Quick recap

The meeting focused on understanding the role of the God of Commerce in financial practices and commerce, followed by a detailed walkthrough of tax filing processes and software usage. Temple provided guidance on managing taxes and trusts, emphasizing the importance of using a revocable living trust to simplify accounting and business operations. The discussion concluded with practical advice on managing banking relationships, building business credit, and utilizing various tax filing tools and resources.

Next steps

• All participants: File taxes for years 2022-2024 using FreeTaxUSA software and include Schedule C to move from individual to business side

• All participants: Add up all bills, debts, and expenses from January 2025 to present for 1099-A and 1099-B filing

• All participants: Complete Minnesota DBA registration online to establish business existence

• All participants: Complete DBA registration in their home state online

• Alisha: Reach out to Minnesota regarding DBA rejection and reapply online instead of mailing

• Trevor: Reapply for Minnesota and Utah DBA online instead of mailing the applications

• All participants: Open sole proprietor business accounts at Bank of America using DBA documents and driver's license

• All participants: Apply for secured credit card with minimum $1,000 deposit through Bank of America business banking

• All participants: Log into IRS individual online account using ID.me to access tax transcripts in real time

• All participants: Verify Schedule C appears on Record of Account Transcripts to confirm business status

• All participants: Use Tax1099.com software to file 1099-A and 1099-B forms for all bills and creditors

• All participants: File 1041 trust tax returns using TaxAct.com software with trust EIN

• All participants: Ensure business is findable at bizipedia.com by searching name and location

• All participants: Gather last 2-3 years of tax returns to take to bank for line of credit applications

• All participants: Create service or product offerings through their trust/EIN for bartering purposes

Summary

God of Commerce and Finance

Temple discussed the concept of the God of Commerce, represented by Mercury in Roman mythology and Hermes in Greek mythology, and its influence on financial practices and commerce. He explained the historical context of these deities and their attributes related to trade, communication, and cunning. Temple shared his personal experience with filing taxes and using software to navigate the tax system, emphasizing the importance of understanding and utilizing the banking system as a business rather than an individual. He introduced a visual diagram to illustrate the process of dealing with taxes and banking, and encouraged participants to share their thoughts and questions on the topic.

Tax Software Filing Guide

Temple provided a detailed walkthrough of how to use tax software to file Schedule C and other forms, explaining the process of transitioning from individual to business tax status. She demonstrated how to navigate the IRS website and emphasized the importance of identifying as a sole proprietor rather than an LLC to properly file taxes. Temple also addressed questions about transcript access and clarified that individuals should still log in on the individual side while using Schedule C to move their tax status to the business category.

IRS Tax Transcript Access Guide

Temple explained how to access IRS tax transcripts online using ID.me for individual accounts, emphasizing that business accounts require EINs. He demonstrated how to view tax records and Schedule C information in real-time, stressing the importance of properly filing Schedule C to prove business status and justify expenses. Temple advised against step-by-step sequential filing and highlighted that all tax information should be submitted simultaneously as expected by the IRS.

Understanding Transcript Categories for Taxes

Temple explained how to access and interpret various transcript categories, particularly the Record of Account Transcripts, which are crucial for understanding Schedule C information. He emphasized the importance of matching expenses with income to ensure accurate tax filings and discussed the role of biblical principles in understanding the banking and tax systems. Temple also introduced the concept of using software to file taxes electronically and claim refunds within 2-3 years, focusing on deposits rather than withdrawals. He concluded by highlighting key biblical principles related to taxes and wealth, such as rendering unto Caesar what is Caesar's and giving to God what is God's.

Biblical Financial Literacy and Tools

Temple discussed biblical principles related to money and banking, emphasizing the importance of financial literacy and the use of revocable living trusts. He explained how biblical principles can be applied to dealing with financial situations, including court matters and tax filings. Temple introduced software tools, such as FreeTaxUSA and Tax1099.com, to help participants file taxes and handle financial documents efficiently. He encouraged timely filing of taxes and emphasized the importance of understanding and utilizing the banking system.

1099-B Form Clarifications

Temple explained that the description of property on a 1099-B form is not crucial, as long as it makes sense and provides details. He emphasized that the most important information is the balance and fair market value. Temple also clarified how to determine the fair market value and principal balance, stating that it should include the original loan amount plus any interest paid. He advised that the numbers should be consistent and substantiated. Temple then discussed the importance of having certain documents, such as a certificate of existence and DBA registration, for banking purposes.

DBA Registration and Business Operations

Temple discussed the importance of properly registering a DBA (Doing Business As) name, emphasizing that it should be done online rather than by mail. She explained that having a DBA is crucial for accessing the banking system and for proving business existence. Temple also clarified that trademarking a name is an additional layer of protection, but a DBA is still necessary for business operations. Trevor raised concerns about his DBA application being declined, and Temple advised checking if there were any specific requirements for online applications versus paper forms.

Sole Proprietorship Banking Setup

Temple explained the process of setting up a sole proprietorship bank account, emphasizing the importance of using the correct business account type and necessary documents, including a Minnesota document, birth certificate, and Social Security card. He detailed the steps to access the business side of the banking system, build business credit, and secure a cash-backed line of credit, ultimately leading to better lending opportunities. Temple also highlighted the significance of transitioning from unsecured to secured credit and the benefits of maintaining a business credit score.

Business Banking and Trust Basics

Temple explained the process of setting up business banking accounts, including sole proprietorships and trusts, and emphasized the importance of having a business account to manage funds and pay bills. He clarified that trust bank accounts can be opened before filing taxes, and discussed the benefits of secured credit cards to build business credit. Temple also detailed the powers granted by a revocable living trust, including the ability to manage businesses and investments, and explained how the trust document provides authority for handling Treasury checks and other financial matters.

Trust Management and IRS Procedures

Temple explained the process of using Form 1041 to communicate with a revocable trust and emphasized the importance of obtaining lawful money from the Treasury rather than borrowing from the Federal Reserve. He shared a personal experience of receiving a $10,000 Treasury check after correcting tax filings and using the trust's EIN instead of his social security number. The group discussed using 1099 forms to clear IRS debts, with Temple confirming that an EIN should be used when filing against the IRS. Raymond asked about communicating with a judge's assistant regarding scheduling, and Temple advised that Raymond should inform them about filing a certified copy of the trust in the case.

Trust Management and Tax Guidance

Wallace Temple provided guidance on managing taxes and trusts, emphasizing the importance of using a revocable living trust to simplify accounting and business operations. He explained how to communicate with judges and courts, highlighting the need for clear and concise letters that include case numbers, trust details, and requests for documentation. Temple also discussed the benefits of using online methods for government refunds and checks, noting that the Federal Reserve, not the Treasury, manages the banking system. He recommended joining University Technicians Network for $10 per month to receive ongoing support and access to trust management resources. Temple concluded by encouraging participants to use FreeTaxUSA for filing taxes and offered sole proprietor tax return services for those needing additional assistance.