Hey, it’s Dan. Welcome back. You’re watching. I allegedly, and I’ve got a good one for you today because it’s tax season and the IRS is already behind. So let’s get right into it. Do you know that when a new year starts, that there is a particular day every year that now we’ll accept your tax returns? And that was yesterday. So yesterday the IRS decides they can start sending your tax returns in and you can get your refund or pay your taxes if you owe.

Now, tax day this year is April 15, Monday, unless you live in Massachusetts and Maine, because of Emancipation Day and one other holiday, they get till the 17 April 2024 to file their tax return unless you get an extension. Now, here’s the one thing. We have heard so much talk about, how the IRS has hired so many people to make up investigators, people in the office, and that there’s been 87,000 people that they were going to hire.

They’re not going to hire. They’re going to hire. Well, here’s the thing. The IRS, as you start to file your tax return, is completely behind right now. To give you an idea, at the end of 2019, going into 2020, prior to the pandemic, they were behind 500,000 tax returns that had not been processed yet. Now, in 2023, they’ve hired all these new people, and it’s 1. 5 million people in front of you that they’re going to have their taxes looked at and worked on prior to them issuing any refunds or anything.

So, again, completely behind. Now, what this means is there are a lot of people that budget and count on their tax refund as money, as money in their budget, as money to rely on and to pay bills. Think about this. Over 30% of the people that file tax returns, of the 146,000,030% quote, say that they are on the desperate side and desperately need the tax refund. 30% of those people.

That’s a lot of people. Now, the thing about this is that you’re going to have to hurry up and wait because the IRS says, listen, we’re going to expedite these returns, and the fastest thing you can do is ask for an electronic refund where we automatically direct deposit in your bank. But think about this. They’re saying that right now that could be three weeks on an average. Okay, add the backlog into it, and you should wait for six weeks right now to get your refund.

Oh, okay. Six weeks. Now, if you do a paper refund and you get a check in the mail, which is always fun to get. You get a check in the mail. They’re talking about it taking an additional two weeks. And you should plan on eight weeks now forever. Okay. Since I was a kid and with the accountant that I’ve had for, gosh, I think I’ve had John for almost 15 years now, ever since I’ve had John.

The thing about this, if you get money coming back, Dan, you’ve overpaid. You’re going to wait eight weeks. Just plan on know, and if it comes earlier, comes earlier. But at the 9th week mark, then we’ll start calling. And that’s the other thing. This is one thing that he taught me that has been a great, great resource. And ally, you can go to the IRS website and see when your refund is going to be issued.

Just because it says, hey, it’s in process, the check has been issued, doesn’t mean it’s in the mail to you. And they lick the stamp and sent it to you. It’s been processed and approved, then it’s got to be written, printed and then sent out to you. So with that, you just have to plan on waiting a little bit right now. But there’s 1. 5 million people in front of you before anything gets handled.

So there’s that. The other thing is there are new tax laws and with the tax changes, there are people that are going to be expecting a refund, that are not going to get a refund this year. And I would assume if you have already filed, you know what you’re getting or what you’re not getting or if you owe or not. So there’s that. But you’re going to see major changes.

There are major changes to the child tax credit that are still being worked out. And the thing about this is if they do get approved, they’re going to be retroactive. So if you have children, you may want to wait to see if they’re going to approve this because it could be a huge windfall for you and not having to file an amended return. Because think about this. Get your refund sent out and then, oh, you get more money for the child tax credit.

You’d have to go out and you would have to file an amended return. So you make that decision. Very interesting. But the other thing is we’ve talked about, especially on this channel and other channels like mine, about the form 1099K. If you sell anything, if you have a side hustle, if you use Etsy, Venmo, any of those payment processing apps, they’re going to send you a 1099, PayPal, anything like that.

The problem with it is that this does not have to be reported right now from the company. In other words, if you have a side hustle and you’ve sold things, they’re not going to send you a 1099K that says that you have gotten these sales and you took this money in. Now think about this. Read the article below because they don’t have an obligation to send you the 1099K, but they still can send you one.

Okay? And understand this, if they send you a 1099K, that’s getting reported to the IRS, too. So one thing that the article says, which makes a lot of sense, if you have a side hustle, don’t just think of it as free money. You’ve got to report this as income. You have to show your expenses. You have to show everything that you have. And that’s where so many people have wronged themselves and when they’ve gotten wrong, gotten audited.

Plus the crypto thing, have you bought any crypto? Do you own any crypto that’s going to be in these tax returns? No, they don’t. I don’t have any of this. Not to worry. And then you go out and you sell it and you’ve made a profit. Oh, man. Where’d the money come from? You’re going to open yourself up just to a can of worms with that. So nice to know that they’re so behind, which is tragic to say the least.

But let me know your thoughts on this stuff right now because there’s been so much talk about the form 1099 ks. And again, if you have a side hustle, you’re supposed to keep track of all this stuff. And eventually, if they start to report this, you don’t want them to go back and find out that you lied to them because then you’re doomed if the IRS finds out.

