How To Create Tax Free Wealth...With Tom Wheelwright
Welcome to the Mike Dillard, podcast, entrepeneurship, the knowledge and skills that you need to bring your dreams to life. Welcome back gang today. We're joined by my good friend in one of the most knowledgeable CPA's out there. Mr. Tom Wheelwright? The Tom is the official CPA advisor for Robert kiyosaki and the rich dad brand, but he's more than just an ordinary account. He is also skilled in entrepreneurship as a business owner himself and wealth-building, which is a very very rare combination. Now as you're gonna find out here today, he knows the tax law when it comes to business owners and investing better than anybody else I've ever met. In fact, we're gonna be diving into a few topics today, including how to build tax free wealth illegally. What the recent big changes in the tax law mean to you as an entrepreneur, especially if you run a business with any kind of physical product inventory and last, but not least why are so many internet marketers always driving around in those damn Lamborghinis and their videos. Well, the answer might surprise you. And I'll just say this this episode could literally save you tens of thousands of dollars or more in taxes. So listen up brab a pen and paper. And without further ado, please help me. Welcome Tom, Wheelwright, mild, friends, Mr. Tom Wheelwright. Welcome to the podcast, my friend might is always good to be with you pal. Yeah. Likewise. It's been it's been a few years. We got to hang out at south by south west for a little bit last month and it's coming up to tax season. So I couldn't think of a better guest to have the new for people who don't know Tom was one of our advisers and content contributors way back in the elevations group days, you know, probably six seven years ago now, and he is an advisor to the rich dad, poor dad group, Robert q sake. Does a lot of speaking from stages with Robert around the world on taxes? And so Tom, welcome brother. Thank spouts, always get to be with you. Great catching up with. Yes. At south by and always good to see you not to you. Yes. So we're coming up on tax season here. And this is a very big piece of everyone's lives, especially if you are a business owner, and you've really been teaching and preaching methodology or strategy that you call tax free wealth. So this is going to be an unbelievably valuable episode for everybody listening, get ready to take some notes guys because this could really end up being worth millions and millions of dollars to you over the course of your career, so pay attention. So Tom with that being said, rather divan, and and let's go for it. Now, I appreciate and care business owner or you're an investor. These are good times from attacks point because the new tax law, we actually released a new addition attached. Well, just because the new tax law had such an impact on business owners and investors and for those of the you don't. Actually, well, we described the tax law as a series of incentives, and while does raise revenue for the government, the primary purpose of the tax law is to guide the economy guide, a of the social and even international aspects of the US government. And so really our job as taxpayers is to partner with the government in do what the government wants us to do. And what we when we do that we end up with as we like to say and Mike company wealth ability, we end up a lot more money and a lot less tax. And that's that's really the goal here. And the reality is this is very doable. And there are some new opportunities in this in this new tax law for business owners, and and particularly real estate, investors and retailers that are pretty. Downing mike. I mean, it's it's like seriously. I mean, we have clients now that retailers in in real estate busters. They'll pay no tax and just all one years hasn't even had to build over years. Which normally, you know, we do a strategy to build it over a number of years this here like, wow, I mean, it that the tax reduction opportunities are mind blowing. So give us a give us the fifty thousand foot overview of how to create tax-free wealth, and then let's dive into the specific updates talking about. So you know, when you look at building wealth, right? You're looking at what's my return on investment, you look at how much money do? I have available to me to invest whether it's my money or somebody else's money. And you're looking at a long term strategy long-term may be five years. Okay. I mean for our clients typically it's five to seven years as there. Longterm strategy some people at thirty. Wait prefer the by seven year plant in thirty your plan that the the reality is that taxes are your single biggest expense, and if you can recover some of that tax money, or in many cases this year all of it and use that money towards building wealth than that's actually something. The government wants you to do. And it's something that is legal and something that is very doable. And if you combine that with the concept of leverage, which is using other people's money, and you take that tax money and use other people's money than what you end up with is massive amounts of wealth, potentially in a very short period of time. Unlike I said, I mean, historically that's taken, you know, take three to four years to go from pain high taxes to pain, low taxes or no taxes. This is a unique opportunity or the from the two thousand seventeen. Eighteen tax act to do it all in one leap. So what are you know? Yeah. Let's take the next Ivan and and go little bit deeper. What's changed civically in? How do we take advantage of it? Well, so what what we've always had is