I Read 10,000 Tax Returns…Here’s What REALLY Matters

Business owners, main hustlers. It is tax season and you may have received a 1099 and are wondering what to do. Some of you may have that W2199 combo. Right now in America it is estimated over 39% of working Americans have a side hustle that's a 1099 and that equates to approximately 80 billion Americans. If you're seeing this, you're in the right spot because there's 79 whatever million other people not catching this and wondering what they're going to do on their tax return, hammering it out on TurboTax and maybe doing it themselves and missing write offs. I have done over 10,000 tax consultations in my career. My name is Mark Kohler. I'm a CPA attorney, best selling author, podcaster, YouTube personality and I love Main Street America, I love small business. And I'm going to share with you today multiple strategies that you can do to minimize the taxes on that 1099. It may help offset some of the taxes withheld on your W2. And what do you do with that money and where do we go from here? Now I am really open to mostly questions today. I, you know I'm going to, I could talk for a whole, I have full one and two day seminars on this, but I go live every week on Thursday to hopefully share some practical tips that can help us here in America today. It's tough out there. It is. It's hard to make ends meet. And if we can save on taxes, it can be make all the difference in the world. Now the average side hustle is about brings in the average side. Household net income is 1200amonth. That means many people are making 2000amonth and a lot of people are making 500amonth. Now here's the beauty of this equation. Let me get right to it. When you're making money in a side hustle, my goal is to wipe it out on your tax return. Zero tax. Zero tax. Because if we can write off home, office, auto, dining, computers, electronics, everything at Best Buy, Apple Store, cameras, drones, equipment, supplies, laptops, computers, anything that you might use in your small business. Or we can either write off all of it or a portion of it. That's our goal. So when you're getting that 1099, I want to go through a quiz with you and go what are all the things we could write off against that and wipe it out. That increases your income even though you're paying the same tax on your W2. So what that does is it drives down Your effective tax rate. So you're paying the same amount of tax, but you made more money and you're not paying tax on that additional money. That's a lower tax rate. So this is one of the key strategies at the middle income America tax return strategy level. We need to try to find all the write offs we can to offset that income and take home more with less tax. That's the goal. Simple, easy. Now here's a few facts that you need to know. Even if you don't get a 1099, you have to claim that income. Don't think just because someone paid you in cash, there's some exemption. I swear I was at a food truck fair in Oregon, Gosh, it was this last summer and some guy in a food truck said, well, you know, I don't have to claim the first $8,000 of cash. I'm like, who told you that? If you make cash selling lemonade or someone sends you a 1099 for selling lemonade at their corporate building, it's the same. So everybody, the IRS catches you putting money in your bank account or you got cash somewhere or you're living on a lifestyle that doesn't reflect the income you're getting. That's how people get audited. That's how they get in trouble. So claim all the income, but all is not lost. Because the second point is any expense incurred in the production of income. That's IRS code section 62. Any expense incurred in the production of income is a write off against that income. For example, I had a realtor in Salt Lake City, Utah that would show rental property and properties for sale with their snowmobile. They get their clients and go out snowmobiling to look at cabins in the winter. That's the only time they rode their snowmobile, was to show property to potential buyers. We rode off their snowmobile. They weren't for fun. They were a transportation machine to make money in their business. I've had clients that will use boats. I have a client up in Seattle, Washington that has a boat. He got a special charter so he can take out people fishing on his boat and charge whatever he wants to take people fishing, even if they could be his friends. He claims a little bit of income. He goes fishing with his buddies and other clients and now we're riding off his boat. It's not entertainment, it's a piece of equipment in his business. Again, don't get me started on paying kids the cell phones, their dining, all the equipment and ride off. If I was just to take my Camera. And to go around the room here, I could, I could show you. Oh, look, here's a little pack that holds my chargers, that it goes into my backpack. I've got my business bag over here. That's a write off. A phone, a phone case. That's a write off. My calendar, books, I've been buying any book on business, I'm writing