Meeting Title: Uttam <> Lila-2023-End-of-Year-Tax Date: 2023-12-15 Meeting participants: Uttam Kumaran
WEBVTT
1 00:00:05.980 ⇒ 00:00:16.400 Uttam Kumaran: You had it for the whole year. Yeah. So when I left my job it I think there was like a 2 month Grace period, and then I signed up again.
2 00:00:16.580 ⇒ 00:00:23.239 Uttam Kumaran: I think it might have been July or August. Yeah. And then so right?
3 00:00:23.730 ⇒ 00:00:36.580 Uttam Kumaran: So we need to add that amount that you’re you’re gonna pay to your in order for you to deduct it, can you? Can you get me an amount for that? You paid.
4 00:00:36.720 ⇒ 00:00:49.370 Uttam Kumaran: Yes, I can. It’s every month. It’s roughly oh, it’s it’s probably gonna end up being close to 400 or 4. This one should
5 00:00:49.430 ⇒ 00:00:50.869 Uttam Kumaran: this one should be exact.
6 00:00:51.010 ⇒ 00:00:54.109 Okay, yeah, I can get. I can, I can get you an exact map.
7 00:00:54.830 ⇒ 00:01:05.370 Uttam Kumaran: Okay? So when I’m looking at tax planning what I’m looking to see is is your shareholder compensation reasonable?
8 00:01:06.110 ⇒ 00:01:10.369 And do you have marketplace insurance because we have to add that to your W. 2 before the end of the year.
9 00:01:10.670 ⇒ 00:01:11.770 Uttam Kumaran: and then
10 00:01:11.790 ⇒ 00:01:16.050 Uttam Kumaran: what should you pay in taxes to avoid not owing?
11 00:01:17.110 ⇒ 00:01:20.699 Uttam Kumaran: That’s to me. That’s the purpose of this call.
12 00:01:21.840 ⇒ 00:01:27.550 Uttam Kumaran: so do you have your last pace of from your other job? I
13 00:01:27.780 ⇒ 00:01:29.080 Uttam Kumaran: do. Yes.
14 00:01:29.720 ⇒ 00:01:38.279 Uttam Kumaran: okay, that’s something. Maybe you’ve already given to me. Probably I don’t recall. I don’t think I’ve sent that.
15 00:01:38.890 ⇒ 00:01:53.369 Uttam Kumaran: I don’t think so. So something you could upload to the portal, or or just tell me really, all I need to know, is gross wages and Federal income tax with help for the year. That’s what I’m looking for.
16 00:01:54.960 ⇒ 00:01:55.810 Uttam Kumaran: I’m sorry.
17 00:02:19.950 ⇒ 00:02:27.170 Uttam Kumaran: So my last pay stub was on May twelfth
18 00:02:27.920 ⇒ 00:02:32.890 Uttam Kumaran: for the total was
19 00:02:34.650 ⇒ 00:02:36.469 Uttam Kumaran: 2, 8, 8, 4,
20 00:02:38.680 ⇒ 00:02:42.079 Uttam Kumaran: and then the Federal. And you just want the Federal tax without.
21 00:02:42.540 ⇒ 00:02:49.289 Uttam Kumaran: Yeah, for the total earnings
22 00:02:51.360 ⇒ 00:02:57.910 Uttam Kumaran: for the year. Oh, no. Do yeah for the solo for the total year. It’s
23 00:02:58.160 ⇒ 00:03:00.789 Uttam Kumaran: 54,807.
24 00:03:01.310 ⇒ 00:03:03.670 Uttam Kumaran: Okay, and that’s and then.
25 00:03:04.150 ⇒ 00:03:11.460 Uttam Kumaran: do you want the just, the Federal tax deduction? Or, it’s 9. It’s 9,054.
26 00:03:12.120 ⇒ 00:03:13.430 Uttam Kumaran: Okay, cool
27 00:03:20.280 ⇒ 00:03:23.589 Uttam Kumaran: was that from Adp or just works some chess works.
28 00:03:24.230 ⇒ 00:03:27.450 Uttam Kumaran: Okay, cool. So I can send. I can send a copy of that.
29 00:03:28.100 ⇒ 00:03:37.200 Uttam Kumaran: And okay, that’s okay. I don’t. I don’t need a copy as long as so you gave me the right numbers, and then they sound reasonable. Polanese.
30 00:03:55.850 ⇒ 00:04:01.259 Uttam Kumaran: are you doing a Home office production?
31 00:04:01.340 ⇒ 00:04:11.030 Uttam Kumaran: So I have. There’s a Home office deduction. And then I also, I have, like a Co working space that I work out of. Okay. and
32 00:04:13.350 ⇒ 00:04:18.289 Uttam Kumaran: does this 90 K net income include that Home Office deduction.
33 00:04:19.769 ⇒ 00:04:26.780 Uttam Kumaran: Nope. well, it’s it’s mean I’m not. I’m not excluding it out of that amount. Okay?
34 00:04:27.940 ⇒ 00:04:38.870 Uttam Kumaran: So the idea is, you want to have the money, follow the deduction. So if you are, gonna take. you know, reimburse yourself from your company or for your home office.
35 00:04:38.970 ⇒ 00:04:43.420 Uttam Kumaran: Best practice is to write a check in the memo says
36 00:04:43.440 ⇒ 00:04:46.740 Uttam Kumaran: office reimbursement before the end of the year.
