Latest / The Steve Harvey Morning Show / Rushion Interviews The Queen of Crypto, Tavonia Evans, and Tax Preparation Expert, Laura Foos

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Rushion Interviews The Queen of Crypto, Tavonia Evans, and Tax Preparation Expert, Laura Foos · The Steve Harvey Morning Show

0:04
Speaker 1: Welcome to Money Making Conversations. It's the show that she
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Speaker 1: has the secrets of success experience firsthand by marketing and
0:10
Speaker 1: Brandon expert Rashan McDonald. I will know he's giving me
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Speaker 1: advice to many occasions. And in case you didn't notice,
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Speaker 1: intro about money making Conversation Masterclass. I'm your host with
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0:56
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1:02
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1:16
Speaker 1: out there that you may not consider to be an
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1:22
Speaker 1: different definitions of success. For you, it may be the
1:25
Speaker 1: size of your paycheck, mind is and inspiring you to
1:28
Speaker 1: accomplish your goals and live your very best life. It's
1:31
Speaker 1: time to stop reading other people's success stories and start
1:33
Speaker 1: writing your own. People always talk about their purpose or gifts.
1:37
Speaker 1: If you have a gift, lead with your gifts and
1:39
Speaker 1: know that your friends, family, or co workers. Stop even
1:41
Speaker 1: planning or living your dreams. Like all ways, we're always
1:45
Speaker 1: discussing ways to overcome the odds in your life. That's
1:49
Speaker 1: important because we all will face especially with people of
1:54
Speaker 1: color African Americans. You know, I always tell people when
1:57
Speaker 1: I walk in a room, people know I'm black. I
1:59
Speaker 1: can't hide, I can't say I'm nothing else, but who
2:01
Speaker 1: I am a person of color based on my skin tone.
2:04
Speaker 1: That is odds. You know, arts can lead to a
2:08
Speaker 1: situation that we recently a headline the news is police
2:11
Speaker 1: brutality and how people of color tend to be the
2:15
Speaker 1: especially black people, especially black men and black women. We
2:19
Speaker 1: have to include remember there's no gender or discrimination when
2:23
Speaker 1: it comes to police brutality in this country, especially when
2:26
Speaker 1: the Memphis situation was black police officers brutally beating a
2:31
Speaker 1: black man, and that was like the game changer for
2:35
Speaker 1: a lot of ways because if it turns finger point
2:38
Speaker 1: both ways. Now, see y'all do it too. See y'all
2:41
Speaker 1: do it too. And that's the life we live into.
2:43
Speaker 1: We live in, you know, and again stopped by police
2:45
Speaker 1: officer or engage in the situations positive negative, it always
2:49
Speaker 1: leaves with am I the next one app a lot
2:53
Speaker 1: of uncertainty and that's where money making conversations about clearing
2:56
Speaker 1: up that uncertainty. But guests on the show that they
2:59
Speaker 1: represent people who were making a difference in the crypto
3:02
Speaker 1: and tax community. Crypto. We're gonna get in detail about that,
3:05
Speaker 1: but before we get there, I want to start updating
3:07
Speaker 1: some guests from the past, some people who have come
3:10
Speaker 1: on the show and made an impact and people are
3:12
Speaker 1: reacted to their either face puts some dm me on
3:18
Speaker 1: my social media, sending emails or calling me or texting me.
3:21
Speaker 1: I've been stopped by several individuals since my interview with
3:24
Speaker 1: engine Enginette Dowles. She is the national director of NAKA.
3:28
Speaker 1: NAKA if you don't know, it's the leading the fight
3:31
Speaker 1: for economic jumps, justice and homeownership. They committed to helping
3:35
Speaker 1: the underserved build generational wealth through access to affordable mortgages
3:39
Speaker 1: and financial as system. They informed they have informed me
3:43
Speaker 1: the people who have been contacting me that they have
3:46
Speaker 1: NAKA appointments set up. That's important. They have made the
3:51
Speaker 1: first step. What what what bothers me? Is I give
3:54
Speaker 1: you this information and you don't use it. People are
3:56
Speaker 1: telling me there using it. They're saying thank you for
3:59
Speaker 1: the information. They've got an appointment set up. If you
4:02
Speaker 1: want to learn more about NAKA, just go to their
4:04
Speaker 1: website as naka dot com and NAKA can help you
4:07
Speaker 1: turn your Section eight rent check into monthly mortgage payments.
4:13
Speaker 1: You can buy home and you remember never thought that possible,
4:17
Speaker 1: you know. As far as homeowners, NAKA has helped over
4:21
Speaker 1: five hundred thousand. NAKA has mortgages out for seventy five
4:26
Speaker 1: thousand and they mortgage financial commitment is twitty billion dollars.
4:32
Speaker 1: So if you know about that, you want to do
4:34
Speaker 1: some research, you go to NAKA. A lot of people
4:37
Speaker 1: who have stopped in the streets, text me and emailed
4:39
Speaker 1: me have a very enthusiastic about their appointment because they
4:42
Speaker 1: feel it's gonna be a game changer for them as
4:45
Speaker 1: far as when it comes to homeownership or impacting the
4:48
Speaker 1: loan that they presently have on their mortgage. That's that
4:52
Speaker 1: I said earlier about crypto Crypto. The reason I brought
4:55
Speaker 1: that up is I want to talk about that before
4:57
Speaker 1: I get into my interview, and I'm feared for me
4:59
Speaker 1: with the person that I'm going to interview on the
5:01
Speaker 1: show today FTX. FTX collapsed Sam Bankman, Fried freed or
5:07
Speaker 1: fried or Fried. He was charged with stealing billions of
5:11
Speaker 1: dollars from FTX customers and what prosecutors have described is
5:15
Speaker 1: one of the largest financial frauds and US history. This
5:18
Speaker 1: is crypto. Now, you know, I've had a lot of
5:21
Speaker 1: people on the show talking about crypto, a lot of
5:24
Speaker 1: people talking about you get rich on crypto. This man
5:27
Speaker 1: has what they now say, Sam Bankman. They're saying he
5:31
Speaker 1: has one of the largest financial frauds and US history
5:35
Speaker 1: and it's tied to crypto. Now that's saying a lot.
5:38
Speaker 1: I don't know if you ever heard this name. Bernie Madoff.
5:41
Speaker 1: Now Bernie Madoff was pre Sam Bankman. He's the former
5:46
Speaker 1: chief of Nastac and former and the founder of marketing
5:49
Speaker 1: firm called Bernie Bernard am made Off. They just call
5:52
Speaker 1: him Bernie for short investment securities was turned into. He
5:56
Speaker 1: was turned in by his two sons and the rest
5:58
Speaker 1: of two thousand and eight for running a widespread Ponzi scheme.
6:04
Speaker 1: That's what people are saying about what Sam Bankman has
6:06
Speaker 1: been doing. It's a Ponzi scheme. So what I'm just
6:09
Speaker 1: telling y'all is that research research, research, research, follow advice,
6:13
Speaker 1: following informationship with research. Now, at the time he was arrested,
6:17
Speaker 1: he was seven years old. But he's passed away in
6:19
Speaker 1: jail and they duped investors out of approximately fifty billion dollars.
6:25
Speaker 1: He was sending to one hundred and fifty years behind bars.
6:27
Speaker 1: Made Off died in prison at the age of eighty
6:30
Speaker 1: two in twenty twenty one. Sam Bankman is only thirty
6:34
Speaker 1: years of age. Thirty years of age. The largest they
6:40
Speaker 1: sends the largest financial fraud and financial history. It's a
6:44
Speaker 1: thirty year old individual who formerly if you follow basketball,
6:49
Speaker 1: Miami Heat the arena was named after it. They had
6:52
Speaker 1: to take the name down. I doubt now. I think
6:55
Speaker 1: it's called the Miami Dade Arena as of the embarrassment
6:58
Speaker 1: because the funds that he was funding the naming rights
7:02
Speaker 1: for invalid. So if I've scared you away from investing
7:05
Speaker 1: the crypto, please Jone, please don't get scared. Please do
7:08
Speaker 1: your research. That's what this is all about. My next
7:11
Speaker 1: guests I'm very familiar with. I didn't bring on the
7:13
Speaker 1: show to defend crypto, which is talking about crypto. My
7:17
Speaker 1: guests is Tavonia Evans. She's a native of New York
7:20
Speaker 1: and the mompreneer. She has been called the Queen of Crypto.
