Podcasts about tax cuts

1. Tax Cuts 97% of tax filers received a tax cut Total relief: $82 billion Average savings: $100k–$200k earners → ~$1,250 $50k–$100k earners → ~$815 Policy features emphasized: No tax on tips No tax on overtime No tax on Social Security Expanded standard deduction 2. Media and Political Criticism The media is ignoring or hiding the benefits of the tax cuts Democrats are accused of: Misrepresenting the bill as benefiting only the wealthy Opposing policies that help workers Increase GDP: +1.2% to +1.5% projected growth over several years Put more money into households Stimulate economic activity 3. Manufacturing & Shipbuilding Segment $24+ billion investment in the Coast Guard Building Arctic icebreakers Competing with Russia and China in the Arctic Creation of: 2,000+ jobs in Texas Additional indirect jobs Please Hit Subscribe to this podcast Right Now. Also Please Subscribe to the 47 Morning Update with Ben Ferguson and The Ben Ferguson Show Podcast Wherever You get You're Podcasts. And don't forget to follow the show on Social Media so you never miss a moment! Thanks for Listening YouTube: https://www.youtube.com/@VerdictwithTedCruz/ Facebook: https://www.facebook.com/verdictwithtedcruz X: https://x.com/tedcruz X: https://x.com/benfergusonshowYouTube: https://www.youtube.com/@VerdictwithTedCruzSee omnystudio.com/listener for privacy information.

President Trump Endorses in Kansas Governor's Race, While Missouri Prepares for Income Tax Cuts in August? | 5-26-26See omnystudio.com/listener for privacy information.

The brothers discuss Drake new album, the continuing war in Iran, Trumps slush fund, and the playoffs. Buff asks who is our favorite sports figures of today and Razi wants to know is positionless basketball hurting the game of basketball. Chapters00:00 Drake's New Albums: A Mixed Reception08:17 Boycotting the SEC: A Call to Action13:30 The Impact of College Sports on Social Issues21:41 Comedy, Sensitivity, and the Fine Line23:38 Current Events: War and National Debt25:08 Understanding the National Deficit and Debt28:22 The Impact of Tax Cuts on National Debt29:33 Budget Allocation and Military Spending31:05 Media Manipulation and War Reporting32:59 The Evolution of News Trustworthiness34:19 Favorite Athletes and Their Impact39:14 The Rise of Wimby and Modern Basketball46:51 The Future of Basketball and Player Development48:41 Carving Out Legacies in Sports50:18 The Impact of Race in Sports Media51:24 The Evolution of Boxing and Tennis52:36 The Rise of Positionless Basketball01:03:57 Reflections on Politics and Society

Today, the chancellor Rachel Reeves has announced a series of measures aimed at reducing the costs for families in the summer holidays. Ticket prices for families at various attractions such as theme parks, zoos and museums will be cheaper during the summer holidays through a cut to VAT, the chancellor has said. The government didn't however announce any major package of support aimed at energy costs. On Thursday it was also revealed that UK migration had dropped to 171,00 almost half of 2024's figure. Adam, Chris, Joe Pike and Helen Miller from the Institute for Fiscal Studies discuss. You can now listen to Newscast on a smart speaker. If you want to listen, just say "Ask BBC Sounds to play Newscast”. It works on most smart speakers. You can join our Newscast online community here: https://bbc.in/newscastdiscordGet in touch with Newscast by emailing newscast@bbc.co.uk or send us a WhatsApp on +44 0330 123 9480.New episodes are released every day. If you're in the UK, for more News and Current Affairs podcasts from the BBC, listen on BBC Sounds: https://bbc.in/4guXgXd Newscast brings you daily analysis of the latest political news stories from the BBC. The presenter was Adam Fleming. It was made by Jack Maclaren with Shiler Mahmoudi. The social producer was Jem Westgate. The technical producer was Mike Regaard. The assistant editor is Chris Gray. The senior news editor is Sam Bonham.

Lawmakers debate the "Mass Wins Act" containing tech and business investments, amid tight deadlines, assessing consequences of a decreased income tax and state budget talks.

Please donate to the show!This week, Incorruptible Mass examines the campaign to lower state taxes that you've probably already heard about. We'll have a conversation with SEIU State Council Executive Director Harris Gruman about what the plan entails, what's hidden, and what would be so damaging to our state.You're listening to Incorruptible Mass. Our goal is to help people transform state politics: we investigate why it's so broken, imagine what we could have here in MA if we fixed it, and report on how you can get involved.To stay informed:Subscribe to our YouTube channel at https://www.youtube.com/@theincorruptibles6939Subscribe to the podcast at https://incorruptible-mass.buzzsprout.com/Sign up to get updates at http://ww12.incorruptiblemass.org/podcast?usid=18&utid=30927978072Donate to the show at https://secure.actblue.com/donate/impodcast

The Treasurer Jim Chalmers has delivered his 2026 budget, unveiling a new tax cut and some of the most significant tax changes in decades.  Delivered as war impacts the economy, it's being sold as a budget that addresses the growing inequality between generations, with the treasurer declaring Labor is on the hard road of reform. But will changes to taxes on property investors and family trusts really level the playing field?The ABC's chief business correspondent Ian Verrender joins Sam Hawley in the budget lock-up in Sydney. Featured: Ian Verrender, ABC Chief Business Correspondent

Reporting from Parliament House in Canberra, The Quicky's Taylah Strano is bringing you 2026–27 Budget For Basic B*tches. Last night the Federal Budget officially dropped and Treasurer Jim Chalmers says it is Australia's most important and ambitious budget in decades. But if the mention of capital gains tax makes you want to stare blankly at a cube cheese platter, don't worry, we’ve translated the jargon into Basic B*tch English.

Jon Herold comes in Monday on a slow news day and makes it work. Today is apparently the last possible day to charge Anthony Fauci under the standard statute of limitations, and Jon marks the occasion with the appropriate level of fanfare before explaining why the grand conspiracy angle might make the whole conversation moot. Trump announced a temporary suspension of the federal gas tax, and Jon immediately asks the obvious follow-up: once you take it away, how do you put it back? The Trump-Xi summit is set for Thursday and Friday this week, with a delegation that reads like a Forbes 400 reunion, and Iran is calling the current ceasefire proposal unacceptable while Trump calls it a very stupid response. Jon also dismisses the hantavirus hysteria in under sixty seconds, connects Hakim Jeffries calling for Supreme Court age limits directly to the Virginia redistricting loss, and reads a Trump Truth Social post tying Fox News to election failures that Jon has been saying for years. The second half of the show turns into an open chat discussion on election reform, redistricting, money in politics, and Jon's genuinely interesting draft lottery idea for congressional representatives.

Law enforcement officers are on scene of a residence in Menasha. See omnystudio.com/listener for privacy information.

