He Couldn't Cringe More

Summary

Podcast Summary: Armstrong & Getty On Demand – "He Couldn't Cringe More"

Release Date: April 15, 2025

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1. Celebrity-Driven Space Exploration Critique

Discussion Highlights: Jack Armstrong and Joe Getty delve into the recent Blue Origin rocket launch featuring an all-female crew comprising celebrities like Katy Perry, Gayle King, and Lawrence Sanchez. The hosts express skepticism about the genuine contributions of such missions to space exploration, labeling them as publicity stunts rather than meaningful advancements.

Notable Quotes:

• Joe Getty [01:42]: "Is it possible that Katie popped a mushroom while she was up there? That is just so stupid."
• Jack Armstrong [04:17]: “Katy Perry is no more astronaut than Ham the chimp we launched and brought back alive in 1961. Just like riding in seat 13A on a Southwest flight to Albuquerque doesn't make an airplane airline pilot. She was just a passenger.”

Key Points:

• Skepticism Toward Celebrity Involvement: The hosts argue that involving celebrities like Katy Perry in space missions detracts from serious space exploration efforts.
• Comparison with Private Space Ventures: Emphasis on Elon Musk’s SpaceX and Jeff Bezos’s Blue Origin as companies genuinely driving advancements, contrasting them with NASA’s past achievements.
• Media Critique: Armstrong and Getty criticize mainstream media for hyping these ventures, suggesting that public interest is minimal and the focus on diversity milestones overshadows substantive progress.

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2. The Trump Administration vs. Elite Universities

Discussion Highlights: The conversation shifts to the Trump administration's recent move to freeze billions in federal funding for Harvard University after the institution resisted demands to alter its governance and address anti-Semitism on campus. The hosts analyze the broader implications for academic freedom and the politicization of higher education.

Notable Quotes:

• Jack Armstrong [08:02]: "Our tax law is based on two things. One, getting money from us, we all know about that one. But the other one, in a democracy, the government can't order us to do things, but they want us to do things because it's good for the economy."
• Joe Getty [13:46]: "Did you see, I don't want to get too bogged down on this, but did you see that Venn diagram thing that was floating around on social media over the weekend where you had the far right is a circle, the far left is a circle, and fundamentalist Islam is a circle. And the one thing all three circles converge on is we hate Jews."

Key Points:

• Funding Freeze on Harvard: Detailed account of the Trump administration’s demands for policy changes at Harvard, leading to the suspension of $2.26 billion in funding.
• Academic Freedom Concerns: Armstrong and Getty express that such governmental interference threatens the integrity and independence of academic institutions.
• Anti-Semitism Task Force: Discussion on the controversial Task Force to Combat Antisemitism, its role in targeting universities, and its broader impact on campus culture.
• Media Portrayal vs. Reality: The hosts critique how mainstream media portrays the conflict, suggesting a disconnect between public perception and the underlying issues.
• Progressive Influence: Concerns raised about progressive ideologies dominating university governance, potentially undermining diverse viewpoints and civil rights.

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3. Tax Planning Insights with Stephen Moskowitz

Discussion Highlights: In a dedicated segment, tax attorney Stephen Moskowitz joins the hosts to provide listeners with valuable tax planning strategies, especially pertinent on Tax Day. Topics include deductions, extensions, home office considerations, and retirement planning.

Notable Quotes:

• Stephen Moskowitz [21:58]: "You never know how much love is inside of you until the day you launch."
• Joe Getty [34:04]: "One of my main takeaways from knowing Stephen is the idea that tax implications can dramatically alter the benefits of financial decisions."

Key Points:

• Filing Extensions: Clarification that filing an extension extends the time to submit tax returns, not the time to pay owed taxes. Encouragement to file and pay what you can to avoid penalties.
• Home Office Deductions: Explanation of the criteria for deducting home office expenses and the potential downsides, such as converting part of a residence into business property, which affects capital gains tax upon selling.
• Retirement Contributions: Strategies for independent contractors and small business owners to maximize tax deductions through pension and retirement plans, including multiple plan contributions within a single year.
• Tax Benefits Awareness: Emphasis on the importance of understanding available tax deductions and credits to optimize financial outcomes, akin to how large corporations legally minimize tax liabilities.

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4. Cultural Commentary and Listener Interactions

Discussion Highlights: The hosts engage in light-hearted banter about cultural phenomena, including the release of the Minecraft movie, the rarity of the "chicken jockey" character in the game, and the evolving use of slang among younger generations.