37 00:04:48.240 ⇒ 00:04:50.419 and that’s just the best
38 00:04:50.750 ⇒ 00:04:53.359 Uttam Kumaran: audit trail. Okay? I can do that.
39 00:04:53.600 ⇒ 00:05:00.869 Uttam Kumaran: Okay, cool, can I? Should I just write it? I could write a check, or should I? Can I just pay that out of gusto?
40 00:05:01.420 ⇒ 00:05:05.960 Uttam Kumaran: I guess that would be you, could you? You can. No, you can do a reimbursement.
41 00:05:06.210 ⇒ 00:05:14.339 Uttam Kumaran: There shouldn’t be any taxes.
42 00:05:15.790 ⇒ 00:05:16.840 Uttam Kumaran: Good idea.
43 00:05:17.510 ⇒ 00:05:18.480 It’s there.
44 00:05:19.240 ⇒ 00:05:25.080 Uttam Kumaran: So I’m seeing total income of about 150 K. Yes.
45 00:05:25.200 ⇒ 00:05:28.210 Uttam Kumaran: that more or less seem right. Yes.
46 00:05:28.790 ⇒ 00:05:30.680 Uttam Kumaran: okay. And then.
47 00:05:37.180 ⇒ 00:05:40.560 Uttam Kumaran: okay.
48 00:05:40.930 ⇒ 00:05:44.129 Uttam Kumaran: okay, so it. So your total tax is
49 00:05:44.640 ⇒ 00:05:54.239 Uttam Kumaran: planning of 22,000 paid in 9,000 through your W. 2. Okay, so the remainder is
50 00:05:54.950 ⇒ 00:05:56.440 Uttam Kumaran: 13,000,
51 00:05:57.090 ⇒ 00:06:02.000 Uttam Kumaran: really, really 14. So you should expect to. O, 14 k
52 00:06:03.660 ⇒ 00:06:12.809 Uttam Kumaran: plus or minus. I always like to, you know, aim high, so that when it actually happens it’s less
53 00:06:12.930 ⇒ 00:06:17.010 Uttam Kumaran: like your marketplace. Your health insurance deduction is gonna help here.
54 00:06:17.030 ⇒ 00:06:25.709 Uttam Kumaran: You know your home office deduction that we’re not accounting for is gonna help here, drive that number down. But if I were you
55 00:06:26.320 ⇒ 00:06:38.080 Uttam Kumaran: I would make a payment to the Irs before the end of the year. And the reason, I say that is because what people do if you make the payment in January, the due date, not actually until January fifteenth.
56 00:06:40.130 ⇒ 00:06:46.709 Uttam Kumaran: Then they double count it a year later. Oh, I see.
57 00:06:47.380 ⇒ 00:06:58.689 Uttam Kumaran: cause they can’t. Oh, I paid. I paid that much at 2024, and then they added to 2024 taxes. And it’s a it’s a bad surprise, so I suggest you make it before December
58 00:06:59.130 ⇒ 00:07:00.169 Uttam Kumaran: 30. First.
59 00:07:00.470 ⇒ 00:07:05.720 Uttam Kumaran: But the actual due date is January fifteenth. Now, here’s something else.
60 00:07:05.850 ⇒ 00:07:10.260 Uttam Kumaran: Your officer conversation is really low, and
61 00:07:10.580 ⇒ 00:07:12.910 you know 4 K versus
62 00:07:13.010 ⇒ 00:07:17.870 Uttam Kumaran: 90 K income. Typically, when I’m I’m my
63 00:07:19.110 ⇒ 00:07:24.330 Uttam Kumaran: my ruler, like, I don’t really want you above 50% of your profit. Yeah.
64 00:07:24.360 ⇒ 00:07:28.439 and if you’re below, there should be a pretty good reason for that.
65 00:07:28.570 ⇒ 00:07:36.480 Uttam Kumaran: But at the end of the day it’s supposed to be reasonable conversation. So it’s like whatever you would pay someone to do. Your job is what you should be paying yourself in gusto. Okay.
66 00:07:37.810 ⇒ 00:07:49.019 Uttam Kumaran: so you could bonus yourself to bump up that number and make the the 14 k. Access holding happen in your paycheck
67 00:07:49.120 ⇒ 00:07:54.589 Uttam Kumaran: and that’s probably the better thing to do. But
68 00:07:54.610 ⇒ 00:07:59.579 Uttam Kumaran: you’re paying more taxes when you do that, you know.
69 00:07:59.770 ⇒ 00:08:07.500 Uttam Kumaran: So as long as you have a number in officer compensation for your first year, I’m not too worried about it.
70 00:08:07.740 ⇒ 00:08:22.870 Uttam Kumaran: But if you ended, if you ended no
71 00:08:22.890 ⇒ 00:08:43.919 Uttam Kumaran: target on, just because, as things have been moving, so I totally agree on that. Yeah. Yeah. And so I, you know, I just want to see you moving in the right direction, like I never really expected to get there.
72 00:08:44.110 ⇒ 00:08:47.250 Uttam Kumaran: So you know, in theory.
73 00:08:47.980 ⇒ 00:08:51.559 Uttam Kumaran: we could run an end of the year check.
