Speaker 1: Welcome to Money Making Conversations. It's the show that she
Speaker 1: has the secrets of success experience firsthand by marketing and
Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me
Speaker 1: advice to many occasions. And in case you didn't notice,
Speaker 1: I'm not broke. You know he'll be interviewing celebrity CEOs,
Speaker 1: entrepreneurs and industry decision make because it's what he likes
Speaker 1: to do, it's what he likes to share. Now it's
Speaker 1: time to hear from my man, Rashan McDonald money Making Conversations.
Speaker 1: Here we go. Thank you, Thank you for that amazing
Speaker 1: intro about money making Conversation Masterclass. I'm your host with
Speaker 1: Sean McDonald and that's there all which I want to
Speaker 1: hear from you today, nationwide, local, around the corner. Because
Speaker 1: this show is about information, information that I try to
Speaker 1: do research or with my team. And when I say try,
Speaker 1: because sometimes you don't know how much research you need
Speaker 1: to do. This is how much information I've gathered and
Speaker 1: I presented on this show. You take that information and
Speaker 1: you do your own research and make a decision. I
Speaker 1: feel will be positive because when I try to bring
Speaker 1: own money making Conversations master class. It's information that you
Speaker 1: can use in your career, in your personal life, and
Speaker 1: your family life. Make decisions that will make your life better,
Speaker 1: but also open your mind on other options that are
Speaker 1: out there that you may not consider to be an
Speaker 1: opportunity for you, because I recognize that we all have
Speaker 1: different definitions of success. For you, it may be the
Speaker 1: size of your paycheck, mind is and inspiring you to
Speaker 1: accomplish your goals and live your very best life. It's
Speaker 1: time to stop reading other people's success stories and start
Speaker 1: writing your own. People always talk about their purpose or gifts.
Speaker 1: If you have a gift, lead with your gifts and
Speaker 1: know that your friends, family, or co workers. Stop even
Speaker 1: planning or living your dreams. Like all ways, we're always
Speaker 1: discussing ways to overcome the odds in your life. That's
Speaker 1: important because we all will face especially with people of
Speaker 1: color African Americans. You know, I always tell people when
Speaker 1: I walk in a room, people know I'm black. I
Speaker 1: can't hide, I can't say I'm nothing else, but who
Speaker 1: I am a person of color based on my skin tone.
Speaker 1: That is odds. You know, arts can lead to a
Speaker 1: situation that we recently a headline the news is police
Speaker 1: brutality and how people of color tend to be the
Speaker 1: especially black people, especially black men and black women. We
Speaker 1: have to include remember there's no gender or discrimination when
Speaker 1: it comes to police brutality in this country, especially when
Speaker 1: the Memphis situation was black police officers brutally beating a
Speaker 1: black man, and that was like the game changer for
Speaker 1: a lot of ways because if it turns finger point
Speaker 1: both ways. Now, see y'all do it too. See y'all
Speaker 1: do it too. And that's the life we live into.
Speaker 1: We live in, you know, and again stopped by police
Speaker 1: officer or engage in the situations positive negative, it always
Speaker 1: leaves with am I the next one app a lot
Speaker 1: of uncertainty and that's where money making conversations about clearing
Speaker 1: up that uncertainty. But guests on the show that they
Speaker 1: represent people who were making a difference in the crypto
Speaker 1: and tax community. Crypto. We're gonna get in detail about that,
Speaker 1: but before we get there, I want to start updating
Speaker 1: some guests from the past, some people who have come
Speaker 1: on the show and made an impact and people are
Speaker 1: reacted to their either face puts some dm me on
Speaker 1: my social media, sending emails or calling me or texting me.
Speaker 1: I've been stopped by several individuals since my interview with
Speaker 1: engine Enginette Dowles. She is the national director of NAKA.
Speaker 1: NAKA if you don't know, it's the leading the fight
Speaker 1: for economic jumps, justice and homeownership. They committed to helping
Speaker 1: the underserved build generational wealth through access to affordable mortgages
Speaker 1: and financial as system. They informed they have informed me
Speaker 1: the people who have been contacting me that they have
Speaker 1: NAKA appointments set up. That's important. They have made the
Speaker 1: first step. What what what bothers me? Is I give
Speaker 1: you this information and you don't use it. People are
Speaker 1: telling me there using it. They're saying thank you for
Speaker 1: the information. They've got an appointment set up. If you
Speaker 1: want to learn more about NAKA, just go to their
Speaker 1: website as naka dot com and NAKA can help you
Speaker 1: turn your Section eight rent check into monthly mortgage payments.
Speaker 1: You can buy home and you remember never thought that possible,
Speaker 1: you know. As far as homeowners, NAKA has helped over
Speaker 1: five hundred thousand. NAKA has mortgages out for seventy five
Speaker 1: thousand and they mortgage financial commitment is twitty billion dollars.
Speaker 1: So if you know about that, you want to do
Speaker 1: some research, you go to NAKA. A lot of people
Speaker 1: who have stopped in the streets, text me and emailed
Speaker 1: me have a very enthusiastic about their appointment because they
Speaker 1: feel it's gonna be a game changer for them as
Speaker 1: far as when it comes to homeownership or impacting the
Speaker 1: loan that they presently have on their mortgage. That's that
Speaker 1: I said earlier about crypto Crypto. The reason I brought
Speaker 1: that up is I want to talk about that before
Speaker 1: I get into my interview, and I'm feared for me
Speaker 1: with the person that I'm going to interview on the
Speaker 1: show today FTX. FTX collapsed Sam Bankman, Fried freed or
Speaker 1: fried or Fried. He was charged with stealing billions of
Speaker 1: dollars from FTX customers and what prosecutors have described is
Speaker 1: one of the largest financial frauds and US history. This
Speaker 1: is crypto. Now, you know, I've had a lot of
Speaker 1: people on the show talking about crypto, a lot of
Speaker 1: people talking about you get rich on crypto. This man
Speaker 1: has what they now say, Sam Bankman. They're saying he
Speaker 1: has one of the largest financial frauds and US history
Speaker 1: and it's tied to crypto. Now that's saying a lot.
Speaker 1: I don't know if you ever heard this name. Bernie Madoff.
Speaker 1: Now Bernie Madoff was pre Sam Bankman. He's the former
Speaker 1: chief of Nastac and former and the founder of marketing
Speaker 1: firm called Bernie Bernard am made Off. They just call
Speaker 1: him Bernie for short investment securities was turned into. He
Speaker 1: was turned in by his two sons and the rest
Speaker 1: of two thousand and eight for running a widespread Ponzi scheme.
Speaker 1: That's what people are saying about what Sam Bankman has
Speaker 1: been doing. It's a Ponzi scheme. So what I'm just
Speaker 1: telling y'all is that research research, research, research, follow advice,
Speaker 1: following informationship with research. Now, at the time he was arrested,
Speaker 1: he was seven years old. But he's passed away in
Speaker 1: jail and they duped investors out of approximately fifty billion dollars.
Speaker 1: He was sending to one hundred and fifty years behind bars.
