Tax Loopholes The Rich Use To Pay Zero Taxes w/ Tom Wheelwright

how many of you pay taxes raise your hand okay a few of you out there how many um if you had the choice legally to not pay taxes would rather not pay taxes raise your hand even more that's really interesting and how many of you know somebody that you suspect doesn't pay their fair share of taxes because they cheat raise your hand oh and then all of them go up i got it so i want to thank particularly ryanmoran capitalism.com the whole team here can we give them a big round of applause please i mean what a great event right great event um great people great speakers uh jeff was fabulous and as they all are um just a little bit about myself i grew up in the heart of mormonism salt lake city utah literally the very heart of mormonism and so when i was uh 19 years old i was expected to spend two years of my life serving a mission which i did very actually very gladly was uh happy to do so and uh it was pretty interesting because you know my buddies in high school we were all thinking because salt lake right everybody's mormon right almost and so we're all talking about where we want to go and you know people say well you know i'd really like to go to south america they're still warm and friendly or you know i want to go to you know sweden with those beautiful blondes or you know so forth and they sent me to paris and uh paris is uh my favorite place on earth it's absolutely beautiful it's also probably the least likely place that you're going to sell mormonism to catholics first week i'm there somebody slugs me and say said very not politely no thanks what i learned there though is what every entrepreneur has to learn first i learned all about rejection and right how many here have learned about rejection being an entrepreneur right if you can't take rejection you might as well stop right now go back and get a job so from that two years experience which taught me so much about selling mormonism to catholics and working with people i spent the next two years getting my degree in accounting from the university of utah and a bachelor's of accounting and then i went to the university of texas where i got my masters of tax in accounting the university of texas hokum horns yes out there and from there i spent the next seven years with a small accounting firm called ernst young one of the largest firms in the world including three years in their national tax office now i was there the last time we had major tax reform which was 1986 and that's a very interesting time and what i did there was i actually helped write the manuals and the courses to teach the cpas around the country how to explain the law then from there i went i moved phoenix in the phoenix office was in charge of the real estate tax practice in phoenix and from there i went into a fortune 500 company where i was the in-house tax advisor and got very proficient in the state and local area sales tax became a very big specialty mine and so arizona state university came to me and asked if i would create a course on multi-state income and sales tax which i taught for the next 14 years once i left the fortune 500 company i had a short stint in another cpa firm that did not go so well that was not a good fit and after seven months actually i was fired that was price waterhouse and uh once you've been fired you get to think a lot about what do i really want and what i decided was i really loved working with entrepreneurs um because i saw entrepreneurship as a path to freedom right no more bosses no more no nobody telling you what to do and that path to i saw as that path to freedom and i wanted to work with people who wanted that path so i decided to start a cpa firm i started from scratch and i wanted to start one that would bring really high level tax advice to the entrepreneur because the big accounting firms um which were now the final four now right ernst young and that group no longer after um uh the 1990s no longer served the entrepreneur they were focused very much on the big fortune 500 and fortune 1000 companies so um from there so i started the cpa firm we grew into a firm that was an international firm worldwide and we were serving clients in all 50 states in in 30 countries and i decided we we talked about we decided we need to get bigger because there are more people out there that we need to serve so we began developing a network of cpa firms which is now under the brand of wealth ability and so we have a network of tax free wealth advisors around around the u.s right now now the last few years as ryan alluded to i spent a lot of time with my friend robert kiyosaki and we travel around the world we were in australia last year three different cities and we were in south africa and this next year where we're in europe and in asia and it's really fascinating because the audiences are always they're always fantastic just like here in dallas just like in austin last year the audiences are fantastic something will happen every single time every single time without question and it will happen here somebody will come up to me at the end and they'll say you know what what you and robert teach is great only you can't do that here and it doesn't matter if we're in moscow whether we're in san francisco or whether we're in dallas texas somebody's going to say that so my question for you is how many of you would be willing to entertain the idea for the next 45 minutes that you actually can do that here raise your hand great that's awesome so here's the here's the thing as ryan said i look at taxes a little differently and it's it's not that i look at it differently it's just that when i look at what the government does i look at okay what is the government asking us to do in the tax law and what they're saying is is look we have one line that says all income's taxable unless we say it isn't and then there's another line that says no expenses are deductible unless we say they