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Re-releasing a DAT listener favorite! Chris Sands and Brent Saunier are on the podcast to talk about the hottest topics in the dental accounting world. Founding partners of Pro-Fi 20/20, these dental CPAs chat with Kiera about how to reduce overhead and expand the number of patients coming in, expense metrics from the hundreds of offices Pro-Fi works with, a tax rule you NEED to live by, what to stay away from financially with your business, and a ton more. Pro-Fi 20/20 is an accounting business that the Dental A-Team recommend. This episode is a goldmine of information from two fellows who know what they're talking about — especially with regard to the dental industry. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera Dent (00:00) Hello, Dental A Team listeners. This is Kiera. And today we are bringing you something so special. I am so excited because this is one of our most popular episodes from the archives. Whether you're hearing this for the first time or catching it again, I am so excited because it's jam packed with a ton of takeaways that you can start using right now in your practice. We have released thousands, literally thousands of episodes. And I wanted to start bringing a few of these amazing episodes back for you. So I hope you enjoy. And as always, thanks for listening and I'll catch you next time.   on the Dental A Team podcast.   speaker-0 (00:31) today I wanted to bring on two special guests. These are actually CPA in the CPA world. Believe it or not, Dental A Team actually consults this company. So we definitely love them. They went a step above most CPA companies and they really wanted to get to know the ins and outs of the dental world. So I'm super jazzed to bring them on and to just have them dive into some of the hot topics in the accounting world. ⁓ two people that I trust and recommend heavily. ⁓ I   They are one of my top three CPA firms that I refer and recommend constantly. So I'm excited to welcome Chris and Brent from Pro-Fi. How are you gentlemen today?   speaker-1 (01:06) Awesome, Kiera. Thanks so much for having us. We're excited to be with you.   speaker-0 (01:10) Yeah, absolutely. Brent, how are you doing today?   speaker-2 (01:12) I am doing great. I appreciate the invite. I'm looking forward to this 30 minutes with you.   speaker-0 (01:17) Yeah, absolutely. Well, who knows? We'll see how long this ends up going, guys. Brent, can't put a time on us. It could be dangerous zone.   speaker-1 (01:24) You're lucky he said he's doing great because we're in the heat of extended tax season, so he's kind of in the trenches. Lucky he's in a good mood.   speaker-0 (01:32) I know Tiffany has been trying to get back out to you guys to see you and Beth you heard this awesome rock star in the company She keeps saying like tiff. It's like extended tax time or it's this or it's that deadline I'm like, my gosh, you guys just have I think you're secretly adrenaline junkies of CPAs even though you don't come across that way But I think you love it cuz tax season I feel is just like adrenaline rush like trying to get to the deadline. I just can't imagine that stress like   Every quarter every year you just hit it. So props to you guys. That's not my world but super jazz to have you guys on here. ⁓ so Chris let's dive in I know there's some things so we're gonna kind of hit on overhead we're gonna talk about some taxing some Some things to be aware of i'm just so excited because this is a world I don't know and I do purposely bring really really talented and educated cpas and financial advisors onto the podcast because I'm we have a three-fold approach in our company. It's focusing on   Money and finances making sure your business is profitable you as a person and as an individual and then systems and teams top to bottom So I am big I think as a business owner. I wasn't profitable when I first started. I didn't know how to look at my numbers I didn't even know what the heck over influence. I was like googling how to figure it out So i'm just jazzing you guys are here. So Chris kind of take us away I know you had some great topics for today and i'm excited to just   Rift a little bit with you, dive into these things, things that are really tangible for our practices now, especially where you guys work with hundreds of offices across the nation. Lots of good data to be pulling out for our practices listening.   speaker-1 (03:04) Sure, well, ⁓ Kiera, I think that there's a lot of discussion around, does the DSO world seem to do a better job with overhead than the private practice world? I think a lot of private practice doctors are wondering that, they're frustrated or how do I get my overhead down? And a lot of times, I think when you focus on expenses, you tend to attract expenses. And in our world of accounting, I will often tell doctors that, ⁓   Accounting cannot make you money, it cannot generate revenue. The expenses part is the easy part for us that we can work on trying to reduce some things, but you either have a revenue problem or an expense problem. And in most cases it's actually, you creating enough revenue on your fixed expenses? And most of dentistry doesn't understand how simple that is to scale the dental business model when you look at it from a high level.   You scale a business and reduce overhead with doctor production. Okay. And so that means you need enough patients to see the practice that I worked in from my experience was 40 to 60 new patients a month per doctor, per full-time doctor. And it means you need to be reinvesting enough into marketing. And I'll talk about that, that expense or reinvestment of marketing in a minute to get those new patients. And you need to be.   monitoring the phones that get answered properly and there's conversion rate of those inbound calls to appointments scheduled. And then the real job is case acceptance. Okay, and so here I am in an accounting firm coming on your podcast and I bet you didn't think I was gonna like be talking about case acceptance.   speaker-0 (04:46) was like, wonder we didn't talk about all your time. I'm just kidding.   speaker-1 (04:49) So, know, dentistry is really the product that's being delivered. And if you're ethically diagnosing the need and creating the treatment plan, your job is to help the patient understand the urgency and necessity of fixing the problem and paying you to do that work. So your job isn't really the dentistry itself, it's case acceptance.   And your first task is to become great at case acceptance yourself as a practicing clinician. But then the real task as the owner is to be able to teach other doctors to become good at it. So I think, you know, the only the only variable overhead that the dental business model has is paying doctors a percentage of the dental collections that they create. And then you have labs and you have supplies.   associated with the dentistry that's delivered. those expenses are variable. They track with the amount of dentistry that gets done. Everything else is fixed overhead when you really think about it. Marketing is fixed and it only changes based on your choosing. Your team expenses are fixed and they only change when you hire or fire. Your rent and facility costs are fixed. Your equipment costs are fixed and only changed by your choosing. And the various required admin costs, they're all pretty much fixed. They only change by your choosing.   So if you can create more doctor generated collections with the same team and fixed expenses, your profit margin goes up, your percentage overhead, your percentage overhead to collections ratio goes down. Okay. And so I guess we see most private practice or single, should certainly say single location, solo doctor practices. We see them failing at this because they choose not to reinvest enough.   back into the business, into that marketing for new patients. They're not monitoring the phones. They're not training their team. They're not training their doctors on case acceptance. And they're too closely focused on just the clinical delivery of the dentistry. Don't get me wrong, that's required, but that's not what makes you successful or financially successful. So I can give you ⁓ some generic ranges for expenses, but the real thing is that   You know, the real way to scale a business is to generate more revenue on the same overhead. That's kind of the definition.   speaker-0 (07:20) And isn't that basically then probably the DSO model because they have lower fixed costs per se. They've figured out how to have centralized billing, centralized call center, centralized. So many things centralized that they don't need all these different things. So solo practices, if I'm understanding correctly, they've got all the costs associated, but they only have X number of revenue where when you start to add in those multiples of practices,   That's where your fixed costs, it's going, yes, of course your fixed costs will increase a bit, but I mean, I do know our fixed costs did not go up that much more when I added our second practice to it because I already have my base of fixed costs there and then we're just able to add more revenue. Is that kind of what you're saying? Am I understanding?   speaker-1 (08:01) Yeah,   I mean, you know, that, part about centralizing is, know, when you, when you do have multiple locations, I would say three or more, then you can consolidate the amount of team that's working the front desk into one location. Instead of needing three to five team members at the front desk in every office, you may only need three to five team members for all three offices. You're having one of the best things by the way, as kind of an aside, one of the best things that private practices can do as they grow is to get those phones off the front desk. You know, let.   speaker-0 (08:20) Right, right.   I agree.   speaker-1 (08:30) You know, like there needs to be, that needs to be in a totally separate admin space. But, ⁓ you know, I get asked that question a lot. Like my overhead is 65 % and how can I afford to hire another associate doctor and pay them 30 or 35 %? Well, you know, that doctor is going to create new collections. That's the point. It's not to give them your patients. It's to grow the number of patients coming in that, that you as one doctor maybe are stressed.   and you hire the next doctor and you've got to continue to invest in the marketing to keep your job as the owner is keep the chairs full, right? As long as the chairs are full, if that associate doctor is ethically diagnosing like you are, if you guys have a ⁓ clinical standard of care in your practice, if you guys talk about how you treatment plan and your treatment planning the same way, that's all required. But here's the real test. You know, how do they connect with people? How do they, how do they,   establish a relationship, establish trust and get them to move forward with that treatment. So I think dentists hate to use this word in dentistry, but the job is kind of sales. You know, if you believe in your product of dentistry to solve this need and like, again, if you diagnose decay and they don't get rid of it, you failed. I could go on a tangent on that, but the new doctor will bring new collections and you might have to hire at most, you know, an additional   speaker-0 (09:46) Yeah.   speaker-1 (09:55) Assistant or two and that would be a new fixed overhead. You would increase your fixed over it slightly But other than that the doctor covers all their costs with their their percentage pay the labs that are associated with it that the supplies are associated with it and You should net somewhere in the ballpark of 40 to 50 percent on the new collections they create and that that just adds to your profit Because all the other fixed overhead stays the same   speaker-0 (10:19) So I think there's a few things on there of like, I just, think it's a matter of realizing a lot of people bring on associates though, because they're tired, they want more free time. They don't want to be working as much. And I think it's important to clarify that if that's your model, that's totally fine. Everybody knows on the deadline team, I am not somebody who judges. I think everybody has their own personal path.   And so whatever jives with you and resonates with you. So if you're wanting to bring on an associate to have more free time, to not have to produce as much, fantastic, but realize that that overhead might not trickle down because now you're kind of replacing your cost with an associate that you're paying. And some doctors I know don't take as much pay as they would pay an associate per se, which to me, I think is a somewhat failed model. I'm really big on prepping and preparing for that associate, paying yourself as if you were an associate. So you know, these costs before you bring on an associate.   ⁓ but I really think it's important to note that because like you're saying that overhead will go down as long as the doctors are producing. And as long you're able to bring on that other doctor and have them produce, cause they should cover themselves. I definitely agree with that. ⁓ also I'm sure people are saying, yeah, but Chris, like in order to bring on another associate, I'm going to have to build out ops. That's a huge cost and expense. So I am curious, what have you guys found in Brent? You might have some answers to this Chris, you might. ⁓ but if an office is having to say, build out two more ops.   in their practice to be able to bring on an associate, how long does it usually take when you're doing build outs for that cost to be recouped and start being more profitable? Because oftentimes I do think that that gets into the problem with a lot of doctors is they're constantly building more to bring on these other doctors. So they're always adding more and more expenses. Like when do they ever break even? So what have you guys seen with build outs and different things like that of that break even point? How long should they plan for it to not be as profitable?   speaker-1 (12:09) Okay, I'm gonna give you a lot of answers on this. So number one, we use a metric called revenue per chair. So, you know, every, you   speaker-0 (12:17) What   do recommend? What do you guys recommend per chair?   speaker-1 (12:19) So yeah, everyone has a space and you have only a fixed number of spaces or operatories you can have in it. And there's only a fixed amount of time and days and hours and a number of doctors that you have. And revenue per chair capacity, we see a range between 25,000 to 40,000 per chair per month. And it does not matter when you do this. This is just, take collections and divide it by the number of chairs you have. ⁓   This does not matter how many chairs are for hygiene or how many chairs are for dentistry. That's your choice. Actually, you know, there are models where every chair can do everything and the patient never, but the 25 to 40,000 at 35,000 of revenue per chair, you're running fairly efficiently and you're going to need to be planning to expand. You're going to start to run out of space. So that's our metric first and foremost. And so if somebody tells us, well,   speaker-0 (12:53) Sure.   speaker-1 (13:09) I've got four chairs right now, but I have space for seven. I haven't built out the other three. I tell them, you don't need to build out the other three until you're approaching that $35,000 a month of revenue per chair. Question you asked, how much does it cost and when do you recoup that? So in my experience, typically it's around $25,000 per ⁓ operatory to equip it, assuming it's already plumbed. ⁓   after you just take that number and say, so let's say you were equipping a few operatories, so $50,000, you ⁓ essentially, your cost of the doctor plus the lab and supplies should max out at 50%. Okay, now they have to be producing. So until you get them, they've produced over $100,000. All right, let me do it per chair.   They need to do over $50,000 per chair for you to get your costs back. After that, you're in the money.   speaker-0 (14:09) which I think is also smart because I don't know. think dentists kind of err on two different sides. Sometimes they're too slow to actually build out. They are so cost conscious and so concerned about that build up, about the cost of the chair, about all the other things that they're missing, that that one chair is going to generate several thousands of dollars of revenue. I've had a few doctors where I'll say, sure, no problem. We'll do a deal. I will happily pay for that one chair and you pay me all.   the revenue that comes through from that chair for the next three months. That's all I ask is three months. and I know I'm going to come out way ahead of you because it will generate and it will produce, especially in high producing practices. So I think so often people are just so scared to do those build-outs because they see the cost or they do the flip side where they believe like, if we build it, they will come and they're overly aggressive and they don't have necessarily the patient base or the doctors in play to be able to accommodate that. So   I love, I need to agree. It's either cut costs or increase your revenue. Like that's really overhead.   speaker-1 (15:12) One more way to think about it is, you know, if they have patients that are having to wait so many weeks or months to schedule out to come in. if you can calculate your collections divided by the number of patients seen for any given time, for year to date or for a full year, you can get your average revenue per patient. Okay. And if you know your average revenue per patient, you know how many either new patients or how many more patients you need to fill that chair to cover the cost.   Okay. So if your average revenue per patient was, you know, $1,500 per patient, um, and the cost of that chair is 25,000, just take 25,000 divided by 1500. And that'll tell you how many patients have to be seen in that chair before you pay for that chair. Sure. You're to be in the money, you know, it's in terms of the construction. That's another basically upfront, one time fixed costs that you're going to cover. And then all the future revenue that it's going to generate. So.   Maybe if you like, think before we end this topic on overhead, I'll give you kind some of our expense metric. ⁓   speaker-0 (16:18) Sure, yeah, absolutely.   Well, hang on, before you go into expense metrics, I want to bring up one piece that I think often gets missed, because you're saying like we're in the money. But I also want to bring up something that I really love to point out, and that is return on emotion. Some people don't want to bring on an associate. Yes, like as a business model, you can be more financially successful with an associate. Yes, you can, having more chairs, more build out, more practices. ⁓ But I also want to point out there is a return on emotion. There are sometimes   Bigger headaches, they're also sometimes less headaches with bigger organizations. I personally love to consult larger practices. The pettiness, the cattiness, the smaller drama is way less in larger practices or multiple locations. So like that drastically drops down. They figured it out. They're dialed into systems. But at the same time, I think it's important for people to assess that return on emotion. You might have a dreamy life. You might be doing exactly what you want and sure you could produce more.   But if you're off work at say two or three o'clock every day and you work two or three days a week and you're shelling and seven fifty to a million in profit, not a bad lifestyle. So I think it's also important to assess like what you ultimately want and what your return on emotion is before just saying like, I'm going to build because this is the way to do it. I think if you're looking at your practices as a business model, which I personally think a lot of us should look at it that way, ⁓ just to see what you what you ultimately want, what's your end game. And that's also where I love financial advisors of   Like what is your total term? Like where do you want to get? Does it make sense to grow? Does it make sense to stay where I'm at? ⁓ I think oftentimes we, we forget that return on emotion and how that is. We always think of like return on investment, but what does that return on emotion too? So just want to put a plug of like, I think everyone's on their own path, their own journey. Definitely agree. There are lots of ways that you can be insanely profitable and having multiple practices is a great, great, great business play. And you're able to help more practices. I'm all in favor.   You're gonna have multiple locations. Make sure you're doing awesome dentistry because sure, it can be very lucrative. Just be ethical because I think that plays out long-term. So Chris, with that, what are some of the metrics you guys look at? Because I agree, I love to hear people's metrics. I think we're pretty closely aligned with you guys on metrics, which is another reason I really love working with you guys and your clients.   speaker-1 (18:32) So I think if you ⁓ were to survey the Academy of dental CPAs and all of their, what you see them put out statistically, they're gonna tell you the metric of one to 2 % for marketing. When you go and you immerse yourself in the DSO world and their conferences and get to know what they're doing, you're gonna see more of an average of six to 8 % reinvestment into marketing. DSOs have a harder time with retention. They have more patients going out the back door. Private practices.   degraded retention, but they don't often invite enough people to the party. So we don't go by the one to 2 % number. think that's an area where people try to, they're trying to keep costs down. You know, your business is the greatest asset that you own that provides the greatest return and you have the most control over. So you should be reinvesting in it more than you reinvest in the stock market or anything else. So our metric for marketing is three to 8%. Private practices, like to see at least three to five.   I mean, excuse me, in GP practices, in specialty practices, especially like orthodontics, needs to be on the higher end. Team expenses between 20 to 30%. We certainly try to keep that under 30%. Team expense does not include doctors. Okay. So that's all of your, all of your, uh, your, your entire team, including a hygienist as well, but not doctors, uh, dental supplies somewhere five to nine, five to 10 % labs.   speaker-0 (19:36) Yes, absolutely.   speaker-1 (19:58) four to 7%. So again, those dental supplies and labs really should not be greater than roughly 15 % total. Rent and facilities, five to 9%. What does that mean? So if you have a high percentage in your rent and facility costs, if your rent facility is let's say nine, 10, 11%, that means you're probably not maximizing the space and getting the collections that is possible there. Again, using that revenue per chair metric.   When you're on the lower end, if you have 4 to 5 % rent of facility, means you're running very efficiently. You're probably going to be running out of space and need to expand or potentially relocate or get another location. And then there's general administrative costs somewhere in the range of 4 to 10%, depending on the practice type and what additional folks they have.   speaker-0 (20:48) Cool.   speaker-1 (20:50) That's it on everything.   speaker-0 (20:51) No, I love it so much because I think so often people don't look at their P &Ls and they don't even know what they should be targeting for. It's just like, well, do I have money left over or do I not? And then I don't know. like all of that combined should equal about 50 % there. Is that correct? Those are 50 % and then doctor pays 30 % to give a 20 % profit margin. And then you subtract debt services from that. that kind of your guys' model? That's what I've heard. It's what I typically recommend.   speaker-1 (21:18) Roughly. mean, yeah. You know, I, the most ideal is that I think when the average doctor starts to work with us, their profit margin is in the twenties, the 20 % range. our goal is to get them into the forties. Okay. And everyone does chase this like 50 % number, but I will tell you that eventually if you have to scale again, if you have to reinvest, that's the part like you're, drive yourself nuts. Would you rather have, you know, 50 % of 1 million or do you rather have 40 % of 3 million? Right.   You know, and that's that. So it's not always just about that overhead percentage. Uh, it is about if you choose to scale and you're, you're buying, you're reinvesting some of your, your overhead percentage, you're reinvesting some of your money to buy back your time. Like you said earlier, okay. Um, whether that's on multiple doctors or not, you know, being a slave to the chair is difficult and high risk to you as a business owner. It's one of the riskiest business models there is.   speaker-0 (22:12) Right.   I think that that's such a good point.   But guys, you don't know, can, Pro-Fi is fantastic. You can reach out to them, have them help you with your PNLs. Also your current CPAs, you can get a chart of accounts and give them these percentages and say, this is where I want it to be. Help me get there, give me some information because a lot of CPAs are not dental specific and they might not know these industry standards. And I agree with you. I also think it's important to think of growth years and also profit years. Some years you are definitely massively.   reinvesting into the practice and you might not be sitting at as high of an overhead, but you're doing it with the intent. Like when I bring on new team members, when you bring on new doctors, your overhead is going to go down. It should go down because you are investing and you're growing, but you need those people. This year on Dental A Team is a growth year. I am heavily bringing on new team members. My overhead is not as great as it has been in the past years. But if I, like you said, chase that X number of overhead and never invest in that growth,   I can't get to the next level of where I wanna go. So I thought that was really, really helpful. Thank you for that, Chris. And I know now we wanna spin over to Brent. Brent's been hanging out silently over there of some tax things. And I do love that you guys ying and yang on practice metrics because that's what we're all about. And then the tax world that I'm like, here's the thing. Here's my take on taxes. I am so grateful to live in a country where I get to pay taxes to have my own business. Like I truly think that is a massive blessing of the country we live in.   With that said, I also think it's my responsibility as a business owner to be as savvy as I can on taxes and not overpay on taxes because I'm just dumb and I'm not actually looking at strategy using smart people beyond myself to do it. So Brent, I'm so jazzed. Talk to us kind of about some tax things that you've been thinking of that your clients are dealing with.   speaker-2 (24:00) Yeah, absolutely. So I remember a few early evening calls with you and you're calling and saying help.   speaker-0 (24:06) It was in December last year, like literally right before the end of the year. And I was like, Brent, I owe so much dang money in taxes. Any ideas? It's fine, guys. It's fine.   speaker-2 (24:19) One of the foundations of Pro-Fi that we built it on is education. So we are very big believers in educating our clients to understand, first and foremost, how do you even generate taxes? So the number of conversations we have with dentists that just don't have a basic understanding is really astounding to me. So we first take an approach of, you have to understand how do you generate income tax? You generate income tax by the salary or W-2 you take.   and profit. The key thing here is it does not matter if you take a dollar of that profit out of the business, you still owe tax on the profit. So here, when you're looking at your P &L, let's say a doctor has a half a million dollars of profit and they choose not to take it home and leave it in the business, they will still pay tax on half a million dollars. I had a call today, the exact conversation is like, why didn't take any of the money home?   speaker-0 (25:18) It doesn't matter. were profitable brother, sister, like rock on. Happy day for you.   speaker-2 (25:23) You know, as Chris was alluding to, if you choose to reinvest in the practice, do marketing or other items like that that are deductible, that will obviously reduce your burden. The second thing, the second biggest mistake is don't underestimate your effective tax rate. So Chris and I have, we call it, I guess the golden rule or the 40 % tax rule. And that is geared towards over-preparing a business owner when it comes time to send in those quarterly estimates.   And I'll come back to that one in a minute, but the 40 % tax rule, if you have a pen, I would write that down because that is a rule to live by. And also ask your CPA advisor, whoever they are, whether it's us or your other another CPA, ask them before you make the decisions. So I got a call yesterday from a doctor in South Carolina. He's like, hey, I want to buy a machine that's going to cost me $85,000. My equipment rep said I'd get a 40 % tax deduction.   Just about that much.   speaker-0 (26:23) That was a clever salesperson.   speaker-2 (26:26) Yeah, they all do it. We love equipping reps. No badging equipment reps. But understanding, depending upon your entity type, whether or not you will be able to deduct that in the current year is a huge thing that you have to understand. Chris and I have seen so many doctors over the years that have come to us after the fact. And I think we've done a great job of educating, hey, I bought this equipment, it's $100,000.   When we do the tax return, it's like, you're not involved deducted. They're like, why not? The equipment reps that I could. So just make call your advisor before you do it. That's the best thing you can do for yourself.   speaker-0 (27:02) Well, and I, to that point, I just say like, you should have experts on your board as a business owner, people that you genuinely trust for taxes. And like you said, ask them, ask your rep about the best products and what they're seeing of results within the patient's mouth. Cause that's where they're experts. But I'm just going to put a massive plug, like, gosh, the number of dollars I have spent personally, because I didn't ask,   If we can save anybody even a couple of grand, like you're welcome. You're welcome. Just ask, ask before you do it.   speaker-2 (27:36) Right, absolutely. Then I kind of look at what are some things that you can do to make sure you're not blindsided by that tax surprise? ⁓ One thing we do is we always recommend in your business, you have to run multiple bank accounts. And one of those bank accounts is a tax savings account. Your business should fund and pay for your personal tax bill. So think about like ⁓ grandmother's cash envelope system.   create different buckets in the business, move the money out of your OpEx account because, know, like for me, if I have 20 bucks, $20 in cash in my pocket, I'm going to spend it. But if I put it away in the bucket where it's intended, it'll be there when I need it.   speaker-1 (28:18) My bucket, right?   speaker-0 (28:19) Yes, you can just send them my way this year Chris. It's fine Brent. It's fine I'll take him but Brent I want to speak so highly to that because ⁓ It really does help. I will also put a plug of like have really good financial planners and tax planners with you because I am actually really really good at saving money for taxes What I really get frustrated with is when it comes to December and I have been saving and I have been putting that away ⁓   And then they're like, Kiera, you owe an extra X amount. And I'm like, what the heck? I've even saved this. So that's where I also think it's really pro to have really good CPAs that are that actually no tax. So I am curious. You guys tell me the truth, because I don't know how this works. I'm not a CPA, but I swear every year I get a call December 1st and it's like almost a double what I've already saved for the whole year. And I'm a saver. Like I don't spend a dime in my business.   speaker-1 (29:14) call you get all year long, Kiera.   speaker-0 (29:16) It's not well, I have a monthly call with them and we even plan for taxes, but this year my quarterly taxes It's okay guys. I'm interviewing new cpas. It's okay. my cpn doesn't listen to the podcast I don't think if so, it's great. We've had a good run for several years But like that's where I get a surprise. Is it common? Should you be getting a surprise call on december 1st? If you've got good tax people, and you've been planning and preparing and putting money aside all year long is that   speaker-1 (29:41) As you answer this question for her and I would go over safe harbor estimates, but Kiera to set you up for what Brent's going to say. What happens is somebody tells you a number and you kind of start to operate like a zombie and you're like, okay, I put that number away, put it away and you did it. And you're like, okay, I put the number where you told me, but at the same time you're trying to grow your business.   speaker-0 (30:06) To that point though Chris I'm gonna like back on this because I think I'm actually a really smart business owner But every freaking year this happens. I'm trying to fix this and hopefully someone   speaker-1 (30:15) I think it has to do with your growth.   speaker-0 (30:18) I   overestimated what my growth would be this year. So I said I was going to be double what I was last year and we're coming in at about a 70 % growth of what I was last year. So I gave my CPA a 30 % extra window to project on me and we're still coming up a hundred, I'll say a different number, but I'm coming up more than I had saved.   almost three times as much as they had saved for me. cause I get burned every single year. So I'm like a squirrel with nuts and I put away for tax savings in my company because I never know what I'm going to owe. And it scares me. So with that said, I agree with growth. If you can, if you can project where you're going to go and you're having consistent quarterly meetings with your CPA, is it common to still have a massive like uptick in December? I would ask.   speaker-1 (31:04) No, it's not.   So look, to keep it simple, like, you know, I'm kind of talking on the managerial accounting side of things and Brent's talking on the tax side of things. If you're meeting with that accountant and you look at that bottom line profit, okay, you owe 40 % of that profit, whether you took it home or not. And then if you made any estimated tax payments, you can subtract those tax payments from that 40%. Okay. ⁓ And then you can apply some deductions and maybe bring the number down.   speaker-0 (31:24) Agreed.   I'm asking for a friend hashtag myself right now I mean I get better every year around taxes because I hate the surprise and I think most people do but I also wanted to point out I'm like I think I'm pretty savvy with business I talked to a ton of CPAs like this isn't like my first day running a business So and I'm happy to hear and with that 40 % So here's another thing that I've also which maybe I'm just dumb Maybe I'm just coming around the block to this so you guys can tell me ⁓ but it's 40 % of the profit correct like   And that profit also includes my W-2 as a business owner. So I've got to like...   speaker-1 (32:10) That profit is after your W-2. Hopefully your W-2, you have normal withholdings. Sure. you're like zero or one, you can kind of pretty much say, hopefully the federal and state taxes are all withheld from that for you. Right. have to worry about it. Okay. It's the profit that's left over after your W-2 and all the other expenses of the business you have 40 % on. So Brent, tell her about what happens at the beginning of the year.   When we talk, they those first estimates. think everybody starts to like, they get glued to the estimates and they never update them.   speaker-2 (32:41) Yeah, so a couple things. So, Kiera,   speaker-0 (32:45) Call   you in December, Brent. We're going to have this conversation in year two.   speaker-2 (32:49) Maybe we should start in January for next.   speaker-0 (32:51) I like that strategy is much better. I'm like I've even I started my tax meetings in July this year guys Like this is how much I'm paranoid and I'm like they're just shelling a ton on me again And I'm like how does it happen every year? I don't I don't understand so   speaker-2 (33:05) Here's a trend I noticed over the last four years. you know, there was in 2017, there was the Tax Cuts and Jobs Act, which changed the tax code. also changed. There's also been changes to the payroll tax tables. So I would take UW2, look at your federal tax withheld and divide that by your taxable wages in box one. More than likely, it's going to be in the 10 to 12 % range.   If you were in the 40 % tax bracket, you're already 30 % short on your taxes. Let's say you pay yourself $100,000. If you're 30 % short, that's a five digit dollar. So that's where I'd first start. And that is very, very, very common. You will not see any withholding in a W-2 being over 25 % unless you manually requested that from the payroll company.   speaker-0 (33:39) Right.   speaker-2 (34:01) bonuses or automatically taxed at 25%, but your regular payroll is probably in the 10 to 12 % range. So that's one reason it's happened. What Crystal's talking about, so let's say that we prepare your return in April. So let's say your 2020 return and every accountant will do what's called a safe harbor tax estimate, which basically says your estimates will be 110 % of your prior year tax.   speaker-1 (34:30) The IRS wants you to put 10 % more than last year away, like pay them in advance. They like you to do it quarterly because collecting money once a year is a bad business model.   speaker-0 (34:40) And it's a bad business model.   speaker-2 (34:42) So like Chris said, when a client gets those estimates, and let's say they're $25,000 a quarter, they are fixed on $25,000 a quarter. So what we do is with all of our clients in June and early July, we actually run tax projections or mock tax returns the upcoming year. We pull their year to date profit, we get all their deductions and we project out if that original safe harbor estimate has changed.   Then we do it again in November and early December to make sure that you're still on track and also looking for additional ⁓ tax strategies. But to answer your question from earlier, should you be surprised with a big number? No, not if you're doing proper planning.   speaker-0 (35:30) with like a little variance, but I just want to point that out because I think so many business owners get scared of taxes and this year, don't worry guys, it's on my vision board by the age of 36. I will be a tax expert. I look at it every single night. I have no desire to be a CPA, but I really think it's important as business owners to educate yourself on taxes and like you said to plan and to save for it because otherwise it's just this always surprise bill that creates stress. For me as a business owner, I know often I just feel like   I don't dare spend money because I'm gonna get hit with this big unknown. And so I'm like this girl, I literally have four tax savings accounts in my business right now. And they're in like four different business accounts, so my CPA can't see them all. Because I'm like, you come to me every year with this huge surprise and every year it's like double what I thought you were gonna say. And like I'm grateful to be very successful in what we do. However, I don't think business owners should be surprised, especially if you have a good CPA. So I just wanted to like find out like, that normal?   I feel like I'm on the anomaly, but good to know on that.   speaker-1 (36:33) Tax surprises cause cash flow problems.   speaker-2 (36:39) So Kiera, let me quantify that one of   speaker-0 (36:41) Guys,   don't worry. Everyone on the podcast, this is a Cura therapy session. You're welcome to be attending this. So we're glad.   speaker-2 (36:48) So can there be a tax surprise? Yes. The reason the tax price might happen is if you told your CPA, hey, I'm going to be doing these improvements and they're going to be done by December 31st. If in December you tell them, well, it didn't work out and I'm not going to have all these expenses. And yes, you're going to, you're going to get a surprise because you didn't, your plan didn't follow through. The other thing is talking about the separate tax account in the business. It's,   speaker-0 (37:12) That's fair.   speaker-2 (37:18) Absolutely recommended, but the most important part is you cannot spend it on anything but your tax bill. You cannot not rob Peter to pay Paul. That is probably the biggest mistake you could make is saying, well, I'll take it now. I have eight months to put it back in.   speaker-0 (37:34) That's like that makes my heart stop. I feel so stressed for people and also for anyone who wants to know like you I wish you could see the zoom right now with me Brent and Chris You know these guys love what we're talking about because Brent is literally getting like so excited and so animated talking about this So that's just when you know people are good at what they do I get so geek I'll geek out on dentistry and systems and like how we can help you and they're jazzing about some some tax benefits here So I agree. I think that if you aren't doing that, I also like the thought of 40 %   Do you guys recommend, because I know another piece to it, which I realized this year was like charitable contributions. I'm LDS. And so having charitable contributions, 10 % is something that I was like, that was funny. We didn't prepare for that. So that's like another check that I wasn't planning. And then also like SEP and 401ks. Do you guys have anything that you recommend for that of having a tax savings fund, but also building up those other funds and those payments that you'll be making to reduce your tax bill? Yes.   but those are also pretty big expenses, depending upon how your business does every year. How do you guys manage or navigate that? Or should I just be saving more? Because again, I'm like building these funds up to this, I've got four accounts, because I stress out about it.   speaker-2 (38:44) So Chris, I'm gonna let you take that one on the cashflow. It's really cashflow planning.   speaker-1 (38:48) Yeah, a lot of questions in there.   speaker-0 (38:50) Cool, like I said, this is why I podcast guys, because I can ask my own personal questions.   speaker-1 (38:57) In terms of okay, should you be doing okay. what do you want me to start a chair charitable chair?   speaker-0 (39:03) Just   like I think that a lot of people might get quote-unquote surprised at the end of the year because not only do we have a tax bill to pay, we have charitable contributions that we're paying. We also have 7401Ks. Like there are quite a few other funds that need to be paid out again to reduce our tax bills to help us. But those are also cashflow that you need to have on hand as a business owner to be able to front that money. So I've been also thinking that could be why other people feel like it's a surprise at the end of the year, just all lumped into taxes when it is just other pieces to help reduce that tax bill for you.   speaker-1 (39:33) if   something is important to you, then it needs a separate bank account. if charitable giving is important to you, I think you should have a separate bank account so you can visually see that you've got it ready to pay. And in order to make it tax deductible, it does need to be a 501C3. can't just be any random, say, it's... Right? So ⁓ when it comes to all of the retirement accounts, mean, ⁓ 401Ks and IRAs and simple IRAs and all of that,   speaker-0 (39:51) about last year.   speaker-1 (40:02) Roth, that's like the smallest fraction. That's like the, you know, the entry level league of the tax code in terms of savings. And it's, it's really kind of the stuff that the masses can do. I certainly think it's important to save and save for retirement. think when you're a business owner and let me say this, mean, upfront, I'm a contrarian. I think when you're a business owner, you have to be a contrarian and know that not everything applies to you the same way as everyone else. Sure. I, my bias is I have a much.   stronger tendency to say, you know, spend the money in your business or put the, I should say, invest, reinvest the money in your business for growth, because it's going, there's an asset value to that, to that business. need to learn what that is and what you one day can exit it for. And it creates, gives you the most, you know, income. ⁓ If you put money into a 401k or you put money into marketing in your business, you get the same tax deduction. So that's a question. If you're looking for like year end stuff, you know,   You could put the money into the, into the retirement plan, or you could prepay some expenses for next year. ⁓ You lot of people, think don't trust their business, which is weird because it's the thing you have the most control over, but they don't trust their own business. Typically it's cause they're not really great at managing their own cashflow and having discipline. And so they're, they're hesitant to invest the money in the business. And they'd rather go roll the dice and put it in the stock market. And at the time of this podcast recording, let me tell you.   We are in a recession. It has already begun. Everything is very high. Stock market's high. Real estate is high. Your business is one of the safest places to put your money right now. It provides you an inflation hedge, okay? And it creates revenue. ⁓ And it's tax deductions. I'm a big believer in putting the money into your business or getting another business. I think Brent can talk about, know, people ask us like, what are some of the largest   speaker-0 (41:47) Right.   speaker-1 (41:56) deductions you can play in. Like what, are the bigger things you can do outside of a 401k? Tax deductions. Generally speaking, the tax code rewards you for doing things that improve our economy. And that's primarily investing in businesses, you know, adding another location, employing people and commercial real estate, commercial real estate is a big one. Again, commercial real estate's really high right now. It may not be the perfect time to be buying or building. Cause all of the costs are really high.   save that cash, even if you have to pay some taxes, save the cash for liquidity for the tough times. when this recession happens, most practice owners are going to stop investing in their business, they're to stop marketing. And you got to do the opposite. That is the time where you can do all of that at its lowest cost. that's when millionaires are really made is during recession. So I'm going on a tangent now. You got me passionate   speaker-0 (42:50) No,   I like it. I like hearing it because I like thinking of other things. think so often you said it really well of business owners want to contract. They want to not reinvest in themselves. It's like, well, like let's put it in the stock market because that's what I heard that we should do. But I really do love that mindset. And that's why I love podcasting. That's why I love talking to different people. This is why I bring you guys on here because I purposely, intentionally bring different ways of thinking out there. You've got to make your own decisions.   But I'm a big like when people are zigging, I want to zag. So right now real estate's hot. Commercial's hot. The stock market's hot. Like I literally am sitting here just thinking like, here, just sit on some cash. Like, like you said, I might have to pay more taxes on it, but sit on that cash because you know, it's going to drop. And during that time, that's when you do the exact opposite of what everyone else is doing. So I really love that advice. And I think it's wise and it's prudent. I also love what you said, Brent, of having the 40%.   A lot of people say do 30%, but agreed a lot of dentists do tip into that 40 % tax bracket. And I would much rather over prepare than under prepare. Chris, to your point, I really love also having the buckets for like we said, charitable contributions, if you're going to do ⁓ 401ks, but I really, agree with you too. I think reinvest in your business. Look to see, I do end of year spending. I look to see what I could reinvest in, what things are gonna propel us the most. I look at marketing, I look at website rebuilds, I look at.   Different softwares that are going to propel us forward different ways to make our our practice more efficient What things are really going to invest in our company and our team? To make it and then I just do fun things like, know trips places I definitely don't get much ROI on that except for emotional ROI, but I know I know this is a longer podcast guys I really hope and I also hope team members listening realize that this is not just for business owners. I think that this is also   Individual tax prepping make sure you are preparing look for ways that you can reinvest in yourself What things could you prepare for what things can you build out? Do you have separate savings accounts for different things that you're going to maybe you don't have to save for taxes But guess what maybe one day you will be a business owner So teach yourself the discipline to save now to look for reinvestment. I also think is super valuable. So I want   speaker-1 (45:05) team members, for those team members, what side hustle can you create? What side of business can you create? know, and what, what commercial or what even residential property, rental property could you create to give yourself rental income? And there are deductions that come along with that. But if all you do is just do your day to day job, whether you own a business or don't own a business, you're not going to save anything in taxes, nothing significant. got it. You got to create some value in the world out there.   speaker-0 (45:29) Agreed. say deliver the biggest and best value. So you guys teased me. So I want to wrap up our podcast with some things to not be doing. You guys have kind of like a hit list right now of some things, some tips that a lot of us might be doing that are cracking down. I know I have been privy to some of these things as well. So take us away. We'll wrap this up with just some, some of that hit list of what not to do. ⁓ and   you know, as we get in there, thank you guys for sharing all that you have. Thank you for doing a personal session with me already. So I'm excited for the hit list now.   speaker-2 (46:01) So I would say the biggest one that I've seen is the fascination that doctors have with crypto.   speaker-1 (46:01) Go ahead, Brent.   speaker-0 (46:12) Brent, it's because we're bored. We don't know what else to do with ourselves, so we're like, why not throw a little into crypto?   speaker-2 (46:17) Here's the problem. So I have about a half a dozen doctors over last six months. They called me and said, Hey, I put $200,000 into the crypto market, Bitcoin. And I'm like, really? Where did you, where did you write the check from for that investment from the practice? Here's the problem. If that practice is an S corporation and they invest that money in crypto and they hit it big, they could potentially blow up their IRS S corp election.   and the IRS will take it away from you. So if you're gonna do investments, do not write the check from your practice. You can take the money home as a distribution, then put it into crypto, but do not do it through your business.   speaker-0 (47:01) This is a moment where I just had like a, I'm like, good. I'm glad I did that at least right. even knowing. Why is that?   speaker-1 (47:03) Sorry.   So that one, I mean, that one can cause some serious damage. ⁓ But the other ones that I think nobody wants to hear when they're listening to this, and I get in all these battles on social media, Facebook groups and all that. But the two things that come up over and over and over again that everybody's kind of cheating on and they're going to get busted on is number one, paying employees and especially dentists and hygienists, paying them as 1099 contractors.   This is going to get you in trouble not only with the IRS, but with the Department of Labor. And there are some significant penalties. There is a black and white 20 question checklist that the IRS provides. You can Google that. You can find it directly on the IRS website. And it goes through a checklist of yes or no questions to determine if you qualify to be a 1099 independent contractor or if you fit the requirements of a W-2. And to simplify it,   The main thing is the element of control who controls the schedule, who tells you which patients you're seeing and when who's providing all the materials and the tools and equipment. And 99 % of the time, anyone in dentistry falls under the category of an employee. Pretty much have to be a specialist that owns their own separate practice already coming in part time in order for you to 10 99 them. And if you're 10 99ing them, you're 10 and you have to do it to their business. The other thing that doesn't work is when, you know, they're like,   Oh, I'm an individual doctor. I'll just set up an S corp and you can 1099 my escort. The IRS is not stupid. Again, they're they're looking at what are your what is your role within that that place that you're receiving the income from the revenue from. So anyway, everybody hates that. But I'm telling you, I   speaker-0 (48:58) I   don't think it's a, it's not a good place to play with fire. Um, I have a really, really, really awesome unemployment lawyer, um, and employment lawyer. He represents Uber Lyft Red Bull. He's in, um, San Francisco. If you guys need him, he's amazing. Reach out to us. Hello@TheDentalATeam.com. Um, but he told me he said, Kiera Uber and Lyft, which I personally think I'm no lawyer guys. I'm not there. Uber and Lyft to me are the epitome of 10 99 contractors.   but they are, ⁓ they're coming down, they're cracking down on it. And ⁓ I have heard that it is no longer just a small offense. It's a pretty big offense if you misclassify. To me, really, I'm a risky person, but I believe in being smart and also paying people the way they should be paid. As much as it's not fun, we transitioned our whole company and I just think play that one safe because labor laws are not something to ever mess with, in my opinion.   speaker-1 (49:51) Yep. And you know, the government has shelled out a lot of money through this pandemic and they've got to collect it and get it back. And they're going to get that back from small business owners. And, ⁓ you know, our, our dependent care systems of Medicare and social security are very fragile right now. And that's the one thing they do not want you to screw with. And so they collect that money through W2 payroll. They're going to, they're going to force more and more than everybody's W2, especially in the occupation of dentistry. Second thing is the cars. Okay. Everybody wants to run their cars through the business.   You might be allowed to run a car through your business. It depends on what type of business you're in. If you're in real estate and you're showing houses and you're driving your clients around, you can probably write your car off through your business. But in dentistry, you're going to sit across the table from an auditor and they're going to say, what does a car have to do with the business of dentistry? The IRS tax code says that your business expenses must be ordinary and necessary to the business for them to be deductible.   What does the car have to do with the business of dentistry? How is a vehicle ⁓ justified as 100 % business use as a necessary use in order to do dentistry?   speaker-0 (51:00) What if it's a wrapped vehicle that's marketing?   speaker-1 (51:03) That's different. there are very specific guidelines in the IRS tax code about what is marketing for a vehicle. must be fully wrapped. It can't just be magnets. It can't just be stickers. But it has to be significant that's used for marketing. What we find is not a lot of doctors want to wrap their test up.   speaker-0 (51:23) Because they're ticked off with the patient that Ruekinaal didn't go super well and they're cutting people off on their drive home and you don't really want your flashy business to be that car.   speaker-1 (51:31) Right. I mean, and to make it legitimate, mean, the car has to be legally registered in the business name. It has to be covered under business insurance, not your personal insurance. The loan has to be under the business name, not your personal name. And there's a, you know, most people are not doing that. They're doing, they're buying it personally. They're just making the payment out of their, out of their business. And they think that they can deduct the whole thing. And this is not true. There's even greater scrutiny if the business tries to buy, if the dental business tries to buy a vehicle.   and depreciate it, take it as 100 % use. So I know people hate to hear that, but I would just caution everyone listening, stay away from 1099 and cars in your business. But everyone's.   speaker-2 (52:12) doing   it!   speaker-0 (52:13) I heard a really great quote one day and they said Kiera everything's deductible until you get audited and I was like That's really good advice. I appreciate that. So guys, ⁓ Chris and Brent. Thank you guys for coming on the podcast Thank you for being people that I can call Brent. Thank you for being my December, you know midnight hour friend I loved last year. You said care. There's really not much we can do. Maybe we should have done this in January. So ⁓   But truly, I just appreciate you guys helping so many doctors. know you help a lot of our clients. Shout out to those clients that we mutually work together. I love working with CPA companies. I think we're a good peanut butter and jelly together. We help grow the practice, make them more profitable. You guys make sure that their books are in line. Give us the guiding stars of what levers to turn to help the practices. You take care of the taxes. So it's a really good yin and yang and   I hope all of you listening today found a lot of value. Team members, look at this for yourselves. Get the side hustle. I hope this spurred some, some topics, some conversation. Team members, can also help your practices reduce that tax bill. look for ways that you can spend end of year, just different things. So I definitely think team members have a lot of play in this as well. So Chris and Brent, thank you guys so much. It's super fun. If people want to connect with you, ⁓ maybe they're done with their CPA. Maybe they just want to find out if.   There might be another option out there. How can they connect with you? I know you guys specialize in DSOs, larger group practices, but also the solo practices as well. How can people connect if they're interested?   speaker-1 (53:40) Sure, so check us out online at our website, Profi2020.com. That's P-R-O-F-I-2-0-2-0.com. ⁓   speaker-0 (53:47) You did   that because 2020 was such a great year that you guys want to remember. ⁓   speaker-1 (53:53) That marketing plan went out the window. It was 20-20 clarity to give you clarity on your finance.   speaker-0 (53:54) No.   I   just thought I'd throw it out there. So no one will forget Pro-Fi 2020. 2020 was most memorable year guys. Don't forget it. They don't want to forget it ever.   speaker-1 (54:07) We have tons of free videos, a lot of great content on there. Check us out on our YouTube channel, all social media, know, at Profi2020. We're very easy to find. ⁓ But we're managerial accountants. It's way different than financial accountants out there. Make sure you look up that difference and know what you're asking for. ⁓ And we always do free consultations for anyone who would like it.   speaker-0 (54:29) Awesome. Well, Chris and Brent, thank you again so much, guys. Go check them out, Profi2020. Chris and Brent, they are the owners of the organization. So super grateful for you guys coming on here.   Kiera Dent (54:38) I hope you all loved today's episode as much as I did. It is crazy to think that this many episodes have been released since we started the Dental A Team Podcast. And I started looking to say, my goodness, our listeners need to be reminded of some of the things they may have learned a year ago or two years ago or five years ago, because so many things in our practices weren't relevant back then when we heard them, but they are relevant today. And I would be doing you a huge disservice if I didn't re-release some of these episodes for you to remember, to refine.   to optimize and really truly if you ever need a topic or you're like, my gosh, I wonder if the Dental A Team has anything like this, go onto our website, TheDentalATeam.com, click on our podcast tab and you can literally search any topic. So whether it's overhead or hiring or firing or team morale or engagement or case acceptance or hygiene   onboarding or whatever it is, we have so many episodes for you. And so I am going to intentionally be   re-releasing some of the top best episodes for you, pulling back some of the ones that I needed to remember, some of the things that I feel for you to really, really relearn right now and to re-remember, or if it's the first time, welcome. I'm so happy you're listening to it, but I hope you truly enjoyed today's episode. I hope that you share this with somebody. I hope that you go and implement today because we only have one day. We only get today. And so making today the best that it possibly can be. If we can help you in any way, shape or form, reach out Hello@TheDentalATeam.com.   And as always, thanks for listening and we'll catch you next time on the Dental A Team Podcast.

