,"endTime":2189.707,"body":"So, you know, if you made 150,000"},{"startTime":2185.687,"endTime":2189.707,"body":"but your health insurance premiums,"},{"startTime":2189.707,"endTime":2192.497,"body":"god forbid, we're 50,000 a year,"},{"startTime":2189.707,"endTime":2192.497,"body":"you know, your W2 wage and that"},{"startTime":2192.497,"endTime":2193.547,"body":"box one's only a hundred grand."},{"startTime":2193.967,"endTime":2196.247,"body":"You know, you still gotta pay"},{"startTime":2193.967,"endTime":2196.247,"body":"resource Medicare, but yeah."},{"startTime":2196.247,"endTime":2198.107,"body":"You know, there's no additional"},{"startTime":2196.247,"endTime":2198.107,"body":"deduction for it though,"},{"startTime":2198.327,"endTime":2199.507,"body":"what about the portion that"},{"startTime":2199.617,"endTime":2200.617,"body":"you pay out"},{"startTime":2200.697,"endTime":2201.537,"body":"of your paycheck?"},{"startTime":2202.197,"endTime":2203.097,"body":"Yeah, that's included."},{"startTime":2203.097,"endTime":2208.197,"body":"That's a good, so actually fun fact, your,"},{"startTime":2203.097,"endTime":2208.197,"body":"your W2 will only reflect what you pay."},{"startTime":2208.347,"endTime":2210.357,"body":"It won't actually have the"},{"startTime":2208.347,"endTime":2210.357,"body":"employer contribution on there."},{"startTime":2210.667,"endTime":2210.907,"body":"Yeah."},{"startTime":2210.907,"endTime":2214.597,"body":"So like, if, if your health insurance"},{"startTime":2210.907,"endTime":2214.597,"body":"costs 50 grand, the employer pays"},{"startTime":2214.597,"endTime":2218.702,"body":"25, you pay 25, you know, 50 say"},{"startTime":2214.597,"endTime":2218.702,"body":"50 50 cost sharing arrangement, I'm"},{"startTime":2218.702,"endTime":2221.642,"body":"not sure it's a lot of Obamacare"},{"startTime":2218.702,"endTime":2221.642,"body":"anymore, but don't quote me on that."},{"startTime":2222.036,"endTime":2224.69,"body":"so you'll, you'll only see the"},{"startTime":2222.036,"endTime":2224.69,"body":"reduction in your taxable income"},{"startTime":2224.69,"endTime":2226.67,"body":"on your W2 box, one of 25,000."},{"startTime":2227.24,"endTime":2229.61,"body":"The employer, whatever they're"},{"startTime":2227.24,"endTime":2229.61,"body":"contributing, whatever their, their match"},{"startTime":2229.61,"endTime":2230.99,"body":"is, won't actually come up on there."},{"startTime":2230.99,"endTime":2235.37,"body":"So I, I'll tell you folks, whatever,"},{"startTime":2230.99,"endTime":2235.37,"body":"whatever you're paying for health"},{"startTime":2235.37,"endTime":2239.06,"body":"insurance, your employer is probably"},{"startTime":2235.37,"endTime":2239.06,"body":"putting in more that you don't see."},{"startTime":2241.755,"endTime":2242.095,"body":"You know?"},{"startTime":2242.18,"endTime":2243.75,"body":"So, , it's not cheap."},{"startTime":2243.9,"endTime":2244.35,"body":"It's not cheap."},{"startTime":2244.36,"endTime":2245.83,"body":"if you have really good plans like."},{"startTime":2247.86,"endTime":2248.04,"body":"Yeah."},{"startTime":2248.37,"endTime":2248.58,"body":"Yeah."},{"startTime":2248.85,"endTime":2249.0,"body":"Yeah."},{"startTime":2249.0,"endTime":2249.66,"body":"Good PPOs."},{"startTime":2249.66,"endTime":2252.36,"body":"And so, yeah, I mean, it's, it's, I think"},{"startTime":2249.66,"endTime":2252.36,"body":"I was looking somewhere, you know, I"},{"startTime":2252.36,"endTime":2254.88,"body":"think one of the cheaper plans here in"},{"startTime":2252.36,"endTime":2254.88,"body":"California for a family of five is like."},{"startTime":2255.255,"endTime":2256.305,"body":"For good health insurance."},{"startTime":2256.305,"endTime":2258.435,"body":"It's like four grand a month, or"},{"startTime":2256.305,"endTime":2258.435,"body":"six grand a month or something."},{"startTime":2258.435,"endTime":2258.645,"body":"I was like,"},{"startTime":2259.395,"endTime":2260.265,"body":"wow."},{"startTime":2260.278,"endTime":2266.005,"body":"you do like the health exchange get"},{"startTime":2260.278,"endTime":2266.005,"body":"a good plan there, I was paying over,"},{"startTime":2266.455,"endTime":2270.805,"body":"like, I was paying close to two grand"},{"startTime":2266.455,"endTime":2270.805,"body":"a year, a month, for just me and"},{"startTime":2271.005,"endTime":2271.785,"body":"Wow."},{"startTime":2272.035,"endTime":2273.205,"body":"a plan comparable to"},{"startTime":2273.345,"endTime":2273.615,"body":"Yeah,"},{"startTime":2273.895,"endTime":2278.63,"body":"in corporate where I was only"},{"startTime":2273.895,"endTime":2278.63,"body":"paying a couple hundred dollars a"},{"startTime":2278.665,"endTime":2279.145,"body":"paycheck."},{"startTime":2279.145,"endTime":2279.835,"body":"You know what I mean?"},{"startTime":2281.355,"endTime":2282.735,"body":"exactly, exactly right."},{"startTime":2282.735,"endTime":2285.945,"body":"You know, it's like, and, and I will, you"},{"startTime":2282.735,"endTime":2285.945,"body":"know, I like, I came from the Fed, they"},{"startTime":2285.945,"endTime":2289.029,"body":"had decent health insurance plans, so,"},{"startTime":2285.945,"endTime":2289.029,"body":"and they weren't, they were good coverage"},{"startTime":2289.029,"endTime":2291.759,"body":"and they weren't like terribly expensive."},{"startTime":2291.759,"endTime":2294.489,"body":"You know, you, you hear all those"},{"startTime":2291.759,"endTime":2294.489,"body":"stories about like, you know,"},{"startTime":2294.489,"endTime":2297.489,"body":"Facebook and Apple, they're, they're"},{"startTime":2294.489,"endTime":2297.489,"body":"like, oh, we cover the employer"},{"startTime":2297.609,"endTime":2298.659,"body":"employee portion a hundred percent."},{"startTime":2298.809,"endTime":2298.929,"body":"You know."},{"startTime":2300.009,"endTime":2302.109,"body":"But yeah, go Government's"},{"startTime":2300.009,"endTime":2302.109,"body":"an exec like that."},{"startTime":2302.109,"endTime":2303.399,"body":"But do what you can to"},{"startTime":2303.644,"endTime":2304.024,"body":"Yeah."},{"startTime":2304.089,"endTime":2304.749,"body":"health insurance."},{"startTime":2304.929,"endTime":2305.259,"body":"Please."},{"startTime":2305.344,"endTime":2306.814,"body":"you're listening to this, go back to my"},{"startTime":2306.854,"endTime":2307.154,"body":"You know?"},{"startTime":2307.324,"endTime":2309.589,"body":"with, Carissa Martino."},{"startTime":2309.619,"endTime":2312.109,"body":"'cause she is my health insurance broker."},{"startTime":2312.109,"endTime":2313.639,"body":"And she will hook you up."},{"startTime":2315.415,"endTime":2317.665,"body":"Yeah, I might need, I might need her"},{"startTime":2315.415,"endTime":2317.665,"body":"contact information if that's cool."},{"startTime":2317.795,"endTime":2320.765,"body":"Because she'll, what she'll do is"},{"startTime":2317.795,"endTime":2320.765,"body":"like, sit down with you and talk"},{"startTime":2320.765,"endTime":2323.435,"body":"about like what health needs you have."},{"startTime":2323.435,"endTime":2327.305,"body":"Like if you have people in your family"},{"startTime":2323.435,"endTime":2327.305,"body":"with any conditions that need a certain"},{"startTime":2327.305,"endTime":2331.685,"body":"level of health insurance versus like,"},{"startTime":2327.305,"endTime":2331.685,"body":"if you're like me and I go to the doctor,"},{"startTime":2331.685,"endTime":2335.375,"body":"like maybe once a year, like you can be"},{"startTime":2331.685,"endTime":2335.375,"body":"on a different plan, you know what I mean?"},{"startTime":2335.375,"endTime":2336.755,"body":"Depending on your health needs."},{"startTime":2336.995,"endTime":2338.52,"body":"And she'll match you with."},{"startTime":2339.35,"endTime":2343.19,"body":"Options that fit your needs"},{"startTime":2339.35,"endTime":2343.19,"body":"that are as a self-employed"},{"startTime":2343.19,"endTime":2344.72,"body":"individual that are affordable."