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

Starting point is 00:00:00 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. This is Right About Now with Ryan Alford, a Radcast Network production. We are the number one business show on the planet

Starting point is 00:00:17 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 necks and cashing checks? Well, it starts right about now. 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.

Starting point is 00:00:43 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, and the info that you need to do it the best way possible. That's why we've got Ryan Moriarty. He's the president of doneforyoutax.com. What's up, Ryan?

Starting point is 00:01:03 Yes, sir. How are you doing, Ryan? I'm good, man. I got to be honest. 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 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 or another. What do they say? Death and taxes. You've got to count on both of them.

Starting point is 00:01:33 I'm definitely in 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, man. 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.

Starting point is 00:02:05 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. Living a dream. I love it. I love it.

Starting point is 00:02:19 How long have we been doing the tax thing? Has it been a lifelong, you know, accounting thing? No, no. So my background is actually computer science. So I have a doctorate in computer science. 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 w-2 and she also did some part-time 1099 work and uh 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 up my cpa and i was like hey you know if 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,

Starting point is 00:03:14 my background software, and we've really been able to, I mean, just kind of just make it super efficient and 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, you know, presidencies are sometimes won 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. you know, an organized society, maybe the, for what taxes are supposed to pay for,

Starting point is 00:04:10 but nobody really wants to pay, uh, ultimately cause you work hard for your money, right? Yeah. And then you gotta, and then it goes out the other end. No, exactly. Yeah. I mean, listen, we, 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 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, a of people who come to me they haven't been in a long time they're just like man i just didn't

Starting point is 00:04:49 want to touch it 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 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. 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 businesses making around six hundred thousand a year and under. Right. So it's the you know, it's the guy behind the computer. It's the insurance salesperson. You know, the person with 1099 work. I get a lot of people doing yard work or construction companies. Right.

Starting point is 00:05:44 So I'm working. I'm looking out for the, you know, the the very small business person is who I'm looking out for. And, you know, it's a it's a it's a range, you know, that zero to 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 generally the price that you'll find if you talk, you know, you call up your local, you know, accountant or, you know, $300 a month is kind of like the standard for bookkeeping. We're doing it for $97 to $147 a month to any company up to $600,000 in revenue, you know. And so to be able to bring that service to this kind of, most CPAs don't even want to work with the clients that we want, you know, which is the 600,000 and under. So what, what do you think's the most, like, I want to get into your service some here in a bit, but let's, what's like what are maybe the biggest for that demo, a small business,

Starting point is 00:06:38 when you work with them and what you've learned, maybe like, what's like the biggest things that 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.

Starting point is 00:07:12 Right. Yeah. Yeah. Right. So as long as you get your 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, um, people are like, oh, this, you know, it's going to be really hard. You know, there's a lot of stuff going on. It's not just the one piece you got to take care of is the bookkeeping.

Starting point is 00:07:30 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. I've worked for others like 15. 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 it's just a book you've already given me i'm not the bookkeeper you know 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 any one of our listeners if

Starting point is 00:08:13 you're starting a new business you're thinking about it or you know you're in software like again like you said behind the computer doing uh coaching Yeah, coaching. Absolutely. Yeah, that's part of the thing. 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 not only is that what you should be doing, that's all you have to do, right? People think that there's all these things you have to do. Even if you don't set up an LLC, you'll have a sole proprietorship, nothing will happen. If you have to do, right? It's not, people think that there's all these things you have to do. Even if you don't set up an LLC, you'll have a sole proprietorship, nothing will happen. If you're making money, 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.

Starting point is 00:08:56 And if you get your bookkeeping done, all the other administrative stuff will fall into place. What's some of the biggest changes? I mean, have there 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 I think one thing that's really cool right now about the industry is the the 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.

Starting point is 00:09:32 We're passing those savings on to 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 percent less work. Right. Originally, we were collecting all the information through emails. We were collecting all the bank statements through email 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. You go there, you connect your bank accounts using Plaid. Now we have an online portal. You go there, you connect your bank accounts using Plaid.

Starting point is 00:10:09 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 not yet, I would say 95% of the work, there's about 95% less work per client.

