#44 | Art of Financial Planning and Business Air Travel feat. Lydia Desnoyres and Mike Hatten

Practical Tax with Steve Moskowitz

The art of financial planning and what is the state of business air travel with aviation expert Mike Hatten. Episode Transcript Intro: Welcome to the Practical Tax podcast, with tax attorney Steve Moskowitz. The Practical Tax podcast is brought to you by Moskowitz, LLP, a tax law firm. Disclaimer: The information contained in this podcast is based upon information available as of date of recording and will not be updated for changes in law regulation. Any information is not to be considered tax advice or legal advice and does not form an attorney/client relationship. Further, this podcast may be construed as attorney advertising. You should see professional consultation for your individual tax and legal situation. ------------------------- Episode Content --------------------------- Chip Franklin: Welcome to Practical Tax, I'm Chip Franklin. This is tax attorney, Steve Moskowitz. Steve, it's interesting when we talk about taxes and finance, is Siri in the United States, is it the same in every state? Are there geographical differences? Steve Moskowitz: Oh sure, because a majority of states have their own tax system and different states treat the tax a little differently. So when you're giving tax advice, it's not just Federal IRS, you have to consider the state or the states that you're involved with. Chip Franklin: I mean, I know Texas and Florida, they don't have income tax and that's a big decision in a lot of people's moment deciding where to move. And we have a lot of people from California going to Texas, right? Steve Moskowitz: Oh, there's a tremendous drain of people out of California now, Chip. And there's a number of states that don't have a state income tax. Of course, the one that we joke about a little bit is Alaska. Alaska has a negative state income tax. They actually pay you to live there. But the joke is, do you want to live in a place where they pay you to live there? Chip Franklin: All right. Our next guest is a certified public accountant, a certified fraud examiner, business advisory and virtual CFO solutions. Then I hope I get her last name right, Lydia Desnoyres. Did I get that right, Lydia? Lydia Desnoyres: Phenomenal. Spot on, Chip. Chip Franklin: Thank you so much for being here. Lydia Desnoyres: Thank you. Chip Franklin: That's Steve Moskowitz, right above your head. Steve Moskowitz: Hi, Lydia. Lydia Desnoyres: Hi, Steve. Steve Moskowitz: Boy, we probably have a lot to talk about. Before I was a tax attorney, I was a CPA. Lydia Desnoyres: Did you go to the dark side or you think you left the dark side? Steve Moskowitz: Well, I didn't want have to work as hard as you do, so I became an attorney instead. Chip Franklin: All right, so both of you deal with tax strategy. So let's start with this question for both of you. When meeting with a client for the first time, what's your first question? And let me start with you, Lydia. Lydia Desnoyres: It depends on when they're calling. If they're calling on April 14th my first question is, have you lost your mind? Just kidding. The first question is, what's your story? What has happened in the past? Do you typically owe? Just to get a feel for how things have been in the past. Once I get to doing the work and then I direct my questions on more planning and strategy for the future. But usually it's a, what's your scenario? What's going on?/p> Chip Franklin: Steve? Steve Moskowitz: Well, we're very into planning. So what I like to do if somebody calls me on April 14th, I will explain to them an extension is extension of time to file, not an extension of time to pay. And then what I try to explain to the clients is that your tax return should merely be a summarization of a year's worth of tax planning. Because I look at the Fortune 500. And that's why I became a tax attorney because when I went to law school, I already had a bachelor's and master's degree.