Right About Now - Legendary Business Advice - Death & Taxes: Maximize your Business’ Money with Ryan Moriarty

Starting point is 00:00:00 The taxes, there's laws, there's rules. As long as you're following the rules, you should do what you can to maximize your tax savings within the rules. That's your right as an American. This is Right About Now with Ryan Alford, a Radcast Network production. We are the number one business show on the planet with over one million downloads a month. Taking the BS out of business for over six years and over 400 episodes. You ready to start snapping next and cash and checks? Well, it starts right about now.

Starting point is 00:00:31 What's up guys? Welcome to Right About Now. We're always bringing you what's right. And it's always topically right now. Hey, we got a topic today. You know, we all wish we didn't have to think about it. But look, this is what we do on the show. It may be a topic that you don't always want to think about. But we're going to bring you the best, the brightest,

Starting point is 00:00:53 and the info that you need to do it the best way possible. That's what we've got Ryan Moriarty. president of done for you tax.com. What's up, Ryan? Yes, sir. How are you doing, Ryan? I'm good, man. I got to be honest. You know, we're recording this on a Monday and I'm like, taxes. Oh, man. But then I'm like, wait, no, Ryan is telling people, we're bringing, we're bringing the good to people like how to get it done the right way, the most inexpensive way possible. So, hey, we got to bring the message to the people one way another. What they say, death and taxes, you got to count on both of them.

Starting point is 00:01:28 I mean, I'm definitely a good business in terms of that. Yeah, I know. It should be good, what do they say, longevity, and you know you always have somebody needing your services. Yeah, exactly. Ryan, I know, I guess we're in Puerto Rico today. Congratulations on having the better weather for probably 98% of anyone listening. Yeah, that's good down here. Yeah, man.

Starting point is 00:01:56 How's life treating you? Oh, it's great, man. I'm super blessed down here. I got my daughter and my girlfriend and my family down here. I'm very happy. You know, we got our little swimming pool outside and we got a bunch of tennis courts right near the house. So I'm happy, man. I'm happy. Hey, living a dream.

Starting point is 00:02:16 I love it. I, uh, how long have we been doing the tax thing? Has it been a lifelong, you know, accounting thing? No, no. So my background's actually computer science. So I have a doctorate in computer science, and I've been a tech business owner for 15 years. So that feels like that's been a lifelong thing. I started this accounting company four years ago.

Starting point is 00:02:38 You know, it was actually my girlfriend. She needed some help with her taxes. And she's a travel nurse, right? So she had a W2, and she also did some part-time 1099 work. And so she didn't know she could write stuff off for her 1099 business. I helped her with that. She posted about it on Facebook, and like 30 people wrote to her looking. for help. And I was like, oh, man, we got to sell these people accounting services. So I hit

Starting point is 00:03:02 at my CPA. And I was like, hey, you know, if I do sales and customer management, will you do fulfillment? He said yes. And then, you know, from there, second year, we brought it in-house. Third year, we started building software, my background software. And we've really been able to, I mean, just kind of just make it super efficient, make it super affordable for something that generally, you know, wasn't that affordable before. So, yeah. You know, it's taxes are an interesting thing. Like, it's, in more ways than one.

Starting point is 00:03:35 I mean, you know, presidencies are sometimes worn and lost over it. People, lots of divorces, lots of, you know, all kinds of things. You've got fraud. You've got a million different layers to taxation and what it's for. I don't know that we all want sort of the benefits that come from, you know, an organized society maybe for what taxes are supposed to pay for, but nobody really wants to pay ultimately because you work hard for your money, right? Yeah. And then you got to, then it goes out the other end. No, exactly.

Starting point is 00:04:14 Yeah. Listen, we should all be, the taxes, there's laws, there's rules. You know, as long as you're following the rules, you should do what you can to, you know, maximize your tax savings. within the rules. That's your right as an American. I wonder what, you know, if you think about, like the scale of both lack of knowledge and sort of trepidation and fear, like where taxes fall, it's got to be pretty high, right? Yeah, there's a lot of people who are very nervous, you know, there's a lot of people who come to me. They haven't been in a long time. They're just like, man, I just didn't want to touch it.

