Transforming Financial Futures Through Professional Tax Planning

Hey there, it’s me, Marshall Silver, your personal millionaire maker, getting very excited about my brand new show, two hours a day, five days a week, I’m going to broadcast live to you. In the first hour of the broadcast, I’m going to give you content, information for better sex, more money, emotional, mental, physical, and even spiritual power. I’ll also invite some of my cool multi-millionaire and billionaire friends onto the show to give you more direction, more advice, more strategies and gambits for having it all.

The second hour is what I’m most excited about, it’s when I get a chance to chat with you. Yes, you. You can call in, talk to me, ask me questions, and if you say the secret word of the day, you could win $5,000 cash.

At the very least, if you’re the most interesting call of the day, you could also win 10 ounces of freshly minted Marshall Sylver 999 fine silver, all of that and more, brand new Mercedes Benz sedan or SUV up for grabs, my personal Rolls Royce Phantom up for grabs, all the knowledge to get everything you want and so much more. All you got to do is log in to the show to get information about its release coming up, two hours a day, five days a week, coming to you live from the bunker right here at Studio Money. I’m Marshall Sylver, your personal millionaire maker.

Let me bring in our hypnotist, Marshall Silver. It’s Marshall Silver, ladies and gentlemen, the world’s fastest hypnotist.

Hello there, and welcome to Marshall Silver Live.

I want to go on record as stating I do not have a six handicap. I suck at golf. You won’t need an interpreter, though, to interpret what I’m saying.

It’ll be very clear what I’m saying. And then, ultimately, there’s no drugs for in my system. I don’t have any drugs for in my system to wear off.

That said, glad you’re here. It’s interesting to me that, you know, when you do something live, it’s different. You’re not able to edit and go back and change things.

You just go with the flow. The country is abuzz right now. Obviously, we had the presidential debate last night, and anybody with a clear mind, a sane mind, got a chance to see both candidates in what I consider to be their natural form.

And I think that’s what the debate is supposed to be. That’s the point. You get to see people getting tripped up.

You get to see people making mistakes. You get to see people revealing themselves. And I don’t know about you.

I think the truth always reveals itself. And I also think, yes, it sets us free. What do I mean by that? That when you know the truth, whether you like it or not, you can then choose the truth.

The truth is we live in a remarkable world. We have lots of opportunities, and your life is indeed blessed. The question is, are you utilizing those opportunities properly? On today’s show, we’ve got a very special guest, Chase Insogna.

Mr. Insogna is a seasoned expert in tax planning and financial management, over two decades of experience in the field as the founder and president of Insogna CPA, based in Austin, Texas, one of my favorite cities, actually.

Chase has dedicated his career to helping business owners, particularly in the e-commerce sector, navigate complex tax strategies and issues and grow their wealth. His innovative strategies and engaging insights have transformed the financial futures of numerous clients.

Chase is passionate about entrepreneurship, wealth building, leveraging tax laws for business growth. In addition to his professional achievements, Chase is committed to educating others and sharing his knowledge through podcasts, public speaking engagements, and more. He’s an expert on points and miles and how to utilize them to get the most out of your money.

He is also very insightful on how to make sure you keep more of your hard-earned moolah in your pocket. Please, with a nice, big Marshall Silver live, welcome to the show, Chase Insogna. Welcome to the show.

Hey, thanks for having me.

So, how much did I butcher your name?

Oh, that was perfect. Good.

You’re in Austin. I got a comment on the shirt right off the bat. You’re billing my viewers, right? You’re not billing me.

Just want to be clear on this. Everyone’s getting an invoice. Yeah, I appreciate it.

Yeah, so you guys expect to get a bill. By the way, I’ll let you know what kind of a split we should do here, and we’ll go from there. So, glad to have you on the show.

Welcome home, man. Yeah, thanks for having me. I’m excited.

Never been on it. This is my first live show, so I’m looking forward to it. Yeah, live is different, as people discovered last night.

Last night wasn’t even live. Last night was a two-minute delay, and we’re not delayed. So, if you drop an F-bomb, it’s on you.

If you get completely confused, it’s on you. By the way, what is your golf handicap?

I don’t have one. Yeah, mine is a slice.

That’s my handicap. I slice really badly. Yeah, me too.

I just hit it, and it goes somewhere. That’s my golf handicap. Yeah, my whole idea of golf is four hours in a cart, just chatting with a friend and having some fun, and I could care less where I hit the ball.

Yeah, first time I picked up a club in, like, four years was in Vegas a couple weeks ago. You know. Where did you play? Decent, at Paiute.

Yep. And a very beautiful course on the mountain course. And it was a great time, but I just like being out in nature and just looking at the views, to be honest, and hanging out with some cool people to golf with.

So, I don’t get competitive on the golf. I hit it. I lose a couple dozen balls in 18 holes.

You know, it’s all good. Yeah, it is good. Yeah, that’s me.

I always make sure that I have two balls per hole, and then I’ll get through the round. I’ll be just fine. So, we’re all good.

So, let’s dive in. You are a CPA. What’s the distinction of a CPA versus a bookkeeper? Yeah, so we’re always promoting to work with licensed individuals as a licensed CPA.

The reason for that is to have reciprocity. And if anything ever goes wrong, you have a state board to at least have a resource to go to. No CPA, in general, wants to lose their license.

They spent a lifetime getting it. So, if the board’s responding to them, then they have to respond back in 30 days and get up to par with it, with whatever the request is. So, that’s something all CPAs try to avoid.

And we certainly don’t want to be in that situation. So, that’s why we’re promoting the license because people, business owners, individuals getting their taxes done have a resource to go to when the CPA or the tax person goes silent. You know, your bookkeeper goes silent.

