Hi, everyone. This is the How to Lower Your Tax
Bill podcast. I'm your host, Terrence Hutchins.
I'm a financial and tax advisor in the Dallas
-Fort Worth area. And the goal of this podcast
is to help you listeners get educated on different
tax strategies that you can implement to improve
your tax situation immediately. Each episode
will break down useful tax tips you can use to
save money, no matter what your personal or business
income situation. because our motto is keep more
of what you earn. So let's get into today's episode.
So welcome back to the how to lower your tax
bill podcast. We have been discussing the starting
of a business and some of the things that should
be going through your mind as it relates to when
you want to start a business. What goes into
it? What are some of the things you should be
planning ahead for? And then what are the tax
implications that come along the way? So today
we have a very special episode. We're actually
going to talk to our co -host Tamiya Kelly about
her thoughts in starting her business. And this
is going to be kind of a Q &A format. We'll kind
of get her genesis around some of the thoughts
she had. I'm going to ask her some questions
and we'll help to hopefully. resonate with some
of the listeners on Dead Decision because we
know post pandemic, a lot of people got laid
off or they kind of start reimagining what their
next move would be as maybe they were now remote
and they like the flexibility. So a lot of people
like the idea of owning a business, but we're
going to kind of get to the nitty gritty of what
it actually takes to be successful. And we'll
kind of give Tamiya the floor to one, introduce
herself. and talk about her journey as she looked
to start her insurance agency. All right. Hey,
y 'all. Hey, hey, good people to me in here.
And this is the infamous couch session that Tansy
has been talking about where I spill all the
beans and truly, truly, hopefully you all can
learn from me of what not to do and what to do
going forward if you plan on starting a business
for sure. All right. So first, what led you to
make the decision? Okay, so it's interesting
you mentioned the whole 2020 situation because
in 2020, I actually, I've been in insurance for
a long time and I wanted to stop my own agency
and in 2020, but the sky was falling, right?
So I said, let me be still, be still, don't move.
But in November of 2024, I was laid off and I
felt like, okay, this is my time to... start
this agency. And one of the things that you talked
about is, we've talked about a lot on the podcast
is, is it a hottie, right? Is it something you
can do? Is it like knitting or baking cakes or
just a side hustle? And with the insurance world,
you actually have to be licensed and educated.
You can't just start an insurance agency. It's
highly regulated. And so for me, I was like,
well, I know I'm going to have to start the business
because this can't be a hobby. This is not like
a side thing. Even if I wanted to just spend
my time educating people, I still need to be
licensed. I still need to have insurance for
even doing that. So that's what made me start
the... I'm passionate about insurance. I'm passionate
about educating people. And so that's what made
me start the business. I see. All right. What
made you pick insurance? Oh man. So... I want
to say low hanging fruit, right? So I can do
a lot of things, but for me, I didn't want to.
I know this probably sounds like the chicken
way out of things, but I'm good at insurance.
I've been doing it. I sold insurance. So it was
like low hanging fruit to me. And honestly, I
thought it would be a great segue into entrepreneurship
because I've been in it for 20 years. Got it.
So for your listeners, you did what you knew.
Yeah. Yes. So that's where you started. Yes.
That's where I started. Yes. Yeah. That's where
I started. Yeah. Where did you, obviously you've
been working in this series as an employee. So
what was your vision of what you thought things
would look like when he started the business?
And then what was your kind of apex mountain
experience? Listen, let me tell y 'all. I just
want to continue to give you a plug for this
podcast, how to lower your tax bill. Honestly,
because there's so many nuggets in here. Go back
from podcast one and listen all the way through,
because what I thought in my mind, the way my
mind was set up, Terrence, I was like, I'm about
to start this agency and I'm about to just be
rolling. Okay. No, ma 'am. No, sir. So my idea
was to have one location. you know, be the only
employee for about six months to eight months,
and then gradually grow. I also thought I was
gonna have just revenue, just customers calling,
you know, and policies galore. That's what I
thought. But the reality is, it takes a long
time to get started with an insurance agency,
a long time. It's a long time. It's not just
like what Terrence mentioned on the... last podcast
about going to your state and getting registered
as a business. So, you know, I registered as
an LLC. And as we know, S -Corp is a tax designation.
So don't say I have an S -Corp. No, I have an
LLC, a disregarded entity, and I got my EIN.
All of those things are easy to do, literally.