that off. I see, what is that, a Bluetooth thing? I see a camera, I see another laptop. I've got a TV that I'm looking at. I got a timer, I've got lights, I've got a fan in here. I've got water bottles that we're going to be using. People, this is what you do. You try to find every freaking expense that's related to your business. Then you give it to me. Now, do you have to have an llc? No. Now, I might want you to have a limited liability company. We might expand it to an S corporation. And I might jump on my tax deductible iPad here and draw some diagrams for you because I want you to see the picture of how this works. Okay, Last rule and then, Jack, I'm ready for questions. If you've got them people, you start writing them in here. I'm all yours. The next point is, how does this really work? Okay, everybody take a breath. If you just got a 1099 and you got a W2 from your day job, you could still do your own tax return. I'm not saying you have to go use a tax advisor. Now I have a network of tax advisors. I'll give you a link here of tax advisors around the country that talk like me. They're on my training. I train them every week in my program. You can even do your own tax return if you choose to do that. Here's how it looks. You're going to in fact, let's go whiteboard. Jack, let me show this to everybody. When you have a small business, it goes on a schedule C. A schedule C, that's a small business. If you have a, and I'll put small, do this small business. If you have a farm, it goes on a schedule F, that's a farm. If you have a rental, it goes on a schedule E. So this is a little rental property. Now these are all great places to take write offs of paying family. Cell phone, dining, computers, electronics, your truck, your auto, your rv, all these different expenses. We want to write off as much as we can. So if you receive a 1099, you're going to report it right here. You're going to take all the write offs you can. And whatever you net on these three forms goes into Schedule 1. Schedule 1, this is a new schedule that came out on the tax return in the last four years. Schedule one. And this drops down into your 1040, which is two pages. And this is going to come through on line eight and 10, this little form. Because schedule one is two pages. And one page comes in on schedule. On page 10, another one comes in on, I mean on line 10, another eight. Now this is your 1040 tax return. Right here is your adjusted gross income. And when you have your adjusted gross income, your you get a standard deduction. Last year it was around $17,000 if you're single, 27 if you're married, no, 14 if you're single, 27 if YOU'RE married, then you have your taxable income. And then you apply the tax rates. And here in my calendar I have all the tax rates right here. I can put those together, show you the tax rate, and then you do the math. This is your tax. Now whatever your tax is, we can divide it by your adjusted gross income and that gets your effective tax rate. That's it. So if I can make you more money up here, I can make you more money and you pay zero tax on it. What we're doing is increasing your adjusted gross income even though you're paying the same tax that you might pay on your W2. So wrapping this up, here's the takeaway, everybody. Having a small business saves you tax. Having a small business on the side, side hustle, any type, online business, a product, a service, landscaping, consulting, upwork, ebay, Amazon, affiliate, whatever saves you tax, makes you more money to get out of debt and build wealth. This is how the rich get richer. When I've done 10,000 consultations, you want to know the secret? That's it. I meet with clients over and over and over again that buy one rental property every year or two. They have a little side hustle that might make them an extra two grand a month. They keep their benefits in their day job, work their little fingers to the bone. But over five to 10, 20 years, those rentals add up. The small business puts more money in their bank account and the W2 paid the bills. That's it. There's no get rich quick scheme. Now if you get lucky and your little idea or product online goes berserk and you get a million downloads and views or whatever, and all of a sudden your little widget sells and you make a million dollars, great, great. But that's the exception, not the rule. Hasn't happened to me. It's funny. I'll meet in these 10,000 consultations. I'll meet with clients who are like, damn, that's a good idea. I want in on that. Oh, my gosh, I love it. Falls flat. Then I have other clients that walk in, and I'm like, that's the stupidest idea I ever heard. They make a million dollars. I don't know. It's crazy. So live your dream. Do what you love doing on the side. The day job pays the bills. You may hate your day job someday. Your side hustle could become your main hustle. So let's talk about write offs, how we can help you save taxes, have more money to spend on the things you love to do and to build wealth for the future. Jack, what's our questions here?

