Don't File Your Taxes for 2022 Without Knowing This...

All right, we are live with Mark Kohler.

Welcome everybody. No matter where your platform is today and where you're listening in from, YouTube, Facebook, Twitter, glad to have you here. I'm all about helping you, the small business owner, real estate investor, make more money, save more money and then protect it. So I'm a CPA attorney, best selling author, podcaster, YouTube personality, blogger, have a law firm, have an accounting firm, and I'm here for you. So I'm going share with you today. Four last minute, which really kind of morphs into eight or nine. But I've got four primary considerations before you go file your tax return. I know many of you are like, I got to go file. It's January, February, I want to get my refund. Ooh, I had a side hustle. I got a 1099, I got something from Venmo or PayPal or oh my gosh, I've got this deal and I made some money on some sort of platform as an affiliate or online marketing or I drove Uber or I drove this or that. And I've got, and I, and I got this income. What do I do? I've never filed a schedule C. So for all of you side hustle side giggers, you may be missing out on some write offs too. So I want to give again four to eight year end last minute tax strategies that the year's over. But there still may be some ways to get some write offs and by going on the hunt. So I want to give you some kind of street smart strategies to be before you file your tax return. And you still may be doing it on Turbo or wherever. You know, I'm cool with that tax layer. That's great. But let's get the write offs in there that you may not even think about because sometimes the software, they're not out there to save you the most in taxes. You got to take control your freaking prep. If you're doing it yourself or if you're meeting with an accountant or you're looking for one, I'm going to give you some more options there too. But anyway, that's the topic today and we're gonna do live Q and A. So if you have questions on Twitter, on Facebook or YouTube, please type your con, your question down below. The Studio team is gonna get that to me now. Please ignore any comments from me or someone that's talking about some cryptocurrency bitcoin scam. That's all they are. They're bots. They're gonna make comments on the Facebook and YouTube platform. We're gonna. We're doing all we can, even with verified accounts to try to keep these bots out of our business. But when someone goes live, I know it's the bane of Facebook and YouTube's existence trying to get rid of those bots, so please ignore those. I'm not making any active comments trying to get you to freaking invest bitcoin with me. I love cryptocurrency, but there's some scams there in the contest. Now are we good? Tristan, my studio guy, can I get over here? It helps me out a ton to be able to see what you guys are seeing. This is great. Thank you so much. We're going to go on the whiteboard as necessary too. I've got my last minute deadlines here. Okay, first comment for all of you that want to do some reading and appreciate this and additional links in the description below, there's a link to my article, the Last Minute Tax Strategies before filing, what should you be thinking about? So I'm going to jump into these four and then I'm just going to do Q and A. I'm here for you guys. So you guys excited to be here? Lots of fun. I'm going to keep it real. And some of you that are regular followers know that I like to throw in a little joker story here and there to bring it alive. So please be patient with me if you're new to that style. Too many lawyers, accountants just make this topic so boring. So I've been to therapy for years to try to help liven this up. You know, I watch Comedy Central more than, you know, C Span. That's my goal. All right, I'm going to try. Okay, the number one, I've got four. And then there's some underutilized strategies. Under number two that it's going to give us a list. But number one, people, do not be afraid to file an extension. Okay, I want to repeat that for all of you that are like, I got a file by April 15th. That's the deadline. No, April. And it's this year. April 18th, by the way. On a Tuesday. That is not the deadline. That is the first deadline. If you're a business owner with a 1065 partnership or an S corporation, we'll go through those deadlines. But if you're an individual filing your first side hustle or you got your little side gig, you've been filing for years and you're all anxious and hot and bothered to file your return by April 5th, say 18th, don't worry about it. You can get an automatic extension to October 16th this year. Now why would you do that? First, it gives you more time to gather information, go on the hunt for write offs. Number two, you actually reduce your chances of an audit by extending. The IRS is they're waiting for people to come in the door so they can start auditing them for 2021. I don't. Or 2022. I don't want you doing that. I'd rather have you at the end of the line. Statistics consistently show the later you file, the less chance of an audit. Does your accountant tell you that? Don't worry about it. Now, some of you are like, well, I want to get my refund right away. I want to invest it. Because you're not going to go buy something new at Best Buy with your refund because you know better than that. But let's say you're waiting on a refund. I get it. You want to get your money as soon as possible. But finding an extension is okay. It doesn't cost anything to file an extension. And if you're getting a refund anyway, so be it. Now, if you think you owe, you want to send in a little deposit on April 18 with a deposit slip, but that's it. Send in what you think you owe, grab that refund with a better fine tuned tax return in the summer. So filing an extension is okay. I've got the links down in that article under option one of what forms you need and how to do it. I even have an article where you can calculate how much money you should send in just to be safe. Okay, that's number one. Now we're going to Q and A here in a minute, all right? So be ready. Tristan, if you've got some questions, you're copying and pasting to a special spot. Okay? Number two, I want you to go on the hunt here. I'm going to want to give five write offs. That a lot of side hustle. Small business owners just don't take advantage of fully. Some of you like, why know that write off. Yeah, but did you really go get everything and really write off everything you could? So this is money you've already spent in 22. I just want to make sure we grab it and put it on your return. It does not have to always go through your business tax return. As long as you can show you spend it for business on a credit card, cash, whatever. I want you to take advantage of that write off. So here's the five Travel. This is what I was doing the other day. I'M going through all of my credit cards and making sure that if I had any travel in 2022, where there was a business meeting with a customer, a client, one of my board members, family members that's helping in the business, I went to a conference. I went and looked at a rental property that I own. I mean, if there's. And I've got whole articles on travel. But people go through all of your credit cards, go through all your bank statements, look for any expense for travel. Maybe you use hotels.com, you got to log into your Amex account, you got to log into your American Airlines or Delta account, see what travel you did last year, and you're like, oh my gosh, I didn't write that off. That had a business purpose. Grab it. That's number one number, and put it on a spreadsheet. Again, it doesn't always have to go through your QuickBooks or through your business bank account. Just grab it, put it on a little spreadsheet, and you're going to give it to your accountant or use it if you're prepping your own return. Number two, dining. Dining is 100% write off in 22. It's back to 50% in 2023. But again, I've got videos and podcasts on dining, links to some dining here, conversations. But dining is 100% write off in 2022. So let's make sure you're going back and again combing through all of your bank statements and credit cards, saying, oh, that was a meeting with a business partner, a customer, a client, a family member that's serving on my board of advisors or board of directors, something I teach all the time as well. Make sure you're grabbing dining. It's okay to have a healthy dining write off. I want to give an example. If I have a client that made five grand last year selling on ebay, I'm not going to write off four grand in dining. But if I had a client that did 50 grand selling on Amazon and driving Uber and they go out and have some meetings with some family members that are on their board or some partners that you might be working with on selling product on ebay or on Amazon or Craigslist, who knows where you're having some business meetings, maybe you went to a conference. I'm going to grab all that dining. Get as much dining as you can. All right, Home office. It's not just the home office deduction, which is not high risk. I just held a podcast yesterday on home office. Make sure Tristan we Got our link to the podcast down in the description. Get over to the podcast. Yesterday was all about home office. But you can write off home office supplies, home office equipment, printers, fax. Does anybody even own a fax? Printers, anything at Best Buy supplies, paper, print cartridges, all these little things that you might use at your home office, including a little home office furniture. That could be a write off. Let's make sure we grab it. Number four, electronics. If you have a home phone line, I can write off 100% of your cell phone. Are your family members helping in the business and you're paying for their cell phone? Are they on the payroll? Are we paying our kids under age 18? Are kids over age 18 getting 1099s? There's so many strategies with family. I have separate podcasts and videos on that. But, but let's make sure that we're grabbing everything we can with electronics. Everything at Apple Store, Best Buy, the cell phone, the cell phone chargers, the cell phone cases, all of those electronics, cameras, drones, tripods. Because if you're doing social media in your business, you need those cameras, right? That's a write off. Let's make sure we grab them. And then number five, auto. So many people do not take advantage of auto the way they could. It's not just, oh, I had 5,000 miles. I mean, you may want to do the bonus depreciation on an suv, a truck, an rv, a motorcycle. Are you using four wheelers, a little trailer, to go to conferences and work on your rental properties? This is separate from travel. We're talking about auto, driving your car or truck. You can have multiple autos in your family that you're using for business mileage on this one, Actual on that. We're doing leasing on this vehicle. Oh, I got an electric vehicle. I want the tax credit. So we want to go back to 20, 22 and go on the hunt. What can I be writing off on my auto? How many miles did I drive to a conference? Did I drive to another city and pick up supplies or meet with a customer or client, a board member? Again, all your family should be on your. All your family members should be on your board. Doesn't mean they own the business, just means they're advisors to you. And you can do this with your company maintenance. We have a company maintenance program here at Main Street Business Services. We can get you on regular minutes. It gives audit proofs, your tax return and gives you better asset protection as well. Blah. Okay, those are my five. I'm going to repeat those. Travel, dining, home, office, electronics, and Auto, make sure you go on the hunt. All right, two more, and then we're going to get into your questions and I'm going to try to answer all I can today. The next one is the Health Savings Account. Oh, my gosh, I love the Health Savings Account. It's like a Roth IRA on steroids because you get to put money in and take a tax deduction. No matter how much money you make, it's on the front page of your return. It grows tax free. You can invest it in anything you want, from stocks and ETFs and mutual funds to crypto to real estate to notes to cows. Whatever you want to buy, you can buy in your Health Savings Account. And it grows tax free and comes out tax free immediately for any medical expense. You don't have to wait till you're 59 and a half. So for you young people that are like, well, I get to write off my medical anyway. No, you don't. Well, I don't want to wait till I'm 59 and a half and do a Roth or a 401k. Fine, do your HSA. You can pull out any expense for medical at any age. The Health Savings Account is amazing. I've got articles on it. Links down here in this main article of last minute deductions. Get over to the hsa. You can just Google Kohler hsa. I've got videos and articles. It's a chapter in my book here, the Tax and legal playbook, the hsa. If you have the right health care plan, you can take a deduction for last year and put the money in by April 18th. That's why I bring it up. Don't file your return until you see if you can put some money in your hsa. You can put money in your HSA and reimburse yourself for medical you already had. Oh, my gosh, it's amazing. All right, number four. This is the last one. Do not forget the IRA. Now, I want you putting money in your Roth IRA.