74 00:08:51.740 ⇒ 00:09:01.779 Uttam Kumaran: That would include your marketplace insurance, which is just. It’s a paper item it doesn’t like. Do anything to your Wto. As far as money moving money.
75 00:09:01.980 ⇒ 00:09:08.830 Uttam Kumaran: and we could. I would. Let’s see 20 K.
76 00:09:11.790 ⇒ 00:09:12.660 Uttam Kumaran: Now.
77 00:09:16.190 ⇒ 00:09:28.009 Uttam Kumaran: So you know, we could bonus run a bonus check for you, for maybe, like 1817,000 ish. and what would happen is that taxes would come
78 00:09:28.060 ⇒ 00:09:29.799 Uttam Kumaran: out of your account.
79 00:09:31.360 ⇒ 00:09:33.490 Uttam Kumaran: And we would
80 00:09:34.960 ⇒ 00:09:41.379 Uttam Kumaran: include the 14 K in that number. So basically, that whole check would go to the government.
81 00:09:41.440 ⇒ 00:09:46.629 Uttam Kumaran: But then you wouldn’t. Oh, anything. When you file your income tax, I see. I see. Okay?
82 00:09:47.520 ⇒ 00:09:52.660 So you’d have to have, you know, 18 k, so in your business that you outdoor to do that ish
83 00:09:52.790 ⇒ 00:10:05.909 Uttam Kumaran: and totally up to you. If I were you I would do it. If you can’t afford to send the 14 k. To the government, then we can do the bonus check to make you feel better if you want to.
84 00:10:06.180 ⇒ 00:10:07.329 Uttam Kumaran: And then
85 00:10:07.640 ⇒ 00:10:22.760 Uttam Kumaran: it it just takes the taxes out. We don’t have to actually write the check like a paper transaction on the company side. And then, is there anything else on the expense side that I may be missing? The one thing I message you about was the purchase of the vehicle.
86 00:10:23.130 ⇒ 00:10:27.230 Uttam Kumaran: And then I also, you know, II purchase a ton of different like
87 00:10:27.330 ⇒ 00:10:31.049 Uttam Kumaran: vendors and other equipment like on, like the software side
88 00:10:31.060 ⇒ 00:10:42.490 Uttam Kumaran: for running like some of the the data projects that I’m doing or other projects. So I don’t know. What do you think about both of those items? Well,
89 00:10:43.230 ⇒ 00:10:47.240 Uttam Kumaran: the. I mean, obviously, any any.
90 00:10:47.880 ⇒ 00:10:55.519 Uttam Kumaran: Do the subscriptions or data or software that you need to do your job that’s deductible. If
91 00:10:55.850 ⇒ 00:10:59.129 Uttam Kumaran: if the original transaction didn’t run through your business.
92 00:10:59.250 ⇒ 00:11:14.490 Uttam Kumaran: then the best practice is to reimburse yourself for that like, buy a check that says, you know, software reimbursement all. Most I would say, since, like July, everything’s been running through the business part. So everything is
93 00:11:14.590 ⇒ 00:11:20.350 Uttam Kumaran: is like pretty much run through the business. Okay.
94 00:11:20.760 ⇒ 00:11:31.489 Uttam Kumaran: this is like, you know, of course, like just normal software. But then there, you know, there’s some other projects that I’ve been working on that’s more like R&D, or just things that we’ve been trying for new products. So
95 00:11:32.030 ⇒ 00:11:46.670 Uttam Kumaran: there’s that. And then, yeah, it’s it’s I don’t know for the vehicle like I cause I need the car to go to meetings and to go meet people so, and then so it’s what want to consider like, how do I take advantage of that? If there’s any opportunity?
96 00:11:47.140 ⇒ 00:11:53.169 Uttam Kumaran: It was a it was a personal, it was a personal lease, and then I just bought it recently.
97 00:11:53.600 ⇒ 00:12:07.469 Uttam Kumaran: and it’s like it’s like a purchase. So the least process is like you sell it back as a as a forward truck, and you sell it back to the dealer, and then you you purchase it from them from the yeah. So how much? How much was it. It was 32. K,
98 00:12:08.140 ⇒ 00:12:15.779 Uttam Kumaran: the the you know best practice
99 00:12:16.260 ⇒ 00:12:21.319 Uttam Kumaran: is you would have purchased that in the name of your Llc, okay.
100 00:12:21.380 ⇒ 00:12:35.050 Uttam Kumaran: not anymore. No. But I did. But it was a personal loan. Because, I got the it’s at least starting 3 years ago. okay, so the
101 00:12:36.490 ⇒ 00:12:44.750 Uttam Kumaran: the vehicle has to be at least 50% business. Okay. you should only deduct a percentage of it.
102 00:12:44.960 ⇒ 00:13:01.810 Uttam Kumaran: Technically, you’re supposed to track that every year. Okay. this is I were you, I would throw it into the business, probably at 100, because I’m aggressive. But I can’t do that for myself, because I know under audit
103 00:13:02.390 ⇒ 00:13:23.260 Uttam Kumaran: like, if a if Iris auditors asking me if you ever use that personally, the answer is going to be yes, then doesn’t make you look good and, like me, I lose my livelihood for making money. You you just like, maybe pay some penalty interest, not a big deal.