we've always been able to duct expenses, and these are money we spent that's that's going to be used up within the next twelve months. We've always been able to do that for both real estate and business and frequently there are other expenses waiting been able to deduct even if we don't have a business or an investment inactive investment lake state. What changed fundamentally in two thousand seventeen is? We went from an income tax which was net of our expenses to a consumption tax. And you know, we think frequently think of a consumption tax is a tax or sales tax in this case, the two thousand seventeen neck actually, took our income tax in turn it into a consumption tax end the way that the government did this is said not only are expenses business expenses deductible. But for the most part business assets already doctoral in a big one, for example is in the Tory. So historically new got you've got a online business or you've got a retail business. The biggest challenges is that you're you're paying for your inventory on after-tax with after tax dollars because your inventory isn't his historically hasn't been deductible and tell you sell it, which means if you're a growing business than you're always you're always paying tax on. So you don't have. And this has been a big complaint of business owners for many many many years. And I think businesses that just they'll come noon said I don't understand I have a big tax Bill, but I have no money. Yeah. This is always been a huge issue for like health and supplement companies exactly or or any kind of e commerce, you know, the Amazon retailers. It's been a big issue for right where you're building your inventory, building your because you know, you have to have the mentor on hand. Right. It's not like where actually Amazon where we get it that day. Right. I mean, typically were building up mentor, for example, I got a group of clients that are that own pharmacies while they're essentially retailers. Right. They they sell drugs that's their retail business. And they've got all these drugs on the shelves. And they can't you know, historically, the haven't been able to deduct them until they sold them. At a that's a big burden. That's been a big burden for retailers. Yeah. I mean, I just heard nightmares stories from friends who are like if we don't sell this one hundred thousand dollars million dollars worth of tea or weight loss pills, or whatever by the end of the year, you were paying taxes on it and not making the income for it. And so that's why you would always see these giant sales at the end of the year. So that they could just liquidate as much of that as possible just for tax reasons now, that's exactly right. So I had was at a conference he other day and Iran to a couple of pharmacists that I had I met in previous years not clients that people I'd not very nice right next guys. And they told me this story, and they said, you know, it was November December, and we went into our count our CPA. And we said, you know, what what do you think we're? Going oh for two thousand you know, when we come fifteen two thousand nineteen for two thousand eighteen and he did the calculation and the CPA says you're gonna four hundred thousand dollars tax, and they just like their heart aren't made that will put us out of business. That is the end of our store if we all four hundred thousand dollars tax typical pharmacy doesn't make four hundred thousand dollars profit. Right. So then they go they thinking about you know, what I one of them says to me, I remember that Tom you did a webinar back in October, the talked about some change in the tax law that might help the where we could actually deduct are immature when we buy it. Instead when we sell it. And so they they they asked their CPA, please take a look at this. And he said, no, no, no we need. To keep our inventories. It's okay. You know, you guys will be able to manage and everything and they said, no, no, please go back and look at this issue. Can we now deduct our inventory com says when we buy it and a couple of weeks later, they were driving down the road and the CPA calls them there. They happened to be in the car together. CPI call says, I need you to pull over and I go just tell us whatever it is known. I need you to pull over. So they pulled over the CPA says not only can you deduct the mentor you'd have to do this. Because if you deduct your inventory like is allowed now your tax Bill will go from four hundred thousand to forty five thousand. And they came up to me, they were practically in tears. I said, Tom what Utah to saved our business? Am going that is the impact of taxes. So let's let's give credit where creditors, dude. I assume this is a Trump administration change, this is a Trump administration change, so wherever you're at on the side of the aisle. Some gratitude to to President Trump for this. Because a lot of the IRS has policies are absolute asinine like the one that used to be now. Hey, there's a little bit of little bit of sanity involved here. So that's great to hear any changes or updates that would impact those of us like me in the info space, you know, Naga outta luck. So so let's let's move on. Okay. So for sure so Mike, I know you like cars so like I do. And they made a change in that how cars are deducted for business purposes, which is fantastic. Okay. Now, Mike document home office for years. I know home ups is is is a big part of cure, your home is your office at shame as me. And what what most people don't consider that a home office has a huge impact on your deduction for your car because the IRS says that the first trip you take during the day from