The Best Unknown Tax Strategy - Live Stream with Mark J. Kohler CPA, Attorney

Hey, Mark Kohler here, coming to you live. Now, don't scroll past this yet, or if you're on YouTube, give me 20 seconds here to see if I can get your attention. I'm titling this the best unknown tax strategy, and I mean it. I talk to thousands of clients every year around the country. I'm a cpa, attorney, author, yada, yada. But I love saving money and I love helping people build their business and build wealth. And so I want to share a tax strategy with you that all of you have got to hear. And then you can, you know, hear it for just a couple minutes and then you can click off if you're not loving it. I'm taking questions live on Facebook and YouTube. So if you're watching live, throw down your question, we'll hit it. Tax season's upon us. So I'm here for you. Now, here's the strategy. Young and old, I don't care how old you are. Single, married, no kids, with kids, whatever. It's health care. I know when I say health care, you're like, oh, I'm out of here. No, no, no, no, no, no. Trust me. You're going to have dental, eyes, co pays, deductibles, health insurance, all that stuff. So many millions of Americans don't write it off. And there are two, two killer loopholes that can save you thousands because I know one of you are going to buy some new eyeglasses. How sweet would that be to write them on? You're going to go to the dentist. Let's write that off. You're going to go to the get a massage. You're going to go to massage Envy and get a massage. That could be a write off. You've got a service dog. You want to write off your dog. I can write off the dog and all the vet bills. Guys, there are killer strategies with health care, so I'm going to throw down two of them. You can make thousands of dollars during your life tax free to pay for your health care. And no one's talking about these. It's crazy. So here we go again. I want to throw down two terms and then I'm going to break this down. Now, if any of you have a tax question anyway, it's tax season. You want to talk about writing off your home, office, your car, your kids. You want to know when to file or when not to file, I'm cool with that. Throw down a question below and we'll hit it. But let's talk about health care for just a minute. There's two strategies. The first one is the hsa. The other one is the hra. Now, this is not the flexible spending account at work. Use it or lose it. This is called the health savings account. It's like a supercharged IRA for health care. Let me explain how this works. Now, if many of you put money into your IRA. Cool. You put money into your IRA or your 401k at work, do you get a tax deduction? Sure. Does it grow tax free? Why don't we call it tax deferred? But when you pull out the money, do you pay taxes? Yes. Now, you can borrow against it and you don't have to wait till you're 59 and a half to access it. A lot of stockbrokers tell you you got to wait till you're 59 and a half. I got other strategies for that. But this is your IRA or 401k. Now, what about a Roth? Hang with me. You're going to love this. What about a Roth? Do you get a tax deduction when you put money in a Roth ira? Nope. You pay taxes on the way in. Even a Roth 401K, you can have those to be business owners. Does it grow tax free? Yes. And when the money comes out tax free? Yes. But you're waiting till you're 59 and a half there, and that's okay. I got lots of people that are 59 and a half that wish they had a Roth. So that's cool. Wouldn't it be sweet if you could get all three boxes? Wouldn't that be killer? You freaking. You get a tax write off on the way in, it grows tax free and it comes out tax free. Would that be awesome? My friends, that is an hsa, a health savings account. And you can do it at any age. Immediately you get a tax deduction this year of 3,500. If you're single or 7,000, married or head of household, right on the front page of your tax return. Doesn't matter where you live, you don't have to have a small business. You don't have to. You can make a ton of money. Doesn't matter. You can be rich or poor. You just have to have a high deductible health insurance plan. So if many of you have insurance you're not even using because you're healthy, stop the insanity. Freaking move to a high deductible, lower your premium and freaking throw money in this killer hsa. I know some of you watch and have them, right? You have a little debit card for Your health savings account, you get a tax deduction in tax free out, tax free growth and tax free out. Anytime. You can put the money in today and pull it out tomorrow for new glasses down at LensCrafters. Boom. You got a write off. You can go down to the