Speaker 1: Made Off died in prison at the age of eighty
Speaker 1: two in twenty twenty one. Sam Bankman is only thirty
Speaker 1: years of age. Thirty years of age. The largest they
Speaker 1: sends the largest financial fraud and financial history. It's a
Speaker 1: thirty year old individual who formerly if you follow basketball,
Speaker 1: Miami Heat the arena was named after it. They had
Speaker 1: to take the name down. I doubt now. I think
Speaker 1: it's called the Miami Dade Arena as of the embarrassment
Speaker 1: because the funds that he was funding the naming rights
Speaker 1: for invalid. So if I've scared you away from investing
Speaker 1: the crypto, please Jone, please don't get scared. Please do
Speaker 1: your research. That's what this is all about. My next
Speaker 1: guests I'm very familiar with. I didn't bring on the
Speaker 1: show to defend crypto, which is talking about crypto. My
Speaker 1: guests is Tavonia Evans. She's a native of New York
Speaker 1: and the mompreneer. She has been called the Queen of Crypto.
Speaker 1: She's been featured on Glamor Magazine, Women in Crypto, CNN, Bloomberg,
Speaker 1: Complex TV, CNBC, Recalent, excuse Me, Reclaire, blavity Azzi. Tavania
Speaker 1: made this transition into the world of block chains in
Speaker 1: twenty sixteen, so she's no amateur. As a result of
Speaker 1: identified cryptocurrency as a tool that could stimulate economic growth
Speaker 1: and financial freedom within the black community. That's One of
Speaker 1: the things we're gonna ask to her is that freedom
Speaker 1: is still available to us after this incident with Sam.
Speaker 1: She's one of the first black woman heralder. That's being
Speaker 1: the founder and lead engineer and developing a corn with
Speaker 1: such a mission within the black community. Please work with
Speaker 1: the Money Main Conversation master Class, the one and only
Speaker 1: the Queen of Crypto, Tavania Evans, how are you doing? Hi?
Speaker 1: How are you a great You know, I wasn't trying
Speaker 1: to frontload everything, and I'm trying to put you on
Speaker 1: the spot. You know, our conversations are all about information,
Speaker 1: and this is an information led conversation. But I just
Speaker 1: wanted to set the tone because of the fact that
Speaker 1: if since our last interview that we did on the show,
Speaker 1: a lot has happened and with Crypto, and a lot
Speaker 1: of people have been bad mofening. A lot of people
Speaker 1: say I told you so, a lot of finger points
Speaker 1: I told you so, I told you so, I told
Speaker 1: you so so, And I told my staff. I said,
Speaker 1: please let Tavania know that when you come on the
Speaker 1: show today, I will be asking her some questions about Sam,
Speaker 1: because you know, you are my expert in the level
Speaker 1: of in this area of my knowledge barrier back carry
Speaker 1: guards to what cryptos are all about. Before we get started,
Speaker 1: tell everybody who don't know what crypto is, explain to
Speaker 1: them what exactly is crypto. Crypto is new money. I
Speaker 1: always like to start with the crypto as money, because
Speaker 1: you know, most people are unaware that it's money. They
Speaker 1: think it's some type of investment, you know, they think
Speaker 1: it's a stop, they think it's a piece of a company.
Speaker 1: But really what it is is what we call decentralized money, right,
Speaker 1: and decentralized means that there is no middleman, there's no
Speaker 1: government authority, there's no company. This is all done by software,
Speaker 1: software that is transparent, meaning we all can see the
Speaker 1: code and we all get to come together as a
Speaker 1: community and vote in terms of what this money is
Speaker 1: going to do and how it's going to oper So,
Speaker 1: originally it was created as a tool, as a financial
Speaker 1: tool to empower us the people, to be able to
Speaker 1: control our own money and be our own bank. And
Speaker 1: then we say be our own bank, what exactly does
Speaker 1: that mean to buy you? Well, when you have crypto
Speaker 1: and you have a crypto wallet, you are the owner
Speaker 1: of that crypto and that crypto wallet, no one can
Speaker 1: decide that they're going to freeze your account. No one
Speaker 1: can get into your wallet and send your money somewhere
Speaker 1: else unless you share your private key, and that is
Speaker 1: at the real that's what we call like the real
Speaker 1: crypto purism. Nowadays, there are so many crystodial features in
Speaker 1: crypto that mimic our current financial system and our banking system,
Speaker 1: and it's been kind of like adulterated so much that
Speaker 1: most people don't know the pure principles of crypto and
Speaker 1: why was even created in the first place. All they
Speaker 1: know is this crypto that strongly resembles and looks like
Speaker 1: what we have right now when we have our bank account,
Speaker 1: and that's not what crypto it is supposed to do.
Speaker 1: Let's talk about Sam thirty years old, so obviously getting
Speaker 1: into the crypto financial industry way before hit the age
Speaker 1: of thirty. How did he do? This is a broad
Speaker 1: question and you can break it down in different parts.
Speaker 1: How did he accomplish what he did? And first and
Speaker 1: then how did he get caught? Well, first of all,
Speaker 1: his freckles are real spread apart, but we'll add that
Speaker 1: in here. But crypto is a highly unregulated state, because
Speaker 1: it's a touchy subject because it's supposed to be decentralized,
Speaker 1: so that means that it's supposed to exist outside of
Speaker 1: our current regulatory structure, because it's supposed to really belong
Speaker 1: to the people. And because of that, you know, you've
Speaker 1: had a lot of bad actors that have gotten involved
Speaker 1: and saw opportunities to capitalize off of a market or
Speaker 1: off of a space that has very little regulation, very
Speaker 1: little oversight. There was a time that anyone could start
Speaker 1: a crypto exchange, and a crypto exchange is very similar
Speaker 1: to a bank, and it actually kind of crypto exchanges
Speaker 1: they kind of work against what the principle, the purest
Speaker 1: principle of crypto is. Earlier on crypto exchanges, crypto was
Speaker 1: exchanged like peer to peer, you know what I mean.
Speaker 1: So they had peer to peer markets where you can
Speaker 1: exchange directly with people. And then you had, you know,
Speaker 1: this great ideal of let's create these exchanges that strongly
Speaker 1: look like Wall Street, you know our current you know,
Speaker 1: financial system. And again, anyone could start in exchange. You
Speaker 1: could be fifteen years old, you could have a fake name,
Speaker 1: and you could start in exchange. So literally, however, big
Speaker 1: your exchange grew to you would be dealing with millions,
Speaker 1: maybe billions of dollars of transactions a day, you know
Speaker 1: what I mean, and not have to have a special license.