your home to your off to your business is a commute and the last trip home is also a commute. Well, what what happens is you have a home office. Now, your I your commute is thirty feet both ways. Right. So now that first trip of the day when you're driving probably most of the time, you're driving, Mike. I'm guessing is going to be business now because you're driving from your home. To some business event. You know, meet somebody, you know, do some filming whatever it is. And that's going to be a business expense while here's where the Trump tax law makes a big difference. We used to deduct those cars, I mean, remember might. I mean, we detected we'd get like three thousand dollars a year, right zip. And then if you bought an SUV, you could you know our truck? You know, six thousand pounds you can deduct up to twenty five thousand dollars, but you know, you're buying a hundred thousand dollars. She really nice truck. Then you don't get you only get deduct twenty five thousand dollars. Now, we have what's called bonus. Depreciation of bonus depreciation is like a windfall start with your your car. Now, you buy that truck. That's over six thousand pounds. Gotta be over six thousand pounds bonus. Depreciation says you get your not the entire truck year one. So even if it's one hundred thousand our truck that's one hundred thousand already duck Duchesne, even if you didn't pay for it, and you barred all the money from the Bank the pay for it. It's one hundred thousand already action, you know, it's only deductible extent use it for business. But if you have a home office, you may be using your car for business somewhere between eighty percent to one hundred percent of the time. So if you're buying an SUV truck, that's a big deal. Let let's say you're buying a car a passenger car instead of a first year deduction of a few thousand dollars now even a passenger car for sure deductions eighteen thousand dollars, and then it's about ten thousand dollars year actor that so the automobile deduction went way up under the Trump tax law. So that's something. I would think would have an impact on you info people. Yeah. And you know, what else that I would love your clarity on because this has been a gray area. It's like the different CPA's. I've talked to about this have always had. Somewhat of a different opinion about it, depending upon their risk tolerance. And that is the use or the ability to deduct your your cars, are let's say your boat or your beach house or whatever for business purposes, if you're using those items in your marketing materials for customer acquisition. So for example, like getting a self made man race car. Putting the logos all over it. And putting it in our marketing videos things like that getting the boat wrapped with the company logo 's putting those in our marketing videos, depending on who you ask I get two different answers on that. So what what's yours? So that is a gray area. You're definitely right? I mean, most of most likely is pretty black and white that's a pretty gray area because that's a judgment call. So the question is so we kind of have to step back and look at what's required in order for an expense to be deductible, and there's three well, four basic requirements documentation being one of them, but the three requirements are it has to have a business purpose. That's easy. You've already stabbed that you grabbed it in your logos. And everything else there's clearly a business purpose there. The next one is it has to be ordinary now, ordinary means typical. So the question is would it be typical in your industry to use a boat for marketing while so let's take an example race car. Okay. Pennzoil wraps a race car in marketing materials is that typical. Not even a question. Okay. I go and take a racecar as a CPA and Iraq my logos around it. And we raise it is that typical I would say probably not, okay. That's a little that's a little tough for a CPA, which by the way, Stanford cheapest people in America to go out, and you know. Have a racecar advertising. I'm split on the CPA for racecar enthusiast. I mean, maybe, you know, the the way I was looking at it is the question is is really not is it how do we make Nuttal and the way to make that deductible is to show that you know, what for what I'm doing? This is an ordinary unnecessary business expense. I mean, even just having that carbonless say you've got up for all, right? Okay. So you got to two hundred fifty thousand arthri, well, the average person, you know, has a turf Ferrari, it may not be typical in their business to drive, right? Certainly, let's say you're a real estate agent for our would not be typical more likely NS Choubey right on the other hand take somebody like, my friend, Robert kiyosaki for him to drive, right or you to drive, right. That's part of your brand image to driver for aria. So that's. That's what a lot of people don't understand like. When people see Tyler tilapia with his stable of like, eight supercars or if they see Dan lock doing his boss in the Bentley videos, or whatever it may be and they rag on these guys and just you know, think that they're flashing and being egotistical or whatever what they're missing what they don't get is the the reason they're showing those cars in those videos to one they're selling an aspirin a lifestyle and to demonstrating their, you know, their expertise and their ability to make money, but three using those cars in those videos allows them to write them off as a business expense. And so even if you know, you wanna take a more measured conservative approach, you don't want to quote show off then you're not being as smart and resourceful