It's very easy to do. What's not easy to do from
the insurance agency standpoint, is get the appointments
for the insurance carriers that you want to sell
through. And that's what I did not. That's the
reality I'm dealing with currently, right, is
you want to get started. You have your 30, 60,
90 -day plan. I read all the books, Terrence.
I'm like, get your 30 -day plan, your 60 -day,
90 -day. Yeah, no. Absolutely not. And that's
the reality I've been right now. I see. All right.
So just to think about taxes for a high second,
then we'll come back to your specific story.
So when you look to start a business, you have
the free phase, which the IRS calls the exploratory.
Okay. Startup phase. They will allow you to deduct
up to $5 ,000 of expenses in that category. This
could be research costs. It could be travel.
It could actually be hiring the training people,
but you're not really open for operation yet.
Right. Okay. When you open your operation, meaning,
Hey, I can actually start servicing customers.
That's where the business actually starts. Then
all the expenses would then go under the ordinary,
necessary, reasonable. Hey, I spent this money
once I started the business and I could deduct
it if it fit into one of those ordinary, necessary
or reasonable categories. Now, in your case,
What were some of the expenses new of ahead of
time and then other expenses that you got more
surprised by? So I knew ahead of time that the
LLC was going to cost, you know, getting set
up your articles of incorporation with the state.
I knew like getting my license to do, you have
to have a license agency in the state of Oklahoma.
So I knew those factors. Like I knew I needed
a new computer. I was working on a laptop, but
I needed like a desktop situation. needed a new
monitor because mind you all I was a corporate
employee for over 20 years so all of my Computers
and monitors and just different things came from
work came from my employer and so I was like
Now where my stuff at so I knew I was gonna have
to do that And so those were just some of the
things off top like, you know printer printer
paper ink Those were some of the things I knew
I was going to have to get. Now, what I didn't
realize, what I didn't realize I was going to
need is programs. I mean, like, everything costs.
Everything costs. Like, if you want to do programs
like a cell phone, right, when people want to
call, you need a business phone, right? Not your
cell phone. You need a business phone. You need
errors and omissions. You need all these different
things that go with insurance. Like, how do you
receive your commission? You need a certain system
for that. You need a certain system for your
expenses, like your, I don't have payroll per
se, but how you document it. You need to have
money for just anything that literally comes
up. And when I tell you it has marketing, a website,
my website, I thought I was just going to make
my, create my own website, you know, Canva, something
like that, you know. No, no, it it costs a lot
more money than what I anticipated for sure Got
it. So thinking about more of the planning for
the listeners. So we think art I have this initial
idea Ideally, I want to start with something
that I know or have experience with then I got
to figure out art What are the costs to start
the business that enjoy what people think when
they think people tell you? Oh, you know, you
need to start a business so you can save on taxes
as you're mentioning the items to meet at your
website, software, all that stuff. That was money
you spent. Now, if you had, you know, you had
a W -2 kind of the end of the year for 2024.
So if you had spent money on the business to
get it started, you could have taken deductions
for that to offset the income from your W -2
job. And that would have lowered your actual
tax bill. However, you spent that money. It wasn't
as if it just came out of thin air. and the Irish,
out of their goodness of their heart, gave you
a deduction. Right. Either you spent it out of
your cash or you borrowed the money. So either
way, you had some skin in the game. That's really
where you're getting the deductions for. And
the reason the Irish is giving you that deduction
is because they want you to be able to save money
on taxes, not out of the goodness of their heart,
because they know you're looking to create something
that could potentially also not only implore
you where, hey, if you start making more money,
you're going to spend more money. But you also
might eventually hire people. And those two are
going to pay taxes and look at it as an investment
on their side into the economy when they give
you a tax break. And so you have to think about
the same way you're spending this money. And
I'm, you know, I'm just not a business to the
same on taxes. No, no, this is an investment
in your future. And so you have two components
that invest it. You have your the capital, which
is the money that you're putting out of your
pocket. But then you have your time. So we call
that sweat equity. So you have those two components,
which you need to think of sweat equity in my
capital equity. Those are my investments in the
business. I need to be able to figure out what
is the return I should get as a result of me
putting money into this and putting time into
this. Now, when you start it, were you thinking
of the along those lines or what what have you
been doing now? Absolutely not. I think one of
the things I've learned is. And I and you mentioned
it during the last podcast as you really I would
encourage everybody to do what I didn't do and
really take time out every time you There's an
expense to just kind of stop and process Why
am I spending it in trying to understand the
ROI because I did not I was just like, okay I'm
I was focused on my 30 60 90 days and I was I
had a timeline that I needed to be up and running
and money, I didn't stop and reflect. And it
really wasn't until I started to put all my expenses
and stuff into it, like the little system that
kind of shows you what you're spending. And I
was like, did I need that? Now, how is this going
to help me? And so that's really what I want
to know from you. And I'm sure the listeners
do too, is really understand when you were talking
about the return or the initial investment in
the time, right? What does that look like? How
can we slow down and find out what we should
be really spending more time on? What can we
get? What can we deduct right? Because we've
said this a lot on the podcast is that every
time I spent money on something that was like
Oh, you could just write it off. I mean literally
Every single time I bought some type of software
or something. Oh, it's an expense You could just
write it off and I'm just like every you can't
write everything off, right? But I didn't stop
to think about it. I knew that I could write
everything off. But one of the things is I just
didn't stop to think about what can I, and then
try to be intentional about doing the things
that could lower my tax bill, right? So hindsight
is always 20 -20, but certainly I'm still in
that space, right? So your question is, have
you stopped to think about my ROI? Oh, I stopped.
