How much does it cost to raise a child and should anyone with a stock portfolio regularly review for stock loss harvesting potentials.

Episode Transcript

Intro:

Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm.

Disclaimer:

The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation.

Chip Franklin:

Hello and welcome to the Practical Tax Broadcast with tax attorney Steve Moskowitz. I’m Chip Franklin. Excited about this week, Steve. There’s a lot to talk about. Obviously there’s a lot happening in the economy and part of that, I think, is about planning for that. And that brings us to our first guest today. Again, this is a guest that I always like to talk to. Michael Davidson is a financial strategist. And we’re going to talk quickly about this new Brookings study that shows it’s going to cost over $300,000 a year to raise a kid. That’s a lot. And Michael Davidson and from the Wisdom Index is with us here. Good to have you here, Michael. Thank you.

Mike Davidson:

Thank you for having me, Chip.

Chip Franklin:

Steve, obviously, when you hear something like that, does that number shock you? That it costs $300,000 to raise a kid?

Steve Moskowitz:

No, in those numbers it depends on the parents and the kid. Some parents are going to spend way more, some are going to spend way less. We’re not even getting into, well, what’s the value of having a child emotionally and all the other benefits, or detriments. And we’re just talking about the finances and pretty much it depends on somebody’s lifestyle. To me that $300,000 number is just about useless. It depends on the individual family.

Chip Franklin:

What’s your experience, Michael, with when people come to you and either they just had a kid or they’re thinking about having children and they’re trying to figure out the road ahead?

Mike Davidson:

Well, Steve, I agree with you a hundred percent. I think that number is a pretty fascinating number. I spent some time looking at the USDA methodology for how they developed the math on what families are spending on their children specifically. And in America right now, families don’t do a great job of tracking their expenses in general. And so, specifically what they spend on their kids is a whole nother level of difficulty. But the $300,000 number, well, whether it’s 30,000 or a hundred thousand or 3 million or 30 million, having kids requires more than having the dollars. It requires all of your heart and your soul and your time and energy. And I have three children and they are invaluable, but it’s tough-

Steve Moskowitz:

And it’s such a highly personal decision.

Chip Franklin:

It is. And I want to get into some of the other aspects of this, but upfront, do you think it’s a fair question, as a planner, to ask somebody, can you afford to start a family?

Mike Davidson:

I think that every spending plan requires putting things in the right order. And Steve was correct. If you look at the research that the USDA did, the level of income that households had was the single greatest driver on what they spent on their children. And so, you don’t have to spend $300,000 to raise a kid. But what’s interesting is the order in which Americans spend money. And what I have found is that conventional wisdom is to use a credit card for that spending because we have to get our points. And then what’s left over, well, we want to have some money to pay our taxes and our debts. And then there’s nothing really left to give or to save.
And if you change the priority, and you do the most important things first, that you give where you’re called to give and then you save money second, then you pay your taxes and then you pay whatever short term debts you have and then focus on your long term ones. It’s amazing how there’s money left over for all the other things and you don’t make poor choices with your spending, or as big poor choices. And that’s really the key for having margin at the end of the year, and at the end of each month.

Chip Franklin:

Steve, let me ask you a question. Why did Congress put in place tax exemptions for children? And I’ve interviewed actually advocacy groups that are single people who say that we deserve a break too. What is the reasoning behind that? And has it changed much over the years?

Steve Moskowitz:

The reasoning is very old. And there was a theory that there were at the time, remember this has been in a long time, at the time it came in, most of the country were farmers and they wanted to encourage people to have a lot of children because that was basically inexpensive labor for the farm. So here the government was giving you an incentive. Things have changed. And it’s funny, I will never ever forget, once in my life, a gentleman came in with his wife sat down and he asked me if they should have children. And I said, “Well, thanks for asking me, but talk to your wife cause that’s such a personal decision.” And then you can figure out the spending. And exactly like Michael was saying, is we prioritize. So maybe you don’t buy that Lamborghini and you put money away for the kids’ education. I mean it can be worked out.

Chip Franklin:

Speaking of that, let’s talk about these 529 Plans. And I want to hear from both you. Let me start with you, Steve. The idea that you could start putting money away for your child’s education. And I think most states have some version of this, right?

Steve Moskowitz:

Yes. And also that became more generous, because now it used to start at just for college, now you can go ahead and use the money for the child’s entire education, even when they’re a little kid.

Chip Franklin:

Interesting. Michael, do you run across that in your business too as well? Telling people looking and start putting money away right now, and is that money, by the way, is that tax deductible when I put it away now?