You.

You may be doing a solo 401K, a SEP. We just held a podcast today that'll go live tomorrow on the solo 401k for business owners versus a SEP. And always making sure you're doing your Roth or your traditional ira. There's so many options, and if you're like Mark, it's too complex and blah. I don't know. Schedule a half hour to an hour with one of my tax lawyers. Our tax lawyers help Main street small business owners. You don't have to have thousands of Dollars to hire an attorney to say we're. Will you just help me for a half hour and just help me choose the right retirement account? Now, we have packages where we want to set up your trifecta, set up your new entity, review your last year's tax returns. So when you call the office, the ladies or guys on our sales team, they're going to say, hey, which service do you need? And you may say, I only want a half hour. That's okay. We will always fall back to that if we have to. But there are a number of great options to get you a plan for the whole year and help you choose the right retirement account for last year and this year. Do a strategy session, Go out, knock your own tax return out if you want. All right, now, finally, for you tax advisors out there, and many of you are already in my program, the certified tax pro certification through Main Street Tax Pros. We're teaching this, and we've got new tax pros coming off the shelf here in February. So if you don't have a good account yet, go to markjkohler.com, look at the network, and just sign up to be alerted when you. When we have a certified tax advisor come out of our new program this year, you can interview them and hire them all over the country. I don't make any money on them using you. You choosing them to be your accountant. I want to get certified advisors all over the country to help Main street business owners like you. And within the next month, that network will be available for you, no extra cost, to just call and interview, find an advisor that speaks. Speaks my freaking language. You're gonna love it. All right, well, Tristan, let's go to some Q and A. We can go to the whiteboard if we need to. I know we've got Kirby on Twitter, Tristan here on Facebook and YouTube. And I'll only go to the whiteboard if I have to. Let's answer some questions.

Awesome. Mark, let's get it started. Okay, first question I got Here is from CJ. This is on YouTube. CJ said KQS is currently setting up my wife's S Corp as we speak. So that's awesome to hear. C.J. says I have an LLC that doesn't net enough for an S corp. Should my wife's S corp own my llc?

Ooh, I love it.

Pros and cons.

Pros and cons. I love it. Tristan, can you throw me over the whiteboard?

Yes.

