Beantown Podcast - Top 10 Things the IRS Doesn't Want You to Know (ft. Matthew Fiedler)

Episode Date: March 9, 2019

Quinn is joined by long time Friend of the Podcast and tax wunderkind Matthew Fiedler to discuss the Republican Tax Bill, why you should choose the Cayman Islands for your destination wedding, and how to keep the IRS' hands off of YOUR hard-earned money #FriendsofthePodcast #Taxes #IRS beantownpodcast.com

Welcome to the bean-town podcast for Saturday March 9th, Quinday with Furnace, comedy live from 817 St. Paul Street, The Host with the Most. Welcome to my show, I am the creator, the producer, the writer, the editor, the best boy, the key grip, the caterer, all that good stuff. Of Quinday with Furns presents the bean town podcast or the people's podcast.

It is affectionately known. One of Baltimore City's top 500 podcasts and you're leading source for misinformation. Probably now featured on iTunes, Google Play, Stitcher, Player FM, Spotify, YouTube, Sound a stitcher player FM Spotify YouTube SoundCloud beantownpodcast.com check it out. We got the beantown blog, all that good stuff. You know where to find us. Beantownpodcast at Yahoo.com that's beantown B-E-A-N-Tune podcast at Yahoo.com for your concerns, your grievances.

Well, omitted in. that's pretty good for, oh, we forgot one thing. Listener discretion is advised. When you're listening to the Bean Tom podcast number one, we'll occasionally use some aphopoligic language. And number two, the podcast is objectively terrible, although it's gonna be made a little bit less terrible when we are joined today by special friend of the podcast.

Let's see if we can get this right. In some circles, a co-creator, and other, I said co-creator, not poke, pro-creator, in other circles, a lead guitarist and vocalist and other circles circles and in today's circle, accountant, extraordinaire, tax auditor to the stars, Matthew Feether, welcome back to the Bean Tom podcast. It's been a couple months. How are you doing today? I'm doing okay. As always, I feel like the need to preface my abilities. I know nothing about taxes. I'm not specifically a tax auditor,

just to find the initial statement on it. So I want to throw that out there before we get into that, did he agree? Now Matthew, you didn't go to business school, is that right? All I did, Granted it was a small school. Yeah, and I didn't end up getting my NDA. That's still in the game plan for the future.

But, no, I made, I got my bachelor's in the counting. You know, now, that's fun stuff. Hey, while I have you here, did you get the TV guide this week? I did not. In fact, I don't think I really watched any TV Probably the last few months Yeah, I don't own one either, but There's this ad for this company that I'm probably gonna buy a lot of stock in it's called jitterbug And I'm just learning about it now

jitterbug flip phone no contracts no cancellation fees Jitterbug flip phone, no contracts, no cancellation fees, they're advertising the all-new Jitterbug smart to with plans with data as low as 1748 per month, long-lasting battery. I don't know, it looks pretty good. What are your thoughts on the flip phone? that the new form factor of, there's a Samsung phone coming on called the Fold. Everyone's freaking out how it's a foldable phone, but I don't know. The junior bug sounds pretty enticing and it's foldable as well. Kind of a nod to the nostalgic texting days and all of us, right? Texting on a flip phone, though though is how, let's be honest,

that's not preferable by any means. Well, I'll say this, the Jitterbug, whatever it was called, Smart2 series, was advertising its new, easy voice recognition texting software. So, mate. Oh, voice attacks, that's a, best, that's pretty high tech. software. So mate. Yeah, well don't underestimate the jitterbug smart 2 series because they're

cutting edge. Yeah. for like the senior, not the step out of the one's toes, but there's like a phone that's geared towards more so the older demographic or the senior demographic where there's less buttons so it's less intimidating is that kind of what the gym I get. Are you bringing this up because I'm turning 24 next weekend? Well, I don't know. Do you have kind of getting up there? weekend. I've never been good at texting. If my iPhone didn't have auto correct, you'd think I was speaking Swahili or something. It'd be like the dolphin clicking noises. I don't think dolphins click. What are you talking about? Dolphins are clickers. Is it really clicking?

What else would they be doing? I don't know. I mean, like I get what you're saying, but I don't know if it's defined as a click, is it? You ever see that movie click with Adam Sandler? You know, yeah, but if I were to do with Dolphins, does this? I had a roommate in college. That was his favorite movie. I never understood it. He would watch it frequently.

