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Wander CPA
United States
เข้าร่วมเมื่อ 17 มี.ค. 2010
We here at Wander CPA work with small to medium sized businesses. One of the main industries we specialize in is Real Estate. We love connecting with people and educating people on the tax benefits of real estate. Above all, we are also entrepreneurs. We run a business, and run into many of the same issues as other business owners...tax savings, bookkeeping, operations, Accounts Receivables, Expense tracking, cash management, software/ streamlining.
This channel is about sharing our professional knowledge (Real Estate and Accounting) as well as the issues/ solutions we find and utilize to grow our practice. We hope you enjoy and welcome all feedback :)
Some other topics include:
Self-employed, S Corp, LLC, Real Estate.
Michael Wander - Founder - Wander CPA
www.wanderCPA.com
This channel is about sharing our professional knowledge (Real Estate and Accounting) as well as the issues/ solutions we find and utilize to grow our practice. We hope you enjoy and welcome all feedback :)
Some other topics include:
Self-employed, S Corp, LLC, Real Estate.
Michael Wander - Founder - Wander CPA
www.wanderCPA.com
Tax Strategy for S-Corps: Self Employment Health Insurance Premiums
Self employment health insurance premiums can simultaneously be a deduction to your S-corp, and be included in your "Reasonable Compensation", but not have to pay Self-employment taxes on the premium amounts.
Watch this video to understand the simple, yet important details on how to do this.
If you don't like to watch a video, but prefer to just read this, then the criteria is:
1. Make sure the Premiums are listed on your W2. (Box 1, not 3 & 5)
2. Make sure your S-corp pays, or reimburses you for the premiums.
Have a nice day.
-Michael
Watch this video to understand the simple, yet important details on how to do this.
If you don't like to watch a video, but prefer to just read this, then the criteria is:
1. Make sure the Premiums are listed on your W2. (Box 1, not 3 & 5)
2. Make sure your S-corp pays, or reimburses you for the premiums.
Have a nice day.
-Michael
มุมมอง: 14
วีดีโอ
How to Create a Simple Profit & Loss Statement in Excel (No Software Needed!) - Step-by-Step Guide
มุมมอง 5121 ชั่วโมงที่ผ่านมา
In this video, we’ll show you how to create a simple and effective Profit & Loss (P&L) statement using just Excel-no software required! If you're someone who wants to understand how a P&L works, is frustrated by the unknown computations behind the scenes, or simply wants an affordable option to create a P&L, this guide is for you. Whether you're a business owner, bookkeeper, or managing multipl...
How to file your Beneficial Ownership Information Report (step-by-step guide)
มุมมอง 4214 วันที่ผ่านมา
Actual training on how to file the BOI report starts at 3:53 How to File a BOI (Beneficial Ownership Information) Report - Step-by-Step Guide Description: Filing a Beneficial Ownership Information (BOI) report is a crucial requirement for businesses to stay compliant with regulations under the Corporate Transparency Act. In this video, we’ll walk you through the process of filing your BOI repor...
The Fundamentals of a Real Estate Syndication: For the investor & Sponsor
มุมมอง 921 วันที่ผ่านมา
Understanding Real Estate Syndication: Fees, Splits, and Sample Transactions In this educational video, we break down the fundamentals of real estate syndication for both sponsors and investors. Whether you're new to syndications or looking to deepen your knowledge, this comprehensive guide covers the key aspects of how these partnerships work and how sponsors are compensated. Key topics includ...
Beneficial Ownership Interest - The Corporate Transparency Act
มุมมอง 163 หลายเดือนก่อน
It's easy to file, though it sounds daunting! Just do it, don't wait or you could wind up with a hefty bill.
Mastering Real Estate Syndications: Detailed Waterfall Calculations for Sponsors and Investors
มุมมอง 365 หลายเดือนก่อน
In this video, we delve into the detailed calculations of a real estate syndication waterfall agreement, focusing on both sponsors and investors. Starting with a sample property purchase, we explore the allocation of acquisition fees, the distribution of returns, and the preferred return mechanics. Using a comprehensive spreadsheet, we demonstrate how to calculate each investor's share, includi...
Is Royalty Income or Service Income Taxed Less for an Entertainer?
มุมมอง 229 หลายเดือนก่อน
Are you an Entertainer performing in the United States and Internationally? Understanding the tax implications of Royalty vs Service income classification is crucial for managing your tax liability effectively. In this video, we break down the key considerations for entertainers and fighters, covering topics such as taxation obligations, endorsements, and contractual clarity. Join us as we delv...
Enough of the victimhood!
มุมมอง 2011 หลายเดือนก่อน
The Dartmouth experiment shows us the mentality of victimhood, and how it can be self reinforcing, toxic and overall detrimental to our own success in life. How about we reinvent ourselves? Into our best selves, and how we want to view ourselves and should be! Let’s forgive, not forget, but think about the future. 
How to Estimate your 2023 Tax Liability so you can plan some tax mitigation strategies.
มุมมอง 52ปีที่แล้ว
In this video I walk through a brief (yet pretty detailed) tax projection. This is the first part of any tax plan in that you need to know the "damage" before you can think about strategies. In other words, if you are not expected to have any tax liability at the end of the year, why would you waste your time thinking about tax strategies to reduce the (non-existent) tax liability. So the first...
