CO-HOST | Make Money by Understanding Taxes, Refunds, and Smart Financial Decisions

0:00You're listening to the Travis Makes Money podcast presented by gohighlevel.com for a free 30-day trial of the best all-in-one digital marketing software tool on the planet just go to gohighlevel.com slash traps What's going on everybody? Welcome back to the Travis Makes Money podcast where it's a mission to help you make more money today on the show My producer Eric is in studio. What's up, man, bro? I'm in pain taxes just Mess me up this year brother. Did they actually yeah, I mean not I'm sorry to hear that. I mean not that bad You should get a CPA just not getting just not getting a refund feels like painful Here's the thing when when the more money you start making it starts making a lot of sense to have an actual CPA look at your look at your taxes. They are worth their waiting goal Hey, I love that I'm friends with the host of Travis Makes Money He's never told me this before. He's literally never advised me to do this ever in my life And I'm suffering every day because Travis holds all of his gems for you the listener and not me his closest of friends makes no sense

1:05We've talked about this before. Yeah, he's actually mentioned this before. He's big on CBAs Well, yeah, the thing it like if you only have W2 income then it may not make sense But the more you start you know doing side hustles and you have some contractor income and you have your own Business set up regardless of how much money that business makes or how much you don't make It's good to have a CPA because then they can help you find all of the things that you can write off and bring your tax below Last year when I filed I had like 10 1099 forms I had to upload yeah, and I was like This last year I didn't use used like Turbo's not a block or something. Turbo tax turbo tax. Yeah, it's time to do the CPA bro And you know what turbo tax does they spend a lot of money so the government can't make it easier to pay your taxes Did you know that no really? Oh, that's exciting so you know why okay, so the government knows how much you owe Okay, right theoretically Yeah, theoretically the government knows what they're doing so

2:09Turbo tax pays like millions of dollars to lobby the government the company is a long well documented history of lobbying the government to keep tax filing privatized and to block an easy free government run system So for years into into it who owned Turbo tax led the free file alliance a deal where the private companies offered limited free filing to some tax payers And that's the only reason I did this it was in exchange the IRS agreed not to build its own easy free filing system Into it has spent millions on federal lobbying to oppose a direct free irse file system Arguing the government shouldn't be both tax collector and prepare at the same time into it benefits from federal tax breaks Like the research and experimentation tax credit which reduce the corporate income tax it pays to the government So it has a financial relationship with the federal government through lobbying tax treatment and policy details So in 2022 just to add on this all 50 states reach a settlement with into it over misleading free as that push low income tax payers into paid products

3:10When they actually qualified for true free filing options So yeah, so ideally the government would send you your like bill at the end of the year and say you owe this right But the reason it's complicated is because Turbo tax and other groups like them were strict that from happening I mean honestly a good move It doesn't make sense for the person collecting your taxes to be the one who's also preparing it How much did Turbo tax pay to say that? I Can't say But yeah, the fact that the fact that they're like pushing people who could freely File their taxes easily. Yeah, and they're manipulating them to pay for free Yeah, yeah, there's like the upside of capitalism contrast with the downside. Yeah, all in one story Yeah, but we love well. I know you love three things big corporations Late siege capitalism and Donald Trump Those are the three things you love they fire you up right talk about them all the time. Yeah, you know me Okay, well, here's some good news for tax season. Okay, okay, you ready for this? Yep, and I've never showed this to the before

4:15CNBC reports Friday, April 17th, 2026 at 256 p.m. Eastern time that average tax refund In the United States is 11.2% higher latest iris filing data shows Does it go into why it sure does Travis? Okay, the average tax refund is 11.2% higher the season as of April 10th The average refund amount for individual filers was $3,397 up from 355 about one year ago the iris reported on Friday the iris data reflects about 114 million individual returns received out of about 164 million expected through tax day next week's filing update is expected to include data through the April 15th deadline President Donald Trump's 2025 legislation rebranded to the working families tax cuts Was a key talking point for Republicans on tax day was going to say so our Republicans But we're going to keep this about the money with the November midterm elections approaching in Republicans defending slim

