The Taxes Crash Course You Never Got

The summer was incredible, but I'm already looking forward to fall and getting back into all my routines, eating healthy, the balanced meals with Factor. It's really my non-negotiable for a reset. Factor makes chef-crafted, dietitian-designed, ready-to-eat meals so you don't have to choose between real food and convenience. Factor meals are ready in two minutes and require no prep and no cleanup. So even on the days your schedule is completely out of control, eating well is still achievable. 97% of users agree that Factor meals help them live a healthier life. So you can feel confident that you're already doing something good for yourself just with every meal. I love their salmon burgers and their protein shakes. They are the perfect start to long work days. Let's eat real. Head to factormeals.com slash mrsdowjones50off and use code mrsdowjones50off to get 50% off and one free breakfast item per box for one year. Wall supplies last. Until 10-31-2026. That's code mrsdowjones50off at factormeals.com. See website for more details. The other day I was going through my desk and I found a journal right from when I graduated and it had pen and paper how much I spent each day. At this time, I think I was making around $40,000 and excess cash flow was pretty tight. So I had to watch every penny. I think about how far we've come with technology and advancements. To help us with this stuff. We don't need a journal with pen and paper anymore. The answers are out there. And Monarch is one of those answers. Monarch is literally, it's like having a financial advisor in your pocket. So you can use AI to help see what you're spending. Monarch will help you have full visibility in your accounts. It will help you see your trends. It will help you set goals, map out big purchases, see if you're actually on track to where you wanted to be. You can ask Monarch. Monarch's AI assistant, anything about your finances. Like, hey, how much should I spend on travel last summer? Can I afford this vacation without touching my savings? You can spot things you wouldn't think about before. Like, oh, hey, has my spending gone up or just inflation? I was using pen and paper. Now you can use tools like a full financial advisor in your pocket. And that's called Monarch. So what you want to do is you want to go to monarch.com, use code trading. The first year of Monarch Core is happening. Half off at just 50 bucks. That's 50% off your first year. Just go to monarch.com with code trading. We are all family here, okay? Me and you, we have the same uncle, Uncle Sam. And unfortunately, he wants a cut of everything. What's up, rich people? It's me, Haley, aka Mrs. Dow Jones. And this is Financial Tea. What's up, sippers? Dow Jones. And this is Financial Tea, the podcast where I teach you how to build wealth even during tax season. Yes, we are going to talk about taxes today. Before you panic and turn this off, please relax. And here's the thing about understanding the rules. And this is why I wrote my book, The New Rules of Building Wealth, because you need to know the rules if you want to game the system. And if you don't, then you're just going to get yourself into serious trouble. And case in point, if you don't know the rules, then you're just going to get yourself into serious trouble. Swiss Beats, otherwise known as Mr. Alicia Keys. Yes, New York State of Mind's husband is in trouble with our Uncle Sam. Like, he is a legendary producer. He is a multi-multi-millionaire. Like, if you want to feel poor, just Google their house in LA. It's insane. But he is also someone who has had the IRS on his back multiple times. And I'm just like, Swiss, like, get an accountant who knows how to do this or figure it out yourself. Like, at one point, the IRS filed tax liens saying he owed millions in unpaid taxes. And recently. Recently, they even did this. And by the way, this happens to celebrities and rich people constantly. Because making money and managing money are two completely different skill sets. So you will see athletes, musicians, actors, Mike Tysons, people who are wildly successful. They even have tigers. I'm looking at you, Mike Tyson. Have chaotic finances and have ruptured relationships with the IRS. Because two things in life are always coming for us, taxes and death. So we need to lock in and at least prepare for one of them. That's what we're going to do today. Because the IRS doesn't care how talented you are. They don't care if you're Swiss Beats and you produce half of hip-hop. They just care if you paid them. And trust me, if you haven't, they're going to find you. And they are going to make you pay fines. So today is the crash course in taxes that you were never given. It's not going to be boring. It's just going to help you really game the system. I'm going to teach you how taxes actually work, which no one ever talks about. But it's important because they do end up coming. They're going to be coming around, say, with me every single year. So today we're