are and then we have some charts and tables telling us how much tax to pay that's about 30 pages the tax law is over 6 000 pages so the rest of the tax law is a series of incentives to get you to do what the government wants you to do now here's the raw fact everyone in this room that's paying taxes has a partner and your partner is the us government and the state government the question is what does that partner want you to do and how are they going to reward you for that behavior the reality is today with this new tax law which is what we're going to talk about today with this new tax law if you are paying any kind of serious taxes you are doing it wrong this last tax law completely changes the landscape of taxes if you are paying serious taxes then you are doing it wrong and i'm talking about legally you're doing it wrong you can choose you can pay high taxes and the government's fine with that or you can do what the government asks us to do partner with the government and pay low taxes and they're fine with that too it works like this now and this is a massive change in the way the tax law works if you take the money that you make in your business and you reinvest it to produce more goods and services and build your business guess what you will pay zero tax if you are in business and you reinvest in your business every dollar you reinvest in your business is now deductible it didn't used to be that way it's now deductible we'll give you some very important examples in a minute here if you invest your money if you turn it and invest in real estate no longer will you have to pay tax because you'll get an immediate deduction for that investment in real estate if you invest your money in commodities like oil and gas i'm not talking about gold and silver they're not really commodities so you don't use i'm not talking about sorry gold and silver you you don't use them up i'm talking about commodities like oil and gas and coal and and clean energy okay and farming and so forth if you do that no tax if you if you invest in paper it's kind of over here because you get some because you're facilitating production but here's an interesting one if you you can still invest in charity and you get a full deduction but if you take your money and over here you use it for personal purposes if you use it for personal purposes it's taxed but it's only the money you use for personal purposes that's taxed if you do it the right way let me show you a different way to look at it okay two financial statements income expense assets and liabilities what most people do when they make money the money comes in and it goes out they spend it and what happens is they're taxed what business owners typically do is they take some of that money that comes in and they put it back in the business and if you do that it's tax free and that's been the case for a long time but what's changed is now if you take your income your income comes in and you put it into an asset in your business in your real estate in your farm in your whatever your ranch and then comes back here to produce income that's also tax free now this is new stuff when we learn it we don't learn very well when we just listen to people okay that's there was a a professor named dale who did a study back in 1969 said we only retain about 10 percent of what we read in about 20 percent of what we hear but we'll retain up to 70 percent if we explain it to somebody so take one minute and turn to somebody next to you and explain what you just heard ready go okay let's uh turn your neighbor give him a high five say you're smart okay we can do this again everybody turn to your neighbor give them a high five that's this right say you're smart give yourself the round of applause good job [Applause] so the question is well how is this even relevant to my business let me ask you a question how many of you in this audience have a business where you have inventory raise your hand how many of you have been frustrated because when you you've put that money in an inventory that inventory is not deductible raise your hand that changed with this new tax law that right there that change will be is enough for many of you that you will pay no tax in 2018 if you make this change properly is that good okay how many think would like to know how to do that raise your hand so i'm going to tell you do that in just one minute anybody here own any investment real estate raise your hand okay now it used to be that when you bought investment real estate and whether it was for your business or whether it was for rental property but when you did it you had to deduct that over a really long period of time like 27 and a half years up to 39 years which is like you know somewhere between two and four percent a year right how many would rather have their money now under this new law because it's now a consumption tax under this new law if you invest in real estate the very first year you should be able to get a deduction of up to 25 to 30 percent of the purchase price of that real estate put this in perspective you go out and buy a a building for two million dollars you put 25 down which is five hundred thousand dollars right on a two million dollar building and you get a thirty percent deduction you put five hundred thousand dollars in the bank puts a million five in and you get a deduction for up to six hundred thousand dollars the first year that's the new law if applied properly okay used to be you go out and buy a a a truck an suv etc you could deduct up to twenty five thousand dollars your first year now if it's used a hundred percent in your business you get to deduct the entire thing again has to be 100 your business so there's ways to do that okay how many would like to deduct their car in the first year because it's all about what we know about business is it's all about cash flow and the fastest way to put money in your pocket the fastest way to increase your cash flow is by reducing