You know, you can’t get your data back. You can’t get prior returns to get a mortgage. All those different nuances of, you know, not being licensed and just being out on the interwebs of, you know, promoting your services.

There’s no recourse to those people. So, you know, we’re always trying to promote working with a licensed professional and making sure you have that recourse.

Here in Texas, obviously, it’s a tax-free state.

I live in Nevada, and I love Nevada. We love Las Vegas. We also like the beach, and there’s no real beach in Nevada, in Las Vegas at least.

And so, we have a guest. We have a vacation home in San Diego. Is that why you’re in Texas? I mean, I was born and raised here.

So, you know, I was born and raised in Houston, and now I live in Austin since 98. So, you know, that’s where I call home.

What’s your forte? You know, obviously, CPAs are CPAs, but you’ve got some specific things you like working on.

What’s your expertise? Yeah, so, you know, I started my company in 2011. It’s set up as a business here. So, you know, the name is singular, Insogna, but we really work as a team of 20-plus people today.

You know, I have a tax team and an accounting team. We have an in-house controller team. And so, we’re really, you know, looking for our ideal client as business owners under 30 million is a kind of general number.

One to three owners in that business is our bread and butter is what we work with. And we continue to utilize technology. You know, we’re always trying to be on the forefront of efficiency in accounting and in finances in general.

And just trying to make our clients as efficient as we are in the back office of finance and accounting. And then being proactive with taxes and tax planning. So, a lot of the conversation we get is poor communication.

And then also, you know, just not being proactive with them. They never hear from them. You know, they email their person and they don’t get back for weeks or months.

So, our team’s responding every one to three business days with our monthly clients. Proactively looking at their numbers every month. The larger clients we’re meeting with on a weekly basis.

But weekly, monthly, quarterly, semi-annually, we’re formally checking in depending on the size of their business. Often they want to hear from us. And in those engagements, you know, we’re doing a bit of like business coaching.

Kind of proactive advisory on just the business itself and the operations. And then tax planning. So, what does it look like towards your end?

You don’t get to March or April the following year and your person’s like, oh, well, you should have done this last year.

You know, that’s usually a conversation. So, making sure we’re on track for year end is what we do here. And so, we really approach it as more of like, you know, as if it’s our own business.

We put a lot of care into our thought and how we’re approaching it. That’s how I started out here. You know, I started my own business in 2011.

I had a bookkeeper for helping me, but I didn’t pay myself for two years. And so, I went through all these trials and tribulations of owning my own business. And so, I just put myself in the shoes of the business owners we work with and I’ve taught my team to do the same thing.

And so, that’s really the care we’re bringing. Like we care about your business and how you want to succeed. And then how you want to grow it.

Is it a lifestyle business? Is it, are you looking to exit and sell it out in a few years? Like there’s different projections of how we should approach things. But in general, that’s how we operate here and what we’re looking for. What are some innovative tax strategies? Some things that viewers watching this show right now might be able to implement that they don’t realize they could implement.

Yeah, well, I mean, you mentioned you have a lot of real estate people. I mean, I have 15 rentals myself, a couple international. So, you know, a lot of times, you know, people that get into property, especially if it’s a fourplex or, you know, small commercial properties, is just doing a cost segregation and fast tracking depreciation.

A lot of clients we talk to don’t even know what that means. So, you know, it’s something to be aware of. And that’s just one thing in conversation with clients, you know, that as we go through the questions and like, what is your business? What are you into? Or, you know, existing clients, what are they getting into having those conversations? Just making sure we’re being proactive with it.

A lot of clients aren’t aware of like R&D credits, you know, that they even qualify for R&D. So, I mean, we don’t do R&D in-house. We refer it to a third party specialist, but we’re at least identifying with our clients and their activity, what they’re doing and if it’s necessary.

So we want to be on the forefront of that conversation because it takes two, three-ish months to get that done and then having their taxes filed on time. And then also plugging that deduction into current income because if we’re doing it, let’s just say today, and we’re formulating those deductions for 2024, which is when we’re talking right now, you know, that also affects tax planning for year end. You know, it can affect your reasonable salary if you’re an S-Corp.

It can affect your profitability from a tax perspective and how that affects your personal taxes. So we want to be on the forefront of those conversations in the very beginning so we can properly plan for that too. How many clients do you have? We have a couple thousand clients we work with annually on, you know, taxes.

We work with several hundreds of clients monthly on accounting and just ongoing transactional bookkeeping work. And are most of your clients geographically close to you or do you have clients all over the country?

What’s the scoop? Yeah, good question. You know, before the pandemic, it was, you know, we want a local CPA.

We’ve kind of gotten back to that now in conversations recently, but we work with anybody. I mean, we have clients all across the country. I would say our concentration is Texas for sure, just because we’ve been here a long time and I’m from here.

But our team is all across the country. We’re just looking for the best talent and pieces we can add to the board here for internally. But also our clients, several, you know, 10-15% maybe is across the country.

With our technology and, you know, the way we approach advising clients and video and paperless, like it really doesn’t matter where you’re at for us. You know, we’re doing the same for a New Jersey client as we are a Texas client. And then, you know, you got a house in California.

So our second largest state filing is California because a lot of people move here from California. Third largest is New York. Gosh, I wonder why.

Yeah, so, you know, we file in all 50 states and we have clients with properties all over the country. So it’s not a big deal for us and my tax team, you know, understands how to file in all the states. But California and New York are second and third largest respectively.

