Spring Cleaning your Business

Foreign.

Welcome everybody, to a special edition of get your house in order spring clean up that mess. And I almost wanted to swear. I mean, this is get your entity together something this we're trying to slap.

Yeah, this is. This is tough. I mean, you know, no one likes spring cleaning, but you know what? That, like, feeling that satisfaction when you've done it afterwards, isn't that like the best? That's what we want to do for your business. It's the same concept, just that you know what needs to get done. You know, it's a mess.

I bet many of you are like me. It's like when I feel like this weight of all this stuff I need to do, the first thing I do is clean my office. Because I just can't get my head around my list. I can't. I can't feel productive. My mind's jumbled up with. It's just gunked up and I've just got to clean out all that resin and just get going, you know? Okay, I was going to go with the Tommy boy quote. Isn't that just clogged up malted hops and bong resin that's stuck in there anyway? No, but this is your chance.

Get organized before.

Yes. Oh, my gosh.

Yeah. So, well, we're gonna dive into it. We want to hit some tips for you to think of. Maybe this is your checklist, so to speak, that you should be going through, you know, much like your spring cleaning of your home or your car or your office or your desk. We're going to give you the checklist for your business on what to be thinking about. And then we've, of course, you know, conveniently got some specials in the law firm if you need some. Some the cleaning company to come into your business, so to speak, to help you with that, you know, maybe a little, spruce it up a little. Or maybe you need a deep clean. Who knows?

Yeah, I mean, in the good old. You'd get the chimney cleaners coming in, you know, chim chim chim, chim chim chim.

We got a guy for that.

Yeah, we got a guy for that. You know, nowadays you're like, chimney, he's got a chimney, you know, whatever, anyway. But no, we've got a list. We've got a list of things here that you need to do that that's going to truly save you money, save you taxes, give you better asset protection and help you build more wealth. I just want to quote Kevin Costner too. If you build it, they will come. You got to build A structure that's ready to grow. Just can't expect it to come out of the cornfield. Just Harry Cary. You got to have the field ready to go. Lights hold nine yards diamond.

Yeah. And then some like dead players from, like, you know, the Yankees will show up.

And, you know, it could be your field of dreams. This could be your field of dreams.

If you build it, they will come after. Say, that was one of the most ridiculous lines because the whole concept of that movie was like, really dead players from like the Yankees show up, not like actual baseball players, like living today. Like, let's make this a little realistic.

If you.

That they will come.

You know, I looked it up the other day because it is. It is inspiring from that perspective. It really is. It's a feel good show, but it's in the sci fi genre. It's sci fi.

Okay. All right, so. All right. I should have expected that, but it was a baseball angle and like a cornfield. I wasn't thinking sci fi, but yeah.

So it's good. It's good. Okay, so we're gonna. I've got a list of some spring cleaning items that I think are critical. And Matt, I know you've got a list, but I think we're unified on number one. Do you want to. Do you want to break it to him? You tell them.

Yeah, Well, I think number one is. Is really. Is everything set up right in your entity? We want to look at your business entity itself. Okay. This is the framework. If we're talking about like a dirty house, you know, this is the house itself. Like, is it the right house for your business? Because if it's not, it's going to be clunky, it's going to get dirty, it's going to be a mess. So we want to look at the entity you have in your business and making sure it's done right.

And this is for some of you that are investors versus operators. Some you are both as an investor, you still may need an entity, obviously for your rental properties. We're having more and more clients set up asset protection entities and trusts for the cryptocurrency. I just had a call with a client the other day. It was a husband and wife. And one of the couple was like, I don't even get it. We got $5 million. Where is it? In the cloud. We really have $5 million. It's just a coin. It's just. No, I had to explain this to them. I don't want to say which one of the couple was a little more Skeptical than the other. But one of the, one of the parties was like, we don't really have 5 million. I'm like, no. 2 transactions and your wallet has USD of 5 million in it. You get in a car accident, they're coming after it. Yeah, well, it's in a wallet in Eastern Europe. No, it's not. It's in a blockchain that's public. We can find it. They, a creditor will find it. You get divorced, a divorce attorney will find it. So this cryptocurrency is for real. And so as an investor, you might need an entity for that, for protection. You might have rental property and need a protect an entity. You might be an operator, you might be doing landscaping, consulting, a side gig, a side hustle. So these entities or entity, they need to be looked at.