going to do a crash course in taxes. It's not going to be boring because we're going to be together. And I'm going to show you how people legally lower their bills. Because yes, there are legal ways to bring it down. I'm going to explain to you how taxes actually work. We're going to talk about how billionaires pay no taxes. And the mistakes that are super common that get you in trouble with the IRS. Because here's the thing. The difference between someone who feels constantly screwed by taxes and someone who just like pays them for it. And moves the fuck on with their life is just understanding the rules. And you know, I'm all about the rules. My book, Future Rich Person is the new rules to building wealth. I love a rule. So I'm going to give you all of them. I'm going to give you all my secrets. And all that you need to give me is a like and a subscribe because that really helps grow the show. And honestly, a comment. Like I would die for a comment. I read them all. I love to hear from my sippers. I know that you're watching. I know that you're listening. So please like get in the chat. I want to know what you want to hear about. Like who'd and holler. I'm I'm here. I'm here. I want to let's break the fourth wall. Let's get into these questions. Producer Hammer has put them together. I've not seen them yet. But first, let's get into the MDJ Market Report. Okay, sippers. Welcome back to the Market Report. I've made the bold decision to go handheld. If you are watching on YouTube, that is the vibe today because we have got four stories that you need to know happening on Wall Street this week. And it just felt like the energy that was necessary. To really capture them. So the first one is the total mess in the oil markets, which, you know, no one can control what's going on politically right now. It is so stressful, so crazy. The Strait of Hormuz is basically blocked and 20% of the world's oil is basically stuck, which is driving up prices. But, you know, it feels like a lot of times political conflict doesn't like affect you at home. You can feel so far away from it. But with this, honey, you are feeling it. Like when you are at that gas tank, there is sticker shock. You know what is happening overseas because you're feeling it in your wallet. And this actually happened to my sister this weekend because she filled up her tank and it was $120 and it's usually $70. She does take premium gas. Yes, she has an Audi secondhand. But when oil gets this expensive, everything gets more expensive. So like your Amazon packages, your groceries, because oil is in fertilizer so far. Farmers can't afford fertilizer. Like it just, the whole, everything is inflated. So I'm going to give you the advice that I gave her. I had some tips for her to save money on transportation that hopefully will help you save money on transportation too. The first thing I told her is to download GasBuddy, which is an app that tells you where to get the cheapest gas near you. Because like the gas station near the street might be 30 cents cheaper than the one that you usually go to. So definitely download GasBuddy. I also told her to, this is random, but check her tire pressure because a lot of times if your tires aren't fully inflated, that ends up eating your tank way quicker than usual. And probably the biggest hack that I haven't heard anyone say was I had that girl freaking compare her car insurance rates because here's the thing. I do not know what is happening with the war in Iran. I don't know when gas prices are going to go down, but I do know that gas prices are going to go down. I do know that she needs to save money on transportation. And a really easy way to do that is to look at your fixed expenses and see what you can bring down like your insurance. So I have a really easy tool free that you can use on mrsdowjones.com. That's what I used for Olivia. And we got her insurance down from $300 a month to $150 a month just by comparing it. So do not be complacent. This is the time to really be thoughtful about what you're spending on and make sure that you're getting it right. I hope you're getting the best rates and I hope that helps. And obviously this oil drama is spilling into Wall Street too. I would say the stock market is officially in its correction era and know that it's not the fun Taylor Swift kind, although Reputation was a great album, but really in Wall Street lingo, correction means the market has dropped 10% from its recent highs. So it's basically the market's way of having a Britney breakdown. Like remember Britney with the, baseball bat, like that is the energy that the stock market is giving right now. It's wobbly. But I will say that this is actually really normal. The market, a normal part of a market cycle includes moments where the market cracks and is down. So this is very healthy. Like it's like, it's sort of like when you're in a relationship and you fight and you're really scared that you're fighting, but then you realize that it's actually like bringing you