Accountant Q&A: How To Make Your Side Hustle Tax Free

Entrepreneurs. Maybe you've got a side gig. Maybe you got that 1099 in the mail. You've got that extra space. You're making money on the side, people. This is a wonderful thing. This is a pathway to the American dream. I love small business, and a side hustle is exactly that. Now, my name is Mark Kohler. I'm a cpa, a tax attorney helping Main street business owners around the country. I am here with you for the next half hour to 45 minutes, answering your questions, and I want to say thank you. I am so grateful that you're taking a moment to watch this. This is so important. Taxes are the number one cost in our lives over our lifetime. And there is so much we can do to minimize taxes, be more efficient and take the savings and put it away for the future, get out of debt, all these good things. I also want to tell you I know how difficult it is to be a small business owner, to be out there trying to make ends meet. It's very tough in the economy right now. When I was going to my second year of college, it was like, go work at the, you know, the cafeteria or make some money, got to pay the bills. And I was getting newly married. I was in college, and I was trying to figure it all out. And I started a janitorial business, and it went on for seven years, cleaning carpets, cleaning windows, restaurants, grocery stores, corporate buildings. I had 20, 30 employees at a time at certain times of the year. And it was just a really great experience, but also very hard. And I just fell in love, though, with controlling your own destiny. And I learned a lot of hard lessons along the way that have served me the rest of my life. So for any of you that are starting out with a side hustle, maybe you've had one for a while and you're like, how can I get more efficient at this? Can I write this off? Do I need an llc? Do I need a corporation? Where do I set it up? Do I have this new Corporate Transparency act thing to worry about? What do I do? Well, if any of you have questions like that or more, I am here for you. Please type them down in the chat. I'm here on different platforms, so whatever the method is, please type in your question. I'm going to be going to those shortly, but I want to first explain the basics of what you do when you get that 1099 as a side hustle business owner. And I can show the whiteboard. Can we do that? Can we go over the whiteboard? Okay, so if you Think, and I'm going to simplify this a little bit for any of you accountants out there. You might be like, well, Mark, you're dumbing it down a little bit. You want to know what? Tax returns are complicated, so let's keep it simple. So here's your 1040 tax return. And many of you that have a day job, so here it is, your 1040, you're going to just plug in here my W2. And maybe there's a few write offs. But if you just have a day job, maybe you have a couple W2s, maybe you're married and you're all throwing in everything you can into the mix to make ends meet. Well, a side hustle or a small business is, is going to generate a 1099. A 1099 NEC, non employee compensation. Now this 1099 is supposed to be mailed to you before the end of January. Some of you may already have one, some, you might have several of these. This could be doordash upwork, Uber eats, any of these side hustles, turo anything you might be selling on ebay. And the list goes on and on. I just gotta get started there with all the different side hustles. So as this money comes in, it could have been deposited in your personal account. Maybe you had an LLC or not. Maybe someone paid you in cash. If you didn't get a 1099, you still have to claim the income. If you got the 1099, you definitely need to claim the income. The IRS is, you're on the radar. So you're going to take this 1099 and don't worry about again initially that business return or that business bank account. Just realize it's going to go on what we call a Schedule C. A schedule C is in Charlie. So your schedule C is where you're going to report that 1099. And then I'm going to come to you as your accountant and say, give me every expense you can think of for last year in 2023. Well, Mark, I didn't pay for it out of the business, or I paid cash for it, or I used a credit card or I used a debit card or I had a computer and then I contributed to the business. I want all of it. A good accountant should be asking you for all of it. Now, some of you might be trying to knock this out on TurboTax or Tax Slayer. God bless you. It can be a little tricky trying to prepare your own tax return when you open up the small business world. Now I have a Network of tax advisors I'm going to send you to if you need one that can prepare your return. With all the strategies I teach. I have over 500 tax advisors around the country that are teaching Mark Kohler. So you'll, you'll, I'll get you an advisor if you need one. Okay, now, so back to this whiteboard. So you