Tax Wod - The IRS Sucks

Well, let's just go through, I mean, you know, whatever questions you have. Let's make this pretty casual. So, if you guys have, Mark and Meghan, if you guys have questions, let me know. You guys already done your workout for today?

Not yet. It's actually, I guess, yeah, not yet. Actually, Meghan's actually competing tomorrow, so she's probably taking the day off.

I will be rolling out and making sure I stretch all day long.

She's getting herself—

Mark, And Mark actually crushed his workout this morning. I'm probably gonna work out this afternoon.

That's awesome. I'm— till my back gets done, I think you and I talked about this, I had surgery back in April, so my CrossFit workouts right now are very modified, which means I'm not doing much.

Did you get a chance to hop in the pool?

I haven't yet, but I have that on the list of things to do. My doctor just said the more I can get up and do stuff, and I said, hey, this guy was telling me about pool workouts, and he goes, yeah, absolutely, that would be the best of anything. Because like you said, it's not going to put a lot of stress on my joints and stuff, and it'll still get me moving, so that's good. Awesome. Cool. So, all right, go ahead.

So, um, I've been hearing through not necessarily the grapevine, but I think we're talking about it, how it is actually pretty beneficial as an independent contractor to actually form your own LLC and having the company actually ended up paying the LLC rather than the person because there is some sort of like— there's a benefit to that. Can you go a little bit into detail on like what that entails and like what that— like what those benefits look like?

You bet. So right now is a 1099, when you're paid as a 1099. Contractor, the IRS already looks at you as though you're a business. And so you should take advantage of that. So it's always better to have a separate entity or business that gets paid. So let's say when Panda pays out, then it's better for them to be able to pay a business. So Megan and Mark, for you guys, you guys could really set up your own business. There's a, there's quite a few different ones you can set up. The easiest and simplest is to set up a very quick LLC because you want to get an EIN, which is an employee ID number, employer ID number, so that your money gets tied to that number rather than your personal Social Security number.

Okay.

And so the reason you want to have an LLC is because it separates you from your business, and that way you don't have liability. Your business has liability, you don't personally. That helps that way. And when you set up a business, it's always good to set up a separate business bank account. And once you get your business set up— you guys in New Jersey?

Yeah.

Yeah, so you could just go on the New Jersey website and set up a simple LLC, and then you'll have to go to the IRS website And later I'll get your emails from Ashley, from— yeah, and then, then I can send you some screenshots of how to do those, the setup, and get your EIN from the IRS. And so it's a really simple process. I think there's probably a cost, New Jersey, probably around $70 to get up to set up your LLC. Okay, so that's the first step, and I would do that right away. If you do it before the year end, you can still go back through and you can write off stuff for anything you've done previously in the year as well. So that would be the first thing. So just whatever LLC you set up or whatever business you set up, the best thing is going to be to set up to be taxed as an S corporation. I think, actually, you already have an S corp, is that right?

Yes.

Okay, an S corp is going to help you guys get rid of the payroll tax that you're going to get hit with. And so, like I said, the IRS is already looking at you guys as though you're a business anyway. So whatever income you're getting paid, they're going to tax. The best— the good thing about this though is that now as a business, you can start doing deductions. And so You know, let's say you get paid $30,000 this year. If you have $20,000 in deductions, then that means only $10,000 is going to get taxed. Okay, rather than the full $30,000. Or if you have $30,000 in deductions, great, then you're not going to have any money that gets taxed. So that's the great thing about it. And you, even in your first couple years, if you guys show a loss in the business, let's say you have more Expenses than you have in income, then you could actually show a loss in your business, and that negative counts against whatever tax you have. So usually you're going to pay zero in tax in that case. So that's the main thing to remember is whatever income you have coming in now, that's going to be taxed unless you can put some deductions against this. So I'll send you copies of common business deductions for CrossFit owners. But you guys can use that as Coaches as well. So, we want you to deduct things like travel. Anywhere you guys go in the country, even if it's a personal vacation, there's a CrossFit gym somewhere. And I would just say go and visit. So, Meghan, you're going to go compete, right, tomorrow? So, wherever that is going to be, track all of your expenses for that. And you're gonna be able to write all of those expenses off. So the meals you have out, your hotel stays, whatever expenses you incur while you're traveling for your business, which is what you're gonna be doing, you can write all of that off, okay? So that's another reason you wanna do a separate business bank account, because you wanna be able to pay for those with a business credit card or even with a debit card on your business bank account. If you don't have it set up now, that's okay. Still track your expenses. At some point when you set up your business bank account, you can simply just have the business reimburse you for those expenses, and then we can count them in the business. Okay. So there's things like travel. I would track your mileage. So the best thing to do is wherever you live, set up your LLC in your home. Okay, and that way all the travel— so as you drive from your home to the gym, you can count that as travel because it's going from your— so your place of business is going to be in your home. So really, anytime you leave your house, you could really, if there's a business purpose for where you're going, whether that's just going to work out or do something, you can count that as business travel. Okay.