The IRS has been very helpful with me. I call them if I have questions. There’s 800 numbers, there’s websites. You can go to use this as a resource. Why would you ask that? They’re not going to be mean to you. They’re not going to be rude to you. They’re going to let you know. But the website portal, basically that, and I don’t know what time this gets updated, but if you are eligible for a refund, don’t go there every 20 minutes because they’re not going to do it.

It’s going to be done 24 hours today. It’s updated today. I don’t know what time. If it’s midnight, 02:00 a. m. . Whatever. But if you want to check it and you need the money, don’t just check it every 13 minutes. Okay. So let me know what you think about this so far. Let’s talk about our sponsor, native path. Think about this. Heart disease, blood clots, kidney failure, stroke, these are all warning signs that you see on your bottle of ibuprofen.

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Now we get all this talk amongst the news channels here. The economy’s great, the economy’s bad. There’s going to be a hard landing. There’s going to be a soft landing. Economic hurricane? No, it’s great. What about no landing? I keep getting the story sent to me that there’s going to be no landing. It’s not going to be hard. It’s not going to be soft. It’s just going to kind of get by.

Well, when the fed issues know, no interest rate increase notice, you’re going to sit there and you’re going to make a decision. Do you think things are good or they’re bad? But you have to look at things for what they are. Businesses are laying people off at a record pace right now. You’re going to see sales down at a record pace right now. What business is doing good? The negative people that foreclose on people, people that evict people, those people are killing it right now.

Absolutely killing it. People in the ransomware and hacking, people that do illegal activity like that, they’re doing great. But there’s two great stories below about how the ransomware people that are squeezing money out of all these people, they’re not doing so well right now. In fact, in 2023, the payments for ransomware attacks think about this. The average payment, $568,000 at the end of last year. And at the end of 2022, the end of 2023, it had dropped to about 200 grand to pay people off.

So the payments are going down. And the one that really, I think the one that really changed everything and made it so that there’s more attacks is the Caesar’s palace thing where they just. Nah, just going to pay you guys, what, 1. 5 million? Okay, here you go. Release the data. Release the dogs. But it is bad because it’s made a glut of these people do these things.

So let me know what you think about that. I think it’s terrible that we have this and our privacy is at war. Our data is at war. Okay. You really have to protect yourself. Think about this. The NSA, great story below about how the NSA is buying our Internet data use. So they’re buying your traffic. There’s no search warrant for that. They’ve never gotten that approved from a judge to be able to do that.

They’re just taking it. So thank God they’re not asking for money from us because they could. They have everything. They know what you’re doing. They know what you’re looking at. You’re shopping. How many times a day you go to Facebook, all that, you know, let me know about this stuff. What do you think about that? Isn’t that terrible that they can get your data and just get it, not get it approved through a judge? There’s no warrant.

There’s nothing. But they know all your activity and everything that’s happening. And this is without a search warranty. There’s a great article below about how people do not feel confident about the economy right now. When you add it all up, it all gets down to how we feel, not how we’re being told to feel. How we’re being told to feel is that gross domestic product is just ripping.

The economy is surging. Everything is great. Unemployment is at the lowest level ever. And you have all these people getting laid off. I have friends, I have clients, I have colleagues that they worry about keeping staff. They worry about letting people go. They worry about losing their own jobs too. So with that, you have people that are living on their credit cards like they have never before. We have over a trillion dollars in debt that is growing monthly because people are trying to get more credit and use it, not to buy things to survive and pay for staples in their lives.

That is horrible, guys. It absolutely makes no economic sense. The other thing is when you purchase things right now, everybody knows if you buy the same things, especially food and gas and things like that, you know, if you pay more for it. And the thing I get a kick out of is people write me and they go, you know, Dan, I paid $3. 75 a gallon for gas.

Yeah, but three years ago, you’re paying under $2 for it, and it shot up to 450, and now it’s down. And you’re supposed to celebrate that. It is still too high, guys. It’s still too high. The interest on our debt and the fact that the average family has $350 a month that they spend extra on bills is insane. Isn’t. Absolutely. Know, the other thing is Texas, the number one foreclosure capital of the United States right now.

California. Guess what’s in a close second right now? Texas. Texas had such extreme growth. So many people wanted to move there and get out of California and get to the promised land of Texas, which is great, but they just had 28,133 foreclosures for 2023. It is up 19% right now and is the fastest growing foreclosure rate in the country right now. Okay. California is always high. Right? That’s what you’re going to say.

But the point is that this is growing in the wrong direction. People are not buying these houses. The builders are running out of money. You’re going to see more builders not be able to complete homes. That’s going to happen as these interest rates continue to stay where they’re at. Let’s just say they stay where they’re at. They don’t go up. You’re going to have people that cannot cover the carrying costs.

