Latest / Earn Your Leisure / EYL #8 My Accountant is so Good, I’m Practically Living Tax Free.

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EYL #8 My Accountant is so Good, I’m Practically Living Tax Free. · Earn Your Leisure

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  Speaker 4: Episode eight. We have a very special episode today, but
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  Speaker 4: to bring experts in the field that we were talking about.
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  Speaker 4: So we're talking about real estate, we want to bring
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  Speaker 4: an expert in real estate. If we're talking about stocks,
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  Speaker 4: expert in stocks. So today we are going to be
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  Speaker 4: talking about some tax issues and some tax discussion. So
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  Speaker 4: we have an expert in the tax field, Miss Business.
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  Speaker 4: If you follow her on Instagram, her Instagram handle is
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  Speaker 4: miss Business, Miss Business, right.
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  Speaker 2: Business Business, MS business one zero one.
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  Speaker 4: Yes, welcome, Miss Business. So Miss Business is she's a
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  Speaker 4: she's a CPA, and she has a tax office in
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  Speaker 4: New York City. She handles personal taxes, business taxes. Uh
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  Speaker 4: so yeah, she knows all about taxes. And she is
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  Speaker 4: our first guest ever, so that's a big deal. And
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  Speaker 4: also we're in women's mouth, so we thought that it
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  Speaker 4: would be appropriate to have a first guest as a woman.
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  Speaker 4: As we said, we're not you know, like that like
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  Speaker 4: about business a lot a lot of times. Business. You know,
• 4:52
  Speaker 4: you hear about men a lot, and it's it's mail
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  Speaker 4: driven but there are a lot of women entrepreneurs, women investors,
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  Speaker 4: women doing that thing in business. So we wanted to
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  Speaker 4: highlight that, and we brought a woman on to help
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  Speaker 4: us out. So thank you for joining us. We appreciate it.
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  Speaker 6: Thank you for having me. I'm so excited to be here. Yeah,
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  Speaker 6: I'm looking forward to this, getting into this conversation, watching
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  Speaker 6: your Instagram like still trying to like write down my nuggets.
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  Speaker 2: I'm happy to be here.
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  Speaker 4: Thank you, appreciate it coming So all right, So the
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  Speaker 4: number one topic for the last couple of weeks, and
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  Speaker 4: everybody's been hitting me up to talk about this on
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  Speaker 4: the gram, is how Amazon pulled the biggest magna trick
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  Speaker 4: in history. Right. So, if anybody's not familiar, Amazon has
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  Speaker 4: not paid taxes in two years.
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  Speaker 5: Well, federal taxes.
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  Speaker 4: Federal tax clear, they have not paid federal taxes in
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  Speaker 4: two years. Right. So you look at that and you say,
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  Speaker 4: how they made eleven billion dollars eleven billion dollar last year?
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  Speaker 5: Did they double their profits last year?
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  Speaker 4: They went eleven billion, They made eleven billion dollars. Not
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  Speaker 4: only did they not pay taxes, they got one hundred
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  Speaker 4: and fifty semi dollars back.
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  Speaker 5: Yeah, one hundred and thirty six million dollar tax refund refund.
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  Speaker 4: Yeah, so they actually was negative one percent, yes, in
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  Speaker 4: the amount of taxes that they paid. Amazing for the
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  Speaker 4: second year in a row. It's even deeper than that.
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  Speaker 4: For the last ten years. They have a combined tax
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  Speaker 4: rate of three percent for the last ten years federal
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  Speaker 4: tax rate. So everybody's asking me.
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  Speaker 5: How, how is it possible?
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  Speaker 4: How is it possible?
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  Speaker 5: Right?
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  Speaker 4: All right?
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  Speaker 5: So we researched and found out there are three ways
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  Speaker 5: that this is possible. Right. The first one is stock
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  Speaker 5: based employee compensation.
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  Speaker 4: But before we even going to that, before we go
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  Speaker 4: into that, it's it's very complicated, but it really is
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  Speaker 4: three ways. Right. There's credits, rebates, and loopholes. Right, So
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  Speaker 4: nobody really knows exactly what Amazon did because they didn't
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  Speaker 4: make their taxes they suggest, So this is all just
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  Speaker 4: kind of speculation based off of it. But within the credits,
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  Speaker 4: rebates loopholes that big corporations gets, there's three items.
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  Speaker 5: Three items that they're thinking, this is what happened here,
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  Speaker 5: all right? All right? So the first one was stock
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  Speaker 5: based employee compensation. Rather than employee employees getting a salary,
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  Speaker 5: they get stock options. All right, and I think one
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  Speaker 5: point one billion of the deductions came from that. The
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  Speaker 5: second one was deferred income tax.
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  Speaker 4: But before we go boo deferred so stock options, we
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  Speaker 4: can't just people might not know what that is.
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  Speaker 5: Right, Well, we're gonna go into detail, so we're gonna
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  Speaker 5: go into detail about all of them. All right. So
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  Speaker 5: that's the first one, deferred income tax. So these large
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  Speaker 5: companies like you'll find out that they can put up
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  Speaker 5: their taxes from a year to the next year. I
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  Speaker 5: think going forward you said twenty years maybe almost right, right.
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  Speaker 5: And then the third one was tax credits. So I
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  Speaker 5: believe Amazon can expense over almost one hundred percent of
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  Speaker 5: their capital investments. So that means things that they new infrastructure,
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  Speaker 5: new buildings, new warehouses, new ways to deliver, they can
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  Speaker 5: write all that off.
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  Speaker 4: It's called cap X capital expenditures. Yeah, we'll come back
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  Speaker 4: to that and all right, okay, so now let's start.
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  Speaker 4: There's also one more, but we'll talk about that later on. Yeah,
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  Speaker 4: but stock options, right for people aren't familiar with stock options,
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  Speaker 4: are misbusiness?
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  Speaker 2: Do you want to kind of I can elaborate on that.
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  Speaker 2: So when you get hired.
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  Speaker 6: At a company, a company can instead of giving you
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  Speaker 6: a salary or giving you some sort of compensation, they'll
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  Speaker 6: compensate you in the form of stocks, right, so they'll
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  Speaker 6: give you sort of equity.
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  Speaker 2: Share in their company.
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  Speaker 6: So when Amazon will give their employees stock based compensation,
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  Speaker 6: what happens is they are able to write that the
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  Speaker 6: one hundred percent market value of that of that stock
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  Speaker 6: off on their taxes. So let's just say hypothetically, you know,
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  Speaker 6: they have one hundred percent of I mean one hundred
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  Speaker 6: million dollars and stock based compensation that they offer to
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  Speaker 6: their to their employees. That whole one hundred million dollars
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  Speaker 6: is now going to be able to be written off.
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  Speaker 6: So that's how they're able to deduct that additional pay
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  Speaker 6: that they're allocated to their employees through that stock based compensation.
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  Speaker 6: And they're more willing to do that because it is
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  Speaker 6: a tax write off.
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  Speaker 4: Okay, so yeah, so that actually so yeah, the stock
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  Speaker 4: based stock based conversations or stock options called different names,
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  Speaker 4: but it's the same thing. So they actually saved one
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  Speaker 4: billion for that, and that was half of their tax
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  Speaker 4: liability with just that. So just in paying employees executives
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  Speaker 4: company stock, they were able to save one billion dollars
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  Speaker 4: on their tax bill, right, Okay, okay, all right, So
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  Speaker 4: now you have that, then you have also cabex right,
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  Speaker 4: capital expenditures, So about.
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  Speaker 2: That, I'll talk about it.
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  Speaker 6: So with capital expenditures now with the new Job Act
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  Speaker 6: after Trump. Now, before you would have to depreciate your
• 9:52
  Speaker 6: capital expendages over a specific amount of time, depending on
• 9:56
  Speaker 6: what you were investing in. However, now in twenty eighteen,
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  Speaker 6: if you invested in any type of capital expenditures for
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  Speaker 6: your business, you are able to write one hundred percent
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  Speaker 6: off in the year in which you incur that expense.
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  Speaker 4: Right.
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  Speaker 6: So now when Amazon is, you know, releasing new infrastructure,
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  Speaker 6: or they are, you know, deciding to open up a
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  Speaker 6: new warehouse, that's now a one hundred percent write off.
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  Speaker 2: They no longer have to.
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  Speaker 6: Recognize that years down the line. They can do it
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  Speaker 6: one hundred percent in twenty eighteen.
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  Speaker 4: Right, So that's important because that's that that just changed.
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  Speaker 2: Right, Yes, that just changed.
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  Speaker 4: So now you can write off one hundred percent of
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  Speaker 4: your capital expenditures. Yes, and I'm pretty sure this's great
• 10:44
  Speaker 4: areas you can try and find some yes, yes, yes, yes,
• 10:49
  Speaker 4: So then all right, so capital expenditures one hundred percent.
• 10:51
  Speaker 4: Now we have two what was all the one you said?