closer. Like that's sort of this vibe where it's like it's uncomfortable in the moment, moment, but it's actually something that like is totally normal. And might actually make you a better investor in the future if you can just withstand this and see the light through the end of the tunnel. So do not panic sell. This actually just means that the market is on sale. And just honestly, I'm an anxious person. I'm just a Jewish girl from Upper East Side at my core. But I will tell you, I'm like Teflon when it comes to the market going up and down because I know the data, you guys. And it shows that over 20 years, over, you know, 50 years, the market always goes up. So even if we have these moments of red, over time, you're going to make money. And you just have to believe in that. I really do. Because guess what? The numbers don't lie. Check the scoreboard, as Jay-Z would say. While the grown-up markets are spiraling, I do want to talk about a different kind of market too, aka the gambling market. I feel like I cannot open my phone without hearing about prediction markets. So I've become a little obsessed with them, trying to learn everything. And this week, I discovered that platforms like Kalshi and Polymarket are targeting women. Yes, they have influencer campaigns running on TikTok and X. And they've got dedicated accounts like at Kalshi girls and at Poly baddies, sort of pushing the platforms with bets on pop culture and celebrity news and lifestyle content. And it's like, yeah, women be shopping, but like, maybe women also be shopping for bets on the latest Housewives cast member. And what is scary is that all this marketing is working. Like women now make up 26% of Kalshi users, which is up from 13% just 10 months ago. And look, I'm all for women in male-dominated fields, except when it comes to betting markets, because they're so stupid. Like the house always wins. And I understand that right now we're in this like incredibly precarious economy and the way to get rich that was traditional doesn't feel accessible to us anymore. Like, oh, I'm going to have this job for 30 years. I'm going to be a good person. I'm going to put money into my retirement accounts and it's all going to work out for me. It feel, we feel nihilistic about our finances. And so why not just risk it all and gamble it away? Because maybe that will get you rich quicker. And like, that's a better idea, but that's wrong. I want to be clear that. And also, even if these apps have a pink interface, they're not investment platforms. These are not places to actually grow wealth. They're entertainment. So if you actually want to invest in your future, stick to the boring stuff, your index funds, your high yield savings accounts, pay down your debt, save an emergency fund. It's simple. But if you want to gamble on the housewives, like you want to have a little fun, sure. Just admit it's for the drama, not the dividends. And that's what these are for. Okay. And I don't know if you guys have been noticing, but like nostalgia, like the Hannah Montana 20 year anniversary special, Hillary Duff is everywhere. Like all that we want is IP that we are already familiar with and loved. And this is honestly an economic indicator because when people feel good about the future, like they are investing in growth, they are investing in newness. They want stocks, they want startups, they want risk. But when the future looks shaky, they like to invest in the past. And right now, the future feels a little shaky. We got global conflict going on. We got crazy interest rates. Housing is unaffordable. Wages are lagging against inflation. So it makes sense. And instead of betting on what's next, we are betting on what has already worked. So yeah, Miley putting on her Hannah Montana wig was a strategy. Nostalgia fully converts. In fact, the nostalgia economy is a crazy business. Like we pulled a stat that the music rights market alone, is valued at $41.5 billion. Like if you're a Bob Dylan, if you're the Beatles, like your catalogs are also being revived through TikTok virality because people are looking backwards instead of forwards. And for investors, these are income generating time capsules too, because the past has predictable cashflow. But what I also think is really crazy about nostalgia is that this is like a really human trait that when things feel shaky, we look to the past. Like during the great depression, that's when like gone with the wind popped off because people were like looking for stories from that age or like in the seventies when there was all of that unrest, that was when Greece became really popular and cheers, which were stories from the fifties. So even during COVID, everyone started to rewatch friends. We were taking on grandma hobbies, like making sourdough. Like we always look to the past, for comfort when the future is scary. So the psychology is very simple, but the past will always stay winning when the future feels like risk. Okay. Now let's get into our tax episode because yeah, we have the