I, in your intro, it talked about the fact that you focus a bit on e-commerce type individuals. Is there a reason for that? Are you an e-commerce person? Obviously, as a real estate investor, you’ve got some other ventures going on, which is not usual for a CPA. Obviously, people that do well in CPA do well.

But my experience has been most people that have the personality of a CPA, it’s not the same personality as an entrepreneur. It’s just the opposite, actually. And so when you find a CPA that’s entrepreneurial, then you got a, you know, you got a world-class athlete on your hands.

What do you do specifically inside the e-commerce sector that is beneficial to those types of businesses? Yeah, great question. So, you know, we’ve just kind of been working with e-com for a long time. I mean, since 2011, my first few clients were e-com.

Before e-com was like what it is today. I mean, almost everybody’s in e-com these days. So we’ve just been working with it for a long time.

And then with today’s technology, like we have a virtual dashboard that we customize. We really get into analyzing data. Our larger e-com clients we do weekly conversations with.

You know, we’re drilling down kind of operationally into the data that’s being sold and then putting that into a dashboard to have a conversation around it. For example, you know, how many items, what items you sold, pulling that information from Amazon, for example, and in a spreadsheet. And then we’re summarizing that spreadsheet by state, by city.

And so using that data and by product and then seeing what product sold in which city for you to then on your own website, if you’re also selling it like one of our clients does, Amazon website, using that data to then put that marketing towards those products in those cities and PPC paid ads with Google for your own website. As well as Amazon, like maybe, you know, we’ve discovered like some of our clients sell a lot of different products, top 10 on Amazon versus top 10 on their own website. So don’t advertise the same top 10 on each one because you’re not selling the same.

So we dig into the data more and more kind of operational type conversation when we’re having those formalizing the data. But that’s an example that we do with e-com, you know, and we’re not just pulling in the numbers from your bank and credit card and sending you a financial P&L and balance sheet. That’s the proactiveness we talk about with our clients and our in-house controller team and, you know, forecasting that data.

When should you restock based off sales previously and forecasting this year, especially going into Q4, you know, in your top 20 products, like what are you looking to, what are you anticipating to sell on average historically? So, you know, that’s where we’re getting into daily, weekly, monthly here.

I remember the first time I made over a million dollars, the first time I had to write a seven-figure check to the IRS. And I remember I went to- A lot of fun, isn’t it? No, it wasn’t.

Like a huge gut punch, you know, when he got arrested. No, it was a huge gut punch. And I went to my bookkeeper.

He wasn’t even a CPA because I was early in my career and I was just using a bookkeeper. And I knew how much he was making because we were not really friends, but we were friendly. And so he was making at the time, you know, this is decades ago, he’s making $50,000 a year, which at that time was a good amount of money.

And that year I made, I don’t know, 2.5 million, had a million dollar tax liability to California and also to federal. And I was just, my jaw dropped when he told me, yeah, you got to write this check. And I went, what the heck? And he’s like, I’m in shock.

But I said to him, how in the world can I never write a seven-figure check to the IRS ever again? And his answer was pivotal to me. What he said was, well, don’t earn so much money. I fired him on the spot.

I said, you’re an idiot. That wasn’t the answer I was looking for. And clearly not an intelligent answer coming from the guy that’s channeling my finances.

But the thing that I thought, I got a CPA right after that. And the thing I’ve always thought about CPAs is people don’t realize if you have a CPA, whether you think you do or not, you have an intimate relationship with that person. They are in your stuff.

They’re up inside your spreadsheets. They know your bank account. You can’t pose.

You can’t lie. They know the real deal. And so I always, from the time when I became a hypnotist and started making big bucks around 25, I’ve always thought that I would like to become a CPA just to have that much financial data on all these other companies.

But the other thing I thought about, because I come from a training background, is I don’t know why these CPAs don’t have full-fledged business development, business coaching companies. Why they don’t make more money with their coaching and business development side than they do on their CPA side. All of that was a thought in my head.

And then one day I met a guy named Brad Sugars. Do you know who Brad is?

No, I don’t.

So Brad Sugars was a CPA down in Australia and a long time ago, I don’t even remember when it was founded. He launched a company called Action Coach.

And he saw that same thing. He said, you know, I’m doing the books for all these companies. And I know how to make their companies more successful, but because I’m a CPA, they kind of listened to me.

If I, all I did was put the moniker business coach above my head, he said they would listen more. So he launched Action Coach, massively successful. Last I checked, they had around 1200 franchisees, people that were paying, you know, two grand a month and a percentage of their sales back to him.

And he never went back to being a CPA. And so I’ve often thought that that’s the play for any CPA is to also offer up business and consulting and coaching services above and beyond just tax advice. Because, you know, you know the numbers, you know, you just described it.

You said, we’ve got an e-commerce person and they don’t even pay attention to what is selling the most or where it’s being sold the most. All the, you know, factors going into the idea that if they just promoted more of this particular product to this particular audience, they would eliminate a large portion of their ad spend, a large portion of all those other marketing expenses that go into making that sale final. And so if there was anybody that should be able to advise people on their business, not just their taxes, but on their business, it’s a CPA.

What’s your thoughts on that? And do you offer any other services? You said you have how many current clients, including tax clients? Yeah, we do several hundreds of clients monthly from a transactional accounting tax perspective. A couple thousand tax clients annually. Yeah, so the tax clients annually, I’m assuming some of them are either 1099 or they’re taxed employees.

And the people you see on a monthly basis, I’m guessing are all business owners. Correct. Yeah.