Host: Heidi Hatch Guests: Marua Carabello, Rep. Cal Roberts BREAKING: Utah Supreme Court Justice Diana Hagen resigns amid conflict-of-interest allegations in Prop 4 case   Data Center passes Box Elder Commission vote 3-0     Better Utah calls for investigation into Senate Pres. Stuart Adams after donations to his PAC- but have no proof of wrongdoing   Questions over lawmakers benefiting from Data Center   How will Utah taxpayers benefit from new Data Center    Utah Focus Legislative Session on AI: State Coordination of Regional and Local Economic Development Projects HB 507   What is MIDA and how powerful are they   Gas Tax cut kicks in- how will the savings grow over time    Rep. Roberts was just appointed chair of the House Government Operations Committee   Primary sponsor Housing Bill ⁠HB 492⁠  HB492, which recently passed the Utah Legislature, aims to tackle the state's severe housing shortage by directing $100 million in low-interest loans from the Transportation Investment Fund to local governments for critical infrastructure projects. The funding would support essential developments such as water tanks, sewer lift stations, treatment plants, and regional roads—key bottlenecks preventing thousands of already-approved homes from being built.   SLC Eva Lopez Chavez out during investigation into accusations of sexual misconduct   SLC Mayor asks for 12.5% tax increase      Phil Lyman would like 18 debates with Maloy

On this episode of The Tudor Dixon Podcast, Tudor sits down with Kelly Loeffler during National Small Business Week to break down the state of America’s economy, the fight for small businesses, and why the 2026 midterms could shape the future of Main Street. Loeffler discusses inflation, overregulation, energy policy, manufacturing jobs returning to America, Trump-era tax cuts, and how tariffs are reshaping U.S. production. Plus, they dive into the economic impact of state-level green energy mandates, rising taxes, and why small business owners may be the deciding force in the next election. Is America entering a true small business comeback—or is another economic fight just beginning?See omnystudio.com/listener for privacy information.

Please join us at patreon.com/tortoiseshack It's 2026, Gerry Hutch has left his second home of Lanzarote to run as a candidate in the upcoming Dublin Central byelection and Daniel Kinahan is in a Dubai prison cell fighting not to be sent back to Ireland to face justice. Irish sports legend Katie Taylor is looking to book her swansong fight in Croke Park. all the while the Regency shooting hangs like a cloud over everything. It's all a bit surreal. Joining me on the shack to discuss it all is sports journalist Kieran Cunningham. There's no doubt in my mind that if it wasn't for the work of Kieran, Daniel Kinahan's rise and rise in the sport of boxing would have continued and things would be very different. May you live in interesting times. The Tax Cuts podcast is out now here:https://www.patreon.com/posts/tax-cuts-157332004 The Hind Rajab jersey for Dignity for Palestine is available here: https://spicebagmerch.com/

LISTEN and SUBSCRIBE on:Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608 Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i WATCH and SUBSCRIBE on:https://www.youtube.com/@WatchdogOnWallstreet/featured  Did Americans really get a tax cut — or just a hidden tax hike through tariffs? This breakdown explains how Trump's tariff policies may have wiped out the savings from his “Big Beautiful Bill,” according to data from the Congressional Budget Office, the Federal Reserve Bank of New York, and the Joint Committee on Taxation. From consumer prices to corporate costs, Chris dives into the math behind tariffs, taxes, and why history shows voters rarely reward tariff-heavy economic policies.

