The US Government offers attractive tax incentives in domestic oil and gas projects and intangible drilling costs such as labor and water. Oil and gas greatly impact the way our government taxes its people and through tax code optimization, any taxpayer can have promising deductions. Investing straight to the oil and gas company is a promising strategy to enjoy the benefits of skipping expensive taxes. Fertility rate and retirement has also influenced the way programs can be sustained. Younger people these days are now paying more taxes to fund the benefits for older people who have retired. Tim educates us on how to optimize the tax code and the legal ways to reduce the amount of taxes we’re paying.
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I have lots of things to cover and lots of activity going on in the economy. I follow the price of oil per barrel every day. It’s roughly $62 a barrel. It’s going to go up a little bit more. It will go to high $70 or maybe $80 and then come back down around $70. That’s what we are predicting. I don’t bet money on that. That’s worth little inside information and it’s what we think is going to happen. It’s a great time to be in oil and gas. What I want to talk about on this show a lot is optimizing your money and optimizing the current tax code. I enjoy looking up words, especially for my children. They get aggravated with me, which motivates me to do it more.
I look up words on Webster’s Dictionary app on my iPhone. The word optimize means to make as effective, perfect or useful as possible to make the best stuff. If I could show you how to optimize some deductions, I know I am certain there were some deductions out there that you are not aware of. I’ve been very fortunate to be with some smart people that know the tax code that is not running through the main street of Wall Street. They’ve been around for many years and there’s a way to get deductions. I’d rather not chase that big high rate of return. I’m not saying the rate of return is not important, but I’d rather make a good solid rate of return and then talk about tax deductions. I’m going to talk about how to keep more of your own money in your pocket and keep bad uncle Sam’s hands out of your pocket. It doesn’t matter what the proposal is, but I will never be in any favor or vote for any certain, any kind, any type of tax increase. We are overtaxed as citizens and the government does a terrible job. That’s a compliment saying they do a terrible job of managing money for my federal level to a state and even down to local levels too.
A lot of these elitist pompous politicians, they get in the office and they realize there’s this money coming in and it’s not their money. They’re not managing most, they’re not managing the taxpayer’s money as if it’s their own. Everybody has their little pet projects and it’s unfortunate because politics started for people to go serve and now, we have people made a career out of this. It’s different than government workers. I know our government needs workers, although I do think our government is too big, these career pompous, elitist politicians are already double taxing us on Social Security. I can show someone how to avoid paying taxes on Social Security. I can show someone how to make an investment and get possibly up to 100% tax deduction in the same year yet to solve legal. It’s been around for many years. It’s in the current tax code. Does that interest you? Call me 202-SAGE or 202-7243. The website is SageMoneyRadio.com and you can send me an email from there.
Intangible Drilling Costs
We have a company. It’s been around for a while and we drill oil wells. We stick drill bits in the ground 5,000 feet deep and try to extract oil from the ground. The government rewards companies who do this with major tax deductions. Companies like ours, we seek investors to help us with the funding. We always own at least half of the project, but we bring investors for the other half because we’re consistently trying to raise capital. We have a fairly good track record of returning money to investors. When you look at this, you realize the tax deductions and the monthly income, it’s hard to beat. It’s not for everybody. It’s for credit investors. I love talking about intangible drilling costs and all I do is go to the United States Internal Revenue Service section 263(c) 59(e). It talks about intangible drilling costs. There are some major tax incentives. Right here, the US government is talking about tax benefits. The US government offers attractive tax incentives to encourage investment in domestic oil and gas projects. It’s an intangible drilling cost, which includes items such as labor and water typically account for 60% to 80% of the cost of completing a well and can be 100% tax deductible during the first year. There’s nothing else out there that I’m aware of that is this friendly.
Depletion allowance is a deduction from taxable income that reflects the declining production of reserves over time. I encourage you to look up yourself the intangible drilling costs at IRS section 263(c) 59(e) then go look at the depletion allowance at IRS section 611, 613, 613(c)(6). The depletion allowance is a deduction from taxable income that reflects the declining production and reserves over time. Independent producers and royalty owners are permitted to take a 15% reduction of the taxable gross income of a productive well to account for the depletion of reserves. This results in any 5% of income from oil and gas investments being taxable subject to limits and restrictions and they have the passive activity loss rule at IRS section 469(c)(3). All are out there for us to look at. These tax incentives are not flowing through commercialized corrupt Wall Street. This is a private equity deal so you’re going straight to the company and investing with them. It’s a strategy, it provides monthly income and our company like to drill the wells, prove the reserves, meaning get the wells flowing, get monthly income back to the investors and then hopefully, get out of that project and sell it in a few years.
