An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from Al Salvador accused of murdering a Texas man of Venezuelan charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United States
Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fined nearly one thousand dollars a day, imprisoned, and deported. You will never return. But if you register using our CBP home app and leave now, you could be allowed to return legally.
Do what's right. Leave now. Under President Trump, America's laws, border and families will be protected.
Sponsored by the United States Department of Homeland Security. Okay, So I put this in all my tax slides all the time because I think I want everyone to have this perspective and understand this, and so Warren Buffett. Warren Buffett stated I paid a lower tax rate than my secretary thanks to the many loopholes and deductions that benefit the wealthy. And so I love to include this, and I love to have start off with this conversation because the reality is that Warren Buffett is not boasting. He's
not saying it's right. He actually thinks that it's wrong. But the reality is the reality. So this goes back to my conversation of earlier saying Okay, well, if you don't currently have a business or you're not currently investing, you need to invest. You have Warren Buffett, one of the richest men in the world, saying that his tax rate, right, so not saying the amount of taxes that he pays.
His tax rate is lower than his secretary. So that tax rate just means that his rate is probably at twenty five percent and his secretary is probably at thirty five percent, right, And it's all about It's all about because of it's sorry, it's all because of what he's investing in and where his income is flowing in from. And so the government is always going to incentivize things that they want to pretty much happen. Right, So if they want more people to become landlords. They're going to
incentivize real estate. That's why there's so many tax deductions and so many different perks when it comes to real estate. When it comes to taxes, it's because the government needs help. They want landlords. They want you to be a landlord because they cannot house everyone. When it comes to you know, food and energy and all those things, there's a bunch of different tax deductions surrounding them. And it's because that's what the IRS wants. The IRIS wants you, I'm sorry,
that's what the government wants. The government wants you to invest your money in the stock market long term, not short term. Right, So what do they do. They make the tax rates for long term investment lower than the tax rates for short term investing. Right, And so you all have to just it's really about mindset when I educate. When i'm educating you all, if you know, you want to go off and do your own taxes, that's fine,
But when I'm educating, it's really about mindset. So that way you all can understand what's possible and you can understand pretty much the rules of the game. Okay, so I'll read this. You guys can feel free to take a screenshot of this. This is pretty much what I spoke to you all about already in terms of what tax planning is. But tax planning is the analysis and arrangement of a person's and business financial situation in order
to reduce their tax liability. The tax plan ensures that all elements of the financial plan work together to pay the lowest tax in a legal and efficient manner. Through tax planning, individuals ensure they can attain maximum tax efficiency. Reducing tax liability increases the ability to take the money you would have paid to the irs and allow you to contribute it, contribute it to your dreams. Okay, So that in a nutshell is what tax plan it is.
And a one liner, keep more of your money so you could do whatever it is that you want with it, right, and to make it simple. Now, I'm going to start talking about tax planning, and we're going to start off with bookkeeping. I used to be so lenient when it comes to bookkeeping, and I used to try to find a way around it to tell people, you know, maybe you don't need bookkeeping, maybe you could try to do it yourself. No, you guys need some sort of bookkeeping. Now,
whether you decide to do the bookkeeping yourself. Everyone needs some sort of bookkeeping software. Some people choose to keep track of their books, and you know, let's say they sorry they made you to keep track of their books. Let's say it on Excel. Right. The issue with trying to maintain your books and money that's coming in and going out of your business. The issue with that is that when you do that, you have you pretty much
have the opportunity to miss things, right. So if you're missing things, you may forget to include a transaction, you may include you know, some revenue or some expenses. So what you want to do is you want to make sure that you're able to kind of get ahead of that, right. And so I do recommend like some sort of software. So whether that's like quick Books, Sorry, some of my clients. I use quick Books within my company with my clients.
But what's some other one WAVE A lot of not a lot of clients, but some clients do use WAVE. I don't care what you use, just use something, right, And so the business.