• 10:53
  Speaker 5: We said deferred income tax So and with they're set
• 10:59
  Speaker 5: up right, they can deferments.
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  Speaker 6: Right, Yeah, so there's there's deferred tax payments. So what
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  Speaker 6: happens with corporations if you have the option to defer
• 11:09
  Speaker 6: your tax payments? So what that means from a twenty
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  Speaker 6: seventeen perspective to twenty eighteen is in twenty and seventeen
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  Speaker 6: they held off on some income that they decided to
• 11:21
  Speaker 6: pay taxes on and they paid for it in twenty eighteen.
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  Speaker 6: And what that means from a percentage perspective is last
• 11:27
  Speaker 6: year corporate tax rate was at thirty five percent and
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  Speaker 6: now in twenty eighteen it's at twenty one percent.
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  Speaker 2: That's a huge drop, right.
• 11:36
  Speaker 5: So looking at Amazon their.
• 11:40
  Speaker 6: CPAs over there was like, listen, we're going to hold
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  Speaker 6: back on, you know, on paying taxes on this money
• 11:47
  Speaker 6: and we'll claim it next year and then pay taxes
• 11:49
  Speaker 6: on it next year.
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  Speaker 5: So how many years can go on between you doing that?
• 11:53
  Speaker 5: Can you? I think? Is it two years you can
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  Speaker 5: go back or twenty years of how's that working?
• 11:57
  Speaker 6: So when it comes to things like research and development,
• 12:00
  Speaker 6: man any type of losses.
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  Speaker 2: You can go back two years or carry it forward
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  Speaker 2: twenty years. So that's the same, which is I mean,
• 12:06
  Speaker 2: it's kind of I mean, it is what it is.
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  Speaker 2: It's the law. But we can't do that, right.
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  Speaker 6: We can't say, hey, I have a loss this year,
• 12:13
  Speaker 6: go back to my prior year taxes and add it on.
• 12:16
  Speaker 6: Add that loss to my priory taxes two years ago,
• 12:19
  Speaker 6: and then give me some money back, right. And so
• 12:21
  Speaker 6: that's what's happening with these corporations, and that's how they're
• 12:25
  Speaker 6: able to either not pay tax in the current years
• 12:29
  Speaker 6: or even go back to prior years and say, hey,
• 12:32
  Speaker 6: I need some more that money back that I gave
• 12:34
  Speaker 6: you guys.
• 12:34
  Speaker 4: So it speculated that Donald Trump hasn't paid tax in
• 12:37
  Speaker 4: twenty years, right, absolutely, So this is what we're referring
• 12:40
  Speaker 4: to in this situation.
• 12:42
  Speaker 6: Well, I think with Donald Trump, there's a lot of
• 12:46
  Speaker 6: different things when it comes to Donald Trump. Donald Trump
• 12:49
  Speaker 6: like not paying taxes, Donald Trump lobby. So when you
• 12:52
  Speaker 6: are a big company, you have great economic value, you
• 12:55
  Speaker 6: do receive a lot of tax breaks. And so throughout
• 12:59
  Speaker 6: Donald trump career, he has fought extensively and been given
• 13:04
  Speaker 6: a lot of breaks. Even back in the eighties when
• 13:07
  Speaker 6: New York wasn't as developed as it is now. It
• 13:11
  Speaker 6: was more as an incentive for him to, you know,
• 13:15
  Speaker 6: build up certain communities, just how it is now with
• 13:18
  Speaker 6: like the opportunity the opportunities act, right, Like, if you
• 13:21
  Speaker 6: take your capital gains and you put it inside of
• 13:23
  Speaker 6: this fund, you won't have to you can defer your taxes,
• 13:27
  Speaker 6: the same thing that he's been doing. Right, And I
• 13:29
  Speaker 6: think also he's doing the same thing that the rest
• 13:32
  Speaker 6: of these corporations are doing.
• 13:33
  Speaker 2: He's deferring his taxes.
• 13:35
  Speaker 6: He probably has so many you know, so many expenses,
• 13:38
  Speaker 6: so many loopholes that he's taken advantage of.
• 13:41
  Speaker 4: Yeah. No, it's important to keep in mind that, like
• 13:42
  Speaker 4: you said, Amazon's not the only one. Right. So, out
• 13:44
  Speaker 4: of the top fortune five hundred companies, one hundred companies
• 13:48
  Speaker 4: paid zero taxes or negative.
• 13:50
  Speaker 5: Not an isolated issue, one hundred isolating.
• 13:53
  Speaker 4: And out of one hundred, fifty eight had multiple years
• 13:57
  Speaker 4: of zero or negative taxes they pay. So Amazon's just
• 14:01
  Speaker 4: doing what everybody else is doing. They're not. But so
• 14:04
  Speaker 4: we talked about the three things, but the fourth one
• 14:06
  Speaker 4: is the one that's really the most interesting, at least
• 14:08
  Speaker 4: to me. So research and development, right, So research and development.
• 14:13
  Speaker 4: You can take a large deduction for research and development, right.
• 14:16
  Speaker 4: So the reason why that's interesting with Amazon is because
• 14:19
  Speaker 4: what have they done for the last three years? They've
• 14:23
  Speaker 4: been researching and developing. We're to put the headquarters, right.
• 14:26
  Speaker 4: So they had like a sweepstakes of where the new
• 14:30
  Speaker 4: headquarters is going to be. So they went to like
• 14:33
  Speaker 4: every city in America and I'm pretty sure they ran
• 14:36
  Speaker 4: the bill up crazy. And that's part of research and development.
• 14:39
  Speaker 4: We got to figure out where we're going next, exactly. Yes,
• 14:43
  Speaker 4: we have to figure out who we're doing next. So
• 14:45
  Speaker 4: we go to Atlanta, we go to Tosa, Oklahoma.
• 14:47
  Speaker 5: Now Francisco we have one and out of you know,
• 14:49
  Speaker 5: New York said no, and we're begging.
• 14:52
  Speaker 4: Start the product again. And it's year so they started it.
• 14:55
  Speaker 4: So they started three years ago and it was like
• 14:58
  Speaker 4: every city was like begging for them to come, right.
• 15:00
  Speaker 4: So then they decided on Fidy in Virginia, yeah, and
• 15:05
  Speaker 4: New York City, Long Island City. Then New York decides
• 15:08
  Speaker 4: that they don't want Amazon. So Amazon says, okay, they
• 15:12
  Speaker 4: are taking their talent somewhere.
• 15:13
  Speaker 2: Else and we want to now New York want them back.
• 15:17
  Speaker 4: Now, New York is governors, right, and now they're going
• 15:19
  Speaker 4: to open up the courting process all over again and
• 15:22
  Speaker 4: have cities and then they'll just carry us over. They'll
• 15:25
  Speaker 4: do research and development for another years, a few years.
• 15:30
  Speaker 5: We got to find a headquarters in Canada. It'll be
• 15:32
  Speaker 5: it'll just America. This is right, this is America.
• 15:37
  Speaker 4: Yeah.
• 15:38
  Speaker 5: So one of the one of the things that people
• 15:40
  Speaker 5: were saying on on our page was should we be
• 15:43
  Speaker 5: mad at Amazon for doing this or should we take
• 15:46
  Speaker 5: the initiative to find out how we can also benefit
• 15:50
  Speaker 5: from these type of loopholes.
• 15:51
  Speaker 4: You can't.
• 15:55
  Speaker 2: The reality is, and I try to talk.
• 15:57
  Speaker 6: To you know that you said, it's so blunt like that.
• 16:01
  Speaker 6: You know me personally, I'm never mad at anyone for
• 16:05
  Speaker 6: taking advantage of things that are available to them, right,
• 16:09
  Speaker 6: because the laws are out there.
• 16:11
  Speaker 2: Amazon did not create the laws.
• 16:13
  Speaker 6: Amazon is just playing by the same laws that all
• 16:16
  Speaker 6: of these corporations have been playing by for forever, right.
• 16:20
  Speaker 6: And I try to communicate that to my clients all
• 16:22
  Speaker 6: the time, where I'm like, wealthy people are.
• 16:25
  Speaker 2: Doing the work right that they need to.
• 16:27
  Speaker 6: They're educating themselves, they are you know, getting out there,
• 16:32
  Speaker 6: whether it's forming a fund or it's knowing your tax
• 16:35
  Speaker 6: codor just being aware of what you can do and
• 16:38
  Speaker 6: then using that to your advantage.
• 16:40
  Speaker 2: That's what you need to do.
• 16:42
  Speaker 6: But to Rashad's point about just not being able to
• 16:47
  Speaker 6: do it, that's the reality. And these companies like the Amazons,
• 16:51
  Speaker 6: the Netflix, these companies have great economic value, so therefore
• 16:56
  Speaker 6: they're able to take advantage of a lot of these
• 16:59
  Speaker 6: tax these tax loopholes.
