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Navigating The 2024 Tax Season with Fernando Torres · The Confident Entrepreneur With Jennifer Ann Johnson

• 0:37
  Jennifer Johnson: Today we welcome into the studio Fernando Torres and he is with Serrano taxes, is that correct?
• 0:42
  Fernando Torres: Serro Taxes.
• 0:43
  Jennifer Johnson: Oh, Serro, see, I messed it up already.
• 0:46
  Jennifer Johnson: Welcome.
• 0:47
  Fernando Torres: Thank you.
• 0:48
  Fernando Torres: Thank you for having me.
• 0:49
  Jennifer Johnson: Absolutely so.
• 0:49
  Jennifer Johnson: Tell us a little bit about your background, how you got into this, how long you've been doing this Sure sure, I'm first generation American.
• 0:57
  Fernando Torres: I grew up in Upstate New York and I went to school up there for community college and then I transferred to University of Miami and I stayed in sunny Florida.
• 1:04
  Fernando Torres: That's a sense.
• 1:05
  Fernando Torres: I was not a fan of the cold.
• 1:07
  Fernando Torres: I didn't want to be an adult in the cold, driving in black ice and all that fun stuff.
• 1:11
  Fernando Torres: So, but yeah, so I stayed in Florida, I became a CPA, then I became a Godfrey and man have a family and I made the move to Naples in 2019.
• 1:24
  Jennifer Johnson: Oh, wow, so sort of recently, yeah, in a way yeah.
• 1:28
  Jennifer Johnson: And what.
• 1:29
  Jennifer Johnson: What drew you to the tax field?
• 1:31
  Jennifer Johnson: Because, I have to be honest, I am not a numbers person, sure, and I would rather probably go to the dentist.
• 1:38
  Jennifer Johnson: I'm sure you hear that from people, right?
• 1:41
  Fernando Torres: Um yeah, dentist and accountants.
• 1:43
  Fernando Torres: Yes, they try to avoid us.
• 1:46
  Jennifer Johnson: But what?
• 1:47
  Jennifer Johnson: What brought you to that field?
• 1:49
  Fernando Torres: So originally I wanted to be a carpenter.
• 1:50
  Fernando Torres: Our high school had different programs.
• 1:53
  Fernando Torres: You had ROTC, you had mechanics, you had the beauty programs, and so I gravitated to Carpentry.
• 2:01
  Fernando Torres: One of the professors retired and we had a new professor and he just wasn't as fun, and so I was like I need to make a change, and so one of the offerings was business classes, and so one of the teachers taught accounting and I said, hey, I understand this.
• 2:17
  Fernando Torres: It's almost like math is black and white and you can make a decent living.
• 2:22
  Fernando Torres: You know my family coming from other countries, you know they didn't make so much money.
• 2:27
  Fernando Torres: And so me coming in and can say, oh, I can make $40, $50,000 right out of college.
• 2:31
  Jennifer Johnson: I'm like okay, that's going to be a better life for everybody.
• 2:33
  Jennifer Johnson: Very cool, and you like numbers?
• 2:36
  Fernando Torres: Yes, yeah, I'm a self-taught math man.
• 2:38
  Fernando Torres: I'm not like a savant when it comes to formulas and everything, but it comes easily to me, got it?
• 2:44
  Jennifer Johnson: And so with accounting, is it's your tax firm or your accounting firm really Tax company?
• 2:50
  Fernando Torres: So I am a CPA.
• 2:52
  Fernando Torres: I just never got the CPA firm because there's so many rules and regulations, more insurance costs and so I'm not doing financial, I'm not auditing financial statements, so that's the biggest difference.
• 3:03
  Fernando Torres: So that's the difference between what a tax preparation and auditing financial statements.
• 3:08
  Jennifer Johnson: So you're, tax preparation?
• 3:10
  Fernando Torres: I'm a tax preparation company, got it.
• 3:12
  Jennifer Johnson: Okay, so that's what we want to talk about today, because 2024, there's always new every year.
• 3:18
  Jennifer Johnson: I feel like, is this correct, that every year something new comes out?
