The ULTIMATE Tax Tips That Will Save You THOUSANDS

Welcome everybody to the next five incredible tax tips that any small business owner where they're going to love them. You're going to need these. It is that time of year. You cannot call your account in January, February or March or next year and say hey I want some write offs, I got to pay my taxes, this is the time. So trick or treat. I've got some IRS tricks and I got a little treat here at the end. You're going to love it people. It is about saving money. Is it? As much as it is about making money. I'm the yin and the yang. I'm sorry, I'm the yang. Who's yang? Oh yings are making money, Yang saving money. You got to have both people. I'm your, I'm your next day pill. We got to talk about our business. We got to talk about being organized and structured and saving money. Wealthy people know their tax returns. They kind of, they don't prep them but they understand them. And so with 32 million LLC in America, 45% of Americans have a small business on the side. A side hustle. You got to know this. My name is Mark Kohler. I'm a CPA attorney, best selling author, radio show host, podcaster, blah blah blah. And I love small business, I love Main Street America. No one has more books, more blog articles, more followers on YouTube and Instagram, all that combined than I do in this space. This is information you can rely on if you're an accountant, an enrolled agent, a cpa. I've got a great treat for you here at the end of where you can continue to get street smart tax strategies. Alright now let's get into it. Last week I shared my first five. Now they're not in any particular order like best to worst, worst to best, whatever, they're just five. And I chose five more today and two bonus year end tax tips. I know we're going to save you thousands people. Please text your friends, say Mark's live with this right now. Get on, get out a piece of paper and a pen. Let's, let's save some money. Now here's where we were last week. Can we go to the white pod and the iPad here Jack. I've got my little Halloween background there for those watching too. Kind of fun. All right, now here's what we did last week. Here's the five. We covered the retroactive s election on your LLC. Any of you that made more than 50 grand this year think you're going to net you, you gotta be thinking about an S election it's gonna save you a ton. Number two, and that is nailing your payroll amount for your S corp. For those of you that are already S corporations, so many accountants are far far too conservative on payroll allocation accountants. In 25 years I've never had a client ever audited ever for taking too little payroll. Not reasonable comp. We can be cautiously aggressive and I've had IRS agents look at clients tax returns and go, oh, you paid the kids. Oh this is your salary. Who's this over here? You? 1099. They should be a W2. That's what they're worried about people. Get on it with your accountant now. You can YouTube search me mark Kohler payroll matrix and you're going to see all the rules on that last week was that number three, make a sale before year end. Many of you are already incurring business expenses this year, but you don't get to write them off unless you make a sale. You got to make a sale. A lemonade stand is not in business until it sells a cup of lemonade. So that's one of the best year end tips is go out and sell something to your brother in law, your mom, your dad, let's get out of startup mode. Number four, hold a board meeting before the end of the year. I love to have a board meeting where you can write off travel and dining when you meet at Christmas or Thanksgiving. And get your family, your teenagers, your kids, your nieces, nephews, grandchildren, spouse, all on your board of advisors. If you have an llc, a board of directors. If you have a corporation, our law firm can help you do that. So simple and affordable. And finally the money number five, get a health savings account qualifying plan during open enrollment. It starts next week. I'm shopping for health insurance starting next week. Myself. I want a high deductible plan so I can throw a tax deduction in a health savings account. Invest the health savings account and pull it out tax free anytime in my life, at any age for any medical expense. Eyes, dental, co pays people. The HSA is one of the best kept secrets out there in tax planning world. Okay, those were my five last week. If you want to hear me unpack those, please look at my channel. Subscribe. You're going to see that last week's broadcast. Now I'm going to throw down the next one here and we are going to talk about number six, dissolving or setting up any entities before year end. This is really really important. So take me off iPad if you could. Jack. Let me explain this to all of you, many of you as small business owners may have gotten talked into setting up an LLC and really didn't know why. Now remember, LLCs do not save taxes. LLCs get you an EIN, locks down your name. That's great. You can start doing some branding. I love llc because you can convert them to an S corporation. You can use them to protect assets, even hide assets. I don't set up everybody in Wyoming. Don't set them all up in Nevada or Delaware. There's a lot of factors that go into this. But here's the point. If you have an LLC laying around that you're not even using people, it's time to get rid of it. If you have an entity come January 1st and you're in, for example, California, you got to pay a franchise tax for the whole year of California for next year if you don't kill it by December 31st. Also, we have the Corporate Transparency act coming. You're going to see a lot broadcast on this in the next few weeks from me. The feds are coming after your LLC and your corporation. They need to know who owns it. FinCEN, the financial crimes division of the Feds. Federal government is requiring all entities starting January 1st to disclose their ownership and beneficial owners. Or if you don't, by the end of next year, it's a $500 fine per day. You've got to tell the Feds who owns your company. If you don't need an llc, get rid of it now because you got to report on it next year. If you don't. And we're going to have, we have a service at our law firm for 200 bucks where we take care of the whole process. We've been doing this anyway, doing your minutes and maintaining your entity and finally save on filing fees. Some of you are paying filing fees to a state for an entity you're not even using. So this is a year end tip. Clean the house. Get rid of any LLCs or corporations you don't need. And the flip side of that is set up any entities and set up any companies that you need to before January 1st. For example, some of you can't do a retroactive S selection because you don't have an S Corp or an LLC that you can convert to an S Corp. I have so many clients that are like a brand new Realtor. They just go out and start making money. I can't save them taxes. They gotta have an LLC that I can convert to an S corp when the time's right. So a lot of times setting Up. That entity is so critical before January 1st. And don't call me on January 1st and say, hey, I need a new company. It won't be effective for three weeks. All the states take time. Don't think LegalZoom does it any faster than we do. Just as fast. And if you're in a partnership, this is the time to reorganize. Let's set up the right entity, get you and your partner on the same page. Partners should not be in an S corporation. Two partners should be S corps in that partnership. Let's. Let me go to the whiteboard. Can we go back to my iPad, Jack? Let me just show you a quick diagram this and. And then, Jack, we're going to take questions, all of you that any of you that have questions. I'm going to be filling those here in a moment. Here's the trifecta that we talked about last week. I want to put your operations on the left side, your assets on the right. This is what I do for clients that are making $50 million or making $5,000. Everyone needs a trifecta. This trifecta is how we organize our tax and legal life. It is so helpful to have a picture of what we're doing. So down here is your revocable living trust or your 1040 tax return. And then over here is going to be your LLC or your S corporation that's owned by your trust. And all the money flows down to your 1040 tax return. Over here is your LLC that owns your rental properties or your investments that's owned by your trust. That's the trifecta. Most