I had to move me where he can control time with a remote. Yeah, that's stuck. Yeah, that's what I've heard. Oh, yeah. I don't think I finished it, but I do. It has a John Void cameo. You're asking the wrong guy. No, not at all. Is that a John Void cameo? You're asking the wrong guy

Now for those of us who don't know John Void's daughter is whom? And Julian Jolie. It's right. Yeah, we're information sharing. Oh Come on you you got a you got an accounting degree Six-figure salary job a Roth IRA like you wouldn't believe, you got it all, don't don't deprecate yourself. Three figure salary job. That's tough. Well, I don't know those three things about half of those three things are true. All right. All right. Fair enough. Hey, what do you say we talk taxes? What do you say we release my taxes live on the air? How does that sound? All right, let's jump in. Let's lead off with our politics lead. As everyone knows, we love to talk politics on the bean town podcast. So the Republican tax bill, I was actually doing some research on this about 20 minutes ago thinking, okay, this was

the last year thing, right, 2018. It actually passed in 2018. It's number one of the IRS does about the tax bill at this point. Oh, we're going to get to the IRS in a little bit. Trust me, we got some zingers for those guys. Turns out the tax bill was actually 2017, but what a lot of people will come to realize is that it's first kind of full year in the rotation is that the 2018 tax year, it's kind of, it got traded mid-season if you will, it resigned to contract in the offseason, five year deal, 40 million, it's

again, it's first full season under its belt. So Republican tax bill of 2017, first full year of implementation, Matthew, in your opinion, what's worked well, what hasn't worked as well. I don't the weird thing about tax bills, just economics in general, because this kind of goes to a different field of play. This is more like Econ and the economics, even though it's like touted as a science, there's some philosophy behind it as well. But I would say that you're not really gonna know the effects until a few years into it,

but in that same vein, there's projections that don't be needed out to be very great. At the end of the day, you have two different schools of thought. And this is being very, you know, this is generalizing. But you have people that think that taxes should increase, and those that think that should go down, and there's different reasons why they think that. And at the end of the day, I would say that Democrats or

Republicans are ultimately trying to get to a similar place, but their ways of going about it are vastly different. It's different, different reasons. So it seems like one of the big criticisms of the Republican tax bill was that it was going to be good for your average American in the short term, but really bad in the long term. Now, what we've been hearing, at least out of national media coverage, early returns, no pun intended, have been not quite as positive for your average American

as we thought. Is that because it's actually not been as good or is that just the way national media has been covering it? I think that the average American doesn't understand how taxes work. Let's say in your situation, your filing your taxes and you go through all the steps, you put in your W2 and you get to the end of the questions and the filing, and they're checking on my tax breaks, you can get the average American will look at the refund amount and be like, hey, I got a refund. I've let's say $500 last year. I'm only getting a refund of $300 this year.

I didn't see any benefits from the new tax bill reform. Ideally, that doesn't mean anything. The amount of money that you get back is the difference between what you should be paying in and what you did. So I guess to put it pretty blankly, if I am supposed to pay the government a thousand dollars over the course of a year, and I paid in 1500, I should get 500 bags. And that's just how it is. If I only put in 1200, then I get 200 back. So people are looking at their returns as how much money, how much like the overall tax bills affecting them. Technically, you should calculate your effective tax rate, not the amount of return you get back. So what we're looking at here, I wasn't paying attention to what you said, was

here. I wasn't paying attention to what you said. You pay, you end up getting a little bit more paycheck because you're paying a little bit fewer taxes and then that means that your refund at the end ends up being a little bit less. But perhaps you saw the gains throughout the year and incremental amounts on your bi-monthly paycheck. Yeah, that's fair. Keep in mind, this is pretty broad. I mean, everyone has their own different tax issues or stories because at the end of the day, if we want to make it as simple as possible, and this is me, God, throwing my fellow attacks

rather than under the bus, but the easiest way to impose a attack with a flat tax on everybody, and it'd be proportionate to what they make, what you know, and that seems like the most straightforward to go about it, however, because of all this legislation, and there's different caveats for like, you know, if you have a mortgage, if you have business expenses,

and what have you, it will affect everyone a little bit different. But look at it this way. Let's say you're paying the government to live in the US that you're paying rent, OK? And the government says you have to pay just to make keep it simple. Quite, you have to pay $1,000 a year to live here for rent.

I'm white. So I'm white. rent. I'm white. So I'm white. I shouldn't pay rent. You don't want to pay rent. Well, that's the caravan, I think, would probably do that. A lot of people just don't want to pay tax. I mean, that's, when you look at it in terms of, and this might get more political than actually what we're looking at as far as refunds and how it affects us, but the political side would be, well, I feel like yeah, tax is necessary. It sucks.