Starting point is 00:04:50 You know what I mean? So, yeah. But it's, but you have to, and I think that's why. I was excited, you know, like, okay. Yeah, empowering people is what ultimately we're trying to do with knowledge. And the more people know and they understand and the more outlets they have for services that they can benefit from. Yeah. That's where I think, you know, we're doing our job and trying to sort of take the message to the people. Yeah, absolutely. Absolutely.

Starting point is 00:05:21 Well, you know, the people that should hear this message, you know, are generally like who we like to work with. It's small, I call it very small business. So business is making around 600,000 a year and under, right? So it's the, you know, it's the guy behind the computer. It's the insurance salesperson,

Starting point is 00:05:37 you know, the person with 1099 work. I get a lot of, you know, people doing yard work or construction companies, right? So I'm working, I'm looking out for the, you know,

Starting point is 00:05:47 the very small business person is who I'm looking out for. And, you know, it's a, it's a range, you know that zero six hundred thousand where you know you don't have three thousand dollars a year to spend on your bookkeeping you know what i mean and that's you know generally the price that you'll find if you talk you know you call up your local you know account or you know it's three dollars a month it's kind of like the standard for bookkeeping we're doing it for 97 to 147

Starting point is 00:06:11 a month to any company up to 600 thousand dollars in revenue you know and so to be able to bring that service um to this kind of it's most CPAs don't even want to work with the clients that we want, you know, which is the 600,000 and under. So, yeah. What, what do you think is the most, like, I want to get into your service some here in a bit, but let. What's like what maybe the biggest for that demo of small business, when you work with them and what you've learned, maybe like what's like the biggest things that

Starting point is 00:06:46 they're either missing or don't know or misconception in that sort of sweet. spot. Yeah, I mean, I would say like if whenever I get someone who's new to business on the phone, you know, or I talk to someone, you know, my number one piece of advice is, um, is really to get your bookkeeping together, right? And my joke about this is people call me all the time with back taxes, but no one ever calls me with finished bookkeeping and back taxes, right? Yeah. Yeah. Exactly. Why does you go to bookkeeping done? The tax filing part, that's easy. You know, that'll, that'll get done, you know? And so the, I think, like people are like, oh, this, you know, it's going to be really hard.

Starting point is 00:07:25 You know, there's a lot of stuff going on. It's not. You just the one piece you got to take care of is the bookkeeping. If you take care of your bookkeeping, the rest will fall into place, no problem. Yeah. I could speak to that. You know, I've been an entrepreneur for seven plus years. Not my entire career.

Starting point is 00:07:41 I've worked for others like 15. Yeah. And my dad was in small business. And so he counseled me. But what I could tell you, though, because I've had friends and watched it, it's really easy to get behind if you don't prioritize and get it. Like you said, it's just a book you, but it's just a bookie.

Starting point is 00:07:58 You know, it's like, exactly. And even if you're not trying to, again, do anything wrong, it's one of those things that should be like core learning. So like anyone of our listeners, if you're starting a new business or thinking about it or, you know, you're in software, like, again, like he said, behind the computer, doing coaching. Yeah, coaching.

Starting point is 00:08:24 Absolutely. That's a sort of thing. You start, income starts coming in, but you need to be sort of managing the trail of all of that in the right way, correct? That's the thing. But like, that's not, not only is that what you should be doing, that's all you have to do, right? It's not, there's, people think that there's all these things, you know, you have to do. Even if you don't set up an LLC, you know, you'll have a sole proprietorship, nothing will happen.