So what are your thoughts on that? On non-traditional revenue for a CPA type like yourself? Yeah, I mean, I 100% agree with it. It’s not something I would say we do well promoting ourselves today, which we’re working on from a marketing perspective. But that’s how people described me when I was out networking prior to the pandemic locally.

Because they knew what we were doing and they had worked with us possibly. And they were like, yeah, you’re more of like a business coach. And I never even thought of it that way.

But that’s just how I approached it because I’m putting, I’m entrepreneurial, as you mentioned, like I’ve started as a business, not a lifestyle like most CPAs do. And so I obviously had different businesses that I’ve gone through before I even started the CPA firm. So I’ve always been entrepreneurial since college.

But I just put myself in the customer’s shoes and ask myself, what would I do if I were in their shoes? Financially, operationally, marketing, like I just kind of go through the list of advising and I just give them ideas, give them my thoughts on it. Maybe there’s something they haven’t thought of before, whether we’re charging for it or not. I mean, we’re a little bit different because people will come in my office pre-pandemic and they would meet with us and usually they’ll go into a CPA office and like, well, you could have did this and you could have did that.

Everybody get an answer. Everybody that came in my office, they had like a list. Here’s three to 10 things to take with you.

Take it or not, I don’t know. This is what you should do, in my opinion, if I were owning this business or whatever you’re into. These are the steps, formation, accounting-wise, tax-wise, whatever it may be, operationally, this is my thoughts.

And so I just kind of, that’s how I’ve approached it. And so that’s how I taught my team to approach it. And that’s how we educate new people that we onboard to really just help clients that are with us and approach it from that perspective.

So that’s the value we’re offering. So we don’t really market it well today, but we’re working on that and we’ll get there. I’m working with a marketing team now, but that’s what we’ve done since day one.

And that’s what I was doing by myself. And that’s what my team does today. And I think we do really well.

And that’s our differentiator, what sets us apart. But the difference between a business coach, just in general, somebody, like a lot of these YouTube videos and TikTok, they’re giving this tax advice, and a lot of it’s gray area stuff. And some of it’s truthful.

Some of it’s a little bit far out. The problem with that is our clients come in and say like, yeah, I just watched this video. Why aren’t we doing this? Well, our name’s on that tax return too.

And we’re legally responsible if we have our name on your tax return filing it for you as much as you have your name filing it. And so we’re not gonna put our name on something that raises a red flag with the IRS or risk an audit with the IRS. Certainly we play in the gray area because I own multiple businesses too.

That’s just been my philosophy. So we’re not ultra conservative, but we’re not ultra risky. And we’re not gonna take this idea that somebody spat out there on TikTok because they think you can do it because their name’s not on your return.

So when you get audited or the IRS comes asking questions, they don’t care. You’re now responsible for what you learned on TikTok and put on your return. And what are you gonna tell the IRS? Oh, well, this TikTok video told me I could do it.

So there’s no recourse there. So there’s kind of a fine balance. Obviously you can come to us with these ideas, but we’re gonna say yes or no because our professional liability is on the line too, and we don’t want the IRS at our door either.

Do you think that that is part of the criteria of how people select their CPA? How much the CPA firm is willing to go to bat for them? I think it’s part of it. I mean, every CPA is different.

They’re all different approaches. I just kind of mentioned what we do in the middle, but sometimes it’s a personality fit. If they wanna be ultra aggressive, we’ve had these clients and we just tell them we can’t prepare this return for you because at the end of the day, I’m not gonna risk our professional liability and my business because you wanna be ultra risky on your return.

It’s just not worth it for us. So go find somebody else that wants to take that risk. And we’re talking significant dollar risk and just flat out isn’t even in the IRS code to follow and have a defense against with the IRS if they ever come knocking.

So we just don’t do it. We just don’t work with it. It’s not worth it to us.

One of the concepts that we teach, because I am in the business coaching and personal development business. One of the things that we tell people is ultimately, if you’re making a presentation, if you’re making an offer, you wanna figure out a way that the ultimate outcome is that your services are free. And that’s the other reason that I really like the CPA industry in general.

So there is Brad Sugars, and then there’s a guy named Carl Bryan. Are you familiar with Carl Bryan? No, I’m not. So Carl Bryan was another guy.

And I think he’s from New Zealand, maybe Australia also coincidentally, that was also a CPA that also started a coaching company. They seem to be from Australia. Yeah, nobody wants to live in Australia because they have no gun law.

The gun laws are you can’t have guns. And so they moved to North America, who knows at any rate. The point is he created an entire coaching business around the idea that his coaches, the people that he’s coached to be coaches, can go into a business, sit down with them and say, I can find you an additional $50,000 worth of business within 10 minutes.

If you’ll let me take a look at your numbers, I can show you where the money is, and that’ll be without spending another dollar in advertising or marketing. So are you interested in hearing that? And then they go in and they play with KPIs and metrics and say, if you just did 2% better in conversion, if each ticket that you sell was only 10% larger, at the end of the day, you’d end up with this 100% increase. And all valid data, except the ultimate thing about how they’re interpreting the data is the end of the pitch where they say, hey, here’s how you save 50,000, here’s how you make an additional 100,000, whatever it is.

And then the question is, you can either implement this on your own, or we can assist you in implementing this, which would you like? And it’s the, like I said, for a CPA to be able to come and say, we have CPA services, they are X. We’d also like to give you coaching services because ultimately you should be asking the question, will my CPA not just save me money, are they smart enough to actually make me money? And that’s the distinction. Most people’s CPAs, my personal experience included, most people’s CPAs are on the other end of that spectrum. They’re not in the gray, they’re not in the middle, they’re extremely conservative.

