Helping eCommerce Business Owners to Build Wealth While They Build Their Business

 You’re listening to The Practical Wealth Show with Curtis May. Hey guys, welcome to another episode of The Practical Wealth Show. So I have, I almost said Lasagna, Chase Insogna, Insogna, right.

Chase is a CPA, so we’re gonna talk about one of my favorite topics, well it’s not my favorite topic, but it is my favorite topic, how to save on taxes, right? And so tax is not my favorite topic, but saving money in taxes is what I love to talk about because that is your number one, what I call wealth transfer. So let me tell you about Chase. Chase is a CPA and he’s different from other accounting firms and investment advisors that he works with business owners because that’s a different conversation, right, in order to build their wealth while building their businesses.

So, and so he’s always loved, man from my own heart, entrepreneurship and small business, and he’s helping his fellow business owners grow using tax expertise, investment insights to save as much money as possible. And many small business owners work their entire lives growing and reinvesting profits back into their business, but then when they wanna retire, they find themselves unable to enjoy life because they have all their wealth tied up in their business. Big mistake, right? My goal is to help every business owner start saving money every year, he says, so that after pouring their life’s work into a business that they’ve built up their wealth through smart investments and at which point selling the business is a bonus.

That’s awesome, right? And so that’s what we want. So Chase, welcome to the Practical Wealth Show. Thank you for having me.

And tell them what I didn’t tell them, if I didn’t tell them everything. Yeah, I mean, I pretty much, that philosophy is my own philosophy of how I operate my company. And what I’ve seen over the last 20 years plus is people generally pump blood, sweat and tears and money into their business over a long span of time.

And then when they get to that end of the rope and they’re ready to exit, nobody ever gets what they feel like they put into it. And so my philosophy is to, I’m all about recurring income and investing that money over time. But if you’re putting away, whether it’s 500, 5,000, 50,000 a year plus into savings and retirement, do that annually.

It’s a lot easier than at the end of 20 years, trying to get 5 million from somebody. And it’s better to be in a position where you don’t have to sell or selling as a bonus to what you’ve already accumulated over your lifetime. And that’s kind of our deal for them.

And if your business works, if you’ve built a business, like a business, meaning you own a thing that works without your day-to-day, you have to go in and make the donuts every day, then you don’t just sell it anyway. Very true. And so is that what you would call the traditional model of trying to build a business and selling it? Because what I’m hearing is that’s not the way to go.

Because people have this dream of this big exit. Well, I think a lot of people today at least watch Shark Tank. But before that existed in the past, it was historically most small business owners just continue cutting into building their own wealth in order to grow this thing that they’re working on every day.

And a lot of times they lose hindsight of that they’re actually losing out on their own wealth building in hopes of one day having this dream. I’m gonna grow it to X and exit. But there’s so many factors that go into that.

Where’s the market at? Are interest rates high? Are interest rates low? Is free money flowing? Are people even interested in this industry anymore? Or is it worth the premium or the multiple that you’re wanting for it? So there’s just so many things. I’ve always believed and I practice myself of putting money away annually and living sort of a frugal lifestyle. So whether my team can run the business at the end of the day, which was one option, or I sell it to my team in kind of a stock plan that way, like an ESOP or I sell it to an external party.

I have those options and I’m not sweating bullets trying to hope one of those things happen at the end of the day because at that point I’ve already accumulated enough to meet my financial goals. Right, right, that’s good stuff. So a question, this is a dumb question, but I wanna put it out there.

What, why, because you’re an account like, and they’re all pretty equal, but what do you know about owning or running a business? I mean, I’m looking, because if I look at the, if y’all are watching the video, that’s a dumb question because you can see his sign behind him. But answer that question for people who don’t see the video. There’s people, because I know a lot of people that they work for companies, right? And it’s different.

So Chase, one of the things, this is my pet peeve. So I’ll see a lot of, I’m in Philly, right? So a lot of business incubators and these people will come in and you have all these consultants that try to talk to entrepreneurs, but they don’t actually know what it means to live, eat what they kill, so to speak. You know what I mean? And run that business and deal with payroll.