7:25
Speaker 1: She's been featured on Glamor Magazine, Women in Crypto, CNN, Bloomberg,
7:30
Speaker 1: Complex TV, CNBC, Recalent, excuse Me, Reclaire, blavity Azzi. Tavania
7:39
Speaker 1: made this transition into the world of block chains in
7:41
Speaker 1: twenty sixteen, so she's no amateur. As a result of
7:44
Speaker 1: identified cryptocurrency as a tool that could stimulate economic growth
7:49
Speaker 1: and financial freedom within the black community. That's One of
7:52
Speaker 1: the things we're gonna ask to her is that freedom
7:54
Speaker 1: is still available to us after this incident with Sam.
7:57
Speaker 1: She's one of the first black woman heralder. That's being
8:00
Speaker 1: the founder and lead engineer and developing a corn with
8:03
Speaker 1: such a mission within the black community. Please work with
8:06
Speaker 1: the Money Main Conversation master Class, the one and only
8:10
Speaker 1: the Queen of Crypto, Tavania Evans, how are you doing? Hi?
8:15
Speaker 1: How are you a great You know, I wasn't trying
8:18
Speaker 1: to frontload everything, and I'm trying to put you on
8:20
Speaker 1: the spot. You know, our conversations are all about information,
8:23
Speaker 1: and this is an information led conversation. But I just
8:26
Speaker 1: wanted to set the tone because of the fact that
8:29
Speaker 1: if since our last interview that we did on the show,
8:32
Speaker 1: a lot has happened and with Crypto, and a lot
8:35
Speaker 1: of people have been bad mofening. A lot of people
8:37
Speaker 1: say I told you so, a lot of finger points
8:39
Speaker 1: I told you so, I told you so, I told
8:40
Speaker 1: you so so, And I told my staff. I said,
8:43
Speaker 1: please let Tavania know that when you come on the
8:46
Speaker 1: show today, I will be asking her some questions about Sam,
8:50
Speaker 1: because you know, you are my expert in the level
8:54
Speaker 1: of in this area of my knowledge barrier back carry
9:00
Speaker 1: guards to what cryptos are all about. Before we get started,
9:03
Speaker 1: tell everybody who don't know what crypto is, explain to
9:07
Speaker 1: them what exactly is crypto. Crypto is new money. I
9:13
Speaker 1: always like to start with the crypto as money, because
9:17
Speaker 1: you know, most people are unaware that it's money. They
9:22
Speaker 1: think it's some type of investment, you know, they think
9:26
Speaker 1: it's a stop, they think it's a piece of a company.
9:30
Speaker 1: But really what it is is what we call decentralized money, right,
9:35
Speaker 1: and decentralized means that there is no middleman, there's no
9:40
Speaker 1: government authority, there's no company. This is all done by software,
9:47
Speaker 1: software that is transparent, meaning we all can see the
9:51
Speaker 1: code and we all get to come together as a
9:54
Speaker 1: community and vote in terms of what this money is
9:58
Speaker 1: going to do and how it's going to oper So,
10:01
Speaker 1: originally it was created as a tool, as a financial
10:05
Speaker 1: tool to empower us the people, to be able to
10:10
Speaker 1: control our own money and be our own bank. And
10:14
Speaker 1: then we say be our own bank, what exactly does
10:17
Speaker 1: that mean to buy you? Well, when you have crypto
10:20
Speaker 1: and you have a crypto wallet, you are the owner
10:25
Speaker 1: of that crypto and that crypto wallet, no one can
10:29
Speaker 1: decide that they're going to freeze your account. No one
10:32
Speaker 1: can get into your wallet and send your money somewhere
10:37
Speaker 1: else unless you share your private key, and that is
10:41
Speaker 1: at the real that's what we call like the real
10:44
Speaker 1: crypto purism. Nowadays, there are so many crystodial features in
10:50
Speaker 1: crypto that mimic our current financial system and our banking system,
10:55
Speaker 1: and it's been kind of like adulterated so much that
11:01
Speaker 1: most people don't know the pure principles of crypto and
11:04
Speaker 1: why was even created in the first place. All they
11:07
Speaker 1: know is this crypto that strongly resembles and looks like
11:11
Speaker 1: what we have right now when we have our bank account,
11:15
Speaker 1: and that's not what crypto it is supposed to do.
11:17
Speaker 1: Let's talk about Sam thirty years old, so obviously getting
11:21
Speaker 1: into the crypto financial industry way before hit the age
11:24
Speaker 1: of thirty. How did he do? This is a broad
11:27
Speaker 1: question and you can break it down in different parts.
11:30
Speaker 1: How did he accomplish what he did? And first and
11:34
Speaker 1: then how did he get caught? Well, first of all,
11:38
Speaker 1: his freckles are real spread apart, but we'll add that
11:46
Speaker 1: in here. But crypto is a highly unregulated state, because
11:53
Speaker 1: it's a touchy subject because it's supposed to be decentralized,
11:57
Speaker 1: so that means that it's supposed to exist outside of
12:01
Speaker 1: our current regulatory structure, because it's supposed to really belong
12:06
Speaker 1: to the people. And because of that, you know, you've
12:10
Speaker 1: had a lot of bad actors that have gotten involved
12:13
Speaker 1: and saw opportunities to capitalize off of a market or
12:18
Speaker 1: off of a space that has very little regulation, very
12:22
Speaker 1: little oversight. There was a time that anyone could start
12:27
Speaker 1: a crypto exchange, and a crypto exchange is very similar
12:32
Speaker 1: to a bank, and it actually kind of crypto exchanges
12:38
Speaker 1: they kind of work against what the principle, the purest
12:41
Speaker 1: principle of crypto is. Earlier on crypto exchanges, crypto was
12:46
Speaker 1: exchanged like peer to peer, you know what I mean.
12:49
Speaker 1: So they had peer to peer markets where you can
12:51
Speaker 1: exchange directly with people. And then you had, you know,
12:55
Speaker 1: this great ideal of let's create these exchanges that strongly
12:59
Speaker 1: look like Wall Street, you know our current you know,
13:03
Speaker 1: financial system. And again, anyone could start in exchange. You
13:07
Speaker 1: could be fifteen years old, you could have a fake name,
13:13
Speaker 1: and you could start in exchange. So literally, however, big
13:17
Speaker 1: your exchange grew to you would be dealing with millions,
13:21
Speaker 1: maybe billions of dollars of transactions a day, you know
13:25
Speaker 1: what I mean, and not have to have a special license.
13:28
Speaker 1: This was early one. Right Now as we start getting
13:32
Speaker 1: in more recent times, it's gotten more difficult. You know,
13:35
Speaker 1: they have implemented that you have to have certain licenses
13:39
Speaker 1: in certain states, in certain countries. And there's still a
13:42
Speaker 1: lot of countries that you can operate, you know, kind
13:44
Speaker 1: of freely. Right, So they have gotten tightened up just
13:48
Speaker 1: a little bit. But imagine if you started your exchange
13:53
Speaker 1: before the regulations were that strong, and you actually amass
13:56
Speaker 1: a certain amount of money, millions and millions and millions
13:59
Speaker 1: of dollars. Now when the regulatory stuff hit, you now
14:03
Speaker 1: have the money to be grandfathered in to the current
14:06
Speaker 1: regulatory structure, right, you know what I mean. So you
14:09
Speaker 1: have a lot of these exchanges that survived because they
14:12
Speaker 1: need millions and millions and millions of dollars. So when
14:15
Speaker 1: the regulations start kicking in, they now can buy licenses
14:20
Speaker 1: and stuff like that, and they can actually clean up
14:22
Speaker 1: their act and all of that because they have the
14:24
Speaker 1: money to do so. Right, So you have a lot
14:26
Speaker 1: of these exchanges now that are around today. That again,
14:31
Speaker 1: they started in the wild wild West. They started during
14:34
Speaker 1: the time just like back in the days when they
14:36
Speaker 1: had when alcohol was illegal, you know, in the Prohibition,
14:40
Speaker 1: and you had all of the underground people in during
14:44
Speaker 1: the prohibition area made a lot of money and then
14:46
Speaker 1: when when it became legal, they were able to start
14:49
Speaker 1: legitimate businesses off of that not legal money. Right, same
14:56
Speaker 1: same situation here. So you have a lot of people
14:58
Speaker 1: now in this industry that are now able to function
15:01
Speaker 1: because they made millions of dollars when it was you know,
15:04
Speaker 1: kind of whatever for every man and every woman. Right,
15:08
Speaker 1: So now you have you still have institutions that the
15:14
Speaker 1: regulation is not clear and they can do a lot
15:19
Speaker 1: of shady stuff. Okay, cool, hold that thought on the
15:21
Speaker 1: shady stuff, because I want to come back and get
15:23
Speaker 1: clear on that. I'm gonna go to break and come back.