vet tomorrow and pay for your vet bills for your service dog right off. That's how cool it is. But it gets better. That's my Ginsu knife reference there. It gets better. ShamWow. Here's what's cool, guys, and many of you have seen my diagrams. Over here we put your business. This is your small business. And then over here, we put your llc and you've got your rental properties. Guess what? You can fund an HSA Health savings account. And you're. You can invest it. That's right. You can invest. I get so excited about this. I'm a geek. I know some of you are like, this guy's over the top. I know I'm a nerd, but I love this stuff. I am so passionate about it. If your CPA is not talking you about this, you got the wrong freaking cpa. So you got a health savings account. You put money in it and it's growing. Guess what? You can invest it and whatever the heck you want. I actually have an LLC in Illinois and I have a rental property in South Chicago. That. That's right. It's a scary neighborhood, South Chicago. I have this sweet little meth lab. It's adorable. You'd love it. Anyway, I've got this little rental property I bought for 40 grand with my HSA as a down payment, the rent goes into my health savings account tax free. The rent paid for my daughter's braces. That's how an HSA could work. You can buy freaking bitcoin in it. You can buy gold. You can buy silver. You can buy super bowl tickets and resell them on StubHub. I do not care. And any money you build up in here, you can pull out any time for health care. Last point, and then I'll take some questions below. This is called the. This is. Seriously. So many people don't know about this. And a lot of employers offer this. And if you leave your job, you take it with you. It's not a. Use it, you lose it. You can build it your whole life. It's yours. It's not your employers. So freaking awesome. So I just. I just want to keep. Get you to think about the HSA before you go to the doctor. All you have to do is change the way you do it instead of going to the doctor and paying after tax for stuff, stop at the bank on the way, put money in your HSA or do it online and let your HSA pay for the doctor. Done. This is how you launder money, people. If you want to launder money, you've got to run it through the path. That's it. That's it. This is Ozark. Maybe we're throwing it down. Okay. Any questions? I'm all yours. Do we have anything, Rosalie? Michael says, how high is a high deductible? The deductible on your insurance policy, it has to be either 1500 if you're single or 3000 if you're married or head of household. Now, the cool part here again, Michael, is if you've got a bronze plan, because there's the four metal plans, bronze to platinum. You get a bronze plan because if you get cancer, you've got insurance. If you get in a car accident, you've got insurance. If you break your blow out your knee to, you need knee surgery, you've got insurance. But you've got a high enough deductible that you're rewarded. This is what the government does, says if you have a high enough deductible, you can fund an HSA for all the little things. So you're not running to the ER on a weekend because you got a sniffle. You wait till Monday and go to Instacare. You come out of pocket for that first 1500 bucks or three grand as a family. That's the beauty of a high deductible plan. And you get a lower premium. Then you fund your hsa. Boom to bank. And then you snowball it. You snowball the HSA so that five, 10 years from now you can have 50 grand, 100 grand sitting in here that you can use for health care the rest of your freaking lives. It's crazy. All right, Any other questions? Give me the invitation. Yep. Okay. Bill said, Mark, can you move money from an IRA to an hsa? Yes. And it's not a one time in the world exemption. It's whenever you want to do it. You can move from the IRA to. To the HSA, but only the contribution amount. You can't move 100 grand. So if your contribution this year is, let's say, Bill, you're married or head of household, you can move 7,000 from your IRA into your HSA. And I'm for you accountants out there, if someone wants to comment down below, I'm pretty sure you can do this more than once in A lifetime. I'm not Bill. I think that rule got changed. I may be wrong. Forgive me. It's hard to keep all these freaking tax laws straight. So. But I'm. I. But I know the rule is, is you cannot roll over any more than the contribution amount. And you can do it from your ira. It may be one time, but I don't think it is anyway. Okay. All right, Rosalie, Anything. Okay. You got to give me indication. One more question. Another question.

This gentleman, Valentino, wanted to know, can I have an HSA without helping?