Yeah, yeah. And that's why, you know, one of the things we do is the trifecta, maybe many of you know it. And the reason we do that and we drill that into our attorneys. We have 15 other attorneys besides Mark and I in our firm trained on this that can do this for you is maybe you are an operator and an investor. You should have two entities. If you're an operator and an investor, you should not be doing the same thing out of one entity. That is a classic mistake. That is a mess. You're screwing yourself up on taxes, and you're also leaving yourself liable for something that goes wrong in the operating business where you have your same assets in the same entity. There are so many instances of that where you need to kind of look in focus. Maybe you've had some growth, you've had some success, you had an operating business, you've acquired some rental properties or assets, and you're running out of the same thing. Let's stop for a second, take a step back, look at the mess we have, and let's start reorganizing this and get organized.

Yeah, I. Absolutely. So now on the heels of number one, we're going to make a recommendation for an outside service to come help you with this process. But number one, is your structure organized the way it should be. Okay. Number two, the entity you did set up on some website nine years ago, it's one sheet of paper in the drawer, if you could find it, if you're lucky. That's not an entity. People that's going to get jacked up in an audit, it's going to be useless in a lawsuit. It's a mess. If you were to die or get divorced or have a nine different or

Try to go to the bank to get an SBA loan or sell a property. The title company is going to be like, is this it?

Like, okay, so we call that a cleanup. This is a cleanup that's needed for your entity. It doesn't mean we get rid of it. We're not the type that's like, oh, yeah, you better go set up in Nevada or here and get this. Just wipe it clean and we'll give you unlimited LLCs for 20 grand or 10 grand or, no, let's just tidy up what you already have. We don't have to throw the baby out with the bathwater. And that's just. That's a terrible analogy, too. I mean, any parent that's.

I don't know where that one is

now that I'm a grandparent, I don't even want to think about that. But anyway. But the point is, you're going to say, I'm going to find the right entities I need. Maybe they're in my arsenal already. Maybe I need to set up a new one or clean up an old one. Let's just tidy it up. Keep the same tax ID number, keep the history, keep the bank account, keep the merchant account. But let's get the minutes done. Let's get the operating agreement. Is the ownership correct? Does your trust own it the way it should? Is your trifecta in order?

Yeah, absolutely. And I'm going to make a little caveat, if you will. I'm going to make an amendment. I'm going to propose an amendment. I'm glad you're welcoming it.

Okay.

All right. If you'll yield some time here. Sometimes, and it's true, we do like to clean up the existing entity. A lot of times we like to work with what's already there. You're already using it in your business. You got your bank account set up. You like the name? We want to try and clean up that entity and just fix what's already there. But sometimes you cannot polish a turd, all right? Sometimes there's this piece of garbage, this turd of an entity that you set up that we can't fix. No matter how much we try to scrub it, clean it up, it gets worse.

It gets worse.

It does. It's like you can't polish a turd, okay? And so there are instances where we'll just dissolve that. Okay, we're going to shut it down. We'll dissolve it, and let's start something new. Let me give an example. You set up an entity in Nevada, you do business in California. Well, do we want to register that Nevada entity into California? Yeah, we could, but now you're paying Nevada's annual fees of 400 bucks and California's fees of 800 bucks. You went to Nevada because you want to avoid the 800 bucks. So there's certain instances where, like, you know, fixing this is going to be long term pain. We know in the short term this might be a little bit of pain, but let's just rip the band aid off, get it done, let's fix it the right way, and then in the long run, you'll bet you'll benefit.

So now for those that are watching,

is that motion acceptable?

I'd love it. The amendment is seconded and ratified.

Without objection.

Without objection?

Without objection.

