
🚨 The $100K tax mistake content creators are making - revealed! 💰 Daniel Mac spills the tea on the Digital Social Hour with Sean Kelly. 🎙️ Discover the shocking tax write-offs that could land you in hot water with the IRS! 😱 From...
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A
I'm sure with the way you do your content, you might be able to write it off anyways.
B
Yeah, I do. Yeah. Everything but the BMW is written off because I film with them so much and it's part of my brand.
A
Right.
B
I'd say it's a slippery slope. Like my cpa, who's a little more conservative, she was like, for you, you can do it because you're a car creator. Good luck. If you're, like, just a regular small business owner trying to write off, like, a Lamborghini Aventador, the IRS is gonna.
A
Be like, no, I know people that try to write off their watches.
B
I'm like, dude, yeah, yeah, exactly.
A
All right, guys, Daniel Mack here today. Thanks for coming on, man.
B
What's up, man? Thanks for having me.
A
It's cool to have another fellow podcaster on.
B
Yes, sir. Very cool, dude.
A
Yeah. You started the show recently, right?
B
Yeah, yeah, within, like, the last year or so. But it's not to your scale, I'd say for sure.
A
Yeah. You're more picky with your guests. I know.
B
Yeah. It's just periodic. Yeah. It's like, ah, you know, this month I travel a lot, so. Yeah, yeah.
A
What made you branch off? Because your specialty was short form before that, right?
B
Yeah.
A
So what made you want to branch off into more long form stuff?
B
I mean, I think, like, obviously I asked you what they do for a living. Short little clips. They're like a minute long, usually in between a light cycle on Rodeo Drive. So I really, like, wanted to dive into, like, how people become wealthy and they like, more like a longer format, essentially, because a lot of people are wanting that.
A
Right.
B
And it makes complete sense, I feel like, as compared to, like, oh, I got rich with, like, these quick little things. Like, you can't really get into the nitty gritty with it unless you're, like, doing a long, long interview.
A
Yeah. Because you have one question and then the video's over.
B
Yeah, yeah. And literally, like I said, like, on this light cycles on every day. Like, I have, like 40 seconds.
A
I'm like, you would liter go to the traffic light and.
B
Yeah, yeah, like the main. Like, there's a main for people that don't live in Los Angeles. There's like the main, like, area rodeo, obviously. And, like, that's where all the rich people are. And I do it in between, like, the major light. And it's almost a minute. I'm like, damn, if it was a little longer, maybe I'd be able to monetize better on Tik Tok.
A
But what percentage of people actually answer the question versus just drive off?
B
Most people do. Like, at the beginning. A lot of people were confused before, like, people started asking about what they do. Like, now even a lot of people, they'll be like, oh, you got me on Rodeo. I'm like, that wasn't me. It's like, it's like, become like a whole thing. But I'd say, like 90% of people answer the question are very friendly because on this Rodeo Drive area, like, they want to show off. They're in a Ferrari, windows down. But like 1% of the time, people like, yell at me.
A
Really?
B
They scream and get like, super pissed off. Yeah.
A
They're probably like super private people, I'd assume. Yeah, I want views, I'd say.
B
And I'd be like, I wouldn't bother them. But they're on this strip, which is like the show off strip. So, like, I don't go to people at like a grocery store and bother them. I do it like in an area, like, with their windows down, like on a Ferrari. Like, I'm like, it's not.
A
Yeah. Has someone ever told you to take the video down?
B
All the time, yeah.
A
Really?
B
Although if people are friendly on site and they're just like, oh, please don't film me, I'm like, oh, sure. And I delete it right there. But if they're like, really rude. And by the way, those are great clips. Like, I used to hate it, but now I'm like, oh, yeah, keep yelling at me. I'm like, okay. Like, screw you. Like, if you're going to be a huge dick.
A
Yeah. It's wild that people could get that triggered so easily.
B
Yeah, yeah, yeah. I mean, like, it's not like I'm. I try to be as professional and friendly as possible, and it's just like, hey, man, you have a cool car and. Yeah. But some people get angry.
A
Yeah. What was the most. What have been the most common job professions you've seen from these people driving luxury supercars.
B
So I'd say the number one most common thing that all these wealthy people have is that they own real estate. Almost 99% of people in these Ferraris that I interview own real estate, and 90% of them probably own their own business. So that's like where you get like the upper echelon of, like, Bugatti owners. Like, the. There's a cap on how much you can obviously make when you're working for someone else. I would say about a third of people I interview still do have like nine to five jobs, but they're usually in tech, law or engineering.
A
Okay.
B
And those are kind of like the main like step mostly stem things, but then there's also some spin off careers that are pretty interesting, like plumbing. There's a lot of plumbers out there that make a lot of money.
A
Really?
B
Like a lot of the trade school stuff like electricians and then I see a lot of people that do consulting and stuff like that.
A
Damn. Plumbers are driving supercars.
B
Plumbers are driving supercars. Yeah, sometimes crazy supercars. It's like a very like in demand industry that I think a lot of people don't realize can make you a lot of money.
A
I guess if you think about it, the margins are really good on plumbing.
B
Yeah, yeah. It's a dying thing too. Right now like there's like a plumbing shortage. Like there's all these old people are dying, all the boomers basically. And then after Covid, a lot of them didn't go back to work. So right now like if you want to be a trade school person, there's like a huge gap of young people that need to fill it.
A
I could see that. Cuz our generation's not as hands on as boomers.
B
Yeah, yeah, exactly.
A
Like on our phones and stuff.
B
It's going to be like a $200,000 job here like the next. It's like the new thing basically.
A
200K a year is pretty good.
B
Yeah, yeah. People are making like one like already people are making like 150,000 if you want to be like a plumber.
A
Yeah. I mean all they're really doing is their time because they don't need to buy that much equipment.
B
Plumbing, it's super profitable as like a business if you own like a plumbing company. And a lot of the times these people own plumbing companies too. Like they'll be plumbers, make their own thing and then they are making like millions of dollars a year.
A
I might have to invest in one. Sometimes it's the unsexy businesses.
B
Yeah, totally. Yeah, totally. I mean that's where I get a lot of wealthy people is like they are the ones that make like the light filaments and like like a thing or like something that's like a small little part, like this little screw right here. The billionaires that make crazy money.