},{"startTime":2344.75,"endTime":2348.44,"body":"So now my insurance is way less"},{"startTime":2344.75,"endTime":2348.44,"body":"than I was paying from the health"},{"startTime":2348.44,"endTime":2350.99,"body":"exchange with a plan that's"},{"startTime":2351.03,"endTime":2352.405,"body":"Oh my God, that sounds awesome."},{"startTime":2352.79,"endTime":2354.56,"body":"it's like, or it meets the needs"},{"startTime":2354.68,"endTime":2357.525,"body":"that I have because I wasn't"},{"startTime":2354.68,"endTime":2357.525,"body":"utilizing that whole plan."},{"startTime":2357.62,"endTime":2359.33,"body":"Like it would've made sense if we were"},{"startTime":2359.33,"endTime":2363.17,"body":"on medications or surgeries or"},{"startTime":2359.33,"endTime":2363.17,"body":"whatever, but it just wasn't the case."},{"startTime":2363.35,"endTime":2363.59,"body":"So,"},{"startTime":2363.857,"endTime":2365.867,"body":"Yeah, I would, I would love"},{"startTime":2363.857,"endTime":2365.867,"body":"to have her contact info."},{"startTime":2365.867,"endTime":2366.467,"body":"That'd be awesome."},{"startTime":2366.527,"endTime":2366.797,"body":"Thank you."},{"startTime":2368.507,"endTime":2368.987,"body":"I appreciate it."},{"startTime":2371.26,"endTime":2371.56,"body":"let's see."},{"startTime":2371.56,"endTime":2372.46,"body":"Anything else here?"},{"startTime":2372.46,"endTime":2373.856,"body":"I mean, let's see."},{"startTime":2373.886,"endTime":2375.746,"body":"There's no tax on overtime pay."},{"startTime":2375.806,"endTime":2378.036,"body":"I mean, I don't know, you know,"},{"startTime":2375.806,"endTime":2378.036,"body":"for all your, for all your public"},{"startTime":2378.116,"endTime":2379.256,"body":"safety employees out there."},{"startTime":2379.333,"endTime":2380.863,"body":"so overtime used to be fully taxable."},{"startTime":2380.953,"endTime":2384.073,"body":"Now it's not that OT pay is"},{"startTime":2380.953,"endTime":2384.073,"body":"exempt from tax, but you send,"},{"startTime":2384.073,"endTime":2384.853,"body":"kinda the same thing with tips."},{"startTime":2384.853,"endTime":2387.283,"body":"You get a, a tax deduction"},{"startTime":2384.853,"endTime":2387.283,"body":"for the amount of your wage."},{"startTime":2387.283,"endTime":2388.963,"body":"That's, that's overtime"},{"startTime":2387.283,"endTime":2388.963,"body":"pay or premium pay."},{"startTime":2389.152,"endTime":2392.572,"body":"it's up to $12,500 of overtime pay."},{"startTime":2392.628,"endTime":2395.229,"body":"for anybody that's not married"},{"startTime":2392.628,"endTime":2395.229,"body":"filing joint, it's 25,000 for"},{"startTime":2395.229,"endTime":2396.429,"body":"married filing joint folks."},{"startTime":2396.429,"endTime":2399.948,"body":"So, I imagine all the families out there,"},{"startTime":2396.429,"endTime":2399.948,"body":"you, if you got, you know, firefighters,"},{"startTime":2399.948,"endTime":2402.666,"body":"you got police officers, that kind of"},{"startTime":2399.948,"endTime":2402.666,"body":"thing, security, personnel, I mean,"},{"startTime":2402.666,"endTime":2403.956,"body":"hey, being able went out the overtime."},{"startTime":2403.956,"endTime":2404.826,"body":"That's, that's nice."},{"startTime":2404.826,"endTime":2407.856,"body":"It helps, you know, just for, just for"},{"startTime":2404.826,"endTime":2407.856,"body":"context purposes, you still gotta pay"},{"startTime":2407.856,"endTime":2408.846,"body":"your social security Medicare on that."},{"startTime":2408.846,"endTime":2412.071,"body":"But, Anybody, anybody out there who's a"},{"startTime":2408.846,"endTime":2412.071,"body":"safety employee, keep, keep that in mind."},{"startTime":2412.071,"endTime":2413.901,"body":"Talk to your, you know, talk"},{"startTime":2412.071,"endTime":2413.901,"body":"to your taxpayer about it."},{"startTime":2413.901,"endTime":2416.327,"body":"Or, I guess Mr. Turbo, as we"},{"startTime":2413.901,"endTime":2416.327,"body":"call it, TurboTax these days."},{"startTime":2416.327,"endTime":2416.477,"body":"Yeah."},{"startTime":2420.58,"endTime":2423.85,"body":"there's some stuff about the passer"},{"startTime":2420.58,"endTime":2423.85,"body":"entity tax that might be a little"},{"startTime":2423.85,"endTime":2429.28,"body":"bit above sort of, I mean, tell"},{"startTime":2423.85,"endTime":2429.28,"body":"me, do, do you, do you see passer"},{"startTime":2429.28,"endTime":2431.65,"body":"entity stuff like with your clients?"},{"startTime":2431.65,"endTime":2433.54,"body":"I mean, I'm sure maybe you do"},{"startTime":2431.65,"endTime":2433.54,"body":"because their tax payers recommend"},{"startTime":2433.54,"endTime":2434.5,"body":"they do it, that kind of thing?"},{"startTime":2434.5,"endTime":2435.91,"body":"Or, or, or not too much like in the, but"},{"startTime":2436.354,"endTime":2440.644,"body":"well, it definitely counts for"},{"startTime":2436.354,"endTime":2440.644,"body":"partnerships, but like, I think"},{"startTime":2440.644,"endTime":2444.124,"body":"a lot of people, I don't, that's"},{"startTime":2440.644,"endTime":2444.124,"body":"kind of a conversation that happens"},{"startTime":2444.124,"endTime":2447.034,"body":"with the tax repair and doesn't"},{"startTime":2444.124,"endTime":2447.034,"body":"really affect the bookkeeper"},{"startTime":2447.049,"endTime":2447.339,"body":"yeah."},{"startTime":2447.454,"endTime":2450.364,"body":"as I know, unless we end up seeing"},{"startTime":2447.454,"endTime":2450.364,"body":"like an income, a tax expense."},{"startTime":2450.364,"endTime":2450.694,"body":"Right."},{"startTime":2450.694,"endTime":2452.704,"body":"But as far as I've"},{"startTime":2453.099,"endTime":2453.449,"body":"Right."},{"startTime":2453.539,"endTime":2458.734,"body":"aware, most of my clients have probably"},{"startTime":2453.539,"endTime":2458.734,"body":"opted out of that, also I haven't"},{"startTime":2459.049,"endTime":2459.339,"body":"Okay."},{"startTime":2462.039,"endTime":2462.609,"body":"That's, that's fair."},{"startTime":2462.759,"endTime":2463.119,"body":"That's fair."},{"startTime":2463.599,"endTime":2463.929,"body":"Yeah."},{"startTime":2463.947,"endTime":2466.679,"body":"I guess I would encourage anybody"},{"startTime":2463.947,"endTime":2466.679,"body":"who, is kind of paying a lot of state"},{"startTime":2466.709,"endTime":2469.659,"body":"income tax or, or local income tax,"},{"startTime":2466.709,"endTime":2469.659,"body":"you know, especially in California,"},{"startTime":2469.689,"endTime":2472.073,"body":"you know, like I have a lot of"},{"startTime":2469.689,"endTime":2472.073,"body":"clients, I'm pretty much recommending"},{"startTime":2472.073,"endTime":2473.333,"body":"them to do the past rent to do tax."},{"startTime":2473.333,"endTime":2473.963,"body":"It's crazy."},{"startTime":2473.963,"endTime":2477.683,"body":"They've already like not done it,"},{"startTime":2473.963,"endTime":2477.683,"body":"you know, and I was like, oh, just,"},{"startTime":2477.743,"endTime":2480.923,"body":"you know, could have saved some"},{"startTime":2477.743,"endTime":2480.923,"body":"money, you know, like 12, 15 grand"},{"startTime":2480.923,"endTime":2481.948,"body":"and put oil, oil tag, you know."},{"startTime":2482.133,"endTime":2482.373,"body":"that."},{"startTime":2482.373,"endTime":2483.783,"body":"What are the bene like?"},{"startTime":2483.783,"endTime":2486.063,"body":"What is, what is pass through entity tax?"},{"startTime":2486.063,"endTime":2490.863,"body":"And for anyone that listening is"},{"startTime":2486.063,"endTime":2490.863,"body":"like, I'm clueless on this, like, um,"},{"startTime":2491.638,"endTime":2491.928,"body":"Okay."},{"startTime":2492.038,"endTime":2492.328,"body":"Okay."},{"startTime":2493.468,"endTime":2495.593,"body":"So, so let me, lemme give,"},{"startTime":2493.468,"endTime":2495.593,"body":"lemme give a broad overview."},{"startTime":2495.593,"endTime":2496.613,"body":"We'll, we'll take one step back."