an expense and what's your biggest expense taxes and it's the easiest one to reduce so let's start we want some actionable items you'd like some actionable items here today okay so it's great to be inspired i love that i want i want something i can actually do right so let's talk about depreciation and the the term is so when you go to an accountant the term is bonus depreciation bonus depreciation so here's how bonus depreciation works let's start with a building now it used to be bonus depreciation only applied to brand new equipment what changed is now it applies to used equipment but when you look around this auditorium here you look well there's no equipment here but yes there is there's chandeliers there's carpet there's window coverings there's the stage all of this is equipment when you go outside there's landscaping there's outdoor lighting all of that is equipment and equipment now the depreciation rate is 100 so what we have to do is we have to determine how much is equipment that we're going to get bonus depreciation on the way we do that is something called a cost segregation and all we're going to do is we're going to hire an engineer and a cpa and they're going to go out and they're going to measure and they're going to determine that there are four things that you bought when you bought that real estate the first thing you bought was land and the depreciation rate on that is zero percent okay the second thing you bought was the building and the depreciation rate on that is anywhere from 2.5 to 3.6 percent the third thing you bought was improvements and that used to be deductible at about five percent a year and now it's 100 and then the other thing you bought was you bought all the contents now deductible at 100 on average on average when you do that professional cost segregation which is required to do the iris requires it when you add these together that's going to be somewhere between 20 and 30 of your purchase price so take a minute explain bonus depreciation to your neighbor ready go whether you understand or not just just do it all right let's start to wrap up thank your neighbor give your neighbor high five say you're smart we're gonna try that one more time turn your neighbor give a high five say you're smart give yourselves a round of applause if you're wondering why we do things like turn your neighbor and give a high five and say you're smart it's because education learning requires energy what does it require what does it require energy so anything we can do to increase our energy is going to increase our learning and our understanding so very important that's part of why we have a discussion okay i just want you to understand why we do these things now question what's content anything that adds to a building that the building could function without okay so could the building function without carpet yep could the building function without uh window shades and window coverings yep could it function without light overhead regular lights like this yep it could could it function without cabinets if you're a residential sure could it operate without could it function without ceiling fans yes it could so anything that that just adds to the function that does it isn't an essential part of the building functioning as a building okay and then the question is what what are land improvements land improvements by the way include parking covered parking not the not the not a parking structure but covered parking it includes outdoor lighting includes all of your landscaping so if you have a building for your business or you're investing in real estate your depreciation should have just skyrocketed under the new law okay now this is for buildings that you purchased equipment you purchased after september of 2017. so you can still do a cost segregation for buildings you bought before that but you'll get the old rates okay it's still worthwhile by the way okay that's a cost segregation now that's just real estate now think about your car how many here like nice cars let me hear like nice cars i love cars i love cars okay um i mean really love cars so it used to be the the amount of deduction we got for a car was like tiny so nobody really cared too much about it but what happened is with this new laws a if you buy an suv or a truck that's over six thousand pounds as long as it's used a hundred percent for business you get to deduct a hundred percent of the cost even if the bank financed 100 of the cost so you put zero down on a sixty thousand dollar truck and you get a sixty thousand dollar deduction how many think that's awesome but only if it's a hundred percent business now the question is what's business use of a car right how do i know it's business the number one thing that you can do to increase the business use of your car is to have a home office it's the number one thing you can do let me ask you a question anybody here just by show of hands ever been told not to take a deduction raise your hand by by a tax preparer tax advisor mbs you're told not to take a deduction raise your hand okay wow not very many how many how many for you was that the home office right and here's why because 25 years ago it was a red flag 25 years ago it was a red flag and here's what happens in my profession this is why we created this network here's what happens in my profession the young guy people come in and who trains them the old guys and the old guys were trained by older guys so there's this institutional memory of home office is bad home office has not been bad since 1996 the law completely changed in 1997. here's the other question if they told you not take it they said it's a red flag because you might get audited what does that tell you about your tax preparer who are they afraid of they're afraid of the irs but let's think about this you come out of school from a good school and you're an accounting major and you decide i'm gonna go get a job and you go well let's see i