Why? Because they don’t want to get audited. And so ultimately that portion of playing it safe is what makes me not choose a CPA. I want a CPA that’s gonna take risks on my behalf, but I want them to be smart enough, they’re not actually risks.

But somebody that was proactive, like you just said, somebody that was proactive and said, hey, Marshall, it’s the end of the year in three months, you’re gonna end up with a million dollar liability. If you don’t wanna give the government this money, you better give that money to, I don’t know, somebody selling a jet or office equipment or real estate expenditures, anything that we can put against your bottom line for this year, because you’re gonna spend the money one way or the other, you need to spend it on something you can keep. So that is my thought.

If you have 200 business owners and your range is around, you know, one to three owners, $30 million a year, 10 to $30 million a year in income, those are target rich environments that in my opinion, that is the purpose of a business is to say, what else can we sell? How else can we serve these clients?

And any CPA firm that’s not actively selling, not just advising as a part of their CPA services, if there’s somebody not actively selling additional business coaching and direction services, I think they’re kind of missing the boat.

So do you charge extra or is that all included inside of your CPA services?

Yeah, we price a little bit differently, but to answer your question, yes, we’re charging for it. It just depends on how, you know, how much they are needing from us.

But for our monthly clients, you know, we’re pricing in how often we’re checking with them formally with our controller team and having those proactive conversations. We do a Q4 tax analysis, as you mentioned, like three months to the end of the year and seeing what needs to be done from a tax perspective. But yes, we are pricing that in, so to speak, in our monthly pricing.

But I mean, even a little further, right? You are, the name of your business is a CPA firm, correct? Yeah. Insogna CPA. Mm-hmm.

My belief is that right off the bat to manage expectation, if it also added and business consulting, that right off the bat, now they’re looking at you as someone different and in the advertising, all things being equal, CPA, CPA, CPA, CPA and business consulting. Wow, I want it all in one, you know, one-stop shopping. And since most CPAs are doing that already, I think it’s kind of funny that they don’t actually advertise.

We are not CPAs. I mean, yeah, that’s what we do and we’re certified, except what we’re here to do is flat out make you money. We’re not here just to do your taxes.

Anybody can do your taxes for much cheaper, by the way, except ultimately our services, while more expensive, are free because we make them free by finding you money that’s already yours, that you’re not paying attention to and looking at. Talk to me about miles and points. And, you know, obviously that’s something we were talking pre-show before we launched the live show.

You were, I could see the look on your face. You were happy about that. You were excited about that.

It was fun for you to do that. And I would agree. I’ve spent millions and millions of dollars on credit cards and I don’t pay any attention to all of that.

And I guarantee if I had, it’s a lot of found money. So talk about it to me. How do people set it up? What kind of money is actually there in points and miles? I can’t qualify for miles because I don’t fly commercially anymore, but I certainly could qualify for points and probably should be.

Talk to us about that.

Yeah, so, I mean, you can’t get miles. You know, you just have to have the right credit cards, you know, when you’re transferring, et cetera.

But kind of to back up- The challenge with miles on a private jet is, yeah, you could get points using a credit card, but the challenge is they charge you an extra 4% if you use a credit card and don’t wire the money. That’s true. But commercially, you know, if you’re going international on, you know, business first class, you can certainly, you know, charge the right cards and transfer points.

But I, you know, kind of a quick history, I got into it just organically by myself. I mean, I don’t remember the website, but it was like literally a spreadsheet on a website. This person like had out back in the mid 2000s and so I found it one day and, you know, just kind of followed it.

And I would sign up for, how I got started was like a Chase checking account. I think they were giving like 10 or 15,000 continental miles at the time. And then I read in the T’s and C’s that you could do it every six months.

So, you know, I would close it after six months, reopen a new one. The banker was like points and miles too, so she was helpful, plus she got the credit. And so that’s how, you know, I kind of built, kind of got started.

Then I would, you know, I’ve gone through the iterations. I did the whole coin thing that people read, you know, in the New York Times, that story. I was doing the coins with the US Mint where you could buy dollar coins with credit card, no fee, get it delivered to your house.

And then you would just go deposit it at your bank. FYI, a box of $500 coins is very heavy. So, you know, it was a little bit of a challenge, but, you know, so you’d buy coins, you would deposit it, you pay the credit card, you get the points.

And then there was these prepaid cards through like a, I think it was an Amex checking account. So I’ve kind of done these iterations. Nowadays, there’s not really like a lot of those products, but there’s a lot of credit card signups.

They don’t really sign up unless it’s like a huge bonus these days. But, you know, so that’s kind of the history of it. I’ve been doing it for a long time and I love travel.

That’s what I love to do. And when I do it, I like flying business first class, you know, staying at five star hotels. So, you know, we’re going on vacation this year to Spain.

For example, you know, I might spend, you know, two grand total for a two week vacation, flying business class, you know, staying at 500, $1,000 a night hotels on points because I’m using points and miles and know where to transfer to and how to book the tickets correctly to get the most value out of it. So, you know, because I love travel, that’s what I focus on. But other clients, you know, that aren’t as passionate about travel, it’s really just charging.

I mean, you’re already charging the expenses on your card as a business owner. So what we try to, what I try to educate my clients about is using the right cards and benefiting yourself in a points atmosphere that will benefit you to what you want to use them for. Cashback, point, you know, travel, transferring to airlines and hotels, you know, buying stuff, which isn’t a great value, but you can do it.

So for example, the Chase portals where I always start people off with using the, you know, the Chase Inc, Chase Inc card, Chase Inc Unlimited for business. You get one and a half points per dollar on all charges. And then pairing that with, cause it’s a cashback card, pairing that with a personal like Chase Sapphire card, but you can then transfer those points as cashback into Chase Ultimate Reward Points to be more valuable in transferring to travel partners.