Starting point is 00:10:40 That's true. How does AI 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. What about taxes? Yeah. So, I mean, so for the bookkeeping, it helps lower the cost, right? So, you know, if, if we were just to get, so I have someone go connect their bank accounts, we got their transactions, say we're doing to get, have someone go connect their bank accounts, we got their transactions. Say we're doing 2023. So we have all the 2023 transactions.

Starting point is 00:11:09 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 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 is right because you know, the computer did it. Right. So we're, 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 a set of bookkeeping. So it's just really like,

Starting point is 00:11:51 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're done for, you tax.com? So how involved does the business owner have to be in this? Yeah, no, that's a great question. I mean, I would say the 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 to your accounts. We don't know your bank logins, right? So you've got to connect to your accounts yourself through Plaid. Once we download it, we do the first draft. We turn that around in 24 hours, and then you meet with us on the phone.

Starting point is 00:12:45 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, it 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, maybe two or three of those phone calls, an hour and a half total.

Starting point is 00:13:12 And so it's not that much work. You work with somebody. You're talking with somebody. We have allotted 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 going forward, it's really automated in terms of like keeping it up. Now in terms of tax preparation, the biggest thing for tax preparation is we just need the information,

Starting point is 00:13:31 right? You have all your 1099 forms. You have your 1098, 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, you know, your name, we need to know your dependents. That's all information that we need. So you have to enter in all that information. So maybe that's an hour or 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.

Starting point is 00:14:01 So yeah, when you think about, so if I i'm i'm in the shoes of playing this consumer but it's you know the small business guy or girl yeah um 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. So getting that kind of counsel insights, how does your company work with that when your model's sort of set up for, you know, automation quick, a lot of stuff like that. How does that one-to-one

Starting point is 00:14:58 come into play? Yeah. And so that's the, like I was talking talking to, 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. 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? Yeah, that'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 percent confident in the books and we're 100 percent confident in the books, you'll meet with the bookkeeper. Yeah. What about the dreaded word that no one likes to hear?

Starting point is 00:16:05 Audit. How or does this service help if or when that happens? And, you know, how how likely or unlikely is a business in sort of this stage, you know, that small business rage of getting audited? Two part question, I guess. Yeah, no, I'll answer the second part first. You know, generally audits for businesses this range about one in 20. So, you know, it's pretty low, you know, one in 20 is not very high. And then, you know, how does the service help? How do 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 what the government's looking for is people who just wrote down numbers you know i mean like oh my probably my you know my uh meals were about

Starting point is 00:16:35 three thousand dollars you know if you write down all the even numbers on your return you're gonna get on it right yeah and so the point is to have the data to back it up and the first thing to ask for is they'll ask to see your books. They'll ask to see, you know, let me see the transactions that, you know, like what is all this for? Here's, you know, $2,000 in, I don't know, say continuing education. You know, what were the transactions that these were for, right? And so by building it off of, you know, what's true and factual, when the government asks for it, that's what you're going to show them, what's true and factual when the government asks for it that's what you're going to show them, what's true and factual

Starting point is 00:17:08 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 this person spent $30,000 a year business and they have $10,000 in meals and entertainment

Starting point is 00:17:24 right, that's no go. We're going to tell them, Hey man, like that's a red flag. Whenever we see something that we believe will be a red flag, we bring it back to the client. We let them know the CPA has concerns. If 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, you know, 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

Starting point is 00:17:52 recommend it necessarily, right? So, you know, that's a dialogue that we have as we're processing the taxes. Yeah. So it's ongoing guidance to help avoid it. Yeah. But you do, I'm sure, occasionally have clients that do get audited. Yeah, 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'll write and you're not, your whole return isn't going to get audited. They're going to audit one particular, generally this is the way it works. They're going to audit one particular category. You know the way it works. They're going to audit one particular category, you know,

Starting point is 00:18:27 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 give them what they need, then it's going to end there because they see every shit together. Right. Now, if you made stuff up right 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

Starting point is 00:18:55 audit where they're going to ask about everything yeah so you so does this payment and you know plan cover your clients and 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 um you know if it goes if it goes beyond that to a full audit no then you know they can hire the cp the c 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.