could go get a job where people love me and i'm always the hero that would be like a cpa firm right or i could get a job where every one of my clients hates the ground i walk on every one of my clients can't stand to see me they never want to talk to me seriously worse than being a proctologist that's an irs agent they have a tough job but guess what typically not the top of their class so if you're a cpa your tax preparer is afraid of the irs whose ic student just think about that so here's why home office is so important your first trip of the day is a non-deductible commute even if you're going to go see a client or your real estate your last trip home from a client or real estate or an office is a non-deductible commute the irs says it's in there by the way it's in their instructions if you look it up if you have a home office and you go to your home office every morning and you come back to your home office and you do work in your home office before you go and you do work you're with your homeless when you come back guess how long your commute is 30 feet for most of you that would convert your automobile expense it would double how much you get to deduct because the first trip and that last trip is so big on top of that you can have two offices you can have an office where you meet with clients in an office where you do your administrative work at home so you don't have to just have one office okay now that's that's vehicles so any equipment by the way and equipment's always been deductible so any equipment's deductible but what's interesting is not only did they make do bonus depreciation in this last tax law but they did one other thing that i think was pretty sensational how many of you have a business that over past the past three years has averaged gross receipts less than 25 million dollars raise your hand i would expect most of us here right most people here under 25 million dollars if you do the law changed and under this new law you no longer have to keep track of your inventory under this new law here's how it works now you're going to have to follow this okay you okay with this can we actually give you the rules so that you can go back to that account who's telling you can't do this here and tell them here's how you do it how many like bill tell their accountant you can do that right so i'm going to give you the rules so the first rule is you have to be under 25 million dollars of gross receipts that's rule number one all right we'll write this up here okay that's gross okay that's gross sales under 25 million number two you must elect to be on the cash method of accounting so there's two major types of accounting you don't need to know much about this you just need to know there's accrual and there's cash all right and if you're doing cash but you keep inventory that's called a hybrid okay that's a hybrid method there's accrual and there's cash it used to be that if you were over 10 million dollars of sales you had to be on the accrual basis which meant that you had to pick up your receivables in income when you sold it not when you collected it and you got to deduct your your expenses when you signed the contract not when you actually pay for it okay but what i find is most businesses pay their bills faster than they get paid how many how many people pay their bills faster than they get paid that's most businesses because you know if i mean if you're if you're um let's say you're a pharmacy and you you you know you're getting paid from insurance company or you're you know you've got a big big customer or or the government or anybody and they're paying you over you know 30 days or 90 days so you had to be on the accrual basis now they just changed that moved that they moved it from 10 million to 25 million so now if you're under 25 million average of the last three years for all your companies you can be on the cash basis and that by itself for some of you because you've got big receivables will be a huge change and by the way it's automatic if you file the right form and give you the form in just a second okay now before we go on take one minute and discuss rule number one rule number two ready go all right let's start to wrap up turn to your neighbor get my five say you're smart once again turn your neighbor get my five say you're smart oh there you go give yourselves a round of applause all right [Applause] uh how many are starting to get the idea that maybe there's a lot to this here's your hand how many how many how many agree now with me that you do not want to do this by yourself raise your hand okay this is like that commercial you know where they do the fancy driving they say closed course don't do this at home by yourself that's what this is okay but there are team members out there that will help you do this what i want you to understand and what you have to understand is you're the only one who can change your taxes you're it you're it if you want to change your tax you have to change your facts and i can't change your facts for you you can change your facts for you and i can tell you what facts to change but you still have to change the facts so you still have to have a basic understanding and have the right team members jeff talked about team right if you're doing it by yourself you're doing it wrong if you're doing it by yourself you're doing it wrong so rule number two you must be on the cash method rule number three and this one's a little bizarre okay but it is what it is you have to elect to treat your inventory as non-incidental materials and supplies you can only do that if you're under 25 million you can only do that if you're on the cash method but you can elect to treat your inventory as non-incidental materials and supplies and so far you explain this to your tax preparer your tax advisor they're all going to go that's fine but that still doesn't make it deductible and that is correct that does not make it deductible there's one more step you