Latest / The Steve Harvey Morning Show / Laura Foos (6th Appearance) Full Interview

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Laura Foos (6th Appearance) Full Interview · The Steve Harvey Morning Show

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Speaker 1: wherever you get your podcasts. Hi, Welcome to Money Making Conversation.
1:54
Speaker 1: I'm your host, Rashan McDonald. Each Money Making Conversation Talks
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Speaker 1: show is about entrepreneurship and entertainment. I provide the consumer
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Speaker 1: and business owner access to celebrities, CEOs, entrepreneurs and industry
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Speaker 1: decision makers. I recognize that we all have different definitions
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Speaker 1: The Money Making Conversation interviews provide relatable information to the
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2:44
Speaker 1: With that being said, let's get to them, my my guests.
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Speaker 1: It's tax season, y'all. Or tax season or tax season. Yes,
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Speaker 1: I've seen commercial LuFe there boy, taxes. All kind of
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Speaker 1: people will let you know, a tax season, uh for
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Speaker 1: some people's tax season year round. Like me, I'm always
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Speaker 1: talking about my taxes. So it's time to talk to
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Speaker 1: one of my favorite tax experts, my next guest. Tax
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Speaker 1: Preparation company specializes in an individual or small business tax
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Speaker 1: preparations and tax filings. They pride themselves as taking time
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Speaker 1: with each client to go over with them their tax
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Speaker 1: situation so they can understand it as well as help
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Speaker 1: them plan for upcoming years. Please welcome back, back back
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Speaker 1: the money making conversation. One of my favorite people in
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Speaker 1: the DC area, Laura Foods, Good morning, how y'all doing
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Speaker 1: pretty good? At the energy She would not stop, she
3:34
Speaker 1: would not stop. And now you're doing Laura. I'm good,
3:38
Speaker 1: I'm good. We're here. I'm excited to be with you
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Speaker 1: all again. I was telling Samantha, I hadn't talked to
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Speaker 1: you all in quite a while. Yeah, you know, I'm
3:46
Speaker 1: sure you. I'm sure you were talking to somebody though,
3:48
Speaker 1: because you can talk, you know, I was like talking.
3:53
Speaker 1: You know, I'm always talking. It's awesome though. That's one
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Speaker 1: of your gifts. And I want to ask you all
3:58
Speaker 1: the time i've talked to you, r I don't think
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Speaker 1: i've ever asked you what is your gift or your passion?
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Speaker 1: What is your gift or your passion? Um? I think
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Speaker 1: gift and passion so they probably go, um, go together. UM.
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Speaker 1: I think that part of my gift is, you know,
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Speaker 1: being able to, especially because I deal a lot with
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Speaker 1: taxes and finances and those are subjects that sometimes you know,
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Speaker 1: a lot of people don't talk about it, they don't understand.
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Speaker 1: So I think part of my gift is being able
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Speaker 1: to break the process down so that everybody can understand it,
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Speaker 1: and that I can break it down to whatever crowd
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Speaker 1: that I'm speaking to and make it relatable to them. Um,
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Speaker 1: And that's part of my passion and that, you know,
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Speaker 1: breaking money and finances and taxes and budgeting and savings
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Speaker 1: and breaking those down so that all of us can
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Speaker 1: understand it and that people are more educated and then
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Speaker 1: when we know better, we do better. Right. So I
4:51
Speaker 1: think that is part of the passion of you know,
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Speaker 1: helping break the you know, financial and money things down
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Speaker 1: so that people understand it better. We know. It's really
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Speaker 1: my relationship goes all the way back to the Hoodie
5:03
Speaker 1: Awards Enabled Awards with your business. Well, let's talk about
5:14
Speaker 1: slaw Cotur because I'm just talking about you personally as
5:17
Speaker 1: an individual who I've seen grown and and you know,
5:20
Speaker 1: I follow your social media and I just see that
5:23
Speaker 1: you're you're more more about social media influencer. Now we're
5:27
Speaker 1: just making that shifting it. You seem like you're you're
5:29
Speaker 1: you're you're gaining energy about who you are as a
5:32
Speaker 1: brand and who you are as an individual. It's because
5:35
Speaker 1: your daughter is in college now you've got more time
5:37
Speaker 1: to you for yourself, not seeing the kids, not there,
5:40
Speaker 1: what's going on. I don't think I have more time now.