Okay. I don't want to have any more hearings. If I hear another hearing comment about some judge, I'm going to lose it. But we'll just leave it at ratified. Accepted. Yeah, just move on, government. Just move on. Now, for those that are watching on YouTube, I'm going to show my screen and I will do my best to describe this via, you know, some verbal explanation. But what I'm going to diagram here is the trifecta. It's a good review for everybody. And what we're looking at here is the beginnings of a master diagram that we'd like to build for all of our clients. And we're going to put operations on the left, draw a line down the middle and put assets on the right. And the income on the right is going to be passive in nature. Put a little circle around that. And the left hand side, the operations side, is going to be ordinary income in nature. Now for those rocket scientists out there, passive income is better than ordinary income. Ordinary income means your A is working. Passive income means your assets are working. Yes, on the, on the basic level, that's a, that's a big distinction. Big difference. Yeah.

So, yeah, but here's the one thing none of us wake up in the morning. Unless you know you're Paris Hilton or you know you're in that you're born to that right family. And we just show up with passive income on the right side, we got to go earn it on the left side, we have to go work for it. But then we move it over to the right side, we create that income, and then we build assets on the right side to create that passive income.

I love it. Now, at the base of our trifecta is our Trust or our 1040. So I put trust, I'm going to say trust and 1040 tax return. My visual for this has always been water flows downhill. Subsidiaries in my diagram are on top of your entity, and those subsidiaries flow down into the main entity. And then the income flows down into your personal bank account or 1040 tax return. So everything is top down, left side ops, right side assets. And your trust for privacy is at the bottom. And then on the left side is ops. Now, on the left side, you may start out as a little sole proprietorship. There's my little dotted circle line, you know, dotted line circle, where there's no protection. It's simple, it's easy, it's up and going. We might graduate to an LLC or start with an llc, but ultimately, if we're going to be making the big bucks with our operations, we're going to get into an S corporation and we can just modify our LLC with a simple election. And we've got podcasts on every step of this process. But just again, for review, everybody. When you're doing this cleanup and you're looking at your spring cleaning, you're going to start with the trifecta. What should everything look like? Is it in the right spot? Should my dresser be over here or the bed be over there or all these dirty clothes on the floor? Nope, that's not where they go. That's a mess. You know?

What's that show? There's the show with, oh, Will Ferrell and the other actor. It's about a campaign they run against each other. And what's the guy's name? Zach Galifianakis and Will Ferrell. Zach Galifianakis from Hangover, you know.

Okay.

And Will Ferrell. Have you not seen that one?

No. I'm embarrassed.

Oh, close to my watch that one. So Will Ferrell plays this, like, congressman from North Carolina that's kind of like always in trouble and with girls and all this stuff. And then Zach Galifianakis is this guy that runs against him and his campaign slogan is about going to Washington and cleaning up this town because it's a mess. It's this whole thing. It's like he gets all the applause when he says Washington. It's a mess. Anyway, I just keep thinking about what you said.

I love it. I love it.

You got to watch.

Well, you know, in and here. And I actually, I have a thought on this, too. And on the right side, we're going to divide it into A and B. And on the right side, we're going to have our tax preferred section of our asset side. And that's going to be our IRAs. And 401ks and Roths and HSAs and all those goodies. And then the B side is going to be our personal investments, which might include rental property, crypto notes, whatever we're doing to kind of build passive wealth in our own name. But then it's all owned and all flows downhill into our trust. Now, here's the point I wanted to make. This is going to be one of my cleanup items, too, is you see this and you go, oh, my gosh, Mark, that's too. It's too much. I can't deal with that. You're trying to make my life better, but you're making it more complicated. Hold on, hold on. I hear your pain. You see this and see six bank accounts. What I see are six chest of drawers, six cabinets on the wall, six areas of your closet. See, you may think this looks overly complicated and a mess, all these bank accounts and entities, but just think if you walked into your bedroom and said, nah, I don't want Chester drawers. I don't need cabinets. I don't need a closet. I'm just going to throw my clothes on the floor. It may sound nice, but within about two days, you're like, this ain't working.