Starting point is 00:19:34 Yep. And is that – that's pretty unlikely. Yeah, it doesn't go there that often. It doesn't go there that often. Yeah, maybe. Again, that's like one in 20 but um you know what's up yeah you have to do something you know kind of a little bit bad for the government to you know come after you like that yeah you might have a red a bigger red flag somewhere uh trigger

Starting point is 00:20:00 yeah that's what we try to avoid as much as much as possible. Yes, I'm sure. How about so maybe let's add some value, Ryan. Like what are some tips 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 you know taxes and management obviously starting early and you know keeping up with your books but any kind of uh tips and things that we could give to the audience yeah i mean absolutely so you know here's here's a big one is um 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, 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, they're just sitting at home on the computer, right? So they have a home office. You know, with home office, you're

Starting point is 00:20:51 able to take whatever square footage that is divided by the square footage of your house. That can be a pretty significant deduction, right? 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 my 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 save more money, you can actually do what's called the percentage use. The actual expense is called. And so in the actual expense model, you add up all the costs that went into the car for the year. And then you take, you know,

Starting point is 00:21:30 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. Anytime you put gas in your car, whether it was personal or business, because you're going to take a percentage, right that's uh that's that's yeah yep exactly and if you do it the actual way nine times out of ten it's going to be more and you also get

Starting point is 00:21:55 depreciation on your car so you don't want to just do the miles ever pretty much you know you always want to actually let but that involves the bookkeeping you got to do the work to count all the vehicle expenses you know and then um and then uh tax strategy here's some here's some uh 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 two three hundred four hundred five hundred thousand dollars in um profit you know coming their way and so you, the way you can kind of wipe, wipe away your profit, you know, 100% of the time is investing in real estate, right? So like, basically, the way it works is if you do a short term rental, or you become a real estate

Starting point is 00:22:38 professional, that's another conversation. But let's just say you do a short term rental, you know, you have, say $100 thousand dollars to put down okay so you're able to buy a five hundred thousand dollar 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 depreciate it in the very first year by doing accelerated depreciation is what it's called so for a five you put a hundred thousand dollars down you get five hundred thousand dollars house you're're up, you ever read off 40%, that's $200,000. So you're able to wipe 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 30% tax bracket on that, that's a $60,000 tax savings. And you made

Starting point is 00:23:22 an investment, which hopefully is a good investment, but I can't can't promise that now could that real estate be related to your business could it be by uh so 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 i mean sort of a double benefit a little bit yeah yeah so you could you could buy for your business you could pay you know, do that through an LLC. You can pay that, you can pay rent there. Again, you have to be careful because again, it's that short-term rental thing. So, you know, I'm not going to say I'm a hundred percent confidence in this, but essentially the way, you know, the way in theory you can do it would be to, you know, rent, buy a 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.

Starting point is 00:24:11 And as long as either at that point, you need to be a real estate professional. That's the thing, because you can do the short term rental. Right. 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 you know 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 it'll just it'll just go away like you'll you'll you'll depreciate it but it'll just sit there for the future for that one house,

Starting point is 00:24:49 unless it's a short-term rental or unless you're a real estate professional. Got it. What's, like, you share 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 if you have one on each side, like one that like maybe people think always think they're going to be able to write off this. But you can't. Maybe the other direction, too. Like they may not, you know, they forget about it. Yeah. Yeah. OK, so the number one worst deduction that i see you know people

Starting point is 00:25:26 talking about online are these effing vehicle things you know people right okay let me let me explain why okay so say you buy a g-wagon or whatever you know what i mean it's over six thousand pounds and you can write that off and so you write that off in the year 150 000 you write it off you know 100 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 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 that 80 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 as income.

Starting point is 00:26:09 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 car is going to depreciate. You're not becoming any wealthier. You're becoming less wealthy. You'll have a nice car. Like, don't get me wrong. You'll have a nice car. But you'll become less wealthy if you're trying to do the trick where you're

Starting point is 00:26:27 buying an expensive vehicle to appreciate it, you're going to lose money. And so if that's your goal to 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, and it's also a really good investment, but I'm not a, I'm not a financial planner, but, you know, a J. We are debunking viral tax myths here.

Starting point is 00:26:49 Yeah, absolutely. I've seen that one a lot. I have seen that one a lot. Over 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.