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Speaker 1: I think it is and probably working with you and
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Speaker 1: and some of my other coaches that I work with,
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Speaker 1: and really beginning to take this seriously that you know
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Speaker 1: that I can be my own person and my own brand, because,
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Speaker 1: like you said, because I do have that gift in
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Speaker 1: that passion to there with people. And I think that
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Speaker 1: everybody has something that they need to share, and mine,
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Speaker 1: of course is and taxes and finances, um and so
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Speaker 1: I think it was just deciding to be more transparent
6:12
Speaker 1: with people, especially on social media. And I think that
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Speaker 1: once you learned to be transparent with your audience and
6:18
Speaker 1: add value, like my social media is to add value
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Speaker 1: to people, to share information that I've learned from being
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Speaker 1: a single mother, from being married and divorced twice, from
6:28
Speaker 1: going through bankruptcy but then having several successful businesses. UM. So,
6:33
Speaker 1: I think my audience appreciates the transparency, and they certainly
6:37
Speaker 1: understand that they love me for me because I probably
6:39
Speaker 1: do cuss way too much to be a cute young lady,
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Speaker 1: So sometimes they might catch me cussing. I'd like to laugh.
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Speaker 1: I like to have fun um. But I think when
6:48
Speaker 1: you are, you know, using social media to add value
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Speaker 1: to people um and be the real you and the
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Speaker 1: authentic you, then I think that people appreciate that and
6:57
Speaker 1: you find your tribe and you find your your true
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Speaker 1: more transparent. Well, no, it's really important because when I
7:06
Speaker 1: bring people on the show or you know, we're all
7:08
Speaker 1: going to talk about who you are from a business perspective,
7:11
Speaker 1: why are you calling it on the show? But I
7:12
Speaker 1: just trying to let my listeners here another layer of
7:16
Speaker 1: what is inspiring you, what is driving you? Because because
7:19
Speaker 1: of the fact that we are all tied to trying
7:22
Speaker 1: to be successful. And then and I always tell people,
7:24
Speaker 1: all you're laying of success is going to be different
7:26
Speaker 1: somebody else Lane, but you might drop a nugget They go, wow,
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Speaker 1: I can really relate to what she's talking about. I
7:33
Speaker 1: can really relate to understand you know who our passion,
7:36
Speaker 1: her gifts are very similar to mine. But guess what,
7:38
Speaker 1: I'm a different person. I might be younger, I might
7:41
Speaker 1: be older, I might be married, I might be single,
7:43
Speaker 1: all these situations, but you can still up be inspired
7:46
Speaker 1: by the story. And that's why I love communicating with
7:48
Speaker 1: your Lord because you will tell me the story. Now,
7:51
Speaker 1: how is your daughter? Because I love talking about my
7:53
Speaker 1: girl the story too. Yeah. Absolutely see the kids that
7:58
Speaker 1: s college treat nerve and everything you know, said is
8:02
Speaker 1: doing great. Thank you for always asking about her, said,
8:04
Speaker 1: the kid is in her. Well, she's coming up finishing
8:07
Speaker 1: her second year at Temple University. This year has just
8:10
Speaker 1: been an awesome year for her. I don't even see
8:13
Speaker 1: her hardly anymore. Thank god for FaceTime that we FaceTime
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Speaker 1: a hundred of times a day because she never makes
8:19
Speaker 1: at home. But she's really transitioning. Interestingly, she's UM started
8:24
Speaker 1: doing an internship with their football team as she grew
8:27
Speaker 1: to love football because of her father and her uncle's
8:30
Speaker 1: and now she is really leaning towards sports management. UM.
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Speaker 1: She's one of their only paid students that works with
8:37
Speaker 1: Temple football and works with recruiting UM the athletes coming
8:41
Speaker 1: to visit the school. And she's really loving that. And so,
8:44
Speaker 1: I mean, I don't know where that came from, but
8:46
Speaker 1: you know, I'm gonna support her and whatever where we
8:48
Speaker 1: know where the talking came from. Okay, now, the ability
8:51
Speaker 1: to communicate came from you. When she lodges her sports
8:54
Speaker 1: Managmike company. Then yes, we're gonna have to get her
8:57
Speaker 1: own money making conversations. The thing about this relationship, you
9:01
Speaker 1: gonna have that the tax stuff down path. You know.
9:04
Speaker 1: So when when she starts signing these athletes, they're gonna
9:07
Speaker 1: bring him around the corners, that is, and they don't
9:09
Speaker 1: even introduce you as mom. You know this is she
9:12
Speaker 1: will hang on your taxes. You know, we don't have
9:14
Speaker 1: no problem over here. And then you're gonna just start talking.
9:16
Speaker 1: They're gonna go, whoa, it's all over. But that's how
9:20
Speaker 1: you you know, like my daughter, you know, she's she's
9:23
Speaker 1: in college, but she's one more years to be graduating
9:25
Speaker 1: in game design. And I'm watching her grow and the
9:28
Speaker 1: watching her grow, and that's why I talk about the
9:30
Speaker 1: balance life, you know, being able to we can be
9:32
Speaker 1: successful in all these different areas, but how balanced is
9:35
Speaker 1: your life? You know? And you know, we always want
9:37
Speaker 1: our kids to go out there and we you know,
9:40
Speaker 1: we're watching the ugly things on TV that you're always afraid.