of my clients, they're going to have an S corp on this side, an LLC on this side. This is where they put their rentals. This is where they run their business. And we want this split. We want assets over on the right side and we want it all to flow down here to our trust. The trifecta. Boom, boom, boom. All right, so what I'm talking about here is if you are setting up a partnership, a lot of times what I want to do is have both partners be their own S corporation. So we have S and S and they form an llc. This way each partner can take their tax write offs that they want. Auto dining, travel, the kids. They have their own board of directors. Their own board of directors. And they're writing off the holidays trips and the business and the iPads and the computers and electronics. If you're not structured like this and you're in a partnership, this is the time year to Fix it. Because you don't want to fix it. In the middle of next year you're going to jack up 20, 24. So get an appointment and I'll give you some resources here with one of our tax lawyers. We're doing year end tax planning consults for 1500 bucks. And if we don't save you three times that, I want to hear about it, we will save you freaking money. And our attorneys are going to be all booked out here shortly. I think many of them are for most of December. You got to call and get an appointment. This is where rich people know this is time to save money. This is time to do planning. All right, so let's go over here now back to our next strategy. Number seven, flexible spending accounts. Now some of you may have a day job, you or your spouse, and you have this cool corporate job. That's great. And they might give you what's called the use it or lose it plan. The flexible spending account. This year it is up to $3,050. Now you've got to turn in your receipts by December 31st or you lose it. And you got to find out how much the company's giving you. Maybe they're giving you 500 bucks, $1,000 or $3,050. There is a catch up provision that you can turn in a few more receipts up until March 15th. Cause sometimes you go to the doctor or you've got receipts you need to dig up and you can't do it. Cause it's the holidays, it's hard. You gotta find everything. So you can kind of turn them in before March 15th and get a little bit extra before just being dropped dead December 31st. So make sure that if you have a flexible spending account, an FSA at work, call your employer, walk into HR and go, how much do I get? And I got to turn in receipts by December 31st. This is again co pays, deductibles, dental, chiropractic, massage therapy, new glasses at lens crafters, whatever. Think about that flexible spending account. All right, save your questions. I'm going to go the rest of this time. It's going to be all yours. I want to answer any questions I can for you. Now for those of you that have kids under age 18, damn, this is one of my favorite tax write offs. Here's how it works. Quit paying taxes and giving your kids money. And let's go to pull me off the iPad if you Jack. This is so important. Everybody focus on this. So many Americans with a side hustle or small business pay taxes at their bracket and then give their kids money, pay for school lunch, soccer, music lessons, college tuition, whatever. We pay taxes and then support our family. That's nice. The better route is to put your kids on payroll. And when your kids are under age 18, here's two important rules you have to know. One, they don't pay taxes on the first $13,850. Now you can pay them more than $13,000. You can pay them less than $13,000. You're going to pay them what they earn. You're not just going to pay them $13,000. You're going to pay them what they earn. A six year old might be two or three grand. A teenager, you might pay him 20 grand, I don't know. But they don't. No American pays taxes, Federal taxes on the first $13,850. So why not pay your kids? They don't pay taxes and you get a write off. Holy crap. Second rule, when you pay your kids under age 18, you do not have to withhold Suda, food, a FICA, workers comp. You don't have to withhold FICA, the F word, FICA. You don't have to withhold that. You don't have to give him a 1099. You don't have to give him a W2. The penalty for not giving him a W2 is a percentage of the tax you were supposed to withhold. There is no tax withhold. It's a, it's, it's, it's a non issue. And some accountants get such a stick up their butt that they got to issue a W2 to those kids. Why there's no penalty because it's based on the withholdings. That, that doesn't have to occur. So. Oh my gosh. And the worst they could do is give their kids a 1099. Now they gotta file a schedule C. So back to the iPad. This is what it looks like. This is me pulling back the curtain. This is what we teach our clients. I teach all my tax advisors in our program is if you have an S corporation, you never pay your kids out directly out of an S corp. No, no, no, no. We're either gonna pay them out of our llc, sole proprietorship or LLC that holds our rental properties. This is a schedule E, this is a schedule C. It's great. Now if you have an S corporation, the trick is it's a two step process. You're going to have another schedule C. I call it my little Kohler family management. And this is where I would Pay my kids when they were all under age 18, I might pay my son. I was paying like six grand. Let's say my twin daughter's four four. And my little Molly, who is my paper shredder administrator. She was great, cleans the office, helps pick up garbage at the rental properties. So here's, look at this. I've got $16,000 crap I was going to pay for anyway. Now I take a management fee expense on my S Corp. It comes in as revenue for my schedule C. It goes out as outside labor. You accountants put this on page two. Other expense outside labor. Do not put it on payroll because there's no payroll and it's not a subcontractor. Do not give them 1099. It's outside labor. This is the rule. I've had countless tax returns in the last 20 years processed this way. And IRS agents look at it for this, that or another reason. And they're like, oh, this is good. This is the way you do it. This is a small business. This is not risky. I am so sick of accountants saying I'm a risk taker. This is normal. This is normal. If your account's not doing it, they're not normal. They're too conservative and again, have a stick up their butt because their old fart accounting firm didn't teach them this. So they think everybody else that does it is risky. No, they didn't get taught properly. So anyway, this is the way you do it. $16,000 write off for most Americans. I just saved them close to four grand. Four grand by just simply doing this. So if you have kids under age 18, this is how you pay them out of your small business. Talk to your tax advisor. I got a network. I'll tell you about it here in a bit. There's lots of treats here. I'm going to fill up your little Halloween sacket with a bunch of treats here. So hang tight. Next level. Now those kids can open a Roth ira and that Roth IRA can be a partner in my next LLC and buy a rental property. That's the beauty of paying your kids. We're going to get a tax write off for paying the kids and they don't pay taxes and they have earned income so they can fund a Roth ira, which they can pull out for tax free for college and continue to let the earnings grow and grow and grow. Unbelievable. So this is the number eight strategy. All right, Two more and then we're going to open this up for Q and A. The next one is the Solo 401K the Solo 401K is one of the best tax strategies for the small business owner. Now, we just recorded a 45 minute podcast on this today. It'll go out live on Monday. But the Solo 401K, there's a lot there. And what I want to just do is dispel a few myths. Now we have a special that we're doing November 1st to 22nd. We've been doing it. It's the seventh year in a row. If you want to get the most out of your 401k, you've got to have it set up before you're in. You can still do kind of a half solo 401k next year, but you want to be ahead of the curve. You want to be able to put away as much money as possible. And they're pretty cool. So let's take off iPad. Everybody here, let me just dispel a few myths. A 401k is not Wall Street. A 401k is not the Dow Jones or NASDAQ or stock. A 401K is a vehicle. It's like a car in the garage. You can have your 401k from work parked in the garage. And it's got crap in it that they only let you invest