5:18Majorities in Congress many GOP lawmakers have highlighted Trump's tax breaks and higher average refunds Meanwhile affordability has been top of mind for many Americans amid rising cost of gas electricity food and other living expenses Any thoughts so far? No, no That's a little surprising to me that they're so so who who wrote this article, do you know does it say? CMBC so you would assume that if They if there were other reasons for this that they would probably include it in the article right they don't go into anything besides It no it's Trump's big beautiful bill Trump's big beautiful bill That was good. That was good. So he so so was in Vegas Yesterday. Yeah, it was yesterday. He talked about this We had a one of a friend of ours works for the city of Vegas And she was working on this big project for like months on end and then it got Everything got derailed because it was just like they can't give them any details about

6:22Like timing and you know, he's gonna come in but it basically just slows everything to a halt when the president comes to town So yeah, he was he was in Vegas yesterday talking about this. Yeah, you sure was. Let's listen. We had to say We got a lot of great people here. Thank you very much. And thank you for that. This is actually trying not to add a great I'm not doing an impression. Yeah, this is actually him You got a lot of people We got a lot of great people here. Thank you very much. And thank you for allowing me to win this state by so much it was Gotta throw that in there is the important issue with the toughest But it was competition nevertheless and we appreciate it very much and We're gonna be talking about no tax on tips. We're also talking about the fact that everybody is Looking at their tax return. They're getting tremendous amounts of money back much more than they thought So But it's great to be back in a place. I love Las Vegas Did a lot of businesses here. We had great success here

7:22That's where you started that casino that wasn't right. Is this at trump tower? No, I don't know where this it's I forget the name of the hotel Yeah, remember you did business here. You started that hotel We should go no, there it only started another hotel. Wasn't it the the Taj or the such? Yeah, I don't know We should go visit it. Oh wait, it went bankrupt Mm-hmm Before politics, it was fantastic and this is the birthplace of a little idea known as no tax on tips. This is the birthplace A lot of hospitality people here A young waitress came up to me during dinner and she said sir We should have no tax on tips. I said what? Say it again. We should have no tax on tips I said that's the greatest thing I've ever heard I walked outside to the fake news media See ladies and gentlemen It would be no tax on tips. That was it. It was not an expensive consultant Las Vegas is the home of the largest concentration of tipped workers

8:25Anywhere in the country anywhere in the world actually and tipsy customers Ah, okay And thanks to our tax cuts this week thousands of Nevada waiters waitresses casino dealers bar tenders bellman Bobber's caddies, so I love those caddies very good if you have the right can And valets receive the biggest tax refunds of their entire lives and you see it And I just want to say you're welcome you're welcome No, it's all over there. There's so many even in the factors where they have the you know, dude He's different you always want to watch the enemy a little bit You don't want to watch too much. You want to find out where they're coming from and they come from dark places But even there people are saying wow this is really amazing. It's a great big beautiful bill It came in and you know, we should go at the great big beautiful tax cut bill because that's really what it is other things Also, but regulations, but it's really the tax cuts are enormous The only one who likes Trump more than you is good old DJT

9:29Like if I had to rank Trump's fans it would be Travis Chappell Anyway, so yeah, so it's the big beautiful bill the big beautiful bill They should call it the big beautiful tax bill That's what it is Some other things too, but mainly that Anyway, so Treasury Secretary Scott Besson, which I don't know what he sounds like so I cannot unfortunately do an impression of him He did a White House press briefing and he said it's been a great season for the American people More than 53 million filers claimed at least one of Trump's signature new tax cuts. That's not small potatoes 53 million filers The detections for tipping come no tax on tips as yet. That's beautiful. It's a beautiful idea Over time earnings seniors they just get all the breaks Seniors get everything they get cheaper denies they get bigger tax cuts And not good on stairs But other than that they get it they haven't made totally. I wish I was a senior. I wish I was

