1 Key Metric for Earnings Season
发布时间 2023-04-11 20:00:00 来源
Don't look now, but the wheat and the chaff are about to get separated. Details in a bit. Motley full money starts now. I'm Chris Hale joining me in studio. Motley full senior in Illinois. Bill Mann. Thanks for being here.
别看现在，小麦和谷壳即将分离。稍后会有详细情况。混合全资金开始了。我是克里斯·黑尔，欢迎收听我的节目。我身边有来自伊利诺伊州的混合全资金高级投资专家比尔·曼。谢谢你来参加。
What's up, pal? How you doing?
嘿伙计，怎么样？最近怎么样啊？
I'm doing well. I'm sure if I was a carmac shareholder because that is the stock of the day. Shares of carmacks are up more than 10 percent. After fourth quarter profits were nearly double what Wall Street was expecting. This is a good day for shareholders. It has not been a great, let's call it, 12 months or even five years. Let's start with the profits. Was this low expectations or did they actually, was this something to be proud of? This is wrapping up the fiscal year on a positive note.
我做得很好。我确信如果我是卡玛克的股东，因为那是当天的股票。卡玛克的股票上涨了10%以上。第四季度利润几乎翻了倍，超出了华尔街的预期。这对股东来说是个好日子。过去的12个月甚至5年并不那么美好。让我们从利润开始说起。这是低期望还是值得自豪的表现？这为财政年度画上了一个积极的句号。
I can't so hard to say because I don't think that you come to an earnings report that's down 25 percent and revenues that are down sharply and say it was good, but it was not as bad as people believed it was going to be. Sometimes that's the game in investing. The shares are up 11 percent today, their financial arm actually did okay. There was some compression there, but not as bad as you think it might be in a world in which people are defaulting on car loans and interest rates are going up. Not all that bad is sometimes pretty good when it comes to investing. Carmacks is a story of that today.
我觉得很难说，因为我不认为你会看到收益报告下降25%，收入急剧下降，就说它很好了，但它并不像人们预计的那样糟糕。有时，这就是投资中的游戏规则。今天股票上涨了11％，他们的金融部门实际上做得不错。虽然有些压缩，但并不像你认为的那样糟糕，因为现在人们正在拖欠汽车贷款，利率也在上涨。在投资方面，不是那么糟糕有时候就是相当不错。今天卡马克斯就是一个例子。
I'm glad you mentioned the environment that all of this is happening in because this is an environment of rising interest rates. We are starting to see more of the stories that we started to see at the end of 2022 in terms of personal savings rates, rising personal debt, that sort of thing. Is carmacks, and for that matter, anyone whose business is selling cars, are they entering into a rough stretch here because it seems like an environment where if you have the cash and your credit is good and you don't need a car immediately, the second half of this year is setting up for some nicer prices for you.
很高兴你提到了背景环境，因为我们正在面临利率上升的环境。我们开始看到更多类似个人储蓄率下降、个人债务上升等故事，这些都是2022年末以来开始出现的。卡马克斯，以及任何销售汽车的企业，是否进入了一个困难期呢？因为看起来如果你有现金，信用良好，且不需要立即购买汽车，下半年会有更好的价格。
Yeah, and I think that that's part of the issue. Keep in mind, when companies report financing earnings, they're guessing in a lot of ways. One of things, they're literally extrapolating what debts they have out there, which ones are bad, which ones are the payment just not show up in the mail. So there is some guesswork there. When I saw the revenues down at Carmacks, I went back to a little annex data, was last year trying to buy a car for my daughter and going and looking at a three year old Subaru outback and having it be $3,000 less than a brand new Subaru outback. So the revenues at a company like Carmacks are a little bit, they are a function of the nature out there, what the pricing is. Pricing for used cars last year was bonkers across the board, maybe especially for Subaru, but like across the board, it was bonkers. So the fact that their revenues are down in a much more normalized market is no surprise to me at all.
