I Stress Out Way To Much On Tax Day - My Preparation & Filing is Complete / Giving Away My Savings
My Tax Day 2023
Transcript
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welcome everyone out of the woo here as
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a recording of this it is a day that I
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have not looked forward to all year for
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365 days give or take you know the
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couple days after it happened last year
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I don't really think about it
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well maybe in the first couple weeks but
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then it starts to get in your head as
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the recording of this it is Monday
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March 27 2023
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about two two and a half weeks before
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the official tax day but I never try to
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wait till the last minute until April
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today
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I am doing my taxes
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something I stress about
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all the time ever you know each month
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get paid for what I do through the
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platform
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and I always put a little bit aside and
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I just always wonder do I have enough
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set aside in that separate savings
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account
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I'll find out today I'm inviting you to
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join me
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it's going to be a day of
1:00
celebration because I'm in celebration
1:02
but also excitement if I have stockpiled
1:06
enough
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in my savings to pay Uncle Sam just kind
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of reaches down in your pocket and goes
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give me that
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give me that not a fan
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or it'll be extreme disappointment if I
1:19
don't I I think I've done it I think
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I've done well enough with putting what
1:23
I need to put aside I'm going to talk
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about that and just see where the day
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goes join me it's warm out here also
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shall you now usually this classic truck
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is parked over by the bike rentals today
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it's out here
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which is kind of nice so classic truck
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alert right here now I learned a lesson
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years ago when I started making a an
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okay income where it had to be accounted
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for the IRS to start putting rule I
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guess A good rule of thumb I'm having
1:55
trouble talking because I'm just really
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not looking forward to this
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30 percent
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of what I make
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I put in a separate savings account and
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usually that works out with the
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write-offs and all that to where I get a
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little bit back not a lot back but I
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have enough to cover when everything is
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all said and done what I have grown
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accustomed to my habit of what I do is I
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take 30 so I basically will take let's
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say I make a thousand dollars a month
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let's say I get a payout for a thousand
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dollars a month I will take 300 it's
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just an example
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take 300 let's say you're me make a
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thousand dollars a month being
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self-employed not counting the
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write-offs not counting of all that just
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take three hundred dollars out of that
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thousand put it in that same separate
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little pocket a little separate savings
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account have two savings accounts I have
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my regular savings and I have my tax
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savings it's just kind of the way I do
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things that way it's out of sight out of
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mind if I made two thousand dollars or
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anyone makes two thousand dollars a
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month being self-employed doing what I
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do you want to put 600 a month and put
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that in the savings that way I am
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guaranteed to have a little bit of money
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paid out kind of like when you're
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working for someone and you are paying
3:05
in each year but I'm not paying in I
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have to pay in at the end but really if
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you manage your money correctly I have
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grown to learn by putting that a little
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bit aside it really does help me in a
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lot of ways not being overly stressed I
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was stressed a little bit because I do
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not know the total what the total will
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be once the write-offs and all that are
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in I talk to the accountant and all that
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but I feel like I can breathe a little
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easier when it's all said and done when
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I just realized that I do have I have
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planned accordingly with the 30 is that
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I don't know it probably doesn't really
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make
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I guess it doesn't make sense really
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when I kind of break it down like that
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but then you also add in the write-offs
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so I will write off all my hotels all my
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gas all my rental cars all my flights
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camera purchases admission to museums
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theme parks things like that
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I will put that in the write-off
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category as well and because I do pretty
3:59
consistent videos there is proof that I
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am utilizing what I spent
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to be to be going towards the content
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for these videos as a business expect
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expense that is what I was taught years