Speaker 1: This was early one. Right Now as we start getting
Speaker 1: in more recent times, it's gotten more difficult. You know,
Speaker 1: they have implemented that you have to have certain licenses
Speaker 1: in certain states, in certain countries. And there's still a
Speaker 1: lot of countries that you can operate, you know, kind
Speaker 1: of freely. Right, So they have gotten tightened up just
Speaker 1: a little bit. But imagine if you started your exchange
Speaker 1: before the regulations were that strong, and you actually amass
Speaker 1: a certain amount of money, millions and millions and millions
Speaker 1: of dollars. Now when the regulatory stuff hit, you now
Speaker 1: have the money to be grandfathered in to the current
Speaker 1: regulatory structure, right, you know what I mean. So you
Speaker 1: have a lot of these exchanges that survived because they
Speaker 1: need millions and millions and millions of dollars. So when
Speaker 1: the regulations start kicking in, they now can buy licenses
Speaker 1: and stuff like that, and they can actually clean up
Speaker 1: their act and all of that because they have the
Speaker 1: money to do so. Right, So you have a lot
Speaker 1: of these exchanges now that are around today. That again,
Speaker 1: they started in the wild wild West. They started during
Speaker 1: the time just like back in the days when they
Speaker 1: had when alcohol was illegal, you know, in the Prohibition,
Speaker 1: and you had all of the underground people in during
Speaker 1: the prohibition area made a lot of money and then
Speaker 1: when when it became legal, they were able to start
Speaker 1: legitimate businesses off of that not legal money. Right, same
Speaker 1: same situation here. So you have a lot of people
Speaker 1: now in this industry that are now able to function
Speaker 1: because they made millions of dollars when it was you know,
Speaker 1: kind of whatever for every man and every woman. Right,
Speaker 1: So now you have you still have institutions that the
Speaker 1: regulation is not clear and they can do a lot
Speaker 1: of shady stuff. Okay, cool, hold that thought on the
Speaker 1: shady stuff, because I want to come back and get
Speaker 1: clear on that. I'm gonna go to break and come back.
Speaker 1: I'm speaking with Davonia Evans truly and one of the
Speaker 1: top forces and minds in the crypto game, and also
Speaker 1: allowing us to understand more about this world that got
Speaker 1: flipped on his head and thirty year old young man
Speaker 1: had flipped it out. But it doesn't mean you should
Speaker 1: not be an investor in this field of crypto. You
Speaker 1: are now tuned in to the Money Making Conversations Minute
Speaker 1: of Inspiration with Rashaan McDonald tie I Rashan mcdonalver for
Speaker 1: money Making Conversation with your daily Minute of Inspiration. This week,
Speaker 1: I sat down with the host of First Take, stephen
Speaker 1: A's World, and the new co host of ESPN NBA Countdown,
Speaker 1: stephen A Smith. Stephen A emphasized the importance of not
Speaker 1: letting self doubt halt your opportunities towards achieving your dreams.
Speaker 1: I was actually reluctant and hesitant to write my home
Speaker 1: book for a very very long time. I literally said,
Speaker 1: although I had a national television show that's been number
Speaker 1: one in the morning for nine years in counting, I
Speaker 1: literally was saying, why would anybody want to read a
Speaker 1: book from me? And so many people came forward, like,
Speaker 1: what the hell are you talking about? Was wrong with you?
Speaker 1: Everybody needs to hear your story. Everybody needs to hear
Speaker 1: what you endure, what you had to experience, what you
Speaker 1: had to go through to get into this place that
Speaker 1: you're here now. If you were to listen to this
Speaker 1: four interview with stephen A. Smith, is available on Moneymaking
Speaker 1: Conversations dot com. Tavon you usually when I have a
Speaker 1: crypto interview, you know, the phones be lightened up, everybody
Speaker 1: want to call in. I guess, I guess I've scared
Speaker 1: a few people today. I don't want to scare anybody
Speaker 1: into any type of financial invents, but what I do
Speaker 1: want to do is give them information. That's why I'm
Speaker 1: invited to Vane Evans on the show. It just walk
Speaker 1: us through this process, you know, walk us through these steps.
Speaker 1: And so before we left for the break, you was
Speaker 1: telling us what the new regulations have done and made
Speaker 1: it much more difficult for people to create these scam
Speaker 1: formatch you can continue. It's Evans, Yeah, and I understand.
Speaker 1: I've highly doubt that when he created the exchange, he
Speaker 1: didn't create quote unquote scam so to speak, right, right,
Speaker 1: but you're talking about somebody who's young, you know whatever,
Speaker 1: very little oversight, and then have access to billions of
Speaker 1: dollars at its finger tips. He didn't do anything that
Speaker 1: these banks aren't doing right, taking people's money and doing
Speaker 1: back in the investments. That's what this financial system is
Speaker 1: built on, right, And I highly doubt that he did
Speaker 1: any of this without any type of advice for any
Speaker 1: any of that. I'm pretty sure there was a lot
Speaker 1: of other people that were involved. But what he was
Speaker 1: doing essentially was UM. He had created a fund that
Speaker 1: you know, they created fund and he took that fund
Speaker 1: and actually funded his own stuff, funded his own project UM.
Speaker 1: And he actually created a token UM, which you know,
Speaker 1: you're literally backing now the value of a token that
Speaker 1: you create with other people's money that they're not aware
Speaker 1: of that, you know that that's going on, right, because
Speaker 1: he because he was a major investor in that stock
Speaker 1: app robin Hood. Yeah, I mean, he spread his investments
Speaker 1: all over place. He was also a major investor in
Speaker 1: in UM in many campaigns as well. Right. But so
Speaker 1: you're saying, but there was other people's money, that was
Speaker 1: investor's money, I was using money. Yeah, So he was
Speaker 1: taken and he was using other people's money to invest
Speaker 1: in another thing. And interesting and interestingly, when you have
Speaker 1: a ponzi, like a really true ponti, a lot of
Speaker 1: times they're not even doing that, like they're just taking
Speaker 1: money and you know what I mean, and and and
Speaker 1: taking money, you know, but he actually was taking money
Speaker 1: and investment it into other things that are out there,
Speaker 1: probably some profitable industries as well. But again, UM, I
Speaker 1: think where he really really went wrong and what probably
Speaker 1: sent this whole thing collapsing is what was actually UM
Speaker 1: creating this token, you know and U which was gonna
Speaker 1: attract attention and exactly what it did so UM, and
Speaker 1: this came on the heels of another big UM another
Speaker 1: big scandal the UM what was it called right before it,
Speaker 1: UM the Korean scandal. UM. There was another token that
Speaker 1: that that sent you know, the crypto industry kind of rippling,
Speaker 1: and UM that was around this Hoken thing as well.
Speaker 1: So now you have that token scandal going on, and
Speaker 1: then this token is what I think really shine a
Speaker 1: light on what was going on, because they were already
Speaker 1: starting to look closely into some things based off of
Speaker 1: this other, this other thing that took place beforehand. So
Speaker 1: so there was a lot going on, a lot going on,
Speaker 1: and UM that was a lot of money. And because
Speaker 1: there were so many people involved, I think that that's
Speaker 1: where really kind of hurt the industry a bit, is
Speaker 1: because there were so many quote unquote legitimate UM entities
Speaker 1: that were involved, legitimate entities that quote unquote and invested
Speaker 1: in him you know what I mean. So they are
Speaker 1: already I mean they literally were writing him blank checks
Speaker 1: and a that's in what he was doing. Plus he
Speaker 1: was so young, he just felt like you know, you
Speaker 1: know he was at the time when he used to
Speaker 1: be thirty in March, I mean thirty one in March.