It’s similar to flipping a house. You go in and buy something. You make your money on that on the discount. You make your money when you buy the project. We’re a small company. We have the ability and the talent to come to keep costs under control and it’s what we do. I’ve seen people drop down a tax bracket or two. There are other benefits as well if for some reason you don’t need the tax deduction. You can carry it forward up to a few years. The first 15% of income every year is tax-free not to report it. Why did Ronald Reagan get this done? The Congress back in the ‘80s were trying to encourage the American worker and American oil company to go find ways to extract oil, so they have to give them some incentives. Who doesn’t want to pay less in taxes? That’s the deal. If you don’t think we pay enough in taxes or you think we paid too little in taxes, don’t call me. We’re not going to get along. It’s absurd and ridiculous the way the government taxes us the way they try to double tax Social Security calling it provisional income. That’s another conversation. I’ll talk about some of it on the second part of the show.
The Permian Basin
I’ve been fortunate and blessed to be around some smart people that take advantage and know how to do this. That’s what the ultra-wealthy do. All we’re doing is the same things they’re doing. We’re scaling it back to our income and our assets. What Would the Rockefellers Do? is a book and I encourage you to read it. In America, we are exporting and we’re also importing as well but it was different types of oil. Most of our wells are in the Permian Basin. That’s where the hottest activity is in Texas. Although it’s heating up, we’re sitting on nine billion barrels of oil in what we call the Tuscaloosa Marine Shale and the Austin Chalk formation here in beautiful East and West Feliciana Parish and even point of St. Helena all that right there, the southern parts of Wilkinson and the mid-counties in Mississippi. Even the northern part of East Baton Rouge Parish. I’ve been saying that for the last couple of months. Maybe not every show, but at least every other show talking about this because there are a lot of things going on up in the East and West Feliciana Parish. The main oil companies there are ConocoPhillips, Marathon, and EOG. There are lots of activities going on for leasing land.
I know a little bit about that because before those companies go drill for these oils or before they go extract the oil and put the wells out there, what has to happen first? It’s the same for us. We have to go lease the land first and we do the same thing that these big companies do. It’s the same thing just on a much smaller scale whereas they have more capital than us. That’s part of my job. I’m a salaried employee for this company. I help them raise capital. I make the introduction from you as you call into the company and it’s an education process to see if this is a good fit for you. Before we go drill the wells, there is a leasing process and that’s another strategy to put your money where it’s a fixed income. President Trump made this. The law reads 85% can be deducted, but in the revision of the tax code, he and his administration congress made it where we can accelerate that last 15% in reduction. That’s why it is possible and it depends on when the wells are drilled. Each project is a little bit different. You could potentially put your money in the strategy and get a deduction for the amount that you put in. That’s almost unheard of. We can’t guarantee that. The law reads 85% but now it reads 100% because it depends on when the wells are drilled. It’s an intangible drilling cost which includes items such as labor, water typically accounts for 60% to 80% of the cost of completing a well and can be 100% tax deductible during the first year. Get educated on this and see if it’s a good fit for you.
Tax Code Revision
I encourage you to read what the US government is allowing us to do as citizens to pay lower taxes. I want the government involved in my life as little as possible. I want to pay taxes as little as possible. That’s going to change for me from year to year depending on what projects I get in, but I usually get in every project and it helps the bottom line for sure, so do my four kids. It’s real and it’s out there. When I meet with people, they have not heard of this. It’s because you have not heard of this before it does not mean it’s bad. It’s unfamiliar to you. I will tell you that when you do this, more than likely, you will have to file an extension on your taxes because we are trying to recoup and recover every penny we can from the cost.You can’t rely on the next generation for retirement anymore. To be secure, you have to take matters into your own hands. Click To Tweet
If you put money in the strategy in the next month or two months, you would receive your IDC and everything in September of 2020 for your 2019 investment, so you have to file an extension. If you can’t live with that, this isn’t for you. What you could do is go ahead and pay your taxes by April 15th of 2020 for 2019 and use this for the next year if you want it to. Most people don’t do that. They’re okay with filing the extension and it’s what I do every year. I had never filed an extension until I became an oil and gas investor. I do it every year now. It’s not a big deal.
