Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Well agreed, I'm quite lucky exposed to finance at early age, started job at 19, purchased first home at 28, got married shortly afterwards to raise kids early. Going forward, got laid-off at 40 amid covid '19 outbreak, immediately consulted with an advisor in order to stay afloat and after subsequent investments, I'm barely 25% short of $2m ballpark goal as of today.
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
You are so correct. At 54 I'm wishing I had started investing, even small amounts, at age 20. But when you're young you think you have all the time in the world and you have limitless options. When you finally get to the latter portion of life you start to realize all the mistakes you made in your youth. Everyone...listen to this man. He is spitting truth/facts.
Thus is the first video ive seen from this guy i was sitting here like "nice nice makes sense good info" then got to the C corp vs S corp question and instant subscription. This guy is passionate and believes in the information he's giving
FYI-Not all CPAS are good financial planners. That's not part of acquiring the certification. Keep that in mind when discussing personal finance with " your" CPA. Interview them about their qualifications in the personal finance arena.
Great content again Mark. Max funded, minimum death benefit life insurance can be funded before some of the other accounts especially for business owners and entrepreneurs. They need liquidity and control before 59.5 unlike retirement accounts to take advantage of opportunities and emergencies.
I love this guy!! OMG! He's waaaayyy tooo funny. But yet, so knowledgeable. Love his passion, and his love for educating us!! Bingeing on his videos - found him today. So real, and so accurate! Way to go! Love your content @Mark!
Problem with Roth for any 401k. It depends on the stock market. All those decades putting in money and you happen to retire a year before stock market crash. There goes your money and the returns
Only if you blow the whole shebang on a mansion and supercars. For people in a retirement scenaro the fund will go up and down while they take draws from it---totally normal. It doen't matter much at what point you start since the bulk will remain invested.
The closer you get to retirement age those your balance should be in bonds and moving away from stocks. Think about it like those Retirement Date ETFs that are managed, when you're 30 years away from your retirement year it's heavily invested in stocks / higher risk with potential higher rewards....as you get closer each year you slowly and incrementally balance those funds into bonds for a much lower risk buy much more guaranteed return...
@@mikef6911 Less volatile if you hold the bonds, as opposed to a bond fund/ETF, but with a risk of default so diversifying is vital. Street price of bond funds/ETFs follow the fed funds rate, to a large extent. They've been awful for the last 15 years but now that the fed rate is getting back to normal the coupons may be not-so bad. If you're able to buy them at a low price that's even better. It's important to consider the tax too. Long stock gains and Qualified Dividends aren't taxed at the federal level for most in the middle class but coupons are so keeping them in an IRA is a nice touch.
It's hard to predict the future until we see this month’s inflation results. However, historical data consistently show that stocks tend to outperform bonds in the long term. Therefore, I'm staying in the market and focusing on selecting high-quality stocks. The challenge lies in identifying these stocks.
Staying in touch with a financial advisor was my effective tactics. During the pandemic, I outperformed the market, earning about $200k in four months. Its been a remarkable few years for me with my advisor .
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.>
this is mind blowing! i am a young adult with about $500k inheritance and new to stock/investing, would really appreciate if you could direct me to your advisor please, cant afford to make terrible mistakes
I take guidance from a Pennsylvania-based wealth advisor 'Nicole Desiree Simon' you're most likely going to find her basic info on the internet, she's firmly established and well qualified.
Thanks for this. I curiously searched for her full name and her website came first. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
4:25 The (In)Secure Act just removed the Stretch IRA in favor of the government being able to collect revenue sooner. When SS was started the government told the people that they would never have to pay in more than 3%, that have obviously changed many times. What is it that has all of the financial experts convinced that the government won't collect their income tax on the front end of ROTH and then later change ROTH rules to slippery-slope a withdrawal tax or fee??
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
*Camille Alicia Garcia* is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
Question? Do you have a video for someone that is a W-2 Employee and an LLC Business owner for tax savings, strategies, common questions ( can you still get a tax return from your W-2 Employee? )
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
Hello Mark K. More than you even know you are helping me and my journey of changing my life from 02 hero moneywise! I research like there's no tomorrow! I am so grateful for you! I have been financially low but I am changing everything. 1 minute at a time! Ty
Match and out 401k - how do you withdraw money from 401k while still employed with the employer that holds your 401k? Are you suggesting a loan against the 401k?
Hi Mark, I’m pretty sure if you have another health plan, even if you buy an individual plan that is HSA qualified you may not be able to contribute to the HSA. It’s like when you become Medicare eligible they won’t allow you to co tribute anymore because you have a first dollar coverage plan.
To have an HSA you need a high deductible health plan, the point of the HSA is to help save for large medical expenses. I agree if you don’t foresee or have large medical expenses it is beneficial, but could be a bad idea depending on your medical situation. I still think it’s a great strategy just have to take into account your medical expenses
here is my point of view, say you earned $100K/y now, when you retire you tend to spend less money which means you will pull taxable income from your 401k account less than your annual income now. By withdrawing your 401k less this means you are in a lower tax bracket and pay less taxes. but if you put away to ROTH IRA now you would have to pay more taxes based on your tax bracket now which is higher.