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ago we're going by the to the first
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accountant that I used to have had us
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since retired and then the last couple
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years I've had to go to another one
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and that's basically what I do and it
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has worked out
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pretty good
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thus far I need to get some coffee it's
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pretty warm pretty dang warm out here
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but I'm still gonna go full piping hot
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caffeinated
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that's just what I do I think it's more
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of a curbing of an appetite kind of
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thing I've learned in the morning I
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don't really eat breakfast I do eat a
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pretty good amount later in the day I
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make up for it
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I have uh I have a lot of good habits
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I'm pretty dedicated with the course of
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you know what I'm doing with these
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videos and living my life and things
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like that
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but two things I really slack on are
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getting more exercise that I need I'm
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good at Cardio but anything other than
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that a slack on that and I also slack on
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eating well
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if I could just get those two things
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dialed in I'd be doing really well
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because everything else career-wise in
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my life and like you know getting tunnel
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vision and really dedicating myself to
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doing a lot of things I am really good
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at keeping a regimen and a habit I just
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got to work on those two other things
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but not making any statements or
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anything but just kind of popped into my
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head and as far as expenses go as what
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it was told to me you know basically
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everything you spend is going off of the
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total of what you made so let's say you
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make thousand dollars being
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self-employed a month that's twelve
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thousand dollars a year
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but let's say you spent two thousand
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dollars on flights hotels gas camera
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equipment things like that so in reality
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you were showing that you didn't
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necessarily make twelve thousand dollars
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a year your total after the write-offs
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after those two thousand dollars is ten
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thousand dollars a year so that is your
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taxable income that's how the write-offs
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work at least that's how it was told to
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me so basically the more you spend on
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doing things
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goes off the total of what you made but
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it's not it's it's not a complete
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removal of all of that it just goes off
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the total of what you made and what is
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taxable
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of what you made confusing I know right
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it's very stressful now in the past you
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would also factor in donations
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crowdfunding merchandise but since I no
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longer have spreadshirt I no longer have
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patreon I no longer have any kind of
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donations or anything like going to
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other sources this is going to be a lot
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easier a year because there are going to
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be less things
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that add in to what I made so basically
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it's just AdSense YouTube's AdSense is
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all all that I made this whole 2022 the
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tax season of 2022 which I'm filing in
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2023 so this should be simpler
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than four more years for the person
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who's going to be doing my taxes and
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make it a little easier on them and a
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little less stress and because I didn't
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sell any stock in 2022 I sold a lot of
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my Disney stock back in December 21 that
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way I could file it last year I wanted
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to get it all out of the way so I didn't
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have to mess with that this year I did
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buy some more Disney stock earlier in 22
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but you don't have to mess with any of
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that until you sell it I have not sold
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that off yet so by me selling it off in
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December of 21 I don't have to mess with
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any of the stock at interest on that I
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do have some paperwork on the
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you know for
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the interest on bank accounts and things
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like that so I have to report that and I
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have to report the write-offs and I have
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to report what I made off of YouTube and
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that's pretty much about it but I have a
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whole heck of I got a lot of write-offs
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I uh I traveled a lot in 22. that's just
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kind of my thing this is a sycamore tree
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right here
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plantainus oxidantilus
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fast growing tree up to 75 to 125 feet
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exfoliating character bark part of the
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street program I also kind of wonder if
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it made us branches or not
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I'm on the fence with it does it make
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more sense to just not spend money to do
