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A person doesn't know how much he has to be thankful for until he has to pay taxes on it.


Andrew

This is re posted.


Andrew Keller

Every morning, Larry and I dig into a form or idea that has caught our eye. Our hope is that our chat inspires you to never stop thinking and possibly challenges you in a new way. If you'd like to help support the show, please visit patreon.com slash reposted. Thank you for stopping by.


Larry

Feel like lately, Mr. Keller, I have been singing the praises of the spring season talking a lot of sports talking about the weather. There's also one ominous sign of the spring tax day, as you know, Tax Day this year, bounce back a little bit from April 15 to may 17. Our tax quote comes from the lovely anonymous who says person does know how much he has to be thankful for until he has to pay his taxes on it. I'm assuming that taxes is not something that causes you lots of pressure in your life.


Andrew Keller

No, the only pressure is I have a self imposed deadline of finishing my taxes before March and I've done that every year of my adult life. And so it's just kind of a I get it done and I move on. I am a little bit I'm aware that next year my taxes are gonna be more complicated because I got married but other than that easy sailing.


Larry

Okay, we just slipped through this one thing you self imposed, you want it done by March.


Andrew Keller

Yeah. So I mean, this is the second year in a row that we've pushed it back last year. I think it went into June. I don't even know when it was, I think I finished my taxes before the pandemic happened. So all those things, push them back does a paying taxes give you give you pause or stress? No. I


Larry

mean, once again, my parents instilled let me pay my taxes is always super easy. I've never really when I was single, and by myself, I never had a business. So it was just one form, turn it in and do it. Give me my wife, my wife does the taxes full, full disclosure here. There was one time when we both had businesses and we went to a tax guy. We paid like $400 to a tax guy, but he ended up getting a $6,000 back something we were doing something wrong. But then we kind of figured out his tricks and so we don't need them. So we don't do that anymore. But now in generally speaking taxes is not but like the point the reason I bring this up is because I don't think we're the normal people. I think tax season is a huge epic and causes lots of people lots of stress.


Andrew Keller

Well, I mean, I don't really agree with this quote on any sense. And I'm curious if you can give me some insight into it because a person doesn't know how much you're thankful for. Like I'm not thankful for anything. Any thing for paying taxes. It's just a way of life. Everyone says the only two certainties are death and taxes. So it's like it's a way of life and it doesn't really I'm not thankful for it. I mean, maybe if I see a park in my neighborhood redone I'm like, Oh, that was nice. My taxes went to that, but otherwise paying taxes on something, I'm gonna thankful for it. What am I missing


Larry

here? Well, I mean, I think there's a couple of ways to look at this right? Like my father in law. Whenever he talks about start talking about taxes, his head explodes, like he just the government wasting my money. I mean, literally, rush limbaugh comes out, and he just wants to go crazy, right? But there's also a way to be like, Oh, you you get to see your money at the end of the year. And you're like, Oh, I earned that much money that I'm thankful that I have a good job. I don't also think that society have


Andrew Keller

to, I don't know when this is going to air but we talked recently about you always have an option, it might be nucular. Like if you don't want to pay us taxes, leave your father in law, like people get upset, but I mean, that's just my mentality of like, this is what it is. And I'm going to accept it as a part of life and, and move forward just like having to wear a mask is a part of life and I move forward and taking my mask off doesn't make me thankful for I don't know, I'm still trying to wrap my head around like what what am i what's my takeaway from this? Like, how am I going to be a better person walking away from this quote? Um,


Larry

have you known who has not paid their taxes?


Andrew Keller

I probably know a lot of actors that don't pay taxes and they'll probably end up getting back taxed, but I don't know anyone specifically that's gone through it. I've known three people that have had their identity stolen by their dads, which is a messy situation, but


Larry

so we have someone we know and I don't want to out him on this thing. We know someone pretty good that didn't pay taxes for at least five years.


Andrew Keller

Just didn't pay him. Did this person tell you why they didn't like what?


Larry

It wasn't like a philosophical thing was just like I think either forgot or it was a branch or why but he wasn't. It was just different. And you're heading Jesus, sit down with the IRS and get on a schedule of a payment plan.


Andrew Keller

I mean, yeah, I guess. Maybe you can be thankful after you've been slapped on the wrist or punched in the face. by the IRS but


Larry

you know somebody that's been audited.