in stock, bonds and mutual funds. Mutual funds. You can have a Roth IRA in the garage. You can have a traditional IRA in a garage. And you can have a Solo 401K in the garage. What you put in the backseat is up to you. You get to drive the solo 401k car. You may have junk in the trunk. Let's get it out of there. You can invest it in your brother in law's small business, your sister's cupcake business. You can buy real estate, you can buy real estate syndications. You can buy crypto. You can buy invest in anything you want. Not solo 401k. Now your day job, 401k, they're going to let you invest in what Fidelity says, But your solo 401k, you can invest in what you want. Number two, you can have a Roth IRA and a solo 401k. You can have a 401k at work and a solo 401k. Anyone with a side hustle can have a 401k. We even get 401k set up for clients with rental property because we create a little management company to fund the 401k to get a bigger write off in your rental business. So when you sell your rentals, you don't even pay tax. You have such a carry forward loss. Meanwhile you have a 401k people. It is unbelievable the power of this. So here's the tip. Make sure you're following me on my Main Street Business podcast. Main Street Business Podcast. Just get over to your itunes or your stitcher, wherever you're following and you can catch our podcast on Monday on the solo 401k. All right, one more tip and then I'll give you some resources and answer your questions. The last one is. Oh, and we love this. You could buy a new vehicle before year end. Maybe a truck car, new or used. Hmm. Maybe some new equipment. Maybe need a new computer, a new tv, maybe a new camera for your social media studio. Tripods, iPads, laptops, anything at Best Buy, anything at the Apple Store. Your Apple Watch is a tax write off because it's not a watch, it's a Bluetooth device for your calendar. A smartwatch is a business write off a normal analog watch. This one and I love this analog watch. I love normal watches, but I also love my Apple Watch. Drives me crazy. But the Apple Watch or smartwatch is a complete tax write off. Crazy, right? These are things you might be buying during Christmas. I'm sorry, did you say your kids were on your board of directors and you were buying them Bluetooth devices called Apple watches for them to be able to stay in touch with you to help you with your business tax write off. Users wrote off Christmas presents because it's a business use device for your family members who are on your board of directors. Totally legit. That's not high risk. But my kids that get paid for their cell phone charges is because they have a cell phone because they serve on my board of directors. I pay for their cell phone out of the business right off. Very common, not high risk. So let me that's number 10 in the truck or vehicle. Be careful. Don't let the tail wag the dog. Some of you are going to go mileage and you don't need the big depreciation right off. It's called bonus depreciation. I have an article on my blog right now. If you go to markjkohler.com and go to my resources and my educational blog, I have an auto deduction article. We have podcasts on this for a whole hour. I've got YouTube videos on this for a whole hour. Riding off a truck or car before your end is super powerful, but it's a big conversation. Don't just run out and buy a big truck because you want to write off Buy a big truck because you need it now. Electric vehicles, hybrid vehicles, are you going mileage actual, how long are you going to keep the car? Are you going to use it for business? 50% or more because you can't write it off if you don't use it for 50% or more for business. And commuting to and from work is not a write off. So learn about the auto deduction as well. So let me give you a few resources. First, my law firm, we've got 12 tax lawyers that are doing year end tax planning consultations. You can get to kkoslawyers.com schedule I think it's 1500 bucks, 1600 bucks for a year end tax planning strategy session. They'll build your trifecta and if we don't save you three times that we failed, I want to hear about it. We will save you that or more. So a tax planning session could be huge. Next is my referral network, my Tax pro network@markjkohler.com I've got over 100 right now taking clients, Tax Pro advisors. I don't take any money from them in their relationship with you. Some are doing year end tax Planning consults for 500 bucks and they're going through all the same strategies. I go through 500,000, 1500 you can interview, find a tax advisor that fits your needs, young or old, male or female, big firm, little firm, black or white, bilingual or not, anywhere in the country. Look around, get to Marjay Kohler TaxPro Network and find an advisor that you can build a relationship with. They are incredible. They have to meet with me twice a week. They pass 800 quiz questions, 70 modules. Oh people, they're so good. And finally I've got a three day event coming up. November 30th, December 1st and 2nd in Phoenix and for Halloween from now and through Halloween we're doing 15% off any general admission tickets which are only 500 bucks for three days, 30 classes, 15 instructors on every topic from home office to auto to 401ks to Roth IRAs to buying real estate to investing in oil and gas to building your s Corp to LLCs to asset protection. It's 30 classes and you can come and go as much as you want. We're having a big party Friday night, Denim and Diamonds. We've got a VIP experience with Casino Royale on Thursday night. It is going to be a one. It's where business owners can meet tax professionals and legal professionals though we're going to have 400 people there in Phoenix. Please Check it out. Tax and legal 360. 15% off. A general admission ticket is 500 bucks premium 1,015. At 15% off, you're at 850. And that includes lunches every day and special seating and all that. So check that out. That'll be a special. That's my extra little treat. And one last treat. I want to give you two quick bonus year end tips that are so important. Let's go back to the iPad. Number one. This is not sexy. I know it's. It's not. But it's so important. Get your books in order. If you have a phone call with a tax advisor and your books are a mess, we can't make a good decision. So at least guesstimate what your income and expenses are. You don't have to have it all in quickbooks. You don't have to have financial statements that are, you know, cross checked three different ways. But have something so we can see what you have as assets. What are your debts? What's your income? What are your expenses? Super important. And the last bonus, Shift some income and expenses. Sometimes it's good to prepay some of the things you're going to buy in January. Even if you put it on a credit card, it's still a write off this year. So look at how much income you're going to be making too. Could someone pay you in January rather than December? Just think that if you could shift 10 grand of expenses forward and push 10 grand of income back into the next year. Wow, that's a $20,000 shift in a 20% bracket. We just saved you four grand, so that. That's a big deal. So shifting income and expenses now, I'm not talking about having a C corp and a different year end. Freaking A. It's a scam. Stay away from it. And if I'm pissing off someone out there that's all hot and bothered with C Corps, I'll go toe to toe with you every day. I've written in my books, I've written blog article after blog article. I am sick and tired of helping people get their retained earnings out of a C corp stuck. And you know what I'm saying? You can't borrow against it forever. You're going to have to pay the piper someday. And you can't come up with new write offs to get it out. I'm going to use those same write offs in my S corp already. Well, S Corps flow through and you got to pay a higher tax rate. Yeah, but I don't Want to pay double tax in a C Corp is 21%. Great. And then I got to pay individual income tax if I want that money out. People, watch out for the C corp as a side note. So people, there you go. Seven tips today and I am all here for you. Jack, you're in my ear. I want to know some questions that people might have. I'm excited to help you in your small business. People. I know it's tough out there trying to make ends meet. It is tough. But if we can save some money on our biggest cost in our lives taxes, it's huge. So let's go to the whiteboard if we need to. Jack, what do you got?