9:44
Speaker 1: You need to hear from them to make sure that
9:46
Speaker 1: you could sleep at night. But you gotta let them go,
9:48
Speaker 1: and you gotta let them grow, and you gotta let
9:49
Speaker 1: them make their own decisions. So now the extension why
9:52
Speaker 1: would somebody file in the extension um? Maybe sometimes you know,
9:57
Speaker 1: I have clients fined for all different reasons, some just
10:00
Speaker 1: because they maybe they have had an emergency, or they've
10:03
Speaker 1: had things going on with their family, so they just
10:05
Speaker 1: couldn't get the documents together. Maybe they were waiting for
10:08
Speaker 1: a document because they lost it and had to get
10:10
Speaker 1: a replacement. UM. There's all all kinds of reasons. So
10:15
Speaker 1: you can find you would be approved to file an
10:17
Speaker 1: automatic extension um without any penalties or fees. Especially if
10:23
Speaker 1: you are do a refund, you can do it automatically.
10:26
Speaker 1: Let's just say you didn't have time UM and you
10:29
Speaker 1: can file that automatically. I would degree in math. I
10:33
Speaker 1: will never do my taxes. When it comes to buy taxes,
10:36
Speaker 1: I get parano I get nervous, I get afraid it
10:39
Speaker 1: really it really is like I mean, even when I
10:42
Speaker 1: wasn't making just a little simple form, the little single form,
10:45
Speaker 1: I just one job, and you know they showed you
10:47
Speaker 1: how much taxes they took out. I still wasn't feeling
10:50
Speaker 1: those forms. I was like scared to death. Why why
10:54
Speaker 1: is Richard McDonald afraid of feeling out his own taxes
10:58
Speaker 1: or need you all me that right? Well, and I
11:02
Speaker 1: think it's just just like we were talking about in
11:04
Speaker 1: the intro of the Passion, because nobody talks about it.
11:08
Speaker 1: You know, we didn't learn about taxes in in school.
11:12
Speaker 1: A lot of times our parents just filed their taxes
11:14
Speaker 1: or I see what I mean. You know, we didn't
11:16
Speaker 1: even know our parents filed taxes. Didn't even know what
11:19
Speaker 1: that was. No one discussed that. We didn't learn about
11:21
Speaker 1: it in college. And so until you started working, did
11:24
Speaker 1: you hear people say, oh, you have to file your taxes.
11:26
Speaker 1: And when you don't know something or you don't understand something,
11:30
Speaker 1: then you get a professional to do it for you. Now,
11:32
Speaker 1: hopefully you work with someone like myself that will explain
11:35
Speaker 1: it to you. But I still have a lot of
11:37
Speaker 1: clients who, probably like yourself, are like, I don't even
11:40
Speaker 1: want to know. Just what's the bottom number? You do it?
11:42
Speaker 1: You're the perfect the bottom numbers are. That's me, you know, Well,
11:47
Speaker 1: I'm gonna chang. I'm a good person, you know. I
11:49
Speaker 1: see my little booklets, I have my little tab everything
11:52
Speaker 1: he's typed up. I am a blessing to my text
11:56
Speaker 1: Oh my god, they love they love me. But you know,
11:59
Speaker 1: don't come back, go for me, you know, just tell
12:01
Speaker 1: me what I need to sign. Make sure what I'm
12:04
Speaker 1: signing makes me happy. I gotta be happy, gotta be happy.
12:08
Speaker 1: But that's part of the process because you know, you
12:11
Speaker 1: have to go. You know, I think when it when
12:14
Speaker 1: because it's so personable. How this whole file in taxes
12:17
Speaker 1: And then I see these companies talking about you know,
12:20
Speaker 1: you you file taxes, we give your money. Now I'll
12:24
Speaker 1: see that. Or do you do that as well? Or
12:26
Speaker 1: is that just a different company that is just doing that.
