Podcasts about augusta rule

If you'd like a free copy of the book, just email us at team@thewealthelevator.com and tell us how you found us.In this episode, we dive deep into various tax strategies tailored specifically for business owners. We cover essential topics such as home office deductions, the Augusta Rule, paying your kids on payroll, Solo 401(k)s, and advanced strategies like captive insurance. The first half of the podcast is dedicated to potential tax changes currently under review by the Senate. We discuss extensions of the Tax Cuts and Jobs Act, increases in qualified business income deductions, and more. In the second half, we bring on guest Patrick Lonergan to discuss specific strategies for business owners and how to optimize personal taxes linked with business operations.00:00 Introduction to Today's Podcast00:18 Overview of Potential Tax Changes00:41 Extension of Tax Cuts and Jobs Act01:26 Bonus Depreciation and Section 17903:13 Qualified Opportunity Zone Program03:57 State and Local Tax Cap Increase04:33 Lifetime Estate and Gift Tax Exemption06:19 Additional Tax Changes and Implications08:03 Infomercial: Family Office Ohana Mastermind08:35 FOOM and Real Estate Professional Status11:33 Tax Strategies for Business Owners14:00 Home Office Deduction17:09 The Augusta Rule21:28 Family on Payroll24:37 Qualified Business Income Deduction29:18 Level Two Tax Strategies37:27 Setting Up Retirement Plans for Solopreneurs38:46 Navigating IRS Audits and Employee Classifications39:17 Overview of Level Two Tax Strategies39:37 Understanding ROBS and Roth Conversions41:08 Introduction to Level Three Tax Planning41:22 Captive Insurance: Benefits and Risks46:38 Investing Through Captive Insurance55:31 Level Four: Tax Fraud and Evasion57:30 Common Pitfalls and CPA Involvement01:05:39 Final Thoughts and Contact Information Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Tax Smart REI Podcast, Thomas, Justin, and Ryan break down the most common (and costly) mistakes we see from other CPAs and the massive tax savings real estate investors are missing because of them. Tune in to learn: - Why electing out of bonus depreciation without knowing it can cost you tens of thousands - How improperly classifying repairs vs. improvements could trigger an audit or shrink your deductions - The overlooked grouping strategy that saved one client $150K+ in a single year - What really happens when CPAs misuse the Augusta Rule (and how to do it right) - How a "medical tax specialist" cost a client over $100K in phantom tax savings—and exposed them to penalties If you're working with a CPA who doesn't specialize in real estate, this episode might just save you from years of missed opportunities or worse, an audit. To become a client, request a consultation from Hall CPA, PLLC at go.therealestatecpa.com/3KSEev6 Subscribe to REI Daily & Enter to Win a FREE Strategy Call: go.therealestatecpa.com/41JuQBX Join the Tax Smart Insiders Community: go.therealestatecpa.com/3Xx1Cpd Wealth & Wisdom Event: https://www.dklawmd.com/events-calendar/wealth-and-wisdom-2025 Check out Thomas's new YouTube channel: www.youtube.com/@thomascastelli The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

Sherry Peel Jackson is a retired IRS agent, CPA, and Certified Fraud Examiner who now dedicates her work to helping everyday people understand how to reduce their taxes, protect their income, and build wealth. With over 35 years of experience and a mission to educate the middle class, Sherry teaches strategies used by the wealthy to keep more of what they earn—including how to legally avoid taxes, structure businesses wisely, and protect assets.     Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here. Key Takeaways Sherry exposes the disparity in how the IRS treats mom-and-pop businesses versus large corporations. Starting a home-based business opens up powerful tax deductions not available to W-2 employees. Keeping thorough records, especially receipts, is essential for audit protection—credit card statements alone won't cut it. The KPG system (Keep, Protect, Grow) is Sherry's core framework for achieving financial independence. Protecting assets through proper legal structuring, including out-of-state LLCs and foundations, shields wealth from lawsuits and unnecessary taxes.     Topics From IRS Agent to Advocate Worked for the IRS from 1988–1995 before launching her own CPA firm. Witnessed firsthand how small businesses were targeted while corporations often negotiated huge tax reductions. Left the IRS to empower middle-class earners with insider knowledge the wealthy use every day. Home-Based Businesses and Tax Deductions Employees are severely limited in tax deductions—no mileage, phone, or home internet write-offs. By launching a simple home-based business, individuals gain access to numerous write-offs. Sherry encourages clients to start a business they enjoy to unlock these tax benefits without burnout. Recordkeeping and Audit Preparedness Debit and credit card statements are NOT valid proof during audits—receipts are required. Recommends either scanning receipts into apps or making photocopies to preserve them. Supports clients during IRS audits and often helps them overturn excessive assessments. The KPG System: Keep, Protect, Grow Keep: Slash unnecessary expenses, eliminate debt, and live frugally while building income. Protect: Use legal structures (e.g., LLCs in Wyoming, NM) to shield assets and ensure anonymity. Grow: Reinvest profits into physical gold/silver and real estate—not depreciating assets like TVs or cars. Advanced Wealth Strategies Uses infinite banking policies to store wealth and acquire real estate tax-efficiently. Leverages the Augusta Rule—renting her home to her business for up to 14 days tax-free. Teaches the use of trusts and foundations to legally reduce taxes and protect generational wealth.    

Send us a textReady to slash your tax bill? Schedule your free consultation and let's strategize your tax savings together! Book now at: https://www.prosperlcpa.com/apply Or, if you still need more time, here are some other ways to begin winning the tax game...  Take our free Tax Planning Checklist & learn about what tax savings may be available for you in our minicourse at https://taxplanningchecklist.com Bonus depreciation offers enticing tax benefits but comes with significant hidden risks for business owners and investors who don't plan beyond the initial tax savings. We examine the dangers of relying too heavily on bonus depreciation strategies and provide alternative approaches that don't create future tax problems.• Bonus depreciation allows writing off a percentage of qualifying assets immediately rather than over their useful life• The Tax Cuts and Jobs Act provided 100% bonus depreciation from 2017-2022, now phasing down to 40% in 2025• Financing assets for tax write-offs still requires paying the full purchase price over time• After claiming depreciation, loan payments become essentially non-deductible, creating "paper income"• Selling assets before their useful life creates depreciation recapture taxed at ordinary income rates• More balanced tax strategies include income shifting, entity structuring, and hiring family members• The Augusta Rule and employing children can provide up to $100,000 in deductions without creating future liabilities• Prioritize assets that generate sufficient returns to justify their purchase beyond just tax benefits• Smart tax planning considers both immediate savings and long-term financial implicationsTo learn how these concepts apply to your specific situation, visit prosperlcpa.com/apply and schedule a consultation.

Is your CPA really helping you save money — or just filing your taxes? In this episode, we break down five smart questions every business owner should ask to find out if their CPA is doing enough. You'll learn about key tax strategies like the Augusta Rule and family payroll, why meeting with your CPA year-round matters, and how to tell if it's time to coach or switch advisors. We also share real-life examples of entrepreneurs who saved thousands by making simple changes. Whether you run a small business, are growing fast, or just want to keep more of what you earn, this episode will help you think like a CFO — not just a taxpayer. Tune in now to make sure your CPA is helping you win in 2025 and beyond!   Next Steps:

Send us a textWhat are you thinking about as far as tax planning as we reach the mid-point of 2025? While we eagerly await finalized legislation, we're focusing on foundational tax reduction methods that require little cash outflow while delivering substantial benefits. Some topics discussed with our clients and in this episode include...• Augusta Rule allows business owners to rent their home to their business for up to 14 days tax-free, potentially creating $42,000 in deductions• Hiring family members can generate significant business deductions while keeping money within the family• Solar panel investments offer both immediate tax credits and potential positive cash flow through energy savings• Medical expenses can be converted to valuable business deductions through proper fringe benefit structuring• Advanced charitable strategies can eliminate up to 60% of taxable income at a fraction of the cost• Building systems around these strategies creates compounding tax benefits regardless of future tax law changesIf you want to learn more about these strategies, go to prosperalcpa.com/apply for a personalized review of your situation, or visit taxplanningchecklist.com for our mini course.

