Save THOUSANDS With 15 Year-End Tax Strategies

Hey, everybody, I am here with you live, saving you money, making you money, and protecting your money. This is the conversation more business owners are starving for and want more than any other conversation. But they don't know where to turn. I am so excited to be here with you. CPA attorney, bestselling author, podcaster, influencer on YouTube, and I've been in the tax and legal industry for 25 years. Literally a certified public accountant, attorney, partner in a law firm, accounting firm. I've been doing trainings for other CPAs and attorneys for years. People, you can rely on this advice. And I promise you right now, many of you are going to have accountants that might go, oh, that's too risky, or, oh, you don't need that, or that won't help you people. You got to captain your own ship. Write down these ideas and they get a second opinion and see if they apply to you. I've got 15 more I'm going to share with you today. I've already dropped 10 in the last two lives over the last two weeks. I'm like, we got to get these out here. There's 15 more strategies that I know could save you thousands. Please text a friend, tell him to get on here. We're going to be going live. This is a huge opportunity for you to ask questions as well. And I'm going to burn through these 15, because every one of these 15, I've got another YouTube video. I got another podcast on this. My Main street business podcast now has over 3 million downloads. If you don't have a tax and legal source that you're using to help manage your American dream, your side hustle. This year, there's over 45 million LLCs in America. Over 50% of Americans have a side hustle that's happened. That's a small business, people. A side hustle is a gateway drug to a small business, and that's building wealth, putting that money away for the future, paying off debt, buying real estate, investing in Wall street, doing what you love to invest and build wealth. So let's get into it. 15 strategies. Is there any way in my studio, I want to say thanks to Dylan, Robbie and the team. Can we get that little box off there so I can look straight here? It's a little distracting. I want to make sure I'm here for you guys and I want to go to the white. We're going to go to the PowerPoint and back and forth here quite a bit. So we're going to try to stay active on that. So let's go over here to the presentation now on this 25 different strategies. And here we go. I want to just mention the first five that we covered the other day. So we had the retroactive selection for any of you that were an LLC and you made more than 40 grand this year. We want to see you go back into a possible S election so you can do that. I've got again other videos on that. Number two, nailing down your payroll for any of you that were an S corp this year. Number three, make a sale, get out of business, get out of startup mode. If you have a small business, one of the first things you can do is make a sale. Number four, hold a board meeting during the holidays. Your Thanksgiving should be a tax write off. Get your mom, dad, brother, sister, best friends at a board meeting to talk about your business and the money. 1. Number five, get a health savings account and HSA qualifying plan open during enrollment period that started yesterday. Okay, the next five we covered last week, I just want to hit the highlights. Dissolve or set up any entities you may or may not need flexible spending accounts. Use it or lose it. Some of you at work might have some money to turn in for healthcare expenses. That's free money. Third, pay kids that are in your business. Any of you have children under age 18? That's a chapter in my book. I love to talk about it. Number nine, the Solo 401K. If you have a small business owner, you can have a 401k at work. You can have a 401k in your side hustle. Super cool. And then number 10, buying a vehicle before year end. All right, so let's bounce over Dylan. Let's get off the whiteboard and let's go to number 11. I just want to talk about this for a minute. Get your books in order. So I'm going to go a little slower here on our next 15. And these are really important. These were kind of bonus. I threw them out last week, but I needed to give them a little more airtime. It's hard to make decisions before year end as a small business owner if you don't even know what your income and expenses are. You don't have to have. I mean, be nice if you had QuickBooks and a good little accounting system, but at least get out your Excel spreadsheet. Try to throw down what your income is, what your expenses are and just guesstimate so that when you get on a phone with the tax advisor. And by the way, I'm going to give you a resource of tax advisors, you can find around the country. I don't make any money off of them. Enter into a relationship with you, but they're all trained by me and they can help you do some year end planning. You want to go into that meeting with at least a ballpark of what your income and expenses are. Next, let's shift income and expenses. Some of you might be able to say, hey, don't pay me till January 1st. Now you're not paying taxes until 2025 on that money. Some of you are like, ooh, I'm going to buy a laptop this Christmas or a new phone or a new camera or a new tripod. Something for your little studio or whatever you're doing. Pay for it on a credit card in December. It's a tax write off this year. Sometimes you can push five or ten grand to next year of income and bring five or ten grand forward on a credit card purchase that you're going to pay off in the first part of January Anyway. That's a $20,000 shift. If you're in a 30% tax bracket, you just saved close to seven grand in taxes. That's between fed and state because you got state tax to deal with here too, folks. So shifting income and expenses. All right now, Dylan, we're going to be ready for questions, right? And all those goodies I want to be make sure we're ready. Okay, number 13, the health reimbursement arrangement. Okay, now let's go over to the PowerPoint. So this is a strategy for those that are able to take a couple of quick notes. The health reimbursement arrangement is a plan effective 1123 and then you're going to reimburse yourself in your business for medical expenses. Now whether however you're structured, it's going to be a little different. If you're a sole proprietor, an llc, single member LLC or an S corporation LLC taxed as an S corp. Married or single, there's going to be some different ways to approach this. I have whole podcasts on this for an hour. So make sure you dive deep. And here's the break even. If any of you, this is whether you have health insurance or not. If you have more than four or five grand in medical expenses this year, eyes, dentals, copay, chiropractic, massage therapy, physical therapy, prescription drugs. If you've spent out of pocket, over and above health insurance, four grand or more and you have a small business, you gotta look at this because we could