Okay, everybody, this brings us to the trifecta, because whenever we talk about Structuring it. Having a visual of it is so powerful. And if you work with one of our tax lawyers, the trifecta is something they can set up for you in one of our little plans. All right, so what we want to do, many of you know, we want your short term operations on the left, your long term operations on the right. We want a firewall here for asset protection and tax planning. Down at the bottom is your revocable living trust. And this is your 1040 tax return. So all the money flows downhill. Your trust is there for privacy and it's going to own your entities and all this. Now let's say you have rental property that's over here that's owned by your trust, whatever. Okay? Now C.J. says, well, my wife has an S corp and he has an llc. And apparently his wife, her business makes enough money that the S Corporation makes sense. So what we're doing is we're saving on self employment tax and we're doing a little W2 for his wife. And they're getting efficient, they're being optimal. So no matter what money she's making, she's got her write offs, yada yada. We might even do a solo 401k. We've got all sorts of strategies that could play out here. Oh, and lo and behold, CJ has his own side hustle. Oh. Now whatever CJ does is going to go on a schedule. C. Well, this is over here is an 1120s. So his wife's driving a Ferrari. She's got the most efficient vehicle cranking. And then he's over here in this clunker of an LLC paying self employment tax and all the net people. LLCs do not save taxes. They're great to get branding going, get your ein, get a foundation going. But at some point we were going to convert CJ to an S Corp. I'm sure that was going to come down the way. Oh, but hold it. His wife already has a freaking S Corp. So cj, you're on it. This is going to be a major consideration. Typically nine times out of 10, we're going to say CJ do not own this anymore. We're going to change the membership retroactively with a membership transfer agreement and we're going to make your LLC 100% owned by the S Corp. So we want to move this LLC up above and make it owned by the S Corp. Now what this allows you to both to do is be more efficient, less chance of an audit. We're going to write off all your expenses over here. You guys are going to share the profit, and each of you take a W2. In a nutshell, CJ it's going to save you FICA, reduce your chance of an audit, and make your life a lot easier. Now, you can still have your bank account up here, and you can still run your merchant and run your business and brand it. Your wife can do hers, but at the end of the day, you're doing a consolidated tax return. It's just efficient drawbacks. If you were doing a health savings, a health reimbursement arrangement, and you had a lot of medical expenses in your family, I might set yours up as a family management company. I also would ask if you had children. We might put children on payroll. We might do hra. I need to know how much money you're netting versus your wife. So there's some variations here that keeping your LLC out of the S Corp might be helpful, and it's going to primarily be because you have kids or a lot of medical expenses. And we want to set up that little management company off to the side. But again, that's going to be an exception. So if you're already working with one of the lawyers, can you pop me off white screen? If you're a whiteboard. If you're working with one of the lawyers at my office, already on the next call or schedule, another half hour and just go, whoa, whoa, whoa. My LLC that I set up years ago, let's pop that in as an owner of my S Corp and get us on company maintenance. Make sure we're doing all of our minutes, and let's change the ownership. It may only be a few hundred bucks, but it's going to save you a lot in taxes and make life easier. And when you do that, consult with the tax lawyers. They're going to ask about kids, hra, and maybe some of the nuances where we wouldn't want it there, but normally you're going to want it there. Great question, CJ. All right, what do we got?

All right, Mark, we're going to jump to Facebook now. So we got a question from Elvira, and we'll go ahead and look this over. It looks like an educational expenses question. She says that she bought a training package of some sort, and the issue is that she bought it years before. So she started a business and she's wondering if there's a statute of limitations on writing this off.

Yes. Elvira. Elvira. Okay, we'll go with Elvira. Thank you. I may be butchering your name first, so forgive me. Elvira. Okay, everybody, this is important. Put it in perspective. Let's say you're running your business right now in 2023 and back in 21, you went to a Tony Robbins event, you went to a Mark Kohler training weekend, you went to maybe some next level cardone training or you did a, a workshop of some sort with a note school or whatever. So you went and did some business training. Not all self help. That's not going to be a write off. It's got to be generally related to your business and helping you start or grow your business. And we are going to look at continuing education as an expense, a startup expense to open the business. Accountants are going to massage that. We want to make sure it's going to be a valid business expense. And a lot of times you accountants out there know we might just put it in as a startup cost. We want to put it as a startup cost and amateurize it over time. Here's the challenge. First, you can only go back and amend a tax return three years ago from the filing deadline or when you filed. So if you filed a 20 return in 21, you could amend it up until 22, 23, sometime in 24. So you have to go back. You can amend a return back three years from when the filing deadline or when you filed. And it's kind of a unique dating issue. So probably at Elvira, we're looking at best maybe amending your 2019 return. So if you spent money back in 17, 18, 2016, it's going to be gone. You can only go back up to three years from when you filed. The second issue is how much income did you have back then. You got to amend it back then. You can't take it now. You got to go back and amend a return. And if you're like, well, I didn't have a business back then, you may be able to plunk it in as a startup cost now. But see, you got to, when did you incur the startup cost and did you make an election to take that startup cost in the year when you incurred the startup cost and started your business? If you're like, well, I'm already in business now, I started it in 2021, but I had the expense back in 18 or 19. You're gonna, you're gonna go be, it's gonna be an uphill battle. But everybody out there, here's the big takeaway. If you're incurring an expense in 22 or in 2023 to help grow your business at a workshop or a training you need to be talking about it. Could I write it off in 2022? Elvira, having an expense like that in 21, 2019, 18. You're going to need to consult with a good accountant. I could recommend one that's even outside of my certified program, that they go back in time and do prior year returns. That's what they're good at. I'm good about planning now and moving forward. You're going to need to talk to an accountant that's willing to go back in time and they're harder to find. It's kind of a pain in the butt. So Avira, look at. Hopefully I answered your question. Be careful. You can only go back three years if you're already in business. I've already hit it. It's going to be tricky. Anything off Twitter? Are we back to YouTube or Facebook?

We're back to YouTube. It looks like we have a couple really good questions on YouTube. We'll start with Zen. Zen has an S Corp and made 40,000 in 2021. 35,000. He filed an extension for 2021 earnings but did not file for 22. Should he change to an LLC?

All right, so his S corp, he has an S corp. Netted profit in 2020. How much? And then 2021.

In 21 he did 40k and 22,35k.

Okay, so we don't know what he did in 20. Can you go to. Yep, you're on the whiteboard. Thank you. So in 2022, 35k net. Well, everybody, so, you know over here on the side, we're looking at his S corporation. Total income minus expenses. What do you net? See, that's. That's the question. Now, generally we want to be an S corp when we start netting between 35 and 40 grand. So he's right on the bubble. He says he has filed the return for 21, but not for 22 yet. Once you make that S election. What's his first name again? Nate. No, forgot.