I have a question.

Go ahead.

I Uber or Lyft a lot.

I could write those off?

Absolutely, yeah. Is that work-related? Okay. And so you— those, you don't need to keep receipt, right? They, uh, that gets tracked, right? And then you just—

Yeah, I could go back and just print off everything I've ever done at those times.

Yeah, so just— you can count all of that and write all of that off as, uh, business travel. So, um, let's see. Yeah, so there's— I mean, you can write off accounting costs if you were to have someone help you set up your business. You know, you got an attorney or somebody, you can write off those costs. Really, the thing you want to do is every dollar that you spend personally, you should be asking yourself, is there a business purpose for that dollar that I'm spending? And in most cases, you can come up with something. Okay, doesn't mean you're gonna be able to write off everything, but any meals— so in 2018, we lost meals and entertainment. But you can get around that kind of stuff if you were to purchase, let's say, some gift cards. You went out to lunch with someone, you essentially give them a gift card as a potential client and then have them pay for the meal, and you can write off that gift card. So there's things like that you can do.

For—

you can actually, when you have a separate business, you can do what's called corporate rent, which is a really cool thing. Some people like to write off a business home deduction, but that gets red-flagged and it's often audited. So we recommend something that's called corporate rent. And essentially your business is going to rent out your home, your apartment, wherever you live. And you're going to hold a business meeting there. Okay, so we're combining 2 things. One is it's common for a business to hold a business meeting. It's common for them to go out and rent a place to hold that. The tax law states that any asset that you rent for more than 14 days is considered rental income. So what most people miss is if you keep it under the 14 days, it doesn't count as rental income. So what we do is we set up your business. So whatever business you guys set up, it's going to rent out your apartment or your home, let's say once a month. Around here, if I were to go to get a hotel for the day to do food, do audiovisual, it's going to cost me $1,250 to do that. So every month I do this with my S corp. Every month my business rents my home for $1,250. I make a transfer from my business bank account to my personal account for that much, so $1,250. And in my business, I count that as a rental deduction. Okay, so I can now write off that $1,250 every month as a rental deduction. For me personally, the $1,250, I don't pay tax on that because it's— they— I keep it underneath the 14-day rule. So I do one meeting a month. For you guys, if you were to get your business set up, you could actually hold a couple meetings between now and the end of the year, do a couple per month, right? Just to take advantage of some of that if you need to. What that— what happens is now I've got $50,000 in a rental deduction in my business. So let's say I— we're talking, let's say, $30,000 in income this year. I've already deducted $15,000 just in rent. Okay, so now I'm only gonna get taxed on $15,000. And then the other $15,000, I'm going to start, you know, all the travel you guys are doing, you know, Megan, where you're going to go compete tomorrow, all that stuff I'm going to write off. And so that $15,000 is going to get lower and lower and lower. We want that number to be as low as possible at the end of the year because that's the number that's going to get taxed. Okay, so That's the cool thing about it is having your own business is there's so many write-offs you can do that you're gonna be doing anyway, the money you're gonna be spending anyway, but now it's a business expense. And so, so you can write it off. So corporate rent's a great way. And then, like I said, the $15,000 that comes to you personally, it doesn't get taxed. You don't put that on your tax return because it's underneath that 14-day rule. And again, it has to do with the IRS says any asset you rent for more than 14 days. Even if you rent your apartment or rent your home, it doesn't matter. You're still living there, you're gonna use that. And there's actually gonna be a contract between your business and you. So that's a great way to get $15,000 off of your income for the year. And I have a— I have some notes on that that I can send you guys. Here's what you have to do. Here's what you have to have as backup documentation. We've already had someone go through audit with this in a past audit, so we're really comfortable using this strategy, and it's much better than the home office deduction. Okay, it gives you a lot bigger write-off as well.

Great.

Okay, so business bank account, set up your separate business. Any, any questions on setting up a business?