got the schedule C. Then what we want to do is write off every expense we can think of right here. And the schedule C actually has two pages. That's fine. One and two. And other expenses go in over here. And you're going to create your own categories at times. But here's some of the hot ones I want you thinking about. I want you writing off. Auto, dining, home office, any cell phone service. I'll put cell phone service. And then I want to put. And supplies. I want you to think of equipment. And this could be, you know, computers, iPads, cameras. You could also be having travel expenses. Travel could be hotel, airfare, uber, Airbnb, all of that. Also I want you to think of did I have any marketing expenses, Did I have any training expenses? I go to some workshops, did I buy any supplies, Did I have any software or subscriptions I paid for? Maybe some of you are doing a little rental property or this or that. Do you have tools you paid for? Now, moving forward, I want to even get more creative putting kids on the payroll. You don't pay taxes, they don't pay taxes when you get your kids involved. But that's going to be a 2024 strategy. If you didn't do it in 23, I can't make it happen this year. We want to talk about health care moving forward, health insurance, and we may even need to get over to the S Corporation. Now these are all more advanced that we can work on in the months and years to come. But people, look at all these write offs. There is so much that you can write off to help with your side hustle. Now let's, I'm going to stay with the whiteboard. So let's say in America right now, the average side hustle is $800 a month. That's what the average side hustle is doing. And there's over 40 million of these. So let's say you're bringing in 800amonth and let's get, get serious here. So that's 9,600 a year. So 800amonth, 9,600 for the year. So you might have got that infamous 1099 for this $9,600 well, this, you're going to put it on schedule C, right at the top. There's your $9,600. Now, now again, I want you to go look through every credit card, bank statement, receipt you can. Dig up anything you can find and start writing in all those different categories and you give them to your accountant on an Excel spreadsheet. Now in the future, I'd love you to have QuickBooks, I'd love you to have an LLC. I'd love you to get more organized, but that'll come as your business grows. Now, some of you have very advanced businesses with multiple, you know, with employees and multiple streams of income. Bring your questions. Let's do it. But I'm just saying the basic concept is the same. And so we're going to come up and if you can dig up, let's just say we're going to write off your cell phone at 200amonth, maybe 200 to 300 miles on your car during the month, which would be another $150 in a write off. Are we going to write off some dining? We could write off maybe a couple hundred bucks a month in dining. Are we going to do home office, which is about $1,500 a year for the simplified home office write off. And so that's 300 square feet times $5. So let's put down another hundred dollars for home office. And so let's just do this, sell. And what did I say the 150 was for? I forgot. So we got cell phone, we've got dining. Oh, that was auto. And then that other $100, what did I say that was for? Dining, cell phone, auto. Oh, this was your home office. And then let's say you've got some supplies and equipment or just, just basic crap you might buy at Best Buy or the Apple Store. Can you get away with anything in the Apple Store for a hundred bucks? So we'll put Best Buy here or supplies, you know, charging cords, whatever. And then we look into the rest of our list. Some travels, computers, the marketing, training, software, subscriptions. Look at where we're at already on this. 2, 4, 5, 6, $750. If I can just drum up 50 other dollars in write offs, just write offs of anything I could think of that might be related to my business. There's my $800 people. I just zero, no tax. I, I just got my side hustle revenue tax free. And so the more I can dig up in write offs related to my business, man, I could wipe out 10 or 20 grand of a side hustle income. Now, the more money you make, we're going to graduate from the LLC to the S Corporation. And I want your side hustle, maybe someday becoming your main hustle. I'll tell you, a side hustle is a gateway drug to really making money in small business. But it's all about getting used to tracking those expenses and making sure we're good on those. And so let's see if that would resonate with many of you on this. Now, this is a point where I don't know if we have any questions. I want to make sure if any of you. Okay, that's where I need to see this. Okay, that means wave. I've got questions. Okay. Sorry, I'm like, over there. Are we doing questions? Are we good? She's like, I've got tons of questions. All right, so what do we got? We have a few.