15:25
Speaker 1: I'm speaking with Davonia Evans truly and one of the
15:29
Speaker 1: top forces and minds in the crypto game, and also
15:34
Speaker 1: allowing us to understand more about this world that got
15:38
Speaker 1: flipped on his head and thirty year old young man
15:41
Speaker 1: had flipped it out. But it doesn't mean you should
15:44
Speaker 1: not be an investor in this field of crypto. You
15:50
Speaker 1: are now tuned in to the Money Making Conversations Minute
15:53
Speaker 1: of Inspiration with Rashaan McDonald tie I Rashan mcdonalver for
15:57
Speaker 1: money Making Conversation with your daily Minute of Inspiration. This week,
16:00
Speaker 1: I sat down with the host of First Take, stephen
16:03
Speaker 1: A's World, and the new co host of ESPN NBA Countdown,
16:06
Speaker 1: stephen A Smith. Stephen A emphasized the importance of not
16:09
Speaker 1: letting self doubt halt your opportunities towards achieving your dreams.
16:14
Speaker 1: I was actually reluctant and hesitant to write my home
16:17
Speaker 1: book for a very very long time. I literally said,
16:20
Speaker 1: although I had a national television show that's been number
16:22
Speaker 1: one in the morning for nine years in counting, I
16:25
Speaker 1: literally was saying, why would anybody want to read a
16:28
Speaker 1: book from me? And so many people came forward, like,
16:30
Speaker 1: what the hell are you talking about? Was wrong with you?
16:32
Speaker 1: Everybody needs to hear your story. Everybody needs to hear
16:35
Speaker 1: what you endure, what you had to experience, what you
16:38
Speaker 1: had to go through to get into this place that
16:41
Speaker 1: you're here now. If you were to listen to this
16:43
Speaker 1: four interview with stephen A. Smith, is available on Moneymaking
16:46
Speaker 1: Conversations dot com. Tavon you usually when I have a
16:50
Speaker 1: crypto interview, you know, the phones be lightened up, everybody
16:53
Speaker 1: want to call in. I guess, I guess I've scared
16:55
Speaker 1: a few people today. I don't want to scare anybody
16:58
Speaker 1: into any type of financial invents, but what I do
17:01
Speaker 1: want to do is give them information. That's why I'm
17:02
Speaker 1: invited to Vane Evans on the show. It just walk
17:05
Speaker 1: us through this process, you know, walk us through these steps.
17:08
Speaker 1: And so before we left for the break, you was
17:10
Speaker 1: telling us what the new regulations have done and made
17:15
Speaker 1: it much more difficult for people to create these scam
17:20
Speaker 1: formatch you can continue. It's Evans, Yeah, and I understand.
17:24
Speaker 1: I've highly doubt that when he created the exchange, he
17:28
Speaker 1: didn't create quote unquote scam so to speak, right, right,
17:31
Speaker 1: but you're talking about somebody who's young, you know whatever,
17:36
Speaker 1: very little oversight, and then have access to billions of
17:40
Speaker 1: dollars at its finger tips. He didn't do anything that
17:44
Speaker 1: these banks aren't doing right, taking people's money and doing
17:49
Speaker 1: back in the investments. That's what this financial system is
17:52
Speaker 1: built on, right, And I highly doubt that he did
17:57
Speaker 1: any of this without any type of advice for any
18:01
Speaker 1: any of that. I'm pretty sure there was a lot
18:03
Speaker 1: of other people that were involved. But what he was
18:06
Speaker 1: doing essentially was UM. He had created a fund that
18:10
Speaker 1: you know, they created fund and he took that fund
18:13
Speaker 1: and actually funded his own stuff, funded his own project UM.
18:19
Speaker 1: And he actually created a token UM, which you know,
18:25
Speaker 1: you're literally backing now the value of a token that
18:28
Speaker 1: you create with other people's money that they're not aware
18:31
Speaker 1: of that, you know that that's going on, right, because
18:33
Speaker 1: he because he was a major investor in that stock
18:37
Speaker 1: app robin Hood. Yeah, I mean, he spread his investments
18:42
Speaker 1: all over place. He was also a major investor in
18:45
Speaker 1: in UM in many campaigns as well. Right. But so
18:50
Speaker 1: you're saying, but there was other people's money, that was
18:52
Speaker 1: investor's money, I was using money. Yeah, So he was
18:56
Speaker 1: taken and he was using other people's money to invest
18:59
Speaker 1: in another thing. And interesting and interestingly, when you have
19:04
Speaker 1: a ponzi, like a really true ponti, a lot of
19:07
Speaker 1: times they're not even doing that, like they're just taking
19:10
Speaker 1: money and you know what I mean, and and and
19:12
Speaker 1: taking money, you know, but he actually was taking money
19:16
Speaker 1: and investment it into other things that are out there,
19:19
Speaker 1: probably some profitable industries as well. But again, UM, I
19:25
Speaker 1: think where he really really went wrong and what probably
19:28
Speaker 1: sent this whole thing collapsing is what was actually UM
19:33
Speaker 1: creating this token, you know and U which was gonna
19:37
Speaker 1: attract attention and exactly what it did so UM, and
19:43
Speaker 1: this came on the heels of another big UM another
19:46
Speaker 1: big scandal the UM what was it called right before it,
19:50
Speaker 1: UM the Korean scandal. UM. There was another token that
19:54
Speaker 1: that that sent you know, the crypto industry kind of rippling,
19:59
Speaker 1: and UM that was around this Hoken thing as well.
20:03
Speaker 1: So now you have that token scandal going on, and
20:07
Speaker 1: then this token is what I think really shine a
20:09
Speaker 1: light on what was going on, because they were already
20:12
Speaker 1: starting to look closely into some things based off of
20:15
Speaker 1: this other, this other thing that took place beforehand. So
20:19
Speaker 1: so there was a lot going on, a lot going on,
20:22
Speaker 1: and UM that was a lot of money. And because
20:25
Speaker 1: there were so many people involved, I think that that's
20:28
Speaker 1: where really kind of hurt the industry a bit, is
20:33
Speaker 1: because there were so many quote unquote legitimate UM entities
20:37
Speaker 1: that were involved, legitimate entities that quote unquote and invested
20:41
Speaker 1: in him you know what I mean. So they are
20:44
Speaker 1: already I mean they literally were writing him blank checks
20:47
Speaker 1: and a that's in what he was doing. Plus he
20:49
Speaker 1: was so young, he just felt like you know, you
20:52
Speaker 1: know he was at the time when he used to
20:54
Speaker 1: be thirty in March, I mean thirty one in March.
20:56
Speaker 1: I think he's thirty right now. So we talked about
20:59
Speaker 1: twenty six twenty seven year old genius. That's what you
21:03
Speaker 1: put a name of visionary. Those are names that pop
21:05
Speaker 1: up when you hear somebody out there being able to
21:08
Speaker 1: manufacture financial resources over a billion dollars because they said
21:13
Speaker 1: they are financial losses right now are exceeding fifty billion dollars. Yeah,
21:18
Speaker 1: But you know, when you know the crypto industry like
21:21
Speaker 1: I do in the exchanges, I wouldn't necessarily call him
21:24
Speaker 1: the genius, you know what I mean, because the crypto,
21:29
Speaker 1: crypto exchanges, crypto funds and all of that stuff like that.
