Subscribe
Share
Share
Embed
In the Hidden Money podcast, you'll learn how you can legally use the tax code to your financial advantage. There’s wealth inside the tax code. Taxes aren’t the enemy.
Most people hate taxes (and pay more than they should). But when you view taxes only as an evil expense, you miss out on legal ways to grow your wealth. Unlock the secrets to saving tax and building wealth with the Hidden Money Podcast! 🎧💰 Hosted by Mike Pine and Kevin Schneider.
Mike Pine: Everyone's got to start
in one place for tax planning.
Define what your beast is.
Kevin Schneider: What we're attacking
every time is not always the same.
There's all these other
roadblocks to get in our way.
In the case of this entrepreneur,
I developed an idea to save him
taxes in October of the prior year.
I think we got the taxable
income down probably $4 million
dollars.
Did not hear from him.
So this big beast is PROCRASTINATION.
Mike Pine: Look how much that beast
of procrastination is costing you.
Kevin Schneider: IGNORANCE
is a big beast too.
Mike Pine: "I don't understand it.
It's too big.
Overwhelmed by it."
You just show up to the meeting and
let our team do everything else.
You do not have to Google and Grok.
Just call us.
DON'T BE SCARED OF THE IRS,
if you're utilizing the tax
law the way it's meant to be.
We got this saying at Revo
Taxpayer Advocacy, " Boldly
retake what is rightfully yours."
I love that.
I've always wanted to do
that with our coffee mugs.
It's your money.
Kevin Schneider: Don't be fearing the IRS.
That is a beast.
We can tame that beast for you.
Mike Pine: Welcome back to
the Hidden Money Podcast.
Today is May 12th, 2026.
We've got a cool episode today.
Um, looking forward to having Kevin and
I talk to you about a huge important
thing you should be thinking about now
if you haven't thought about it before.
We got a lot of new sales
calls coming in of people that
we've never talked to before.
They just got their tax return
prepared, you know, April 15th was just
less than a month ago, and it hurts.
They were shocked.
They realized they paid way more
money than they think they should
pay, and they're probably right.
Why is that?
Everyone's got to start in
one place for tax planning.
Define what your beast is.
Defining the beast.
Talk to us a little about that, Kevin.
Kevin Schneider: when we-- When
any engagement we walk into, you
first, just like any medical diagn-
uh, any time you go to a doctor,
they have to diagnose the disease.
They have to understand where
you're coming from, and you have to
define what you're trying to attack.
And what you're, what we're attacking
every time is not always the same,
and it's not the IRS all the time.
Sometimes we have to fight the
IRS, but it's not that simple.
Um, each client's different.
We have a lot of entrepreneurs who are
busy, and they are going 100 miles an
hour, just like we feel like we are
Mike Pine: But wait a second.
Isn't the beast always they're paying too
much in tax, they want to pay less in tax?
Kevin Schneider: That is...
That's a generic big beast, I would say.
But
Mike Pine: think there's-
But what is the cause of
Kevin Schneider: that?
There's different,
there's different avenues to get there.
Yeah.
Because yes, the big, the big thing
is, "Hey, I want to pay less taxes."
Cool.
That is a good thing to want to tackle.
We, we can kill that beast,
but there's all these other
roadblocks to get in our way.
The Internal Revenue Code could be one.
In the case of this entrepreneur,
he was going 100 miles an hour.
I developed an idea to save him
taxes in October of the prior year.
Mike Pine: Before you go any further, can
you quantify about how much taxes they
were going to save and their investors
were going to save by implementing this?
Kevin Schneider: I think we got the
taxable income down probably $4 million.
dollars
Mike Pine: probably $4 million.
$4 million.
Yeah.
So $4 million, assuming they're
only paying federal tax.
A lot of them are
Kevin Schneider: paying
state- It's all in
Mike Pine: too.
Some of them are.
Yeah.
But, so federal tax, let's just say
they're not all in the 37% tax bracket.
35% would probably be a good average.
35%, 700.
$1.4
million
Kevin Schneider: savings.
Of a beast that we tackled.
That I had, I had this beast pinned
on the ground, sword at its throat,
Mike Pine: ready to go.
Kevin Schneider: You did.
And then I was sitting there waiting.