write off that four grand. It's a big deal. All right, the next one is for any of you that have kids 18 or older. I love to structure this where you could either W2 or 1099. Your kids that are 18 or older now, you just can't say you paid them. Come in January. You've actually got to pay them real money. Now, they may reimburse you for things that you've already given them this year, but show a paper trail from your business. And I've got videos, podcasts and chapters in my book on this. Get over to Amazon. Marc J. Kohler Gosh, over 500 five star reviews or more on my tax and legal playbook. So study this little one for kids 18 and older. I love to pay them out of your business. And then check this out. They could fund Roth ira. Whether you pay them out of your rental property business or your operational business, I love it. Now for some of you that are married, should you pay your spouse? This is a big one. Dylan's Drop me here with the spouse. I want to make sure that you're not putting your spouse on payroll just because you think you have to. If you and your spouse kind of own the business and you're helping out one another, what if you can take the income and then give your spouse some, I guess a stipend or a monthly fee or whatever, but you don't want to put them on payroll. We don't want to put it on a W2, because now you've got to withhold FICA, you've got to withhold pseudo food, a FICA, all the withholdings as a payroll. And that's not going to be fun. That's going to be expensive. And some people are like, well, I want to pay my spouse because I want them to get Social Security someday. They're going to get the spousal benefit anyway. So don't just be throwing your spouse on payroll because you think you have to. The way the only reason I'd like to do it is to fund a solo 401k. So now your spouse can put away extra money in a 401k. They can do a Roth whether you give them a W2 or not. Because again, you're married and you have joint income. All right, the next strategy that's fun is paying grandkids, nieces and nephews. For any of you out there that are helping a niece or nephew, you've got grandkids. And why pay taxes and give them money, put them on the payroll. Now the way to do it is to 1099 their parents. They form a Little small business that's supporting your business. Pay the kids, zero it out. You don't pay tax. The parents don't pay tax. And your grandchild or niece or nephew don't pay tax on the first $13,000. $13,850 this year. So I'm not saying you pay them 13,000, I'm saying you can pay them up to that. And there's no federal tax on that. Some states have a different level and you could pay more than 13,000 too. They're going to be in a lower bracket than you. But folks, here's the big deal. And again, people, write in your questions in here. We're going to go over these in a moment and I'll rapid fire and answer questions as fast as I can here in a moment. But here's the deal. Too many family members pay taxes at their bracket in their small business and then give money to support their kids or help their nieces or nephew. Help their mom and dad. No, let's get them on the Payroll or a 1099 and take a tax write off. They could very well be in a lower tax bracket. All right, next strategy. I love this number 17. Let's go back to the PowerPoint just for fun here. I love the Roth conversion people. If you saw in the news last year, Peter Thiel, part owner and PayPal and Facebook, he has over a three or three or five three to five billion dollars Roth IRA. He started with the same six grand you and I can start with by putting away money in a Roth. You can do it at any income, any age and that money grows tax free for the rest of your life. It is so incredible. But if you have an old IRA or an old 401k, you've got to convert it to a Roth and the deadline is 1231. So you want to get get with your tax advisor. And again, I'm going to give you a resource here for tax advisors to just have that one hour conversation and go, should I be moving more money to Roth? And there's break points and I call this chunking. You want to chunk it in chunk based on your tax bracket so you don't go up to an extra tax bracket. Super cool. Hey now if you guys are noticing this, I really want you to feel like I'm going deep here. I'm not just giving the fluffy year end tax strategy of sell stock, fund your IRA. That's BS. I've got 25 strategies and here we got seven or eight more to go through. But and this is recorded. So you can go back and kind of flip through these. All of them are listed here in this video. But so what I want you to do is be able to talk about those with your advisor. A good business owner can at least talk about them. You don't have to understand actually every nuance. You don't have to know how to do your tax return, but you got to own it. As your small business owner, you can do this. People, it's not that complicated. CPAs make it more complicated than needs to be. And I love accountants and enrolled agents that are out there just scrapping and making it happen and they're having real conversations with clients. You see PAs out there. I needed to put your guard down. Don't think you know it all. There's great strategies out there. I'm a member of the aicpa. I've been nominated to be on the Arizona Board of Account. See, I'm not teaching fringe strategies. I'm not high risk. If you think I'm saying something that is high risk, you've been hearing from someone that's overly conservative, and I will stand by that. All right, so let's go to our next strategy. Number 18. Very common. I'm going to give some money to charity before year end. Some you might tithe. You might give money to your church or your university that you love. Remember, if you put a donation on your credit card or write a check, it counts for 20, 23. Also, if you have appreciated stock or appreciated crypto, you can donate that instead. Don't sell it. Pay the tax and give it to charity. If you're over 70 and a half, you can be donating your RMDs and not paying tax on that. Those are required minimum distributions. So make sure you talk with your advisor there. The next one. Guys, this is a big one. Now, I know we only have eight weeks left in the year, but that's buying a rental property. This is huge. And I. There's three main options here for business owners. There's the short term rental. You see up there in the top left where you buy a rental property and you put in 100 hours of work, get it on Airbnb before year end, and at least have two renters so that you have an average of seven days or less. I've got podcasts and videos on this extensively. Very, very. It could be very hard to pull off in the next eight weeks. But for some of you that might have a project in, in the works, let's get it across the finish line. Next is a long term rental. If you're a real estate professional and you got a property that you've been looking at, or you could close before year end, you could get some cost segregation and depreciation there that could really pay