A
Have any of the interviews really stuck out to you inspired you in a certain type of way?
B
Yeah, I mean I've gotten a lot of people that just have like very unique. I think like the biggest thing I'd say is you can make money doing Pretty much anything. Like I have people that make millions of dollars like selling like ice to companies and you're like, oh, someone's got to do it. So I'd say like, it's kind of interesting because you, you know, you think that there's like the main few things that you have to do to make money, but really you can make a lot of money doing pretty much anything that you set your mind to.
A
Right.
B
And the more niche is kind of the more money if you're able to capitalize on.
A
Yeah. I mean, you really can look at how you're making money.
B
Yeah.
A
How they make money.
B
Exactly. Yeah. Yeah, exactly. It's like I try to explain it to people that are older. I'm like, yeah, ask people they do for a living. For a living and it's like a very like post Covid gen Z job.
A
Yeah. And now I'm asking you how you make a living.
B
Yes.
A
You ask other people. It's like a loop.
B
Yeah, yeah, exactly.
A
That's funny, man.
B
Yeah.
A
Do you have plans to start other businesses though?
B
Yeah, I'd say, you know, I. People ask me for like my master plan and I wish I kind of had something, you know, more. I'd be doing it right now if I, if I, I had that on site. But yeah, I think diversifying is something that like content creators have to do. I think people get a little too complacent that are in the content sphere and then they just kind of fizzle out. And obviously I can't ask people what they do for a living forever.
A
Right.
B
And I'm surprised. It's been going on for five years almost now. It's kind of insane. But yeah, like I do like yacht content, I do like mansion tours, like Cribs style videos, like whatever I can do to kind of like make my career as long as possible because I know it's not going to last forever.
A
That's cool to see you have that mindset and adapt because there are a lot of people copying you now, right?
B
Oh yeah, there's millions.
A
I see random ones every day.
B
It's kind of like a sub genre now. Like there's some other people that do like other types of man on the street, like how much money like that kind of genre. But yeah, they're everywhere. So that's why I started showing my face a little more in videos. At the beginning I didn't show my face for like a full year.
A
I remember that.
B
Yeah, like I was just like not a camp. I just accidentally blew up by doing it. So, yeah, like, my first video for a whole year, people didn't even know what I looked like. I was like, I don't want to have my. Like.
A
Right. Were you just shy or insecure at the time?
B
Yeah, yeah. Like, I just didn't want to. I just wasn't into content. Like, my first video I posted on Tick tock, it got 50 million views, 0 followers. First one, first one ever. Yeah. And then, because I wouldn't have stuck with it, I just had a funny concept. I'm like, let me ask them what they do. It's kind of funny more and kind of interesting. And then my second video got like 50 million views again.
A
Damn.
B
And then my third video got, like 70 million views or something around there. So then I got a million followers within a week on Tik Tok. Like, within, like, six days.
A
Crazy.
B
And I was like, fog. And people are like, yo, this guy kind of sounds like you. That's me. So, yeah, it was completely random. And it took me about a year to be able to be, like, comfortable in front of the camera and also to, like, take, like, claim of this trend, essentially.
A
Yeah.
B
Be like, I'm the one that started it.
A
It's such a simple idea, but you really broke the mold because most people don't talk about finances openly.
B
Yeah, exactly. It's more so of American thing. I've tried to do this, obviously, in, like, England and stuff, and they're very. You know, it's not as flashy, especially if you go to, like, Miami. Then you get even more flashy. But it really depends on where you're at. And some people are more than willing to. Yeah, but it's kind of taboo for some people. And I think it's kind of, you know, it's a mix.
A
Yeah. What about Vegas? Have you hit that yet?
B
Oh, yeah, yeah. I'm in Vegas and Miami a lot of the times. And Vegas is kind of the same vibe where people are super flashy and like to show off.
A
Yeah, that's where I live at.
B
Okay.
A
Yeah. I see people going to, like, the Strip and doing interviews and just ask people your question.
B
Yeah, exactly. Yeah. The Strip is a good spot for it. And there's a lot of. There's a big car scene in Vegas. But then, for example, like, Miami is where people are showing off. But, like, you go up a little North Boca Raton, like, you have people. There are a lot more, like, quiet money.
A
Like, older money, right?
B
Yeah, older money. Like, it's like a money talks, wealth, whispers kind of situation with, like, yacht Owners out there. Very hard to actually crack a Bugatti owner and have them actually give me a real answer. And that's kind of like yacht owners, too. They probably own yachts, too.
A
Those Bugatti owners are secretive.
B
They're very secretive. Yeah. Like, it's hard for me to get a video with a Kona's Egg Bugatti or, like, Pagani owner that gives me a legit answer. That's like, here's how I made my money. Normally they're, like, joking around and they're like, oh, like, you know, don't do much. And I'm like, literally, tell me what you do.
A
Yeah. Because I feel like if you're dropping millions on a car, you want to hold that information to yourself.
B
Probably, yeah. I'm sure a lot of them are in trouble with the irs. Like, they don't, like. I've, like, definitely had some sketchy incidents with, like, supercar owners where they are not giving me enough. And I'm like, yo, like, what do you do? And they're like, oh, are you filming what's going on? So I've gotten some people in trouble.
A
Yeah. Have you ever caught someone renting a car and they were trying to act like they owned it?
B
Oh, all the time. Yeah. I can tell immediately. I'm, like, friends with half the rental car people. So in Miami, if somebody's in a Lamborghini Huracan, they're renting it. And in L. A, if they're in, like, a Lamborghini Urus with, like, a group of people or like, a G wagon with, like, four people rental.
A
Wow.
B
It's pretty common. Like, those are the rental cars. And then also you get, like, your classic, like, Lamborghini Huracan anywhere with a group of guys. Yeah.
A
Classic giveaway. Yeah. I'm sure because you've interviewed thousands of people, you could kind of pick it out at this point.
B
Yeah, yeah. There's, like, the classic rental cars, and everyone in the car scene knows it, too. But it's funny when they try to pass it off as their own because, like, I can tell immediately, I'm like, I literally have driven this car that you're driving. Like, that's not yours.
A
How's your car collection looking these days?
B
It's getting up there. I got a Portugt 4, which is awesome. I wrapped it. Pink pig livery. It's like a classic livery. And then I have a. Just got a manual BMW 87.