},{"startTime":2496.613,"endTime":2498.863,"body":"So you might have heard in"},{"startTime":2496.613,"endTime":2498.863,"body":"the news something about"},{"startTime":2498.863,"endTime":2500.663,"body":"salt cap or salt deduction."},{"startTime":2500.693,"endTime":2500.993,"body":"Right?"},{"startTime":2501.053,"endTime":2502.913,"body":"So SALT stands for state and local tax."},{"startTime":2503.082,"endTime":2506.922,"body":"so at the federal level on your federal"},{"startTime":2503.082,"endTime":2506.922,"body":"income tax return, you get to deduct what"},{"startTime":2506.922,"endTime":2508.422,"body":"you pay in state and local income taxes."},{"startTime":2508.902,"endTime":2511.662,"body":"So under the previous regime"},{"startTime":2508.902,"endTime":2511.662,"body":"it was limited, though you can"},{"startTime":2511.662,"endTime":2512.817,"body":"only deduct $10,000 a year."},{"startTime":2513.702,"endTime":2517.932,"body":"Okay, so like here in California,"},{"startTime":2513.702,"endTime":2517.932,"body":"like me and my wife's tax burden for"},{"startTime":2517.992,"endTime":2520.302,"body":"California income taxes over 10 grand"},{"startTime":2517.992,"endTime":2520.302,"body":"years, you know, so we were limited"},{"startTime":2520.302,"endTime":2521.592,"body":"to what kind of benefit we could get."},{"startTime":2522.102,"endTime":2527.1,"body":"So what's nice about the one BBB"},{"startTime":2522.102,"endTime":2527.1,"body":"is, uh, the, oh, so it's increased"},{"startTime":2527.1,"endTime":2529.56,"body":"that deduction cap to $40,000 now."},{"startTime":2530.07,"endTime":2534.261,"body":"So that means that, a taxpayer"},{"startTime":2530.07,"endTime":2534.261,"body":"who's paying up to $40,000 in state"},{"startTime":2534.261,"endTime":2537.221,"body":"low income tax can, can now get a"},{"startTime":2534.261,"endTime":2537.221,"body":"deduction for that on their, on the"},{"startTime":2537.221,"endTime":2540.521,"body":"federal tax return, assuming they"},{"startTime":2537.221,"endTime":2540.521,"body":"itemized their deductions, you know,"},{"startTime":2540.671,"endTime":2541.871,"body":"itemized deduction, standard deduction."},{"startTime":2542.051,"endTime":2544.961,"body":"So it's gonna, it's gonna kinda depend,"},{"startTime":2542.051,"endTime":2544.961,"body":"if you're paying that amount and in"},{"startTime":2544.961,"endTime":2548.261,"body":"say, low income tax, you're probably,"},{"startTime":2544.961,"endTime":2548.261,"body":"definitely itemizing for sure, you know,"},{"startTime":2548.261,"endTime":2549.401,"body":"more in interest to all the rest of stuff."},{"startTime":2550.331,"endTime":2556.598,"body":"So, one, when this cap was introduced, the"},{"startTime":2550.331,"endTime":2556.598,"body":"way that states, they kind of wanted to,"},{"startTime":2556.674,"endTime":2560.034,"body":"have a mechanism to assist partnerships,"},{"startTime":2556.674,"endTime":2560.034,"body":"corporations, people with the passive"},{"startTime":2560.034,"endTime":2563.69,"body":"entities, that kind of thing, and PA and"},{"startTime":2560.034,"endTime":2563.69,"body":"meeting their state tax burden essentially"},{"startTime":2563.695,"endTime":2566.36,"body":"is they, they invented something called"},{"startTime":2563.695,"endTime":2566.36,"body":"the passer entity tax, which means."},{"startTime":2567.05,"endTime":2571.25,"body":"You're paying the, the shareholder"},{"startTime":2567.05,"endTime":2571.25,"body":"or investors state income tax"},{"startTime":2571.25,"endTime":2574.88,"body":"burden at the entity level, and"},{"startTime":2571.25,"endTime":2574.88,"body":"it, it, it flows through to them."},{"startTime":2575.78,"endTime":2579.109,"body":"It's a way to get around the state local"},{"startTime":2575.78,"endTime":2579.109,"body":"income tax deduction, on the federal"},{"startTime":2579.109,"endTime":2580.97,"body":"return for itemizing, your deductions."},{"startTime":2580.97,"endTime":2582.62,"body":"You know, 'cause like I said,"},{"startTime":2580.97,"endTime":2582.62,"body":"a lot of folks, they'll pay"},{"startTime":2582.62,"endTime":2583.85,"body":"more than 40,000 a year."},{"startTime":2584.48,"endTime":2586.28,"body":"Anything above 40,000, they"},{"startTime":2584.48,"endTime":2586.28,"body":"won't get a tax deduction for it."},{"startTime":2586.58,"endTime":2590.33,"body":"So pay it at the entity level, get"},{"startTime":2586.58,"endTime":2590.33,"body":"the benefit at the entity level."},{"startTime":2590.33,"endTime":2593.105,"body":"It reduces your federal income"},{"startTime":2590.33,"endTime":2593.105,"body":"tax, you know, and then it pass,"},{"startTime":2593.24,"endTime":2595.45,"body":"it passes through as a tax credit,"},{"startTime":2593.24,"endTime":2595.45,"body":"to the individual investor."},{"startTime":2595.93,"endTime":2597.67,"body":"So it's, it's a pretty powerful mechanism."},{"startTime":2597.7,"endTime":2600.52,"body":"I would say, like I said, I have"},{"startTime":2597.7,"endTime":2600.52,"body":"a couple clients, they are paying"},{"startTime":2600.52,"endTime":2603.46,"body":"state income tax that's well in"},{"startTime":2600.52,"endTime":2603.46,"body":"excess of, of the $40,000 cap."},{"startTime":2603.46,"endTime":2606.04,"body":"So I'm gonna recommend they"},{"startTime":2603.46,"endTime":2606.04,"body":"do the passive entity tax."},{"startTime":2606.04,"endTime":2607.09,"body":"They get the state federal tax."},{"startTime":2607.09,"endTime":2609.64,"body":"They're still, you know,"},{"startTime":2607.09,"endTime":2609.64,"body":"paying their state tax burden"},{"startTime":2609.79,"endTime":2610.84,"body":"just through their entity."},{"startTime":2610.84,"endTime":2611.83,"body":"They get a tax credit for it."},{"startTime":2611.83,"endTime":2614.44,"body":"It's all, you know, it, it's"},{"startTime":2611.83,"endTime":2614.44,"body":"very powerful, very powerful"},{"startTime":2614.44,"endTime":2615.19,"body":"deduction in my opinion."},{"startTime":2615.296,"endTime":2617.246,"body":"it's pretty, pretty useful,"},{"startTime":2617.474,"endTime":2618.764,"body":"And I, and I, I feel bad."},{"startTime":2618.764,"endTime":2621.374,"body":"Like, like, like I said, she was"},{"startTime":2618.764,"endTime":2621.374,"body":"with the previous CPA and I'm like,"},{"startTime":2621.374,"endTime":2624.314,"body":"dude, you were, you were well in"},{"startTime":2621.374,"endTime":2624.314,"body":"the territory to take advantage"},{"startTime":2624.314,"endTime":2625.514,"body":"of this and you didn't, you know?"},{"startTime":2625.724,"endTime":2625.844,"body":"And"},{"startTime":2626.85,"endTime":2630.06,"body":"just to simplify it for people"},{"startTime":2626.85,"endTime":2630.06,"body":"listening, like where would,"},{"startTime":2630.33,"endTime":2634.35,"body":"what would trigger them"},{"startTime":2630.33,"endTime":2634.35,"body":"to this up to a client?"},{"startTime":2634.35,"endTime":2638.133,"body":"Like without knowing their"},{"startTime":2634.35,"endTime":2638.133,"body":"personal tax situation?"},{"startTime":2638.163,"endTime":2640.743,"body":"Or is that something that you"},{"startTime":2638.163,"endTime":2640.743,"body":"would have to be privy to?"},{"startTime":2640.743,"endTime":2643.413,"body":"Or is it again, something"},{"startTime":2640.743,"endTime":2643.413,"body":"kind of like, well."},{"startTime":2643.744,"endTime":2645.814,"body":"Do you have self-employed"},{"startTime":2643.744,"endTime":2645.814,"body":"health insurance?"},{"startTime":2645.814,"endTime":2649.534,"body":"It's like, along with that question,"},{"startTime":2645.814,"endTime":2649.534,"body":"are you paying a lot of local"},{"startTime":2649.534,"endTime":2651.754,"body":"state taxes on your personal,"},{"startTime":2651.97,"endTime":2655.012,"body":"I would say, it might be a topic"},{"startTime":2651.97,"endTime":2655.012,"body":"for a bookkeeper to bring up."},{"startTime":2655.702,"endTime":2658.042,"body":"Like I said, it, it delves a"},{"startTime":2655.702,"endTime":2658.042,"body":"little bit into the tax space."