I have a top-notch CPA in town, which I’m going to have him on the show to discuss some of this stuff. I had a great CPA, Mr. Tommy Frazer. He passed away years ago. I went and interviewed five CPA. I sat down face-to-face, made an appointment, interviewed them and went with my guy because he was familiar with oil and gas. He’s familiar with how we do this. I have introduced him to several people because a lot of times people do this. They get interested in this and then their CPAs freak out like, “I’ve never done this before.” It’s not hard. You set the file extension and then our company can help you have a conversation with your CPA.
Oil And Gas Myths
There are some oil and gas myths. Myth number one, US oil supplies have dried up. While some wells have run dry, there’s still an abundance of unextracted oil. In November of 2016, the USGS reported the largest estimate of continuous oil they have ever assessed in the United States. The oil reserve was found in a portion of the Texas Permian Basin and contains an estimated twenty billion barrels of oil reserves. There’s a lot of oil out there. By drilling in proximity to previously producing wells, we seek to increase the probability of finding extractable oil more where we utilize new technology. We create the potential to extract oil from wells that were privileged thought to be non-commercially viable.
Myth number two, profits are only realized if oil and gas prices are high. In the oil business, market prices have always fluctuated if structured appropriately. Oil companies can provide and tractive risk-adjusted returns while oil prices are low. We focus on controlling drilling and production costs resulting in previous projects maintaining profitability even if oil prices fall at $20 per barrel. It’s solid. This is something though where the monthly checks are going to vary. They’re not consistent. The monthly income there is consistent, but the amount is not consistent. We meant to shut a well down for a couple of weeks for maintenance. The price of oil changes every nanosecond because of the corruption that goes on at Wall Street. There are risks in this. Anytime you put a drill bit in the ground 5,000 feet deep, there are risks but we do a great job of mitigating these risks. Are we going to hit oil? What’s the price of oil per barrel? How many barrels per day? That’s what’s going to decide your monthly check and it’s about a 90-day lag period from when oil is extracted until you are paid for it.
What Most People Don’t Know
There are some great opportunities out there. You have to learn a little bit about them, learn what’s going on, and learn what the ultra-wealthy people are doing to scale it down to your income. We want to optimize the tax code. We want to optimize the deductions that are available to us that most people don’t know about. They don’t know what is out there and some people are like, “Why didn’t my CPA tell me about this?” Sometimes the CPA’s job is to file the return. A lot of CPAs don’t look for deductions. They made some things they know about but they’re surely not going to suggest things that they’re unfamiliar with. This is relatively simple. The word optimized is to make as effective, perfect or useful as possible, to make the best of. Let’s make the best of the deductions that are available to us in the tax code. There’s nothing wrong with taking advantage of what the government allows us to deduct. If you’re a business owner, this is critical.
There’s a way to make an investment in something and get a deduction for the amount that you put in. It’s real and it happens every year. It’s in the current US tax code. When we talk about the intangible drilling cost, I encourage you to Google it and look up IRS section 263(c) 59(e), the intangible drilling costs and the depletion allowance, IRS section 611, 613, 613(c)(6). The passive activity loss rule IRS section 469(c)(3). The first 15% every year into perpetuity of the wells, the first 15% of income every year is tax-free. Make an investment into the strategy potentially right off 100% of it. The worst-case scenario is probably 80%. The first 15% of the income is tax-free. Now you see why it’s taken many years for America to figure it out but we have. This country and we are blessed. I am convinced the Lord has put his hand on America. The ingenuity that he has given our men and women in this country to figure this stuff out, the technology of the engineering, the geophysicists and the geologists. We have many resources right in this country. I don’t care what the radical left organic lunatics say, oil and gas aren’t going anywhere anytime soon. We use it so much. Right here, they grow faster where I’m at, ExxonMobil. It’s crucial to this community of Baton Rouge.Optimize the current US Tax Code. There are ways to make contributions into a strategy to receive a deduction. Click To Tweet
I get angry and mad at some of these career bureaucrats and some of these career politicians who would starve to death if they didn’t have a government job. The only thing that gets me as close to mad as that is hogs in the woods. When I’m hunting and I see a hog, I have normal blood pressure but when I see a hog, there’s no doubt my blood pressure elevates, and I have anger within me. I start trying to kill them with lead poisoning and shooting bullets. Talking about anger, I’ve managed my anger when I’m around my children. I’m teaching them about corruption in the government. We don’t want a big government. We want government in our lives as little as possible. Some of the best heroes in this country are military. I’m convinced of that. I’m thankful that we have a military, the bravery of all of our men and women that died while in combat. The ones that were fortunate to survive the wars come back and retire and the ones that are serving now. I’m thankful that we live in a country with our military. I pray for our military every day. It’s amazing the men and women that sacrifice and are ready to go to war to defend this country at a moment’s notice. I’m thankful for our police officers here and this country for what they do. You never know what stinking search warrant is going to turn into nowadays.