Speaker 1: I think he's thirty right now. So we talked about
Speaker 1: twenty six twenty seven year old genius. That's what you
Speaker 1: put a name of visionary. Those are names that pop
Speaker 1: up when you hear somebody out there being able to
Speaker 1: manufacture financial resources over a billion dollars because they said
Speaker 1: they are financial losses right now are exceeding fifty billion dollars. Yeah,
Speaker 1: But you know, when you know the crypto industry like
Speaker 1: I do in the exchanges, I wouldn't necessarily call him
Speaker 1: the genius, you know what I mean, because the crypto,
Speaker 1: crypto exchanges, crypto funds and all of that stuff like that.
Speaker 1: Like I said, doll was the wild wild West, and
Speaker 1: he had access to money, you know what I mean,
Speaker 1: Like he had access to investors, he had access to
Speaker 1: a lot of people, and you know, I think pretty
Speaker 1: much anyone that sets up these these exchanges and these
Speaker 1: funds and stuff like that. If you have access to
Speaker 1: a lot of money and a lot of people, you
Speaker 1: know that you probably can wind up accumulating a billion
Speaker 1: dollars as well. Let me make okay, so he's not
Speaker 1: a mortgage Stanley, he's not a JP Morgan. How how
Speaker 1: would he make money? How would he make money? Well,
Speaker 1: earlier on he was you know, it was said that
Speaker 1: he was doing a lot of trading and that he
Speaker 1: was really good at trading. Right, Um, So it's interesting
Speaker 1: because you know, I recently saw um, you know, for
Speaker 1: a show on insider trading and stuff like that, and
Speaker 1: the big, big, big guys that made a lot of
Speaker 1: money on trading. So it's it's again, it's not it's
Speaker 1: not without reach that he could become really big. He's
Speaker 1: he's got access to money to trade, you know what
Speaker 1: I mean? Right? Right, you got people that are really
Speaker 1: good at trading, but they don't have access to capital,
Speaker 1: you know what I mean. So you you if you
Speaker 1: add that you're really good at trading and you're literally
Speaker 1: sitting on a billion dollars, you know what I mean?
Speaker 1: Then you know, for some some people, that's like a
Speaker 1: marriage made in heaven, you know what I mean? They're
Speaker 1: already they already are good at trading. They just don't
Speaker 1: some people out there who are good at trading, they
Speaker 1: don't have thousands of dollars to trade. If you have
Speaker 1: a quick question on my m what is the rate?
Speaker 1: Because you told me earlier that crypto is not money. Remember,
Speaker 1: so if crypto, no, crypto is money. Okay, okay, cool,
Speaker 1: Crypto's not stopped. It's not stopped, apolitic, the crypto's not stopped.
Speaker 1: So how do you convert crypto to you know, it's
Speaker 1: a it's a it's a it's how you convert you
Speaker 1: the money, then it is money. So nowadays, you know,
Speaker 1: most of the major credit cards are now back in crypto, okay, visa, MasterCard,
Speaker 1: et cetera. Like you could have a crypto debit card
Speaker 1: and you can go then your crypto anywhere nowadays. So
Speaker 1: there's no rate tied to it. So a crypto there's
Speaker 1: a value. Yeah, the value is demand. Just like our
Speaker 1: current money, you know what I mean, fluctuates in its
Speaker 1: value behind the scenes. It's just that our current money
Speaker 1: is tied to so much of our economics that you know,
Speaker 1: you're not going to see the type of volatility that
Speaker 1: you see in crypto. Crypto's not tied to any of that,
Speaker 1: you know, So it's strictly tied to the people's desire,
Speaker 1: their faith, you know, and all of that. So you
Speaker 1: see these wild swings in it right now, and then
Speaker 1: you also see these wild swings. Honestly, it is because
Speaker 1: there's a lot of market makers in the background manipulating it.
Speaker 1: You know, I'm not going to even sit here and
Speaker 1: act like that's not happening. How are you doing, I'm
Speaker 1: doing well, yeah, I'm new to crypto. My question is,
Speaker 1: you know, say, for instance, I got fifty thousand, hundred
Speaker 1: thousand dollars US dollars and you know I invested in crypto,
Speaker 1: and you converted into bitcoin or whatever. How do you
Speaker 1: go about, you know, basically pulling your money out of
Speaker 1: crypto and converting that game back into US dollars because
Speaker 1: I don't know to my knowledge, and I can't go
Speaker 1: to Macy's or you know, go to lessus and buy
Speaker 1: a car with bigcoin that after you can use. So
Speaker 1: I can buy a car with bigcoin, Yes you can.
Speaker 1: So you may have missed what I said earlier that
Speaker 1: the major credit card companies are now in bed with
Speaker 1: crypto like Visa, Massa card, et cetera. And nowadays you
Speaker 1: can get a crypto card and you can take that
Speaker 1: crypto card, you can go to the bank, pull out cash,
Speaker 1: you know, at the ATM, or you could spend it
Speaker 1: at anywhere to accept any of these cards. Okay, So
Speaker 1: can I convert it back into US dollars to many
Speaker 1: different ways? Yeah? How do I do that? So the
Speaker 1: primary way is to go on the exchange, of course,
Speaker 1: and tom there are now bigger exchanges, like what we
Speaker 1: call level one exchanges, like maybe your coin based in Gemini,
Speaker 1: and those are exchanges that kind of allow you to
Speaker 1: withdraw straight to usd right, and then you have a
Speaker 1: level two exchanges where you may have to trade your
Speaker 1: crypto in for a more popular crypto. So if it's
Speaker 1: not biitcoin, if it's bigcoin, then again you're good. You
Speaker 1: can you can technically send it to pretty much any
Speaker 1: wallet nowadays, and you can turn it over into cash.