},{"startTime":2658.042,"endTime":2662.134,"body":"So I, urge caution, but, , if you have"},{"startTime":2658.042,"endTime":2662.134,"body":"a business that has a lot of taxable"},{"startTime":2662.134,"endTime":2666.349,"body":"income and the, the client, you have"},{"startTime":2662.134,"endTime":2666.349,"body":"lives in a state with income tax."},{"startTime":2667.684,"endTime":2669.364,"body":"It might be something to bring up."},{"startTime":2669.413,"endTime":2671.909,"body":"for example, I've got, you know, one"},{"startTime":2669.413,"endTime":2671.909,"body":"of my clients here, let's say she runs"},{"startTime":2671.909,"endTime":2675.539,"body":"a consulting business and she's got"},{"startTime":2671.909,"endTime":2675.539,"body":"taxable income from just that entity."},{"startTime":2675.959,"endTime":2679.829,"body":"I think it's like 600 k. You"},{"startTime":2675.959,"endTime":2679.829,"body":"know, and that's what prompted me."},{"startTime":2679.859,"endTime":2681.509,"body":"Oh, okay, I'm gonna go"},{"startTime":2679.859,"endTime":2681.509,"body":"take a look at a return."},{"startTime":2681.569,"endTime":2683.129,"body":"And were, they're doing passive tax."},{"startTime":2683.429,"endTime":2684.479,"body":"Oh no, they weren't."},{"startTime":2684.479,"endTime":2688.09,"body":"I'm like, you kind of have a taxable"},{"startTime":2684.479,"endTime":2688.09,"body":"income to kind of necessitate this,"},{"startTime":2688.09,"endTime":2691.21,"body":"especially in California, which"},{"startTime":2688.09,"endTime":2691.21,"body":"is one of the most onerous stay"},{"startTime":2691.21,"endTime":2692.32,"body":"income tax regimes in the nation."},{"startTime":2692.363,"endTime":2693.683,"body":"that's my two, two points."},{"startTime":2693.683,"endTime":2696.833,"body":"If there's pretty healthy taxable income"},{"startTime":2693.683,"endTime":2696.833,"body":"for the entity and they live in a state"},{"startTime":2696.833,"endTime":2700.583,"body":"with income tax, I think it's a point"},{"startTime":2696.833,"endTime":2700.583,"body":"of point of conversation for sure."},{"startTime":2700.583,"endTime":2703.763,"body":"And, and I think an analysis should be"},{"startTime":2700.583,"endTime":2703.763,"body":"done, you know, for all you folks live"},{"startTime":2703.763,"endTime":2706.703,"body":"in Nevada and the other places that"},{"startTime":2703.763,"endTime":2706.703,"body":"don't have seen tax, you can take it or"},{"startTime":2706.703,"endTime":2709.243,"body":"leave it unless you have, unless you,"},{"startTime":2706.703,"endTime":2709.243,"body":"I will say another, another mechanism"},{"startTime":2709.243,"endTime":2712.183,"body":"of the pass or entity tax is to pay,"},{"startTime":2709.243,"endTime":2712.183,"body":"pay the tax obligations of folks"},{"startTime":2712.183,"endTime":2713.473,"body":"that are not residents of your state."},{"startTime":2714.013,"endTime":2716.233,"body":"So, you know, you, you might be"},{"startTime":2714.013,"endTime":2716.233,"body":"centered to California, but you"},{"startTime":2716.233,"endTime":2717.583,"body":"have a shareholder somewhere else."},{"startTime":2718.408,"endTime":2721.768,"body":"The entity can withhold their, their"},{"startTime":2718.408,"endTime":2721.768,"body":"essentially their state tax burden for"},{"startTime":2721.768,"endTime":2724.588,"body":"them, you know, versus having to have"},{"startTime":2721.768,"endTime":2724.588,"body":"them file a return and do all that."},{"startTime":2725.188,"endTime":2726.748,"body":"Um, I think in some states"},{"startTime":2725.188,"endTime":2726.748,"body":"that's even mandatory."},{"startTime":2727.138,"endTime":2730.048,"body":"So like they have to, the entity has"},{"startTime":2727.138,"endTime":2730.048,"body":"to actually have some withholding"},{"startTime":2730.288,"endTime":2730.578,"body":"Okay,"},{"startTime":2731.003,"endTime":2731.216,"body":"So"},{"startTime":2731.273,"endTime":2732.311,"body":"what you're saying is like"},{"startTime":2732.353,"endTime":2733.361,"body":"if there's a"},{"startTime":2733.498,"endTime":2738.268,"body":"an entity that was formed in Florida,"},{"startTime":2733.498,"endTime":2738.268,"body":"for example, but the shareholders live"},{"startTime":2738.268,"endTime":2741.988,"body":"in Arizona, California, a bunch of,"},{"startTime":2742.743,"endTime":2742.923,"body":"Yeah."},{"startTime":2743.283,"endTime":2744.033,"body":"Places with income tax."},{"startTime":2744.268,"endTime":2745.348,"body":"that Florida entity"},{"startTime":2745.593,"endTime":2745.953,"body":"yeah,"},{"startTime":2746.278,"endTime":2746.818,"body":"withholding."},{"startTime":2747.538,"endTime":2748.408,"body":"Income tax."},{"startTime":2748.671,"endTime":2749.481,"body":"yeah, yeah."},{"startTime":2749.481,"endTime":2752.831,"body":"For, for non-resident shareholders,"},{"startTime":2749.481,"endTime":2752.831,"body":"to, to meet that obligation because"},{"startTime":2752.831,"endTime":2754.901,"body":"they, they're, they have income"},{"startTime":2752.831,"endTime":2754.901,"body":"that's, you know, they're, it's"},{"startTime":2754.901,"endTime":2755.831,"body":"being sourced to different state."},{"startTime":2755.831,"endTime":2758.801,"body":"'cause Florida doesn't have state income"},{"startTime":2755.831,"endTime":2758.801,"body":"tax, but like California and Arizona does."},{"startTime":2758.855,"endTime":2761.615,"body":"and the, the entity gets a"},{"startTime":2758.855,"endTime":2761.615,"body":"tax for that, for, for that"},{"startTime":2761.615,"endTime":2762.485,"body":"withholding IT stuff, you know."},{"startTime":2762.635,"endTime":2763.59,"body":"Um, yeah."},{"startTime":2763.59,"endTime":2764.67,"body":"Yeah, there's some, there's some nuances."},{"startTime":2764.675,"endTime":2766.92,"body":"It, it can come in handy, especially"},{"startTime":2764.675,"endTime":2766.92,"body":"if you're talking about businesses"},{"startTime":2766.925,"endTime":2768.78,"body":"that have like multi-state"},{"startTime":2766.925,"endTime":2768.78,"body":"operations or multi-state,"},{"startTime":2768.786,"endTime":2769.745,"body":"shareholders, that kind of thing."},{"startTime":2770.645,"endTime":2773.345,"body":"It starts to become more part"},{"startTime":2770.645,"endTime":2773.345,"body":"of the conversation, for sure."},{"startTime":2773.4,"endTime":2773.94,"body":"where it"},{"startTime":2774.2,"endTime":2774.49,"body":"Yeah."},{"startTime":2774.63,"endTime":2778.242,"body":"more like It definitely makes"},{"startTime":2774.63,"endTime":2778.242,"body":"sense, or it definitely doesn't."},{"startTime":2778.242,"endTime":2779.562,"body":"So for example, like."},{"startTime":2780.192,"endTime":2785.112,"body":"If your taxable income at the entity"},{"startTime":2780.192,"endTime":2785.112,"body":"level at, let's, let's use a real"},{"startTime":2785.112,"endTime":2788.052,"body":"life example, sort of like this might"},{"startTime":2788.102,"endTime":2788.392,"body":"Okay."},{"startTime":2788.442,"endTime":2790.062,"body":"to a lot of our listeners."},{"startTime":2790.128,"endTime":2794.267,"body":"you have a client that's an S corporation,"},{"startTime":2790.128,"endTime":2794.267,"body":"or maybe you are an S corporation, right?"},{"startTime":2794.267,"endTime":2796.667,"body":"Your business is, has"},{"startTime":2794.267,"endTime":2796.667,"body":"elected s corp status."},{"startTime":2797.057,"endTime":2801.557,"body":"So you're paying yourself a W2, but"},{"startTime":2797.057,"endTime":2801.557,"body":"your business is still like, has"},{"startTime":2801.737,"endTime":2806.747,"body":"maybe 60 to 80 K in taxable"},{"startTime":2801.737,"endTime":2806.747,"body":"income after you've paid your,"},{"startTime":2807.887,"endTime":2809.417,"body":"your, your owner wages, right?"},{"startTime":2809.757,"endTime":2815.367,"body":"so then you're gonna owe income"},{"startTime":2809.757,"endTime":2815.367,"body":"tax in this, on the state level."