We pay taxes to pay the salaries of those men and women who do that. What I get mad about and furious is this career politician like Joe Biden. There are as many Republicans as Democrats. I’m conservative by nature. I don’t believe in infanticide and aborting babies a day before they’re born as if they’re radical, crazy lunatic left politicians do. Even Joe Biden said the day when he came out and made a speech for president that he’s going to fix Washington DC. I was like, “You’re the exact reason that it’s in shape it’s in.” He’s got to accomplish nothing his entire life. He’s been in DC for many years. We need to get all those people out of there because I had this article saying on that leading into the way the government is planning to rip us off of the money we’ve paid into Social Security. I’m 42 years old. I’m fairly convinced that I will never receive Social Security benefits because they’re going to keep means-testing. They’re squeezing it now and you may not know that.
I meet with a lot of people who are surprised that they’re going to get double taxed in Social Security when they start receiving their Social Security benefits. The government and its corruption of this Ponzi scheme call it provisional income. It means income from other places. If you have worked your butt off for many years and you have gathered $1 million in your 401(k) or more than that, a little bit less than that or whatever the number is and you retire, what was the whole point of putting the money in 401(k)? To live on in retirement. When you want to take that money out, you have to pay the taxes on that because you postponed the tax while you were working, which is a bad idea. A 401(k) plan or qualified plan, you’re in a partnership with the corrupt federal government. You’re in a partnership with Uncle Sam. He’s going to tell you what the tax rate is going to be. It’s an unknown date at an unknown rate. Taxes are going to change. If you believe what I believe, taxes will be higher in the future then why are you putting money in 401(k) to pay taxes at a higher rate?
You’re like, “It’s because my financial guy tells me that I’m going to be at lower tax bracket when I retire.” If someone is telling me I’m going to be in a lower tax bracket when I retire, I would run. At least challenge them and say, “Will you sign and date that on your letterhead?” I bet they won’t do it because telling you that taxes are going to be higher, I can’t guarantee that. I think they will because of the debt. Our government does a terrible job. Our government sucks at managing money. They don’t have the backbone to cut because there’s plenty of revenue coming in. We have too many entitlement programs now. Social Security is not an entitlement program. My belief on that is the government is giving you the middle finger every paycheck saying, “We’re better at managing your money than you are, so give it to us.” God forbid you to die like my parents did who never collected a penny from it. Where’s the money at? Where’s the money that Hollis and June contributed all their years? Where did it go?
I would say that the government loves people like Hollis and June Day who contribute to Social Security 30 to 40 years and never get a dime. They like that because back in the ‘80s, they went back and they were double taxing on provisional income. Before it didn’t matter if you have rental property. It doesn’t matter what the income is. If you’re married, filing jointly and you have over $44,000 or more of income. You’re going to pay your Social Security amount 85% of the amount you received in Social Security for that year. It’s going to be double taxed at whatever tax rates you’re in but you’ve already paid taxes on it putting in, that’s why I call it a double tax. The government tried to trick you and say provisional income, but it’s a double tax. There’s a way around it. If I could talk to you a few years before you retire, there’s a way not to be double taxed on Social Security.
Social Security: Crossing Another Dangerous Milestone
Here’s an article that says, “Social Security will cross another dangerous milestone next year,” from Sovereign Man. Go to SovereignMan.com. “In the year 1890, according to census records, my great-great-grandfather was spending the final years of his life living with one of his children on a farm in Choctaw County, Oklahoma. I’ve spent most of the last many years doing some hardcore research into my family history and I’ve identified records going all the way back to 1250 in England. One common theme that I’ve noticed when people reached a certain age, they almost invariably moved in with their kids and grandkids. This is what retirement used to mean. It was simply expected that younger generations would look after older generations. Back then, since households were quite large, there were usually four to six other people in the home to look after great-great-grandpa. This arrangement might sound quaint and outdated, but it’s still the fundamental premise behind many retirement plans including Social Security in the land of the free.”We should only be required to pay taxes one time only on the money we earn and not on the money that our money earns. Click To Tweet
“It’s still the younger generations taking care of the older generations. That’s the way the system functions. Younger people pay taxes to fund benefits for older people who have retired. You can see the similarities. Hundreds of years ago it would be your kids doing the work to take care of you in retirement and now it’s everyone’s kids collectively doing the work to take care of every retiree. Hundreds of years ago it took several other people in a household to care for the elderly. Now it takes a certain number of workers paying into the system to support each retiree living benefits. They call this the worker-to-retiree ratio.” Look it up on the Social Security website. “The Social Security Administration or SSA has said that they need a minimum of 2.8 workers paying into the system for every one retiree collecting benefits. You can probably see that maintaining this delicate balance requires steady population growth. Every generation has to be large enough to support the previous generation.”