Brian Skrobonja breaks down 11 small business tax tips that could help you keep more of what you earn. He explains how the wealthy leverage these strategies, ways to apply them to your own business, and how being proactive now can save you thousands down the road. Tune in to discover practical steps you can take today to reduce your tax burden, boost your bottom line, and build long-term financial security. Brian starts by revealing how the tax code can be used as a tool to build wealth. According to Brian, the difference between the wealthy and the average American is that the wealthy are more informed about tax-saving strategies. Unfortunately, many business owners treat taxes like a once-a-year nuisance. They write a check and move on.  For Brian, taxes are a bigger expense than rent and payroll--and being informed can mean hundreds of thousands of dollars in your pocket over time. #1 The R&D Tax Credit. Brian explains how this overlooked credit isn't just for tech businesses in Silicon Valley — if you're improving a product, process, or even internal software, you might qualify. #2 The Augusta Rule. Brian reveals how you can rent your own home to your business for up to 14 days a year and not pay a dime in taxes on that income. #3 De Minimis Safe Harbor. Brian shares how to write off things like laptops, chairs, and tools right now instead of dragging those deductions out for years. #4 Qualified Business Income Deduction (QBI). Brian highlights how small business owners operating through a pass-through entity like an S-Corp or LLC can deduct up to 20% of their qualified business income. #5 Bonus Depreciation. Brian explains how business owners can immediately deduct a significant percentage of the cost of qualifying property like machinery, vehicles, furniture, and computer equipment, in the year it's placed into service, rather than spreading the deduction over years through traditional depreciation. #6 Intangible Drilling Costs (IDCs). Business owners in oil and gas can deduct up to 100% of certain drilling expenses upfront, regardless of whether the well is productive. #7 Cost Segregation for Real Estate. Brian breaks down how, for commercial property owners, this strategy is a highly effective tool to accelerate depreciation and create early tax savings.  Instead of depreciating an entire building over the standard 39-year life for commercial real estate, a cost segregation study identifies and reclassifies specific building components, such as HVAC systems, that could be depreciated over a five to 15-year period. #8 Market Value Adjustments for Roth Conversion. Brian explains how doing a Roth conversion when asset values are low can lock in long-term tax-free growth, especially if it's inside a traditional IRA. #9 Build Banking. Brian shares ways to use specially designed whole life policies to create your own private banking system so you can grow wealth tax-deferred and access it tax-free. #10 1031 Like-Kind Exchange. Brian shows how real estate investors can defer capital gains by rolling proceeds into another similar investment without paying taxes. #11 Opportunity Zones. Reinvesting gains into a qualified opportunity fund can help you defer, and possibly erase, capital gains taxes altogether. Brian believes business owners should act fast to take advantage of the tax code. The tax code doesn't reward procrastination. Every day you wait is money left on the table.  Before implementing any of these strategies, always consult your CPA to make sure the structure is appropriate for your business situation.     Mentioned in this episode: BrianSkrobonja.com SkrobonjaFinancial.com SkrobonjaWealth.com BUILDbanking.com Common Sense Financial Podcast on YouTube  Common Sense Financial Podcast on Spotify     Alternative investments may be subject to less regulation than other types of pooled investment vehicles. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual's net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment's trading profits. Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested. Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Asset allocation and diversification strategies do not ensure profit or protect against loss in declining markets. ---- BUILD Banking™ is a DBA of Skrobonja Insurance Services, LLC. Benefits and guarantees are based on the claims paying ability of the insurance company. Not FDIC insured. Results may vary. Any descriptions involving life insurance policies and its use as an alternative form of financing or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, and may be changed at the discretion of the insurance carrier, General Partner and/or Manager and are not intended to reflect guarantees on securities performance. The term BUILD Banking™, private banking alternatives or specially designed life insurance contracts (SDLIC) are not meant to insinuate that the issuer is creating a real bank for its clients or communicating that life insurance companies are the same as traditional banking institutions. This material is educational in nature and should not be deemed as a solicitation of any specific product or service. BUILD Banking™ is offered by Skrobonja Insurance Services, LLC only and is not offered by Madison Avenue Securities, LLC. nor Skrobonja Wealth Management, LLC. ---- This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.

Send us a textThe Augusta Rule offers a legal way to transfer money from your business to yourself tax-free by renting your home to your business for up to 14 days per year. This often-overlooked tax strategy allows business owners to deduct the rental expense from their business while receiving tax-free personal income.• Rent your personal residence to your business for up to 14 days annually without paying personal tax on that income• Your business can deduct the rental payment as a legitimate business expense• Determine fair market rent by researching comparable event spaces in your area• Create and maintain a formal rental agreement between yourself and your business• Document each use with invoices and calendar entries• Pay yourself from your business account using traceable methods (transfers, checks, digital payments)• Monthly strategy sessions are ideal for implementing this strategy while staying under the 14-day limit• Take photos and keep notes from meetings as supporting documentation• Rental payments of approximately $1,000 per day are typical, depending on your locationSend this episode to a friend and let them know about What Your CPA Wants You to Know Podcast!Create a STAN Store - Click here to try it out!Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Shop our business guides!Our Instagram PageOur family page

Send us a textPS. Whenever you're ready, here are some ways we can help with reducing your taxes... Ready to slash your tax bill? Schedule your free consultation and let's strategize your tax savings together! Book now at: https://www.prosperlcpa.com/apply Or, if you still need more time, here are some other ways to begin winning the tax game...  Take our free Tax Planning Checklist & learn about what tax savings may be available for you in our minicourse at https://taxplanningchecklist.com  At the very least, get on our newsletter to gain access to free live events and exclusive insight you won't find anywhere else: https://www.prosperlcpa.com/newsletter-subscriptionLet's look at how wealthy individuals create tax-free lifestyles through legal strategies that anyone can implement. From borrowing against assets to writing off hobbies as businesses, these approaches can dramatically reduce your tax burden while increasing cash flow.• Borrowing against real estate, stocks, or life insurance policies creates tax-free cash flow• Depreciation strategies can offset other income and potentially eliminate tax liabilities• Converting hobbies into legitimate businesses creates write-offs for activities you already enjoy• Business travel can become partially tax-deductible when properly structured• Credit card points and rewards are completely tax-free forms of value• Hiring family members, particularly children, creates tax advantages for both parties• The Augusta Rule allows tax-free income when renting your home for 14 days or less annually• Proper write-off strategies can save entrepreneurs hundreds of thousands in taxesIf you found any of this helpful and would like to know how to actually implement some of these ideas, or if you've done all these ideas but you're still paying a lot in taxes and want to know what else is out there, go to prosperalcpa.com/apply to see more about how we can help out.

Imagine having an invisible team of experts, researchers, marketers, and creatives working 24/7 to build your business… Without adding a single employee.That's exactly what we just did with my new friend and client, Nathaniel Ely, during a Superpower Accelerator three-day intensive.Nathaniel flew in to work with me personally, and in three days, we created everything he needed to launch a $1 Billion business opportunity around the Augusta Rule – a little-known tax strategy that can put tens or hundreds of thousands of dollars back in the pockets of business owners every year.Using Ai as a true team member, we built an entire brand from scratch:A full 50+ slide masterclassA pitch deck and marketing funnelThree book draftsVideo sales lettersChannel marketing campaignsSizzle reelsAutomated sales workflowsAnd dozens of other revenue-driving assetsThe best part? We didn't just "talk" about ideas – we built them in real-time, workshop-style, using agentic Ai tools that did the work of a 5-person team.If you want to see how Ai can build your brand, amplify your revenue, and compress six months of work into three days, you're going to love this episode.KEY INSIGHTS & TAKEAWAYS:

Welcome to Episode 51 of the Home Tour Podcast with Tyler Willis, Payton Peoples, and Megan Mulvey! In this episode, we dive into the bustling real estate market as listing season kicks into high gear. Our hosts discuss current market trends, the rapid pace of home transactions, and share insights on how to best prepare your home for listing. From the importance of local market knowledge to tips for making your property stand out, this episode is packed with valuable information for both buyers and sellers. Plus, hear captivating stories from the front lines of real estate, including the adventures of a background actor and the unique dynamics of the Peachtree City housing market. Don't miss this exciting and informative episode!00:00 Introduction and Welcome00:22 Current Market Overview00:53 Regional Market Differences01:33 Listing Season Insights05:19 Marketing Strategies10:13 Financial Planning for Home Buyers15:45 Local Connections and Networking16:11 Interesting Encounters in Real Estate17:54 Celebrity Sighting and Market Talk18:22 Restaurant Recommendations and Food Talk19:52 Real Estate Listing Tips21:49 The Importance of Consistency in Home Presentation25:50 Market Trends and Agent Insights29:27 The Augusta Rule and Rental Opportunities31:19 Listing Season Challenges and Final Thoughts-------------------------------------------------------------------------------------------------------------------------DISCLAIMER: Episode 51 is hosted by Tyler Willis, Tyler Willis Media, Inc., Payton Peoples, Payton Peoples & Company, Inc. Keller Williams Realty Atlanta Partners, Megan Mulvey, CrossCountry Mortgage.-------------------------------------------------------------------------------------------------------------------------The Home Tour Podcast is a Podcast co-hosted by three Real Estate Professionals located in the South Atlanta area. Tyler, Payton & Megan are dedicated to helping the rising generation step into their homeownership and generational wealth building power without all the lectures on “well if you'd just save more” or “stop going to Starbucks” BS. Bringing the world of real estate out of the clouds and into the hands of 50 million rising leaders in our world.Learn more about The Home Tour Podcast here: https://thehometourpodcast.com/Find out how to get in touch with us here: thehometourpodcast@gmail.comFollow us on socials here:Facebook.com/thehometourpodcast Instagram.com/thehometourpodcast -------------------------------------------------------------------------------------------------------------------------Disclaimer: This podcast represents the opinions of our hosts and guests to the show. Views and opinions expressed in the podcast are our own and do not represent that of our brokerages or companies. While we make every effort to ensure that the information we are sharing is accurate, we welcome any comments, suggestions, or correction of errors. Hosted on Acast. See acast.com/privacy for more information.