same uncle, uncle Sam, baby. Let's go talk about him. Quits makes elevated everyday essentials using premium materials like Mongolian cashmere, organic cotton, and washable silk. The designs are timeless, thoughtfully crafted, and made to be worn again and again. Quints also has premium stretch denim, leather bags, footwear, and beautiful 14 karat gold jewelry. I personally have been living in my cotton cashmere rugby polo sweater this summer. It's so chic and sort of preppy and just pulls every outfit together in a way that feels really effortless. And it's not just apparel. Quints brings that same approach to everything they make from a hotel quality bedding and bath to kitchen essentials and thoughtfully designed furniture. They make well-designed pieces for everyday living. Find the fall pieces you'll reach for most at Quints. Download the Quints app for app exclusive offers or go to quints.com slash financial T. Get free shipping on your order and 365 day returns. Now available in Canada and the UK too. That's Q-U-I-N-C-E.com slash financial T. The summer was incredible, but I'm already looking forward to fall and getting back into all my routines, eating healthy, the balance meals with factor. It's really my non-negotiable reset. Factor makes chef-crafted, dietician-designed, ready-to-eat meals so you don't have to choose between real food and convenience. Let's eat real. Wall supplies last until 10-31-2026. Okay, first question. I've not seen these yet. I am getting a raise at my company, but it pushes me into a higher tax bracket. Mrs. Dow Jones, should I say no? Okay, first of all, this is one of the biggest tax myths that refuses to die. So I'm excited to be here and to myth bust because the answer is absolutely not. You should 100% take the raise. If you make more money and you move into a higher tax bracket, that does not mean that your entire salary is going to get taxed at that higher rate and you're going to end up making less money. That's not how our tax system works. And the easiest way to understand like how tax brackets works, because trust me, no one explains this to you, is just to imagine buckets because we have a progressive tax system. Okay, so imagine your income and imagine a bucket. That first bucket is going to be taxed at a low tax rate. So your first chunk of your income is going to go into that first bucket and it's going to be taxed at that level. Once that bucket is all the way filled up, any extra money is going to be put into the next bucket, which has a slightly higher tax rate. Then once that bucket is filled up, your overflow is going into the next one at a slightly higher tax rate and your income is going to keep filling buckets as it grows. And each bucket as it progresses, because it's a progressive tax system, has a slightly higher tax rate. So you're going to have a slightly higher tax rate. So it doesn't matter if you're Jeff Bezos or you're me, your first bucket is always going to have that lower tax rate and you're just going to keep incrementally paying more taxes the more that you make more money, but only on that increase in money that you're making, if that makes sense. Like here's the key thing that people get wrong is that that only that money in that higher bucket is taxed at the higher rate. So like the money in your old earlier buckets is going to stay taxed at the lower rates. So if you get a raise and it pushes overflow of your income into a higher tax bracket or bucket, only that extra portion is going to get taxed more. Your entire salary is not going to suddenly get taxed at that higher rate. It's just going to be that little bit of overflow that pushes you into that next bucket. So please promise me if your boss offers you more money, take it. Uncle Sam might get like a slightly bigger slice of that top bucket, but I promise you are still going to be earning more money. You're never going to take home less money by getting a raise, even if you're if it makes your tax bracket higher because it is progressive and you're only going to be taxed more on that bit that pushed you over. Okay, next question. Should I hire a CPA to do my taxes? Okay, this is another question I get asked a lot and I've got to be FFR with you, be freaking for If your situation is pretty simple, like you've got one job, you got a W-2, maybe you got a little interest from a savings account, you could probably file your taxes just using software. Millions of people do it every year and it's totally fine. But I will say like if you've got multiple income streams, if you've got freelance work, if you've got a side hustle, if you've got rental properties, if you run a business, damn, taxes can get complicated very fast. And if you're a CPA, you've got to be FFR with you. So if you're a CPA, you've got to be FFR with you. And that is where mistakes get expensive and also where hiring a CPA can actually save you money. Because a CPA is not just someone who like files your forms for you in April. The real value that you get from them is