Day Trading, S-corps, Side Hustles, and MORE | Main Street Business Podcast LIVE |

Five, four, three. Welcome, everybody, to a live broadcast of the Main street business podcast Open Forum. This is where we take your questions on tax and legal issues, life, serenity, you know, whatever you're looking for in life, we'll have an answer. Yeah, I don't know if that answer will help.

Yeah, we take confessions, too. So if you want to confess to anything, this is attorney client privilege, so, you know, just fire away. You can confess. Yeah, but this is the people show. You know, we're out here ready to take your tax and legal questions seriously. Don't confess to committing a crime. It's not true. Client privilege.

Yeah, it's gonna be good. So my name is Mark Kohler, as I said, and this is my illustrious, I guess on the screen. He's over here to the right. And can I get some more volume on Matt, too, if you could. So Matt Sorenson, a fellow tax lawyer and CEO of Directed IRA Trust Company. And just good old me, just a regular guy. This is all I got. That's all I'm doing. You know, we'll see how it goes. All right, so rather than screw around too much, we know that many of your, your time is extremely valuable here. And so we're live on YouTube, Facebook, and this will go, of course, to our podcast on Stitcher and itunes and Apple, all those goodies. So hopefully many of you are, whether you're watching live, catching this recorded, or on the podcast later. I do have a whiteboard next to me, which we're probably going to be using. And so if you're on the podcast listening later, you can always catch this on YouTube. So get over to the YouTube channel. The link will be down in the content below. Corey will make sure it's there. We've got our wonderful producer, Corey White, professional snowboarder, may I add, on the weekends. I mean, he's pretty legit, Matt. He's.

Yeah. Can you do a double McTwist?

He didn't make the pro team for. Was it Red Bull you were trying out on? It was Burton. The Burton pro team. You're on the short list. Ready reserve.

Someone's gonna get hurt on the reserves.

Amateur. Okay. You'll get called up. We're rooting for you. Okay. All right, all right. I'm on the pro team in the lodge. Like, I can get that chili and fries. I, I, I can.

Oh, yeah, I can hit it. Oh, yeah. Nobody gets chilies and fries like you do. No, no, nobody.

So I, maybe out on the ski, ski hill. I'm just, you know, regular Joe. But I, I can work in the lodge. All right. Okay. I've got a lot of good questions and some topics I want to hit today. But I've been chatting it up here first and so Matt, the floor is yours. First question out of the gate. Help a small business owner in America. I'm going to change someone's life, damn it.

How about I just answer a tax question? Well, I'm going to go to Jose. All right, Jose.

Okay, can you give me, we're going

to go to Jose question about retirement accounts. Of course. You know, I'm going to pick my favorites here. So Jose asks, we are about to inherit a 401k from a sister in law who passed away last month. Explain how we can avoid tax but rolling it over to an ira. Okay, this is a great question, Jose.

I don't know how he got any money from his sister in law. That's impressive right there.

So I mean, you know, some people like their brothers in law and sisters in laws, I don't know.

But so we'll just bypass.

I wasn't gonna joke. Someone died here, Mark. I wasn't gonna joke about that. Jeez. Oh, you go right for it.

All right. Okay, fair enough.

Trying to be a little respectful, Jose, but okay, there's good news, Jose, because what you can do is an inherited IRA or sometimes called a beneficiary IRA. So what will happen is you can accept that 401k and roll it straight to an IRA that's going to be what's called an inherited IRA. And we have these at directed IRA. If you're wanting to self direct, of course we can help you out. Just go to direct ira.com, look for the Inherited IRA Account app. Now the cool thing about this now and the laws have changed over the years, so if you've some of you listening, I know we got a lot of professionals and accountants sometimes listening. These laws have changed the last couple years on this. What the rule is now you're going to have 10 years, Jose, where you get to stretch this out. So you got 10 years now after you inherit it that you get. You're not going to pay tax. You can keep investing it, you can grow it. And I presume this is a traditional 401. So you'll be to a traditional inherited IRA. And then when you pull money out at the end of 10 years, which you have to take it out in 10 years, you pay tax at the end of the road at year 10. If you want to stretch it out the max so you buy yourself 10 years of deferment, get to keep investing it, growing it. No tax today, but just know in 10 years you're gonna need to pull it out and there will be a tax bill.

Okay, but it's later taxes.

Later is better than nothing.

Yeah, yeah, yeah. And I want to say this out here. I think for everybody listening, there's going to be a day where you inherit someone's retirement account, whether it's a spouse or a parent, Heaven forbid, it's a child, but you may inherit an ira. So let me say this in general, Matt, please concur. If not, if you're inheriting an IRA or 401k from your spouse that passed away. Whole other topic. There's a different rule.

That's a spousal ira.

Yeah, that's a spousal inherited Iraq. We'll leave that one alone for here. But what Jose's talking about is kind of everyone else, if you inherit someone's IRA or 401k and you're not married to this person, you're kind of in one other big bucket, would you say? I can say that. Matt, you okay with that?

Yeah. Just like, I mean your brother in law, sister in law, people in your skydiving club, whoever.

Yeah. And yeah, and it's typically going to be, I'd say a parent, you know, a parent. Pass. I got that. Did you not like that? Okay.

That was okay.

Yeah, the skydiving club. Okay, fair enough. That's a good one. I would take some life insurance out on your skydiving club buddies. That, that's so it's a good call. I like that. Okay, so if you're going to inherit like Jose did here, everybody, someone that's not your spouse, the first thing I want to give some practical steps here. Find out if it's a traditional or roth. That's step one. Find out if it's traditional Roth, whether it's a 401k, a SAP, a SIMPLE, a pension IRA, whatever the hell it is. Number one, find out if it's a traditional or Roth. Step two, you're going to go open an inherited IRA, whether it's traditional or Roth. So traditional inherited IRA or Roth inherited ira. Now, at that point too, you have to make an important decision. Do I want to just buy stocks, bonds, mutual funds, ETFs, whatever, or do I want to self direct? Now, if you're watching this podcast or listening to this podcast, watching this YouTube video, you're probably interested in self directing where you can take that ira, buy Crypto buy real estate, partner buy small business. Go listen to our sister podcast, the Directed Ira podcast. Your eyes will be open a whole new world. So if you're going to self direct at the same time you go to open that account, you want to say should I go to TD Ameritrade or should I go to directed Ira in that example. So if you say I want to self direct, open your inherited traditional or your inherited Roth atself directed ira.com and there you go. So. And I should say directed ira.com sorry. So you can open your self directed account. Once you open that account, step three is to roll it from the person that died into that new inherited Roth or inherited traditional. Once that money's there, now you're off to the races. And that 10 year rule applies where you've got 10 years to invest it, take out money whenever the hell you want, but by the end of the 10 years, you got to drain it. Fair math. That was pretty simple, right? Three steps.