I mean, I'm not the first person to take my money, you know. But to pay for government process, protection, protection and things of that nature it's important. So let's say you're paying for those fees you're paying for protection, legislation, basically safeguard America as a whole and in part other countries because we give the to other countries as well. So let's say you have to pay $1,000 a year for that, right? If you say that you have certain exemptions when you fill out your I-9, when you have a new job, let's say you have two or three or four, that's going to affect how much is withheld from your paycheck.

And ultimately, what's kind of given to the government as the year progresses? If you overpay, you're going to refund. If you underpay, you have to pay taxes in that band of year. The accounting side of me, or the more fiscal, fiscal irresponsible side of me says I want that number to be zero because one I don't have to pay in you know at the end of the year into if I get money back at the end of the year that's money that technically the government has been holding and I haven't been giving interest on in my bank account, which would be like

probably 0.003 cents. But yeah, that's what we mean. Technically zero. You don't want to refund the end of the year. You know, I opened a fixed term 36 month CD about, I don't know, nine, 10 months ago. I think I made like four bucks. So if anyone out there is thinking, I'm tired of making one cent a year off

of my savings account, fixed term CD might be the way to the future. Yeah, for sure. A lot of people assume as part of the Republican tax bill, a new higher standard deduction for this year might mean more money in our pockets. Might not be the case. Talk us through why. Yeah, that's the kind of goes back and forth

because there's in place of the standard induction. I think it was around 6 grand in 2017 and in 2018, I think it's just a flat 12. And by doing that, they made taxes a lot easier, probably for some people that would choose to itemize. But I would say overall, you're a mileage made, Mary. It really depends on the type of person. For most Americans, it's depends on the type of person for most Americans.

It's fine, I can change a huge amount. For me, I was able to pay off my student loans prior year, but you can't claim any of that interest that you paid on student loans. That was one of the caveats in the bill. So there's a few things tucked in there that we have to kind of treat off. I guess as Americans to get that that larger standard deduction. But while we're on the topic of standard deductions, what is a standard deduction? So the my my understanding of this is the government saying this is not much money you can make. And we're going to let you have that much with, and not technically good tax.

Now, people to make under that, depending on certain things that are occurred right here for them or state taxes, they still might have to take. But essentially, the government saying, you should be well, live on 12th grade a year, and you should be okay. That's a very boiled down way to look at it. But anything in excess of the 12th, that's basically what will be your access of the 12 that's basically what will be your AGI or your adjusted gross income. $12,000 doesn't seem like a lot but it used to be less than that. To be fair they're not trying to say like don't give us any money I mean they're just saying that so much is going to be allowed before taxation is imposed.

I mean, they're just saying that so much is good to be allowed before taxation isn't posed. This is blowing my mind. We're learning so much. I feel like we should teach a financial literacy class. I think that's the last thing you're gonna be doing once. Oh man, it could be like half-comedy act, half, you actually learned something, learning through comedy. I, the Matthew Quinn financial literacy seminar. comedy act half you actually learned something learning through comedy I

The the Matthew Quinn financial literacy seminar Yeah, well, we're gonna brainstorm this summer It got got let's see two more questions here about this whole politics stuff and then we're gonna dig into my returns One thing the Republican tax bill of 2017 doesn't seem to have changed is the forecast on the ballooning national debt. Does it really even matter at this point what our debt is? Because you hear about it going up, you hear about Obama added 74 trillion to the debt, Trump's adding to gazillion who what would talk to us about the debt

So why should we care? Yeah, this just, this goes into like deeper political sides. Obviously, people are going to probably be politically charged on this. The answers specifically, it would be nice to pay down that. I mean, as an individual, I hate having debt. I a lot of the companies that I outlawed it, and debt is a necessary, necessary thing to have because it generates more cash flow in terms of being a government. Cash flow is very important, especially because there's a lot of jobs in America that

are government based. However, it seems like, by the more important thing to focus on is the debt in terms of trade. And that's in relation to trade with China. I think that's probably been where a lot of people have been focused on, especially in the last probably two years. And last year, specifically with all the talks of tariffs and all that, it's kind of a pretty charged subject. I personally don't think it's going down any time soon. And I think the devil continued to build. Now that's not to say that we should just keep stacking on

through it. I don't think this, this texture for Bill is a fix. I think the Republicans kind of hoped in general that it would encourage more infrastructure, innovation, like kind of feeding into jobs at home opposed to jobs abroad. And a lot of people saw that specifically Democrats, I think saw that as like a very near-sighted approach.