104 00:13:23.980 ⇒ 00:13:45.479 Uttam Kumaran: So so in practical application, you know almost all of my escort. Vehicles are in the name of the owner, and not in the name of the Lc. You know, in the name of the Lc. Makes it all more expensive insurance registration, all in all of it is more expensive for commercial vehicle, as opposed to just, you know. Drive on road.
105 00:13:45.980 ⇒ 00:13:49.369 Uttam Kumaran: but you know, if you if you send me your your.
106 00:13:49.940 ⇒ 00:13:54.990 you know you’re stuck to file your taxes, and you have the vehicle on there like I’m not gonna
107 00:13:55.670 ⇒ 00:14:08.150 Uttam Kumaran: like, you can’t tell you that you can’t do that. Okay, you just need to tell me what the what the percentage is. And of course, that percentage should apply to all of the expenses. Insurance
108 00:14:08.460 ⇒ 00:14:24.070 Uttam Kumaran: fuel.
109 00:14:24.510 ⇒ 00:14:27.989 Uttam Kumaran: Let me let me find out.
110 00:14:33.870 ⇒ 00:14:36.570 Uttam Kumaran: It’s no, it’s 4,000 pounds.
111 00:14:37.020 ⇒ 00:14:37.990 Uttam Kumaran: Okay.
112 00:14:38.210 ⇒ 00:14:52.079 Uttam Kumaran: so you’re gonna be limited. I think the numbers like 19 K, and depreciation for this year, you always get to take all of the appreciation. It’s just a matter of timing. So that’s gonna bring you down. Oh, let’s change your.
113 00:14:52.470 ⇒ 00:15:02.670 Uttam Kumaran: And then, yeah, well, it’s kind of interesting, because it’s like I finished up the remaining lease payments until this month, and then purchased the vehicle, and then
114 00:15:02.900 ⇒ 00:15:09.949 Uttam Kumaran: I assume there’s like depreciation from now. But since I started the business. I mean, I’ve been using it to commute
115 00:15:10.000 ⇒ 00:15:24.949 Uttam Kumaran: to the office and to go meet people like pretty frequently, so I guess I one. I’ll I’ll arrive at something between the 50 and 100. And then I yeah, I just don’t know how it works, cause II don’t know how it works with the lease payments.
116 00:15:25.510 ⇒ 00:15:35.829 Uttam Kumaran: The lease payment is is a hundred percent deductible to whatever your percentages. it is. Basically, I guess it is equity. Yeah, it’s coming out of, okay, yeah.
117 00:15:38.800 ⇒ 00:15:40.839 Uttam Kumaran: Okay, so
118 00:15:46.180 ⇒ 00:15:54.989 Uttam Kumaran: I’m putting on an 18 K connection for expenses. Now, you’re down to 10. K,
119 00:15:59.930 ⇒ 00:16:00.970 Uttam Kumaran: okay, great.
120 00:16:01.720 ⇒ 00:16:05.070 Uttam Kumaran: Yeah. Don’t worry about that formation to all that
121 00:16:05.120 ⇒ 00:16:17.369 Uttam Kumaran: you know, you should basically reimburse yourself for all that, or at least deduct it for the company formation. So yeah, all yeah, all that all the legal and all that is accounted for and the expenses.
122 00:16:17.530 ⇒ 00:16:19.120 Uttam Kumaran: Okay?
123 00:16:19.560 ⇒ 00:16:39.430 Uttam Kumaran: yeah. The only other thing that would be is like, I guess I was, gonna ask, what do people typically do for medical insurance like your other folks that are either doing like solo or like small firms like, do they typically buy directly from marketplace. I know gusto offers seems pricing
124 00:16:40.450 ⇒ 00:16:59.349 Uttam Kumaran: the the cheapest, and your quote best insurance is going to be on the marketplace. And unless you have, you know, like, maybe 10 employees like getting insurance on your own. It’s extremely expensive even now.
125 00:16:59.430 ⇒ 00:17:06.970 Uttam Kumaran: And it’s time consuming. And then what can happen is you? You find something every that you like. and then you fill out that
126 00:17:08.030 ⇒ 00:17:24.370 Uttam Kumaran: health questionnaire. And if you’re at risk at all, then that premium that they quoted you, based on your age and your 6 is gonna increase based on what’s actually going on with you. So the marketplace doesn’t do that
127 00:17:24.930 ⇒ 00:17:27.339 Uttam Kumaran: right? And
128 00:17:27.700 ⇒ 00:17:30.319 so yeah, my opinion.
129 00:17:30.390 ⇒ 00:17:42.510 Uttam Kumaran: just stick with the marketplace.
130 00:17:42.640 ⇒ 00:17:51.089 Uttam Kumaran: Confirm. yeah, yeah. there is. Yeah. There’s there’s no good solution out there
131 00:17:51.610 ⇒ 00:18:16.419 Uttam Kumaran: and then. Is there anything on the R. And D spending side that I can be aware about aware of like in my business? Like if I’m I’m I’m putting expenses towards non-client related things that aren’t really, necessarily like just to run the business, actually to start new products or develop new products like, is there anything to consider there?
132 00:18:17.300 ⇒ 00:18:28.620 Well, you’re so that R&D credit really pushes that that R&D credit is worth about 8%. So say you pay yourself
133 00:18:29.470 ⇒ 00:18:31.269 Uttam Kumaran: $20,000,
134 00:18:32.930 ⇒ 00:18:39.999 Uttam Kumaran: and all of that time is spent in R&D writing code, or whatever it is you’re doing?