Yes…but once you hit your 401k contribution limit, you should go ahead and put the next $6500 into a Roth/do a backdoor conversion, because you’ve paid taxes on it anyway.
This is all so crazy weve let this fraudulent theft to go on like this! Do your research. Then stealing your wealth like this has already been found to be unconstitutional. But here we are. I love this guy. But I wish he was my neighbor, so I could chat with him every couple of days, rather than just being a customer. My brain doesn't work that way. Your a gift my guy. In this age of self imposed subjugation were living in.
18:05 I'm in a county office and they tell us, NO sorry, but we already pay matching amount into your state pension system. Is there a way to may them see value in having some match in our 457b as well??
I wish I knew of someone like you that I could speak with locally to go over my situation. Everyone I speak with has jut been a one-trick pony trying to sell me their "next big thing", instead of something more customized to my situation.
Federal Government employees can have an HSA w/ a HDHP. CareFirst Blue Cross Blue Shield. You can set it up during open season or life changing event. Ex. Marriage or Birth of a Child
I know a retired R.N., who receives Medicare, buys her own medical ins., and was hired by the state to be a caregiver to her relative. She gets a W2 & paid monthly. Gross yearly income= $76,000. Her patient's insurance monitored by State pays her. Plus, her patient is a renter in her home w/ deductions😊 there. Here are the questions: 1. She uses her personal money to buy her patient's products to care for patient personal needs: she has to clean, feed, wash, do laundry, dishes, house cleaning, buy chucks, baby Wipes, paper towels, personal over counter meds not covered by her patient's ins. So Mark, can she claim these items as tax deduction?
What about the fact that S-Corps are passthrough entities so don't you also pay tax on your K-1 income? K-1 if I'm not mistaken is your share of the Schedule K income from your 1120S. And you pay taxes on your allocable share of the K-1 income as well. So, shareholders of S-Corps need to pay SE tax + Fed and State on their W-2 wages from the S-Corp as well as Fed and State on the K-1 income (albeit no SE tax on the K-1 income).
For the EV tax credit, I heard of a strategy to an option for income individuals. Do a lease and then buy it out. You need to negotiate well, but it's supposed to work to allow high income individuals to take advantage of the tax credit in an indirect manner.
The 9th wonder of the world...the Roth IRA. The caveat to a Roth backdoor is covering the taxes on the converted amount added to the yearly income. Thanks again.
Mark love ur videos! I learned a lot. But, please adress if still make sense to save money if the inflation is higher than the savings. All the rich are dumping dollars and getting gold and silver🤔 and buying land.
I appreciate your good work: however these question still bother me. 1-If someone is the primary resident of Maryland and wants to get LLC registered in Delaware, is it illegal or against the state law, not to register it as a foreign entity in MD? 2-How the LLC and his personal income from that LLC will be taxed? And 3- how to avoid double Taxation? Please answer these questions!!! Thank you
I put money for 15 years into (my employers sponsored) matched 401k AND a Roth IRA. I'm 51. I tried to withdraw some money from my Roth IRA (during the same year I put it in which is supposedly "allowable" without getting the 10% early withdrawal penalty) only to learn that I was not allowed to request funds out of one specific plan. That the fund manager will withdraw money from either plan (as they want) and even if they pull money from your Roth- it isn't shown that way on the tax forms. So I paid tax twice on the Roth Funds they withdrew and penalties. If you put your money in any of these employer plans you don't have access to that money if you need it. I personally don't see any advantage to the pre-tax 401k unless you make under $60k-ish and can take advantage of the additional write off on your taxes for retirement savings. And regardless if the market starts crashing or US dollar is devalued you will lose everything because you won't have a valid reason (within the plan parameters) to withdraw- not to mention the 5-7 days the paperwork takes for approvals, etc.
Can you show which two classes of persons are required to use the W4? I was told by IRS only Resident Aliens and Nonresident Aliens use the W4. But they couldn't provide a section of law, regulation, Treasury decision or publication.
Please turn down the volume on the background music. It makes it quite challenging to hear/understand you. Why would it be so loud? Appreciate your channel. Thank you
Say I bought a piece of land for farming. If I share crop with a local farmer, I can split the input costs of production, and in return, I share the revenue by the same proportion. Is there a legal way to use my expenses from share cropping as a tax deduction off the money I make at my W2 day job or would these only apply to the income I make at my farming businesses?
Hi Mark, I want to trade stocks as my job but I also have part ownerships in a few other Busines's. How do I set them up for tax effeciency? Can I put them all under one name including my brokerage account so money can go in and out all under 1 roof? Thanks for your time. I appreciate you.
