Accountant Q&A: Full Guide To Beat The IRS
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- เผยแพร่เมื่อ 31 พ.ค. 2024
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00:00 - Intro
02:24 - Tax Implications of Property Inheritance
06:02 - Deciding on Business Choices for Real Estate Professionals
07:31 - Writing Off Expenses for TH-cam Business
10:06 - Understanding Car Advertising Write Offs
13:08 - Setting Up Business Structures for Tax Efficiency
16:38 - Navigating Taxation of Settlement Money
19:34 - Protecting Agricultural Farm Assets
22:23 - Tax Implications of Inherited Property
25:00 - Understanding Employee Leasing and PEOs
28:48 - Utilizing Solo 401(k) with Multiple Businesses
31:10 - Exploring Amazon Reselling Business Strategies
34:39 - Navigating Taxation for Inherited Property
37:37 - Understanding the Solo 401(k) and Controlled Group Rules
40:45 - Conclusion and Final Thoughts
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This is such an important topic. I have family in FL and TX and I tell people all the time not to fall for the no income tax narrative. Both of these states have no income tax and my relatives always complain about their absurdly high property tax, sales tax and other various fees. You have to look at the total tax (and fee) picture, not just income tax.
It's more than that. When you can pay because you need to survive and the government comes after you and all the pressure they threaten.. if you never had that you have no clue. Should never have to pay what you never borrowed
Absolutely. It's essential to consider all taxes and fees, not just income tax. Financial advisers can help by providing a comprehensive analysis of your finances, minimizing unnecessary expenses, and ensuring you make informed decisions aligned with your goals, especially in states like FL and TX where different taxes and fees can impact your finances.
you're spot on about the value of a financial advisor. As a businessman, moving from California to Texas, I used stock trading profits to buy two $850k homes. While Texas property taxes are comparable to California's without Prop 13, being free from California state income taxes has significantly improved my financial standing. Seeking advice from an advisor is crucial for personalized financial decisions.
I'd love to know who your advisor is. You see, I'm a Russian living in America with my family, finding my way around the market can be tough and i know i am not the only one. I have $760k saved up and ready to invest, but I could use some guidance.
She is well known as - Chasity George Charles. please do your own research.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024 Investing with Juliana Heidi
Wow that's huge, how do you make that
much monthly?
The first time we had tried, we invested $5,000 and after a week we received $23,400. That really helped us a lot to pay our bills.
Most people are retiring this year and has nothing to show for. But I assure you it's never late to get your financial life together again.. All thanks to JuLiana for I and my family...
Wow wow please is there any way to reach her services, I work 3 jobs and trying to pay off my loan for a while now, please help me..
*She's on telegrams mostly, using the user name.*
The IRM , the
tax guide used by the IRS, shows in
document # 6209 that tax forms 1999,
w-4, W-2, W-2G are class 5 taxes which
is either a gift or estate tax. The tax you
pay on a W-4 ( withheld tax) is
voluntary because YOU the taxpayer
have signed the tax form under the
penalties of perjury, a voluntary act on
your part...
From a CPA, on the REPS answer, there’s plenty of folks who own that many doors/properties/investments/etc who can’t qualify with the hours for REPS. They have property managers in place who do everything. Most property managers have shifted their business model to go up market and provide a more full-service offering, as compared to what they did 10 years ago. The owners are almost putting in similar time like what a triple-net lease would offer. The asker obviously is aware of the R/E exception activities, and probably the “dash nine” election for grouping based on their question’s intent. I like their thinking outside the box to spin up another profitable business, since they’re likely wanting to do that anyways as an additional source of income. Then, if we can also get some hours for REPS on top, then let’s make it work. Definitely a move we’ve employed before when the tax strategy augmented the business strategy. Always fun to make 30% more money for no extra work just by playing by the rules.
Mark J. Kohler's videos are a treasure trove of invaluable insights and wisdom! His multifaceted expertise in tax, legal, and wealth management makes him a go-to resource for navigating the complexities of personal and small business finance. Mark's engaging delivery and practical advice have significantly enhanced my understanding of wealth-building strategies
You mention your advisor & that caught my attention. I'm eager to learn more and potentially seek her guidance. Could you share how I can get in touch with her???.
Thanks so much. I was able to find her page and I already leave her a message!|
Thank you guys!
I learn so much from you guys. I might consider changing professions to one day becoming a CPA. I never thought accounting could be fun. I always was taught to save money rather than spend but I see now how it helps stimulate the economy and contribute to the GDP which is why they offer certain expenses as tax write offs.
Participation in tax program is voluntary. -see:
26CFR601.602(a)
Wage tax is only for federal employees, not
man and woman.-see: 26 USC3401(c)
Any wage tax withheld is to be credited back
to earner/payer. -see: 26 USC31(a)
After realizing wage tax withholding (W4) is
NOT required to above conditions, election
to exempt from W4 withholding program is
voluntary. -see: 26 USC3402(f)2
I'm an EA in OR, Licensed tax consultant and still have many learning opportunities with you guys! I appreciate the diversity with the entity questions along with the strategy plugs! BIG FAN HERE! Thank you both!😊💯
Im a professional Trust Protector. I have speciality CPAs that do complex irrevocable trust accounting. We always need more accountants that specialize in this area. Are you interested in learning this realm? It has significant banking and tax advantages over grantor living trusts.