• 3:21
  Fernando Torres: Pretty much yes.
• 3:22
  Jennifer Johnson: A new regulation or a new trick.
• 3:25
  Jennifer Johnson: Yes, maybe it's not a trick.
• 3:27
  Jennifer Johnson: Maybe I shouldn't say that word.
• 3:28
  Fernando Torres: I would say more guidance, ah, guidance, yes, more clearance, because Congress passes these laws and it's written by lawyers, and when it's written by lawyers, it's legal jargon, even jargon that I have to reread multiple times.
• 3:45
  Fernando Torres: And the great thing about chat GBT, I've been able to translate it to my level, which is.
• 3:51
  Jennifer Johnson: Is that funny?
• 3:51
  Jennifer Johnson: It's kind of like a it's taking basically a foreign language right the legalese and putting it into our language.
• 3:57
  Fernando Torres: Yes, yes, and so I take that.
• 4:00
  Fernando Torres: Put it to my level, or okay?
• 4:01
  Fernando Torres: Can I understand this?
• 4:03
  Fernando Torres: Where's the loophole and how?
• 4:05
  Jennifer Johnson: can.
• 4:05
  Fernando Torres: I give this to clients so that they understand it, so I have to put it in a different language for my clients.
• 4:11
  Jennifer Johnson: Because and there always is, you said, loophole there always seems to be that gray area or that loophole, yes, that people find, yes, correct.
• 4:18
  Jennifer Johnson: So what are the most important things that taxpayers should know about this new tax season?
• 4:26
  Fernando Torres: It's still a lot of the same.
• 4:27
  Fernando Torres: One of the big things that I was excited to bring but the IRS extended it again where it's not required was the 1099 threshold was previously at $600.
• 4:40
  Fernando Torres: Right, but now they again moved it up to 2024 tax year, not 2023.
• 4:47
  Jennifer Johnson: So what does that mean?
• 4:49
  Fernando Torres: Oh, so, so, for because we're in the 2023 tax year, when January comes, you would have to file those 1099s for vendors, that that you pay $600 or more for the 2023 tax year.
• 5:02
  Jennifer Johnson: But for next year what is it going?
• 5:03
  Fernando Torres: to so for 2024, they actually increased it to $5,000.
• 5:08
  Fernando Torres: So I think that's that's going to help a lot of people.
• 5:10
  Jennifer Johnson: From $600 to $5,000?
• 5:12
  Jennifer Johnson: .
• 5:12
  Fernando Torres: Yes, because if I transfer money to you as a gift.
• 5:15
  Fernando Torres: They don't know that.
• 5:17
  Fernando Torres: They just see that I transfer money to you, and so they might think it's revenue because I have a business, you have a business.
• 5:23
  Fernando Torres: They might say, okay, you're cloaking this $5,000 payment as a gift.
• 5:27
  Fernando Torres: So that's the reason why they created these threshold because they want to be able to catch people who are evading taxes.
• 5:35
  Jennifer Johnson: Wow, that's a huge jump though.
• 5:38
  Fernando Torres: I think it helps everybody, because I remember when I rented an apartment I needed a roommate.
• 5:45
  Fernando Torres: They're giving me money, so I'm not a landlord, I'm just sharing the cost of that apartment with this person.
• 5:52
  Fernando Torres: So if they're transferring money to me, then I'm paying the landlord.
• 5:55
  Fernando Torres: That could be considered income.
• 5:57
  Jennifer Johnson: And that all makes sense.
• 5:59
  Jennifer Johnson: Now, this actually brings up another point.
• 6:02
  Jennifer Johnson: What are they doing about Venmo?
• 6:05
  Jennifer Johnson: You knew I was going to ask this.
• 6:06
  Jennifer Johnson: Venmo PayPal, what is the other, I don't even remember Cash out, like what do they do with that?
• 6:12
  Jennifer Johnson: Because I could be getting paid by somebody under the table that way we're.
• 6:17
  Jennifer Johnson: You know, back in the day it used to be cash.