I am so excited. We've had so many amazing questions. In fact, I have 25 ready for you.

Wow.

So we're going to have to do some rapid fire.

Rapid fire.

I just want you hitting quick.

Okay?

Okay. First question is from Fella Marie, full time nurse and part time realtor. Should I open an S corp just for tax deductions?

What I would do is set up an LLC because we can convert it to an S corp if we need to. There's a play between your W2 as a nurse, any of you out there that have a big W2 and a side hustle, we got to look at how much you're paying, how big your salary is and if we could, and how much your side hustle is. If you're making as much as a realtor, as a nurse, we're going to probably do an S corp. If you're making a third as much as a realtor and 2/3 more as a nurse, probably going to keep it an llc. But see, you never know until you get through the year sometimes. But if you're not an llc, I can't backdate it into an S corp. So the recommendation is get an LLC, be ready for 2024 and talk to a tax advisor making sure you pull the trigger to the S corp when the time's right.

Okay. Michael asks, can limited partners of A Multi Member LLC that hold rental property in California claim the 25,000 doll active participation tax deduction if they are also involved in managing the property well?

Okay, Michael, you said two things that are contradictory. If you're a limited partner. No, the IRS is very clear on that. There's case law on that. If you're a limited partner in a limited partnership because there's going to be a GP and limited partners if you're in a syndication, if you're in a limited partnership, and that's your title. You're not getting pass through losses as a real estate professional or with active participation. And no matter who does the cost segregation or the bonus depreciation. So you're not getting it. So. But then you said, oh, but I'm involved in management. Okay, then you're not a limited partner. Well, that's the way they structured it. Well, then that's the way you're screwed because you got to get. You can't be a limited partner on the K1 and take that write off. So meet with an advisor, make some adjustments, talk to your partners. Next.

Okay, Jim asks, hello, I'm an official. I'm a physician. My wife has her own business. Would she pay the FICA even though I pay it all from my K1 income? FYI, we file jointly.

Okay, I've got some issues there. Let's go. Whiteboard. This is good for everybody. You said something that was a little odd there. And he said he's a physician and he said K1. So that means he's an independent physician, probably in an S corporation because he's getting a K1. He would not be getting a K1 in a single member LLC. So I'm just making some assumptions here. And I'll tell you right now, if you're not as a physician, if you're an independent doctor, dentist, anesthesiologist, MD contractor, realtor, broker, attorney, CPA, we're all the same. You don't need some accountant that specializes in doctors. We're all freaking the same when it comes to the S corporation. So you're going to take a W2 and pay your FICA there. So any of you out there that's a landscaper, small business owner, and you're making more than 50 grand a year, you're going to be a freaking S corp, bar none is one of the number one strategies out there. And it's not high risk. Then your K1, there's no FICA. So here's what was odd when you said that, that you're paying self employment tax on your K1. No, you're not. Unless your accountant's a dumbass. The K1 is no self employment tax. So we want to keep your W2 as low as possible. Then you bring in your wife into the mix or spouse.

And if I could clarify maybe, I think what he's asking is he probably maxes out on his FICA and he's saying if I max out on my fica, does my wife also pay FICA on her income?

Well, And I don't know what your wife does. And if you're implying that your wife is in the business, this is such an important opportunity. Everybody out there, I have videos on YouTube. Should I pay my spouse? You do not pay your spouse so they can get Social Security and Medicare. It's a waste of time. What you do is you pay your spouse just enough W2 to fund the Solo 401K. And by the way, I have doctors that make 300 grand a year and they still don't max out their FICA. Your payroll on a K1 of 300, your payroll might be 90 or 100. And if you're like, oh, my gosh, Mark, that's way too risky. My accountant said that because I'm his physician, I've got to take a salary of 2 or 300 grand because I'm his physician and I've got. No, you don't. No, you don't. I've never done that in 22 years and had a physician audited, for crying out loud. Your accountant is scared to death that they are going to do something wrong. Your accountant was a band buddy up in the bleachers when the real accountants were down below smoking weed during the football game. That's the accountant you want. You want an accountant that's willing to take some risks. You want an accountant that's not as scared of their own shadow. So my first issue is, I don't know. If you're really maxing out your fica, then you better be making a million dollars a year. Number two, I'm not going to put your spouse on payroll unless we're funding a Solo 401K. Number three, she's not going to pay FICA on a K1, and nor are you. So there's something odd there. I would get a review, spend the 1500 bucks for a review with one of my tax lawyers. It'll rock your world. And then take it to your accountant. If your account's like, oh, yeah, I totally believe. I agree. Let's do it. Great. If your account's like, oh, my gosh, that's too risky, you may have the wrong accountant. So you got some opportunity for planning here. Get a second opinion. Next question.

Samantha asks. HSA related question.

Love it.

If from an employer we are able to deduct the contributions to hsa, or is it only if the HSA is under the S Corp?