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things through the year not stay in
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hotels not stay in not fly places what
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if I just stayed put and didn't have
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has many write-offs would it really hurt
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the total more I I often wonder like do
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write-offs really make that big of a
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difference in the grand scheme of things
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I'm going to get a little bit less
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taxable income
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you got to really have a lot of
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write-offs which will make a huge
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difference I'm really kind of wondering
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is it easier is it makes it make more
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sense if I just stayed put it never went
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anywhere never had any write-offs any
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travel expenses
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does it make more sense to do that
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I mean obviously I'm gonna I'm not gonna
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stay put I want to I don't want to
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travel but
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I just wonder if the write-offs make
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that big of a difference in the grand
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scheme of things
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I don't know I just haven't made the
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decision yet also there's a cone right
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there on the top of that I'm not sure
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why that cones there these are the tax
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brackets for 2022 filing in 2023 for
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obviously I'm single so I'm a single
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filer but
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it kind of shows the brackets for the
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head of the household then for married
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individuals filing jointly
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but it's interesting how the more you
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make the more Uncle Sam just goes how's
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it going
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I'll just take that right out of the old
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wallet there but the more you go so I am
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not in the 10 or the 12 tax bracket
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I'm higher up than that and the more
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that you make the more
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they take
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which is kind of it I mean I don't know
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I don't I don't get all of that so
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there's another part of me that makes me
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think
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you know let's say you made
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I don't know let's say you were all the
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way down here under 37 tax bracket
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they're taking almost 40 percent I've
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taken almost half of your money
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or if you're just you know between the
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10 and 40 000 they're only taking 12
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that is a massive difference
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percentage-wise of what they're taking
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which makes me think
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down the road you know if you can if I
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completely stop doing what I'm doing it
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fell back down into the lower lower tax
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brackets
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granted you're not making as much money
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but then the government's not getting as
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much is it does it make sense
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to put more out there I guess you could
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say work harder or stay busier
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you know obviously I'm not throwing feet
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at a feed store and breaking my back
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anymore but I stay pretty consistent if
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I were to stop that consistency and make
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less
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give the government less
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does it really kind of even out
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I don't know
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things that make you go hmm
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I wonder what
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the duck thing I almost misspoke and
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called Howard the Duck Roger Rabbit I
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don't know I have Roger Rabbit on my in
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my brain right now it was really Howard
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the Duck
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it's a fake decoy duck
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I don't know I always think about all
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this stuff throughout the year when I'm
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putting money away I always think oh the
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duck is turning it's Noggin towards me
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swiveling
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the duck is wishing me luck here on tax
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day my tax stuff and when I was younger
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I was working retail and whatnot
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you know when I first started working
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when I was a teenager in the early early
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20s and I would always hear these
11:32
stories of like celebrities or really
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rich people
11:35
that were getting busted for tax evasion
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I was like what's the big deal why don't
11:38
they just pay their taxes
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but then when you look at the fact that
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about half their money is being given to
11:44
something they don't want to give them
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to well most people probably don't want
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to give it to us you kind of start to
11:49
think you kind of understand you can't
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really accept the fact you know because
11:54
it's not something that's legal but you
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kind of get why
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some people would try to avoid that
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let's say you're making 10 million
12:03
dollars
12:04
and someone was like you know give me
12:08
give me four million of that why
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because we said so I mean I kind of I
12:14
I kind of unders I kind of understood
12:16
kind of understand
12:22
big difference between you know
12:22
12 percent
12:23
someone taking taking from you he's
12:25
walking down the street someone says
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give me 12 of your income you're like oh
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man that stinks
12:30