I thought about it. But have I really did the
assessment? Absolutely not because I'm still
kind of in the thick of things and still trying
to figure it out with expenses coming. They're
still coming, you know? Got it. So one thing
that I will look to help clients with in the
same way, if you were, you know, you're in Oklahoma,
I'm in Texas. We got people across the country,
maybe listening. And when you are preparing for
vacation and you're going to a different place,
you will look at the forecast. to determine how
you should prepare for that new place. That's
good. And that's going to help you dictate what
do you bring? How do you dress? Do I need an
umbrella? Do I need sunscreen? All those factors
are going to help you prepare ahead of time.
Because when you get there and it's raining and
you don't have a park or you don't have an umbrella,
you're going to have to try to scramble. And
usually it's going to cost more to do that when
you're not prepared ahead of time. And so it
would be good for you when you would look to
start your business is do a, at minimum 12 months
forecast. So if you have this idea around expenses
where let's say you do have a job and you're
like, I got to spend X amount. Many of the things
she mentioned are deductible. The software, all
the things are deductible. So what am I currently
paying in taxes? What do I need to spend on this
business? How would that lower my tax bill? But.
depending on your income, we know that it's only
going to reduce your taxes proportionate to your
tax bracket. If you're in a 24 % tax bracket,
this software costs $100. Oh, yes, deductible.
It's really only saving me $24. Yeah, I still
got to spend $76 out of my pocket in order to
finance that expense. So that $76, although the
IRS is giving me a break on off the hundred.
And ultimately, if I make a dollar. the return
on $76 is higher than the return on for mad purposes.
It allows me to increase my return because my
after tax amount is lower, but I still want to
be able to do that forecast so that I can say,
how much am I going to spend? And then if you're
paying money in taxes, the also the objective
would be, you know what? Let me adjust my withholdings
so that if I'm going to spend $5 ,000 or whatever
on this business and that's going to reduce my
tax bill by $1 ,200. Well, hey, let me not pay
that $1 ,200. Let me recoup it before I file
my taxes. Cause that's what we talked about in
the past about people love refunds, but if you're
investing in a new startup business, you want
as much money as possible at your disposal. So
that ultimately, if you need to invest in something
with the thought that it's going to help you
make more money, then you have it sooner versus
having to wait, you know, three, four, six months
or whatever to get the money back that you overpaid
on your taxes. Transitioning to your situation
leading up and then even now, what would be some
things you would feel like you would do differently
from a tax approach or business approach? Now
that you're looking back, let's say when you're
done with that 30, 60, 90 day. So what would
you have added to the list? So one thing I did
do you all from listening to this podcast and
working with Terrence is I actually kind of hit
on it a few podcasts ago, but I actually opened
a business account and then I opened a business
savings account. to start preparing for said
taxes, whatever, because clearly I am taking
a loss of this first year in 2024. But even still,
just preparing for taxes. So that is something
that I did do. Just try to estimate based on
tax brackets to see what my projected tax bill
would be. Even though I'm trying to lower my
tax bill, something I would definitely do different
is I would literally spend more time. with the
forecasting, because as you were saying that
I was writing it down, I did not forecast properly
in terms of expenses, right? So when you do a
business plan, and I encourage everyone to do
that, you do a business plan as it relates to
your business, like to the thing that you're
trying to do. So for me, my business plan was,
how many leads do you anticipate that you're
gonna get in a month? And how much premium do
you think you're gonna write? So that's my business
plan. What's your game plan on getting in front
of people? My business plan did not include your
expenses. How are you going to pay for these
expenses? Are you self -funded? Because you mentioned
that in terms of capital, right? I didn't spend
a lot of time in my business plan for capital.