If you think passive income means sitting back and letting the money roll in, think again! In this episode, we uncover the truth behind passive income and why it's not as simple as it seems. Join Erik Van Horn as he talks to financial expert Russ Morgan about the realities of passive income. They delve into why most people's expectations about passive income are misguided and discuss strategies to create genuine wealth without relying solely on traditional investment methods. Russ explains how to use tools like the Augusta Rule and shares insights from his experience helping clients build sustainable financial futures. Discover how entrepreneurs can build wealth without Wall Street and learn about the Passive Income Roadmap. Tune in now to hear why passive income is more than just a buzzword—it's a strategy for long-term financial success! Join the passive income revolution today!   “What are we doing with our dollars? Is it getting us more of what we want or less of what we want? It's not an accumulation plan. The person who wins this game doesn't have ten million dollars in an account in the future. The person who wins this game has more passive income coming in than monthly expenses that they could never run out of. That is financial freedom." ~ Russ Morgan   In This Episode: - The value of hiring a coach - Is your CPA knowledgeable about The Augusta Rule? - Money mistakes and the obstacle to financial freedom - Becoming a good steward of your finances - Active vs. passive income and activating PIOS - Mistakes people commit as they start building passive income  - How the market's sugar rush impacts investors - The framework for building passive income  - Understanding your "investor buy box" for smart decisions -  Investing with the right people vs. just the right deal - Passive income ideas you can try   Resources: 

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What if you could pay yourself tax-free using your own home? In this episode of The Rich Somers Report, Rich sits down with Karlton Dennis, tax strategist and founder of Tax Reduction Company, to break down one of the most overlooked tax-saving strategies for business owners—the self-rental loophole, also known as the Augusta Rule.Rich and Karlton discuss:How to rent your personal residence to your business and collect tax-free incomeThe specific documentation and setup required to make this strategy audit-proofCommon mistakes entrepreneurs make when trying to implement tax strategiesWhy mindset matters just as much as tax code when building long-term wealthHow to think like a CFO and stop overpaying the IRS year after yearKarlton shares practical examples of how high-income entrepreneurs and real estate investors are using advanced strategies like the Augusta Rule, S-Corp structuring, and entity stacking to build generational wealth. If you're ready to stop leaving money on the table and start using the tax code to your advantage, this episode is a must-listen.Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.

Are you leaving money on the table when it comes to your taxes? If you're a small business owner, the answer is probably yes! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., covers the essential tax deductions you should be using but might be missing or ignoring. From turning charitable donations into advertising dollars to maximizing deductions on equipment, training, and even paying your children, Danielle breaks down tax strategies that can save you money while still maintaining a healthy business in line with your goals.  Key Takeaways:  Charitable Donations Can Double as Marketing: Sponsoring events or donating branded items makes them deductible. Clothing & Equipment Expense Write-Offs: Add your logo to business attire as a uniform to make it a deductible expense, and really think through what personal expenses you use for your business, such as a new laptop or webcam. How to Make Gift Giving a Deduction: There are strict IRS limitations on gift giving, however gifting your employees or contractors with equipment that is pre-loaded with work content and/or branded is a way to gift as a deduction. Continuing Learning is a Business Expense: Whether it's a conference, a training session, or even a book, if it's an expense that contributes to your business and industry knowledge, no matter how small the cost, it is a business expense.  Retirement & Healthcare Expense Deductions: Utilize HSAs, IRAs, and other plans to save on taxes while securing your future.  Paying Your Children through Your Business: A structured payroll for your children not only is a tax deduction but also helps them build wealth, financial literacy, and their resume as a tax-paying individual.  Strategic Business Travel & The Augusta Rule: A well-timed conference or workshop can combine personal and business travel the right way to increase deductions. Plus, learn how the Augusta Rule can help business owners with tax-free rental income for 14 days per year. Balancing Tax Write-Offs with Your Business Goals: Deducting expenses is important for tax savings, but, depending on what you want out of your business, deducting too much does have an affect on the overall value of your business, so you want to make sure your write-offs are in line with your goals.  Topics Discussed: Pre-Tax vs. Post-Tax Spending (00:0:52 – 00:04:26) Charitable Donations as a Tax-Deductible Marketing Expense (00:06:51 – 00:07:39) Clothing & Equipment Deductions (00:08:10 – 00:08:57) Gift Giving as a Business Expense (00:10:22 – 00:11:25) Conferences, Training, & Learning Write-Offs (00:11:25 – 00:12:26) Retirement, HSA, and Healthcare Deductions (00:12:51 – 00:15:06) Paying Your Children (00:15:06 – 00:16:25) Capitalization Policy (00:16:26 – 00:17:53) Business Travel Write-Offs & The Augusta Rule (00:17:53 – 00:23:50) Striking the Balance between Deductions and Business Goals (00:20:02 – 00:24:27)   Resources: Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Are you leaving money on the table when it comes to your taxes? If you're a small business owner, the answer is probably yes! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., covers the essential tax deductions you should be using but might be missing or ignoring. From turning charitable donations into advertising dollars to maximizing deductions on equipment, training, and even paying your children, Danielle breaks down tax strategies that can save you money while still maintaining a healthy business in line with your goals.  Key Takeaways:  Charitable Donations Can Double as Marketing: Sponsoring events or donating branded items makes them deductible. Clothing & Equipment Expense Write-Offs: Add your logo to business attire as a uniform to make it a deductible expense, and really think through what personal expenses you use for your business, such as a new laptop or webcam. How to Make Gift Giving a Deduction: There are strict IRS limitations on gift giving, however gifting your employees or contractors with equipment that is pre-loaded with work content and/or branded is a way to gift as a deduction. Continuing Learning is a Business Expense: Whether it's a conference, a training session, or even a book, if it's an expense that contributes to your business and industry knowledge, no matter how small the cost, it is a business expense.  Retirement & Healthcare Expense Deductions: Utilize HSAs, IRAs, and other plans to save on taxes while securing your future.  Paying Your Children through Your Business: A structured payroll for your children not only is a tax deduction but also helps them build wealth, financial literacy, and their resume as a tax-paying individual.  Strategic Business Travel & The Augusta Rule: A well-timed conference or workshop can combine personal and business travel the right way to increase deductions. Plus, learn how the Augusta Rule can help business owners with tax-free rental income for 14 days per year. Balancing Tax Write-Offs with Your Business Goals: Deducting expenses is important for tax savings, but, depending on what you want out of your business, deducting too much does have an affect on the overall value of your business, so you want to make sure your write-offs are in line with your goals.  Topics Discussed: Pre-Tax vs. Post-Tax Spending (00:0:52 – 00:04:26) Charitable Donations as a Tax-Deductible Marketing Expense (00:06:51 – 00:07:39) Clothing & Equipment Deductions (00:08:10 – 00:08:57) Gift Giving as a Business Expense (00:10:22 – 00:11:25) Conferences, Training, & Learning Write-Offs (00:11:25 – 00:12:26) Retirement, HSA, and Healthcare Deductions (00:12:51 – 00:15:06) Paying Your Children (00:15:06 – 00:16:25) Capitalization Policy (00:16:26 – 00:17:53) Business Travel Write-Offs & The Augusta Rule (00:17:53 – 00:23:50) Striking the Balance between Deductions and Business Goals (00:20:02 – 00:24:27)   Resources: Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Most investors leave thousands on the table every year—because they don't know these tax loopholes. In this episode, David sits down with real estate tax strategist Ana Klein to break down 8 tax strategies the wealthy use to keep more cash in their pockets. From cost segregation to the Augusta Rule, learn how to legally lower your tax bill and maximize your real estate profits. If you're in real estate, you can't afford to miss this one. KEY TALKING POINTS:0:00 - An Overview of Ana Klein's Business1:40 - Some Standard Tax Savings You Can Get From Owning Real Estate4:14 - What Is Cost Segregation?6:47 - Other Tax Strategies With Real Estate9:16 - Self-Directed IRAs12:16 - Can You Write Off Part Of Your Rental Properties?15:28 - Writing Off Interest On Your Real Estate Debt17:36 - Understanding Capital Gains Tax On Real Estate19:49 - Paying Reduced Property Taxes With Homestead Tax Exemption22:51 - How Real Estate Taxes Can Fluctuate & Flipping Land27:02 - Paying Taxes With House Flipping28:14 - Why Ana Got Into Real Estate Tax Strategy32:24 - How To Get In Touch With Ana33:01 - Outro LINKS:Instagram: Ana Kleinhttps://www.instagram.com/taxbossana/ Website: Ana Kleinhttps://linktr.ee/taxbossana Instagram: David Leckohttps://www.instagram.com/dlecko Website: DealMachinehttps://www.dealmachine.com/pod Instagram: Ryan Haywoodhttps://www.instagram.com/heritage_home_investments Website: Heritage Home Investmentshttps://www.heritagehomeinvestments.com/