• 6:19
  Fernando Torres: Yes, now they're Venmoing.
• 6:20
  Fernando Torres: And that was the thing, because now there's a tracking mechanism, and so that's what Congress wanted to do.
• 6:27
  Fernando Torres: Is they wanted to be able to catch those people who were using Venmo Cash Shop on PayPal?
• 6:33
  Fernando Torres: Because I take the shortcuts, I don't use the business options for Venmo, because you have to pay a little extra.
• 6:41
  Fernando Torres: I'm trying to save a few dollars here and there because it starts adding up.
• 6:43
  Fernando Torres: So now those depository companies, institutions, have to report.
• 6:49
  Fernando Torres: But it also saves them time and money too, so that they don't have to pass the cost to you as a consumer.
• 6:55
  Jennifer Johnson: So those agent, those companies, those Cash App companies are now required to report to the IRS.
• 7:04
  Fernando Torres: Yes, everybody 2024.
• 7:06
  Jennifer Johnson: Oh, so, for this tax season.
• 7:08
  Fernando Torres: For 2025, it's going to be for the 24th calendar year.
• 7:12
  Fernando Torres: I see, oh, my gosh, yeah, so it's going to be for the year again, so that it helps everybody, from the institutions to the consumer.
• 7:17
  Jennifer Johnson: But that's for this.
• 7:18
  Jennifer Johnson: Is it for this year, for 2024,?
• 7:20
  Jennifer Johnson: Is that a fact, like if I get a Venmo payment of, let's say, $10,000,?
• 7:27
  Fernando Torres: right, it is, I believe, $20,000.
• 7:30
  Jennifer Johnson: Oh, it is.
• 7:31
  Fernando Torres: Yes, so they will report you if you receive $20,000.
• 7:34
  Fernando Torres: Yes, wow, yeah, and I forgot.
• 7:36
  Fernando Torres: There's a number of transactions as well.
• 7:37
  Fernando Torres: So there's transaction level and monetary level.
• 7:41
  Jennifer Johnson: Okay, but that's for the 2024 tax season.
• 7:44
  Fernando Torres: No, that's still applicable for 2023.
• 7:46
  Fernando Torres: Oh, it is.
• 7:48
  Fernando Torres: Yes, so that threshold of $20,000 is still applicable.
• 7:51
  Jennifer Johnson: Got it, but what's new with it in 2024?
• 7:55
  Fernando Torres: It gets lower to $5,000.
• 7:56
  Fernando Torres: Oh my gosh Wow.
• 7:59
  Jennifer Johnson: So, and so then that means because that's what the 1099 threshold is.
• 8:02
  Jennifer Johnson: Is that why they did that?
• 8:03
  Jennifer Johnson: Yes, okay.
• 8:06
  Fernando Torres: But for these institutions.
• 8:07
  Fernando Torres: But if you're just doing regular checks, regular cash, technically you're supposed to do 1099s all the time.
• 8:12
  Fernando Torres: This is just for the financial institutions to report you.
• 8:15
  Fernando Torres: I see yes.
• 8:17
  Jennifer Johnson: This is such interesting information.
• 8:18
  Jennifer Johnson: It was on the forefront of my mind.
• 8:20
  Jennifer Johnson: It was like the first question I was going to ask you, but I'm glad I didn't, because that explained what you gave as the beginning story.
• 8:28
  Jennifer Johnson: It kind of explains this as to how that works.
• 8:31
  Jennifer Johnson: Wonderful, yes.
• 8:34
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• 8:35
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• 8:39
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• 8:45
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• 8:49
  Jennifer Johnson: All you have to do is sit back and collect your money.
• 8:51
  Jennifer Johnson: You can reach out to them at truefashionistascom.
• 8:57
  Jennifer Johnson: Come into the store or check them out on Facebook or Instagram and that's truefashionistascom.
• 9:01
  Jennifer Johnson: Welcome back, friends.
• 9:04
  Jennifer Johnson: We are back in the studio with Fernando Torres and he is with Saro Tax Services.