Okay, we got a ton of great questions, but there are 200 people, over 200 people watching right now, and we need way more questions. And if. If you feel like you're paying too much in taxes, you just have that pit in your stomach. Ask questions. We're going to answer as many questions as possible in the next 25 minutes. So I just want to preface that. Start putting your questions in. Okay. Karen Giltner asks, what if you consistently have more deductions than income because you pay kids for labor and usually have little left that would be taxable income? I have a main job, and the business is small and keeps the kids active, out of trouble.

Okay. Yeah. Karen, you're coming up on what's called the Hobby Loss rule, which means you can't keep losing money every year. Or the IRS says, A, you suck at this, or B, you're just trying to hide income and save taxes. And so they're like, so the rule is that you need to show profit at least in the third year. So you want to be showing profit three out of five years. So in the first two years, if you lose money, it's cool. IRS gets it, you're getting your business off the ground. But if you start showing losses in the third and fourth year, you're at risk for an audit. Be careful. Now you're saying, well, what happens if I'm consistently losing money? My question is, why aren't you consistently making more money? I mean, I don't want any of you to lose money in a small business. I want you to make millions. And so, Karen, one of the. If you were. If I was doing a consult with you, I'd go watch out for taking too many losses. Don't take another loss in 2023. If you already did and won and 20 and 21 and 22, don't do it. Show a little profit. 100 bucks. IRS is not going to care if you don't take a write off to show a little profit. You don't get in trouble for that. So take a right. Don't take a write off. You're entitled to just to show a little profit. So you're not on the IRS's radar. But the second thing I'm going to ask is what is your business? Could you create other streams of income with it? Could you be creating more income in conjunction with the kids? I, for example, I had a client that was, he was doing, doing drums as his business. He was a drummer for a band and he would make money here and there on the weekends. They were okay kind of regional type band. And he's like, I need to make more money with my side hustle. I go, are you doing drumming lessons? Yeah, but in my neighborhood, I've kind of hit everybody up. I'm like, why aren't you doing drumming lessons online? You can do drum lessons online with, through YouTube and Zoom and other formats. Do you have a page that highlights your drums drum skills so you can get lessons around the country and charge 50 to $100 an hour? No. Number two, are you selling drum sets to kids and family and friends and students that you teach? No, I don't have money for drums. That's okay. You can be an affiliate on Amazon. Put links to all the drum sets you like that are on Amazon. Put those links on your website. You could make up to 5 to 10% on the sale of the drum set. And Amazon does all the fulfillment. Number three, are you doing any drum riffs that you could sell on Music Bakery? Are you doing drum riffs that are resold over and over again on websites and for jingles and all this? Couldn't you be doing that with your drums? Oh, yeah, I guess so. And so we would go through two or three or four other ways to make money online in the middle of the night. The last one I was going to say is you have you put together an educational series on how to do drumming where you don't even have to be there. Put it in the can. Sell these drumming lesson packages for $199. 10 lessons to get there. Sell a drum set with it. Sell this. I mean, you could do so many other ways, other things because you're passionate about drumming. You love drums. Karen, find some other ways to make money in your business and create some other streams of income. I want you making money, not losing money. Jack, next question.

Okay. McBain asks, this was when you were talking about laptop, iPad, all of the stuffs that you take off as a write off. He says, do we need to have a paper trail or is it fine to just use it?