Yeah, I like it. Yeah, that's what I said. And you just said it in three different ways. Thought. I mean he broke it up into three pieces. I mean, I'll tell you, I said

it the way most people understood. So I just wanted.

Yeah, yeah, okay, I appreciate that.

No, great question. Great comment, man. Okay, you ready for my question?

Yeah.

This is from.

You picked a good one.

Yeah, this is a big one. I told Matt I was going to cover this. This was sent to me in anticipation of the show today from Daniel out in Chicago. He, and he said, mark, I had a nanny last year. What do I have to do to report this on my taxes? And I've written an article on this. It's a few years old. And I was like, am I going to stay up till two in the morning and update this? And I decided not to. So I thought I'd just cover you in open forum for all you lucky folks. So if any of you have paid for. And now this is the household employee rule, because it may be a landscaper, it could be a pool boy. Everybody needs a pool boy. It could be a cook, it could be a home manager, it could be a nanny. So any of those household employees, you just can't pay them under the table, especially if you want to run for office someday, right? And you've, you've got to report some taxes here. Now you may say the first question I always get is, was it a write off? No, it is not a write off because it is a personal benefit in your life to have this household employee, but you can't just pay them under the table, and you can't just give them a 1099. Big problems. So the rule is you need to issue them a W2 if you paid them more than $1,000, and if you paid them more than 1,000, this W2 has to be done by the end of this month. And so you're going to want to get a hold of a payroll service company and make sure that that W2 is issued. Now, there's a big fork in the road at this moment because you're going to say, oh, I never withheld from them. If you did not, you're going to be doing their withholding and the match at 15.3%. Essentially, there also be FUTA involved federal unemployment. So you're going to have to. So if you paid someone $10,000, you're going to be out 1500 bucks in FICA that you're going to have to submit on their behalf. Now, you still give them a W2 for their gross wages, and they're going to take that and run it off into the sunset and file their own taxes. But I'm not going to get into the minutia, meaning the details here. But when you file that W2, the payroll service company has to know that you're going to be paying that FICA and you're going to do it on schedule h on your 1040. So you're not going to make a deposit when you do the W2, W3 thing. You're going to do it on a schedule h with your 1040 and pay your share for having a household employee. Now, that's the general rule. Some of you are like, oh, my gosh, my brain's about to explode. Be patient. I just wanted to bring that up and say, you got two weeks to deal with this. It's got to be done by the end of the month, and your accountant needs to know about it on schedule H. You also need to make sure that your W2 is issued. Now, I've got two of our attorneys here in the studio with us, Steph and Katie. I know, Steph, you've got a little more experience with the schedule H. Did I nail it or anything you'd add? Okay, no, no one can hear you, so you got to say it fast. So I'm just gonna say, make sure you tell your tax preparer to prepare the schedule H. And you're gonna have to have them knock it out. But we're good. I wasn't wrong on anything. Okay, Next time You can sit up here and just freaking run with it. I love it. Okay. Anything, Katie, you're feeling it.

Okay.

All right.

What I would say is, I think what makes most sense, even if you have an accountant that does your tax, you may want to use a nanny payroll service. There's payroll services because a lot of them will do like a. You can approve their hours, they'll submit their hours. You approve them, it cuts the paycheck. It'll just ach out of your account. It'll pay them, it'll do the withholding for you, and it's going to issue them the W2 at the end of the year. Rather than many of you small business owners who use an accountant or, you know, real estate investors and crypto investors, you have your CPA or account. This, this might be a little added thing, but you get the nice thing of this process. The ach. It's coming out every paycheck. It's getting withheld. It's just, it's its own little separate thing where you are approving their hours, too.

We even did a podcast on the nanny household employee year or so ago. But I'll just throw this out. And one of the websites that I like is paychecknanny.com paychecknanny.com. there's several out there.

You like that better than nannytaxpark.com.

there's a lot. I like their blogs here. Okay, now, but I will throw this out to all of you. If you're going to hire someone to work on your landscaping under the table, a nanny under the table, a cook, a housekeeper that comes and cleans your house, this and that. If you don't follow the right protocol and they get hurt while they're. You're at house, at your house, you better make sure your homeowner's policy is going to jump in and help out, too. A lot of these nanny paycheck services will include workers, comp, and some other things, too. So you've got. This isn't the days I cannot tell you the stories. I could. We won't do it today of stories of clients calling me going, hey, I was paying this guy to do some landscaping of my house under the table.

And.

And the stories go on. X happened. They got hurt. They got whatever. And so you just can't just.

Now, keep in mind, if you hire a landscaping company, don't worry, they're not an employee we're talking about. You know, you got Alice, you know, from Brady Bunch, you know, living in your house or Being or being your nanny, you know, real household employee that just works for you and follows your direction. This is not like the landscaper you hire that comes in, you know, landscapes your yard once a week and they do this for hundreds of people.

So yeah, whenever you hire a third party vendor that's doing this for other people, you're generally going to be okay and you're going to have a service contract and you're going to be protected. But when you're trying to pay people under the table and it's just kind of a one off little neighbor kid that comes by every week and all of a sudden he gets his hand stuck in your lawnmower.

Buckle up.

All right, well, I got a good

question here from Eric Goldshine.

Okay.

That's an awesome name. Sounds like he could be an actor. So Eric says hi Mark and Matthew. I got the Matthew in there. He says read all your books. Love them. You guys are awesome. Thank you. Eric says, I'm a landlord who manages and works on all my property with my co owner brother. All my income is from my rental properties. I want to contribute to a 401k but can't with only rental income. You are correct, Eric. You recommend on your blog not to create an S corp and pay yourself a salary to manage your rental properties. Correct? Matt says it's a possibility in his book to do so. Can you guys please clarify?

Well, what the hell. I talk about the side door 401k all the time. This is the side door. Not the back door 401k. The side door solo side door 401k. So now what's this color flame? What's, what's his first name?

Eric.

Eric. Eric.

Eric.

I generally recommend you would never ever, ever pay yourself for managing your own rental property through an S corp unless you want the side door 401k. So Matt, please pray tell and elaborate since apparently you're the guy in the know here.

Okay, Yeah, I mean you know, let's, let's educate Mark here. So here's the cool news, Eric. There is a solution. And, but what you need to do is remember if you're going to create a 401k, that's an employer sponsored plan. So rental properties are, that's a business. But you're not an employee to that. It's rental income. It doesn't count. So what we'll do is we'll set up a management company. It may be an S corp, it may just be a sole proprietorship here, but your rental income properties, you're going to pay a management fee and take an expense and you're going to pick it up as income in your management company. Now, again, this could be a sole prop rest corp. But that's a secondary issue. This management company, you're an employee of, that management company is going to receive this income for services it's receiving to manage your rentals. Now you're in business. Now you can adopt a solo K for yourself because you're such a great employee. And you can start doing the solo K, making contributions, rolling over other funds. But again, this management company structure we do not do unless there's a specific reason to do it. Because rental income, remember rental income, I don't pay into medicare and Social Security. It's awesome. Income I'm taking probably losses on my properties offsetting it. Why would I want to pay a management fee and now pick up ordinary income unless I had a good reason to do that, which would be the solo K. So that's the side door. Also known as the side door solo 401k.