I'm like, "I'm ready to go whenever
you are."
Mike Pine: And when did
you have the conversation?
In 2025?
Kevin Schneider: 2025?
So I had the, the...
I had the tax beast down, ready to
go And then I ne-- I can't do every-
like, I need the owner to step in and
actually help pull the trigger and
do all the things that I need done.
Mike Pine: but-
But you gave him all the steps.
You said, "All
Kevin Schneider: But you
gave him all the steps.
You said, "Oh, you need to
do this, do this, do this."
Yeah.
Oh, I got
Mike Pine: X, Y, Z."
Oh, I got him all the way there.
And he didn't have a
Kevin Schneider: lot to do.
I got
Mike Pine: him all the way there.
He just had to say,
Kevin Schneider: I ha- I had the right
professionals in the right seats.
I had everything teed up.
Mike Pine: I hate that.
Kevin Schneider: Did not hear
from him, so this big beast is
procrastination because I did not
hear from him until March came around.
So now this is six months later.
Yeah.
And it's March, and I call him up, and I
was like: "Hey, you remember that beast
I had tackled that kind of flew away?
I can tackle him again.
I can, I can hunt him down.
But in order for me to hunt
him down again, I need you to
actually do A, B, C, and D.
And now I gotta do it expedited
because you're filing.
You want these K-1s to
go to your investors.
I gotta get this thing wrapped
up in the next two weeks with
bringing in my engineers and
bringing in all these other things."
So-
Basically, you and your team
almost had to walk on water-
We ha- ...when
it could've just been- And we did ...a
stroll in the park.
We did.
We, we could've had this
done in October, no stress.
Could've gotten the K-1s out
Mike Pine: timely.
Instead, procrastination.
Did you charge them extra for
Kevin Schneider: that?
Yes.
Good job.
And so yeah.
So at the end of it, we
got the tax plan executed.
The, the investors got their tax savings.
It caused more stress for us and
our team 'cause we're like...
And them, because we had to-- And our
engineer, 'cause he had to drop what
he's doing and fly out to this area to
kinda do the work that we needed done.
And so we got the plan done, but
procrastination almost killed it.
'Cause I can almost guarantee
you a lot of CPAs would've just
moved on and been like, "I tried.
He
Mike Pine: didn't do it.
I got to file
this thing."
Or,
Kevin Schneider: thing."
Mike Pine: or we're
Kevin Schneider: extending.
We're-- Or, yeah.
Or force them to extend.
Which wasn't a-- 'Cause
he had a-- he has about
Mike Pine: 150 investors in
Kevin Schneider: this partnership.
Oh, yeah.
And so 150 investors would've
gotten their K-1 late.
Mike Pine: And it's not the CPA's fault.
Or they would've just kicked the
can down the road, and 150 investors
cumulatively would've paid $1.4
million in tax.
Lost
two, two commercial
Kevin Schneider: properties that are
Mike Pine: owner-occupied.
So-
Kevin Schneider: I think that's
a very- Procrastination's
Mike Pine: big beast.
Yeah.
Procrastination is a very common
beast we deal with, especially with
entrepreneurs 'cause they're busy.
Um, they're very busy.
It's hard to run a business.
It's very hard to run a business
well and make a profit and grow
it, and that's what entrepreneurs,
that's what their skill set is.
That's what you should be doing
if you're an entrepreneur.
But if you're procrastinating the
tax stuff, man, just think about it.
If you're working as hard as you're
working, and you're making, bringing
home a million dollars because you're
not tax planning, or you could bring
home a million and a half with tax
planning, and it only takes an extra 10,
20, 30 hours, maybe even only an extra
three or four hours in your whole year.
Look how much that beast of
procrastination is costing you,
and that is a very common story.
Um, the nice thing is you don't
have to do it all on your own.
That's what we at Revo exist for.
We are here to help you figure out
Kevin Schneider: your beast and tame it.
That's right.
And a lot of it is some people
just want to bury their head
in the sand and be like,
Mike Pine: "I'll focus on taxes
Kevin Schneider: later."
That's another beast.
Well, yes.
It's, it's almost a form of
procrastination, but ignorance
is a big beast too, because
Mike Pine: just like, "I don't
understand it.
It's too big.
overwhelmed by it.