嗯，我认为这部分是问题所在。记住，当公司报告融资收益时，他们在很多方面都在猜测。其中一件事，他们实际上延伸了他们所拥有的债务，哪些是坏的，哪些是只是邮件未到付款。所以有一些猜测。当我看到Carmacks的收入下降时，我回到了一些附录数据，去年试图为我的女儿买一辆车，去看了一辆三年旧的Subaru outback，它比全新的Subaru outback便宜了3000美元。因此，像Carmacks这样的公司的收入有点，它们是外在环境的功能，价格是多少。去年二手车的定价在全面上都是疯狂的，也许尤其是Subaru，但是全面来看，都是疯狂的。所以，在市场更加规范化的情况下，他们的收入下降对我来说一点也不奇怪。
Do you take any solace in the fact that you are nowhere near the only person who went through that? Recently bought a car, was looking in 2022, and previously the last vehicle I had purchased was from Carmacks, had a good experience. It's generally a good experience if you are at Carmacks, particularly if you have done a little research on your own, you know what you want, there is no nonsense about that. That is great. But last year I was looking at the same thing you saw. I am looking at cars that are two, three, four years old and it is basically the same cost as a brand new car. I thought that's not the used car I am used to and comfortable with and I don't need the car immediately. So I am going to wait.
你有没有觉得，你并不是唯一经历过这种事情的人，这一点给你带来了一些安慰？最近买了一辆车，本来想买2022年的，我之前买的最后一辆车是在Carmacks，体验很好。如果你去Carmacks，尤其是做了一些研究，知道自己想要什么，那真是一次愉快的体验。但是去年我也看过和你一样的车，几年前的二手车价格基本上和全新的车一样，这对我来说不是我所熟悉和舒适的二手车，而且我也不需要马上买车。所以我会等一等。
Yeah, we did need the car immediately, but we ended up doing something else also with Carmacks. The tell for Carmacks is actually, I am going to do a little bit of accounting geekery here, but so they have three areas of revenues. One is the used car sales that we understand. They do wholesale sales and the third is a line item called other sales and revenue. And that is mainly their protection plans. So you can actually see the change in the pricing of the cars as they compare to the steady state because that other sales and revenue line item is bigger this year than it was last year as a percentage of sales. So that's where you can see where that pricing comes in. And you know, as far as Carmacks is concerned, they are just selling cars. They don't actually care that much and I think they are probably happier now with pricing for cars at a more normalized rate than they were in 2022. But that's the tell that they actually did okay because a number that tends to be more stable is a larger percentage of revenues than it was last year.
是的，我们确实需要立即用车，但我们最终也在卡马克斯做了其他事情。在这里我要稍微做点会计专业术语了解的解释，卡马克斯有三种收入来源。一种是我们理解的二手车销售，他们还进行批发销售，第三种就是其他销售和收入项目，主要是他们的保护计划。因此，您可以看到他们汽车定价与稳态相比的变化，因为其他销售和收入项目今年作为销售额的百分比要比去年大。对于卡马克斯来说，他们只是卖车，并不是特别在乎价格，我想他们可能现在更喜欢车辆的价格在更稳定的水平上，而不是在2022年时。但是，这也是他们表现良好的标志，因为与去年相比，一个更稳定的数字在收入中所占的比例更大了。
The flip side for the current environment, the rising interest rates and the low expectations is we're kind of heading into the high season for people who are in the business of selling cars when you think about Memorial Day for just all of the sales and promotions that are going to get pushed out. Do you think that might be a little bit of why we're seeing the stock pop the way it is today because yeah, you can argue it's being down.
目前环境的另一面是，随着利率上升和期望值下降，我们正在进入销售汽车业务的高峰期，比如与所有推动销售和促销有关的阵亡将士纪念日。你认为这可能是我们今天看到股票大涨的原因之一吗？因为可以说股票之前有所下跌。
It's not a particularly cheap stock relative to the overall market. It's basically where the overall market is. So it's part of what we're seeing and expectation like all right, we weren't expecting so much from you over the past three months. But next season so. But next six months, yeah, Carmacks, we're expecting more. I maybe. And I know that's an awful answer, but maybe next question.
它相对于整个市场来说不算特别便宜的股票。它基本上在整个市场的水平上。所以它是我们所见到的和期望的一部分，像是说，过去三个月我们没有期望你们做得太多。但是下个季度，下个六个月，是的，卡莫克斯，我们期望会更多。或许吧。我知道这回答很差，但或许接下来有更好的问题。
So I wonder how much of this has still been sort of messed up and distorted by the pandemic, right? So much from the pandemic, I think we could say that a lot of those cycles got at least disrupted. And then we had the supply chain issues, which went directly into the insane pricing for used cars last year. So maybe that's as good a theory as any. I didn't come up with anything quite that interesting, but I'm also not sure that we are back to a normal yearly cycle based on what we've experienced over the last three years.
