Latest / The Steve Harvey Morning Show / Laura Foos (4th Appearance) Full Interview

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Laura Foos (4th Appearance) Full Interview · The Steve Harvey Morning Show

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  Speaker 1: now is the time to get an amazing deal one
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  Speaker 1: more time by raycon dot com slash my heart. Hi there,
• 1:08
  Speaker 1: Roshan McDonald back and you're listening to money making conversations.
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  Speaker 1: My next guest is my favorite guest. The owner of
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  Speaker 1: Foods as f o S Financial Services, LLC. Provides tax
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  Speaker 1: preparation services for individuals and small businesses small businesses all
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  Speaker 1: year long. He is a host of a show that
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  Speaker 1: she said I inspired her to do a weekly tax
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  Speaker 1: tip twos to where she shares tax tips and other
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  Speaker 1: financial education tips to live viewers on her Facebook and
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  Speaker 1: Instagram pages, as well as answers questions from viewers. The
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  Speaker 1: show is called Asked Foods. That's f o S. Please
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  Speaker 1: work with the money making conversations. Laura Foods, Good morning,
• 1:51
  Speaker 1: are you directed? How's the family? How's mom doing? I
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  Speaker 1: gotta say how to mom because she believes in me. Yes, yes,
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  Speaker 1: Mom is doing great. Yes, thank you for asking, Thank
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  Speaker 1: you for keeping her in your prayers. She's doing very well.
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  Speaker 1: Thank you. Okay, Now the the young one who's going
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  Speaker 1: to college. We're getting ready for college. Graduation is a
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  Speaker 1: couple of weeks away. I'm surviving great. Now, let's start
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  Speaker 1: that right there. Let's talk about now, well, a child
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  Speaker 1: going to college. Are there any tax opportunities that one
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  Speaker 1: could take advantage of when you have a child going
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  Speaker 1: to college. Yes, so there are tax advantages even when
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  Speaker 1: your babies are younger. There are a lot of saving
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  Speaker 1: college savings plans that you can write off on your
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  Speaker 1: taxes every year for when you are saving for them
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  Speaker 1: to actually go to college. So that's the first thing.
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  Speaker 1: The second saying, there are three different educational credits that
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  Speaker 1: you can claim on your taxes once your children are
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  Speaker 1: in college, and they normally send you a ten which
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  Speaker 1: will tell you the numbers that you can claim on
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  Speaker 1: your taxes. So at a case, yes, does give you
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  Speaker 1: right off on your tax. Now that's important for people
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  Speaker 1: to understand that my daughter, she's in college now, and
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  Speaker 1: I get that form and I'm happy when I see
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  Speaker 1: it because guess what, no matter how much money you make,
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  Speaker 1: you need right off. Always always remember that, always look
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  Speaker 1: for an opportunity to write something off. Now, now, now
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  Speaker 1: you know people are are being organized receipts. Okay, you
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  Speaker 1: have you have these into your summaries. You have these
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  Speaker 1: monthly summaries. Is if you use your credit card for
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  Speaker 1: your business, is it's still important to keep the receipts. Yes,
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  Speaker 1: I mean your bank statements, credit card statements certainly help
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  Speaker 1: keep you organized and help you create the summaries. So
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  Speaker 1: if you are ever audited by the I r S,
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  Speaker 1: they are going to be looking for the actual receipts
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  Speaker 1: um and they can even go back there. You're supposed
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  Speaker 1: to keep those receipts up to seven years, which is
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  Speaker 1: why I have started recommending to client in online apps
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  Speaker 1: that when you make the purchase for your business, you
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  Speaker 1: can take a picture of the receipt right then and
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  Speaker 1: there and store it, you know, in the clouds. It's
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  Speaker 1: online because a lot of times, after several years, your
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  Speaker 1: receipt will you know, begin to disappear as well. So
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  Speaker 1: I have been encouraging people to be organized with using
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  Speaker 1: these online app SUPs right on your phone. You could
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  Speaker 1: be organized your receipt there if you're ever audited. UM.
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  Speaker 1: But yes, credit cards and banks statements hell, because you
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  Speaker 1: should not. You should not be mixing. I arrest it
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  Speaker 1: does not want to see mixing personal and business items anyway.