but you can handle it someone says you
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don't give me 40 percent
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can you imagine I mean I can imagine but
12:38
yeah most definitely first world
12:39
problems and a lot of those ways
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I guess the thing I just don't
12:44
understand is why there's different
12:45
brackets I think that's the main thing
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I'm a novice when it comes to all this
12:51
stuff I'm definitely I'm kind of like
12:53
unfrozen caveman lawyer
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I don't know a lot something has
12:57
happened to the Celebration established
12:59
1994 the emblem's still here but the
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guide map look at this the guide map is
13:04
just completely empty right here so
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maybe Uncle Sam came through here and
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grabbed that as well acquired
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and just like every cup is an adventure
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every day is an adventure including tax
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day you know I'm ready for it I don't
13:19
want to put it out there that I'm like
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I'm stressing just gotta stress about it
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all year something that's always on my
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mind but I feel pretty confident I'm
13:25
good today
13:27
I'm good you just have to out of sight
13:28
out of mind
13:30
the savings that's going to go away as
13:32
long as you got that
13:33
and copy
13:36
go wrong and truthfully I could probably
13:38
do these myself I don't really want to
13:41
and I'll explain why well this year I
13:43
probably would be easier than four
13:44
meters because I don't have a lot of the
13:46
other elements that I had in the past
13:48
and like I said just sell off any any
13:51
taxes or anything like that is this
13:52
reminds you like Mr Toad extended Mr
13:54
Toad mobile he was kind of a reckless
13:56
driver I wonder if Mr Toad ever did
13:59
any taxes or if he evaded them
14:07
should go I think I should go hmm since
14:07
it's basically income a little bit of
14:09
interest on some bank accounts and all
14:11
those write-offs I have itemized
14:13
everything I've printed everything out
14:14
gonna hand it to the accountant it's
14:16
gonna be pretty
14:17
pretty cut and dry we're typing it all
14:19
in and all that and just telling me what
14:21
needs to be done I could do it myself
14:22
however I just feel like
14:26
from government's point of view IRS
14:28
seeing somebody else doing it they're
14:31
gonna just kind of be like oh yeah it's
14:33
done right as opposed to me as a normal
14:36
civilian doing it they might look into
14:38
something a little bit more and
14:40
having an accountant they'll be like oh
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you missed this you skipped this you
14:44
forgot this and I feel like paying a
14:46
little bit
14:47
for an accountant and having someone to
14:49
do your taxes from my point of view
14:52
that that what you're paying them you're
14:54
probably
14:55
would have been missed if you did it on
14:57
your own so it kind of all works out the
14:59
same that's just my opinion also when
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all this is said and done today I have
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to write a cashier's check go to the
15:04
bank get a cashier's check and then what
15:06
I usually will do I don't know why I'm
15:08
showing the sewer here but
15:10
what I will usually do we get the
15:12
cashier's check and I will overnight it
15:14
with delivery confirmation that way I
15:16
know
15:17
that they have gotten it
15:22
but evidently
15:22
when it comes to my stuff you can't pay
15:24
it online you have to pay through a
15:25
cashier's check which is a little
15:26
frightening that's why I do the I take a
15:28
photo of it and I send it overnight with
15:30
the
15:31
delivery confirmation and since I have a
15:33
couple minutes for it to be at my
15:34
appointment
15:36
swing by ESPN Wide World of Sports real
15:39
quick just see what's going on in the
15:42
Tampa Bay Ray Camp baseball world
15:46
see if anybody's still out here probably
15:49
not
15:50
but maybe
15:51
there was no warm-ups or any players
15:53
warming up on the practice fields but in
15:55
the main stadium over here
15:57
they are going to be doing a scrimmage
15:59
while a it's a spring training game
16:02
before the farm teams Montgomery
16:03
Biscuits
16:05
are going to be out here starting at one
16:07
of course my appointments are one so I
16:08
gotta leave in a minute but if I didn't
16:10
have to go to my tax thing I could just
16:12
sit right here and watch a
16:13
some farm team raise baseball against
16:15
tigers farm team baseball now the MLB
16:18
Race Tampa Bay Rays proper they ended up
16:22
heading out and they're actually doing
16:23
their spring training games in there
16:25
practicing a Tropicana Field which is
16:27
kind of weird for spring training to be
16:28
playing in the same stadium
16:30
but the biscuits are still here and the
16:32
Durham Bulls have already left
16:35
and gone back to North Carolina
16:37
so Disney spring training has pretty
16:40
much come to an end now this is probably
16:41
the last day of it what if I could take
16:43
this over to my my tax appointment uh
16:46
probably not
16:48
it's been nice having the spring
16:49
training here at Disney though even
16:51
though it's coming to an end I mean even
16:52
though the Rays have been gone for a
16:54
while but Farm teams are the biscuits
16:56
and the Bulls and River dogs have been
16:58
here
17:00
all right
17:02
off to my taxes I have all my paperwork
17:04
in an envelope and I brought last year's
17:07
statement of paperwork as well in case I
17:08
need to compare this year's to last
17:10
year's
17:11
so I kind of I'm prepared
17:14
I think I'm pretty I keep convincing
17:17
myself I'm prepared
17:19
it's happened all right accomplish that
17:22
at least step one
17:24
took about an hour and 40 minutes give
17:27
or take and then another 15 to get back
17:29
over here to Celebration
17:39
the point was at one it's almost three
17:39
now
17:40
it was pretty pretty strenuous but I
17:43
think we got everything dialed in and I
17:45
now have my total and I'm gonna go to
17:47
the bank
17:49
get a cashier's check and then go to the
17:50
Post Office
17:51
mail it off next day with a
17:55
number on it what's it what's it called
17:56
a number that you could track tracking
17:58
number
18:04
post office and the bank
18:04
right here on Market Street
18:09
also it's kind of hard to see as a
18:09
little
18:10
a little film on the clock here
18:14
the clock is the minute hand ever gonna
18:16
move
18:17
maybe not
18:31
someone just screamed I hope you have an
18:31
awesome day
18:32
thank you this works out well though
18:34
because there's a bank right here I can
18:36
get the cashiers check out and as soon
18:38
as I'm done with that
18:40
and continue down
18:41
Market Street well if not continue down
18:44
Market Street but just walk past Market
18:45
Street to the post office which is right
18:49
over there so I can have all three steps
18:51
of course the first step the most
18:52
stressful and strenuous one and the most
18:54
lengthy the other two pretty simple and
18:56
just like that done at the bank cashiers
18:59
check has been achieved
19:02
and now over to the post office of the
19:04
third and final step with track and just
19:07
like that accomplished
19:10
I don't know I get way more stressed out
19:12
about all the whole situation that I
19:14
probably should
19:16
but I have a tracking number
19:18
I have mailed it off to Charlotte North
19:21
Carolina which is where
19:22
it's supposed to go
19:24
I think there's a couple different
19:25
places you can mail it to but mine went
19:27
to Charlotte
19:28
send it out of there sent it overnight
19:30
it was like 28 29 not necessarily
19:33
priority but Express
19:35
they're going to sign for it whoever
19:37
gets it Uncle Sam will scribble his name
19:39
on something that I can look tomorrow or
19:41
possibly the next morning but hopefully
19:42
within the next 24 hours
19:44
and I'll be able to see Old Uncle Sam
19:45
scribble the signature that he he got
19:48
the payment
19:49
and then I can really
19:51
I could really rest rest well
19:54
right now I feel pretty good that I've
19:56
it's over and done with I've withdrawn
19:58
money out of my bank account
20:01
and send it
20:07
to where it needs to go
20:07
another year
20:09
I don't know I would say this is
20:10
probably one of the most stressful days
20:11
of the year for me I think about it all
20:12
I think about it the entire 12 months
20:14
leading up to this
20:16
I don't know maybe it's just me maybe
20:17
it's just in my own mind but yeah I do
20:19
now in the past the Fortuna Bakery clock
20:22
has not been working in precise
20:25
consistency with the other clock by the
20:27
bank and the one up there but it is the
20:29
correct time it is 3 30. well you know
20:31
what it's a little off
20:32
it says 3 30 here it says 3 36 up there
20:36
and I'm looking at my phone it's 334.