Why are you different? Yeah, I mean, I was in corporate accounting for a number of years and then I’ve owned this business for 11 years now as of 2022. And so I have a little bit untraditional CPA where I started out building it to grow a business versus most people in my industry, historically at least, grow it as a lifestyle business and just get enough clients and live off that clientele. And that’s not what I do these days.

I mean, I’ve built it high enough where I have a team behind me of 20 people currently. I have a tax manager, I have accounting manager. I don’t do daily bookkeeping.

I don’t do tax returns these days anymore. I have a team for that. And so that’s untraditional to my industry is most of the time the CPA partner or owner is still working in the business and not on the business.

And that’s how I’m different. I think, yeah, because that’s, I think, what most entrepreneurs aspire to and you can really coach them towards that because that’s what your business is, right? And you can’t take somebody where you’ve never been. Correct, yeah.

I mean, I started from the bottom too. I mean, I started with a few clients and I didn’t pay myself for the first two years and lived off savings and I’ve been struggling for a while. So I know what it takes, but I’m all about efficiency and growing a team.

I’ve learned over time, it’s better to hire people that to do things I don’t enjoy a lot or that maybe I’m not as good at and hire those specialties behind me. And that’s what we continue to look for in recruiting people today. Amen.

Who not how? Okay, so let’s talk about you. What I’m reading is that you have a really a niche, a favorite niche, which is in the e-commerce space, working with e-commerce business. Talk about that a little bit and what you would you like about that? Yeah, that’s correct.

I mean, we’ve been working on a firm since we started, started with some clients in the Austin area where we’re from and based out of, and now we work with clients all over the country in the e-com. But a lot of arbitraging businesses, new brands popping up that in the last three or four years, it’s been more popular in the e-com space. But it’s a huge vertical.

There’s so much opportunity from the accounting’s perspective. Most CPA firms don’t really focus on it. I think they find it too small or too, just not interested in working with those folks.

But you definitely need to understand how transactions work. You need to understand how the ebbs and flows of an e-com business works and the technology behind it and how to make things efficient. And so what I’ve kind of put together on our website, on the e-com side is basically there’s four phases that I’ve identified over the last 10 years.

And it naturally seems to work in conversation as I talk to potential leads in the e-com space where the first kind of phase is, starting out in your garage, you’re selling maybe arbitraging or starting a new brand, maybe it’s 50, 100 grand you’re selling in the first year or two. Then it moves to the rest of your house where you have all these products. And you’re probably in the up to 300, 400 range.

And then at that point, you have no more room in your house and maybe your spouse is yelling at you that, I can’t sit on the couch anymore. And so now you go get a commercial space and you’re probably in that seven to a million-ish range, kind of in the third phase where you’re looking to hire somebody, you need some help, you can’t fulfill all the products or you can’t do everything. And then the fourth phase is really just where it’s established and you’re probably two to three million plus up into the eight-figure range is what we work into.

So really businesses under like 30 million mainly is what we focus on. But e-com is a little bit different because you can sell 30 million and profits not 30 million. So that’s what we focus on.

But even in the e-com space, we’ve identified those four phases. So we kind of help clients walk through, okay, here’s what you can expect. And especially if they come in very young in that fourth phase, phase one or two, really getting their mind thinking about what does it look like for phase three or four because inventory counts the biggest one.

And what our clients run into is they do it on Excel spreadsheet or maybe they use Inventory Labs, but they don’t fully report everything that they need to in Inventory Labs properly. So they’re like, well, I’m not that big. And then come year two or three and they’re selling XX more.

Once you get to like phase three, it just becomes like a huge project to then go back and like start over. So we try to really educate our clients on what to expect as you start scaling and potentially scaling. I mean, some people just like to sell 100,000 a year, that’s fine.

But what they find is they think they can only sell this, but after Q4 comes around, they realize they can sell double or triple that amount. It’s so easy to get money in a tax problem if you could mess around and be good. But I always tell clients, if you carry over your lack of cashflow management and attention to detail from your personal finances, you’re gonna be a mess on the business side.

