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Speaker 1: You know, we're following to get into a place where

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it's a little bit consistent. Things are a little bit

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the same as last year, you know, and then we're

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going to add some sort of tax legislation that happens

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this year, and it's just going to be a whole

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bunch of change again. So the pace of change is

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most definitely getting, is most definitely increasing. You've got state

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and local governments that are always on the move, and

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trying to keep track of that is a challenge.

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Speaker 2: You're listening to Carrie Let's's Financial Survival Network where you

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get valuable information you just can't find anywhere else to

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thrive in today's trying times. You need the Financial Survival

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Network now more than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter in gift. Financial Survival

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Network now more than ever.

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Speaker 3: And welcome you are listening to and watching the Financial

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Survival Network. I'm your host, Carrie Lutz. Well, hey, it's

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tax time again. You know, you think you finish your

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taxes last year and you never think it's going to

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happen again, and then boom, here we are. It's tax time.

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A lot of changes happening at your least favorite three

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letter agency in Washington, d C. That's for sure, But

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it really doesn't matter because you have to manage your

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finances properly, and you've got to you got to meet

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these deadlines. The forum's got to be filed, the money's

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got to be paid. It's that simple. But someone who's

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an expert in this is Chris Prva Sean CPA and Chris,

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it's great to have you on the show. So a

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three pieces of advice, since we're coming up on April fifteenth,

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what are you recommending to like, all of your businesses

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that are your clients.

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Speaker 1: Yeah, so you're coming up here as we're recording this

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as March twenty six, right, So three piece of advice

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would be number one, be organized, Be as organized as

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you can because at this point we're at a very

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tight turnaround. Be patient, everybody's everybody's crazy busy in the

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tax world right now. And then the third piece of

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advice would be looking out beyond April fifteenth. We know

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that we're going to get some tax legislation this year.

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We don't know exactly what that's going to look like,

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but we do that we're going to get it probably,

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so just kind of keep an eye out and see,

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you know, what's happening, what's developing in Washington, and then

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how that might impact your situation.

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Speaker 3: Yeah, so what do you think, what kind of text

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stuff you think is coming down the pike at US.

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Speaker 1: I said, anybody's Yeah. I was on a webinar last

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week with the as CPA. They do it a semi

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monthly talent hall and kind of just let us know

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what's going on in Washington and what they're what they're

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paying attention to, and their message was basically nobody knows.

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Some of the things that that I've heard are interesting, like,

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you know, maybe we're not going to have tax for

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individuals under that are making less than one hundred fifty

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thousand dollars. That's interesting. How's I think going to play

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in with tariffs? And you know, how the administration is

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looking at actually raising revenue. That's interesting. The provisions that

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are in the Tax Cuts and Jobs Act, which we

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had at the very end of twenty seventeen, it's like

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effect in twenty eighteen, But what is actually going to

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expire or what are they going to extend or what

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are they going to replace? What's that going to look like?

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That's all very interesting, especially when you get into tax

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brackets and pasterentity tacks and things like that, which is

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kind of near and dear to the hearts of my clients.

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But you know, all of those things are interesting, and

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what we're going to we're going to end up with

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is anybody's guess. I would say at this point.

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Speaker 3: You know, it's interesting because I live in Florida, you know,

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which is considered one of the best managed states in

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the country for what that's worth. And our governor says

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he'd like to eliminate the property tax, and I mean,

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you know, like, hey, we wouldn't want to get rid

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of that. But the thing is, they got to get

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money from someplace. The cops aren't working for free, the

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streets aren't going to fix themselves, and you know, one

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fire and the whole town will burned down. It's the

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same thing with the federal government. Now, I happen to

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have studied this tariff thing. Right now, we collect approximately

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eighty billion dollars a year in tariffs. The effective tariff

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rate is two percent, right, So if we multiply that

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and made it five ten percent, all right, it would

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go up to four hundred billion it's just not enough here.

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Speaker 1: Something has Tenny's yet. Right, Yeah, it's a waterbed, right,

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you got to you push one thing down, the other

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side goes up. That sort of think, and you know, yeah,

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how serious are they really about getting to some sort

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of bounced budget reducing spending and that's where things what

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number they actually have to get to? Like what does

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all that mean? You know, it's it's an interesting kind

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of time.

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Speaker 3: Well, I finally believe that there's enough fat to cut

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out of there to at least cut the deficit in half, right,

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I think, so we have a numbercent economic growth, maybe

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that's going to do it. But I think we've been

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in a recession for a couple of years, and they

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just redefined this recession last administration to fool everybody. So

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you know there's a third a third and a third

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third tariffs, a third government cuts, and a third economic growth.

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You know, when you knock a million people out of

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work or half a million, that's going to affect your

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tax your tax collections, right, yeah, as.

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Speaker 1: To it has to. You know, it's going to take

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some period of time for those people to get reseated.