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Eric Pierre is a second-generation CPA and former professional basketball player, Eric brings the same competitive edge to finance that he brought to the court. He graduated with a Master of Professional Accountancy from Stephen F. Austin State University and holds CPA licenses in both Texas and California.   While many CPAs stick to basic moves, Eric sees the entire board, anticipating challenges and opportunities far in advance. His strategic approach to wealth preservation has caught the attention of major media outlets, with Eric being quoted or mentioned in Forbes, CNBC, and Bloomberg Tax.   Eric's expertise allows him to navigate the complex world of finance with the precision of a seasoned pro. For those seeking to protect and grow their wealth, he offers more than just accounting services. Eric provides comprehensive strategies, always thinking several moves ahead to ensure his clients win in the high-stakes game of financial success.   What You Will Learn: Who is Eric Pierre? Why is effective tax management considered essential for business owners? What unique challenges do high net worth individuals face regarding taxes? What specific tax strategies are discussed, such as the "Augusta Rule" and vehicle depreciation? How can real estate investments impact tax liabilities and benefits for business owners? What qualifications must someone meet to be considered a qualified real estate professional for tax purposes? What common misconceptions about wealthy individuals and their tax issues are addressed in the conversation? What tax rule allowed the host to expense major capital expenditures like roofing through business entities? How does cost segregation and bonus depreciation work for property owners? What common misconceptions do people have about IRS audits and tax-related issues? What are some common mistakes or oversights consumers make regarding tax management? How can tools like QuickBooks assist business owners in tracking their expenses effectively? What is the significance of the Opportunity Zone legislation in tax planning? What are the main topics covered in Eric's book, "The Great Tax Escape"? What tax planning strategies should people consider as the year-end approaches to prepare for tax season? Eric shares how everyone can contact him. Additional Resources from Eric Pierre: Website: http://www.pierreaccounting.com/ Email: eric@pierreaccounting.com Phone: 619-997-2750 LinkedIn: http://www.linkedin.com/in/pierreaccounting Facebook: http://www.facebook.com/pierreaccounting/ Instagram: http://www.instagram.com/pierreaccounting/ X: http://x.com/PierreCPA YouTube: http://www.youtube.com/channel/UCO1XWRM-KZpjtlrbHnrYGFg Attention Investors and Agents Are you looking to grow your business? Need to connect with aggressive like-minded people like yourself? We have all the right tools, knowledge, and coaching to positively effect your bottom line. Visit:http://globalinvestoragent.com/join-gia-team to see what we can offer and to schedule your FREE consultation! Our NEW book is out...order yours NOW! Global Investor Agent: How Do You Thrive Not Just Survive in a Market Shift? Get your copy here: https://amzn.to/3SV0khX HEY! You should be in class this coming Monday (MNL). It's Free and packed with actions you should take now! Here's the link to register: https://us02web.zoom.us/webinar/register/WN_sNMjT-5DTIakCFO2ronDCg

Let's talk about everyone's favorite topic (just kidding!) - taxes! I've brought my friend and financial expert Amanda Handquist onto the show to break down six brilliant tax strategies that could save you serious money this year. Whether you're still trying to figure out if you should be an LLC or S-Corp, or wondering if you can really write off your home office (hint: yes!), we're diving into all the details you need to know. Plus, I'm getting real about my own IRS audit experiences and sharing what I learned the hard way so you don't have to!Here's what you'll learn in this value-packed episode: [2:45] The must-know tax write-offs you might be missing (and yes, they're totally legit!)[12:35] The real deal on when to level up from LLC to S-Corp (it's not as scary as you think)[18:20] How to use the Augusta Rule to your advantage (this one's a game-changer for home-based businesses)[22:15] Smart ways to get your family involved in your business (and save on taxes while doing it)[27:40] Retirement planning strategies that help you keep more of your hard-earned moneyHere are the resources mentioned in the show:The Jewelry Brand Makeover Masterclass: flourishthriveacademy.com/makeoverLaying the Foundation Program: flourishthriveacademy.com/LTFConnect with Amanda:Website: www.fitwealthadvisors.comInstagram: @thefitfinancial_Are you enjoying the podcast? We'd be so grateful if you gave us a rating and review! Your 5 star ratings help us reach more businesses like yours and allows us to continue to deliver valuable content every single week. Click here to review the show on Apple podcast or your favorite platformSelect “Ratings and Reviews” and “Write a Review”Share your favorite insights and inspirationsIf you haven't done so yet, make sure that you subscribe to the show wherever you listen to podcasts and on Apple Podcast for special bonus content you won't get elsewhere.xo, Tracy MatthewsFollow on Social:Follow @Flourish_Thrive on InstagramFollow @iamtracymatthews  InstagramFollow Flourish & Thrive Facebook

Amanda and Ash welcome Shawna Weckerling, known as Shawna the Tax Goddess, who specializes in tax mitigation strategies for businesses and entrepreneurs. Shawna discusses her unique approach to reducing tax liabilities, including creative deductions, the importance of detailed client intake, and common mistakes made by real estate investors. She also explains the Augusta Rule, which allows property owners to rent their homes tax-free for up to 14 days, and emphasizes the significance of documentation in navigating audits. The conversation highlights the collaboration between tax strategists and CPAs, and how to find a qualified tax specialist. Sponsors: Crystal View Capital Capital Gains Tax Solutions Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome back to the Freedom Factory podcast! This week, we tackle a crucial yet often overlooked topic: taxes. Taxes are one of the most significant expenses you'll face in your lifetime, surpassing even mortgages and car payments. By understanding and maximizing tax deductions, you can retain more of your hard-earned money. In this episode, we delve into essential tax strategies and deductions that every business owner should know. Whether you're a seasoned network marketer or just starting, these insights can help you save thousands of dollars each year. We discuss the Augusta Rule, which allows you to rent your home tax-free for up to 14 days annually, and other valuable deductions for home office expenses, vehicles, health insurance premiums, retirement contributions, meals, entertainment, depreciation of assets, self-employment tax deductions, educational expenses, and travel expenses. Listen in as we break down each deduction, providing practical tips on how to apply them to reduce your taxable income. We also emphasize the importance of working with a knowledgeable tax strategist and seeking second opinions to ensure you're maximizing your savings. Remember, investing time in understanding the tax code can significantly impact your financial well-being and help you achieve greater financial freedom. Don't let taxes intimidate you. Take action today to manage your tax burden effectively, save money, and invest in your future. Tune in to this episode to learn how to make the most of the tax advantages available to you as a business owner. #taxstrategies #taxdeductions #taxsavings #businesstaxes #AugustaRule #HomeOfficeExpenses #BusinessVehicles #HealthInsurancePremiums #RetirementContributions #MealsAndEntertainment #DepreciationOfAssets #SelfEmploymentTaxes #EducationalExpenses #travelexpenses #financialfreedom #networkmarketing #freedomfactory #taxtips #taxcode #taxplanning Ready to transform your mindset and achieve your goals? Subscribe now to "Freedom Factory" podcast and never miss an episode!

In this episode of The D2D Podcast, host JP Arlie dives deep into the unique tax strategies tailored for door-to-door (D2D) sales professionals with Austen Becker, co-founder of Valley Tax & Accounting. Austen shares his journey from door-to-door sales to becoming a tax expert and entrepreneur. With his background in sales and real estate, Austen has developed a keen understanding on how to help 1099 reps and business owners maximize deductions, streamline financial processes, and invest smartly in real estate.Austen highlights essential tax strategies that can save reps thousands, from maximizing deductions like vehicle and home office expenses to leveraging the Augusta Rule and depreciation. He explains how working with an accountant familiar with the D2D industry can uncover overlooked opportunities, ensuring compliance while minimizing tax liabilities. Austen also touches on real estate investment strategies, showcasing how sales reps can strategically grow wealth beyond their commissions.Whether you're a new or experienced D2D rep, this episode is packed with actionable insights to help you keep more of your hard-earned money and invest smartly for the future.You'll find answers to key questions such as:What are the top tax deductions every door-to-door sales rep should know?How can the Augusta Rule legally benefit reps hosting team-building events?What is the best way to optimize vehicle expenses for tax purposes?How can real estate investing help reduce taxable income for sales reps?What mistakes do traditional accountants make when handling D2D taxes?Get in touch with Austen Becker and Valley Tax & Accounting:Website: Valley Tax & AccountingEmail: Aus10becker@gmail.comSocial Media: @valleytax on InstagramD2DCON 8 TICKETS: https://d2d.ticketspice.com/d2dcon8 Thank you for listening! Don't miss out on future episodes! Subscribe to The D2D Podcast on Apple Podcasts and Spotify.Follow us on Facebook and Instagram. You may also watch this podcast on YouTube!You may also follow Sam Taggart on Facebook, Instagram, and TikTok for more nuggets on D2D and Sales Tips.