off. But again, you got to be a real estate professional on short term rentals. You don't. You just got to be able to put that hundred hours in. Self rentals are super powerful. That's when you rent your own building or warehouse, your own business. And for many of you that are just small business owners, you can go talk to a realtor and talk about a commercial condo space where you actually don't rent from someone. You own your little space in a big building. Very, very common. A lot of corporate centers are going to go through a condo conversion because they can't keep the place rented. So they're going to sell the units in a building. Very, very common. So be looking at that. All right, next thing, let's talk about quarterly deposits. This time of year, some of you may or may not have given the IRS or the state enough money. You're going to have a tax bill coming out next year. The IRS and the states like to have you make quarterly deposits. And if you don't, there's a penalty. It's not a big one, but I have clients that hate penalties. They just hate it. And so if any of you are like, you know what, I've made money this year. I remember paying penalties last year. Maybe I should make a deposit. And so making a deposit could be a really good strategy. That's number 20 in my 25 strategies. Because before year end and especially in January, you're preparing now to make sure it's done by January, your quarterly deposits so that you don't pay any penalties. Love it. Number 21, a big one. Let's go to the PowerPoint on this one. The intangible drilling cost deduction. This is where you invest in oil and gas. Now for some of you that are higher wage earners, and I'm grateful you're listening to this, you may want to invest in an oil and gas project before year end. I just shot a video on this last week. This is a topic at my 360 event, I'm sure I'm going to mention that here in a minute. We've got a three day event coming up. The end of November and 1st of December in Phoenix. Virtual and in person tickets. There's a whole class just on this. And it's where you invest in oil and Gas and you get to take depreciation on the oil rig. And you don't even have to work on the oil rig. You can be just a part of the partnership. This is very, very powerful. Why is the government doing this? They want us drilling in the United States. They don't want us relying on foreign oil reserves. They want us drilling in the United States. So investing in a drilling project in oil or gas anywhere in the country can be super powerful. And I'd love to have some of you look at that. All right, the next One is the 529 state deduction. Now, I'm going to zoom in on this for some of you that are putting away money for your kids in a 529 plan. Now, I'll tell you, I'm not a big fan of the 529. I like the covered L better, which is a Roth ira, if you will, for college because it grows tax free, comes out tax free for any college expense, and you can kick it to nieces, nephews and grandchildren. But some people like the 529 because you can put more money away. I don't like that because you don't get to invest the money. It just goes into a state fund and the expenses are buried in there. Try to find out how much their expenses are in these 529s. Good luck. But here's nine states that allow you to take a state tax deduction no matter where the 529 is located. So you could live in Arizona and invest in a 529 plan in New York, and you get the write off in Arizona. So if you live in one of these nine states right here, Arizona, Arkansas, Kansas, Maine, Minnesota, Missouri, Montana, Ohio and Pennsylvania, you could invest in any plan in the state in the country. Now, if you live in New York and you want the write off in New York, you've got to be able to. You got to do a 529 plan in New York. If they offer a deduction, there's 30 states. If you see at the top there, including Washington, D.C. they give you a deduction for 529 contribution for your kids for college. But only these nine states let you invest anywhere. So there's 21 other states, then you got to invest in that state. 529. Anyway, it's out there. For those of you that's number 22. Now, we're going to go to questions here in two seconds. Well, not two seconds. I got three more. Number 23, get your 1099 plan. In place. Now this is a year end tax strategy that's going to save you a lot of heartache. So if you are, if you are going to be paying subcontractors in your small business, you've got to issue all of those 1099s in January. Ask them now for their W9s. Get them now, especially before you give them any money because once you give them money, they're not going to listen to you as much. And if you can't send them a 1099, you have penalties and technically you're not allowed to take the tax deduction. You've got to be ready for 1099. It's going out in January. Get them going now. I have articles on this. One of the best, the most viewed article on the 1099 topic on Google is mine. So when you Google how to do a 1099, you're going to see my article. Of course, it's all over my website now. Number 24, take advantage of any capital losses before year end. Some of you might be selling stock that you have a gain in because you have a carry forward loss. Some of you are maybe selling some crypto at a loss because you have some gains in stock. And so you could take crypto losses, capital gains from stock, capital losses from stock and crypto and just kind of see where you're at. It's not a, it's number 24 for me because it's not a big one. Of course Forbes magazine puts this as top three, which I think is ridiculous. But for us small business owners, this is one where you just want to talk about it and see what you've got going on. And then number 25, there's this cool strategy called the Charitable Remainder Trust, a crt. We have an attorney here in our office, Max Merritt, he's fantastic. Out of our Arizona office, consults with clients around the country. Now here's where CRT makes sense. You've got appreciated property, appreciated business, appreciated stock. You need to sell it before your end and you're going to get killed with taxes. Throw it into a crt, get a tax deduction, income for the rest of your life, asset protected, and no tax on the sale. And all that money goes into a bucket that generates income to you for life. There's an actuary table, actuarial table that tells you based on your age and gender, how much money you're going to get for the rest of your life. Out of that bucket of money, we run the numbers, we take you through it. Super powerful, but this is for any of you. They have a highly appreciated asset that you want to unload. Let's consider the CRT. Wow. So my friends, that is 25 year end tax strategies that I think are just absolutely critical to consider. You can go through the video there. What slow it down, the PowerPoints there to look at if you want. Now we get to jump into some questions and I'll go over and draw some on the whiteboard if I need to a little bit. Dylan, what's our first question?