Steve Moskowitz:

It’s not that it’s tax deductible, but you’re not paying taxes on the earnings. So what some people want to do is… And there’s a way where you can basically do upfront loading. You want to put in as much as you possibly can, earn as much as you can, and then avoid the taxes and have the money for the child’s education.

Chip Franklin:

One last question, and Michael you might know this too. What if the kid wants to go out of state? Does that money follow them to another state school or do they get-

Mike Davidson:

Well, with 529 Plans, they’re great vehicles because they let parents do the right thing, which is safe for the future. And college expenses, college has been in the news recently, college debt, expenses have gone up. And so saving in advance for that is a wonderful idea. 529 Plans have really grown all across the country because it’s also a revenue for the states. And so almost all 529 Plans, a part of the management fee and the fees and the plan go to the state as a revenue source. So when you’re looking at 529 Plans, you have to be very careful about the expenses. But yes, as Steve mentioned, you could do some estate planning and move bigger chunks at a time. I’m in Texas, we don’t have a state income tax, but if you’re in a state that does-

Steve Moskowitz:

We have enough state income tax here for both states.

Mike Davidson:

Well, I’m assuming, in California, if you fund a 529 Plan that is a California plan, that you do get a little bit of a deduction on your state income tax return. So I’ll defer that question to you, Steve.

Steve Moskowitz:

And the bottom line is, what I tell people is, a lot of times people ask me about the tax first. The tax shouldn’t be the driver. The driver should be, this is a really good idea for the kids. And again, especially now that you can start off the kids with his or her education, is so vitally important. And also what I would say is, I would have the child participate and say, “Look, mommy and daddy are getting you started, getting the idea of saving, get the idea of education.” And then they can participate in it. And depending on the family’s economics, it’s great if you’re dealing with a family that has plenty of money for everything, but what if things are really tight? And when Junior wants something, mommy and daddy have to make the decision, “Should we buy that new toy or should we put the money away for the education?” And I believe if the child is a participant, then he won’t be crying, but why he didn’t get the toy? Because he can go to college and then get a lot more toys when he or she graduates.

Chip Franklin:

We’re listening to Practical Tax with tax attorney Steve Moskowitz and Michael Davidson from the Wisdom Index. Let me ask you this question guys, what about hiring your children to work in your business?

Steve Moskowitz:

Great idea. I’m always talking about that. And what happens is it’s not the old thing in the movies, you just put them on the books. No, you can’t do that. You pay them the fair market value for services actually performed and then you want to multiply this benefits because now that the kid’s working for you, the kid can have a pension. Imagine this, when the kid graduates from college, instead of having tremendous debt that he’s wondering how they’re going to be paid. He could actually have a very substantial account. And there’s a break for mom and dad, when the kid’s under age 18, they don’t have to pay social security tax on that. That’s just a little quirk in the law. And mom and dad get a tax deduction in their tax bracket, which is presumably a lot higher. And the kid starts off with a brand new fresh tax bracket. And the kid begins to understand the work ethic.
And to me that is so very important, because there’s an awful lot of kids living in their parents’ basements and they’re not really kids anymore, who feel that since they didn’t start out as CEO, then any other job is below and they’ll just stay in mom’s basement until somebody offers them that CEO job. And you don’t want that, you want the work ethic to be built because that kid will be successful in business and can become the CEO.

Chip Franklin:

I’m sure a lot of parents listening to that right there go, “Yeah, I know.”

Steve Moskowitz:

They’re right on.

Chip Franklin:

Right on it. Along those lines, and again this is for both of you. We had Jon Handlery, there’s a great hotel here in the city and it’s been in the family since 1928. Grandfather, father, and now son. What about-

Steve Moskowitz:

And Chip and I did not stay there in 1928, I want to bring that up. Long, long before either one of you was born.

Chip Franklin:

But it’s interesting though, what about the succession planning for a business for families? And I think that with more and more of… I think the post pandemic side hustle businesses that becomes successful, whether it’s a… It could be an accounting firm or it could be a laundry mat or a dry cleaners, whatever. How do you do that? Is that transition difficult? And for people that have children and they’re trying to get them into the business and to succeed, how difficult is that?