• 9:10
  Jennifer Johnson: I looked at your shirt because I'm like I kept wanting to put the A in there.
• 9:15
  Fernando Torres: We all need a.
• 9:15
  Jennifer Johnson: G-sheet.
• 9:16
  Jennifer Johnson: I have one because I can't remember what I'm doing half the time.
• 9:21
  Jennifer Johnson: We're talking about 2024 tax season.
• 9:24
  Jennifer Johnson: Really good information about using the cash apps and the 1099.
• 9:28
  Jennifer Johnson: What else is happening in 2024 that we should be aware of?
• 9:33
  Fernando Torres: We have to watch out for the reduction of the bonus depreciation.
• 9:37
  Fernando Torres: If you're a company who has assets, you can no longer do the 100%, I believe, for 2023,.
• 9:43
  Fernando Torres: It's down to 80%.
• 9:45
  Fernando Torres: It goes down another 20%, I believe, for 2024.
• 9:49
  Fernando Torres: It's just a roll down structure or a tier.
• 9:54
  Fernando Torres: Every year it goes down 20%.
• 9:56
  Fernando Torres: Congress is always trying to stimulate the economy.
• 9:59
  Fernando Torres: They usually extend different things.
• 10:01
  Fernando Torres: For example, the solar panel was supposed to go down to 26% credit but they kept it out 30%.
• 10:09
  Fernando Torres: That 4%.
• 10:10
  Fernando Torres: It could be beneficial if we depend on the value of the solar panels.
• 10:15
  Jennifer Johnson: What are some challenges that people are going to have in 2024?
• 10:21
  Fernando Torres: In 2024, I think it's still the elementary things, because I get new clients all the time and it's still the elementary, where you have your books in order, you have documentation, because, at the end of the day, you have to be able to support your income and your deductions.
• 10:38
  Jennifer Johnson: Thank you, you know, and talking about deductions, I remember, after COVID, the whole meals thing it was, wasn't it?
• 10:47
  Jennifer Johnson: 100%, that was awesome.
• 10:49
  Jennifer Johnson: Yes, and what so for 20,?
• 10:51
  Jennifer Johnson: That was for 20,?
• 10:52
  Jennifer Johnson: What 21 and 22.
• 10:53
  Jennifer Johnson: And so for 23, because people are going to be filing their 23 taxes in 24.
• 10:58
  Jennifer Johnson: Yes, what is it at now?
• 11:01
  Fernando Torres: So it's still 50%.
• 11:02
  Fernando Torres: Well, it's down to the normal 50% for in-person meetings If it's travel.
• 11:08
  Fernando Torres: So if you go to a conference or you go to any business event or you see a client that's over 60 miles away, you can write that off 100% because it's under the travel meal, I see, and you just have to classify it as that.
• 11:24
  Fernando Torres: Yes, and, of course, documentation.
• 11:26
  Fernando Torres: They always say that you have to write within the memo whether you use Excel, whether you use QuickBooks on top of the program.
• 11:33
  Fernando Torres: You say, okay, I met John Smith and we a brief discussion or a brief memo of what you discussed.
• 11:39
  Fernando Torres: Usually, if you talk to your CPA, that's kind of like okay, we talked about taxes.
• 11:43
  Jennifer Johnson: Right, exactly, wow, but you have to note that You're supposed to, yes.
• 11:47
  Jennifer Johnson: I mean, could you go?
• 11:49
  Jennifer Johnson: Oh, if you're getting audited, go back and enter it, because you're like I know.
• 11:52
  Jennifer Johnson: I went on that business trip and you have, you know, the flight and everything else to prove it.
• 11:57
  Fernando Torres: Yes, yes, yes, you have a timeline to be able to respond to these correspondence.
• 12:01
  Fernando Torres: Okay, so it's usually a letter saying, hey, please provide this information.
• 12:05
  Fernando Torres: It's usually when you don't answer those letters that it goes into an actual full scope audit where it can, maybe they'll make you bring that information to an office, and in the worst case scenario is that they come to your office, and so that's what you want to avoid.