So the Chase is where I like to start. They have, you know, business personal cards and then just focus on that portal, learn how to transfer them properly to the, they have the best transfer partners overall. Second one’s probably Amex, a little bit more limited in transfer partners.

They don’t do cashback. And then you’ve got Capital One and Citi, you know, two and three or three and four. So those four are, you know, where to focus on, but, you know, businesses are already spending the money, you know, so everything I spend, I don’t buy a stick of gum without a credit card.

I don’t carry cash, I don’t pay cash for anything. So everything, you know, is charged to a card and, you know, I utilize it to travel the world really.

What are some quick things people can do? Obviously you live in Texas, I live in Nevada.

California has at my bracket about a 13% state tax. On income, what are some things besides picking up and moving to a better state, can people do immediately to start keeping more of their hard-earned money in their pockets? Do they pay their wives a salary or their husbands? Do they pay their kids? Do they make sure that all of the major purchases they make are in the name of their business or what can I do?

Well, I mean, if you’re paying your family and you’re living in California, you know, for example, I mean, there’s no way around it cause it’s still coming down to California taxes. Maybe a different tax rate.

You can play around there if you’re filing separately or your kids are adults and they’re filing separately. But it’s, you know, the state like California is quite difficult to avoid state income tax cause at some point it’s flowing down to the state itself and, you know, getting paid. Even if you’re a C Corp, you know, you could potentially in high tax states like California and New York, you can, you know, benefit from a bit lower tax rate in a C Corp, even when you’re transferring that money as a payroll or dividends to yourself.

So it’s something to look at in high tech states that we consider with those clients. But in general, like loan outs for the entertainment industry you know, operating as an S Corp, you know, eventually it’s still flowing down. And then from there it’s tax planning before it gets to the state level, like with a qualified plan or defined benefit plan or something.

You’re just putting it away for a rainy day and, you know, retirement. Or, you know, you’re doing like check, you know, he talks about he had a C Corp, he paid his parents. I mean, it makes sense for him cause he was in a huge, you know, very high tax rate.

So for him to pay his parents out of a C Corp, yeah, it makes sense with your advertising monies to do that because he’s transferring cash that he would have gave his parents at his high tax rate, paying them, you know, paying 15.3% on that money, payroll tax wise, and then transferring to his parents at a lower tax rate wherever they live at. So, you know, that my client sent me that video and I was like, well, yeah, that makes sense. You know, cause he’s in California, you’re not, you know.

So, you know, just different, obviously different people in different scenarios have different connotations to tax planning, but, you know, we kind of look at the full spectrum and determine what’s best for them.

What do you think, how old are you? 45.

What do you think are some of the basic personality traits of people that succeed and do well versus people that don’t in business?

One is I think having, you know, the right resources around you.

You know, we’re always promoting to, you know, as a business owner, as a athletes that we work with, as entertainment people we work with, you know, having a team around you that’s not related to each other. You know, for example, you know, athletes and entertainment, they have their manager and they’re referring people that they are related to, likely getting commissions usually. You know, we’re promoting to have your own circle of influence where your CPA is unrelated to your attorney, unrelated to your manager, unrelated to your insurance person, financial advisor.

Like none of these are profiting from each other’s relationships and building that team together. That, you know, I don’t, I mean, I don’t, I know enough about marketing, but I’m not an expert at marketing. So I have a team of people that help me with marketing, for example, you know, I don’t know everything about legal.

I have a attorney, you know, I work with when I, you know, need those resources, insurance, you know, et cetera, financial advising, you know, personally don’t, personally manage my own portfolios. I don’t necessarily trust all those, but, but, you know, so for, you know, just get the right team around you and make sure they’re not, they’re not financially benefiting from the referrals they’re making. I put in every single email that I refer, we do not financially benefit from this referral.

So we don’t, we don’t expect kickbacks. We’re not getting anything out of it. We just refer the best resources we think that in that conversation makes sense.

And then, you know, you go talk to them yourself and see if it’s the right fit for you. But that would be my advice as a business owner. I think a lot of people try to cut corners, you know, obviously, I mean, like I said, I started out, I didn’t pay myself for two years.

I understand, you know, there’s that hump to get over, but business owners that cut corners, you know, the average business owner is five years or less if you look at stats. So how do you, how do you get over that hump? You’ve got to have the right resources. The most successful business owners have people in place to help them go forward and be successful.

And so if you’re, you know, obviously CPA, if you’re trying to cut corners and file your own business and personal taxes, I mean, is that really worth your time versus taking that same amount of time and resource into your own business and growing it and focusing on where you make money at? That’s how I look at my own time. Like, is it worth, you know, spending this amount of time or should I go hire somebody or find a resource to do it for me where I can focus my attention on growing and building, you know, a better business here? That’s how I think you become successful.

What are your thoughts on cryptocurrency? I, good question. My own personal thought, I, I’m not into it. I mean, we have clients that have made a lot of money and I’m just not, it’s just not my thing. I personally, I mean, 50% say otherwise, but you know, I don’t, there’s not an underlying business behind it like you would in a stock that you invest in.

There’s an underlying business making money. My investment philosophy is dividends. I wanna be paid on my cash.

So for me, it doesn’t make, like crypto doesn’t work for me. There’s no business underlying it that says it makes money. The only way it goes up is for more people to buy Bitcoin.

The only way it goes down is for when people sell Bitcoin. There’s no underlying like actual business model generating income to inflate the price like you would find in the stock market. So for my CPA philosophy, like I don’t, I don’t invest in it personally.