Starting point is 00:08:48 If you're making money, the only, the only thing, the only thing, The only thing you need to do to not get behind on your taxes to not feel like you're overwhelmed is just to get your bookkeeping done. And if you get your bookkeeping done, all the other administrative stuff will fall in the place. What's been, what's some of the biggest changes? I mean, there have been changes in, you know, like, I don't know, from either the technology, the laws themselves or other things that have sort of guided the whole industry. Yeah, no, I mean, I think one thing that's really cool right now about the industry is

Starting point is 00:09:17 what technology can do to it and what it is doing to it. You know, I don't see that many other firms like us who are really like developing software and then passing, a lot of people are developing software, but then they're still charging the same amount. So we're developing software. We're passing those savings onto the client, right? And so if you look at, remember the first year, we were just doing, like I said, my CPA was just fulfilling, right? And if you look at the amount of work that we had to do for one client from that first year to where we are now, it's about 95% less work, right? Originally, we were collecting all the information through emails or collecting all the bank statements through emails so that we could do the, you know, so that we could actually do the bookkeeping and the tax filing. Now we have an online portal.

Starting point is 00:10:01 You go there and you connect your bank accounts using Plaid. It allows us to automatically download the transactions and literally download the transactions daily so we can just do the bookkeeping for you, you know. and then all the other information we need to collect for taxes. Again, we have an online portal. So you just enter it in there. We'll tell you if it's, you know, the computer will let you know if it's off or what we need or extra things we need. And so to go from where we were, even us as a company where we started just like a normal accounting firm to what now is a software powered accounting firm. Like, yeah, I would say 95% of the work.

Starting point is 00:10:37 There's about 95% less work per client. that's true how does a i you know get involved as far as taxes go that was fascinating to me you know i see that on almost everything now you've got ai involved in helping in some way uh what about your taxes yeah so i mean so for the bookkeeping it helps lower the cost right so you know if um if we were just to get so i have someone go connect their bank accounts we got their transactions say we're doing in 2020. So we have all the 2020 transactions.

Starting point is 00:11:10 You know, without AI, without the computer, our bookkeeper is going to have to go through and manually click on all 1,000 of those transactions and classify them, right? But what we have now with the software and with the AI is before the bookkeeper even touches it, the computer does

Starting point is 00:11:26 a run at it. And the computer will get it like 80, 85% of the way correct. And so now the bookkeeper is only working on the final 15% just to kind of clean up the final 15%. The rest we know it was right because, you know, the computer did it, right? So we're looking at like, you know, an hour or two or three of time from the bookkeeper versus before we're talking like eight hours to do to do a set of bookkeeping.

Starting point is 00:11:49 So it's just really like it just really minimizes the time, you know, allows us, like I said, like other people, they may not pass on the savings to you, but our company passes on that savings to you so that, you know, you can actually get it done for a reasonable price, which is really important for these small businesses. Yep. How much of it's, you know, you're done for you tax.com. So is it, how involved is the business owner have to be? Yeah, no, that's a great question. I mean, I would say to answer to that is as little as they can be,

Starting point is 00:12:23 but that's not necessarily no work. You know what I mean? We do as much as we can for you, but that doesn't mean you're not going to have any work, right? So in terms of the bookkeeping, you've got to connect your accounts. You know, we don't know your bank logins, right? So you got to connect your accounts yourself through plan. Once we download it, we do the first draft. We turn that around in 24 hours.

Starting point is 00:12:43 And then you meet with us on the phone. Now, the reason you meet with us on the phone is because there's stuff you know that we could never know just from looking at the books. We need to know, you know, was this meal at a, you know, cheesecake factory? Was that a business expense or was that a personal expense? You know that we don't. So there's a, you know, for things like that that could go either way, we want to talk to you on the phone and figure out exactly. what we need to do. So now you're just having a half an hour, you know, maybe two or three of those phone calls

Starting point is 00:13:10 an hour and a half total. And so it's not that much work. You know, you work with somebody. You're talking with somebody. We have a lot in time for the meeting. So it's kind of structured for you. But that's what we need to get the bookkeeping done. And then, you know, going forward, it's really automated in terms of like keeping it up.