},{"startTime":2815.731,"endTime":2819.511,"body":"would it make sense for that"},{"startTime":2815.731,"endTime":2819.511,"body":"entity to do the pass Serenity tax?"},{"startTime":2820.006,"endTime":2824.296,"body":"I, I would probably say not depending"},{"startTime":2820.006,"endTime":2824.296,"body":"on the shareholder's situation."},{"startTime":2824.566,"endTime":2828.016,"body":"Like if they had multiple entities"},{"startTime":2824.566,"endTime":2828.016,"body":"that have 60, 80,000 taxable"},{"startTime":2828.016,"endTime":2831.976,"body":"income, then you might start getting"},{"startTime":2828.016,"endTime":2831.976,"body":"into that, into that scenario."},{"startTime":2832.207,"endTime":2834.697,"body":"and, and here's one, here's one"},{"startTime":2832.207,"endTime":2834.697,"body":"caveat with the password entity"},{"startTime":2834.697,"endTime":2835.987,"body":"tax, for example, in California."},{"startTime":2836.352,"endTime":2839.142,"body":"So if the entity's gonna elect the"},{"startTime":2836.352,"endTime":2839.142,"body":"password entity tax, it has to be"},{"startTime":2839.142,"endTime":2844.842,"body":"withheld at the highest marginal rate"},{"startTime":2839.142,"endTime":2844.842,"body":"in California, which is, I think it's"},{"startTime":2844.842,"endTime":2847.722,"body":"point, I think it's 9.3%, nine 3%."},{"startTime":2848.202,"endTime":2851.462,"body":"So like, you know, say $80,000 of"},{"startTime":2848.202,"endTime":2851.462,"body":"taxable income, if you do the, the,"},{"startTime":2851.492,"endTime":2856.022,"body":"the 9.3% rate on that, it's like 7,440."},{"startTime":2856.442,"endTime":2859.682,"body":"But say your taxpayer right at,"},{"startTime":2856.442,"endTime":2859.682,"body":"at the individual level isn't"},{"startTime":2859.772,"endTime":2861.002,"body":"paying the top marginal rate."},{"startTime":2861.327,"endTime":2862.982,"body":"You know, you, you basically"},{"startTime":2861.327,"endTime":2862.982,"body":"might have overpaid."},{"startTime":2863.052,"endTime":2863.322,"body":"get it?"},{"startTime":2863.387,"endTime":2865.892,"body":"On the state withholding you"},{"startTime":2863.387,"endTime":2865.892,"body":"can, or you can carry it forward."},{"startTime":2866.147,"endTime":2868.802,"body":"You know, you can carry it forward as"},{"startTime":2866.147,"endTime":2868.802,"body":"a, as a, a state tax credit essentially."},{"startTime":2868.802,"endTime":2870.482,"body":"So you'll, you'll get"},{"startTime":2868.802,"endTime":2870.482,"body":"the benefit eventually."},{"startTime":2870.932,"endTime":2874.436,"body":"But, for cashflow purposes"},{"startTime":2870.932,"endTime":2874.436,"body":"may not always make the most"},{"startTime":2874.436,"endTime":2876.356,"body":"sense, you know, for example."},{"startTime":2876.681,"endTime":2877.431,"body":"and it's something you"},{"startTime":2877.586,"endTime":2878.006,"body":"So go ahead."},{"startTime":2878.421,"endTime":2879.081,"body":"ahead of time."},{"startTime":2879.081,"endTime":2881.742,"body":"So it's like we're filing"},{"startTime":2879.081,"endTime":2881.742,"body":"right now for 2025."},{"startTime":2882.181,"endTime":2882.401,"body":"Yes,"},{"startTime":2882.711,"endTime":2885.321,"body":"withhold Passthrough"},{"startTime":2882.711,"endTime":2885.321,"body":"entity tax, it's too late."},{"startTime":2885.411,"endTime":2886.161,"body":"We gotta do it for"},{"startTime":2886.496,"endTime":2886.766,"body":"Yeah."},{"startTime":2887.846,"endTime":2890.036,"body":"See, and that's, and that's correct."},{"startTime":2890.036,"endTime":2892.722,"body":"So that's, that's where California"},{"startTime":2890.036,"endTime":2892.722,"body":"sticks is as well, is, you have to"},{"startTime":2892.722,"endTime":2896.178,"body":"elect into the pass their entity tax"},{"startTime":2892.722,"endTime":2896.178,"body":"withholding regime, by usually June,"},{"startTime":2896.178,"endTime":2898.038,"body":"June 15th is, is usually the date."},{"startTime":2898.038,"endTime":2900.528,"body":"So like I already told my client,"},{"startTime":2898.038,"endTime":2900.528,"body":"I was like, dude, we should"},{"startTime":2900.528,"endTime":2902.358,"body":"have done this back in June 25."},{"startTime":2902.658,"endTime":2904.608,"body":"You know, we can't even use pass text now."},{"startTime":2904.638,"endTime":2907.698,"body":"We're gonna have to wait till 26 and"},{"startTime":2904.638,"endTime":2907.698,"body":"we're gonna do it this year for 26,"},{"startTime":2907.698,"endTime":2908.748,"body":"you know, to get you that benefit."},{"startTime":2908.909,"endTime":2911.579,"body":"And, and like I said, I asked her, I was"},{"startTime":2908.909,"endTime":2911.579,"body":"like, you, your CPA should have done this."},{"startTime":2911.579,"endTime":2913.469,"body":"I mean, you, you have"},{"startTime":2911.579,"endTime":2913.469,"body":"the income to justify it."},{"startTime":2913.469,"endTime":2916.829,"body":"You know, she's, like I said, she overpaid"},{"startTime":2913.469,"endTime":2916.829,"body":"probably by 15, 20 grand on federal income"},{"startTime":2916.829,"endTime":2918.089,"body":"tax just 'cause they didn't do this."},{"startTime":2918.089,"endTime":2920.009,"body":"It's, it's a simple thing, but it helps."},{"startTime":2920.168,"endTime":2921.563,"body":"so it's a conversation to have."},{"startTime":2921.593,"endTime":2922.009,"body":"Definitely."},{"startTime":2922.053,"endTime":2923.833,"body":"As far as like the, on the"},{"startTime":2923.883,"endTime":2930.997,"body":"entity level, it something that"},{"startTime":2923.883,"endTime":2930.997,"body":"is like easy to, it goes along"},{"startTime":2930.997,"endTime":2935.407,"body":"with like 9 41 contributions,"},{"startTime":2930.997,"endTime":2935.407,"body":"like FICA and social security."},{"startTime":2935.407,"endTime":2937.387,"body":"Is it easy to just"},{"startTime":2935.407,"endTime":2937.387,"body":"like, log on and pay it?"},{"startTime":2937.387,"endTime":2942.037,"body":"Like how does, how do the mechanics of it"},{"startTime":2937.387,"endTime":2942.037,"body":"work for the, from the entity standpoint?"},{"startTime":2942.847,"endTime":2943.957,"body":"Because that might be something the"},{"startTime":2943.957,"endTime":2945.487,"body":"bookkeepers get involved in, right?"},{"startTime":2945.91,"endTime":2946.69,"body":"that's, that's correct."},{"startTime":2946.69,"endTime":2946.93,"body":"Yeah."},{"startTime":2946.93,"endTime":2949.0,"body":"So, like, for example, if you're, if"},{"startTime":2946.93,"endTime":2949.0,"body":"you're facilitating or handling tax"},{"startTime":2949.0,"endTime":2951.856,"body":"payments for your clients, so a lot of"},{"startTime":2949.0,"endTime":2951.856,"body":"the times you're gonna have a voucher"},{"startTime":2951.856,"endTime":2954.256,"body":"that's prepared by the tax preparer"},{"startTime":2951.856,"endTime":2954.256,"body":"or, you know, there's, there's a,"},{"startTime":2954.256,"endTime":2957.196,"body":"there's a form, there's a voucher"},{"startTime":2954.256,"endTime":2957.196,"body":"that's part of the tax return and."},{"startTime":2957.781,"endTime":2960.721,"body":"I always encourage a CH through"},{"startTime":2957.781,"endTime":2960.721,"body":"my tax software to be able to"},{"startTime":2960.721,"endTime":2961.801,"body":"take it just automatically."},{"startTime":2961.801,"endTime":2963.331,"body":"But some people, they do pay it manually."},{"startTime":2963.541,"endTime":2967.111,"body":"You'll have to go to the state tax"},{"startTime":2963.541,"endTime":2967.111,"body":"agency website and actually pay"},{"startTime":2967.111,"endTime":2970.051,"body":"it and, and let them know, Hey,"},{"startTime":2967.111,"endTime":2970.051,"body":"this is a form 38 0 4 payment, you"},{"startTime":2970.051,"endTime":2971.521,"body":"know, pass entity tax election."},{"startTime":2971.521,"endTime":2973.171,"body":"You got, it's gotta be"},{"startTime":2971.521,"endTime":2973.171,"body":"paid by a certain date."