Because if you have, instead of like sending jobs to China and overseas and increasing the debt there, your slashing tax is on corporations and it's still the effect that ends up being very similar. It just has a different way to get there. The Republicans kind of pushed over basically saving corporations for money so they can read best. So honestly, if you want a great answer, full sides, I think have reasons and valid reasons

for what they did, but I think they're both none of them have provided a great solution. I think we can all agree that we're losing so badly to China. Yeah, it's been a good sense to send a lot of parties this year. China, China, China. I've got to have my China. We got one more question here. We're going to get to some ads. One thing that everyone talks about is itemizing

deductions sounds great until you realize that less than 100% of Americans actually don't even know what this means Can you talk us through itemizing deductions a little bit? bit. No, I think it was less than and also it came from a national center for the education statistics. Children's website created a graph that I made earlier today. Okay, yeah, that sounds good. So itemized deductions, so I have to put it into like really basic terms because that's how I think I'm a very basic figure. An itemized deduction is a deduction that you can take in lieu or instead of the standard deduction. Now these itemized deductions come into play if you have a mortgage or you have, let's say I think moving expenses falls in there or interest expenses for some items and also

if you make charitable you have all donations, start the year. So, if all of those things lump together, basically me, doesn't certain threshold or over, in this year will be the 12 grand, you might choose to itemize instead of take the standard deduction. And what that is, is it would be subtracted from your original income and it brings you back to your AGI or your adjusted gross income. So it's basically like which path do you take if you're familiar with the board game of life, right?

Or I think you do have the same thing you can choose one way or the other. It's you're still gonna end up getting to the same spot. The whole thing is that you save more money in taxes. If you have a lot of itemized deductions, they can reduce your adjusted gross income. And just kind of a quick tip for everybody and adjusted gross income is what you actually get taxed on. So, two points here. Number one,

I think you're thinking of Monopoly, which has both income tax and luxury tax. And then my second point here is that so you're saying if I donate 100% of my income to charitable donations, I'm not paying any taxes this year. I think we just found the loophole. I think this is how Donald Trump got elected president. Oh, we've got some scheming to do this summer, but we'll go off air for this stuff. I'm gonna be honest because it's probably been tried. I think we've got some things in the hopper. We're gonna be talking later. Let's get to some ads here and then we're gonna get to my taxes, which is what everyone and no one wants to hear about at the same time. So, yeah, feel free to sip some water if you'd like. Have a Jack's Pizza. Okay. Home Pride organ. Are you tired of selling your house for less than a quarter of what it's worth

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that you can trust, call Steve at 541 207 1101 or visit homeprydorgan.com. or visit HomePrideOrgan.com. That's 541-207-1101, or visit HomePrideOrgan.com. HomePrideOrgan, inspection perfection. I want to give a shout out to the Samson Q2U series pulling double duty tonight. Beautiful crisp, clean, elegant audio quality, getting Matthew on one end and Quindy A.

with Furnace Host of the Bean Tom Podcast on the other end. Remember. Oh man, walked into that one. You're messing up the ad. Sam's is not gonna pay me. Jeez. I'm not gonna be able to write this off on my taxes next year. Don't forget when God speaks, he uses a Samson.

Quick shout out to the TV guide using my spirit Delta airline sky points that I earned throughout 2018. I was able to get a year-long subscription to the TV Guide subscription service. And I will say this TV Guide, if you're listening, I would really love when the Conner's returns without Rosanne, because it used to be called Rosanne. Now it's going to be called the Conners. If you got a spread with John Goodman and on it, it says he's back. I would love that. Maybe he's wearing plaid.

I think that would be a good look. So just something to consider as you're printing more and more issues, et cetera. Cuts by Q. Last one. Bob and weave. We all know the hairstyle, we all love it. But how many midtown Baltimore-based independent barbers can actually give it to you the way you deserve? Also, that's what she said.

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Curd to see a cuts by Q I really should advertise on the podcast and if I'm gonna advertise I'm gonna need to do something a little different So I'm thinking a jingle would be nice So I spent the better part of my walk home from the bar Just trying to like write a jingle in my head, come up with things that rhyme, fun, fresh tunes. And eventually I got it right where I wanted. And so I recorded it on my phone. I still have the original copy of that. And I was really excited. And then I get, you know, 40 minutes in my podcast and I'm doing the ad in garrison killerer's voice trying not to break. And yeah, I just I started on the wrong

tone. And from there, it was. You get a cover from that. It's very hard to do. No, maybe if I was sober, but yeah, it didn't make it. Well, we are joined by tax auditor accountant to the stars and lead guitarist and vocalist for the Bean Tom podcast on Plugged series Matthew Feather welcome back to the Bean Tom podcast. How was your half time did you get anything productive done? Yeah, I just had some of my whiskey and coke. Yeah, I'm charged right ago.