• 12:23
  Fernando Torres: You want to be able to hit it when the letter comes.
• 12:25
  Jennifer Johnson: Right, oh my gosh.
• 12:27
  Jennifer Johnson: So anything else that people should be aware of or challenges that may trip them up?
• 12:34
  Fernando Torres: I would say timeliness.
• 12:35
  Fernando Torres: That's always another thing.
• 12:37
  Fernando Torres: They raise the fees every single year.
• 12:40
  Fernando Torres: So if you're not paying taxes, you're going to be late, they're going to penalize you.
• 12:44
  Fernando Torres: So they make the penalties for the tax repair more severe every single year because they want us to kind of actually be an auditor, even though we're just tax preparers.
• 12:55
  Fernando Torres: As a CPA, we have our due diligence.
• 12:57
  Fernando Torres: As a CPA, we have our ethics and everything that we have to follow.
• 13:00
  Fernando Torres: As a tax preparer, it's a little bit less that the IRS wants you to do.
• 13:04
  Fernando Torres: But yeah, there's systems in place and they want everybody to follow system because they're trying to raise money.
• 13:12
  Fernando Torres: Congress is trying to raise money to fund whatever it is that they need.
• 13:15
  Jennifer Johnson: It's a business.
• 13:16
  Jennifer Johnson: Yeah, it is, it's a business, and I guess if you know that you're not going to be able to get your taxes done, you can file an extension.
• 13:22
  Jennifer Johnson: That costs you as well, though, correct.
• 13:24
  Fernando Torres: Correct.
• 13:24
  Fernando Torres: But so I would say, if it's a client that I know it's going to use me, I don't charge them, but if it's somebody who comes in like, hey, I need an extension, I'm going to charge them for my time.
• 13:36
  Fernando Torres: So really it's free.
• 13:38
  Jennifer Johnson: So the IRS doesn't charge for it.
• 13:40
  Jennifer Johnson: It's the accountant who would the preparer.
• 13:42
  Jennifer Johnson: Yes, I see.
• 13:43
  Jennifer Johnson: Yes, I didn't understand that.
• 13:44
  Jennifer Johnson: All right, what tips do you have for our listeners to maximize their tax refund?
• 13:54
  Fernando Torres: perhaps.
• 13:54
  Fernando Torres: Yeah, I would say so.
• 13:56
  Fernando Torres: I've been able to develop some strategies.
• 13:58
  Fernando Torres: The IRS for vehicle write-off there's either the mileage or there is the percentage of business use, and people get those two wrong all the time.
• 14:07
  Fernando Torres: So I've developed a third option that allows you to write it off 100% of the time, and that's more of the proprietary where my skillset, I'm able to educate my client on that.
• 14:18
  Fernando Torres: But I think just knowing the differences between the first two can make a world of difference.
• 14:23
  Fernando Torres: Great thing with writing off your home, because a lot of people have home-based businesses and they're not properly educated on how that deduction works.
• 14:34
  Fernando Torres: So it's just knowing the right way to do it.
• 14:37
  Fernando Torres: And then for bringing in a specialist who, like me, or another CPA who knows how to go and find those loopholes to help you write off more of your home.
• 14:46
  Jennifer Johnson: So you're talking about home.
• 14:47
  Jennifer Johnson: Let's say you have a business and your business is two miles away, but your office for doing all of your accounting so your book work and your marketing, whatever you do is in your house.
• 14:59
  Jennifer Johnson: How does that work?
• 15:02
  Fernando Torres: So technically you you can't write off your home because you have a already an office that you're paying rent.
• 15:13
  Fernando Torres: So if you're working from home, that's kind of just you do an extra work at your house.
• 15:18
  Jennifer Johnson: I see.
• 15:18
  Fernando Torres: So, like I said, I've developed a proprietary solution to help you do that.
• 15:23
  Jennifer Johnson: With that too?
• 15:24
  Jennifer Johnson: Yes, that and the car, yes, oh.
• 15:27
  Fernando Torres: Yeah, because, being a God fearing man, I want to be able to pay as less taxes as possible but also be honest, right, absolutely, and I don't know.