12:29
Speaker 1: No where they can get an advance in the way
12:32
Speaker 1: like they call it like an advance and what that
12:35
Speaker 1: is that is and those are certainly legal, and most
12:37
Speaker 1: tax professionals offered them like we had them at the
12:40
Speaker 1: beginning of the tax season. And what the advances, it's
12:43
Speaker 1: an advance of money of your own money. You are
12:46
Speaker 1: going to pay a feed for it, just like I said,
12:49
Speaker 1: someone's money. They're going to charge you interest to use
12:51
Speaker 1: their money. But they developed the um the advances come
12:55
Speaker 1: in handy because you know teen they developed a path
12:59
Speaker 1: act us because we have seen so much or now
13:02
Speaker 1: they got you know, with smart systems, they caught one
13:05
Speaker 1: that people were filing tax returns with fraudulent children, maybe
13:10
Speaker 1: children that were not their children. And now if you
13:13
Speaker 1: put children on your return where you're earning that earned
13:16
Speaker 1: income credit or additional child tax credit money, where you're
13:20
Speaker 1: getting refundable money back. They were holding those tax returns
13:24
Speaker 1: until February fifteen, So even though a lot of people
13:28
Speaker 1: submitted their returns in January, they would not even begin
13:31
Speaker 1: looking at those returns until February fifteen, so that they
13:35
Speaker 1: have more time to analyze them, check the children on
13:38
Speaker 1: the returns. So that's why they do the advance, because
13:41
Speaker 1: those clients did not begin to get refunds until the
13:45
Speaker 1: end of roll Really, they just started coming out as
13:47
Speaker 1: a matter of fact, the end of February. So if
13:50
Speaker 1: I did your return in January and I know you're
13:52
Speaker 1: gonna get six thousand dollars back, I could give you
13:55
Speaker 1: an advance of that money, and then when they finally
13:59
Speaker 1: released your refund on the end of February, we would
14:01
Speaker 1: get that back. Yeah, but you have control of that
14:04
Speaker 1: right through the end of February. You have control of
14:07
Speaker 1: that money though, right, you have control of the chick
14:09
Speaker 1: comes to you, right, Yes, of course, things that works
14:14
Speaker 1: with tax of prayer companies. So yes, they're going to
14:16
Speaker 1: make sure they get their money back first. Then we're
14:19
Speaker 1: gonna get our prep fees seconds, and then the client
14:23
Speaker 1: would get what's the last all right, I love it.
14:25
Speaker 1: That's that's a good way. We'll be talking about girl
14:27
Speaker 1: top tax filer and what she's a DC area Okay,
14:32
Speaker 1: and she's been doing it for seven years. She's a
14:34
Speaker 1: friend of the show and this time of year I
14:36
Speaker 1: always bring on the show just story enthusiasm. Her information
14:39
Speaker 1: that she delivers every time on this show is amazing.
14:43
Speaker 1: We'll be back more. I got some detailed questions to
14:44
Speaker 1: get even more granular with the information about filing taxes,
14:48
Speaker 1: doing tax season. Laura Foods is on Money Making Conversation. Hi,
14:52
Speaker 1: just ra Sean McDonald and you're listening to Money Making
14:54
Speaker 1: Conversation Laura Foods. She's the best seven years now located
14:58
Speaker 1: in Forest Bille for is the old Maryland UH Financial
15:02
Speaker 1: Services Foods as i OS Financial Services LLC. She is
15:08
Speaker 1: one of the best in the business. Tivin is um
15:11
Speaker 1: What are the three top reasons why you see clients
15:15
Speaker 1: and why they old taxes? What are the three top
15:16
Speaker 1: reasons that clients old taxes because I try to avoid that,
15:19
Speaker 1: but I still oh every year. Right, Well, I think
15:23
Speaker 1: that one of the biggest ones is because a lot
15:26
Speaker 1: of times UM clients and I understand it because a
15:29
Speaker 1: lot of my clients do it to me every year,
15:31
Speaker 1: even though I asked them not to. They think that
15:33
Speaker 1: their attax to payer is a magician, but we are not.
15:36
Speaker 1: We are a tax preparers. So the biggest mistake that
15:39
Speaker 1: people making I get it. They need their money during
15:42
Speaker 1: the year on their paycheck during the year. However, then
15:45
Speaker 1: we get to tax time and they owe all of
15:48
Speaker 1: this money and then they look at me and just
15:50
Speaker 1: like you said, I want to be happy when you
15:51
Speaker 1: have me signed. But there are sometimes that if you
15:54
Speaker 1: are making you know, sixties seventy thousand dollars a year
15:58
Speaker 1: and you have five dadars withheld in taxes during the year,
16:02
Speaker 1: there's nothing that I can do to help you with
16:04
Speaker 1: that unless you have all kinds of dollars a year
16:10
Speaker 1: and only five dollars tax yes, and then they're like I, oh,
16:15
Speaker 1: oh my gosh. So I do always have UM. Of
16:19
Speaker 1: course on my social media, I'm Laura Foods. There aren't
16:22
Speaker 1: links in my io with helpful links that you would
16:25
Speaker 1: use UM directly from the I r S site where
16:28
Speaker 1: they have a withholdings calculator. They tell you exactly UM
16:32
Speaker 1: what you should be withholding UM. So I encourage all
16:35
Speaker 1: of our guests, even if you haven't done it recently,
16:38
Speaker 1: to do it this year, just to make sure that
16:41
Speaker 1: with the new tax laws, with the new tax tables,
16:44
Speaker 1: that you were withholding the correct amount of money. It's
16:47
Speaker 1: finally here the season of celebration, and no matter how
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Speaker 1: free at auto dit ai or download the app for
18:40
Speaker 1: free auto dit ai. That's O T T E R
18:43
Speaker 1: dot Ai. Another reason why I think that a lot
18:47
Speaker 1: of my clients maybe end up owing is maybe they
18:51
Speaker 1: had a change in their situation and maybe their tax repair.