And it's a deception.

It's a deception.

Yeah, it is. You think having. No. All this structure and organization is simple. I don't want to deal with that. I want it simple. Oh, you want the pile in the middle of the room of everything just. And what goes where and. And then it's a. It's a asset protection mess. If something happens, it's a tax nightmare because you're not efficient. It's a bookkeeping nightmare for you to keep track of what's what. This structure simplifies it. Don't get deceived. Don't get deceived. That the entities in the structure create complicates it.

It does. I'm going to be so bold. It sets you free.

Oh, let the trifecta set you free.

Right? And, guys, this is where thought work is so powerful for me because it's like your feelings of being overwhelmed and stressed is based on a thought. What's that thought going through your head? Well, I can't get to everything or I'm overwhelmed, or I have too much stuff. If the new thought is, I'm organized, I know where my money's at. I know what my plan is. That's going to create a feeling of empowerment, comfort, strength, power. And so by getting a little more organized and realizing that this organization is actually A positive thing. All of a sudden, those new thoughts and feelings start to change your results and you are kicking butt. Boom.

I love it.

Okay, so Corey, if you've taken that off the screen, you probably already have. So, Matt, we have a special for those of you that are like, all right, okay, you sold me. I need to get organized. I need to clean up an entity. We have a trifecta cleanup combo, first ever we've ever done.

Yeah, it's first time. So we have our business planning, structure and review this, usually 1200 bucks, where we'll look at your existing entity. Or we could be setting up a new entity. But then we're going to do the trifecta of your current situation. We're going to create a diagram, go into your business planning, and if you have an existing entity, it will include click cleaning up the documents. Or maybe you just need some amendments to it. It's going to clean up the cost of it. Or maybe you're a sole prop and you need a new entity. It could include that. So that includes an hour with the attorney diagram plus one of these things, a cleanup, a new entity or an amendment to an existing one. That's usually 1,200. And it's 1,000 right now. For the next limited time here, we're doing cleanup special.

Yeah, this is our. Literally what we've done in the years past, everybody, is a spring cleaning special of cleaning up your entity for around 500 bucks. It's normally 600. We do it for five.

And we thought we still have that, right.

We still. If you just need to clean up, that's fine.

But this 30 minutes with the attorney. Don't want the big picture, guys. I want the budget package. Just clean this room or clean my stove. You know this. Isolate it. Yep, we can do that. 600 discount to 500 right now.

500 bucks. Clean my LLC. Clean my S Corp up. An attorney will take a quick look at it, make sure it's all dialed in. But this special, this is the first time where we've done a spring cleaning special where, you know what, let's add a trifecta, a punch list for the year of the do's and don'ts. Let's do have the attorney actually do a full coloroscopy, as sometimes they're called. It's not comfortable, but you feel so much better.

Does it?

You do. You do.

The color part sounds fine. It's the Oscar part I'm a little concerned about.

It's also cleansed before that.

Really, you know, let's not put that on a product or service because I don't know that's going to sell very well.

You want to clean out the plumbing here, you really do. So but this, this, for a thousand bucks, you get that diagram, you get the consulting that comes with it, the punch list for the year. And if you need a new entity included, if you need a cleanup included, boom. And so, so powerful. So we're doing that for the next four weeks. Otherwise, throughout the year, add a couple hundred bucks to it. But for those of you that want to save a few dollars, get organized. It's that time of year. So that's on my list. I go, let's call that 1 and 2. Kind of your organization and cleanup. 1 and 2, yeah. That's your first on your spring cleaning.

I like it.

But we have more. We have more.

Yeah, we got more.

Because while you're at this now, I've got five other things. What would you say is next on your spring cleanup? So you do, you do your organizational chart. You got your to do list. And I'd love to put this on the to do list. I'd bring this up with the attorney. People say, yeah, and I'm gonna do this. I'm gonna do this.

Yeah.

Two, three, four. I have five things.

Okay, I got one, you got one. That's what you for right now. I mean, we might be doubling up. I don't know if these are on your list.