Oh, and this is Amanda. You said Samantha, Samantha, Samantha, Samantha. This is a great question, everybody. Listen, Samantha. I'm not. I'm not Going to beat you up here. I love you. I love that you're asking this such great question. Okay, everybody. So important. An HSA is like an ira. An HSA is like an IRA for healthcare. It's yours, it's your hsa. It's portable. You can take it anywhere you want. In order to have an hsa, it is a personal health savings account. It's not under an S corp, it's not under an llc, it's not under an employer. The employer may say, we're going to put some money in your hsa, but you can open up an HSA down the street and take your money over to that HSA anytime you want. That's allowed under erisa. Your employer will let you. So an HSA is not like a 401k. They're totally portable, even when you're working there. And your employer might put some money in it, but it's your hsa. If you're a small business owner, you're going to set up health insurance under your S corp, but the HSA is under your name. It's a deduction on the front page of your 1040. It's not a deduction in the S corp, it's not a deduction in the llc. So the HSA is super powerful. They're so fun. They're amazing. I love my hsa, but you have to have a high deductible health care plan. So any of you out there, you go to your employer and say, I want a high deductible plan. If you have an S corp, you go get a high deductible plan. Let your business pay for the insurance premium. But you're going to open up the HSA individually. You can go to directed ira.com and open up an HSA in the next 10 minutes and you can be self directing it and anything you want. My HSA is owns rental property. I have an HSA that owns a crypto mine. My HSA has owned cows before. You can invest your HSA however you want. They're super powerful. But it's not under the S Corp. So I've got some videos on that. I've got articles on that. It's a chapter in my book. Get the tax and legal playbook on Amazon. You'll freaking love it. The HSA is mind blowing.

Next question Michael asks, I need help to dissolve a couple llc. What's the telephone number to call for this service?

All right, let's go to the whiteboard. Okay. Anybody out there that needs to get their Corporate Transparency act compliance in order. Get your board meeting set up before year end. Dissolve an entity. Set up an entity. Please. Use a law firm. Don't use some company out there that an influencer told you to go to that's more expensive than us. We are a law firm. You have attorney client privilege with us. And we're cheaper than all of these fly by night, setup entity companies that aren't even lawyers. Please. We're cheaper than them and we're better. They get trained on our material. So get to the law firm. Kkoslawyers.com KqsLawyers.com Work with a real lawyer and you can call 435-586-9366. Christy Rice is the head of our business department. Wonderful paralegal. She's so cool. She'll line you up to dissolve an entity, set up an entity, meet with a lawyer. Or not get you on our company maintenance program. It's 200 bucks a year and we keep you set up with the state. We'll file you with the FinCEN and the Federal government next year. This is our company compliance service, ccs. Check that out as well. We're not going anywhere. We'll take care of you. Next question.

Okay. Naples, Florida real estate asks. My husband and I both work for my business, S Corp. I have 100% ownership. Can I still write off a board meeting?

Hell yeah. Oh, my gosh, yes. That's a technical term. Hell yes. Anybody out there that has an S corp, here's who's. Or an llc. Or an LLC taxed as an S Corp. Right? Any of you out there, okay, you're going to have a board of advisors. We will set this up for you. A little corporate cleanup or this company maintenance program. Super simple. With your S Corp, you'll have a board of directors. With another llc, taxes. And S Corp, you'll have a board of advisors. Here's the point. I don't care that you and your husband own this 100% or 50 50. Or you might have three teenage and two adult children. You love your mom. You talk to your dad every other week. Put them all on the board. Put them all on the board. There's no liability to them. You can have company meetings together as a group, talk about the future of the business. And all of you should be having a board meeting in November on a Thursday right after a turkey dinner. Do you have turkey on a Thursday in November? That's when you should have your board meeting. And so whether you both work in the business or not. You need the advice of your mom, you need the advice of your spouse, you need the advice of your adult children and helping out in the business. You want to take tax write offs for paying your kids. We're going to talk about paying kids 18 and older on my next live next week, people. I've got 20 year end tax strategies. I've only thrown down 10. I've only thrown down 10. You got to be involved for next week's. You got to subscribe. Hit the bell icon. I'll go live next week and share five more and rock your world. All of you should be on the board. Damn straight. Florida to Kentucky to Alaska, get them on the board.

Next question Lego and Origami asks. I have a single member LLC and my kids help me with social media and filing. If I pay them, do I need to issue them a 1099 or W2?

Did she say how old the kids are?

No.

Okay, let's do this. So we're going to do both options. Origami says she has an LLC and she's paying three kids. Let's assume two of them are under age 18 and assume one of them is over 18. Okay. That might hit some of you. So we've got two kids here and one child here. Okay, you're going to do a different strategy now. A single member llc. And she did not say taxed as an S corp. It'd be a different strategy if it's an S corp. But if this is a single member LLC. SM LLC. It's going to be a Schedule C on the 1040. It feeds into your 1040. All right. Okay. Now the kids under age 18, you just write them a freaking check. Make sure their bank account, they have to have a bank account. Make sure their bank account is at the same bank of your LLC and you just do an online transfer. Online transfer. It's going to be called outside labor. It's on page two of the Schedule C. No W2, no 1099. And for you accounts out there that are nutting up, I teach the circular se. I've taught continuing education on this. I continue to teach education on this. I'm a CPA in multiple states, a member of the aicpa. I'm a lawyer in two or three states. I've written books on this. There is no need for a W2 when the penalty for the W2 is a percentage of the taxes that were supposed to be withheld. It's an informational return. And kids under age 18 don't pay tax on the first 13,000 anyway. Get over it. I know you want to check all the boxes, but you don't have to all the time. Now, if they live in a state where the standard deduction is less than what you're paying the child, let's think California, you pay them eight grand. Standard deductions around 6,500. I'm going to issue a W2 even though zeros because I got to file a state return form, but I don't have to file a fed unless they make more than 13,850. So that's how we're going to treat the kids under age 18. The kids 18 and older. 1099. 1099. The end. Now, I will say this. If you have other employees and your kids act like all the other employees, they clock in, they look like an employee, smell like an employee, you treat them like an employee, they work like an employee, then you're going to have to do a W2, and State Department of labor is going to be all over that. You got to treat your kids like an employee. If they act like an employee, but if they're just helping with social media, they're coming and going, then 1099, those kids 18 and older, outside labor, under age 18. It's a chapter in my book. I stand behind it all day long. And on Sunday, you'll be fine. Next question.

Okay, we got to go rapid fire on these.

Okay.

Teresa asks, we must withhold from kids if we have an S Corp. Correct.

If you pay your kids out of an S Corp, you have to withhold. Don't do it. If they're acting like an employee, you have to. If they don't, if they're not treated like a regular other employee, freaking use a different method. Either. 1099, if they're under age 18. Note what I just said.

Next, Avery asks Mark, I didn't buy the automobile in the company's name. Should I change the ownership for myself to the company's name? Does the IRS challenge this?