18:55
Speaker 1: Which is why I do pride myself on not only
18:58
Speaker 1: am I doing your taxes for this year, We're gonna
19:01
Speaker 1: also have a conversation about the current year that we're
19:05
Speaker 1: in and are you gonna be better prepared. So let's
19:08
Speaker 1: say maybe you're you've had your children, and you were
19:11
Speaker 1: um that you were getting a two thousand dollar deduction
19:14
Speaker 1: for your children, right because under their age of sixteen
19:18
Speaker 1: and under, you get a two thousand dollar credit for them.
19:21
Speaker 1: But then once they turned sixteen, whoa, Now that deduction
19:26
Speaker 1: goes down to five hundred dollars. And if you were
19:29
Speaker 1: not prepared for that and your tax to payer didn't
19:32
Speaker 1: go over, hey, make sure next year you plan for
19:34
Speaker 1: this because you're gonna lose that fifteen hundred dollar deduction.
19:38
Speaker 1: Then maybe then your tax you know, your criteria changes,
19:43
Speaker 1: or maybe your child now is just like we were
19:45
Speaker 1: talking to, our children get older, now they're working, they're
19:48
Speaker 1: um supporting themselves. I was always able to claim the
19:52
Speaker 1: head of household deduction which is now eighteen thousand, three fifty.
19:56
Speaker 1: And now I lose my child and now I have
19:58
Speaker 1: to file single and that deduction is only like a
20:01
Speaker 1: twelve thousand dollar deduction. Um. So unfortunately people don't consult
20:06
Speaker 1: when these life things happen. Maybe they don't consult their
20:09
Speaker 1: tax person or you know, they should certainly check their
20:12
Speaker 1: withhold news. Again, this is a lot of information, lawrel
20:15
Speaker 1: What are you talking too fast? Because I know you
20:18
Speaker 1: all say that I talked way to getting it just overwhelmed.
20:22
Speaker 1: I can see why I have I'm afraid to do
20:26
Speaker 1: my taxes. Okay, First of all, you know you know
20:29
Speaker 1: all these do you take classes? Which if you go
20:32
Speaker 1: like conferences in Las Vegas or something, how you stand? Well,
20:36
Speaker 1: I wish I wish I was in Vegas. I have
20:38
Speaker 1: not been back to Vegas since the Neighborhood Awards and
20:41
Speaker 1: I refused to go until the Neighborhood Awards come back. No,
20:44
Speaker 1: we don't have conferences, unfortunately I haven't attended them in Vegas.
20:48
Speaker 1: But we do have to have because we are if
20:51
Speaker 1: you are going to prepare, like I'm a license prepared.
20:55
Speaker 1: So yes, I have to have continuing education hours every year.
20:58
Speaker 1: If you look up my aim on the I R
21:00
Speaker 1: S website you will see so I do use the
21:03
Speaker 1: hashtag check the credentials. So no, we don't want to
21:06
Speaker 1: be going to those tax of parents that are using
21:08
Speaker 1: turbo tax in their basement. And your return said self prepared.
21:13
Speaker 1: So okay, that is a big mistake. That's a lot
21:15
Speaker 1: of times where people end up owing. Also, you think
21:18
Speaker 1: that you're going to you know, a tax repairer because
21:21
Speaker 1: they're only charging you a hundred hours to do your taxes,
21:24
Speaker 1: but they're doing them in your basement. And then when
21:26
Speaker 1: you get that letter three or four years later from
21:29
Speaker 1: the I R S asking you to explain what all
21:32
Speaker 1: this stuff is on your tax return and you never
21:36
Speaker 1: asked the tax repairer to put it on there, then yes,
21:39
Speaker 1: you will owe kindly all of those years that they
21:41
Speaker 1: audit when you can't provide documentation or verifications. That's another
21:46
Speaker 1: good see. So that's our third one right there, And
21:48
Speaker 1: that wasn't even on my list, but that was another
21:50
Speaker 1: good one. While people owe we are remember when I
21:55
Speaker 1: first started doing my taxes, I didn't want to pay
21:57
Speaker 1: the tax person. I used to argue with Hey man,
22:00
Speaker 1: this is kind of high What are you talking about?