That's fine. Oh, so you're going to piggyback some of my. That's fine. That's fine. We're team. We're team.

Do you want to go or do you want me to go? I don't know.

Go ahead, just go, just go. Okay.

Okay. I think this is a good one. It's a good one. Okay.

I'm sure it is.

And I'm just kind of sticking on the entity for a moment here, okay? Sometimes stuff just needs to go to the dump, all right? Sometimes we have stuff that just. It's going out to the curb, all right? We're not cleaning it up. We're not even reorganizing it. We're just taking it out to the curb, all right? Ooh.

Dissolve some entities, all right?

And I'm not talking about people in your life, guys.

You may have some teenagers you want just take up to the curb. I get that crappy friend, you know,

your brother in law, you know, whatever. Okay, yeah, no, but I'm talking about you might have an entity laying around. Maybe this is something you set up in the wrong state. Maybe you've moved states and you have some stuff that, like, you're getting fees on still. You're like, I'm not using it. I just need to close it out. Maybe it was an old business you had that it's not worth cleaning up or reorganizing. There's going to be instances where we're just like, let's just shut it down. Just take it out to the curb. Let's set it out there. Let's just be done with it. And that's called a disillusion, okay? And so any of those entities you got that you have no use for, they're not worth cleaning up or reorganizing. Let's just dissolve them, get rid of them, take them out to the curb.

And I love a good dump run. I call that. We go, we're going to run to the dump. When I was a kid, I was like, my dad's like, load up the trailer. We're going to the dump. You know, or sometimes if you. For those that live in the rural area, it's called a burn pile. You're like, let's burn some stuff today. You know, if you grew up in the country, you're like, get out of that 55 gallon barrel. We're going to burn some stuff. Now, I'm using the word stuff, you know, rightfully here, because I want to get the proper rating on our show, but you guys know what I'm saying? You know, we're going to burn some stuff up. You know, that's where a lot of young pyromaniacs are born. I think is right. Saturday. Burn pile.

The burn pile.

Yeah, yeah. Don't throw that aerosol can in there.

Watch.

Those are good, good memories there.

Yeah, the old hairspray.

You look over to your right and your dad has, you know, got a blanket on your little brother, rolling him around in the dirt. You know, you're grounded for two weeks. You can't make up these types of details. You have to kind of live them.

That sounds a little too real.

It feels real at the moment. So your brother's eyebrows will grow back. I want to make sure you guys all know that. But dump, run, burp, Kyle, whatever you want to call it, you know, it's time to clean house. I like that.

We're getting rid of stuff, guys. We're getting rid of it.

Yeah, okay. He had very bushy eyebrows anyway, those needed to go. All right, so now. Okay. All right. I've got one here. I'm gonna Call this. Okay, that's number three eyebrows.

They were just waiting to be lit. I mean, they were just asking for it.

Let me say two words. Fire hazard. Don't get those too close to the stove. Okay? All right. Okay. So, auto. Okay, here's the one I think is a good spring cleanup. And this will literally people. I know it sounds worse than it is. It'll take you a half hour. Go to your bank statement online. No one prints them out anymore. Go to your bank statement online and just go through them for about 45 days, maybe 60 days, but 45 days will usually do it. And just see if you recognize every charge. Only take half hour. I promise you I'm gonna save you money right now, people, because I promise you, you're gonna find a recurring monthly charge for some crappy thing you ordered nine months ago. And you're like, they're still charging my card every month. What the hell?

Yeah, that thing you subscribed for that free trial that you forgot to go back and cancel that thing. And then you realize, oh, my gosh, that's been two years that I. 9 99. And you're just like, what do you do?

I've done this. You've probably done it. You call them up and go, what the hell? And they're like, I can remove three months. All right, fine.

Remove three months.

Right.

I'll take it.

Yeah. Corey, our producer here, throws out. He said, cancel your card. That's not a bad one. I've done that before. Like, sometimes losing your credit card can be one of the best things, right? For about two weeks, you get all these phone calls. Your card's not going through for this charge. I'm like, what is your insurance on my card for?