Notable Quotes:

• Joe Getty [37:52]: "If you hear that now, you won't be confused or you can sprinkle it into your vocabulary. If you're around young people and you'd like to sound more with the times, I will pass."
• Jack Armstrong [38:56]: "Youthful dialects get so annoying as you get old. Why is that?"

Key Points:

• Minecraft Movie Hype: Discussion about the excitement surrounding the appearance of Jack Black in the Minecraft movie and its appeal to fans.
• Gaming Culture: Insight into the infrequency of encountering the "chicken jockey" character in Minecraft, highlighting its rarity and significance among players.
• Generational Slang: Examination of the term "finna," its origins, and its reception among different age groups, showcasing the generational divide in language adoption.

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5. Conclusion and Final Thoughts

Discussion Highlights: Wrapping up the episode, the hosts reaffirm their positions on the discussed topics, emphasizing the importance of substantive contributions over performative gestures in fields like space exploration and academia. They also encourage listeners to seek professional advice for financial matters, referencing their discussion with Stephen Moskowitz.

Notable Quotes:

• Joe Getty [34:50]: "I hope you enjoyed that. I did. I always get something out of it."
• Jack Armstrong [38:56]: "Youthful dialects get so annoying as you get old. Why is that?"

Key Points:

• Advocacy for Meaningful Progress: Continuous emphasis on prioritizing genuine advancements and integrity in professional and academic endeavors over superficial milestones.
• Professional Guidance: Encouragement for listeners to consult experts, whether in taxes or other specialized fields, to maximize their personal and financial well-being.
• Audience Engagement: Acknowledgment of listener contributions and interactions, fostering a sense of community and shared discourse.

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Final Note: This episode of "Armstrong & Getty On Demand" offers a blend of sharp commentary on current events, thoughtful discussions on policy and finance, and relatable cultural insights, all delivered with the hosts' signature blend of humor and critical analysis.

Transcript

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[Jack Armstrong]

Broadcasting live from the Abraham Lincoln Radio Studio, the George Washington Broadcast Center, Jack Armstrong and Joe Getty. Armstrong and Getty. And now here's Armstrong and Getty.

[Joe Getty]

The ladies only. Blue Origin rocket launch Katy Perry, Gayle King and Jeff Bezos's fiance Lawrence Sanchez became the first group of women ever to visit outer space. So then they came out of the capsule and Katy Perry. This must have been some 10 minutes.

[Katy Perry]

You never know how much love is inside of you until the day you launch.

[Joe Getty]

Is it possible that Katie popped a mushroom while she was up there? That is just so stupid. I was just thinking, so this, this, this ended space exploration, Exploration in the United States. We were the leaders in space exploration. We're the only country that ever got to the moon. And it ended because of these stupid stunts. Because NASA got so caught up in the first woman, the first black person, the first trans person or whatever. And nobody cares about that crap. They think people care about that crap, but nobody cares about that crap. That doesn't inspire people. The actual, you know, accomplishing something is what inspired. So that killed the space program. Elon comes along and is all about actually doing things and people get jazzed up again. You got Bezos, the other guy. He's following in NASA's footsteps. Has Elon ever done a stunt launch of any kind? I don't think he has.

[Jack Armstrong]

I don't remember giving funny names, but other than that, no.

[Joe Getty]

Yeah, but I don't remember any of his launches being. It looks like there's no purpose for this other than the first celebrity, all female cast or whatever.

[Jack Armstrong]

I don't know where you get off. I a lot of people are taking this seriously. Give US clip number 20. Michael. Come on. This is David Mu on ABC News. Many people watch this show. Jack the star studded.

[Katy Perry]

All female blue origin flight crew including.

[Joe Getty]

Katy Perry and Gail King blasting off headed to the edge of space. Oprah crying at liftoff. It's amazing to me.

[Jack Armstrong]

Oprah cried at liftoff. You bully.

[Joe Getty]

It's amazing to me that mainstream media all these years has acted like these stunt space things matter to people. People don't care. They yawn at them. Big deal. That nobody's interested in. That drives me nuts. That clip that Jimmy Kimmel had there from Katy Perry. You never know how much love there is on earth until you lift up. What the hell are you talking about?

[Jack Armstrong]

You got to play as clip 22. Michael. Listen to this hogwash. Would you?

[Joe Getty]

You are officially an astronaut.

[Katy Perry]

How do you feel? I still can't accept that word.

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I just feel a renewed connection to.

[Jack Armstrong]

Everything in life and where we.