How was Fiat Currency Created-History of Banking in the United States
มุมมอง 38ปีที่แล้ว
THIS is how fiat currency was first created! The gold standard was the default until the demand for money outstripped the gold supply. Then, combined with opportunity, drive for growth (via more money in circulation), and safety concerns (gold can be stolen/ lost), fiat currency tool on a life of its own! As long as everyone did not try and withdraw their gold at once, the system would work.
South China Sea Dispute - Analysis of Both Sides
มุมมอง 42ปีที่แล้ว
The South China Sea is a hotly contested area. China declares international law to not be valid, and the United States is imposing the Freedom of Navigation in the area. There have been consistently stronger words of attack from both sides. If a peaceful resolution is not reached, then we could unfortunately see increasing conflict and potential war.
Compliance Requirements for California LLC's
มุมมอง 104ปีที่แล้ว
Compliance Requirements for California LLC's. Penalties, Due Dates, Taxes, & Fees.
What's the difference between an LLC and an S-Corporation?
มุมมอง 372 ปีที่แล้ว
What's the difference between an LLC and an S-Corporation?
WHY YOU SHOULD NEVER JOIN A GENERAL PARTNERSHIP!!
มุมมอง 462 ปีที่แล้ว
WHY YOU SHOULD NEVER JOIN A GENERAL PARTNERSHIP!!
How to Build a Multifamily Property in Los Angeles, California
มุมมอง 2092 ปีที่แล้ว
How to Build a Multifamily Property in Los Angeles, California
When does a business “start operations” and begin expensing their startup costs?
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When does a business “start operations” and begin expensing their startup costs?
How we are growing our small accounting firm business to $50M.
มุมมอง 442 ปีที่แล้ว
How we are growing our small accounting firm business to $50M.
A complete breakdown on the benefits of selling your house to a S-Corp
มุมมอง 6472 ปีที่แล้ว
A complete breakdown on the benefits of selling your house to a S-Corp
How to create a lead capture page for free in 2022
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How to create a lead capture page for free in 2022
How does the Profit & Loss Statement Affect the Balance Sheet?
มุมมอง 1973 ปีที่แล้ว
How does the Profit & Loss Statement Affect the Balance Sheet?
How to qualify as a real estate professional in 3 easy steps
มุมมอง 2.7K3 ปีที่แล้ว
How to qualify as a real estate professional in 3 easy steps
What Type of Property Can Be Depreciated? Real Estate Depreciation Explained.
มุมมอง 2033 ปีที่แล้ว
What Type of Property Can Be Depreciated? Real Estate Depreciation Explained.
SAY IT LIKE YOU MEAN IT!!! "10X ROCKS!!!"
มุมมอง 413 ปีที่แล้ว
SAY IT LIKE YOU MEAN IT!!! "10X ROCKS!!!"
How to deduct real estate rental losses from other income?
มุมมอง 1K3 ปีที่แล้ว
How to deduct real estate rental losses from other income?
Deducting Real Estate Losses from "Other" Gains 2 - Active Participation
มุมมอง 1253 ปีที่แล้ว
Deducting Real Estate Losses from "Other" Gains 2 - Active Participation
Deducting Real Estate Losses 1 - Overview
มุมมอง 1143 ปีที่แล้ว
Deducting Real Estate Losses 1 - Overview
Just put a hold on the boi process Texas judge just halted the filings
Yup! Just heard about it after I created the video. Oh well. On to the next thing!
does this work with 1099 earners?
Absolutely!
Great video! I have a question, say I purchased my home for 100, and sell it to my scorp for 350 taking advantage of the 250k exclusion, then after 10 years of renting this home it is valued at 500 and I decide to sell it, would capital gains be calculated on the new basis 350? In other words, 150 would be the taxable amount?
That's the idea. The Basis to the S-Corp becomes what it is purchased at.
hella cringe watching this 3 years later 😶
Thank you for sharing this very helpful information! 👌
Thanks for the info, but how about if you have the properties under llc ? Can you deduct 100% of the losses and you are the one who’s managing the properties.
I don't see why not. Would need to know more information about the scenario you are mentioning.
Man! This is good!! ;)
Thank you =)
Glad you enjoy!
Very nice tax strategy presentation
I appreciate the feedback!
This is an excellent video. Where may I find the spreadsheet?
Thanks for your comment. Send me an email at info@wandercpa.com and I will share it with you.
Hi, Thanks for the info. How are syndication diff than a REIT? best regards from India.
That's too good to be true
Could be, but worth looking into further imo.
Nicely explained Michael! Doug dug the gold haha. Father and son at work ;)
I appreciate your feedback 🙂
@@MichaelWander You're welcome. - Savindu
Video very helpful. Best way to contact you? I have a major opportunity
Feel free to send an email to info@wandercpa.com
Is it 100,000 for single or married jointly?
Which 100,000 are you referring to?