Twelve official definitions for R&D. Zero agreement. The US government publishes at least a dozen distinct official definitions across agencies, accounting standards, tax authorities, and international bodies. Not one agrees with the others on where research ends and development begins. Trillions of dollars flow through R&D budgets every year. Boards approve them. Investors evaluate them. Governments subsidize them. Analysts benchmark them. And the term at the center of all of it has no settled definition. A company can gut its research investment without triggering a single alarm on its income statement. Researchers who gained rare access to confidential federal R&D data found exactly this: when companies face financial pressure, they cut research while leaving development essentially untouched, and the combined number barely moves. Every benchmark, every board conversation, every investment thesis built around the R&D line may be built on sand. Innovation, ideas made real, requires both. Research is how you find the idea. Development is how you make it real. Strip out the research and you're not innovating, you're iterating on what already exists. Strip out the development and you're just experimenting. The problem is that nobody in the room knows which one they're actually funding, because the definition that would tell them doesn't exist. Someone needs to draw the line. This episode is about why nobody has, and the definition I think should replace the chaos. By the end, I'm going to put that definition in front of you and ask you to push back on it. Not to agree. To tell me where it breaks. How We Got Here Four institutions took a run at defining R&D. Each one got it right for their own purposes. None of them got it right for yours. Frascati: Built for Governments In June 1963, OECD economists met at a villa in Frascati, Italy, south of Rome, and produced what became the international standard for measuring R&D across nations. Now in its seventh edition. The Frascati Manual divides R&D into three tiers: basic research (theoretical work with no application in view), applied research (original investigation toward a specific practical objective), and experimental development (using existing knowledge to produce new products or processes). To qualify, an activity must be novel, creative, uncertain in outcome, systematic, and transferable. Used by governments across roughly 75 countries. Solid for what it was designed to do: let nations compare R&D investment on consistent terms. What Frascati cannot tell you: whether a specific company's spending is creating competitive advantage. It counts the type of activity. It doesn't assess what the activity produces for the organization doing the spending. A company can satisfy every Frascati criterion investigating something every competitor already knows. The knowledge is new to them. That is enough. The accountants drew a different line, for a different reason, with a different consequence. FASB: Built for Accountants In October 1974, the Financial Accounting Standards Board issued Statement No. 2, Accounting for Research and Development Costs, now codified as Topic 730. Every public company filing under US GAAP operates under it. The rule: all R&D costs expensed as incurred. Research, development, basic, applied: one line on the income statement. Their definition: research is a planned search aimed at discovery of new knowledge. Development is the translation of research findings into a plan or design for a new product. The rationale is explicit in the original standard. Future benefits from R&D are, in FASB's language, "at best uncertain." Expense everything immediately. The standard solved the problem it was asked to solve, which was accounting treatment: when to recognize the cost, not whether the cost was strategically sound. The consequence: sustaining engineering, feature maintenance, and incremental product updates all land on the same line as genuine exploratory research. Nobody looking at the income statement from outside can see the difference. The number is technically accurate and analytically opaque. Abraham Briloff, the late accounting professor at Baruch College, put it plainly: "Accounting statements are like bikinis. What they show is interesting, but what they conceal is significant." He was talking about financial reporting broadly. He could have been writing specifically about the R&D line. Researchers at Duke and London Business School spent years tracking corporate scientific output and found that it declined steadily across industries even as headline R&D spending kept rising. The combined number was hiding a substitution. Nobody on the outside could see it. Outside the United States, a different standard governs, and it creates a comparison problem most analysts never account for. IFRS: Built for International Investors IAS 38 governs R&D under IFRS, and its treatment differs from FASB in one significant way. Research costs are always expensed, same as FASB. But development costs can be capitalized as an asset on the balance sheet once a company can demonstrate technical feasibility, intent to complete, ability to use or sell the result, likely future economic benefit, adequate resources, and reliable cost measurement. A European company that capitalizes its development phase carries those costs as an asset: lower expenses in the period, higher total assets. An identical US company expensing everything under FASB takes the full hit immediately: higher expenses, lower assets. Same underlying investment. Incomparable financial pictures. Run the standard industry benchmark, R&D as a percentage of revenue, and you may conclude the US company is investing more aggressively. You may be comparing the same dollar invested under two different accounting regimes. Roughly 169 jurisdictions use IFRS. The United States does not. India uses an adapted version. Japan maintains its own standards board. The benchmark the industry trusts most is meaningless for cross-border comparison, and almost nobody says so. Section 174: Built for Tax Authorities The Internal Revenue Code adds another layer. Section 174 governs the deductibility of what the US tax authority calls "research or experimental expenditures," and the definition is not the same as FASB Topic 730. A company's R&D for tax purposes and its R&D for financial reporting can cover different activities and produce different numbers. The Tax Cuts and Jobs Act of 2017 tightened this further: domestic R&D expenses that were previously deductible immediately now must be amortized over five years, international over fifteen. The definition of what qualifies shifted when the timing rules changed. Within one country, one company, three definitional regimes apply simultaneously: Frascati for any government reporting, FASB for the income statement, and Section 174 for taxes. A single dollar of R&D spending can be classified three different ways depending on who's asking. The Gap None of Them Fill Four frameworks, built by four institutions, for four different purposes. Not one was built for the question that actually matters. Is this investment creating new knowledge that gives us a capability nobody else can easily replicate? The gap between them is where innovation decisions actually live. The National Science Foundation recognized the problem clearly enough that it publishes a separate annotated document just to catalog the competing definitions, because they're too inconsistent to assume any two readers are using the same one. That gap isn't an oversight. It's a structural consequence of four institutions doing their own jobs well. The question practitioners need answered was nobody's institutional job. You've been in the room. The R&D number is on the slide. Nobody asks what's inside it, because the accounting standard doesn't require an answer, and the room has learned not to expect one. So it went unanswered. Until now. A Better Definition for R&D Research is work directed at creating new knowledge where the outcome is genuinely uncertain and the knowledge cannot be readily obtained from existing sources. Development is the translation of that knowledge into products, services, or processes that meaningfully advance an organization's capability in ways competitors cannot easily replicate. Four elements define it: Genuinely uncertain outcome. If you know what you're going to get before the work starts, it's engineering execution, not research. The uncertainty doesn't have to be total. Most applied research has a likely direction. But there has to be real doubt about whether the approach works, whether the knowledge emerges. Cannot be obtained from existing sources. This is the one nobody puts in writing. If the knowledge is already in the literature, available from a consulting engagement, or present in a competitor's published work, finding it again isn't research. Generating new knowledge and capturing existing knowledge are different activities. Only one belongs here. This criterion alone would reclassify a significant portion of what companies currently call R&D. Advances capability competitors cannot easily replicate. Development only qualifies when it translates research into something that genuinely moves the organization forward competitively. Sustaining engineering doesn't pass it. Feature parity doesn't. Competitive catch-up doesn't. All real work, none of it development under this definition. Agnostic to accounting jurisdiction. This definition doesn't tell you how to expense or capitalize anything. That's already governed by whichever standard applies. What it does is establish what genuinely belongs in each category, regardless of where the company files. That makes it usable across FASB and IFRS companies without translation. There is a simpler way to put it. For any project in your R&D budget, ask two questions. First: are we creating new knowledge, or executing against something we already know? If you're executing, it's not research. Second: does this translate into a capability competitors cannot easily replicate? If not, it's not development either. It's product engineering, valuable and necessary, but a different budget category entirely. Three buckets: Research, Development, and Product Engineering. That taxonomy, applied honestly across a typical portfolio, would reclassify a significant share of what most companies are currently reporting as R&D. The Call I'm not asking FASB to rewrite Topic 730. What I am asking: that the people who actually make innovation decisions start applying a definition built for the question they're trying to answer. If you run an R&D function: apply this definition to your current portfolio. Not to change the accounting. To see what's actually in the category and what isn't. The gap between what your budget calls R&D and what this definition calls R&D will tell you something worth knowing. If you sit on a board: ask what portion of the R&D line is directed at new knowledge creation versus sustaining existing products. If no one in the room can answer, you're governing a number you don't understand. And if you think the definition is wrong, tell me. Where should the line be drawn differently? What element doesn't hold? What did I miss? That's not a polite invitation. That's the actual point of this episode. Definitions become standards when enough serious people apply them consistently and make the case until the institutions catch up. The four frameworks we inherited were each built by an institution serving its own purpose. This one is built for the people making the decisions. The most consequential line in any company's budget is the one separating what builds the future from what protects the present. Nobody drew it clearly. It's past time someone did. The idea was never the hard part. It never is. The call is. If this episode shifted something for you, subscribe wherever you listen to podcasts. On YouTube, hit subscribe and the bell so you don't miss the next one. And if you want to go deeper every Monday, Studio Notes is free at philmckinney.com. Until next time. See the pattern. Make the call. The Innovators Studio | philmckinney.com

This White House has shown itself to be a champion of tax cuts, with estimates showing Americans are receiving refunds on several thousand dollars, on average. But as fiscal expert Dr. Anne Bradley warns, tax cuts without longer term reductions in government spending in essence stagnate growth and erase the returns to citizens. Tax cuts alone can't solve the national debt crisis.

This episode was livestreamed on April 26, 2026.

Steve Forbes calls out Democrats for outright calling to impose onerous and destructive taxes on the wealthiest, which won't solve systemic issues and only stifle business and innovation, and calls on Republicans to forcefully back economy-juicing tax cuts. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week on Facing the Future, Ben Ritz, Vice President of Policy Development at the Progressive Policy Institute, discusses why new tax cut proposals have him wondering whether Democrats learned the wrong lesson from 2024. 

The Strait of Hormuz is fully reopen as of today. Did the Administration get what it wanted out of the effort? Here's discussion of that plus reaction to the tax cuts that brought some thousands, and

From IRS expansion fears to record-breaking tax refunds, today's conversation dives into the dramatic shift in economic policy and what it means for the middle class. Are Americans finally seeing relief in their wallets—or is there a bigger financial storm brewing behind the scenes?

Call-ins fly, whistleblower drama resurfaces, and Tara breaks down why state power—and trust in government—may be collapsing from the inside out.

From record-breaking tax refunds to rising global tensions, today's episode connects the dots between your wallet and world power. Is America entering a new era of economic strength—and a dangerous geopolitical showdown?