Starting point is 00:13:26 Now, in terms of tax preparation, the biggest thing for tax preparation is we just need the information, right? You have all your 1099 forms. you have your 1098s, maybe you have a 1095, which is, you know, health insurance, right? We need to get all those forms. We need to know what your address is. We need to know your names. We need to know your dependents. That's all information that we need.

Starting point is 00:13:45 So you have to enter in all that information. So maybe that's an hour of two. But once we have that information, we'll go through and we'll produce the return for you, right? And then once the return is produced, you know, it goes to our head CPA. He looks at it. You look at it. And then when everyone's in agreement, you know, we file. So, yeah.

Starting point is 00:14:02 When you think about. So if I'm in the shoes of playing this consumer, but it's, you know, the small business guy or girl. Yeah. I think about taxes and I'm, you know, my trepidation, my fear or like what I'm hoping I get from a service. So you want speed, you want accuracy, you want to make sure that you're doing it right. What kind of protections and or service do you provide? because inevitably, even a, you know, not a highly, I don't know, sophisticated business, but it might be simple, can occasionally run into gray areas of not knowing what to do.

Starting point is 00:14:46 So getting that kind of counsel insights, how does your company work with that when your models sort of set up for, you know, automation quick, a lot of stuff like that? How does that one-to-one come into play? No, absolutely. Yeah. And so that's the, like, I was talking to a, you know, I was doing a sales call today and I was talking to somebody. And I was saying that, you know, any kind of question you may have about, oh, what about this off case or what about this off case? That's why you get on the phone with the bookkeeper one on one for those meetings, right?

Starting point is 00:15:18 That way you're able to ask the question. The bookkeeper is able to dig down to get all the information they need so that we can classify that transaction correctly. And so that's available with the service. Is that one to work? Yeah. Yeah, it's the way it works. Once we output the draft, you actually meet with the bookkeeper one-on-one on the phone until you're bookkeeping. Until you're 100% confident in the books and we're 100% confident in the books, you'll meet with the bookkeeper.

Starting point is 00:15:40 Yeah. What about the dreaded word that no one likes to hear? Audit. Yeah. How or does this service help if or when that happens? And, you know, how likely or unlikely is a business in sort of this service. stage, you know, that small business rage of getting audited? Two part, I guess.

Starting point is 00:16:06 Yeah, no, I'll answer the second part first. You know, generally audits for businesses this range about 1 in 20. So, you know, it's pretty low, you know, 1 in 20 is not very high. And then, you know, how does the service help? How, you know, how are we there? So the biggest thing that, you know, when you get audited is that you have your books together, you know. A lot of the government's looking for is people who just people who just, you know, just wrote down numbers. You know what I mean? Like, oh, my, you know, my, you know, my, uh,

Starting point is 00:16:34 meals were about $3,000. You know, if you write down all the even numbers on your return, you're going to get audited, right? Yeah. And so the point is to have the data to back it up. And the first thing the last for is the last to see your books. So you also see, you know, let me see the transactions that, that, you know, like, what is all this for? Here's, you know, $2,000, or $2,000 in, I don't say, continuing education, you know, what were the transactions that these were for, right? And so by building the, by building it off of, you know, what's true and factual, when the government asks for it,

Starting point is 00:17:06 that's what you're going to show on what's true and factual, you know? And then also, like, also, when it goes to the CPA review when we're filing, if anything jumps out at him, like, oh, man, like, you know, this person spent, like, is it a $30,000 a year business and they have $10,000 in meals and entertainment, right? That's no go, you know? We're going to sit down with that client. We're going to tell him, hey, man, like, that's a red flag. whenever we see something that we believe will be a red flag,

Starting point is 00:17:33 we bring it back to the client, we let them know the CPA has concerns. Either the CPA is not going to be okay with it in any case, which happens sometimes, and he'll just refuse to sign it unless the client decides to make the changes. Or we just let the client know that this is going to increase the probability of an audit. Do they still want to go ahead? And the CPA is okay with it, but they don't recommend it necessarily, right?