There we go. Okay, and we can help you with that. Eric. Set up a consult with one of our attorneys here that can set up the Solo 401K. Decide on an LLC. I would do an LLC that can be taxed as an S corp down the road because you don't want to have to reestablish a solo 401k under a company if you do that later.

Yeah, that's a pro tip right there. That's a pro tip, Eric. That's a pro tip right there.

Yeah. Okay, I'm gonna try. We're gonna try to burn through as many questions as we can. Let's do that, Matt. Let's add the asking quickly and answer them quickly. Okay. This is from Charlene. She says, what if I hire someone to build or paint the inside of the house for 5,000 plus dollars? Now, everybody, there's. There's a difference here between hiring someone under the table to do a project in your house or your rehab or your fixer upper and having a household employee that comes to your house on a regular basis, that's good.

The big.

That's a big fork in the road. So if you called me up and said, hey, Mark, I'm just hiring this college student to come paint my house for five grand or hiring so and so to put in my sprinkler system versus I've got a person coming and cleaning my house every week, or I've got a nanny here every week or a pool boy coming Every two weeks. Okay, so the first question is, are they a regular? Do they look like an employee? Do they act like an employee? Are they coming every week? Okay, that's one category and that's what we just talked about with the household employee. But let's say Charlene here says, I'm just going to hire some, you know, college student to come paint the inside of my house for five grand. Here's the scary part there. Let's assume it's your own house. We're not looking for a write off. There's nothing to justify from a tax purpose. It's a personal expense. You're just having someone paint the inside of your personal home. Well, the issue there isn't really about a tax reporting issue. It's what happens if they get hurt while they're at your house. They're painting, they fall off the ladder and break their arm. Who do you think they're going to sue? You're on the hook and you're going to be calling up your homeowner's insurance faster than you can spell it. And you're going to be going, I hired this kid to paint my house and now he broke his arm or did this or whatever. I had a client that almost had their arm severed off due from a terrible accident outside cleaning their rain gutters under the table. And they ran to the hospital and said, I need help. Who are they going to say I was working for? So and so. And you're going to go, I was just paying you under the table. Not good. So if you're going to hire someone to work in your house, make sure they're licensed, bonded, insured and they're a subcontractor with their own damn insurance and you're not paying them under the table. Now Charlene, if you're having someone work on your rental property and now you want a tax write off for paying someone to work in your rental property, you're going to be kicking out a 1099 and they're not going to want a 1099 and you're going to have to get an i9 from them. And I'm sorry, w9 and an I and, and find out, are they even legal citizens? Do they have a Social Security number? And I'm going to send you a 1099 and they're going to go, well, I only work under the table. Then you say bye because that doesn't work for me. I don't want to be liable for you getting hurt and I want a fricking tax write Off. So go to another country and work under the table somewhere else, but not here. Ooh, sorry. Geez. Kind of lost it on that one. Okay, okay. All right, so Charlene, be careful. Okay, Matt, real quick, you got go go number two. Next question.

All right, this is Scott in Michigan. He says I own four duplexes, each one held in a separate llc. I self manage. And this is the same question. Follow up here is mom and pop owners, is it beneficial to set up a C corp or another LLC to manage them? Is it worth the expense? No. Scott, this is basically the last question of Eric's. What? Which is we only do that if we want to do the solo K. So don't worry about the management company. There's no benefit to do it. There's no tax benefit, there's no asset protection benefit. Unless you're trying to contribute to the solo K. Yeah, just keep those LLC for asset protection. I like how you're doing them separate.

And some freaking company might recommend a C corp in Nevada or Wyoming and we'll do unlimited LLC for you for X dollars. Not good. Okay, now I'm going to diagram that. We need to use the whiteboard. Corey, I'm going to the whiteboard. Okay, so for those that are on YouTube here, we got to start with our trifecta, which we love, right everybody? So we're going to go to our trifecta and here's our revocable living trust. And then over here I'm going to have my rental property in an llc. And oh our first caller has a little IRA over here they inherited from their sister in law. And that IRA is doing all sorts of business too. It's a self directed deal. And you may have your home that you own over here in your trust. Your trust owns your LLC with the rentals. Your IRA is going to go into your trust because you don't want your 16 year old to be hanging out blowing your inheritance. Now for those of you that want to do the back door 401 or so, the side door 401k, we would set up this LLC which could be taxed as an S corp someday and we're going to pay a management fee which we would never ever, ever freaking do. Like Matt just said, it's a waste of time. You don't need to do it. Don't listen to some freaking company trying to sell you. Unlimited LLC is all over the country for some stupid asset protection reason. It's unnecessary and we put our money where our mouth is on that. But the only Reason I do this is I want to kick out a little W2 and Bink do a solo 401k, because I cannot fund this little 401k directly out of a rental property business because it's passive. So I have to convert the money, I have to launder it, I have to turn it into ordinary income in order to do the solo 401k. And you say, well, can't you do this with an LLC? You can without making a W2S corp structure, but now your net income determines how much you can put in the 401k. And if you're trying to max out the 401k, a sole prop is going to not be the way to do it because you only get a 20% match. There's no employee scenario. But if you want to throw away 19 to 20 grand into a 401k, keep it as an LLC and sole prop it out in a schedule E. But if you want to really pump some money into that solo 401k, you're going to. Eric, you're going to have to pony up and do the escort. Okay?

All right.

I got a question for you. It's Jorge. And I liked Jorge's question. He said, I have an llc, but I make more money with day trading. Any advice?

Okay, so if you're a trader, you know, you, you can claim trader status if you want to. There's pros and cons to doing this. But, you know, basically if you're day trading, you probably have short term capital gains, right? So that's what's getting taxed. Short term capital gains, it's whatever tax bracket you fall into. Now some people say, well, I want to be in the business of doing this. I want to write off my home office, I want to write off this workshop I went to. And if I'm just trading and it's just short term capital gains, I don't get to expense all that stuff. But I want to expense all this stuff. This is my business. Okay, well, you can create an entity. You could have that LLC taxed as an S Corp. You use the exact same LLC you have and call this business income because you're in the business of trading now. Sure, I get to expense all this stuff, these expenses to my trading income. You know, the workshop, I go to the business meetings, I have the home office deduction, all this great stuff. But now I'm paying, I got ordinary income and I got to do the salary dividend split that we talk about with an S Corp. So. And we May need to get into that S corp for those they don't if there's questions on that. But I don't know. The trading is tough because on the one hand I know people want to write off the expenses, but they have to consider it a business to do that. Not just short term capital gain income, but once you claim it as a business income now it's going to kick out with self employment tax on it unless you do the salary dividend split in the S corp, but you're still gonna have some self employment tax on the salary. So that's a tough one. That's one. I don't think there's a clear answer. But you do have options. I get with one of the tax lawyers on nailing that in your situation. How much expenses do you really have? Why are you trying to get that