我想知道这个问题在疫情影响下还有多少被搞混和扭曲了，对吧？我认为疫情造成的许多影响打乱了很多循环。而我们还面临物流供应链问题，这直接导致去年二手车价格飙升。也许这是一个不错的理论。我的想法没有那么有趣，但我也不确定我们是否回到了正常的年度周期，因为过去三年我们所经历的情况。
Let's move off of Carmacks and to the earning season that kicks off this Friday. What are you going to be watching, whether it's a company or a broader theme? So it's actually exactly what we were just talking about with Carmacks. If you think about what we went through in 2020, basically China shut down and China primarily one of the primary factories for the world. 2021, 2022, we had shipping distortions, we had supply chain issues, had all sorts of areas where pricing got out of whack. And you can think of almost any industry that happened where companies were unable to get anything from as simple as number five red dye and anything is complicated as superconducting chips, right? All of it was distorted.
让我们离开Carmacks，转而关注本周五开始的盈利季。不论是公司还是更广泛的主题，您将关注什么？实际上，这就是我们刚才谈论Carmacks时所说的。如果您想想我们在2020年经历了什么，基本上是中国关闭了，而中国是世界上主要的工厂之一。在2021年和2022年，我们遇到了航运扭曲，供应链问题，所有种类的领域价格都失控了。您可以想象发生在几乎任何行业的情况，公司无法获取从简单的红色五号染料到超导芯片等复杂的东西。这些都扭曲了。
Then you come into the last quarter and a lot of companies ended up with a lot of inventory. Now why did they take on that inventory? Why wouldn't you during a supply chain crisis? You would rather have that in and sit on it. So I think this is going to be the first quarter in which we tend to see an unwinding of that. And we're going to start to see companies that have actually shown a little bit of weakness over the last nine months who are going to show us something because they're going to be getting back to a much more normal state and their financials and a lot of their structure will demonstrate it. And that's what I think we're going to see.
然后你进入了最后一个季度，许多公司最终拥有了大量的库存。那么他们为什么要接受那些库存呢？在供应链危机期间你不是更愿意将其收进来然后存着吗？所以我认为这将是我们首次看到这种局面逐渐解除的季度。我们将开始看到一些在过去9个月中表现稍微弱一点的公司们展示出些进展，因为他们将回归到更为正常的状态，他们的财务状况和许多结构将予以证明。这就是我认为我们将要看到的。
So to the extent that we see surprises from different companies this earnings season, it sounds like you think some of those surprises will come in the form of inventory levels. Not so much. Wow, the revenue was much higher or lower than expected. It's more sort of like holy cow. Look at their inventory levels. Right.
所以在这个季度的财报中，如果我们看到不同公司的惊喜表现，你认为会有一些是关于库存水平的。并不完全是。哇，这个销售收入要么比预期高得多，要么低得多。更多的是像天啊，看看它们的库存水平。没错。
Exactly. It's going to show up not so much in revenue, but show up in the cash dynamics of the company because that's where you tend to see revenues going up. I mean, excuse me, where you see inventories going up and down and that's where they get reflected the most. We've already seen that, for example, with Lululemon, which reported last week, which had had inventory issues. And they are now coming back down to earth. And so you're starting to see the smarter managements out there really start to build in a little bit of return to normal by virtue of not being so fearful about the next shipment not coming in. They don't have to worry about that as much anymore.
准确地说，它将体现在公司的现金动态中，而不是收入中，因为那是你往往会看到收入上升的地方。我的意思是，对不起，你会看到库存的涨跌反映在那里。例如，上周报告的Lululemon就出现了库存问题。现在他们正在回归现实。因此，你开始看到更聪明的管理层开始建立一些归正常的策略，不再那么担心下一批货物不会到来。他们不必再那么担心了。
So in terms of commentary from different companies on earnings calls, do you think we are entering into a period where the companies that are performing as well, particularly on inventory levels, are running out of places to hide? Because we're no longer in an environment where it's like, boy, everyone's getting hit by this. You think we're going to see a separation of like some companies are going to show real improvement in inventory levels. And lesser performers are like, everyone's seeing this. It's like, no, not everyone. Not everybody anymore.