Who are you drinking tonight? I'm a whiskey and coke. Yeah, I'm charged. Ready to go. Who are you drinking tonight? Jack. Nice. Good call. I've got some, I have some Makers Mark bourbon. You know, that's a good stuff, but that's pretty good. Makers Mark was the last in my bourbon taste test, which

was a bean town of plugs series. You can check out on YouTube. I also recommend bullet bourbons pretty good you can check out on YouTube. I also recommend bullet berbens pretty good as well. Well it's great I've toured it it was awesome it was fun I was it was me and like 10 couples I felt a little weird but you know what I had fun so that's all that matters. I'm glad you you mentioned Kentucky though this This was interesting. One more thing that I promised we're gonna get back to Texas.

I was working today leading a workshop for some high schoolers. And somebody left behind, I don't know if it was one of the high schoolers or if it was somebody in a class before, they left behind a Churchill Downs Kentucky Derby Beanie not like anything special, but you know a nice kind of like interesting thing and You know, I did my due diligence took it around all the high schooler say is this yours?

Yadayadayada no one claimed it so I'm now the owner of a Churchill Downs Hat no one cleaned it. So I'm now the owner of a Churchill Downs hat. Congratulations, that's pretty good. Thank you. Did you like disinfectant? Well, it's in my laundry hamper. I'll be watching it in the next load. So in about three months or so, it'll be it'll be all clean here. All right. Well, we are talking taxes. It is our 2019 second annual tax special where Quinn kind of releases his taxes live on the air and we're joined by Matthew Feeller who's done it all. He knows the tax code like he knows other things. Yeah. Yeah, let's take into my taxes here and talk through some of the

deductions that I'm looking at taking in 2019. First thing, I spent about eight hours at What are my options? I think your options are just forget about it. I don't know. So technically that is income. But yeah, it's so small it's not going to change anything. So I wouldn't claim it. And I don't think you're going to get any detections for it. I wonder if there's like a form I wonder if there's like a form, XQ, Y-wing, bomber attack run I could fill out or something,

but I'll be in touch with my local circuit court. And we'll see, we'll see what they say. You know what I realized this one, I was at jury duty a couple weeks ago. At least the way it's set up in Baltimore City is anyone can just go show up for jury duty because of the way they do the check-in process. One, it's not until everyone has compiled themselves into their rooms, but two, because they do it in so many different waves,

there's no way they can keep track of who's, you know, actually supposed to be there, who's not. So I'm thinking one of these days, you know, I only, I know they only call you in once a year, they're supposed to, but I might start taking jury duty once a week because they would never even know. What's that? They got free lunch from that. No free lunch. Apparently, there were, they had some sort of discount partnership with some of the local

downtown shops and restaurants. There was nothing free about it. Although you get paid $15, but you only get the money if you check in. So I'm not worried about the money. I'm here to help you. So. Well, I would also say that if I were in any legal issues,

and I needed a jury, I would just invite my friends to kind of show up. We're finding loop holes. The IRS is going to be, uh, if fumigated after listening to this, in infumigated after listening to this episode of Being Town podcast. I think we should title this episode with some sort of really zippy title like you won you spell out the IRS it spells theirs which is kind of a joke about taxes and how they take everything from you. So I'm doing it in my head internal revenue service. I'm not getting it. Talk us through that. It's just the THE IRS, there's also THEY Posh VRES. We'll circle back to this

one because I don't want to drop it just yet. We all know joining the military equals a huge tax cut which equals money money money. If I was looking to join the military for this sweet bonus which branch should I choose and how does the creation of Space Force impact that. but, um, technically you wouldn't get a bonus. A tax credit is normally just tax that you, um, it reduces what you end up having to pay. So it's not free money necessarily, however, I don't have too much experience with military tax deductions. I believe. It could be wrong.