21:32
Speaker 1: Like I said, doll was the wild wild West, and
21:36
Speaker 1: he had access to money, you know what I mean,
21:40
Speaker 1: Like he had access to investors, he had access to
21:44
Speaker 1: a lot of people, and you know, I think pretty
21:48
Speaker 1: much anyone that sets up these these exchanges and these
21:51
Speaker 1: funds and stuff like that. If you have access to
21:54
Speaker 1: a lot of money and a lot of people, you
21:56
Speaker 1: know that you probably can wind up accumulating a billion
22:00
Speaker 1: dollars as well. Let me make okay, so he's not
22:04
Speaker 1: a mortgage Stanley, he's not a JP Morgan. How how
22:09
Speaker 1: would he make money? How would he make money? Well,
22:12
Speaker 1: earlier on he was you know, it was said that
22:15
Speaker 1: he was doing a lot of trading and that he
22:17
Speaker 1: was really good at trading. Right, Um, So it's interesting
22:21
Speaker 1: because you know, I recently saw um, you know, for
22:25
Speaker 1: a show on insider trading and stuff like that, and
22:28
Speaker 1: the big, big, big guys that made a lot of
22:30
Speaker 1: money on trading. So it's it's again, it's not it's
22:34
Speaker 1: not without reach that he could become really big. He's
22:37
Speaker 1: he's got access to money to trade, you know what
22:40
Speaker 1: I mean? Right? Right, you got people that are really
22:42
Speaker 1: good at trading, but they don't have access to capital,
22:46
Speaker 1: you know what I mean. So you you if you
22:48
Speaker 1: add that you're really good at trading and you're literally
22:51
Speaker 1: sitting on a billion dollars, you know what I mean?
22:54
Speaker 1: Then you know, for some some people, that's like a
22:58
Speaker 1: marriage made in heaven, you know what I mean? They're
23:01
Speaker 1: already they already are good at trading. They just don't
23:05
Speaker 1: some people out there who are good at trading, they
23:06
Speaker 1: don't have thousands of dollars to trade. If you have
23:09
Speaker 1: a quick question on my m what is the rate?
23:12
Speaker 1: Because you told me earlier that crypto is not money. Remember,
23:16
Speaker 1: so if crypto, no, crypto is money. Okay, okay, cool,
23:20
Speaker 1: Crypto's not stopped. It's not stopped, apolitic, the crypto's not stopped.
23:25
Speaker 1: So how do you convert crypto to you know, it's
23:30
Speaker 1: a it's a it's a it's how you convert you
23:32
Speaker 1: the money, then it is money. So nowadays, you know,
23:38
Speaker 1: most of the major credit cards are now back in crypto, okay, visa, MasterCard,
23:43
Speaker 1: et cetera. Like you could have a crypto debit card
23:46
Speaker 1: and you can go then your crypto anywhere nowadays. So
23:51
Speaker 1: there's no rate tied to it. So a crypto there's
23:55
Speaker 1: a value. Yeah, the value is demand. Just like our
23:59
Speaker 1: current money, you know what I mean, fluctuates in its
24:02
Speaker 1: value behind the scenes. It's just that our current money
24:05
Speaker 1: is tied to so much of our economics that you know,
24:09
Speaker 1: you're not going to see the type of volatility that
24:11
Speaker 1: you see in crypto. Crypto's not tied to any of that,
24:15
Speaker 1: you know, So it's strictly tied to the people's desire,
24:19
Speaker 1: their faith, you know, and all of that. So you
24:23
Speaker 1: see these wild swings in it right now, and then
24:26
Speaker 1: you also see these wild swings. Honestly, it is because
24:29
Speaker 1: there's a lot of market makers in the background manipulating it.
24:35
Speaker 1: You know, I'm not going to even sit here and
24:37
Speaker 1: act like that's not happening. How are you doing, I'm
24:41
Speaker 1: doing well, yeah, I'm new to crypto. My question is,
24:46
Speaker 1: you know, say, for instance, I got fifty thousand, hundred
24:49
Speaker 1: thousand dollars US dollars and you know I invested in crypto,
24:54
Speaker 1: and you converted into bitcoin or whatever. How do you
24:59
Speaker 1: go about, you know, basically pulling your money out of
25:02
Speaker 1: crypto and converting that game back into US dollars because
25:07
Speaker 1: I don't know to my knowledge, and I can't go
25:10
Speaker 1: to Macy's or you know, go to lessus and buy
25:13
Speaker 1: a car with bigcoin that after you can use. So
25:17
Speaker 1: I can buy a car with bigcoin, Yes you can.
25:21
Speaker 1: So you may have missed what I said earlier that
25:26
Speaker 1: the major credit card companies are now in bed with
25:30
Speaker 1: crypto like Visa, Massa card, et cetera. And nowadays you
25:34
Speaker 1: can get a crypto card and you can take that
25:37
Speaker 1: crypto card, you can go to the bank, pull out cash,
25:40
Speaker 1: you know, at the ATM, or you could spend it
25:42
Speaker 1: at anywhere to accept any of these cards. Okay, So
25:46
Speaker 1: can I convert it back into US dollars to many
25:51
Speaker 1: different ways? Yeah? How do I do that? So the
25:54
Speaker 1: primary way is to go on the exchange, of course,
25:58
Speaker 1: and tom there are now bigger exchanges, like what we
26:02
Speaker 1: call level one exchanges, like maybe your coin based in Gemini,
26:06
Speaker 1: and those are exchanges that kind of allow you to
26:08
Speaker 1: withdraw straight to usd right, and then you have a
26:14
Speaker 1: level two exchanges where you may have to trade your
26:17
Speaker 1: crypto in for a more popular crypto. So if it's
26:20
Speaker 1: not biitcoin, if it's bigcoin, then again you're good. You
26:24
Speaker 1: can you can technically send it to pretty much any
26:27
Speaker 1: wallet nowadays, and you can turn it over into cash.
26:30
Speaker 1: You can even do that on cash app in the
26:33
Speaker 1: United States. So in the United States they have crypto
26:37
Speaker 1: you know you have you can now get crypto in
26:40
Speaker 1: your cash app account and you can convert it over
26:42
Speaker 1: really quick back over. So basically like if I, you know,
26:47
Speaker 1: have you know whatever the dollars figure, and I say, well,
26:52
Speaker 1: I just want to cash out, you know, take my
26:55
Speaker 1: bigcoin gain or whatever type of cryptocurrency I'm using, and
27:00
Speaker 1: and is there like a clearing time? I mean, is
27:03
Speaker 1: it like three days? It's a twenty four hours. It
27:06
Speaker 1: depends on what platform you are on. So if you're
27:10
Speaker 1: on a platform that actually has a built in card
27:13
Speaker 1: or a debit card like a crypto dot com or
27:15
Speaker 1: something like that, then it's instant pretty much. Is that
27:18
Speaker 1: just takes a few minutes to settle. Um, But if
27:21
Speaker 1: you're gonna trade, then you're gonna trade it to something
27:25
Speaker 1: that might be more liquid, you know, so like you
27:28
Speaker 1: might trade like say you have a crypto that's not
27:31
Speaker 1: as well known, but you could take and turn that
27:33
Speaker 1: over to a stable coin like USDT or whatever. These
27:37
Speaker 1: are coins that are directly map dollar for dollar to
27:41
Speaker 1: the coin. So you can trade your crypto over to
27:44
Speaker 1: a stable coin and once you do that, you're not
27:46
Speaker 1: going to get that fluctuation anymore. And then you can
27:50
Speaker 1: take in withdrawre that too, Like I said, a debit
27:53
Speaker 1: card or a bank account. I'm one of the bigger exchanges,
27:56
Speaker 1: and and and and this is basically I mean it's
28:00
Speaker 1: this is a total speculation because it's not regulated in
28:04
Speaker 1: any kind of way by any kind of government agency
28:07
Speaker 1: to my knowledge, is that a fair assumption. I mean,
28:11
Speaker 1: it's basically I might as well go to Vegas pretty much. Well,
28:15
Speaker 1: there is some level of what we call I guess
28:21
Speaker 1: you could say regulatory guideline, right, And how they treat
28:25
Speaker 1: it now is when you get in trouble, like you know,
28:29
Speaker 1: when somebody calls you on it, then you may have
28:31
Speaker 1: to go before the court and deal with it in
28:34
Speaker 1: that case. Right, So there are no there are no
28:37
Speaker 1: widespread laws on the books, you know what I mean,
28:40
Speaker 1: unless you're an institution. They have laws for institutions now,
28:45
Speaker 1: you know. So now into crypto, into the money system
28:49
Speaker 1: and the money transfer a business it now you know,
28:52
Speaker 1: virtual currencies are listed under money transfers, right, So if
28:56
Speaker 1: you start, if you start a business where you're going
28:59
Speaker 1: to be dealing with crypto in the public, now, you
29:03
Speaker 1: may have to get a money transfer a license. So
29:06
Speaker 1: they have those types of rent regulations now, but they
29:10
Speaker 1: don't have I guess you could say people forward people
29:13
Speaker 1: facing regulations so to speak. And it's and it's still
29:18
Speaker 1: kind of broad, you know, because that's why you have
29:21
Speaker 1: SRP right now currently in court and they're trying to
29:26
Speaker 1: make some decisions as to whether or not it's the
29:28
Speaker 1: security or not, because they haven't really created the framework
29:32
Speaker 1: to say that this is a security or not. I
29:34
Speaker 1: right there, Jefferson not I got to go to break here.