[Katy Perry]

I can't wait to go back out there. It is the highest high and it is surrender to the unknown. Trust.

[Jack Armstrong]

Yes.

[Joe Getty]

I want somebody to come back and speak the truth sometime. We went pretty high. We actually weren't in space. It was a lot like an amusement park ride. It was pretty cool. But no. I feel exactly the same as when I took off. I have no epiphanies or new view of humanity or anything like that.

[Jack Armstrong]

Because that view is astounding. I mean it's crazy. I knew the Earth was round. But you can see it from up there. The views are just gorgeous. No. You have to surrender to the unknown. It's the highest high. It's trust. Okay. Love this from Curtis. Wrote us an email. Katy Perry is no more astronaut than Ham the chimp we launched and brought back alive in 1961. Just like riding in seat 13A on a Southwest flight to Albuquerque doesn't make an aeroplane airline pilot. She was just a passenger.

[Joe Getty]

That's good.

[Jack Armstrong]

Yeah.

[Joe Getty]

I, I, I. When I'm on a Southwest flight. I am not a pilot. Now and then.

[Jack Armstrong]

As you heard yesterday. It only seems right that as they reached the peak of their space journey north was a beautiful marble in the distance. She sang. Katy Perry sang what a Wonderful world. Just like Ms. King. That brought me to tears. I guess I kissed a girl and I liked it. Didn't quite fit the moment. What a freaking clown show. Writes Michael.

[Joe Getty]

Right?

[Jack Armstrong]

Hi.

[Katy Perry]

I'm Katy Perry. Let's go to space.

[Joe Getty]

When El had that rocket come back down and he caught it with the big giant hands. You know. I mean, that's freaking amazing and inspiring and wow. Sending Katy Perry and Gayle King up is a nothing. And why does the media go along with it and act like it's a big deal? So embarrassing.

[Jack Armstrong]

I mean, a culture. Michael writes, I'm no longer pushing my two daughters to worry about the hard sciences. I told them, just have a best friend who's the queen of media, write horrible pop songs or steal a millionaire from his wife, and they, too, can get to the edge of space. That's pretty said.

[Joe Getty]

That's pretty snarky.

[Jack Armstrong]

Beautifully said. Go ahead, play 23, Michael.

[Katy Perry]

Complete and utter joy and gratefulness.

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You can heal. No dream is too wild.

[Joe Getty]

The moon was so beautiful, and that was like. I felt like that was a special.

[Katy Perry]

Gift just for me. You can't go through what we went through to look out for each other, to help each other, and not be changed by that.

[Jack Armstrong]

I will never be the same.

[Katy Perry]

This extra experience is right. It's second to being a mom other.

[Jack Armstrong]

Than the reference to being a mom. They sound like high school girls.

[Joe Getty]

You can't go what we went through together, helping each other, being there for each other, and not be changed by that.

[Jack Armstrong]

You're too strapped into a seat. Then you floated around for like a minute, then you got back in your seat.

[Joe Getty]

You're too old to say that sort of stupid crap if you're, you know, a pop singer who's young. Okay.

[Jack Armstrong]

And stoned.

[Joe Getty]

Jeez, I'm embarrassed for y'all.

[Jack Armstrong]

Yeah. I'm embarrassed for my country.

[Joe Getty]

You can't the all the love in the world you can feel at once when you. Oh, shut up.

[Jack Armstrong]

It's the highest high. It's surrender to the unknown. Okay. All right. Can I get back to work now? Speaking of which, Trump v. Harvard. The latest battle. The US has freezed billions of dollars. Frozen. Freezed. Frozen. Why isn't it freezed? What a crazy language English is. Anyway, we the United States froze billions of dollars in funding after Harvard says no. We are going to fight Trump's demands. And it's being portrayed on the left is a battle in favor of academic freedom, even though in our universities there is no academic freedom unless you' progressive. We will outline the battle as it stands right now for you in the next segment.

[Joe Getty]

Think. There were five news articles or opinion pieces in the New York Times today about what a horror this is that the Trump administration is out to kill higher education.

[Jack Armstrong]

Stop.

[Joe Getty]

Research is anti science.

[Jack Armstrong]

That's what anti. The free exchange of ideas. How dare they. I polled our faculty and 98% of them who are all progressives, agreed. We have the free exchange of ID ideas.

[Joe Getty]

I've got a great example to fit in with that that it just occurred to me yesterday too. Stay tuned.