So you need to get help early and kind of getting that and understanding those phases. I wanna come back to that. I got a question though.

Because everybody wants to pay that because let’s give them some stuff, right? So everyone wants to pay the IRS the least amount possible. What are some strategies that you like and tax tips that you recommend to your clients in the e-commerce space or out? Because business is business, really. Are there any, a few tactical ideas that you like that people don’t do, that should be doing? Yeah, I mean, an easy one for us at least is the S-Corp election.

A lot of times in the e-commerce space, some of them don’t even have LLC set up, which is number one. But number two, our kind of breakeven from an S-Corp election is like 50, 60 grand net profit after expenses. And that’s where it cost effectively makes sense to file extra tax return.

And so that’s kind of the first step we look at is what are the numbers look like and do we need to make the S-Corp election? Let me ask, let’s stay there for a second. So would you say it’s at the end of the year or I’ve heard say, if you start, let’s say you start out slow, but you start averaging five, six, $7,000 a month, it might be, even before you get to the end of the year, it might be time to have that conversation with you. Yes, yes and no.

I mean, I think earlier the better. I mean, we do ongoing accounting monthly so that we can kind of keep track of it ourselves and make sure. But a lot of times where people are not familiar with accounting kind of get in trouble is where they’re just expensing everything they buy versus it’s an inventory until you sell it and match the revenue.

So a lot of folks where we start doing their books, they may be done TurboTax and they’ve just reported everything they bought. Will IRS catch you? Probably not, it’s under the radar, but if we’re doing it and putting our name on that- I don’t know, they just hire like 87,000, they just hire 87,000 until the… All right, I’m not gonna go there. So we make sure that our return’s accurate, but making sure the books are accurate so we can then advise on it.

But you can, the IRS historically has always allowed a late election for an S Corp. So we don’t necessarily have to make it as soon as you set up the LLC, we can almost go into perpetuity and do it when we need it. Oh, cool.

And so one of the things you said is really important is that you do it monthly as they go. So you’re looking at their situation. I think that’s critical as a lot of people go to what I call historians.

Here’s what I did last year. And after December 31st, you can’t help them, can you? That’s true. For most people, yeah.

I mean, I started my business because traditionally in small biz, there’s a bookkeeper accountant and there’s a tax person. And those two are never incentivized to talk to each other. So bringing that under one umbrella was kind of my main purpose of starting this business, helping entrepreneurs.

But I would say, yeah, if you’re probably doing at least over 100K, it’s probably a minimum cost effectiveness. I mean, QBO alone is 90 bucks a month right now. So that software, is it worth paying for it? Sometimes not.

But if you’re doing over 100K maybe in e-com, it’s worth keeping track of things. That way, especially in Q4, we can stay on top of it. If we need to set up payroll real quick and run payroll by 1231, we at least have the data in front of us to advise on it quickly.

So, cause I just had this conversation with a client like three hours ago. Like, so if you’re doing a, so the S selection means you’re gonna file, what is the, so if they just have a single, let’s break this down for you cause I don’t know if they know. So if they’re just doing LLC or they’re a sole, if you’re a single member LLC, you’re basically still just a sole proprietorship filing a Schedule C on your tax return.

Correct. Right? So now when you file a S selection, what happens? So you basically, so you take that same money and you roll it into a separate tax return, an S Corp tax return. And what the difference is, talking about verbally is basically, if you made a hundred thousand as a Schedule C, you would pay payroll taxes on a hundred thousand.

Let’s just say you didn’t have, scenario, you didn’t have any income yourself. This is your only income. Cause obviously there’s FICA tax 140 capped out, whatever.

If this is your only income, let’s just keep it at that. So you made a hundred thousand Schedule C, you’re gonna pay payroll taxes on a hundred thousand. If you take that same hundred thousand profit and roll it into an S Corp, now you only have to pay yourself a quote, reasonable salary.