20:40
so it is a little bit off now I have
20:43
heard and confirmed that you can save
20:46
yourself a little bit of a penalty fee
20:47
it's not much of a penalty fee you can
20:49
save yourself a little bit of a penalty
20:51
fee as I walk down these stairs for the
20:52
grant her
20:54
by paying quarterly so you pay every
20:55
three months
20:57
I'm not going to do that I'm not going
20:58
to put myself through this stress four
21:01
times a year so I'll just pay these
21:02
small penalty I think most people just
21:04
choose to pay once a year in fact if
21:06
there was a little bit more of a small
21:08
penalty to pay every five years and only
21:10
do my only send my taxes in every five
21:12
years sign me up for that program but
21:15
that doesn't exist you have to do it
21:16
every year you know you can't get an
21:18
extension but I don't want to extend
21:20
this mess I'm gonna get it out over and
21:22
done with
21:23
and it seems like every time I end up
21:24
doing my taxes whoever prepares them to
21:27
say oh you know you have until the
21:28
middle of April just kind of wait on us
21:30
I don't know I'm going to immediately go
21:32
to the bank I might immediately ship it
21:33
out and I want this thing over and done
21:35
with
21:39
look at this down here look at this all
21:39
this green algae
21:46
breathing a sigh of relief right now
21:48
ah
21:50
Say it With Me Now
21:52
2022 taxes paid in 2023.
21:56
is good to go
21:58
done
21:59
played it
22:00
I gotta find a way to celebrate
22:03
here in Celebration
22:06
but that's gonna do it for today
22:08
so my advice
22:09
put 30 away if you're
22:12
if you are doing a business online for
22:15
self-employed 30 write off everything
22:18
you can that applies to that business
22:19
because my business is basically going
22:22
around filming things
22:23
on a regular basis pretty much you know
22:26
pretty much daily I miss a day here and
22:28
there but very rarely everything I do I
22:29
do a video of
22:31
so all that can be written off that's
22:32
what I do
22:33
and it worked out and I was pretty
22:35
accurate in my assumption of what I was
22:38
going to have to pay
22:40
oh there's a boat over there in fact I
22:42
was a little over on the Assumption so
22:45
even though I had that secondary savings
22:49
for taxes I had a little more in there
22:52
than I was expecting to pay so now I
22:55
have a little bit for myself not much
22:57
but a little bit
23:05
it's not too often you see a boat out
23:20
I think there was a Beatles song about
23:20
the tax man there was also a tax man and
23:23
Popeye the movie Robin Williams
23:26
I mean it's just they say there's two
23:27
things that are consistent in life death
23:29
and taxes
23:32
and I feel like sometimes
23:34
tax day
23:36
it almost be the death of me it's very
23:38
stressful
23:40
way more stressful than I make it up
23:41
than it needs to be
23:44
until next year taxes
23:46
tear neck till next year Uncle Sam and
23:49
with that I'll see you in the next video
23:51
that's it for today I'm not good I just
23:53
gotta I'm gonna relax
24:01
see the next video of the Vlog now
24:01
hopefully I hopefully I shared some info
24:03
because you might not realize how
24:06
how would you I do taxes and those that
24:08
are self-employed due taxes even though
24:09
everyone's different a little a lot of
24:11
ways but that's the way I do things
24:13
done see you next video the Vlog
24:15
it's over