The Strait of Hormuz is fully reopen as of today. Did the Administration get what it wanted out of the effort? Here's discussion of that plus reaction to the tax cuts that brought some thousands, and

Your CPA Is Looking in the Rearview MirrorTax preparation records what already happened. Tax planning changes what will happen. Here's the difference — and why it might be costing you tens of thousands of dollars a year.Nobody loves taxes. But the people who hate them the most are usually the ones overpaying. This episode is about closing that gap — using the exact same strategies that high-income earners and savvy business owners have always used, most of which your tax preparer has never once brought up.40%of U.S. households pay zero federal income tax40.4%of all federal taxes paid by the top 1% of earners97%of federal income taxes paid by the top 50% of earners300K+projected CPA shortage in the U.S. over the next decade⏱What's covered in this episode0:00Cold open — why everyone hates taxes (and why you're still listening)2:30What your taxes actually pay for — and the government's "flexible" relationship with efficiency5:00The stats: who actually pays federal income tax in America8:00How tax brackets really work — and busting the biggest myth in personal finance11:30Tax preparation vs. tax planning — the core difference14:00Deductions every business owner should be taking (home office, vehicle, travel)19:00Advanced strategies for high earners: state tax credits, historic preservation22:30Roth vs. pre-tax: paying taxes when rates are lowest25:30The RMD time bomb — and how to defuse it before it goes off1How tax brackets actually workBefore any strategy makes sense, you have to understand the system. The U.S. uses a progressive, marginal tax structure — meaning higher rates only apply to dollars above each threshold. This is the most misunderstood fact in personal finance.The myth that costs people real money"I don't want to earn more — it'll push me into a higher bracket." This is wrong. You cannot take home less money by earning more. The higher rate only applies to the next dollar above the threshold, never to everything below it.Standard deduction — your free pass (2025, married filing jointly)You only pay taxes on income above the standard deduction. For 2025, that's $31,500 for married couples filing jointly. A couple earning $131,500 only pays taxes on $100,000 of it.2025 federal tax brackets — married filing jointlyRateTaxable income rangeTax on this portion10%$0 – $23,850$2,385 max12%$23,850 – $96,950$8,772 max22%$96,950 – $206,700$24,134 max24%$206,700 – $394,600$45,096 max32%$394,600 – $501,050$34,064 max35%$501,050 – $751,600$87,693 max37%Above $751,60037¢ on every dollar aboveWorked exampleA married couple with $150,000 in taxable income pays: $2,385 (10%) + $8,772 (12%) + $11,671 (22%) =$22,828 total. That's an effective rate of 15.2% — not 22%. Their marginal rate is 22%, but that's only on the last dollars earned.2Deductions every business owner should be takingHome office deduction✓Must be used regularly andexclusivelyfor business — the IRS is strict on this✓Two methods: Simplified ($5/sq ft, up to $1,500 max) or Actual Expense — actual almost always wins for homeowners✓W-2 employees: not deductible since 2018's Tax Cuts and Jobs Act — this surprises people constantly✓S-corp owners: have the corporation pay you rent for the space — deductible to the business, potentially tax-free to you✓Hidden risk: depreciation recapture when you sell the home — most preparers never warn clients about thisBusiness use of vehicle✓Standard mileage rate: 70 cents/mile in 2025 — the simplest method, requires a contemporaneous log✓Apps like MileIQ make logging effortless — documentation is the difference between keeping and losing the deduction in an audit✓Heavy SUVs over 6,000 lbs GVWR qualify for Section 179 and Bonus Depreciation — potentially a massive first-year write-offBusiness travel — turning a trip into a deduction✓If the trip's primary purpose is business, transportation is fully deductible — even if you add personal days at the end✓Structure: business meetings at the front of the trip, personal time at the back. Sequence matters — plan before you book.✓Spouse/family travel generally not deductible unless they have a genuine, documented business role✓International trips: if personal days exceed 25% of the trip, transportation costs must be allocated proportionally3Advanced strategies for high earnersState tax credits — the strategy most advisors don't know aboutUnlike deductions (which reduce taxable income), credits reduce your actual tax liability dollar-for-dollar. Many states — including South Carolina and Georgia — offer transferable or refundable credits for affordable housing, historic rehabilitation, film production, and economic development zones.High-income taxpayers can purchase these credits from developers at a discount — buying $1.00 of tax credit for $0.85 creates an immediate 15% return before the tax savings even kick in. This is entirely legal and widely used by high earners who have proactive advisors.Historic preservation & conservation easementsThe Federal Historic Tax Credit (HTC) offers a 20% credit on qualified rehabilitation of certified historic structures. Conservation easements — where a landowner donates development rights to a land trust — can generate substantial charitable deductions.Important distinctionSyndicated conservation easements have been scrutinized by the IRS when promoters inflated valuations. The strategy itself is legitimate — what drew enforcement action were manufactured transactions with 4:1 or 5:1 deduction-to-investment ratios. Due diligence on the appraiser and structure is essential.Other strategies worth knowing✓Qualified Opportunity Zones:defer and potentially eliminate capital gains by reinvesting within 180 days of a sale✓Cash Balance / Defined Benefit Plans:contributions can exceed $200,000/year for high-earning self-employed individuals✓Charitable Remainder Trust (CRT):sell a highly appreciated asset without immediate capital gains, receive an income stream, get a partial charitable deduction✓The Augusta Rule (Section 280A):rent your personal home to your own business for up to 14 days/year — tax-free to you, deductible to the business4Pay taxes when the rate is lowest — Roth vs. pre-taxEvery dollar you earn will be taxed — either on the way in, or on the way out. The only question is when, and at what rate. That's the entire game.The core conceptPre-tax accounts (Traditional IRA, 401k): deduct now, pay taxes on every withdrawal in retirement. Roth: pay taxes now at today's rates, then never pay taxes on that money or its growth again. The math is identical if your rate stays the same — the strategy is about predicting the rate differential.The Roth conversion opportunityYou can convert any amount from a Traditional IRA or 401(k) to Roth in any year — you pay ordinary income tax on the converted amount. The strategy is "filling the bracket" — converting just enough to reach the top of your current bracket without crossing into the next one.A married couple with $150,000 in taxable income has roughly $56,000 of room in the 22% bracket (which runs to $206,700). Converting $56,000 at 22% today could mean avoiding 32%, 35%, or higher rates on those same dollars later.The RMD time bombRequired Minimum Distributions kick in at age 73 — the IRS forces you to withdraw a percentage of your traditional IRA balance every year, whether you need the money or not. On a $2 million IRA, that's potentially $80,000–$100,000+ of forced taxable income annually, often pushing retirees into higher brackets than when they were working.Proactive Roth conversions in the years before RMDs begin can dramatically reduce or eliminate this problem. A preparer sees the RMD on a 1099-R and enters it. A planner sees it coming 15 years out and builds a strategy around it.Key takeaways from this episode01Tax preparation is compliance. Tax planning is strategy. By the time you're sitting with your CPA in February, every decision that affects your return has already been made.0240% of households pay zero federal income tax. If you're a business owner or high earner, the tax code was not designed to protect you — proactive planning is the only protection you have.03Brackets are marginal — you never lose money by earning more. Your effective rate and your marginal rate are different things, and confusing them costs people real money every year.04Home office, vehicle, and travel deductions are available to almost every business owner and are routinely missed due to poor documentation or a purely reactive tax relationship.05State tax credits, historic preservation, opportunity zones, and cash balance plans are legal, proven strategies used by high earners everywhere — they're just unknown to those without proactive advisors.06The Roth conversion strategy is not a one-time decision — it's...