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[Joe Getty]

What do you get for a $40,000 a year gym membership? The hot new thing is these very expensive gym memberships that you get a lot. For now, no, none of us are going to do a $40,000 gym membership. But there are other more affordable examples and everything that comes with it might be the new thing. So stay tuned for that interesting plus.

[Jack Armstrong]

Our favorite tax expert. Next segment to talk to us about what's new, what common mistakes happen, that sort of thing. Get you learned up on your taxes. So Abraham Lincoln warned us that the United States will never be destroyed by an outside force, or at least not in the foreseeable future. And I agree with him there. If we crumble, it will be of our own doing. And around here we believe quite sincerely that while various wars and negotiations are incredibly important, people are dying. It's not going to end the United States. The trade war thing, the tariff thing. It might screw up the economy, it might be brilliant, might be a disaster. But either way we will muddle on, straighten things out and go forward in the future. I believe the rot in our institutions of Learning K through PhD where it's become a progressive factory to indoctrinate young people into hating their country and western civilization. I think that could undo us. If we have generation after generation of Americans who do not buy into the principles of this country and do not love it, we will fall apart as a country Anyway, it's just setting the scene. Headline US freezes billions in funding after Harvard says it will fight Trump's demands. You remember how Trump threatened Columbia and Penn and a couple of other places and said, look, you gotta follow federal law on hiring. You can't have these loyalty oaths, these DEI statements, et cetera, or we're not gonna fund your research anymore. And a lot of them came around and said, yeah, yeah, we see your point. Okay, well we'll switch this around. We won't do this anymore and we won't admit people based on race because that's the law. Harvard has said, yeah, look at my well funded middle finger. And said absolutely no to the Trump administration.

[Joe Getty]

Man, it's interesting that Columbia caved so quickly and Harvard is gonna fight it.

[Jack Armstrong]

Well, part of what happened was, and I should have included this, is that the Trump administration was horrified by the overt anti Semitism of the up with Hamas crowd and how they have been violating federal law over and over again with impunity at these universities. Cuz up with the Palestinians, up with Hamas is seen as a progressive cause. And so actually I think as a door to get into the universities to force them to do what they ought to be doing, it's, it's kind of handy, but. So Harvard said Monday it would resist the Trump's administration's demands to change its governance structure over campus anti Semitism concerns, saying the government is overstepping its authority. Hours later, the government announced a $2.26 billion freeze of Harvard's multi year grants and contracts. Said Harvard President Alan Garber, one of two out of 10 Ivy League schools that's led by a dude because it's much more progressive to be led by a woman, a gay woman if you can, a gay black woman if you can. A black woman named gay in the case of Harvard, until fairly recently, back to the text anyway, Harvard President Alan Garber said, quote, the university will not surrender its independence or relinquish its constitutional rights. Trump administration said the school's response, quote, reinforces the troubling entitlement mindset that is endemic in our nation's most prestigious universities and colleges. That federal investment does not come with the responsibility to uphold civil rights laws. It's so interesting, isn't it, that, and that is absolutely undeniably true. We're talking about civil rights laws. You cannot beat a black man to prevent him from attending class. You cannot threaten a Jewish girl to terrify her out of the library. That is a civil rights enforcement issue. And progressive America is standing staunchly in favor of keeping the Jews out, in effect, and conservatives out.

[Joe Getty]

Did you see, I don't want to get too bogged down on this, but did you see that Venn diagram thing that was making the floating around on social media over the weekend where you had. The far right is a circle, the far left is a circle, and fundamentalist Islam is a circle. And the one thing all three circles converge on is we hate Jews.

[Jack Armstrong]

Right. In America.

[Joe Getty]

Far right, far left, unlike the Jews, and fund fundamentalist Islam. That's a problem. Yeah, if you're Jewish.

[Jack Armstrong]

So the Trump administration Task Force on Anti Semitism wrote the school earlier, asking it to take nine actions, quote, that we regard as necessary for Harvard University's continued financial relationship with the United States government. Most of the demands concerned how the university operates. The government is asking for a comprehensive mask ban, as well as changes to governance, leadership and admission, and an end to DEI programs. Notably, the government is also seeking to reach into the classroom. Gets a little controversial here demanding, quote, necessary changes be made to address bias, improve viewpoint diversity, and end ideological capture, which fuel anti Semitic harassment. The task forces letter said, I would.

[Joe Getty]

Like that stuff to happen, but I don't see how you can force that to happen without getting into a real dangerous territory.