I agree a hundred percent with you. And there’s one more element that people don’t consider. And anybody making money with crypto, don’t bother listening to us.

If you’re making money, God bless. You’re the one. But as far as crypto goes, the other challenge is it’s worse than a fiat currency.

And most people say, oh yeah, it’s on the blockchain. The government can’t this, the government can’t that. And Garrett, I know for a fact, I have some friends that had launched poker sites back when online poker was the rage.

And then the feds came along and outlawed online poker. Why? Because all the casinos in Vegas were lobbying that they should be the only ones that have online casinos. That all makes sense.

But the challenge is cryptocurrency is, like you said, there’s nothing behind it. It’s fiat, which means there’s no basis of the value other than how it’s being traded. And yeah, if everybody buys it, price goes up.

Everybody doesn’t buy it, price goes down. Or everybody sells it, price goes way down. And the challenge though.

Yeah, another piece of it is the platforms too. Because I had money in USDC on a couple of platforms that went south. And these platforms were public companies that my money just disappeared and was supposed to be a quote, stable coin where they ended up doing nefarious activity.

And I lost a good chunk of change that I would like to get back. But there’s also the coin itself, but there’s also where you’re buying the coin. I mean, if you get in a whole cold wallet stuff, I don’t have time for that.

But people are successful with the cold wallets, fine. Good for you, as you mentioned. But for me, I mean, I thought I was investing in a Fidelity or a Schwab platform because it was a legitimate public company.

And come to find out, it wasn’t. So I think it’s just kind of been the wild west. And like even Fidelity, you can’t buy USDC on Fidelity, a stable coin.

So I’m gonna trust, going forward, the brokers who are kind of the trusted ones in America, E-Trade and Schwab and all of them that have been around a long time. If they’re now getting into it and they’re trusting to hold it on their platform correctly and not lend it out to third parties that are spending it nefariously, then certainly. But I think that’s where a lot of people have gotten in trouble like myself, where we trusted these platforms where we thought they were holding it for us and they weren’t.

Well, then people will point out on cryptocurrency. Well, you got people like Jamie Dimon of Chase. The Chase is buying Bitcoin now.

So that proves that it’s legit. And I always tell them, no, that proves they know what the sheep are doing. They know exactly where everybody’s going.

So I guarantee you, if they’re buying, if they’re right now buying any kind of cryptocurrency, you should be selling everything because they’re going to be next week and they’re going to drive it up. They’re going to be a market mover. They’re going to move the market and then they’re going to sell it out from underneath everybody else.

Well, everybody else is excited. I also am fascinated. You take somebody like Samuel Bankman-Fried, Bankman-Fried.

Doesn’t that tell you everything? His name just said everything, Bankman-Fried. So we’re going to rob all the money from the banks and then we’re going to fry them. That’s what he did.

And people point to stuff like that and say, well, that makes it legitimate, but here’s my challenge. All it takes is one pen for the government to decertify and make illegal any kind of cryptocurrency that they don’t issue. And I think that’s where it’s going is I think that the government is about to probably in the next term, whoever the president is, they’re probably going to outlaw cryptocurrency.

They can’t outlaw it altogether, much like they can’t outlaw online gaming altogether, but they can outlaw it in the United States. They can outlaw it in the United States.

And I think that’s what’s gonna happen is they’re gonna say all cryptocurrencies are outlawed inside of the United States. You cannot use them here. You cannot trade them here.

You cannot, if you’re a US citizen and we find you’re holding them, we’ll confiscate them. My belief is that’s what they’re gonna do and they’re going to promote their own cryptocurrency so that they keep the money intact. What do you think about that?

Well, what you last said, the lesson is what I, in my opinion, where I think governments are going because they wanna track every dollar you spend and hold, which is why we continue to have these foreign filing requirements, especially when you have money and assets overseas.

So, I think the technology is going to where the United States, for example, will have its own digital coin. First, like we have a physical dollar, we’ll have a digital dollar at some point and then everybody is forced to use the digital dollar. You’ll trade a digital US dollar for a digital European dollar, for example, because countries wanna control their own currency.

So, it’s never gonna be one Bitcoin for the world because each country wants to control their own money. So, I think every country will have its own digital. That’s where the technology will come into play and then they’ll be able to track every single transaction like you see in futuristic movies.

They know where you are, where you’re spending at every single moment. I mean, that’s the direction that social credit has been heading in for a while and I think that’s where- Yeah, China’s already there. It’s social credits.

You jaywalk, you get dinged. You say something about the government that’s not in alignment with their narrative, they ding you. They take some money out of your account.

People say, oh, that could never happen. That’s criminal. Are you brand new? Did you just wake up? I had over $20,000 in a PayPal account that was strictly for buying stuff that didn’t accept credit cards.

So, it just sat there. I bought stuff, I put deposits inside of it. One day I go to buy something and it tells me I’ve got no money in the account.

And I’m thinking the wife must’ve spent 20K. I go to the account and PayPal cleared my account. They said I went against their terms and services.

Well, that’s one thing to tell me you can’t trade here anymore. Take your money and go away. It’s another thing to clear out my whole account which is what they did.

They took $20,000 from my account and claimed it was against their terms and services. I obviously, I said, what the heck? What did I do wrong? I didn’t do anything. They said, your account’s under review, we’ll tell you in six months.

What the heck? You’re gonna hold my money for six months and then tell me? At the end of six months, guess what they told me? Yep, you went against our terms and conditions and the fine was the amount in your account. I do some research, come to find out they’ve done this to hundreds of thousands of people with no recourse. Nobody’s gone after PayPal.

