Cosmos

Welcome back to the show, my fellow extraordinary Americans. Today’s guest is Kc Chohan. Kc Chohan is an entrepreneur, speaker, tax specialist, angel investor, and philanthropist. He founded Together CFO, a fractional CFO services accounting and bookkeeping firm based in Los Angeles, California. 

His CFO strategies have been the best-kept secrets of the elite. He’s an expert on CFO strategy and helps high-net-worth families protect their wealth and assets. He has a deep passion for serving others and educating those unprotected. Kc pushes himself to find better alternatives and begins to learn and understand the strategies of the elite. His goal has been to provide educational resources to bridge the gap for first-generational wealth, helping solve their pain point of financial literacy. 

Born and raised in England, he is now based in Beverly Hills, Los Angeles. He has become the secret weapon for CPAs and financial advisors, helping clients save millions on taxes through innovative and tailored strategies that supersede regular loopholes that most people use. As a respected writer for Forbes magazine, his insights have been spotlighted in Entrepreneur Magazine, NBC, Yahoo Finance, and Fox News. 

His engaging and informative style has also made him a sought-after speaker at high-profile events like the Accounting and Finance Conference, the Money Show, Quantum Mastermind, Amplify, and Market Disruptors, to mention a few. He’s an extraordinary American, and I’m honored to have him on the show. Kc, are you there?

Kc

I’m here. Thank you so much for that intro. That was fantastic.

Cosmos

Kc, thank you for coming to this podcast and sharing your invaluable wisdom. Can you tell me and the audience more about yourself, your story, your background, and how you got started?

Kc

Yeah, absolutely. So it all started when I was at college, which is how I got into accounting and finance. My dad made me work during the summers and intern with different companies. And when I got to an accounting firm, I got a really good piece of advice from a very close family friend who used to run that business. He told me that if you understand numbers, you can take that anywhere in the world, and you’ll have a good foundation for a good career if you can understand numbers. I was like, okay, I was a young kid at that point, looked up to him, listened to him, and then that led me down the path of doing business with accounting and getting to grips with numbers. Then, when I finished university, I had a job straight out of the box: in an accounting firm doing the bookkeeping for several different companies. This was just when QuickBooks started up. We didn’t; we were doing it by hand in ledgers.

So it was boring. And after six months of doing that and figuring it all out, I was like, I can’t do this for the rest of my life. It was beyond boring, like watching the paint dry. So I quit that job and did management accounting, an internal accountant for one big company instead of a bookkeeper for multiple companies. So, that was much better suited to my personality. The background of my degree was still applicable, so it wasn’t too far out of my area of expertise. But I started at the bottom, making cups of tea and coffee for the bosses. And then, within six months, I was running one location. Within a year, the country. Within a couple of years, Europe. Then, I transferred over to America with that company. And then, I had a different region here. It was North American. I spent another four years here in America before starting my own business. And during those four years, I knew quickly that I would start my own business. 

So, I was mentally preparing myself for that, learning the other side of business. Because, you know, if you think of business as full power, I was only good at accounting, finance, and numbers. But there’s so much more. Probably two-thirds of it left that I had to figure out regarding sales, marketing, and operations, which I didn’t know anything about. So, I studied and learned about it and then acquired some clients. And then, when it got to a breakpoint that it was too painful to stay in corporate America, I took the leap of faith and went full-on out on my own company.

Cosmos

Wow. So, Kc, you’ve had quite the transition. You know, like, it was quite the journey. So my question is, what was your strategic goal and vision throughout? How is the evolution of your idea of your business career? And, like, how did it evolve altogether from where you were to where you are now?

Kc

So, to start with, I just wanted to get enough money to get out of corporate America. I quickly realized that wasn’t the environment I would be in long term because I wasn’t thriving there. It was more painful going to work every day, hitting the job, hitting the hours, not being happy. And I wanted something more than that. It’s like I sacrificed a lot moving from England to America. Again, I am also very blessed because not everybody gets that opportunity with the visa situation to have a company fund them, move them, and take care of them. So, on the one side, I was grateful for the opportunity, but on the other side, knowing that it wasn’t in my heart of hearts to stay there forever. So, I had to learn how to figure this out quickly because I was making a good salary. It was comfortable. Right. A comfortable life. Painful, a little bit, but comfortable. 