have to do you have to make an election on your tax return that's called a de minimis election which allows you to deduct anything under any item that you buy that's under 2 500 how many of you have inventory where a good portion or all of your inventory the items cost less than 2 500 raise your hand less than 2500 so if you're a car dealer you're out right but if you're an amazon retailer chances are every single one of your items costs less than twenty five hundred dollars which means that inventory that's sitting on your shelf as of december 31 2018 with these proper elections is fully deductible in 2018. [Applause] yeah take a minute and discuss that go all right let's start to wrap up thank you never turn your neighbor get my five say you're smart give yourselves a round of applause good job [Applause] how many you've just paid for your trip to capcom many times over right now there are three things you must your accountant must do in order for this to happen and if they don't do any of them you get none of it am i clear am i clear they must do every one there is a form 3115 and you and they must file it with two different provisions in it they must file the cash method and they must file the non-incidental materials and supplies those are two different changes in accounting method two different ones your accountant must do that if they do not do that you lose number three they must make the de minimis election if they don't you've accomplished nothing because you're still going to capitalize everything it's just capitalized as non-incidental materials and supplies instead of capitalized as inventory which by the way has the same effect as inventory but if you make this election all of a sudden those items are deductible that is not a form number that's an election that you make on the tax return okay by the way for your tax repair it should be a box they check on their computer software okay there's a box they check it's a de minimis election that's what's called it's the 25 diminished collection this is the form 3115. all right it's all there 3115. so you got to do that now i want to go back is that good i mean is that is that pretty fun to be able how many like the idea of deducting everything all their inventory so so here's what's fascinating to me so the press the entire year has been saying this is not really a tax reduction how many heard that in the press right this isn't a tax reduction do you know if you make under a hundred thousand dollars family of four your taxes went down by 75 percent this year 75 percent now if you're between 100 and 400 and you may have gone up you may have gone down you probably went down a little unless you're a business owner and if you're a business owner or a professional investor guess what your taxes it should you do it right over the next three four years your taxes should go away i give you an example i have a doctor who came to me a guy does over a million dollars a year in net from his practice it's a doctor going well he's a he's a professional he can't possibly get all these deductions first year reduced his tax liability by 40 percent this year another 40 in three years he will be tax free every one of you should be doing that how many would rather be tax free raise your hand that's what's possible under this new law now there's one thing i didn't talk about bonus depreciation that is kind of exciting for a lot of people here anybody here have a website raise your hand good i'm hoping that all of them went up i'll leave that up for a minute some of you are still writing that stuff bonus depreciation includes software software is included in bonus depreciation so here's the key if your website is more than a brochure and rises to the level of software which is by the way a very technically defined term by the irs okay not something we do in a seminar if it rises to the level of software because of the functions it performs on the website it is subject to bonus depreciation which means how much is deductible one hundred percent in the year you incur the expenses year you buy the website the year you buy not the website the software so if you're buying software if you're buying if you're buying a website or you're you're going to do some kind of software by the way the devil's in the details and you must have your cpa review that contract very carefully to make sure that it is indeed software that's another bonus depreciation how many think that that might reduce your taxes a little bit this year i mean you guys have already reduced taxes to zero so i can just stop right i made like some more tax reduction anybody okay how many would like to never pay tax on the business when they sell it how many plan to sell your business down the road i mean your game plan is to build it up and big capital gain down the road how many would like to not pay 24 20 to 25 on that game how about zero would zero be good would zero be best so i'm going to show you how to do it zero no matter how your company is currently formed there is an amazing rule that has very little known that's called section 1202 now this is just the code section in the internal revenue code that gives us this provision and this law has been around for decades but nobody's ever used it and the reason nobody's ever used it is because in order to do this you must have a c corporation and the c corporation tax used to be 35 percent which we know is no longer 35 percent how much is it 21 however if you're reinvesting all of your money in your business what did we just learn what's the tax rate zero the tax rate is zero so if you're taking a little bit of salary out you're gonna pay tax on that little bit of salary but the rest of it is going back in the company so your tax rate is zero while you're building the company how many of you were formed as something other than a c corp raise your hand probably an s corporation maybe a partnership ryan's paying attention right now because