Starting point is 00:27:02 But now you have this vehicle. man just write it off man yeah yeah but you have to now you have this vehicle what like it's it worked a hundred fifty thousand dollar car works the same as a six thousand dollar car obviously there's differences like you know so your preference or whatever but that's going to depreciate man like you're only the only money you're the only money you're able to write off in that car is what it depreciates as because when you sell that car back when you sell that car back if you depreciate a hundred percent in the first year you're paying you're paying whatever didn't depreciate you're paying your income 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're doing yeah i mean if you're

Starting point is 00:27:38 gonna buy that anyway like if your lifestyle is at a level yeah that's what i say when i talk to my clients about i'm like listen if you 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. Yeah.

Starting point is 00:27:58 Debunking tax myths. Yeah. Any others that are as obvious as that one that are sort of like always get flaunted around is like the guru uh stuff that isn't necessarily as true as it seems no there's the other way what are things that people aren't writing off that they should be a lot of times yeah no i mean i mean home office right if you're if you're not you know you want to make sure you add up, home office is the same thing as a 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? Uh, you know, I mean, meals. So, you know, what, what meals can you write off? Right. Like, so little weird about writing off meals you know with their with their spouse but if you're talking business you're talking business and that becomes deductible i don't know a bit i don't know a single meal my

Starting point is 00:29:13 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 saying, I'm creating a paper trail here of, of acknowledging what I use it for. If nothing else, Ryan, that's what this is for. Yeah. That in, that in a, you know, $150,000 write-off will, uh, you know, be, be good for me. Uh, and then, and then the other thing, the real estate thing with the short-term rental, that's real. So, you know, like really for anyone who has an extra $100,000 in income, especially for W-2, like W-2 people can use that as well. Most tax benefits, it's a real one. That's a real one. So I think, yeah. I can't help but think about, still thinking about that,

Starting point is 00:30:20 how many social media posts I saw on that car write-off. It really made me think of that. It's, yeah. I mean, I said it twice, 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 00:31:05 What's your thoughts? You know, you're in the software business and with AI and everything like that. I mean, as we're finishing up here, I'm just curious how you see software being impacted with AI and all this stuff. It just seems like we're, we're at this forefront of a lot of innovation. Yeah. So, you know, it's I mean, I can, I 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. You know, I don't know, man, but the future is really, really i mean i don't think we're ready for what's going to happen you know as my background computers and with my phd and stuff it's like when 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 I mean It's already very very smart It's going to be even smarter I don't think

Starting point is 00:31:52 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 you're mistaken like You know there could be something like a 300 increase in GDP or a hundred times increase in gross domestic product, right?

Starting point is 00:32:10 Which would be like, you know, we're just all that much more productive because computers are running everything. So it could be apocalypse, you know, we have no idea. But to try to predict what's going to happen, when, you know, to a point, obviously things are going to get easier, 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,

Starting point is 00:32:33 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 and then we're going to be in a whole another 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, enlightening. I try not to get too much of the doomsday stuff, you know. No, it's not doomsday. 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, maybe even shorter, the whole world is 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. So probably the easiest way, you know, if you're interested in the service,

Starting point is 00:33:23 you can just head to done for you tax dot com. It's all spelled out. So D.O.N.E. F.O.R. Y.O.U. T.A.X. dot com. So if you just head there on the there's a place you can sign up for an appointment. Right. Right underneath the sign up or log in button, there's a contact form. 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. Uh, Instagram is the other place that's a good place to connect with me, which is at Ryan J Mo. So at R Y A N J as in John M O as in the first two letters of my last name, Moriarty. So right at Ryan J Mo is my Instagram and that's where you can find me. Ryan really appreciate your wisdom and insight and for coming on the show. Yeah. Ryan, really appreciate your wisdom and insight

Starting point is 00:34:05 and for coming on the show. Yeah, Ryan, I appreciate your show 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 you tax.com with Ryan Moriarty. We'll see you later, Ryan. Appreciate you very much. You know what happened to us? Ryan is right.com. You get all the Ryan's today. All I in is right.com. Get all the Ryans today. R-Y-A-N, isright.com.

Starting point is 00:34:46 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 on Right About Now. This has been Right About Now with Ryan Alford, a Radcast Network production. Visit ryanisright.com for full audio and video versions of the show or to inquire about sponsorship opportunities. Thanks for listening.

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

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