Valentino asked, can I have an HSA without health insurance? No. Which is going to bring me to the hra. So I want to say this. If you're over age 65, you can have an HSA, but you can't put new money in it. Think of a Monopoly game every time you pass go. So every time, every new year, you can put more money in an HSA. And when you're 55 to 65, you get to put in an extra thousand. But once you turn 65 and have Medicare, you can't put new money in the hsa, but you can keep investing it and keep pulling out money anytime you want. But you have to have a high deductible plan. A lot of times this doesn't work for veterans. So if you have VA benefits and you can go to the VA hospital anytime, you're not going to be allowed to use the HSA either because you got VA benefits. Once again, if you're on Medicare at age 65, you can't put new money in an HSA. But for the bulk of us, whether you have a day job or not, choose the high deductible plan at work or in your small business and start funding it. Now. I want to hit the HRA now again, guys, I hope I'm not losing you. Medical is so darn expensive. Do you know the number one reason for bankruptcies in America last year were for medical bills? It eats people alive. You've got to have a cushion in here for medical. And the HSA can be the solution. Now I want to throw out the HRA as an option. Okay, now this is good. And again, you can throw down questions on any tax topic here while it's tax season. The HRA is called a health reimbursement arrangement. Reimbursement arrangement. Now here's what an HRA does in your business. You can write off all your medical expenses. You got to structure it properly whether you're single or married. There's two different strategies, but you could write off all your medical in your business. Now here's the deal. With an HRA bill, you don't have to have health insurance to have an hra. You can just throw caution to the wind and just write off your medical and your business. But you have to be an entrepreneur to have an hra. All of you watching can have an HSA Health Savings Account as long as you have a high deductible policy. But for an hra, you've got to have a small business. Now, if you're single, it's a different structure than if you're married. So let me just run through these real quick and I know we got some questions down below and then I'll field those. The first one is, if you're single and you know my structure, you might have your S Corp here and you've got your LLC over here, and you got your rentals and you got your small business. Instead of taking a salary out of your S corp, you don't do that. You set up a C Corp. And the C corp, you lease yourself from the C Corp and you take your salary out of a C corp and we get an hra. Now I can write off all your medical. Now, this doesn't work well in California where you have a big cost for two entities. But in a lot of states, the C Corp is manageable, very manageable. And if you've got a lot of medical expenses and you're single, I set up a C Corp. S Corp combo and I only use the C Corp for this strategy because normally I hate them. And many of you know that for small business owners. The second example is if you're married, what we do is we have our family management company in the middle. You can watch other videos of mine on YouTube. If you get over to YouTube, you can just type Mark Kohler. I got 70 plus videos over there. You'll love them. Hit a follow and a little hit the bell icon. So whenever I shoot a new video, you get an alert, especially even when I go live. But you watch a video on how to pay your kids. We use the same structure for your spouse. So if you're married, you've got your S Corp, you got your LLC for your rentals, yada yada, you got your small business. Again, you cannot do an HRA out of an S corp. Just doesn't work. But that's okay. I backdoor you in through a family management company, sole proprietorship, and I hired your spouse. And then we cover all of your spouse's medical Expenses, including his or her dependents, which is you and the kids, if you have kids. So now I can write off all your medical by just using a sole proprietorship. Okay, now that's tricky. I've got a chapter in my book in the tax and legal playbook on how to do this. In fact, maybe Dylan throw me a copy so I can show people where to get that. And I'm going to throw this out right now. For those that have stuck through with this, I am going to raffle off this book to everybody that shares this video. If you share the video, we can track you on our social media and Rosalie in the morning will choose one of you randomly, I will sign the book and we will mail it to you free. So if you want to share it, please do share this video in your network. Anybody with health expenses. This is a huge deal. So this is tax and legal playbook and there's a whole chapter on not Obamacare. It's called Kohler Care, baby. You're going to love it. Okay, what are our questions?