So one good one was My side from Sunny. My side hustle is publishing. What do you think I can do for that? Like publishing.

Publishing. You know what I'd like to do is ask them, what's their angle or their handle. Sonny, I want you to respond again. And when you say publishing, you're writing books, you're writing articles. Are you publishing for others? Are you a printer? Are you. Are you distributing books for others? Publisher is a pretty large. Are you an author? Are you a distributor? Are you. You know, give me a little more feedback. Next question.

Next question is from Seashell Pony. How do I claim the bonus depreciation on a vehicle I bought for my business?

Okay, great question. Now, the one thing and Brianna, we can here during our live. I have an article on my website right now, markjkohler.com and if you go to education, right there in my articles, I publish a blog article every week and the one three weeks ago every year is how to write off your auto. And what are your options to go actual with depreciation? 179, bonus, all those things. Or go with mileage. What do I track? What's best for me. So please go check out that article. I put a lot of detail into that. Now, the question specifically here was from Sunny or sorry, was Seashell Pony. Was how do I write off bonus depreciation on my car? Now, the first thing, Seashell Pony is I'm assuming that's the best decision for you. Sometimes doing bonus depreciation and writing off actual expenses is not the best idea. Many of you, you're just going to say, hey, I've got mileage. I'm going to take the 65 and a half cents or whatever it is per mile and write that off. And then I'm going to be able to drive more miles, get more write offs. My mileage is going to dictate my write off. If you go actual and do bonus depreciation, but then you're like, yeah, I don't put on a lot of miles this year. You may have gotten a better write off with mileage. So I have to look at what, how many, what's your use of the vehicle? Is it over 50%? How many miles are you going to put on? And then bonus depreciation was 80% for last year. So you've got to look at what's my fuel, repairs, maintenance. If I take bonus, there's seashell pony. What I'm trying to say is you really want to analyze what's the purpose of this car, how many miles am I going to put on it and should I go actual or mileage? Now with that said, if you say mark, it's actual all the way, the real technique for last year is you're going to put your. Let's say your vehicle was worth $30,000. I don't care what you paid for it. Is it on a loan or you put 10,000 down or paid cash? Put $100 down, doesn't matter, you bought it for 30,000. And let's go whiteboard. I'll just give a quick example. This is off the cuff. They I'm always nervous. I chose some weird numbers to use. But let's say the purchase price was 30,000 and this is your car and not a truck. If you have a truck or SUV that is greater than £6,000, then we get into a whole other ball game. But on a $30,000 purchase price, the next question is, what's your business per use percentage? And so I'll ask all of you. I want to write off your vehicle. All of you should have an auto write off. So you got to know this. Some of you like, well, my accountant will figure it out. No they won't. They don't care. You care more about your tax return than anyone else. You've got to captain your ship and at least know how to play this out. So you'd say, what's my business use percentage? Oh, well, I use it 80% for business. I'm 80%. Okay, so 80% business use. So that means I going to take off $6,000 for personal use. That's personal. And so the business use percentage would be $24,000 that's what you get to depreciate. Now in your tax software, you're going to take 179 first. We've done the math and it pays off every time. Then you're going to take bonus. Another trick here is bonus. Last year was 80% of whatever's left of depreciation. It's ironic. I used 80 80, but that's just ironic here at the moment. But the loss, let's say that we write off everything and you get a write off of $18,000 after we come up with everything. Oh, that's great. I got 18,000 in actual expenses and bonus and depreciation. This cannot run you into a loss on your tax return with 179. And so I've got. But you could get more of a write off with 179. And so there's some artwork here. You've got to say, am I going to have positive income in my side hustle? What's the method for writing off my auto? And it just takes a small conversation. Let's bring this up. So don't feel overwhelmed like Mark. Oh my gosh, that was way too much. Just know that you're going to either go mileage or actual your business use of the vehicle matters. And you're going to have a conversation with your tax advisor and go, here's my goal for my vehicle. Here's what my write off will be, but here's my income. I'm going to make 100 grand this year. Then your advisor is going to say, well, let's write off everything we can on your auto. If you're like, well, I'm only going to make ten grand this year, oh, well, let's not write off everything the auto. Let's save a little bit more for next year because we can't push you into a loss here. And so there's, there's a, there's an art to it. And the more you're involved, it's not that hard. You will love it. And it is so fun to save money. Oh my gosh, I hope I sold you on that one. Seashell pony. All right, Brianne, what's our next question?

So Sunny responded and said that they're getting ghostwriters to help create books and publish them on Amazon and other platforms. So he's wondering what you think about that and what you can do for that.