I'm sure I'll have a couple going through the process, but as of right now, no.

Yeah, so when I get your email addresses, I'll send you my contact info. If you're— you can call me and I can kind of help you walk through the process. So I promise it's really simple. There's a few questions that might be a little bit confusing, but it's a simple process. It should take you maybe a half hour. to go on and you can do everything online, which is cool nowadays. So you could literally, you could go online today, get your EIN from the IRS and go to the New Jersey website and set up your business and have it done today if you want to. Print out any copies of anything they have you print out and then you can take that information and go to the bank and say, I've got this business set up, here's my business information. And then they'll set up a business bank account for you. So it doesn't matter whatever bank you're currently banking with, you can just have them set up a separate business bank account for you.

Awesome. So going off of like the— in addition to like the benefit of the tax benefits for creating their own LLC, like the— you're talking about like the liability standpoint. So like something along the lines of say someone gets hurt at the gym under say like Mark's watch, if say for example that client like sues like Panda Performance and then like sues Mark, if Mark has his LLC, they would end up suing the LLC and then Mark can just like close up shop and like open up another LLC and not be personally liable for those costs.

Yeah, that's a great thing about— and again, that's why you want to have a separate EIN so the IRS and anybody else is looking at it and they say It's not your social, because right now if you were to take your income and just put it to you, it's going to go to your Social Security number, right? So everything's going to be tied to that. So that's you personally. But if we can separate you and put you into a business, now everything's tied to that EIN. So all your income is going to go to the business tied to that EIN. The IRS is going to say, oh, there's a business here. Yeah, it's tied to you eventually, but really the business is the one that's gonna have all the liability. Like we said, so anybody who has issues will have to go after the business rather than you personally. So it gives you some buffer between you and, and the business. So it's kind of— it's nice to have that set up. So, um, yeah. Hey, Ryan.

Hey.

I got Ryan here. Hey, what's up? Ryan probably just got back from his workout. I did.

Sick. You guys have a very physically active accounting firm.

I know, can you believe it?

That's awesome.

That's good.

It's always good to hear because my last accountant was just like this old guy who didn't do anything.

So, hey, it's good.

Yeah, we all try to, try to be active and we love CrossFit, so we're having fun with it.

Hey man, that's the way, that's the way to go.

Um, are you Ashley?

I'm Ashley.

Yeah, I've got Mark. Oh, we were communicating.

Hey, what's up?

Yeah, Megan, where are you competing tomorrow?

In Waldwick, New Jersey.

Awesome.

Awesome.

She's gonna be competing tomorrow. Awesome. That's awesome. So we're just telling her how she can write off all that stuff she's gonna do tomorrow. All your— any food you eat tomorrow, any travel, make sure to write all that off. So keep track of everything.

Write off some student loans?

What's that?

Yeah, write off student loans anyway? Any loopholes or anything for that?

No, the student loans, you can write off the interest on your personal return. Yeah, so interest you have, you can just write it off, but that goes on your personal rather than your business.

So awesome, cool. Um, let's see, in addition to that, let's see, is there anything else? I'm trying to figure out what to ask. Yeah, yeah, I think, I think one of the biggest things is understanding that like as As these guys are independent contractors and have their own LLC, being able to see that there is a huge tax benefit as compared to if they were to get, say, paid out as an employee, which costs a lot of money for both them and our company, and then with a lot less benefits related to that. So that's really exciting to hear. Are there any negatives to creating an LLC over just staying a 1099?

So, no, so I'll— that's a great question, and it's okay if you don't understand anything about taxes.

Yeah, I don't know shit about taxes.

Dude, taxes suck. So we want to take that stress burden off of your guys' shoulders. We want you guys to just make money, enjoy CrossFit, and help other people, right? So if you don't know anything, that's fine, and that's why we're here. We just want to educate you on the position that you're in. And let me just say, being 1099 is 100% the best thing. So just a little case study myself, I was a W-2 employee, um, a couple years ago. The next year I became 1099 contractor. I made twice as much money and I paid half the amount of tax as I did as a W-2. So it's so awesome because you can now Capitalize on personal expenses that you can write off that you otherwise couldn't. So, and to answer your question, the only downside is now you just have to be more in control and understanding of what your tax burden is. That's it. So now, now Ashley doesn't pay your Social Security taxes and stuff like that on your W-2. He just gives you that 1099 commission. And then you're in charge of, okay, now I have to realize I pay tax myself. That's the only thing. It's the best way to go for sure, both Ashley and for you guys. It's a win-win.