135 00:18:40.530 ⇒ 00:18:44.969 Uttam Kumaran: Not for sale. Yeah, for clients, right?
136 00:18:45.100 ⇒ 00:18:53.470 Uttam Kumaran: That part. So then you can claim an R&D credit for that. you know, and it’d be worth 1,600 bucks. Okay?
137 00:18:54.680 ⇒ 00:19:05.160 Uttam Kumaran: And it’s kind. It’s it’s a it’s a whole thing. I would not pay gusto to do it for you. II you know I can. I can do it for you.
138 00:19:05.450 ⇒ 00:19:11.659 Uttam Kumaran: There, it’s not. Yeah. I would say, there, there is a like a I would say a majority of the
139 00:19:11.680 ⇒ 00:19:15.460 Uttam Kumaran: expenses are client related, but there is probably
140 00:19:15.550 ⇒ 00:19:22.429 Uttam Kumaran: 10 to 20%. I’ll I’ll have to like, go look through all the stuff we’ve been trying, but that will be certainly like
141 00:19:22.530 ⇒ 00:19:24.380 Uttam Kumaran: for R&D, whether it’s
142 00:19:24.520 ⇒ 00:19:46.499 Uttam Kumaran: whether it’s travel, whether it’s some other like code. We’ve been writing and
143 00:19:46.560 ⇒ 00:19:50.880 Uttam Kumaran: studies that you pay like a consulting firm.
144 00:19:52.230 ⇒ 00:19:55.100 Uttam Kumaran: you know, supplies that
145 00:19:55.720 ⇒ 00:20:05.020 Uttam Kumaran: and materials that you’re not using to sell the clients. And I’m sorry, Utah, there’s somebody at my door. Okay, I’ll be right back.
146 00:20:32.710 ⇒ 00:20:33.400 Uttam Kumaran: I don’t know
147 00:20:38.840 ⇒ 00:20:39.540 Uttam Kumaran: the
148 00:21:09.320 ⇒ 00:21:09.990 thank you.
149 00:21:16.950 ⇒ 00:21:17.860 Uttam Kumaran: Thank you.
150 00:21:53.840 ⇒ 00:21:54.540 Uttam Kumaran: The
151 00:22:12.070 ⇒ 00:22:12.820 Uttam Kumaran: key.
152 00:22:20.590 ⇒ 00:22:26.489 Uttam Kumaran: Oh, sorry about that. Okay, are you? Are you still there. Okay, R, any credit?
153 00:22:27.100 ⇒ 00:22:29.859 Uttam Kumaran: Yeah. Travel, I mean, can you explain?
154 00:22:30.310 ⇒ 00:22:54.000 Uttam Kumaran: If it’s traveling to meet like with people in town or otherwise to discuss, or for like hiring, like feature, hiring reasons associated with products that aren’t going directly for current clients. So it’s like, okay, like, next year, we’re thinking about a couple of new products or a couple of initiatives. And I go meet people, you know, regarding that
155 00:22:54.230 ⇒ 00:23:12.210 Uttam Kumaran: again, I’m just trying to find where the really okay. Now that as I spend money, I just want to be able to mentally kind of categorize expenses. And if that’s like, if that’s gray area and just like, put that to business travel. Then that’s what I’m gonna do.
156 00:23:12.870 ⇒ 00:23:16.970 Uttam Kumaran: Okay, yeah, that’s what I would do. That’s that’s a little
157 00:23:17.300 ⇒ 00:23:21.239 Uttam Kumaran: over the top in my opinion, in my, but
158 00:23:22.260 ⇒ 00:23:35.249 Uttam Kumaran: if it’s if it’s super black and white, I would be confident it’d be like, it’s that was the only purpose. But it’s that’s yeah. Okay. Great
159 00:23:38.130 ⇒ 00:23:38.859 me?
160 00:23:39.340 ⇒ 00:23:42.350 Uttam Kumaran: Okay, what else?
161 00:23:42.540 ⇒ 00:23:56.139 Uttam Kumaran: yeah. I think that’s it. If there’s any other tax credits that you think would be worth taking advantage of. So tax credits are like the golden thing and not normal
162 00:23:56.420 ⇒ 00:24:01.820 Uttam Kumaran: is a tax. Credit is a dollar for dollar amount, right?
163 00:24:01.910 ⇒ 00:24:05.789 Uttam Kumaran: pre pandemic it. It just wasn’t a thing really.
164 00:24:06.500 ⇒ 00:24:16.649 RD. Credit credit was there. But and is R. And D credits is I only recognize that mainly because I follow a lot of like software businesses
165 00:24:16.840 ⇒ 00:24:20.260 Uttam Kumaran: and like public companies. And I like looked through a lot of their stuff. And
166 00:24:20.340 ⇒ 00:24:28.159 Uttam Kumaran: I mean, there’s, of course, they they have a huge line on them for RD. And so I’m I think about it for my business now. But yeah.
167 00:24:30.110 ⇒ 00:24:31.779 Uttam Kumaran: yeah, I mean
168 00:24:35.070 ⇒ 00:24:36.880 Uttam Kumaran: it’s
169 00:24:38.220 ⇒ 00:24:41.790 Uttam Kumaran: R&D, credit is typically big business credit.