Okay, well, so Sunny has an online business. He's getting ghostwriters to write books. And then Sonny's going to go get him published. On Amazon and take a piece of the action. Great model. Love it. Almost like an affiliate type relationship where he's going to be doing a lot of his work in the basement on his computer at night and he's not going to have a lot of maybe travel or employees or office rent or whatever. If Sonny's trying to go lean and mean, I don't see a lot of overhead there. A lot of online businesses don't have a lot of overhead. Now, Sunny, I don't know all the parameters of what you're going after. You may have 20 employees doing what you're doing. It may just be you and your spouse or just you as a solopreneur. But here's the thing, and this is important for everybody. The IRS under code section 62 allows you to write off any expense related to the production of income in your business, even if it gives you a loss, like what are you spending on? So obviously if you're working online with this type of, type of operation of publishing, you're going to have Internet, computers, probably software, graphic design software. You're paying for Adobe this or that, cell phone supplies equipment you may be using cameras, iPads, a lot of digital marketing. And so any expense that you can think of that's related to your publishing business, I want to make it a write off. And you're going to know your business better than me. And I could be talking to a farmer and I'd say the same thing. Did you buy any tools down at Harbor Freight? Did you buy any supplies over at Cal Ranch? Did you do that? So I want every business owner to think of anything they're paying for that might relate to their business. Now, if you're making more than 20 or 30 grand or more, I want to talk to you this year about getting your kids on payroll and other strategies to be proactive. Please get to my podcast, main streetbusiness.com we talk about strategies every week. Next question. Brian.

So going right into this one, NIT said, can you speak a little bit more about paying your kids? Do you have to run them through a payroll software?

Great, great question. I'm going to give you guys three options or three scenarios. And we're going to talk about kids under age 18 and kids over age 18. And I'm just going to give you a quick overview of how you pay your kids in your business. Now, I've got videos on YouTube, I've got articles all over the web on this. Please Google Kohler Pay youy Kids. And you're going to see Tons of content. So you can go read more on this and go dive deep later. But let me give you the big picture, everybody. If you have children, young or old, you've got three lanes you're going to operate within. So let's go to our trifecta. Many of you know I'm going to teach working with the structure of. Down Here is your 1040 or your Revocable Living Trust, your three main lanes. Or some of you might have an LLC with rental property and you can pay your kids under age 18 or you can pay your kids 18 and over. All right, this is if you have rentals. Now some of you are going to have this side hustle that'll be in an llc. So we'll put side hustle and you could pay your kids directly that are under age 18 or 18 or over. Now I'm going to talk about how here in a minute. I'm just getting the lanes out there and some of you might have an S corporation and that's going to create an extra step. You can pay your kids directly that are 18 and over. But we're going to set up a little support company, a sole proprietor, and we're going to put in here this little sole prop. We're going to pay our kids out of here under age 18. So this is under age 18. Kids. We're going to pay a management fee from our S corp and pay the kids under age 18. Now let's go to some colors here. This would be helpful. I'm going to put this in red. If I'm paying kids 18 and over, I'm just going to give them a 1099. 1099, 1099. You don't run payroll. You put them on the line where they help you. Marketing supplies, you know, outside labor supplies, cleaning, janitorial, accounting. What are the kids doing to help you get. If you're helping support your children that are 18 and over, find a reason why they're helping you in your business, being on the board, giving advice, bird dogging, finding deals for you, helping with vendors, social media, whatever. You're going to give them a 1099, but you have to actually pay them through the business. You can say, oh, I paid my kids. Well, you got to actually do it. So you got to run it through the company and pay the kid. Then you're going to issue them a 1099. And for last year, any of you that paid your kids 18 or older, you got to issue that 1099 in the next week, week and a half. They got to be out by January 31st. I've got an article on my site too on how to issue 1099s now for kids under age 18. No W2, no W2. No W2. No 1099. No 1099. No 10 99. Now, some of you accounts out there could be freaking out right now going, if you pay them, you got to do a W2 people if they're under age 18. There is no FICA withholding. There is no withholding. And if you pay them less than a standard deduction, there's not even state or federal tax withholding. We don't want to pay our kids to the point they've got to file a tax return anyway. Let's get them on the payroll, pay them for minimal services, helping in the business that you document and are legit. The W2 penalty is based on the withholdings and the FICA tax. There is no FICA tax. There is no withholding. So we've been paying kids forever for 20 years and never had an audit. I've interviewed countless IRS agents on my podcast. It is fine to pay kids under outside labor with no W2 and no 1099. And you pay them directly out of the LLC. Out of the LLC here. The S Corp pays the management company and then this little sole prop Schedule C we talked about a minute ago, that's pays the kids. So you may bring in 10 grand, pay the kids 10 grand, zero. You got a write off. The kids don't pay tax. And it was legit. So paying your kids in your business is absolutely critical. And you want to make sure that you have a plan for 2024 on how to implement that. Brianne, next question.