In this episode of the Money Mastery Unleashed podcast, host Adam Olson dives into critical retirement income planning and tax strategies specifically designed for self-employed individuals and business owners. Drawing from over a decade of experience as a Certified Financial Planner with Mutual of Omaha, Adam shares invaluable advice for entrepreneurs, solopreneurs, and larger business owners navigating the unique financial challenges that come with running their own businesses. With personal experience as a business owner himself, Adam emphasizes the long-term benefits of proactive financial planning, not just for individuals but for their families and future generations. Adam discusses the importance of diversification, highlighting the risks of relying solely on one business for financial security. He explores several key retirement planning tools such as 401(k)s, SIMPLE IRAs, and SEP accounts, all of which offer tax benefits that can provide financial flexibility down the road. Listeners will learn how to take advantage of these accounts to reduce current tax burdens and secure tax-free income in the future. Additionally, Adam introduces powerful tax-advantaged strategies like paying your children through the business to fund Roth IRAs, which can grow income tax-free, and the Augusta Rule, which allows business owners to rent out their primary residence for tax-free income. One of the episode's highlights is the deep dive into Health Savings Accounts (HSAs), which offer a triple tax benefit and serve as an effective retirement savings tool. Adam explains how HSAs, along with a high-deductible health plan, can cover medical expenses during retirement, all while growing tax-free over time. He also underscores the importance of Social Security planning, offering insights into how self-employed individuals can maximize these benefits for themselves and their families. Packed with practical tips and expert strategies, this episode is essential listening for self-employed individuals looking to build a diversified financial portfolio and safeguard their financial future. Whether you're starting to think about retirement or exploring new ways to optimize your taxes, Adam's expert advice will guide you in making smart, forward-thinking financial decisions. “Retirement planning for self-employed individuals is crucial to ensuring flexibility and financial security in your later years.” Key Takeaways: Retirement Income Planning for Self-Employed Individuals Paying Your Kids Through Your Business Social Security Planning Avoiding Common Mistakes Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website -- Investing involves risk, including loss of principal.    Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.  Any strategies discussed may not be suitable for everyone.  Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.  Adam Olson, Representative.  Mutual of Omaha Investor Services is not affiliated with any entity listed herein.  This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.  Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.

This week, we're joined by Shawn Finnegan, co-founder of Tax Hive and partner with Kevin O'Leary from Shark Tank, to explore how his journey from startup struggles to building a thriving business shaped his approach to entrepreneurship. Tune in to learn: Tax-saving strategies every entrepreneur should know, like the "Augusta Rule" and leveraging family payrolls How Shawn overcame losing $1.5 million, missed payroll, and rebuilt his business through partnerships and relationships The importance of aligning the right investors with your mission—and how to know when to take the leap or continue bootstrapping Check out Tax Hive's FREE business blueprint here. — The Midnight Founders Podcast is powered by RevRoad and CB Vault. 

Click here to watch video version In this episode of "From Busy to Rich," hosts Wes Young and Justin Lakin focus on year-end planning strategies for financial advisors. They emphasize the importance of adding value to year-end planning by maximizing tax efficiency for clients. They discuss various tax-saving opportunities such as S Corporation elections, the Augusta Rule, cost segregation studies, and more! Wes encourages advisors to proactively engage with clients and their CPAs to uncover potential tax savings, thereby enhancing clients' profitability and quality of life. In today's episode we will cover: Year-end planning strategies and ideas Importance of helping maximize tax efficiency for clients Need for financial advisors to improve tax knowledge Proactive engagement with clients and their CPAs Identification of potential tax savings opportunities Use of tools like Holistiplan for tax analysis Positioning advisors as trusted partners in clients' financial journeys We hope you enjoy this episode, and we would love to hear your feedback by having you leave a review. Have a question for us to answer on the podcast? Let us know here! If you're an advisor and want to further explore these or other topics, you can learn more at www.wesyounglive.com. Maybe you're interested in taking your own planning journey in a new direction, in that case we would love to have you join us in one of our coming Transform University series.

 Are you confident your business is taking advantage of every tax break and staying audit-proof, or could you be leaving money on the table?   In this episode, Gary Heldt welcomes Sherry Peel Jackson, a seasoned CPA, former IRS agent, and founder of SP Jackson Consulting, LLC. Sherry shares insights from her extensive experience in the tax and financial fields, focusing on strategies for small business owners to improve tax compliance, protect against audits, and maximize deductions. From record-keeping tips to tax-saving methods like hiring family members, Sherry offers practical advice that empowers entrepreneurs to achieve financial success. Key Takeaways: Sherry's Background: Transitioning from IRS agent to CPA and consultant, Sherry leverages her knowledge of the IRS and tax law to help business owners avoid common pitfalls. Tax Mistakes to Avoid: Sherry discusses frequent errors small business owners make, such as poor record-keeping, misunderstanding deductible expenses, and relying on inadequate tax preparation services. Strategies to Reduce Tax Liability: Effective strategies like the “Augusta Rule,” hiring family members, and utilizing Roth IRAs for children's savings. Audit Triggers and Preparation: Learn about common red flags that can trigger an IRS audit and the importance of thorough documentation. Cryptocurrency and Unrealized Gains: Sherry touches on evolving tax laws concerning cryptocurrency and shares her concerns about potential legislation taxing unrealized gains. Quotes: “If we could get business owners to focus on record-keeping, they would save so much money in the long run.” “Don't rely on your debit card statements for audits. Keep detailed receipts and documentation to back up your expenses.” Resources: Connect with Sherry Peel Jackson: connect@sherrypeeljackson.com Tune in for Practical Tax Tips and Business Growth Strategies! Learn more about your ad choices. Visit megaphone.fm/adchoices

Smart tax planning starts with understanding your current position and identifying opportunities that match your situation.In this episode, Scott Ford and team members Jeff Socha - CEO & Founder, Socha Capital Wealth Strategies, Ashley Sowers - Partner, Wealth Advisor, Brian Staples - Wealth Advisor,  and John Saunders - Partner, Wealth Advisor, break down tax planning approaches across three asset tiers: $500k-2M, $2M-10M, and $10M+. We explore foundational concepts like qualified plans and itemized deductions while highlighting business-owner-specific strategies.The discussion reveals how proactive planning early in the year opens up more options compared to reactive December moves. The team shares real examples of coordination between business structure, retirement accounts, and charitable giving that can help create tax efficiency without unnecessary complexity.The conversation reinforces that effective tax planning isn't about chasing exotic strategies or quick fixes. It's about methodically reviewing options, understanding which ones align with your goals, and implementing them consistently over time. As one team member notes, "Small hinges swing big doors."Highlights:How qualified plans and cash value life insurance work together as complementary planning toolsThe tax implications of the 2025 sunset provisions and what that means for planning windowsUsing tax-advantaged accounts - understanding the differences between tax-deferred, taxable and tax-free optionsBusiness entity selection impacts - comparing structures like S-Corps, partnerships and C-Corps for tax treatmentIncome shifting strategies for business owners, including legitimate ways to engage family members in business operationsThe value of proactive planning versus reactive December tax moves, including the "Augusta Rule" for business owners---Jeff Socha is not an affiliate of Cetera Advisor Networks, LLC or CWM, LLC.Hear Past episodes of the Way2Wealth Podcast!https://theway2wealth.comLearn more about our Host, Scott Ford, Managing Director, Partner & Wealth Advisorhttps://www.carsonwealth.com/team-members/scott-ford/Cetera Advisor Networks LLC exclusivly provides investment products and services through its representatives. Although Cetera deos not provide tax or legal advice, or supervise tax, accounting or legal services. Cetera representatives may offer these services through their independent outside business, This information is not intended as tax or legal advice.Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity.Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. 19833 Leitersburg Pike, Suite 1 Hagerstown, MD 21742. Opinions expressed by the presenter may not be representative of Cetera Advisors Networks LLC, or CWM, LLC.

Send us a textAre you making the most of your tax-saving strategies before the year closes?In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre-tax versus after-tax spending and utilizing the Augusta Rule to managing self-employed health insurance and year-end retirement contributions. With a focus on practical application, he also offers advice on planning for business expenses, using credit cards strategically, and the importance of completing necessary documentation, like the BOI report, before December 31st.Discover practical steps to keep more of your hard-earned income in this essential episode![00:00 - 05:10] Pre-Tax vs. After-Tax SpendingMike gives a reminder that most tax strategies must be implemented by December 31.He explains how business owners can convert personal spending to business expenses.Utilize pre-tax spending opportunities for valid business expenses like meals, travel, and more.[05:11 - 11:45] Travel, Augusta Rule, and Implementing Board MeetingsBusiness-focused travel, where the majority of the day is spent on work, can qualify as a deductible business day.The Augusta Rule allows homeowners to rent their home tax-free for up to 14 days.Mike shares the importance of board meetings for accountability and tax deductions.Even solo business owners can benefit from holding board meetings and documenting them.[11:46 - 19:20] Hiring Your Kids, IRAs, and Health Savings AccountsHiring children allows for tax-free income for children and provides eligibility for Roth IRA contributions.HSAs offer tax-deductible contributions and tax-free withdrawals for medical costs.[19:21 - 230:20] S Corporations and Self-Employed Health InsuranceHealth insurance premiums must be included on W-2s for valid deductions.Mike gives a reminder to organize receipts, log business mileage, and complete the BOI report.Proper documentation ensures compliance and peace of mind during IRS reviews.Direct Quotes:“Let this serve as your final reminder—implement these strategies by December 31st to keep your hard-earned money.” - Mike Jesowshek, CPA “A valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.” - Mike Jesowshek, CPA “Hiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.” - Mike Jesowshek, CPA ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com 