business Now, Matt, since we're live, I'm gonna do a little correction on your comment and I was just confirming if you're watching on YouTube you could see me off camera talking to Steph over here. Day trader status, if you're able to elect that. See there's got to be certain criteria. Okay, now let's back up. Jorge is asking about, do I need an llc? Hell no. An LLC is for asset protection. Okay? All right, so everybody, if you're trading crypto, if you're doing any sort of day trading, if you're just managing a little brokerage account and doing options, an LLC does not save you taxes. Now you might want for asset protection, but don't worry about the LLC from a tax perspective, Jorge. Okay, but this day trader status is a whole other topic because if you qualify for day trader status, you are allowed to take all the write offs related to the day trading business. And the net income is not subject to self employment tax. If you meet that day trader status. We've got a journal of accountancy article over here which is confirming on that. But then you've got other issues of. Well now I want to fund a 401k and I want to maybe do a retirement plan contribution. And so you're kind of in this weird day trader status of you get some perks, but then you're still, are you really a business, are you not? And do I get to create a solo 401k? Should I kick out a W2? And so I would just really, really recommend any of you that are trying to claim day stranger status don't think it's the get all end all. I know that you go to conferences and people are like, oh, you need to be a day trader. And then you can take right offs or this and that. Well, they don't explain the back end of how it can be. It can be. It can't be always the pot of gold at the end of the rainbow you think it is. So talk to your tax advisor. Make sure you're claiming that day trader status properly, that you qualify and what the ramifications of it are.

All right, I do have a good question from Tish in Iowa.

Leave mine up there too. Go ahead.

All right, Tish has. She says how does it. Maybe Tish is an accountant. Let's see here. But she says, how does an S Corp establish ownership of an llc? And how do I report multiple LLC incomes through one S Corp? For example, my client runs a barber shop, a lawn care business, and recently got into home building. I love this client. Yeah. And works as a general contractor. How do I link, man, the general contractor that has a barber shop. I mean, I get the lawn care business, but this is pretty cool. This is a true.

Cutting hair. He just invested in it.

You know, he's cutting hair and lawns, baby.

Wow.

Okay, how do I link all of the LLC to the S Corp and report revenue? All right, so Mark's going to be diagramming this here. And by the way, Mark and I play a mean game of pictionaries. So anybody want to challenge us? Good luck. Yeah. All right, so. So what you want to do is you're gonna have 1s corp, Tish, and that's. We always want to have 1s corp. Mark has 1s corp, I have 1s corp. But the S Corp is going to own each of these separate llc. Now, I like these LLC is being separate. And look at the diagram here. And for those on the podcast, we have the S Corp, which is owned by you or your trust. And then the S Corp itself owns each of these separate llc, like the contractor business or the home building business. I want that in a separate LLC for liability protection. Maybe it's got separate of different employees or subcontractors I work with. I mean, I don't want the liability bleeding into the barber shop or the other stuff you got going. So let's have that as a separate llc. And you may have employees up there. You're paying out of that llc. All right, you're going to have separate expenses up there. You're expensing out of that llc. But the profits to you as the business owner, you're not getting a check out of that llc. That's the profits are dropping down to your S Corp which you're just going to transfer money from your LLC account to your S corp account or write a check from the LLC to your S Corp. Then you pay yourself as the business owner out of your S Corp which is the same process you're going to do on the Barbershop and everything else. And you may have income go directly into that S corp, I don't know. But you're going to get paid as the business owner out of the S Corp. You're going to get a W2 and a K1 for your share of the profits. You're going to do your salary, dividend or net profit split there. But we want those separate entities for liability protection. They got separate businesses and purposes really. So I kind of like the structure. They're separating them out for liability but they're all going to flow down. Now how do you establish that ownership? It's just a membership transfer. So just if they own those LLC right now personally, just do a membership transfer or an assignment of ownership of the llc. It's a one page document that says you know John Smith who owns it now Hereby assigns his 100% ownership and Barbershop LLC to ABC Inc. You know the S Corp and, and, and there you don't have to file it in a lot of states because you, you don't. The memberships generally not disclosed at the state level but you do need an actual legal document internally transferring the ownership.

Okay and excellent, excellent explanation but I've got to add some bells and whistles and everybody I'm hoping most of you are able to get over to YouTube and watch watch this especially if you're on the road listening to the podcast. I just, I can't do it it justice with trying to do this without the whiteboard. Several issues. What happens is we say this and some of you go out and try to do this on your own. Here's the problem. If you have member managed LLCs, you're jacked up now you have to do articles amendment with the state to reflect a new owner which is the S Corp. That's why we always set up manager managed LLCs. Number two, Matt said do a membership transfer agreement. When do you date it? Do you date at 11:21 and backdate it and pull in 2021? Hell I would. Or do we try to throw it in 1122? So you got to choose the date for the membership transfer agreement. What am I going to report for taxes for this guy in 2021? Do I have to do an amendment with the state. Did someone set up the LLC wrong in the first place? Have I done my minutes or the minutes approving this? And you go, well it's an llc. I don't have to do all that. Yes you do. You want asset protection. You want to protect yourself in an audit. Are you doing your company maintenance? We have a company maintenance program. Call up the office. Becky Lloyd, I think our specials coming up in a week here where we can get you on company maintenance. Get your diet, your diagram figured out, get you into a consult with an attorney, build their structure, find the right dates for all this. So where you're headed with this is perfect. I want 1s corp with all the businesses going into it. Next issue. You can't just hire all your employees at the S corp level and then distribute them all amongst the barbershop and the rental properties and the contract. You now you've got liability exposure and the LLC is are doing you no good. So if you're going to set up a. Not any good, sorry out here in Idaho. So you know I've been watching a little too much Yellowstone. Okay, but if you take this LLC and you have employees in the home building and you have employees in the barbershop, you're running two separate payrolls. You run two set merchant accounts, two separate bank accounts. Well I don't want to do all that. Then don't set up two freaking LLCs. You can't wish it, so you got to make it so. If you want three different LLCs funneling into an S corp, you got to follow the frickin procedures. And then finally you know what clients are going to do. And they've been calling me all effing week on this mark. I want a solo K in my S corp. You can't have a solo K in your S corp if you've got full time employees up in a subsidiary that the S corp owns. It's called an affiliated group. It's called I'm a doctor and want to screw over my nurses and set up a solo K and not letting any of my nurses play in the program that got shot down 30 years ago. So when you want to start creating a solo K for yourself, I got to ask, do you have any full time employees in any company which you own indirectly or directly? More than 50%. Now we're in a whole other ball game. I mean I could bring Katie, our other attorney up here who with her financial advisory services experience. I got Katie, CPA licensed financial advisor in here you just can't go set up 401ks willy nilly. My right. Katie. We're good. Okay. Katie's pissed over here. She's going to throw something. She just knows.