22:04
Speaker 1: Can you come here? You know? You know, yeah, I
22:06
Speaker 1: am the more the key part of my life from
22:09
Speaker 1: accounting standpoint with the government. And I'm arguing with this
22:13
Speaker 1: person by cutting the deal all my taxes and I
22:17
Speaker 1: think you get that. I'm pretty sure you get a
22:19
Speaker 1: lot of idiots like me to come in. Don't want
22:21
Speaker 1: to think you over priced that. Don't don't try to
22:24
Speaker 1: figure out you know, all this paperwork they just throwed
22:27
Speaker 1: you to hand you a trash bag full of information.
22:30
Speaker 1: You gotta put it all together. Then you put it
22:32
Speaker 1: all together. Then they come back, go this much, I
22:36
Speaker 1: gotta pay you this much? Right? Why? Why why are
22:40
Speaker 1: we idiots like that? Because I because I did it.
22:42
Speaker 1: I did that. Now now I don't do that now
22:44
Speaker 1: I realized that. You know, I got a c p A.
22:46
Speaker 1: You know, been doing it for twenty three years. I'm
22:49
Speaker 1: talking about about early years. I'm sure I was pretty stupid.
22:52
Speaker 1: I had to go apologize to a good friend of mine.
22:56
Speaker 1: She's in Houston, and when she's doing my taxes and
22:58
Speaker 1: when they start creeping up in to the thousands, I
23:01
Speaker 1: was like, whoa, whoa, whoa, who WHOA, what's going on here?
23:06
Speaker 1: We should first of all making money money, okay, So
23:10
Speaker 1: so and when you make money, guess what certain things
23:13
Speaker 1: you got to have in place. You know, you got
23:15
Speaker 1: full one cage, you got all these deductions, you travel,
23:18
Speaker 1: you know, if we got to pull all this down.
23:20
Speaker 1: And also, like you said, you don't want to be
23:22
Speaker 1: you only get that phone call four or five years
23:24
Speaker 1: later or one year later talking about you file at
23:27
Speaker 1: the wrong time, because I've had these phone calls, okay,
23:30
Speaker 1: and you talk about the filing part is nervous. When
23:33
Speaker 1: you get that letter, you get one of those letters
23:36
Speaker 1: because like you always say that I Arrest normally does
23:38
Speaker 1: not call you directly, but you will get that letter
23:41
Speaker 1: in the mail um and they will keep sending you
23:44
Speaker 1: letters until you respond or they are or they are
23:47
Speaker 1: certainly able to Garners wages. So we certainly do will
23:50
Speaker 1: not want to for the I R S. We don't
23:54
Speaker 1: want to play with them, communicate with them, set up
23:57
Speaker 1: payment plans with them. They will certainly were with you,
24:00
Speaker 1: but yes, do not play around with the I R as.
24:03
Speaker 1: This is like a testimonial show for me. Boy, It's
24:06
Speaker 1: the first time I publicly admitted all my ignorance about taxes,
24:10
Speaker 1: you know, but that happens. But you are not alone.
24:13
Speaker 1: You are certain. I'm in the club by myself because
24:16
Speaker 1: it comes to this, because I can't speak that for
24:19
Speaker 1: everybody else. Lord, you're an expert. You talk to a
24:21
Speaker 1: guy over here that, as matured over the years, got
24:25
Speaker 1: the right people around me to protect me sitting over there. Hey,
24:30
Speaker 1: I've had the person in the basement do my taxes.
24:33
Speaker 1: Remember my friend, this is this guy he was he
24:36
Speaker 1: sold insurance, but he did taxes on the side. Oh
24:39
Speaker 1: his Rachel good, Rachel Good. I bet they were good.
24:43
Speaker 1: But you got a real nicely really really really good
24:46
Speaker 1: refundsition absolutely letter a few years later saying can you
24:53
Speaker 1: please verify send us documentation to verify this and this,
24:57
Speaker 1: And you're like, I didn't even know I put that
24:59
Speaker 1: one day. Oh my god, oh my god. This is
25:01
Speaker 1: this is like this is like this is flashbacks. I
25:04
Speaker 1: remember flashback because you know, at one point you have
25:07
Speaker 1: to grow up and realize that, you know, that's why
25:09
Speaker 1: I do the show, because you can't be perfect when
25:11
Speaker 1: you do this show. You have to show flaws and
25:13
Speaker 1: be honest with people and also let them know that
25:16
Speaker 1: the reason I have you on the show is because
25:18
Speaker 1: of the fact that your level of expertise is needed
25:21
Speaker 1: for anybody, not just people in business, but individuals because
25:26
Speaker 1: the government, the government does not play when it comes
25:29
Speaker 1: to these taxes. And if you don't finally taxes, they
25:31
Speaker 1: will put you in jail. Yes, and and I've talked
25:36
Speaker 1: a lot about this year. They were also those tax
25:39
Speaker 1: of parents that we're doing all of that funny stuff.