The Augusta Rule – Belk on Business – Episode 197 The Augusta Rule (IRS Section 280A) allows homeowners to rent out their primary residence as a vacation or short-term rental or rent to a business for up to 14 days per year without needing to pay tax on the rents collected. There are compliance components be able to use the rule: 1) The residence must be rented for 14 days or less during the calendar year. If rented for more than 15 days, all the rental income becomes taxable. 2) The rental amount must be reasonable – fair market value / fair rental amount. 3) Your home cannot be your primary place of business (cannot use the home office deduction and the Augusta Rule). 4) If renting to your business your business must have the right structure (cannot be a sole-proprietor or single member LLC that reports on Schedule C). Entity must be taxed as a partnership or corporation. 5) There must be a true business purpose for the rental home such as business meetings, planning or strategy sessions, recording/marketing purposes, masterminds, etc. 6) Must have substantiation of the business relationship which would include a rental contract, invoice, meeting minutes, photos, invitations, agenda, emails, etc. 7) A 1099-MISC must be issued to you personally from the business if the rents exceed $600 during the year. 8) This rule can also apply to employees or shareholders of a corporation if covered under an accountable plan. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/1jGdh5z4cL4

Are you MAXIMIZING your taxes to work for YOU? Real estate agents are notoriously bad with their finances...So what if you could learn EXACTLY what to do to keep more of the money you earn with just a few smart tax strategies?I sat down with Michael Perna to unpack the tax strategies every real estate agent should know. We dove into how to maximize your income—not just by earning more, but by keeping more of it in your pocket where it belongs.We broke down the Augusta Rule, explored how to leverage HSAs and SEPs for retirement, and covered cost segregation strategies to make your properties work for you. Michael also shared the one thing you should do every month that will save you so much stress when it is time to pay taxes…It's time to take control of your financial future—not just for yourself, but for your family.You work hard to earn your money. Now, learn how to keep it.

In this episode of Real Estate Success: The Whissel Way, Kyle Whissel and Bryan Koci share practical tax-saving strategies specifically designed for real estate agents. From hiring family members to sectioning off parts of your home or vehicle expenses, they cover ways to save thousands on your taxes. They discuss tools like cost segregation, self-directed IRAs, and Section 179 for vehicle deductions to help agents keep more of their hard-earned money. They also delve into bonus depreciation and the Augusta Rule, providing expert insights on maximizing tax savings through real estate investments.   3 Key Takeaways: Hire Family Members: Learn how to legally pay your family members to save on taxes while keeping income within the household. Maximize Vehicle Deductions: Use Section 179 to write off a large portion of vehicle purchases, particularly for SUVs over 6,000 pounds. Self-Directed IRAs for Real Estate: Roll over old retirement accounts into a self-directed IRA, allowing you to invest in real estate and potentially earn higher returns.   Chapters: 00:00 - Introduction: How to Save $100K in Taxes 01:35 - Tip #1: Hire Family Members to Save 05:00 - Tip #2: Tax Deductions for Vehicles 09:30 - Tip #3: Self-Directed IRA for Real Estate 12:30 - Tip #4: Using the SALT Tax Deduction 15:00 - Tip #5: Depreciation on Real Estate Investments 19:00 - Bonus Tip: The Augusta Rule Explained 22:05 - Bonus Tip: Qualified Business Income Deduction (QBI) 24:10 - Whistle Widget of the Week: Time-Saving Tools 25:45 - Closing Remarks & Recap

While many people have heard of Augusta National Golf Club, have you heard of the Augusta Rule? It's a rule in tax law that seems to apply to more businesses than it might seem but you need have the details in place. My guests today help their clients with their tax and financial planning, including claiming the Augusta Rule when it's appropriate.  Stephan Goldsmith is president of iAccounting Solutions and Kristen Engeron is the CEO of Legacy Consultants. Stephan & Kristen often work together to help medical practice owners navigate the tax & financial pitfalls so they can run their practice in confidence and gain valuable time back in their lives. In this episode Carl White, Stephan Goldsmith, and Kristen Engeron discuss:What the Augusta Rule isWhat the requirements are Want to be a guest on PracticeCare?Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here's the link where you can get the process started. Connect with Stephan Goldsmith and Kristen Engeronhttps://www.instagram.com/dynamictaxcfohttps://www.facebook.com/dynamictaxcfo Connect with Carl WhiteWebsite: http://www.marketvisorygroup.comEmail:  whitec@marketvisorygroup.comFacebook:  https://www.facebook.com/marketvisorygroupYouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmigLinkedIn: http://www.linkedin.com/in/healthcaremktg 

The Tax Plan walks you through various tax planning strategies to help you keep more of your hard earned money. Today, we discuss home offices. Come learn how there are actually multiple ways to calculate your home office deduction, how to maximize this right off for your business, and how the clickbait "Augusta Rule" is not as good as it sounds!

SCHEDULE YOUR CALL TODAY for Entity Structure + BOI Filing for $0 + State Fees & Hard Costs! Go to http://primepartner.info/EntrepreneurDNA --- Today I sit down with my good friend Tommy Thornburgh, a tax and business expert from Prime Corporate Services, to dive deep into critical tax strategies and asset protection tactics for entrepreneurs. Tommy shares key insights on how business owners can avoid hefty $500/day fines by staying compliant with new government regulations and highlights the importance of proactive tax planning throughout the year. He explains how leveraging tools like Health Savings Accounts (HSAs), real estate depreciation, and business deductions can help entrepreneurs save thousands in taxes. The conversation also covers the significance of properly structuring business entities to maximize tax benefits and safeguard personal assets, as well as the often-overlooked importance of setting up trusts for estate planning. Tommy provides real-life examples, from using the Augusta Rule to avoid claiming rental income to navigating complex tax deductions, all aimed at helping entrepreneurs protect their wealth while growing their businesses. Whether you're a new or seasoned business owner, this episode offers a comprehensive guide to optimizing your tax strategy and ensuring long-term financial security. --- Connect with Tommy! Instagram - @tommythornburgh LinkedIn - linkedin.com/in/tommy-thornburgh-9495a3b9 Website - https://www.primecorporateservices.com  Tommy Thornburgh, President of Prime Corporate Services, is an incredibly accomplished and highly sought-after business advisor with more than 15 years of industry experience in entity formation and tax strategy. On top of helping entrepreneurs establish their own businesses, Tommy maintains a diverse set of entrepreneurial ventures of his own in real estate, stocks, and more.      

In this episode, we explore the Augusta Rule, a unique tax strategy that allows homeowners to rent out their property for up to 14 days annually without paying taxes on the rental income. Our guest, Alexis E. Gallati, a tax strategist, will break down the fundamentals of the Augusta Rule, its benefits, and how homeowners can implement this strategy while complying with IRS regulations. Alexis will share insights on setting competitive rental rates, documenting compliance, and maximizing the potential of this tax exemption. Alexis E. Gallati is a tax strategist. She discusses the KevinMD article, "How doctors can use the Augusta Rule to save on taxes." Our presenting sponsor is Nuance, a Microsoft company. Together, Microsoft and Nuance are leveraging their rich digital technology and advanced AI capabilities to tackle some of health care's biggest challenges. AI-driven technology promises to revolutionize patient and provider experiences with clinical documentation that writes itself. The Nuance Dragon Ambient eXperience, or DAX for short, is a voice-enabled solution that automatically captures patient encounters securely and accurately at the point of care. DAX Copilot combines proven conversational and ambient AI with the most advanced generative AI in a mobile application that integrates directly with your existing workflows. Physicians who use DAX have reported a 50 percent decrease in documentation time and a 70 percent reduction in feelings of burnout, and 85 percent of patients say their physician is more personable and conversational. Discover AI-powered clinical documentation that writes itself. Visit https://nuance.com/daxinaction to see a 12-minute DAX Copilot demo. VISIT SPONSOR → https://nuance.com/daxinaction SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended GET CME FOR THIS EPISODE → https://www.kevinmd.com/cme I'm partnering with Learner+ to offer clinicians access to an AI-powered reflective portfolio that rewards CME/CE credits from meaningful reflections. Find out more: https://www.kevinmd.com/learnerplus