Most law students and practitioners stumble over the complex world of spousal support—also known as alimony—where logic collides with human emotion. What if you could decode the hidden frameworks that determine whether support is awarded, for how long, and on what basis? In this episode of "Best in the World," we peel back the layers of family law's most misunderstood terrain to reveal the secrets behind support law's biggest debates.This isn't about reading statutes. It's about understanding the fundamental distinction: property division is a final, retrospective process, while spousal support is an ongoing, flexible obligation. Property division celebrates the past—who owns what—generally final with little room for modification. Support, by contrast, is about the future needs of a spouse, adjusting to life's unpredictable shifts: job loss, health issues, or new relationships. Recognizing this critical difference is the first step for any law student aiming to master family law.We break down the core support typologies—pendente lite, rehabilitative, permanent, and reimbursement support—each serving a distinct policy purpose and dictating different durations and modifiability. Want a temporary safety net during the divorce process? Pendente lite support is your answer. Need a structured pathway back to independence? Rehabilitative support, grounded in the Gavron warning, requires the supported spouse to actively pursue self-sufficiency. Facing long-term incapacity or age? The overwhelming trend leans against indefinite alimony, with many states capping or phasing out permanent support, reflecting a modern push toward clean breaks.Key to support analysis are the well-known but often misunderstood factors: the length of the marriage, standard of living during the union, and the economic contributions—monetary or non-monetary. Imputed income becomes critical when a high-earning spouse intentionally underemploys or quits a lucrative career to shirk obligations, triggering courts to treat potential earnings as actual income. Similarly, contributions that aren't monetary—childcare, homemaking—are now credited as vital support pillars, influencing property shares and alimony awards.Among the episode's most compelling insights is the ongoing debate over the professional degree dilemma. Unlike traditional property, degrees are generally not considered assets—yet their immense future income potential makes them a de facto kind of property in some states. Landmark cases like Gram v. Gram in Colorado established a hard line against calling degrees property, citing transferability as a key criterion. But states like New Jersey—with Mahoney v. Mahoney—have innovatively remedied this gap with reimbursements, allowing courts to order support that refunds the spouse's investment in education, akin to a business investment gone awry.The episode also reveals modern shifts away from life-long alimony, especially permanent or indefinite awards, exemplified by recent reforms in Florida. Now, legislatures favor formulas or caps, reflecting a broader move towards ending lifelong dependency—though this raises societal questions about fairness, especially for those who sacrificed careers decades ago under old social contracts.Understanding fault is equally crucial. Today's courts emphasize economic need over morality—cheating spouses can still receive alimony unless their misconduct directly dissipated marital assets. Conversely, cohabitation—living with a new partner—can trigger automatic termination or require courts to scrutinize financial interdependence. This social evolution underscores a legal landscape striving for fairness, transparency, and long-term sustainability.Tax considerations have also transformed. Prior to 2019, payers enjoyed tax deductions; payees paid income tax on support. After the Tax Cuts and Jobs Act, support has become tax-neutral—less tax benefit for payers, more pressure on negotiation leverage.