a year ago i did i did a little webinar with him and we did not know at the time whether we could convert an s corp to a c corp but i'm going to show you how to do it right now and have it qualify good everybody want to want to see that it's a little magic trick but it's pretty easy here you go here's you and you have your s corporation here you're going wait a minute i'm an s corporation and it has to be originally issued stock to qualify for section 1202 which by the way if you have 1202 stock and you hold that stock for five years at the end of the five years you can sell it and is tax free no capital gains okay people will tell you there's a 10 million dollar limit i will show you i could show you don't have time today but i could show you how to multiply that 10 million a hundred times so it's really forever all right so it's not just a 10 million dollar limit but you have 10 mi you've got this tax free event if you hold it for five years but you had to be originally a c corporation so the question is how do i deal with that it's pretty easy i just form a c corporation have my s corporation form a c corporation and all i'm going to do is drop my assets down there in exchange for stock of the c corporation and now what do i have i have original issued c corporation stuck and i know that's a lot to take in so take a minute whether you understand it or not explain it to your neighbor ready go okay let's start to wrap up thank your neighbor turn your neighbor give my five say you're smart and give yourselves a round of applause good job excellent so how many think this may be it just sounds too good to be true it does sound to be true fortunately it's true here's the here's now here's a very important fact the amount of the gain that is tax free is the difference between the value the day you form the c corporation and the day you sell it so if your company right now is worth 10 million dollars and you sell it for 25 million dollars five years from now 15 million dollars is tax free 10 million dollars is still taxable now there's a ways to deal with that but not through section 1202 so it's the increase in value that you're going to get so how many can see that you want to do this as soon as possible raise your hand this is this is one of the most important planning opportunities that you have in your business most of you raised your hand saying that your plan is to sell your business for a big win down the road do you have to sell all of the business no you can sell a portion of the business you have to hold this c corporation for how many years five years you got to hold this for five years and then you can do this but there's some magic here because i want to walk you through the life cycle here of your business come back here what did we just get through talking about if you take your money and reinvest it in your business do you pay tax no if you take your money and buy i don't know real estate equipment inventory do you pay tax when you buy on that money that you bought the real estate the equipment or the or the inventory do you pay tax now no so there's no tax on that so the whole life cycle of your business should you be paying tax no and once your life cycle of your business is to a point that you sell it now you have a very big smile because you paid no tax while you were building your business and you pay no tax when you sell your business and that is why we refer to this as tax free wealth this is not tax deferred wealth how many of you ever heard of this idea called the 401k raise your hand seriously that's it how many of you heard 401k raise your hand seriously dumbest idea ever think about what happens in a 401k who controls the amount of money you put in the government who controls what you can invest in the government who controls how much you can take out the government who controls when you take it out the government who controls how much tax you pay when you take it out the government why would you ever do something that is completely and entirely controlled by the government if you can build a business tax-free so that's why capitalism.com is so important because we're talking about doing what the government wants us to do the government wants us to build tax free wealth there's not one thing in this book that is not sanctioned and approved and endorsed by the government not one okay how many will how many like the idea of sleeping at night raise your hand okay me too and guess what when i sign your tax return what i'm saying is under penalties of perjury based on the information you gave me this is return is true and accurate so when you decide that you're gonna cheat on your taxes and you go to prison i go with you and my number one goal in life is not to be somebody's girlfriend number one so far so good so i'm not going to go to prison with you the idea is that the government wants you to do these things does this look like maybe the government would like you to invest in equipment does it look like the government wants you to invest in real estate does it look like the government wants you to build your inventory so we've gone from a a income tax to a consumption tax and it gets better let's say you decide look i'm not going to do section 1202 i'm going to stay an s corporation and i want to continue to get that taxed at my personal rates because i'm taking i need i really want to take the money out of my business but here's what happens let's walk through this there's one more tax benefit under this new law let's say that you net a million dollars and then you decide look i'm going to reinvest 600 000 into my business either inventory equipment or otherwise now my tax my taxable income it appears is four hundred thousand dollars however because you made that money in your business and not as an employee you get to now subtract out 20 just because the government said so it's so that small business owners can compete with big business owners big business