So, ultimately, I started reading many personal development books, opening up my mindset on what was achievable and, quite honestly, the whole notion of the American dream. And you can do it. I thought it was a load of crap when I first moved here because, in England, we’re very cynical of these types of things. When I arrived, it was like everyone was talking about pivot, paying it forward, and helping each other lift as we climbed. I thought all these phrases were phrases, but they are true. If you surround yourself with the right people, they will mentor you, add value to you, and help you, which you don’t get. That, at least in England and the countries I’ve been to. I’ve not seen that anywhere else. But in America, it’s very prevalent.

Cosmos

No, I mean, I noticed that too. Like, it’s just like, an open culture where, like, if you work hard and it’s based on meritocracy, like, if you do the right things, you can be successful, then you can do whatever you want. Whatever you put your mind into. And that’s something that I’ve noticed as well.

Kc

So one of the people I used to work for is a prime example of that. He’s a Korean gentleman who moved here many decades ago and couldn’t speak English. Still, he was amazing at what he did and built a huge, successful company doing tens of millions of dollars in revenue annually. And still, his English is bad. But it shows you that you set your own limiting beliefs.

Cosmos

Yeah, it’s amazing for immigrants, right? Like how difficult it is to move from one culture to another. And, like, it’s one of the things you realize. It’s about adapting, and it’s about overcoming limitations. And something that I noticed about, like. Like, the immigrant culture, like, they have. Like, immigrants who come to America from outside tend to adapt very fast and become successful at what they do because they have a deep appreciation for the culture and the meritocracy that Comes with it.

Kc

Absolutely. Yeah. I couldn’t agree more.

Cosmos

So, Kc, one question I had is, what was the biggest lesson you learned while consulting high-level business owners?

Kc

Is that no matter how big these guys are, they’re all paying too much in taxes? And many haven’t increased or improved their team at the same rate, but they’ve increased their profits and revenue. Wow.

Cosmos

And what do you think? Why do you think that is?

Kc

a bunch of different factors. It could be. You know, we see a lot that, hey, it’s my brother-in-law who’s my accountant, so I can’t switch him out because my wife will kill me, or it’s Uncle Jim down the street, or there’s some kind of personal family relative situation going on. The other is he’s been doing it forever, and I inherited him from my father or whoever. Right. 

They just have some kind of allegiance or loyalty to the CPA in their team, which is fine as long as it’s not costing you any money. You’ve got to ensure that as you grow from a zero to a million to 10 million, you’re upgrading the same way you upgrade your business. Right. The same team is getting you from where you were to where you are. It’s not the same team that will get you from where you are to where you want to be. You constantly have to be improving. 

And we see that on the sales side because tracking those metrics is easy. We see it on the operation side with efficiency. Still, we don’t often see that on the finance side because it’s much harder to measure that KPI on finance efficiency versus operational efficiency or sales efficiency.

Cosmos

Kc, like the middle class, sees taxes differently from how the elites or the 1% receive them. So, for the audience’s sake so that the audience can get a better idea, from your perspective, what are some of the biggest differences between how the middle class sees taxes and how the elites see them?

Kc

Well, the middle class is trading time for money. They don’t go clock in, they’re not getting paid, and they’re not making money. So they are kind of trapped in the rat race. And they’re getting paid for a unit of measure of time. Meanwhile, the wealthy do not trade time for money. They are having their money create money, which is all taxed completely differently. 

So if you earn ordinary income and go to work and clock in, clock out, and take a salary or hourly, you’re really deep in the system. But if you own that business, you get these additional write-offs. So, let’s just use two scenarios. Let’s say a worker makes $100,000 versus a business owner who makes $100,000. The worker who makes $100,000 must pay payroll taxes, Social Security, Medicaid, etc. Health care, and by the end of it, let’s say that’s 30, 40% of their wage, depending on which state they’re in. 