那么，就来自不同公司在盈利电话中的评论而言，您认为我们正在进入一个时期，在这个时期中，表现良好，特别是在库存水平方面的公司已经没有藏身之处了吗？因为我们不再处在一个像“哇，每个人都受到了这种影响”的环境中了。您是否认为我们会看到某些公司在库存水平方面真正有所改善的区别？而二流的表现者则像每个人都看到这种情况一样。实际上并不是每个人都看到了。
I think that's exactly right. In business, there are cycles. And at the top of the, and the bottom of the cycle, there's almost no way to tell the difference between a well-run company and a poorly run company. I think you're going to start to see a lot of dispersion now that we haven't seen in the last couple. Well, man, great to see you. Thanks for being here.
我认为那确实是正确的。在商业中，存在周期。在周期的巅峰和谷底，很难区分管理良好的公司和管理不善的公司。我认为你会开始看到我们过去几年没有看到的很多分散现象。嗨，伙计，很高兴见到你。感谢你来这里。
Why do you need to do your taxes when the IRS most likely knows what you already owe them? Robert Brokamp and Allison Southwick take a closer look at the uniquely American tax filing process in one company that's happy to keep it that way.
为什么你需要报税，如果IRS很可能已经知道你要交多少税了？Robert Brokamp和Allison Southwick对美国独特的税务申报过程进行了深入探讨，并介绍了一家非常乐意保持现状的公司。
There's something uniquely American about complaining about taxes, not just complaining about having to pay them, but the act of having me to sit down, rifle through W2's, 1099's, 1098's, and more. And then enter all those numbers into the interwebs just to tell the government a bunch of information it already knows. Is this what T.S. Eliot meant by April being the cruelest month? I mean, filing taxes is so boring, so complicated. And for a large percentage of Americans, so unnecessary.
有一件独特美国式的事情，就是抱怨税收，不仅仅是抱怨要付钱，而是坐下来翻看W2、1099、1098等表格，再把所有数字输入到网络上，告诉政府它已经知道的一堆信息。这是T.S.艾略特所说的四月是最残酷的月份吗？我的意思是，报税很无聊，很复杂。对于很多美国人来说，这也完全没必要。
Yes, indeed. Every year we Americans receive several forms that have documented all or most of the important tax related information that we need. And in most cases, the IRS has received the same info, which means that it's everything it needs to fill out their turns for millions of Americans. So for example, how much were you paid by your employer last year and how much did you contribute to your 401k? Well, it's all right there in your W2.
是的，的确如此。每年我们美国人都会收到几份表格，其中记录了我们需要的所有或大部分重要的与税收有关的信息。在大多数情况下，国税局也收到了相同的信息，这意味着这些信息足以填写数百万美国人的申报表。因此，例如，你去年从雇主那里得到了多少薪水，你在401k中贡献了多少钱？好吧，这些信息都在W2表格中。
What about interest from your bank? Check out your 1099 INT. What about your broker, the 1099 B? How much did you get from Social Security? It's right there on the SSA 1099. Most of the documents that get sent to you are also sent to Uncle Sam. Yet, we're required to look at these forms, enter all this info into some software or something or pay someone else to do it. And then calculate whether we're due a refund or if we owe money. If we get it wrong, we'll get a notice from the IRS because they knew the answer all along.
你的银行利息怎么样？看看你的1099 INT表格。你的经纪人和1099 B呢？你从社会保障获得了多少钱？在SSA 1099上一目了然。大多数发给你的文件也会发送给政府。然而，我们被要求查看这些表格，将所有信息输入到某些软件中，或者支付其他人来做这件事。然后计算我们是否应该退还或者欠钱。如果我们算错了，我们会收到来自税务局的通知，因为他们一直知道答案。
Now, according to the IRS, add it all up and we're talking six billion collective hours lost to the drudgery of filing taxes that could be better spent playing pickleball. So, couldn't the government just crunch the numbers, send a check or a bill and call it a day? Doesn't that sound so much easier?