And I think that's something that everybody should
do, even from a tax standpoint, from a business
standpoint and a tax standpoint, is spend time
on your capital. Because one of the things that
I should not have done, and Terrence, I want
you to speak on this, from a tax standpoint,
is that this is self -funded. In hindsight, I
think I should have just got me a loan and did
it that way. Because when you're self -funded,
you have money going out. There's no money coming
in until you start having revenue, right? And
I think that loan piece of it would have helped.
Now, I don't know necessarily, Terrence, you
can tell us what that looks like when you file
your taxes in terms of it being a loss or a debt.
But certainly I feel like those are some things
I should have done. I should have paid more attention
to my expense forecast for sure. And then also
spent more time with the capital forecast as
well. All right. So just to address two things
that you mentioned. So there's one, the decision
to actually self -funded or to get outside financing.
When you get outside financing, either you're
going to give up ownership in exchange for money.
So that's where you get equity or you're going
to. We're going to basically exchange terms.
I'm going to borrow a certain amount of money
and I'm going to pay back more than I borrowed
over a certain schedule. So that's the debt part.
Now that difference, what I borrowed and what
I eventually had to pay back, that is interest.
That is what's going to be deductible. So if
I borrow 10, I ended up paying back 11 ,000.
That thousand dollars is deductible. I can use
that to deduct on my taxes. Now what challenges
people, they will, and then whenever you use
that $10 ,000 on, you can actually deduct as
well. So remember, you didn't come out of pocket
at all. You just borrowed the money. Now the
extra money you had to pay back is the deductible,
the $1 ,000. And then the $10 ,000 that you spent
money on, that is deductible. But you only get
to take advantage of that in the year that you
do it. Oftentimes people will borrow money. They
spend the $10 ,000. They get the $10 ,000 tax
deduction and they're excited. Like, okay, I
got a refund. Then they start paying back the
loan and they realize what If I'm paying back
the load, the only amount that's actually deductible
is the interest part. The principal payment,
the $10 ,000, I already got a tax benefit for
that. That's right. I'm not going to get a future
tax benefit. And so I have to now think, well,
look, if I pay back $10 ,000 and I made $10 ,000
on paper, the IRS says, well, look, your profit
was $10 ,000. We already gave you a tax deduction
for that. Oh, that's right. The profit. So you
made $10 ,000. You paid us, you paid the loan
back. But you're so if you look at the math,
you're thinking, all right, I'm in a paying taxes
on profits. Yeah. But I don't have any cash to
show for it, right? I think that the thousand
paid back the loan. Then I now have a deficit
between, hey, the IRS is going to tax me on that
10 ,000. But the cash that I made actually went
to paying back what I already borrow. And so
a lot of business owners, it's really challenging
for them to manage that. relationship. And I'll
get into maybe some thoughts on strategy for
future episodes, especially at bigger scale.
So when you have inventory, accounts receivable,
accounts stable, those are all things that you
have to plan ahead for relative to your cash
flow, but also your tax situation. So in your
case, the interest part, that is also what you
need to factor into your return. you think, all
right, if I borrowed this money and I got paid
back more than I borrowed, then ultimately the
return that I expect should not only compensate
me for the capital I put in out of my own pocket,
it should compensate me for the loan that I borrowed
plus the interest plus my time. That's right.
So when you borrow money, you just are expecting
to get a even higher return than if you were
to finance it yourself because you're basically
pulling forward money that you would have made.
You're just giving it to yourself today. That's
good. And as a result, let me spend that to run
faster in the future to compensate for the money
you pull forward today. That's good. Y 'all hear
that? That's a word. Okay. I like that because
those are some things you got to think about.
And if I decide to borrow some money, I will
definitely make sure I run it by Terrence. Let's
do this proper forecast here to make sure I'm
not, you know, put myself in a, in a further
deficit for sure. So that's that's really good.