Need Hundreds Of Accredited Investors For A CRE Project? Meet Adam Gower!Adam speaks with Do You Ever Wonder host Mike Haltman about integrating AI across the entire real estate lifecycle of a deal.Through GowerCrowd, Adam takes sponsors from sourcing and underwriting to operations, capital formation, and exit.And through Know-Like-Trust-Invest he will bring hundreds of accredited investors to the opportunity.In Adam's view, traditional fundraising techniques are obsolete!If you need 60–70% financing?Call a mortgage broker.If you need 500 accredited investors and want to cast the widest net possible?Call Adam Gower!In this episode of Do You Ever Wonder, Dr. Gower explains how CRE sponsors raise capital at scale using the Know–Like–Trust–Invest framework and why traditional fundraising is rapidly becoming obsolete.If you're a sponsor, syndicator, or investor, or if you need to raise capital, this conversation may change how you think about trust, credibility, and conversion._____________________________________________How do you raise capital from commercial real estate investors you've never met?If you need a loan for 60-70% of your financing, you call a mortgage broker!But, if you need 500 accredited investors, most, if not all, who you've never met, you call Adam Gower at GowerCrowd.com!In this episode of the Do You Ever Wonder Podcast, I sit down with Dr. Adam Gower, a commercial real estate veteran, educator, and one of the foremost authorities on digital capital formation.With over $1.5 billion in CRE transactions, a Ph.D. in banking history & risk mitigation, and decades spanning development, distressed assets, and fintech innovation, Dr. Gower explains how the rules of investor relationships have fundamentally changed.We dive into:• The Know–Like–Trust–Invest framework• How sponsors build credibility at scale• Why traditional “country club” fundraising is fading• The role of AI in commercial real estate• The coming CRE refinancing/maturity wall• Common mistakes sponsors make when raising capital onlineIf you are a:• Commercial real estate investor• Syndicator• Sponsor• Developer• Capital raiser• CRE professional…this conversation will reshape how you think about investor psychology, marketing, trust-building, and conversion.Dr. Gower also shares insights from:• Institutional investing• Distressed debt cycles• The post-JOBS Act landscape• AI-driven CRE workflowsWatch the full episode now and let us know your thoughts.If you enjoy deep-dive conversations on real estate, finance, markets, risk, and strategy, be sure to:- Subscribe to the channel- Like the video- Share with a fellow investor___________________________________________________Please subscribe to Do You Ever Wonder using the two links below, and don't be shy about sharing the podcast with your friends.Subscribe to Do You Ever Wonder on YouTube here: https://www.youtube.com/@DoYouEverWonder943/videosSubscribe on your favorite streaming platform here: https://www.buzzsprout.com/1862986 _______________________________________________Hallmark Abstract Service