现在，根据美国国税局的说法，加起来，我们要浪费60亿小时来填报税务，而这些时间本可以用来做更有趣的事，比如打Pickleball。那么政府不能只是去算一下数字，然后寄一张支票或发一封账单就行了吗？这不是更简单吗？
Indeed it does and it's called return free filing. And it's actually already done in more than 30 countries, including Germany, Japan and the United Kingdom. And the way it works varies from country to country, but here in America, you could easily imagine a system in which you just receive an already completed return from the IRS with the amount of your bill or your refund.
确实如此，并被称为无需报税申报。其实已经在包括德国、日本和英国在内的30多个国家实行了。它的运作方式因国家而异，在美国，你可以很容易地想象一种系统，即你只需从国税局收到已经完成的退税申报表，并知道你需要交多少还是退多少。
You check it over, check if it's accurate, and if you agree, you just accept it. And that accurate part is important, right? If you have some form of income that wasn't reported, then you would have to do your return the old fashioned way. This wouldn't be a license to cheat. You could certainly see how this wouldn't work for many Americans, like business owners, independent contractors, the government probably doesn't have enough to do their returns. So the option to do your own return or hire a CPA to do it for you would still be available, perhaps because you're eligible for deductions or credits the IRS doesn't know about.
你要检查一下它，看看它是否准确，如果你同意，你就接受它。而准确性很重要，对吧？如果你有一些未上报的收入，那么你将不得不老式地做你的报税申请。这并不意味着可以作弊。你肯定可以想象到这对许多美国人来说是行不通的，比如商业主人、独立承包商，政府可能没有足够的人员来处理他们的申请。因此，自己申报或者雇佣注册会计师为你申报的选项仍然可用，也许是因为你具备了税务局不知道的减免或抵免资格。
But even that's less likely these days because the standard deduction is so high, only a little more than 10% of households itemize their deductions. So most Americans don't get a tax benefit from things like charitable donations or mortgage interest and stuff like that. So the bottom line is for the majority of Americans who receive a paycheck from an employer or who are retired, the IRS has all the info it needs.
但现在这种情况变得更加不太可能，因为标准扣除额非常高，只有略多于10%的家庭会列出详细的扣除。因此，大多数美国人不会从慈善捐赠、抵押贷款等方面获得税收优惠。因此，对于大多数从雇主获得薪资或退休的美国人来说，国税局已经拥有所有所需信息。
Plus some form of pre-completed return would cut down on two of the most common tax mistakes. People accidentally inputting the wrong numbers or people forgetting about some item they were supposed to report. But there have been attempts to make it easier for Americans to pay their taxes, but those attempts have been thwarted. Who could possibly benefit from unnecessary complexity in our tax system?
加上某种形式的预先填好的纳税申报表可以减少最常见的两种税收错误，即人们意外输入错误的数字或忘记报告某些应报告的项目。但是一直有人试图让美国人更轻松地缴纳税款，但这些努力都遭到了挫败。谁能从我们税收体系中不必要的复杂性中受益呢？
What about the tax prep industrial complex? Dun dun dun. Oh, it's so weevil when we put it that way. Okay, what's a friendlier name for these folks, bro? Actually, I'm fine with the tax prep industrial complex because it is big business. Most Americans more than $30 billion a year to do their taxes. And the company is making those billions don't want Uncle Sam doing some of the work for people.
税务准备行业复杂吗？咚咚咚。哦，如果这样说的话，那就太不好了。好吧，兄弟，你觉得这些人有一个更友好的称谓吗？事实上，我认为税务准备行业复杂还是很好的，因为这是个大行业。大多数美国人每年花费超过300亿美元来做他们的税务。这些公司创造这些亿万富翁并不希望联邦政府为人们做一些工作。
So let's talk about one notable effort to help at least some people with their taxes. I'm going to give the bridge version here, but you can read some excellent reporting on this in a series of public articles. So essentially back in 2002, there was a proposal for the IRS to develop a free tax preparation tool. The industry, particularly into it, the maker of turbo tax wasn't too keen on that. And thanks to its lobbying efforts, it got Congress people to agree that the IRS shouldn't create something that competes with private companies.
让我们来谈谈一项显著的努力来帮助至少一些人处理税务。我在这里给出简略版本，但你可以在一系列公开文章中阅读一些优秀的报道。基本上，早在2002年就有一个提案要求IRS开发一款免费的税务准备工具。行业，特别是turbo tax的制造商intuit，并不太热衷于此。由于其游说努力，它让国会议员同意IRS不应该创建与私人公司竞争的东西。
So they struck a bargain. The IRS wouldn't create a tool. And the coalition of software companies agreed to provide free filing for a percentage of Americans, generally those with lower incomes. And at the time, it was lauded as the sort of excellent public-private partnership. And it still exists today.