},{"startTime":2973.272,"endTime":2974.922,"body":"you know, there's,"},{"startTime":2973.272,"endTime":2974.922,"body":"there's nuances like that."},{"startTime":2974.922,"endTime":2979.212,"body":"So definitely if, if you have a bookkeeper"},{"startTime":2974.922,"endTime":2979.212,"body":"handling tax payments or facilitating"},{"startTime":2979.212,"endTime":2981.642,"body":"tax payments for their clients, you"},{"startTime":2979.212,"endTime":2981.642,"body":"know, you're gonna wanna be in close"},{"startTime":2981.642,"endTime":2984.042,"body":"contact with the tax preparer and make"},{"startTime":2981.642,"endTime":2984.042,"body":"sure you understand, hey, this amount"},{"startTime":2984.042,"endTime":2987.402,"body":"has to be paid in, you know, it has"},{"startTime":2984.042,"endTime":2987.402,"body":"to be paid by, paid in by this date."},{"startTime":2987.402,"endTime":2989.082,"body":"Like there's, there's nuances like that."},{"startTime":2989.122,"endTime":2995.302,"body":"something that like if the tax repairer is"},{"startTime":2989.122,"endTime":2995.302,"body":"already like helped the client strategize"},{"startTime":2995.302,"endTime":3001.692,"body":"around this, they should be sending like"},{"startTime":2995.302,"endTime":3001.692,"body":"vouchers the reminders, like when the tax"},{"startTime":3001.692,"endTime":3003.967,"body":"deposits are due like quarterly basically."},{"startTime":3004.152,"endTime":3004.542,"body":"Okay."},{"startTime":3004.651,"endTime":3005.191,"body":"Yes."},{"startTime":3005.191,"endTime":3007.98,"body":"And, and I would, I would even go to"},{"startTime":3005.191,"endTime":3007.98,"body":"the extent, if you're seeing stay tax"},{"startTime":3007.98,"endTime":3010.98,"body":"expense on in the books, I would even"},{"startTime":3007.98,"endTime":3010.98,"body":"go to the extent to separate it out."},{"startTime":3010.98,"endTime":3012.96,"body":"You know, you have say your"},{"startTime":3010.98,"endTime":3012.96,"body":"franchise tax and then you have"},{"startTime":3012.96,"endTime":3014.25,"body":"the passive entity, elected tax."},{"startTime":3014.31,"endTime":3016.26,"body":"You know, give that way."},{"startTime":3016.26,"endTime":3018.75,"body":"The preparer can instantly see on"},{"startTime":3016.26,"endTime":3018.75,"body":"the p and l, oh this has been paid."},{"startTime":3018.75,"endTime":3020.49,"body":"I can go in and look at the"},{"startTime":3018.75,"endTime":3020.49,"body":"details, see what's going on."},{"startTime":3020.49,"endTime":3020.79,"body":"Right."},{"startTime":3020.91,"endTime":3023.82,"body":"if you just lump it all into a"},{"startTime":3020.91,"endTime":3023.82,"body":"state tax, like it might, you"},{"startTime":3023.82,"endTime":3025.98,"body":"know, things get forgotten or like,"},{"startTime":3023.82,"endTime":3025.98,"body":"hey, what, how much of that was an"},{"startTime":3025.98,"endTime":3027.39,"body":"elective tax versus franchise tax?"},{"startTime":3027.39,"endTime":3028.11,"body":"What's going on here?"},{"startTime":3028.11,"endTime":3028.44,"body":"You know?"},{"startTime":3028.501,"endTime":3030.715,"body":"so I would encourage you as"},{"startTime":3028.501,"endTime":3030.715,"body":"bookkeepers to, to do that as well."},{"startTime":3030.715,"endTime":3034.105,"body":"That helps us on our end, you know, break"},{"startTime":3030.715,"endTime":3034.105,"body":"it out, what's, what's the normal, you"},{"startTime":3034.105,"endTime":3037.945,"body":"know, $800 fee you year to California"},{"startTime":3034.105,"endTime":3037.945,"body":"and then what's the to elective tax?"},{"startTime":3037.945,"endTime":3038.995,"body":"And being able to separate that out."},{"startTime":3039.38,"endTime":3039.89,"body":"Yeah."},{"startTime":3040.02,"endTime":3040.07,"body":"useful."},{"startTime":3041.155,"endTime":3041.725,"body":"The bookkeeper does."},{"startTime":3041.725,"endTime":3042.565,"body":"That is worth the wind gold."},{"startTime":3043.28,"endTime":3043.85,"body":"Awesome."},{"startTime":3044.81,"endTime":3045.35,"body":"cool."},{"startTime":3045.38,"endTime":3049.91,"body":"Well, know we're kind of like, we've been"},{"startTime":3045.38,"endTime":3049.91,"body":"chatting for a bit, but are there any"},{"startTime":3049.91,"endTime":3056.222,"body":"other like big things that you wanted"},{"startTime":3049.91,"endTime":3056.222,"body":"to tackle, about the bill or other"},{"startTime":3056.222,"endTime":3059.702,"body":"tips and tricks for bookkeepers that"},{"startTime":3056.222,"endTime":3059.702,"body":"you're like, I'm already seeing this"},{"startTime":3059.702,"endTime":3061.802,"body":"as a potential issue this tax season?"},{"startTime":3062.862,"endTime":3063.702,"body":"That's a good one."},{"startTime":3063.732,"endTime":3067.574,"body":"I will say I, this is only anecdotal, you"},{"startTime":3063.732,"endTime":3067.574,"body":"know, 'cause I do a lot of, I do a lot"},{"startTime":3067.574,"endTime":3070.484,"body":"of consults with prospective clients that"},{"startTime":3067.574,"endTime":3070.484,"body":"either have a bookkeeper and they're,"},{"startTime":3070.484,"endTime":3071.774,"body":"they're maybe not happy with the survey."},{"startTime":3071.774,"endTime":3074.084,"body":"So they kind of, you know,"},{"startTime":3071.774,"endTime":3074.084,"body":"they want the all in one shop."},{"startTime":3074.084,"endTime":3076.334,"body":"They want the, the CPA doing the"},{"startTime":3074.084,"endTime":3076.334,"body":"books and the taxes altogether."},{"startTime":3076.634,"endTime":3079.514,"body":"Like, and it's, it's little things"},{"startTime":3076.634,"endTime":3079.514,"body":"sometimes, like for example, I notice"},{"startTime":3079.514,"endTime":3083.084,"body":"a lot of bookkeepers, they're not"},{"startTime":3079.514,"endTime":3083.084,"body":"reconciling POS systems with the books."},{"startTime":3083.084,"endTime":3085.964,"body":"They'll just record like net"},{"startTime":3083.084,"endTime":3085.964,"body":"deposits as, as, as revenue."},{"startTime":3086.324,"endTime":3087.824,"body":"And it's like, wait, you know,"},{"startTime":3086.324,"endTime":3087.824,"body":"I gotta go to the square."},{"startTime":3087.824,"endTime":3089.024,"body":"I gotta reconcile everything."},{"startTime":3089.054,"endTime":3091.754,"body":"You know, what's fees, what's sales"},{"startTime":3089.054,"endTime":3091.754,"body":"tax payable, what's revenue like"},{"startTime":3091.754,"endTime":3093.344,"body":"to, to make the numbers jive, right?"},{"startTime":3093.344,"endTime":3094.874,"body":"To make sure they're, they're reliable."},{"startTime":3095.045,"endTime":3097.715,"body":"but I, I've been seeing more of"},{"startTime":3095.045,"endTime":3097.715,"body":"that come up lately, you know?"},{"startTime":3097.797,"endTime":3100.527,"body":"so I encourage folks like, yeah, you"},{"startTime":3097.797,"endTime":3100.527,"body":"gotta make sure you're reporting all"},{"startTime":3100.527,"endTime":3103.407,"body":"that correctly and like, get into"},{"startTime":3100.527,"endTime":3103.407,"body":"Square, like get into the thing,"},{"startTime":3103.407,"endTime":3105.597,"body":"get the report, please do that."},{"startTime":3105.597,"endTime":3106.887,"body":"You know, um,"},{"startTime":3107.077,"endTime":3107.777,"body":"of your clients."},{"startTime":3108.087,"endTime":3109.587,"body":"as you know, there's such a power burden."},{"startTime":3109.697,"endTime":3109.817,"body":"other"},{"startTime":3109.842,"endTime":3109.962,"body":"You know,"},{"startTime":3109.977,"endTime":3113.242,"body":"too, is it's easy to, because"},{"startTime":3109.977,"endTime":3113.242,"body":"sometimes clients will."},{"startTime":3113.602,"endTime":3116.812,"body":"You know, forget to give you"},{"startTime":3113.602,"endTime":3116.812,"body":"access or be resistant to giving"},{"startTime":3116.812,"endTime":3118.462,"body":"you access to all these systems."