170 00:24:43.160 ⇒ 00:24:51.590 Uttam Kumaran: Gotcha gotcha you know it. It’s not normal for smaller businesses to be taking it.
171 00:24:52.720 ⇒ 00:25:04.269 Uttam Kumaran: But that doesn’t mean you shouldn’t do it at all, you know. Yeah, I guess it’s like to. Your point is like, Is it defense? Well, like I would say, I would say in this case, yeah, because I am. I’m hiring some people to work on
172 00:25:04.470 ⇒ 00:25:19.449 Uttam Kumaran: R&D for future products that don’t have to do with any of the current clients that I have. So in that case, it’s like, I think, about my time when I was in startups, where it’s like, there’s, it’s all R&D, because it’s a call. It’s all paying people to build software that we don’t have clients for. So
173 00:25:20.880 ⇒ 00:25:32.689 Uttam Kumaran: in that realm. It’s like a little bit easier for me to be like, Yeah, I there’s there are expenses where I’m paying people, and I will on stuff that is like future products that are not related to the client services work.
174 00:25:33.590 ⇒ 00:25:34.290 Uttam Kumaran: Yeah.
175 00:25:34.810 ⇒ 00:25:46.890 Uttam Kumaran: Well, I’ve got. I’ve got 2 things. I’ve got a Pdf. And a Powerpoint from Adp and kind of shed some some light. But you know it’s probably not anything you could find online somewhere.
176 00:25:48.340 ⇒ 00:25:49.220 Uttam Kumaran: but
177 00:25:52.740 ⇒ 00:25:58.439 Uttam Kumaran: it’s an interesting thing. And then let’s see the way it works.
178 00:25:59.830 ⇒ 00:26:13.620 Uttam Kumaran: like you’re one that you claim that you don’t get it. You take that form, and then you you upload that to gusto, and then gusto applies it to your payroll tax account.
179 00:26:15.730 ⇒ 00:26:20.679 Uttam Kumaran: So it’s not like I’m telling you. Your bill is 10,000. Well, now, and now it’s going to be
180 00:26:21.590 ⇒ 00:26:28.569 Uttam Kumaran: $1,600 less. It’ll it’ll just come out of the next year like incremental. Pay your payroll tax
181 00:26:28.640 ⇒ 00:26:29.970 deduction, you know
182 00:26:30.400 ⇒ 00:26:37.930 Uttam Kumaran: the tax leaving your Llc. Account is going to be left less next year. How that would work.
183 00:26:41.180 ⇒ 00:26:53.150 Uttam Kumaran: Okay? And then I guess if there’s the other thing is, I would ask is, if there’s anything local to Austin or local to Texas on the tax side, or like innovation side, that you think is worth looking into.
184 00:26:54.000 ⇒ 00:27:15.590 Uttam Kumaran: I would love to look into that, or even if there’s resources to to think about that. I don’t know. I know some of there’s other places that I lived where they’re like they incentivize company formation and like more tech companies to hire and spend money
185 00:27:15.650 ⇒ 00:27:30.170 Uttam Kumaran: and like incorporate. So I don’t know if there’s anything local in Austin or in Texas related to that. Not that I’m aware of. I feel like, you know, the business climate is pretty good here. There’s no state income tax.
186 00:27:30.250 ⇒ 00:27:38.980 Uttam Kumaran: and you know, and then in Texas doesn’t really require any licensure. So like, that’s that’s the incentive to be here. What is a licensure?
187 00:27:40.290 ⇒ 00:27:48.989 Uttam Kumaran: There is none in Texas like a lot of there’s a lot of State. And typically it’s like staying income tax like
188 00:27:49.530 ⇒ 00:28:00.010 Uttam Kumaran: That requires you to like, register your business with the county and pay an annual licensing fee thing. And yeah, and we don’t have that.
189 00:28:00.240 ⇒ 00:28:06.290 Uttam Kumaran: I see? I see. Okay. yeah. But as far as anything like that, Matt.
190 00:28:06.450 ⇒ 00:28:18.360 Uttam Kumaran: Okay, okay.
191 00:28:18.670 ⇒ 00:28:23.830 Uttam Kumaran: information. And then it’s like, I’m gonna try and spend some time over Christmas kinda like
192 00:28:23.940 ⇒ 00:28:32.529 Uttam Kumaran: getting everything organized. And then II hear you on the tax payment side. So I guess if there’s I can, I owe you kind of how much of the truck?
193 00:28:36.260 ⇒ 00:28:39.349 Percentage-wise, and then the total expense amount for that.
194 00:28:40.180 ⇒ 00:28:41.760 Uttam Kumaran: Well, all of that
195 00:28:42.190 ⇒ 00:28:47.440 Uttam Kumaran: is year in tax stuff. I don’t really want any interim numbers.
196 00:28:47.850 ⇒ 00:28:51.350 Uttam Kumaran: I think you’re gonna land. you know.
197 00:28:52.370 ⇒ 00:28:54.569 Uttam Kumaran: around 10,000. Okay.
198 00:28:55.310 ⇒ 00:29:02.699 Uttam Kumaran: give or take a thousand or 2, you know. Just kind of depending on how aggressive you are on your deduction.