as you could. Because if you put those cars in your video. You could write them off as a business expensive. That's the kind of education that you're providing centrally quote, unquote, how to make money, right? And I've always I've always argued well would people buy my product if I were rolling around in a nineteen ninety eight a Honda Accord now, not right? So so that's my argument. It's like you've if I'm selling how to make money in an aspirational lifestyle, then showing that off, you know, whether it's through the boat or the cars, or whatever is a necessary part of my marketing. So yeah, sure. I mean, I mean. You know, J lo is working out. And doing all that I would expect that she's deducting that because that is part of her image. That is part of what she does. And I think that would probably be an ordinary expense for her for me. Not at all. Okay. It's not part of my image is not you know, it's not critical to my success. So you really do have to look at when they talk about ordinary necessary. They're talking about your specific industry. Now, the challenge, of course, you always have just don't forget this is that the IRS auditor who has auditing this makes sixty thousand dollars a year. So they are not going to be friendly about this. And so that what that that brings you to is you really need to have a tax advisor that can really work with that IRS agent and help them understand. Okay. That. Understood that this would not be ordinance Serie for me as a CPA. Yeah. But you know, put you in their light. Can you see how perhaps though that Mike Dillard, doesn't doesn't get the subscriptions doesn't sell the impo products in less? He has this. So even if he didn't have the money he'd need to have this. And that's something that is. That's you know, that's why how you support that audit is going to be really really important, it even his matter of how you report that on your tax return because you know, tax returns can be prepared a lot of different ways, you know, Mike and how you prepare. It has an impact on whether you're audited in the first place. So all of those things I think it yet. Consider, but I agree with you, Mike. I don't think that I think there are absolutely people like yourself that if you know, you're doing this because you're trying to inspire people. That's an inspiration. And it's important for them to see that. That's why it's important put in the video not because putting the video gives you the tax deduction. It's because actually using that to inspire people is that by itself is what creates the tax deduction, so whatever it will make you money is deductible. That's really the simple way to think about. Yeah. And that's what I want to bring some awareness around the people 'cause I see a lot of people throw in judgment at other people with the plane like rank Cardona and his new private jet right there. There's a reason he's got his logo on the tail and whites and all of his videos. He's right in the whole damn thing off. Right. So just have a little bit of awareness when you see this stuff and not just take it at face value. Because those guys are are and gals are being smart when it comes to business taxes, and that's why they're doing that. So right. Let me just one more thing on that. And that is that grant card just putting his logo on the plane. Really isn't enough. What what's important is that? He's also there's a reason that he needs to have that jet that it makes him more productive to have that jet. So, you know, you're yes, the demonstrate having a Honda or a Lamborghini is image. But the fact of having a car, you know, some countries cars are considered luxuries in chilling a car's a car collection. You don't get to the. Yeah. Because the definition of luxury includes a car, so you know. We're okay in the US. Everybody has a car. The question is is it used for. You know, is it really used in the business. So yeah, I mean to have judgement over that is. I mean, I think silly. But because the tax law works if it if it works for you to make money, it's probably deductible. Yeah. So you've always kind of had a special skill set when it comes to dealing with auditors. So whenever you've had clients audited. I don't know if your track record is still intact. But I remember it was pretty phenomenal these days. So has that kind of continued. Oh, sure. I mean, it's a it's it's there's a science chip. There's also an art to it. I think the biggest part about protecting yourself from not is how the tax returns prepared. You know? I was I was tying client this morning is a brand new client. We're just starting to prepare their tax returns for two thousand eighteen and I said, look, we we prepare every tax return as if it's going to be audited every single one. So I'm gonna ask you for to make sure there's documentation I'm gonna make look, right? I'm going to anticipate that being not even though I am at handled an audit years, frankly, I just haven't had a client. It's been audited in years because of how you prepare the tax return. Right. But if we are audited, we wanna be ready because really hard to go back. Second of all how you actually sit down with the auditor. I mean, just a quick little story. I had a I had an audit a number of years ago where the auditor audited, the business I in the businesses on part by my client and part by another client. And the auditor first thing said. Was I asked how how the audit the business go because I wasn't involved and says, oh my heavens that other CPA was. So mean, he made me cry. And I'm going. Okay. Well, I guess that's one approach. I happen to know the CPI actually didn't surprise me. But what