You get maybe a specialized deduction. However, I think you get an additional deduction if you're an active service. So if you're actually a say overseas or an active zone, your deductions are greater than if you are on, like in the reserves. But yeah, the space force though, that seems like something that would be worth checking out. I know, I listened to a little bit of Mike Pence's CPAC speech last week and he was really getting the crowd riled up about space force. So I think to think about

Always there a thing. Yeah, and it's from the producers of the office. So I have high hopes, and I think that there's a silver lining to this all. Well, Matthew's teaching us about taxes, arts and entertainment, technology. You've got like half of the trivial pursuit pieces right here in front of us. This is pretty cool. right here in front of us. This is pretty cool. Yep, so I went to that because I'm just gonna ride this wave. Fair enough. I say something stupid again.

Now I was thinking about this in the shower before we recorded and I didn't think you're probably a state-of-the-art Secretary General. Open arms. We all know it. Some of us have attended the service. and be careful about your same tax. That's everything for real. Open arms. We all know it. Some of us have attended a service. I'm pretty sure I was getting paid under the table. Are there any sort of reparations

that the IRS is going to be looking for six, seven years later? Yeah, so for those of you who do not know, six, seven years later. Open Arms Lutheran Church table which for those of you you know a little bit slower it doesn't have to be a table involved it's basically just paying cash however the downside from this and what I say is kind of I don't know a fault of the Lutheran faith made over at that church. Doesn't God say give the Caesar what a Caesar's? Technically they should have obtained employer taxes or at least giving you a $10.99. I will say that I went to Lil Cesar's frequently that year in high school.

So I think depending on your interpretation, I know that you gave him a little Caesar's or a little Caesar's. I was a little Caesar. That's it. Yeah. I feel like I had tax forms at some point. I don't know. I also wasn't doing my taxes when I was 18.

So maybe. I don't know. We should launch a. That's the only. If you run for office in the future, it might be a pain in the ass because someone's going to find out and dig it up. But other than that, I would say you're probably okay. The Lutherans, I need that crowd for my potential run when I want to run for Congress in Minnesota's

Northern Districts. Yeah Northern districts, yeah. Yeah. Oh, sure. Here's a straightforward one for you. Can I claim myself as a dependent? I am a lot to manage. I know you are, but technically, no, you cannot claim yourself as dependent you rather would use a personal exemption for yourself, which

means that you aren't free to take the standard deduction. So yeah, you can't, you're not really dependent on yourself. What if I have a doctor's note substantiating the fact that I'm a schizophrenic. This gets into a tricky part, but I think by the state, you are identified as an individual person, even though your faculties may suggest otherwise. It's kind of like this mob mentality where everyone else is to exceed your just more person. So you are.

Do people in Washington, DC.C. do state taxes? How does that work? I think that, yeah, they do. I'm going to be honest with you though. I'm not quite sure how their tax forms are just due to the fact that they are state employees. Well, if you are in legislation or if you are in Congress, like I'm not quite sure, I'm assuming the process is straightforward

as anybody else's, but I also don't know the caveats on what taxes they pay. I think it's slightly different than the rest of us, but Washington DC is it's money. It's a government Job so those are tax differently Yeah, but what if you like work at the Starbucks in Washington DC? Oh, then I you're probably just You're like everybody else But you don't have a state Yeah, that's a good point.

To be to work around that, I just probably wouldn't live there. You can see if you can be in there. It's a good idea. It's very expensive. Yeah, I like your way of thinking here. Claiming pets' dependence, your thoughts. If your pet has a social security number, then it's probably okay. your thoughts? You're coming across people who would claim like Donald Duck and Daffy and Dyer has kind of caught on that there's no way to really substantiate that these dependents are being put down

were individual people so they started acquiring social security numbers for each of your your dependents as well as yourself and your spouse So I think if your if your pet has a social security number you could probably get away with it. This sounds like the birth of Obama tapping if you ask me. There's a whole nother hour for us to talk about. Couple more questions here. This one's about bean town. Is there anything in the tax code that discusses what to do in your podcast reaches 5,000 listens?

For instance, a lot of companies talk about going public. Is this something that I should be considering moving forward? Also how does introducing a brand new sleek elegant website with domain name beantownpodcast.com impact things? A lot wrapped into that question. Yeah, I'm just going to break it down. Where to begin? I'm going to start at the beginning. Okay, so the tax code, I don't think it explicitly singles you out. There's a lot in the tax code, but I just did a quick control find for being counted. Nothing came up. So I think you're probably good there. However,