The IRS does not care who owns your vehicle. They don't care if it's wrapped with a sign or paint. They just want to know, was it used for business. Your business does not have to be on title in order for you to write off the car. You could depreciate the hell out of it. You could do mileage, you could do whatever you want. The IRS does not care about ownership. They care about use. Talk to your accountant. We're going to book it on the proper tax return for your businesses, by the way. I'm having so much fun. You guys are awesome. This is so cool.

This is a great live. Lots of great questions.

Oh, I love you guys. Small business is so fun. Making money and saving money. Okay, next question.

Okay, tina asked, My LLC has earned 22,000 this year, and it is only two months old. Do I have to wait till next year to do an S election? I'm planning to earn triple that next year.

Okay, now when you say earn 22,000, it's only been around two months. I'm presuming that's gross. Let's go, whiteboard. This is good for everybody. So what she's saying is, in her LLC, she brought in 22 grand. Girl, we're going to write off a ton of stuff. We're going to write off dining, auto, home office, computers, electronics, cell phone. I want to whittle that 22 down to zero. We could very well do that this year. Now then you said, is, if I'm going to triple that, should I be an S Corp? I don't know. I don't care about this. What I care about is the net. So next year, throughout the year, you're going to monitor this. Once you get over 30 to 40 grand in net, then you're going to call your mom and you're going to go out to lunch, and it's going to be really nice. I'd get a mani pedi. Just make it a really special day. Then you're going to call your accountant and go, it's time to be a freaking escort. That's what you're going to do. Next question,

Fella Marie asks if I'm netting less than 40,000 from real estate. She's a realtor. I don't have to open an S

corp. You don't have to. Okay, now this is good, everybody. What you're doing is you're going to have an LLC and then you're going to convert it to an S Corp. So when she says, I'm going to create an S corp or I don't need to, girl, you can have a closing in three weeks. That blows that number out of the water, right? You never know. So you want to have the LLC so that you can convert at any time so I can go back and backdate it to an S corp to the beginning of 24, maybe to the beginning of 20, 23. I don't know. Now, if you said, I'm less than 40 grand net right now, then don't stress. Finish the year out as an llc. Make sure your LLC is in place next year because of boom, July. Holy crap, I'm making it. Then we go back in time and we make it an S corp. People, whether you're a landscaper, a realtor, a dentist, a doctor, an engineer, you want to be able to backdate that LLC to an S corp when the time's right. I don't know when that time's going to be. Work on every write off. You can keep that business lean and mean. Meet with your advisor every three months. That's what my tax advisors do in my network. They want to set you up where there's a meeting every three months just for an hour to make sure you're dialed in. Next question.

Okay, Nishan asks, paying your kids through a family management doesn't allow you to contribute to a Roth IRA under their name. Correct?

Wrong. You can still do a Roth IRA whiteboard. So in this family management structure, and this is in my books, it's all over on the web with me. I stand behind it. If you have an S corp and you're paying a management fee and it's going to a schedule C, and this is a little sole prop, that's all a family management company is. It's a sole prop to do janitorial and marketing and whatever the hell. Okay, so you're going to pay a management fee and it's going to come in the schedule C and then you're going to pay the kids and then you're going to zero out the schedule C. Okay, everybody got that? So I paid three kids. All right, that's good. Did those three kids have earned income? Yes, they had earned income. Hell, they could go babysit down the street and they have earned income. I've set up a Roth IRA for a little girl that made four grand babysitting last year. And we set up a Roth IRA for four grand. Mom and dad gave her four grand and said, throw it in. A Roth ira. And she had records that she had made four grand babysitting. You're good. The schedule, the sole prop pays the kids and the kids have earned income. Roth, Roth, Roth. And the Roth. We have a directed IRA. Everybody you want to go to directed IRA.com we have a custodial Roth IRA where you're going to be the signer to open up the Roth IRA for them. But even though they're underage 18, they can start building their Roth IRA. They can buy stocks, they can buy crypto. Bitcoin's up to 35 this week. Okay, directed ira.com. check that out. You can all open up an IRA tomorrow. Awesome.

Okay. Same person. I think it's kind of an add on. On this question. How do we show that they add earned income if they're not reporting anything under their Social Security number?

Oh, I'm sorry. Did you say you had to show earned income? Did I say that? You have to prove it to someone. I didn't know you had to prove it to someone. At directed ira, we trust our clients. We have a form that says. Oh, you're opening up an IRA for a minor. That's great. Are you the parent? Yes. Will you verify that they heard an earned income last year? Yes. Check the box. Done. Done. Now, if you want to go to Fidelity and open up a Roth IRA there. Big corporate America, that is a machine, and they're totally impersonal. They're going to go, can you please upload the W2 for your child? Even though it's zeros, they may want you to upload the W2 because Fidelity has a stick up their butt. A directed ira. Check the box. And let's say. Let's just say five years from now, the IRS wants to audit your kid. Did you really have earned income? Yeah. You have W2? No. How'd you get paid? From my parents. Oh, let me see. Your parents return. Oh, they paid you out of their schedule C. Okay, you're done. People. I've been doing this for 25 years. I've never had an IRS agent have a problem with this. And they've seen it, and they're. Oh, you paid the kids. Okay, that's great. Roth ira. Great. Done. This is normal. You guys. You're. You have found gold today. You have hit the lottery today. This is trick or treat day for you. You're gonna love it. All right, next.

Okay, nine more questions in nine minutes.

I'll do it. Okay.

PJ Putnam asks. I would like to buy stock in a new company that I would like to start using my Roth IRA as the initial investment. How do I do this?

Love it. If it's a privately held stock, you have two options. So let's assume. And I can do this in 60 seconds. So he wants to buy stock in a company. If it's a publicly traded stock, you can just go to Charles Schwab, which bought TD Ameritrade, or you can go to any of the big bank apps, open up a Roth IRA online and buy that publicly traded stock. Done. Now, if it's privately held. So it's a privately held stock or a syndication, then you've Got to go to directed ira.com, open up the Roth IRA, put in your money, and then on day three, we call you and go, what do you want to buy? Oh, I want to buy the stock. They send over the stock certificate, and your IRA becomes the owner. So we act as a custodian so that you can buy LLC real estate, privately held stock. So directed ira, if it's private, just go to freaking Schwab or Fidelity if you want to buy publicly traded stock that you're excited about, but open a Roth ira. Either place. Next.

Okay, my Willbot asks go deeper into carry forward losses via management company to offset sales taxes on real estate. What happens in a 1031?