The Strait of Hormuz is fully reopen as of today. Did the Administration get what it wanted out of the effort? Here's discussion of that plus reaction to the tax cuts that brought some thousands, and

AP correspondent Ben Thomas reports President Trump is making a trip to Nevada and Arizona, betting his tax cuts will be enough to win over voters in the midterms.

The Strait of Hormuz is fully reopen as of today. Did the Administration get what it wanted out of the effort? Here's discussion of that plus reaction to the tax cuts that brought some thousands, and

On this episode, Lisa breaks down the state of the U.S. economy under President Trump’s second term and what it means for workers, businesses, and your wallet. The Heritage Foundation Economist Peter St. Onge joins the show to analyze how tax cuts, deregulation, and tariffs are reshaping growth—and whether it’s working. We dive into rising oil prices, inflation concerns, and why Americans still feel squeezed despite cooling inflation numbers. Plus, a closer look at tariffs as both a negotiating tool and a potential tax on consumers, and whether they’re truly bringing jobs back to the U.S. The conversation also explores the future of artificial intelligence and automation—what jobs are most at risk, where new opportunities could emerge, and how wages may shift in the years ahead. Finally, we unpack the real impact of the latest tax changes, including how the “Big Beautiful Bill” is affecting refunds, small businesses, and long-term economic growth.See omnystudio.com/listener for privacy information.

Trump Accounts seem to be off to a strong start—just in time for Tax Day, European leaders lay post-war plans to police the Strait of Hormuz, and the U.S. Border Czar fires back at the Catholic Church over immigration. Get the facts first with Evening Wire. - - - Ep. 2735 - - - Wake up with new Morning Wire merch: https://bit.ly/4lIubt3  - - - Today's Sponsor: Balance of Nature - Join hundreds of thousands of customers in one simple routine that's changing the world. Go to https://BalanceofNature.com to subscribe and save over 30% today.  - - - Privacy Policy: ⁠https://www.dailywire.com/privacy⁠ morning wire,morning wire podcast,the morning wire podcast,Georgia Howe,John Bickley,daily wire podcast,podcast,news podcast Learn more about your ad choices. Visit podcastchoices.com/adchoices

It is Tax Day, the deadline to file federal and most state tax returns. IRS CEO and Members of Congress are talking about the changes to your tax bill from last year's tax cut legislation known by supporters as the One Big Beautiful Bill; Senate votes down for a fourth time an Iran War Powers Act Resolution that would require President Donald Trump to end military action against Iran without Congressional authorization; President Trump continues his posts attacking Pope Leo XIV over the Pope's criticism of the war with Iran; Treasury Secretary Scott Bessent predicts the prices of gasoline, now averaging about $4 a gallon, will drop to $3 by summer; House Republican majority postpones a procedural vote on reauthorizing Section 702 of the Foreign Intelligence Surveillance Act (FISA), warrantless surveillance authority, which expires Monday, after a group of conservative Republicans demanded more protections against the incidental collection of Americans' communications; First Lady Melania Trump goes to Capitol Hill for a roundtable discussion with Members of Congress on foster care reform; Supreme Court Justice Clarence Thomas gives a speech at the University of Texas at Austin on America's 250th Anniversary. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of the podcast, Amanda reports from the White House, where she personally questioned President Donald Trump outside the Oval Office on several topics. Head is then joined by Elizabeth Troutman Mitchell, White House Correspondent for The Daily Signal, for a wide-ranging conversation on the policies and politics shaping America right now.The two break down Mitchell's reporting on the Trump administration's tax policy, highlighting real-world impact through workers like DoorDash driver Sharon Simmons, who saved $11,000 thanks to new deductions targeting tip earners. Their conversation also dives into the political landscape ahead of the midterms, including the challenges Republicans face if gas prices remain elevated, and how ongoing tensions with Iran could influence voter sentiment and U.S. foreign policy priorities.Follow Amanda, Elizabeth, and the podcast on X: @AmandaHead, @FurthermorePod, and @TheElizMitchell.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This White House press briefing focuses on the impact of President Trump's working families tax cuts, highlighting record refunds, no tax on tips and overtime, and significant relief for small businesses and seniors. Officials outline how these policies are driving economic growth, increasing wages, and fueling Main Street expansion across the country. Alongside domestic policy, the briefing provides updates on ongoing Iran negotiations, enforcement of the naval blockade, and the strategic importance of the Strait of Hormuz. Officials describe the current moment as a short term disruption aimed at achieving long term geopolitical stability and preventing nuclear escalation. The discussion also addresses media narratives surrounding both the economy and foreign policy, pushing back on criticisms while reinforcing the administration's broader strategy.

Tax Day is on Wednesday, and President Trump and Republican lawmakers are trying to draw attention to new tax cuts and increased deductions approved last year. But with the war, higher gas prices and other economic costs, some polls suggest many Americans don't feel they're benefiting much from the new law. Stephanie Sy discusses what has changed with Andrew Duehren of The New York Times. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy

This Day in Legal History: Lincoln is Shot at Ford's TheatreOn April 14, 1865, Abraham Lincoln was shot at Ford's Theatre by John Wilkes Booth, an act that would alter the trajectory of Reconstruction and American legal history. Lincoln's life story makes the moment even more striking: born in poverty in a Kentucky log cabin, largely self-educated, and rising through persistence rather than privilege, he embodied a form of democratic possibility rare among world leaders. Over time, his legal and political thinking evolved in meaningful ways, particularly on questions of equality and civil rights. While early in his career he held more limited views, the Civil War years reshaped his outlook, pushing him toward support for Black suffrage and, by some accounts, openness to broader enfranchisement, including for women.Frederick Douglass, who met with Lincoln during the war, captured this complexity well, noting that Lincoln was “preeminently the white man's President,” yet also “the first to show any respect for the rights of the black man.” Douglass emphasized that Lincoln's greatness lay not in perfection, but in growth—his capacity to move, under pressure and moral reflection, toward justice. By April 1865, Lincoln was publicly advocating limited Black voting rights, particularly for Black soldiers and educated men, a position that suggested further expansion might follow in his second term.That possibility was cut short on the night of April 14, when Booth entered the presidential box during a performance and fired a single shot at close range. Lincoln died the following morning, and with him vanished a moderating but increasingly progressive force in Reconstruction policy. In the years that followed, many of the shortcomings we associate with Reconstruction—including the narrowing of federal protections seen in cases like United States v. Cruikshank—took hold in a political environment Lincoln never had the chance to shape. His assassination opened the door to a more fractured and often less protective approach to civil rights enforcement.A little-known but striking footnote to this story involves Edwin Booth, the brother of Lincoln's assassin, who months earlier had unknowingly saved the life of the president's son, Robert Todd Lincoln. At a crowded train platform in Jersey City, Robert slipped and fell between the train and the platform just as the car began to move. Edwin Booth, standing nearby, quickly grabbed him by the collar and pulled him to safety, preventing what could have been a fatal accident. The two men did not recognize each other at the time, and Booth only later learned whose life he had saved. The incident has since taken on a symbolic quality in legal and historical writing, illustrating the strange intersections of fate surrounding the Lincoln family in the days leading up to April 1865.Legally and historically, April 14 stands as a hinge moment: not only the loss of a president, but the loss of a developing constitutional vision. Lincoln's trajectory suggests that Reconstruction might have unfolded differently under his continued leadership, particularly on voting rights and federal protection of equality. Douglass later reflected that Lincoln's legacy should be judged not by where he began, but by how far he traveled. That journey—from humble origins to an evolving commitment to equality—remains central to understanding both the promise and the unfinished work of American law.After his death, Abraham Lincoln's body was carried on a funeral train that retraced, in reverse, the route he had taken to Washington as president-elect in 1861, passing through many of the same stations and drawing massive crowds at every stop. The train's journey from Washington, D.C. to Springfield became a rolling national mourning, with citizens lining the tracks to pay their respects to the fallen leader. In a deeply symbolic sense, the trip marked the completion of Lincoln's final journey—returning him to the place where his political life had taken root, even as the nation he led struggled to carry forward the work he unwittingly left unfinished.President Donald Trump announced plans to nominate Matthew Schwartz, his personal lawyer in the New York hush money case, to the U.S. Court of Appeals for the Second Circuit. Schwartz is a longtime partner at Sullivan & Cromwell LLP and joined Trump's legal team in 2025 to handle the appeal after prior attorneys moved into government roles. Trump praised Schwartz as a strong opponent of government overreach and highlighted his experience in high-level federal and state litigation. In addition to the criminal appeal, Schwartz is also representing Trump in a civil fraud case brought by Letitia James, where his team recently urged the state's highest court to dismiss the claims as politically motivated. Schwartz previously clerked for Samuel Alito and worked at Cravath Swaine & Moore LLP, and he is a graduate of Columbia Law School.Trump Taps Personal Attorney for Second CircuitAn Illinois jury in Cook County added $17 million in punitive damages to an earlier $53 million award against Abbott Laboratories in a case brought by four mothers whose premature infants developed necrotizing enterocolitis after being fed the company's formula. The jury previously found in favor of the plaintiffs on claims including failure to warn, negligence, and product defect, awarding individual damages based on the harm suffered by each child, all of whom survived but face lasting health complications.Plaintiffs argued they were not informed of the risks associated with the formula and would have made different feeding decisions had they known. Abbott disputed liability, maintaining that its products are safe and that scientific evidence does not support a causal link between its formula and the condition, and said it plans to appeal. The trial judge allowed punitive damages after finding evidence the company may have withheld risk information, and also criticized testimony suggesting mothers should not be told about such risks. The case is part of broader, ongoing litigation over infant formula, with mixed outcomes in courts across the country.Ill. Jury Adds $17M Punitive Award To Baby Formula Verdict - Law360In my column for Bloomberg this week, I argue that new IRS guidance on opportunity zones largely revives the original program from the Tax Cuts and Jobs Act without addressing its core flaws—and may even worsen them. While the framework still aims to direct private capital into distressed communities through tax incentives, the updated rules expand where zones can be drawn and lower investment thresholds, particularly in rural areas. In practice, that means more projects will qualify, but fewer are likely to deliver the kind of transformative impact the policy was designed to achieve.The first iteration showed that investment tended to flow toward already developing areas with stronger returns, not the communities most in need, and the new guidance does little to change that incentive structure. Governors retain broad discretion in selecting zones, a feature that previously led to politically influenced designations rather than data-driven ones. By easing standards like the “substantial improvement” requirement, the revised rules make it easier for incremental upgrades—not meaningful redevelopment—to receive tax benefits. As a result, the program risks continuing to function more as a subsidy for already viable projects than as a tool for economic revitalization. I suggest that a more effective approach would tie both zone designation and tax benefits to measurable outcomes like housing growth, job creation, or business investment, while reducing discretionary selection in favor of objective economic criteria. 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

Rep. Steve Eliason sits down with Utah State Tax Commissioner John Valentine to discuss the biggest tax changes from the 2026 General Session.They cover income tax cuts, tax policy for families, gas and tobacco tax changes, property tax, and how Utah's tax system works.

In this episode, the Democrats all release on their take on prices, but I'll show you that they're all the same video and why this matters. Also, the ceasefire in the Middle East is in question by the public, I'll clear the air. Find the video podcast of The Dan Bongino Show exclusively on Rumble at https://Rumble.com/bongino Drivers Celebrate the Demise of the Most Hated Feature in Their Cars https://www.wsj.com/lifestyle/cars/cars-autos-stop-start-epa-trump-zeldin-0d561aee Zohran Mamdani backs down on cornerstone campaign promise of free NYC buses https://nypost.com/2026/04/08/us-news/zohran-mamdani-backs-down-on-campaign-promise-of-free-nyc-buses/ How did the Tax Cuts and Jobs Act change personal taxes? https://taxpolicycenter.org/briefing-book/how-did-tax-cuts-and-jobs-act-change-personal-taxes Sponsors: All Family Pharmacy - https://allfamilypharmacy.com/bongino - code: Bongino10 American Financing - NMLS 182334, nmlsconsumeraccess.org. APR for rates in the 5s start at 6.196% for well qualified borrowers. Call 888-994-7660 for details about credit costs and terms. Visit http://www.AmericanFinancing.net/Bongino. Byrna - https://byrna.com Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode of Your Investment Partners, hosts Paul and Garrett discuss the expiration of the Tax Cuts and Jobs Act and the transition to new legislation often referred to as the “One Big Beautiful Bill.” They examine what changes and what remains in place for federal tax brackets, estate tax limits, and state and local tax deductions. The conversation also covers planning opportunities that arise from this clarity, including capital gain strategies and Roth conversions. Paul and Garrett walk through scenarios where Roth conversions may make sense—such as early retirement, down market periods, or lower-income years—and explain how these decisions can affect long-term tax planning and estate outcomes. Key Points From This Episode ● Introduction to the expiration of the Tax Cuts and Jobs Act and the transition to new legislation.● Overview of how the new bill attempts to extend many existing tax provisions.● Discussion of federal tax brackets and why planning around bracket thresholds matters.● Estate tax exemption levels and why higher limits matter for families and landowners.● Planning opportunities created by clarity in future tax rules.● How capital gains strategies can take advantage of lower or zero percent tax brackets.● Why Roth conversions must be evaluated carefully alongside capital gains planning.● Ideal timing for Roth conversions, particularly during early retirement before required minimum distributions.● Benefits of paying Roth conversion taxes from outside funds rather than the IRA itself.● How Roth accounts can reduce tax burdens for heirs inheriting retirement assets.● Additional Roth conversion opportunities during low-income years, market downturns, or slow business cycles.● Updates to state and local tax (SALT) deduction limits and how the changes may affect taxpayers. Want to learn more? Contact us hereUseful Links Garrett on LinkedIn Paul on LinkedIn Ascend Investment Partners