I don't think you're quite ready to go public. It don't take that as an insult. to go public. It don't take that as an insult, but I think that there's it's probably not good for you or your budget and infrastructure at the time, give it a year or two, and you could go public. However, if you work to go public, you could be double taxed. And this is, do you want to open this can of worms? It sounds like the socialists getting their way. Oh yeah. So technically you, you could file a schedule, see this year, which basically means you have, you have a company or a podcast, Meetown. So it's kind of an entity. However you are solely responsible for it. So it's not a separate entity. Now if you were to start an LLC or a limited liability corporation for Meetown, like Meetown LLC, I like how that sounds. Yeah, I know it has an extra activity that it it would be its own separate entity, but right now

Most people if they like to have a job from their house or they kind of they could be like a nanny or babysitter or Anything like that if they get a 1099 They could fill file a schedule C in either they could fill file a schedule C in the way that I look at it for you especially this year you are you recently shot out to your fundraising profits technically that's income for for being town so you'd have to claim it as income and then for you you'd probably document the expenses that keep out of it and the differences taxable revenue That's the right way to do it

Off the record I'm gonna say I know I'm still on the record, but it's such a small amount. It, to be fair, all that muddy as you kind of broke down is spoken for, so it is tied to an expense. So there's no actual revenue that's flowing through you. So at the end of the day, I feel like you could justify, I mean, the IRS is not going to come after you for 300 bucks of a mid-come, probably, but you could justify that it is all going straight to expense. So, so yeah, so I think you're okay. Without fog, I'm just going to see this year. But that's my someone educated opinion. You've given us a lot to think about being

town LLC, a Quinn David furnace company. I don't know, I kind of, it would be nice to add to the end of the show. The NASDAQ, how do we get on that? Well, yeah, it's kind of taps into the going public and being a major driver in the industry, because the industry kind of has these certain companies. And you've probably heard of like the fangs, which is Facebook Amazon, Netflix, and Google. They're then grouped together, are basically large drivers in the tech industry. And a lot of investors kind of

bundled together certain groups, their groupings and looking at their fluctuations or their profitability or their health kind of help them judge where the stock market's going and the trends and what have you. You would be loved into probably media media groups and yeah maybe next year after you go public you have that's a conversation that we can we can talk about it. And revisit. Got so much to talk about. Wow. It's all happening right at the end.

I got two more questions for you. And then we're going to let you go. There's a lot in this first one, though. There's a lot of creative flexibility on your end. A lot of people know that getting married can cut your taxes in half. And a lot of other people know that getting married can cut your taxes in half and a lot of other people know that keeping all your gold locked up in the Cayman Islands is a quick way to financial security but what a lot of other people

don't know about is getting married in the Cayman Islands. Why should engaged couples who are looking at destination wedding locations consider the Cayman's this year? Your thoughts? It's just one that's a lot warmer than where I am currently. That in itself makes it great and enticing. As far as tax benefits, good question. Your tax plan where you live. So, I'm going to give you a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of a little bit of thoughts. Now a lot of people know that Switzerland was neutral in World War II but do you know which side the

Cayman Islands fought for? I think they were just gonna do their own thing. I'm gonna be honest with you. Probably just fighting Sunbird opposed to actual war. Two busy hosting destination weddings I suppose. Yeah that's probably true. All right last question for you. You're known for being the biggest baddest tax auditor in all of Northern Illinois. Have you ever considered going after the big fish Matthew Feelor audits the IRS? Talk to us. Yeah, I never, I'm a pianist, never thought of it. It's the IRS technically audit you at the end of the year.

So to audit an auditor is something that's very inception-like. It could be done. Basically, what you'd end up doing is the auto would consist of testing their public controls because you don't want someone who's probably lazy and just saying, okay, yep, that's good, yep, that's good. You know, you want to actually verify that they're doing their job. And so, that's kind of what an auto would probably look like for them, making sure the controls are in place their big file log and then you probably randomly select returns or look into Open amounts of dire assets disputed or what have you make sure that there's valid reasons for what they what they've done. It sounds like they're very understaffed though

so I don't know and audit for them. I would be very rough to to work along so they would they would definitely not happen in the next few months because they're gonna be fairly busy coming up but So you're saying it might be a better screenplay than an actual life event. Well, I don't know. It depends on how exciting you find auditing to

foster my friends and shout out to my girlfriend. In short, she doesn't think that economics all that exciting. I'll tell great accounting jokes and I think my humor is not very dry as of recent years, the more that you get stuck in a cubicle working on numbers, it just doesn't make you a funny person. So it could be a very boring, great place, what I'm saying. Well, I'm thinking there could, one word for you, infiltration. I'm thinking maybe you expose the lies and the other happenings at the IRS. Maybe they've been taking too much of their cut for years and years.