Our first question is from Greg and he asks if I have an LLC that makes about 20k per year, do I stay an LLC and write off the expenses to get my two short term rentals in service and improve the properties a little each year?

Wow. Okay. So Greg, it's a two part question if I'm right, Dylan, there's kind of that I'm making 20 grand in an LLC and then I've got two short term rentals. Right. I may have you repeat the second half of that question. Let's just do it with the first one. Any of you out there that have a little side hustle making 20 grand a year gross. And let's throw that on a whiteboard. Let's just, let's do a visual here. So let's say you've got your LLC and Greg's bringing in 20 grand people. We should be able to wipe that out entirely. It's going to go on a schedule. C. You're not going to make the S election. You're going to write off home office. We're going to want to write off auto dining, computers, electronics, travel, marketing, education, kids. Oh my gosh, the list goes on and on and on. And these aren't even year end strategies. We just want to take all of these. The goal is, Greg, you're going to zero this out. So you don't even pay tax on the 20 grand. And if all of you are kind of new to this, you're going to be tracking this on an Excel spreadsheet, giving it to your accountant in the spring. Now if Greg was bringing in 80 grand and the write offs were 20 grand and we're not zeroing out anymore. Now we've got 60 grand of income, Greg, that's when you're going to S Corp. That's for sure. When your net is north of 40,000, that's when we want to go S Corp. The net not worried about the gross. So north of 40 is when we want to go S Corp. Now the second half is a question Would you repeat that?