that they help you plan like my CPA, Michael, we just switched Mrs. Dow Jones to an S-Corp so that I can save money. And that was something that he came up with. Like they will tell you things like, hey, if you contribute more to this retirement account, you can lower your taxable income or like you should structure your income differently next year, which is what happened to me. So I will say my rule is if your taxes take like one hour or so to do, and you're basically just typing numbers from forms into tax software, which is annoying, but you can do it, I promise. You probably don't need a CPA, but like if your taxes have multiple layers, call a professional. And I will also say I've had very bad accountants before, like accountants can be really boring and hard to talk to. And I do believe that you can find an accountant who makes sense to you. And that's really important to like advocate for yourself, financially. It took me a long time to find Michael. I'm happy to give you his number. He's amazing. I've been working with him for years now. But why I like him is that he's like a little bit hot and he is easy to talk to. And he has good ideas. He's good at helping me save money. So that's important. I used to have this other accountant who I just absolutely hated taking their calls and that, you know, I had to get rid of them. Help, I got a $4,000 deduction. Is that good? Did I just save $4,000? I don't know. I'm not sure. I don't know. I don't know. I don't in taxes, Haley. Okay. I'm sorry, love. I do not mean to be the bearer of bad news because I know that people love posting their tax refunds like they won the lottery. But the truth is, if you got a really big tax refund, it sort of just means that you did your withholdings wrong. Like here's the thing. When you have a job, your employer takes taxes out of your paycheck every time that you got paid and sends them to the government. That is called a withholding. And when you file your taxes in April, you're basically done. You're done. You're done. You're done. You're just like doing the math to check like, oh, did I send the government the right amount during the year? And if you sent too much, you're going to get a refund. But if you sent too little, you're going to owe more. So when you get a $4,000 refund, what actually happened is you just overpaid your taxes during the year by $4,000 and the government is giving you your own money back. So like, I'm going to hold your hand as I say this, but yeah, like you basically just gave Uncle Sam a $4,000 interest-free loan. That is not like free money. You're not getting rewarded. That's just your money that you've been giving to Uncle Sam at a 0% interest rate. And I want to be clear, the goal with taxes is not to get the biggest refund possible. The goal is just to get as close to zero on your refund as possible. So if you want to fix that for next year, though, it's very easy. Just adjust your W-4 form with your employer. If you lower the withholding a little bit, more of your money is going to stay in your paycheck throughout the year instead of sitting with the IRS, which is way better. And I do want to say for my self-employed baddies, this is your reminder to always make quarterly payments on your taxes. That's really huge. I didn't do that the first year that I had my own business and I owed a really big tax bill. So make sure that you're putting aside 30% of your earnings every time that you get paid for your taxes. And then every quarter that you are paying an estimation to the government of what you owe. That is going to make your April so much better. Okay, question. I knew that we were going to get this. Why do billionaires sometimes pay less taxes than everyone else? This is a very good question and I get it. It is confusing. And the reason is because they are not making money the same way that we do. Like most people are just earning money like through a salary. You go to work, you get a paycheck and then taxes come out of it immediately. And then Uncle Sam gets paid before you even see the money. But extremely wealthy people often structure their income really differently. Like take Jeff Bezos for years while he was running Amazon, his salary was only 80K a year, which like I don't think is a lot of money. And then you have to pay a lot of taxes I'm sorry for Jeff Bezos. Like that's basically the income of a mid-level corporate employee. But obviously he's really rich. So where was the money coming from? Because he was living like someone who was making way more than 80K. And the secret is that he was doing a strategy that rich people love to do called buy, borrow, die. And I want you to think of buy, borrow, die like this. Rich people try not to sell their assets because selling triggers taxes. So instead they do these things. So the first step is they buy. So first they buy assets that grow like usually stocks or companies. Jeff did this with Amazon. Like instead of taking a big salary, he took most of his earnings in Amazon stock. Like he