Tax Cuts Made Permanent: What the 2025 Bill Means for Roth Conversion Strategies & Ongoing Tax PlanningLast summer, the “One Big Beautiful Bill Act” made the Tax Cuts and Jobs Act federal tax brackets permanent, extending the current rates and removing the expected 2026 increase. Today we discuss how this extension gives planners more runway (not a reason to stop), how it changes the pacing of strategies like Roth conversions, and why tax planning should be updated annually as income, markets, and legislation shift.

Jeremy Keil examines how tax law changes might affect Roth conversion strategies for retirees in 2026. A few years ago, Roth conversions felt like one of those rare financial strategies that was almost too obvious to ignore. Taxes were historically low. The Tax Cuts and Jobs Act had put a clear expiration date on those lower brackets. And for many retirees, the logic seemed airtight: pay taxes now at a lower rate so you don't pay more later. Fast forward to today, and that certainty just isn't the same. With new tax legislation making today's lower tax brackets permanent—at least for now—many retirees are asking a very different question: Are Roth conversions still worth it in 2026 and beyond? The short answer is yes. But not for the reasons many people think. The real problem isn't Roth conversions themselves. The problem is the assumptions people make about them. Roth conversions exploded in popularity when it appeared obvious that taxes were about to rise. The assumption was straightforward: convert while rates are low, avoid higher taxes later, and you'll come out ahead. But that assumption rested on two ideas that don't always hold up: That tax rates would definitely rise. That income in retirement would naturally fall. For some people, both are true. For many others, neither is. Markets have been strong. Retirement accounts are larger than expected. Capital gains, pensions, and Social Security stack on top of one another. And suddenly, retirement income isn't as “low tax” as it once looked on paper. The Difference Between Tax Bracket and Tax Cost One of the most common mistakes retirees make is focusing on their tax bracket instead of their tax cost. On a tax return, you might see yourself in the 12% or 22% bracket and assume Roth conversions are inexpensive. But once Social Security enters the picture, the math becomes more complicated. As additional income comes in, Social Security benefits that were once tax-free begin to become taxable—up to 85% of the benefit. In that phase-in range, every dollar withdrawn from a traditional IRA can cause more Social Security to be taxed. The result is an effective tax cost that can be significantly higher than the bracket suggests. This is where many well-intentioned Roth strategies quietly go off track. Medicare Premiums Change the Equation Taxes aren't the only cost that matters. Medicare income-related premium adjustments—often called IRMAA—are triggered when income crosses certain thresholds. These surcharges commonly appear in two situations: when required minimum distributions begin, and when one spouse passes away and income thresholds are suddenly cut in half. A Roth conversion that pushes income just over one of these lines can increase Medicare premiums for years. That added cost has to be weighed alongside any future tax savings the conversion might create. A Cautionary Roth Story This is where a real-world example brings the point home. I once worked with a woman to determine the right amount of Roth conversions to do. We carefully mapped out a plan to spread conversions over three tax years so she could stay within reasonable tax and Medicare thresholds. She was comfortable with the plan. The numbers made sense. We executed the first conversion near the end of the year and agreed to revisit the second one in January. But after our meeting, she decided to take matters into her own hands. Rather than following the plan, she converted everything at once. That single decision pushed her income from a moderate tax bracket into much higher ones, triggered additional Medicare premium costs, and permanently locked in taxes that were far higher than necessary. The intent was good. The outcome was not. The mistake wasn't believing in Roth conversions—it was assuming that “more” was always better. The Real Takeaway for 2026 and Beyond Roth conversions are not dead. But Roth assumptions are. Lower tax rates today don't automatically mean Roth conversions are cheap. A future tax increase isn't guaranteed. And a zero-tax retirement is not always worth the price paid to get there. Roth conversions should always be considered—but never assumed. When done thoughtfully, in the right amounts, and at the right times, they can improve retirement income and flexibility. When done without planning, they can quietly undermine both. And in retirement, the goal isn't to win a tax strategy.The goal is to create a better retirement. Don't forget to leave a rating for the “Retire Today” podcast if you've been enjoying these episodes! Subscribe to Retire Today to get new episodes every Wednesday. Apple Podcasts: https://podcasts.apple.com/us/podcast/retire-today/id1488769337  Spotify Podcasts: https://bit.ly/RetireTodaySpotify About the Author: Jeremy Keil, CFP®, CFA is a retirement financial advisor with Keil Financial Partners, author of Retire Today: Create Your Retirement Income Plan in 5 Simple Steps, and host of the Retirement Today blog and podcast, as well as the Mr. Retirement YouTube channel. Jeremy is a contributor to Kiplinger and is frequently cited in publications like the Wall Street Journal and New York Times. Additional Links: Buy Jeremy's book – Retire Today: Create Your Retirement Master Plan in 5 Simple Steps Are Roth Conversions for Retirees Dead in 2026 Because of the New Tax Law? By Jeremy Keil, Kiplinger.com  Connect With Jeremy Keil: Keil Financial Partners LinkedIn: Jeremy Keil Facebook: Jeremy Keil LinkedIn: Keil Financial Partners YouTube: Mr. Retirement Book an Intro Call with Jeremy's Team Media Disclosures: Disclosures This media is provided for informational and educational purposes only and does not consider the investment objectives, financial situation, or particular needs of any consumer. Nothing in this program should be construed as investment, legal, or tax advice, nor as a recommendation to buy, sell, or hold any security or to adopt any investment strategy. The views and opinions expressed are those of the host and any guest, current as of the date of recording, and may change without notice as market, political or economic conditions evolve. All investments involve risk, including the possible loss of principal. Past performance is no guarantee of future results. Legal & Tax Disclosure Consumers should consult their own qualified attorney, CPA, or other professional advisor regarding their specific legal and tax situations. Advisor Disclosures Alongside, LLC, doing business as Keil Financial Partners, is an SEC-registered investment adviser. Registration does not imply a certain level of skill or expertise. Advisory services are delivered through the Alongside, LLC platform. Keil Financial Partners is independent, not owned or operated by Alongside, LLC. Additional information about Alongside, LLC – including its services, fees and any material conflicts of interest – can be found at https://adviserinfo.sec.gov/firm/summary/333587 or by requesting Form ADV Part 2A. The content of this media should not be reproduced or redistributed without the firm’s written consent. Any trademarks or service marks mentioned belong to their respective owners and are used for identification purposes only. Additional Important Disclosures

In this episode of the Know Your Numbers REI Podcast, host Chris McCormack, founder of Better Books, dives into the nuances of converting a traditional IRA to a Roth IRA and discusses the benefits of Roth IRAs growing tax-free. He also explores the implications of Trump's Tax Cuts and Jobs Act, including the introduction of the Trump account, which offers a unique tax-saving opportunity for children born between 2025 and 2028.Chris explains strategies for maximizing these accounts, including converting to Roth IRAs at low-income stages and the potential benefits of using these accounts for education, home purchase, or business ventures.Tune in to learn how to strategically build wealth and minimize tax liability using available tax codes.••••••••••••••••••••••••••••••••••••••••••••➤➤➤ To become a client, schedule a call with our team➤➤ https://www.betterbooksaccounting.co/contact••••••••••••••••••••••••••••••••••••••••••••Connect with Chris McCormack on Social MediaFacebook: https://www.facebook.com/chrismccormackcpaLinkedIn: https://www.linkedin.com/in/chrismccormackcpaInstagram: https://www.instagram.com/chrismccormackcpaJoin our Facebook Group: https://www.facebook.com/groups/6384369318328034→ → → SUBSCRIBE TO BETTER BOOKS' YOUTUBE CHANNEL NOW ← ← ← https://www.youtube.com/@chrismccormackcpaThe Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

Surface transportation reauthorization is the regular federal legislative process to renew and fund U.S. transportation programs for highways, transit, rail and safety, setting policies and priorities for billions in spending, with the current major authorization (part of the Infrastructure Investment and Jobs Act) set to expire Sept. 30, 2026, prompting ongoing discussions for the next bill. On this week's edition of the Talking Michigan Transportation podcast, Zach Rable, a federal policy specialist at the Michigan Department of Transportation (MDOT), talks about priorities for Michigan.He explains those priorities largely dovetail with those the American Association of State Highway and Transportation Officials (AASHTO) are pushing.Photo by Adam Michael Szuscik on Unsplash.

pWotD Episode 3177: Donald Trump Welcome to popular Wiki of the Day, spotlighting Wikipedia's most visited pages, giving you a peek into what the world is curious about today.With 739,258 views on Monday, 12 January 2026 our article of the day is Donald Trump.Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who is the 47th president of the United States. A member of the Republican Party, he served as the 45th president from 2017 to 2021.Born into a wealthy New York City family, Trump graduated from the University of Pennsylvania in 1968 with a bachelor's degree in economics. He became the president of his family's real estate business in 1971, renamed it the Trump Organization, and began acquiring and building skyscrapers, hotels, casinos, and golf courses. He also launched side ventures, many licensing the Trump name, and filed for six business bankruptcies in the 1990s and 2000s. From 2004 to 2015, he hosted the reality television show The Apprentice, bolstering his fame as a billionaire. Presenting himself as a political outsider, Trump won the 2016 presidential election against Democratic Party nominee Hillary Clinton.During his first presidency, Trump imposed a travel ban on seven Muslim-majority countries, expanded the Mexico–United States border wall, and enforced a family separation policy on the border. He rolled back environmental and business regulations, signed the Tax Cuts and Jobs Act, and appointed three Supreme Court justices. In foreign policy, Trump withdrew the U. S. from agreements on climate, trade, and Iran's nuclear program, and initiated a trade war with China. In response to the COVID-19 pandemic from 2020, he downplayed its severity, contradicted health officials, and signed the CARES Act. After losing the 2020 presidential election to Joe Biden, Trump attempted to overturn the result, culminating in the January 6 Capitol attack in 2021. He was impeached in 2019 for abuse of power and obstruction of Congress, and in 2021 for incitement of insurrection; the Senate acquitted him both times.In 2023, Trump was found liable in civil cases for sexual abuse and defamation and for business fraud. He was found guilty in 34 counts of falsifying business records in 2024, making him the first U. S. president convicted of a felony. After winning the 2024 presidential election against then-vice president Kamala Harris, he was sentenced to a discharge, and two felony indictments against him for retention of classified documents and obstruction of the 2020 election were dismissed without prejudice.Trump began his second presidency by initiating mass layoffs of federal workers. He imposed tariffs on nearly all countries at the highest level since the Great Depression and signed the One Big Beautiful Bill Act. His administration's actions—including the targeting of political opponents and civil society, the persecution of transgender people, the mass deportation of immigrants, and the extensive use of executive orders—have drawn over 300 lawsuits challenging their legality.Since 2015, Trump's leadership style and political agenda—often referred to as Trumpism—have reshaped the Republican Party's identity. Many of his comments and actions have been characterized as racist or misogynistic. He has made many false or misleading statements during his campaigns and presidency, to a degree unprecedented in American politics. He promotes conspiracy theories. Trump's actions, especially in his second term, have been described as authoritarian and contributing to democratic backsliding. After his first term, scholars and historians ranked him as one of the worst presidents in American history.This recording reflects the Wikipedia text as of 03:20 UTC on Tuesday, 13 January 2026.For the full current version of the article, see Donald Trump on Wikipedia.This podcast uses content from Wikipedia under the Creative Commons Attribution-ShareAlike License.Visit our archives at wikioftheday.com and subscribe to stay updated on new episodes.Follow us on Mastodon at @wikioftheday@masto.ai.Also check out Curmudgeon's Corner, a current events podcast.Until next time, I'm neural Kendra.