I did is. I took I take a very different approach. I go. Well, that's not my job. My job is to actually help you do your job. And I'm here to make your job easier that same auditor later on because we had there was a very difficult issue and asked me to write her report. And that's just because of how treated her. I mean, she was she was actually great. She wanted to learn. She was interested. She she at the end. She goes, I totally agree. I totally get what you're saying. She goes. But there's no way I could write that up. Would you write it up for me? And I said sure I'm happy to. Yeah. Yeah. Very cool. So I one of well, actually before we've got two ways we can go here. Are there? Any other updates that are new in network that you think people should know about. Yeah. I think big one is for real estate. A lot of people. They might have an info business. They have another business, but they've invested in real estate, and we have the bonus depreciation that applies to cars for the first time ever applies to used real estate. Oh, that means that grant car dome. Speaking of which goes out and buys that apartment building. What's going to happen is rather than they say five percent a year of the cost of the building as appreciation? So he buys a ten minute art apartment building instead of five hundred thousand dollar addiction on that ten million dollar building. He's probably gonna get a remain dollar deduction because bonus depreciation now plies to all the contents of the building it applies to the landscaping applies to the lighting outside in applies to the fencing applies to the covered parking it applies to so many items. That if you do this. What we've always help people do do a cost segregation where you break it out. But with a professional, but the the bonus depreciation is absolutely not it tends to be somewhere between twenty and thirty percent of the purchase price of a property beginning in October of two thousand seventeen you buy property, whether it's newer used, and you do a cost segregation you're gonna find about twenty to thirty percent of that purchase price is deductible year one. And that is a thing about this. Let's say that you had you put down a hundred thousand dollars on five hundred thousand dollar property. If you get a thirty percent deduction that means that you put down one hundred thousand but you get a hundred and fifty thousand dollars reduction that's better than oil and gas. Yeah. So that's a big deal at the really big deal. Yeah. No, definitely an I'm thinking here as well. Other question for you can you fill in on research and development right offs. Specifically, for example. It's used the self made man software platform that I developed at the last two years, right? So put put somewhere close two million dollars into development of that. It's all proprietary code. You know that we built from scratch from our needs in. So what how would that be handled so actually app two different opportunities here? The first is software that you developed by definition deductible. So you get to bet the software the software development. So that's that's an easy one. The next thing is though is we have a research development, tax credit, and research and development tax credit applies to an increase in research development costs. Now, this is something that just like a cost segregating. You must have a professional do at their Beck. She'd been a lot of cases lately on the. IRS is actually included research development in its dirty dozen of thanks that it is going after because what's happening is CPI's tax preparers. They're kinda put them up in the Wednesday. While I think it should be about this that does not work. You really must higher. I won't even do a a research development study that I set out to another professional. That's all they do because it's a very detailed analysis, but it's anywhere from six to ten percent of that cost is a credit and credit instead of coming off. You know, said of a deduction against your income so subject to what of your tax rate is accredited as dollar for dollar. So literally if you got a ten percent credit for your software development than that would be one hundred thousand dollars again. Against your taxes. It's big deal. Yeah. Yeah. Absolutely. And I believe we did that with every grow with the development of hydroponics because that clearly fell under that flag. So I wanna I wanna take things up to a higher level here. And and just give people again, kind of a fifty thousand foot overview, how do you create tax-free wealth? Like if you could break that down for us in a ten to fifteen minutes strategy. What does that mean? Well, so the first thing you have to do is you work with a tax advisor who will look at the big picture because you really have to have to start with that fifty thousand foot view. So we actually start by looking at first of all where are you today? So I wanna know all your assets you liabilities. I wanna know your family situation because that's going to have tax impact. I want everything I can about you. And then we're going to look at where do you wanna go? And you know, most people don't know where they are in the first. But almost nobody has a clue as to what their target is. You know, what kind of a lifestyle are looking for. And when you want it. I mean is this something that you're thinking thirty years down the road? Yeah. By can retire and not live under not live on a bench, right or under a bridge. Then I'm good will if you do that. Then you probably just need a financial planner, right? You don't actually need to develop a strategy. Protect be well. But if you're looking at man, I