Yeah. He mentions do I stay in LLC and write off the expenses to get my two short term rentals in service and improve the properties a little each year?

Okay, well Greg, first of all, this is a complicated question, everybody. Short term rentals can be very risky. You want to make sure you're buying in the right area. Do you know how to maximize and optimize your Airbnb? You want to have a really good strategy for your short term rental. So let's assume you got that. You got two good short term rentals. Do you want to take a tax deduction for that and do a cost segregation? Have you put in 100 hours this year? Do you have less than 7 days average stay? Read up on and watch some of my videos just in podcasts on short term rentals. So let's assume you want to go after the tax deduction. That's another avenue. Then the third thing you throw out, should I just keep that and continue to improve and make them better? Well, sure, sure you do. You want to keep making building equity and making sure they're profitable and optimizing them. So there's kind of like three things going on there. You want to people look at short term rentals or long term rentals. What fits your mo? Number two, I want to go after the tax deduction in this year. This year maybe if it it' good fit to talk about it with your tax advisor. And third, continue to improve them and grow and maybe you convert them to his midterm rental or a long term rental. Now everybody, let me throw this out. This is important. And make sure Dylan, down in the description, I want to make sure all of you know that you can go to the Tax Pro network and find a tax advisor that can help you go through this. In an hour or two hours before your end, go to markjkohler.com tax go to the top and just click on Tax Pro Network. I've got tax pros around the country that meet with me twice a week. They've passed 800 quiz questions, watched 80 videos on all my little strategies. Young and old, male and female, small firm, big firm, east coast, west coast. Don't worry if they're not in your town. It doesn't matter. Get on Zoom and have a conversation about your freaking business. There you go. They're there for you. They've paid me to be a part of my network, but you're going to interact with them and pay them and find a price that works for you too. I don't Take a piece of it. Get in with a tax advisor at our law firm, KQS Lawyers. We have two things going on right now. We have $100 off on a Solo 401K. Any of you need a Solo 401K, get over to kqslawyers.com meet with a real lawyer. Our special ends Thanksgiving. If you want to do a year end consult with one of our tax lawyers. We build you a trifecta. We go through your whole tax return and come up with a strategy checklist built for you and for many of you. You want that higher level second look. You want our tax lawyer looking at it. You think it's probably going to be too super expensive. Five or ten grand, right? 1500 bucks. You can get in there for 15 to 1600 bucks, I think and meet with a tax lawyer on zoom. Going through your tax return. If we don't find you four or five grand in savings, we failed. I want to hear about it. We will find you deductions. That's what my tax lawyers do. And it's not high risk. It is finding things that you've missed or your accountants missed. Just because we're in this every day, we can provide additional value there. Okay, next question.

Dylan, Next question is a pretty easy one. Kanaka asks, when's the annual sale again? I need to set up my trust and do my estate planning for my business and future real estate asset plans.

Well, thanks, Kanaka. Our estate planning special is not until next summer. Do not wait that long or I'm going to put you on restricted bed use. No bungee jumping, no flying in planes, no running through traffic on freeways. I mean, what happens if something were to occur to you before then? You don't want to deal with that. And our special is only like what, 100 couple hundred bucks off. Get your estate plan done. Do a comprehensive estate planning structure with any of our attorneys. It'll be well worth it. And if we're structuring it with your business, I want to write off a good chunks of that on your tax return. It's not just personal planning, it's for your business as well. So it's a great tax write off. Next question.

Dylan, Next question is from Tic Tac and they asked, so if I want to hire nieces and nephews, their parents must create an LLC and I 1099 the LLC and then they get paid through their parents. LLC.

Ooh, close. No one needs an LLC. You don't have to do an LLC. This can be really simple and easy. Think of it this way. Let's say you are helping your nieces and nephews. You want to pay them, you want to give them money to form a Roth IRA or you just want to be a great aunt or uncle, okay? So that's number one. I don't want you doing this to generate a tax write off. Where's the money's got to go to the nieces and nephews. So if you don't want to give money to your nieces and nephews, do not do this. But if you want to help your grandkids or your nieces or nephews, in this example, you're think of it like a janitorial business or a painting or landscaping or mowing the lawn, maintenance, whatever. You're going to say, hey, my nieces and nephews, I want to hire you to be my janitorial paper shredding company. You're going to come by my house or my office once a week and I want to compensate you. They're going to go, great. But you know what I'm going to do is I'm going to 1099 your parents and they're going to manage you and that. And they're going, all right, as long as I get paid, who cares, right? The kids don't care. So you're going to 1099 mom and dad and they're just going to fill out a schedule C. It's like having a little side business. It's their own little side hustle. No need for an llc. They go down to Wells Fargo B of A, open a little sole proprietorship, saying, yeah, we have a little janitorial business. And then you 1099, pay mom and dad whatever you're going to pay the kids. They're going to provide legitimate services. They do a schedule C, pay the kids. It's on page two. Outside labor. No W2, no 1099, outside labor for a family owned business. Schedule C, that's totally allowed. And then they're going to zero it out. You get a write off. Mom and dad don't pay tax and kids don't pay tax. Up to 13,008, 50 this year. Federally, about half the states have a different standard deduction. You want to look at your state, very straightforward and easy to do. Next.