And reasonable on a hundred is, let’s just call it 40 for a round number. So 40,000 you pay payroll tax on, 60,000 you don’t. And that Delta of payroll tax savings, which is what the S Corp is mainly set up for, is about 9,200 bucks on average, just in unnecessary FICA tax.

That’s real money, guys. That’s like money, cause every dollar you save is a dollar to your bottom line. That’s why I always told people, it’s more opportunity to minimize your losses than to pick winning investments.

So that’s like nine grand of real money. And well, let me ask you this then, how are, since you work with e-commerce, what are the differences than your standard brick and mortar local business? And what considerations are different and unique to e-commerce as you work with people? You see differences there? That’s a good question. I mean, not, I mean, from our perspective, not too much.

I think the biggest thing is inventory. And that’s what I really have a lot of conversations about. My team has conversations about, because even our larger clients today, they don’t necessarily have the right systems, but they don’t have the time to invest in it cause they’re selling so much, they’re so busy.

So the struggle is finding the inventory adjustment number every month to then accurately assess what the business is profiting. And from there, accurately assess reasonable salary, estimated taxes due at the end of the year, et cetera. And if you don’t have that true inventory data number, then that can significantly affect your profit and loss statement.

Let’s talk about, so you’re kind of different in that you’re working with people to kind of build wealth along the way, right? And so what does that look like when you’re working with people? That conversation and kind of what are you sharing with them as you work with them? So we’re sticking on the e-com business owner. Yeah, I’d say they’re a little bit more unique than other business owners because of cashflow. Most of the time you need more cash to buy more inventory.

So you’re kind of always in this cash loop. And so what we try to work with our clients on is deferring saving for retirement in the early years and build up enough cash where you’re borrowing against yourself versus getting a line of credit, going to the bank or doing a home equity loan or something. My language.

I mean, lines of credit right now, running in the seven, eight, 9% range with good credit score. So it’s kind of expensive debt when you’re funding that inventory. So obviously you have to start somewhere, but over time in the first one to three years as they’re profiting, we’re trying to get them to put away a savings account and basically have their own line of credit.

And then once they kind of get over that hump and they have enough credit available, external credit or their own borrowing credit in their savings account, then we start building that kind of savings conversation. And is it a maxing out 401k or just saving for an IRA to get started or whatever that looks like. Interesting.

That’s where you come in. Yeah. So if I’m there, I’m not having fun at IRA, but that’s another story.

So, but what I like is see, because one of the things I think people put money behind walls, they can’t get too early in business. So what I like about, because one of the things that we teach Chase or our clients is we call our fourth principle out of five is liquidity, right? And so we want, I want six to 12 months of liquidity, right? The first 90 days is really your, your what I call your emergency fund. Depending on how volatile the business is.

And then after that at your opportunity fund for you to be the bank in your, in your and expand your business or do other stuff outside the business, buy an apartment building, whatever. And, and to do that. But I, I think, or cause to me your best investment is your, like the three rules that we talk to people about are of investing is invest in your, invest in what you know, right? Invest in what you can influence the outcome of and don’t chase returns, right? And so with you, they know their business and they have you, right? So if you put a dollar in and you get $2 out, that’s a hundred percent return.

See, I wouldn’t send your money anywhere else. That’s for the last three, four, five years till you can get that, that thing rolling. And so I, it’s great because what I love about what you said is you look over their stuff monthly.

So that’s major, like, cause it’s, it’s the accounting, the bookkeeping that most people don’t have their profit and loss. They don’t know how to read their P and L and talk about that. Like when people come to you, do they really, like what Kiyosaki says, financial literacy is accounting, right? The ability to read numbers and numbers tell a story.

Talk about that for a minute. You know, what is the story that you’re seeing that they’re not seeing? Yeah. I mean, historically it’s been, let’s look at last month or look at last quarter.

And a lot of kind of backing up just a little bit, a lot of historically our industry has been very poor at like real-time data and CPAs are mostly busy, too busy to do real-time bookkeeping. So that’s how we’re a little bit different is I have a whole team doing accounting. Accounting doesn’t do taxes.