所以他们达成了一个协议，税务局不会创建工具，而软件公司联合会同意为一部分美国人免费提供申报服务，一般是那些收入较低的人。当时，这被誉为绝佳的公私合作伙伴关系，并且今天仍然存在。
You could do an online search for IRS free file, and you'll find the page on the IRS website. And in many ways, the participating companies really are providing an excellent service for free. But here's the catch. While the federal return is free, you may have to pay for the state return, or you may be marketed other services, such as things like audit insurance or loans. And in some instances, people thought they would be able to file for free. But once they got to the end of the return and they were ready to hit that submit button, there was a charge because they had to incorporate some tax form or something like that.
你可以在网上搜索税务局免费文件，然后你会在税务局网站上找到该页面。在很多方面，参与的公司确实为免费提供了优质的服务。但是这里有一个限制。联邦报税是免费的，但你可能需要支付州税，或者你可能会被推销其他服务，例如审计保险或贷款。在某些情况下，人们认为他们可以免费申报。但是当他们到达报税结尾时，准备点击提交按钮时，会有一些费用，因为他们必须加入一些税务表格或类似的东西。
In fact, last year, Intuit agreed to pay $141 million to people who were charged for their returns when they should have been free. If the active filing taxes is a bummer, and we shouldn't be all be thankful that we can pay someone else to do it for us, I mean, just throw money at that problem. Okay, sure. But this also creates an opportunity for low income people to be taken advantage of.
实际上，去年，Intuit同意支付1.41亿美元给那些应该免费报税的人。如果主动报税是很烦人的，我们应该感谢可以付给别人来代劳，对吗？我是说，可以花钱解决这个问题。对，没错。但这也为低收入人群被利用创造了机会。
And we're not talking necessarily about Intuit or the big tax prep industrial complex. According to The New York Times, for millions of low income Americans, tax season means the biggest one-time influx of money all year. Thanks largely because of the earned income tax credit. And we're talking billions of dollars in total goes from Uncle Sam to working low income Americans. The degree of scruples by tax preparers in these neighborhoods varies. Prices are often not disclosed upfront. They're often opaquely deducted from the refund. In fact, The New York Times talks to one person who has charged $400 or roughly a quarter of a refund. And how about a little tax fraud? Don't mind if I do. Another person they talked to learned that his tax preparer had been claiming a full-time college credit on his returns, inflating his refund and taking half for herself.
我们并非一定要谈论Intuit或大型税务筹备行业。根据《纽约时报》的报道，对于数百万低收入的美国人来说，税季意味着一年中最大的一次现金流入。这主要得益于所得税抵免。总共有数十亿美元从山姆大叔流向工薪低收入的美国人。在这些社区，税务准备人的诚信程度是不同的。价格通常不会事先公布。它们通常是从退税中不透明地扣除的。事实上，纽约时报采访了一个人，他收取了400美元，大约相当于退款的四分之一。那么点小的税务欺诈怎么样？别介意，我愿意。他们采访的另一个人得知他的税务准备人一直在他的报税表上报告全日制大学学分，从而夸大退款并取得其中一半。
And since we're talking about how the current system can be challenging, and particularly for poorer people, I'll mention another program sponsored by the New York Times. It's sponsored by the IRS, but operated by local organizations as well as ARP. It's called the Volunteer Income Tax Assistance Program or VITA. So trained volunteers prepare tax returns for free for people who meet certain criteria such as their income is below a certain level. And the criteria varies from organization to organization. And one of those volunteers is yours truly.
既然我们正在谈论目前的体系可能会带来挑战，特别是对于贫穷人士而言，我将提到《纽约时报》赞助的另一个计划。由美国国税局赞助，但由当地组织和ARP运营，它被称为志愿者收入税帮助计划或VITA。因此，受过培训的志愿者免费为符合某些标准的人准备纳税申报表，例如他们的收入低于一定水平。标准因组织而异。而我就是其中一个志愿者。
And this is a great program that helps a lot of people. But what I've seen is I've prepared these returns is that the way the US does with holdings could be really confusing, particularly because with some forms of income, especially for those who have gig work or their independent contractors, no taxes are withheld unless you request it. And I've done returns for people and then have to tell them they owe $1,000 or more dollars. And part of that is the taxes that they should have paid. And part of it is from penalties because you're expected to pay taxes half the year.