Lady? This is Lady T. My father is 83. He has two pensions. He's about to retire from the United States Cultural headquarters. His retirement pension from The army serves 22 years. He needs help. What can you do?

Okay, so Lady T. I was hoping it was Lady Gaga, but it's Lady T says that her dad is 83 years old, retired from the military, and he's got a lot of medical bills. Now my first question is, you know, how much is out of pocket? He may have a lot of medical bills, but are the VA benefits taking care of him? So what we're talking about is this gap. We're talking about the gap of medical expenses you've got to come out of pocket for versus what the insurance or the VA benefits are going to cover. So Lady T, if there's a lot of out of pocket medical, the HRA would be his solution. If you're like, well, he's got a lot of medical but the VA pays for it, then there's not an issue, is there? Lady T? I just, you know, you know what I'm saying? So here's the deal. If he is got a lot of out of pocket medical, I got an idea. Why don't you hire him in your business and give him an HRA plan? You can do that. So if you've got a small business and you're going to help dad with his medical anyway, put him in your business now you get a write off for helping him with his medical. I Help clients do this all the time. Isn't that crazy? CPAs are not talking to people about this. And you can use it for your older family members as well as your kids, your spouse, or anybody you're covering the medical for. We got a solution with the HRA. So I read the chapter on the HRAs. I've got videos on YouTube about it more specifically and go that route. Okay, next question.

Okay, so I have two people wondering on Facebook and one of the. So they're asking about the home office.

Okay, sure. Okay, so we've got people asking about the home office deduction, and all of you should be using this. We're on. I'm. We're on Entrepreneur Facebook right now. Mark Kohler, Facebook and YouTube. And you're all business owners. Darn it. Or you. Or you better be. So we want to talk about the home office deduction. So several questions already on this. Let's nail it down. First, do not be afraid of the home office. It is a freaking awesome. I got to quit saying freaking today. It is a super write off. Sorry, I'm from the 80s, you know, so I'm kind of into that. These are awesome write offs. So I want to write off home office. I want all my clients to write it off. If your CPA is telling you, oh, you should be afraid of the home office, you got the wrong cpa. So number one, take it. Number two, you've got to have a small business to do it, obviously. And I might do it in your rental property business or in your daily online trading business or your, your MLM business or your real estate business, whatever it is. If you have a small business, you need a home office. 3. There's two options. You can go with the full home office deduction or the simplified. Now, all of my clients at least do simplified. So let me tell you what that is first, because everybody on the. You should be doing this for your last year's tax return on TurboTax, if you haven't done it already, you're allowed a five dollar write off per square feet up to 3,000. No, no, no. Sorry I messed this up. Is it $3 per foot times 500 square feet? The deduction is $1,500. Man, I threw that up. It's either $5 a foot. $5 a foot for 300 square feet or $3 a foot for 500 square feet. But I'll tell you this. I know it's 1500 bucks. So this is a great write off. And you just run the math. You just you just say, well this is my area for my home office. And I can multiply it by the numbers. Just Google home Office Kohler or YouTube Kohler Home Office. And I've got a whole video there where I break down the two methods in more detail. But take the simplified method either on a schedule E for your rentals, a schedule C on your small business. And if you have an S corp you take rent deduction and you reimburse yourself tax free. And so we're going to calculate that and it may be more than 1,500. The full option is where you do a square footage. So someone asked about utilities. So what you do is you say okay, my house is 2,000 square feet, my home office is 200 square feet. So my home office allocation is 10% of all of my mortgage interest payment and 10% of utilities and lawn care and blah blah blah blah blah and all the this stuff, 10%. And you get to do depreciation and then you calculate this out equals X number of dollars. Now I've got clients in high end areas in Laguna Beach California where their home office deduction is 5, 6, $700 a month. Other places it might be $200 for some people. So you want to run the numbers. There's depreciation, recapture. When you sell your house you got to give this back later. But it's an interest free loan from the irs. Take it. But these are your two options. And again I cannot reiterate this enough. Take it, you're entitled to it, don't be afraid of it and at least do simplified. All this is an easy low hanging fruit deal. Want clients with a large home office deduction to go here or we do it out of their S corp if they have an S corporation and I love that. So hopefully that's helpful. Next question, Ari.