So let’s say 40%, I’m in California. So they’re left with 60,000 at the end of that year, right?

Cosmos

Yeah.

Kc

Whereas the business owner could make the same 100k, they get to write off all of these business expenses of entertainment, travel, cost of goods, and a million different things. So they could have a lot more, I’m sorry, a lot fewer taxes to pay because they’ve got all of these deductions that they can run through the system to reduce their tax liability too much less than the 40,000 the employee has paid. Then, when you reach a certain level, you start running out of loopholes. 

So, I think 97% of businesses don’t even make a million dollars if you’re like most businesses. Let’s say you do, and you get into that upper threshold; you then progress from using loopholes such as buying a vehicle over £6,000 to getting some additional bonus write-off. You can only buy so many vehicles in a business, right? That’s limiting up to, let’s say, $200,000 for a car, 500,000 if you’re buying a Rolls Royce. Right. So that’s limiting because you can’t have five or ten of these Rolls Royce. And even if you did, what use will you have out of so many of the same?

Cosmos

I find it funny that you will use a Rolls Royce as a business expense. The tax people look at it and say, “Oh wow, Rolls Royce.”

Kc

But yeah, not really, because if you’re dealing with high net-worth people and you have to roll in those circles, you can write off that car. A yacht or a jet is all appropriate for the business, right? So you’ve got to prove that that is appropriate for the business. So, as an example, if you’re doing waste removal at a recycling facility and you’re rolling up in a Rolls Royce, it is probably not the most appropriate vehicle to roll up in, right?

Cosmos

Yeah.

Kc

Compared to wealth management for ultra-high-net-worth individuals, it’s probably more appropriate in that scenario.

Cosmos

But even if it was not appropriate, like the point that it was almost like a joke, like universe-appropriate, you could still put it as a tax write-off. They won’t say anything if you’re in the garbage and you have a Rolls Royce.

Kc

Yeah, to a certain degree. As long as it’s for business use and you’re using it for that term. There’s a lot of gray areas there. But generally speaking, once you progress into the seven multi-figure loopholes, they’re difficult to use and still have a low tax liability. 

So, you need to have a really good structure. If you have a good structure, you can get down to single-digit tax rates, as you see with all these elite billionaires whose tax returns have been leaked and published. ProPublica wrote a great article showing that the top five billionaires paid less than 10%.

Cosmos

Yeah, I think, I think like union politics, like back in 2016 when they were like talking more like let’s say Trump’s tax returns and all of that, the way he looked at it was it’s a positive thing, but they thought that that was a negative thing. But no, you want to pay fewer taxes if you’re a business owner because that’s the right thing to do.

Kc

If anyone can ask, “Hey, would you like to pay more tax?” or “Would you like to pay less tax?” The vast majority of those people will opt for paying less tax.

Cosmos

No, obviously, like that’s the point, you know, but like most people, they don’t understand how it works with like business owners because it’s a relatively few percentages, you know, of that.

Kc

It’s a really small percentage, but there are a lot of loopholes that everybody who is a business owner can use. But then, when you get into the multi 7, multi-eight revenue levels, you need something more sophisticated. It’s just like anything else. Right. When growing your business, the CRM you’re on as a 10, 20, to 20-million-dollar company is not likely to be the same spreadsheet you used when you started your business, right?

Cosmos

Yeah.

Kc

It’s just getting into that evolution. With the right structure, you can quite easily reduce tax rates to single digits.

Cosmos

So, one of the things I wanted to ask, in continuation of this, is what are some of the tax mitigation strategies that the wealthy would know and understand that the middle class is just not aware of? You know, I’m talking about seven.

Kc

Figures and beyond for those types of people. It’s going to have to do with tax exemptions. So, if you think of it as two buckets, you’ve got taxed on the employee working for an hourly wage. Then you’ve got tax deductible, which means the business owner can deduct business expenses, such as travel. Right. Then there’s the exempt world. That is philanthropy. 