10:31Okay, and auto loan interest the Department of the Treasury also announced on Wednesday those filers who claim the deductions on schedule 1A have seen an average tax cut of over Drumroll okay guess guess how much I don't know eight hundred dollars According to the Treasury tax cuts can trigger a higher refund or reduce taxes owed depending on the filers situation Some filers you itemize tax breaks have also seen benefits from the bigger federal deduction limit for state and local taxes known as salt Trump's legislation raised that capped 40,000 up from $10,000 for 2025 They named this salt because it's salt in the wound of the losing Democrat The latest salt deduction limit change I just spit on my computer Limit change is expected to primarily benefit higher earners Let me read that again. The latest salt deduction limit change is expected to primarily benefit higher earners Are you telling me the top 1% I'm gonna benefit the most

11:33You're telling me well, you just made a big jump there. I know I'm higher earners. It doesn't necessarily equate to the top 1% fake news People that are higher earners. It'll primarily benefit them. Yeah, okay According to a May 20 25 analysis of various proposals from the tax foundation Let me ask you this really quick. Okay Don't you agree I I think for the most part. I do think there's interesting banter on both sides about like the people that make like billions of dollars Sure But I think for the most part I like that you have just a flat tax I actually do agree with that because I don't understand like that's one thing I will say as I said down to taxes and then I was telling Terry like oh we have this much She's like that's so dumb that we're making more And so now like you get paid for making like we have penalties basically for making more and I was like yeah Like because I'm not I'm not opposed obviously the type but it's also like it should just be flat like 10% yeah Was that was that a

12:34Romney that proposed that he's like the Bible it's 10% didn't he don't know if he did but I think uh Rand Paul was running on flat tax Rand Paul wants us to be trading goats and chickens the Ron Paul revolution is coming Is that I don't know he's just he's just like the very like the head of like the libertarian like I don't want the government to do There was some libertarian that was really pushing I think it was Rand Paul that was pushing the flat tax I do like the idea I like the concept of flat tax it also eliminates all of the complications of tax season Yeah, it's I made this much I owe this much right done easy right Yeah, you you would think that that would be better, but It also is tough for business owners Who It's not necessarily like this. It's not it's not the big the billionaire people that I would be more worried about in that It's the small business owner who's You know lucky to pull out a 120 grand in profit from their $800,000 a year business who Needs like needs the ability to write off expenses against income and things like that

13:39So it's probably much more complicated than then I've personally gotten into but I like the idea of it Because it just simplifies things and it seems like it should be more simple than it is It doesn't it doesn't feel like you should have to hire a professional who only studies tax code It's again able to those companies advocate heavily for you to have to use them of course that's you know, yeah Here's been really quick before I just yeah, those are the people like it's it's the middle class that suffers the most in those scenarios Because it's like again, you're if you're filthy ready. You're not you're not making millions and millions of dollars But you have to pay more money to people don't know that Travis okay people are under the impression I make millions You know what honestly though some nice people leave certain comments. I'm like how much maybe think right exactly Yeah, I was talking to somebody the day it was a friend of ours from high school who started making a bunch of content online And one of my friends had something about like I mean good for them They're probably making more money than all of us and then I was looking at their page And I was like oh they're probably working a full-time job and making like 300 bucks a month in creator income

14:44Because following does not actually equate to income Which is a misnomer, but my point is to say that like The people who get hurt the most are the people they they don't have millions of dollars, but they You know to me, but they also are not In poverty, but it's like they're the ones that that carry the bill for a lot of people who Either can't afford to pay or or not making enough or whatever And that's true across like even like medical bills and things like that Like the amount of the amount of money that we pay for medical insurance and then still have to pay for everything on top of medical insurance And then the the amount of taxes that she have to pay It's like you do all this extra work to make all this extra income and then you get Damed for it dude, which is strange the best time of my life to be broke Was when we had our child? Because we were on medical He now much I spent on the birth of our child. I assume nothing Guess something

15:44Guess the number 500 but no nothing My first guess was right. Yeah, but I went there. I wanted to be like I want to pull the rug Yeah, we spent more than nothing on both of our kids. How much should you spend per kid honestly? It's been you regret it Let's get into it. It's been it's been a while. I don't remember the exact amounts. I would be so wasn't bad I would be guessing but it was more than I thought 10,000. No less than that. Oh, that's easy dude I've heard people talk about burst words that we had to pay anything I was just like oh, we have to we have to like come out of pocket like listen Jackie. Can we do this at home? We do a home delivery. It's a higher edula You know get you in the bathtub God dude. I would never do that. There's all the things that can go wrong Too many potential compliments. That's actually this is not a topic that two men should talk about correct because I'm not even a clip that yeah, no me and Tara have talked about I'll say that I'll put her in there Me and Tara talked about where it's like there's so many things where it's like you need emergency C section It's like what do you do if you're at home? That's what my wife said don't