I have a whole team doing taxes. Taxes does not do bookkeeping. And that’s a big difference in most firms because a lot of smaller firms, especially in tax season, they’re just too busy to do your books.

So they wait till the summer, they wait till Christmas or the holiday season to get your books updated because now tax season’s over. But we have two separate teams for that and that’s how we’re efficient that way. But real-time data we have a dashboard and a reporting dashboard, and we can work with clients on a weekly basis and check in advising them kind of on a cashflow basis.

You know, what do your sales look like? We use A2X to plug in to QBO and pull those transactions in daily. So we can really see a faster picture and communicate with clients. Now, those are obviously larger clients where we’re doing weekly, but depending on your business and your needs, weekly, monthly, quarterly, semi-annually, we’re checking in formally.

But that really helps drive the conversation, especially on cashflow, because if we’re doing weekly, monthly, you’ve got these expenses where we can forecast. And today it’s really about cashflow forecasting, not let’s do a 12-month budget and then look at it every month. And we didn’t meet it, so whatever.

So it’s really about real-time forecasting and what do you see on the horizon? What are your needs are? Do you need a new vehicle? You know, do you need equipment? What are you looking to purchase by end of Q4? Plugging that in, what does that look like for cashflow? Have you saved enough for estimated taxes? Payroll savings, retirement, et cetera. All that kind of comes to play when we’re meeting with clients on a regular basis. But that’s really one of the differentiating drivers that we try to deliver to our clients.

Yeah, that’s huge. That is because that’s what’s missing. Like it’s we call it in our system, tell your money where to go instead of asking where it went.

Okay. And so forecasting, looking forward like we teach using cashflow management as a planning tool. So you can kind of, whether on the residential side and in your business or how to get money out of your business into your house, because a lot of people will, do you find that people are, and how do you help them out of this, reluctant to pay? They’re like, you’re all forever bootstrapping.

Like, how do you get them to, hey, look, you need to pay yourself. You know, you got a life over here that you run. Do you find yourself having to pull them out of that or help them kind of sort that out? And how do you do that? Yeah, many times we do.

I think one of the things to recognize with most owners that do that is they see like a huge profit and they’re like, oh, I’m making so much money. Okay, but you haven’t paid yourself anything, you know? And so if you plug that driver in of what you should be paying yourself, or if you were, let’s just say you stepped out of the business and you paid an operations manager to run the business that’s effectively you right now, what would you be paying them? Probably at least a buck and a quarter, depending on the size. So plug that number in, and then what is your true profit today? And that’s we try to approach it that way.

So they say, look, I really should be paying myself or taking out X because it’s not really the true profit of the business. And how you take it out is comes back to tax planning or certain ways to do it tax-wise. But we try to educate them on seeing that direction because as they continue growing in the four phases, they’re going to need to hire an operations manager at some point, and they’re gonna need to plug that number in, but they still wanna make the same number they’re making.

So you then have to forecast, okay, what does that look like? How do I get to that point? What do I need to be selling on a daily, weekly, monthly, annual basis so that I can afford all these overhead costs and take out of the business what I wanna keep? Yeah, the numbers are a management tool. Like all right, well, I need to sell more stuff. Well, how do I do that? What is my, my price is too low.

Can I get in other markets? And so it’s, that’s financial literacy, that’s the driver. And so guys, you gotta have a partner like this. To me, that’s your, part of your starting five is a good CPA.

I’m a, I played basketball in college, so. Oh, well, yeah, yeah, just starting five. And, well, he’s the first person off the bench.

No, you’re not off the bench, you’re just starting five. So that is awesome. So I had another thought that just left me.

What, what didn’t I ask you? Well, while I get my thought back, it just left me that, that you wanna highlight or that people are missing or didn’t I ask you that you wanna share? I think one big driver is, is back to cashflow. You know, a lot of people, especially in e-comm, get into you’ve got, you’re always buying inventory and buying inventory, but what they forget is there’s a, there’s a tax bill coming. There’s a big difference between cashflow and taxable profit.