But many of these billionaires and elite families use that philanthropy to create a lasting legacy. So that’s the way they’re all set up. If you look at the foundations that are created, they all seem to have private family foundations, like Bill Gates, Jeff Bezos, and Buffett Musk, they all have. And that’s not to say that they’re not doing charitable work. They are. But then there are also additional benefits, including creating a lasting legacy by teaching your heirs how to manage that money and invest that money free of capital gains tax. Because in a tax-exempt world, there’s no capital gains tax. Zero. But there are other things that you have to look out for, like net investment income. 

So, as an example, if you traded some stock personally and had some capital gains on it, you would either pay short-term or long-term capital gains in the region of, let’s say, 30 to 40%.

Kc

But if that money was in a foundation and you controlled that foundation, the capital gains tax is 0%, and on any gain, you only pay a net investment income tax rate of 1.4%.

Cosmos

Wow.

Kc

So that’s a very simple example of how the elites take money, donate it to charity, get a tax write-off, and then fully control that money. But it’s just in the nonprofit world, and there are different subsets of this. Still, generally speaking, the ticket from their right hand, giving it to their left, taking a tax deduction between them, and then investing in it from the left because it’s a more preferred way to invest money if it’s free of capital gains tax, as opposed to paying 30 to 40% on any gains that you make.

Cosmos

Like Kc, I’m so glad you’re talking about these things because, you know, extra America about financial literacy for the 99% to understand how the 1% think. Because, like the way you become, you gain prosperity and abundance if you think in terms of how the wealthy and elite are thinking, and then you have a process where you go from where you are to like how they’re doing, and then that’s how we get more jobs, and like we create more businesses that way. 

So whatever you’re doing, it’s like amazing, you know.

KY

thank you. But it’s not available to everyone. Right. The next question is, why isn’t everybody doing this one? Exactly. We discussed how if you don’t have a team around you that understands how to create a private nonoperating family foundation and then stay in compliance with it, get the IRS determination letter from it. There’s no way in the world you could do it. It’s very, very difficult if you’re doing that on your own. You’re supposed to be running a business and making money on top of that. Now, you’re trying to become an expert in this super niche thing, and if you make one mistake, you could lose your tax exemption status. 

So it’s really important to have the right team around you who can help guide you. But most CPAs don’t know this world. Yes, they know what tax exemption is. They may have filed a tax filing for a nonprofit at some point in their career. But are they experts at it? And I always go back to the analogy of doctors because it’s easy for people to understand this. When you go see a doctor, the first thing they do is make a diagnosis. Right. 

They don’t just go in and give you some pills and away you go. They get to that eventually. But they ask you what’s going on, does this hurt? How long has it been like that? Then, they go through a process and determine the recommendation to help you improve. Whether it helps you improve or not, it’s a different matter. But that’s the process in which they go through. And then the outcome could be something as simple as, hey, you’re stressed, you need to rest, or you need surgery. Now, if you need surgery, for example, the doctor you went to see, your general practitioner, will not be the same doctor doing the surgery.

You want the leg or foot surgeon to do the foot surgery because he’s a specialist, right? In the same way, doctors have different levels. CPAs and other advisors, wealth advisors, and strategists also have different levels. 

So you could have a generalist CPA who knows a little bit about a little bit, or you could have a tax specialist who is a strategist, specifically saving you money in this avenue or that avenue. It’s very, very different. The foot surgeon is a very different doctor than the general practitioner. Does that make sense?

Cosmos

Yeah, I guess the main point is for somebody to understand how you differentiate good tax strategies from normal tax strategies. Finding a good person like that requires a lot of research, and it does.

Kc

But you can. We’ve tried to make that easier for people because we get this question multiple times a day: How do I know if my CPA is good or bad? And we aren’t usually the ones who handle knowing that. It’s your job because they work or are supposed to work for you. The way around that is we have in our community that it’s free for everyone. 

We’ll send you the link. It lists the top 50 tax loopholes that everybody should be using. All you have to do is download the list, email it to your CPA, and ask them, “Are we using all 50 of these?” 