A
Let's go.
B
So that's really cool. It's like, the lowest mileage E30 is the brand in the country, like 30,000 miles. And then I have a Audi RSQ8.
A
Okay.
B
They call it the. Well, I'd say it's the. It's a Lamborghini Urus without a body kit for $100,000 because the same engine.
A
See, I like that because I was looking at yours's, but they weren't £6,000, first of all.
B
So that's why I did it too.
A
Yeah. So yours is over.
B
Yeah, I did. On like 12-30-20th.
A
Yeah. That's what I bought my G wagon.
B
Okay. Yeah, yeah, yeah. The RSQ 8 is under the. It qualifies and same exact car for $150,000 less.
A
Wow. It's same quality and everything.
B
I think it's better quality. Yeah, it's just like you're paying the Lamborghini tax. Same thing with an out. Like, I don't know if you're much of a car, but I'm getting into it. Yeah. The Audi R8 is the same car as a Lamborghini Huracan. Same engine. It's just. You're not paying $100,000 for a Lamborghini badge, basically.
A
Wow.
B
It's. Yeah.
A
That's fascinating, man. I used to love Teslas. How do you feel about those?
B
That's interesting. I had a Tesla. I just got rid of it about a year ago or six months ago. Okay. I'll say. Like, the car scene, people hate Teslas. They're like on all the time, but I'd say they're good cars. If you're commuting within a city and you live at home and have a charger, and if you don't, they suck. Like, I had mine and I, I sold it because I would have to. I'd come home from a trip and it'd be dead and then had to tow it, and it was a whole process and I had to go charge it like it was just such a pain in the ass. And you have such range anxiety that having like a. Like a real gas car. I'm so glad I'll never go back to.
A
Yeah, I'm getting rid of mine, man. Cuz just for road trips, you got to charge two to three times.
B
Yeah, yeah. It's. It's. It only makes sense if you have like a family in a city and you' taking it out and about and you have like a car you can take, like, your family in on, like a long trip.
A
Yeah. I was in a cyber truck last night, but yeah, I wasn't too impressed.
B
Yeah, I think they're. I mean, I think cyber trucks get a lot of hate. Like, I think it's kind of like the DeLorean of like now. And I think it's easy to show on because it's kind of wild. But I just wouldn't buy, I wouldn't own one because it's not practical. But they're interesting. I think they. I definitely think Tesla gets over hated. But then again I sold mine, so.
A
Yeah, well, just, I'm speaking from my own experience. Like the quality, like I'll have like break inside the car all the time.
B
Yeah.
A
Come out of the socket.
B
The build quality is terrible. I mean, Elon rushed everything out. Like the cybertruck is on. Like had like 30 different reiterations and.
A
Recalls and I get recalls every month.
B
Yeah, yeah, it's definitely a thing. So I feel like everyone kind of knows what they're getting into when you buy a cyber truck right now. But I would not buy one. They are cool looking though. I'd say.
A
Yeah, the price did tank. How's the price holding up on other brands?
B
Well, that's another thing too. I bought my Carvana. I bought my Tesla at the worst time in 2021, because I just needed a car and I spent 50,000 on it and I just sold mine for 20,000 after a two years. So 50%. More than 50% depreciation in two years is crazy. All the, all the EVs are like that though.
A
They're all like.
B
The Mercedes EQS is probably the worst one. I think they were like 130, 000. Now they're going for like 30 000. Like something. It's like the worst in the industry, but don't quote me on that, but it's something similar. And the like Audis don't do great with depreciation. Porsches are the best. I bought my Porsche for150,000 before tax and I could sell it right now for170,000.
A
Wow. So it went up.
B
Yeah, like, and I bought it. I got lucky because I bought it from a dealer. I got like a good deal. But like Porsche's will lose almost. You can sell them like 10 years later for like around the same price.
A
Holy crap.
B
It depends on the model, but. Yeah.
A
Are any of them above £6,000?
B
No. No, I don't think so. Yeah, so that, you know, that'd be nice. But if you want a good car that won't depreciate, that holds your value. The best Porsche without a Doubt and they don't break. Yeah.
A
I'm sure with the way you do your content, you might be able to write it off anyways.
B
Yeah, I do. Yeah. I write off my everything. But the BMW is written off because I film with them so much and it's part of my brand.
A
Right, that's smart.
B
I mean, I'd say it's a slippery slope. Like my CPA who's a little more conservative, she was like, for you, you can do it because you're a car creator.
A
Yeah.
B
But if it's not £6,000, good luck. If you're like just a regular small business owner trying to write off like a Lamborghini Aventador, IRS is going to be like, no.
A
Yeah, I know people that try to write off their watches. I'm like, dude, yeah, yeah, exactly like.
B
Yeah, I know people that do it too. One of my older mates started. He like, I'm like, he's going to get. If you're getting like suits, I think to a point they say it's like ordinary and necessary.
A
Yeah. To get as maybe a couple suits.
B
Yeah, yeah, that makes sense. But a Rolex is not ordinary necessary. Unless you're like the king of France or something like that.
A
Yeah, no, yeah, there's some risky write offs, man.
B
Yeah, people get crazy with it. I mean, like, I think you can be pretty like, you know, again, not to guess, not to. I don't want to dive too much into tax stuff. I don't know who's listening in the irs, but I make it. I'm pretty con conservative with what I write off. Like it has to make sense. I'm not writing off like, yeah, my mansion. Well, that's another, that's another thing, actually. I don't, I don't do that. But you know, you can write off.
A
I write off a certain. I write off my office and yeah, like the square footage into right now the backyard. Because if you have events. Yeah, like networking events and stuff.
B
Like I was just at a Thai Tai Lopez.
A
Oh, how was that? I almost went to that.
B
Oh, yeah, it was, it was actually way cool on like a mansion tour there. And I don't know, like, I love, I love him, but I thought it was going to be more of like a crowd. That's. What's the word I'm looking for?
A
High ender?
B
No, like guru crowd. Like cringe a little bit. But everyone was kind of sick and it was a fire party, so.
A
You seem selective with that one.
B
Yeah, no, it was actually good and I think it makes Sense. Because he really is writing off. Like he's. Whatever he's doing is probably by the book. Yeah, but exactly. He throws these mansion parties every month. He's doing a Halloween one and he's making a lot of money being able to write off his hundred million dollar mansion.
