Transcript:

Jack Butala:

Steve and Jill here.

Jill DeWit:

Hi.

Jack Butala:

Welcome to the Land Academy show entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWitt broadcasting from sunny Southern California.

Jack Butala:

Today, jill and I talk about the fantastically interesting topic called taxes in your land business.

Jill DeWit:

I'm excited.

Jack Butala:

Me too. I can't wait to talk about taxes. No, here-

Jill DeWit:

We talk about this often, all the time. Gosh, it's a topic that warms my heart.

Jack Butala:

The truth of it is it's pretty necessary because if you do everything right, this is maybe the second or third or fourth most expensive line item in your expenses for your company. And with ours, it's probably number two or three.

Jill DeWit:

True or false. If you do everything right, you're a little bit teary eyed when tax time comes/however, that means you did well.

Jack Butala:

That's right.

Jill DeWit:

Okay.

Jack Butala:

It's a bittersweet situation.

Jill DeWit:

Oh, okay.

Jack Butala:

Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:

This is a long one, I will warn you. Chris asks, "I'm new to the land business and looking for others to join an accountability group. Whether you just joined land Academy as I did a few days ago, or are otherwise somewhat new to the business, it's all good. I anticipate we'll be running into a lot of the same questions and hurdles around the same time as we do our research, get out our first mailers. Mine will go out next week. Field our first phone calls, et cetera. More answers and knowledge than we could ever ask for are here in the forums, education/podcast/ [inaudible 00:01:50] calls, et cetera. So, we're covered there, but what we can do is provide each other some accountability and encouragement as we rack up our first success stories, not to mention learning from whatever unique talents/experience we each bring to the table. And that landed us in this business."

And in parentheses, Chris says he's an experienced software developer and business owner himself.

Jack Butala:

Excellent.

Jill DeWit:

That's great.

Jack Butala:

Excellent.

Jill DeWit:

"Perhaps a biweekly networking call over Zoom and a free Slack channel to stay in touch in the meantime. Anyone interested? Please reply to this thread or send me a PM. Private message. Thanks."

Jack Butala:

And there were about 20 people in there that replied to this almost immediately.

Jill DeWit:

I bet. This is a hot topic.

Jack Butala:

Right. So what do you think?

Jill DeWit:

I think it's great. I think it's something we should do and I think it's something we are doing.

Jack Butala:

Go ahead.

Jill DeWit:

We are going to put together something for you. So in the meantime, Chris, I'm so happy. And for those of you who have created your own groups, because you know that that's the one thing that you uniquely need. Some people do, some people don't. It doesn't ... Nobody's right or wrong. It's just some people need it, and those I'm so impressed and proud about everybody that have taken this on themselves and just said, "I know I need someone making me check in and keeping me on track." And I think this is awesome.

Jack Butala:

So do I.

Jill DeWit:

And our group has grown to the level where you have enough people, obviously, that this has become more of a thing. And so, we're going to take it. We're going to provide tools and resources to help you.

Jack Butala:

This falls under the category for me of what could possibly be bad about this? What's bad about exercising? Nothing. What's bad about more education? Nothing. So this, I think, accountability is just one of the cornerstones of succeeding at anything. And so, since we started Land Academy, I'd love to know your opinion on this too, and we've been doing this for five or six years now. I've learned a lot of stuff.