Well, okay, ultimately everybody, I want you to use your business bank account to buy the supplies, equipment and incur the expenses for your business. So now I know with some of you doing a side hustle, you're just going to give them your Social Security number and they 1099 you. Fine. We want to go next level. The way you kind of, you go next level is you start opening up a bank account for your business and then maybe setting up an ending. Let's go to the whiteboard, let's see if we can do this. So in the side hustle arena, if you'll allow me, I'll try to do it this way. Stage one, down to the bottom left, Jack. Stage one is I just start and you might use your Social Security number and you get a 1099 to you as a person and you just kind of see how it's going. Stage two, you might get what's called a dba, a doing business as open a business bank account. And you might even get an ein. And then all the money from your business goes into this bank account and you start to get used to it. And you use some credit cards. You can use multiple different credit cards to pay the bills. That's your paper trail. I want to let your business collect the revenue and pay the bills expenses. And you're going to start getting used to things like QuickBooks because you need to be able to track your expenses. That's your paper trail. Try to keep receipts when you can. Very, very important. The stage three is you now start going, okay, I need to go with an llc, get formal, really nail down your website, start looking at other forms of revenue and really start to get legit. I'm going to say get legit. And then what happens is this is when you start to scale. Because when you start to build a structure that can handle the growth, it starts to get crazy. Then let's push that picture over Jack. And number four is this stage four becomes your main hustle. Now you're hiring employees, you're scaling and you're making the real money gets really, really exciting. So these four stages are very, very common. And some of you here today could be at any one of these. And that's okay. Just start cranking and making some money. But keep a paper trail. Let the business pay for everything, as much as you can get. Keep receipts. You're not going to get a write off if you can't prove you actually bought something. Next question. Jed.

Okay, we got a ton of questions, Mark, we got to go.

Okay. Go fast.

Okay. Aoko asks. Hi, I'm a home baker in Florida. Can I write off my kitchen space if I can? Should I pay rent from the business account?

Writing off your own home kitchen is going to be very, very difficult because it has to be exclusively used to for your business. Now you can have a home office where you're like here's where I do my books and all this. You may have a second prep area in the garage or an area where you a freezer where you store food prep and you may have everything you buy at Williams and Sonoma and some special cooking equipment and supplies I want you to write off. But writing off the space in your home for your personal kitchen when you also have a bowl of cereal in the middle of the night, IRS is not going to go for that. I could go over case after case but I want to let you know you are going to get some write offs. But don't get too aggressive. Don't write off your home kitchen. Let's look at tools, supplies, equipment, maybe space in the garage, fridges and freezers as needed.

Next, PRC guy asks, can my disregarded single member LLC take a deduction for paying owners health insurance premiums in addition to a credit from Form 1095A?

I'm going to pull up a little bit here now I want to make sure I'm answering all of these questions perfectly. Okay everybody listen, this was a great question. Does, was it Ryan? Prcr, PRC Guy. Does PRC guy have to have a single member LLC to write off his health insurance as a small business owner? No, the LLC is not required for that. So PRC Guy, I don't care about the llc. The real question is can I write off my health insurance as a small business owner, as a sole proprietor? Yes. Single member llc? Yes. Now llc? Yes. You're going to write that health insurance off on your 1040. Then he asks can I still take the credit from the marketplace that I get when I go onto irs.gov yes. That's separate from your small business. So the credit, the health insurance, the premiums, that's all going to be a deduction. Net it out on your 1040. Go for it.

Okay. Eliana asks, hiring my Kids, do I need to open an LLC or can I open a dba? Self Sole proprietor.

Well, if you're going to be paying your kids, let's go to the trifecta. Let me just show them this. Jack. The trifecta is something I've coined and taught year after year. And you're going to put your operational business on the left. Your 1040 is down here. Your assets and investments are on the right. Now, if you have an LLC with rental property, you can pay the kids right here directly out of this llc. But if you're talking about an operational business, if it's an LLC or just a sole prop with no entity at all, you're just going to pay the kids out of it. That's how we do it. But if for those of you that have an S Corporation, you. You cannot pay the kids directly out of here. We're talking about kids under age 18. Don't do it. No W2. No 1099. We set up a support company and it could be an LLC or a sole prop. And this little support company is what pays the kids. And we do a management fee over here. Very common, not high risk. Happens every day in America. Small business owners do this to pay their children all the time. This is a chapter in my book. And get over to the Tax and legal playbook. For anybody that wants more information about me, get over to markjkohler.com and you can look at my article. Sign up for my weekly newsletter. And if you're a tax advisor, just sticking your head in here and you've got an accounting practice as a bookkeeper, accountant, enrolled agent, or cpa. Please look at my Main Street Tax Pro training. I have a certification that is unparalleled in this country. Over 12 modules, 80 topics, and I have quizzes and exams. CE approved. On half of those, we do a conference twice a year. Get to markjkohler.com next?