Thank you so much for that because that's kind
of where I'm at another thing that I think people
need to think about is if you do decide to self
-fund you need to be adequately funded and what
I mean by that is that you can't pull from the
same pot, which is something I would say I I
did and do and it's not wise to do that from
a business standpoint is you pulling from the
same pot to pay your own bills versus and also
paying the bills of the business so Certainly,
you're planning, which means that you may not
be able to start as soon as you like. And that
piece has to be okay. You know, if you don't
start as soon as you like, you have to be flexible
with your 30, 60, 90 days because you want to
use wisdom. You want to start. And Terrence has
said this to us all the time. You want to get
in business to be profitable, right? Otherwise,
it's a hobby. And this is not a hobby for me.
This is for real. This is a career. This is like
to set my family up, et cetera. So you want to
make sure you do it wisely. So I would certainly
say plan and spend time planning, including not
only how you're going to scale the business,
but how your expenses and then your capital on
doing that. And so when I talk to business owners,
I will tell them that generally you are the biggest
constraint and the biggest asset of the business.
And a lot of times you're going to wear two different
personalities. You're going to be the labor,
the talent, but you're also the owner. And those
are two different skill sets. Many times people,
they start a business because they have a talent
or a skill set and they think, Oh, you know,
I can really cook or let me start a restaurant.
Well, owning and operating a restaurant is way
different than just making food. There's a whole
lot of other components and there's really six
parts of any business. You have sales, marketing,
finance, operations, fulfillment, and strategy.
When you don't have anyone else helping you,
you're going to wear all six of those hats. And
most people aren't going to be good at all six
of them. You're going to be deficient in one
of those areas. where that's why you have to
get educated or, hey, I'm going to outsource
this function on a part -time basis or a full
-time basis eventually to help me to where I
can lean into my strengths and ultimately be
able to try to generate more revenue that will
allow me to either retain it back into the business
or reinvest it. And the other part that I say
people that are constrained is the fact that
you have to pull money out of the business. If
this business is a machine that's supposed to
return money and is an investment, that you like
to be able to leave money in it if possible so
you could reinvest back in the more stuff back
in the marketing back into people so that frees
up your time or this is something i'm not very
good at so i could hire someone else who's better
at it to actually enhance the function overall
but one of the things you have to think about
is okay here's my personal money here's my business
money i gotta also think all right am i going
to be able to make the same personal financial
decisions I made before. If I go out to eat all
the time, can I afford to do that now that I
have this business that I'm also supporting?
Can I go on vacation? Can I do these things?
Yeah, you might. And you might think, you know
what? I work hard. I deserve it. Well, you can
have that approach. But to me this point, you
also got to be thinking about as I'm forecasting
this ahead of time, it's really challenging for
people to get to the point where they're comfortable
and it's hard for them to sacrifice to get to
that point. It's almost like the snowball going
up the hill. It's like, okay, once you get to
the top of the hill, coming down, it's just way
easier. It's really a sacrifice to get up to
that point. Once you have a million dollars,
it's way easier to make money on that million
than when you have a thousand, right? And I got
40 % on my thousand. Oh, wow, I got $1. But if
I got 20 % of my million, that's a couple hundred
thousand. The thought process is different. So
I think you have to forecast not only your financials,
but also your personal decision making so that,
hey, how long am I willing to sacrifice for this?
Because ideally, within 12 to 24 months, your
idea should be getting trashed. Right. Now, do
you have enough money to survive that long? That
part. That's what you have to figure out. And
I think that Hopefully we can do another podcast
series where we talk about how you're going to
get paid, right? Because you alluded to it, I
think, a couple of podcasts ago, where when you
are a disregarded entity or an LLC, you don't
have an S -corp, the way you pay yourself is
different than the way you are. If you have a
tax designation as an S -corp, you are an employee,
and you literally need to have to be compliant,
you have to have a W -2, right? You have to be
a W -2 employee. but your LLC disregarded entity,
not at the S corp, it's different. And so maybe
we can talk about that because that is something
too that you have to consider. So just to recap
of my couch session, and then maybe Terrence
can give us some actionable items to be better
at how to lower your tax bill is one, please
do your business plan. When you're planning,
consider the business that you're in, but also
consider your person, yourself, like he said
so eloquently just a second ago because You I'm
telling you unless you are a multi -millionaire
your funds will run quick. They will go quickly
the unexpected expenses and Also be honest with
yourself. He gave us six things right sales market
finance operation fulfillment and strategy You
may think you're Superman a superwoman However,
so comma I am telling you now that is taxing
that is taxing every day. You have to get up
and be intentional about how you start your day
and how you show up for that day and what you're
gonna do on that day, right? Are you gonna do
the fulfillment? Are you gonna focus on strategy?