Kevin Schneider: I just...
Hey, I made $10 million this year."
Like that ex- you know, we talked
about that in a prior episode.
Mike Pine: A guy made 10, $11 million.
He's like, "If I net $7 million,
that's still a good year."
We're like, "But you left
$3 to $5 million on the
table if we tax
planned."
Kevin Schneider: So ignorance-
Wow ... can be a big problem
too, um, and just pushing that.
But that's why we want to have
cons- Like, our clients, th- some,
some of them want to meet monthly.
I do have monthly recurring clients.
I have quarterly recurring clients.
But I also have biannual, and I have some
clients that only talk to me in Q3, Q4.
Mike Pine: I'm trying to convince
them to tax plan earlier,
Kevin Schneider: at least not even
tax plan, but have a conversation.
Keep it top and fresh of mind
every quarter, every month.
For one hour a month, if we just talk
tax, it could change the scope of so
many things, just one hour a month.
Yeah.
And we-- It's our job to come
prepared to that meeting.
If you say, "Hey, I want to meet
with Kevin and his team," or, "I want
to meet with Steven and his team,"
where- wherever you want to go, if
you just carve out one hour, send
us financial statements, and then
Mike Pine: you just show up to the meeting
and let our team do everything else,
Kevin Schneider: we'll bring the ideas,
we'll bring the next steps, the, the plan.
We'll bring everything on
a monthly basis to you.
Now, that is one way to
tackle procrastination.
Force yourself to focus on it for
just one to two hours a month.
Mm.
If you're making that
much money, it's gonna
Mike Pine: such big dividends.
The other thing I wanted to...
I, I should have said this to that client
that was happy to overpay taxes 'cause
they made $10 million that year, and, and
I think they only netted six, by the way.
So 4 million, $4 million just pshhh.
But don't worry, the federal government
is gonna do wonderful, efficient,
cost-effective things with it, right?
Yeah.
Sure.
None of it's gonna just disappear,
get stolen, or, or anyways, embezzled.
Um, that never happens.
Yeah.
What could he have done?
And, and, and I think part of it
was they're good people, right?
They d- they didn't want to be greedy.
They felt like keeping
that money was greedy.
Maybe.
Maybe that was part of the reason.
What if they'd have taken that 4 million
and grown their business, bonused
out some of their employees, hired
more people, done more advertising?
Now their business is growing.
They're providing more jobs.
They're providing more services.
That's a thing that I hate about tax.
It sucks money out of the
system that grows the economy.
Let's keep it in the economy
and grow the economy.
Um, so I, I think that's also a beast.
Mm-hmm.
People feeling guilty.
"I need to pay my fair share."
Kevin Schneider: What is your fair share?
Zero, if possible.
Yeah.
If I could follow the rules, and if I
say, "If I can make a million dollars and
pay zero in tax," that's very hard to do.
Yeah.
Because with the current tax law,
there's limitations, there's phase outs,
there's caps on things, so you have
to kind of intermix so many different
tax plans to truly pay zero tax.
And honestly, I don't want my
clients paying zero tax, and that
sounds weird because when you get
down to the lower brackets, you're
using a lot of ammunition in your
tool belt to tackle a 10% tax rate.
Once you...
'Cause our tax, our tax rates tier, right?
Yeah.
So you're not paying all
your income in the 37.
Once you get out of the 30s, the 20
bracket, it's kind of like, I can kind of
live with paying 10% on a million dollars.
I can kind of live-- I can stomach that.
Now, if I can tax plan against
that, yes, but maybe I want to keep
some of my powder for next year
when I'm back in the 37 bracket.
These are the conversations we need to
have with our clients because paying
zero s- tax sounds cool, it sounds great.
It is good and great.
Mike Pine: Yeah.
But it may not be the
wisest use of your cash.
To, to kind of explain
that a, a little bit more.
So let's say you have a $100,000 deduction
and you're fully in the 37% tax bracket.
That $100,000 is gonna
save you 37,000 in tax.
Well, now let's drop it down and
you're in the 10% bracket with
the same $100,000 deduction.
It's only saved you 10,000 in tax.
So you're, when you're saying
saving that benefit, you basically
lost $27,000 in tax savings that
you could have applied next year.