Speaker 1: You can even do that on cash app in the
Speaker 1: United States. So in the United States they have crypto
Speaker 1: you know you have you can now get crypto in
Speaker 1: your cash app account and you can convert it over
Speaker 1: really quick back over. So basically like if I, you know,
Speaker 1: have you know whatever the dollars figure, and I say, well,
Speaker 1: I just want to cash out, you know, take my
Speaker 1: bigcoin gain or whatever type of cryptocurrency I'm using, and
Speaker 1: and is there like a clearing time? I mean, is
Speaker 1: it like three days? It's a twenty four hours. It
Speaker 1: depends on what platform you are on. So if you're
Speaker 1: on a platform that actually has a built in card
Speaker 1: or a debit card like a crypto dot com or
Speaker 1: something like that, then it's instant pretty much. Is that
Speaker 1: just takes a few minutes to settle. Um, But if
Speaker 1: you're gonna trade, then you're gonna trade it to something
Speaker 1: that might be more liquid, you know, so like you
Speaker 1: might trade like say you have a crypto that's not
Speaker 1: as well known, but you could take and turn that
Speaker 1: over to a stable coin like USDT or whatever. These
Speaker 1: are coins that are directly map dollar for dollar to
Speaker 1: the coin. So you can trade your crypto over to
Speaker 1: a stable coin and once you do that, you're not
Speaker 1: going to get that fluctuation anymore. And then you can
Speaker 1: take in withdrawre that too, Like I said, a debit
Speaker 1: card or a bank account. I'm one of the bigger exchanges,
Speaker 1: and and and and this is basically I mean it's
Speaker 1: this is a total speculation because it's not regulated in
Speaker 1: any kind of way by any kind of government agency
Speaker 1: to my knowledge, is that a fair assumption. I mean,
Speaker 1: it's basically I might as well go to Vegas pretty much. Well,
Speaker 1: there is some level of what we call I guess
Speaker 1: you could say regulatory guideline, right, And how they treat
Speaker 1: it now is when you get in trouble, like you know,
Speaker 1: when somebody calls you on it, then you may have
Speaker 1: to go before the court and deal with it in
Speaker 1: that case. Right, So there are no there are no
Speaker 1: widespread laws on the books, you know what I mean,
Speaker 1: unless you're an institution. They have laws for institutions now,
Speaker 1: you know. So now into crypto, into the money system
Speaker 1: and the money transfer a business it now you know,
Speaker 1: virtual currencies are listed under money transfers, right, So if
Speaker 1: you start, if you start a business where you're going
Speaker 1: to be dealing with crypto in the public, now, you
Speaker 1: may have to get a money transfer a license. So
Speaker 1: they have those types of rent regulations now, but they
Speaker 1: don't have I guess you could say people forward people
Speaker 1: facing regulations so to speak. And it's and it's still
Speaker 1: kind of broad, you know, because that's why you have
Speaker 1: SRP right now currently in court and they're trying to
Speaker 1: make some decisions as to whether or not it's the
Speaker 1: security or not, because they haven't really created the framework
Speaker 1: to say that this is a security or not. I
Speaker 1: right there, Jefferson not I got to go to break here.
Speaker 1: First of all, your questions were fantastic. Appreciate you calling
Speaker 1: in on Money Making Conversations Masterclass. Please continue to listen
Speaker 1: as we go to uh as we used interview to
Speaker 1: bring to Vane your back to wrap up, because first
Speaker 1: of all, thank you for coming on the show, but
Speaker 1: I didn't talk about what you're into. When we come
Speaker 1: back from the break, I'm allowing you some time and
Speaker 1: tell everybody what you're into how to get in touch
Speaker 1: with you. We've been right back with more money Making
Speaker 1: Conversations Masterclass, and we got a tax expert. They own
Speaker 1: a few of Foods. Financial Laura Foods is on the call.
Speaker 1: If you get your tax personal corporate, don't go nowhere.
Speaker 1: She is a tax expert here to answer your calls.
Speaker 1: Today is Crypto and Taxes on Money Making Conversation Masterclass.
Speaker 1: Be right back closing out this section with Tavania Evans.
Speaker 1: You are now tuned into the Money Making Conversations Minute
Speaker 1: of Inspiration with Rashaan McDonald him Rushan McDonald's for Money
Speaker 1: Making Conversation masterclass with your daily Minute of Inspiration. Doing
Speaker 1: a conversation with producer and founder of American Black Film
Speaker 1: Festival with Jeff Friday, he shared how important it is
Speaker 1: for those who make it in Hollywood to open doors
Speaker 1: for others. So metaphorically, Hollywood to the club, and when
Speaker 1: we get in the club, we got to go back
Speaker 1: to the door say yo, I'm not going in that
Speaker 1: my boy can't come. And that's what people like like
Speaker 1: Abra Duvana have done. And that's what you know, Ryan done.
Speaker 1: When you look at a movie, it might be three
Speaker 1: who get a check. It's only Ken, only Kennor in
Speaker 1: front of the camera. What about the other two hundred
Speaker 1: and ninety people who you don't know, who have families,
Speaker 1: who have families too. If you're going to be at
Speaker 1: the forefront of this fight, you gotta bring You gotta
Speaker 1: go back to the front door, and you gotta let
Speaker 1: your boys, you know, go open the back door. A
Speaker 1: lot of me. Whatever door you go to you can
Speaker 1: listen to this full interview with Jeff Friday is available
Speaker 1: on Moneymaking Conversations dot com. Why is Rashan mcgonn speaking?
Speaker 1: Tavanni Evans, the crypto Queen is on the call, just
Speaker 1: answering question after question about what is going on in
Speaker 1: the crypto industry. Jefferson got on here and he had
Speaker 1: his he had his roller decks of questions ready for
Speaker 1: your Tyvnia. I think that young man is ready to
Speaker 1: spend some money on crypto. The way he even asked,
Speaker 1: he just needed you to like validate certain areas so
Speaker 1: he can go out and like like my man burn
Speaker 1: Brunal mar say, I'm a dangerous man with money in
Speaker 1: my pocket. So what do you what you gotta worker?
Speaker 1: Tell us how we stare in touch? Would you to
Speaker 1: bind you in your in your business contact? So what
Speaker 1: I'm working on now? Of course, I'm still working on
Speaker 1: guop point us as usual every day. UM. I just
Speaker 1: also released a book called Crypto for My People that
Speaker 1: I specifically wrote from my people, a very very very
Speaker 1: simple book for you to be able to understand crypto
Speaker 1: to power of crypto and what we're trying to do
Speaker 1: with crypto in terms of glop cooin and the black Dollar,
Speaker 1: and that book is available on Amazon, and I'm also
Speaker 1: launching a bank. It is a full pledge bank as
Speaker 1: well as a crypto crypto bank. We did run into
Speaker 1: a couple of obstacles because of our friend sam Um.
Speaker 1: A lot of people in the back ends that are
Speaker 1: no longer are trying to distance themselves from crypto when
Speaker 1: it comes to traditional institutions. But it was my thought
Speaker 1: that when you want to bring crypto to the people,
Speaker 1: you have to bring it to where the people are
Speaker 1: at in a safe environment, which is why I'm launching
Speaker 1: the bank Cali and I'm just focused on creating an
Speaker 1: ecosystem to make it easier for us to interact with crypto,
Speaker 1: so that we can really really get to see the
Speaker 1: true power of crypto and what it really does, because
Speaker 1: people have no clue in terms of what it could
Speaker 1: do for our community for real, for real. You can
Speaker 1: reach me on social media everywhere. I am integraly embedded
Speaker 1: into the community. I'm at our glop point on all
Speaker 1: social media platforms. Gloppoint dot org is the website I
Speaker 1: am to Banna Evans on social media, Crypto Diva some
Speaker 1: places you gotta be careful because unfortunately there's a lot
Speaker 1: of clones. But you can get to me through glop points.
Speaker 1: So if you go to glop, if you hit us
Speaker 1: up on glop points on Twitter or Instagram and stuff
Speaker 1: like that, you will get to me because I worked
Speaker 1: this every day. He again, thank you for taking the time.
Speaker 1: Thank you for allowing me to have an honest conversation
Speaker 1: about crypto, and also being and being patient and answering
Speaker 1: to those questions for Jefferson, We'll talk soon, Okay, thank you. Next. Yes,
Speaker 1: she's been holding on. She is my guests is lawd Foods.