25:42
Speaker 1: They will now when they find the taxi parents are
25:44
Speaker 1: consistently submitting fraudulent returns, they are now putting tax reparents
25:49
Speaker 1: in jail. So I I do let clients know. Now,
25:52
Speaker 1: wait a minute, I'm not going to jail. Orange is
25:54
Speaker 1: my favorite color. I do not I don't think I
25:56
Speaker 1: wear it well though, So now I'm not going to
25:58
Speaker 1: jail for anyone to get a refund or them to
26:01
Speaker 1: get extra money. Though I do make sure we walk
26:04
Speaker 1: through the process to make sure you get any deductions
26:07
Speaker 1: that you are do or that maybe you were not
26:09
Speaker 1: aware of. So let me not say that like I
26:12
Speaker 1: will make sure that you get everything that you deserve.
26:15
Speaker 1: And and just because I'm in Maryland, you have to
26:17
Speaker 1: let your guests know, just because I reside in Maryland,
26:20
Speaker 1: DC area. You know, most of my clients, probably percent
26:24
Speaker 1: of my clients are remote clients. I never meet them
26:26
Speaker 1: in person. We have a perfect system, UM, and the
26:29
Speaker 1: intakes form. It's an online systems and then we communicate
26:33
Speaker 1: via you know. Now we have conference calls, we have
26:36
Speaker 1: zoom meetings. DOCU sign your documents, UM, so I can
26:39
Speaker 1: work with any of your clients across the country. You
26:43
Speaker 1: can give me a social media banner this week so
26:46
Speaker 1: I can post it. Yeah. Now let's talk about your
26:49
Speaker 1: your your show, Ask foods? Are you still doing that? Um?
26:53
Speaker 1: I do? UM still do ask foods, which we normally
26:57
Speaker 1: do like a tax tip Tuesday segment of course. Now
27:00
Speaker 1: just because in the midst of tax season it gets
27:03
Speaker 1: a little difficult for me. Um, just because most of
27:06
Speaker 1: you know I. You know, I still have the corporate career,
27:08
Speaker 1: I still have the salon, I still have said the kid,
27:11
Speaker 1: and then I'm doing taxes. So but I normally on
27:14
Speaker 1: my page and every day posting informational content. Let's put
27:18
Speaker 1: it that way, so they can always follow my page
27:21
Speaker 1: for informational content. And I am launching because I've had
27:25
Speaker 1: so many people, especially probably from being on your show
27:28
Speaker 1: that we're asking not just about finance, you know, about taxes,
27:32
Speaker 1: but when are we gonna start talking more about budgeting
27:35
Speaker 1: and saving and small businesses multiple streams of income setting
27:39
Speaker 1: up the businesses how to set up my system correctly?
27:42
Speaker 1: So I did. Finally in the off season December and January,
27:46
Speaker 1: I created a five a five week master class programs
27:52
Speaker 1: and hopefully we will be launching that next month so
27:55
Speaker 1: that I can work you know, because my tax client say, Laura,
27:57
Speaker 1: I hate that I only talk to you once or
28:00
Speaker 1: white a year. You know, I need to work with
28:02
Speaker 1: you more ongoing, and because I'm only one person, um,
28:05
Speaker 1: that gets difficult to do. So I have created this
28:08
Speaker 1: class so that I can work with individuals over you know,
28:12
Speaker 1: a five week program which inevitably will go to you know,
28:16
Speaker 1: working with them and holding their hand, probably over a
28:18
Speaker 1: six month period. So I'm hoping that we'll be able
28:21
Speaker 1: to launch that as tax season ends. Then I'll be
28:24
Speaker 1: starting that up. So let me ask you this, lord,
28:26
Speaker 1: So is that a one off class? Are you somewhere?