owns billions of dollars of Amazon shares. And when that stock goes up in value, he doesn't pay taxes just because it went up. He only pays taxes if he sells. So he's sitting on this valuable asset, but he's not paying taxes just because it went up. He's not paying taxes on it, even though it's increasing in value because taxes are only paid if he sells. But he needs cash flow, right? So what he does that's really smart is instead of selling that Amazon stock to get cash, rich people like Jeff are going to borrow money using their stock as a collateral. So Jeff could go to the bank and be like, hey, I have $50 billion of Amazon stock. Can I please borrow $500 million against it? And of course, the bank is going to say yes, because the stock is super valuable. And so now Bezos has $500 million in cash to live on. And the craziest thing about this hack is that loans are not considered income. So they are not taxed. So he's getting spending money without triggering any taxes and while keeping all of his assets intact. It's really crazy. And then the third step in the U.S. is when someone dies, which is the third step. And when someone dies in the U.S., their assets get a step up in basis. And so that basically means that the tax history resets to the current value for their heirs. So for example, Bezos got Amazon shares for almost nothing. They are now worth billions. If he sold them, he would owe huge capital gains taxes. But if he dies holding them, his heirs will inherit that stock at the current value. So the past gains basically will disappear for tax purposes. So the strategy is buy assets that grow like he did with Amazon stock. Borrow against them instead of selling because it is non-taxable. You're just going to get income and you can live off of it, but you want to pay taxes on it. And then you can die and pass your assets onto your heirs with taxes minimized. So yeah, rich people basically live on loans backed by their investments instead of selling them. And so that's the third step in the U.S. Which helps them avoid taxes during their lifetime, which is crazy. And I know that this feels really unfair. It is. But here's the thing. Like you're listening to Financial Tea. I always give you the juicy ass scoop on how to help your own finances. And this is not some secret trick that only billionaires can use. Like regular people do this on a smaller scale all the time. You can borrow against your house. You can take a margin loan against your investments. You can use a line of credit instead of selling assets. Like there are ways to borrow against your house. You can borrow against things that you have that are valuable at a low interest rate. But you just have to be really careful because, you know, if it goes the other way, say Amazon went to zero, which, you know, now it's too big to fail. I don't think that would ever happen. But like if you're doing this on a smaller scale, it could go the other way. And that's what makes it a little bit risky. Then you're on the hook for that loan and it puts you in a bit of a precarious situation. So I would just be really careful. But good to know that we can also do this. You know, taking loans against our investments. My friend told me if you start a business, you can write everything off like your car, your rent, your plastic surgery. Is that true? Okay. Well, the truth is for plastic surgery, kind of, this is my favorite tax deduction story ever. Okay. There was a dancer in the 90s named Chesty Love who worked at a strip club and she got these insanely big breast implants. Like we are triple N implants, not street legal. And she argued in court that they were not cosmetic surgery. They were a business expense because they helped her earn money as a performer. And the IRS obviously disagreed and denied the deduction, but she took the case to court and our girl Chesty won. Why you might ask? Well, because she was able to prove something very specific. Those implants were not something she would reasonably use in her everyday life. And they as an adult entertainer. So the court ruled that they were essentially like a stage prop, like the same way that you would like. have a costume, that's what her implants, like how they functioned. And now, okay, before everyone listening gets excited and calls their plastic surgeon and starts planning their own creative tax deductions, I will say the case is famous because it is incredibly unusual. And I will say that the IRS rule is that business expenses have to be ordinary and necessary for the job. But I think that that line has become a little blurred as people have become lifestyle influencers, because obviously, if you're doing things for your lifestyle, it's earning you money for your job as a lifestyle influencer. And shouldn't it be a tax write-off, like your Botox, your wardrobe, your vacation to Cabo if you're posting from it? So I get that there's a gray area. I think you need a good accountant to figure out where you want to push and where you want to pull