A
Right. So yeah, I saw he made a video that he's, he's renting it, but he's figuring out ways to write off.
B
Yeah. And he'll literally say that like in videos. Like I am using this to write off. Like he clearly knows what he's doing. But some people get a little sketchy with the write offs in L. A. Like they're like, let me write off my whole thing and just hang out there.
A
Yeah, I'm good. I know the IRS is watching people like us.
B
Yeah, no, exactly. I'm like, definitely afraid of them. I pay my taxes like on time and like they'd love to make a.
A
Case out of someone with millions of followers.
B
Oh for sure. Yeah, exactly. Yeah. You'd be like the paraded around like, don't do this.
A
Yeah, yeah.
B
Some of the only fans girls that I've filmed with are. It's crazy how little they know about taxes. They're like, I'm like, oh, so are you getting like, do you save up all your money? Obviously you know you have a CPA and they're like, what's a cpa? And I'm like, how much money are you making? They're like millions of dollars. And I'm like, that's crazy. You're screwed. Like, you know you have to.
A
Half of that.
B
Yeah, yeah.
A
So yeah. Do you get a lot of heat for that? Because I have them on the show and like they get some hate, man.
B
Oh for sure. I did a lot more videos back in the day, like where now I don't really post videos for the most part where I interview only fans people because it kind of had an effect on my brand, I think a little bit. And I totally respect like their industry. Like I don't give a, like if.
A
You were losing sponsors though, right?
B
Yeah, well, more so like I wouldn't know about it because somebody didn't say like, hey, like I'm not doing this thing with you, but I can't do being like be doing like brand deals with Amazon if I'm having like, like on only fan people on all the time. Not like I don't respect their industry or think it's interesting. I was getting into like the nitty gritty financials with them.
A
Yeah.
B
And doing Like Vice style interviews. But yeah, it's. It just is what it is as far as advertisers don't make the rules there.
A
I'm the same way. I think it's interesting. It's totally different life than me. I'm in a relationship. But it. It does get views at the end of the day.
B
Oh, for sure. Yeah. Like, I interviewed, like, Riley Reed and a couple other people, like Sky Re when they were coming up, and I got banned from Snapchat for doing Riley.
A
Reed for interviewing them.
B
Yeah. And it was very professional, but obviously it was, you know, some of the stuff was pretty like. Like not PG13, but it was bleeped out. It's mostly me just asking, like, specifics of financials, of, like, how much you get paid for this scene or that. But obviously, you know, can't dive into that stuff too much. So I kind of separated myself from that about almost two years ago. And I'll still run into people that are driving ferraris that are 19. And I'm like, okay, obviously either daddy's money or you do only fans. So there's no escaping that in Los Angeles. But as far as, like, making a dedicated video, I tone it down a little bit there.
A
That makes sense. How's the money on Snap? Is it still decent?
B
Yeah, it's dying though, compared to what it used to be in the heyday of like, 2021. That used to be like my primary, primary income source, and it got really saturated really quickly. And now it's. I still do like, weekly episodes on, like, you know, there's two ways to make money, obviously. There's the show and then there's the posting 100 frames a day.
A
I can't do that, man.
B
That shit's crazy.
A
I'm verified and I could do that, but yeah, it's so time consuming.
B
I. I mean, I see people, like, I won't name any names, but, like, I've gone and hung around people that do that as their main gig and holy shit, like, you have no life.
A
No life.
B
It's also, like, it's like, not healthy at all.
A
Like, I could see you doing it for like a couple of months, but, like, long term.
B
Yeah, I might. I might try it out, like, low. Like, low key. Like 30, 40 frames a day, which is still crazy, but some of these people are doing like 200 frames a day. Like, the Dobriks out there, they're filming like 200 and, like, then they come up with their thumbnail and it's like a clickbait thumbnail at the end and they make money. Like they print money.
A
Yeah, it's. It's a whole nother word. And then you got the tick tock livers.
B
Oh yeah, that's a live. That's crazy. Oh no.
A
Jason Nash and a few others.
B
Oh yeah. Well that's.
A
Yeah, that's a whole nother story.
B
That's. Yeah, that's insane. People I call. It's like e. Begging.
A
Yeah.
B
No shade on Jason Nash. He's a nice guy actually. But it is. But I feel like they admit that too.
A
Yeah. I just can't see myself like asking for money like that, you know?
B
Yeah. I just, I don't even think how is it like I don't understand some of these people that have 40 million followers are doing it every week and I'm like, is this too build a fan base or is this to make serious money?
A
Right.
B
Do you know any insights on that? I don't know.
A
I have no idea. I just know there's some people actually doing millions off it.
B
Oh really? Okay. Did that just seems like it would ruin your life too. Yeah, it's kind of cringe.
A
I don't know. I'd rather just make. I want. If I'm making money, I want the people watching to like, you know, not lose anything.
B
Yeah, yeah, yeah. I mean, yeah. You're basically asking for a handout.
A
I want them to gain knowledge or something.
B
Yeah.
A
I want it to be a win win.
B
I think it just. Yeah. The people that go to like Times Square and they're like shirtless and like doing weird things. You know, the NPC people, that shit's crazy. That's some like late stage capitalism. Like I don't even know, like scary gen Alpha stuff.
A
Yeah. You spent a day with Jack Doherty, right?
B
Yeah.
A
Was that before the car crash or after?
B
Yeah, it's funny timing because I posted the video of his collection tour like a mansion tour after the crash happened and every comment it went crazy because every comment's like, all right, the car was still intact. Yeah, it was still intact. Yeah. He's an interesting dude. He. I mean I. I mean he knows he's controversial. Like I was like, I'm going to interview like the tagline is like most controversial man on the Internet or something like that. And he's a genius when it comes to making content on his own page where he recycles it and basically like acts like he's filming himself. Like he's good at like being a Jake Paul essentially and basically self deprecating himself to make Money. So he knows what he's doing. Like, he's getting a rise out of people. And he's been doing that since he's been like 8 years old. But I just find it interesting how good he is at basically, like, getting hate, but it's not something that can last forever. Like, what's the word I'm looking for? It's not something that's sustainable long term, and he knows that. Like, when I was interviewing him, I'm like, what do you? Like, it's kind of like, like a tour for him of like, hey, like, I'm trying to have people respect me now, but you can. You have to go all in on that. It's like the Suicide forest thing with Logan Paul was.