Starting point is 00:17:54 So, you know, that's a dialogue that we have as we're processing the taxes. So it's ongoing guidance to help avoid it. Yeah. But you do, I'm sure occasionally have clients that do get audited. Yeah, no, we do have clients that are audited. You know, we do the best to support them. Usually, so it's what they call like a desk audit, right? And so they're right, and your whole return isn't going to get audited.

Starting point is 00:18:21 They're going to audit one particular, generally this is the way it works. They're going to audit one particular category, you know, whether that's meals or whether that's continuing education, you know, whatever it is. And they want to see the, you know, the supporting evidence for that, you know, for that category. And if you're able to provide that quickly and you're able to provide that well and you're able to, you know, give them what they need, then it's going to end there because they see everything. Right. Now, if you make stuff up, right, then you try to, you know, then you don't really have anything to show them, you know, you're scrambling or it takes you a few months to do it, then that might lead to a full audit where they're going to ask about everything.

Starting point is 00:18:57 Yeah. So you, so does this payment and, you know, plan cover your clients if they do get audited? Yes, we're able to help them respond to messages. You know what I mean? Like to inquiries. I mean, it's basically they're asking for information. You know what I mean? And so we're going to help our clients provide the information that they want, right?

Starting point is 00:19:20 You know, if it goes, if it goes beyond that to a full audit, no, then, you know, they can hire the CP, the CPA who signs off on their return. you know, they are allowed to represent them in like a full audit, right? So they can hire the CPA if it comes to something more serious. Yep. And is that, that's pretty unlikely. Yeah, it doesn't go there that often. Doesn't go there that often. Yeah, maybe.

Starting point is 00:19:43 Again, that's like one in 20. But, you know, to what's up, you have to do something, you know, kind of a little bit bad for the government to, you know, get to come after you like that. Yeah, you probably have a bigger red flag somewhere, trigger. Yeah, exactly. Yeah, and that's what we try to avoid red flags as much as possible, yes. Yeah, I'm sure.

Starting point is 00:20:06 How about so maybe let's add some value, Ryan. Like, what are some tips? Like, other than, hey, we're bringing them a low-cost service here. We brought them the tip of the day for taxes with done for you, tax.com. But maybe some practical advice for these guys as it relates to, to, you know, taxes and management, obviously starting early and, you know, keeping up with your books, but any kind of tips and things that we could give to the audience? Yeah, I mean, absolutely.

Starting point is 00:20:38 So, you know, here's a big one is, you know, definitely you want to have a home office. Most of my clients have a home office. Like I said, like I have a lot of, like, you know, people behind the computer are just sitting at home or on the computer, right? So they have a home office. You know, with home office, you're able to take whatever square footage that is divided by the square footage of your house. that can be a pretty significant deduction, right?

Starting point is 00:20:58 And so that's a big one. And then, you know, you look at cars depending on how much you drive. So, you know, obviously, like my clients doing landscaping, you know, they have much higher car deductions, right? And so I can give some advice about the car. There's two ways to do it. Some people think, you know, you only just do miles. But if you want to do it and make it save more money, you can actually do what's called the percentage use, the actual expense it's called. and so in the actual expense model

Starting point is 00:21:26 you add up all the costs that went into the car for the year and then you take whatever percentage you drove that car estimated for business right so if you estimate that you drove that car 85% for business or you know you track it and you actually know you drove it 85% for business you're able to take 85% of all the expenses

Starting point is 00:21:41 any time you put gas in your car whether it was personal or business because you're going to take a percentage right so that's that's yep exactly and if you do it the actual way nine times out of 10

Starting point is 00:21:54 going to be more and you also get depreciation on your car. So you don't want to just do the miles ever, pretty much. You know, you always want to actually, but that involves the bookkeeping. You got to do the work to count all the vehicle expenses, you know? And then tax strategy, here's some, here's some tax strategy advice for, you know, let's say, like you're more well-off clients who have, I don't know, maybe they have $200, $300,000, $500,000 and profit, you know, coming their way. And so, you know, the way you can kind of wipe away your profit, you know, 100% of the time is investing in real estate, right?