back, because the IRS isn't stupid. And I will say with clothing, unless it's a required uniform that you can't really wear in normal life, like think about like a chef's jacket, or safety gear, they're tough on that. And the IRS, the rule they usually use is pretty simple, like the expense has to be clearly tied to earning income for the business. And it can't be just like something that you would normally buy for your personal life. Like I don't think that Chesty Love is getting those huge ass implants because it's like fun. I think she was getting them because it like made her a lot of money. And I'm sure the moment that her career was over, she got those popped out, you know? So if it looks like a lifestyle upgrade with a tax write-off attached, that is usually where people get into trouble. But I will say like, if you have a good accountant, you can write off a lot of stuff. I write off so much stuff. But it's like, you know, my life is being Mrs. Dow Jones. So shouldn't I? Shouldn't I? Okay, guys, when I first started Mrs. Dow Jones, I was selling a lot of merch. And it was a business idea that I was sitting on. And then I set up Shopify and it made it so easy to get started, because they truly have everything you need to start selling and you're ready from day one, including the moment you're first starting. customers ready to pay. Shopify checkout helps more customers finish their purchases. And when they come back, their details are already saved. So it's just one tap and they're done. And that's because Shopify handles the setup and the checkout. So you have more time to focus on growing your business and the tools to do it. Shopify has been so helpful in Mrs. Dow Jones and making the business more accessible. And I just like really loved using them when I had that store. They power millions of businesses worldwide from household names like Mattel and Gymshark to small businesses just getting started. So go to Shopify.com slash financial T for your free trial. That's Shopify.com slash financial T to start your free trial. Shopify.com slash financial T. Did you know that three out of four US homes have toxic chemicals in their tap water? And what's crazier is that even though contaminated water looks clear, it could put you at risk for crazy health concerns like fatigue and hormone disruption and cognitive decline. I mean, even cancer. So that's why I want to talk to you about AquaTrue. It is this countertop water purifier, and it has been tested and certified to remove 84 contaminants, including gram-4 chemicals and microplastics. It has this patented four-stage reverse osmosis system that goes way beyond ordinary filters. AquaTrue has been featured in Business Insider and Popular Science. So go to AquaTrue.com now for 20% off your purifier using code financial T. And AquaTrue even comes with a 30-day best tasting water guarantee. That's AquaTrue.com, A-Q-U-A-T-R-U.com, promo code F-I-N-A-N-C-I-A-L-T-E-A. Okay, next question. How can someone with a regular ass salary legally get the tax advantages and deductions that billionaires get? Okay, first of all, I love this question because I feel like people think billionaires have some sort of secret tax system and the IRS is just like handing them a cheat code. They don't. Okay, so I'm going to go ahead and go ahead and go ahead and go ahead and they're just really good at using the rules that already exist. And they put a lot of money and energy into like leveraging them. And they really know what the rules are. So, but just because you're not a billionaire doesn't mean that we can't find some loopholes too. So if you have a regular ass salary and you want to lower your damn tax bill, the move is to use the same tax shelters that these rich people are using. And the first one that we always talk about is retirement accounts. When you put money into a 401k, or a traditional IRA, or a health savings account, that money comes off of your taxable income, which means that the government literally will tax you and pretend like you made less money. So like if you made 80k and you put 10k into your 401k, you're now paying taxes as if you made 70k. And billionaires do this too. It's just with way bigger numbers. So like not only are you putting money away towards retirement, which is amazing because you're growing, but you're also lowering your income in the moment, your taxable income in the moment. And I just mentioned this, but also health savings accounts are so important to like know about if you want to be tax savvy. Like if you have a high deductible healthcare plan, you can put money into a health savings account and that money goes in tax-free. It grows tax-free and it comes out tax-free if you use it for medical expenses and you can invest it. Like HSAs are truly the unicorn tax advantage unicorn of accounts and people sleep on it. So make sure that if you have a high deductible healthcare plan that you're contributing to your HSA and investing the money in that account. And then the third thing that is great