199 00:29:03.350 ⇒ 00:29:13.019 Uttam Kumaran: you need to add your health insurance premiums to your you can do that on your side. It’s a little confusing, but it needs to be done in order to deduct it.
200 00:29:13.300 ⇒ 00:29:24.640 Uttam Kumaran: and then you need to decide if you want to make that $10,000 payment now, or pay it later. Items for homework.
201 00:29:24.730 ⇒ 00:29:31.300 Uttam Kumaran: and then, like, you know, getting your books in order is always a good idea, and of course, the earliest that you can file taxes with me
202 00:29:31.410 ⇒ 00:29:38.379 Uttam Kumaran: the better. I you know I like that, you know. most as corporations come to me around February fifteenth.
203 00:29:38.430 ⇒ 00:29:47.709 Uttam Kumaran: Yeah, that’s what I was. That’s what I was pretty much having my thing to try to wrap everything up in January, so I can get you that by February
204 00:29:48.030 ⇒ 00:29:57.360 Uttam Kumaran: so sooner, but sooner the better I have. I have. I think it’s the same person they’re at my door again. Send you this email.
205 00:29:57.780 ⇒ 00:30:02.840 Uttam Kumaran: if I don’t hear back from you on that marketplace insurance, I’m gonna assume that you’re doing it on your side.
206 00:30:02.900 ⇒ 00:30:11.019 Uttam Kumaran: And if I don’t hear back from you on the 10 K. I’m gonna assume that you’re not going to pay it.
207 00:30:11.520 ⇒ 00:30:13.270 Uttam Kumaran: You’re welcome. Have a good day, thank you.
208 00:30:30.780 ⇒ 00:30:45.650 Uttam Kumaran: These niggers is colonizers nigga, the French own 80% of the banks in Africa. Nigga. That’s why I just met with Mbs. Niger, head of savvy nigga. We don’t have to bow to this shitting. We? Okay, it’s 60 million of us in America, 60 million Jews in the world.
209 00:30:46.220 ⇒ 00:31:15.219 Uttam Kumaran: 50% of our desk is abortion. 25% of us go to prison. Raise one hand if you don’t know when they get in prison. When they got locked up. Wait, raise your hand, if you don’t know, don’t know. One person got abortion. Now tell you, if it was in a Jewish, but on Friday we know, fucking, everybody raised their hand. Jesus, Zionist nigga. This is what I’m trying to tell you. Jesus Christ Hitler, Jane.
210 00:31:15.270 ⇒ 00:31:19.610 Uttam Kumaran: third party sponsor that digger bring your sponsorship to that.
211 00:31:19.980 ⇒ 00:31:37.329 Uttam Kumaran: This is gonna be some niggas that feel exactly like me. I don’t give a fuck nigga. Give a fuck about life or death. I could visitation with my kids. I gotta say so. Niggas walk around like, look at soccer players, don’t even fucking know. And when you know they got the daddy complaint one on nobody.
212 00:31:37.480 ⇒ 00:31:49.350 Bernard. No fuck you, Alex fuck, you do not
213 00:31:49.460 ⇒ 00:31:52.270 fuck you fuckiaga.
214 00:32:14.120 ⇒ 00:32:25.129 Uttam Kumaran: hey? I’m saying
215 00:32:25.180 ⇒ 00:32:29.529 Uttam Kumaran: nobody with me. Everybody here happy. What fuck is on a check.
216 00:32:29.970 ⇒ 00:32:51.800 Uttam Kumaran: I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m I’m
217 00:32:51.800 ⇒ 00:33:13.169 Uttam Kumaran: you got saying nobody fucking. Say, I saw me. See my kids. All John. Richly, has got your kids in that Zion school fuck. See, Eric Canyon, my my daughter ripped up the motherfucking couches in a house to be able to be with me right now. Y’all don’t know what’s going on for real. Well, I’ll take packing and all that shit don’t put up with all that shit.
218 00:33:13.700 ⇒ 00:33:22.750 Uttam Kumaran: I don’t give a fuck, you know I’m in pop. I’m in Vegas like Pop. My daughter had the Tupaca t-shirt. So I’m saying with this this shit
219 00:33:22.910 ⇒ 00:33:24.450 Uttam Kumaran: visit the shit.
220 00:33:24.490 ⇒ 00:33:48.169 Uttam Kumaran: but I don’t believe nobody but me, nigger. I’m looking for John. I gotta say we with you cannot whip me. No one’s with me, cause. No one’s really with me. Is this me and God, that’s what I’m saying, and I’m still alive. Johnny, stop to do this shit. John nigga’s letting
221 00:33:48.170 ⇒ 00:33:55.770 Adidas crash over rich. I put up one tweet
222 00:33:56.170 ⇒ 00:34:13.349 Uttam Kumaran: and then Aria Manuel put, oh, we gotta drop this nigger and all niggas. Just watch the only nigger that had the trump hat, the only nigger. I went and got them billions, the only nigger that’s breaking through all kinds of ideas and fashion. I could call a faggot so many times for tight jeans.
223 00:34:13.449 ⇒ 00:34:30.520 Uttam Kumaran: because from Chicago that I take care of that she’ll try to send me. I can’t go. Don’t forget cheating folks to you, nigger
224 00:34:35.110 ⇒ 00:34:54.909 Uttam Kumaran: nigger.