Starting point is 00:22:32 So, like, basically the way it works is if you do a short-term rental or you become a real estate professional, that's another conversation. But let's just say you do a short-term rental, you know, you have, say, $100,000 to put down. Okay? So you're able to buy a $500,000 house, you run it out for a short-term rental. You'll be able to take 40% of that value of that house. Right? And depreciated in the very first year by doing accelerated depreciation is what it's called. So for a five, you put a $100,000 down, you get $500,000 house. You're up, you ever read out 40%. That's $200,000. So you're able to wipe it for only cash out of your pocket, $100,000, you're able to wipe away $200,000 in taxable income. Right? And if you're in a higher tax bracket, let's say you're in a 30% tax bracket on that, that's a $60,000 tax savings. And you made an investment, with, hopefully is a good investment, but I can't promise that.

Starting point is 00:23:26 Now, could that real estate be related to your business? Could it be, you know, like, let's say you're leasing currently for your business. Could you buy for your business and get kind of like a sort of a double benefit a little bit? Yeah, yeah. So you could buy for your business. You can pay, you know, do that through an LLC. You can pay that, you can pay rent there. again, you have been careful because again, it's that short-term rental thing.

Starting point is 00:23:55 So, you know, I'm not going to say I'm 100% confidence in this, but essentially the way, you know, the way in theory you could do it would be to, you know, rent by building, rent it from your business, and then depreciate the building as much as you could, right? And so then you'd have some losses on the building. And as long as either at that point, you'd need to be a real estate professional. That's the thing. Because you can do the short-term rental, right?

Starting point is 00:24:18 but for real estate if it's long term, unless you're designated a real estate professional, which means that you're doing real estate more than any other activity, which is hard for a lot of business owners. If you do fall into that class, then what happens is you're able to depreciate the same amount in the house or on the, you know, say the thing you're renting if it's a long term, but it won't count against your ordinary income.

Starting point is 00:24:42 It'll just go away. Like you'll depreciate it, but it'll just sit there for the future for that one house unless it's a short-term rental or unless you're a real estate professional. Got it. What's like, you know, a lot of misconceptions, I think, in taxing. And I think you brought up, you know, a couple tips with, you know, like your home office, things like that. But maybe like if you have one on each side, like one that, like maybe people think, always

Starting point is 00:25:11 think they're going to be able to write off this, but you can't. And maybe the other direction, too, like, they might. may not, you know, they forget about it. Yeah. Yeah. Okay. So the number one worst deduction that I see, you know, people talking about online are these effing vehicle things, you know, people, right?

Starting point is 00:25:31 Okay, let me, let me explain one. Okay, so say you buy a G-Wagon or whatever, you know what I mean? It's over $6,000 and you can write that off. And so you write that off in the year, $150,000. You write it off, you know, 100% of the very first year. Okay, that's great, right? However, what people don't understand is that if you, first of all, you're going to lose, it's going to depreciate, right? Vehicles are not, it's not a very good investment, right?

Starting point is 00:25:56 So, like, you know, it's going to depreciate for sure. And then whenever you sell that car back, say you sell it for $80,000 in the future, that $150,000 you were able to get rid of now. If you sell it, that $80,000 is going to be looked at his income. There's no free money by depreciating a car. And then if you go out and you spend that money on a car, you're going to, I mean, that's, I mean, that's, car is going to depreciate. You're going to, you're not becoming any wealthier. You're becoming less wealthy. You'll have a nice car. Like, don't get me wrong. I'll have a nice car. But you'll become less wealthy if you're trying to do the trick where you're buying an expensive vehicle

Starting point is 00:26:28 to depreciate it. You're going to lose money. And so, like, if that's your girl, become more wealthy, then don't buy a nice car. Again, the real estate investment is the best investment in terms of tax benefits. And, and is also a really good investment, but I'm not a, I'm not a financial partner, but, you know, a Jenny. We are a, we are a, we are debunking viral tax myths here. Yeah, I know. Absolutely. I've seen that one a lot.