Speaker 1: She's the owner and CEO of Foods Financial Services, a
Speaker 1: tax preparation company. They provide tax preparations for individuals and
Speaker 1: small businesses. They can accommodate, can't accommodate all states, and
Speaker 1: conservace clients remotely. She's been a consultant tax insulting on
Speaker 1: my platform Money Making Conversations Masterclass since twenty seventeen. She
Speaker 1: has a voice that O two world has helped a
Speaker 1: lot of people through financial struggles and how to overcome
Speaker 1: them using that knowledge because personally, she's had to go
Speaker 1: through those things like bankruptcy herself. Sometimes you need a
Speaker 1: you want to talk to her expert, talk to somebody
Speaker 1: who's been there and done that. And she has been
Speaker 1: there and done that and came out back into the light.
Speaker 1: She's operating several profitable business over the past fifteen years.
Speaker 1: She's on the show to discuss taxes. It's that time
Speaker 1: of the year. A lot of people still waiting. We
Speaker 1: told you in the fall when she was on the show,
Speaker 1: Star Preppering, Star Preppering, Please welcome the money Making Conversations
Speaker 1: Master Class, Laura Foods, Laura, how you doing, Hey, Michel McDonald,
Speaker 1: how are you good? Good? I'm doing very good. I
Speaker 1: apologize for extending that over, but it got prettier, pretty
Speaker 1: aggressive on that side with crypto information. I didn't want
Speaker 1: to cut them off and get all these questions in.
Speaker 1: And I know from a tax perspective, you know it's
Speaker 1: that crypto. Is it popping up in your world as
Speaker 1: far as tax filing or which some of your customers
Speaker 1: or is that something that like because when Tavannio was
Speaker 1: talking about you was talking about the black community and
Speaker 1: people starting to understand the value of crypto and also
Speaker 1: in that market share that a very few people are
Speaker 1: participating tells us about crypto in your world or is
Speaker 1: it in your tax filing world. It is a little
Speaker 1: bit in our world. And like I said, I certainly
Speaker 1: think she provided some very valuable information. I do have
Speaker 1: some clients that are in the crypto world, and I
Speaker 1: think that there are probably a lot more than we
Speaker 1: realize because they don't realize or I don't find out
Speaker 1: about it initially until like question or asks, you know,
Speaker 1: some facts finding questions, because a lot of times people
Speaker 1: don't realize that crypto because they refer to it as
Speaker 1: virtual currency. People are thinking that it is up there
Speaker 1: like in the cloud. It's virtual that they don't have
Speaker 1: to pay taxes on those games when they are buying
Speaker 1: and selling that crypto, right because they're calling it virtual currency,
Speaker 1: which it is. Though the irs looks at it almost
Speaker 1: like any other property. You know, if you hold it
Speaker 1: for you know, from your time of purchase to when
Speaker 1: you sell it is less than a year, they could
Speaker 1: consider that a short term game, right, just like any
Speaker 1: other piece of property or stock that we own, and
Speaker 1: we need to report that. And then if we hold
Speaker 1: it for longer than a year, it would be considered
Speaker 1: long term capital gains. Which your listeners can check that out.
Speaker 1: You know, there's long term gain and have a short
Speaker 1: term capital gain, so they can check out those percentages.
Speaker 1: But certainly need to be letting your tax prepair and
Speaker 1: know about virtual currency that you have sold. Just like
Speaker 1: any other asset during the year. We need to know
Speaker 1: that you have sold it. And sometimes because I know
Speaker 1: the market has been fluctuating, you know, sometimes you certainly
Speaker 1: want to report it. Like you know, if you have
Speaker 1: a loss in an asset, you certainly want to report
Speaker 1: it because that's going to bring down your taxable income. Right,
Speaker 1: So yes, we need to you know, let our tax
Speaker 1: prepairents know if we have bought and sold cryptocurrency during
Speaker 1: the year. So you know, I laugh when you said
Speaker 1: that the word virtual and they act like virtual it's
Speaker 1: real because it's virtual. Yeah, And a lot of people
Speaker 1: try to use a lot of simple but silly excuses
Speaker 1: to avoid the law. But the law is the law.
Speaker 1: This is income, this is money, this is an asset. Yes,
Speaker 1: and they treated just like any other property that we
Speaker 1: would purchase and self wow, cool, well listen looks gonna crypto,
Speaker 1: thank you. I know, I know he didn't come on
Speaker 1: the show to talk about that. But Tavania was so
Speaker 1: deep in this, I thought I got my tax because
Speaker 1: the name of the show this week is Crypto and Taxes,
Speaker 1: giving people information about the taxes. So it's that time
Speaker 1: of the year. Um. I was looking at the news
Speaker 1: the other day and they said, boldly said that people
Speaker 1: who are filing their personal tax returns will not get
Speaker 1: as much money back this year. I know, I know,
Speaker 1: and that is so so disheartening because yes, we have
Speaker 1: you know, some people who were rushing to file because
Speaker 1: for the past couple of years they have been so
Speaker 1: used to getting these nice refunds. Unfortunately, you know, all
Speaker 1: of the you know, pandemic relief things, the different thresholds
Speaker 1: they had said, you know, the stimulus payments, additional tax
Speaker 1: credits that they were given for children, all of those
Speaker 1: things are gone. Unfortunate, even though a lot of us
Speaker 1: are still suffering from you know, things that took place
Speaker 1: during the pandemic, unfortunately all of those are gone this year.
Speaker 1: So we are back to filing taxes pre pandemic. And
Speaker 1: so that's why, you know, so a lot of times
Speaker 1: the clients are getting mad at the tax repairer, like,
Speaker 1: wait a second, you did something wrong. This is not
Speaker 1: what I have been getting the past couple of years. Though.
Speaker 1: It's not the tax repairer. It is just because you know,
Speaker 1: they are trying to say, the pandemic is excuse me,
Speaker 1: the pandemic is over. And so you know, all of
Speaker 1: those you know, things that they had given us during
Speaker 1: the pandemic her now going away. Unfortunately. I'm speaking to
Speaker 1: Laura Foods. She's the owner and CEO of Foods Financial Services,
Speaker 1: a tax preparation company. They provide tax preparation for individuals
Speaker 1: and small businesses. When we talk about you know, there
Speaker 1: are two two levels here. You have the corporate filing
Speaker 1: and then you have a personal filing you can extend
Speaker 1: and all that good stuff. Now let's talk about the
Speaker 1: corporate because I've been getting these little emails and that,
Speaker 1: and I bugged the heck out of my my my
Speaker 1: CPA talking about you know, hey, we can get you
Speaker 1: money back, like twenty six thousand dollars per employee. Call
Speaker 1: us and we can get you money. But you for
Speaker 1: me what I'm talking about, yes, and that is the
Speaker 1: the employer retention credit. Now for most of my clients,
Speaker 1: so certainly for yourself. So corporations those companies who do
Speaker 1: have W two employees, if you were affected by the pandemic,
Speaker 1: then yes, you want to apply for that credit. Now,
Speaker 1: for the clientele that I service, or a lot of
Speaker 1: who I service, they're going to be small businesses. A
Speaker 1: lot of them are solo entrepreneurs. We would say, you know,
Speaker 1: they're just one person working in their business, or they're
Speaker 1: a single member LLC. So they do not technically have
Speaker 1: employees who are getting W twos, so that would not
Speaker 1: necessarily apply to them. So you have to have employees
Speaker 1: on your payroll that you know that you were doing
Speaker 1: it all legitimately correct right where they were getting paid
Speaker 1: through a W two, then yes you should apply for
Speaker 1: that employee retention credit. Though, as I said, most small businesses,
Speaker 1: you know, all of these amazing businesses that started during
Speaker 1: the pandemic, you know most of the times are they
Speaker 1: call him GID workers, contract workers, single member LLCs, and
Speaker 1: that credit would not apply to them. Right, we have
Speaker 1: a we'll go to break here. We have a caller
Speaker 1: that are we're bringing back on soon as we come back.