• 15:37
  Fernando Torres: I just I do want to help the government to a degree because I believe in and funding certain things, but the government gives us loopholes and things that we can deduct, and so I take full advantage of that Right, absolutely.
• 15:51
  Jennifer Johnson: Who wouldn't write?
• 15:51
  Jennifer Johnson: Are there new tax credits this year?
• 15:54
  Jennifer Johnson: Like I keep hearing about tax credits, like I don't know what some of them are, but I keep hearing about this.
• 16:01
  Fernando Torres: So the big ones are the solar panel credits.
• 16:05
  Fernando Torres: So it's non refundable, so I'll use myself.
• 16:07
  Fernando Torres: For example, I paid $30,000 for the panels, for the electrical box to be upgraded, and so 15 percent sorry, 30 percent of that is comes to me as a credit.
• 16:20
  Fernando Torres: So what?
• 16:22
  Jennifer Johnson: would you OK, yeah, sorry, no, it's not.
• 16:24
  Jennifer Johnson: So what does that mean?
• 16:25
  Fernando Torres: OK, so 30 percent of $30,000, that's about $9,000.
• 16:29
  Fernando Torres: And so if I owe the government $9,000, this credit goes towards that.
• 16:35
  Fernando Torres: Oh, but let's say I owe the government $8,000 and my credit is $9,000.
• 16:41
  Fernando Torres: This $1,000 gets rolled forward into the future year.
• 16:44
  Jennifer Johnson: And how long does that stay?
• 16:45
  Jennifer Johnson: I believe that one's five years.
• 16:47
  Jennifer Johnson: So if you don't use it in five years, it's gone.
• 16:49
  Fernando Torres: Yes, so I would recommend, if you get solar panels, to have earned income or some taxable income, usually you have to pay for it.
• 16:57
  Fernando Torres: So I think people are making money because either way, you're paying for it with some type of money.
• 17:03
  Fernando Torres: Yeah, yeah, so what about this?
• 17:06
  Jennifer Johnson: Is there a child tax credit still there?
• 17:09
  Fernando Torres: Yes, so that's back in 22.
• 17:12
  Fernando Torres: They wanted to extend it to give, keep it to $3,000.
• 17:17
  Fernando Torres: So that was big for a lot of people.
• 17:19
  Fernando Torres: I, I, I enjoy that $3,000, but then it came back down to $2,000 per child.
• 17:25
  Jennifer Johnson: Is that credit again?
• 17:26
  Fernando Torres: or no Part credit, part refund.
• 17:28
  Fernando Torres: So that's the part that becomes confusing, because people think, oh, I get $2,000 per child, but not all of it's refundable.
• 17:35
  Fernando Torres: One other one that you probably hear is the earned employee retention credits.
• 17:41
  Fernando Torres: Yes, that's probably the big one.
• 17:43
  Fernando Torres: So there is a guideline that you have to follow before you qualify.
• 17:49
  Fernando Torres: I believe you had to be in existence for 2020, maybe 2019.
• 17:56
  Fernando Torres: I don't quite remember, because none of my clients qualified.
• 17:59
  Fernando Torres: I have smaller clients and most of my clients are the only employee and they don't qualify.
• 18:04
  Fernando Torres: And then you've had to.
• 18:07
  Fernando Torres: Your revenue had to decrease your you've had to pay for people's pay time off because of COVID.
• 18:14
  Fernando Torres: I'll use the client for example.
• 18:16
  Fernando Torres: They're a home based business.
• 18:18
  Fernando Torres: They do therapy, so they go into the home and they help the children.
• 18:23
  Fernando Torres: They March 2020, nobody could go anywhere.
• 18:28
  Fernando Torres: So she lost all this revenue.
• 18:30
  Fernando Torres: But she was a very gracious employer and she paid for her staff to continue to get paid.
• 18:37
  Fernando Torres: The problem with that one she was actually too early, so she got screwed.
• 18:43
  Fernando Torres: She qualified for a number of employees, so she actually paid them from March 1st through the 15th and the tax law was from March 15th forward.