From your paycheck… to the courtroom… to the Supreme Court—everything is shifting. Supporters of Donald Trump are praising “no tax on tips” as a direct win for working Americans. But in a stunning move, state lawmakers rejected tax relief—even with billions in surplus—while places like California and Michigan moved forward. At the same time, a controversial verdict in the killing of NYPD officer Jonathan Diller is fueling debate about jury decisions, public trust, and the role of jurors in the justice system. And on the nation's highest court, a sharp clash between Ketanji Brown Jackson and Elena Kagan is raising deeper questions about how legal decisions are made—and what guides them. From tax policy to courtrooms to constitutional law—this episode connects the dots on a rapidly changing America.

A tax break designed for working Americans… blocked by Republicans? Supporters of Donald Trump are praising the “no tax on tips” provision as a long-overdue win for blue-collar workers—especially those who've seen wages stagnate for decades. But in a shocking twist, South Carolina lawmakers rejected a bill that would have mirrored those federal tax cuts at the state level. Even more surprising? States like California and Michigan have already moved to adopt similar relief. With billions in surplus revenue, why block tax relief for workers who need it most? This episode breaks down the politics, the economics, and the frustration boiling over for everyday taxpayers.

Democrat Katie Porter was elected to the U.S. House of Representatives in 2018, flipping an Orange County seat that had long been held by Republicans. She made waves in Congress with her incisive grilling of CEOs and corporate leaders, often  using a whiteboard to make her point. Now, Porter is running for governor following an unsuccessful Senate campaign in 2024. She joins Marisa and Scott in studio to discuss her gubernatorial agenda, including a proposal to eliminate state income taxes for families making under $100,000 a year. They also discuss her upbringing in Iowa, what she learned watching the 1980s farm crisis wreak havoc on her community, how she became a protégé of Sen. Elizabeth Warren and what it's like working in politics as a single mom of three kids. This interview is part of a series of conversations with the 2026 gubernatorial candidates for California. The primary election is June 2. Check out ⁠⁠⁠Political Breakdown's weekly newsletter⁠⁠⁠, delivered straight to your inbox. Learn more about your ad choices. Visit megaphone.fm/adchoices

State and local leaders denounce the President's latest threat to send federal troops to LA. Student homelessness in LA County is surging. And the plan to give last year's wildfire survivors a very unique tax cut. Plus, more from Morning Edition. Support The L.A. Report by donating at LAist.com/join and by visiting https://laist.comSupport the show: https://laist.com

Episode Summary: In this episode, Benoy Thanjan sits down with Dorian Hunt from Leo Berwick to break down the Foreign Entity of Concern(“FEOC”) rules and what the February 2026 guidance means for solar and storage projects. They unpack how FEOC is reshaping supply chains, tax credits, and project finance, and why uncertainty is currently the biggest risk to development.   Biographies Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla's Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market. As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm's renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar.   Dorrian Hunt Dorian leads Leo Berwick's Energy & Renewables tax practice. Dorian has 20 years of experience in tax credit monetization, with clients including renewable energy project developers, tax equity investors, project lenders, insurers and syndicators. Prior to joining Leo Berwick, he was a leader in the Power and Utilities and Energy Transition practices of a Big 4 firm, where he focused on providing tax consulting services with respect to tax credit-driven project finance across, with a focus on renewable energy. Dorian is a thought leader in the tax credit space and has authored articles on topics including the potential implications for “direct pay” of renewable energy tax incentives and on the impact of the Tax Cuts and Jobs Act on the US renewable energy industry.  He has also presented on these and other similar topics for organizations such as IPED, NARUC, and the Boston Bar Association. Dorian has experience with myriad energy incentive programs including Treasury 1603 grants, 48C advanced energy manufacturing studies, and the rapidly-developing field of 45Q carbon capture credits. Stay Connected: Benoy Thanjan Email: info@reneuenergy.com  LinkedIn: Benoy Thanjan Website: https://www.reneuenergy.com Website: https://www.solarmaverickpodcast.com/   Dorian Hunt     Website: https://www.leoberwick.com/     Linkedin: https://www.linkedin.com/in/dorian-hunt/     Dorian Hunt on Episode 231 of the Solar Maverick Podcast:     https://podcasts.apple.com/us/podcast/solar-maverick-podcast/id1441876259?i=1000723865682      Please provide 5 star reviews      If you enjoyed this episode, please rate, review and share the Solar Maverick Podcast so more people can learn how to accelerate the clean energy transition.    Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, C&I, utility-scale, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.

A round-up of the main headlines in Sweden on March 31st 2026. You can hear more reports on our homepage www.radiosweden.se, or in the app Sveriges Radio. Presenter and producer: Michael Walsh

The United Arab Emirates has told allies that it would participate in a multinational maritime task force intended to reopen the Strait of Hormuz, and Hong Kong is weighing tax cuts for asset managers. Plus, London has embraced a controversial form of energy production: burning rubbish. Mentioned in this podcast:UAE pushes for international force to reopen HormuzHong Kong weighs ‘big bang' tax cuts for asset managers‘It's good business': how London became an ‘energy from waste' capitalNote: The FT does not use generative AI to voice its podcasts Today's FT News Briefing was hosted and edited by Marc Filippino, and produced by Fiona Symon, Mischa Frankl-Duval, Victoria Craig, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT's Global Head of Audio. The show's theme music is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Ahead of the midterms, several Democrats are trying to seize on the affordability messaging that has been connecting with voters across the country by talking about lowering taxes. New Jersey Senator Cory Booker and Maryland Senator Chris Van Hollen have introduced separate measures aimed at easing the tax burden on middle- and lower-income people. And Vermont Independent Senator Bernie Sanders and California Democratic Representative Ro Khanna released a plan to raise taxes on billionaires. But critics are raising concerns about what these proposals would mean for government funding moving forward. Maryland Democratic Senator Chris Van Hollen joins the show to discuss his plan.And in headlines, President Donald Trump sends more mixed messages about the war in Iran, new polling shows the president's approval rating is on the decline, and The Wall Street Journal's March Madness bracket tests whether AI is better than humans at predicting the winning teams.Show Notes: Call Congress – 202-224-3121 Subscribe to the What A Day Newsletter – https://tinyurl.com/y4y2e9jy What A Day – YouTube – https://www.youtube.com/@whatadaypodcast Follow us on Instagram – https://www.instagram.com/crookedmedia/ For a transcript of this episode, please visit crooked.com/whataday