• 17:02
  Speaker 2: And you better believe that Amazon has all types of
• 17:06
  Speaker 2: tax attorneys. That's in court right now. Right.
• 17:09
  Speaker 6: So a lot of people they don't want to pay taxes,
• 17:11
  Speaker 6: but y'a don't really want these problems.
• 17:17
  Speaker 2: Like just paying taxes.
• 17:19
  Speaker 6: But you know, but on a serious note, there are
• 17:22
  Speaker 6: some things that you know, business owners can do. They're
• 17:25
  Speaker 6: looking to pay negative taxes not times that of ten,
• 17:29
  Speaker 6: not going to happen, right, Or they're looking to pay
• 17:32
  Speaker 6: no taxes at all, that's not going to happen. Your
• 17:35
  Speaker 6: company doesn't have that same economic benefit like Amazon is
• 17:39
  Speaker 6: like the biggest company in the world. It's like you
• 17:45
  Speaker 6: can't take you only want to play with Amazon a
• 17:47
  Speaker 6: little bit, right, because they have so much value.
• 17:50
  Speaker 4: There's levels. So all right, So the bad news, guys
• 17:54
  Speaker 4: is that you can't do what Amazon is doing. You can't,
• 17:58
  Speaker 4: but you can't do something right. So now we're going
• 18:01
  Speaker 4: to go into what you actually can do. All right, guys. So,
• 18:07
  Speaker 4: as we said, we're not going to leave you hanging right.
• 18:09
  Speaker 4: So our point is to educate you, guys, and to
• 18:12
  Speaker 4: put you in positions to when we want to see
• 18:14
  Speaker 4: you win. So, as I said, you're not Amazon, you
• 18:18
  Speaker 4: don't have stock most you don't have stock options to
• 18:21
  Speaker 4: give employees. And you know that took off half of
• 18:23
  Speaker 4: their tax liabilities right there. But there are advantages of
• 18:27
  Speaker 4: being a business owner, and that's something that we want
• 18:29
  Speaker 4: to encourage entrepreneurship for a lot of different reasons, not
• 18:32
  Speaker 4: just to take money in your taxes, but it's one
• 18:35
  Speaker 4: of the perks that comes with being a business owner.
• 18:38
  Speaker 4: Because even if you look at it from a corporate standpoint,
• 18:40
  Speaker 4: like large corporations, the corporate tax rate is twenty one percent, right,
• 18:47
  Speaker 4: that's but the highest federal tax rate for individuals is
• 18:51
  Speaker 4: thirty seven percent. So if you're a wealthy business like Amazon,
• 18:55
  Speaker 4: or if you're a wealthy person right like a basketball player,
• 18:58
  Speaker 4: an NBA player, NFL player, or whatever, and you're at
• 19:01
  Speaker 4: the highest federal tax rate. You're at an advantage to
• 19:04
  Speaker 4: be a corporation because the most you can pay is
• 19:07
  Speaker 4: twenty one percent. Now you're working your way down from there.
• 19:09
  Speaker 4: Whereas the federal tax rate, the highest you can pay
• 19:13
  Speaker 4: is thirty seven percent, and you have to work your
• 19:14
  Speaker 4: way down from there. So we're gonna take down a
• 19:17
  Speaker 4: micro level. And you know, talk about small businesses because
• 19:20
  Speaker 4: you know that's the majority of businesses in America and
• 19:23
  Speaker 4: in the world of small businesses. Right Amazon, We talk
• 19:25
  Speaker 4: about Amazon and Netflix, but that's not typical. Those aren't
• 19:28
  Speaker 4: the majority of businesses in America. So as a small
• 19:33
  Speaker 4: business owner, I'm going to speak from first hand experience,
• 19:37
  Speaker 4: whereas I can say that you have benefits of being
• 19:40
  Speaker 4: a business owner because you can deduct a lot of things. Right,
• 19:43
  Speaker 4: So we talk about Amazon as far as their travel
• 19:47
  Speaker 4: and things of that nature, it's the same thing with
• 19:49
  Speaker 4: a small business owning. On a certain level. Where you travel,
• 19:51
  Speaker 4: you see a client, you can deduct that. You take
• 19:53
  Speaker 4: your client out for a mal, you can deduct that.
• 19:55
  Speaker 4: You lease a car, you can deduct that the males
• 19:58
  Speaker 4: as long as it's for business. So your cell phone,
• 20:01
  Speaker 4: you can deduct that, you buy furniture for your office,
• 20:04
  Speaker 4: you can deduct that. So you have a lot of
• 20:06
  Speaker 4: things that you can deduct, where if you just have
• 20:08
  Speaker 4: a regular job, you can't deduct any of that stuff. Right,
• 20:11
  Speaker 4: So it's hard for you to do anything with your
• 20:15
  Speaker 4: taxes if you just have a regular job, because there's
• 20:18
  Speaker 4: only so much that you can actually deduct. Right, Where
• 20:20
  Speaker 4: a business owner you can you can get creative, be responsible, responsible,
• 20:27
  Speaker 4: be responsible with that. So okay, back up, it's all right.
• 20:32
  Speaker 4: So when we talk about the advantages for people that
• 20:36
  Speaker 4: may not be familiar or people that want to be
• 20:39
  Speaker 4: business owners or want to be entrepreneurs, what are some
• 20:42
  Speaker 4: basic advantages that entrepreneurs and business owners have as far
• 20:45
  Speaker 4: as the tax system as opposed to regular individuals.
• 20:49
  Speaker 6: Well, first, I always tell people, because do you get
• 20:51
  Speaker 6: that question a lot, what's the advantage of me being
• 20:54
  Speaker 6: a business owner or even claiming self employed, right, because
• 20:58
  Speaker 6: then you are a business ow owner as well versus
• 21:01
  Speaker 6: me being an employee. And I always tell them employees
• 21:05
  Speaker 6: are tax first and they have to pay their bills later,
• 21:07
  Speaker 6: where a business owner pays their bills and then the
• 21:10
  Speaker 6: tax they are charge tax on what's left.
• 21:13
  Speaker 2: Right, And so, like you said, we can't.
• 21:16
  Speaker 6: As a business owner, there's a ton of things that
• 21:18
  Speaker 6: you can write off, right, Like you can write off
• 21:20
  Speaker 6: your travel, you can write off your mills, you can
• 21:22
  Speaker 6: write off anything that relates to your business, your supplies,
• 21:26
  Speaker 6: your employees. Right, So everything that relates to your business
• 21:29
  Speaker 6: you're able to write off. You know, I know we
• 21:32
  Speaker 6: spoke about it and covered it a little bit when
• 21:34
  Speaker 6: we were talking about Amazon, but even cathex, right, if
• 21:38
  Speaker 6: you have any type of machinery or you know, warehouse,
• 21:42
  Speaker 6: or even for my real estate investors or you know,
• 21:46
  Speaker 6: just landlords, even if you have one and you don't
• 21:47
  Speaker 6: have like multiple properties, if you're doing things to your
• 21:50
  Speaker 6: property like capital improvements, you're able to write that off
• 21:53
  Speaker 6: one hundred percent, right, versus being a homeowner where you're
• 21:57
  Speaker 6: not able to write that off at all. Right, So
• 22:00
  Speaker 6: those things are very important when you are a business owner.
• 22:04
  Speaker 4: Yeah, well yeah, exactly, And that's something that people have
• 22:08
  Speaker 4: to fully understand. I like what you said as far
• 22:10
  Speaker 4: as taxes, I forgot exactly how you framed it. But
• 22:13
  Speaker 4: regular people, regular people people with people, people were people
• 22:19
  Speaker 4: were regular jobs pay taxes first. Business owners pay taxes last. Right,
• 22:24
  Speaker 4: So you can make a hundred thousand dollars, but then
• 22:26
  Speaker 4: by the time you have all your deductions, you might
• 22:29
  Speaker 4: only pay taxes on twenty thousand. Yep. Now it's important
• 22:33
  Speaker 4: to be responsible with that because the good thing about
• 22:37
  Speaker 4: having a regular job when it comes to taxes that
• 22:39
  Speaker 4: you don't have to worry about paying the taxes. It's
• 22:41
  Speaker 4: done for you, right, it's taken out of your paycheck.
• 22:43
  Speaker 4: So most of the time you might even get money
• 22:45
  Speaker 4: back at the end of the year because they've they've
• 22:47
  Speaker 4: taken too much money out right, whereas a business owner,
• 22:49
  Speaker 4: they're not taking any money out of your paycheck. So
• 22:52
  Speaker 4: you either pay quarterly or you pay at the end
• 22:54
  Speaker 4: of the year. So what happens a lot of times
• 22:56
  Speaker 4: is that you don't save to pay your taxes. Right.