Norman wants to know can I pay for my kids help or do I have to pay for it as a business?

Okay, so Howard, Norman. How did I come up with Howard. Sorry about that, Norman. Norman says can he write off his kids health care expense or does he have to do it through his business? Okay, well let's say this first. Norman's first option, and this is for everybody, is the hsa. So Norman, if you have a health savings account and your kids are dependents of yours, then you can pay for their health care and take it, pay for it right out of your HSA and get a tax write off to do it. So you would pay for your spouse and your kids right out of here. If your kids are older, 18 or older, and they're not dependents of yours on your tax return. And I know some of them that are a full time college student can still pass as a dependent on your tax return, but the rules get tighter and tighter. So if your kids, Norman, anybody watching your kids are not dependents, then I'm going to use the HRA method. And if I use the HRA method, I may put them on as a, an employee and give them the, give them the HRA deduction as employees and let them have a plan. One of the best ways to do this to Norman, and this is for everybody watching. If my kids call up now, say, hey, I need some help with medical, and they're over age 18, I've got four kids and three of them are over age 18. I just 1099 them. And you can watch my other video on paying kids over age 18. It's over on YouTube. But I just 1099 my kids and they can pay for medical, car payment, fix their cell phone, whatever, anything I'm helping my kids with. I just 1099 so I get a write off and they're in a lower tax bracket and they can pay the bill. So Howard, I don't know how old your kids are, how much the medical expenses are. Are they a dependent of yours. Do a little more research, talk to your cpa and if they look like deer in headlights, call me. We'll hook you up. Next question.

So Bob on Facebook sounds a little confused. He was like, when I was an employee, my HSA was used or lose it at the end of the year.

Okay, Bob says Mark, when I had a job, my HSA was a use it or lose it plan. Bob, you did not have an hsa. You had what's called an fsa. Now, for everybody watching, there's four ways to write off your medical. Let's do it four ways. Four ways. Number one, you can itemize. This is on schedule A of your tax return. It sucks. 97% of Americans don't even get to write it off. Because this year in 2019, you can only write off 10% above your AGI. So if you make 100 grand, you can't write off anything until you spend 10,000 $1. Stupid. The next option is Flexible Spending Account. In 2017, your employer, Bob, might give you up to $2,700. Use it or lose it. And you have up until March 15th. That's tomorrow for some of you. This is for 2018. You can if you use it or lose it and you say, oh, it's December 31st. Freaking didn't turn in my receipts. I missed out. You have up until March 15th to turn in your receipts for up to $500. But if you don't use it, you lose it. Now, do we use this for small business owners? Nope. It's a corporate employee perk. That's a flexible spending account. Now the hsa, you can set it up wherever you want, Bob. Guys, if. If Bob has an HSA at work and the employer throws in 50 bucks a month, cool. He can open another HSA and self direct it across town. You can go to directed ira right now. That's our trust company. Directed ira.com. write that down. And below there, Rosalie, for everybody. Directed ira.com youm can open up an HSA tomorrow and you can put money in it at work and on your own. And you take it with you everywhere you go. It's not a use it or lose it. So the hsa, you get to keep it. It's yours. The HRA is the small business reimbursement plan that we just talked about. These are the four ways that you can write off medical. There's no other way. And so, you know Norman, he says, well, I want to write off medical for my kids. Well, we got to figure out where you're at. You have a business and how old the kids are and all that kind of stuff. Next question.

Sharon Summers is asking if I started my LLC in 2018, got my EIN number, is 19 in the government, reopen the business, didn't make new revenue, so I have to file a tax return.