Well, the beauty is you don't need a 1031. Okay, so what they're asking is go deeper. Now, I teach my certified tax advisors in my program, if you want to check out my certified program. And I have business owners that are. I want to get certified in tax. I want to be a certified tax advisor, even for myself. $7,500 program. We meet twice a week. You go through 12 modules, 79 classes, and it's 300 bucks a month. And you're collaborating with attorneys and CPAs twice a week. And me live. It's incredible, but we go into depth in this. I'll just say it quickly. All right, let's have an llc. And you have a rental property. And you have a rental property. And you want to open a solo 401k. Okay? You cannot take distributions from a passive entity and do a 401k. Not possible. So what we do is we pay a management company. So we set up a separate LLC that would sponsor the Solo 401K. And let's say you're going to pay a management fee of 25 grand. And so you inject money into this LLC unless it has enough cash flow. You inject 25 grand of personal money or whatever grandma gives you. 25 grand, you put it in, you fund the man, the LLC that pays this over here, a little schedule C, and we fund this LLC to be the manager. Now, I would never, ever, ever do this unless I wanted to fund the solo 401k. Now, under a solo 401k, I can put in 22,500. So I'm going to do 25, pay my FICA and zero out the rest with 22,5. So I have zero taxes over here. And I've got a solo 401k now with 22,500 in it. Now, what happened Here I got an extra expense of 25 grand. Meanwhile, I'm writing off depreciation, HOA, utilities, repairs, maintenance, management, rental properties, lose money on paper, grow in value and create tax free cash flow. We know that. So over here you have a carry forward loss that just went up by another 25 grand. So you're building up this pal, a passive forward, passive carry forward loss. When you go to sell this property, you're going to dump this bucket out. You may even sell this property tax free and not need to do a 1031 because you've been ramping up this bucket. I have a Paris of loss carry forward bucket because I'm not a real estate professional. So this is a big topic. It's in my books, we talk about it a lot. But that's what you're trying to do is build up this passive loss carry forward. So you don't even need to do a 1031. If you do a 1031, then this loss just stays there when you can dump it out on the next property. Whatever. Next.

Okay. Fernando Lamento asks, can you claim 179 on a vehicle if I bought it December 31st?

Damn straight. And you're going to do better than that. When you buy a vehicle on December 31, even if you use it in your business, one day you're going to verify your business use percentage that you expect for the upcoming year. You better hit it. So you're going to say, yeah, I use the vehicle 80% for business. That's going to be my plan. And on December 31st I drove it 80% for business. So that's what you're saying. You're going to do 179 and bonus depreciation. You're going to do both because bonus is 80% and 179. So you're going to knock out both. If it's under £6,000, there's going to be a different write off. Unless it's £6,000 or more. Check it out in my article, go to markj.kohler.com in resources. Just type in auto. In my blogs you can just look at auto deduction. Google it with Mark Kohler. And you'll see my blog articles too. They're very powerful. They break down seven different ways to approach your vehicle. Write off. But yes, you can write it off in December 31st, 179 and bonus.

Okay, IP asks, I had a $40,000 loss in a crypto firm. Now I have to pay the tax on that. Am I screwed or is there a Solution.

You got a $40,000 loss. What are you paying tax on? You got a loss. Voyager. What was I lost in Voyager? Okay, so you have a $40,000 loss. Now that's going to be a capital loss carry forward under a stock provision, not a real. It's not. They're apples and oranges from real estate. So what I was saying over here about real estate is a different issue. But when you have that loss on the investment in crypto as a capital loss carry forward, you can use it against other crypto gains, you can use it against stock gains, but it's going to carry forward, and you can take 3,000 of it every year until you chew it up. You're not paying tax. You got a loss. You invested 50 grand, you got 20 back, you lost and they went under or whatever. You lost 30 grand. That's a write off, not a taxable event. Unless I'm missing something. Next question.

Okay. Kelsey asks, do you have to prove how much of the watch phone use was on business versus personal?

I love it. Okay. Apple Watch is going to be a different strategy than your cell phone. Now, here's the rule with the cell phone. The rule with the cell phone, all of you out there, the IRS has said this is under case law because the IRS got sick of people doing percentages on their cell phones. And it went to court. It was a great case about eight to 10 years ago. The rule is this. If you can show you have a separate phone that you use for personal, maybe it's one plugged in the wall. It looks like, you know, stranger things. Wynonna Rider, yellow phone on the wall. I don't care. As long as you have a phone that you can use for personal use, then that you can tell the irs, my cell phone is all business. My cell phone's all business. 100% write off. Because you can show you have another phone for personal use. So if you're in a marriage, you may say, well, we use my spouse's phone for personal, and mine's all business. All right, yours is 100% write off. Yours is not, because you got to have a phone for personal use. Okay? So with the kids, if my kids work for me, I'm going to provide them a cell phone. 100% write off my cell phone. 100% because I got a home line with DirecTV or whatever. I plug something on the wall. Done. An Apple Watch is a Bluetooth device, like Bose headphones. It's like an iPad and a smartwatch is there for you to Be efficient as a business owner. It's not a phone, it's a Bluetooth device for your calendar and scheduling. And to do list, 100% write off. Don't care percentage use. Okay, next.

Okay, we might need to go into overtime. Everyone's loving it. We got 400 live viewers.

I love you guys. Thanks for being here. Get to my event in Phoenix. You're gonna love it. We're gonna have so much fun at the Denim and Diamonds. I got a live professional line dancer that's going to be doing line dancing on Friday night and in a bar and barbecue food. And then that's after three days of live classes on all these topics and more. Who doesn't want to be in Phoenix in December? 3 days, 150 a night on the room block. Freaking Hampton Inn's more expensive than this. And it's a Hilton resort. Get to tax and legal360. You'll have a lot of fun and it'll sell out and it's going to be great. I'll be on the main stage every day teaching just like this. Okay, next question.

Okay. Diesel Junkie asks, can you have a solo 401k when you have a small business with a couple of employees? Ooh.