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And you know, somewhere else in the economy, so where

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they're being productive and gaining a wage and those sorts

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of things, and that means paying tax too.

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Speaker 3: Right. You know, we don't have to worry about the

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businesses around those government offices closing down because they haven't

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been showing up to work for four or five years anyway,

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So those businesses have already closed. So that's really not

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going to have any effect. Except maybe I wanted to

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call it the newspaper stand, but we really don't. It's

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not really a newspaper stand anymoreere is it. But that

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guy who runs the little coffee bar in the building,

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maybe he got hit. Maybe he's been hanging on praying

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these people are coming back, and now they aren't coming back.

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Speaker 1: Yep, one hundred percent. So it's an.

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Speaker 3: Interesting phenomena here smoking mirrors.

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Speaker 1: You know.

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Speaker 3: I have a theory about the way they're going to

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get rid of the thirty six trillion dollars, but we're

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not going to go into that here. It's very ingenious.

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I've written an article about it. You can go over

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and look on Financial Survival Network dot com.

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Speaker 1: But no doubt it's coming. Hey, So.

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Speaker 3: Stay organized, keep all your numbers close, you know. Now

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with the digital information, everything getting sent to you digitally.

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It's it's a lot easier to keep track of your

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info than ever before, isn't it. It is for those

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who are technologically savvy.

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Speaker 1: For sure. You've still got a segment of the population

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who's not comfortable with things like tax organizers that are

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digital client ortals, things like that. Certainly, interacting with the

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irs in a digital way is theoretically easy, but in

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practice difficult, I would say for a lot of folks.

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But certainly the tools that we have at our at

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our at our disposal are way better than they were,

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you know, a decade ago or twenty years ago when

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I've started to get into the business, you know, online

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tax organizers, online tax software, all the all the good stuff.

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It's certainly made it a lot easier. Yeah.

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Speaker 3: So so like looking at this thing, you know, uh,

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it's definitely easier, but there's definitely more stuff than they

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want than ever before, right.

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Speaker 1: One hundred percent. Yeah, it's it's it's not getting any

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it's not getting any less complicated, and in fact, it's

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just getting more complicated. You had a lot of a

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lot of folks in our profession. We're talking about that

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around twenty seventeen twenty eighteen, when the Tax Cuts and

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Jobs That came into effect. Right on the heels of that,

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we had everything that related to COVID and all of

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the stimulus, and you know, all the accounts were certainly

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involved in that. So that's just more complexity and more

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to deal with. And then you had, you know, things

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like you know, the states how they're dealing with some

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of the provisions and passives or some of the state

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and local tax provisions of the Tax Cuts and Jobs Act.

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And now we're you know, we're finally to get into

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a place where it's a little bit consistent. Things are

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a little bit the same as last year, you know,

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and then we're going to have some sort of tax

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legislation that happens this year, and it's just going to

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be a whole bunch of change again. So the pace

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of change is most definitely getting is most definitely increasing.

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You've got state and local governments that are you know,

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always on the move, and trying to keep track of

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that is a challenge. You know, it's just the it's

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just layered complexity that's just getting worse as we go through.

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Speaker 3: Yeah, well, maybe nobody's really talking about simplification though, are they, Chris, No,

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not really.

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Speaker 1: You know, I think probably the biggest hint at simplification

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that we've seen so far is, hey, we're not going

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to have anybody who earns less than Harvey two thousand

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dollars pay tax. But you still, you still get into

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all these duridic questions around well what does that mean?

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Does that mean they're not going to have to file

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a tax return? Is that What is that going to

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mean from a state perspective? Are they going to be

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filing a federal or not following a federal or term

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but following state returns? Is it actually going to make

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it easier in practice? Be hard to say, but nobody's really.

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Speaker 3: Well, you know, the future is always uncertain, right for sure?

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I don't.

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Speaker 1: I don't think anybody's really seriously come up with a

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simplification package that has gotten a lot of trackage fraction

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that I've seen yet.

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Speaker 3: No doubt, no doubt.

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Speaker 1: So all right, Uh well, hey tell us.

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Speaker 3: Where we find you, how we connect with you on

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the web and uh in and then your social media

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contact whatever?

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Speaker 1: Sure? Yeah, best best pace to find us is on

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our website, better numbers dot cp A and You can

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find me on Twitter mostly on social uh chray service

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on and you can also find me on LinkedIn at

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per service on.

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Speaker 3: Excellent well links. In the show notes this interview on

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Financial Survival Network dot com. Appreciate you coming on, Chris,

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and a happy tax season and I'm sure you'll be

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happy when it's all over.

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Speaker 1: Yes, sir, absolutely, Thanks Gerry, thanks for having me on.

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Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network, your

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solution to today's trying times. For the latest, go to

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Financial Survivalnetwork dot com. Financial Survival Network now more than ever,