A
Yeah, yeah, Logan.
B
Like, after that, he kind of was like, on his, like, new route of like, hey, like, respect me. Like, I'm not going to do. I think Jack's getting to that point where he's. Chris, he's like, reaching that peak where he has all the views, everyone hates him and he needs to now, like, switch it into, all right, I'm going to calm down, I'm going to be liked, and it's going to take a couple years.
A
Yeah, he's got to channel that, that negative energy in a positive. Right.
B
Yeah.
A
There's been a few people that have been able to pull it off.
B
Yeah.
A
Yeah. Jake Paul, bad baby.
B
Oh, yeah. Makes a lot of.
A
Lil Tay did not pull it off. She just keeps getting hate.
B
But yeah.
A
Yes.
B
It doesn't last forever. Like, people will eventually. I mean, yeah, Jake Paul is a rare. Yeah, Jake and Logan Paul, rare.
A
Those two are the best examples I could think of. And Bad baby.
B
Yeah, yeah.
A
I mean, she made a lot.
B
It's interesting because people think he's stupid and he's not stupid at all. Like, he is a genius at being viral and I just. Not the best kind of. I mean, it must be draining, basically, having people.
A
I can tell he does it for views. I don't think, like, was he actually like that off camera?
B
He was really nice, honestly. Like, he was pretty friendly. You know, I. I did show up to his place to do an interview and he, like, was rolling out of bed and was like, I waited in the lot and is like, in his, like, basically living room for like an hour. So I was like, okay, that's kind of weird. And it was like 1pm So I was like, okay, this dude just woke up. Woke up. But it was weird because the tone of the interview is sad. Like, he was like, depressed that people were hating on him so much. And I'm like, oh, maybe this is his new leaf to turn around. And then, like, the next week, he's, like, doing the whole thing where he crashes his car and telling people to film. And I'm like, dude, like, you're not helping yourself here. But, yeah, he was friendly. I was glad that he took the interview and whatnot. I think he knew obviously I was going to be, like, somewhat critical of him. But I think the interview is pretty, like, financially, and I was just kind of getting to the bottom of, like, yeah, like, you have people hate on you. Like, what is that like? And he was just kind of a little sad about it, honestly.
A
Yeah, yeah, he's coming on this show soon, actually. But at the end of the day, he's human. Like, obviously he sees the comments and stuff and. Yeah, yeah, he feels it.
B
It's got to run a toll on him. For sure.
A
Sure. It would fudge me up. Yeah, I've gotten a lot better. I used to really get let hate get to me, but now I'm like, me too. Pretty. Pretty hard shell.
B
Yeah, exactly.
A
You have to be.
B
Yeah. If you don't, you wouldn't make it, I guess, in the industry.
A
I mean, I was getting roasted last week for an interview I did.
B
Oh, yeah.
A
It didn't really affect me.
B
Yeah. I guess I have a lighter. I get it a little easier than most creators because most of my stuff is the. Like, I'm interviewing. Obviously you're interviewing people too, but, like, most of my camera is on the other person pov. And I'll just last myself here and there. So it's easier to latch onto, like, hating someone if, like, they're on screen more. I'm kind of like a spotless lamb sometimes. As far as, like, oh, I didn't say it. They're the ones saying I'm interviewing them, so I think I get off a little easier. But still, people. You know, over four years of doing this, people roast me.
A
They'll find a way.
B
Yeah, exactly. But, yeah, I. I like it too. Now I'm like, yeah, more engagement.
A
Yeah, we'll see if Jack can turn it around. What about Neon? You think he could turn it around?
B
I think Neon's a little better at. Well, I don't know. You know, him and I asked him about. They have Beef too.
A
Oh, they do.
B
I don't know if it was fake, though. I was like, is this real?
A
You can never tell with that stuff.
B
Yeah, I don't know. Because at the Hard Rock, they Both like, got into a scuffle and that was a whole thing. But I think Neon. I haven't met him. He's supposed to go on my car rally last year and he ended up bailing last minute.
A
So I was like, does he have a car?
B
Yeah, he has a bunch of crazy cars. Him and his girlfriend, Sam Frank, I'm friends with. I don't know if their relationship was legit.
A
They announced it was fake, so.
B
Okay, that makes sense. Yeah. Like, Neon's a. Yeah. You know, it's not like America's top model, but. Yeah. Yeah. I think a lot of that stuff's fake. Although, you know what isn't fake is the. He did a video with Rick. What's his name?
A
Ric Flair.
B
Not Ric Flair. He's a guy that. You can cut some of this. Yeah, but he's. Starts with an R. Rick. No, he's a white guy that raps. He has like grills or sharp teeth.
A
Riff Raff.
B
Riff Raff. Yes. He did a video with Riff Raff where he's playing him in basketball. But obviously he's in on it. We're like, oh, I challenge you to a one on one, like, for your Rolex. Jack Doherty was telling me this.
A
Yeah.
B
And he basically was under the assumption probably that it was all going to be fake. But Riff Raff thought it was legit. So they were playing like a pickup game and he just like dunking on him and. And rip. Rap at the end is like, yo, like, you owe me a watch.
A
That's hilarious.
B
It was a whole thing. He didn't even know.
A
I mean, if you're gonna fake it, tell him before.
B
Yeah, yeah, yeah. No, he was like, I'm not faking.
A
Yeah. Basketball is no joke for me. If you're challenging me to basketball, we're playing for something.
B
Yeah. Yeah. So I think. I think he didn't get the memo, which is hilarious.
A
Neon's actually decent. I saw him shoot around a little bit.
B
Oh, okay. Yeah.
A
Play any sports?
B
I did like tennis. I did track and cross country. So you did okay.
A
What was your event?
B
I did two mile. One mile.
A
I was a miler.
B
Okay.
A
What was your best time down there?
B
437.
A
Okay.
B
Yeah. Yeah.
A
Okay.
B
Nothing crazy.
A
That's pretty good.
B
I mean, like I told. Not people that don't run and they're like, oh, my God. But people that are crazy. Runners. What Was your time?
A
440.
B
Okay. All right.
A
So we were like, 800 was my event.
B
Oh, nice.
A
I would do the mile too.