if you want to avoid taxes is just to own something. Like the tax code loves owners. If you own investments like stocks or real estate, like you get access to capital gains tax rates, which are often lower than regular income tax. Or like if you own part of a small business, you get access to capital gains tax rates, which are often lower than regular income tax rates. Or like if you own a small business or a side hustle, suddenly things like your laptop or software or part of your rent or travel related to work can all become deductions. So I would say maxing out tax advantage accounts is huge. That's why I always say that's like, you know, the first step in your investing journey and also to make sure that you're putting money into your HSA, which I feel like people don't know about, but it's the best account ever. And then yeah, owning something, owning stocks, owning real estate. That's the way to do it, baby. I also got a lot of questions about how I do my taxes. And I have to be so for real. I don't because I have a business. And what did I say at the beginning of this episode? Like if you have a business, if your taxes are complicated, I have a lot of different income streams not to brag. And so I need someone to help me optimize it. And so I use Michael, Michael Savoci, love him to death. Every financially responsible woman has a Michael. We all have a Michael and we have a lawyer. All adventurous women, we have a lawyer, we have a lawyer, we have a lawyer, we have a lawyer, we have a lawyer. And he really knows the IRS rules back and forth. So I do not have to spiral reading tax blogs at night. And I think that at the point that I'm at, it's good to have professional help. I used to use the software, but I will say that I basically have always had an accountant because I only had a W-2 job for like seven months or eight months when I worked for Lorne Michaels before I got laid off. Up until that point, I was always hustling like four different income streams. And so I always. I always needed someone to help me with my taxes. And yeah, that's been my goal. And also help with investment stuff because I have a lot of investments, again, brag, and you have to manage that in its own specific way as well. And I give everyone Michael's number. So if you want Michael to help you with your taxes, comment below. I have no affiliate link towards him. I just trust him and think he's great. He's Jack, Jack Coyne's accountant too. I gave him Michael. So I'm happy to help him. I'm happy to connect you with Michael if you need a Michael. One thing that I will say that was really going to help you with your taxes is like the same way that I always tell you guys to have a money date, have a set time every single month where you are looking, sitting down with your finances, make a tax date. Like if you're listening to this episode right now, go into your calendar and figure out what day, if you do your own taxes, that you're going to do them. Like mark it down. Do not move that date unless like Taylor Swift wants you to come to her wedding. Like that's. That's it. That's the only thing that we will allow you to move it for. But I think that that is like not for a few months anyways. So it shouldn't really be a problem. But that is like the biggest thing is just having that set time, making an appointment with yourself to get this done because otherwise it's just going to weigh on you and be something that you're doing last minute. And it really doesn't need to be. It can be something that you are in control of instead of making it in control of you. And also like same thing with everything financial. It's not that hard. Yes, if you have complicated taxes, you should get an accountant. But like for most people, bleep, bloop, you add some, you know, numbers into a form and you're done. And this is something that you have to do every year. So no offense, we just sort of have to get over it and get going and make sure that you max out those tax advantaged accounts, including your HSA, because that is going to drive down your taxable income and make it so you are hopefully taxed at a lower rate for that, you know, income in the top buckets. Shout out to buckets. Hope you guys love that analogy. Okay. Anyways, I got to go because Uncle Sam has been texting me and I have to like talk to him about something really important about our family. But please don't forget to subscribe. Don't forget to rate, comment if you need anything from me. If you want my call number, put it on my book and stay rich. Verification as an extra step to make sure your ride is your ride. Before the trip begins, your app gives you a unique. pin just tell it to your driver and they'll enter it in their app before the ride can start hey what's your pin 2538 that way you know you're in the right car taking the right trip and your driver knows you're the right passenger make sure your ride is your ride with pin verification from uber one more way uber is putting safety at every turn learn more on the uber app