Yeah.

All right, so that's a great question. That's why you get a consult. Make sure it's done right. Right.

I love that. That's the first, you know, person that I've ran into. It'll cut your hair and your lawn.

Yeah, that's serious.

Can you scroll up Dynamic business owner right there.

Jorge. Oh, someone asked. I'm a full time. Oh, I want Carlisle too. Real quick, Chuck. Go. Go to go. Nope, other way. Right there. Chicken. Chicken Charlie says is the date. This is important for everybody. Is because of COVID or Nomicron or Pulicon or whatever. Tuacan. Whatever the hell. Okay. If you think that the government is now extending your taxes, they are not. The deadline is set. The chicken Charlie says is the date extended in 2022 to file my 21 federal taxes from April to May. Hell no. It has been bumped to April 17th, which is a Monday. Or is it the 18th? Oh, help me out.

Yeah, yeah. And it. And then there's two states that. That's a state holiday. So it's bumped another day. And then if you are in a fire zone from Colorado, Boulder area, you get a month, an extra month. It's a whole. It's a whole mess this year. So for 90% of Americans, it's just the regular first Monday after the 15th.

Yep.

Which I believe is 17th now.

And then the next question was, I missed their name up here, but they're a full time RV or we love our RV clients. They're cruising around the country in their RVs and they said, do we need a revocable living trust? Because everything we own is in this frickin RV and in a savings account. That's a fair question. I hope you at least have wills. But here's why. The revocable living trust still could be very, very important. So a lot of people go, well, I don't have anything. I don't need a trust. Do you have any life insurance? Do you have his kids and her kids and our kids? Do you have a retirement account? Where's that retirement account going to go? What happens if both of you die? Where's that money go? Are you going to have probate? Because you can even have probate even if you're like, we don't own any real estate brokerage accounts can have to go through probate. What State is your residency. Well, we're in an rv. Well, you still got to have a residency. Oh, we're doing South Dakota or we're doing Texas or we're doing Florida. No state tax. Okay, well, what's the rule in that state if you have assets? And so people, a revocable living trust is more than just who gets what. It's also, what happens if I'm a vegetable? What happens if they need to pull the plug? Where does my piano go? Where's my guns go? We're, we're starting to roll out our gun trust next month. We want gun trust to be completed for clients to own guns. So there's so many variables here. And if you're driving in an rv, sleeping in Walmart parking lots, you better have a gun. Anyway, I'm just saying that it's going to throw, throw down. I mean, those Walmart parking lots in the middle of the night, they can be dangerous.

Yeah, I actually don't want to know, but okay.

Okay.

I got Kristen from California. I enjoy the show a lot. Thanks, Kristen.

Thank you, Kristen.

But if you always start with a compliment, we're more likely to read your question. Just you saying, you know, says, I wonder now that BBB Build Back Better does didn't pass by the end of the year, can we still do a backdoor Roth in the year in the beginning of 22? So the good news is, Kristen, yes, The backdoor Roth IRA, the backdoor Mega Roth 401K, is still alive and well. It was going to get killed and build back better, but Build Back Better did not pass and looks like it's far away, away from passing as we see it. So we've seen a lot of clients starting to do backdoor Roth IRAs trying to get them done for 2022 for their 2020. Because usually when they pass a law, even if they do it midway through 2022, they'll do it as long as you did it before they made the law effective. You get. You get snuck in. So. So, yes, those of you that do the backdoor Roth get on it. Now, those interested in it, we have separate podcasts on it here on Main Street Business Podcast and on the directed IRA podcast. But it's alive and well, Kristen. I'd recommend getting on it to get it done. Now for 2022, you get another 6,000 bucks. You can do it with if you're 50 or over, of course, you get to do seven.

Yeah. And I, I think. Making decisions while you're watching the news is really Precarious because you're going to get different stories based on different news channels as well. So this is.

No, you do.

Really.

No, it's all the same. Yeah.

Fox Sports and espn. Totally different. TMZ and oh my gosh, what's my other show? It's not tmz, it's the other

Hollywood or whatever.

Yeah, E. Hollywood. There we go. Yeah, those are important. Okay. I was gonna throw this out. Scott put a post on our website. Mainstreetbusiness.com asked a question and if any of you would like to pose a question for our next open forum. Scott was the most recent one just 14 hours ago. He said, love the show and the books. Thanks for all you guys do. He says, I'm the sole owner of my S Corp. Can my S corporation make the payments to my health savings account? Currently I fund my HSA using after tax dollars from my S Corp salary, but I'm wondering if my S Corp can make the contributions directly. Great question, Scott. The technical answer is yes. But if your accountant catches it, they're just going to make it a draw. It's just like you're taking a draw out of your S Corp and it's going over to your hsa. It's a little more clunky. Your accountant will probably get a little pissed. They'll be like. Or your bookkeeper will go like, what are you doing? Take a draw and then put it in your hsa. But you can definitely take money straight from your S corp and put it in your hsa. It doesn't get you a better write off. You don't have to do it that way. You can do it that way. It's just you're cutting out a step that your bookkeeper is going to get bugged with. So take a draw, then fund your hsa. That's the cleaner, easier way to do it.

Yeah. For those of you that are like, you know, you have a day job and your employer throws some money in your HSA for you, you know, they're doing the same thing. It's taxable to you on the W2 and you're getting the deduction on your return. So it's, it's not like it helps you in any way. Same thing for those self employed. I just keep it clean and easy and just put it in. Personally you're going to take the deduction on your 1040. So don't think it's like, well, I'm expensing it in the business and I get a deduction. No, you don't. Get a double dip if that's where you were going, Scott. Although I do love that thought and

a quick question or comment. Quasi says, Mark. I think you guys should have a workshop in the Boston area. Or are you afraid of the cold? Are you kidding me? Are you kidding me? I am frozen in here. We just turned off the heater so that wouldn't create a sound effect in the back. How cold do you think it is in here? It's got to be 50. I mean, so don't. I can throw down. Kwasi. I can go to Boston. Yeah, it's 28 degrees right outside this door with terrible insulation. So. No, we'd love to come to Boston. Hey, you want to throw together a event and you think you can pack the house? We'd love to come. I love Boston. Oh, legal seafood. We got another fan in here. Little clam chowder. Some clam chowder with those little crackers. I love those little crackers. Okay, got a question, Matt. Oh, we got one, please. How soon can I get a trifecta? Trifecta done when I call the office. Okay, everybody, let me show you. Here's our trifecta. If you're watching on YouTube. What we love to do is build the trifecta for our clients. Married or single partner, whatever. Here's your trust. And we want to build your business structure with your short term income over here, your long term income over here, your retirement investments, your real estate, your crypto, your home, what operations do you have a side hustle, a day job, that trifecta. We do a tax consultant where we look at your last year's tax return, do an in depth interview with you, and build a color diagram of your trifecta with a checklist of what you think you should be doing this year. Twelve hundred bucks, Very affordable. You can take it, go anywhere the hell you want to implement it. Or say, oh, my gosh, I love you guys. Implement this, this, or this. Everything's on the table. There's no hidden agenda. For twelve hundred dollars, you get that consultation with an attorney tailored to you. Steph or Katie, right here. Boom. We got 14 attorneys in four different states. We can help you out. Turnaround time, you're probably looking at about an appointment about three weeks out, and that's okay. Get on the calendar. There's no, you know, if there's something that's really pressing, talk to one of the paralegals. They could maybe start part of the process before your consult. Okay, Matt, your call.