So in a lot of cases, I agree with
Kevin, we want to pay some tax.
Not always, though.
Like, there are some clients when they've
got so much money stuck in, in a normal
retirement account and they're starting
to stress having to do RMDs, I love
bringing them to like a $500,000 net loss.
We do a backdoor Roth conversion
completely tax-free, and now they
have half a million dollars in
Kevin Schneider: there.
But anyways, I, I, I digress.
Yeah.
Yeah.
But you can only get to that
point if you proactively plan.
You cannot stick your head in the sand.
No.
You do not have to
understand the tax code.
That is not a beast you have to tackle.
You do not need to understand
Internal Revenue citations.
You don't need
Mike Pine: understand case law studies.
You do not need to do any of that.
Although I'll add, it's sexy stuff
Kevin Schneider: It's fun
stuff to learn and to memorize.
For you, but you're weird.
That's, that's not normal.
Well For the normal person out
there, you don't have to know it.
If you want to, great.
We'll teach you, like,
we're highly educational.
I'm not just gonna say,
"Hey, blindly follow me."
I'm gonna cite some Internal
Revenue Code to you, but it's just
to show you that what we're doing,
Mike Pine: we're following,
we have a basis to do it.
I do keep praying that there's gonna one
day be a client that lets me walk them
through internal revenue code, then the
treasury regulations about that code,
and then go into a bunch of the tax court
cases and precedent about that code.
One day I'm hoping that'll come there.
I don't trust Bill.
But just about every single client I
Kevin Schneider: I have, they
don't wanna go there They don't.
And they don't-
That's fine.
I'm okay ... they-- If they focus on
their business- Yeah ... where their
strength is, it-- As an entrepreneur, the
more money you make, the less you need
to be spending on accounting and tax.
Um, now not completely eliminating
those two functions, but
Mike Pine: you do not have
to Google and Grok and figure
out, "I'm paying too much."
Just call us.
Kevin Schneider: We know the
answers for the most part.
We, we're gonna know your industry
well enough to get you your
tax liability down so you don't
Mike Pine: have to spend all
those hours Groking and- Yeah
Googling.
Business consulting 101, you find
out where your most valuable time
is, the mon- the time that you
spend that earns you most per hour.
So if you're growing your business is
earning you $500 per hour, learning
taxes, even if you can learn it
pretty darn good but never great, how
much is that earning you per hour?
There's an opportunity cost all
the time you're spending on that
Grok, and gosh, don't trust Grok.
Please don't trust Grok or ChatGPT.
I use Grok a lot, but I don't trust it.
I make sure, you know,
it does help though.
Um, it gets you-- At least it
points you in some directions,
and then you can test it.
But don't waste your time on that.
You need to make money.
The more money you make, the
more money you can save in taxes,
and then you can get someone
to work with us, like, like us.
Um, some other beasts I
think, and it, it's time.
Don't have the time to do this.
You got to make the time,
and again, like Kevin pointed
out, one or two hours a week.
If you don't change your facts during
the tax year, you can't change your tax.
99% of all the great tax planning
strategies out there require you to
do something during the tax year.
And don't wait until December.
You need to start now, May 12th,
today, or you're listening to this
later this week or later this month.
The best time to start is now.
Start changing your facts.
The longer you wait, the less ability,
the least, the lesser opportunities exist
Kevin Schneider: to change your
facts so you can reduce your tax.
Yeah.
I'm not even thinking one
hour or two hours a week.
I'm just saying a month.
If you have never tax planned,
let our team do our thing.
You just show up to the meeting,
give us the data we need,
which you should already have.
Yeah.
Give that a week in advance.
Let us do our thing.
Show up to that meeting, and
we're gonna give you the ideas.
We'll give you the Internal
Revenue Code if you want.
We'll give you everything you need.
You just
Mike Pine: have to
Kevin Schneider: show
Mike Pine: up for one,
one to two hours a month.
I got a great example of that, actually.
So I'd rather spend more time on
it because, again, I'm a tax nerd.
But brand new tax planning client.
Met with them a couple weeks ago.
They wanted to hire immediately
and do quarterly tax planning.
I was like, "All right.
When do you want to start?"
Like, "Now."
I was like, "Cool.
Love you.
You're gonna be a fun client."