Are you gonna do these different things? And
so you may need to spend the money to outsource,
but that all goes into planning. And then from
a tax standpoint, pull up the IRS, get with your
tax professional and say, okay, this is what
I need to spend money on. What does this look
like from a tax standpoint, right? If you have
to take a loss like myself, what do I need to
be prepared for to take a loss? And if I end
up getting a refund, how am I going to make that
refund work for me in the long run? And then
if you decide to get a loan, what does that really
look like? Because don't just get money. We saw
how people got those PPP loans. We're not going
to talk about it, but don't just get the money
and think you're just going to blow it. You still
need to be strategic about this business. And
then lastly, you mentioned it so well, is sacrifice.
So I love hair, nails, baby. I got to do it myself
now. I got to do it myself now, right? Because
you got to make those sacrifices, especially
when you are self -funding for sure. So what
can we do? Help us, AKA help me. What can we
do? What are some takeaways? So, so yeah, I think
depending on if you're thinking about starting
or you're already in the middle of it, I think
you can always go back and assess, all right,
where am I today? So in the same way, if you
were looking at Google Maps or Apple Maps, where's
the pin on the map? Where are you at? And then
where do you ideally like to be so that you can
just reorient your plan? And then we talked in
the past, okay, if you have these six functions,
how are you approaching your time? A lot of people
love controlling their time. but that also means
you need to be disciplined with how you spend
your time. That was your biggest commodity when
you own the business is how you spend your time.
So how is your time best suited in those six
functions? And ideally, more of it is going to
be going towards revenue generating activities.
If you're in the office and you're doing stuff,
I'm looking at software, I'm checking this out,
I'm checking this out. Well, you need to check
and say, hey, are these things that are actually
helping me make money? Am I just kind of in the
office like I'm busy? Ideally, if you can identify,
okay, what are the activities that lead directly
to me getting more revenue? Then I need to have
a plan at the start of the day to make sure that
I'm going to spend the majority of my time on
those activities. The stuff that doesn't generate
revenue obviously can wait. Now, in order to
be compliant, you might have to do some things
that you didn't plan on that day. But for the
most part, Most days you have complete control
of what you do. So that's where I would start.
Do I have a plan for how I approach my time across
those six functions? What are my revenue generating
activities? And then let me at least run a, you
know, that 30, 69 days. Let me at least run a
forecast and then if we can't get out to a year,
let me at least do that. You know, we think,
all right, we're in June right now. What expenses
am I going to have in July, August and September?
On the personal side, what am I reoccurring expenses
on the business side? So I know, all right, how
much cash do I have on hand? And what is my cash
balance going to get low enough to where my heart's
going to start palpitating? Because only your
business is emotional. Part of it is just managing
yourself on the good days and the bad days. And
even if you are, you can be Jeff Bezos and there
are certain days where they will get to a point
where they question, why am I doing this? Now
they may happen shorter and shorter, but everyone
goes through it, whether you're a multi -billionaire
or you're just starting day one. You're going
to have those emotions because we're all human
at the end of the day. So being able to forecast
that 30, 60, 90 days, assess how you're spending
your time across those six functions. And are
you spending the majority of your time in revenue
generating activities? If you can look at those
three things. And then I think on our next podcast,
we'll go through maybe some examples around how
you think about the money that comes in the business
and what goes out. So we'll talk about, okay,
your profits, your cashflow, the taxes on those
so that you can ultimately help Make better the
final two decisions right and also this is the
name of the pot because it's how you lower your
tax bill but doing it in a strategic way not
just to scramble and Say well, you know, I don't
want to pay this extra thousand dollars that
the government got me. Oh, what can I find that
right off? Right that is a strategy, but it's
not a great one and it's generally not gonna
provide the long -term benefits for your business
So yeah, so any pardon thoughts before we sign
off. Oh my word No, just y 'all listen plan plan
and be honest with yourself That's all I'm gonna
say be honest and then seek out professional
help. I'm very grateful to have this relationship
with Terrence Y 'all reach out, you know to Terrence
Or or a tax professional for sure, but listen
get some professional help. Don't just wing it
That's that's the quickest way to failure. Please
use your resources research get professional
input and make sure you're setting yourself up
for success. And like he said, if you're in the
middle of it, like I am, it's okay to stop, stop
and assess. It's really okay to make sure you
set up for success moving forward. Awesome. Well,
as we say, keep more of what you earn and we
will talk to you guys next week.