And that was the, so now I said, I’ll never use PayPal again. They’re thieves, that’s what they’re doing. Most people don’t realize you have cryptocurrency, especially government issued cryptocurrency.

I’m sorry, you don’t have it anymore. They just press a button and it’s gone. That’s the challenge.

Buy silver, buy gold, hide it at your house, bury it in your backyard. Because at the end of the day, as things start to unfurl, which last night’s debate was the turning point of things unfurling, guaranteed, that’s what last night was, that they’re gonna start coming after the cash, they’re gonna devalue the cash even more than they already have. And they’re going to, people don’t know this, and most people don’t remember history.

America, the United States, Roosevelt, I believe, Roosevelt criminalized the holding of gold. And so if you had gold, you had to turn it into the government years and years ago. And that’s what they’re gonna do it again.

They’re gonna make it illegal to hold precious metals. They’re gonna come and confiscate it unless somebody gets into office that has a smarter outlook on our finances and our economy and makes it better. Hey, before we wrap up, thanks so much for being on the show.

You’ve been awesome. Any last things you wanna say to the audience and how do we get ahold of you? Yeah, again, thanks for having me. Really enjoyed it today.

And I always recommend, whoever you’re working with, make sure you find a licensed CPA in your sphere of influence to help you with your business and taxes. But if you wanna reach out to us, feel free. My team is always here to pick up the phone and talk to you.

You can hit us on our website. It’s InsognaCPA.com, I-N-S-O-G-N-A-C-P-A.com. And our phone number’s on our website. Give us a call.

Shoot us a contact via our form on the website. And we’ll be happy to reach out to you and have a conversation, see if we’re the right fit, see if we can help you. That’s really, at the end of the day, what we’re here for is to help people.

Awesome. Chase, thanks so much for being on the show. I appreciate it.

Yeah, thanks again. Hey, by the way, you said you were just in Vegas. Do you get to Vegas very often? Two or three times a year, yeah.

Good. We hold an event about every other month, either in Vegas or in Southern California, because I don’t like to travel. It’s called Turning Point, and it’s filled up with entrepreneurs and investors, clients that you would have.

More than that, though, tickets are three grand a piece. I’d like to give you and your guest a pair of tickets, $6,000 value. All you gotta do, call the office at 1-800-92-POWER and tell them you were a guest on the show, and that I invited you to come to Turning Point.

Love to have you there. I love how your brain works. Thanks for being on the show.

Yeah, no, cool. Thank you very much. You bet, brother.

Have an awesome day. You too. Bye for now.

Great show, great day. Yeah, my head’s still reeling from last night. My head’s still reeling from the debate.

Fascinating time. I wasn’t able to watch the whole thing. I had a dinner meeting, so I watched about 15 minutes, just enough for Biden to mumble something and Trump to look over where Biden was standing, look back at the camera and say, I have no idea what he just said, which nobody did.

And so last night was pivotal because a lot of truths got revealed. When they announced the debate was happening this early, I said, it’s never been held this early. Something is up.

They’re doing something. And I think what happened last night, mark my words, you heard it on the show and I’m not the only one saying it. So probably not the first time you heard it today.

They’re going to replace Biden. They’re saying they’re not going to, but here’s my prediction. What’s gonna happen is in about a week, maybe two weeks, they’re gonna say Joe has decided he’s given enough for the country.

Over 50 years of service to his country, remarkable term as president. Best thing he could do is go out on top. And Joe has decided, and we don’t fault him for it.

He’s decided he wants to spend more time with his family. Apparently he heard there were some young children moving into his neighborhood. Yeah, I said it out loud.

The thing that I want you to keep in mind is it’s just optics. It’s none of it’s real. And how do you exist inside of a world where things seem chaotic? Keep your own head on straight.

Be clear on what’s really going on. Never get angry at the game and recognize the best way that you can win is to play the game on the game’s terms. That’s all I’m gonna say.

As we wrap up this program, I wanna remind you, we are on hiatus during the month of July. There’ll be no broadcasts through the month of July. And the reason is we’ve got a brand new building.

We’ve got a 31,000 square foot building. We’re moving into building out studio money. We’re very excited about that venue.

And we’re excited about having you there. So turning point next month, if you are amongst the first three people who call 1-800-92-POWER, I’ve got two tickets worth $3,000 a piece for you to join me at Turning Point in Las Vegas. Don’t take the tickets unless you’re gonna be there.

It’s coming up the 16th through the 18th. We’ve also got a Crushers event teaching you how to speak and sell from the platform coming up next month in Los Angeles at a live event where you’ll see me not only teach you how to crush it from the stage, you’ll actually watch me at another event crushing it from the stage. That’s a cool thing to watch.

We’ve got an Inner Circle event happening at Prosperity Palace. Looking very much forward to that. We love our Inner Circle events.

And then finally, we’ve got a Prosperity Alliance two-day event coming up here in Carlsbad, also in July. Love to see you at any of those events. I’m Marshall Silver.

You are totally loved. Until we chat in August, God bless. Hey there, moguls.

It’s me, Marshall Silver, your personal millionaire maker. Getting very excited about my brand new show coming up two hours a day, five days a week. I’m gonna broadcast live to you.

I’m gonna give you content, information, emotional, mental, physical, and even spiritual power. I’ll also invite some of my cool multi-millionaire and billionaire friends onto the show to give you more direction, more advice for having it all. All the knowledge to get everything you want and so much more.

All you gotta do is log in to the show to get information. Coming to you live from the bunker right here at Studio Money, so stay tuned.