Speaker 1: Just letting you know to caller on the line, we're
Speaker 1: gonna bring them right back. You listen to Money Making
Speaker 1: Conversation Masterclass, Tax preparation expert Laura Foods, Crypto and tax Information.
Speaker 1: That's the theme of the show today on Money Making
Speaker 1: Conversations Masterclass. Be right back. We'll be right back with
Speaker 1: more Money Making Conversations Masterclass with Rashan McDonald. You are
Speaker 1: now tuned into the Money Making Conversations Minute of Inspiration
Speaker 1: with Rashaan McDonald. Hi, I am Rashaan McDonald for Money
Speaker 1: Making Conversation with your daily Minute of Inspiration. This week
Speaker 1: Got Said There with Toshley Hamilton, author and celebrity intuitive
Speaker 1: life coach. We discussed taking a leap of faith and
Speaker 1: not letting the fear of your own talents paralyze you. Yeah.
Speaker 1: I think it's a combination of many things. You know,
Speaker 1: often terms people are afraid of their own talents. They're
Speaker 1: afraid of taking the leap of faith. I was one
Speaker 1: of them, right. It's the maner of putting in the
Speaker 1: work to make those things happen. It may be easier
Speaker 1: to pick up the basketball as opposed to starting a business,
Speaker 1: so most people want to take the easy route. They
Speaker 1: want to say, I'd rather just played safe and play
Speaker 1: the basketball, even though this is my talent, and I
Speaker 1: think about this every day. I would rather play safe
Speaker 1: because success is not an easy route. You have to
Speaker 1: work so your success and people don't want to put
Speaker 1: in the work for Sean. If you want to listen
Speaker 1: to this full interview with Toashley Hamilton, it's available on
Speaker 1: Moneymaking Conversations dot com. My guest is Laura Foods. She's
Speaker 1: the owner CEO of Foods Financial Services, the tax preparation company.
Speaker 1: On the line it has a question for her, Kwame,
Speaker 1: how are you doing? Kwame? Hey, Hey, how are you
Speaker 1: have a question for Laura Foods? Yeah? I do. UM. So,
Speaker 1: we're trying to make a non cash donation. Okay, we
Speaker 1: have a donor advice fund that some properties we're able
Speaker 1: to gift to and we're able to get one hundred
Speaker 1: percent of fair market value. So we got we were
Speaker 1: good with that part. There are some there are some
Speaker 1: real property that we're trying to gift to an individual,
Speaker 1: not five one three, but an individual. And so I
Speaker 1: want to know from your opinion. From what I understand,
Speaker 1: they're telling us we need to fill out Form eighty
Speaker 1: two eighty three and we need to have an acknowledgement
Speaker 1: UM waivers signed by the receiver, and so I'm trying
Speaker 1: to understand if that information that I've been told is
Speaker 1: correct on that in terms of giving a non cash
Speaker 1: gift to an individual and being able to get the
Speaker 1: credit right, because I know as far as I know
Speaker 1: Kame and I and like I said, I'll certainly always
Speaker 1: tell you when I am not as familiar with that
Speaker 1: or I don't think I have an exact answer for
Speaker 1: you on that because normally, like I said, I know,
Speaker 1: non cash gifts are given to a five oh one
Speaker 1: C three, but we can't get this to individual up
Speaker 1: to a certain limit every year so that it's like
Speaker 1: you can avoid the gift tax. But I am not
Speaker 1: familiar with which form that is. So, like I said,
Speaker 1: you can certainly reach out to me offline on Instagram
Speaker 1: and I'll certainly do some research for you, but I
Speaker 1: totally wouldn't want to give you the incorrect answer. I'm
Speaker 1: sorry the top of my head, I got it, I
Speaker 1: got it, I got I came with a with a
Speaker 1: tough one. But yeah, that's that's no problem with what's
Speaker 1: your handle on the GRAM so we get it right? Yes,
Speaker 1: it's I'm I am Laura l A U R A
Speaker 1: and the last part is spoofs like frank oos like Sam, okay, great, yes,
Speaker 1: and I'm looking for you the correct form, okay, thank you. Yeah,
Speaker 1: well please reach out to it. She will do a
Speaker 1: homework for you. And that's what we trying to do here.
Speaker 1: We're not just trying to give our information just to
Speaker 1: give our information. Of course, yes, I don't want to
Speaker 1: give you their incorrect form. And like I said, so,
Speaker 1: I'm always tell you exactly what I know, exactly I
Speaker 1: don't know, or I can certainly put you in the
Speaker 1: right direction. So let me just do some research for you. Cool.
Speaker 1: Thank you Quament for calling money to make conversation mastically.
Speaker 1: I'm glad you did that. I'm glad you to handle
Speaker 1: that because you know one thing I don't want people,
Speaker 1: you know, because I'm sharing information that people are starting
Speaker 1: to listen to the show and and and developing a
Speaker 1: certain layalty to the honest conversation I have. And you've
Speaker 1: been on my show several times and it's about Okay,
Speaker 1: what she says has value and what you have value,
Speaker 1: And you have to be honest with people because we
Speaker 1: don't know everything. I don't know everything you know. And yeah,
Speaker 1: I cannot remember all those form members and undertowns. I
Speaker 1: only got but so much brain matter to remember all
Speaker 1: those forms that all of those numbers, and all of
Speaker 1: the threshold. So yes, I will always tell you exactly
Speaker 1: what I know, but I'm gonna always tell you what
Speaker 1: exactly I do not know an exact number for you know,
Speaker 1: the tax code I think is like seventy two thousand,
Speaker 1: you know, fifty two thousand codes in the tax coad.