• 23:00
  Speaker 4: So let's say you make a hundred thousand dollars, right,
• 23:02
  Speaker 4: but you're living like you make one hundred thousand, So
• 23:05
  Speaker 4: like everybody, you're spending one hundred thousand. You're living up
• 23:07
  Speaker 4: to the limit. So now when it's tax time, you
• 23:11
  Speaker 4: have a tax liability for twenty five thousand, thirty thousand,
• 23:15
  Speaker 4: but you don't have twenty five thousand saved, So now
• 23:19
  Speaker 4: you're behind on your taxes, right, and before you know it,
• 23:21
  Speaker 4: the next tax year comes around. And this is how
• 23:24
  Speaker 4: a lot of business owners fall into tax trouble because
• 23:28
  Speaker 4: it's up to you to actually pay it. It sounds easy,
• 23:32
  Speaker 4: but it's not not easy at all.
• 23:34
  Speaker 2: It's a lot of discipline.
• 23:35
  Speaker 6: I try to find a lot of systems for my clients,
• 23:39
  Speaker 6: one being quarterly taxes, getting me in there doing your
• 23:42
  Speaker 6: bookkeeping quarterly.
• 23:43
  Speaker 2: Whether it's me.
• 23:43
  Speaker 6: Or you, you know, you just kind of knowing what
• 23:46
  Speaker 6: your income and expenses are for that quarter. But that's
• 23:50
  Speaker 6: important because at the end of the year, paying twenty
• 23:54
  Speaker 6: five hundred quarterly versus paying ten thousand at the end
• 23:57
  Speaker 6: of the year seems like a you know, a world
• 23:59
  Speaker 6: of difference, you know, so I do. That is important
• 24:02
  Speaker 6: and I'm glad that you brought that up because it
• 24:05
  Speaker 6: sounds good, like, oh, I get to pay my taxes later.
• 24:08
  Speaker 6: But imagine looking at your W two and you're like, oh,
• 24:10
  Speaker 6: I paid out twelve thousand this year. Imagine that twelve
• 24:13
  Speaker 6: thousand at once, at once.
• 24:15
  Speaker 2: At the end of the year. You're not gonna want
• 24:17
  Speaker 2: to pay it.
• 24:18
  Speaker 4: Oh you don't, you don't have it, right, Oh.
• 24:21
  Speaker 2: You don't have it.
• 24:22
  Speaker 4: You don't have it to pay.
• 24:23
  Speaker 5: Okay, So before we go any further, because you said
• 24:25
  Speaker 5: a few things real estate, and you said regular people,
• 24:29
  Speaker 5: and I guess.
• 24:29
  Speaker 4: That's why you go with this everybody. So everybody's not
• 24:32
  Speaker 4: a business owner, right, So most people aren't business owners, right.
• 24:36
  Speaker 4: So we talked about the advantages of business, but there's
• 24:39
  Speaker 4: also things that regular people with regular jobs can take
• 24:44
  Speaker 4: advantage of as well. Right. So, Okay, I'm a business
• 24:47
  Speaker 4: owner and Troy, you're a school teacher.
• 24:48
  Speaker 5: I'm an educator.
• 24:50
  Speaker 4: Okay, Okay, So I spoke. I spoke from the business
• 24:55
  Speaker 4: season standpoint, so I want you to talk on on
• 24:58
  Speaker 4: the other side of the flip side of the cor.
• 25:00
  Speaker 5: So I'm an educator, and taxes are taken out, and
• 25:04
  Speaker 5: like I said, we have a set salary and that
• 25:06
  Speaker 5: works in our benefit, especially when we want to go
• 25:09
  Speaker 5: to do things like purchase a home. Right when we
• 25:11
  Speaker 5: look at our income, our income is steady because it's
• 25:13
  Speaker 5: the same thing. Whereas you, for example, you might have
• 25:16
  Speaker 5: made it a one hundred thousand, but if your deductions
• 25:18
  Speaker 5: were seventy five thousand, when the bank looks at it,
• 25:20
  Speaker 5: they said that your incomes only twenty five thousand, you
• 25:23
  Speaker 5: might not be able to be approved for a loan.
• 25:25
  Speaker 5: But one of the things that struck me this year,
• 25:28
  Speaker 5: and this actually happened, I was shopping at best Buy
• 25:33
  Speaker 5: and one of the employees there ran up on me.
• 25:36
  Speaker 5: He knows me. I've been there a few times, and
• 25:37
  Speaker 5: he goes, yeah, I can help you. I can help you.
• 25:39
  Speaker 5: Can I ask you a personal question? And he says,
• 25:42
  Speaker 5: did you get your income tax back? And I'm like what?
• 25:45
  Speaker 5: And he's like, yo, I didn't get my refund back.
• 25:47
  Speaker 5: The mess with my money and then tell me I'm
• 25:49
  Speaker 5: getting less this year. So has there something that's changed
• 25:54
  Speaker 5: in the federal income tax for us regular people?
• 25:57
  Speaker 2: I'm not going to call you guys. I'm gonna call
• 26:01
  Speaker 2: you guys employees.
• 26:02
  Speaker 5: Thank you, thank you.
• 26:03
  Speaker 2: So Yes, a lot has changed, and I think that
• 26:06
  Speaker 2: that's important.
• 26:07
  Speaker 6: Right. The tax code has shifted to be in favor
• 26:12
  Speaker 6: of the real estate investor.
• 26:15
  Speaker 5: This episode is brought to you by P and C Bank.
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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
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  Speaker 1: filming and selling child pornography in Michigan. These are just
• 28:21
  Speaker 1: some of the heinous migrant criminals caught because of President
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  Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States
• 28:28
  Speaker 1: Secretary of Homeland Security. Under President Trump, Attempted illegal border
• 28:33
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 28:37
  Speaker 1: one hundred thousand illegal aliens.
• 28:39
  Speaker 3: Have been arrested.
• 28:40
  Speaker 1: If you are here illegally, your next you will be
• 28:43
  Speaker 1: fined nearly one thousand dollars a day, imprisoned, and deported.
• 28:48
  Speaker 1: You will never return. But if you register using our
• 28:51
  Speaker 1: CBP home app and leave now, you could be allowed
• 28:54
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• 28:57
  Speaker 2: Leave Now.
• 28:58
  Speaker 1: Under President Trump's laws, border and families will.
• 29:02
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security, and.
• 29:05
  Speaker 6: The business owner right all of the perks. And I'm
• 29:11
  Speaker 6: sure I don't know if the guy who you were
• 29:12
  Speaker 6: talking to, like if he had a house or what.
• 29:14
  Speaker 2: His specific situation was.
• 29:16
  Speaker 6: But to just speak a little bit about some changes
• 29:19
  Speaker 6: that I've seen a lot with my clients.
• 29:21
  Speaker 2: One being people who have homes have been hit hard.
• 29:25
  Speaker 6: Right, So I'm not talking about the landlords or the
• 29:27
  Speaker 6: real estate investors. I'm not talking about those people. I'm
• 29:30
  Speaker 6: talking about homeowners, single family homeowners, and they've been hit
• 29:35
  Speaker 6: the hardest because now taxes are capped at ten ten thousand, right,
• 29:40
  Speaker 6: So where last year you were able to, you know,
• 29:43
  Speaker 6: take in all of your sales tax, your sales I mean,
• 29:47
  Speaker 6: your income tax and your property tax. Now it's not
• 29:51
  Speaker 6: even putting a dent inside of your you know, inside
• 29:54
  Speaker 6: of your itemized deductions because it's being capped at ten thousand.
• 29:59
  Speaker 5: Yeah, I was right, and so yeah.
• 30:01
  Speaker 6: And so what they also did was they raised standard
• 30:04
  Speaker 6: deduction and got rid of personal exemption. So to just
• 30:07
  Speaker 6: elaborate a little bit about that, and prior year in
• 30:11
  Speaker 6: twenty seventeen, we would all receive standard deductions based off
• 30:16
  Speaker 6: of your filing status if you were single, head of household, right,
• 30:20
  Speaker 6: and then you would also in addition, get a personal exemption.
• 30:24
  Speaker 6: Now personal exemptions have been taken away. Standard deductions has
• 30:28
  Speaker 6: been increased. Right, So what that means is, let's just say,
• 30:31
  Speaker 6: let me give some numbers.
• 30:33
  Speaker 2: If you are.
• 30:33
  Speaker 6: Married filing joint, right, your standard deduction has now been
• 30:37
  Speaker 6: increased to twenty four thousand dollars.
• 30:40
  Speaker 4: Right.
• 30:41
  Speaker 6: However, in order for you to itemize, you have to
• 30:45
  Speaker 6: get above that standard deduction. So now if you have
• 30:49
  Speaker 6: a home and say you have your property taxes, right,
• 30:53
  Speaker 6: and then you and your wife will have your your
• 30:57
  Speaker 6: income taxes, your state income taxes, that's not probably going
• 31:01
  Speaker 6: to exceed over twenty four thousand dollars once you start
• 31:05
  Speaker 6: adding everything up.
• 31:06
  Speaker 2: So now it's just a situation where.