First name Sharon. Sharon says she opened up an LLC in 2018, but she did not get a tax ID number until after the shutdown in 2019. She didn't make any money in 2018, but she still wants to know, do I need to file a tax return? Technically, the answer is, Sharon, even though you didn't get your tax ID number, if you open up the LLC in 2018, you need to deal with it. Just because you got the EIN in 19 doesn't mean you get out of jail free. Now here's the second point, though. If it's a single member llc, Sharon, meaning you're the only owner of it, then there's no extension required and no tax return. You can just report any income or expense on your 1040 by April 15th. So you're okay. Now, if Sharon, you opened it up with a friend or your husband and it's a 5050 LLC, then you got to file a tax return. And you've got tomorrow to do it. It's due by March 15th. Now, I'd file an extension, just type in LLC extension, federal extension, print out a form, send it into the irs and you're going to do a zero return. But if you don't file by March 15, the penalty is $195 per month per member. So again, I want to repeat this, everybody. If you have an LLC for 2018 and you're the 100% owner, you just file on your 1040 by April 15th. If you have a two member LLC in 2018, your deadline to file an extension is tomorrow, March 15th. And Rosalie, it says, looks like there's some questions down below on this, so hopefully that clarifies it for everybody. You have an S Corporation. This is why this live broadcast today is so important. You've got to file an extension by tomorrow or the penalty is $195 per month. So get that done. Just go online, print out an extension, send it in, and then keep a copy of that for your accountant so they know what the heck's going on. All right, Rosalie, next question.

High mark my Textbook. As a W2 employee, you are not eligible to claim a deduction for business use of home. I'm your personal tax return. I am a W2 employee. I work from home. I also own a rental estate brokerage and it's an escort. I work from home for that as well. So can I take the home office deduction for my S4?

Okay. First name Nick. Okay, Nick says I'm a W2 wage earner and my accountant says I can't take a home office deduction for working from home for my W2 day job. That is correct. Under the Tax Cuts and Jobs act, you cannot take a home office unreimbursed employee expense anymore. This goes for policemen with the buy guns and firemen that buy boots. And if you're a nurse or a doctor and you buy extra scrubs to wear around the house, you do not get a write off for that anymore. The unreimbursed employee expense is gone. But then Nick says, oh, but I also have an S corp and I'm a broker and I have a business. Well, Nick, what the freak? That's where you crazy? Of course that's where you take the home office. You're going to take a rent expense in the S Corp that's non taxable to you, come up with an estimate. Most accounts are going to calculate a home office expense. It's going to be rent in Your S corp non taxable to you. It's a wonderful deal. You can do a journal entry to get there. If your accountant won't let you do that, Nick, get out. You got the wrong accountant, so you're golden. Don't Worry about the W2 thing. Focus on your S corp. Mallory, Sharon Summer said.

Thank you so much, Mark. I'm going to file my extension tomorrow, but John Smith is asking. He says I'm an independent contractor who takes phone calls in my car. I live in my car and I make my car. My home office in 2018, can I do that? Gas as a source of energy.

All right. John is living. Matthew McConaughey, Lincoln lawyer. All right. Which I'm a huge fan. Matthew McConaughey, I love you. I'd love you to have come on my podcast someday, talk about being a lawyer and all those good John Grisham shows. Oh, he's amazing. Matthew, little bro crush here. But anyway, in Lincoln Lawyer, which is an awesome movie, Matthew McConaughey works out of his car. Does he get a home office deduction for working out of his car? No, he does not. But he does get the auto deduction. Now, I just shot a video last week. It's in my Facebook reel. It's on Entrepreneur video page. Go to Entrepreneur videos. Entrepreneur on Facebook. Go into the video icon. I've got a video last week that I and it's on my YouTube channel, Auto deductions in 2019. First name again, Bill. Was that I forget. John. John, you've got to go watch my video on auto deductions. We might write off your gas. We might go with mileage. The best auto deductions in 40 years are now. I mean, it's amazing. So you're not going to do the home office with your car, but I might write off the whole vehicle. Absolutely. And if you're spending that much time in your car, John, I'm probably going to go with actual method. And we're going to write off the whole car, your fuel, repairs, your maintenance, the whole nine yards. So it's almost better than the home office. And you're saving the cost of a sticks and bricks home off office rental. Right. So watch Lincoln Lawyer. That's your homework. Then you're going to watch my YouTube video on auto deductions and you're going to get you the answer you need. Any other questions?

