SPEAKER: Michael Procaccio II
Michael Procaccio II, or Mike Jr. as he’s known around the office, is a tax advisor with over a decade of experience working with self-employed clients, small businesses, and real estate investors. He strongly believes that everyone deserves an opportunity to build a secure financial future.
Mike has a unique perspective to help small business owners-he is the owner of two successful quick-serve restaurants. He has first-hand experience with the challenges and opportunities that small businesses face and can help clients properly structure their business statements, manage payroll and sales taxes, and keep their accounting in order.
Mike is also an active real estate investor, with up-to-date knowledge of the current real estate climate and the successes and challenges within it. He is passionate about maximizing clients’ investment potential through tax savings and other strategies to encourage long-term financial success.
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TOPIC GUIDE:
0:00 Introduction
0:01 Welcoming Remarks
1:05 Brief background of the Speaker
1:50 Speakers' opening words
2:03 Agenda
2:19 Speaker's Background
2:20 Personal Background
3:04 Professional Background
3:38 BOI: Beneficial Ownership Information
3:43 What is it?
4:14 What do you have to do?
4:42 How do you file?
5:18 What if you ignore it?
5:55 Step-by-step Guide
6:24 IRS Account and IP PIN
6:29 IRS Account
6:30 Current Features
6:52 Future Features
7:07 Step-by-step Guide
7:37 IRS IP PIN
7:38 What it is
8:44 Step-by-step Guide
9:00 Real Estate Professional Status
9:07 3 Types of Participation
9:09 1. Active Participation
9:45 2. Passive Participation
10:06 3. Real Estate Professional
10:18 The 3 Criterias to be one
11:05 Material Participation
11:26 What doesn't count
11:47 Keep in mind
12:34 Depreciation
12:39 Bonus Depreciation
12:52 What it is
13:20 Keep in mind
13:44 Phaseout Schedule
13:54 Section 179 Deduction
14:00 What it is
14:33 Keep in mind
15:09 Househacking
15:15 What it is
15:45 Keep in mind
16:12 What happens when you sell?
16:46 Potential Upcoming Tax Changes
16:56 What are those
17:23 Keep in mind
17:59 Closing Thoughts
19:20 Q&A
19:23: Do you have to do cost segregation for Bonus Depreciation?
20:22: Is it true that there are times that Bonus Depreciation is not recognized?
21:00: When should I check if I qualify?
21:21: Can I still do it for previous years?
21:35: Based on Presentation it's not gonna offset my W2 right?
21:46: If I self-manage a short-term rental?
22:27: For assets like cars, I can use them for taxes right?
22:46: Are there price/amount limits?
23:16: Can I account for car usage time by estimation, clock-ins?
23:32: Should I do S-Corp?
24:58: LLC help with taxes?
25:23: Should I get LLCs?
26:15: State planning and taxes?
27:07: When is a cost segregation usually used?
27:58: Which of my properties have capital gains?
29:00: What about Advance Depreciation?
30:12: Can I stack Bonus Depreciation and regular depreciation?
30:38: What can we do about passive losses?
31:47: Are there items that do not depreciate?
32:16: How much can I offset for Section 179
33:15: Do you strategize with a client with an in-house CPA?
34:12 Closing
34:18 Closing Remarks by Host
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