Starting point is 00:26:53 I have seen that one a lot. There are 6,000 pounds. You can write it off. And it has become the sexy thing, right? Write it off, man. Just write it off, man. Yeah. But you have to, now you have this vehicle.

Starting point is 00:27:05 Like, it works, a $150,000 car works the same as a $6,000 car. Obviously, there's differences. Like, you know, it's like your profits or whatever. But that's going to depreciate, man. like the only money you're the only money you're able to write off in that car is what depreciates that. Because when you sell that car back, when you sell that car back, if you depreciate 100% in the first year, you're paying your paying whatever didn't depreciate. You're paying your income.

Starting point is 00:27:29 So it's not like you're making any money at all. You're literally just, you're not paying taxes on the money you lose by buying a car. That's all you do it. Yeah. I mean, if you're going to buy that anyway, like if your lifestyle is a little bit. Yeah. Yeah. Yeah.

Starting point is 00:27:43 That's what I say. When I talk to my clients about it, I'm like, listen. Listen, if you need a new car, buy a new car. But don't go out and buy a new car to save money on taxes. Because like I said, you're just making yourself less wealthy. And that's not the goal. Yeah. There you go.

Starting point is 00:27:58 Yeah. Demunking tax myths. Any others that are as obvious as that one that are sort of like always get flaunted around is like the guru stuff that isn't necessarily as true as it seems. No, there's a. Now, the other one is really. things that people aren't writing off that they should be a lot of times. Yeah. No, I mean, I mean, home office,

Starting point is 00:28:21 right? If you're not, you know, you want to make sure you add up, again, home office is the same thing as the vehicle as I was explaining before. Add up all the costs of your home office, take a percentage, right? Vehicle, if you're just doing miles, that's a big mistake right there, right? What are some other things?

Starting point is 00:28:40 Meals, so, you know, what meals can you write off, right? So even if you're going to dinner with your wife, if you talk about business, if she's like an advisor and it's something you actually discuss. If you discuss business, you can write off that meal. So meals, as long as there's a business purpose for the meal, as long as you have some, you know, as long as you're talking some business and, you know, there is a business for it. Those are deductible. So sometimes people feel a little weird about writing off meals, you know, with their spouse. But if you're talking business, you're talking business.

Starting point is 00:29:09 And that becomes deductible. I don't know a bit. I don't know a single meal. My wife and I don't talk about something. to do with business. I just say that because I write every one of them off. I write a lot of them off. I'm creating a paper trail here of acknowledging what I use it for.

Starting point is 00:29:27 If nothing else, Ryan, that's what this is for. Yeah, that in that and a, you know, $150,000 write off will, you know, be good for me. You're all set. And then the other thing, the real estate thing with the short-term rental, that's real. So, you know, like, really, for anyone, it has an extra $100,000 in income, especially for W2, like W2 people can use that as well. Most tax benefits, it's only for business owners. But if you're, you know, doctor or something, $300,000 W2, you know, real estate,

Starting point is 00:30:04 you really can save, like, hundreds of thousands. I mean, $50, $100,000 on taxes, you know? That's a real one. That's a real one. So I think, yeah. I can't help but think about, he's still thinking about that, how many social media posts I saw on that car right off?

Starting point is 00:30:25 Like, it really made me think of that. It's, yeah. I mean, but I said it was three, I'll say it for the third time, but if you buy an expensive car like that to write it off, you're going to become less wealthy. That is not the goal. That is not the goal for sure.

Starting point is 00:30:44 what's, what's your thoughts, you know, you're in the software business. And with AI and everything like that, I mean, you know, as we're finishing up here, like, I'm just curious, like, how you see software being impacted with AI and like all this stuff. It just seems like we're at this forefront of a lot of innovation. Yeah. So, you know, it's, I mean, I can, like, maybe five, six years in the future. someone can, you know, just go to chat GPT and be like, build me an accounting company. Just literally right.