Okay, so John asks, when calculating the size of your home office, do you use the total square foot of the home, including an unfinished basement or just the finished square foot?

Great question. You would use finished only or usable. This is. I'm not going to worry about the garage or an unfinished basement. I'm going to look at usable living space in your home and do the math and say, oh, you're 2,000 square feet. You've got 200 square feet that's kind of dedicated to your home office. You. And then you're going to go through two methods. You can go the traditional method where you take that percentage of 10%, 200 square feet divided by 2,000 square feet usable. You're at 10% home office space. You take that 10% and multiply it by the HOA fee. Your mortgage interest, property Taxes, utilities, all that crap. That's the standard method. The simplified method is you don't have to worry about any of that. You just take the square footage and you get a write off of up to $5 per foot. You get a write off of $5 per foot, up to 300 square feet for the whole year, which is $1500. But it's done. You don't have to do all that other crap, all that other math. You don't need to do it. It's a simplified method and I like that. For the administrative office strategy, I've got articles on this, videos on it on YouTube. Dive deep on a home office. Do not be afraid of home office. And if your accountant says it's a high risk, get a new accountant. It is not high risk. You're entitled to it. Just do it right. Just do it right. Brianne, next question.

So we'll do a couple more. A different John says that he is a leather crafter and is wondering would being under the 20,000 still be considered a side hustle that needs to be filed?

Oh my gosh, John, I'm so glad you asked this people, if there's one takeaway today, this is going to be it. I don't know. I'm not going to pick on John, but the way he asked that was very interesting. He said I made less than 20,000 in my side hustle. And he almost said, do I need to report it? Hell yes, you have to. You are required to. People, this may be the worst news you heard all day. I'm sorry, but at least I'm going to be honest with you. If you make $20 selling lemonade on the side of the street, under tax law you are required to report that. Now you're going to have $20 in write offs for the lemonade and the cups and the ice. So it's 0 of taxable income. But the point is you are required to claim any income people that you earn providing services or selling product during the year. And that's whether or not someone gave you a 1099. I don't care if they gave you a 1099, you still have to claim it. So John, it's not. Should I? Can I? Do I have to? Yes, you have to. And now it's about what are the write offs. So if you're in leather work, we're writing off tools, supplies, maybe a bigger workspace where you work out of a little tool shop or a garage. Or we're going to write off all of the leather that you buy and then you refurbish. Marketing your website, anything, travel, auto. So we're going to write all that off and hopefully whittle down that 20 grand, maybe to zero, maybe to five grand. But yes, you have to report it, people. If you make money in any way, shape or form doing a side hustle. Well, they paid me under the table. Yeah, and if you don't claim it, it's tax fraud. It is illegal to get paid under the table and think it's okay it's under the table. No, it's not. I'm not saying John said that or anybody saying that, but I just want to remind you. So you have to embrace this and go, well, this sucks. No, it's great because now with that extra income, I have extra write offs that you can't even take against a W2. We can start funding your own 401k, your own IRA, your own health savings account. We can start taking write offs for travel and going around the country. And people, you're going to start building wealth. This is what the rich people do. They take that side hustle, take write offs and buy real estate. Boom. Let's do it. Let's go.

All right, Brianne, we'll do two more questions. So Anime BZ20 said, if I have a side hustle that has been losing money due to expensing various items over the last few years, where it may be considered hobby loss, do I shut it down to avoid being audited or what should I do?

Yes, shut it down. If you're losing money every year, the IRS is saying either you really suck at this or you're just trying to take write offs for a hobby. And they're like, you can't just keep taking losses. So if you want to report the income and you're supposed to, if you're making money at this, you report the income, but you only take write offs to make it zero. Don't take any write offs that make it negative because the IRS will audit you under the hobby loss rules in anime. What I'd like to do is say, let's find more ways to make money at this. Whatever your side hustle is. Could we start creating a product that could be sold online? Could we provide different methods for selling it? Creating affiliate relationship, strategic partnerships, expansion, Any sort of scaling that we could do to really, I want your side hustle making money. I don't want to see it lose money, but stop letting it be a loss on your return. Show some profit. You have to show a profit. Two out of five years, you can have losses for three, but we need to show profit for at least two.

Okay, last question. Myron says that he works a 9 to 5 and then DJs on the weekends and gets 1099 does. Does he need to be an LLC if he makes under 10k or will a so sole prop be sufficient?

