Smart Money Tactics Masterclass for Notary Signing Agents (Part-4) | Wealth Building Strategies

Hey, this is TJ once again with solutions by tj and we are continuing this series. I have my mentor, Mr. Robert Webster, and he's teaching us wealth strategies. We are business owners now. This is stuff that we have to know. Now, you are at a point in your business where you need to keep records, right? You need to segment things, and nobody else is telling you this. So guess what? I'm going to tell you. And not only am I going to tell you, but Robert and I are going to give you the systems that you can put all of this stuff into fruition in one place so you not using 29 different apps to do it. I hate that. I just want to go to one spot, find everything. It, you know, I put it in the app, it goes up to the cloud, and I'm done. I don't have time for all of that, right? So, Robert, take over from here.

Hey, hey, hey, guys. The financial Robin Hood back again. Stealing strategies and sharing them with the poor. Check it out. So I have an app system called the Cash Flow Manager. I'm gonna share my screen with you. So this is the Cash Flow Manager. Now, what I'm gonna do is I'm gonna show you a couple of examples on how to track your expenses. We'll go through a regular day in your life. So.

Let me pull up my example one here. So say before you leave your house every day, you should be tracking your miles. If you're a business owner, Uncle Sam will let you write off 80 to 90% of the miles you drive every day. Now, just imagine if you do, say, 12,500 miles a year. That's a $7,500 tax deduction just for driving your car where you're going to drive it anyway. Miles equals dollars. All right? So we have to learn to track our miles. Now, we have a GPS mileage tracker right here. So all you do is open it up, go ahead and plug your beginning miles in.

And then hit start GPS tracker. And it's gonna track it all while you're driving. Say you're done with your day. You go ahead and stop your miles. All right? It hasn't, because I didn't walk anywhere or drive anything. And then you go ahead and. Is less than 1 mile recorded? And then you go ahead and start. Stop it. It's going to ask you a question. Do you want to track these miles? You go ahead and track them. Also, we have another way. That's the digital tracking. If you want to track it and just go. Or you could go here and you could log your beginning miles in, and then at the end of the day, you could go here and log your ending miles in. All right? And say 90% of those miles were business miles. Alright, go down here. Who did you talk to today? What did you do? Where did you go? And save it. Simple as that.

And confirm your entry. This is a very simple way of tracking your mileage. Mileage, like I said, is a very important.

Is a very important expense that most people don't track properly. Also, your meals and entertainment, your travel. If you take a trip, you see a owner, a CEO of a company might take a trip to, say, Hawaii, and he'll take his family to Hawaii, but he might have a meeting for 30 minutes. But now that Hawaiian trip has become a business trip, so he gets to write that off as a business expense. Okay? Your meals and entertainment. So let's go right here to enter a new expense. We're going to show you a few expenses. Let's go. You can scroll down to meals and entertainment, all right? Say you're out to eat and you talk to someone about your business. Say you spend about a good $45, all right? You treat them. Say you're at a steakhouse, all right? You had you a nice steak for lunch, all right? And you did a presentation, you talked to them about your business, all right? And that's going to be whatever city you live in. And then you know what? All you got to do is assign a receipt image and go ahead and take a picture of that receipt. Boom. All right, Use the photo. It's going to save the photo, and then it's going to download it, upload it to the cloud. Simple as that. You see, tracking your lifestyle is very important, okay? Because you're spending money as an employee, you're spending money on things that are bills. But once you become a business owner, a portion of those bills can become business expenses, which can lower your taxable liability. How would you like to see exactly how that works? I'm glad you said yes. So you know what? I'm going to show you exactly how that works. Let me go ahead and share this other device here.

And let me make sure that y' all know the screen that he showed y' all previously, that's a mobile app, so that's on your good telephone. So it goes with you. And not only does it go with you from the mobile app, you enter that information on that app and it goes directly to the cloud, so you'll be able to see it on your mobile phone as well. As the website.

That's right. So I'm gonna take an example here of a mom making, say, $60,000 a year, and she's got two kids, okay? She's gonna get a standard deduction of about 18,000. So that's going to take her taxable income down to 42,000. Now, if she doesn't have a business, there's nothing she can do about it. She's going to be paying taxes on that 42,000. But most of you out there are business owners, so we're teaching you tax advantages of having a business. So now you're going to take that 42,000, all right, where you're going to start at, and you're going to start tracking your miles. And like I said, average lease is 12,500 miles. You track those miles, that's a $7,500 tax deduction. Uncle Sam will pay you 56 cent a mile, I believe. So just for your miles, that's 7,500. Now, her taxable income is down to 34,500. But you know what? She's got two kids. She's going to pay those kids a salary because you know what she's going to do? She's going to teach them how to make a couple posts on her business on social media for her. She's going to teach them how to take pictures of her receipts and log them in her cash flow manager. So she's going to pay them, and Uncle Sam can. Uncle Sam says you can pay them up to $12,000 a year. She got two kids. So you know what that is? 24,000. All right, that's a 24,000 tax deduction. Wow, that is an awesome deduction. Now, her taxable liability is down to $10,500.

And that's just wages. But you got travel, you got a cell phone, Internet service, you got meals and entertainment. So we're gonna say for travel, she's gonna spend about $5,000 a year taking the kids to Kalahari. In the summer, you go to Cedar Point or Kings island or, you know, whatever city you're in. You go down to Florida, you know, so you go. So now that takes her taxable income down to 5,500, because you remember, you're a business owner, so you get to write off your travel. You also, you've got a cell phone, right? I'm pretty sure you're spending at least $500, $1,500 a year for your cell phone, your Internet service. Those are all business expenses. So now taxable income down to $4,000. And you got to go out to eat. I'm pretty sure whether Covid or out of COVID you're going out to eat or ordering food. But you know what? You can make those meals a business expense. Most people are spending about four, five, six thousand dollars a year. So now look at this. She made $60,000 a year, and because she's a business owner, she's legally paying zero taxes. See, these here are the strategies wealthy people use to maintain their wealth, but they're also the strategies you can use to gain some wealth. You just have to be in the know. Remember, wealth transference is happening right now. Do you want some?

Yes, indeed.

Awesome. Awesome. So I thank you for that. I do have one question. So if we pay zero taxes and say we want to get some type of business loan like the Eidl loan, should we. Should we show somewhere where we're making an income and paying attach. Paying taxes on that or how you.

Are making an income? You just. You don't have anything to pay taxes on because you have business expenses? Gotcha. That's not gonna determine whether or not you get that loan from the Eidl or not.

I gotcha. Okay. Thank you. That's good.

Been there, been there, done that.

Okay. I love. See, that's. See, that's why you're here for me. I love it. I love it. I love it. Okay, guys, so I. Hey, look. Did you. Did you learn something? Because I sure did. All right, this is TJ with solutions by tj. Make sure you hit that like button if you learn something and subscribe to this video. I'm always trying to give you everything that I have. There's a link in the description. If you want to learn more. I will allow you to have a meeting with this guy on your own, and y' all can talk about. Talk about these strategies more. This is TJ with Solutions by tj. I love you to life. See you on the other side.