I met with them for one hour, and
we found three things Three things
that are going to save them, and,
and this is just three things, and
they were able to actually execute
it within 10 minutes after our call.
Save them over $250,000 in tax.
What were, what were those things?
Well, they were, they were way
overpaying themselves, uh, in their S
corp, and there was a lot of reasons
that they were paying themselves
way above a reasonable compensation.
Yeah.
So way too much in FICA.
Yeah.
Way, way too much in FICA.
Um, that was one big deal.
Another one is they definitively
qualify for R&D tax credit.
Kevin Schneider: Hmm.
Mike Pine: Never heard of it.
Real credit.
They're not, they're not technical.
They're, they're like,
"We don't do IT stuff.
We're not building computer chips."
Like, are you building systems
and processes constantly?
Oh, you're starting a new marketing plan?
Wow.
We'll see how much that ultimately
comes down to, 'cause we're not the
tax credit experts, but now we got the
tax credit experts working on that.
Mm-hmm.
Um, another one was they missed bonus
depreciation on some of their vehicles
that they bought for the business that
were on the depreciation schedule.
Um, and they needed to upgrade
Kevin Schneider: it.
And then, so
Mike Pine: literally it was three
Kevin Schneider: things over-
And that was one con- the first
consultation- One call ... of four, and
you haven't even gotten into proact-
This is taking their current situation.
You haven't even developed anything new.
You've taken what has been
Mike Pine: done, fine-tuned
it- Yes
to save ta- save $250,000.
Yes.
And if that's all they did, great.
They saved some money.
But these guys are-- They might
be my new favorite client because
they're starting new businesses.
I mean, they're in their,
they're in their strides now.
They're starting a bunch
of ancillary businesses.
Um, they are looking at potentially
a five to seven-year time horizon to
sell, um, or bring in private equity.
But they're also wanting to incentivize
their, their team with some kind of
ownership or profit mo- incentive.
Um, so next meeting, we're gonna
discuss potentially recapitalizing
their businesses as a small
business, C corp, qualified for
Section 1202 small business stock.
There you go.
And as they continue to grow and wrap
up all these, this umbrella of these
businesses, they might sell for $20,
$30, $40 million in five to seven
years when they're ready to retire.
Tax-free.
Not pay a dollar of tax.
That's huge.
So that will save them $40 million.
But I mean, we can't count that until
Kevin Schneider: it happens, but-
And they're just showing up.
They are showing up.
They're showing up to the meetings.
They're doing, they're
following and executing.
Our team's holding them accountable,
making sure these things are implemented.
And that's the other thing that we do
different is we don't just give you the
ideas, we help you implement them, too.
The information is only as good as it is.
I mean, you can get all the information.
I mean, we're not the
only podcast out there.
You can listen to any podcast on
Mike Pine: tax.
But how are you gonna implement it,
Kevin Schneider: and is it gonna be done
Mike Pine: right and up,
Kevin Schneider: up, uphold
Mike Pine: Are there
other podcasts on tax?
I'm sure.
Really?
Probably.
I never listen to them.
I wouldn't if I were y'all.
Um- I did
Kevin Schneider: check
out TikTok once, though.
Mike Pine: once though
Oh 'cause- We should
Kevin Schneider: do an episode on
that- Oh my God It, it, it's so...
It's very cliche, but I get so
many, so many, "Hey, I saw this,"
and I get forwarded the link.
Yeah.
And I think it actually is kind of
Mike Pine: good content where you pull
it up and, and we react to it and stuff.
I think that'd be kind of
Kevin Schneider: kind of fun.
We
Mike Pine: do that.
We could,
Kevin Schneider: Where we like
put TikTok here on the screen.
Yeah.
Yeah.
Mike Pine: And just debunk
Kevin Schneider: it.
Oh
Mike Pine: my gosh.
Or say it's good.
I've actually come across some
people who actually have good ideas.
I saw one good thing.
One good thing.
And I'm like, "Yeah, actually."
Also, on social media, on Facebook,
there's all these tax strategists.
That's crazy.
I had no idea how many people
Kevin Schneider: are claiming to
be tax strategists these days.
Um, wow.
But they're like, "Hey, you
know what you should do is you
need to buy an airplane and put
Mike Pine: it in this and do this
and do it and do all this finagling."