Zen.

Zen. Sorry. Zen. I don't know where I came up with Nate. Zen. So Zen and everybody watching to switch to an LLC now could be very difficult. It depends on how you set up your S corp. Was it an llc? Taxes as S corp. Did you make the S election at the time you became an llc? Is it an inc taxed as an S corp? I'm just going to. Spoiler alert, Zen. And all of you out there, once you make the selection, I want you sticking with it. To go back to an llc, you could have to wait five years to come back to be an S Corp. And going back and forth is not a good thing. The IRS does not like that. And you may say, well, I'm not getting the most bang for my buck for my s Corp in 22. That's okay. 15 times less chance of an audit. Maybe you do a little W2, but you don't do a big one. You know, let's say you do a little W2. We still see some savings. You will. You're going to save with this s Corp in 2022. But you're right, you're on the bubble. But don't get rid of the S Corp once you get on that train. Stay on it. And I would really focus on what's your 2023 strategic plan. How could we really increase your business revenue, reduce your expenses, really make more profit in 23. That's what we're after. And let's make that S Corp just rock this year. And I think some additional training might help getting involved in my eight Steps workbook on how to build your business. Better marketing, better product distribution and pricing, better product and service mix. Don't give up, Zen. Keep making More money in 23. Keep your S Corp. It's going to be a pain in the butt trying to go back to llc. Next question.

Awesome, Mark. All right, we got a question from YouTube again. This is from Sergeant Sam. He has a question on a board of advisors. So he has a single member LLC with only one property. His CPA says it's too aggressive. What do we think?

Too aggressive. Oh, my hell. All right, so here we are. What's his name? First name again?

I need to write Sam.

Sam. The first time you say I just need to write down Sam. Okay, Sam's got a rental property and a single member llc. You're telling me. I would love to see what these expenses are over here. You're going to be doing depreciation, mortgage interest, all the costs that you might incur with repairs and maintenance, property management. I want you writing off cell phone, travel, home, office, electronic supplies, equipment at Home Depot. Do you see what we're doing here? I want to write all this off. I have a feeling if this accountant is saying a board of advisors is too risky, then I have a feeling they're probably not maximizing all this to begin with. But here's what a board of advisors is. And, Sam, you might be telling the accountant it's something that's freaking him out. So when I say board of advisors here, this is going to be on your books. You should be doing your company maintenance anyway. Our office is charging 150 bucks a year to do your maintenance. Super simple and easy. You have a board of advisors. What we're writing off with the board of advisors is some dining whenever I go, talk with my board, maybe a little travel to have that board meeting. We're not writing off five days in Cancun or a week in the Cayman Islands or freaking a trip to Europe. I don't know what you told your accountant, but they may be thinking this is a bigger deal than it really is. The theory is here, I want to write off some travel to go check on the rental, have a meeting once a year. This may only be $1,000 or $2,000 combined of expenses. I don't know. So have a meeting with your accountant and maybe even show them this diagram and show them an article from mine on board of advisors. I'm not saying we're going to write off 10, 20, 50 grand a board of advisors or even a thousand. Who knows? The point is, you want this board to be able to write off some dining and auto and travel when you meet with them to get good advice on your rental. And Sam, make a goal by your number two rental in 23. Get out there, put that out to the, to the universe. Positive affirmations, man. I want you building a second rental over here. And let's blow this up. Let's get it legit, even bigger than it already is. Good job, Sam. All right, next question.

Awesome. I got a quick one here. So this is from Sonia. Can my HSA be used for my husband's medical expenses if he is not on my insurance?

Great question. An HSA is for you and your dependents. Now, your contribution is based on. Is it a family plan? Is it? Are both my husband and I on the hsa? So on an HSA qualifying policy, if you're both not on a qualifying HSA plan, health care plan, then you can only make a single contribution because only one of you has the right type of insurance. Now, he may have the day job and a great HMO plan, that's fine. But the health Savings Account, it may be a single plan for contribution purposes, but you can use the expenses for you or any of your dependents, which would include your husband. Now, please keep in mind, all of you, what I'd like clients to do with their HSA is let it grow. Don't pull out unless you absolutely have to let that money grow. Let it go, invest it, because you're going to need it in the future and you want to wait to the last minute until you need it. Then someday when your husband has a qualifying healthcare plan, you can double down, you can do joint contributions, but you're good to go. I would recommend, try not to pull out any money anyway. Let it, let it keep growing. Next question.

Awesome. I got a question from Kevin. He says, hi Mark. I recently had KKOS set up a PLLC where I'm 15% owner. Are my write offs capped at 15% of expenses?

Okay, let's go to our trifecta. A pllc. Everybody is a professional limited liability company. A PLLC is going to be like a law firm, a dental group. It could be accounting, it could be engineering. It's something that the state is using, is requiring professional licenses for the people to own the pllc. And something's fishy here. What's his first name?

Kevin.

Okay, so Kevin's over here. If you're a 15% owner of a PLLC, that means you're more than likely a licensed professional in this, this partnership. And everybody think about this. What type of income is going to come in? Well, it's going to be ordinary income and this is going to be subject to self employment tax. It's going to suck bad. So I hope my team talked about this, Kevin. If not, I want you to email the attorney you worked with and say, Mark just told me, shouldn't my 15% ownership be an S corp? And then you're down here at 100% owner of your S Corp, which is a 15% owner of the PLLC. That's how I'm organized. I'm an S corp and my S corp is part owner of a law firm and it's a professional law practice. So I can use the LLC up there, the PLLC as the main partnership entity. But I'm a 15% owner with my S Corp. Now Kevin's question is, do I get 15% of the expenses? Well Kevin, what's odd about that is you are by default because all the expenses that come out of this are going to generate some net income and then the net comes down to you. And if you're an individual, you're paying self employment tax on that net and then maybe doing some unreimbursed partnership expenses. But that's really clunky. You want to be thinking about this as an S corp and taking another bite at the apple. And then you're going to write off your home, your own board of directors, your own home office and a bunch of other expenses here. So you get by default, you're getting 15% of all the expenses up here. Then you're going to take another bite of the apple and take more expenses down here. Then whatever you net is where we determine your W2 and your K1. Now, the chapter of this is in my book, Tax and Legal Playbook. It's on partnerships. And you want to be thinking about the structure. I've got chapter 22 on the partnership structure, so make sure you're reviewing chapter 22. And I think even in the S Corp section on chapter four is going to be really helpful. So check those out. Great question, Kevin. All right, next question.