• 31:08
  Speaker 6: Everyone, not everyone, but for it's a lot harder for
• 31:12
  Speaker 6: people to get over that standard deduction hurdle now, and
• 31:16
  Speaker 6: so that's why people are getting hit hard, especially homeowners,
• 31:20
  Speaker 6: because last year, you guys are.
• 31:21
  Speaker 4: Eating any tips that people that aren't business owners that
• 31:29
  Speaker 4: employees can do to reduce their tax liability to save
• 31:32
  Speaker 4: money on taxes to yeah, anything they can do.
• 31:36
  Speaker 6: If you are a homeowner and you've been hit, what
• 31:38
  Speaker 6: I would suggest is putting your property inside of an LLC,
• 31:42
  Speaker 6: because that way with your property is in an LLC,
• 31:45
  Speaker 6: it's now considered a business.
• 31:47
  Speaker 2: So now that's considered a business.
• 31:48
  Speaker 6: Now you're able to write off a one hundred percent
• 31:51
  Speaker 6: of your CAPEX and well your capital improvement.
• 31:53
  Speaker 2: So if you need a new AC.
• 31:56
  Speaker 6: You know, as as a homeowner, you can't write that off,
• 32:00
  Speaker 6: but as a business owner you're able to, right, So
• 32:03
  Speaker 6: now and then there's also a twenty percent deduction. Right,
• 32:07
  Speaker 6: So let's just say, if you know you're home I
• 32:10
  Speaker 6: don't know, let's just say in your LLC you're bringing
• 32:12
  Speaker 6: in ten thousand dollars on your personal return. You're now
• 32:16
  Speaker 6: given a twenty percent deduction. So now that would be
• 32:19
  Speaker 6: a two thousand dollars deduction edition that you would be
• 32:23
  Speaker 6: receiving on your on your taxes. So that would be
• 32:27
  Speaker 6: my suggestion for you know, people.
• 32:31
  Speaker 2: That, yeah, like employees, if they own a.
• 32:34
  Speaker 4: Home, anything somebody can do if they don't own a
• 32:36
  Speaker 4: home kind of difficult, Huh.
• 32:39
  Speaker 2: It's difficult. Yeah, it's difficult.
• 32:42
  Speaker 4: It's just the way the tax law is set up.
• 32:43
  Speaker 4: You know, it's set up for business owners in companies.
• 32:46
  Speaker 4: Really yeah, and your think about it is that it's
• 32:51
  Speaker 4: a I don't even want to say it's unfortunate, because
• 32:53
  Speaker 4: it's just it is what it is, what it is.
• 32:55
  Speaker 6: And one thing that I stress now more than ever
• 32:58
  Speaker 6: is that we have to pay attention and to the
• 33:00
  Speaker 6: people that are in office and play up to that.
• 33:04
  Speaker 2: Right.
• 33:04
  Speaker 6: I find that if in school they taught us to
• 33:08
  Speaker 6: focus more so on the taxes, then our mindset would
• 33:12
  Speaker 6: be so different.
• 33:13
  Speaker 2: Right, because let's just use when Obama was in office.
• 33:17
  Speaker 2: I believe when he was in office, there was a rebate.
• 33:21
  Speaker 6: For homeowners like eight thousand dollars or something like that. Right,
• 33:25
  Speaker 6: So many people took that money and then reinvested it
• 33:27
  Speaker 6: and purchased homes.
• 33:29
  Speaker 2: Right.
• 33:29
  Speaker 6: And so now with Trump, if you're going to purchase
• 33:32
  Speaker 6: a home, now, maybe the time to you know, get
• 33:35
  Speaker 6: that rental property that you want. Now, maybe the time
• 33:38
  Speaker 6: to start that business that you want, because now you're
• 33:41
  Speaker 6: able to get more you know, you're able to write
• 33:43
  Speaker 6: off more and get more deduction.
• 33:45
  Speaker 2: So we just have to pay attention to the tax code.
• 33:48
  Speaker 2: A little bit more.
• 33:48
  Speaker 4: Education is the key, and also it's a couple other
• 33:51
  Speaker 4: things that people should be aware of too. With a
• 33:54
  Speaker 4: five twenty nine plan, that's a it used to be
• 33:57
  Speaker 4: a college savings plan only, but now with the new
• 33:59
  Speaker 4: tax law, you can use the money for anything as
• 34:02
  Speaker 4: far as education is concerned. So you can use it
• 34:05
  Speaker 4: for prep school, you can use it for private school,
• 34:07
  Speaker 4: you can use it for elementary school. So that helps
• 34:11
  Speaker 4: parents out as far as paying for the cost of
• 34:13
  Speaker 4: education where you just don't have to use it for college.
• 34:16
  Speaker 4: Now you can use it for anything related to education
• 34:19
  Speaker 4: at any point in time during child life. That's important.
• 34:21
  Speaker 4: And then also the limit has been raised as far
• 34:24
  Speaker 4: as how much money you can put into an IRA
• 34:26
  Speaker 4: and four one K as well. So the limit for
• 34:29
  Speaker 4: IRA this she is six thousand dollars four one K
• 34:32
  Speaker 4: is nineteen thousand. So those are vehicles that you can
• 34:35
  Speaker 4: put money in for your retirement and that helps you
• 34:37
  Speaker 4: save money in the taxes as well. That's probably one
• 34:39
  Speaker 4: of the biggest tax deductions that people have if they
• 34:43
  Speaker 4: just are employees, because that allows you to save up
• 34:46
  Speaker 4: to almost twenty thousand dollars in a four one K
• 34:48
  Speaker 4: nineteen thousand if and if you're over fifty five, you
• 34:51
  Speaker 4: can actually save even more than that. But that's a
• 34:55
  Speaker 4: pretty sizable amount and it goes back to you know,
• 34:58
  Speaker 4: it's in your account and it grows for your retire vironment.
• 35:00
  Speaker 4: So then also reduce your income for that year. That's
• 35:02
  Speaker 4: how Yeah, that's exactly what it does. So that's why
• 35:04
  Speaker 4: you save money your taxes because it reduces your income.
• 35:07
  Speaker 4: So something to be aware of. But the key is
• 35:10
  Speaker 4: to educate yourself and to learn the political gain and
• 35:14
  Speaker 4: you know, these are these are the rules that we're
• 35:16
  Speaker 4: in so as far as Amazon to say, like whether
• 35:19
  Speaker 4: my personal opinion, if it's fair, if it's not, I mean,
• 35:22
  Speaker 4: what are they supposed to do? Not do it? Right?
• 35:25
  Speaker 4: So it's the same thing with you as an individual.
• 35:27
  Speaker 4: You should you know, learn the tax code, the tax
• 35:31
  Speaker 4: law and take advantage of it. And the thing about
• 35:33
  Speaker 4: being a business owner tool is that you don't have
• 35:35
  Speaker 4: to be full time. You can have a business and
• 35:37
  Speaker 4: still work a job as well, right, and then you
• 35:40
  Speaker 4: can still take advantage of your business, right because you
• 35:44
  Speaker 4: have just like any other business that has, you have
• 35:45
  Speaker 4: expenses and you have things that nature as well. So
• 35:48
  Speaker 4: you don't want to start a business just for tax benefits.
• 35:51
  Speaker 4: Obviously you want to start a business because you want
• 35:52
  Speaker 4: to be successful in business. But that's another benefit and
• 35:56
  Speaker 4: something to strive forward where it's like you don't have
• 35:58
  Speaker 4: to do one or the other. You can do both.
• 36:00
  Speaker 4: And by having a business as your side hustle or
• 36:03
  Speaker 4: part time job or whatever, now you're opening up the
• 36:06
  Speaker 4: window where you can deduct more things, and you know
• 36:10
  Speaker 4: it gives you a lot more flexibility. So yes, that
• 36:14
  Speaker 4: that any any final words about that for any personal business? No?
• 36:21
  Speaker 2: Yeah, I feel like I said, all right, cool.
• 36:27
  Speaker 4: For the final segment, we're gonna switch topics one eight
• 36:31
  Speaker 4: and we're gonna talk about Kanye West, not in.
• 36:38
  Speaker 5: The sense of some of his you know, political statements
• 36:41
  Speaker 5: that he's made in the past, more so of what
• 36:45
  Speaker 5: is going on with him as far as the legality
• 36:47
  Speaker 5: standpoint with his publishing. And we spoke about publishing, I
• 36:50
  Speaker 5: believe on our first episode. Right yeah, we pull up
• 36:54
  Speaker 5: everything that a person makes as far as music.
• 36:57
  Speaker 4: Can I just interject real quick, So well, all right,
• 37:01
  Speaker 4: I think it's important for people to understand publishing and
• 37:04
  Speaker 4: masters are two different things too. Yes, masters is ownership
• 37:08
  Speaker 4: of your music, like you make the decisions I want
• 37:10
  Speaker 4: to put this music in this movie. I want to
• 37:12
  Speaker 4: put commercial commercial. If you don't own your master's, the
• 37:15
  Speaker 4: decision is being made for you by whatever owns your master's.