[Jack Armstrong]

That is such an interesting question. If you have a 94 progressive faculty in a school that gets any government funding whatsoever. Conservative is not a protected class. Right. It's difficult to make that into a civil rights issue with the, the teeth of the law behind you. Well, and you can see it's an interesting conundrum.

[Joe Getty]

And you can see where, if you allowed this, how out of control it could get. Who's going to define, you know, what the politics ought to be of the college, at what percentage, and how do you enforce it?

[Jack Armstrong]

Yeah, right. How do you define who's a conservative, who's a moderate conservative, who's a far right person? Yeah, it's, it's a, it's opening a Pandora's box. But at the same time, something like that has to happen or it will tear the country apart.

[Joe Getty]

Don't you feel like market forces are working at this right now? Where.

[Jack Armstrong]

Yes.

[Joe Getty]

You know, a degree from Columbia and Harvard, I think there's lots of people in the country, they see that on a resume and they think, oh, no, they don't think. Yes, a Harvard grad wants to work here. You think danger.

[Jack Armstrong]

Danger. Yeah, yeah, yeah, exactly. Yeah, I do think that. And other schools are opening up and proudly proclaiming themselves to be actual centers of the Free exchange of ideas. Whether it's University of Austin, North Carolina has got established a brand new college within the university that's all about free inquiry, which is what the whole GD thing is supposed to be doing. Anyway. The headline in the New York Times as Jack mentioned Harvard's decision to resist Trump is a mom is of momentum, momentous significance. Sorry. But a fight with the nation's oldest, richest and most elite university is a battle that President Trump and his powerful aide Stephen Miller want to have. I think that's actually true.

[Joe Getty]

Yep.

[Jack Armstrong]

But Elizabeth Boy Bum Miller reporting from Washington is talking about how the Trump administration is demanding all sorts of unreasonable things and controlling the university and how significant this is and wonderful. Blah blah, blah. I thought it was interesting that she also mentions just point of interest. Harvard University is 140 years older than the United States.

[Joe Getty]

Yeah.

[Jack Armstrong]

Has an endowment greater than the GDP of nearly 100 countries.

[Joe Getty]

Huh.

[Jack Armstrong]

Yeah. That's amazing. And then finally the Wall Street Journal was describing how this battle is being waged and it's kind of interesting. It has to do with a Health and Human Services official who's part of a little known government task force that's shaken elite universities, targeted billions of dollars in federal funding taken on Columbia and Harvard, et cetera, et cetera. It's called the Task Force to Combat Antisemitism and the group stated goal is to root out anti Semitic harassment at schools and on college campuses. But along the way the task force is taking on university culture more broadly in ways that echo the MAGA dreams for remaking higher education, including racial ending racial preferences and hiring and admission. But it's a, it's a very small part of the HHS that is kind of the, the tip of the spear doing this stuff. And I, I can't wait to watch this unfold. As I've probably over emphasized, I think it's one of the most important things going on in America today, even though it's under most people's radar.

[Joe Getty]

It's April 15th, it's tax day. We're going to talk to our friend Stephen Moskowitz, tax attorney about the kind of state of taxes today and make common mistakes and things you should keep your eye on.

[Jack Armstrong]

Oof.

[Joe Getty]

Death and taxes, man. Only two things you can count on on this planet can practically guarantee you'll.

[Jack Armstrong]

Get some good advice out of it. Something you'll want to look into in your own finances.

[Joe Getty]

Maybe later we'll get to that dude who set fire to the Pennsylvania governor's mansion. That's an interesting story.

[Jack Armstrong]

Total Armstrong and Getty.

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[Joe Getty]

Happy tax day everybody. Good news is whatever money you're giving the government that you worked hard for, it's going to be spent wisely and.

[Jack Armstrong]

In a way better than you could have spent it.

[Joe Getty]

Oh yeah, absolutely.

[Jack Armstrong]

You and your children and your needs.

[Joe Getty]

So I didn't hear the latest update. Do we have our guest or no, not as yet. Okay.

[Jack Armstrong]

Still efforting it.

[Joe Getty]

So here's something I don't know if we'll ever figure out. So we have a higher tolerance right now in the country for political violence than we've had since the early 70s, I feel like. And we're getting more of it. But every example of it that happens, the person is crazy. So how does that fit together? Because crazy people are crazy. So I don't know how you fit that in with the zeitgeist or whatever. Does the zeitgeist reach crazy people? But anyway, the guy that set the Pennsylvania governor mansion on fire was completely nuts. Yet he fit, it fits into a pattern of more political violence. And we can talk more about that later. We'll get into the details of this guy's background. I mean he's, he's a nut job.