All right, next question is going to be from Xander. Duck.

Xander. I'm writing that down.

Yep. All right, and his question is going to be, do trusts in an LLC need to be set up before the LLC is created, or can entities be added or rearranged easily? If one of the partners would like to set up a crt, for instance. Oh, my hell and context. He also said another question he dropped in the chat was, I have a small crypto fund of several investors and want to set up an llc. What is the best structure and can trust be used?

Wow, Zander, you need a consult with one of my attorneys, that's for sure. You got all sorts of goodies going on here. So let's go to the whiteboard, and this will be helpful for everybody to hear this answer. Okay, first of all, Zander wants to set up an llc, and he has a trust, or he wants a trust and has an llc, or he needs both. Right? So he's kind of like, is there a timing issue here? So maybe his LLC is for operations. Maybe his LLC is for holdings and a rental property. And then, oh, we've got an LLC over here with some partners, and they're doing crypto, and he's got a crypto fund. Now, that F word fund is a scary word. I don't know if I'd use that word at all. Xander, the sec. You've seen what's going on with rb, you know, whatever, right? Oh, my God. Be careful of the word fund. That's got SEC written all over it. You may say we have a crypto account with several partners involved in it, and we need to clean it up and get an llc. That's how I'd phrase it, because you do not want all these little quote unquote partners in a crypto account. That with no llc. That is scary stuff, too. Lots of lawsuit waiting to happen. Heaven forbid one of them gets in A car accident, one of them gets into a lawsuit, one of them gets divorced, one of them dies. So I'm glad that you're talking about cleaning that up. So that's a separate issue. Then he throws out the crt. Holy crap. Xander, again. You've got to have a phone call with one of my tax lawyers to get this organized. And it sounds like you got the money to do it. For crying out loud. If you're thinking about a crt, you've got crypto. We take payment in crypto. So if you want to just get over here, we'll take care of you. So, everybody, the first question is, is timing. Your trust can come first, and then the llc. Some of you may have an llc. Cool. And then we're gonna set up the trust, and we can add the trust after. This is what we do in a trifecta consultation. The attorneys are gonna look at your whole picture and go, oh, you're jacked up here. You're jacked up here. Let's clean it up. And we can add a trust or an llc, either one, in any order. If we're doing them at the same time, our attorneys are going to give you some sort of discount because we can save some time. So make sure you say, can I get a little discount doing both at the same time? Maybe we knock off 100 bucks or 200 bucks, whatever. Okay, number two issue is, he says, I've got all these partners, and we need an llc. That's right. Absolute freaking lutely. And this LLC is going to define. And you're going to move that crypto account or wallet over to the. Owned by the llc. That's for sure. And you want to have create some protection and some ownership definition of who's got what in this wallet. And then this LLC could have multiple wallets. It could be doing crypto mining, it could be doing staking all these things. All right? Now, when you set up your ownership of this llc, because it's an investment account or investment llc. I don't know if I want to use the word fund, because that means you need to start talking to SEC rules. I hope you didn't take people's money and make them promises. If you lose it, you could go to jail. That's where the fun scares me. So make sure you talk to one of our attorneys about that issue. But this investment, your LLC should. Your share of the LLC should be owned by your trust. That's how you would do it. Now, a CRT is a whole other ball of wax. And this is where one of the partners in the LLC may say, I'm going to contribute my ownership to a crt. A charitable remainder trust is a completely separate project where you could have real estate in IT, stock, ETFs, or crypto. And you're going to take ownership from all these places and maybe inject it into the crt. So the CRT comes after the fact. But again, talk to any of our attorneys, and they're going to help point you in the right direction. All right, next question.

Awesome. Okay, it looks like I got a question from Philip Luttrell. An accountable plan for an S Corp completed is. Is an accountable plan for an S Corp going to be completed by me or my accountant? Also, when do the accountable plan reimbursement payments need to be paid out?

Okay, everybody an S Corp in order? Well, even with an LLC or an S Corp, when you do a business tax return or your individual Schedule C, so you could have a 1065, you could have a 1120s, or you could have a Schedule C. What the IRS says is if you're going to do certain reimbursements for home, office, for auto, for health care, in the minutes, you want what's called an accountable plan. So if you get audited, the IRS checks the box, you're fine. You had this accountable plan. So it's, it's. So it's a good thing for audit protection to have an accountable plan. It's good for asset protection. Because I want you to show that you're doing your annual meeting with your LLC or S Corp. And some of you are like, well, I don't have to do that with an llc. Yeah, you don't have to floss either, but your dentist is going to tell you it's a good freaking idea. Oh, yeah? Well, so with an llc, we do minutes and the company maintenance, just like a corp do it. Freaking do it right. And in those minutes every year, you're going to have accountable plan verbiage. Now, the question is, who does the minutes? You want to knock out two birds with one stone. Your accountant could adopt an accountable plan and have you sign it when they do the tax return. But to me, that's clunky. You want to do your accountable plan at the same time you do your annual maintenance for your LLC or S Corp. So if you have an LLC in Oklahoma, every year, you want to make sure your fees are paid to the state, do your minutes, do your corporate book, have your membership certificates, your stock certificates, your operating agreement, your bylaws, and if some of you are like, I don't have all that, call the freaking law firm, call Main Street Business Services and we'll get it cleaned up for just a few hundred dollars. You're like, well, I just have a sheet of paper from LegalZoom. That's not a freaking LLC. It's a train wreck. And if you get audited, it's not going to hold up. If you get sued, it's not going to hold up. Get all the pieces. So when we do your company maintenance at the law firm, we include all the accountable plan verbiage in your minutes. If your accountant is going to do your accountable plan, then they should be doing your minutes too. And they're going to go, well, that's legal work. We don't do that. Okay, well then what the hell. I would recommend you knock out both birds with one stone. Let the law firm and the company maintenance plan, 150 bucks a year, do your minutes and include the accountable plan. You could do all this yourself, but holy crap, I don't even do my own frickin minutes. I let my paralegals who know what they're doing and have crafted an awesome set of minutes over the years and I don't even do my own because I just know my team is doing it better than me. So please consider Main Street Business Services. Call the law firm@kkoslawyers.com the link's down below. Make sure Tristan is in there, please. And just set up your minutes properly with the proper accountable plan. Now, all of you, this is when you do it, you do your board of directors, you do your board of advisors. We're going to do all this at the same time. And it just saves so much time and headache and money. So that's what I'd recommend. Your accountant could do it, but make sure they're doing everything else. If they're not doing everything else, just let us do it and do it all at once and do it right. If you want to play lawyer on tv, you can get on Google and try and figure out yourself, but our fees are so affordable to just do it for you. Okay, next question.