这是一个很好的计划，帮助了很多人。但我在准备这些退税申报表的时候发现，美国的持股方式可能会非常令人困惑，尤其是对那些通过自由职业或独立承包进行收入的人来说，除非你请求，否则不会扣税。我为人们填写了申报表，告诉他们他们欠一千美元或更多的钱。其中一部分是他们本应该交的税款，另一部分则来自于罚款，因为你被要求在一半的时间里支付税款。
And these are often not people who have that type of money just lying around. And the looks on their faces when I tell them what they owed. It just kind of breaks your heart. Of course, there's some level of personal responsibility here. They should have requested to have money withheld or they should have paid their estimated quarterly taxes. But the default should be to have something withheld from all forms of income and allowing people to opt out rather than the other way around.
这些人通常不是有那种钱拿出来随便花的人。当我告诉他们要还多少钱时，他们脸上的表情真的让人心疼。当然，这里有一定的个人责任。他们应该要求扣留一些钱，或者他们应该支付预估的季度税款。但默认应该是从所有形式的收入中扣留一些，让人们有选择地退出，而不是相反。
And in some countries that have returned free taxes, the government actually estimates of withholding for you rather than you trying to figure out for yourself. Well, if this has you bummed out and angry, we do have a glimmer of hope. As part of the inflation reduction act, money is being devoted to help the IRS modernize its technology and investigate the feasibility of creating its own tool.
在一些取消了免税的国家，政府实际上会为你估计预扣税款，而不是你自己去算。如果这让你感到沮丧和愤怒，我们还是有一点希望的。作为通货膨胀削减法案的一部分，一部分资金正在用于帮助IRS现代化其技术，并调查创建自己的工具的可行性。
So now is a good time to let your congresspeople know how you feel about the current state of tax preparation and whether you'd like anything changed.
现在是让您的国会代表知道您对目前税收准备的情况以及是否希望改变任何事情的好时机。
And we'll close by pointing out that this episode is going out on April 11th, which is one week before the federal tax deadline.
最后我们想指出的是，这一集将在4月11日播出，也就是联邦税收截止日期前一周。
So if you have not yet done your taxes and you made $73,000 or less in 2022, visit the IRS's free file page to see if you qualify and you want to go to the IRS's page first, not the ads that pop up in the search.
如果你还没有报税并且2022年赚了73,000美元或以下，那么请访问美国国税局的免费报税页面，以查看你是否有资格。需要注意的是，你要先进入美国国税局的官方页面，而不是在搜索中弹出的广告。
And if you've done your taxes and you're way off and they might you owed, now is the time to adjust your withholding so you don't pay a big bill next year or get a big refund, which I know everyone loves, but it's better to have use of that money now to enjoy it, to invest it, or you know, spend it unpickable.
如果你已经报税，发现你的报税金额与实际所欠税款相差很大，现在是调整你的预扣税款的时候了。这样你明年就不会遇到大的账单，也不会拿到大量退税了。我知道每个人都喜欢退税，但是把那些钱现在拿来用于享受，投资或花费更实际。
And finally, just point out that next week's episode is our mail back. So if you have questions for us, send them away by emailing podcasts at full.com, that's podcast with an S or tweet us at Motley Fullman.
最后，只想指出下周的节目是我们的邮件回复专题。如果你有问题需要问我们，请发送电子邮件至podcasts@full.com，记得带上“podcast”中的“s”，或者在Twitter上@MotleyFullman发推。
As always, people on the program may have interest in the stocks they talk about and the Motley Fullman have formal recommendations for or against.
就像往常一样，节目中的人们可能对他们谈论的股票感兴趣，Motley Fullman也会有正式的推荐或反对意见。
So on Byersel Stocks, based solely on what you hear.
根据你听到的消息，仅基于Byersel股票的情况。
I'm Chris Hill. Thanks for listening. See you tomorrow.
我是克里斯·希尔。谢谢你们的聆听，明天见。