Oh my gosh.
And you're like, "Okay."
So, like, these tax strategists, a bunch
of them, they're going out and they
learn or hear or maybe listen to our
podcast, one great strategy, and two or
three strategies, and now they're tax
Kevin Schneider: strategists.
Mike Pine: What if
Kevin Schneider: those three strategies
don't really work for the client, right?
Yeah.
Or they, that's what they know.
They, they're like, "I
know five strategies
Mike Pine: that fit in this box, and
if you go outside my box, then that
this is what I know and I'm a tax
strategist."
But they never admit that.
They're just like, "You
don't need to go out the box.
This is the best thing ever."
But anyways, we, we,
Kevin Schneider: we digress.
That's a different
Mike Pine: That's a different episode.
That is not...
Well-
Kevin Schneider: That's a...
That
Mike Pine: be.
That's a different kind of beast,
but not- It's a beast ... your beast.
Well, it could be.
I mean, so some of the
things we see on Tik...
We've got some clients that do come
to us, brand, usually new clients,
but even some existing ones, they
go out on TikTok or on Grok or, or
ChatGPT or Facebook or what- There's
so many things out there, I don't know.
Instagram's another one.
And they're like, "I s- I saw I
could do this, so I did this."
I'm like, "You can't do that."
Yeah.
"What?
Um, can we undo it?"
"No, it's too late."
"Oh, you just overpaid your trust.
Now I gotta go
Kevin Schneider: fix this and find
something else to lower your tax."
Yeah.
It's like listening to your
brother-in-law- Exactly
about like stock tips and all that,
like at the dinner table, and you...
He drives up in a
Mike Pine: dinner table, and you're,
he drives up in a beat up, like,
1999 Honda just puttering up.
He's like, "I got some stock
Kevin Schneider: tips."
I'm like, "Ooh."
You mean
listen to your friends like-
Like, "Okay" ... Chinese
Mike Pine: dong?
I heard that's a good investment.
Oh.
Did you eventually sell your dong?
I still have it.
That's still- I still have a bunch of
Kevin Schneider: dong.
Yeah,
Mike Pine: dong.
It's- Don't do it.
Yeah.
That, that didn't work.
Kevin Schneider: A hope and a prayer.
Mike Pine: different world.
It's a whole different world.
But, like, I'm a millionaire in dong.
I put, like, 15,000 in and what do I have?
Like 800 million dong.
No, I think it's only, like, 280 million
dong, but it's kinda cool to say.
Yeah.
Sure.
But it hasn't gone up in value.
Yeah.
It was supposed
Kevin Schneider: mostly
gone like 100X, but yeah.
Yeah.
Mike Pine: um,
Kevin Schneider: Um, any
other beast you can think of?
I mean, the IRS is definitely one.
I mean, that is a beast that can...
They could be scary And
they should be respected.
They should be-- They have authority.
They have the precedent to do
what they wish under the law.
So it's not this untamed beast.
We contain them in the fact that they
have to work in the same playground we
do, that we all have rules, regulations.
We're governed by the board of CPAs.
They're governed by their own
regulations and treasury regulations.
They can't step out of the bounds
and provide opinions on things.
They have to go by facts, too.
Now, there's a bunch of gray area,
and that's what our job is, is not
everything in the treasury regs
or in the Internal Revenue code
is gonna be to your situation.
So we can make some liberties and some,
make some educated decisions in the
Internal Revenue code to your benefit
and argue that in front of the IRS.
So that is the beast that we like
to tackle, too, is positions on tax
returns that aren't black and white.
Yeah.
And a lot of people view the Internal
Revenue code as black and white.
A lot of strategists,
a lot of tax preparers,
Mike Pine: And a lot of people
view the Internal Revenue Code
as black and white, a lot of
strategists, a lot of tax preparers.
It is not black and white.
I mean, there's a few things
that are black and white, right?
But so much of it, it isn't.
And, and the way they write
the tax law, they're having to
assume facts in people's cases.
And those facts and circumstances that
they write out in the tax law or in the
treasury regulations that are interpreting
the tax law, those don't apply to most
of our clients' facts and circumstances.
They're always a little bit different,
and that's, that's where the value
exists for most of our client base.