Jack Norman asks. I scan all my receipts in Dropbox. Is the IRS okay with digital receipts in the event I'm audited?

Those are great. Digital copies of your receipts are fine. Everybody keep a digital copy of your receipts. Put it in a folder. Forget about it. I don't want to see them. The IRS doesn't want to see them. Unless you get audited, keep all of your receipts at least six years.

Tiago asks, does your tax advisor program also give a tax preparer credential?

Yes. At the end of your name, you're going to put mscta, Main Street Certified Tax Advisor. I've Trademarked it. I've certified it with my malpractice insurance and my training as a lawyer and a CPA in multiple states. I have quizzes, exams, videos, white paper, all of it. I stand behind it. And I even teach you how to scale your grow your tax practice, how to bring on advisory clients, how to price it, engagement letters, forms, procedures. We meet twice a week all year long. It's unbelievable. You can do a free demo at my site, marjclohr.com any of you looking for a new side hustle? And you want to make money and you like numbers at all? And you like this tax topic? Holy crap. We have people coming out of the woodwork, getting enrolled agent licensed and becoming a tax advisor in four months or less. And they're changing the lives of other small business owners people. I'll teach you how to freaking make six figures. Helping other clients with your tax advice. It's unbelievable.

Ryan asks, does the kids age matter? Under 18, my tax person says in Louisiana. Louisiana, because my kid was 10. He was too young to pay.

Too young to pay their kid. Oh my gosh. You can pay your kids even if they're six months old. I don't care what state or whatever the hell your kids in your business can get paid. A modeling fee if it's legitimate for the type of business you have professional photos on the website, print material, whatever. Your kids by age 5, 6, 7, 8 might be doing office cleaning, marketing, stuffing envelopes, working on the rental property outside. What's their first name?

Ryan.

Ryan. Here's the problem. In Louisiana and other states, you can't hire someone else's kid if they're under age 10 or under age 16 or underage. Whatever. There are labor laws on companies hiring kids, but there's no laws on you hiring your own freaking kids. It's the beauty of the American system. Slave labor, your own kids. So get jobs for your kids and your small business. Legitimize the hours, the pay. We've been doing it for 20 plus years. I've never had a client audited ever for paying their kids in their small business. Every respectable accountant knows this is and you don't have to issue a W2 or 1099 because there's no withholding on their kids under age 18. There's no penalty because there's no withholding. Now there's state tax returns that might be due and you got the federal standard deduction. You're going to look at how much am I paying my kids before they even have to file A tax return. I teach this over and over again in my certified program. It's in my books, podcasts, blog articles. I stand behind it. It works.

Glenn asks, can rental loss count as a deduction?

Yes. Let's go back to the trifecta. Now over here, which is very common in the trifecta, is I have a client with an operational business, let's say L.L.C. s Corp. They're making money. All good. They're doing a little W2. They're doing a K1. Maybe they're over here hiring the kids that are under age 18. Then they're 1099ing the kids that are over age 18. But over here is your LLC with your rental property. That rental property is going to have the big D. And I'm talking about depreciation. That's going to generally create a loss. So you have tax free positive cash flow, but a loss on your tax return. That loss is deductible on your 1040, but it starts to phase out based on your income level and then it carries forward in a bucket, which is not the end of the world. Also, you might qualify as a real estate professional. It could qualify under the short term rental exception. It could be a self rental under the Dash 4 election. There's so many ways to try to unlock this loss. And I want to unlock it down here, over. Also, you're going to have your Roth IRAs, your 401ks, because you can have a 401k at work and you can have a 401k in your own small business. And you can still do an IRA. You can do a Roth, an IRA and two 401ks. It's all allowed, people. It's unbelievable what you could do. This is how the rich get richer. The rich listen to tax attorneys. And I'm an affordable Main street tax attorney. And there's not many of us. Most of the tax attorneys get sucked up into Chicago and New York making $1,000 an hour during reverse mergers for major corporations. Not me. I want to help mom and Pops on Main Street America save money and be the backbone of this country. Next question, Jack.