Steve Moskowitz:

It’s not a question of difficulty, it’s a question of what’s going to serve the client best. So what we do in our firm is we actually sit down with a client and say, “Look, here’s all your options.” And then when they decide what’s best for the business, what’s best for mom and dad, what’s best for the kids, what they want to do, then we do do it. And one of the things I want to stress, we could have twin siblings alike in every respect financially, who have very different ideas as to how those kids should be treated. And they could have entirely different state plans. There are some very wealthy people, like Warren Buffet, that feel if you give the kid any money, you’re ruining him. So give it to charity instead. Other parents say, “Everything for the kids.” So we sit down with mom and dad and we say, “Mom and dad, what do you want? And then we’ll go ahead and do it for them.

Chip Franklin:

And that’s a long discussion. I’m sure Michael, you’ve seen that too. You’ve sat down with parents and these things come up I’m sure for both of you, all the times that you didn’t anticipate. Right?

Mike Davidson:

And I get to make a comment there that Steve was making, is that frequently children that are children of parents that own businesses, they’re looking at the parent that’s owned the business and they’ve owned it my for 15 or 20 years. And that parent might be doing things that they didn’t do on a daily basis to build the business. And so, I think what’s super important for parents to understand is that, did the kids learn what you did to get there, as opposed to what you’re maybe currently doing? And I think that’s a mistake that I’ve seen with children that have taken over mom and dad’s businesses. When mom and dad are retiring, they might not be as active and literally putting the elbow grease to it like they did [inaudible 00:13:18] with that business. And not even that grit and that determination, seeing that, I think can be an issue for success for families and businesses with their children.

Chip Franklin:

Last question, again, for both of you. Maybe it’s just because I’m getting old, but it seems like so much has changed in the past 20 years. With social media, the world, the availability of everything with Amazon. I can order something and it’ll be here in two hours. I wonder about state planning and planning. Do you look at the future with an eye for the unpredictable? And if so, how do you do that? It’s pretty much the same kind of planning that we did in the fifties that we’re doing today.

Steve Moskowitz:

All planning you’d want to do the provision for the unpredictable and you want to discuss as much as you can. Because what you want to do is you want to keep that unpredictability part to a bare minimum. And that’s why with these plans, you don’t just do it and say, “We’ve done the plan. Set it in stone and when you pass, something will happen.” This is just like tax plan. We recommend that every year the client sit down with us and talk. And you know what, Chip? And I’m sure Michael finds the same things. A lot of times you’ll have somebody who last year they said they like this one and they don’t like that one and then the kid goes ahead and does something and said, “I can’t believe my son or daughter did so and so.” Or they could marry and they could be a challenge with the spouse or all types of stuff.
Everything else you can cut down what you just talked about them, in particular by meeting with the client regularly. And to me regularly is at least, at a minimum, yearly, not to mention watching the changes in law, because if the Congress, in their infinite wisdom, decides to change something, then you can say, “Well look, it used to be X but now it’s Y and you didn’t need to have to do this.” And I could go over so many planning changes that used to need this and now they don’t. And vice versa, that’s why this is always, always a work in progress.

Chip Franklin:

But financial consultation is an incredible investment, in my opinion. I think we’ll all agree to that.

Steve Moskowitz:

Absolutely.

Chip Franklin:

Michael, thank you so much for being here. Man, I really appreciate it. Will you come back please?

Mike Davidson:

I sure will. Chip, thanks for having me. Steve, thanks for having me. Great to see you today.

Steve Moskowitz:

Thanks so much. A real pleasure.

Chip Franklin:

Michael Davidson from the Wisdom Index. Thank you my friend. Thank you so much.
The question, this is something I know you love to talk about, it’s April 16th and people go, “Wow, I don’t have to think about taxes again for 11 months.” That’s not right, is it?

Steve Moskowitz:

That is the reason why people complain so bitterly that they’re paying so much in taxes and that everybody knows somebody who’s making more than they are and they’re not paying. A tax return should be the mere summarization of a year’s worth of planning. And what I always ask new clients, I say, “So, you think you’re making more or less than Apple computer?” And they all laugh, “Well, I’m making less.” I said, “Well, guess what? Apple computer’s paying less taxes than you though.” And the head of Apple said publicly that he spends a lot of time working with the company’s lawyers with the tax savings. There’s so much you can do. Remember, there’s two purposes for the tax law. One is to collect money, which we all know about, but the other one is a system of incentives. The government gives us so many opportunities to save money and that’s why I became a tax lawyer. Look at the Fortune 500, look at all these companies. Chip, they’re making billions in profits and they’re legally not paying taxes. How can that be? And people complain about, because they said-

Chip Franklin:

They have a plan.