Matt and Seth unpack how capital raising has evolved from informal, often non-compliant co-GP arrangements to a more structured, scalable fund-of-funds model. Seth explains why private markets are growing roughly twice as fast as public markets, tracing the shift from the JOBS Act to today's AI-enabled infrastructure. The conversation dives into SEC compliance pitfalls, why transaction-based compensation is risky, and how separating capital raisers from operators protects both sides. They also explore how fund-of-funds structures can unlock better economics for investors while helping sponsors raise capital faster and more efficiently. Visit www.tribevestisc.com for more info. Visit bestevercrypto.com today to get started and earn up to $2,500 in bonus crypto. Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/BESTEVER Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

The 2025 year-end Director's Panel is here! Each year, Matt and Oren have a little cocktail party with some of the past year's guests. It's a chance to reconnect and chat about what went well, what didn't, and what they're hopeful for in the coming year.Carlyn Hudson, Jamaal Parham, and Mercedes Bryce Morgan participate in this first-ever, on-camera, live-to-tape panel. And if you've got questions about the impact of AI on Hollywood and the impact of how movies are getting funded on A-list talent, then this is an episode you won't want to miss!Bringing together directors who have attended TIFF, worked with Matthew McConaughey, have films on Hulu, travel the globe, and know how to utilize the JOBS Act to fund films yields a diverse range of topics. And this crew talks about the need to do more with less, finding time to be creative, and further pushing the boundary of what's possible in an 8-hour shoot day. And yeah, AI is a big subject on everyone's minds. But is it really a threat? Or are we all whale hunters nearing extinction?There's a lot of hope and ideas in this episode. Happy New Year, everyone!Find Mercedes on IG @mercedesbrycemorgan or https://www.mercedesmorganfilm.com/Find Carlyn on IG @carlynhudsonFind Jamaal on IG @jamaalparham and @jamsandbash---Help our Patreon! https://www.patreon.com/JustShootItPodMatt's Endorsement: Fire extinguishers. AND, the fire department. Oren's Endorsement: Download everything from your phone related to your work projects, weekly () or on some fixed schedule) so you can find it later. Also, James Cameron's interview on "The Town" podcast https://podcasts.apple.com/us/podcast/part-1-james-cameron-on-avatar-misconceptions-ais-skynet/id1612131897?i=1000738091636Mercedes's Endorsement: Photoshop's Remove Tool (currently in Photoshop Beta version)Kind of like Harmonize.ai (which adds shadows and reflections when you add objects to photos)Carlyn's Endorsement; Send words of affirmation to people you appreciate.Jamaal's Endorsement: Akari Sauna with 2 locations in Brooklyn, NY, Greenpoint and Williamsburg https://www.akarisauna.com/. And use saunas as your time to develop creative ideas. Also the book "The Genius of the System: Hollywood Filmmaking in the Studio Era" by Thomas Schatz https://us.macmillan.com/books/9780805046663/thegeniusofthesystem/ Hosted on Acast. See acast.com/privacy for more information.

In this episode of The Liquidity Event, AJ and Shane kick off the new year by breaking down why leaving New York to avoid taxes is far harder than many high earners expect. Using a recent New York Times article as a starting point, they explain how New York residency audits actually work, the difference between quantitative and qualitative tests, and why most people who try to leave the state ultimately fail. They then shift to OpenAI's decision to finally allow employees to donate equity to charity, why the move matters in the ongoing AI talent war, and how equity structure and tax timing play into charitable planning. The episode wraps with a deep dive into IPO scams, explaining how regulatory carveouts meant to encourage public listings instead enabled a wave of fraudulent foreign companies — and why retail investors are often the ones left holding the bag. Taxes, equity, audits, and a classic Reddit money question to close out the year. Key Timestamps (00:00) Welcome, New Year timing, and recording Episode 170 in December (02:00) New Year's plans, hosting fatigue, and seafood traditions (04:00) The grill disaster and calling an audible on a holiday party (06:50) Rich New Yorkers threatening to leave and why it's harder than it sounds (08:15) New York residency audits and the two tests you must pass (10:10) Qualitative residency rules: holidays, dogs, storage units, and intent (13:30) Why most people fail New York tax exit strategies (19:50) OpenAI allows employees to donate equity to charity (22:30) IPO scams, the JOBS Act, and why fake companies keep slipping through (26:45) Reddit question: what to do with $1.8M in liquid assets at a young age  

In this episode of Main Street Matters, Elaine Parker speaks with Guy Berkebile, founder of Guy Chemical Company, about the significant impact of the Tax Cuts and Jobs Act on small businesses. They discuss Berkebile's entrepreneurial journey, the challenges he faced, and how tax policies have enabled him to invest in his company and community. The conversation also touches on the importance of retaining youth in small towns, the implications of tariffs and trade policies, and the future of American manufacturing.See omnystudio.com/listener for privacy information.

Equity crowdfunding and angel investing have changed how capital is raised - but many founders and investors still misunderstand valuation, risk, and what it really takes to build long-term wealth. In this episode of Behind The Numbers With Dave Bookbinder, Dave Bookbinder is joined by Karen Rands, President of Cougar Capital Holdings, host of The Compassionate Capitalist Show, and author of two books on angel and crowdfunding investing. Karen shares her journey from corporate leadership at IBM to building and leading a nationally recognized angel investor group, and why she's dedicated her career to democratizing access to private investing. She explains how the JOBS Act opened the door to equity crowdfunding and why that shift matters for entrepreneurs, investors, and wealth creation beyond public markets. Dave and Karen unpack the differences between traditional venture capital and what Karen calls “compassionate capitalism,” along with the valuation mistakes founders commonly make when raising capital. They explore underutilized valuation metrics, realistic financial planning, and how misaligned expectations can derail otherwise promising capital raises. The conversation also breaks down the four primary types of equity crowdfunding - Reg CF, Reg D, Reg A+, and state exemptions - with practical guidance for both founders seeking capital and everyday investors looking to build diversified private-investment portfolios. Karen shares disciplined portfolio-building strategies and actionable first steps for newcomers interested in angel or crowdfund investing. This episode is a must-listen for business owners, founders, managers, and advisors who want a clearer understanding of valuation, capital formation, and smarter ways to participate in private markets. About Our Guest: Karen Rands is a leading voice in democratization of capital from private investors funding innovation and small business expansion — empowering individuals to create wealth by investing in entrepreneurs who are changing the world. She is leading the way with The Compassionate Capitalist Movement. Karen is the author of the best-seller Inside Secrets to Angel Investing: Step-by-Step Strategies to Leverage Private Equity Investment for Passive Wealth Creation. Her latest release, 2nd in the series, debuted as a Top Release on Amazon: Inside Secrets to Crowdfund Investing. Follow Jane's Journey: See How a New Generation Builds Wealth with Purpose, Passion and Profit. She hosts a top 100 Business Podcast on Apple, The Compassionate Capitalist™ Show, where she interviews founders, investors, and thought leaders on best practices for wealth creation as a successful entrepreneur or investor in successful small businesses. Karen has spent over two decades bridging the gap between investors and innovators from her corporate days at IBM to her time spent managing a top ranked angel investor group, and now as a speaker, strategist, and educator. Click to go to Karen's LinkTree - http://bit.ly/linkCCS for links to social, free gifts, books, course, podcast, socials and to schedule a chat directly About the Host: Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.    Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.    He's on a mission to change the conversation about how the accounting world recognizes the value of people's contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company's most valuable asset.” Dave's book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions. He's also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.  

David Stryzewski shares his 2025 market takeaways, noting that the S&P 500's 20-25% gain made it an incredible year. He also discusses the growing demand for silver, projecting that it will reach $100 by the end of 2026. David also predicts that gold could hit $5,000 or $6,000, driven by the increasing global need for precious metals in new technologies such as AI and electric vehicles.Looking ahead to 2026, David anticipates a rocky but ultimately positive market, bolstered by the Tax Cuts and Jobs Act 2.0. He expects companies like Walmart (WMT) to perform well as consumers seek value amidst ongoing inflation.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

With enactment of the One Big Beautiful Bill Act, extension of key Tax Cuts and Jobs Act provisions, and the potential for additional legislative activity this year, alternative asset managers and their stakeholders face new challenges at the international, federal, state and local levels as they wrap up 2025. In this episode, EY tax professionals discuss issues that should be top of mind for alternative asset managers.

Send us a textFundraising doesn't have to be a black box or a waiting game. We sit down with Woodie, co-founder of Crowdfund Capital Advisors and a key architect behind the JOBS Act crowdfunding rules, to map a founder-first path that fuses data, community, and disciplined execution. From Wall Street to Silicon Valley to Washington, Woodie's journey reveals why regulation crowdfunding has unlocked billions for startups in thousands of cities—and how the next wave of “influestors” will power growth far beyond traditional venture hubs.We dig into investor sentiment as a real-time signal of demand: daily check counts, dollars committed, and momentum curves that predict funding velocity and downstream success. Then we get practical about valuations—why sober pricing wins, how to benchmark with a 10,000-offering dataset, and the milestone-driven cadence that earns step-ups. You'll hear the three signals Woody watches before any meeting, the pitfalls of algorithmic overconfidence, and where human diligence—team, moat, market timing—still decides outcomes.The conversation flips the script on marketing too. Customers who become investors don't just write checks; they evangelize, bring sales, and defend your brand in public. We share the playbook for turning a raise into a launch, engaging comment threads as social proof, and structuring cap tables that signal either viral scale (many backers) or strategic conviction (larger checks). Expect candid talk on time costs, legal prep, and the founder mindset required to tune out naysayers while staying responsive and transparent.If you're building outside the usual VC corridors or simply want smarter capital, this is your roadmap: calibrate valuation with data, engineer sentiment with story, prove revenue momentum, and let your community carry the signal. Subscribe, share with a builder who needs this, and leave a review with the biggest funding question you want answered next.Support the show

The One Big Beautiful Bill Act capped off a hectic year for tax policy. It extended key Tax Cuts and Jobs Act provisions, reshaped the outlook for 2026, and raised fresh questions about the deficit. In this episode, Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO, and Jared Walczak, Vice President of State Projects, to break down what the law did, walk through our projections, and zoom out to other defining fights of 2025: Trump's "Liberation Day" tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.  Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

The One Big Beautiful Bill Act capped off a hectic year for tax policy. It extended key Tax Cuts and Jobs Act provisions, reshaped the outlook for 2026, and raised fresh questions about the deficit. In this episode, Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO, and Jared Walczak, Vice President of State Projects, to break down what the law did, walk through our projections, and zoom out to other defining fights of 2025: Trump's "Liberation Day" tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.  Support the showFollow us!https://twitter.com/TaxFoundationhttps://twitter.com/deductionpodSupport the show

Doug McHoney (PwC's International Tax Services Global Leader) is joined by returning guest Tadd Fowler, Senior Vice President, Treasurer, and Global Taxes at the Procter & Gamble company. Doug and Tadd discuss US tax policy after the Tax Cuts and Jobs Act, the OB3 package's priorities and fixes (including interest expense apportionment, GILTI and FDII changes, and maintaining competitiveness), and why certainty still depends on ongoing policymaker education. They examine the OECD Pillar Two ‘side‑by‑side' concept, the daunting Pillar Two compliance overlay on US rules, and P&G's own Pillar Two posture. They also cover operating‑model design, incentives and foreign direct investment, how AI augments rather than replaces decisions, and the tax team's priorities—business partnership, compliance productivity, people and capabilities, and advancing tax certainty through transparency and cooperative programs.  

The One Big Beautiful Bill (OBBB) brought major tax law changes for 2025. Dr. Friday explains why year-end is the time to revisit withholdings and strategy. Transcript G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. On February 4th, 2025, President Trump signed in the HR1—commonly known as the One Big Beautiful Bill Act, or the OBBB. And that extended a lot of the Tax Cuts and Jobs Act that was in there, but it also added a lot of new tax laws. So now is the time. We’re getting ready to go into 2026. 2025 is almost over. A lot of these went into effect in 2025. If you have not already sat down, talk to your tax person. How are you gonna do this? Are you gonna get more money back? Should you be taking out less on your paycheck? These are the kinds of questions you need to ask. If not now, when you sit down to do your taxes—make your tax appointment today. You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