All right. This is a great question. From Boris about registered agent services. He says, I read that a registered agent service addressed when used for privacy purposes, for example, could pierce the LLC bill since the managing manager would have no control over that address. Is this true? And you would you recommend a virtual mailbox for that reason? And does the virtual mailbox work better? Okay, well, let's talk about what the heck a registered agent is, Boris, because seems like whoever's explaining this is not doesn't understand what they're telling you. So registered agent is basically the person for your company that receives legal notices, lawsuits if your company gets sued. So when you're a corporation or an llc, you have to tell the state, hey, this is the person we've designated to get the lawsuits for us. It could be you, it could be your brother, I don't care. It could be our law firm. We serve as registered agent, a registered agent company and they're the person responsible to receive the legal notices on behalf of the company. Now that's all they are. They have to have an address in the state that can't be a P.O. box. They have to have an actual physical address in the state of the company. So if you have a Arizona LLC and you live in California, you're going to need an address in Arizona that to be as registered agent. And like our law firm address could be that and we could be your registered agent here. And we do it in all 50 states for clients as a registered agent service. And this same if you're using a separate company. But that is not going to affect your corporate veil. That's not going to affect asset protection. That's just following a corporate requirement that every state has of here's who get our legal notices. So it doesn't have to be you. It doesn't. So don't stress about that. I think whoever's explaining this to you is maybe trying to sell you something. Using a registered agent service is totally fine. Every large company go look at any. Every Fortune 500 company, they use a registered agent company or their law firm, they are not on there. They don't put the owner of that business on there or their president or CEO. Okay, It's a registered agent company or their law firm. That is the registered agent. Don't worry about that. That's actually recommended. I would say the second thing, a virtual mailbox. Now we have a service for this, a mail forwarding virtual mailbox service. This is really just for privacy. Sorry, this is Mark's idea.

Sorry, what?

There's few things Mark and I have disagreed on. In the management of the firm. I was not a fan of the virtual mailbox service. This is part of the Mark Kohler genius. There's many moments of Mark Kohler genius and this was one of them. And let me just say I was.

There's not many. There's not many I can claim. I mean, soda in the fridge and mail forwarding, that's all I got.

Um, but the, the. And there's other places to do a virtual mailbox. But basically this is. Let me list an address to get mail because a lot of states you can't list a. Like the registered agent company or even us won't let let you list their address for mailing purposes. They don't want all your fricking mail. That's just for legal notices. So a lot of instances you'll need to less list a separate mailing address which could be your address or it could just be a P.O. box or you can use a virtual mailbox service like us. Where will receive your mail? In our Utah law firm office. It gets scanned into a folder for you. It creates some privacy for you. It's a great service for those looking for privacy or that just, you know, maybe you're on the road a lot or you live in multiple locations. You don't have an actual physical office and someone. They're getting your stuff. It's just a. It's a nice service for you. And again, this is not going to have any piercing the corporate veil. This is a convenience for you. And it also creates some privacy so that your personal address, if you don't have a separate office address is not listed.

Yep.

I love it.

Okay, David says thanks everybody for participating. This is so fun. Where are we at on time? Maybe five more minutes or so. I just want to say thanks to all of you that are regular viewers on YouTube or listeners on the podcast. We love this and it's it. We wake up every day thinking we're going to help someone better live their American dream. And it's what keeps us going. And for all of you to participate and then share this link and let other people know that you can get straight, simple answers regarding your tax and legal structure. And I know we're only answering maybe 1% of the questions flying in today. I am so sorry. We'll keep trying to do the best we can. I'll say this tomorrow, Thursday, 4 O' Clock Mountain. And that's every Thursday at 4 O' Clock Mountain. I am going live on YouTube now. Matt's so damn busy, I can't always get him to join the show. But I'll try tomorrow. But if not, I'll grab one of the other lawyers and I'll be here live tomorrow at 4 on Facebook and YouTube. So if you want to come back tomorrow, give it another shot. If we didn't get to your question, David says solo side gig now bringing in 30 to 40 grand a month. I thought he was going to say 30, 40 grand a year sounds like an Uber driver. But no, 30 to 40 grand a month, that's one hell of a side gig. All right, how can I use real estate investments?

Is that your main gig?

Yeah, that's a big main gig for a lot of people. How can I use real estate investments with pre tax business funds?

Pre tax? Well, you need a retirement account to do that. I don't know about business funds but.

Well, when. Okay, David, I got one thought, Matt, and then you tell me what you think. So listen everybody. David says he's making money 30 to 40 grand. He better be using an S corporation. He's going to pay him way too much in self employment taxes if he's not. We've got YouTube videos up and down all over around on the YouTube, on YouTube about S corporations. Go check those out. But let's say he says he wants to use pre tax dollars to do real estate investing. Now I'm going to give option one. Matt, you come up with, there's two or three other options. I'll just go option one. Matt and I have often said and we've lived this principle ourselves, your first best rental property is one where you're already paying rent. So if you have a small business and you're paying rent for any sort of space, whether it's a storage unit to a commercial strip mall or whatever, anywhere in between, the first pre tax strategy you could use buying your own property to rent to your business. Now you're getting a write off at the S corp level for rent and you're going to be a little aggressive on the rent. You can't go too overboard and you've got a rental property off to the side that you're paying down the mortgage on. Hopefully on a mortgage pay down strategy, building an equity over there. So I kind of like that man. I mean that's the first thing to me. What would you do?

Yeah, I love that. Well, of course I'm going to go to the retirement account strategy. Now it's not. It is pre tax in the sense that let's say you could set up a solo K that's probably what I would do. You got the side gig. Sounds like you don't have employees if you're calling it a side gig. I presume that's the case. You could do a solo K right now. You know what? You could even still do it for 2021. Under the secure act, you can still set up for 2021. And if you were an S corp, you got to start moving on that now because you got to get your W2 done. But based on your income you're making, you could probably max out the solo K. If you made over a few hundred grand last year, you may be able to max out the solo k and put in 58, 000 bucks into it as a contribution. If you do traditional dollars, that would be all tax deductible. You're going to get big tax savings in 2021. And. And this is setting up the solo K now and making con. But you got to start making. You got to go, like, now. Is it David? Who's. Who's this now?

