Would You Rather Pay $1M Today Or 30 Years From Now With Zero Interest With Steve Moskowitz

“That comes up all the time. You have some nice couple that when they were young, 40 years ago, they bought their house and they had their kids. And now it's 40 years later, and the kids are all gone. And the $100,000 house they bought 40 years ago is now worth 10 million, and say, How much did you say those capital gains taxes were? And then they make a choice of? Well, do they want to live in someplace they really don't want to live in? Or do they want to pay capital gains tax that they really want to do? Or what can they do? And that's where what you do comes in is so vitally important.”

Steve Moskowitz is the founding partner of Moskowitz LLP, A Tax Law Firm. Their tax law firm represents individuals and businesses in tax controversies and disputes, tax litigation, international tax planning, criminal tax defense, tax investigations, offshore banking matters, and tax collection resolution.

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Brett:

I'm excited about our next guest. He is the founder of Moskowitz, LLP and I probably pronounced that incorrectly but he'll pronounce it correctly here in a minute. But he has been a tax attorney for more than 30 years, he has made it his personal mission to help business owners, individual clients, successfully resolve tax issues that go on with their lives. He has extensive knowledge of tax law and a desire for swift and vigorous defense and decades of experience with tax authorities and in the courts. And he has unusual perceptive judgment in assessing the best way forward and the right resources to achieve resolution. I'm excited to have him on the show. Please welcome to show me Steve Mosler was Hey, Steve, how are you doing?

Steve:

I'm doing great. This is my favorite time of the year, it's tax season. And I'm gonna have a good time because we're gonna talk about taxes. As you know, we love to talk about taxes, who doesn't?

Brett:

Exactly and I appreciate you coming in during this tough time here. Because it does, it gets busy, you know, for folks like yourself and anyone who's a CPA and tax season. So that being said, let's dive right in Steve, cuz we're going to cover a lot today. Our topic today is would you rather pay $1 million today, or 30 years from now with zero interest is kind of the time value of money. But before we go there, Steve, would you give our listeners a little bit more about your background and your current focus.

Steve:

I'm a tax attorney and I had our tax law firm before I was a tax attorney. I was a CPA. And I dedicated my professional life to helping people with taxes. And I have a heavy-duty background. And most people like me start with the giant firms that represent the fortune 500. And that's how I started out. And then I realized I could do so much more for small businesses and individuals. So 30 years ago, I went out and I started my own firm. And it gives me to this very day such great satisfaction when somebody comes in, and I save them taxes and build their wealth. And there are so many ways to do that, for example, if we set them up with a retirement account, all of a sudden, they have to make the tough decision. Would they prefer to pay fewer taxes and put their money away in someplace safe? Or would they rather pay more taxes and have their money where they could easily have it taken away from them. So the bottom line is that gives me great personal satisfaction, and you grow with these people. And you see sometimes they come in with nothing or maybe a big tax problem. And all of a sudden you fix the problem. And then you start growing their wealth, and the things you talk about, and I've listened to your podcast, they're so good because I've been espousing and stuff for years, like with the time value of money, I say, look how those banks made all those all that money, how they do that. It's the time value of money because when you walk in the door and say you want a loan, they hand you money, how are they making money on that time value of money? Or when you deposit the money? How are they doing it? time value of money. And when I explained that to clients as you have on the graphic here, I say, if you had to pay a bill, and you have a choice, you could pay it today, or 30 years from today. And by the way, if you pay 30 years from the date, you won't pay any interest. Which would you rather have? And the answer is really simple or the other way around. Would you rather if somebody says I'm going to give you a million dollars, would you like it today or 30 years from today? I would take that today. Thank you very much. That's the time value of money. And that's what you're espousing. And it's and it works so well. And so many people have made so much money. This is a basic financial principle. It's very exciting. And I've heard you explained in a number of the podcast, how you make it work, because a lot of times when you hear something, it's a teaser, you say, hey, you can save great money on this. Thanks. Time's up and you actually explain. Well, here's how you make it work.

Brett:

Yep, we're gonna dive all into that. I'm so excited because I feel like some folks on the episodes are in our same exact field. And, and you are so we're gonna dive into that here in a second. Now, I want to take a step back though. If you know Steve, I believe we've all been given certain gifts in this life and these gifts are given to us to be a blessing or help to others. Some people call them superpowers. Some people call them strengths. I want you to pitch yourself in university days or high school days, you know, and, you know, maybe identify one or two gifts that you believe you were given, and how those gifts help how you help people today.

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