• 18:53
  Fernando Torres: So yeah, so it kind of stunk for her.
• 18:56
  Jennifer Johnson: But basically it was.
• 18:58
  Jennifer Johnson: It was for the COVID time.
• 19:00
  Jennifer Johnson: If you were down in revenue, then you got a refund for pay.
• 19:06
  Jennifer Johnson: If you didn't pay your employees, you didn't get refunded.
• 19:08
  Fernando Torres: So it's a refund of payroll taxes, so there's a max to it.
• 19:15
  Fernando Torres: So let's say you have $100,000 of payroll, you have a 7.5% employer tax.
• 19:22
  Fernando Torres: That's $7,500.
• 19:23
  Fernando Torres: That 7,500 could potentially come back to you.
• 19:26
  Fernando Torres: So that's how they credited back the employer.
• 19:29
  Jennifer Johnson: So it's like more money in the pocket and I mean when is that end?
• 19:34
  Jennifer Johnson: Because I still hear people like you know, you get letters in the mail, you get phone calls, you get emails.
• 19:39
  Fernando Torres: I believe that one ends in 2024.
• 19:44
  Jennifer Johnson: I'm not 100% sure.
• 19:45
  Jennifer Johnson: I can email you and maybe you can add it to your notes after Right.
• 19:48
  Jennifer Johnson: Wow, that's very interesting that it's that long.
• 19:51
  Fernando Torres: Yeah, they're pretty.
• 19:52
  Fernando Torres: They always have the filing period as long as it's postmarked, because I don't know if you've heard like the IRS sometimes is super slow at responding.
• 20:01
  Fernando Torres: Oh really, so, yeah, yeah, right, so as long as it's postmarked by a certain date, then it's still in.
• 20:09
  Fernando Torres: So if the deadline, let's say, is December 31st and you postmarked by December 31st and it takes them a full year, then you're still qualified for that potential credit.
• 20:20
  Jennifer Johnson: And you know what, and I'm assuming that the whole idle thing is done, where the income, the with the loan, where people were getting the loans and they shouldn't be getting the loan.
• 20:32
  Jennifer Johnson: That's over.
• 20:33
  Fernando Torres: Yes, that was, I was over, I would say sometime in 21.
• 20:38
  Fernando Torres: Okay, yes, yeah, I had.
• 20:40
  Fernando Torres: One client was like can I get a bigger loan?
• 20:41
  Fernando Torres: Because he got the first one, the ideal number one distribution.
• 20:45
  Fernando Torres: And then he there's miscommunication.
• 20:49
  Fernando Torres: I asked him do you want to get number two?
• 20:51
  Fernando Torres: He wasn't sure.
• 20:52
  Fernando Torres: And then now he's like he wish he would have got it Right.
• 20:56
  Fernando Torres: So yeah, so that was a 4% 30 year loan.
• 21:00
  Fernando Torres: So that was great, because now interest rates are close.
• 21:03
  Jennifer Johnson: Oh right, it got a lot of people through and if you had that loan, you're hanging on to whether you've paid it off or not because some people needed it more than others, and that's why you saw the fraud.
• 21:12
  Fernando Torres: You saw a lot of fictitious people or fictitious companies be created so that people can get these million dollar loans, and it's screwed A lot of people needed it.
• 21:21
  Jennifer Johnson: Yeah, very interesting landscape, that's for sure, fernando.
• 21:24
  Jennifer Johnson: If our audience would like to get in touch with you, how can they do that?
• 21:27
  Fernando Torres: Sure Email.
• 21:29
  Fernando Torres: I use my phone, so it's my cell phone, but it's info at sarotaxiscom and in my phone number.
• 21:37
  Fernando Torres: You can text me.
• 21:38
  Fernando Torres: Call me 954-999-2300.
• 21:41
  Jennifer Johnson: Fabulous.
• 21:42
  Jennifer Johnson: It has been wonderful chatting with you today.
• 21:44
  Fernando Torres: Thank you so much for having me.