And if not, explain why they either don’t apply or we’re not using them. That way, you’ll know very quickly if you even get a reply, and two, how good or bad they are based on how their reply is written. How many of these should you be using? And that can be your yardstick. If, let’s say, they come back and they’ve used 47 out of 50, it’s pretty good, right? But if they’re only using 5 out of 50, you’re going to be like, there’s something wrong here. No, you can figure that out yourself very quickly.

Cosmos

That is brilliant. I recommend that my users download what you’re suggesting and get those 50 questions because this is actually pretty good, you know. We’ll send it.

Kc

You can see the link to put it in the show notes. Another way that we’ve helped people if they don’t want to send an email and go through the hassle of that is by offering a free tax calculator on our website. 

So you can go to cfo.com, click in the top corner, and put in some numbers and your details. It’ll spit out a calculation to show you how much you could pay in taxes. And then, let’s say you’ve overpaid. You would know what you’ve paid versus what you could have paid. And then you could know that way as well.

Cosmos

I will have to ask you this again towards the end of the podcast to ensure people understand.

But Kc, one question I wanted to ask is a continuation of the questions regarding the middle class and the rich. Right. So then, what do you think, from your perspective, is the thought process that the wealthy have around money versus the thought process of the middle-class person?

Kc

So, middle class, I’m thinking, usually paycheck to paycheck. But when you look at the stats of the average American, they don’t have more than 400 in their bank account. 

If an emergency comes up, they’re going to be struggling. They are paycheck to paycheck, or maybe they have a little bit saved up, but not a lot. They are highly dependent on that paycheck regardless. Right. The wealthy think about me differently. Money is a tool. And how do we make money work to create more money that doesn’t involve my time? 

Those are the two fundamental differences in the way that the elite thinks. Stocks are a great example of this. I’m not giving any financial advice, but if you put money into the stock market and it grows, then you haven’t really done anything to cause that money to grow and yield a bigger return, right? 

Versus if you’re going out and working a 40-hour work week or a 50-hour work week, you’re putting in a lot of energy and a lot of time and sacrifice to go to work, put in the hours to get that paycheck. Yeah, that’s the two sides of the scale and the biggest difference because if you have enough money to invest and grow, you don’t have to work 40 or 50 hours a week or 100 hours if you’re a doctor. Right. And it can create enough passive income for you to live off, and that’s the ideal state because then you’ve bought back that work week.

Cosmos

That’s the key difference, and it’s pretty true. Like, well, in the middle M. Most people look at things from paycheck to paycheck, but having passive income streams is very important.

Kc

You know, some would argue that it’s. There’s never passive. You always have to do something about it. This is true because you must initially create that capital to invest it to grow. But that’s the difference between being rich and being wealthy. When you’re rich, you might have a high-paying job or a high yield in business, but when you’re wealthy, your money is making money for you. And you can take time out of the equation.

Cosmos

As a continuation of this, Kc, how would the wealthy view inflation and debt? Do they view it very differently from how the middle class views it?

Kc

Yeah, absolutely. So, for them, debt is a good tool. Debt is good because they know how to use it strategically. I love that.

Cosmos

You use strategically because from what my mentor always keeps telling me about strategic debt to get assets and all of that stuff.

Kc

And so yeah, it’s not just assets; it’s cash-flowing assets, right? So, as an example, let’s use debt in two scenarios: one for the elite and the wealthy and one for the regular working class. 

So, let’s say you get a $1 million loan, right? As the wealthy guy, because your debt-to-income ratio fits, you take that million dollars and buy an apartment complex, and it yields X amount with every single positive cash flow. Middle-class people who get 100,000 rather than a million might buy a car or another car they don’t need. This is appreciated, but it’s not making them any money. That becomes another overhead they must continue to pay after the $100,000 is long gone and spent. 

So, the two differences in that scenario are they both have a level of debt. One invested it into something producing cash flow, and the other invested it into an asset still technically. Still, a depreciating asset that’s not yielding cash flow, that’s sucking cash flow. And that’s the difference when you look to invest or if you look to make your money work for you, what are you doing with it to make it grow as opposed to buying the next toy or taking an extra vacation depending on what cycle of wealth or life that you’re in as well, right?