• 37:18
  Speaker 5: Right.
• 37:18
  Speaker 4: Publishing is when your music is played. Every time your
• 37:21
  Speaker 4: music is played, you get paid for it. Right, So
• 37:24
  Speaker 4: the publishing is split fifty to fifty between the composers
• 37:28
  Speaker 4: of the music, the producer and the songwriter.
• 37:32
  Speaker 5: Right and something For cases like Kanye, he's both. So
• 37:35
  Speaker 5: he's a songwriter for most of his music and he's
• 37:39
  Speaker 5: a producer for a lot of his music.
• 37:40
  Speaker 4: Songwriter.
• 37:41
  Speaker 5: Well, in recent years, there are other people on the
• 37:45
  Speaker 5: on the song, but a lot of people there are
• 37:48
  Speaker 5: a lot of people on it, but he's still one
• 37:49
  Speaker 5: of them, right, So he still get a percentage where
• 37:51
  Speaker 5: he's there's some artists who don't write any of the music, right.
• 37:53
  Speaker 5: He does write some of his music, and he's a
• 37:55
  Speaker 5: producer for a lot of the music with other people,
• 37:58
  Speaker 5: but he still gets a percentage. So like he's fighting
• 38:01
  Speaker 5: for that. He wants his publishing back.
• 38:02
  Speaker 4: He does.
• 38:03
  Speaker 5: He doesn't own his publisher.
• 38:04
  Speaker 4: HE'LM is the.
• 38:06
  Speaker 5: Company who owns his publishing and their their parent company
• 38:08
  Speaker 5: is Sony ATV. Which we heard in you know the
• 38:11
  Speaker 5: past week about ownership with them, but he doesn't own it,
• 38:16
  Speaker 5: and he has sued them. He sued them because he
• 38:19
  Speaker 5: wants it back, and his thing is it's dating back
• 38:22
  Speaker 5: to twenty ten. But he originally signed a contract with
• 38:25
  Speaker 5: EMI in two thousand and three. So before he makes
• 38:28
  Speaker 5: college drop out, before he is a well renowned superstar
• 38:32
  Speaker 5: that he is, he signs a publishing deal with them. Now,
• 38:35
  Speaker 5: he has had production credit up until that point, so
• 38:37
  Speaker 5: he did the blueprint, and he had some production on
• 38:41
  Speaker 5: I think Seagulls album being the Seagulls album and a
• 38:43
  Speaker 5: few other Rockefeller artists. He had production credit, but he
• 38:46
  Speaker 5: wasn't a recording artist just yet. So before college dropout,
• 38:50
  Speaker 5: he signs a publishing deal with them. Now the issue
• 38:54
  Speaker 5: is that Kanye lives in California. You want to touch
• 38:58
  Speaker 5: it a little.
• 38:58
  Speaker 4: Bit, Yeah, So all right, so Kanye is suing, all right,
• 39:03
  Speaker 4: So he tried to get his publishing back, right, He's unsuccessful.
• 39:06
  Speaker 4: He's not able to get the publishing back. So when
• 39:09
  Speaker 4: I don't even say back because he never had it,
• 39:11
  Speaker 4: trying to get his possibility, he's unsuccessful, so he sues.
• 39:15
  Speaker 4: He sues under the grounds that in California, you cannot
• 39:18
  Speaker 4: be in a contract longer than seven years. They have
• 39:21
  Speaker 4: what's called the servitude law. His interrect that word is interesting.
• 39:24
  Speaker 4: Won't get back to that later. So EMI counter sues
• 39:28
  Speaker 4: him for week this week for breach of contract because
• 39:32
  Speaker 4: they said that the contract is in New York. New
• 39:34
  Speaker 4: York doesn't have a servitude law. Seven years doesn't matter, right,
• 39:39
  Speaker 4: So why is this interesting? Because he had a very
• 39:43
  Speaker 4: famous quote where he talked about slavery.
• 39:47
  Speaker 5: Right. Kanye's quote was, slavery sounds like a choice, a choice.
• 39:52
  Speaker 4: So but yeah, so he says that comment about slavery, right,
• 39:55
  Speaker 4: and it got all kinds of backlash and it went
• 39:58
  Speaker 4: viral and all that. So the interesting thing now is
• 40:02
  Speaker 4: that in his contract. It came out recently that he
• 40:05
  Speaker 4: has a clause in his contract with EMI that he's
• 40:07
  Speaker 4: not allowed to retire or take extended breaks from USIC.
• 40:10
  Speaker 5: Yeah, so that the written in the contract, right, It
• 40:13
  Speaker 5: says his principal occupation needs to be writing, recording producing
• 40:16
  Speaker 5: for a major label. Furthermore, he may not initiate a
• 40:19
  Speaker 5: retirement or extended how it is, so he can't even
• 40:21
  Speaker 5: take a break literally in his contract now, He has
• 40:24
  Speaker 5: had revisions to the contract since two thousand and three,
• 40:27
  Speaker 5: and I think the most recent one was twenty fourteen,
• 40:29
  Speaker 5: and we don't really know that the details of the revisions,
• 40:32
  Speaker 5: but that piece is still in there.
• 40:34
  Speaker 4: So this is so crazy because so they have a
• 40:38
  Speaker 4: servitude law, which is servitude is like slavery. That's that
• 40:42
  Speaker 4: word is synonymous with slavery. Kind of different, but it's similar.
• 40:46
  Speaker 4: And they have in his contract that he can't retire
• 40:49
  Speaker 4: or take an extended break, no breaks forever, right in perpetuity.
• 40:54
  Speaker 5: Yeah, so it says terms, but there's no distinction on
• 40:57
  Speaker 5: how long a term is. Now his thing is saying like, hey, thing,
• 41:00
  Speaker 5: it's seven years, seven years because I live in California
• 41:02
  Speaker 5: and their thing is like, hey, you signed us in
• 41:04
  Speaker 5: New York.
• 41:05
  Speaker 4: I'm biased when it comes to Kanye because Kanye he's
• 41:11
  Speaker 4: too important, Like he's an important person.
• 41:13
  Speaker 5: I can't throw a brother.
• 41:14
  Speaker 4: No, we can't throw him away. We can't throw him away.
• 41:16
  Speaker 2: And you don't want to throw Kanye away, No we can't.
• 41:18
  Speaker 5: We can't throw we can't.
• 41:20
  Speaker 6: At all these little church things that he's been doing lately,
• 41:23
  Speaker 6: I'm like, okay, kind of like Kanye.
• 41:25
  Speaker 4: Kanye Kanye played a Sunday service the graduation the graduation
• 41:30
  Speaker 4: album that was like soundtrack music to Like My Life,
• 41:34
  Speaker 4: Like I mean like I.
• 41:35
  Speaker 5: So the crazy thing about graduation, and I told everybody
• 41:38
  Speaker 5: on the initial episode was like, yeah, I was into
• 41:41
  Speaker 5: the music. I remember getting that album early and at
• 41:44
  Speaker 5: the time here in Hawaii, I printed that thing up
• 41:48
  Speaker 5: with a bunch of other CDs and I came to
• 41:50
  Speaker 5: your house aubording to your mom, like he shipped him
• 41:52
  Speaker 5: this album and you call me like four days later, like, Yo,
• 41:55
  Speaker 5: this is the best album I've ever so familiar.
• 41:58
  Speaker 4: I went to school in Hawaii for two years. I
• 42:00
  Speaker 4: went to school in Maryland for two years, and I
• 42:02
  Speaker 4: went to gooo in Hawaii, so where he got music
• 42:03
  Speaker 4: from Yeah, Troy, so that before that's before well, I
• 42:08
  Speaker 4: was like right around the time the iPod was really
• 42:10
  Speaker 4: popping off, but we still had CDs. So I had
• 42:14
  Speaker 4: a radio with a CD player. So he would send
• 42:16
  Speaker 4: me like new music because I'm in Hawaii obviously, so
• 42:19
  Speaker 4: it's totally different, right, I'm not getting new music, so
• 42:22
  Speaker 4: he's sending me new music via CDs. So the Kanye CD,
• 42:26
  Speaker 4: I like burnt that I think I had. Kanye actually
• 42:28
  Speaker 4: on my iPod though, but I remember I was listening
• 42:31
  Speaker 4: to that like all the time. So yeah, obviously it's
• 42:35
  Speaker 4: an unfortunate situation what has happened a lot of things,
• 42:37
  Speaker 4: but we're not gonna talking about that too much. But
• 42:40
  Speaker 4: the business side is disturbing. And it's interesting that comes
• 42:45
  Speaker 4: out right now because this is the same week or
• 42:49
  Speaker 4: month as the day lat Soul situation right.
• 42:52
  Speaker 5: Before we go, because we have to touch on day Soul.