I'm just starting my new marketing age. I've been doing it for about a year. How do I start writing?

Oh, Osman, I love his question. And I think we're going to finish with this one. We've been here 25, 30 minutes. Osman said. Now by the way, don't leave everybody because Osman's got a great question and I'm also raffling off this book for everybody that shares this video and I want to challenge you. Please get over to YouTube, subscribe, hit the bell and whenever I shoot a video you get a ping and such. Powerful. I do a weekly newsletter. You you can get over to markjkohler.com and you can sign up for my free newsletter markjkohler.comand I do a newsletter every week with deadlines, articles and videos. I've been doing it free every Tuesday or Wednesday for 12 years now. And so get over and check that those newsletters out so Osmond said, Mark, I just started my new business. Some of you else watching here, maybe an Osmonds boat. You're just starting your new business and you're like how do I track all this crap? You know this is all new to me. What do I do Mark? Do I have to go buy QuickBooks and you know, my brains exploding? Everybody, even you seasoned business owners listen to this. If you're going to be a business owner, you've got to put on a new hat. The hat is every expense that is incurred that relates to your business. I want to write off anything at Apple Store, Best Buy, Home Depot, Staples, Office Max, any Internet expenses, your auto expense like Bill, your home office. All of those expenses are a write off. When you're just getting started, start with an Excel spreadsheet. Just do your best to track it. I'd like all of you to get a different bank account. Osmond, start with a business bank account that even just a sole proprietorship. You don't have to start with an LLC or an S Corp. Just start with a basic business account and start treating it like a business. Put money into it and you can. Here's your homework Osman. Your homework is to watch Social Network. Social Network. Great show about Zuckerberg starting Facebook. And you'll remember in that show his buddy went and opened an LLC and they put some money into it and they started their business. Start tracking your expenses just using an Excel spreadsheet. All of you watching now, are you going to graduate to QuickBooks for sure and we're going to work on that. And we got one more question here too. So we're going to get there. But Osman and all of you track your expenses the best you can and keep watching my newsletter, my videos and YouTube and you're going to love it. It's going to help you get off the ground. Okay, last question.

And I'm curious, okay. Why taxes are not.

And his first name. And Rosalie asked this too. Why did I have to come work at Mark Kohler's office to talk about taxes? Why don't they teach this in school? You know, it is really a financially literacy, a financial literacy problem in America. This is why I love Dave Ramsey too. Subscribe to Dave Ramsey's channel. I'm just going to say it and give him a plug. His basics on just building a reserve, getting out of debt and just learning about finances and saving is so important. Taxes are something we have to live with. You live in America, you're going to file a tax return and you're going to die. I can guarantee it. So I wish schools taught it. But you know what? Here's my point. It's never too late to learn and you can start sharing these concepts with your significant other, your partner, your spouse, your kids. Get out there and talk about tax planning. It is so fun. And it's the yin and the yang. Just the Yesterday there was a comment on Facebook, oh, do I need Tai Lopez and Grant Cardone and Mark Cuban helping me in my business? And no, why don't we talk about saving money? It's not just about making money. It's saving money. It's the yin and the yang and people I'm here to help save you money. Anyway, follow me on Facebook, Twitter, LinkedIn and share this video. Win the book tomorrow. I'll be back next week with another YouTube Facebook Live. If there's a topic you want me to cover, email Rosalie. Rosalie kkoslawyers.com you can reach me below at mark@markjkohler.com and I'll be here for you. I want to be there to help you build your business and better live your American dream. Thanks.