Well, yeah, because now you're proactively only, you know, adding your card back onto stuff that you actually want and still use. Right. That could be a good little strategy. Yeah.

Now, for you parents out there, these auto charges usually arise from one of your kids on an app on your phone. And it happens so quickly because you'll be at the movies or something, and they'll be like, you're trying to keep them quiet. And they're like, shut up. Shut up. And they'll say, can I buy this? Can I get this game on my phone? And you're like, fine. And you give them your Apple ID just for two moments, you know, just to shut them up nine months later. And $322 later, you're like, what the hell did I do?

Right? Yeah, that was an expensive Game, man,

that was an expensive game. They're buying avatars. They're up, you know, grading this.

That.

I'm like, cha Ching, cha ching, cha Ching. I'm like, what the.

Ugh.

So this is a good time of year. Spring cleaning is. See what the freak is going on through your bank account. It'll scare you and it's not going to be fun. But I tell you, in a half hour, I promise all of you, you're going to identify one to two charges that you didn't even know were happening. You don't want, and you can cancel them. And I like what Corey said too. Just if sometimes getting rid of them is a challenge where you just have to, like, literally cancel your card and go that route.

Number five. Next. And this one's pretty exciting. Oh, insurance. Insurance. Wow.

Mind blowing. So excited. All right.

I mean, it kind of goes with that monthly expense thing. That's the one thing with insurance is you're paying it every month. But what I want you to do is look at your insurance policies to make sure what you're paying for is covering the possible liabilities you may have and maybe think of stuff where you don't have the right policy. A common one that is messed up is the real estate investor that has a rental property that they bought in their personal name and they've transferred to their llc. Well, did you update your insurance policy with your agent to make the LLC the insured, or did you at least add the LLC as an additional insured on the policy? Okay. You need to communicate with your agent on the property to make sure that the LLC is insured because that's who owns it, that's who's leasing it. Now, just make sure you updated the property insurance to include that and make sure it's a landlord tenant policy. Maybe you've got the prior home you lived in that you turned into a rental. Okay. Well, you probably had an individual policy just protecting you as a homeowner, but when you started renting it, you need the landlord tenant coverage. Okay. So just take a look at your insurance and try to update that to the current liabilities and situations that you have.

I like it. And other types of insurance this time of year. When you're doing that spring cleaning is do you need that umbrella policy? Have you looked at it lately? How much is it running you? Could you get a different quote? Next is auto insurance. Some of you may need to drop a teenage driver. Or how many drivers are on my policies? Or maybe I do want to shop my insurance policies. Some of you maybe have moved to a new state or planning on moving to a new state. This is a chance to kind of look at your insurance policies and really, you know, drill down on. They're so darn expensive. It drives me crazy a lot. I did it once, I had a good experience once with three commercial properties. I had three different commercial agents and three different policies. And I called them all and said, I want to do a different policy. I don't. I'm sick of doing different policies. I want to do one policy for all three different properties in one spot. One agent said, eh, I'm not interested in quoting. I'm like, really?

Okay.

And the other one came in at this really high price. And the third one actually took it seriously and said, no, let's craft this together. We're going to throw in one umbrella for all three properties. Then we'll do this, this, this. He goes, I think we can save. I ended up saving like three grand in premiums for the year. And I got better insurance and I got better service. So commercial policies can be very, for your rentals, can be very different than your home. And then you got your auto, you got your health, you got your umbrella. I know it can be a little miserable, but a little bit of time spent there can really create some good savings.

Yeah, and this is why it's. This insurance is such a good spring cleaning thing because it's one of those things that you just don't want to focus on month to month. You're not looking at, you're just paying the premium. Right. But just take it once a year, reassess it, reset it, get it cleaned up. And I like your example. The other only thing I know is look at the limits too. Sometimes. We've had a lot of appreciation in real estate in particular and in other assets. So you might. Excuse me, you might need to look at the limits that you have right now and increase those. Or like Mark said, with the umbrella, consider adding an umbrella, which basically just gives you more insurance and it adds, you know, higher levels of coverage on insurance you already have.