Steve Moskowitz:

They have a plan and they will go ahead and utilize the law with the incentives.

Chip Franklin:

Let me interrupt you. In other words, what you’re telling people that they file their taxes but then they should be checking in with you at least once a year.

Steve Moskowitz:

With a lot of clients we do it on a monthly basis.

Chip Franklin:

That’s good.

Steve Moskowitz:

A lot of times when you going to do these things, make changes, sometimes things aren’t done overnight and you want to have a finger on the pulse of the business and the planning. So we tell a lot of clients minimum muscle.

Chip Franklin:

Our next guest is a Stock Pilot. It’s an auto-trader platform that connects the common guy to experience traders in the market. Jackson Carr joins us here on Practical Tax and nice enough to be here. Jackson, welcome. Thank you.

Jackson Carr:

How you doing? I have my partner on here as well. Chuck Harris.

Chip Franklin:

Let’s get him in here.

Jackson Carr:

There he is.

Chip Franklin:

Hello, guys.

Chuck Harris:

Hey, guys.

Chip Franklin:

Let’s talk a little bit about where we are right now. And how many people are underrepresented in the market. I’ll ask all three of that, guys, from your experience.

Jackson Carr:

[inaudible 00:18:30]

Steve Moskowitz:

I can probably say most people.

Chip Franklin:

Really?

Chuck Harris:

I think a lot of people… We were actually just discussing this and we think a lot of people do get exposure to the stock market, but typically what we see is they’ll usually have a retirement plan, it’ll be through their employer and they’ll kind of trust them to set this up and then they pretty much walk away and assume it’ll be good. And we think that there’s a lot of other options that people could be exposed to that that might help them diversify a little bit.

Chip Franklin:

And so much of that is having… We just talked about this a second ago, about having people that you can sit down and have a good honest conversation with. I sold in January of 2020 everything. And my guy called me back up in the beginning of May and he said, “You got your big boy pants on?” “This is the time, right?” But I trusted him, I’d been with this guy from… So to me, I look at people that do what you guys do combined with what Steve does and trying to find this balance. And I think is something, do you guys think we should be teaching this in high school for people to understand this?

Steve Moskowitz:

Absolutely. And one of the things, when you talk about high school, the credit card companies are flooding the schools with credit cards and somebody says, “I get to buy something right now today and I don’t have to pay for it. This is terrific.” It’s not that you don’t have to pay for it. It’s you’re going to pay for it and pay for it and pay for it some more. Look at the credit card statements where you say, if you make the minimum monthly payment, it’ll take you 33 years to pay this off and if you pay a little extra only three years, kids don’t understand that. They just understand, “I get to buy something I want today. Right now today, I can walk out of the store with it legally.” They don’t understand the cost. And the price tag for that shirt was a hundred bucks, but by the time they’re finished paying all the interest, now the shirt costs them a thousand dollars and they’re still paying for the shirt when the shirts and rags have been thrown away.

So I would say that you can’t start early enough. High school is way too late to start. Basically when you give your kid that first dollar for his or her allowance, you say, “Well look, how you going to spend it?” And my advice in counsel is, this is a participation with parent and kids. So you would start off in the allowance… You might do it as you please, you can go to the store and buy whatever you want and spend the money and that’s okay. Or you could put some percentage of it in the savings account, which is very safe, but really doesn’t return almost anything. Or you could get in the stock market, and the thing too is, at the age of a small kid, if they start investing at that age, when they graduate from college, just like we were talking about with last guest, instead of having all these loans that they have no idea how they’re ever going to pay, they have a nice sum of money and they’re young. And then what happens is, they have all this money and they go through their careers, they can do what they want, retire when they want and buy what they want.

But they understand the principle of having that money in the bank, instead of most Americans. What most Americans have is no savings and just a very large debt service that they can barely make and they’re living paycheck to paycheck. And God forbid, if they lose that job and they don’t have the next paycheck, they’re out on the street and they have all these debts. What are-Well they’re back in their parents’ basement.

Chip Franklin:

Well they’re back in their parents’ basement.

Steve Moskowitz:

Well that assumes the parents have a basement to put in. A lot of the parents are like that.

Chip Franklin:

Let me ask you guys, what is Stock Pilot? And does this offer the regular guy the kind of information they really could have used in 2005? To question what’s inside a mortgage bond and what a subprime loan is and all this. What is this? Tell me about Stock Pilot.