28:28
Speaker 1: They come to the class, they kind of register and
28:31
Speaker 1: you create the tax relationship with them, and that's what
28:34
Speaker 1: you're talking about. Well, the class will all be an
28:37
Speaker 1: online class. So I have taken the time to create
28:40
Speaker 1: a five week master class, so there will be a
28:42
Speaker 1: master class about budgeting, savings, UM, multiple streams of income
28:48
Speaker 1: and all of those things. So it will be an
28:51
Speaker 1: online class. And then every week I will be doing
28:54
Speaker 1: a call with you know, the clients, so that we
28:57
Speaker 1: are going through this. And then as we were through
29:00
Speaker 1: that six month process out, they'll be having homework. They'll
29:03
Speaker 1: have to submit their budget, They'll have to show me
29:06
Speaker 1: how they're doing what their savings will go over their
29:09
Speaker 1: small business, you know, how they have their accounts set
29:12
Speaker 1: up and tracking their expenses. So I'm excited because now
29:16
Speaker 1: I'll really get to work with people UM instead of
29:19
Speaker 1: just during tax season. So I'm really excited about launching
29:22
Speaker 1: the program. So I'm hoping that as soon, like I said,
29:25
Speaker 1: it's recorded and done. I just have to get through
29:29
Speaker 1: tax season and then we'll be launching that. What So
29:32
Speaker 1: it means you'll be back on the show with probos
29:34
Speaker 1: the second quarter, that's when you're gonna do it? Yes, well,
29:36
Speaker 1: you know, I will reach out to you all as
29:38
Speaker 1: soon as I am launching it so that you can
29:41
Speaker 1: see it. And like I said, so then I can
29:43
Speaker 1: work with people all year round. So I'm really excited
29:46
Speaker 1: about that. That's awesome. Now let's let's this is a
29:49
Speaker 1: simple question, but I think it's necessary. When do you
29:52
Speaker 1: start if you're if you're filing taxes in tax season,
29:57
Speaker 1: when should a person start prepping for taxes versus an
30:02
Speaker 1: individual then as a business um as an individual hopefully
30:08
Speaker 1: in the year. So if we so I want to
30:11
Speaker 1: talk about we're in twenty twenty now and will file
30:15
Speaker 1: at the beginning of one because in preparing for it,
30:19
Speaker 1: of course, individuals need to be checking their withholdings and
30:23
Speaker 1: then at the end of the year. So normally you
30:25
Speaker 1: will start getting documents with your December thirty first statements
30:30
Speaker 1: or by January thirty if they have to send out
30:32
Speaker 1: your W two's or ten nine or ten ninety eight.
30:36
Speaker 1: So individuals, of course you should be you know, you
30:39
Speaker 1: should have a folder or you know, some type of
30:42
Speaker 1: envelope whereas all of these documents come in, you are
30:45
Speaker 1: saving you're you're saving them, or if you make donations
30:49
Speaker 1: throughout the year, saving those receipts, or you can also
30:52
Speaker 1: most individuals now can itemize, you know, their house donations
30:56
Speaker 1: and medical expenses Unfortunately for individuals that's all you know,
31:00
Speaker 1: that's about it that you can itemize. Now with the
31:03
Speaker 1: law changes, they took a lot of that away. Now, businesses,
31:06
Speaker 1: you have taxes. Like you said, for yourself, taxes is
31:09
Speaker 1: all year long, so that you know, businesses don't start
31:13
Speaker 1: getting their stuff together businesses, because you want to be
31:17
Speaker 1: able to write off everything that is related to your business.
31:21
Speaker 1: So hopefully you are tracking those expenses during the year
31:24
Speaker 1: and keeping those receipts, which I know is an overwhelming
31:28
Speaker 1: task because most people in your business. You're good at
31:31
Speaker 1: what your businesses and you're not necessarily good at the
31:34
Speaker 1: financial side of it. Um And that's why there's a
31:37
Speaker 1: link in my bio for the quick book app that
31:39
Speaker 1: I recommend, and it keeps track of your income, it
31:43
Speaker 1: keeps track of your expenses, even keeps track of the
31:46
Speaker 1: mileage right on your phone. That's a huge deduction for
31:49
Speaker 1: business owners. So anything that you are doing to and
31:53
Speaker 1: from and meetings and classes and clients, you get fifty
31:57
Speaker 1: eight cents a mile, So that's a huge deduction. We
32:00
Speaker 1: need to be keeping track of that. So business owners,
32:03
Speaker 1: small business owners, side hustle owners, um, any of those things.
32:07
Speaker 1: You know, this is all year long. You have to
32:09
Speaker 1: keep track of it to make sure you're getting all
32:12
Speaker 1: of those deductions. That's so important. It's awesome, Laura. How
32:15
Speaker 1: can we get in touch with you? The best way,
32:18
Speaker 1: just like you said, to find me. Everybody can find
32:21
Speaker 1: me or insta. Instagram is um at, I'm I am Laura,
32:26
Speaker 1: l A U r A foosts like frank Oos like
32:30
Speaker 1: samum or. My email is foost at ask foost dot com.
32:35
Speaker 1: Very easy, my friend. As always, your wonderful and your
32:39
Speaker 1: energy wonderful in your approach to how you do. This
32:42
Speaker 1: is your gift, this is your passion. They are all
32:44
Speaker 1: one and the same, but some people try to differentiate them.
32:47
Speaker 1: That's why I just put them both out there. Again.
32:49
Speaker 1: Thank you for coming on my show. And I also
32:51
Speaker 1: send me a social media banner. Always send me a
32:53
Speaker 1: social media bntagers when we get that posted and get
32:55
Speaker 1: some help for some of these people like me, Yes,
32:58
Speaker 1: I got you, Okay, than so much. I'll take care.
33:03
Speaker 1: In this season of giving, Coals has gifts for all
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