All right, next question is from James. What's the risk of transferring transferring my rentals out of my name to my llc? Do banks need me to refinance? Will they want the note paid in full if I transfer it out of my name? I'm the only member in my llc.

Okay, James, that's a fair question. And everybody, what James is asking is I've over here and My own, my rental in my own name because I wanted to get a kick ass mortgage with great interest rates. And I'm worried that if I transfer this property that's in my name to my llc because that's what makes freaking sense and I want freaking asset protection. Is the bank going to be crazy like they can be and require me to refinance or call the note due with what they call the due on sale clause. And the answer is 1 out of 10, 10,000 of a chance you're going to have a problem. It is not a problem. For 20 plus years we have been deeding properties from people's name into their LLC every day. And on Sunday hundreds of thousands of these deed transfers. Everybody does it around the country. It's okay. I have talked to so many banking lawyers that are, I'm saying, are you calling the due on sale clause? They're like, why? If someone's paying their mortgage, we don't care. We've already got the personal guarantee from the individual. If we have to foreclose, we're going to come after them. If they want to deed it to their llc, knock yourself out. Do not go into the bank and ask for permission. And especially if you're in a small town bank, if you go in and say you're going to do it, they're going to freaking hit the red button. Rip, rip, rip. Bankers. You can't even go to the bathroom without asking for permission from three different people. Do not go ask your bank about this. Just deed the property to your freaking llc. Get what's the worst case they go, you shouldn't have done that. Okay, I'll deed it back to myself. By the way, you've already sold my mortgage four times over. You're not even the servicer and I've been paying my mortgage. That's right. They're not going to care. They're not going to notice. So James, get on it. Get some good frickin asset protection, set up your LLC in the state where your rental is located, deed it over and make sure your trust owns your llc. I don't care if you're single, married, kids, no kids, young or old, you need a freaking trust. Because guess what, you're not going to live forever. And if you die with this property in your own name, it's going to be a train wreck. It's called probate and who the hell is going to get it? So get your trust done, get the deed transferred, you're going to be fine. Next question.

Awesome. I got a question. From Jakari here. This is. I had an LLC established 2022. Didn't make any money for the year and it fell into forfeiture with $1,000 fine. Think I should cover the fine and utilize the llc?

Hell no.

Or go with new.

Get new. So some of you, Jakari has probably set up an llc. It could have been California where they have the minimum tax. It could be another state that's just being a pain in the butt. And the company has been involuntary dissolved. Now, some of you, your LLC could be involuntarily dissolved because you haven't done your annual minutes. You haven't done your annual registration. Gosh, it sounds like it's an infomercial today for my company maintenance program. I'm sorry, I'm not trying to just pound it, but our company maintenance program makes sure you never get dissolved. There's no penalty. You don't get into this problem in the first place, and you do your minutes and take a tax write off. Now Jakari is like, well, I didn't even make any money, you know, back in 21 or 20 and 22. It's just kind of been sitting there and I want to make more money, but now I've got to pay this huge fine to get it back up to speed. Let it go. Let it go. Let it go. How's she sing that in Frozen? Yeah, just let it go. I didn't like the cold anyway. Or do I did like the cold. Who knows? I'm so sick of Frozen. I hear it everywhere. It's echoing amongst my grandchildren and my nieces and nephews. Okay? So anyway, just let it go. Set up a new freaking entity when you need one. And we're going to help guide you so you do it right this time at the right time in the right place, people. You don't need to have an LLC to start a business. Start your business. Start making some freaking money. Then we'll add the entity. You got a rental. Get the LLC right away. You're already in business. All right, next question.

All right. Flew the coop. If you. Sorry about that. If you amend a tax return, does that increase your chances of being audited?

Yes. If you amend a tax return, it increases your chance of audit. So you better have your shiz together if you're going to amend a return.

He also says, thanks. Love you.

Thanks. Love you, too. What do you do? Hearts. Little Justin Bieb.

Something like that. All right, Eric with the next question. His spouse has real estate pro status for single member LLCs for several rentals if we put our primary home in an LLC and she works from home, can we write off the entire home and all expenses?

Hell no. Eric, stop. You're freaking me out. Okay, now Eric, I love it. He's hitting a home run. He's got an llc, several rentals. I love it. It sounds like Eric has a day job over here and that's cool. Hopefully he's doing the 401k company matching out. They're funding their HSA, they're funding the Roths. Oh, I love how he's talking. And Eric then says, oh, and my wife hit real estate professional classification. Oh my gosh, that's huge. So any losses that are generated from depreciation, they're going to come down here and he's going to get the losses and they're going to write them off on their 1040 and they have a revocable living trust and maybe we're paying the kids and oh my gosh, Eric, I'm loving it, but do not, do not put your home, your primary residence in a freaking llc. Do not. It is bad idea from start to finish. You are not going to get any tax write offs in there that it's going to create audit risk. Hell no. Now what I do want you to do is maximize the home office deduction. I want you to maybe use the Augusta rule when needed. I covered this all yesterday on my podcast on home office. Take advantage of it and your home is going to be owned by your trust, but not an llc. It's not business property. And I want you to get the sale of home exemption when you do sell it. If you converted it into a rental to yourself. Now you got to pay taxes on rent going to your. Hold it. I got rental income to myself. It's a wash. Maybe you even get a write off which you won't because you can't write off your personal residence. But we can do the home office. So keep the home in your trust, get your trust done. Get on a phone with one of my tax lawyers and get your trifecta done. With a trust, we have a trifecta trust plan. We have a trifecta set up your entity plan and a trifecta review my tax return plan, all three for under two grand to meet with a real lawyer and get your plan for 20, 23. If we freaking save you taxes 10 times that with a plan we screwed up, we will. You're going to freaking love it. So get your trust done. Put your home into it. Like sure your trust owns your llc. Keep Your wife as a real estate professional, I love it. But just do the home office. That's all you need. Don't screw around with an LLC and try to pay rent to yourself. It's a vicious circle. It's not going to get you anywhere. You'll be on a gerbil on a treadmill. All right, next question.