[Jack Armstrong]

But first, let's talk taxes with Stephen Moskowitz, the founder and tax attorney at Moskowitz llp, longtime friend of the Armstrong and Getty show and advisor on matters tax as well. Stephen, how are you doing?

[Katy Perry]

Great. My favorite day of the year.

[Joe Getty]

Yeah, not mine.

[Jack Armstrong]

Yeah, you're the only one. But so we're. You're always brimming with interesting tax talk. You love your job as much as anybody in America So what's top of mind for you today to communicate to the good folks?

[Katy Perry]

You know, there, there's so much. If you haven't done your tax return by now, don't be like in the movies. Work until midnight to get it out. Go on extension now. The extension is an extension of time to file, not an extension of time to pay. But if you can't pay your taxes, don't make the mistake of not filing return. File it, pay what you can, and then you can do a monthly payment plan. And, you know, I know in the movies the IRS is portrayed as monsters. They're not. You know, like any large group, there's always a bad apple and there's always somebody great. But most of them are just doing their job. If you're reasonable with them, they'll be reasonable to you. You can work something out. You don't have to be afraid of it. You can work something out. That's what we do for people. But the bottom line is these problems are fixable. And I've seen over the years so many people, they go into hiding, they do these horrible things, they punish themselves way worse than the government ever would, and there's no need for that. On the other hand, there's so many tax benefits. If you're a do it yourselfer, there's a lot of good things to read. You might also want to consider talking to somebody. There's so many advantages, especially if you're in business. You take a look at the Fortune 500. That's one of the things that originally motivated me to become a tax attorney. Because, you know, as a CPA first, and I watched these giant corporations making billions of dollars and legally paying lower, no taxes. And how can that be? Our tax law is based on two things. One, getting money from us, we all know about that one. But the other one, in a democracy, the government can't order us to do things, but they want us to do things because it's good for the economy. So how they get to do it, they pay us. And that's the secret of all these tax deductions. There's all kinds of tax incentives. We see simple ones like buying a house, you get a tax deduction for mortgage interest and real estate taxes. You set up a pension for yourself, you get a tax deduction for that. There's so many benefits where if you have depreciation on machinery or buildings, there's ways to accelerate that and get way more, get these huge deductions. Another thing, to me, the most beautiful words in the English Language or a positive cash flow with a tax loss, isn't it.

[Joe Getty]

It's romantic in your life.

[Katy Perry]

I mean, it brings a tear to the eye. It's so emotional to me. And the bottom line is there's so much there where you can, you can benefit. And I mean, there's benefits for everybody. It's not just for rich people, it's for everybody. If you're on the lower end of the income scale, the government gives you all kinds of benefits for you, for your kids, family members. If you're on the other end, there's ways that you can deduct your yachts and everything in between. The tax law has something for everybody in it. It's worth it. Knowing it, studying or going to somebody who does. There's just so much there, and yet so many people treat it with despair. And it's horrible. It's not. You have to take a look at all the good things that are there. They're there. You just have to know about them.

[Joe Getty]

So we talk a lot about. You've talked a lot about how the complexity of the tax code. I mean, if, if we're starting the tax code today, nobody would want to end up with what we currently have, even though it's so hard to change. But like, when you started many years ago, how many pages or rules were there compared to today?

[Katy Perry]

Oh, you know, I remember when I was in grad school, the professor actually went over that and he took it even back further where he basically showed us with his hands. He said when he started in tax, basically the tax law was. And he opened his fingers to show us now, he said, today, this is back when I was in school, he opened his arms, he said, that's not wide enough. And what happens is it's not just the law, it's the interpretations. A lot of what we do is we argue over what did the legislators in their infinite wisdom provide for us. And oftentimes the judges can't agree. And so many times we'll do a settlement because both sides say, well, we don't really know what they meant. So rather than have the judge decide, let's make a deal. And again, you see judges disagreeing, you say, appeals judges disagreeing with trial judges. It's almost like nobody knows. It's a grand mystery, one of the mysteries of life. And going through this, it really is, you know how excited I get about tax law, but it really is the mysteries of life. And in real life, it's not a black and white mathematical. One plus one equals two. That's the right answer. It's like going into the museum and looking at the paintings and say, what's the most beautiful painting here? It's a matter of interpretation. And there's so much of the tax fall like that, what the legislators mean. And when you argue tax law, that's one of the things to try to figure out what did they mean? And you negotiate about it to try to figure out what they mean. That's something people don't realize about tax law, but that's part of the beauty of, or at least the way the system works.