would really like to get out of the rat race in the next five to ten years, then you start with. Okay. So if you if you that's what it takes. It's all about the numbers. So you have to look at what does that lifestyle going to cost and whatever that lifestyle costs, that's the passive income that you're going to want to have in order to, you know, really live your dream and the best way to do that is tax free. So. So you look at where you are where you're going from wealth standpoint. And then and then what you have to do is yet start. No down say, okay. How am I going to build that wall? Build throw in business. I'm going to build it through real estate. I'm gonna build it through commodities again Bill, the, you know, through the stock market how to build that home. I gonna build that wealth, and then actually get very specific new criteria for the building wealth. What you have that? Then we can look at the tax piece. But until until we know that picture, I mean, literally, your cookie thousand foot until we know that picture of how you want to build your wealth because everybody's different Mike. You're yours is in in info on minds in tax. You know, building a network CPA's. You know, somebody else's is in Ken MAC, right? My buddy can back, right. It's in real estate crank card on its real estate. Right. So how you're gonna do it. It's going to be everybody. But once once as as your CPA once I. I know how you're gonna do it. Now, look at okay. So how do we make that tax of okay attacks -ffective means tax free? So if your business I'm going to look at things like we talked about your immaturity, your your research development because it's one that lot of people miss your assets. What assets could actually be -ducted because what we want is the faster, we get the money. So even if it's a deferral. So even if we're saying, well, yes, we're going to deduct a whole bunch of depreciation this year bonus depreciation, but we know that somewhere down the road, right? We're gonna have to pay we may have been back. There's actually a way not to pay back, but we may have to pay that back. That's okay. Because we want our money now because financial growth in really building wealth is about it's kind of a it's. It's it's about mass or Wally how much do I have now because you know, two percent of a ten million is a just a lot more the two percent of a hundred thousand so we want now then what we look at is. We look at all of the tax consequences, and we really walk through. There's five ways. It's very simple. There's five ways that you can save taxes and only by ways the first is the actions. Most people are pretty familiar with that. But you don't please don't really get the actions anymore. So either got to be a business owner professional investor, then we look at the type of income were so you can earn high text income which is like earned income or no earned income, which is like real estate income, right? Passive income. So we look at the type of income or is there a way to convert our ordering come to some other type of income like capital gains. For example, I can convert income from ordinary can be advocates. I can cut my tax rate in half on that income. So we look at that we call that conversion than we look at tax brackets most people are supporting somebody else, whether it's a child or whether it's a an elderly parent they're supporting somebody else, and they're not getting a tax benefit that they should beginning. Eyder for the money, they're contributing which there's a way to get that deductible or because they've got a business, and let's say the elderly parents, they have a low tax bracket, you're giving up a tax bracket. So we look at the tax brackets that we have available to us. These are underutilized or nonperforming assets tax brackets that we have available to us The Fourth Way is tax free income. So we look at whether. It's life insurance. You know, we talked about that before Mike whether slight insurance whether it's real estate income, which because of depreciation should be tax free. There's all sorts of tax free income, and then we look at if all fails will look at things like pension plans provice sharing plans wasted for so one of those five ways we walked down the list. What's gonna happen is your taxes? We found that when we when we start with a new client within three months, we're gonna reduce your taxes by ten to forty percent within three to five years, if you're a serious investor than you can peaches. So, you know, take the actions that it takes because if you wanna change your your tax change, your facts, if you're gonna do that you want to do that we little can get to tax free, and I've got to doctors right now. But I'm working with doctors are really hard to deal with tax wise, and we're going to get them to tax free within three to five years. And that's the goal because once your tax rate, basically, you can stay tax free. You're right. Once you get there. You can stay there. Very cool. Very cool. Oh, man. We've covered a lot. Is there anything that? We haven't. We haven't gone over yet that you think is pretty critical. You know, I think that the most important thing people can do is just change how they think about taxes. It's kinda like, you know, a lot of people read Richard at at right? There's no content in that book. I read it many times I've helped edit the the new version of the anniversary version, there's no content in Recep porta. It is all context. How do you think about money, and I've seen people I mean all over the world people come up to Robert kiss hockey when I'm challenged with them and say, you changed my life, while