29:37
Speaker 1: First of all, your questions were fantastic. Appreciate you calling
29:40
Speaker 1: in on Money Making Conversations Masterclass. Please continue to listen
29:44
Speaker 1: as we go to uh as we used interview to
29:47
Speaker 1: bring to Vane your back to wrap up, because first
29:51
Speaker 1: of all, thank you for coming on the show, but
29:53
Speaker 1: I didn't talk about what you're into. When we come
29:55
Speaker 1: back from the break, I'm allowing you some time and
29:57
Speaker 1: tell everybody what you're into how to get in touch
29:59
Speaker 1: with you. We've been right back with more money Making
30:01
Speaker 1: Conversations Masterclass, and we got a tax expert. They own
30:04
Speaker 1: a few of Foods. Financial Laura Foods is on the call.
30:09
Speaker 1: If you get your tax personal corporate, don't go nowhere.
30:13
Speaker 1: She is a tax expert here to answer your calls.
30:16
Speaker 1: Today is Crypto and Taxes on Money Making Conversation Masterclass.
30:19
Speaker 1: Be right back closing out this section with Tavania Evans.
30:25
Speaker 1: You are now tuned into the Money Making Conversations Minute
30:28
Speaker 1: of Inspiration with Rashaan McDonald him Rushan McDonald's for Money
30:32
Speaker 1: Making Conversation masterclass with your daily Minute of Inspiration. Doing
30:35
Speaker 1: a conversation with producer and founder of American Black Film
30:38
Speaker 1: Festival with Jeff Friday, he shared how important it is
30:41
Speaker 1: for those who make it in Hollywood to open doors
30:43
Speaker 1: for others. So metaphorically, Hollywood to the club, and when
30:48
Speaker 1: we get in the club, we got to go back
30:49
Speaker 1: to the door say yo, I'm not going in that
30:51
Speaker 1: my boy can't come. And that's what people like like
30:54
Speaker 1: Abra Duvana have done. And that's what you know, Ryan done.
30:57
Speaker 1: When you look at a movie, it might be three
31:00
Speaker 1: who get a check. It's only Ken, only Kennor in
31:03
Speaker 1: front of the camera. What about the other two hundred
31:05
Speaker 1: and ninety people who you don't know, who have families,
31:08
Speaker 1: who have families too. If you're going to be at
31:10
Speaker 1: the forefront of this fight, you gotta bring You gotta
31:12
Speaker 1: go back to the front door, and you gotta let
31:14
Speaker 1: your boys, you know, go open the back door. A
31:17
Speaker 1: lot of me. Whatever door you go to you can
31:19
Speaker 1: listen to this full interview with Jeff Friday is available
31:22
Speaker 1: on Moneymaking Conversations dot com. Why is Rashan mcgonn speaking?
31:26
Speaker 1: Tavanni Evans, the crypto Queen is on the call, just
31:30
Speaker 1: answering question after question about what is going on in
31:34
Speaker 1: the crypto industry. Jefferson got on here and he had
31:37
Speaker 1: his he had his roller decks of questions ready for
31:40
Speaker 1: your Tyvnia. I think that young man is ready to
31:43
Speaker 1: spend some money on crypto. The way he even asked,
31:45
Speaker 1: he just needed you to like validate certain areas so
31:48
Speaker 1: he can go out and like like my man burn
31:52
Speaker 1: Brunal mar say, I'm a dangerous man with money in
31:54
Speaker 1: my pocket. So what do you what you gotta worker?
31:58
Speaker 1: Tell us how we stare in touch? Would you to
32:00
Speaker 1: bind you in your in your business contact? So what
32:03
Speaker 1: I'm working on now? Of course, I'm still working on
32:05
Speaker 1: guop point us as usual every day. UM. I just
32:10
Speaker 1: also released a book called Crypto for My People that
32:15
Speaker 1: I specifically wrote from my people, a very very very
32:20
Speaker 1: simple book for you to be able to understand crypto
32:23
Speaker 1: to power of crypto and what we're trying to do
32:26
Speaker 1: with crypto in terms of glop cooin and the black Dollar,
32:30
Speaker 1: and that book is available on Amazon, and I'm also
32:34
Speaker 1: launching a bank. It is a full pledge bank as
32:39
Speaker 1: well as a crypto crypto bank. We did run into
32:43
Speaker 1: a couple of obstacles because of our friend sam Um.
32:46
Speaker 1: A lot of people in the back ends that are
32:48
Speaker 1: no longer are trying to distance themselves from crypto when
32:51
Speaker 1: it comes to traditional institutions. But it was my thought
32:55
Speaker 1: that when you want to bring crypto to the people,
32:58
Speaker 1: you have to bring it to where the people are
33:00
Speaker 1: at in a safe environment, which is why I'm launching
33:02
Speaker 1: the bank Cali and I'm just focused on creating an
33:08
Speaker 1: ecosystem to make it easier for us to interact with crypto,
33:12
Speaker 1: so that we can really really get to see the
33:14
Speaker 1: true power of crypto and what it really does, because
33:18
Speaker 1: people have no clue in terms of what it could
33:21
Speaker 1: do for our community for real, for real. You can
33:24
Speaker 1: reach me on social media everywhere. I am integraly embedded
33:28
Speaker 1: into the community. I'm at our glop point on all
33:33
Speaker 1: social media platforms. Gloppoint dot org is the website I
33:38
Speaker 1: am to Banna Evans on social media, Crypto Diva some
33:43
Speaker 1: places you gotta be careful because unfortunately there's a lot
33:46
Speaker 1: of clones. But you can get to me through glop points.
33:50
Speaker 1: So if you go to glop, if you hit us
33:51
Speaker 1: up on glop points on Twitter or Instagram and stuff
33:55
Speaker 1: like that, you will get to me because I worked
33:57
Speaker 1: this every day. He again, thank you for taking the time.
34:01
Speaker 1: Thank you for allowing me to have an honest conversation
34:04
Speaker 1: about crypto, and also being and being patient and answering
34:07
Speaker 1: to those questions for Jefferson, We'll talk soon, Okay, thank you. Next. Yes,
34:13
Speaker 1: she's been holding on. She is my guests is lawd Foods.
34:17
Speaker 1: She's the owner and CEO of Foods Financial Services, a
34:21
Speaker 1: tax preparation company. They provide tax preparations for individuals and
34:25
Speaker 1: small businesses. They can accommodate, can't accommodate all states, and
34:29
Speaker 1: conservace clients remotely. She's been a consultant tax insulting on
34:33
Speaker 1: my platform Money Making Conversations Masterclass since twenty seventeen. She
34:38
Speaker 1: has a voice that O two world has helped a
34:40
Speaker 1: lot of people through financial struggles and how to overcome
34:43
Speaker 1: them using that knowledge because personally, she's had to go
34:46
Speaker 1: through those things like bankruptcy herself. Sometimes you need a
34:51
Speaker 1: you want to talk to her expert, talk to somebody
34:53
Speaker 1: who's been there and done that. And she has been
34:55
Speaker 1: there and done that and came out back into the light.
34:58
Speaker 1: She's operating several profitable business over the past fifteen years.
35:01
Speaker 1: She's on the show to discuss taxes. It's that time
35:04
Speaker 1: of the year. A lot of people still waiting. We
35:06
Speaker 1: told you in the fall when she was on the show,
35:08
Speaker 1: Star Preppering, Star Preppering, Please welcome the money Making Conversations
35:11
Speaker 1: Master Class, Laura Foods, Laura, how you doing, Hey, Michel McDonald,
35:16
Speaker 1: how are you good? Good? I'm doing very good. I
35:19
Speaker 1: apologize for extending that over, but it got prettier, pretty
35:23
Speaker 1: aggressive on that side with crypto information. I didn't want
35:25
Speaker 1: to cut them off and get all these questions in.