Totally, totally. Okay. My number six are the titles for not just real estate, but all of your toys and every. All of your assets. Let's just start with real estate. Is the title to your rental properties in the Name of your LLCs. Is the title to your personal residence in the name of your trust. Have you completed the trifecta and got your family trust in there with a trust name that doesn't include your own name? Do we have some Privacy going on there. And at our office you can talk to Anna or Cora. Just call up the office and go, I need help with my title. Do it. And we've got over there's 3,500 plus counties in the country and there's three or four states where it's just too much work for us to try to help you out. But 95% of all the counties in the country, we can help get the title done for you very affordably without you chasing it down at a title company or whatever. So give us a call if you need help with that. And don't worry about the due on sale clause. Drives me nuts. So many people are. Well, the bank's going to be upset. No, they're not. They don't even have your loan anymore. They sold it, it's gone. Just pay the freaking mortgage and no one's going to ask any questions. Never had a problem. Never ever, ever. But toys come into this too. I've got clients with four wheelers side by sides, boats, campers, ski dos, all sorts of water toys. You've motorcycles, two wheeler. Where are the titles to these things and have you got them properly licensed for the year? And it's always I'm the first one to swear because it's coming up on Memorial Day. I'm so excited. Let's take the RV out, let's take the four wheelers. And the license is expired and I'm going to get a ticket, go to the, you know, the campground and it's just. So deal with it now. Get cleaned up for the year.

The other one I would add in that category is the trust is that's one that people aren't very great at. Maybe you set up your estate pioneer Trust, but you set up a new entity. Did you put the trust as the owner on that? You know, maybe you've moved homes or something or you bought another piece of property or a second home or some raw land. Is the trust the owner on that or is it owning the right entities? So just make sure that the trust is owning your assets. Also bank accounts you set up or life insurance policies or retirement accounts. Is your spouse a beneficiary and then your trust, like how do you set that up? Just make sure your beneficiary designations are up to date too.

Well, and I thought you were going to say you might need to update your trust. Let's make that number seven. While we're on this trust topic, is it may I talked to a client yesterday. No, no, no. Was it two? I Think it was two days ago that said we haven't looked at our trust in 12 years. And I said maybe. Time, little update. Yeah.

Yeah.

So not a bad spring cleaning item. Okay. My number eight debt. Spring cleaning. Do you have any left? You know, some credit card debt? Maybe you've got an old lease option on a copy machine or a piece of a toy, a furniture, a four wheeler. You're like, you know what, I'm just going to zero that out. I'm sick of paying interest on it. I'm just going to clean it up. And so this is where the debt snowball can come into play. Maybe this is the year where you really write down the debts that you want to eliminate. And this make it this year. I'm going to do it.

Yeah. Love it. Love it. That was a good one.

Okay, I got a nine. I'm going to let you have number 10. Okay. Number nine is relook at your retirement accounts. I can't believe Matt didn't get this one. I was waiting for him to grab it. Okay, number nine is have you funded your roth? Have you funded your ira? Do you need to do some combining? Are your retirement accounts really deployed the way you want them? This is a good chance to have that. Have it out with your financial advisor and go, you're fired. Or you know what? No, I love what you're doing. Redeploy some of your money with a financial advisor, redeploy some in self directing. And it may be time to open that solo 401k. We've got clients that are open 401ks every week in our office because they can roll their old IRAs into it and take more control of it. If you want to do a solo 401k at our office. Who are they talking to?

Caitlin.

Caitlin. That's right. Call up the office, talk to Caitlin, get your solo going. And see, when I have clients with two or three IRAs laying around, they're just kind of like out there. And you ask clients all the time, what's in it? I don't know. How's the rate of return? I don't know. Okay, that's not wise. Money management. Take those three IRAs, form a solo 401k under your entity that you're cleaning up and roll all those IRAs into one 401k account. And you run the checkbook on that. So.

Yeah. Love it. Dang. I like that one. You know I love that one.