Cool, thank you. Awesome.

So did you guys get into deductions and what you can write off?

Yeah, we've gone through entity structure, mileage deduction, corporate rent, travel, Did you talk about advertising?

No.

Oh, oh, okay. Awesome.

Tell me more.

Okay, who— which one of you has bought the newest shoes? Who has the newest pair of Nans?

I think Megan.

I have Nobles.

You have Nobles?

Yeah, she's like the sneaker queen.

Okay, so Let me set this up. So you guys, as the Coaches and as a 1099 contractor, you're your own business. So you have to look the part.

Okay?

So you have to advertise yourself. Now, am I going to go trust a Coach if I walk into a box and say, okay, I'm just a drop-in, I want to do the WOD, and if I look at this Coach and he or she is wearing grubby jeans, and TOMS and just doesn't look like a Coach. Am I going to trust them compared to— is it Megan?

Yeah.

Megan, you're wearing your Noll-Bull shoes, you got your CrossFit shirt on, whatever it is. Which one am I more likely to want to work with? The one with the Yeezys on. Yeezys, Yeezys all the way.

Yeah, for sure.

No, it's, it's the person that looks the part. And so now you guys have access to writing off your workout clothes, your workout shoes, your supplements, anything that advertises you and makes you look the part, even your haircuts if you want.

Uh, expensive.

Exactly. And so now when you guys are thinking, every time you're gonna spend a dollar now, You got to ask yourself, okay, is this related to me and my business? Is this related to how I can be improved, improving my look for my business and things like that? So now you just gotta, okay, think outside the box. And really, you'll be able to write off so many more things that you were writing off personally that you can now write off for your business.

I have a question with the advertising. So I have a brand for myself. And I mean, I clearly, I would probably do like the LLC through that. And I've done like Instagram and Facebook sponsored, like, um, those like sponsored ads. Would that be like a write-off in any way? Like, absolutely. Okay.

What do you—

are you like advertising you as a coach or are you doing—

yeah.

Okay.

Yeah, absolutely. Anything that's like, that's your old school, just direct advertising. So spending money to get in front of people, right?

To promoting something.

Absolutely. That's That's the direct advertising. This advertising is a little more outside the box.

Yeah, you—

because you are the business. And so, but yes, definitely, if you're gonna run Facebook ads or Instagram ads, yeah, that's all deductible.

Okay, good question.

So, um, going off of like every—

like, we—

like, it's awesome because a lot of things can be deducted. Um, I think, like, would you say that it's important to like understand that Like, even though these are deductions, it doesn't necessarily like incentivize— it shouldn't incentivize us to like spend more money. Because in essence, like, if we were to spend a dollar to save like 33 cents, like, it would just like make things really, really tough.

Yeah, there's no point in spending money just to save on taxes. That's a good point. Like, if you're going to be spending the money anyway, then yes, take Take it as a write-off, take it as a deduction, but don't just like, well, I got $10,000 in my business bank account, let's like spend it all, you know? So that's a good point.

Awesome.

And then what about like, so like now that, like as these guys create their own LLC and then it's like it's them personally and then they have their LLC and then the gym ends up paying their LLC, I don't know if this like expands the scope out of like what this conversation is like, but what is it like, what's What are some guidelines for these guys to pay themselves out from their LLC? How do they do that so then that way they, A, make a livable wage, but then also not completely bleed their LLC dry and make it make sense for them?

As a business owner, you can take money out of the business anytime you want to. You can do it a couple ways. One is by a distribution. Which just means you're taking money out, we're going to track it as a distribution. We talked a little bit about an S corp. The best thing about an S corp is that you can actually pay yourself a wage from that, and you're actually required to. The S corp is going to help get rid of that payroll tax. So let's talk about taxes real quickly. So payroll tax is about 15.3%.

Okay.