owners got a reduction to 21 said look we want the small business owners to get a reduction so we're going to give a 20 off and you're going to be taxed on 320 000 unless you're an accountant or a lawyer or a doctor and then you don't get this benefit okay but you guys who are amazon retailers you guys who have who have regular you know retail businesses you all qualify in fact actually the irs was very generous in their regulations on this this is called the 20 pass-through deduction or qualified business income deduction there's different names for it but this is the reality of what happens you get to 400 000 and you're only taxed on 80 percent of it there's all sorts of little rules on it they're not that difficult they're not that difficult if your cpa has done a little reading in the law okay but take one minute and ex explain to each other what happened here where the only thing you're being taxed on is the money that you took out of the business and then only on 80 of it ready go all right let's wrap up thank your neighbor give him a high five say you're smart give ourselves a round of applause come on give yourselves a round of applause good job you just an hour on taxes give yourselves a round of applause that's awesome good job now there's one more piece here how many of you think that there may be some details you have to pay attention to here like a lot of details you have to pay attention to right so how many of you here have heard something new that they in the last hour that they had not heard before ask yourselves why and i this is my challenge okay this is what gets me up in the morning because all you out there that just raised your hand you heard something new because your accountant didn't tell you this you heard something new because your account didn't tell you this and some of you may have outgrown your accountant so what we've done at my company weltability is as i mentioned before is we created this network of cpas so go ahead and put that slide up and this network of cpas this is what i do for a living now other than talking to you beautiful people is i work with i train other cpa firms and we have a network we have about 10 cpa firms right now and we used to only have one cpa firm and we could only handle this really high-end client okay and i know some of you are really high-end clients but we can only hide really that this that's really high-end now what we have is we have a full range okay we have we have a range from just the beginner entrepreneur somebody might want to call an oh if you might call yourself a entrepreneur right you're just getting into it you're just starting your amazon business you're just starting your online business you're just starting okay it's all the way up to the robert kiyosaki's of the world okay so we have this big range and this is what i do this is what i do is i train cpas um on how to develop a tax strategy now let me explain just a minute about the difference between a tax strategy and tax planning how many of you ever played checkers raise your hand it's a fun game for kids isn't it it's a fun little game it's kind of quick it's easy rules are easy black red that's it right jump you're out king me how many how many in your businesses would rather play chess raise your hand how many rather have actually be willing to look four or five moves how many of you in your business have learned that in this conference today that you need to look four or five moves down the road raise your hand you have to otherwise you're never going to be able to get where you want to go how in the world might how in the world will you get where you want to go if you don't know where you're going and you don't know how to get there my favorite character in literature is the cheshire cat in alice in wonderland y'all remember cheshire cat cheshire cat alice comes up to this fork in the road and the cheshire cat asked and she asked the cat which roach should i take and the cheshire cat says where are you going she goes i don't know and he goes then doesn't much matter which road you take does it and that's the challenge in our businesses and in building wealth if we do not know where we're going it doesn't matter pay the tax don't do this stuff this is chess folks this is not checkers this is highly complex stuff that i've made just giving you a really simple version of and you're going well this is the simple version exactly so what we want to do is if if you're interested in just learning what's the difference between that tax strategy and planning if you'd like a team member who actually understands this stuff just go ahead and you can do it right now don't even take a picture just get out your phones text right now cap20019 you can do it i know you guys all know how to use your cell phone it's like this okay this is your cell phone right we get out we text right here message right cap 2019-480-470-4180-480-47041 so if if if that's something that would be helpful to you the reason i i do this is because the number one question i get and it's the number one question i'm gonna i've gotten here and the number one question i'm gonna get when we're done tonight and when i'm signing books in the vip lounge okay because you all got my copy of my book right so when i'm signing books the number of questions i'm going to get is where do i find somebody who knows how to do this because their cpa doesn't know how and so that's why i get up in the morning so that i can help prepare cpas to know how to do this so i want to thank you all very much you're an amazing audience tax-free wealth don't pam do it legally thank you [Applause] is that all right how do you make taxes fun is that all right it's amazing how you make taxes exciting i have no [Music] idea

Channel: Ryan Daniel Moran

Views: 134,239

Rating: 4.9026546 out of 5

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Id: vbd-uIPVpPk

Length: 59min 57sec (3597 seconds)

Published: Mon Jun 08 2020