Chuck Harris:

I think what we’re trying to do is give the common investor exposure to different types of investment options. So going back to how people typically just use a target date retirement fund. What we want to do is give exposure to option strategies and stuff like that that offers greater risk reward, something that they’re not typically informed of to try and maximize.

Chip Franklin:

It’s not a hedge fund, it’s just-

Chuck Harris:

Not a hedge fund exactly. And I guess that’s a great point. Kind of what we want do is give access to hedge fund-like strategies to the common investor, eliminate those large capital requirements and the hefty fees that are typically associated with hedge funds type investments.

Chip Franklin:

Again, this is for all of you guys. How does the market in your mind compare to real estate investing? Steve, and I’ll ask you, I wanted you to remember that thought too because I want to know about the tax advantages to both. But I’ll start with Chuck or Jackson first.

Jackson Carr:

Chuck, you can go first.

Chuck Harris:

You can take that one.

Jackson Carr:

Sure. I’ll be honest with you.

Steve Moskowitz:

Or I can take it. If you guys don’t want it, I’m happy to take it.

Chip Franklin:

All right. Steve, you jump in first.

Steve Moskowitz:

First of all, it depends. If you’re talking about real estate, there’s all kinds of investments. The first investment in real estate is your primary residence. Guess what? You get to live in your investment. You have to live someplace. So rather than paying rent, how about building up equity? Then we can talk about rental properties. And the Congress loves real property, so they’ve given so many benefits to that. And we could do shows on all kinds of things, like opportunity zones, where basically, chip, you can make unlimited capital gains. So you could invest in something for a buck and now it’s worth a billion and you sell it and you paid zero tax on that. Opportunity zones.

Chip Franklin:

But how long does it take for me to get a return on a mortgage investment as opposed to the market, if I’m knowledgeable in the market and I spend… We’ve all met day traders. I know a day trader that did this stuff and made six figures. He did 12 hour days, but he… It’s like playing blackjack at the table. If you play for 15 hours straight, you’re going to win, if you follow a basic rule. And I look at real estate investing like that, as opposed to craps. To me, as kid growing up, not owning and we grew up in apartments, all this stuff looked like gambling to me. So tell me how you guys turned the table on that? How is this not gambling?

Steve Moskowitz:

Investing is respectable. Gambling is not.

Chip Franklin:

Well, not anymore. They got ads for it all over here. All California, every other ad is for gambling.

Steve Moskowitz:

I understand that. But I have an offer to anybody that feels the need to go to a casino. When the need strikes you, give me the money and when the passion goes, I’ll give you back half, which is much better than the casino will give you. Those casinos were built by taking people’s money. And I’ve seen a lot of things. I’ve seen signs up in Vegas where the locals go and gamble, not the tourists. They’ll say double your paycheck, and I’ve walked past those and I thought, “Oh my god, some poor guy has some job where he’s barely paying the rent and he walks in there to double his paycheck.” Of course he loses it and now he has to go home and tell his wife, “We can’t pay the rent this month.” Can’t even buy groceries. So the bottom line is investments are different.

I know some people enjoy gambling, but this can be really problematic and some people have real problems with it. Investing returns. The answer is, it depends. Are you looking for a short term investment? Are you looking for long term? Normally in the long term with investments, you almost always win. If you’re the kind of guy where you Say, “You know what? I’m going to invest this morning at 10 o’clock, but by one 30 this afternoon I expect to make a profit.” You might lose a lot too. But you look at this… Or you’re going to split your portfolio, and you say, “Okay, 10%, I’ll forgive the term, I’ll gamble with it. I’ll go into what’s called flyers, the really risky stuff that could maybe have a big return and then I’ll have other areas of conservatism.” So the bottom line is you go ahead and you say, “Well, wait a minute. What’s this person’s level of risk tolerance? How old are they?” If somebody is 25 and they want to invest and they have a good job, it’s different than somebody 85 that’s going to take his pension. That’s a different story. And so the bottom line is it depends and like everything else, you design it for the individual. Guys, what would you say about that?

Chip Franklin:

Well, can I jump in there? Because you hit on something right there. You talk, this is an auto-trader project. So does the algorithm bring in the stuff that he just mentioned of how far I want to go and what my exposure and all that sort of stuff?

Chuck Harris:

For the subscribers, there are risk management settings. You can basically allot a percentage of your account that’ll be used for a given strategy and that will set the risk for the investment. But to bring it back, I think the way something like this fits in is the small sliver of your portfolio, call it like 5%. It is more on the risky side probably for a younger demographic, not as close to retirement. And I think that does give them to exposure to the potential for some of those bigger rewards in the shorter term.