And that's the value that most people
out there in the world are not getting.
Um, but yeah, I agree the IRS is a beast,
but I would also say, and it qualifies
as a different beast, fearing the IRS.
The Internal Revenue Service,
because we're in a country, and
I, again, I'm sorry if I've said
this before, but it's true and
good, so just deal with it, Kevin.
No.
Um, we're in a country that is a volunteer
tax payment, a volunteer reporting.
It's not like Australia, where
the government already knows all
the income you've made, and they
spit out a tax return for you.
Our government knows some of the income.
A lot of it they don't know.
They don't know any of your
deductions, um, and they made the
tax code so complicated anyways,
they couldn't figure it out.
Um, at least not for 100 years anyways.
So it's a voluntary reporting system.
Same way driving down the road.
Like, most of the time, there's not a
speed trap or a policeman shooting radar.
Most people have learned to
not speed or speed excessively.
Why?
Because occasionally you see speed traps,
and that puts the fear of people that
they're gonna get a ticket if they speed.
Well, the IRS tries to
put the fear of people in.
If you don't pay, and they make
these stupid, these unrealistic
and untrue statements out there.
"If you don't pay enough tax,
you're gonna get audited, and
boy, you don't wanna get audited.
You'll lose your home.
Um, no one wins in an audit."
Baloney.
They try
Kevin Schneider: to...
I mean, that's how they have to work.
It's fear-based to get you to pay
tax.
They actually put it on media.
They give news outlets.
Like, if they audit a big
celebrity or audit a big
governmental, uh, official- Mm.
they publicize it 'cause
Mike Pine: it's public
Kevin Schneider: fear now.
It's like, "Ooh,
Mike Pine: the IRS-
That's exactly ... auditing
the Kardashians?
Ooh, what's happening?"
They, they...
True.
They, they pick big scapegoats.
Um, but they find people
that are committing fraud,
that are cheating in taxes.
Be scared of the IRS if you're
cheating or committing tax fraud.
Don't be scared of the IRS if
you're utilizing the tax law the way
it's meant to be in your intended
situation to not overpay your tax.
We got this saying at, at Revo
Taxpayer Advocacy, "Boldly
retake what is rightfully yours."
I love that.
Mm-hmm.
I, I've always wanted to do
that with our coffee mugs.
We've had them for, like, two years.
Yeah.
But now it's on camera.
It's your money.
Kevin Schneider: Don't be fearing the IRS.
That is a beast.
We can, we can tame that beast for you.
Yeah.
And if any of this resonates
with you, if you struggle with
procrastination, if you struggle with
Mike Pine: just being overwhelmed
with taxes, or fear the IRS,
if any of these resonate-
I know we're running out of
time, but I got to throw one
more out, beast out there.
Oh, you better go quick, buddy.
An uneducated or non-entrepreneurial
tax preparer or CPA.
That is a big beast.
There's so many people that
say, "I've got a great CPA.
He answers my calls."
"Um, do you guys tax plan?"
"Well, I mean, he, he tells me that,
you know, I can buy a new truck."
So many people trust their tax
preparer or CPA, and that CPA and tax
preparer is only doing tax preparation.
They're not doing tax strategy.
That is a big beast.
One of the biggest, I think.
Yep.
I'll shut
Kevin Schneider: up now.
You can close.
Thank you.
And deploy.
Thank you.
So- Don't forget to like and
subscribe ... there's, there's a...
Let me do my job.
Mike Pine: sir.
God.
So
Kevin Schneider: So there's, if
any of those beasts resonate with
you, and now with this new one Mike
threw in the ring, an uneducated
Mike Pine: or a lazy CPA, which is
actually, we could spend probably an hour
Kevin Schneider: an hour on that.
Um, so legit.
Which could cause- It's
true ... to overly careful CPA.
Yes.
Careful, yes.
Not willing to step out and take risks.
So if any of these beasts resonate
with you, just go to revotaxpayer.com,
reach out to us, like, subscribe this
video, um, subscribe to our podcast on
YouTube, and however we can help you.
We can help tackle these beasts for you.
You do not need to
tackle all those things.
If you struggle with any of these topics,
the first step to recover is to call us.
So give us a call.
Go to our website, revotaxpayer.com,
and we'll talk to you soon.