“If population growth trends get too far out of whack, it means there will either be too few workers or too many retirees and that’s exactly what’s happening now. People simply have fewer children. In the land of the free, birth rates are the lowest levels ever since they started keeping records decades ago. This has been a long-term problem. Fertility rates were already in decline when the 2008 financial crisis accelerated the trend. Researchers estimate that 4.8 million babies were never born as a result of the Great Recession. Some of the reasons are pretty obvious. Kids are expensive and they aren’t getting any cheaper. You used to be able to raise a family on a single income. Now, the average household can afford one or maybe two kids and that’s with both parents working.”
“Unsurprisingly, as the fertility rate has fallen over the years, so has Social Security’s worker-to-retiree ratio. It’s already dangerously low and there will be just 2.7 workers paying into Social Security for each retiree below the minimum necessary to sustain the program. After that, it will keep falling.” This is from the Social Security website. This isn’t from some conspiracy. This is from SSA.gov. “In 2034, when Social Security estimates its trust funds will run out of money, there will only be 2.3 workers per retiree. To pile it on, technological automation is poised to change the workforce radically. In several years, you’ll see entire professions replaced by robots and AI neither of which pays into the Social Security system. It’s not us that’s grappling with this either.”
“Finland’s fertility rate is below the US rate. They based their healthcare system on the same faulty assumption that the population will continue to grow. Yet now there aren’t enough young people paying into the system to support the older people who use more healthcare. Most of Europe is even worse off. The combined EU fertility rate is 1.59 babies over the course of a woman’s lifetime well below replacement levels. Japan is far more restrictive on immigration compared to the US and EU and is on the cutting edge of automation. Japan’s fertility rate is 1.4 and it has one of the oldest populations in the world. The one-child policy that China had in place for decades is already putting a strain on the middle class. By 2050, 44% of the population is expected to be dependent elderly. We talk about this issue so much because it’s important to recognize that monumental change is coming. The entire way retirement is structured since long before Social Security is coming to an end. You can’t rely on the next generation for retirement anymore. To be secure, you have to take matters into your own hands.”
“If you’re retired now or are about to retire, you might be fine. You can probably ride it out before the entire system has to reset. If you’re 50 or younger, Social Security will run out of money before you’re able to start collecting. The younger you are, the surer you can be that these retirement systems won’t be available to you. That also means you have time to do something about it. Several countries have options for self-directed retirement accounts. In the US, a Solo 401(k) is a great option for anyone with side or self-employment income.” You still got to pay the Social Security system even though you might never collect. That’s my belief. As these corrupt piece of garbage politicians try desperately to save these programs, you can expect to pay higher taxes. That’s what it comes down to me. If you are several years away from retirement, do you want to pay taxes in retirement or not? Do you want to get double taxed on Social Security or not? There are ways to avoid it. I’m not talking about locking your money for several years in a low-paying terrible annuity. There are other ways to put your money something besides annuities, CDs and mutual funds.
Optimizing The Current US Tax Code
The volatility of the market is terrible now. No one can argue that. Any money you can save on taxes and funneling in your private retirement account will be compounded year after year instead of flushed down the toilet. Do you like compounded interest? There’s no downside in doing this. Worst-case scenario, Social Security miraculously saved and you have extra money for your retirement. It’s not a bad outcome. Let’s optimize the current US tax code. There are ways to make contributions into something into a strategy and to receive a deduction. There are ways to receive income in retirement or income when you want it that is not reportable to the government. You do not put it on 1040. It’s real. Following US current tax code, does that interest you? You’re not going to hear about this from your traditional financial guy. They want to funnel everything through Wall Street, mutual funds, rip off annuities, locking your money up for so long, and fees.