B
Okay. Yeah. 800 was my splits in the 800 were the same as my mile. Like I reached max speed at that point.
A
You ran a 2, 220, 800 or.
B
My 800 was whatever my miles fit was. I like could not go faster. Yeah. I was more of a 2 miler and 2 mile. I forget honestly.
A
10.
B
Yeah, it was some something around there. I should know but it was so long ago. I remember my mile for sure. It was like double my mile. Add like 30, 40 seconds or something like that.
A
Nice. I attribute a lot of my. My mindset to running.
B
Yeah.
A
Long distance running.
B
It's. I don't even know how the I did it back then.
A
I cannot do it now.
B
Psycho. Yeah. Yeah. I don't know how I go on.
A
A 10 minute run now and I'm like I'm done.
B
Yeah. Yeah. No, I'm trying to try and get myself to run more. I feel like it's like better for my mental health and I'm like, like this sucks.
A
Yeah. I just ran in the. The Nelk boys had a 5k like go in Vegas.
B
Oh no way.
A
And I hadn't run since high school.
B
Oh wow.
A
I ran it.
B
I've done a couple videos of some of those guys. They're crazy. Steve will do it. I did a Ferrari giveaway with him.
A
Oh wow.
B
He was high as.
A
You gave away a Ferrari?
B
No, I was getting paid by a company to essentially like promo it and it was like their Ferrari they were giving away. It ended up kind of being like a sketchy company. I think maybe. I don't know.
A
I think I saw this.
B
I think somebody got it though.
A
So someone in LA got it, right?
B
Yeah. So I think it was legit there. But it was just the whole. I don't really do much of those car giveaway things anymore unless it's legit.
A
Because a lot of liability. Probably for sure.
B
Yeah. But Steve will do it. Hilarious, dude.
A
Yeah, he is funny man. And I hope to get see him back on YouTube eventually, honestly.
B
Oh yeah. He's like banned on YouTube. They even feature him. I think no gets banned too.
A
Wow.
B
If they even have him in the background they'll be like striked and given away.
A
So if you had him on your channel, you think you they'd take it down?
B
Well, I put them in a short form video but I think it's more so for them like cuz he's associated with their brand. I feel like you could. Anyone could interview them and it'd be fine.
A
Yeah.
B
But yeah, that whole stuff's kind of crazy. Like, having. They had Trump on and they got like. He's like, it's not going to be banned. It's not going to be taken down. And it gets taken down.
A
Like, yeah, it had 10 million views, too.
B
Yeah. That shit's crazy to me. I'm like, regardless of, like, who you support, it's just an interview.
A
Yeah, it's just an interview. Like, I interview both sides.
B
Yeah. Yeah, exactly.
A
But I clearly see they suppress one side.
B
Oh, well. Yeah. It's clearly not even. Not even up to. For debate.
A
Yeah. Certain topics they 100, like, will not push.
B
Yeah. Like, I would interview. Like, I did a video. Joe Biden, the White House, like, called me up, and they're like, hey, we want you to Biden. Yeah. They just emailed me.
A
I thought it was when you pull up in.
B
It was for the Detroit auto show as a Cadillac lyric. But they didn't tell me what he was going to be in. It was like, he's gonna be here. Like. Like, obviously, I had to be screened. People are like, like, oh, did you run up to him? Obviously not.
A
Secret Service.
B
Yeah.
A
Like, how did you die?
B
But it was, like, legit. Like, he'll be here. Roll on up. Which was crazy. I thought it was a scam, though. I got an email from the White House that was like, greetings from the White House with the subject line. And I was like, almost. Click the trash button. And then I'm like, let me look at the domain name. And it's like, whitehouse.gov. i was like, what the. So then I. I did an interview, and they're like, we'd like to ask you about maybe doing an interview with somebody. And I'm like, is this about the main man? And they're like, we can't say anything yet. But then they did a crazy background check on me.
A
Damn.
B
Like, the most insane one ever. I'm like, what do you need? They're like, your name and your hometown. I was like, that's it. And they're like, yeah, duh. We're the government.
A
They got everything on you.
B
We know it's your social.
A
I don't know if I would have passed out. I got arrested in high school.
B
Oh, okay.
A
Trespassing.
B
Oh, you'd be fine.
A
You think so?
B
Trespassing. Yeah.
A
You had a clean record.
B
Completely clean. Yeah.
A
Nice speaky.
B
Clean. I don't know how.
A
No arrests, no rest.
B
Yeah.
A
Wow.
B
That's insane, though, because my friends that know me are like, you're. That's. I've definitely been, like, blessed up by getting not arrested. Yeah, I got my first speeding ticket, like, a year ago, which is crazy, too.
A
That's pretty late.
B
No, I know, dude. I have, like, magical powers of speeding.
A
I mean, there's all time. There's some techniques. Yeah, you have the police radar.
B
Yeah, of course. I have a crazy one.
A
2 mile radius, right?
B
Yeah. This shit's like. I do car rallies, like I said. I have one called.
A
Oh, yeah.
B
It's like we have, like, people, like, radar jammers on this thing. It's like. But we have, like, there's like a hundred of us driving together and, like, people have, like, apps and you guys are going fast. Oh, people are going crazy. Allegedly.
A
Allegedly. Right?
B
Yeah.
A
I heard a 1 rally. My friend Tony Nino said you drive across the country and the first one there wins.
B
Oh, it's called the Cannonball Run.
A
Yeah, he said he got arrested.
B
Yeah, it's. It's like. Well, yeah, it's a rally. It's not like. Usually people don't do it in groups, but sometimes they do. But it's. It's called a Cannonball Run. And the record was, like, shattered during COVID because no one's on the. No one was on the road.
A
Oh, smart.
B
But people do everything. They'll drive, like, the most common car that you can think of that's secretly modified to not draw attention. They'll have, like, blackout, like, jammers. They'll have, like, P cups. Like, they'll have, like, a team that will drive up and, like, refuel while you're going. It's, like, serious. Oh, it's crazy because it's competition. Yeah.
A
Like, what do you get if you win?
B
Nothing. Just bragging rights. It's literally just like, I have the fastest SUV time on the Cannonball Run.
A
Wow.
B
It's an official route from New York to LA and people do it in, like, 20, 19 hours or something. 20 hours is, like, the record.
A
I did that drive when I moved to la and it took three days.