Starting point is 00:31:21 You know, I don't know, man. But the future is really, I mean, I don't think we're ready for what's going to happen. You know, with my background in computers and with my PhD and stuff, it's like when it gets to the point where AI can actually create AIs that are even better than itself. and then that thing just goes in a, I mean, it's already very, very smart. It's going to be even smarter. I don't think there's really a way to predict what's going to happen, you know. I don't think everyone knows, you know, but like if you don't think that something huge is going to happen in the next five or six years, you know, your mistake, like, you know, there could be something like a 300 increase in GDP or a hundred times increase in gross domestic product, right? which would be like, you know, we're just all that much more productive because computers are running everything.

Starting point is 00:32:16 So it could be apocalypse. You know, we have no idea. But to try to predict what's got, when, you know, to a point, obviously, things are going to get easier. You know, it's going to be easier to create businesses. It's going to be easier to create, like, software that's similar to mine, right? You'd be able to do that through AI. You know, to a point, that's going to happen. But then at some point, it's just going to, the switch is going to be flipped.

Starting point is 00:32:40 and then we're going to be in a whole other reality, in my opinion. Yeah. I mean, it's the quantum computing stuff. Like, if you read enough about it, it's, it can be scary or, you know, lightning. I try to get too much of the doomsday stuff, you know. No, it's not due to dooms day. It's just if you don't think there's going to be a huge change, you're crazy.

Starting point is 00:33:03 Because hopefully that change is good. You know, we hope our best that change is good. But something in the next five or six years or, you know, you know, even maybe even shorter. The whole world's going to be a lot different than we see it today. Ryan, how can everybody keep up with what you're doing, find out about your services and all that stuff? Absolutely.

Starting point is 00:33:20 So probably the easiest way. You know, if you're interested in the service, you can just have to Dunfor-U-Tax.com. It's all spelled out. So D-O-N-E-F-O-R-Y-U-T-A-X.com. So if you just head there, there's a place you can sign up for an appointment, right? Right underneath the sign-up or log-in button, there's a, you know, contact form.

Starting point is 00:33:41 You can just fill it out. We'll get on the phone and we'll figure out what's going on with you and see if we can help you out. Instagram is the other place. It's a good place to connect with me, which is at Ryan J. Mo. So at R.YAN. Jay is in John.

Starting point is 00:33:54 M.O. is in the first two letters of my last name. Moriarty. So at Ryan J. Mo is my Instagram, and that's where you can find you. Ryan, really appreciate your wisdom and insight and for coming on the show. Yeah, Ryan. I appreciate your show.

Starting point is 00:34:08 And I appreciate what you're doing for people. man, you're awesome. Yeah, man. Hey, guys, look, like we said, there's only two things you can count on. Death and taxes. Everybody's coming. Hey, we live in America. It's a great place to be. We got to pay for some of this stuff. But look, here's how you do it. You got to get ahead. Knowledge is power. And ultimately, if you can save time, save money and get a higher level of service, you need to go check out done for tax. Done for Utax.com with Ryan Moriarty. We'll see you later. Ryan. Appreciate you. Very much. Appreciate it. You know where to find us, Ryan isright.com.

Starting point is 00:34:42 You get all the Ryan today, R-Y-A-N-Isright.com. You'll find the highlight clips, the full episode of today. Audio and video, go watch that YouTube. Our numbers are going up while your taxes are going down. We'll see you next time. We'll write about now. This has been right about now with Ryan Alford, a Radcast Network production. Visit Ryaniswright.com for full audio and video versions of the show

Starting point is 00:35:05 or to inquire about sponsorship opportunities. Thanks for listening.

Right About Now - Legendary Business Advice - Death & Taxes: Maximize your Business’ Money with Ryan Moriarty

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