Okay, rent is due. He's asking, in order to take the vehicle mileage deduction, does the vehicle have to be titled in my name or can I still take it on my wife's or mother in law's vehicle?

I love it. Go to my blog right now. By the way, take me off whiteboard. Okay, everybody, this rent is due has a great comment. What should I do with my auto? Do I need to own the car in order to write it off? Does the business need to own the car on the title? No, no, no. The IRS does not care who owns your car, truck, SUV or motorcycle. All they care is did you use it for business? Now at my blog@markjcolder.com, one of my most recent articles. Is writing off your auto the best way to write off your auto in 2023? You see it there, right, Tristan? It's one of my last articles posted on the auto deduction. If you want to just search blog market Jay Kohler Auto. It'll come right up. It's my most. One of my most recent articles. Everybody go check it out. I've got seven or eight rules of thumb. How should I go mileage? Should I go actual? Should I lease? Should I get an suv? What do I do with my rv? So get over into that article and learn the rules on this. And one of those sections I talk about, there is no extra write off if you wrap your car with some cool design in your company logo. There's no extra write off and there is no extra or necessary write off to have your car truck titled in the name of your llc. Doesn't matter. Doesn't matter. Just own it. Use it for business. Freaking write it off. All right, next question.

Okay, we got A question from AJ do you have any suggestions on 529 withdrawals? I want to take some extra money out. As my kid got a scholarship, I am thinking to withdraw allowable expenses on my name and the extra withdrawal on my kid's name.

Okay, this is a great question. And this I in my certified tax advisor training, which if any of you are tax advisors, you want to go check it out. I have 75 plus classes, 12 modules and one of them is on college savings. I just recorded it earlier this week. I just pulled up my slides on it. And everybody, let me tell you the. And I train my CTAs on this, okay? And I've got an article on this on my blog on choosing the right college savings strategy. You may even pull that off my blog, Tristan, and put it in the description too. But here's the deal, people. You want to use a combination of the 529, the Coverdell and the Roth. That's how I'm going to save for college for my kids and future beneficiaries. 529, Coverdell, Roth. AJ's here talking about 529. I'm not a big fan of the 529, but when you pull out money from a 529 or a Coverdell, it has to be for qualified education expenses. Let me tell everybody what this means. Here's the type of expenses you can pull out of a 529 or Coverdell. Tuition at a bona fide Department of Education, Title 9, Title 7 college. I cannot take tuition to go to Mark Kohler's conference and write it off out of my 529. It has to be a bona fide FAFSA, regulated financial aid. University, community college, state school, blah blah blah. If you can get a student loan for it, that tells you you can qualify for pulling out money for that books and materials for to attend that school. Room and board, if they're at least part time or more. They have to at least be part time. Not just one class. Room and board, computers and related equipment, Internet access and special needs for students attending the college. University. That's it. That's it. No transportation costs, no health insurance, no extra extracurricular activities, no application or testing fees. It's got to be one of those only five things I just said. Tuition, books and materials, room and board, computers, Internet access. So if you have a 529 for one of your kids and they got a scholarship, that's great. But you can't pull money out of 529 or there's penalties and tax for anything that's not qualified. So make sure you know the qualified list. Now AJ says, well, what about for me? Well, who's the beneficiary of the 529? The kid. Well, then that means you can't pull it out for you. Now what you can do is change the beneficiary of a 529 to a different child. So if your child doesn't use all the money they're on scholarship. Change it to another kid, Change it to a grandkid, change it to a niece or nephew. You can even change it to yourself if you want to go to college at an institution that qualifies. Not a Tony Robbins event, a Mark Kohler event, a cardone event. It's got to be a real college. So if you want to get reimbursed, change the beneficiary if it's not your

kid,

or leave it, leave it alone, let it grow and put it in your grandkids name as a beneficiary. Someday I hope that helps. You be careful pulling out any money out of a 529 that doesn't meet this criteria. And it has to be this criteria for the beneficiary of that plan, not you. Unless you are the beneficiary and you change it to that. Hope that helps. All right, next question.

All right, I have a question from Silly Scoop. Okay, he has an S corp, never made any money, but he owes taxes to the state of New York because of late filing.

Oh man.

I already filed a final return. What happens if I never pay the tax? Am I personally on the hook?

Ooh, great question, people. This is good for California Franchise Tax Board, New York, Tennessee, fonts. There's a lot of states that they assess a late fee or a penalty or a tax on an entity and you say, I'm walking away. I just am dissolving the entity. I'm filing a final return. See you later. Bye. In most states, they do not go through the LLC or S Corp to get to the person. So that assessment for the entity tax is going to stay with the entity and then just go away. Generally. Now some states say, forget it, we're going to go after the officers of that corporation, the manager of the llc, or even the owner of the LLC or corporation. We're going to go after them for those late penalties and fees. I cannot guarantee that that will not happen in California. They are currently not going after the owners of LLCs or corporations if they don't pay the franchise tax. But you want to keep that name, you got to pay the fee. So they're going to dissolve it. And you will not be able to touch that company name again until you pay those back fees. So the states are. Some, most states are like, you don't pay it. All right, your company is blackballed. But you want that company name or reinstate it, you're going to have to pay the old tax. I will say You've got to be careful. I would do a lot of research on, maybe even talk to a New York CPA that's dealt with this penalty before and say, are they going after the officers or owners for an S Corp penalty? If they say yes, you better pay it. If they're like, nah, they're not touching them, it's just going to die with the company, then just let it go. But I'll tell you, most of the time, you can get out of it or not deal with it because it goes with the company. But if they're going after the owners or officers, you better be careful and be prepared because you don't want to see that snowball with penalties and interest over time. And then be mad at me on this podcast that I said, you're not going to pay it. You very well could. So do your research, but I think you got a good chance. All right, next question.

All right, we got time for a couple more here, so this is just a quick one. When is the calendar pre sale going to ship?