Cosmos

No, yeah. People must know you need to use debt. Debt’s not necessarily a negative thing. It’s consumer debt that’s a negative, like the debt to get liable to acquire liabilities like a car or something like that. But if you’re using it to get assets and create wealth, it can be a very positive thing.

Kc

And if you look at Robert Kiyosaki, who has billions of dollars of debt because he bought apartment complexes in 2009 and 2010 when they were being given away, those assets produce cash flow, but they also increase in value. 

So you now have an asset that may have cost $1 million, which has now appreciated to $3 million. Along the way, it’s also been paying you out, so you get a double hit.

Cosmos

Yeah, totally.

Okay, I wanted to talk about the American identity of freedom, right? When it’s applied to the financial front, as we know, financial literacy and education are so important for acquiring financial freedom and even wealth generation. So, from your perspective, how should Americans realize the goal of being financially free today?

Kc

There are fewer and fewer excuses, right? Because there’s access to the Internet, there are books and videos, and now there are even AI agents that you can ask. 

So you don’t even have to read or consume it. You can just ask your AI agent right on your phone, hey, what about this? Please give me some perspective on this. And it’s all about asking better questions. You don’t have to sit there and consume all the books behind me. And that’s the old-school way, right? That’s what we grew up with. 

But the new way to do that is it’s all in, in your phone now. So you could ask ChatGPT or whatever AI software you use. Hey, this is the situation. Please advise me, like Warren Buffett or whoever you admire or who you were inspired to be. Now, it can mentor you and help you with different perspectives and lenses to make better decisions without getting a five-year university degree and hundreds of thousands of dollars in debt. You can do much more with a lot less in the world that we live in now compared to 10 years ago and 20 years ago because knowledge of these things is ridiculous.

Cosmos

No, I mean it’s true, but ChatGPT is so relatively new that most people still need to understand the implications of AI and how to use it effectively. 

So, if you had to advise people on obtaining the knowledge and resources to educate themselves and improve themselves, how would you direct such a person?

Kc

So, pick a topic first. Right, so education is such a broad thing. If it will be in finance, then take an accounting class. You could do it online in your spare time. 

So, you can then understand what a PNL is, what a balance sheet is, what cash flow looks like, and the difference between net profit and cash flow. So, whatever the topic at hand, pick it and then educate yourself on it. There are plenty of free resources to do that. Once you have basic knowledge, you can go deeper and get more advanced knowledge if needed or do adjacent things. So, with business, you could maybe pair economics or accounting. 

So, there are many levels, and it’s like an onion; you keep peeling it back and learning different things. But ultimately, you’ve got to have the target in mind first. What is it you want to achieve? Because if you don’t have that, it’s like playing darts without a dartboard. You don’t know where you’re aiming. You can never hit the bullseye if you don’t have it pinned up on the wall.

Cosmos

No, I mean that’s, that’s true. Like I would suggest that, yeah, there’s, in today’s world, you have YouTube, and you have like, you like, you just go and do your research. It should always be about money, just like finance and the basics of finance.

Kc

It’s not even YouTube, though. But there are lots of universities, like prestigious universities, that offer free online courses and classes that you can enroll in. Edx, Yuca Khan Academy, and many other platforms offer these free tools and classes. All you need is an Internet connection, and you can start learning. There’s no excuse not to learn anymore.

Cosmos

Yeah, it’s just strange how our generation’s opportunities for learning and education have improved so drastically in the last twenty years compared to the 1990s or 1980s. It just baffles me whenever I think about it.

Kc

And it’s just getting started now. As you know, we go through different evolutions and revolutions you go through, from the minds and the service industry to the tech bubble; now, it will all be AI-based. 

So, whether you like it or not, you have to learn how to adapt to the environment that you’re in. And it’s going towards AI. It’s already here. It’s not going towards it. It’s wild when you’re getting driverless cars on the roads here in LA.

Cosmos

What’s your personal feeling about AI and automation? How is it going to shape the 21st century?