35:27
Speaker 1: And I know from a tax perspective, you know it's
35:32
Speaker 1: that crypto. Is it popping up in your world as
35:36
Speaker 1: far as tax filing or which some of your customers
35:40
Speaker 1: or is that something that like because when Tavannio was
35:43
Speaker 1: talking about you was talking about the black community and
35:45
Speaker 1: people starting to understand the value of crypto and also
35:49
Speaker 1: in that market share that a very few people are
35:51
Speaker 1: participating tells us about crypto in your world or is
35:55
Speaker 1: it in your tax filing world. It is a little
35:59
Speaker 1: bit in our world. And like I said, I certainly
36:01
Speaker 1: think she provided some very valuable information. I do have
36:05
Speaker 1: some clients that are in the crypto world, and I
36:08
Speaker 1: think that there are probably a lot more than we
36:12
Speaker 1: realize because they don't realize or I don't find out
36:15
Speaker 1: about it initially until like question or asks, you know,
36:21
Speaker 1: some facts finding questions, because a lot of times people
36:24
Speaker 1: don't realize that crypto because they refer to it as
36:28
Speaker 1: virtual currency. People are thinking that it is up there
36:32
Speaker 1: like in the cloud. It's virtual that they don't have
36:35
Speaker 1: to pay taxes on those games when they are buying
36:40
Speaker 1: and selling that crypto, right because they're calling it virtual currency,
36:44
Speaker 1: which it is. Though the irs looks at it almost
36:48
Speaker 1: like any other property. You know, if you hold it
36:51
Speaker 1: for you know, from your time of purchase to when
36:54
Speaker 1: you sell it is less than a year, they could
36:57
Speaker 1: consider that a short term game, right, just like any
37:01
Speaker 1: other piece of property or stock that we own, and
37:04
Speaker 1: we need to report that. And then if we hold
37:07
Speaker 1: it for longer than a year, it would be considered
37:10
Speaker 1: long term capital gains. Which your listeners can check that out.
37:15
Speaker 1: You know, there's long term gain and have a short
37:18
Speaker 1: term capital gain, so they can check out those percentages.
37:22
Speaker 1: But certainly need to be letting your tax prepair and
37:25
Speaker 1: know about virtual currency that you have sold. Just like
37:30
Speaker 1: any other asset during the year. We need to know
37:33
Speaker 1: that you have sold it. And sometimes because I know
37:37
Speaker 1: the market has been fluctuating, you know, sometimes you certainly
37:40
Speaker 1: want to report it. Like you know, if you have
37:42
Speaker 1: a loss in an asset, you certainly want to report
37:45
Speaker 1: it because that's going to bring down your taxable income. Right,
37:50
Speaker 1: So yes, we need to you know, let our tax
37:52
Speaker 1: prepairents know if we have bought and sold cryptocurrency during
37:57
Speaker 1: the year. So you know, I laugh when you said
38:00
Speaker 1: that the word virtual and they act like virtual it's
38:03
Speaker 1: real because it's virtual. Yeah, And a lot of people
38:08
Speaker 1: try to use a lot of simple but silly excuses
38:12
Speaker 1: to avoid the law. But the law is the law.
38:16
Speaker 1: This is income, this is money, this is an asset. Yes,
38:20
Speaker 1: and they treated just like any other property that we
38:24
Speaker 1: would purchase and self wow, cool, well listen looks gonna crypto,
38:28
Speaker 1: thank you. I know, I know he didn't come on
38:30
Speaker 1: the show to talk about that. But Tavania was so
38:33
Speaker 1: deep in this, I thought I got my tax because
38:35
Speaker 1: the name of the show this week is Crypto and Taxes,
38:38
Speaker 1: giving people information about the taxes. So it's that time
38:41
Speaker 1: of the year. Um. I was looking at the news
38:44
Speaker 1: the other day and they said, boldly said that people
38:48
Speaker 1: who are filing their personal tax returns will not get
38:52
Speaker 1: as much money back this year. I know, I know,
38:57
Speaker 1: and that is so so disheartening because yes, we have
39:01
Speaker 1: you know, some people who were rushing to file because
39:04
Speaker 1: for the past couple of years they have been so
39:07
Speaker 1: used to getting these nice refunds. Unfortunately, you know, all
39:12
Speaker 1: of the you know, pandemic relief things, the different thresholds
39:17
Speaker 1: they had said, you know, the stimulus payments, additional tax
39:23
Speaker 1: credits that they were given for children, all of those
39:25
Speaker 1: things are gone. Unfortunate, even though a lot of us
39:29
Speaker 1: are still suffering from you know, things that took place
39:33
Speaker 1: during the pandemic, unfortunately all of those are gone this year.
39:38
Speaker 1: So we are back to filing taxes pre pandemic. And
39:43
Speaker 1: so that's why, you know, so a lot of times
39:45
Speaker 1: the clients are getting mad at the tax repairer, like,
39:48
Speaker 1: wait a second, you did something wrong. This is not
39:51
Speaker 1: what I have been getting the past couple of years. Though.
39:54
Speaker 1: It's not the tax repairer. It is just because you know,
39:57
Speaker 1: they are trying to say, the pandemic is excuse me,
40:01
Speaker 1: the pandemic is over. And so you know, all of
40:04
Speaker 1: those you know, things that they had given us during
40:07
Speaker 1: the pandemic her now going away. Unfortunately. I'm speaking to
40:11
Speaker 1: Laura Foods. She's the owner and CEO of Foods Financial Services,
40:15
Speaker 1: a tax preparation company. They provide tax preparation for individuals
40:19
Speaker 1: and small businesses. When we talk about you know, there
40:21
Speaker 1: are two two levels here. You have the corporate filing
40:25
Speaker 1: and then you have a personal filing you can extend
40:27
Speaker 1: and all that good stuff. Now let's talk about the
40:31
Speaker 1: corporate because I've been getting these little emails and that,
40:34
Speaker 1: and I bugged the heck out of my my my
40:37
Speaker 1: CPA talking about you know, hey, we can get you
40:40
Speaker 1: money back, like twenty six thousand dollars per employee. Call
40:45
Speaker 1: us and we can get you money. But you for
40:47
Speaker 1: me what I'm talking about, yes, and that is the
40:51
Speaker 1: the employer retention credit. Now for most of my clients,
40:56
Speaker 1: so certainly for yourself. So corporations those companies who do
41:02
Speaker 1: have W two employees, if you were affected by the pandemic,
41:06
Speaker 1: then yes, you want to apply for that credit. Now,
41:10
Speaker 1: for the clientele that I service, or a lot of
41:14
Speaker 1: who I service, they're going to be small businesses. A
41:18
Speaker 1: lot of them are solo entrepreneurs. We would say, you know,
41:23
Speaker 1: they're just one person working in their business, or they're
41:26
Speaker 1: a single member LLC. So they do not technically have
41:29
Speaker 1: employees who are getting W twos, so that would not
41:33
Speaker 1: necessarily apply to them. So you have to have employees
41:37
Speaker 1: on your payroll that you know that you were doing
41:41
Speaker 1: it all legitimately correct right where they were getting paid
41:45
Speaker 1: through a W two, then yes you should apply for
41:47
Speaker 1: that employee retention credit. Though, as I said, most small businesses,
41:53
Speaker 1: you know, all of these amazing businesses that started during
41:57
Speaker 1: the pandemic, you know most of the times are they
42:00
Speaker 1: call him GID workers, contract workers, single member LLCs, and
42:06
Speaker 1: that credit would not apply to them. Right, we have
42:10
Speaker 1: a we'll go to break here. We have a caller
42:13
Speaker 1: that are we're bringing back on soon as we come back.
42:15
Speaker 1: Just letting you know to caller on the line, we're
42:17
Speaker 1: gonna bring them right back. You listen to Money Making
42:18
Speaker 1: Conversation Masterclass, Tax preparation expert Laura Foods, Crypto and tax Information.