New tax laws are on the horizon—and they could significantly influence the way you give. The recently passed One Big, Beautiful Bill Act (often shortened to the OBBBA) introduces several changes that affect charitable givers today and in the years to come. To help unpack these shifts, we sat down with Bruce McKee, attorney and Senior Vice President of Complex Gifts at the National Christian Foundation (NCF).What the OBBBA Actually DoesDespite its cheerful name, the OBBBA carries serious implications for donors. Bruce explains that the bill makes permanent many provisions that were originally scheduled to expire at the end of 2025 under the 2017 Tax Cuts and Jobs Act. Key extensions include:Higher standard deductionsHigher estate tax exclusionsNew deduction floors for charitable giftsA new limit on itemized deductionsExtended business deductionsUpdated rules for university endowment taxesThese changes will affect different givers differently, but nearly everyone will feel the impact of the new standard deduction.The Standard Deduction Gets Bigger—AgainThis update alone affects roughly 90% of taxpayers.The OBBBA permanently extends the increased standard deduction and even boosts it for the 2025 tax year:Individuals: $15,750Married couples filing jointly: $31,500Because the standard deduction is now higher, fewer people will itemize. And when giving is lumped under the standard deduction, charitable gifts are no longer deductible.But there's a powerful workaround.If you want to maximize your tax benefits while maintaining your giving rhythms, “bunching” can help. Bunching means:Grouping several years' worth of charitable gifts into a single tax yearItemizing in that year, instead of taking the standard deductionUsing a donor-advised fund (DAF)—such as an NCF Giving Fund—to distribute gifts gradually over future yearsA giving fund works like a charitable checking account—a powerful tool for strategic, tax-efficient generosity. Bunching is especially impactful when paired with gifts of appreciated assets.New Charitable Deduction Floors Coming in 2026Beginning in 2026, charitable deductions will include a “floor”—a small portion of giving that won't be deductible at all.For IndividualsOnly the amount of charitable giving above 0.5% of your Adjusted Gross Income (AGI) will be deductible. Here's an example:AGI = $200,0000.5% floor = $1,000Whether you give $20,000 or $40,000, the first $1,000 is not deductible.For CorporationsA similar rule applies, but the floor is 1% of taxable income.Why This MattersThis floor means that givers with large AGIs—especially in high-income years—should consider giving earlier, before 2026 arrives. Strategic timing will matter more than ever.Even high-capacity donors who itemize may benefit from bunching in alternating years.New Limits on Itemized DeductionsThe OBBBA also introduces a “haircut” affecting all itemized deductions—not just charitable ones.Because the highest tax bracket (37%) is now permanent, itemized deductions typically reduce income taxed at that rate. But beginning in 2026:Deductions in the highest bracket will be valued at 35 cents per dollar, not 37.It's a relatively small shift, but it slightly increases tax liability and adds another layer of planning complexity. Once again, Bruce recommends intentionally reviewing giving strategies before the 2025 year closes.Estate and Gift Tax Exclusions: Higher and More StableThe OBBBA also stabilizes estate planning by raising the estate and gift tax exemption to:$15 million per individual$30 million for married couplesThese thresholds—once set to sunset back to near half—are now permanent (as permanent as tax law can be). This gives families greater clarity as they plan inheritances and consider charitable tools like trusts or family foundations.When people settle their estate planning, it often helps them focus their hearts on where God is calling them to give—what Ron Blue usually describes as “giving while you're living so you're knowing where it's going.”Good News for Non-Itemizers: The Above-the-Line Charitable Deduction ReturnsBeginning soon, non-itemizers will be able to deduct modest charitable amounts:$1,000 for individuals$2,000 for married couples filing jointlyThis applies to cash gifts made to churches and public charities. It's a welcome incentive for households that rely on the standard deduction.Navigating Change with WisdomThe tax landscape may shift, but God's call to generosity never does. Thoughtful planning ensures you can give joyfully, efficiently, and impactfully.If you want to steward God's resources with greater intentionality, a Giving Fund through the National Christian Foundation can help you:Maximize tax benefitsSimplify your givingSupport ministries you loveInvest funds for future generosityYou can open one in just a few minutes at FaithFi.com/NCF.On Today's Program, Rob Answers Listener Questions:My husband and I are turning 68 and need to move from our two-story home into a one-story house. We're considering new construction, but we'd either need a small mortgage or withdraw $50–60,000 from our 401(k). Our income is stable—he gets $3,000 from Social Security, and I make about $2,000. We manage fine month to month. Which option makes more sense?I'm 73, single, living on Social Security with excellent credit and no debt besides a small monthly charge card. I'm looking into either a HELOC or another home-equity option so I can access some of my home's value to help others before I pass away. What's the best way to proceed?Resources Mentioned:Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner)The National Christian Foundation (NCF) Movement MortgageWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA)FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Countries can either capitulate to President Trump's tax bullying. Or come together to fight for the sovereign right to tax multinationals fairly. In this episode host Naomi Fowler explores whether US economic policy is actually good for the US economy and its people. We've done some number crunching looking at what really happened after Trump's 2017 Tax Cuts and Jobs Act. It tells us a lot about the state of tax justice, its real effects on people, and the misguided exercise of power. Transcript of the show: https://podcasts.taxjustice.net/wp-content/uploads/2025/11/Transcript_Taxcast_Nov_25.pdf Featuring: The Tax Justice Network's Mark Bou Mansour, Alison Schultz and Sergio Chaparro-Hernandez. Produced and hosted by Naomi Fowler. Further Reading: $475bn lost to US-backed global gag order shielding corporate tax cheaters, Tax Justice Network https://taxjustice.net/press/475bn-lost-to-us-backed-global-gag-order-shielding-corporate-tax-cheaters/ UN tax convention: Everything you need to know about current negotiations on the biggest shakeup in history to global tax rules. https://taxjustice.net/topics/un-tax-convention/ Our website with all our podcasts is available here: https://podcasts.taxjustice.net/  Get the Taxcast as soon as it comes out by subscribing by email to naomi@taxjustice.net   

In this episode of Main Street Matters, Elaine Parker sits down with Julio Gonzalez to discuss how IRS reform could fix a broken system, reduce audit fear, and restore fairness to Main Street. They also explore: The real impact of the Tax Cuts and Jobs Act, How Engineered Tax Services supports small business owners, & What bipartisan reforms could rebuild trust in the tax code. Text "Why" to 26786 to get a FREE copy of Julio's NEW Book "Why Billionaires Love The Tax Code: Follow the IRS's Lead to Build Wealth" #IRSReform #SmallBusiness #TaxCode #MainStreetMattersSee omnystudio.com/listener for privacy information.

Season 7 of Innovators Inside kicks off with Sherwood “Woody” Neiss — entrepreneur, venture capitalist, architect of the JOBS Act, and author of Investomers. Woody walks through how investment crowdfunding went from an eight-bullet framework to a 485-page regulation that opened startup investing to everyday people. He and Ian dig into the rise of the “customer-investor,” why doctors, scientists, and operators are backing the tools they actually use, how crowdfunding is changing access to capital for women and minority founders, and why health tech and biotech are now leading the pack. They also explore how data, AI, and tighter feedback loops are creating new “signals” for VCs, what founders get wrong about valuation and communication, and why lean, disciplined fundraising is back.Topics & Timestamps

We'd love to hear from you. What are your thoughts and questions?The conversation explores the impact of Reg CF under Title III of the Jobs Act, focusing on how it democratizes access to capital for founders and provides retail investors with growth stage deal flow. It highlights the strategies investors use to build portfolios and the importance of networking in crowdfunding.Main Points:Reg CF was designed to democratize access to capital.Investors can gain significant upside by investing early.There are investors with extensive portfolios in Reg CF.Networking is crucial for successful crowdfunding campaigns.Retail investors can access growth stage deals.The potential for high returns attracts diverse investors.Strategic outreach can enhance investment opportunities.Understanding the market is key for investors.Investing in multiple deals can mitigate risks.The crowdfunding landscape is evolving rapidly.Connect with Jason Fishman:jfishman@digitalnicheagency.comdigitalnicheagency.comhttps://www.linkedin.com/in/jafishman/https://www.youtube.com/@DigitalNicheAgencyhttps://calendly.com/jfishman/30min?month=2025-09

It's The Ranch It Up Radio Show! Join Jeff Tigger Erhardt, Rebecca Wanner AKA BEC and their crew as they find out more on the Common Ground Coalition that so many of us have been hearing about.  Plus, market reports, upcoming sales, and info you just don't hear anywhere less on this all-new episode of The Ranch It Up Radio Show. Be sure to subscribe on your favorite podcasting app or on the Ranch It Up Radio Show YouTube Channel. Season 5, EPISODE 263 Common Ground Coalition Seeks To Preserve America's Food Security By Uniting Livestock Producers   Agriculture is not optional. America's food chain is only as strong as our family farms and ranches. Our livestock industry is better together and must unify with one voice. As dedicated stakeholders in the livestock industry, we call upon our fellow livestock producers and all of agriculture to join us and stand united. The time has come to prove that our industry can and will align to drive meaningful and lasting change, safeguarding the future of America's agricultural sector, rural communities and our nation's food independence. We need your help in giving America's livestock industry a common voice. The 5 Key Components Of The Common Ground Coalition 1. Achieve and Maintain Ag-Friendly Tax Policy Extend the Tax Cuts and Jobs Act provisions that help agriculture beyond 2025, including: Preservation of federal transfer tax lifetime exemption amounts, indexed for inflation, and Retention of step-up in basis under § 1014, and Return to 100% bonus depreciation under § 168, and Continued expanded application of § 179, and Maintenance of the § 199A qualified business income deduction. Increase the aggregate limit allowed under § 2032A to $30 million, indexed for inflation. 2. Make Risk Management Tools More Effective Increase the Livestock Risk Protection subsidy level, and Allow Livestock Risk Protection coverage to start the day price risk is assumed, and Create or improve mechanisms for industry input and oversight of risk management tools that will make them more attractive to producers. 3. Improve Access To Labor Remove the seasonality component from H-2 programs, and Create an optimized and efficient process for workers in good standing to return to the same employer year after year, and Redefine “agricultural employer” to expand its scope for purposes of H-2A programs to include more employers essential to agricultural production in the United States. 4. Increase Flexibility For Livestock Haulers Exempt livestock haulers from Hours-of-Service rules, and Permanently exempt livestock haulers from the Electronic Logging Device mandate, and Support the state and federal adoption of increased load capacity limits. 5. Create Support For Young & Emerging Livestock Producers Reform USDA programs to raise limits on guaranteed loan programs, streamline the lending process, and expand eligibility criteria. Create tax credits or incentives for leasing or selling land to, and providing capital to, younger or emerging livestock producers, including elimination of capital gains, reduced financing costs, and access to loans. Create front-loaded tax relief for buyers purchasing land for use in livestock production. Establish programs and educational programming to cultivate interest in young people to pursue careers in livestock production. Incentivize livestock producers and others, including those in academia, business, and government, to mentor young or emerging livestock producers and support new entrants into the industry. Develop technologies targeted at increasing efficiency in livestock production. For more Information more information on the Common Ground Coalition, click HERE Featured Experts in the Cattle Industry Jake Parnell – Common Ground Coalition https://www.commongroundcoalition.net/ Follow on Facebook: @CommonGroundCoalition Kirk Donsbach – Financial Analyst at StoneX https://www.stonex.com/ Follow on Facebook: @StoneXGroupInc Shaye Wanner – Host of Casual Cattle Conversation https://www.casualcattleconversations.com/ Follow on Facebook: @cattleconvos Contact Us with Questions or Concerns Have questions or feedback? Feel free to reach out via: Call/Text: 707-RANCH20 or 707-726-2420 Email: RanchItUpShow@gmail.com Follow us: Facebook/Instagram: @RanchItUpShow YouTube: Subscribe to Ranch It Up Channel: https://www.youtube.com/c/RanchItUp Catch all episodes of the Ranch It Up Podcast available on all major podcasting platforms. Discover the Heart of Rural America with Tigger & BEC Ranching, farming, and the Western lifestyle are at the heart of everything we do. Tigger & BEC bring you exclusive insights from the world of working ranches, cattle farming, and sustainable beef production. Learn more about Jeff 'Tigger' Erhardt & Rebecca Wanner (BEC) and their mission to promote the Western way of life at Tigger and BEC. https://tiggerandbec.com/ Industry References, Partners and Resources For additional information on industry trends, products, and services, check out these trusted resources: Allied Genetic Resources: https://alliedgeneticresources.com/ American Gelbvieh Association: https://gelbvieh.org/ Axiota Animal Health: https://axiota.com/multimin-campaign-landing-page/ Imogene Ingredients: https://www.imogeneingredients.com/ Jorgensen Land & Cattle: https://jorgensenfarms.com/#/?ranchchannel=view Medora Boot: https://medoraboot.com/ RFD-TV: https://www.rfdtv.com/ Rural Radio Network: https://www.ruralradio147.com/ Superior Livestock Auctions: https://superiorlivestock.com/ Transova Genetics: https://transova.com/ Westway Feed Products: https://westwayfeed.com/ Wrangler: https://www.wrangler.com/ Wulf Cattle: https://www.wulfcattle.com/

Most founders think Regulation Crowdfunding is a quick way to raise capital — but it's far more strategic. In this episode of Test. Optimize. Scale, Jason Fishman sits down with Brian Korn, Head of FinTech & Blockchain at Manatt, Phelps & Phillips, and board member of the Crowdfunding Professional Association, to unpack how Reg CF and Reg A+ really work.

Chronically parched is not something anyone in this country or anywhere should ever have to feel, but here we are. So how are towns and states making clean water more affordable, reliable, and less controversial? 'cause remember, it's fucking water. Look, you might feel like you're giving it all you got but when you look around things are a little dark out there. So you, our listeners and readers and viewers and users, whatever, across the world, want and demand more examples of fight and progress you can see and touch and feel, taste, and in these conversations, in this special series, in our partnership with our best friends that Run For Something, we're gonna do that.Each of these episodes features two guests both sourced from the Run For Something pipeline and graduating classes. First, I'll introduce one young elected official at the state or local level who has actually made real measurable progress on an issue facing more Americans than ever before, something that you'll notice.And then in the same episode, I'll introduce a bright-eyed candidate who's currently running for a state legislature for mayor, for city council, or for school board, who is similarly hellbent on attacking the same issue in their own hometown or their state. And for all you know, one of these could be in yours or near yours, or just have lessons that apply to yours.Today our topic: drinking water. You'd think it wouldn't be complicated or controversial, but remember folks, bad guys are real.Introducing our incumbent, State Rep Laurie Pohutsky is a Michigan born millennial microbiologist serving her fourth term in the Michigan House of Representatives where she serves on the Oversight Committee and is the Chair of the Progressive Women's Coalition. Laurie sponsored legislation that became Michigan's Clean Energy and Jobs Act of 2023. She's the co-sponsor of legislation to make polluters pay, which is always great, and to amend Michigan's Natural Resources and Environmental Protection Act, which focuses on environmental cleanup standards and procedures, which would be stellar since, as you know, the EPA has, basically been abolished.Our candidate, Denzel McCampbell is a fine, young community advocate and native Detroiter, living and running for Detroit City Council District Seven. Denzel was born and raised in the east side and is a graduate of Michigan State University. He is dedicated to public service, to fighting day in and day out to increase access to democracy and representation for marginalized groups. He believes the Detroit city government should be a responsive government that uses its resources to ensure that every neighborhood is well resourced and that every resident is able to have the fundamentals. Two amazing humans fighting for water, and fighting for everything else. Let's find out what it means for their hometowns, for Michigan, and for yours.-----------Have feedback or questions? Tweet us, or send a message to questions@importantnotimportant.comNew here? Get started with our fan favorite episodes at podcast.importantnotimportant.com.Take Action at www.whatcanido.earth-----------INI Book Club:

Nashville's main landfill is almost full, leaving Davidson County in the middle of a “trash crisis.” State Senator Heidi Campbell joins us to explain how her Tennessee Waste to Jobs Act could turn the problem into economic opportunity — generating thousands of jobs and billions in revenue while funding recycling infrastructure and education at no cost to taxpayers. Learn more and watch the official video of “From Waste to Wages: Tennessee's Economic Potential in Recycling,” nominated in the 2025 Nashville Film Festival. Get more from City Cast Nashville when you become a City Cast Nashville Neighbor. You'll enjoy perks like ad-free listening, invitations to members only events and more. Join now at membership.citycast.fm/nashville   Want some more City Cast Nashville news? Then make sure to sign up for our Hey Nashville newsletter.  Follow us @citycastnashville You can also text us or leave a voicemail at: 615-200-6392 Interested in advertising with City Cast? Find more info HERE.