I’ve had so many people write me about, hey, I got into a flip situation. I was going to flip this house. We got a construction loan. What we thought was going to take 60 days took six months. We had to refinance our construction loan three times and have paid a fortune in interest. The ones that have sold the property, that got out, that barely made any money, they just feel like they won something because they got lucky and they didn’t go bankrupt and they didn’t lose everything.

Remember, it’s just so easy to flip houses. It’s so easy to do that. Anybody can do it. You’ve seen those idiots on tv. They’re not as smart as you. The point is that people don’t feel good about this right now. And with the foreclosures rising, you heard Doug. It’s getting busier and busier and busier. My buddy drives into town from Vegas right now. And hey, let’s meet for dinner.

And on the way is just posting house after house after house and schedules his track to where it ends up at the restaurant we’re going to meet at. Okay. Kind of crazy, guys, but it’s getting busier and busier and busier. People don’t want to budget, people don’t want to save. Just I get a lot of joke videos about Dave Ramsey where people make fun of Dave Ramsey. The message is solid, guys.

It is. Don’t spend more than you have. Buy finance things that make money. Okay? Don’t finance your motorcycles and everything like that. Have it be a smaller percentage of what you really owe. But what would happen if you lost your job? And I have so many people that go, are you kidding? Do you know how important I am to the company? Yeah, I do. That’s what all those people at Microsoft and all those other tech companies in the last week that got laid off, they were all the most important people in those companies and they’re all losing their jobs.

But people right now just don’t feel good about this. When we go out to dinner and we get less for paying so much more, it is awful. And there’s no value anymore. There’s no good deal anymore on anything. There really isn’t. So share your thoughts on this stuff. Let me know what you think about this so far. But we’re just seeing a real, real turn on everything right now.

I love coming out to the boats all. We’ll run with that. Have you ever eaten at Tony Luke’s? The Philly Cheesesteak place? Wow, do I love a good Philly cheesesteak when somebody recommends that. Well, the owner of Tony Luke’s, him and his son, 57 year old and 84 year old Anthony Lucidonio, these guys were caught skimming cash receipts and not reporting it to the tune of $8 million.

So they’re getting 20 months each in jail. An 84 year old guy is getting 20 months in jail, which is a death sentence for him, which is tragic. But guys, think about this. This was between 2006 and 2016 is the years in question when these guys took cash and didn’t record it as income. Uh oh. Okay, so Tony Lukes guys, they’re going down. Read the article below. And I want to thank.

Who sent me that one. I want to thank Ray for sending me that one. And you guys, I love these. John sent me something about how they’re finally getting a break in Florida for some of the homeowners insurance. Do you know the average person in Florida spends $4,200 a year on their homers insurance while everybody else is spending $2,777, which is still a criminal act, and it’s gone up 70%.

So, guys, it’s too much. Guys, it’s just way too much. See, this is what I don’t get. I’m going to have people write me and say, see, florida is doing great. Dan. The insurance industry is solved. No, it’s gone up 70%, and now it drops a little bit. And there’s more companies that are coming to town to write policies, and we’re supposed to be happy about that. Okay, well, I have to sell my house because I can’t afford the insurance now.

It’s not a win. Alyssa Milano, she was on who’s the boss? Charmed. She’s got a podcast. She’s married to a famous guy who’s an agent who. She makes a ton of money. She has a net worth, I think, over $20 million. And she’s got a kid on travel baseball, okay. Which I’ve had my son play little league baseball, and it’s expensive, nonstop. She went to her audience to try to raise $10,000 so the team could go to Cooperstown instead of writing a check herself as a multimillionaire.

So she got a lot of heat from that. And a guy named Clay Travis steps forward, and he covered the end of it, the final $777. And because he’s on the wrong side of the political spectrum, she’s not going to thank him for that, which is terrible. It is what’s wrong with the world. Okay, rich person, write a check for your kid. Cover other kids. Even when I didn’t have a lot of money, one thing that I used to really feel bad about when my kids were in elementary school and they would have field trips, I said, I don’t want one kid to miss out on this.

I don’t want there to be a single parent who can’t afford the $55 bus ride or lunch or anything like that. I don’t want them excluded, and I don’t want the people to know that I paid for it. And I’d pay for that all the time and never ask anybody about it. And that’s how you do it. Okay. But you don’t sit there and beg your audience when you’ve got $20 million in the bank.

It’s ridiculous. Final story. We’ve talked a lot about side hustles and things like that. Jillian was looking through her father’s closet and found what looked like an old jacket. It was a leather jacket. Turned out to be a World War II jacket that was worth $12,000 that she got at. She got at a pawn shop that she turned into a pawn shop and got $12,000 for. So, hidden treasures, guys, what do you have in your closet that’s worth money? Sell it now while people still have money.

Don’t forget to hit the like button. Subscribe to the channel. Tell one person about this channel. I allegedly. And if you want to get a hold of me. Hello@iallegedly. com. And also, if you’re the email list, check your spam filter and make sure that you got our latest email. Okay. Onward and upward, guys. I will see you very soon. .

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