Okay, Trent asks is a bottle of bourbon and snacks I purchased for a customer event in my home or theirs a tax deductible business expense?

Hell yeah. That's a technical term. Hell yeah. Especially when you said bourbon. I should say hell yeah. Okay, now here's the deal. The bourbon is and the snacks might be 100% deductible. Food and dining is 50% deductible. But if you're holding an event or you have customers coming into your business and for example, like right here. So I've got, right here in our office, we have bottles of water and snacks for our employees and for our customers when they walk in. So this, this water is 100% deductible for my clients that walk into the office because it's part of the experience, it's part of the event, it's part of the service we're providing for clients. We give them bottles of water when they come, you might give them bottles of Berman. I don't know what business you're running, but sounds like fun. Now if you and I go out to lunch and we have a business meeting and you get us a couple glasses of bourbon, that's going to be a dining expense because we're out talking business. So that dining expense is Limited by 50% and the snacks that go with it. So talk with your tax advisor. And any of you that need a tax Advisor, go to markjkoler.com and just click on the network at the top. And I've got tax advisors around the country you can interview and potentially hire to help better strategize for you.

Okay, we got five minutes left. We're going to answer as many questions as you can. Anthony asks, how should I organize an S corp with LLC under it? Can the S corp own the llc? Who takes the write offs? If I work in both companies, how does the income flow through the llc?

Well, I'd really want to know why you need both if you work in both companies and I do. I have an S corp, S corps have to own LLC. If I have LLCs where I have partners and then it flows into my S corp that I own 100%. But you cannot have an LLC own an S corp that doesn't work. So typically what you're doing on the operations side is you are taking, oh, Jack, can you move my picture? What you're doing is you're taking your S corp and making that your parent. That's the owner that owns all the other little LLC that flow down into it. That's the typical structure. Talk to one of my lawyers@kqslawyers.com we're extremely affordable. We have 13 lawyers that get on Zoom and help clients nationwide where you work on the call with a real lawyer. And it's cheaper than a lot of the freaking scam artists out there and influencers telling you to get an entity with some strip mall or some call center and they're not even lawyers. We're cheaper than the companies that aren't even lawyers. It drives me crazy. So check out kqslawyers.com we can structure it and put together a plan for you for easily under $1500. Many times 1200 or even a thousand dollars.

Okay. Josh asks or Joshua asks. My mother in law has a rental property and recently discovered some foundation issue issue she can't afford to fix. If I give her the money for repairs, is that tax deductible?

No, that is not tax deductible. You're loaning your grandma, your mom, your aunt, you're loaning them money and hopefully they pay you back with interest. It's not a tax deduction for you if you give her the money. Definitely not a tax deduction. That's just a gift. Now, if you wanted to partner with her, you and Jack Whiteboard, you might create an llc, transfer the property into it, and now you become a 20% partner and your mom or aunt or whoever owns the other 80%. Now you're putting money into a business in which you own. And now we're unlocking some write offs. How much? It's going to depend on a variety of factors. But you're not getting a write off when you help them out. That's a loan. Next question

Jason asks. Owned a duplex in 2023. One side long term rental. Moved and rented it out five times for three days at a time. Is this eligible for the short term rental loophole to bonus depreciation? CPA is saying that it would not be. Is that the case?

Okay, so we're right here. And what's his name?

Jason.

And it was a long term rental duplex.

One side long term, other side short term.