},{"startTime":3118.912,"endTime":3122.302,"body":"Bring that up on your discovery calls"},{"startTime":3118.912,"endTime":3122.302,"body":"of like, we are going to require bank"},{"startTime":3122.302,"endTime":3126.202,"body":"access, payment processor access,"},{"startTime":3122.302,"endTime":3126.202,"body":"POS access, because we need to be"},{"startTime":3126.202,"endTime":3129.982,"body":"able to pull the right detailed"},{"startTime":3126.202,"endTime":3129.982,"body":"reports without bothering you."},{"startTime":3130.154,"endTime":3131.059,"body":"And so it's like"},{"startTime":3131.212,"endTime":3132.739,"body":"you can, you can"},{"startTime":3132.802,"endTime":3133.492,"body":"ask for that."},{"startTime":3135.852,"endTime":3136.182,"body":"That's great."},{"startTime":3136.722,"endTime":3137.082,"body":"That's great."},{"startTime":3137.562,"endTime":3138.702,"body":"So please, please do that."},{"startTime":3138.72,"endTime":3142.745,"body":"and, and it's like, and I've seen it a"},{"startTime":3138.72,"endTime":3142.745,"body":"lot in audits as well, where, 'cause the"},{"startTime":3142.745,"endTime":3146.075,"body":"Iris gets the information, they get the"},{"startTime":3142.745,"endTime":3146.075,"body":"ten nine Ks and they get all that stuff."},{"startTime":3146.075,"endTime":3148.925,"body":"And then you try and go to the books"},{"startTime":3146.075,"endTime":3148.925,"body":"and I, I tell you where, where the"},{"startTime":3148.925,"endTime":3152.915,"body":"books were reconciled, which is"},{"startTime":3148.925,"endTime":3152.915,"body":"rare, I'm gonna be real with you."},{"startTime":3152.915,"endTime":3156.995,"body":"When the 10 99 K square and"},{"startTime":3152.915,"endTime":3156.995,"body":"the books did not match, that"},{"startTime":3156.995,"endTime":3158.255,"body":"was, that was pretty common."},{"startTime":3158.319,"endTime":3162.519,"body":"it instantly made me like a little more"},{"startTime":3158.319,"endTime":3162.519,"body":"skeptical of, okay, like, are these books."},{"startTime":3163.549,"endTime":3164.209,"body":"Hmm."},{"startTime":3164.859,"endTime":3167.559,"body":"You know, it's, it's a small"},{"startTime":3164.859,"endTime":3167.559,"body":"thing, but it matters, especially"},{"startTime":3167.564,"endTime":3168.939,"body":"in a, in an IRS examination."},{"startTime":3168.987,"endTime":3170.427,"body":"and then vice versa, right?"},{"startTime":3170.427,"endTime":3175.407,"body":"When I had square the books, you know,"},{"startTime":3170.427,"endTime":3175.407,"body":"bank deposits, everything was matching"},{"startTime":3175.407,"endTime":3176.877,"body":"the p and o matched to the penny."},{"startTime":3177.297,"endTime":3178.527,"body":"Oh, it's beautiful."},{"startTime":3178.677,"endTime":3181.977,"body":"You know, because it's just like,"},{"startTime":3178.677,"endTime":3181.977,"body":"okay, now I know, like these, these,"},{"startTime":3182.037,"endTime":3183.147,"body":"these guys have done a good job."},{"startTime":3183.147,"endTime":3185.757,"body":"This, this, this whole package"},{"startTime":3183.147,"endTime":3185.757,"body":"is just a little more reliable."},{"startTime":3185.787,"endTime":3188.757,"body":"You know, sales tax ties out, square"},{"startTime":3185.787,"endTime":3188.757,"body":"ties out, bank read solutions tied"},{"startTime":3188.757,"endTime":3192.447,"body":"out, you know, everything's been,"},{"startTime":3188.757,"endTime":3192.447,"body":"been, been reconciled correctly."},{"startTime":3192.575,"endTime":3194.135,"body":"I know you and I talked about"},{"startTime":3192.575,"endTime":3194.135,"body":"it in the previous podcast."},{"startTime":3194.135,"endTime":3197.315,"body":"It's like, it, it's, it's,"},{"startTime":3194.135,"endTime":3197.315,"body":"it's this, it whole picture,"},{"startTime":3197.5,"endTime":3199.0,"body":"perception and and perspective."},{"startTime":3199.0,"endTime":3199.6,"body":"It matters."},{"startTime":3199.63,"endTime":3203.05,"body":"You know, the, the whole package has"},{"startTime":3199.63,"endTime":3203.05,"body":"to be reliable or else, you know,"},{"startTime":3203.08,"endTime":3204.64,"body":"we're, the iris can question things."},{"startTime":3204.64,"endTime":3205.57,"body":"Well, why is that like that?"},{"startTime":3205.6,"endTime":3206.23,"body":"Why is that like that?"},{"startTime":3206.23,"endTime":3207.88,"body":"Or like, Hey, we just, we"},{"startTime":3206.23,"endTime":3207.88,"body":"straight up don't believe you."},{"startTime":3207.88,"endTime":3209.02,"body":"There's, this is incredible."},{"startTime":3209.335,"endTime":3210.145,"body":"This is incredible evidence."},{"startTime":3210.145,"endTime":3211.405,"body":"This is, this is incredible testimony."},{"startTime":3211.405,"endTime":3215.635,"body":"The books don't show this huge,"},{"startTime":3211.405,"endTime":3215.635,"body":"huge factor in whether you owe"},{"startTime":3215.635,"endTime":3220.435,"body":"nothing or you owe a lot, you"},{"startTime":3215.635,"endTime":3220.435,"body":"know, huge, huge attorney factor."},{"startTime":3220.445,"endTime":3226.175,"body":"side of the purpose of reconciling that,"},{"startTime":3220.445,"endTime":3226.175,"body":"not just for tax audit potential, but"},{"startTime":3226.324,"endTime":3231.454,"body":"when you don't reconcile the payment"},{"startTime":3226.324,"endTime":3231.454,"body":"processor and the point of sale and all"},{"startTime":3231.454,"endTime":3236.762,"body":"of that, if things aren't reconciling,"},{"startTime":3231.454,"endTime":3236.762,"body":"likely your client's not getting all"},{"startTime":3236.822,"endTime":3238.772,"body":"the money that they should be getting."},{"startTime":3239.012,"endTime":3240.512,"body":"Like that's usually the issue."},{"startTime":3240.512,"endTime":3242.252,"body":"Like it should reconcile."},{"startTime":3242.732,"endTime":3245.552,"body":"There's always gonna be like deposits"},{"startTime":3242.732,"endTime":3245.552,"body":"in transit and things like that, but"},{"startTime":3245.552,"endTime":3247.232,"body":"you should be able to identify them."},{"startTime":3247.712,"endTime":3251.282,"body":"That's one thing that we've had"},{"startTime":3247.712,"endTime":3251.282,"body":"a really difficult time getting"},{"startTime":3251.282,"endTime":3255.632,"body":"all of that to like really tie out"},{"startTime":3251.282,"endTime":3255.632,"body":"with Shopify whenever there's like."},{"startTime":3256.173,"endTime":3257.613,"body":"different payment processors."},{"startTime":3257.613,"endTime":3260.853,"body":"'cause it's, you start adding all"},{"startTime":3257.613,"endTime":3260.853,"body":"these things, it's really hard"},{"startTime":3260.853,"endTime":3263.763,"body":"to trace like, okay, well why is"},{"startTime":3260.853,"endTime":3263.763,"body":"there still a balance in here?"},{"startTime":3264.033,"endTime":3267.963,"body":"Like, 'cause we have to use clearing"},{"startTime":3264.033,"endTime":3267.963,"body":"accounts and stuff and Shopify makes it"},{"startTime":3267.963,"endTime":3273.003,"body":"really hard to see like where the fees"},{"startTime":3267.963,"endTime":3273.003,"body":"are coming from and all of that stuff."},{"startTime":3273.003,"endTime":3276.963,"body":"So it's like, there's definitely"},{"startTime":3273.003,"endTime":3276.963,"body":"like some challenges with that."},{"startTime":3276.963,"endTime":3280.593,"body":"But the reason you know, you have"},{"startTime":3276.963,"endTime":3280.593,"body":"to do that work is to ensure that"},{"startTime":3280.593,"endTime":3285.276,"body":"like this was what was sold, this is"},{"startTime":3280.593,"endTime":3285.276,"body":"what the client is owed, and you're"},{"startTime":3285.276,"endTime":3289.476,"body":"putting your faith in a payment"},{"startTime":3285.276,"endTime":3289.476,"body":"processor and sometimes they screw up."},{"startTime":3289.745,"endTime":3290.645,"body":"it's funny you bring that up."