Speaker 1: So certainly someone cannot remember all that, but I certainly
Speaker 1: know where to go to get him the correct information
Speaker 1: and get him the correct for a number, because I certainly,
Speaker 1: like you said, we certainly don't want to give out
Speaker 1: incorrect information. So i'd certainly better say I don't know
Speaker 1: that number off the top of my head, but I
Speaker 1: can get it for him. Oh, thank you for doing that, really,
Speaker 1: thank you for doing that. Now, we, like I said,
Speaker 1: we're in the corporate tax filing and the corporate corporate faction,
Speaker 1: the corporate tax filing deadline. I believe it's March fifteen, correct, Yes,
Speaker 1: so a lot of people, yes, so that would be
Speaker 1: your s corporations, in those corporations, because what has to
Speaker 1: happen A lot of times if you have if you
Speaker 1: could still be a single member LLLC or a partnership
Speaker 1: and maybe you have elected to be an S corporation,
Speaker 1: which a lot of people because I know there's all
Speaker 1: those lovely Instagram TikTok videos about electing to be an
Speaker 1: S corporation, which we do love that it does help
Speaker 1: you avoid self employment tax, that good fifteen point three
Speaker 1: percent self employment tax. However, one caveat is you must have,
Speaker 1: you know, be paying yourself a reasonable salary. And so
Speaker 1: what happens is that is a reporting time period where
Speaker 1: an S corporation has to report it's you know, it's
Speaker 1: profitability by March fifteenth, and then the owners in that
Speaker 1: S corps are issue to K one, which then flows
Speaker 1: down to someone's personal taxes, which then gives them time
Speaker 1: to then file their personal taxes by this year. It's
Speaker 1: April eighteenth, will be the deadline for this year on
Speaker 1: a Saturday, well, right, so it's that and then on Monday,
Speaker 1: I think it's Monday. The seventeenth is then the holiday
Speaker 1: for dcments a patient day, which push it to the
Speaker 1: next day. So we have a few extra days this
Speaker 1: year for us to file personal taxes or if you
Speaker 1: know you can knock file, you can file an extension
Speaker 1: until October fifteenth. However, let's remember this because I have
Speaker 1: clients get themselves into trouble every other thing that does
Speaker 1: not give you an extension to pay. So if you
Speaker 1: know that you are going to owe, like a lot
Speaker 1: of our business owners, you know you have not paid
Speaker 1: taxes all year long, your business was profitable. This year
Speaker 1: you're going you know, so you would probably owe taxes.
Speaker 1: So don't just file an extension because you don't want
Speaker 1: to pay what you owe. What you need to do
Speaker 1: is file on time and then get yourself set up
Speaker 1: on a payment plan because the interest is going to
Speaker 1: start a crewing from April eighteenth when it was originally
Speaker 1: do right. That happened to me, That happened to me,
Speaker 1: and your board was mad. Okay, I just thought I
Speaker 1: thought I was about the extension. I thought about the
Speaker 1: extension that debt, I thought that bill that I owned,
Speaker 1: no no paperwork, paperwork. Yes, it's just an extension to file.
Speaker 1: So and there are plenty of legitimate reasons maybe why
Speaker 1: you want to file an extension. Maybe you you know,
Speaker 1: you have a lot more knowing a family members sick
Speaker 1: you're dealing with life. I just don't have time to file.
Speaker 1: But then just now when you so as soon as
Speaker 1: you get that bill, you're already going to see that
Speaker 1: interest to crude from April to October one there. So
Speaker 1: that's the only reason why I say, you know, try
Speaker 1: to get you know, it's still you have plenty of time.
Speaker 1: We're still at January. You still have plenty of time
Speaker 1: to get your stuff together to file and then at least,
Speaker 1: like you said, we can get it filed by the deadline,
Speaker 1: and then you can ask them to set you up
Speaker 1: on a payment plan, which now certainly always recommend to everyone.
Speaker 1: If you have not already done so, you should go
Speaker 1: to IRF dot gom and set up your online IRS
Speaker 1: tax account because that is where everything that i RS
Speaker 1: sees you can see yourself about yourself. So then if
Speaker 1: you owe any pass do years, if you own this year,
Speaker 1: you can even click right online and apply for a
Speaker 1: payment plan right there as well as make payments. So
Speaker 1: it just makes it so much easier now that they
Speaker 1: allow us to have access to exactly what they see
Speaker 1: in their system, So everyone should take a minute to
Speaker 1: set their account. You can set up your personal as
Speaker 1: well as your business that way, just personal Okay, cool, okay, cool,
Speaker 1: that's that's that's something I think is really significant that
Speaker 1: people should do. And I would recommend anybody. They just
Speaker 1: know about your life and are a lot of people
Speaker 1: I'm giving away versonal information knows more about they know
Speaker 1: more about you anyway. Okay, But yeah, I was gonna say,
Speaker 1: because somebody there, you just want to see what they have,
Speaker 1: especially nowadays with all of this identity staff, you know,
Speaker 1: you wouldn't be able to see your past years that
Speaker 1: taxes were filed. You'll be able to see your wage
Speaker 1: and income transcripts, which I think is always good because
Speaker 1: you wanted just like we were talking about some of
Speaker 1: the crypto or some of the like, sometimes maybe you
Speaker 1: forgot about an account that you had, so you forgot
Speaker 1: the about an income interest statement or a dividend statement,
Speaker 1: or you know, a W two job that you worked
Speaker 1: at the beginning of the year. If you go on
Speaker 1: there and pull your wage and income transcripts for twenty
Speaker 1: twenty two, you won't be able to make sure that
Speaker 1: you are filing everything that the IRS has, you know,
Speaker 1: on file for you. So it's such a good thing
Speaker 1: to check up to see what's out there in your
Speaker 1: social Security number. Great as as we leave the show
Speaker 1: and wrap it up, always thank you for calling it
Speaker 1: on money main conversation, just giving advice to the my audience.
Speaker 1: Tell us how we can stay in touch with you
Speaker 1: in any upcoming business projects. Well, right now we are
Speaker 1: full fledged in the middle of tax seasons. I don't
Speaker 1: lot of other things, Gordon Nor, because we are filing
Speaker 1: taxes and the best thing to do is, especially on
Speaker 1: my Instagram page, like if you are needing any assistance,
Speaker 1: I always try to put helpful links just about all
Speaker 1: the things we talked about today are writing my bio.
Speaker 1: It's I'm Laura la u r A last named Foost
Speaker 1: like Frank Oos like Sam so just typing Laura Foost.
Speaker 1: I'm sure you'll find my Instagram page there. You'll see
Speaker 1: the flyer from today's show. There. Click the link in
Speaker 1: my bio tells you how you can get started with us.
Speaker 1: I have a free tax prep checklist. I also have
Speaker 1: some budgeting and savings worksheets there, because once you get
Speaker 1: that refund, I want you to save some of the refund,
Speaker 1: invest some of the refunds, so we're not just spending it.
Speaker 1: So certainly just check the link in my bio and
Speaker 1: there's a lot of helpful free resources there. Thank you
Speaker 1: Laura for calling in. And I want to think about
Speaker 1: listeners for every day every week to porting and listen
Speaker 1: to the show. Laura, We're gonna talk soon because you know, yes,
Speaker 1: I always make mistakes when I'm talking about taxes. I
Speaker 1: gotta calling expert, and you are the person I need
Speaker 1: to be calling it. Thank you for calling. I talk soon. Okay, okay,
Speaker 1: thank you for having me. Take care. Let me tell
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