Have you ever wondered how the rich make more money? In this insightful episode, Erik Van Horn and Jim Dew discuss wealth creation and management. Whether you're a beginner investor or a seasoned pro, you'll find valuable strategies to elevate your financial game. Discover how Dew Wealth Management distinguishes itself from other financial firms, offering a unique approach to building and managing wealth.    Join Over 5,500 Franchisees and Franchisors in our FREE Private Facebook Community HERE: https://www.facebook.com/groups/franchisesecretsfb?_rdc=1&_rdr    Jim Dew is the CEO of Dew Wealth Management and the creator of The Entrepreneur's Virtual Family Office®, an innovative and strategic approach designed to maximize time, money, and freedom. He has 27 years of experience building high-functioning wealth management teams for entrepreneurs.   Jim is a Certified Financial Planner®, Chartered Financial Consultant®, and a Certified Private Wealth Advisor®. He has been featured in Inc. Entrepreneur and Huffington Post magazines. Jim is also a sought-after speaker for stages and podcasts for elite entrepreneurs.   Tune in to Jim's practical advice on making smart investments, understanding risks, and collaborating with fund managers. Find out how to leverage the Augusta Rule and other strategies to grow your financial storehouse.    “Buy appreciating assets, things that are gonna grow your wealth over time, things that are gonna outpace inflation—which has been a struggle and a problem in the last few years. And just start now.” - Jim Dew   In This Episode: - A brief background about Jim and how he became an entrepreneur - How Dew Wealth runs its business compared to other financial companies - Building your financial team the way billionaires do (financial flat tire vs functional wealth wheel) - What is the Augusta Rule? - How to take a break from your business and not worry about anything - Why are entrepreneurs good at making money but bad at keeping it? - How to start making smart investments - Understanding investment risks  - Working with fund managers and venture capitalists   Resources: 

In our latest episode of HVAC Success Secrets Revealed Thaddeus and Evan had the pleasure of hosting Diane Gardner, a bestselling author, Quilly award winner, and Profit First certified master.

Transform the dreaded tax season into a time of profit and peace of mind by tuning in to this episode featuring Christopher J. Picciurro, CPA, MBA, PFS, ARA. From Roth conversions to maximizing your home office deduction, we'll provide actionable insights that not just educate but transform your financial landscape. So press the play button now!     Key Takeaways To Listen For Why you need to be proactive when planning your taxes Essential tax strategies to optimize your tax benefits What is the Augusta Rule and how to leverage it Why is real estate investing a top contender for tax efficiency? The correct way to claim home office deductions to enhance your tax savings     Resources/Links Mentioned In This Episode MileIQ QuickBooks     About Christopher J. Picciurro, CPA, MBA, PFS, ARA Chris is a highly respected expert in US-based Tax Planning and Strategy for Real Estate Investors, with international recognition as a presenter on the subject. He is an accomplished public speaker, recognized for delivering informative and engaging presentations at notable events.   Chris' commitment to bringing tax planning and strategy to the masses is evident in his efforts to bring his experience and proprietary tax planning system accessible to all. He believes in empowering taxpayers with the knowledge to make informed decisions and reduce their tax liabilities. Connect with Christopher Website: Chris Picciurro | Teaching Tax Flow Podcast: Teaching Tax Flow: The Podcast LinkedIn: Christopher Picciurro, CPA, MBA, PFS, ARA Connect With Us If you're looking to invest your hard-earned money into cash-flowing, value-added assets, reach out to us at https://bobocapitalventures.com/. Follow Keith's social media pages LinkedIn: Keith Borie Investor Club: Secret Passive Cashflow Investors Club Facebook: Keith Borie X: @BoboLlc80554

In this episode, Wes and Tyler explore strategies and tips for navigating IRS audits and maximizing tax deductions. They emphasized the benefits of meticulous documentation for business expenses, including utilizing the Augusta Rule and mileage logs. Clear communication with CPAs and honesty in reporting expenses are highlighted, along with structuring personal activities for tax deductions. The key takeaway underscores the importance of adherence to IRS regulations and proactive planning for optimizing deductions within legal limits.Want to submit a question that will be answered on the next episode? Submit them here or email us newsletter@mcgillhillgroup.com.If you're not already, subscribe to The McGill Advisory newsletter to keep up with all the articles mentioned in our episodes, as well as a plethora of other content. Use code Podcast20 for 20% off! Listen to our sister show, Next Gen DDS! An all-in-one resource for dental students, residents, and early career doctors, discussing both clinical and business aspects of dentistry, hosted by Wes Lyon and Dr. Scott Menaker.

Today, I'm talking to Jim Dew, who is the CEO and Founder of Dew Wealth Management – a firm that builds virtual family offices, specifically for entrepreneurs.You may be wondering, what exactly is a virtual family office? Well, entrepreneurs and investors typically have a number of professionals in their corner to help manage their wealth – attorneys, accountants, insurance agents, bankers, and more. The problem is, these specialists don't always communicate with one another. And if there's no coordination or united vision, it can really hurt how the wealth gets managed.Traditional family offices fix this by assembling a dedicated team offering personalized financial services. But they're costly, usually reserved for those with over $200M.That's where the virtual family office comes in. By offering services virtually, operating costs are drastically cut, allowing entrepreneurs to access expert advice previously exclusive to the super-rich.THIS is what today's episode is all about. Jim's going to share insights from nearly 30 years of experience building virtual family offices. You'll learn what to look for when hiring a team and unique strategies to protect, manage, and grow your wealth! In this episode, you'll learn: ✅ The asset protection playbook for every stage of your business, including insights into different practical tax scenarios.✅ The criteria for evaluating top-tier tax and wealth advisors and why having “A players” on your team is non-negotiable for managing wealth.✅ Strategies for smartly applying the Augusta Rule, the tax advantages of HSAs, and the strategic benefits of employing your children.Free GiftGet free access to Jim's "Augusta Rule & Tax Reference" guide. Visit LifestyleInvestor.com/185Show Notes: LifestyleInvestor.com/185Tax Strategy MasterclassIf you're interested in learning more about Tax Strategy and how YOU can apply 28 of the best, most effective strategies right away, check out our BRAND NEW Tax Strategy Masterclass: www.lifestyleinvestor.com/taxStrategy Session For a limited time, my team is hosting free, personalized consultation calls to learn more about your goals and determine which of our courses or masterminds will get you to the next level. To book your free session, visit LifestyleInvestor.com/consultationThe Lifestyle Investor InsiderJoin The Lifestyle Investor Insider, our brand new AI - curated newsletter - FREE for all podcast listeners for a limited time: www.lifestyleinvestor.com/insiderRate & ReviewIf you enjoyed today's episode of The Lifestyle Investor, hit the subscribe button on Apple Podcasts, Spotify, or wherever you listen, so future episodes are automatically downloaded directly to your device. You can also help by providing an honest rating & review.Connect with Justin DonaldFacebookYouTubeInstagramLinkedInTwitterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Taxes are a significant consideration for business owners, and in the latest episode of the Quiet Wealth podcast, hosted by Camilla Jeffs, tax experts Melissa and Eric Broughton join the discussion to share valuable insights on tax strategies for business owners.In this episode, Melissa and Eric dive into important topics such as the tax benefits of owning a business, including the often-overlooked Augusta Rule and the potential tax advantages of hiring one's own children. Additionally, they shed light on the difference between tax preparers and tax strategists, emphasizing the crucial role of the latter in maximizing tax savings and long-term financial planning.The conversation also underscores the importance of diligent financial tracking for business owners and the significant impact it can have on optimizing tax strategies.To grasp the full depth of this impactful conversation and gain a competitive edge in navigating the complexities of business taxes, listeners are encouraged to tune in to the latest episode. Don't miss out on this opportunity to gain valuable insights, share the episode with fellow business owners, and ensure you never miss an episode by subscribing to the Quiet Wealth podcast.In this episode, we talk about:• Melissa and Eric Broughton's journey to business ownership• Tax strategies for business owners• Importance of owning a business for tax advantages• Augusta Rule or the 14-day rental rule for business owners• Strategy of hiring kids for tax benefits• Advice on not being deterred by potential red flags or audits• Importance of working with a tax professional outside of tax season• Difference between a tax preparer and a tax strategist• Benefits of proactive tax planning and staying on top of finances• Importance of updating business plans annually and seeking professional adviceConnect with Melissa and Eric BroughtonBusy Bee Advisors - https://busybeeadvisors.com/LinkedIn - https://www.linkedin.com/company/busy-bee-advisors/Melissa Broughton on LinkedIn - https://www.linkedin.com/in/melissa-broughton-baa3ab77/Eric Broughton on LinkedIn - https://www.linkedin.com/in/eric-broughton-874b0119a/Facebook - https://www.facebook.com/SacramentoBookkeeping/Instagram - https://www.instagram.com/busybeeadvisors/===Are you ready to try passive investing in real estate? Get access to my FREE Passive Investing Masterclass! https://steadystreaminvestments.com/masterclass/ Follow us at https://www.facebook.com/steadystreaminvestments https://www.instagram.com/quietwealthcommunity/ https://www.tiktok.com/@quietwealth https://www.youtube.com/channel/UC2MFOVyPWo0XD0QVJxgDxbQ https://www.linkedin.com/company/steady-stream-investments

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In this enlightening episode, Nate Scott unveils the Augusta Rule, a powerful tax strategy that can save homeowners and business owners significant money. Discover how this legitimate tax loophole allows homeowners to rent out their properties for up to 14 days a year without paying taxes on the rental income.  Nate shares insights into how business owners can leverage the Augusta Rule to their advantage by renting their personal residences to their corporations and deducting the rental payments as legitimate business expenses. Key Takeaways: Understanding the Augusta Rule: Nate introduces listeners to the Augusta Rule, a tax loophole that enables homeowners to rent out their homes for up to 14 days annually, completely tax-free. Leveraging the Augusta Rule for Businesses: Business owners can strategically use the Augusta Rule to their advantage by renting their personal residences to their corporations for various legitimate purposes, such as hosting meetings, staff retreats, and events. These rental payments can then be expensed by the company. Navigating the "Reasonable" Gray Area: Nate emphasizes the importance of defining what is "reasonable" when determining rental rates for personal residences, a critical aspect of the Augusta Rule. He shares his personal experience and underscores the need to consult with qualified accountants. Balancing Legitimacy and Scrutiny: Nate highlights the significance of exercising caution when employing tax strategies like the Augusta Rule. While entirely legal, these strategies may attract IRS scrutiny, making it essential to make reasonable choices. Episode Resources: Gain FREE access to our Beginner's Course here now What is Infinite Banking Who was Nelson Nash?