Hey there! That is great, we would love for you to check out the Main Street Tax Pro Certification and check out our amazing community! You can set up a FREE demo with our team today to check it out here:
markjkohler.as.me/schedule/ef0d99e4/appointment/57275361/calendar/any?appointmentTypeIds%5B%5D=57275361 - thanks!
You guys are funny, you show incorporate your Vaudeville act over the road. Lol
There's never in the history of this country been a federal law passed which says United States citizens living in the country must pay income taxes, the only income tax law that exists refers to US citizens living abroad in other countries and was specifically meant to continue getting tax revenue from Americans that don't live in the country. I challenge you to find any law on the books which says US citizens must pay an income tax other than in specific scenarios.
All this proves is that we don’t live under rule of law, not that you don’t actually have to pay taxes.
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kathleen Chandler
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Kathleen Chandler too? Wow that woman has been a blessing to me and my family.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
I have a window washing business. I'm in Washington state and I do about 120,000 a year. I'm sole proprietor. I am paying tremendous amount of taxes. What do I do next? How do I pay less taxes?
the milestones listed don't match the video.
Comr to California
I NEED YOU GET INTO MY BUSSINES AND LOOK MY TAX RETURN,PAID TOO MUCH
3:50 there will be no tax,😊 plot twist it's in California😂😂😂😂
What could be used as a write off for doing Uber?
Mileage
*This administration has no idea how people are suffering, things are getting so much harder we can't take it no more. A lot of people are financially struggling to put food on the table and a roof over their head, I appreciate your advice Donna Grable. Imagine I invested $2,500 and got $8,600.*
Ms Donna has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of lives.
The first step in every successful investment is to establish your goals and risk tolerance, a task best undertaken with the assistance of a financial advisor with extensive financial market knowledge like Donna Grable.
Absolutely! Everyone needs a different stream of income, having a job doesn't mean security due to the high rate of tax,one needs to move ahead of their expectation.
No doubt! The very first time we tried, we invested $2000 and after a week, we received $8,500, that really helped us a lot to payoff our bills.
This sounds so good and I would like to be a party to this, is there any way I can speak with her?????
Do not buy realestate in California for renting out or you will be in for a supprise, long term non paying tenents or worse. The latest scam is to ask a owner if they take Section 8 if you say no, it cost you 5k. California is putting landlords out of business trying to solve there homeless problem.
GET A SURVEY, SPLIT THE HOUSE OF THE FARM LAND.
If my stepbrother sends me $600.00 for me to buy him crypto because he can't figure out how to set up a exchange/wallet. Say the crypto goes up tenfold, and then he figures out how to get a wallet so that I can send it back to him. Am I going to be responsible for the capital gains or him?
Have looked up to see if we are really supposed to be paying taxes? It states it voluntary to pay taxes.
Thousands of cases in US Tax Court that the IRS does not have subject matter jurisdiction. It's an easy 4 page motion to the court.
@vondaniels18
"The U.S. tax code operates on a system of voluntary compliance. Some taxpayers have used the voluntary nature of the tax system to support their claims that they don't have to pay tax at all. However, it isn't the payment of the tax itself that is voluntary. Rather, it's the manner in which people submit their own taxes."
Just a few seconds of looking says that you are wrong.
@DarkRahl69 which is why we report taxes with a complex irrevocable trust so we can 1099 bank deposits and vendors for a return to source from the minor account at 31 CFR 363.6.
@@SPCHDCIPP that is way beyond my understanding, and is not a simple search, sounds interesting but I cannot confirm or deny what I don't know.
@@SPCHDCIPP That's what the IRS calls an abusive trust scheme, and they have announced that this year they'll be cracking down on people who do that. What you're describing is generally not legal, and you'll end up with substantial penalties and potential jail time in some extreme cases.
David Haselhof would be proud 😂
There is no way you can beat irs, grey area is intentional
Thank you so much for answering my question about my solo 401k on the show.
To add some context. The solo 401 k was adopted by the S-corp that I set up specifically for my Realestate transactions as a Realestate agent. This entity has no employees. It also owns a medical laser equipment resale business (subsidiary), which also has no employees.
The enterprise that I am considering starting with a partner that might include employees would be a glamping short term rental concept.
Perhaps there is another way🤔. Maybe setting up a non-profit company to own the land and operate the property with paid volunteers and then setting up a contractual arrangement between that non-profit entity and my LLC that already does short term rental business with no employees would make sense? I may may be going down a rabbit hole here, but I love the creativity that your show inspires 🤩
I will need help with new wealth. I will want to meet with you. I would like to see your fee schedule. I will need trusts and advice on the very first move prior to receiving monies and all moves there after.