• 42:54
  Speaker 5: But there's key literature in the contract that principal source
• 42:59
  Speaker 5: of principal occupation. It's a toss up because how do
• 43:02
  Speaker 5: you define that, right? Is it him being a producer
• 43:05
  Speaker 5: songwriter or is it the businessman who makes the easies right,
• 43:09
  Speaker 5: because it's tough to tell, like one generates more revenue,
• 43:12
  Speaker 5: but the contract says that this has to be it.
• 43:14
  Speaker 5: So like last year, we saw him put out five
• 43:17
  Speaker 5: albums right now, he produced, he produced, what he was
• 43:20
  Speaker 5: featured on every one of them.
• 43:22
  Speaker 4: They produced five.
• 43:23
  Speaker 5: Yeah, so in terms of producing, like, yeah, that looks
• 43:27
  Speaker 5: like his principal occupation because he put out five albums
• 43:30
  Speaker 5: and he was featured on a bunch of them and
• 43:33
  Speaker 5: two and that year was always in twenty nineteen right,
• 43:36
  Speaker 5: that's when the little suit haven't done in January.
• 43:39
  Speaker 4: How do you sign a contract that says you can't
• 43:41
  Speaker 4: take a break or you can't retire?
• 43:43
  Speaker 5: Who read this?
• 43:44
  Speaker 6: What was in his mind at that moment? No, it's
• 43:47
  Speaker 6: I know that's what I was thinking. Like he probably
• 43:49
  Speaker 6: was just like, I'm never gonna want to retire from this.
• 43:52
  Speaker 5: This is what I'm going to do.
• 43:53
  Speaker 4: Well, you know what a lot of people like, because
• 43:55
  Speaker 4: we're gonna talk about daylst Soul, right, what a lot
• 43:57
  Speaker 4: of people say, Well, these artists signed deal, so we
• 44:01
  Speaker 4: don't have sympathy for somebody that signs a contract. But
• 44:03
  Speaker 4: then it's like you got to put yourself in these
• 44:05
  Speaker 4: in these people's shoes, right, like if this is your dream,
• 44:08
  Speaker 4: your entire life. I remember I saw Charlomagne one day.
• 44:11
  Speaker 4: Well I didn't see him personally, but I was watching
• 44:12
  Speaker 4: the Breakfast Club and he was talking about his dealer.
• 44:15
  Speaker 4: He signed with the Breakfast Club and he was saying
• 44:17
  Speaker 4: that it was right after he was fired. He was unemployed,
• 44:19
  Speaker 4: and the Breakfast Club called him. It was like his
• 44:22
  Speaker 4: dream job Number one markets from South Carolina. So long
• 44:25
  Speaker 4: story short, when they offered him a deal, he signed it.
• 44:27
  Speaker 4: He didn't look he didn't look at it.
• 44:29
  Speaker 5: But on top of him getting like Kanye, on top
• 44:32
  Speaker 5: of him getting the revisions in the deals, he was
• 44:34
  Speaker 5: getting advances every time you resigned.
• 44:37
  Speaker 4: But what I'm trying to say is that if this
• 44:39
  Speaker 4: is your opportunity and you've been trying for this your
• 44:41
  Speaker 4: whole life, and jay Z is there and nine times out.
• 44:44
  Speaker 5: Tell you sign, You're gonna sign it.
• 44:47
  Speaker 4: Yeah, you gonna sign it. It takes a strong person
• 44:49
  Speaker 4: to do what master P did and turn a million
• 44:51
  Speaker 4: dollars down and say no, I'm not I'm not saying
• 44:53
  Speaker 4: that the right thing to do is to sign it,
• 44:56
  Speaker 4: But I'm just saying I could understand where a kid
• 44:58
  Speaker 4: that's not properly educated on business, that's young, that is impressionable,
• 45:04
  Speaker 4: he's gonna do whatever he has to do and then
• 45:06
  Speaker 4: think about the repercussions later on.
• 45:09
  Speaker 5: The crazy part and part of that contract too, is
• 45:11
  Speaker 5: like he has this clause where he has to the
• 45:14
  Speaker 5: same person that became Kanye. He has to maintain that.
• 45:17
  Speaker 5: Like it's almost like a keep that same energy clause,
• 45:19
  Speaker 5: Like he has to fulfill. Yeah, that's part of it too,
• 45:22
  Speaker 5: Like the same person that generated all this income and
• 45:25
  Speaker 5: all this popularity. You have to be that person throughout
• 45:28
  Speaker 5: the term of this country. That mean, so like if
• 45:31
  Speaker 5: he going to the Grammys and saying something crazy, or
• 45:35
  Speaker 5: he's stepping on stage and he's saying something that might
• 45:37
  Speaker 5: be outlanders or something, you have to maintain that person.
• 45:40
  Speaker 4: So like when Jay was like, Yo, do you know
• 45:42
  Speaker 4: the language in that No.
• 45:43
  Speaker 5: It's well, I could pull it up, but no, it's
• 45:46
  Speaker 5: in a contract, and it's like that, it's the jayline,
• 45:49
  Speaker 5: Like in order to be Bobby, then you gotta be
• 45:50
  Speaker 5: Bobby now, Like that's it, Like he has to be
• 45:53
  Speaker 5: Kanye West, the person that we knew throughout the terms
• 45:56
  Speaker 5: of the contract.
• 45:59
  Speaker 4: That's interesting because he's never been the same person. He's
• 46:01
  Speaker 4: always a different person.
• 46:02
  Speaker 5: There's another breach. So then then you see there's another breach, right,
• 46:05
  Speaker 5: so it's like, wait, that's not the guy we signed.
• 46:08
  Speaker 5: I don't know how he wins this hopefully, I mean hope.
• 46:10
  Speaker 4: Well, that's the thing that he might have in his
• 46:13
  Speaker 4: favor is deserve too. That's why he's gonna have to
• 46:15
  Speaker 4: the servitude thing. And it's like this isn't in good
• 46:20
  Speaker 4: and the fact that he can't retire, so every contract
• 46:22
  Speaker 4: legally has to be done in good faith, right, even
• 46:25
  Speaker 4: somebody signs it. If it's not done in good faith
• 46:27
  Speaker 4: between both parties, then it could be null and void.
• 46:30
  Speaker 4: So something in my opinion, I'm not a lawyer, but
• 46:33
  Speaker 4: if a contract has in it that you can't retire,
• 46:35
  Speaker 4: that's not in good faith because nobody that doesn't even
• 46:39
  Speaker 4: make sense. It's say, okay, you're tied to a certain
• 46:41
  Speaker 4: amount of albums or this is your your requirement. But
• 46:44
  Speaker 4: to say you can never retire. Everybody has to retire
• 46:48
  Speaker 4: at some point, like where you supposed to work to
• 46:50
  Speaker 4: you die, that's crazy. So all right, Kanye, we're gonna
• 46:54
  Speaker 4: follow this.
• 46:55
  Speaker 5: No pray in a situation.
• 46:56
  Speaker 4: But can we talk about day LASO let's go into that,
• 46:58
  Speaker 4: all right? So day Las So if anybody isn't fully
• 47:02
  Speaker 4: familiar because you might not know who they lost soul
• 47:05
  Speaker 4: is if when you were born, right, yeah, if you're
• 47:07
  Speaker 4: younger than what thirty thirty, let's give them thirty even
• 47:12
  Speaker 4: thirty two. Maybe I don't know because a lot of
• 47:15
  Speaker 4: people may not be familiar with who day Last Sold is. Right,
• 47:18
  Speaker 4: So Daylight Sold is a legendary rap group, pioneer rap
• 47:22
  Speaker 4: group like in late eighties early ninete eighty nine.
• 47:25
  Speaker 5: They come out with it first eighty nine three feet
• 47:28
  Speaker 5: high in.
• 47:28
  Speaker 4: Rising eighty nine, so thirty years ago. Thirty years ago, yeah,
• 47:32
  Speaker 4: thirty years ago. So all right. They were signed to
• 47:36
  Speaker 4: a label called Tommy Boy, which isn't around anymore. But
• 47:39
  Speaker 4: at the time they had a lot.
• 47:40
  Speaker 5: Of they're back, they got like some some stuff that
• 47:42
  Speaker 5: they're releasing, but they were sold in two thousand and
• 47:46
  Speaker 5: two and they lost their catalog and then they got
• 47:50
  Speaker 5: it back. They got their old catalog back dated from
• 47:52
  Speaker 5: two thousand and two from everything previously and up to
• 47:56
  Speaker 5: two thousand and two. So Day Last Soul was part
• 47:58
  Speaker 5: of that catalog.
• 47:58
  Speaker 4: Okay, so right, so they they have their music has
• 48:03
  Speaker 4: never been on any streaming service ever, right, because they
• 48:06
  Speaker 4: don't own their music. They don't own the masters, they
• 48:08
  Speaker 4: don't own the publishing, they own anything. So now their
• 48:11
  Speaker 4: music is now going to be released on streaming services.