I forget.

I can't hear Mark, but.

Okay, I've got. I've got. I'm gonna throw this out, too. Okay, Corey, we're gonna see if I can show this on the screen here. It says screen sharing. Corey, do you want to come look at this? Okay.

Okay.

So.

Okay, so you're gonna do a solo 401k. Okay, you ready?

Yeah. This. The diagram I wanted to show. I just tried to do screen sharing is. And I've got a diagram on this, people. You will freaking love it. But I'll start penciling it out, and then maybe we'll get the color bubble chart up here. What I would throw down on top of Matt's is take it to the next freaking level. If you're literally bringing in 30 to 40 grand a month on a side gig, you better be going to what we call the mega Backdoor Roth.

And.

Oh, there it is. Corey's. Corey's bringing it up. Just make that big. I don't. I. Yeah, I don't. There we go. Okay, Matt, this is updated last night. Kevin and I worked on this last night. I mean, were out to dinner, dancing, standing, you know, back at the golf club. But Kevin and I were late at work working on this. I just want to.

I appreciate that. Thank you.

Okay. All right. Okay. Now I'm trying to get Katie and Steph to even smile in here, and it's killing me. I'm. I'm throwing down every joke I've got, and they just. They don't care. I mean, I hope you listeners appreciate it. I'm doing this for you. Okay? Okay. Now obviously I'm not doing it for the ladies here. They don't care. Okay? Now this is a 2022 Mega BackDoor Roth. I've got a 2021. We could look at that. But here's the deal, everybody. $67,000 in a Roth IRA. So what the question was, could I do a pre tax strategy? Matt was saying, set up a Solo 401k, let's convert it to Roth and go buy rental properties like an Airbnb. A mega backdoor Roth strategy. So here's how you would do it. You'd set up your individual IRA right here, $6,000. Now, I'm going to assume. What's our client's name? That our questionnaire's name, Matt?

I thought it was David.

So, David, okay, if he's making 30 to 40 grand a month, he's already going to have to do a backdoor Roth because he's got too high of income. So he's going to do a $6,000 contribution, convert it to Roth. There's six. Boom. Then with the Solo 401K this year, you can do 20,500. Boom, done. Then what you do with our Solo 401K documents is you do what's called an after tax employee contribution, which no one would ever do because you don't get a write off for an after tax traditional contribution. You go, mark, that's stupid. Why would I do that? Because on day two, you're going to convert it to Roth. So Now I've got 40,500 in Roth, 20,500 in Roth, 6,000 in individual. Add that up, I've got $67,000 sitting in a Roth account in two different Roth accounts, 401k and IRA. Then I create an LLC, and that LLC could go out and buy an Airbnb, partner with someone that's got some good credit, use their credit to buy the Airbnb with your cash down, you're off to the races, baby. This is all in a frickin Roth. And what's cool, Matt, is we figured out the exact wages last night of what you have to take to do a $67,000 strategy. And because you're not matching, we can do it with $66,053 in gross wages on a W2.

That's awesome. Which is cool because of course you want to keep that W2 down as low as you possibly can.

Yep.

Because that's where you're paying self employment tax and push the rest through as as profit on your K1. Here's what I would say too. Just another mark brought it together to get these 67. Just a, you know, just another way to look at this.

Oh, okay, you can do better. Okay, go ahead, do better.

I may just take that those Roth 401k funds, that 61,000 and just put that in an LLC 100%. Maybe your 6,000 and your Roth IRA is doing something else. It's buying some crypto or doing something different, whatever. But I like that solo K owning that thing 100% because why we're going to do the same dang thing next year and drop in 61 now. And it's single member. There's no tax return for the llc. Nice and clean. But if you do the Roth IRA in there, it's going to be a partnership llc, you know, broken up between your solo K and your Roth ira. So yes, it gets you a little more purchasing power.

But.

But you might want to just say I may do the backdoor Roth and throw in the six. But let me just fund this LLC a hundred percent for the real estate with the solo K. But here's what's cool this is. And gets back to Dave's question. He wanted some tax deferral here. And we're giving you tax free. This thing is going to be tax free. Now when you grow your real estate holdings, all the stuff in the Roth is tax free. When you sell the profit, have a profit, no tax, cash flow on the rental income, no tax. This is all growing and going to come out tax free at retirement. Okay.

All right, I want to throw this out here. Corey is going to drop that screen. Okay. The one thing I'd add to further, everybody, if you want to go to the next level is what's called a defined benefit plan. And I had a client last week we talked to about doing a DB plan on top of the 401k. So for some of you that are high, high wealth earners, there's other options on top of that. Okay, I like SY832 question. We're going to take this one maybe by the way, Nancy Wheaton says do I need to initiate a 1031 exchange mean get the accommodator in place before I put the property up for sale? No, get it up for sale, but before you freaking take offers closing, you've got to have the 1031 exchange involved. So anybody doing a 1031 get the accommodator and your accountant on the same page. Really? At the same time you're putting it up for sale because you can't close without it. Okay. SY832 says. Matt, you're going to love this question too. Brand new client, by the way. Thank you. And if I own crypto outside of my Roth IRA and I trade it for Bitcoin, is that a taxable event?

Yes.

Yep. Yeah, I'll let the bad cop answer that. Go ahead, man.

Yes. I don't know what crypto you have right now, but assuming it's not Bitcoin and you're selling that crypto to buy Bitcoin or you're going bitcoin to Ethereum, whatever it is, that is a taxable event.

Now, three triggers. Tell them the three triggers.

Okay, well, you sell crypto for dollars. I have Bitcoin. I sell it for USD. USD, Fiat. Okay. Okay. I've got a taxable gain. I go crypto to crypto. I go from one crypto to another, Bitcoin to Ethereum. A lot of people are getting, you know, you're to buy a lot of altcoins, you know, you aren't. Can't buy it with Fiat, you've got to buy it with Bitcoin or Ethereum. So if you bought Ethereum to get Solana, whatever. Okay. That you went crypto to crypto. So any gain you had from when you bought the first crypto to sell, that's going to be taxable. All right. Third version. I don't know what the third one is. Mark, what do you. Okay, interrupt for a commercial interruption, if you don't mind.

I'm sorry, I was just trying to get a quick two, one word from Steph here. The software you're going to want to use in both of these situations is tax based. We're really aligning ourselves with them. Tax.bit. correct. Sorry. Taxbit.com is a wonderful software program so you can track all these trades whether you're going to USD or crypto to crypto. So taxbit.com is going to help you out there.

Okay, Matt.

