Speaker 1: So when I do tax planning, how tax planning works just like because I didn't share with you guys is how tax planning works is I have to have copies of your prior three years tax returns first. Just like when you go into a doctor's office, you're not going to let a doctor just walk into the office and just give you medication. You're not going to let me just walk in and start switching stuff around for you, are you? So I first need to look at your prior returns. It's just like looking under the hood, just like a doctor knows your height, weight and blood pressure before you prescribe your medication. I need to know what's happened in 2019, 2020 and 2021 because the government allows me to go back three years. So if you missed out on opportunity over the prior three years, I first want to make sure I go back and get what you left on the table. Then I can jump into your current situation, which is October 23rd. Now I can pull all your income up to today and know what you're going to owe. Now I'm in your current situation, kind of like the doctor walking into the doctor's office, right? He's like, can you breathe for me? You've been smoking? What's the last history of heart disease? Now he wants to know where you currently stand, right? When I'm here, I have to ask the right questions. I need to know where you currently stand. Are you married? Are you single? Do you want to be married or not? These are things I have to know. Do you like where you're living? Do you not like where you're living? Do you plan on moving out of California? Are your parents getting older? Do you know if they're getting older and their health is going to impact you eventually soon? Are you planning on refinancing? Do you want to take a HELOC? Right? Because you have equity in your house. These are things that you're thinking about as a, as a homeowner, as someone who has goals, right? Do you plan on having children? Are you done having children? So those are the things I have to solve first. What are your, all your personal goals and things that are going on in your personal life? Once I understand that, great. Then I jump into the business goals. Are you an LLC? Are you an S corporation? Are you a C corporation? Why are you not incorporated? Do you need multiple entities? Are your entities just set up here in California? Do you have a Wyoming company that owns your California companies? Why would you want that? Now we're doing entity layering. Do you have a management company that manages your entities? Maybe you're just operating inside of one company right now where you're running your Airbnb subleasing business and Carlton gave you this idea where you can manage your own business and now I'm over here setting up a management company where I'm placing your wife and kids over here in this business outside of your Airbnb subleasing business. So I got to ask the right questions, right? Then I go into real estate. Do you own investment properties? How soon do you want to own investment properties? That's the one I'm going to really ask you. Where are we going to pull the money from? Do you have Robinhood, TD Ameritrade, Charles Schwab, Merrill Lynch, Vanguard? Where's the money sitting? I need to know where everything is sitting because when I can put myself in your shoes is when I can do my best advising. So we're going to have this conversation where I'm just going to know where all brokerage accounts and everything's sitting. All right, cool. Now it's like how soon can we get into something and do you need an LLC or you're going to close in your personal name and we retitle into an LLC? Then we go into retirement goals. How much money is sitting inside of retirement accounts? Do you believe in retirement accounts? It's okay if you don't. I just want you to know because what I'm not going to do is get to your tax plan and have all these strategies where you're putting money into retirement, but because when you're like, dude, I want to buy real estate and do the whole cost seg thing, right? So I have to ask the right questions. Now once I've looked at your prior returns, I've gone over your personal business, real estate, retirement goals, you know what you're going to owe for this year. So I've already done an analysis for you. Now we're sitting with all the right information to be able to come up with some strategies. So I will go ahead to the drawing board with my tax team, come up with the strategies and then present it to you in a meeting where you can see each strategy listed out one by one by one. And now I'm showing you how each strategy impacts your adjusted gross income, your taxable income. Here's the date Carlton's telling you to implement the strategy. Here's your overall tax impact of strategy number one, two, three, four, and there will be many strategies. Plus here's what it is if I were to combine every strategy Carlton's created for me, how much I can end up saving. Now we're having a meeting going over all these different options like we're at in an outline and we're trying to figure out which ones make the best sense for you to implement. And of course I'm like the bumper lanes at a bowling alley. I already know which ones make the best sense. I'm pushing you in the right direction. This meeting is an exciting meeting because you're like, Oh my God. And I'm just sitting there like, yeah. And then now it's like, okay, which ones are we making decisions on? And now you're sitting in this position where you can actually make a decision on, okay, Carlton, I'm going to place my child on payroll. I'm going to do the management company strategy plus place the vehicle under the management company. Like you said, I will do the cost seg on this property. I'll save this cost seg for next year. Um, okay. I will max out the 401k just seems like it's good now that I'm writing all this other stuff off. Like we start to make decisions like this now. See what I'm saying? Okay. After this meeting, we disperse and go implement. Now someone has to do the implementation of the cost seg, set up the management companies and that part I have a lot of fun doing because my team is really, really dialed in on that piece. Okay. So this is kind of where we get to once the tax planning has come to an end where you get to see this chart and all these strategies listed out for you and we can make decisions on what to do.