Andrew Keller

Again, not that I know of, but like I'm sure I know someone that has been audited. It's not well, if I was being audited, I wouldn't tell all my friends. Oh, hey, check it out. I got an auditor coming today I've put the tea kettle on, they're gonna be excited. You had


Larry

a good friend who did that, like he got married and is an independent contractor. Right. So he's itemizing everything, and then received like, $40,000 in cash, like crazy family kind of thing. Because that wedding, blah, blah. And he got majorly audited. And he was a little stressful.


Andrew Keller

Yeah, I mean, being audited. I'm pretty sure I do my taxes right every year. But I found out I was getting audited, I'd be I'd be a little bit nervous about that.


Larry

I mean, so you do your taxes every year, anything that's questionable, when you do the write offs? Are you like?


Andrew Keller

I don't think so. I mean, I use an app that ties to my credit card, and I itemize everything throughout the year. And so everything is kind of built in, I did pay a tax person one year, and it was a few $100. And basically, my view of tax people is you do all the work. They're like, hey, compile all these documents, fill out all the forms, and I will press submit, and you will indemnify me in case anything goes wrong, I will not be held accountable. So I get the taxes are daunting, but I don't know, I can't wrap my head around paying for that. I mean, it may be unless you're super diversified in the market, and you have a lot of capital gains and losses that you want to write off. But like for most people who aren't heavily diversified, I'm not sure it's, it's gonna help you that much TurboTax is this easy,


Larry

save the free version is great. And so the same person that didn't pay taxes in five years, was also someone who waited until the last day to file and had to get in the long line at the post office to like get a postmark by the day.


Andrew Keller

Who is this person?


Larry

I can't tell I'll tell you out there. But it was. So she and when my was dating my wife, he and my wife went to do their taxes, they had to go both GET and POST stamped at the post office in San Francisco, on this day are the who's gonna get they're gonna get penalty.


Andrew Keller

That's why I just checked my bank account, my tax return for 2020 has already come in and I'm gonna go spend that at the track. I'm gonna bet on the four horse.


Larry

Well, it's kind of crazy for us because we have some school scholarship stuff that we have to worry about. We end up doing our taxes by the first week in January clean. By January 5, my wife has done the taxes always like God, it was just New Year's now our taxes are done.


Andrew Keller

Oh, because I am an independent contractor I have tos is a W two w four is coming to me. And it takes the entire month of January for all the different odd because I work for one day, it's for a different company. If I work on set, I got all these things coming in. So I let those trickle in. But yeah, you got a couple more write offs coming up for next year. So it'd be nice. Yeah, you


Larry

know, and I think with the evidence, I remember when Intuit came out, and it kind of really helped people that were independent contractors and small business owners. I can't even imagine what you had to do before that.


Andrew Keller

Yeah, I think that's when hiring someone would have made more sense, because the software now just basically does it for you. You answer questions, and they make it pretty straightforward. This episode has been brought to you by Intuit determine taxes on turbotax.com track, trial tax offered, upgrade for 1995. Anyway, I think I'm thankful for things once they're gone. But again, I'm trying to taxes. Yeah, just taxes suck. That's what it is.


Larry

I what I took out of this is that I definitely when we do look at our final tax numbers, I'm like, Wow, I can't believe we do that this year. I'm always kind of shocked by the totality of it. You mean you made


Andrew Keller

that much? or What do you mean, you have made that


Larry

much? Or they're taking that much out? I think I'm always like, wow, it's just all of it in general.


Andrew Keller

Yeah. Well, if you want to get upset every day, look at how much twice a week when you get your check, say, oh, a lot of that's not going to me.


Larry

What's gonna it's going to a park near you.


Andrew Keller

Yeah, something I do when I'm budgeting is I look at my take home because like, say your salary is $100,000. But how much of that can you actually spend? And it's nice, like, employers have a way of saying, well, your total compensation is 140,000. Because we're gonna pay for your insurance and we're gonna pay for whatever and they add all these things up and you're not really making that much. So I guess my my tip for people is if you want to start a budget, if you don't live on a budget, just figure out what your take home is like post tax and then live off that don't budget based on your salary,


Larry

tax pro tip, tax pro tip my father in law's tax pro tip, don't owe anything and don't get anything back. You should be at 00


Andrew Keller

you should owe $100 I mean, that's what a lot of people's advice is anyway. Well, if you ever suggest I'm Larry Larry's father in law should reach out. Find this every posted podcast on Facebook, Twitter, Instagram. I'm Andrew Keller for the tax man. Thanks for stopping by



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