42:24
Speaker 1: That's the theme of the show today on Money Making
42:26
Speaker 1: Conversations Masterclass. Be right back. We'll be right back with
42:33
Speaker 1: more Money Making Conversations Masterclass with Rashan McDonald. You are
42:40
Speaker 1: now tuned into the Money Making Conversations Minute of Inspiration
42:44
Speaker 1: with Rashaan McDonald. Hi, I am Rashaan McDonald for Money
42:47
Speaker 1: Making Conversation with your daily Minute of Inspiration. This week
42:50
Speaker 1: Got Said There with Toshley Hamilton, author and celebrity intuitive
42:54
Speaker 1: life coach. We discussed taking a leap of faith and
42:57
Speaker 1: not letting the fear of your own talents paralyze you. Yeah.
43:00
Speaker 1: I think it's a combination of many things. You know,
43:02
Speaker 1: often terms people are afraid of their own talents. They're
43:05
Speaker 1: afraid of taking the leap of faith. I was one
43:07
Speaker 1: of them, right. It's the maner of putting in the
43:09
Speaker 1: work to make those things happen. It may be easier
43:12
Speaker 1: to pick up the basketball as opposed to starting a business,
43:15
Speaker 1: so most people want to take the easy route. They
43:17
Speaker 1: want to say, I'd rather just played safe and play
43:19
Speaker 1: the basketball, even though this is my talent, and I
43:22
Speaker 1: think about this every day. I would rather play safe
43:25
Speaker 1: because success is not an easy route. You have to
43:28
Speaker 1: work so your success and people don't want to put
43:30
Speaker 1: in the work for Sean. If you want to listen
43:32
Speaker 1: to this full interview with Toashley Hamilton, it's available on
43:36
Speaker 1: Moneymaking Conversations dot com. My guest is Laura Foods. She's
43:40
Speaker 1: the owner CEO of Foods Financial Services, the tax preparation company.
43:44
Speaker 1: On the line it has a question for her, Kwame,
43:47
Speaker 1: how are you doing? Kwame? Hey, Hey, how are you
43:51
Speaker 1: have a question for Laura Foods? Yeah? I do. UM. So,
43:55
Speaker 1: we're trying to make a non cash donation. Okay, we
44:00
Speaker 1: have a donor advice fund that some properties we're able
44:05
Speaker 1: to gift to and we're able to get one hundred
44:08
Speaker 1: percent of fair market value. So we got we were
44:10
Speaker 1: good with that part. There are some there are some
44:14
Speaker 1: real property that we're trying to gift to an individual,
44:17
Speaker 1: not five one three, but an individual. And so I
44:22
Speaker 1: want to know from your opinion. From what I understand,
44:25
Speaker 1: they're telling us we need to fill out Form eighty
44:27
Speaker 1: two eighty three and we need to have an acknowledgement
44:31
Speaker 1: UM waivers signed by the receiver, and so I'm trying
44:36
Speaker 1: to understand if that information that I've been told is
44:40
Speaker 1: correct on that in terms of giving a non cash
44:43
Speaker 1: gift to an individual and being able to get the
44:46
Speaker 1: credit right, because I know as far as I know
44:50
Speaker 1: Kame and I and like I said, I'll certainly always
44:53
Speaker 1: tell you when I am not as familiar with that
44:56
Speaker 1: or I don't think I have an exact answer for
44:58
Speaker 1: you on that because normally, like I said, I know,
45:01
Speaker 1: non cash gifts are given to a five oh one
45:04
Speaker 1: C three, but we can't get this to individual up
45:08
Speaker 1: to a certain limit every year so that it's like
45:11
Speaker 1: you can avoid the gift tax. But I am not
45:15
Speaker 1: familiar with which form that is. So, like I said,
45:18
Speaker 1: you can certainly reach out to me offline on Instagram
45:22
Speaker 1: and I'll certainly do some research for you, but I
45:26
Speaker 1: totally wouldn't want to give you the incorrect answer. I'm
45:29
Speaker 1: sorry the top of my head, I got it, I
45:33
Speaker 1: got it, I got I came with a with a
45:35
Speaker 1: tough one. But yeah, that's that's no problem with what's
45:37
Speaker 1: your handle on the GRAM so we get it right? Yes,
45:40
Speaker 1: it's I'm I am Laura l A U R A
45:45
Speaker 1: and the last part is spoofs like frank oos like Sam, okay, great, yes,
45:52
Speaker 1: and I'm looking for you the correct form, okay, thank you. Yeah,
45:56
Speaker 1: well please reach out to it. She will do a
45:58
Speaker 1: homework for you. And that's what we trying to do here.
46:00
Speaker 1: We're not just trying to give our information just to
46:02
Speaker 1: give our information. Of course, yes, I don't want to
46:06
Speaker 1: give you their incorrect form. And like I said, so,
46:10
Speaker 1: I'm always tell you exactly what I know, exactly I
46:13
Speaker 1: don't know, or I can certainly put you in the
46:15
Speaker 1: right direction. So let me just do some research for you. Cool.
46:19
Speaker 1: Thank you Quament for calling money to make conversation mastically.
46:22
Speaker 1: I'm glad you did that. I'm glad you to handle
46:24
Speaker 1: that because you know one thing I don't want people,
46:27
Speaker 1: you know, because I'm sharing information that people are starting
46:29
Speaker 1: to listen to the show and and and developing a
46:32
Speaker 1: certain layalty to the honest conversation I have. And you've
46:36
Speaker 1: been on my show several times and it's about Okay,
46:40
Speaker 1: what she says has value and what you have value,
46:43
Speaker 1: And you have to be honest with people because we
46:45
Speaker 1: don't know everything. I don't know everything you know. And yeah,
46:48
Speaker 1: I cannot remember all those form members and undertowns. I
46:53
Speaker 1: only got but so much brain matter to remember all
46:56
Speaker 1: those forms that all of those numbers, and all of
46:59
Speaker 1: the threshold. So yes, I will always tell you exactly
47:03
Speaker 1: what I know, but I'm gonna always tell you what
47:05
Speaker 1: exactly I do not know an exact number for you know,
47:09
Speaker 1: the tax code I think is like seventy two thousand,
47:12
Speaker 1: you know, fifty two thousand codes in the tax coad.
47:15
Speaker 1: So certainly someone cannot remember all that, but I certainly
47:19
Speaker 1: know where to go to get him the correct information
47:23
Speaker 1: and get him the correct for a number, because I certainly,
47:25
Speaker 1: like you said, we certainly don't want to give out
47:27
Speaker 1: incorrect information. So i'd certainly better say I don't know
47:31
Speaker 1: that number off the top of my head, but I
47:33
Speaker 1: can get it for him. Oh, thank you for doing that, really,
47:36
Speaker 1: thank you for doing that. Now, we, like I said,
47:38
Speaker 1: we're in the corporate tax filing and the corporate corporate faction,
47:43
Speaker 1: the corporate tax filing deadline. I believe it's March fifteen, correct, Yes,
47:48
Speaker 1: so a lot of people, yes, so that would be
47:52
Speaker 1: your s corporations, in those corporations, because what has to
47:56
Speaker 1: happen A lot of times if you have if you
48:00
Speaker 1: could still be a single member LLLC or a partnership
48:03
Speaker 1: and maybe you have elected to be an S corporation,
48:08
Speaker 1: which a lot of people because I know there's all
48:10
Speaker 1: those lovely Instagram TikTok videos about electing to be an
48:14
Speaker 1: S corporation, which we do love that it does help
48:17
Speaker 1: you avoid self employment tax, that good fifteen point three
48:21
Speaker 1: percent self employment tax. However, one caveat is you must have,
48:27
Speaker 1: you know, be paying yourself a reasonable salary. And so
48:31
Speaker 1: what happens is that is a reporting time period where
48:34
Speaker 1: an S corporation has to report it's you know, it's
48:38
Speaker 1: profitability by March fifteenth, and then the owners in that
48:43
Speaker 1: S corps are issue to K one, which then flows
48:47
Speaker 1: down to someone's personal taxes, which then gives them time
48:51
Speaker 1: to then file their personal taxes by this year. It's
48:54
Speaker 1: April eighteenth, will be the deadline for this year on
49:00
Speaker 1: a Saturday, well, right, so it's that and then on Monday,
49:06
Speaker 1: I think it's Monday. The seventeenth is then the holiday
49:09
Speaker 1: for dcments a patient day, which push it to the
49:11
Speaker 1: next day. So we have a few extra days this
49:14
Speaker 1: year for us to file personal taxes or if you
49:17
Speaker 1: know you can knock file, you can file an extension
49:21
Speaker 1: until October fifteenth. However, let's remember this because I have
49:25
Speaker 1: clients get themselves into trouble every other thing that does
49:29
Speaker 1: not give you an extension to pay. So if you
49:32
Speaker 1: know that you are going to owe, like a lot
49:35
Speaker 1: of our business owners, you know you have not paid
49:37
Speaker 1: taxes all year long, your business was profitable. This year
49:42
Speaker 1: you're going you know, so you would probably owe taxes.