B
Yeah, no, I mean, it is literally like they're going, like, average of 160, like, through cities. Like, it's super dangerous, like, obviously.
A
Yeah, it's.
B
It's a crazy. It's a whole thing. It's like a challenge. And people try to beat each other's times, but the COVID times are basically. It's like people don't even consider them to be technically fair, potentially.
A
Yeah. I don't know if that counts because there's less cars driving.
B
Yeah. But somebody just broke one last week for Eve for Diesel. They have all These different side ones. It's like motorcycle, diesel, electric, like all these different categories.
A
That's cool. Yeah, they should separate the COVID times from.
B
From the regular ones because it's.
A
It's like the NBA when they had the COVID championship with LeBron.
B
Yeah, it's the same.
A
Yeah, it's not the same because you don't have the audience.
B
Not canon. Yeah, yeah, yeah, yeah.
A
It sounds like a fun one though. Yeah, my buddy got totally screwed. He got arrested. They towed his car and everything.
B
Well, they'll arrest you like on. When I do these rallies every time somebody usually gets arrested.
A
Really?
B
They'll. I mean, cuz people are going 220. Like holy. Not on my rally, but on. On rallies. Allegedly. People are going like to. I'll ask people, I've done videos compilations where I go, what's the fastest you've ever gone? And then they'll be like 220, 215, 230. Like what the to Everyone has gone at least like 1 80, 190 on these things.
A
I think the fastest I've hit is 120 and that was sketchy. My car was shaking.
B
Oh, okay.
A
You got a wild side to you.
B
Yeah, I've gone 183, 184. Allegedly in my car.
A
We're self snitching on this show, but.
B
But like any faster than that if you're on like a road is so sketchy. Yeah, a lot of people do it.
A
One little tweak and you're.
B
You're done.
A
You're done.
B
Anything above like 100, you're done. So. Yeah, that quick. It happens all the time. People die.
A
Yeah. Would you say you're an adrenaline junkie?
B
Yeah, for sure. Not like. Well, I don't know. I do like skydiving, scuba diving, like all that kind of stuff. Not like. Oh yeah, I'd say so.
A
There's levels to it.
B
Yeah. Like I'm not doing like squirrel suit jumping. Like, like that BASE jumping or whatever. It looks fun, but that shit's crazy.
A
Yeah, I don't know about that one.
B
What about you?
A
I would say I'm not.
B
No. Yeah.
A
I'm just a PC gamer. I like podcasts and yeah, I'm pretty mellow.
B
Yeah, I'd say more so than the average person, for sure. For me.
A
Yeah. I noticed though, a lot of really successful people have that wild side to them.
B
Yeah, I'm kind of like. I definitely am like a. I get my done, but I like to have fun too. And that's like Where a lot of my videos come into play is like I'll be filming people on like a yacht partying or like a mansion. But it's like entertaining, like vice style content. But obviously I have to be on my. And like not get. Exactly. So it's a kind of a fine line. Like I have employees. And it's weird too because they'll be doing these shoots and stuff like that where it's like you're like drinking.
A
Yeah.
B
But you need to keep it. It's a weird, weird industry to be.
A
No, I had a fought. One of my last assistants had a fire and he was drinking.
B
Oh, yeah, yeah, yeah.
A
That's where I kind of draw the line. If you're like filming and you're drunk.
B
Yeah. It's a. Well, it's weird being in our industry because you with your employees, you get way closer than normal employees. Like it's not like a normal 9 to 5, like work balance.
A
Yeah.
B
Where you have like an HR. I mean, it depends on the operation scale. But like, for me at least I'm on the road with my employees traveling around doing fun stuff. But like also you need to lay down the line and like be like. Yeah. Like, I know this is all fun and shit, but like, this is a business.
A
100%, dude. That's been my issue because I'm on my seventh assistant. I don't think I'm a dick, but the problem is I just get too close with them.
B
Yeah.
A
I'm friends. We're traveling to new city every month.
B
Yeah, yeah, yeah. I've had to be like, whoa. Because I had a guy that used to film with me and he was like my best friend.
A
Yeah.
B
And then it ended in a whole thing and now we're fine. But exactly, like when your friends on payroll, he's like my best friend. So.
A
Yeah. That's a tricky one.
B
Your best friend's asking for a raise. It's weird.
A
Yeah.
B
It's like hiring a like your brother or something like that. Which I've avoided too.
A
I can't work with family anymore. I'll never give them money. I'll never work with them. Keep that separate.
B
Oh, yeah. People told me that as advice and it's been working out great. Yeah.
A
It never works out.
B
Yeah. Yeah. You can't. Yeah. As far as like, you're not hiring them. Yeah. You can't employ your family.
A
Yeah. 100%. Well, Daniel, what's next for you, man? It's been fun.
B
I don't know, honestly. I'm going to start a show. I think we're pitching to networks. I can't say who right now, but yeah, we're going to make this into like what I'm doing into essentially like long form TV show, like on some of the major streaming platforms. So I'd be on the lookout for that. But hopefully it gets picked up and. Yeah.
A
All right, man. Thanks for coming on. We'll be here stuff. Thanks for watching, guys. See you next time.
B
Nice.
Digital Social Hour Episode Summary: "The $100K Tax Mistake Most Content Creators Make | Daniel Mac DSH #1038"
Host: Sean Kelly
Guest: Daniel Mac
Release Date: December 31, 2024
In this episode of Digital Social Hour, host Sean Kelly welcomes fellow podcaster and content creator Daniel Mac. The conversation delves deep into the financial pitfalls many content creators face, particularly focusing on tax-related mistakes that can cost creators upwards of $100,000. Daniel shares his experiences, insights into the lucrative yet challenging world of content creation, and the intricate balance between personal passion and financial prudence.
Expanding Beyond Short-Form Content
Daniel discusses his transition from short-form content to more in-depth, long-form interviews. Initially focused on quick, engaging clips—often filmed during mundane moments like light cycles on Rodeo Drive—he recognized the limitations of such formats in conveying substantial financial and entrepreneurial insights.
"I really wanted to dive into how people become wealthy and like, more like a longer format, essentially, because a lot of people are wanting that."
— Daniel Mac [01:09]
This shift allows for a more comprehensive exploration of his guests' financial journeys, providing value beyond surface-level content.