And then the third issue is let's bring Tesla in.

But you want to set it up for crypto for a Tesla. You want to buy a Tesla with

Bitcoin or I take Bitcoin and buy a Tesla.

Or let me give another example.

Oh, your ATM. Apparently you're using ATMs at night.

You can thank. Thank you for pointing that out. No, we do have a client that does Bitcoin ATMs. Okay, so where you can go use your bitcoin and get cash out of the atm. So that would be. But that would be going, I guess that's going from number one. You're selling your crypto. That's number one, really. And you're just getting cash at the atmosphere. But here's, let me say so you use your crypto to buy something like a Tesla or you use your crypto to pay to go to the crypto tax summit.

You're so sneaky.

Little segue out there. Just a little segue. Because you can use your crypto to pay to go to the crypto tax summit. What the heck is that?

Okay, everybody. January 29th in Phoenix, Arizona. We sent out an email literally an hour ago. If some of you have not seen the email, don't worry, get to your junk and find it. Or just literally go to ww.cryptotax cryptotaxummit.com we are holding the first over, first ever national conference to talk about how crypto is taxed. We're covering the metaverse, NFTs, staking, DeFi, mining, a Roth IRA, cryptos, everything. Yeah, it's January 29th, we have less than 100 seats left to come in person in Phoenix and we have some amazing sponsors that are going to be there. Gemini is going to be there. Or you can get the attendance through the virtual portal. We'll have a virtual portal set up where we'll be broadcasting live. Get to cryptotaxsummit.com if you want to know how your crypto is being taxed.

Yeah. And so for those of listening, I know there's a lot listening that have bought crypto. I mean 16% of Americans have bought own crypto. It's insane. 68% of high net worth individuals own crypto. And how many of us know the tax rules for crypto? How many of the your CPAs, your attorneys, your financial advisors know the rules for crypto. Like that's what we're trying to, we're trying to break this down and also teach the strategies to understand crypto and tax. I've realized as I've been like going down the rabbit hole, you need to know the general tax rules and how can I fit crypto into these cool tax strategies that are already there in the tax code.

You just got to figure out how

to get crypto in them. So I think it's going to be an awesome time. We're really looking forward to it. But I like it.

Business.

Virtual or live?

Virtual or live. And I just, I could sit here all day and just play in the chat here and answer questions and be involved with you guys. I love it. But business development says I bought $1,000 in crypto and it lost $300. How do I claim the loss? I love that. Pure video. Pura Vida Trader commented and said just sell it and you'll cash in on a short term or long term capital loss. The wash sale does not apply to to cryptocurrency trades. So you can sell it, read and turn around and buy it one minute later and capture a $300 loss.

Love it. Yeah, Miami Primo strategy, awesome strategy right now with crypto being down. I mean, bitcoin is down at some lows. Awesome strategy to lock in some losses.

Yeah, Miami Primo says I saw.

Say again, it'll offset your future gains. I mean you're going to sell. It's going to be a loss for 2022 tax year, but it's to offset future gains. You know, you're going to have gains. You're going to need these losses.

Yeah, totally. Miami Primo just said. I saw the email before jumping on. So we're going to be. In summary, I'm just going to throw this out, everybody. Should we give some crap away? Corey, is it too late? Can we do it? Okay, for those of you that are still watching right now, we're going to give some stuff away. I was going to say something other than stuff, but that. But we don't want the E rating. So I've had to watch Matt and filter. Okay, the first five people that say I want a book, get a book. And then Cory's going to write down your names. We're doing it right now. Who wants a book? Who wants a book? The first five people. Book, gold, color, in. All right, okay, so I'm going to give away what your CPA isn't telling you. The self directed IRA handbook, financial freedom, what Wall street isn't telling you. The tax and legal playbook. And then the creme de La Creme. The $99 for the big formation.

It is Great formation.

The Great Formation. See, it's the. What do they call it? The Great what? And then the Great form.

The Great Resignation.

The Great Resignation.

The Great Formation. Yeah.

Yeah, we're about the great formation. More people are starting small businesses than ever before because they freaking quit their job and they're like, I'm doing it so. Eight steps to start and grow your business. Whether it's a brand new business or mature business. 60 plus videos, $99 on Amazon. Giving away that too. Corey will write your names down. The first five winners. Should we read them off? Corey, who are the five? Let's start it off. We got book. Who is booked. That's where it started.

Mudman.

Well, it was up above that. Yeah, we got to go up to book. Whoever got the said book. There it is. Go down. Go down. Okay, so number one is gold color and David Rucker. I don't know. We said you got to say I want a book. Did David Rucker make the cut with that statement? Okay, go down, Cory. We'll give it to David Rucker. Gold color, David Rucker. Corey's going to write this down anyway. Those. Well, I got to tell them the five. Okay, I'm going to say gold, color, David Rucker, Kapil Solani. Keep going down. Yassini Sanchez and Frozen State Productions. If I said your name, those are our five winners. You have to email Corey. That's Corey. C O R E Y. I'll put it here on the whiteboard. Corey@markjkohler.com Give him your contact info. We'll send out that book and if you're lucky, I'll sign Matt Sorensen's book for you. So, yeah, could be big money right there. So, yeah, okay, everybody, good book. You know, can we commit? Matt, right now? You're gonna join the live tomorrow at 4.

Huh? Tomorrow at 4. I mean, I don't know. Possibly. I've not looked at my calendar. I don't know.

Okay, he'll look at his calendar. I'll be here tomorrow.

I know whether or not it'll be a heck of a good time. Oh, oh.

But the self directed. Should we do the directed Ira podcast tomorrow live?

Sure.

Okay. Tomorrow at noon. I got Matt Sorensen for that one for sure. Directed Ira podcast. Tomorrow at noon, Mountain. We will be live right back here on YouTube and Facebook. Bring it. But your questions. We're only answering questions on self directing your retirement accounts. That's the podcast dedicated to self directing your retirement accounts and building wealth tax free or tax deferred. Tomorrow at noon.

Get over. Yeah, get over. Directed ira.com podcast. That's where you can submit questions. Similar format to what we do on mainstreetbusiness.com. submit a question. So directed ira.com podcast you can do. Submit a question. One thing I'll say on this that I love because I started reading questions that people loved. So if there's a question, someone drops in there because there's no way we can get all these questions that people post. Heart peoples. One of the ones I read had three hearts on it because other people liked it. And that'll get our attention to know. Oh, we need to hit this one. If you've got no hearts and no love from other people. And it's a. It's three paragraphs of a question that sounds like a cuff, but we're probably going to skip it. Just. Just saying. I like it.

Okay, everybody, thank you for being here. Don't give up. Keep living the dream. And we'll see you tomorrow at noon and tomorrow at 4 o'. Clock. Wow. Two live podcasts and broadcast tomorrow. Corey's so excited. See you tomorrow.

Thanks, everyone.