I'm thinking like national treasure mixed with the firm, mixed with the Wolfow Wall Street. I don't know, I think there's something there Love child from all those movies. Oh the greatest minatcha toa in history. Yes, true. That's another screenplay. I'm gonna be working on Yeah, but it has to be Zach breath. No, yeah, I guess that makes sense. I was born for like a young, best and half minute. I think you're never going to give that up. I know, not really. I guess if Jack Cusack has a child, I don't know about a son.

But as a matter of fact, the son or daughter they all have the same Cusack son. This is true. Oh man, well, we are reaching the end here. 55 minutes of thought-provoking tax discussions on our 2019 taxes podcast. Matthew, we're getting to our closing remarks here. Is there anything you wanna plug while you you're here live on the air?

Anything I want to plug Nothing in particular Yeah, I would just say be fiscal irresponsible this coming year and Gear taxes done before Probably try to do it before April I just just forget, legally you should have all your tax documents by this point. I think the legal stipulation is the end of February. So you should have everything you need to get started and knock out your taxes.

It's not as scary as people think. You can get them kicked back and you just, you fix it and you re-submit and you keep your truck in. So yeah. And when is tax stay this year? It's the 15th. And in fact, it's always still the 15th. However, there was a period in prior years where we see 18th.

But that was because the 15th was a Saturday. And there are some weird stipulation with the dates. So it can actually occur out of Saturday or Sunday, has to, has to fall on a weekday. Now does the IRS need the forms by the 15th, or are we talking postmarked by the 15th? So I believe it's, if it's postmarked by the 15th, you're okay. Actually, it's most marked by the 15th you're okay. Actually however you can also file extensions if you know that you don't have all your tax documents ordered or let's say you're waiting on a reissued W2 that was

given to you and it was wrong you can actually file an extension and that gives you a moment of a grace period. Wow. I think you can even do that through TurboTax. You can file an extension. That could be wrong. This is turned into an hour-long advertisement for TurboTax. I think you can do it with tax slayers, well, an ancient or a block online. What about...

I'm just a little bit better. Let's see. What about... Oh, there's that one, it's not Edward James almost, there's another bank, Schwab. What about Charles Schwab? What about him? Yes, what do you want to know?

It's a fun name. Schwab. It is pretty good. I always went right here to the name Charles Schwab. I think of those commercials of yesterday where they had this weird like 90s type of filter over the people talking where they don't look kind of like cartoons. Do you remember that at all? I don't, but I have to go look it up. I'm sure there's stuff on you too. But yeah, it really made it a lasting impression of Charles Schwab in my mind.

Well, Matthew, you've given us a lot to think about, a lot to chew on, a lot to sleep on as we approach where we about 30 some days until tax day in America. Closing remarks here. Any last thoughts for the listeners? I would say thanks for sticking out. Listen to a lot of this information. Also, fact check it to make sure that it's 100% accurate because you can't believe everything you hear. Just some of what you hear.

So. That's a pretty good description of the Bean Tom podcast everything you hear, just some of what you hear. So. That's a pretty good description of the Bean Tom Podcast in general, I think. I think it's nice to you, you tag it at the very beginning. Like, this is the leading source for misinformation because it just covers your ass. Oh yeah.

It literally anything has that point. Anything goes. Yeah, I don't want to be sub-penid. Yeah. Sub-penid, I don't want any of that. Yeah. I can't go to court. I already missed it a for jury duty last week. You know, technically you already want the court,

which is what I'm saying. Exactly. Yeah. Well, thank you, Matthew, for everything. Apologies for the, I'm getting to be. Exactly. Yeah. Well, thank you, Matthew, for everything. Apologies for the, I'm getting phone notifications. My phone is blowing up. I think final jeopardy. My mom just sent to me, so we're going to have to answer that later.

But thanks again to dear friend of the podcast, Matthew Feeler, taking us through all things taxes and putting up with my questions, which I got to them about 20 seconds before we started recording Yeah for all of us here at the bean town podcast Good night good luck. Check out beantownpodcast.com Bean town blog all that good stuff updated here and there Quindy with furnace bean town, Bean Tom Podcast, signing off. Everyone have a good week. Very excited.

Next week is the birthday podcast. You remember from last year we sat down with a bottle of wine and one of those frozen peppered farm cakes. We're doing it year two again this year. It's going to be huge. We're going to be reading more wine labels it's going to be a good time so make sure you tune in for that otherwise that's what we got for you so thanks for listening hope everyone has a good week get your taxes done call Matthew with any

questions you have because he knows all this stuff. And otherwise, we are going to check in on you next week.