Okay. The rule is you can have a solo 401k until. Okay, let's go. Whiteboard. I'm just gonna say this real quick, everybody. And you can have a solo 401k until. Maybe we'll do this. Unless, I'll say, unless you have one, at least one full time employee that's been there a year. So let's say you just hired a full time employee this year, but they haven't been there a whole year yet. You can have a solo 401k this year because they haven't had their one year anniversary. So once you have one full time employee hit their one year anniversary, you're out. You can't do a solo. The next issue is if you have a part time employee that has been there for three years. So once you have one part time employee hit their three year anniversary, you're out. So make sure you fire all your part time employees on their second year 364th day and you fire all of your one and your full time employees on their 364th day of working for you and then mysteriously hire them back a week later. Did I just say that? Is this public record? Was this recorded? I'm just joking. That was a joke. Okay. Anyway, those are the rules. If you have those employees one full time for at least a year with part time for at least three years. You're out. But go with the safe harbor. 401K. Love the safe harbor. I use the safe harbor because I have employees. It's still a good deal. Solos kick ass. Safe harbors are still good.

Next, just quick reminder, because you brought up 360, we're running a special Halloween 15. Use code Halloween 15 to get 15% off.

Halloween. I don't even want to try and spell it. Halloween is it too. Ls give it.

Okay. Rocky asks, Can a W2 employee open a solo 401k if they have a side hustle job but also have a 401k through their employer?

Yes. I love this. And I call this match and out. Match and out. Everybody check it out. So what's his first name?

It's a she. Rocky.

Rocky. She. Rocky. She has a W2 with a 401k at work where they probably do about a 4% match. All right, so whatever her payroll is, they're going to do 4% of that. If she puts it in. Then she has a little LLC over here with a side hustle. Drive an Uber. Driving Uber is a side hustle. Maybe you're doing some consulting on upwork. So you got a little side hustle over here. You can set up a solo 401k and what I and put up to. So you can put in this year, Rocky, $22,500 if you're under age 50. So let's say your match at work is four grand. You make 100 grand a year at your W2, they'll do a match for four. Match it out, put in your four grand, get the match. That's 100% return. I can live with that. Even though they're going to invest it in crappy stock. And so four grand. Four grand done, 100%. Boom. Great. Then you go over and do the solo. You can do another 18,500 here and you can go do a Roth IRA individually. You can have all three. Girl, you're going to love it. Next question. Oh, I can't hear you, Jack.

Oh, sorry. I muted. Mike D asks if I bought a car over 6,000. He didn't say, but I think he means pounds two years ago and started my side business this year. Can you write off any of the car?

Yes. Now, here's the strategy. Any of you that are starting a business this year, there's a loophole for this, and it's going to be through the bonus depreciation strategy because I think 179 has to be a new purchase. This is a tricky one, so forgive me, you're going to want to double check this with your tax advisor. This is one where I'm not going to be as adamant on my accuracy. But what you can do is contribute your six thousand pound or greater truck to your new business. You didn't go buy it. It's not you didn't buy it new, you didn't buy it used, but you already owned it. So you're gonna, you don't have to change title, but on, on the books, you're gonna contribute that truck to your business this year. And yes, you can depreciate it. I don't know if you can do 179. I think you can do bonus, but damn straight you can do straight line. So you're gonna, you're gonna get some write offs. So talk to your accountant about contributing. I've got article on it. I think if your tax advisor gives you crap, get a second opinion because I know, I know there's a, there's a way around it. All right, next question.

Okay, this is the best question to end on. You're gonna love this. Raj asks. Hi, I have an S corp. My accountant says I cannot pay my kids who are less than 18. Labor Department will not like this. This is child labor. How much can I pay my kids?

Raj, can I just tell you, your first strategy here is fire your effing accountant. Sorry, I shouldn't have said it that way. People, the American dream is a family owned business. That's what it was 300 years ago, and that's what it is today. Young or old, you might be single, no kids, you're your own family. And hiring nieces, nephews, grandchildren, parents, people hiring your children is one of the most easy and normal things to do in a small business. And to think, Raj, that your accountant was this backward and uneducated on this drives me insane. Now, if an S corporation hires a child, yours or someone else's, you have to withhold pseudo futa fica and put them on workers comp. And yes, the labor department is going to be all over it to make sure that you're following normal rules. That's why you don't hire them in your S corp. And maybe that's what your accountant's trying to say and they just don't know how to communicate. Accountants can be that way. So whiteboard it one more time for everybody. If you have an S corp, you never, ever, ever pay your kids under age 18. It's not because of the Labor Department. It's because you don't want to have to withhold FICA and do a W2. So what you do, Raj, is you set up a little sole prop that's a support company, call it that a family support company. And the family support company is going to do janitorial marketing, office cleanings, paper shredding for the S Corp. And the S corp is going to pay this. This schedule C child labor does not apply in a schedule C. When you pay your own children and you hire your own children in a sole prop, that's the exemption, that's the way out. This is the loophole, is you never ever hire them out of the S Corp. If you go back to your accountant and say, yeah, you're right, I'm not going to hire my kids out of my S corp, but I am going to set up a schedule C support company to provide janitorial services to my S corp and I'm going to pay the support company, hire my kids and take a complete tax write off and I don't have to worry about suda, fuda, FICA or the workers comp or the state. If your accountant says, oh yeah, you're right, they've redeemed themselves. If they give you more crap, take your file and leave. Get over to markjcohler.com, look at my tax pro network and all of my advisors know this rule. Hundreds of accountants, thousands of accountants know this rule. Now how much you pay them? Everybody, it's got to be reasonable. If I've got a six year old, I might pay him a thousand or two thousand a year to clean the office, 100 or 200 bucks a month. Shredding, paper, cleaning the office. If I've got a teenager doing my social media, I may pay him a thousand a month. So you're going to graduate it from age six, maybe two grand. Age eight to ten, four grand. I've had clients that have their kids working on their construction sites all summer long and they're paying the kids 10 to 20 grand and they're in a lower tax bracket and it's a great deal. So people don't be afraid of it. Get the right accountant. All Right, in summary, Halloween 15, it's in the chat below, gets you 15% off at a wonderful conference later. I do it twice a year. I do a three day conference twice a year. It's in Phoenix in the winter, Salt Lake in the summer. No one wants to come to Phoenix in the summer. So that's why we go to Salt Lake. We're going to do Denver, Chicago. But Salt Lake is just a great international airport. So a three day event twice a year. My next one is November 30th, December 1st and 2nd. People, keep working hard. Don't give up. Live the dream. Keep trying to figure these things out. I am so grateful you're here today. Owning a small business is freaking awesome. Saving taxes is so fun. I love it. I'm passionate about it. I'm not going anywhere. And next week I'll be giving you five more tax tips before year end to use. And I'll be here answering your questions. Please hit the subscribe and the Bell icon and you'll know when I go live. Thanks so much. See you next week.