[Jack Armstrong]

So, Stephen, in real life, the topic I've probably heard the most from people being confused about is if they're working remotely, part time or full time. They've got a home office. I've got a home studio. Can you deduct the equipment you buy, the chair you're sitting on? What are the pros and cons of that?

[Joe Getty]

Your WI fi because you're using it at home?

[Katy Perry]

Yeah, you may be able to. And what you have to watch out for, the most common one is the home office. People say, can I deduct the home office? Now, in order to deduct it, the way you do it is you say, okay, if you use a portion of your home exclusively for business, you can deduct it. And even if you've got a studio apartment that's one room, how can you do that? The task force has ruled. If we use a portion of that room exclusively for business, you can do it, but you have to watch out. There's a downside to doing it. And the downside to doing it is it converts that portion of your home from your principal residence, which has all kinds of tax benefits, into business property, which doesn't. So if you sell the house, then all of a sudden you learn about things you have to give back, like depreciation, recapture and other things. So if you're thinking about deducting home office, you can do it if you qualify, but you may not want to.

[Joe Getty]

I never thought about the the end when you go to sell your house and that that's not a house, that's an officer selling. And here's the Everything that goes with that.

[Katy Perry]

Exactly. So the bottom line is it's kind of like medicine. This is a good medicine book as a side effect, which may or may not affect you. So we talk about that. And the bottom line is another thing that's really good for people is if you're an independent contractor, you set up your own business, and then you take pension Deductions, retirement. And there's so many benefits, you get a big tax deduction. And one of the things with retirement, like we're here, it is April 15th, and you say, well, these are all good things for next year, but there's some things you can still do. Suppose you put your return on extension today. There's many different types of pensions. Most, but not all of them, provide for an exception with tax planning. Because most things with tax plan, you have to write the check by December 31, 24, deduct the 24, not with most of the pension plans. You have upfield time of filing the return plus extension, which means suppose you put your return on extension today. That gives you half a year to set up a pension in 2025, fund it in 2025, and then you can elect to deduct it from your 24 taxes. So the bottom line, think about you earned money last year, you have another six months, happy year to earn money put away for yourself and take a deduction for last year, 24. I mean, to me, this is just last minute.

[Jack Armstrong]

So that would be like a small business person who had a really great 2024 and is getting hammered with taxes. It can in effect shield some of that income from tax by putting it in a pension plan, like retroactively.

[Katy Perry]

Ah. And when somebody gives you something nice, what do you say?

[Jack Armstrong]

Thank you.

[Katy Perry]

A lawyer says, more, I want more. And what happens is with the really great year you talked about with the pension plans, if you had a fantastic year, one of the things you can do, they're so flexible, is you can make multiple plan year contributions in one calendar year and get a much, much bigger deduction for that year. So suppose you were a salesman or something else, you had big sales, you made a lot of money. What you want to do is you want to get, let's say that was 24. You say, I'm looking at these taxes. I hate all these taxes. So you set up pension plans. And by the way, you can have multiple pension plans in the same year, you set up multiple pension plans, and then you make multiple plan year contributions in one calendar year, you get a gigantic deduction against that fantastic year. And it's one of the ways you don't pay taxes on it. See, this stuff really lives, doesn't it?

[Jack Armstrong]

And then you end up taking it out years down the road when you're paying at a much lower rate, theoretically. All right, we've got like two more minutes. Stephen, anything else you want to squeeze in before we let you go?

[Katy Perry]

Yes. Before you send your taxes in, you really want to learn as much as you can, either on your own for reading or going to somebody that does this. Because most people cheat on their taxes. They cheat themselves by not taking everything to which they're entitled. And, you know, there's just so much to the tax law. I know it's really complex, but there's so many benefits for you. So the bottom line is, like so many other things in life, you get out of it what you put into it, learn about it, or go to somebody that does this for a living, and you can really benefit. You see, there's so much difference. And people's taxes. And again, my example is the Fortune 500. Look at all the money they make. Look at how little or nothing you pay in taxes. That's not just for the Fortune 500. That's for everybody that knows about it. It's there for you. It's alive, it's legal, and that's what I do for a living. And no kidding, this stuff fascinates me. And it's so great to be able to legally do this.

[Jack Armstrong]

Stephen Moskowitz. Moskowitz llp, longtime friend of the show. Stephen, always a pleasure to talk to you. It's always interest if you want to talk to Stephen. One triple eight tax deal. One triple eight tax deal. Stephen, thanks for the time. Appreciate it.