• 48:15
  Speaker 4: But it came out that their label owns ninety percent
• 48:19
  Speaker 4: of their publishing, right their three man group, so that
• 48:23
  Speaker 4: leaves them ten percent to split, so that leaves them
• 48:25
  Speaker 4: three point three percent. So it's a whole uproar of like,
• 48:30
  Speaker 4: how is this possible? How does somebody own ninety percent
• 48:32
  Speaker 4: of the music that you created.
• 48:34
  Speaker 5: Right, and why should we? And the thing is like, listen,
• 48:36
  Speaker 5: this contract needs to be revisited and it needs to
• 48:39
  Speaker 5: be restructured. And the label's like, wow, you signed that
• 48:42
  Speaker 5: contract thirty years ago, right, a lot of things have changed.
• 48:47
  Speaker 5: Like one of the things that the company is saying
• 48:50
  Speaker 5: is like, listen, we in your original contract, we owned
• 48:52
  Speaker 5: seventy percent of publishing. You had thirty. But over time, right,
• 48:57
  Speaker 5: because you've accumulated debt. And a lot people don't know
• 49:00
  Speaker 5: that they've accumulated debt because a lot of the songs
• 49:02
  Speaker 5: that they did from I Leave eighty nine to ninety six,
• 49:07
  Speaker 5: some of the samples weren't cleared on their songs, so
• 49:09
  Speaker 5: they got lawsuits and the record company has to pay
• 49:13
  Speaker 5: those lawsuits. So they're saying, listen, you've accumulated debt for us,
• 49:17
  Speaker 5: so we're going to add that into it. So it
• 49:19
  Speaker 5: originally starts to seventy percent, but it grows to ninety.
• 49:21
  Speaker 5: It's like crazy, like, how are you even supposed to
• 49:25
  Speaker 5: make money off of that?
• 49:26
  Speaker 4: You're not supposed to make money off of that whole point.
• 49:29
  Speaker 4: That's the whole points. So now that's a whole big thing,
• 49:31
  Speaker 4: and they're trying to rework the deal and it's like
• 49:34
  Speaker 4: a boycott on Tommy Boy. Jay Z has not put
• 49:37
  Speaker 4: the music on title in support of them, and I
• 49:40
  Speaker 4: think they actually signed the nas Massa.
• 49:43
  Speaker 5: In Masviel, so they have. So the Tommy Boy decided
• 49:49
  Speaker 5: after the uproar that they're gonna suspend. They're gonna put
• 49:52
  Speaker 5: a suspension on releasing into the streaming services until they
• 49:55
  Speaker 5: can work something out. So they have done that in
• 49:57
  Speaker 5: good faith. But like you said, Jay was pioneered. Look,
• 50:00
  Speaker 5: we're not putting this on title not till y'all figure
• 50:02
  Speaker 5: something out. And they have, I believe, so seven years
• 50:06
  Speaker 5: of music. Their biggest song I believe was be Myself
• 50:08
  Speaker 5: and I and then they had Stakes. It's high. They
• 50:12
  Speaker 5: had a good catalog with Tommy Boy. But Tommy Boy
• 50:15
  Speaker 5: has a lot of artists and they might be going
• 50:17
  Speaker 5: through a similar situation. So like Naughty by Nature, which
• 50:19
  Speaker 5: was a huge group in the nineties, like they could
• 50:22
  Speaker 5: be next, right, so we'll see. And even the War Report,
• 50:25
  Speaker 5: like that's one of my favorite albums.
• 50:26
  Speaker 4: Remember Nor he said left Tommy Boy because.
• 50:28
  Speaker 5: They just saw right. Yeah, So, like I mean, Tommy
• 50:32
  Speaker 5: Boy is and genius too said that he's like, yo,
• 50:35
  Speaker 5: they an my boy and that that's like the hashtag
• 50:37
  Speaker 5: that's been being used like Tommy and my Mother f
• 50:39
  Speaker 5: and boy. But that comes from that era too.
• 50:43
  Speaker 4: Yes, a lot of skeletony in the music business. So
• 50:47
  Speaker 4: once again, you know, it's it's something that a lot
• 50:50
  Speaker 4: of people aspire to be in the music business. Yeah,
• 50:53
  Speaker 4: but it's important to understand it's a business.
• 50:54
  Speaker 5: It's a business before we even go like, there are
• 50:58
  Speaker 5: some people who have on an amazing jobs with the
• 51:01
  Speaker 5: business aspect of it, right, So like, yes, we spoke
• 51:03
  Speaker 5: about Prince and I he changed his name to get
• 51:06
  Speaker 5: the right to his music, right, he was the form
• 51:08
  Speaker 5: the artist formally known as Prince because he couldn't use
• 51:10
  Speaker 5: it because of his deal. But Frank Ocean, I don't
• 51:13
  Speaker 5: think people understand what Frank Ocean's done. So Frank Ocean
• 51:17
  Speaker 5: was an artist on def Jam. He put out Channel Orange,
• 51:20
  Speaker 5: one of my favorite albums.
• 51:21
  Speaker 2: You like it.
• 51:23
  Speaker 4: I didn't listen.
• 51:24
  Speaker 5: I know you ain't listen to it. So Chama Orange
• 51:26
  Speaker 5: was a great It was critically acclaimed. I think he
• 51:28
  Speaker 5: wanted a Grammy Award for it. And between that time
• 51:32
  Speaker 5: and like twenty sixteen, he was having some issues with
• 51:36
  Speaker 5: the label and he only had a two album deal,
• 51:39
  Speaker 5: so he did something really ingenious. He put out an album.
• 51:43
  Speaker 5: It was Endless. It was actually a visual album. If
• 51:45
  Speaker 5: you watch the album, it looks like an Ikea commercial.
• 51:48
  Speaker 5: That music is just being played and he's like in
• 51:50
  Speaker 5: this warehouse and he puts the album out and that
• 51:53
  Speaker 5: fulfills his contract. The very next day he puts out
• 51:57
  Speaker 5: an exclusive album on iTunes called Blonde. So he did
• 52:00
  Speaker 5: a deal with Apple to exclusively put that album out
• 52:03
  Speaker 5: and got that done independently. So like he put albums
• 52:07
  Speaker 5: back to back and got the money. Like Endless was
• 52:09
  Speaker 5: like nobody remembers.
• 52:10
  Speaker 4: That dropped the bogus album to get It was a
• 52:13
  Speaker 4: visual album.
• 52:13
  Speaker 5: It looks like an Ikea commercial. It's just black and
• 52:16
  Speaker 5: white and his visuals and he's in his warehouse and
• 52:18
  Speaker 5: his music being played and you're like, yo, what am
• 52:20
  Speaker 5: I watching? And then the next day it's like boom, oh,
• 52:22
  Speaker 5: here's the album. So like the fans were like, oh great,
• 52:25
  Speaker 5: we got new music two days in a row. Record
• 52:28
  Speaker 5: companies like wait, you know, he just pulled a fast
• 52:30
  Speaker 5: one on us. He's looking at it like bad I
• 52:32
  Speaker 5: just made money from Apple, and I'm gonna make some
• 52:35
  Speaker 5: money from these little the streams that people thought endless
• 52:37
  Speaker 5: was my album, so like, there's ways that you can
• 52:39
  Speaker 5: be creative with it. But I don't think people know
• 52:41
  Speaker 5: about history that was. That was a pretty I saw.
• 52:43
  Speaker 5: I think he did say that recently. Yeah yeah, yeah, yeah.
• 52:47
  Speaker 4: All right, well shout out at him. Okay, guys, so
• 52:50
  Speaker 4: before we before we wrap up, thank you for coming
• 52:54
  Speaker 4: his business so long. Give the people your information, how
• 52:58
  Speaker 4: to how to contact you, how to reach you, how
• 53:00
  Speaker 4: to follow you, all your social media and all that.
• 53:03
  Speaker 6: So right now, I'm only on Instagram, miss ms dot
• 53:08
  Speaker 6: business one zero one. I have an office in Brooklyn,
• 53:13
  Speaker 6: so if anyone is ever in Brooklyn, and I also
• 53:15
  Speaker 6: have a location in Manhattan, so just contact me. You
• 53:19
  Speaker 6: guys can hit me up in my DM. My email
• 53:22
  Speaker 6: is ask at miss businesswe zero one dot com.
• 53:28
  Speaker 4: All right, well, yes, once again, thank you guys for
• 53:31
  Speaker 4: rocking with us. We will be back next week. And yeah,
• 53:34
  Speaker 4: continue to give us your feedback and your thoughts and
• 53:39
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• 53:45
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• 53:48
  Speaker 4: and yeah, thank you, thank you for thank.
• 53:50
  Speaker 5: You for your point. We're gonna keep going as long
• 53:51
  Speaker 5: as y'all keeps the pointing. I know that.
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