Ooh, I like that. What's his first name? Myron. Myron. Okay everybody, this is fun. Let's restate this. Myron is a DJ. Great. He's 9 to 5 and then on the weekends he's making money. Love it. Probably picking up some babes too. Good job, Myron. Now he's out there DJing. There's two reasons why Myron might need an LLC. Taxes and liability. Because we want liability protection. Now let's go first, taxes. When it comes to side hustles. Let's go next level. Let's wrap it up with this. Put me on the whiteboard. If you're an LLC and let's say Byron brings in 100 grand and spends 25 on expenses and nets 75 grand. Now in his example he said, well I'm bringing in 20, I'm writing off 10 and I'm netting 10. So I've got 10 grand of net. That's what he's saying. Well in an LLC or a sole proprietor, so we'll go sole prop, you've got to pay self employment tax of 15.3%. This is going to be 10 grand. This is going to be 1500 bucks. Whenever you have a small business, you're going to pay 15.3% for the F word, FICA. And then you're going to pay state and federal plus state and federal. All right, so this is why this is an important point. LLCs do not save taxes. Whether Myron is a sole prop or an llc, he's going to pay the same rate in taxes. He's still going to get killed with fica. So he's saying, well if I do an llc, am I going to save more? No, he's not. He's going to still pay self employment tax on the net. What he might graduate to and we might work on this would be going to an S corporation with an S corp. I would not do it for 10 grand, but I would for 75. So when he nets that 75 grand in an S corp, I can take a W2 and a K1 and A. And I know this is a little advanced everybody, but we could cut this ten grand down to three grand so we could pay three grand on the FICA. Allocate two thirds to our K1 and save on FICA. Again, some accountant might be listening, going, oh, my gosh, Mark, you're so aggressive on your reasonable comp, you're crazy. Can I just say, I read every reasonable comp case in the country. I teach CE on reasonable comp. We've been doing thousands of s corporations for 23 years and I've never had a client client ever, ever, ever audited for not taking reasonable comp. Accountants are far, far, far too conservative on reasonable comp. I know what reasonable comp works. I have a matrix. You can go out and Google it. And I want to pay my fair share of fica. And some people are way too aggressive, but I'm not. And this is doable. So my run, at some point, you're going to graduate to an S corporation. This is where we're going to go down the road where once you make more than 40 grand. So remember I said there's two reasons to be an LLC. Liability, protection, and to save taxes. Because I'm going to turn his LLC into an S corp if he's going to make more than 40 grand. So that's your reason. 1. Now, Myron, you're like, I know Myron. He's over there saying, mark, I'm only going to make 10 grand. I don't need to be an LLC for tax reasons. I can just be a sole proprietor. But then remember, liability. Being a DJ is a little different than Sonny Publishing books on Amazon. You're running and I don't know, would the DJ be liable if there was a pyrotechnics problem? Someone get trampled? Someone gets suffocated, rushed on the stage. Is there an accident? Could the DJ be named in a lawsuit? Maybe an LLC might protect you. An LLC could be an important entity to use in your contracts with people. To be a dj, you want protection. If anything was weird to happen, would it help you with taxes? Probably not. Would it help you with protection? Sounds like it. So if I've got a client that's selling jeans on ebay, I don't need an LLC. But they're making more than 50 grand. I'm going LLC S Corp. Oh, I've got someone running a bungee jumping class at the county fair and they're going to make ten grand. Do I care about an LLC or S corp for tax purposes? No, but they're throwing people off a crane doing budgie jumping. I need a freaking llc. So you want to be looking at liability and taxes and set up the entity at the right time in the right place. We got a law firm. We're helping clients around the country do it right. We're cheaper than the scam artists out there selling entities to every Tom, Dick and Harry in Nevada and Wyoming. We do it right. Check out KQS lawyers.com down in the description people. Thanks for being here. I love America. I love Main Street. I love small business and entrepreneurs. I know it's tough being a side hustle side gig is is a great deal. It's a great way to take tax write offs and pay off debt and build wealth. Don't shy away from it. Don't get nervous about it. Don't stress about it. Just gain more knowledge about it. Knowledge reduces fear. It empowers you. I've got a weekly podcast, mainstreetbusiness.com directed ira podcast.com and oh my gosh, the blogs and the YouTube channel. Please check it out. I've got so much content that will help you in your effort to build your small business an American Dream. Thanks so much for being here. See you next week.