So those are the usual Medicaid or Medicare Social Security stuff that you're paying off your W-2. You're gonna pay IRS somewhere between, let's say, 15 to 25%. I think New Jersey personal tax is like 5, maybe 4 or something. I think it's 5 something. So you're gonna pay that. Let's say, we'll say 5% in taxes to them. So you're gonna pay somewhere between 35 to 45% in taxes. In your business. Now, the way to get around that is you have set up the— you set up your LLC like you're already going to do, and then we, we can help you do a form to have it be taxed as an S corporation. Okay, so you just set up your LLC. Don't worry about the S corporation. We'll have it set up to be taxed as an S corporation. The IRS and the S corporation gets rid of that payroll tax, so that's 15.3%. That goes away under the S corp. Okay, so you're still going to be subject to the IRS tax, you're going to still be subject to the New Jersey tax, but we've gotten rid of that 15.3%. Now the IRS says, okay, we don't like that. We know they're getting rid of— they're doing an S corp because they want to get rid of that payroll tax. So they make you pay yourself as a director of your S corp a reasonable— they say a reasonable wage. So We interpret that to be about 40% of your net profit. So let's say, let's go back to that number. Let's say we make that $30,000. Now we're going to do $15,000, we're going to subtract $15,000 in corporate rent right off the top, right? All the advertising you guys are doing, mileage, travel. Let's say we get it down to $10,000 in net profit. So income, Less the expenses or deductions, and we have $10,000 left over at the end of the year, right? I'm gonna pay myself a wage of about $4,000 for the year. What that does is I'm gonna pay payroll tax on that, but that's a small amount compared to me paying payroll tax on the full $10,000, right? So, um, so that gets rid of the payroll tax. It takes care of the IRS requirements for an S corp to have the officer have a wage. It gives you a little bit of income as a W-2, but we're not worried about that because you can— again, as an owner, you can take money out of the business anytime you want to. And we just track it as a distribution. So you'll have some money during the year that will be a W-2 wage, very small percentage, because You're having to pay payroll tax on that. We don't want you to pay any more taxes than you have to. So the rest of that money, you could take that as a distribution. It's still gonna be subject to the IRS and state tax, but it's not gonna be subject to that payroll tax. So, I don't know, that was kind of a long way to say, really, as an owner, you can take money out of the business anytime you need to. But You should, you know, things we kind of talked about, those personal things that you guys are paying for anyway that you would normally pay out of your personal stuff, you can still do that out of your business. So you can almost consider that like a wage that you're taking out of the business. So any personal stuff you're writing for yourself that we say there's a business purpose for that, that's money that you're— the business is going to be running you personally. So Hopefully that helps kind of reduce some of the things that you're paying for anyway out of your own pocket. So I probably— that was probably confusing. Questions on that one though?

Yeah, repeat that back to us please. Yeah. Oh, for me?

Oh, pretty much like how do these guys like pay themselves out from the LLC and like best practices so then that way, yeah, they like get them like the most tax benefit. So like an example would be, all right, now we're writing these guys like checks to their LLCs. It's like, and Mark has to like pay his rent. And like, how does, how would, like what? I mean, I think you answered the question. It's like 40% of like the net profit of like the year, which is like kind of like calculating all that. But I think like, Yeah, I mean, I think that's pretty much like the question you answered.

I mean, to me it seems like you answered my question.

So, yeah, sometimes I get into accountant speak, right? It's like, oh man, he's rambling now.

So, yeah, so this, like, you may or may not have gotten this question a lot, but like, and this is just something that I've seen when like looking at accountants and like even this like on the business end, but like You have like accounting, which is like the organization for taxes, but then like the other services, bookkeeping as well, like still not 100% like what that is in essence. I know that like as, as a Two Brain Gym and as like reading like what you guys are posting, like Profit First is like a very— it's like it's a book that you guys like focus on, right?

Yeah.

So I actually just got it, so I plan on reading it. But then, um, but yeah, like, can you go a little bit into like what, what bookkeeping is and like what that is as compared to like accounting?

Yeah.

Yeah, you bet. So for us, bookkeeping is really, you know, if we were going to do your business bookkeeping, then we do what's called after-the-fact bookkeeping, which just means every month we're going to go in, look at your bank account, download all your transactions from your bank account, into our software. If you already have an accounting software, we can use yours. We use QuickBooks here. But essentially, we'll download all your information, your deposits, all your expenses, and then we'll categorize everything for you. So just— there's a couple things to think about when you have a business. One is there are things you're gonna wanna track as a business owner, right? So all that advertising, the mileage, those type of things. For accounting purposes, or at the end of the year when I'm going to do your taxes for you, then I'm going to put things in a very specific category. You guys don't have to worry about doing that. We'll make sure that gets taken care of for you. So if we're doing your books for you, essentially we're just taking everything, putting it into the right categories for you. We're going to send you financial reports. Here's your profit and loss for the month compared to last month. We'll probably send you a year example of Usually, here's what I said to my clients: profit and loss, a balance sheet, and then a comparison month by month for the year. So January through, let's say, October now. Then it's— everything's going to be broken up by month so you can see, man, I had this much income coming in, a little bit of dip in income. Why is that? My advertising amounts, you know, maybe there was a, you know, for Megan especially. If I do certain things for advertising, I want to be able to see, was there a bump in my income based on the advertising money I spent, let's say February? When did that bump in income come? And those type of things. So basically for us, bookkeeping is pretty simple. We just want to make sure you're— everything's categorized the right way. So you have financials every month, and then at the end of the year, taxes are super easy. Because we already have a category where we want it for tax purposes. And so that's kind of basic bookkeeping.