Chip Franklin:

Well, Steve, should anyone with a stock portfolio regularly review their stock loss harvesting potentials and capital gains and losses and stuff like that?

Steve Moskowitz:

Absolutely. First of all, let’s talk about what is loss harvesting. Here’s what it is. You’ve made some money and you say, “This is terrific, I want to make the money, but I don’t want to pay the taxes legally. What can I do?” Simple. I buy some stock, I sell it and I make a profit of 10,000. I have another stock that I’m going to lose some money, so I sell it and then I have a $10,000 loss. I have the cash in hand, but I don’t pay any taxes. That’s what loss harvesting is. And then you ask the question, “Well okay. You know that stock I sold for the loss harvesting, can I buy it back?” Sure you can, but then you get what’s called in the wash sales rules. So you have to wait a month before you do. That’s one of the things you do and you’re always taking a look at these things. Again, like everything else, these things need attention. Like a kid, a kid needs attention. You wouldn’t take a little kid and drop him… You wouldn’t take a five year old kid, drop them off at the mall at noon time and say, “I’ll pick you up eight o’clock tonight.” You wouldn’t dream of that.

Chip Franklin:

Back in the day they used to. My mom would do that.

Steve Moskowitz:

You wouldn’t do it today.

Chip Franklin:

You would drive a long way away too.

Steve Moskowitz:

Well, assuming you’re coming back and you care about the kid, you wouldn’t do that. You have to supervise the kid, be there with the kid and not just keeping him or her out of harm’s way but saying, “Well, look, maybe it’s not a good idea to eat candy and ice cream for lunch. Maybe you should have a hamburger instead.” But what you do here is you’re always watching this stuff and the more time and attention you can pay to it, that’s great. But then you say, “Well, wait a minute. I have a real job and I can’t sit in front of my computer all day and do this.” This is where you go to professionals, like Jackson and his partner, and say, “Guys, watch it for me and you give me a summary of them.”

Chip Franklin:

I’ve read a lot about what you guys are doing, Chuck and Jackson, and I think this it’s fascinating because you mentioned about people that are older, closer to retirement, but still, you could take a small enough part of your portfolio and do it just to learn. It doesn’t mean… Right? One or two [inaudible 00:30:26].

Chuck Harris:

Absolutely.

Jackson Carr:

Some of the traders that we work with, they only require some of them $2,500, $5,000. So it’s not that huge capital requirement.

Steve Moskowitz:

I call it your fund money, the amount of money you say, I’m willing to take X number of dollars and blow it on a vacation. As long as you invest something that you’re okay losing, you’re fine. What’s not okay is, a lot of people get these ideas, “Well, I’ll go ahead and I’ll put some money in, I’ll have a quick return and then I’ll pay off some debts.” And I have seen people lose houses, lose spouses, lose businesses because they basically were gambling in the stock market with things that they shouldn’t be. That’s why it’s so important for people to go to an advisor, like Jackson, and say, “Here’s my risk tolerance, here’s what I can…” You give them the whole financials. Here’s what I have, here’s what I earn. I don’t want to lose anything, but if I lost 2,500 bucks, I could live with that and I would learn. And again, $2,500 to one person is nothing to somebody else that’s renting groceries.

Chip Franklin:

I think a lot of the people watching this are going to want and learn more about this. And at the end of this, I’m going to put up your website so people can follow you and get some more information. We could talk about this for hours. This is really interesting stuff, guys. Thank you so much for your time. Will you come back on again at some point in the future?

Jackson Carr:

Absolutely.

Chip Franklin:

All right.

Chuck Harris:

Definitely.

Chip Franklin:

Thank you.

Chuck Harris:

Thank you.

Chip Franklin:

Be well. Have a great weekend, guys.

Chuck Harris:

Thanks Steve.

Chip Franklin:

All right, see ya. That’s fascinating stuff. The potential and all that. That’s another addition of Practical Tax for tax attorney Steve Moskowitz. We’ll see you next time. Follow us on YouTube, Facebook, or just go to moskowitzllp.com and always remember you can reach us with any questions by calling 888-Tax Steal. Steve, good to see you my friend. We’ll talk soon.

Steve Moskowitz:

Always a pleasure. Thanks, Chip.

Outro:

Thanks for joining us on the Practical Tax podcast with tax attorney Steve Moskowitz. To hear more and view more podcasts, go to moskowitzllp.com/practicaltax.