If you would like to skip over Jim and Chris’s banter on the weather, that manages to touch on Colorado water rights (an issue many east of the Mississippi probably find baffling), then you can start listening at (11:45). Chris’s Summary Jim and I continue our look through the Ed Slott IRA quiz, covering IRA recharacterization rules, how a surviving spouse may use a deceased spouse’s five year period following a spousal rollover, which IRA funds can roll into an employer plan, and the timing trap that can unravel the strategy of using an employer plan to separate after-tax basis from pre-tax funds. Jim’s “Pithy” Summary Chris and I are continuing our run through the Ed Slott IRA quiz — the questions Ed sends out after his twice-yearly training sessions to make sure advisors know not just the right answer but the reasoning behind it. That reasoning is where most people get tripped up, and this episode has several good examples of exactly that. We start with IRA recharacterization rules — the deadline, what has to happen at the custodian level, how attributable gains or losses factor into the math, and a conversion planning tool that Congress took away in the 2018 Tax Cuts and Jobs Act. It was a strategy that made conversion timing far more forgiving than it is today, and the fact that it is gone still stings. From there we get into the Roth IRA five-year rules — specifically a spousal rollover scenario with a twist that most people, including Chris, do not see coming. The answer turns on a benefit the tax code extends to surviving spouses that is easy to overlook if you are not specifically looking for it. We wrap up with which IRA funds can actually be rolled into an employer plan and why that distinction matters if you are sitting on after-tax basis inside a traditional IRA. There is a clean strategy for separating it, but there is also a timing mistake that catches people who think they have successfully pulled it off — when they have not. More people fall into that trap than you would expect, and the consequences are not trivial. The post Ed Slott IRA Quiz Continued: EDU #2612 appeared first on The Retirement and IRA Show.

It's Casual Friday on The Majority Report   On today's program:   Donald Trump is considering sending troops on the ground to seize Kharg Island in an attempt to force the opening of the Strait of Hormuz.   JD Vance asks Americans to take solace in the fact that our "allies" are suffering far more from the energy crisis we caused by our war in Iran.   Staff writer at The New Republic, Perry Bacon, Jr. joins Sam to wrap up the week's news. Check out Perry's podcast - Right Now with Perry Bacon, Jr.    Senator Chris Van Hollen (D-MD) joins the program to discuss his new proposed tax plan and the war in Iran.   In The Fun Half:   Senator Mark Warner questions Tulsi Gabbard on why Donald Trump sent her to observe the Fulton County election office raid when the president was not meant to know about the raid ahead of time.   Senator Mark Kelly asks Gabbard and CIA director Ratcliffe on their thoughts on Trump offering "unfiltered national security" briefings to his big donors.   Donald Trump holds a press conference with the Prime Minister of Japan where he jokes about pearl harbor.   Markwayne Mullin is an idiot and thanks to John Fetterman he is moving forward into the Senate to get confirmed as the new secretary of DHS.   Patrick Bet-David has really upset their audience over their cheerleading for the war in Iran.   The new head   all that and more   New Yorkers if you live in Senate District 27 which includes the neighborhoods of Lower Manhattan, including the East Village, Tribeca, Little Italy, Chinatown, Soho, and the Financial District and Greenwich Village support Yuh-Line Niou for State Senate    To connect and organize with your local ICE rapid response team visit ICERRT.com The Congress switchboard number is (202) 224-3121. You can use this number to connect with either the U.S. Senate or the House of Representatives. Follow us on TikTok here: https://www.tiktok.com/@majorityreportfm Check us out on Twitch here: https://www.twitch.tv/themajorityreport Find our Rumble stream here: https://rumble.com/user/majorityreport Check out our alt YouTube channel here: https://www.youtube.com/majorityreportlive Gift a Majority Report subscription here: https://fans.fm/majority/gift Subscribe to the AMQuickie newsletter here: https://am-quickie.ghost.io/ Join the Majority Report Discord! https://majoritydiscord.com/ Get all your MR merch at our store: https://shop.majorityreportradio.com/ Get the free Majority Report App!: https://majority.fm/app Go to https://JustCoffee.coop and use coupon code majority to get 10% off your purchase Check out today's sponsors: ZOCDOC: Go to Zocdoc.com/MAJORITY and download the Zocdoc app to sign-up for FREE and book a top-rated doctor. NUTRAFOL: Get $30 off your first box + free Croissants in every box. Go to Wildgrain.com/MAJORITY to start your subscription. SUNSET LAKE:  30% off all CBD tinctures for people and pets with code Spring26 at  SunsetLakeCBD.com  Follow the Majority Report crew on Twitter: @SamSeder @EmmaVigeland @MattLech On Instagram: @MrBryanVokey Check out Matt's show, Left Reckoning, on YouTube, and subscribe on Patreon! https://www.patreon.com/leftreckoning Check out Matt Binder's YouTube channel: https://www.youtube.com/mattbinder Subscribe to Brandon's show The Discourse on Patreon! https://www.patreon.com/ExpandTheDiscourse Check out Ava Raiza's music here! https://avaraiza.bandcamp.com

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.

The IRS has lost tens of thousands of employees since President Donald Trump took office – the result of DOGE, policy differences, last year's government shutdown, and layoffs. Now that we're in tax season, the agency is asking thousands of untrained employees from other departments to help with taxpayer services. Those job cuts and changes could, at best, slow down your refund. At worst, the IRS could be far less able to stop scammers. Meanwhile, the Trump administration is insisting that taxpayers will be getting bigger refunds this year. The problem is, prices on basically everything are still super high – which gives people less of a chance to hold onto that money. And will anyone even remember their tax refunds when they head out to vote in November? For more, we spoke with Vanessa Williamson, senior fellow at the Brookings Institution, and author of “The Price of Democracy: The Revolutionary Power of Taxation in American History.”And in headlines, Arizona Republicans want to send ICE officers to polling places, Meta CEO Mark Zuckerberg takes the stand in a case weighing if social media platforms deliberately addict and harm children, and the Trump administration pushes back against a court order to restore an exhibit on people enslaved by George Washington in Philadelphia.Show Notes: Check out Vanessa's book – brookings.edu/books/the-price-of-democracy/ Call Congress – 202-224-3121 Subscribe to the What A Day Newsletter – https://tinyurl.com/3kk4nyz8 What A Day – YouTube – https://www.youtube.com/@whatadaypodcast Follow us on Instagram – https://www.instagram.com/crookedmedia/ For a transcript of this episode, please visit crooked.com/whataday