all they did was change the way they think about money, right? If we change the way, we think about taxes that this is not something that. They're out to get you. But rather this is something that is a tool to us. Now sun the tax law becomes a positive instead of negative. We take a lot of stress off ourselves because now to positive we realize that you know, all these tax benefits that people complain about their intentional. These aren't loopholes. These aren't mistakes that the government made. I mean that deducting inventory isn't a mistake. That's something. They wanted to do the ducking bonus depreciation deduction car. Those are things. The government intentionally put into the while reducing the corporate tax rate to twenty one percent that was intentional. Right. So these are intentional tax benefits and to say, well, you know, that's you know, that's illegal or that's that. That's wrong. I can't tell you Mike every single time. I speak. I'm not kidding. Every single time speak. Somebody's gonna come up to me afterwards and say that's illegal. You can't do that here. That's not possible. And I'm going well. It's possible to you. But as possible to me because understand the tax law. And if you look at it, as you know out there, those a judge back in the nineteen thirties judge his name actually learn at hand, and he was an appellate court judge. And he said look nobody's nobody's required to pay more taxes than the have to in effect. Nobody will I mean, the same people complain about those the the the grand car don't airplane right Mike being deducted, those are the same people that I guarantee you they deduct their for when K I guarantee you they'd be their home mortgage and they're complaining because they don't get deduct their state taxes. Well, they're all incentives right government gives insana synthetic away sentence the government, and I still laughing about this is that the government took away the incentive to live in New York or California. They did they'll move to Austin. That's true. They started moving to finish. Then they said up finishes full. Let's move to awesome. It's cool. I know they're coming in droves to Austin, but that's little because Texas zero tax state. And that's a lot of what drives it. So, you know for people that think well taxes, don't dry behavior. I mean, come on axes have a big impact. And the government knows this. And it doesn't even matter. What country you're in? So every government does this. There's an entire new high rise under construction right now that Google is going to own in Austin. There's an entire massive oracle campus being built there's about to be an a huge apple campus under construction here and Facebook's here as well. So they're all moving to Austin specifically for that reason. Yeah, for sure I mean, you saw what happened with Amazon in New York, right? I mean, those people are. Out there. You know, taxes tax incentives work, I do and the government knows it. And so why here's the thing. Mike every every one of us is a partner with the government role. Partnering you'll look at your paycheck. The government took a piece out of your paycheck. So you're part, you're the government is your partner whether you like it or not and really have a choice of what kind of a partner you're going to be. Are you going to be a good partner or a bad part? You're bad part. You're gonna pay high taxes if your partner you're gonna pay no taxes. Yeah. That's how it works. Yeah. Absolutely. Awesome. Brother where can people reach out to you? If they want to talk to you about their taxes, maybe have higher you as a CPA or one of your one of your CPA's within your network. What's the best way to get a hold of you? So thank you for asking that Mike. I really appreciate it wealth, ability dot com wealth ability is our company. Welcome -bility dot com. And we do as Mike said we have an entire network where building it's we have eleven berms. We are. Ending. It will hit a hundred by the end of the year. So it doesn't matter where you are. You know technology is it is. I mean, Mike you, and I aren't in the same room today. So you don't need as a local CPA that crazy these days what you need is somebody who understands that thought process, the context, attach wealth, and that's what we're teaching our network. So if you know, if you have an interest in that, if you just, you know, our audio the audio version of the second addition factual is coming out, you know, that's coming out in in first part of April. It'll be out. So whatever, you know, whatever way we can help you. That's really a mission. We have a mission here in our mission is helping people develop tax rewelded. That's it. So whether it's whether we can serve you as what your client, whether we serve through education, whatever we can do we're happy to do that, very cool. Awesome. Brother will. Thank you for joining us and bringing us up to speed. I know this is gonna thrill all of the business owners out there who specifically have physical product goods companies in the ecommerce space, and maybe, you know, someone who wants to go buy that new fancy car they've always wanted. And now, they've got a bigger incentive tubes. You. Yeah. I appreciate you create your time today. Thanks for joining us as always guys go connect with Tom. If you need some help with your taxes, if you're doing your taxes with con of your local retail franchise, and you own a business, you're making a huge mistake. I would call Tom and get your shit squared away. Because you're leaving money on the table. I can promise you that. Thanks again. Tom rather? Thanks, mike. Okay. We'll see next week. Take care.