Next question is Bamboo. They have two questions, so I'll let you decipher the answer. The question reads the number 9 tax write up or tax strategy solo 401k works with paying your kids with number 8. IRS clearly says as of today There must be no employees in the solo 401k or business owner with no employees or that person and his or her spouse. That's kind of their question. They want some clarification.

Yes, yes, you're going to love this. The IRS of course is not where you want to go for tax advice. They're going to give you the letter of the law. You don't see the revenue rulings and the court cases and the regulations and all the little things that come behind that. The IRS is accurate. But what they didn't tell you is that your family members are included in the solo 401k so they're not counted as employees. So when you have a Solo 401k, you can do it for yourself, your spouse and all your kids under age 18 or over age 18. You can, they can be a part of the Solo 401K. And so, and we stand behind it, we have a solar 401k setup of kind of the paralegal DIY of let me say 500 bucks or we have the full service 999 and that's 100 off. And you meet with a real lawyer to do that.

Perfect. And then their follow up question is also about paying kids. They say they have minor kids working for me. How will they show their income and their tax return assuming they do not give them a W2 is because, because they're below 13k, the kids do have other part time jobs with FICO withheld and tax return is required.

Okay, this is a great question everybody, and we're going to finish with this today. If you make now we're going to go with a federal law. If you make less than 13,000 8:50, you are not required to file a tax return. See, this person just said, well, my kids are required to file a tax return because they got a W2. No, they're not. If they didn't make more than 13,850, they're not required to file a tax return. Now if they did, they got to file a return and then now they've got to report everything. What did I earn from mom and dad? What did I earn at my day job? W2 Working at McDonald's, whatever the case may be. So you want to make sure that you know the rules also in your state because like in California, the standard deduction is, I think a 23 is around 6,500 to 7,000. So if a kid makes more than that, they've got to file a California return, but they still don't have to file a federal okay. With that said, hang on. Let's say your kid works at McDonald's and they withheld taxes. Now, they normally wouldn't because of the age of the kids and how much they probably got paid. But if they did, then the kid does want to file a return in order to get a refund. Because if McDonald's withheld taxes, not FICA, but taxes, real state or federal taxes, then you want the kid to file and get a refund because they don't owe taxes on the first 13,850. The McDonald's withheld taxes that your kid doesn't owe. That's why you get a refund. So again, and then the last question was, what do the kids report? If I'm, if I'm not giving them a W2, it would go under miscellaneous income on the front page of their 1040. So they're going to do a 1040 miscellaneous income from the payments from the family because it's not a W2, it's not a 1099. It's family business income because they're under age 18. Now, if they're 18 or older, it's either going to be a 1099 or W2 situation. But under age 18, it's very straightforward. All the accountants in our training program and most accountants around the country know this. If your accountant's not talking to you about it, you may need to upgrade. So. All right, everybody, in summary, I hope that this has been super helpful in understanding that there are options. There are ways to save taxes and make money and build wealth. Please get to other videos on my YouTube channel. Just type any of these topics in the word Kohler and you're going to see a video or an article on it. Google it. I am not going anywhere. I'm here every week for a live broadcast helping you side hustle small business owners, big business owners all over the country that are starving for tax and legal estate and wealth building advice that's straightforward, legit and makes practical sense. That's where I'd love to be. So thanks for watching today. Please share the video, share it with your friends and keep living the dream. Get over the network. Get in an appointment, all of you. Your homework is to get an appointment with a tax advisor for just an hour in the next two months. They should save you twice whatever you pay them. Don't worry. Well, they're $400 an hour. Yeah, they're going to save you 800. See what I mean? Rich people spend money to make money. You can do it. Hang in there. Buckle up.