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  Speaker 1: They need to be completely separate. Now I'm on the
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  Speaker 1: phone with Foods Financial Services. She provides tax in preparation
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  Speaker 1: service for individuals and small businesses all year long. She
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  Speaker 1: has a show that she does on her Instagram and
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  Speaker 1: Facebook page called Ask Foods as f o S tell
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  Speaker 1: us about that and why did you start it? Yes? Well,
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  Speaker 1: I think I really started it, okay, because you kept
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  Speaker 1: going after me that we have to tell people and
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  Speaker 1: educate people. And I have been enjoying this show. I mean,
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  Speaker 1: we do have a good time or tax tips Tuesday
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  Speaker 1: a p m. Eas their standard time. We have a
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  Speaker 1: great time because a lot of questions come up. But
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  Speaker 1: unfortunately taxes is you know, people are so afraid of
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  Speaker 1: it because we don't talk about it. We don't educate
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  Speaker 1: people about it. And I can't believe that people are
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  Speaker 1: grown people with children and houses and businesses and they
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  Speaker 1: really do not know how taxes work or where does
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  Speaker 1: the refund come from? Or why did I owe? So
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  Speaker 1: I really started it because I have the knowledge and
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  Speaker 1: I like to share the knowledge. And then in in return,
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  Speaker 1: I think by continuing to add value to people the
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  Speaker 1: same way you do with money making conversation, then then
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  Speaker 1: that helps my business grow because then people can see Okay,
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  Speaker 1: I kind of know a little bit about what I'm
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  Speaker 1: talking about. So instead of me from software is trying
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  Speaker 1: to do it on my oh, let me ask to
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  Speaker 1: help me with my access. Yes, so we can so
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  Speaker 1: when you because you brought up money making conversations, you
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  Speaker 1: know I have man making conversations Facebook and Instagram. Can
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  Speaker 1: I share your broadcast on my Money Making Conversation Facebook page? Yes, yes,
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  Speaker 1: because I want to share. Yes, so we could figure
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  Speaker 1: out how to share them. I haven't picked out because
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  Speaker 1: Facebook Life has now changed their logarithms. You can't figure
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  Speaker 1: out how to get it from Facebook Lives to you
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  Speaker 1: to my YouTube channel. Um is what I would prefer
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  Speaker 1: to go back on my page YouTube channel. I remember
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  Speaker 1: she was just just just just by herself. That's she
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  Speaker 1: got YouTube channels Instagram. I've been We talked to September
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  Speaker 1: when I just had to tell you how special you
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  Speaker 1: are and your vision and your ability to communicate has
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  Speaker 1: to be taken to now you you sent me a
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  Speaker 1: video of you on appearing on one of the local
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  Speaker 1: TV shows. How is that part of your life growing
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  Speaker 1: in that part of public speaking, you being able to
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  Speaker 1: talk about you, you know, the world of Laurel about that. Um. Yeah,
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  Speaker 1: so I just did recently Channel nine News, so I
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  Speaker 1: shared tax tips on our local DC news. Um. And
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  Speaker 1: so certainly, of course, all of these things that you
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  Speaker 1: know make me very nervous and I get anxious, even
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  Speaker 1: though I enjoy talking to you and I love it,
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  Speaker 1: but of course I always have anxiety and you know,
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  Speaker 1: the talking and are you gonna say the right thing? Um?
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  Speaker 1: But I think as as you continue to want to
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  Speaker 1: go to that next level, you have to force yourself
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  Speaker 1: to be very uncomfortable. So I think over the past
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  Speaker 1: six months or even probably the past year working with you,
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  Speaker 1: I have continued to try to put myself in uncomfortable
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  Speaker 1: situations or in rooms that I would normally not go
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  Speaker 1: in because I was uncomfortable to be with those people.
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  Speaker 1: You know, I always wanted to be the star of
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  Speaker 1: the room, and now I learned for me to grow
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  Speaker 1: and do better and be better, maybe I need to
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  Speaker 1: be in rooms where there's a lot of starts there
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  Speaker 1: and I want to grow to their level. Um. So,
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  Speaker 1: with your encouragement, I am continuing to make myself being
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  Speaker 1: fearful positions that I'm overcoming those fears. So I think
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  Speaker 1: the more you do it, the better you get, the
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  Speaker 1: more comfortable you get, and realizing that everybody is human.