},{"startTime":3290.72,"endTime":3293.345,"body":"I, I work with a few different"},{"startTime":3290.72,"endTime":3293.345,"body":"payment processors, you know, for,"},{"startTime":3293.345,"endTime":3294.905,"body":"for some of my different trades"},{"startTime":3293.345,"endTime":3294.905,"body":"clients and that kind of thing."},{"startTime":3294.905,"endTime":3298.655,"body":"And, and seriously, you're right,"},{"startTime":3294.905,"endTime":3298.655,"body":"the reports like aren't accurate."},{"startTime":3298.655,"endTime":3301.865,"body":"Like they say they took this fee on this"},{"startTime":3298.655,"endTime":3301.865,"body":"day and then it comes up with a bank"},{"startTime":3301.865,"endTime":3304.115,"body":"like three days later and you're like,"},{"startTime":3301.865,"endTime":3304.115,"body":"wait, dude, I already journaled this."},{"startTime":3304.115,"endTime":3305.135,"body":"This doesn't even match."},{"startTime":3305.135,"endTime":3308.345,"body":"It's not even the same amount,"},{"startTime":3305.135,"endTime":3308.345,"body":"same day, you know, it's crazy."},{"startTime":3308.405,"endTime":3312.305,"body":"So truthfully, do the, do the"},{"startTime":3308.405,"endTime":3312.305,"body":"reconciliations, please get in there"},{"startTime":3312.305,"endTime":3316.115,"body":"because sometimes it, you know, and you"},{"startTime":3312.305,"endTime":3316.115,"body":"have to go hunt for the answer because"},{"startTime":3316.115,"endTime":3317.975,"body":"you're like, wait, what the, what"},{"startTime":3316.115,"endTime":3317.975,"body":"the paper processor gave me actually"},{"startTime":3317.975,"endTime":3319.565,"body":"doesn't match what happened, you know?"},{"startTime":3320.045,"endTime":3321.163,"body":"Uh, that was surprising to see."},{"startTime":3321.275,"endTime":3321.965,"body":"I will say."},{"startTime":3322.12,"endTime":3323.14,"body":"in my corporate days."},{"startTime":3323.14,"endTime":3326.59,"body":"We used, like, don't remember"},{"startTime":3323.14,"endTime":3326.59,"body":"what payment process, it was"},{"startTime":3326.59,"endTime":3327.79,"body":"like a credit card processor."},{"startTime":3327.79,"endTime":3329.35,"body":"'cause we had like a physical store."},{"startTime":3329.385,"endTime":3333.556,"body":"but like that was part of my job was to"},{"startTime":3329.385,"endTime":3333.556,"body":"reconcile the, the actual deposit hitting"},{"startTime":3333.556,"endTime":3337.786,"body":"the bank and anything on their statement,"},{"startTime":3333.556,"endTime":3337.786,"body":"like making sure that whatever wasn't"},{"startTime":3337.786,"endTime":3339.556,"body":"in the bank yet was just in transit."},{"startTime":3339.556,"endTime":3341.896,"body":"And then we'd verify that it"},{"startTime":3339.556,"endTime":3341.896,"body":"came in the following month."},{"startTime":3341.896,"endTime":3345.586,"body":"And it's like, there was times"},{"startTime":3341.896,"endTime":3345.586,"body":"where the amounts were $50"},{"startTime":3345.586,"endTime":3346.786,"body":"off, a hundred dollars off."},{"startTime":3346.786,"endTime":3349.936,"body":"And I literally had to call the"},{"startTime":3346.786,"endTime":3349.936,"body":"payment processor and be like, why?"},{"startTime":3350.386,"endTime":3351.706,"body":"They'd be like, oh, whoops."},{"startTime":3351.766,"endTime":3352.456,"body":"That was a mistake."},{"startTime":3354.976,"endTime":3355.516,"body":"You're right."},{"startTime":3355.516,"endTime":3356.206,"body":"You were owed that"},{"startTime":3356.421,"endTime":3357.021,"body":"Exactly."},{"startTime":3357.021,"endTime":3357.231,"body":"It's,"},{"startTime":3357.526,"endTime":3357.706,"body":"It's"},{"startTime":3357.831,"endTime":3361.413,"body":"you know, this is,  this is why"},{"startTime":3357.831,"endTime":3361.413,"body":"reconciliations are so important."},{"startTime":3361.413,"endTime":3364.263,"body":"It's, it's, it's small things like that,"},{"startTime":3361.413,"endTime":3364.263,"body":"but it's like, you know, for a business,"},{"startTime":3364.263,"endTime":3365.699,"body":"those small things add up it's truth,"},{"startTime":3365.739,"endTime":3366.249,"body":"for sure."},{"startTime":3366.779,"endTime":3367.079,"body":"you know?"},{"startTime":3367.209,"endTime":3367.569,"body":"Well,"},{"startTime":3367.769,"endTime":3368.369,"body":"So, yeah."},{"startTime":3368.619,"endTime":3372.489,"body":"for coming on and chatting with us"},{"startTime":3368.619,"endTime":3372.489,"body":"about tax and how we can be better"},{"startTime":3372.489,"endTime":3377.679,"body":"bookkeepers and help our clients more"},{"startTime":3372.489,"endTime":3377.679,"body":"and bring things to light and stand out."},{"startTime":3377.697,"endTime":3380.396,"body":"I hope if you were listening"},{"startTime":3377.697,"endTime":3380.396,"body":"to this, you found it valuable."},{"startTime":3380.396,"endTime":3384.656,"body":"And comment below the YouTube"},{"startTime":3380.396,"endTime":3384.656,"body":"if you're watching on YouTube."},{"startTime":3384.708,"endTime":3387.528,"body":"any questions you might have"},{"startTime":3384.708,"endTime":3387.528,"body":"for Adrian and all this time"},{"startTime":3387.528,"endTime":3388.548,"body":"I'll make sure he gets 'em."},{"startTime":3390.378,"endTime":3394.788,"body":"I'll go back to the old video and,"},{"startTime":3390.378,"endTime":3394.788,"body":"and, and, and field some questions to,"},{"startTime":3395.088,"endTime":3396.768,"body":"to see if there's anything lingering."},{"startTime":3396.809,"endTime":3399.181,"body":"but yeah, thank you so much"},{"startTime":3396.809,"endTime":3399.181,"body":"for taking the time, to come"},{"startTime":3399.181,"endTime":3401.581,"body":"on here and chat tax with us."},{"startTime":3401.581,"endTime":3403.441,"body":"I really, really appreciate it."},{"startTime":3403.621,"endTime":3405.151,"body":"Selfishly, I like to"},{"startTime":3405.241,"endTime":3405.911,"body":"Absolutely."},{"startTime":3406.231,"endTime":3407.191,"body":"the conversation."},{"startTime":3408.531,"endTime":3408.921,"body":"Absolutely."},{"startTime":3409.011,"endTime":3409.821,"body":"Thank you for having me."},{"startTime":3409.821,"endTime":3412.491,"body":"I enjoy, I enjoy our conversations, you"},{"startTime":3409.821,"endTime":3412.491,"body":"know, look forward to doing it again."},{"startTime":3413.331,"endTime":3413.511,"body":"Thank."},{"startTime":3413.536,"endTime":3418.516,"body":"wants to connect with you, reach"},{"startTime":3413.536,"endTime":3418.516,"body":"out, maybe refer to you or whatever,"},{"startTime":3418.516,"endTime":3421.036,"body":"are you taking tax clients still?"},{"startTime":3421.036,"endTime":3423.166,"body":"What's the story and where"},{"startTime":3421.036,"endTime":3423.166,"body":"can people connect with you?"},{"startTime":3424.437,"endTime":3424.917,"body":"Yeah, yeah."},{"startTime":3424.917,"endTime":3427.797,"body":"No, I am, I'm actively taking on"},{"startTime":3424.917,"endTime":3427.797,"body":"individual business tax clients."},{"startTime":3427.815,"endTime":3429.795,"body":"and Serena mentioned,"},{"startTime":3427.815,"endTime":3429.795,"body":"I, I'm a one stop shop."},{"startTime":3429.945,"endTime":3432.075,"body":"You know, I do books and"},{"startTime":3429.945,"endTime":3432.075,"body":"books and taxes for folks,"},{"startTime":3432.12,"endTime":3433.733,"body":"personalized white glove service."},{"startTime":3433.773,"endTime":3437.408,"body":"The best way to reach me is"},{"startTime":3433.773,"endTime":3437.408,"body":"on my website, www.alcpa.com."},{"startTime":3437.865,"endTime":3438.435,"body":"Awesome."},{"startTime":3438.435,"endTime":3439.995,"body":"I appreciate you so much, Adrian."},{"startTime":3439.995,"endTime":3441.105,"body":"Thanks for coming on."},{"startTime":3441.594,"endTime":3441.954,"body":"absolutely."},{"startTime":3442.044,"endTime":3442.554,"body":"Thanks for having."},{"startTime":3442.67,"endTime":3443.69,"body":"We'll talk to you soon."}]}