I encourage you to get educated on what the US tax code is and how the ultra-wealthy is doing to pay less in taxes. I relate this to Mount Everest. Mount Everest has the distinction of being the tallest mountain in the world. It stands at 29,035 feet. It’s the tallest summit of all mountain climbers. It’s dangerous. There is story after story and documentary after documentary. That quest for the top is filmed and chronicled, but is this summit the goal? From 1924 through August of 2015, there had been 4,093 individual people who have stood on the summit of Mount Everest. Some have paid as much as $85,000 in their final quest to the top. A total of 282 individuals have died in their pursuit. The death of summit ratio is almost 7%. It’s an important number to remember as you read ahead. I’m reading from a book called Confessions of a CPA by Bryan Bloom. It is an awesome book. The death to summit ratio is almost 7%. Out of every 100 people that make it to the top, seven die. What’s more startling is the statistic that 56% of all the deaths that occur on Mount Everest occurred after they made it to the summit. There are 157 people who are counted in both statistics. Those that succeeded, made it to the summit and those that failed died on the mountain.
Did they succeed or fail? Go to AlanArnette.com Everest 2016 for the statistics. I’m not making this stuff up. Much is the same when it comes to financial planning. What is your goal? Is it to accumulate the biggest number or is your goal to get down the mountain safely? Which would you rather have? $5 million and reaching the top knowing that if you withdraw more than 4% of the nest egg, $200,000 you had an unacceptable probability of running out of money. Would you want to get 60% of the way to the top $3 million, but knowing that your probability of running out of money was low even when withdrawing perhaps even more after-tax $180,000? It has everything to do with what you are concentrating on. The bigger number, the better rate of return or the benefits that can be achieved if you set your sights on your distributions. That’s my question to you. Have you ever had a conversation about the distribution side of your money paying less in taxes?
It has everything to do with what you were concentrating on. What are you concentrating on? Is that the bigger number, the rate of return, or the benefits that can be achieved if you set your sights on your distributions? On the way up the retirement mountain, are you minimizing your taxes as much as possible so you can accumulate more? Are you paying your fair share as you climb so when you descend, you don’t have a tax burden hanging around your neck? Do you believe as I do that we should only be required to pay taxes one time only on the money we earn and not on the money that our money earns? It makes a significant difference in your retirement years.
Let’s connect. I have an office that is on Siegen Lane between Highland Road and Perkins Road and sit down and see if it’s a good fit. Let me show you what I’m doing with my own money. Let me show you what some of the ultra-wealthy people are doing. I’ve made mistakes with money years ago. I don’t think I’m making mistakes now. I’m confident and bold in what I’m doing because I have reached out to some of these guys that are ultra-wealthy and said, “Mike, you’re 65 and I’m 42. What do you regret doing when you were 38 with your money? Knowing what you know now, what do you wish you would’ve known when you were 38?” I’ve been able to access some of these successful people and they’ve shown me and I’m fortunate to be doing the same things again. I’m not ultra-wealthy like them. I’m not wealthy, much less ultra-wealthy, but I’m doing what they’re doing and following the US tax code. I am optimizing the tax code. I am making the best of what the laws are. One of my best friends from high school and college is a tax attorney in town.
I have a few relationships with tax attorneys around the nation. I have some authors of this book that are authors of books I’ve had on this show, Rebecca Walser. She was on the first show of 2019. I encourage you to read it. You can download the iHeartRadio app free of charge in your iPhone. You can type in Sage Money Radio there and go to the first show of 2019, or you can go to SageMoneyRadio.com and go back to the episode there and read about Rebecca as we hammer out the US tax code. Bryan Bloom, his book is Confessions of a CPA. It’s a little black book. He’s a popular CPA in the United States. He has several books out and this is one of them.
I’m talking about compounding interest. When you have two or three people looking at your portfolio or your strategies, don’t get hung up with one Wall Street guy. Don’t get hung with me because first of all, I’m not a Wall Street guy. I’m not a money manager. I’m not a financial planner and I’m not even a certified financial planner. I don’t have all the ABCDs behind my name. I follow a couple of strategies that I pay less in taxes and I feel confident down the road as far as returns and show you what I’m doing. We want to optimize the current US tax code. Are you interested in decreasing your tax burden to the US government every year? I can show you how to take deductions every single year. I’m not a CPA, but I have a smart CPA that I’m associated with doing what I’m doing. I hope you enjoyed the show. God bless you.
- What Would the Rockefellers Do?
- Social Security will cross another dangerous milestone next year – article
- Social Security
- Confessions of a CPA
- Rebecca Walser – past episode
- iHeartRadio app