Kc

I think it’s amazing on one side, but it scares the life out of me on the other. Because when I look at Terminator, and you look at Skynet, and then you look at iRobot and so many of these movies, they tell the truth and uncertain terms. They could easily reach a point of singularity where the AI robots are much more powerful than the humans. And that is scary because that will probably happen in our lifetime.

Cosmos

Yeah, I don’t want to think about it, but yeah, you might.

Kc

That’s the problem. We need to think about it because, for example, if one robot gets an update on a piece of knowledge, let’s just say, washing a dish or squeezing an orange. It can instantly go to all of the billions of robots around the planet simultaneously. However, you and I, as humans, if you learn to squeeze an orange, you still have to call or video me and say, hey, this is how I cut it. This is how I squeezed it. This got me the most juice. They don’t have to do that. It’s instantly updated. 

The scary part is the military aspect. Now, they are weaponizing these humanoid robots and humans, not dog-form robots, to go out on the battlefield. 

So, it’s more like Iron Man, and it’s like, oh, whoa, whoa. This can get scary quickly.

Cosmos

Yeah, I mean, we’re living in a very fast-changing world. Like the technology compared to like, there have been thousands of years of like, like of known history, and in the 20th century and 21st century, like technology and knowledge have just advanced rapidly compared to all the previous centuries. Until the beginning of the 21st 20th century, we were still horse characters. You know, just to put it in.

Kc

Perspective: It’s very primitive to now. And you look at it, well, we’ll soon have flying drones taking us around. We won’t even need cars. So, it’s going to evolve quickly.

Cosmos

Kc, can you tell me and the audience a bit more about your company together, CFO, the premise of how you got started, and what it’s about in general?

Kc

Yeah, so we got started initially as an outsourced CFO services company, which means a lot of different things to many people, depending on their version of a CFO. Ultimately, we pivoted, and we had great success with a client where we helped him grow tremendously, saved him a lot of money on taxes, and then realized that there was a bigger need in the market and an easier need to educate people on rather than CFO services, which is a really broad spectrum of things. 

So we now specialize very quickly after we started to specialize in tax savings for high net worth. Again, high net worth is a broad term that means different things. But if you’ve got a tax bill over $200,000 a year, we can help you with some of the structures and things we create. But it’s a no-brainer for anyone paying over $500,000 in taxes yearly.

Cosmos

Okay. I would definitely recommend that anybody listening to this check out your website if they want to learn more about together CFO.

And Kc, are there any other projects you’re working on that you’d want the audience to see?

Kc

Yeah, we created software because when we were doing a lot of bookkeeping and accounting work, business owners didn’t understand their financial statements, profit and loss, balance sheets, and cash flow statements. And AI wasn’t a thing there. 

We used to have very similar monthly conversations with most of our clients, explaining what was going on with the numbers. We’ve created a tool that plugs directly into your QuickBooks or accounting software. 

It creates a monthly management performance report in plain, simple English with nice graphs and charts that are easy to understand so you can see how you’re doing and which areas of your business to focus on. Even if you get two or three takeaways from each area, you can make the needle move a lot more because now you’ve got a short list to focus on rather than this huge ocean.

Cosmos

So, Kc, how can our audience connect with you and learn more about you, your company, and everything you do?

Kc

You can connect with me at together cfo.com or on LinkedIn, Kc Chohan. The software’s name is Financial Fusion-IO, and we’ll give you guys a link and a coupon to use so you can get an extended free version of that. So, you go test it out. But, yeah, they’re the best platforms to get me on.

Cosmos

All right, Kc. Thank you so much for coming to this podcast and sharing your wisdom on how the wealthy think versus how the middle class thinks about tax strategies and everything else. 

We need to know all of this stuff and get on that plane to start educating ourselves and become financially prosperous. And I appreciate that. 

Kc

You’re welcome. Thanks for having me on. I liked our conversation.

Cosmos

Yeah. And I would like to conclude this episode by letting my fellow extraordinary Americans know that, hey, look, there’s an extraordinary within each one of us. We must awaken it and unleash it. Until next time. Bye for now.re