This Day in Legal History: Volstead ActOn October 28, 1919, the Volstead Act was passed by the U.S. Congress over President Woodrow Wilson's veto, laying the legal foundation for Prohibition in the United States. Formally titled the National Prohibition Act, the law was intended to provide for the enforcement of the 18th Amendment, which had been ratified earlier that year and prohibited the manufacture, sale, and transportation of intoxicating liquors.The Volstead Act, named after Representative Andrew Volstead of Minnesota who introduced it, defined what constituted “intoxicating liquors”—a key point of contention. It set the threshold at anything containing more than 0.5% alcohol by volume, thereby banning even beer and wine, which many Americans had not expected to be included. The law also outlined penalties and enforcement mechanisms, giving the federal government new policing powers.Prohibition officially began in January 1920, sparking a surge in bootlegging, speakeasies, and organized crime. While intended to curb alcohol consumption and related social problems, the law instead fueled a vast illicit economy. Enforcement proved difficult and inconsistent, and public support for Prohibition declined steadily throughout the 1920s.The Volstead Act remained in effect until the 21st Amendment repealed Prohibition in 1933, marking the only time a constitutional amendment has been entirely undone by a subsequent amendment. The legacy of the Volstead Act lingers in ongoing debates about federal regulation, moral legislation, and the limits of enforcement.In a push to speed up electricity access for the fast-growing data center sector, U.S. Energy Secretary Chris Wright has directed federal energy regulators to consider a rule that would streamline how new projects connect to the electric grid. The proposed rule, sent to the Federal Energy Regulatory Commission (FERC), would allow customers to file combined requests for both energy demand and generation at the same site—cutting study times and costs. Wright also asked FERC to explore completing grid project reviews within 60 days, a sharp departure from the years-long timelines currently common.This move comes as U.S. power demand rises sharply, largely due to artificial intelligence workloads, prompting the Trump administration to seek expanded capacity, particularly from fossil fuel and nuclear sources. Though the Energy Secretary cannot compel FERC to act, the Republican-led commission will now weigh the proposals. Industry groups like the Edison Electric Institute praised the initiative as a necessary step to stay competitive, while environmental advocates criticized the fast-tracked timelines as reckless, especially during a government shutdown.Wright also urged FERC to ease the permitting process for hydroelectric development, drawing praise from the hydropower industry, which sees regulatory delays as a major barrier to growth. The proposals reflect the administration's strategy to meet surging energy demand quickly, though they raise concerns about environmental oversight and procedural rigor.US pushes regulators on connecting data centers to grid | ReutersTexas's new Business Court, launched in September 2024 across five major cities, is quickly becoming a boon for law firms, attracting a wave of high-stakes commercial litigation and prompting staffing increases. Major firms like Jackson Walker, Norton Rose Fulbright, and Baker Botts are leading the charge, with over 220 cases already filed—far exceeding early expectations. The court, designed to compete with Delaware's Court of Chancery and bolster Texas's business-friendly reputation, is drawing interest from corporate giants like AT&T, BP, and Exxon Mobil.Lawyers are treating the venue as a prestige arena for complex business disputes, and firms are responding by hiring, publishing guides, and producing media content to market their expertise. For example, Norton Rose launched a video series on court developments, while Haynes Boone created an internal task force to track rule changes.The court's promise of faster timelines—often under 18 months compared to multi-year waits in traditional courts—is one of its major selling points. Judges are aiming to build out a body of corporate case law to make Texas a viable alternative to Delaware for resolving business disputes. Despite no trials yet, over three dozen cases are jury-bound in the next year, signaling strong demand. The court's rapid rise suggests it could reshape where and how major commercial litigation happens in the U.S.Law Firms Join Early Winners in ‘Very Hot' Texas Business CourtThe head of the American Federation of Government Employees (AFGE), the largest federal worker union, is urging Senate Democrats to help end the nearly month-long government shutdown—the second longest in U.S. history. AFGE President Everett Kelley called for an immediate reopening of the government through a “clean” short-term funding bill, aligning with a version passed by the Republican-controlled House in September.Democrats have resisted that approach, instead demanding that Republicans first agree to renew subsidies for Obamacare insurance plans. Kelley's statement increases pressure on Democrats, as federal employees begin to feel the financial strain—many missed their first full paycheck last week, and essential services like food aid and air traffic control are being impacted.Kelley also called for guaranteed back pay for all affected workers and urged bipartisan efforts to fix the broken appropriations process and address rising costs. A senior Senate GOP aide noted the union's position might signal a turning point in negotiations, potentially encouraging Democrats to reconsider the short-term funding route.Federal Worker Union Calls to End Shutdown, Pressuring DemocratsMy column for Bloomberg this week looks at Italy's decision to raise its flat tax on wealthy foreign residents—a move that reflects the unsustainability of luring the rich with short-term tax deals. Italy isn't backtracking because its plan failed outright; it's doing so because it succeeded just long enough to paper over a deeper revenue gap. The original policy, a 100,000-euro annual payment to exempt new wealthy residents from foreign income taxes, was a bold but limited solution that boosted luxury markets without delivering long-term fiscal stability. Now, Italy is bumping that fee up to 300,000 euros by 2026 to keep the scheme afloat.That's a warning for the U.S., where the Trump Tax Cuts and Jobs Act followed a similar path—offering generous upfront tax cuts to high earners with no lasting funding mechanism. Rather than building resilience into the tax system, both countries are layering short-term relief on top of structural deficits, leaving future policymakers to scramble for temporary fixes. I argue for automatic sunset provisions that scale back preferential tax treatment when equity or revenue metrics worsen, allowing tax codes to serve as stabilizers instead of giveaways. Metrics like tax revenue as a share of GDP or the Gini coefficient could trigger phaseouts without requiring political intervention.Italy's flat tax is a case study in what happens when fiscal policy becomes a subscription model for the wealthy: the price keeps going up, and the returns diminish. The U.S. is running a version of the same play, just with fewer disclosures and rosier assumptions. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

On July 4th, 2025 an 870-page tax bill called the 'One Big Beautiful Bill Act' (OBBBA) was signed into to law. Some parts have been heavily discussed and others not so much. So we dug around ourselves and pulled out some hidden messages you may have missed that could have major implications to your FI (Financial Independence) journey.

Want to learn more about Vodyssey or start your STR journey. Book a call here:https://meetings.hubspot.com/vodysseystrategysession/booknow?utm_source=vodysseycom&uuid=80fb7859-b8f4-40d1-a31d-15a5caa687b7HARVEY LINKS:https://hkesnerlaw.com/https://www.linkedin.com/in/harvey-kesner/FOLLOW US:https://www.facebook.com/share/g/16XJMvMbVo/https://www.instagram.com/vodysseyshawnmoorehttps://www.facebook.com/vodysseyshawnmoore/https://www.linkedin.com/company/str-financial-freedomhttps://www.tiktok.com/@vodysseyshawnmooreChapters00:00:00 Introduction to Capital Raising in Real Estate00:02:57 Navigating the SEC and Legal Landscape00:06:03 The Importance of Disclosure and Due Diligence00:08:58 Building a Strong Team for Capital Raising00:11:56 Common Mistakes in Deal Structuring00:14:57 The Responsibility of Managing Other People's Money00:17:57 Understanding Capital Raising Options00:20:41 Private vs Public Offerings00:22:17 The Impact of the Jobs Act on Investment Opportunities00:28:00 The Role of AI in Legal Practices00:34:56 Navigating the Wild West of Crypto and AI Regulations

Isaac Jones, CPA with Perkins & Co., discusses the evolution and benefits of Opportunity Zones, highlighting the initial confusion caused by the 2017 Tax Cuts and Jobs Act and the subsequent impact of the pandemic. The new Opportunity Zone Act 3 (OZ 3) makes the program permanent, providing more clarity and certainty. Investors must recognize a capital gain within 180 days and invest in a Qualified Opportunity Fund. Key benefits include deferred tax on capital gains, potential reduction of gains recognized, and tax-free appreciation if held for over 10 years. The program incentivizes investment in low-income communities, with ground-up development or substantial rehabs being ideal projects.

In this episode of The Smart Real Estate Coach Podcast, I sit down with Lon Welsh, founder and CEO of Your Castle Real Estate and Ironton Capital, to unpack how investors can navigate today's economic climate with data, discipline, and diversification.   Lon brings more than two decades of experience in commercial and residential real estate and now manages nearly $100 million in private funds through Ironton Capital. We talk about how market trends are shifting across regions, how private income funds compare to active investing, and why investor sentiment is near decade lows despite strong fundamentals.   Lon also shares how his team is using AI and data analytics to gain an edge in decision-making, plus what investors should expect heading into 2025 and beyond.    If you're ready to sharpen your macro understanding and learn how to balance active vs. passive investing, this episode will help you make smarter, calmer financial decisions in any market cycle.   Key Talking Points of the Episode   00:00 Introduction 01:20 Who is Lon Welsh? 02:45 National housing slowdown: why the West and Southeast are softening faster 04:05 Comparing private funds vs. individual investing: pros, cons, and liquidity 05:17 Why investor sentiment is at a decade low and how media fear feeds it 06:35 Explaining Ironton's Short-Term and Medium-Term funds 08:26 The ideal investor profile: active landlords, busy professionals, and developers 09:29 How developers use Ironton's funds to earn while waiting on permits 13:16 The National Diversified Fund: balancing new builds with value-add multifamily 14:20 Using AI for analytics, underwriting, and even writing Lon's 14th book 15:32 How Lon tracks national real estate trends quarterly and why it matters 17:30 The regional outlook for 2025: where growth and appreciation are heading 18:56 How to get in touch with Lon and his team 19:54 Alternatives & diversification: making institutional-grade investing accessible 20:45 How the JOBS Act opened opportunities for accredited investors   Quotables   “Consumer sentiment right now is the lowest it's been in a decade, even though the economy is healthier than people think.”   “Don't panic. The media thrives on fear but markets reward patience and perspective.”   “At each phase of the market cycle, there's a different strategy that works best. Listen to the market, don't fight it.”   Links   Ironton Capital https://irontoncapital.com   FREE Guide to Passive Diversified Real Estate Investing https://irontoncapital.com/smartrecoach   Lon Welsh lonwelsh@irontoncapital.com   QLS 4.0 - Use coupon code for 50% off https://smartrealestatecoach.com/qls Coupon code: pod   Apprentice Program https://3paydaysapprentice.com Coupon code: Podcast   Masterclass https://smartrealestatecoach.com/masterspodcast   Wicked Smart Books https://wickedsmartbooks.com/podcast   Strategy Session https://smartrealestatecoach.com/actionpodcast   Partners https://smartrealestatecoach.com/podcastresources

In this episode of Main Street Matters, Elaine Parker sits down with Julio Gonzalez to discuss how IRS reform could fix a broken system, reduce audit fear, and restore fairness to Main Street. They also explore: The real impact of the Tax Cuts and Jobs Act, How Engineered Tax Services supports small business owners, & What bipartisan reforms could rebuild trust in the tax code. Text "Why" to 26786 to get a FREE copy of Julio's NEW Book "Why Billionaires Love The Tax Code: Follow the IRS's Lead to Build Wealth" #IRSReform #SmallBusiness #TaxCode #MainStreetMattersSee omnystudio.com/listener for privacy information.

Discover how Anton Mattli of Peak Financing unpacks decades of wisdom from his global banking and real estate journey — from Zurich to New York to Dallas — revealing how he's advised family offices and high-net-worth investors in deploying billions into commercial and multifamily assets. Anton breaks down how the JOBS Act reshaped the syndication landscape, why institutional players weather downturns better than most, and how syndicators can still thrive by strengthening partnerships and structuring smarter deals. He also shares critical insights on today's lending environment, the future of bridge loans, and the pros and cons of fund-of-fund models. This is a must-listen for serious investors looking to master the art of capital structure, syndication, and sustainable growth in today's evolving real estate market.5 Key TakeawaysHow the JOBS Act Transformed Syndication – Anton explains how the JOBS Act opened the door for private placements, making syndication scalable and accessible to a broader investor base Why Institutional Players Are More Resilient – Large institutional investors leverage lower debt ratios and stronger capital reserves, allowing them to withstand market corrections more effectively than smaller syndicators The New Rules of Lending – Post-2022, lenders have become far more cautious, scrutinizing both sponsors and properties with greater rigor before extending loans or renewals Common Pitfalls Among Syndicators – Many operators fell into the “extend and pretend” trap, relying on bridge loans and preferred equity to delay issues rather than strengthen fundamentals Fund of Funds vs. Fund of Fund Managers – Anton details the risks of fund-of-fund models when due diligence is weak, cautioning investors to distinguish between true fund management and simple marketing plays About Tim MaiTim Mai is a real estate investor, fund manager, mentor, and founder of HERO Mastermind for REI coaches.He has helped many real estate investors and coaches become millionaires. Tim continues to help busy professionals earn income and build wealth through passive investing.He is also a creative marketer and promoter with incredible knowledge and experience, which he freely shares. He has lifted himself from the aftermath of war, achieving technical expertise in computers, followed by investment success in real estate, management skills, and a lofty position among real estate educators and internet marketers.Tim is an industry leader who has acquired and exited well over $50 million worth of real estate and is currently an investor in over 2700 units of multifamily apartments.Connect with TimWebsite: Capital Raising PartyFacebook: Tim Mai | Capital Raising Nation Instagram: @timmaicomTwitter: @timmaiLinkedIn: Tim MaiYouTube: Tim Mai

Summary This episode explores the newly expanded SALT (State and Local Tax) deduction under the One Big Beautiful Bill Act (OBBB), focusing on its impact for high-income earners and residents of high-tax states. Key Points Covered SALT Deduction Expansion: The cap on SALT deductions jumps from $10,000 to $40,000, a major relief for households earning under $500,000. This change is especially beneficial for taxpayers in high-tax states like New York, California, Connecticut, Illinois, Massachusetts, Maryland, and the District of Columbia. Contrast with Social Security Tax Deduction: The episode compares the substantial SALT deduction expansion to the more modest senior tax deduction discussed in previous episodes. Raises questions about fairness, fiscal responsibility, and political priorities. Personal Perspective: Travis shares insights from living in both New York (high-tax) and Tennessee (low-tax), illustrating how these policies affect different regions and income brackets. Tax Reform Details: Travis explains how the 2017 Tax Cuts and Jobs Act raised the standard deduction and lowered tax brackets, but capped SALT deductions at $10,000, which hurt high-tax state residents. The OBBB's increase to $40,000 allows more people in high-tax states to itemize deductions, potentially saving substantial federal taxes. Who Benefits Most: Estimated 10–15 million households could benefit, with an average household tax savings of $4,800. The total cost is projected at $72 billion per year, more than double the estimated $30 billion cost of the senior tax deduction. Political and Fiscal Implications: The episode discusses how the expanded SALT deduction disproportionately benefits higher earners in blue states, potentially incentivizing fiscal irresponsibility at the state level. Highlights the political divide and debates over who should benefit from tax reform and how it affects the federal deficit. Critical Reflection: Points out the hypocrisy in political arguments about tax breaks and deficit concerns, noting that those who criticize the senior deduction often benefit most from the SALT expansion. Suggests that voters in high-tax states should push for more fiscal responsibility at the state level. Takeaways The OBBB's SALT deduction expansion is a significant win for high-income earners in high-tax states, but raises broader questions about fairness and fiscal policy. Travis encourages listeners to consider the real beneficiaries of tax reform and the long-term impact on state and federal budgets.

Jon Hartley and Arthur Laffer discuss his origins as an economist, including his relationships with George Shultz and Milton Friedman, the 50-year history of the Laffer Curve, the shape of the Laffer Curve, the effects of the Tax Cuts and Jobs Act on fixed investment and revenue, and much more. Recorded on August 12, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Section 174 has long been a source of confusion for small business owners navigating R&D expenses. In this episode, we dive into what Section 174 is, the recent changes introduced through the One Big Beautiful Bill Act, and how these updates impact your bottom line. From immediate expensing of R&D costs to state-level differences, you'll learn the practical steps business owners should take now to stay compliant and maximize their deductions. [01:05] What Section 174 is and why small business owners should care [02:07] Major changes since the 2017 Tax Cuts and Jobs Act — and what OB3 restores [03:15] Real-world impact of R&D expenses on small business tax filings [04:05] Three key action steps: recordkeeping, cash flow planning, and working with tax advisors [04:44] State-level differences to watch for when applying deductions [05:03] How to stay up to date with IRS guidance and evolving tax rules This content is based on generally accepted HR practices, is advisory in nature, and does not constitute legal advice or other professional services. ADP does not warrant or guarantee the accuracy, reliability, and completeness of the content. Employers are encouraged to consult with legal counsel for advice regarding their organization's compliance with applicable laws. This content is current as of the published date.  Copyright © 2025 ADP, Inc. All Rights Reserved. The ADP logo, ADP, RUN Powered by ADP, and HR{preneur} are registered trademarks of ADP, Inc. and its affiliates. All other marks are the property of their respective owners.  Privacy at ADP

On today's Daily Windup, I break down the reality behind recent reports on the federal contracting market. While confidence is up thanks to the $2 trillion Infrastructure Investment and Jobs Act, the truth is small businesses are struggling more than ever. We're seeing 30% fewer small business entrants into the federal marketplace and 40% fewer firms supporting the government compared to just a decade ago. Agencies like NAVFAC are shifting nearly everything into long-term MAC and IDIQ contracts—deals most micro-businesses with under 10 employees can't even qualify for. The result? A widening gap between small firms and the billion-dollar giants. But here's the opportunity: the same reports highlight strategic teaming initiatives, business development, and cybersecurity as top priorities for success. I've seen firsthand how critical these are—I've even been hacked three times this year, and the government is about to roll out stricter CMMC cybersecurity requirements across solicitations. If you don't master BD, teaming, and compliance, you'll be left behind. This episode is my straight talk about the risks, the trends, and the skills every small business needs to survive in government contracting today.