I know. I just, you know, dude, I was, I was, I didn't I went number nine. I gave you plenty of time, you

know, plenty of opportunities that I, you know.

Yeah.

All right. I got. Okay. I got the last one for ten.

Okay. Number ten.

All right. Much of spring cleaning is about getting in good habits. Right? It's about. Okay, this got messy because I wasn't paying attention during the year. It's. And it's a mess. And I'm not gonna let that happen again in 2022.

I like it.

Staying up to date on your estimated taxes.

Oof. Ouch. Ouch.

Okay, I know, I know. It's like running the vacuum or doing the dusting or maybe it's even about taking out the trash. I don't know. But, like, this is an important one that you've got to be doing on a regular basis. And right now. And I had a call with a client last week that made a lot of money last year, was not paying in. Just figured I'd get to it later. I was just going to throw a large amount in and then I spent it and then I invested it and I bought all these assets and now I don't have the cash to pay the irs. And they were stressed. And so get in a good habit. Paying monthly, paying at least quarterly. Those of you that are self employed, you business owners, it's not coming out of your paycheck unless you do it. Okay? It's up to you. So you got to get in a good habit of that. Otherwise, when you get to this time of year, you're looking at your taxes. You know, we're in March here of 2022 and your 2021 tax return is due pretty soon. It's going to be a lot less painful.

Yeah.

Well.

And if I may, can I added amendment to your bill, Senator from Arizona. Okay.

Without objection.

Thank you. Thank you, Speaker. I would add to that, don't forget your state estimated taxes.

A lot of people, they want money too.

Yeah, they think I have a check too. Yeah. Don't forget the irs. Get it. But the state income tax can add up quite quickly. So you want to make sure you're doing your state deposits at least quarterly, maybe monthly. And this is a good time spring cleaning to file your extensions, make sure that you're on top of. Okay. Did I get an extension file for all of my entities? And this was in an email that was excruciating. Oh, my gosh. It worked for two days on this email last week. Because state extensions also need to be filed for businesses and personal at least half the time. Most. Half the states Say if you file federal extension, you're good. We recognize your federal extension. Other states are like, nope, we need a deposit. We need an extension here. And if you don't file one, the penalty is off the chart. And so you've got to kind of sit back and realize, do I have an S Corp, an llc, a two member llc, my individual and which extensions do I need to file? Am I making my estimated payments and make a deposit with your extension? We're three weeks away from April 15, April 17 this year. So sorry, April 18 is your actual due date for the feds in most states. So you want to look at in the next three weeks, do I need to make a deposit? So Matt, I like your. I like it. That's good, good habit creating comment.

It is a good habit to just, you know, one of those things you'll learn in spring, spring cleaning time is like, I need to set some better habits so that I don't have such a mess. And let's be honest, taxes are the number one expense you're going to have as a business owner. You're going to be cutting more checks to the IRS and to the state than you are to anybody else if you're having any success in your business.

Yeah, no, Good, good, good comment. Well, I like it. We came up with 10 spring cleaning items for your business and I need to drop those into an article, hopefully get that out soon. But everybody, let me just remind you, it's your mindset. This is really a great opportunity to go in with the right reasons to do this and it'll really set you free and help you feel more confident and powerful to have a better year. Don't look at this begrudging and I think it'll help a ton.

Yeah. And just remember, we do have some cleaning specials if you need to bring in the cleaning company. You need kind of a little touch up, maybe a cleanup on your entity. That's usually 600, 500 right now that includes a 30 minute call with an attorney. We clean up your entity. Or if you kind of want the deep clean, you want to get the overall business planning structure, do the trifecta regularly. 1200. It includes a cleanup of your existing entity, amendment to one or a new entity as well.

And you're in your beautiful colored diary.

Yeah, yeah. And you get more time with the attorneys here. So let us know, go to kikyos lawyers.com you can learn more and get over to our team to get an appointment scheduled. And of course, we'll be back next week with another amazing episode of the Main Street Business Podcast. Thanks everyone for being here today.

Thanks everyone. See you next week. Sa.