So yeah, so just to add to that, so Mark, you asked what's the downside of being an independent contractor. This falls into the category. So now you're responsible for keeping track of stuff just to make sure your accounting is accurate, making sure things are categorized right. There's just a little bit more effort now as a business owner and as an independent contractor that goes into it. And so going along with bookkeeping, there's 2— there's really 2 reasons to do bookkeeping and to do your accounting. One is what Lynn mentioned. It's just to make sure everything is accurate and reconciled for taxes. So let's say you make $50,000 this year, Mark or Megan, and then you have all your deductions. So they— those need to be categorized in the right categories, and then you pay tax on that net income. So it's important— most people just do their bookkeeping for tax purposes. That's it, right? So there's kind of that bottom layer. The more proactive and the better strategy is to do the ongoing bookkeeping, which is, you know, after the fact, making sure every month is up to date so that you can actually look at your financials.

Mm-hmm.

And say, like Lynn mentioned, oh, why did I— oh, my advertising category is way higher, or my travel went down. You know, there's just so many things you can analyze now to kind of work on the health of your business and your cash flow. So that's kind of the 2 reasons to do the bookkeeping. Most people, like I said, actually most people don't even do it until tax season.

They're like, oh crap, I gotta throw some stuff together.

But it's a lot better for you to see where your money's going if it's updated regularly. Thank you.

Yeah, that makes a lot of sense.

Hey, I was gonna say too, you know, when you asked about how to take money out to pay other things, part of that, that corporate rent strategy too, when you guys pay yourself that rent, that corporate rent, you can use that money to pay your mortgage or your rent or whatever. Personally, because that money, remember, it's going to come from the business to you personally, and then you can use that money for whatever you need to use it for. So that's another way to make sure you can— or to not make sure— that's another way to take money out of the business. Cool, awesome.

Um, good, you're good.

Okay, Megan, any questions?

I'm just listening. I'll probably have to rewatch this, but—

Yeah, so we— I don't know if Lynn mentioned, but I'm recording this so I can send it to Ashley. You guys can rewatch it.

Cool.

Because I— we don't expect you guys to just pick up everything we've said, because like I said, taxes suck, the IRS sucks.

We just want you guys to keep more of your money, and so we've got some strategies to help with Yeah, and I'll put my contact information in an email once I get those from, from Ashley, and then you guys can, like I said, call me, email me if you guys have any questions at all. Okay, happy to help you.

And so Ashley, do you have an S corp?

So, so right now I like— so I own a part of Panda Performance, that's an LLC. I believe that's— I'm not sure what that stacks out at as, but then you have a partnership and that's owned by partnership.

Yeah, right.

Yeah, so it's, uh, so the owners are me, John, and Mateo. And then, um, I also have my other— I have a physical therapy practice, and that's an S corp.

Um, he was telling me what to do to help my back. Oh, so it was awesome.

Yeah, so, um, so yeah, um, I mean, guys, I, I really appreciate you guys taking the time and, um, allowing into, uh, like, allowing us to ask you questions and I mean, I'm really excited. Like, Insight Tax, like, these guys are awesome. Like, you talk to any other accountant and they're not going to be able to give you this type of insight. And I've like worked with multiple accountants in the past, and like I went from like working with my cousin who was terrible, and then like—

Oh, okay.

He was like, okay, I'm saving you a little bit of money, and then here I have you guys. And so really, really thankful about that and want to be able to, you know, share your knowledge with these guys. Because they work their butts off, so it's important that they, you know, get compensated and retain all that money as much as possible.

So thanks a lot, guys. You're welcome. We love talking to you guys, so literally any questions you have, don't hesitate to reach out because we'd be happy to help in any way we can. So