Maximizing Legitimate Deductions
Daniel emphasizes the importance of understanding legitimate tax write-offs to optimize earnings as a content creator. His own strategy involves writing off almost all expenses related to his brand, except for personal luxuries like his BMW, which remains a significant part of his content.
"Everything but the BMW is written off because I film with them so much and it's part of my brand."
— Daniel Mac [00:04]
Navigating IRS Scrutiny
However, Daniel warns about the fine line between legitimate deductions and risky write-offs that can attract IRS attention. He shares his CPA's cautious advice, underscoring that extravagant write-offs, such as a Lamborghini Aventador for a regular small business owner, are likely to be disallowed.
"If it's not £6,000, good luck. If you're like just a regular small business owner trying to write off like a Lamborghini Aventador, IRS is going to be like, no."
— Daniel Mac [00:22]
Common Risky Write-offs
Examples of questionable deductions include luxury watches and mansions, which Daniel advises should only be considered by those with clear, justifiable business necessities.
Dominant Industries
Daniel highlights that the majority of wealthy individuals driving luxury supercars are deeply entrenched in real estate and business ownership. Approximately 99% own real estate, and 90% operate their own businesses.
"Almost 99% of people in these Ferraris that I interview own real estate, and 90% of them probably own their own business."
— Daniel Mac [03:04]
Trade Skills as a Lucrative Path
Surprisingly, trades like plumbing and consulting also feature prominently among supercar owners, boasting high profitability and less conventional career paths.
"Plumbing, it's super profitable as like a business if you own like a plumbing company."
— Daniel Mac [03:45]
Authenticity in the Car Scene
Daniel shares his keen ability to discern genuine supercar owners from those renting, a skill sharpened by his extensive interactions within the car community. He notes that authentic owners often showcase pride in their vehicles, while rentals can be identified by specific telltale signs like certain car models and group dynamics.
"I can tell immediately. I'm, like, friends with half the rental car people. So in Miami, if somebody's in a Lamborghini Huracan, they're renting it."
— Daniel Mac [09:40]
Impact of Content on Brand and Monetization
Daniel's strategic placement in affluent areas like Rodeo Drive not only aligns with his brand but also enhances his content's appeal and monetization potential, particularly on platforms like TikTok.
"I'm like, damn, if it was a little longer, maybe I'd be able to monetize better on Tik Tok."
— Daniel Mac [01:28]
Personal Car Collection Insights
Sharing personal anecdotes, Daniel showcases his diverse car collection, including a Porsche that appreciates in value, contrasting it with brands like Tesla that suffer rapid depreciation.
"The Mercedes EQS is probably the worst one. I think they were like 130,000. Now they're going for like 30,000."
— Daniel Mac [13:25]
"Porsche's will lose almost. You can sell them like 10 years later for like around the same price."
— Daniel Mac [13:51]
Navigating Interviews with Polarizing Personalities
Daniel recounts his interactions with controversial figures like Jack Doherty and Riff Raff, highlighting the complexities of maintaining professionalism while addressing sensitive topics.
"He's a genius at being viral... it's not something that's sustainable long term, and he knows that."
— Daniel Mac [21:54]
The White House Interview Experience
A standout moment in Daniel's career was an unexpected interview request from the White House. He describes the rigorous background checks and the surreal experience of engaging with governmental figures.
"But then they did a crazy background check on me. I'm like, what do you need? They're like, yeah, duh. We're the government."
— Daniel Mac [29:18]
Platform Censorship and Content Moderation
Daniel touches upon the challenges posed by platform censorship, recounting instances where content was flagged or removed despite efforts to maintain balanced interviews.
Engaging in the Cannonball Run
Daniel shares his participation in high-octane car rallies like the Cannonball Run, emphasizing the adrenaline rush and the inherent risks involved, including frequent arrests and potential accidents.
"They'll arrest you like on... people are going like to 220."
— Daniel Mac [32:25]
Dangers and Competitive Nature
He underscores the perilous nature of these races, where speeds can exceed 200 mph, leading to dangerous consequences.
"Anything above like 100, you're done. So. Yeah, that quick. It happens all the time. People die."
— Daniel Mac [33:04]
Balancing Fun and Professionalism
Daniel discusses the delicate balance between keeping content entertaining and maintaining professional standards, especially when working with employees who become close friends.
"I have to lay down the line and like be like, yeah. Like, I know this is all fun and shit, but like, this is a business."
— Daniel Mac [34:38]
Challenges with Hiring and Maintaining Relationships
He candidly addresses the difficulties of hiring friends or family, emphasizing the importance of maintaining clear professional boundaries to avoid conflicts of interest.
"I can't work with family anymore. I'll never give them money. I'll never work with them."
— Daniel Mac [35:12]
Transitioning to Long-Form Television
Looking ahead, Daniel shares his ambition to transition his content creation efforts into a long-form television show, aiming for major streaming platforms to broaden his reach and impact.
"I'm going to start a show. I think we're pitching to networks... long form TV show, like on some of the major streaming platforms."
— Daniel Mac [35:07]
Throughout the episode, Daniel Mac provides a candid look into the financial intricacies and lifestyle challenges faced by content creators, especially those engaged in niche markets like luxury car content. His insights into tax strategies, the importance of authentic engagements, and the balancing act between personal passions and business acumen offer valuable lessons for aspiring and established creators alike. Sean Kelly's engaging interview style ensures that listeners gain a comprehensive understanding of the high-stakes world Daniel operates in, making this episode a must-listen for anyone navigating the complexities of digital content creation.
Notable Quotes:
"Everything but the BMW is written off because I film with them so much and it's part of my brand." — Daniel Mac [00:04]
"Plumbing, it's super profitable as like a business if you own like a plumbing company." — Daniel Mac [03:45]
"I really wanted to dive into how people become wealthy and like, more like a longer format, essentially, because a lot of people are wanting that." — Daniel Mac [01:09]
"If it's not £6,000, good luck. If you're like just a regular small business owner trying to write off like a Lamborghini Aventador, IRS is going to be like, no." — Daniel Mac [00:22]
"Anything above like 100, you're done. So. Yeah, that quick. It happens all the time. People die." — Daniel Mac [33:04]
This episode serves as a comprehensive guide for content creators aiming to understand the financial pitfalls and strategies necessary for sustainable success in the digital age.