[Katy Perry]

Thanks so much. I had a great time, as always.

[Joe Getty]

No, got it. Now, obviously, he gets paid to do taxes, so, you know, he would have an incentive to convince you to have a guy. But I don't doubt that that's true. Absolutely true that the majority of people cheat on their taxes. The cheating is you cheat yourself by not taking advantage of everything.

[Jack Armstrong]

Yeah. And this is, again, this is not a commercial in any way, but. And it depends on your financial circumstances, where you are in your life, in one other things. So, you know, it's entirely up to you. But our experience, Jack and me, as individuals and as business partners has been you spend hundreds and save thousands by consulting professionals. And maybe your situation is you'd spend thousands and save tens of thousands, you know, again, depending on your life circumstance. But that's been our experience.

[Joe Getty]

One of my main takeaways from knowing Stephen, and I think he brought this up at a lunch we were at with him one time. Time is. Is the idea of. And it's changed the way I think about things. But, like, would you. I mean, a basic question of would you rather get. Would you rather have be received $50,000 or $80,000? Obviously, I'd rather receive the $80,000. Well, what are the tax implications? How is the 50,000 coming to you? How's the 80,000 coming? Is it coming through income? Did your grandma live it to you? You know, is it a prize you won? It's a. Because there are different tax implications for all these different things. You might be better off with the 50,000 than the 80,000 if it was a gift, blah, blah blah. And you always have to look at that end of it.

[Jack Armstrong]

It should not be that dizzying, but it is, right?

[Joe Getty]

I hope you enjoyed that. I did. I always get something out of it.

[Jack Armstrong]

More on the way.

[Joe Getty]

Stay here.

[Jack Armstrong]

Armstrong and Getty.

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[Katy Perry]

Presentation of a Minecraft movie.

[Joe Getty]

Please no throwing popcorn. And also absolutely no chicken jockeys. We haven't told you yet. Jack Black was actually at the theater. Everybody waiting for the Minecraft movie to start. He gets on the microphone and then when they figure out it's actually him, the guy who says chicken jockey in the movie, everybody went berserko. I'm sure that'd be very exciting as as a child.

[Jack Armstrong]

All right. Innocent fun. Why not less?

[Joe Getty]

My son's super into Minecraft. Has been for quite a few years. My youngest, my oldest, for whatever reason, does not like video games. Never has really, but my youngest. And the chicken jockey is something that shows up like almost never. It's incredibly rare when you're playing the game. There's a different. There's a chicken jockey, there's a cat. Can't be camel jockey.

[Jack Armstrong]

Oh, I doubt it.

[Joe Getty]

But there's a different jockey that shows up now and then. It's more common. But the chicken jockey is like you never see it playing the game. It'll just all of a sudden be there and like it might happen once in your life if you play a lot.

[Jack Armstrong]

Wow.

[Joe Getty]

So that's part of the whole thing of the game. It being in the movie is a very big deal. That's funny. I started the show by saying finna die today or finna get some medicine so I can make it through this show. I've picked this up from my son who occasionally uses the very popular slang finna. I hear it in a lot of his hip hop music that he plays.

[Jack Armstrong]

That's just gonna say that sounds suspiciously urban hip hop to me.

[Joe Getty]

Yeah, I guess the origin is fixing to, but I've never heard any young person say fixing to, so I think they skipped fixing to to just finna, which is basically short for I'm going to finnigate a sandwich. I'm going to get a sandwich. So if you hear that now, you won't be confused or you can sprinkle it into your vocabulary. If you're around young people and you'd like to sound more with the times, I will pass.

[Jack Armstrong]

Thank you though. Fine. The desire of young suburban kids to affect the manner of urban hipsters.

[Joe Getty]

Yeah.

[Jack Armstrong]

Is. Well, it's eternal. I mean, it's gone on forever. It's. It changes, yet it stays the same. It's an interesting phenomenon.

[Joe Getty]

Right? Yeah. Whenever I say finna to him, he. He's disgusted by it.

[Jack Armstrong]

Cringes. Yes, yes, good.

[Joe Getty]

Say that a lot then he couldn't cringe more. Exactly.

[Jack Armstrong]

Youthful dialects get so annoying as you get old. Why is that? Anyway, we have a fourth hour of the show. If you don't get the fourth hour, you gotta do something. You ought to subscribe to our podcast, Armstrong and Getty on Demand. Thanks for being here, Armstrong and Getty.

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