A former Senior Counsel on the Senate Committee on Commerce, Science, and Transportation explains how Washington works with respect to aviation policy and oversight. In the news, a Production Specification for Swift Fuels 100R unleaded avgas, the DOT Solicitation for Air Traffic Control Integrator Contract, EMAS and runway overruns, carrier qualifications for new Navy fighter pilots, and the Boeing strike. Guest Alex Simpson is Senior Vice President at Cassidy & Associates, a bipartisan government relations firm, where he focuses on the transportation sector. Previously, Alex served as Senior Counsel on the Senate Committee on Commerce, Science, and Transportation under Chair and Ranking Member Sen. Maria Cantwell (D-WA). In that role, he led oversight of the FAA, TSA, NTSB, and the aviation industry. He executed over 25 hearings, including multiple high-profile hearings with airline and manufacturing CEOs, union leaders, DOT Secretaries, and FAA Administrators. Alex maintains close ties with the Senate Commerce and House Transportation & Infrastructure committees. Alex explains the major Congressional members and committees that create aviation policy and provide industry oversight. That includes the U.S. Senate Committee on Commerce, Science, & Transportation, and the House Committee on Transportation & Infrastructure. In addition, non-government stakeholders that influence policy decisions include organizations such as Airlines For America (A4A), ALPA, NATCA, Boeing, and even crash victim families acting as advocacy groups. Alex discusses a variety of topics, including ATC infrastructure, likely prime integrator candidates, and elements of a possible TSA reauthorization bill, such as the use of facial recognition technology at TSA checkpoints. Also, Boeing and the deferred prosecution agreement, lifting the 737 MAX production cap, and the 1500-hour rule for commercial airline pilots. We touch on consumer protection and the Full Fare Rule aimed at preventing deceptive airfare advertisements. As a Committee staffer, Alex drafted and negotiated the FAA Reauthorization Act of 2024. He also worked closely on the Infrastructure Investment and Jobs Act, which included more than $25 billion for airport infrastructure upgrades.  Before his tenure in the Senate, Alex practiced law at the U.S. Department of Transportation and Zuckert, Scoutt, & Rasenberger (now KMA Zuckert), where he helped clients problem-solve aviation issues, including those related to the Essential Air Service Program, airport landing rights (slots), antitrust, air carrier economic authority and fitness, federal preemption, and airport grant assurances. Aviation News Swift 100 R Gets ASTM Spec ASTM International recently approved a Production Specification for Swift Fuels 100R unleaded avgas. Swift is one of three unleaded fuel makers, and the first to get ASTM approval. Swift Fuels has devoted years of research working with the FAA, Lycoming, Continental Aerospace, Rotax, Textron Aviation, Piper, and others. The ASTM AvGas standards define the required chemical, physical, and performance characteristics for unleaded Avgas sold for aviation use. DOT Opens Solicitation for Air Traffic Control Integrator Contract The Department of Transportation issued an updated request for solutions to identify a Prime Integrator for the Brand New Air Traffic Control System. (Solicitation Number BNATCSRFSFINAL.) Submissions to the Request for Solutions - Brand New Air Traffic Control System at Sam.gov must be submitted by September 21, 2025. Carrier Qualifications Axed From Graduation Requirements For New Navy Fighter Pilots U.S. Navy Tactical Air (Strike) aviators in training are no longer required to take off and land from aircraft carriers before earning their Naval Aviator wings. A Navy official said “Students in the strike pipeline, those training to fly F/A-18s, F-35s, and EA-18Gs, are no longer required to qualify by landing on ...

Send us a textThe big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction.• Lower tax brackets from the Tax Cut and Jobs Act will remain in place• Standard deduction stays at $15,750 for single filers and $31,500 for married couples• Child tax credit increased from $2,000 to $2,500 per child through 2028• Seniors get an extra $6,000 deduction per person ($12,000 for married couples)• Tips now excluded from income tax up to $25,000 annually• Overtime is taxed only at your regular hourly rate, not at the higher overtime rate• Auto loan interest deductible up to $10,000 for vehicles finished in the USA• SALT deduction cap increased from $10,000 to $40,000 through 2029• 100% bonus depreciation returns starting January 19, 2025, through 2028• 1099 reporting threshold increased from $600 to $2,000 beginning in 2026• Income limitations apply to many benefits: $150K for singles, $300K for married couplesIf you found this helpful, please share it with a friend.Support the showCreate a STAN Store - Click here to try it out!Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Shop our business guides!Our Instagram PageOur family page

In this inspiring episode of American Potential, host David From speaks with Dr. Chaminie Wheeler, a pediatrician who walked away from the traditional hospital system to launch a direct primary care (DPC) practice—putting patients, not paperwork, at the center of healthcare. Raised in a small village in Sri Lanka, Dr. Wheeler's passion for helping others began at a young age and followed her to Pennsylvania, where she built CCC Health from the ground up with help from the Tax Cuts and Jobs Act. She shares how the broken insurance-based model shackled her ability to treat patients with compassion and clarity. From unnecessary CT scans to delayed diagnoses, Dr. Wheeler reveals how bureaucracy often prevents real healing—and why DPC offers a better way forward. This episode dives deep into the challenges independent doctors face, the critical role of expanded Health Savings Accounts (HSAs), and how innovation thrives when government steps back. Dr. Wheeler's story is a reminder that when we trust doctors and empower patients, we unlock the real potential of American healthcare.

Join host David From as he sits down with Congressman Pat Harrigan and flight school owner Jim Rhoades-Baldwin to explore the Tax Cuts and Jobs Act (TCJA) from two vital viewpoints. Congressman Harrigan offers an insider's perspective on the legislative process behind making the TCJA permanent, sharing how this landmark bill aims to fuel economic growth, strengthen national defense, and provide broad tax relief for American families and businesses. Meanwhile, Jim brings the business owner's experience to life, detailing how TCJA's provisions—like accelerated depreciation and the 199A small business deduction—have fueled his flight training school's expansion, job creation, and long-term planning. Together, they discuss the real-world impact of tax reform on everyday Americans, from workers benefiting from untaxed tips and overtime wages to entrepreneurs empowered to invest in their communities. This episode provides a comprehensive and engaging look at how policy translates into opportunity, growth, and financial security across the nation. Tune in for an enlightening conversation about the future of American potential under the TCJA.

Stocks hold steady as tariff uncertainty continues. Our CIO and Chief U.S. Equity Strategist Mike Wilson explains how policy deferrals, earnings resilience and forward guidance are driving the market.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast I'll be discussing why stocks remain so resilient. It's Monday, July 14th at 11:30am in New York. So, let's get after it. Why has the equity market been resilient in the face of new tariff announcements? Well first, the import cost exposure for S&P 500 industries is more limited given the deferrals and exemptions still in place like the USMCA compliant imports from Mexico. Second, the higher tariff rates recently announced on several trading partners are generally not perceived to be the final rates as negotiations progress. I continue to believe these tariffs will ultimately end up looking like a 10 percent consumption tax on imports that generate significant revenue for the Treasury. And finally, many companies pre-stocked inventory before the tariffs were levied and so the higher priced goods have not yet flowed through the cost of goods sold. Furthermore, with the market's tariffs concerns having peaked in early April, the market is looking forward and focused on the data it can measure. On that score, the dramatic v-shaped rebound in earnings revisions breadth for the S&P 500 has been a fundamental tailwind that justifies the equity rally since April in the face of continued trade and macro uncertainty. This gauge is one of our favorites for predicting equity prices and it troughed at -25 percent in mid-April. It's now at +3 percent. The sectors with the most positive earnings revisions breadth relative to the S&P 500 are Financials, Industrials and Software — three sectors we continue to recommend due to this dynamic. The other more recent development helping to support equities is the passage of the One Big Beautiful Bill. While this Bill does not provide incremental fiscal spending to support the economy or lower the statutory tax rate, it does lower the cash earnings tax rates for companies that spend heavily on both R&D and Capital Goods.Our Global Tax Team believes we could see cash tax rates fall from 20 percent today back toward the 13 percent level that existed before some of these benefits from the Tax Cuts and Jobs Act that expired in 2022. This benefit is also likely to jump start what has been an anemic capital spending cycle for corporate America, which could drive both higher GDP and revenue growth for the companies that provide the type of equipment that falls under this category of spending. Meanwhile, the Foreign-Derived Intangible Income is a tax incentive that benefits U.S. companies earning income from foreign markets. It was designed to encourage companies to keep their intellectual property in the U.S. rather than moving it to countries with lower tax rates. This deduction was scheduled to decrease in 2026, which would have raised the effective tax rate by approximately 3 percent. That risk has been eliminated in the Big Beautiful Bill. Finally, the Digital Service Tax imposed on online companies that operate overseas may be reduced. Late last month, Canada announced that it would rescind its Digital Service Tax on the U.S. in anticipation of a mutually beneficial comprehensive trade arrangement with the U.S. This would be a major windfall for online companies and some see the potential for more countries, particularly in Europe, to follow Canada's lead as trade negotiations with the U.S. continue. Bottom line, while uncertainty around tariffs remains high, there are many other positive drivers for earnings growth over the next year that could more than offset any headwinds from these policies. This suggests the recent rally in stocks is justified and that investors may not be as complacent as some are fearing. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

On Wednesday's Mark Levin Show, WJNO's Brian Mudd fills in for Mark. Will we finally see accountability for James Comey, John Brennan, and James Clapper? CIA Director John Ratcliffe referred Brennan and Comey to the FBI for potential criminal prosecution. Accountability is important to prevent future misconduct, but if there were a trial, it would occur in Washington, D.C. As John Durham learned, there was no way to get an honest D.C. jury. Also, former White House physician Dr. Kevin O'Connor invoked his Fifth Amendment rights and remained silent during a House Oversight Committee interview, refusing to answer questions, including whether he was asked to lie about President Biden's health or if he believed Biden was unfit for duty. O'Connor's refusal to answer seems to show that he was in on the cover-up. Later, during the Biden administration, 59% of jobs (7.9 million) went to U.S.-born workers, while 41% (5.5 million) went to foreign-born workers, including many illegal immigrants. In the first five months of the Trump administration in 2025, 985,000 jobs were added, with a net decline of 735,000 foreign-born workers, resulting in 1.7 million more U.S.-born workers employed. This suggests U.S.-born workers are filling jobs previously held by immigrants, with significant self-deportation likely contributing, as deportations are minimal. Finally, President Trump is the second most efficient U.S. president, behind only FDR, for rapidly advancing his second-term agenda. In roughly 170 days, he signed 170 executive orders, 44 memoranda, 71 proclamations, and five laws, including the One Big Beautiful Bill. Despite a narrow congressional majority, he made the Tax Cut and Jobs Act permanent and introduced 27 tax code changes, retroactive to January 1, 2025, saving taxpayers money through deductions. His speed and success are historically remarkable. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this BONUS hour of The Sean Hannity Show, Sean sits down with Kurt Couchman, Senior Fellow in Fiscal Policy at Americans for Prosperity, to dismantle three persistent myths about the “One Big Beautiful Bill.” With facts and fiscal clarity, Couchman sets the record straight: Myth #1: “Only the wealthy benefited from the Trump tax cuts.”FACT: The 2017 Tax Cuts and Jobs Act delivered across-the-board tax relief—from doubling the standard deduction to lowering rates at every income level. Myth #2: “The bill cuts Medicaid for those who depend on it.”FACT: Reforms focus on efficiency and restoring Medicaid’s intended mission—not slashing support for vulnerable populations. Myth #3: “This bill explodes the deficit.”FACT: The real culprit is out-of-control spending—not tax cuts. Federal spending has tripled since 2001, while the 2017 cuts spurred growth, boosted incomes, and actually helped revenue. Growth, Couchman argues, is the antidote to deficits. A must-listen for anyone debating tax policy, entitlement reform, and fiscal responsibility. Please follow The Sean Hannity Show wherever you get your podcasts. Follow Sean and Our Guests on Social Media: Sean Hannity: Facebook: facebook.com/SeanHannity X (Twitter): x.com/seanhannity Truth Social: truthsocial.com/@SeanHannity Kurt Couchman: X (Twitter): https://x.com/KurtCouchman YouTube: https://www.youtube.com/@VerdictwithTedCruzSee omnystudio.com/listener for privacy information.

What does real advocacy look like when it's led by those who've lived it? In this episode of American Potential, host David From talks with Alexa Rice and Jimmie Smith—two dedicated leaders at Concerned Veterans for America—about their trip to Capitol Hill for Vets on the Hill, one of the most powerful veteran-driven advocacy events in the country. Alexa, attending for the first time, and Jimmie, a seasoned CVA leader and U.S. Army veteran, share why this mission matters. Their focus: fighting for greater health care choice through the Veterans Access Act, ensuring veterans can seek timely care in their communities if the VA falls short. They also advocate for keeping the 2017 Tax Cuts and Jobs Act, which supports the high rate of veteran entrepreneurship, and call for a smarter, right-sized foreign policy that puts American interests first and avoids endless wars. This episode dives deep into the personal motivations that fuel their work, the unique power of the veteran voice in policy discussions, and how real change starts with individuals sharing their stories directly with lawmakers. Whether you're a veteran, policymaker, or someone who simply cares about protecting freedom and opportunity—you'll leave inspired by what these two are doing to make a difference.

In this next installment of American Potential, host David From shares a timely conversation featuring House Majority Leader Steve Scalise (R-LA) and Fox News contributor and Americans for Prosperity Advisory Council member Guy Benson, recorded at the AFP Freedom Embassy in Washington, D.C. Scalise breaks down the House-passed reconciliation bill designed to lock in the 2017 Tax Cuts and Jobs Act (TCJA)—a move aimed at preventing a $4.5 trillion tax hike scheduled for 2025. The legislation would secure tax relief for families, protect small businesses, eliminate taxes on tips and overtime, restore bonus depreciation, and make the 199A small business deduction permanent. The bill also features aggressive mandatory spending reforms, work requirements in Medicaid and SNAP, border security investments, and energy production measures, echoing the agenda backed by voters in the last election. This episode offers an inside look at the high-stakes legislative battle to keep more money in Americans' pockets—and keep the economy growing.

In this eye-opening episode of American Potential, host David From sits down with David McNeilly, a financial advisor from Michigan, who shares how the Tax Cuts and Jobs Act (TCJA) has had a measurable, personal impact—not just on his clients, but on his own family's financial freedom. With a background in ministry and a passion for helping others, McNeilly now helps middle-class families navigate retirement planning, tax strategy, and long-term financial goals. But when he crunched the numbers comparing his 2023 tax bill under current rates versus pre-TCJA levels, the result shocked him: a $4,700 difference in annual tax savings—enough to take his family on a Disney cruise. McNeilly walks listeners through how policies from Washington shape real lives, sharing stories of clients who have retired early, sent their kids to private school, or bought long-dreamed-of lake houses—opportunities made possible by smart planning and a more favorable tax environment. He also explains how he's preparing clients for the potential expiration of TCJA, and why higher taxes could force middle-class families to rethink their futures. If you want a clear, data-driven perspective on how federal tax policy affects everyday Americans—not the wealthy, but the working families—this episode delivers it straight from the source.