And when they’re buying a bunch of stuff in Q3, Q4, and maybe that’s still lingering to sell in Q1, they don’t have the cashflow to pay the taxes, but April 15th that’s what we’re really trying to watch for and really help educate our clients on because most people just see cash in the bank and they’re like, I’m doing fine. But in actuality, you owe a lot more you owe a lot to the government. Yes.

Federal and state, especially on the state return. A lot of people forget state taxes in those states too. I mean, we’re in Texas, so we don’t have that, but we’ve got clients all over the country and you get in the tri-state area of California that’s another four to eight plus percent sometimes.

Yes. On top of, yeah, you got it, you can’t forget your partner. Okay.

Because they want to get paid early and often. The- And back to tax cashflow too and paying yourself, I think we also didn’t touch on kind of once you’ve built that reserve and built up we look at paying the spouse. If the spouse isn’t working, especially, we at least compensate them for 1500 a quarter so they’re qualifying for social security.

And then if they want to max out 401k pay them the minimum. But I would caveat- What about your kids? Let’s talk about it, because I get a lot of questions about that. Yeah, talk about the kids.

But I was just going to say, you don’t want to, a lot of people try to like meet they’re there and their spouse is like, it’s our 50-50 business. Right. But you’re actually paying more FICA tax that way.

You’re really better off being a hundred percent owner and paying your spouse the minimum because from a tax perspective, it doesn’t make sense to do 50-50. That’s a good point. Yep.

And then the kids. So once you’re that point, our minimum age is like five, unless they’re really doing like modeling. Modeling, right.

But five is like kind of our minimum age conservatively and create a job description and have them help you in the business. But we, our goal in whenever you’re paying kids is not really to give them cash physically, it’s to contribute a net 6K W-2 and put that in a child Roth IRA to grow tax-free for the purpose of education, medical expenses, purchase of a first home or retirement. They’re going to have, kids are going to have one of those four.

So instead of a 529 plan, which is what most people are aware of, that’s after tax money. You know, if you’re running your own business, at least pump in this amount. And if you want to do more than go to the 529.

How do they track it? So I have a, I’m thinking of a few people I’ve had this conversation with and let’s say they’re under, like we have my, two of my kids are teenagers. So I just have them on my payroll, but the younger one, I have 11 year old, right? So how would I hire and pay her and do that? Like tactically, what is that happens to do that? What do they have to do? Yeah, I mean, if you’re a Schedule C, you can just give them the money. You don’t even have to run payroll, but we’re, I’m mainly talking about S-Corps or partnerships.

And so when you’re in an S-Corp, you got to run W-2 payroll, just as if they were- Even for the 11 year old? Yeah.

You know, what is that, what’s the cost effectiveness of doing that because obviously there’s a cost you got to pay. As an S-corp, you pay the 15.3 percent, five payroll taxes on that 7k, let’s call it gross number. So there’s, there’s a cost to doing that, to putting that money in.

But if they’re young enough for example, you’re 11 year old, I mean, they’ve got seven more years left. You’re a financial planner you can make 900 bucks back, a thousand bucks back over the next seven years. So that might make sense to do that.

So let me just, I want to get this out here. So let’s say they’re, they’re not an S-corp yet, then how would they do it? Just as a Schedule C, I mean, you can pay the, I think you just submit it on your, your Schedule C as a payroll expense. And you know, you can contribute.

You avoid the FICA tax when you’re a Schedule C, it’s not required, but it’s basically the same payroll that you’re setting up. You just don’t pay FICA. So just write it up, write up a job description, pay them.

Yeah. And the job description is important and you don’t really want to pay them like the 7K and December 15th every year. Those two things are like an IRS red flag, especially if you’re looked at or you’re fully audited, they’re going to look deeply into that one because that’s the easy one for the IRS.

So what we recommend is setting up the job description paying them monthly or paying them when school’s out. So here in the South it’s traditional, like summer, three months is out. A lot of schools around the country are quarterly, whatever that looks like paying them maybe when they’re out.

So like in the summer, almost contributing the majority of the 7K in those three months, because they have the time to do it. An eight year old going to elementary school, isn’t going to have as much time during school days to work and make the same equal money as they would in the summer. Yeah, that makes a lot of sense.