225 00:34:54.949 ⇒ 00:35:08.920 Uttam Kumaran: let let me tell you some. This is the way the world. Okay, be quiet for a second, and under the that you got
226 00:35:09.720 ⇒ 00:35:22.960 Uttam Kumaran: 1,000 year old families, Medici, under that you have the Vatican, the Pope. Under that you have the financial groups that control all your shit vanguard. After that you have putin.
227 00:35:23.000 ⇒ 00:35:43.200 Uttam Kumaran: Yeah, trump, you have all this shit, and after that you got what all this shit is entertainment. Hollywood, take that run that back run into schools when I’m gonna give you one last thing before I go. When I first put the Tweet up I was dealing with a divorce for him, and
228 00:35:43.200 ⇒ 00:35:57.929 Uttam Kumaran: I explained, I explained to the lawyer. Well, my issue was, and his response was to me, if you keep up this anti Semitic rhetoric that you won’t see your kids, Amiga. I do so. I couldn’t have an opinion, or I wouldn’t see. My kids
229 00:35:59.640 ⇒ 00:36:02.079 Uttam Kumaran: don’t know who you got fucking playing with.
230 00:36:02.100 ⇒ 00:36:12.750 Uttam Kumaran: This is a vessel of God. He don’t burn all your shit that I swear I knew these figures is trying to make surviving gay, surviving this way. That’s why I sent it up while still in the High Schools.
231 00:36:13.090 ⇒ 00:36:30.739 Uttam Kumaran: Bill Cosby conducive. By the time they get up Kelly conduitship by the time they get up. That’s why I had to send it up. Cause the same same thing is doing a documentary and fuck cootie fuck. You cause everybody saw that third episode. That’s what the whole shit was about opioids.
232 00:36:30.780 ⇒ 00:36:39.569 Uttam Kumaran: I’m not even bipolan area signs of autism for the accident. They’re gonna hit me with a fucking medication. How about selling opioids for them?
233 00:36:39.570 ⇒ 00:37:02.960 Uttam Kumaran: They made me the face of bipolar. Okay, nigga. They followed where my royalties, nigger being bipolar.
234 00:37:03.000 ⇒ 00:37:09.740 Uttam Kumaran: Sorry. Come on.
235 00:37:20.440 ⇒ 00:37:43.639 Uttam Kumaran: No Nan. Y’all, mother, focus here with no Instagram, nobody living, nobody, and I don’t wanna hear shit from none of these nigger Jewish niggers talk about. Oh, he’s in an episode. Harley Pastor, they follow me to the fucking hotel and nigga chair. Kill Erin Carter, and now they acting like they won’t kill the Bath street boys sample. You gotta say, Harvey, passing that pusher your trainer, Harley pasture that Jay Z Harvey
236 00:37:43.640 ⇒ 00:37:53.610 Uttam Kumaran: slap out of my group
237 00:37:53.980 ⇒ 00:38:03.600 because guess what’s gonna
238 00:38:07.370 ⇒ 00:38:10.399 Uttam Kumaran: I’m trying to get it done. Thank you.
239 00:38:35.410 ⇒ 00:38:57.440 Uttam Kumaran: You already know my demo.
240 00:38:57.440 ⇒ 00:39:06.319 Uttam Kumaran: You already know a and another baby is my ink.
241 00:39:06.320 ⇒ 00:39:09.200 Uttam Kumaran: so my life doesn’t matter.
242 00:39:59.570 ⇒ 00:40:08.520 Uttam Kumaran: I wanna get the keys to my life to my life.
243 00:40:22.080 ⇒ 00:40:22.819 you know.
244 00:40:23.190 ⇒ 00:40:24.220 Uttam Kumaran: Second.
245 00:40:31.180 ⇒ 00:40:31.910 a
246 00:40:51.270 ⇒ 00:40:51.970 so
247 00:41:02.620 ⇒ 00:41:08.679 culture city.
248 00:41:34.050 ⇒ 00:41:39.300 Uttam Kumaran: I’ve always been a pretty tough cookie, so it’s no surprise to me that my daughter is following in my footstep.
249 00:41:42.700 ⇒ 00:41:49.579 Uttam Kumaran: Hey, everyone! It’s that time of year where I clean out my closet to get ready for fall and winter. Tommy Hill figure has partnered up.
250 00:43:04.500 ⇒ 00:43:05.220 Uttam Kumaran: are
251 00:43:51.550 ⇒ 00:44:01.200 Uttam Kumaran: the question I always find myself asking is, how should I be prepping for interviews with candidates? Okay, so prepping is super important. You want to go with.
252 00:47:49.990 ⇒ 00:48:02.909 Uttam Kumaran: no, yeah. I was just thinking, like, don’t need all these other pretty faces. And I was thinking, like, put your mind there’s gonna be one less than the girl in this world. Yeah.
253 00:48:04.400 ⇒ 00:48:12.760 Uttam Kumaran: Oh, yeah, I was just thinking, like, don’t need all these other pretty faces
254 00:48:14.510 ⇒ 00:48:15.859 Uttam Kumaran: and question, aye.
255 00:49:01.760 ⇒ 00:49:02.550 yeah.
256 00:52:00.230 ⇒ 00:52:01.300 Uttam Kumaran: Krishna.