49:45
Speaker 1: So don't just file an extension because you don't want
49:47
Speaker 1: to pay what you owe. What you need to do
49:50
Speaker 1: is file on time and then get yourself set up
49:53
Speaker 1: on a payment plan because the interest is going to
49:56
Speaker 1: start a crewing from April eighteenth when it was originally
50:00
Speaker 1: do right. That happened to me, That happened to me,
50:03
Speaker 1: and your board was mad. Okay, I just thought I
50:06
Speaker 1: thought I was about the extension. I thought about the
50:08
Speaker 1: extension that debt, I thought that bill that I owned,
50:11
Speaker 1: no no paperwork, paperwork. Yes, it's just an extension to file.
50:18
Speaker 1: So and there are plenty of legitimate reasons maybe why
50:21
Speaker 1: you want to file an extension. Maybe you you know,
50:24
Speaker 1: you have a lot more knowing a family members sick
50:27
Speaker 1: you're dealing with life. I just don't have time to file.
50:30
Speaker 1: But then just now when you so as soon as
50:32
Speaker 1: you get that bill, you're already going to see that
50:35
Speaker 1: interest to crude from April to October one there. So
50:38
Speaker 1: that's the only reason why I say, you know, try
50:40
Speaker 1: to get you know, it's still you have plenty of time.
50:42
Speaker 1: We're still at January. You still have plenty of time
50:46
Speaker 1: to get your stuff together to file and then at least,
50:49
Speaker 1: like you said, we can get it filed by the deadline,
50:52
Speaker 1: and then you can ask them to set you up
50:54
Speaker 1: on a payment plan, which now certainly always recommend to everyone.
51:00
Speaker 1: If you have not already done so, you should go
51:03
Speaker 1: to IRF dot gom and set up your online IRS
51:08
Speaker 1: tax account because that is where everything that i RS
51:11
Speaker 1: sees you can see yourself about yourself. So then if
51:15
Speaker 1: you owe any pass do years, if you own this year,
51:18
Speaker 1: you can even click right online and apply for a
51:22
Speaker 1: payment plan right there as well as make payments. So
51:25
Speaker 1: it just makes it so much easier now that they
51:29
Speaker 1: allow us to have access to exactly what they see
51:32
Speaker 1: in their system, So everyone should take a minute to
51:35
Speaker 1: set their account. You can set up your personal as
51:37
Speaker 1: well as your business that way, just personal Okay, cool, okay, cool,
51:42
Speaker 1: that's that's that's something I think is really significant that
51:44
Speaker 1: people should do. And I would recommend anybody. They just
51:47
Speaker 1: know about your life and are a lot of people
51:49
Speaker 1: I'm giving away versonal information knows more about they know
51:52
Speaker 1: more about you anyway. Okay, But yeah, I was gonna say,
51:54
Speaker 1: because somebody there, you just want to see what they have,
51:58
Speaker 1: especially nowadays with all of this identity staff, you know,
52:01
Speaker 1: you wouldn't be able to see your past years that
52:05
Speaker 1: taxes were filed. You'll be able to see your wage
52:08
Speaker 1: and income transcripts, which I think is always good because
52:12
Speaker 1: you wanted just like we were talking about some of
52:14
Speaker 1: the crypto or some of the like, sometimes maybe you
52:18
Speaker 1: forgot about an account that you had, so you forgot
52:22
Speaker 1: the about an income interest statement or a dividend statement,
52:26
Speaker 1: or you know, a W two job that you worked
52:29
Speaker 1: at the beginning of the year. If you go on
52:32
Speaker 1: there and pull your wage and income transcripts for twenty
52:35
Speaker 1: twenty two, you won't be able to make sure that
52:38
Speaker 1: you are filing everything that the IRS has, you know,
52:42
Speaker 1: on file for you. So it's such a good thing
52:45
Speaker 1: to check up to see what's out there in your
52:47
Speaker 1: social Security number. Great as as we leave the show
52:50
Speaker 1: and wrap it up, always thank you for calling it
52:53
Speaker 1: on money main conversation, just giving advice to the my audience.
52:56
Speaker 1: Tell us how we can stay in touch with you
52:58
Speaker 1: in any upcoming business projects. Well, right now we are
53:03
Speaker 1: full fledged in the middle of tax seasons. I don't
53:07
Speaker 1: lot of other things, Gordon Nor, because we are filing
53:10
Speaker 1: taxes and the best thing to do is, especially on
53:14
Speaker 1: my Instagram page, like if you are needing any assistance,
53:17
Speaker 1: I always try to put helpful links just about all
53:20
Speaker 1: the things we talked about today are writing my bio.
53:24
Speaker 1: It's I'm Laura la u r A last named Foost
53:29
Speaker 1: like Frank Oos like Sam so just typing Laura Foost.
53:32
Speaker 1: I'm sure you'll find my Instagram page there. You'll see
53:36
Speaker 1: the flyer from today's show. There. Click the link in
53:39
Speaker 1: my bio tells you how you can get started with us.
53:41
Speaker 1: I have a free tax prep checklist. I also have
53:45
Speaker 1: some budgeting and savings worksheets there, because once you get
53:50
Speaker 1: that refund, I want you to save some of the refund,
53:53
Speaker 1: invest some of the refunds, so we're not just spending it.
53:57
Speaker 1: So certainly just check the link in my bio and
53:59
Speaker 1: there's a lot of helpful free resources there. Thank you
54:02
Speaker 1: Laura for calling in. And I want to think about
54:04
Speaker 1: listeners for every day every week to porting and listen
54:07
Speaker 1: to the show. Laura, We're gonna talk soon because you know, yes,
54:10
Speaker 1: I always make mistakes when I'm talking about taxes. I
54:13
Speaker 1: gotta calling expert, and you are the person I need
54:16
Speaker 1: to be calling it. Thank you for calling. I talk soon. Okay, okay,
54:19
Speaker 1: thank you for having me. Take care. Let me tell
54:21
Speaker 1: you about the Money Making Conversations Masterclass hosted by Rashan McDonald.
54:26
Speaker 1: People always talk about their purpose or gifts. If you
54:29
Speaker 1: have a gift, lead with your gifts and don't let
54:31
Speaker 1: your friends, family, or co workers stop you from planning
54:34
Speaker 1: or living your dreams. The interviews and information on his
54:37
Speaker 1: show are for everybody. Don't let change scare you. He's
54:40
Speaker 1: here to educate you because it's time to put your
54:43
Speaker 1: dreams into action. The show, Money Making Conversations Master Class
54:47
Speaker 1: interviews CEOs, small business owners, influencers, and celebrities. They share
54:52
Speaker 1: financial and career success tips with Rushan McDonald which you
54:56
Speaker 1: can only hear in the Money Making Conversations Master Class show.
55:01
Speaker 1: Let me tell you about the host of Money Making
55:03
Speaker 1: Conversations Rushan McDonald. He's a social media influencer. Eighty percent
55:08
Speaker 1: of his one million plus social media followers or female.
55:11
Speaker 1: Rushan's a two time Emmy Award winner, three time in
55:14
Speaker 1: Double ACP, EMMAT Award winner, sitcom writer, stand Up comic,
55:18
Speaker 1: and former IBM executive, and he has a degree in mathematics.
55:23
Speaker 1: More importantly, Rushawn McDonald will interview his business and celebrity
55:27
Speaker 1: relationships to empower you with tips to succeed in your
55:30
Speaker 1: career that you can only hear in the Money Making
55:33
Speaker 1: Conversations Masterclass Show. As host of Money Making Conversations Masterclass,
55:39
Speaker 1: Rushan McDonald is uniquely positioned to provide a step by step,
55:42
Speaker 1: easy to understand blueprint because it's time to stop reading
55:46
Speaker 1: other people's success stories and start writing your own. The show,
55:49
Speaker 1: Money Making Conversations Masterclass interview CEOs, small business owners, influencers,
55:55
Speaker 1: and celebrities. They share financial and career success tip