@@MichaelWander the $100,000 income limit to be able to use real estate loss on income (above)
@@kathya1956 Both. Not married filing separately however. If you want to see an example of how a Single person would deduct these losses (as well as what is carried forward), I have a simple example here: 6348959.hs-sites.com/realestatelosses-singletaxpayer-activeparticipant
I like you!!! Want views? -> P R O M O S M!!
How is Donald Trump materially participating in his real estate? There must be another loophole. How can he be spending 750 hours on each property he owns?
I just checked out President Elect Donald Trumps tax returns and he has around $20M in NON PASSIVE losses. But it is not so clear where these losses are originating. His passive losses and passive income (at $50M) basically offset each other. But the non-passive losses are what gave him a $15M net loss in 2020, and therefore no tax liability. Still trying to unpack.
How do I find a syndication?
Reply to me
Generally, I recommend going with someone you know, or a recommendation. If new to this industry, try speaking with/ interviewing a few people and ask all of the questions you have. If you get a good vibe and things make sense, then make a move. If you want to talk about this, let's set up a quick 15 minute call. Happy to share with you what I know.
Thank You 😊
Appreciate the feedback!
thanks for taking the time
Thanks for taking the time to comment :)
Wander CPA definitely WILL!
Thanks That was precise. But if your net income is going to appear as cash in your assets section, what if you record a loss? How is that going to appear in your assets section?
First of all, under the Accrual method, you can have Income without cash. For example if you provide a service and send an invoice, you will already have "Income", but no cash until they pay. But under the Cash method, you record "income" when cash is received. Let's say on 12/31/2020 you have Assets: $1M, Liabilities: $600K Equity: $400K Then on 12/31/2021 (with a $100K loss), your Balance Sheet will look like this: Assets: $900K Liabilities: $600K Equity: $300K Let me know if this answers you question!
Brandon Dawson recommends investing in a great accountant. What do you think! What makes an accountant great?
so i can do this with no money myself
mmmhmmm!!! Yes!!
Awesome! Thanks for sharing these with us! Your thumbnail is so attractive and would like to know the graphic designer, could there be anyway?
Thank you. Our graphic designers name is Savindu Wijesiri. I agree that he s amazing.
Late on checking it out but great info. Thanks bro. - Nate
I appreciate the feedback. Thanks for checking it out. LMK if you ever have any CPA-type questions!
@@MichaelWander will do bro, thanks
Is there a max agi limit for material participation?
A trade or business is not passive if you Materially participate. If it is not passive, then there is not an AGI limit. I hope this helps.
If you are active, will you still be able to deduct your losses if you makeover 150k in your w-2 income?
The limitation on deducting income from active participation in real estate begins to fade out at $100K AGI, and completely disappears once you reach $150K AGI. So not exactly your W2 income, but your AGI. There is definitely a correlation, but not one-to-one.
thanks
You're welcome!
Good info.
Thanks for appreciating!! :)
Thank you. Very helpful
I appreciate the feedback!
So no instructions on how to combine the properties with the election?
I will try to make a different video on this.
@@MichaelWander no worries. It’s just an election
@@DT_123 a very valuable election!
Thank you for the video, very informative. Can a real estate professional write off depreciation / losses against short term stock gains since those gains are considered ordinary income?
Yes. Real Estate Professional status makes losses deductible against all types of income!!!
Thanks for the easy to understand info.
My pleasure. Thank you for the feedback.
Excellent information sir. Just a suggestion but if you can slow down a little bit and present a little more calmly I’m sure it would be more pleasing to your viewers.
Thank you for your comment and suggestion. I will try and speak more slowly and calmly in the future.
@Girly Thank you for the feedback. I will try and slow it down next time 🙂
This is all the rage now!
Definitely has potential for significant tax savings. Care must be taken to keep substantiation.
Question.. if someone has a multi family 3Unit building with no tenants (No rent money coming in). And the mortgage of the 3Unit is getting paid through a W2 income. Can the W2 income be lowered when filling taxes? Example: 50k per year in W2. 10k in mortgage paid to bank for the 3Unit? Can the W2 be lowered And will that increase tax returns for the W2
Not sure what you mean by "increase tax returns for the W2". It does not sound like the W2 income can be lowered. Sounds like whether it is a primary (which it is not), or an investment (and thus 469 "rental income"), you would not be able to deduct unless you met the REP status.
@@MichaelWander Ok thanks
10x rocks!!!
and HOW!!!!
Very good 👍 thanks for this information.
Most welcome
10X ROCKS!!!!
Say it again!!!
👏🏻👏🏻🙌🏻
Solid!!!
Very usefull information!
Thank you Mario for watching!
Very useful!
Thank you!
Keep killing it!
Thank you brother!
Your vids are so informative and very helpful the same time. People will really know important things first before buying or renting property. Nice and thanks for sharing your knowledge. #Genuinefriendhere #ANDC
My pleasure. Thanks for commenting!!
This is very informative especially for people getting real estate. Before buying a property they should know this. Nice video 👌 nice #shorts #Genuinefriendhere #ANDC
Thanks!!!
Gr8
Thank you.
Nice
Thank you!
Very important especially for real estate investors!!!
100%. Thanks for watching and commenting!
Very helpful!
Glad it was helpful!