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An illegal alien from Guatemala charged with raping a child in Massachusetts. An MS thirteen gang member from El Salvador accused of murdering a Texas man a Venezuela and charged with filming and selling child pornography in Michigan. These are just some of the heinous migrant criminals caught because of President Donald J. Trump's leadership. I'm Christy nom the United
States Secretary of Homeland Security. Under President Trump, attempted illegal border crossings are at the lowest levels ever recorded, and over one hundred thousand illegal aliens have been arrested. If you are here illegally, your next you will be fine. Nearly one thousand dollars a day. Imprisoned and deported, you will never return. But if you register using our CBP home app and leave now, you could be allowed to
return legally. Do what's right, leave now. Under President Trump America's laws, border and families will be protected sponsored by the United States Department of Homeland.
Security right off, if they decide to absolutely, so yes, so sorry, guys, you know my voice is going, so absolutely, if you guys sign up for quick books, if you guys decide to pay me, if you guys decide to pay another professional, all of those things are tax write offs, right, And that's the beauty. And I said this on stage. I was like, you know, the beauty of being a business owner or an investor is that you get to make your money, pay your expenses, and then your tax
on what's left. Versus when you are a W two employee, what happens is that you get your money, your tax, and then you have to try to live off what's left, you know. And so just looking at it that way is like you know, I tell clients all the time, it really is about what can we really what can we do to bring more of our personal expenses over to the business side. So now that business is now deducting those expenses versus you know, us trying to live off of let's say that W two income that we're
bringing in. So I put bookkeeping first because bookkeeping, as I put here, is really the foundation. Okay, So it is the foundation of tax planning. I cannot help you save on taxes if I don't know how much your business is profiting. If I don't know what expenses you really have or what assets you really have already, it's pretty much impossible for me to help you. And so if you want help or you want to be able to take advantage of things, you have to have your
foundation in order, okay. And bookkeeping is very important, especially for you know, if you're going for any loans or you don't know how many people every single year contact me, actually every single week, contact my office and they're like, oh my god, I'm going for a loan and asking me for a profit in law statement. And I can't give them my profit in law statement because I don't have any bookkeeping. Oh my god, can you guys do
my bookkeeping? I need you to do my bookkeeping for the past two years, and I need it done in two days, we're like, do you want us to go through twenty four months? Wow? You know, and so because nothing is urgent until it's urgent, and I like to practice a lot, and most people look at me and they're like, Okay, well, you know, you're just like it's just taxes. But it's like, no, this is really the foundation.
Like I really am like the powerhouse to a business from the financial perspective because all of these tools, all of these things, if you conduct your business and your incompliance and you have your bookkeeping done and you know you're able to take, you able to save on taxes and file your taxes on time, and all of those things contribute to a profitable business. Okay, so More wrote the story get your stuff Together. So let's just quickly
talk about tax deductions. So with tax deductions within tax planning for the most part, sometimes we do have to bring up to clients tax deductions that they need to take, or they need to consider, or they need to shift from a business side I mean sorry, from their personal over to their business. So any consultants, mails, travels, gifts, entertainment service sorry, internet, internet services, computer or software, cell phone, education,
medical magazine. So these are just some right. Of course, we have home office, we have vehicle, which we'll talk about a little later. There's so many different things. How I like to tell clients to think about tax deductions, and well, I want to define tax deductions because a lot of times people ask me what's like to define it? So I'll continue this thought, but it just popped in
my head that I need to define this. So a lot of times what I tell clients is if you are spending money on this particular thing in order to complete that transaction, in order to get that money through the door, then ninety five percent of the time it is a tax deduction. Okay, So pretty much tax deduction really is just you capturing all of your expenses that you have put out in order to operate your business.
So for the irs, in order for something to be considered as an expense, it has to be reasonable, and they had I'm sorry, not reasonable. Sorry, it has to be necessary and ordinary. And so what that means is necessary, meaning that you needed it in order to complete your business. Right, And then there's a necessary an ordinary ordinary meaning that is common. Right, So if it's something common in your industry and it's necessary, is considered a tax deduction,