In today's episode you are getting insights into the world of advanced tax strategies and asset protection for real estate investors with Mark Swedberg of Royal Legal Solutions. Mark shares a wealth of insights, drawing from his company's unique model that he likens to a "fractionalized family office," providing high-level tax and legal strategies not just for the ultra-wealthy but for anyone earning over $150,000. You'll learn about the underutilized potential of private foundations, a strategy often misconceived as only for billionaires. Mark also shows you how setting up a private foundation can offer substantial tax benefits and charitable opportunities, proving it's within reach for many investors. We also help you better understand the complex landscape of entity structuring, emphasizing the crucial role of LLCs and S Corporations in asset protection and tax minimization. Mark illustrates how these entities can be strategically used to enhance deductions, protect investments from legal threats, and optimize tax efficiency. We also cover some lesser known and utilized tax strategies like the Augusta Rule, employing short-term rentals for tax advantages, and the concept of paying family members for legitimate business tasks to reduce taxable income. Mark emphasizes the importance of seeking tailored advice and education in navigating these strategies, ensuring they align with individual financial goals and lifestyles. Tune in to gain Mark Swedberg's expert insights on leveraging legal and tax strategies to bolster your investment portfolio. Whether you're new to real estate or seeking to refine your strategy, understanding these sophisticated tax maneuvers is key to maximizing your returns, making this episode a must-listen for all real estate investors aiming for financial success. **** In this brand new podcast series at GowerCrowd, The Real Estate Reality Show, we take a realistic view of commercial real estate investing, providing pragmatic insights for passive investors who are looking for sponsors they can trust and distressed opportunities they can invest in. You'll find no quick fixes or easy money ideas here, no sales pitches, big egos or hype. You'll learn how to build your wealth while protecting your capital investing as a limited partner in commercial real estate investments, even and especially during an economic downturn. Subscribe to our free newsletter here. 

In this episode we guide you through the critical dates and details that every S-Corp and Partnership owner must know. Don't forget that the March 15th deadline for filing those business tax returns is approaching! In this episode we explain the 1120S and 1065 tax returns for partnerships and S Corps and how to understand them and the taxes you will pay from your business!We discuss what you need to give your CPA to file your tax return if you are filing a business tax return.We also answer these questions:What's a K-1 and how does it work?What happens if I don't file on time?What are ways to reduce taxes if you have a partnership or S Corp? We got you covered with practical advice on preparing for a smooth business tax return process. We cover the essential documents your CPA needs and the nuances of deductible expenses, including assets like vehicles that can offer significant tax relief.We emphasize the power of keeping your books up to date—not just for compliance, but to take advantage of tax-saving strategies like the Augusta Rule. Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Our CPA firm website!Purchase our new business guide!Our Instagram PageOur family page

Many real estate investors often hesitate to venture into investments due to concerns about taxes. However, it's crucial to shift this mindset and recognize that taxes should not deter achieving success in the real estate market! Join JD and Melissa as they speak with Jon Conners about the Short-Term Rental (STR) tax loophole. By exploring and leveraging such tax-saving strategies, investors can enhance their financial returns and confidently navigate the complex tax landscape! Stay tuned!   Here's what to expect on the podcast: What is commonly recognized as the Short-Term Rental (STR) loophole in the real estate industry? Why do CPAs despise the term 'loophole'? How does the Augusta Rule function, and what specific scenarios or transactions does it apply to? What are the common misconceptions or limiting beliefs that people need to overcome regarding taxes? And much more! About Jon: We have Jon Connors from LessTax.US on our show, where he'll decode the complexities of the tax code for short-term real estate investments. Jon views the tax code as a roadmap to wealth, crafted by Congress to encourage activities beneficial to the US economy. He's here to share invaluable insights on optimizing the Short Term Tax Loophole for both small business owners and the W2 workforce. Join us as Jon sheds light on how homeowners and investors can strategically use lesser-known tax provisions to enhance their income.   Whether you're exploring renting your primary residence for 14 days or delving into short-term rental investment opportunities, this episode is brimming with expert guidance and practical tips. Don't miss this opportunity to refine your approach to income tax reduction with Jon Connors, your expert navigator through the world of tax-efficient real estate investing.   Connect with Jon Connors! Website: https://lesstax.us/ Email: lesstax@proton.me Instagram: https://www.instagram.com/lesstax_us/   Connect with JD and Melissa! Website: https://therealestatejam.com/  Facebook: https://www.facebook.com/therealestatejam/  Instagram: https://www.instagram.com/therealestatejam/  YouTube: https://www.youtube.com/channel/UCa_CWAV1OvH81yp6fITB4lg Shorefront Investments: https://shorefront-investments.com/  Email: therealestatejam@gmail.com Are you interested in Coaching? Set up a Call with JD: https://mailchi.mp/458f1b418e9e/invest-with-jd.  

In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more![01:24 - 04:08] Combining Family Vacations with Board Meetings for Tax DeductionsMike discusses making a family member a board member/advisor and aligning board meetings with family vacations for tax benefits.[04:08 - 06:41] Choosing the Right Business StructureA new small business owner inquires about the choice between an S Corp and a sole proprietorship for tax purposes.[06:41 - 07:32] Utilizing the Augusta Rule for Partners in BusinessThe Augusta Rule is applicable for business partners renting out their personal residences.[07:32 - 10:47] TaxElm: The Comprehensive Tax Software for All Business OwnersMike details the main features of Taxelm, starting with a tax savings blueprint that provides a roadmap of personalized tax strategies and estimated savings.[10:47 - 13:17] Understanding Business Credit Card RewardsUsing business credit card rewards, like flight miles, for personal use does not constitute a business expenditure and is generally not seen as co-mingling.[13:17 - 15:39] Tax Deductions for Property Remodeling in BusinessThe rental agreement is important in determining who bears the remodeling expenses for tax deduction purposes.[15:39 - 17:07] Optimizing Home Office Deductions for S CorporationsMike discusses the general eligibility for home office deductions and the importance of having an accountable plan in place.[17:07 - 19:10] Maximizing Home Office DeductionsThere is a potential to optimize tax structures by consolidating multiple business activities under a single S corporation.[19:10 - 21:01] Hiring Your Child in Your S CorporationThere is a distinction between hiring a child as a 1099 contractor versus a W-2 employee. [21:01 - 25:52] 1099 Requirements, TaxElm, and Hiring Family Members in an S CorporationMike addresses discusses about the tax treatment of expenses paid to a graphic designer, the number of tax-reducing strategies available in the TaxEelm library, and hiring your own children in an LLC S Corp.Quotes:"Every individual in the country can rent out their personal residence for 14 days or less and pay no income taxes on that income." - Mike Jesowshek, CPA"That cleaning company, which is owned by you or your spouse, would pay your children out of there because it's a sole proprietorship." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Bill Faeth is a renowned real estate investing expert, entrepreneur, and founder of Build Short Term Rental Wealth, a highly successful educational platform for real estate investors with over 25,000 members. Top 3 Value Bombs 1. The Augusta Rule says you can rent your primary residence for up to 15 days at full market value tax-free. 2. You need to understand how to build a super property, turning that into a super portfolio and building into a super life with intention. 3. Part of the investing strategy is if you go to the beach, the land value—the sand—is way more valuable, so the dwelling cost is going to be less. Your cost segregation benefits going to be less at the beach than it would be if you go to North Carolina. It's going to be higher in South Dakota than it would be in Malibu. A game-changing hub for elite STR investors set on revolutionizing their financial game - The STR War Room Sponsors HubSpot Put your sales team on the fast track to winning Q4 with Sales Hub! Learn more at HubSpot.com/sales Belay Don't be the bottleneck to your organization's growth! Schedule a free delegation consultation with Belay Text FIRE to 55123 to schedule your delegation consultation today Millionaire University Podcast Teaching you how to run a successful business and graduate rich, not broke! Find Millionaire University on Apple, Spotify, YouTube, or wherever you get your podcasts.