Folks, that’s a lot of stuff. See that you just got to understand the rules and document. Documentation is everything.

And so that’s what a good partner like Chase would help you all do. Let me just define for a little bit, because when you were saying e-commerce, I’m thinking, I think we’re saying the same thing, but I want you to talk about the people that are listening to this. What is e-commerce and when should they, because I did give out your information, reach out to you.

When should they be thinking about getting help and then define maybe the mark? Because a lot of times, I’ll tell you why I say this, because I’ve had people like with drop shipping stuff and they don’t really carry any inventory, right? And so I’m hearing the inventory and I’m thinking about something else. I said, well, maybe we’re not talking about the same thing. So I just wanted to put it out there as a question to make sure we’re talking about the same thing.

And should those people be calling you also? So yeah, I mean, everybody’s different. I mean, maybe if you’re just drop shipping, that’s another kind of business model, but certainly any business Schedule C or any other business formation or rental property is where any really CPA can add value. I mean, we tell clients all the time, you just got a W-2 in a mortgage, just use TurboTax.

We’re going to charge too much to do a basic return. But doing a business, any kind of business size really getting started out, the difference between hiring a professional and using TurboTax is I try to tell people TurboTax does not work in the gray area. So you’re not going to get an opportunity to maximize deductions when you own a business or you own a rental property because TurboTax isn’t asking the questions the right way in order to work in the gray area, because they’re just a software.

So that’s where CPAs and tax professionals can add value to any business owner or rental property owner. And it’s not a cost, it’s an investment because you should make them money because they’ll save you more money than whatever they cost, right? Yeah. I mean, on the S-Corp example where you were saving like 9,200 bucks that a hundred K example earlier, obviously we’re going to charge some money towards that to file the extra return.

You’ve got to set up payroll. So there’s a cost to that. Like we recommend Gusto as a provider.

And so you’re still netting a significant amount of thousands of dollars, even with those additional costs. So that’s really got to look at it, as you mentioned, from a global perspective. Okay.

What are they bringing to the table to save money? So we’re not, that’s why we don’t recommend the S-Corp election. A lot of people just set up an LLC and do an S-Corp and they’re not profiting 50 or 60 K and now they get to spend all this money to file a return. I mean, we’re not making those recommendations unless we’re adding value and saving people money.

Right. That’s awesome. Chase, how, if they want to find out what you’re doing and follow you or maybe want to have a consult if they’re listening to this, because you work everywhere.

So it doesn’t matter if they’re in the United States, you got to help them. That’s correct. Our largest states are we’re in Austin, so everybody wants to move there.

And so a lot of Californians, a lot of tri-state, New York, New Jersey. And so we do, those are our second and third largest state filing, but we do states all over the country. Okay.

What’s the best way to get in touch with you? Yeah. Come to our website, sanyacpa.com, contact us page, and just give us your information. And my team will reach out to you and start a conversation and see if we’re the right fit, see where your needs are and go from there.

That sounds good. That sounds good. Well, Chase, I can’t think of anything else to ask you, so I appreciate you sharing, because I’m trying to get all the tapes out.

I’m trying to get all the information out. So I’m just calling for you guys out there. So thanks for, again, for sharing and being with us here on the Practical Wealth Show and sharing your knowledge and your time.

We really appreciate it. Thank you for having me. Yeah.

My pleasure. Congrats on your success as well. Oh, thank you so much.

So guys, go out there, make it a profitable day. If you heard of Valueness, reach out to Chase and his team. You’re not going to get chased, but you’ll reach out.

You know, he’s the captain of the ship. He’s got people that, and that’s what you want. See, listen, you need to get somebody to show you how to do that, because that’s what y’all want to do, right? So guys, go out there and thanks again.

Listen, if you liked this episode, please listen, like and share it and leave us a review. Have a great day, everybody. Thanks for listening to Practical Wealth.

To access the show notes and resources, go to practicalwealthshow.com. To get your questions on the show, go to practicalwealthshow.com.