Oh, my gosh. Someone said I'm holding a PDF printout of my crappy copy of my calendar. That's freaking amazing. I literally was tearing the printer a new one yesterday, threatening to pull all of paperwork and have it bound somewhere else. All the printing is done. I'm just waiting on binding and I'm ready to wring the neck of this printer. I'm trying to get all the people that pre bought a calendar. I'm trying to get them out the door by Tuesday of this next week. So today's Thursday. I'm hoping to pick up even 100 to 200 copies tomorrow and start getting some in the mail. So we're really, really close. I want my own calendar for any of you that want the Mark Kohler 2023 calendar. It is so freaking awesome. All the deadlines, tips, strategies, motivational tips, every month, grids, calendars. Oh my gosh, it's so good. You can buy it@markjcohler.com I hope to have them out again by Tuesday. I'm doing the best I can, people. We had to wait to get some of the dates and deadlines and inflationary adjustment fixed numbers from the government in December. Some of you are like, why don't you print your calendar in November? Well, we don't have all the numbers. We want all the numbers in here, so it's freaking more helpful. So I appreciate your patience, everybody. You're gonna have it soon. Next question.

Okay, Ron has an interesting question. He has custody of his grandkids, and he wants to put them on payroll to start their Roth accounts. Can he do this? Because he's only heard that it was just your kids.

The okay, if you want to pay your kids, everybody, and they're your dependents and on your tax return and they're under age 18, you are allowed to put them on payroll in a schedule C or a 1065 or a Schedule E and not withhold FICA. That's the trick. You can pay your grandkids, you can pay your nieces and nephews, but you have to issue them a W2 or a 1099 if they're 18 or older. And they're going to have to pay FICA. But the strategy is everybody, and I'm coming around to Ron's question, the strategy is I can pay my own kids under age 18 because they're my dependent and they're on my tax return. I don't have to withhold fica. Okay? Now, the only exception to this, if, because it's mostly parents, is that if you are now the grandparent or the aunt or uncle that has taken custody and that child is now a dependent on your tax return and they qualify as a dependent on your tax return and the parents are in rehab or who knows where, then you can avoid fica. But typically, grandparents are never going to be able to do this because they're not taking the kid in the home. They're not the legal custodian, and they're not the legal guardian or the child's not a dependent on their tax return. But, Ron, if you can check all those boxes and that kid is yours for all intents and purposes, then I'm going to not withhold FICA and I'm going to put them under the pay your kids strategy, which you can read in my books. Check out. Different states are going to have different rules for the standard deduction. I don't know what state you're in, so I would move forward, but you got more to do. So make sure you talk to one of my certified accountants or one of the tax lawyers and get some additional advice. Let's do one last question. And by the way, everybody, we're going to give away some books. I didn't want to say it until now, but I'm going to give away three or four books here and Tristan's going to choose some names off YouTube, Twitter and Facebook and we'll give away some books here in a minute. But the last question, and then while I'm doing this, Last question. Tristan, you're choosing three or four names.

Awesome. All right, I got a question from Is for and he's asking, would it be good to form an LLC if he's a day trader and if he does, should the trading account be under the company or under his personal name?

All right, well, okay. Is for now this is important everybody. I again have a training program for my certified advisors on day trading. And I also we did a podcast on this on day trading and I really want you to go listen to that podcast. It's a full hour on day trader status. I'll say this everybody, there are two types of day traders. Those without the market to market election and those with the market to market election Is for you've got to make sure you qualify as a trader in order to take any of these write offs on schedule C. But let me tell you all, setting up an LLC does not save you taxes. Setting up an LLC does not make it make you more of a day trader. You've got to meet the rules of day trader status, period, whether or not you have an llc. Now some of you say, well Mark, you've been talking about an LLC saving taxes. That's when an LLC is taxed as an S corp. And I also love LLCs for asset protection. If you have rentals, you have got to have a freaking llc. If you think you're going to make enough money, let's start as an LLC and then convert to an S corp. But in Israel's situation, he's kind of in the middle. He's got to say, well, I'm a day trader and I want an LLC for write offs. Okay, if you're a day trader you get write offs but you better freaking qualify. The LLC doesn't change the equation. Now there's different benefits of being a day trader without the market to market election. Being a day trader with the market to market election and is for there is a lot of misinformation out there. I'm just going to tell everybody, if you have a day job at all, if you're not doing a ton of trading and that's your primary source of income, you're not going to qualify anyway. So is for you may think you qualify as a day trader and you're getting all these write offs because some program that trains for forexers and whatever has told you this, just ask them, will you sign my tax return and if I get audited, you'll stand behind it. Oh no. Well, you gotta talk to your own accountant. Da, da, da. Then shut the hell up. Quit giving me tax advice on how to file as a day trader when you're not gonna sign my tax return. Make sure the same person that's advising you on this issue is the same person with malpractice insurance. Signing your tax return is a valid enrolled agent or cpa. Do not be getting advice from someone on this issue and then knocking this out on TurboTax. Be careful is for. All right, give me some names. Who's our winners?

Awesome. So let's go ahead and get a book to Ron Johnson. He had a great question so we'll get him a book. Okay, next one, let's do Sergeant Sam. He had a couple great questions as well and then I picked one or two from the list that we didn't quite get to their questions but they had some great ones. And that's going to be Rick and Patel. And let me find that next one. Raul Rudd.

Raul Rudd, Rick and Patel. Ron Johnson, Ron Johnson, Sergeant Sam and Sergeant Sam. Those four are winners. Ladies, I don't know if those that was gender equality or not. Sometimes we give all the books to the ladies. Sometimes we give it to the guys. Sometimes it's hard to tell if you're a male or female with your handle. Can you put me on the whiteboard? Everybody, if you just want a book, email dianearkjkohler.com Email dianearkjkohler dot com and let her know you want a book. She's going to verify those names. Tristan will get those over to Diane. So we know that none of you are trying to game the system Back to the Diane with two N's@markjcohler.com so back to the video everybody. Here's my final tip. You control your own destiny. You are your own tax advisor. First, I try to make this stuff fun, sexy and easy to understand. I want you out there continuing to listen to my podcasts, catch my YouTube. I'm going to help you, give you the give you the best street smart tax strategies that are out there. When it's time to prep your return, please be on the list. Looking for a certified tax advisor for my program, the Main Street Tax Pros. They are going to give you every freaking write off you can find. They're trained on my 85 strategy pluses. They've got it all. They're going to be coming off the shelf next month. Get to markjkohler.com and look for that network, please. Keep trying to do your best. Keep living the dream. Next week I think I'll be going live on Wednesday, not Thursday. I'm going to my own scale up in conference on Thursday and Friday. I'm constantly learning how to be a better business owner myself. So I'll see you next Wednesday for a live. Be out there killing it, doing your best to keep living the dream. I'll be right there alongside you. Thanks, everybody.