Okay, duplex. We'll call it unit one, Unit two. One was a long term rental and the other unit used to be a long term rental. And he wants to turn it into a short term rental. Five times, three days each and no other rental in there. You can bifurcate this property into two different scenarios. My concern is what did you do with this property before you rented it and after you rented it? Because you definitely meet the average rental day. And I can see that's what you're trying to do, but the question is what was before this or after? Didn't he say he lived in this side?

Lived in it at first and then moved it out.

Okay, so he lived in this as his personal residence and then moved out and turned it into an Airbnb. If you're continuing to Airbnb it. And you're going to move forward with this structure long term, short term. I don't have a problem with you writing this off. It's going to be a different type of equation now. Your level of income, your long term plans, this all plays into it. Your accountant might be giving you the right advice. There's just a lot of facts. I would with this. I'd get a second opinion if you're going to talk to one of the lawyers in my office. I really like Max for this. Max really understands the short term rental. Max Merritt. And you can get Max at our law firm at 435-586-9366. Set up an hour with him. It'll be well worth the investment. All right, next question.

Okay, last question Bridget asks. We had, we had to spend a lot of money on new machines. Therefore, in year 14 of business, we had a loss. Is that a red flag? We're a Laundromat.

Oh, no. I love it. There's going to be years where you take a bunch of depreciation or a big loss. That's fine. What I was referring to earlier is if you have losses two, three years in a row, that's when the IRS is like, what the hell's going on? You, you also may want to transition your business from a sole proprietorship into the S Corporation because the chances of an audit with an S Corp go down by 15%. 1500%. That's 15 times less likely of an audit when you go with the S Corp. So in your Laundromat, if you're pushing the envelope with write offs year after year, I'd switch to an S Corp. But one year of losses is not going to be a big deal. People, I love being with you and I want to just encourage all of you to stay the course. Don't give up. There's a story that a speaker I love that gives an example of being just one degree off on your trajectory when you're a jet pilot. And if you're going to take off at LAX and go around the globe, just right across the longitude, same longitude all the way around the world. And you set your, your GPS and it's just off one degree. When you get back around to the other side of the back around after going around the world, you're going to be off by 500 miles. So you, that is significant in a positive way. That's what's amazing is it just by setting your trajectory by 1% in a different direction, you could be 500 miles in a better position down the road because you've just made this small change. And so by having a side hustle, by creating some income, by learning about tax deductions and working hard day in and day out, that's what slowly builds wealth. And it starts to snowball. Every time it turns over, you get more and more snow and pretty soon you're like, oh my gosh, I'm living the millionaire next door. One of the. Finally, Jack, I've just got it through one of the best examples I have of this over and over again. I know this may sound funny. I've had clients from every walk of life, male and female, young or old, east coast, west coast, north, south. In every business you can imagine, every business, the one that consistently blows my mind are firemen. Firemen are type a personality, get crap done type of guys and gals. They, they work hard, but they have their 3 on, 4 off, 10 on, 10 off, or whatever it is. Over the years, every time I've met with a fireman, they've got a side hustle going. Those days they're off from the fire engine station, whatever fire station. They're building real estate, they're building online businesses, and they're more wealthy than the doctors I'm meeting with. The doctors are making money and then spending it as fast as it comes in. The firemen are safe, they're careful. They see tragedy, they see what can go wrong. They're paramedics. They know that preparing for the future is critical. And on their days off, they're doing something they love and they're building a business that they can grow. And so don't think that you're alone. It's tight out there. It can be very, very difficult. But a 1099 and a side hustle is the gateway drug to the American dream. It truly, truly is. I'm not saying quit your day job. I'm just saying stay the course. Learn about bookkeeping, learn about write offs. I've got a great podcast, the Main street business podcast, my YouTube channel. If any of this is resonating with you, please type my my name in the search engine. Mark J. Kohler. You're going to see videos and articles and books and classes and trainings to help the entrepreneur. Thanks everybody.