16:47Don't don't come after me Anyway, so before we share really quick what people plan to do with these this extra money Really quick. I found this clip of Ben Shapiro talking about flat tax first progressive tax Let's see what he says if anything it's reaction plotter it's a minute 23 seconds. Let's go I'm doing research currently on whether or not flat tax better or marginal tax rate for income taxes So I would like to hear from you for why we should have a flat tax loss for aggressive tax or the argument for that Okay, so I have a basic moral argument against the progressive tax rate Which is that just because I am making more money does not mean that you should be able to take more of a percentage of my money percentage is by nature A percentage is by nature fair. I mean 20% of my money is more than 20% of your money unless you're making an enormous sum of money You know, so the so the fact that There are people who think that you ought to pay more money just as the more money you make There's no real moral argument for that other than I want your money and you make a lot of it So I have a problem with that just on a moral level on an economic level It seems to me that as you penalize people for making more more money

17:49They're going to be gaps right and you see this you see that there are certain income cliffs where people are afraid that if they make more than a certain amount of money That the next dollar they make is now going to be taxed at a higher tax rate And so why would you bother hiring 20 new employees to get you past that mark if you're then going to have to pay a higher tax rate It doesn't it's not a steep cliff depending on how large the marginal tax rate increases But if you have what you used to have in the United States again 91% tax rate for people who are making like 5 million bucks a year Once you get up to that point what's the point of making another dollar you may as well just save your breath Not hire the employee and and keep your money Okay, thank you. So So he's saying he's four flat taxes. Yeah, yeah, I like I like the idea. I like the concept Again simplifies everything, but it also I agree with I agree with that that like it doesn't make sense Like you're you're by definition going to pay more taxes. Yeah, because you make more money if it's tax the same percentage but Increasing the percentage at which you get taxed because you make more money again like anything to me that disincentivizes Growth and betterment

18:49Seems strange. Yeah, like saying like you why why you're not super incentivized to hire the additional doesn't employees to get to this next income level Because you're going to be dinged for it and then there's 10 people who could have had a great paying job Who now are not going to because it doesn't there the system does not incentivize the person to continue growing Which is a weird a weird system to have Yeah, but I will point out though. I believe that the increased percentage that you pay is only on the income that is greater than the cliff Yeah, yeah, see additional income is taxed at that not all of your income Which I used to I did not know that like you know a few years ago And I and I thought that it was like that there was one year in particular where we were like really close to this This bump on taxes and like at the end of the year I asked like for deferred payment almost is like I don't want to get my payment up I don't want to get my income up to this level I didn't really I thought it was like a retroactive tax Yeah, you get now you're getting taxed at 32% or whatever instead of 26% over the entire amount that you made

19:50But it's just the the income that you make in addition to that that income gets taxed at that level And the other income gets taxed at this level But again still doesn't really make much sense to me right right Yeah, so we'll do an episode on this But for fathers who expected to refund the season nearly one quarter or 23% plan to use the funds to pay down credit cards And the same said they would save the same share so they would save the payment It's for three thousand four hundred ninety four U.S. adults at the end of March I was a CNBC and survey monkey collaboration there Reputable news source survey monkey I'm just kidding they actually yeah actually do a lot of what it says but it sounds funny like CNBC and survey monkey With survey monkey the survey monkey Respondee said they'd be spending their money on bananas Win press for comment. They simply said Uh-uh If that's good. That's a funny joke I don't even want to hear anybody said it's not funny. All right go ahead and close up. There's only one way to find out Open mic night

20:51Anyway, that's hit for this episode of the show remember money only solves your money problems But it's easy to solve the rest of problems with money in the bank So let's start there here on the Travis makes money podcasts. Thanks for tuning in catch you next time peace