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  Speaker 1: So sometimes I am gonna say, um, too many times,
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  Speaker 1: I'm gonna stumble sometimes, and that's okay because you don't
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  Speaker 1: say you know a bunch of time, we're good. You say, oh,
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  Speaker 1: but you know you know. So you can't be in
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  Speaker 1: the tax business and say you know that's true because
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  Speaker 1: I know you don't know. That's why you need to
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  Speaker 1: call up. Let's talk about some of the some of
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  Speaker 1: the tax filing the stakes that people make on a
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  Speaker 1: on a regular basis that you encounter. Like you said,
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  Speaker 1: you are shocked that people aren't aware and it feels
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  Speaker 1: that should be common sense. What are some of the
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  Speaker 1: tax filing mistakes? Well, the biggest mistakes is that the
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  Speaker 1: tax season deadline is tomorrow tomorrow? Is it tomorrow? Road
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  Speaker 1: April sevent tomorrow, Tuesday, April seventeen at midnight? That is it.
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  Speaker 1: So that is the biggest mistake because they charge you
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  Speaker 1: a five percent penalty up to a twenty percent penalty
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  Speaker 1: every month that you file late. So if you are
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  Speaker 1: not ready, I know you're trying to avoid it. If
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  Speaker 1: taxes is not going to go away, so you might
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  Speaker 1: as well get over that part. It's not gonna disappear.
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  Speaker 1: But if you cannot do it by tomorrow, you have
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  Speaker 1: got to file an extension which shall give you an
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  Speaker 1: automatic extension until April fift two, so we can avoid
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  Speaker 1: that late filing penalty that you owe. It does not
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  Speaker 1: um you're not pushing back that you know the amount
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  Speaker 1: of money that you owe. You said you said an extension,
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  Speaker 1: but you said April fifteen. What is the correct day
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  Speaker 1: when you file the nextension. How far can that extension
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  Speaker 1: allow you to go to file your tax I'm sorry, Yes,
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  Speaker 1: it will give you an automatic extension till October fifteenth
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  Speaker 1: this year, so it's automatic, but you still have to
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  Speaker 1: apply for it. And if you do it, you could
• 10:06
  Speaker 1: even go to i RS dot com. You can inbox me,
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  Speaker 1: you can go to our website, you can fill out
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  Speaker 1: a brief form to file an extension. Will get the
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  Speaker 1: extension filed for you, and that gives you a little
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  Speaker 1: bit longer to file. But you do not want to
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  Speaker 1: just not do anything, because then you have that late
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  Speaker 1: filing penal. Okay, what if I'm a bad dude and say,
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  Speaker 1: you know, so, I'm my filing my tax I'm tired
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  Speaker 1: of filing taxes. What's gonna happen to my foolish behind? Yes,
• 10:34
  Speaker 1: what is going to happen is they're going to find you.
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  Speaker 1: They're going to hunt you down if they're going to
• 10:39
  Speaker 1: find you, and they're going to find where you work
• 10:42
  Speaker 1: because your employer is still submitting W two's and your
• 10:45
  Speaker 1: name saying that they have paid you for the year.
• 10:48
  Speaker 1: So they're going to find your job where you work.
• 10:50
  Speaker 1: They will gardners your check. If they get ahold of
• 10:53
  Speaker 1: your account numbers, they will go in your account and
• 10:55
  Speaker 1: take your money. So do not play with the I
• 10:58
  Speaker 1: r s. But they're very easy to work with. So
• 11:01
  Speaker 1: if you communicate with them, even if you know you
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  Speaker 1: owe file on time, and then you can go right
• 11:07
  Speaker 1: to I r S dot com and do an I
• 11:09
  Speaker 1: r S online payment agreement. So they're very friendly people.
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  Speaker 1: They want to work with you. They'll let you be
• 11:15
  Speaker 1: on a payment plan. Is when you try to avoid
• 11:18
  Speaker 1: them or ignore them or hide from them, that it
• 11:21
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