Glad you gave the life insurance disclosure. Whole life/universal life does not make sense for 99% of people but if you've maxed out basically everything else, it then makes sense. Everyone else should get term life insurance at a 30 year term or if you can 35
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is really very informative and effective.
@@craigholland2274HSA withdrawals are taxed as normal income after age 65 unless for qualified medical expenses. Other option is to save up all your medical expenses over the years and make a massive withdrawal.
The match & out of your 401(k) is a brilliant idea! Didn't know it was possible but I got my money's worth the time it took to watch the entire video! Thanks Mark & team!
Hi, you referenced a Roth IRA for our kids starting at 15 years old. I always wanted to do that but I was told that the children need to be working and making at least what the yearly contribution to the Roth RIA will be. Is this true? If it is, is there a way around this so I can start saving for my kids? Thank you!
I was suggested s C Corp because my family has a lot of Healthcare expenses. I was told employee reimbursement for health expenses was not allowed in S Corps. If this true?
Hear me out..... what if you formed a c-corp set your w-4 to a million dependents (I'm exaggerating) pay no income tax all year funnel all your money into the c-corp and write it off on your 1040 as a business investment!? Theoretically this is legal right? And the money in a c-corp isn't taxed until it leaves right?
I've been wanting to start a business but not sure what to call it or class it when I'm just selling myself as a W2 employee but using that money to start my artist company thing.
if interest rates go up where should i look to put money into? I currently have $800k in a high yield savings account, yes I’m making gains but to what extent with inflation eating away at the dollar.
1:51 Your video sounds interesting, but your music track is too hot.... It should be at least 15 - 25% lower so the viewers can hear what is truly important, the message.
Great content! One comment on the S Corp vs LLC, if i have a W-2 job that already maxes out my FICA, would it matter if i go with a S Corp vs LLC. My understanding is that it's a wash at this point.
Unfortunately, after funding the 401K up to the match and throwing a little at my Roth IRA, I'm about tapped out. Maxing out my Roth contribution is out of the question, let alone going back into my 401K or an HSA.
About getting an hdhp on the side if your employer doesn't offer it. Where do I look for that? If the government employee got one for his family for $337/mo, is that before he funds it (I'm assuming yes)? I had a job with an hdhp and an hsa and I loved it. I got fed up with everything else about the company and switched employers. My current employer doesn't offer this. At my old job, I had no premium cost - instead I put however much I wanted into my hsa every check. I might be willing to pay $330/mo just to have the ability to fund the hsa. Or I may find an employer who offers hdhp's. What do you think I should do?
My wife and I make well over the threshold for a Roth IRA and looking to use the backdoor method. We both have separate 401k's with our different employers. Do yo do separate Roth IRA's since we have separate 401k's?
I've been maxing out my 401k and Roth IRA for the last 10 years using dollar cost averaging should I only contribute to the company max then take the remainder into a brokerage account to save up to buy rental property?
Dive deeper into your question and get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ OR contact us at directedira.com/appointment/ Thank you!
As I listen it makes me ask- shoulder I continue contributing to a 401K recommended by my employer but they do not match anything. Should I roll over to a personal Roth and stop that contribution? Thanks
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR if you want to dive deeper into your question, please get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ Thank you!
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Small taxes can affect investment decisions such as whether to choose tax-free municipal bonds over taxable bonds or do a Roth IRA conversion. I’ve been sitting on over $745K equity from a home sale and I want to invest on the stock market, how do I achieve this without being taxed twice?
There’s more benefit to holding fixed-income assets in tax-deferred retirement accounts as opposed to taxable accounts. If you're not who understands strategies to invest in the market, seek a Financial advisor to guide you.
Well agreed, I'm quite lucky exposed to finance at early age, started job at 19, purchased first home at 28, got married shortly afterwards to raise kids early. Going forward, got laid-off at 40 amid covid '19 outbreak, immediately consulted with an advisor in order to stay afloat and after subsequent investments, I'm barely 25% short of $2m ballpark goal as of today.
@@mikegarvey17who is your advisor please, if you don't mind me asking?
"Izella Annette Anderson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Music is a little too loud, but i will continue watching the video. Thanks for sharing your knowledge
So glad it finally stopped.
Yes very distracting
You are so correct. At 54 I'm wishing I had started investing, even small amounts, at age 20. But when you're young you think you have all the time in the world and you have limitless options. When you finally get to the latter portion of life you start to realize all the mistakes you made in your youth. Everyone...listen to this man. He is spitting truth/facts.
Agree! I started late but my kids are gonna be set. Started all of them with roths as soon as they had earned income.
Thus is the first video ive seen from this guy i was sitting here like "nice nice makes sense good info" then got to the C corp vs S corp question and instant subscription. This guy is passionate and believes in the information he's giving
FYI-Not all CPAS are good financial planners. That's not part of acquiring the certification. Keep that in mind when discussing personal finance with " your" CPA. Interview them about their qualifications in the personal finance arena.
CPA's mainly seem interested in protecting themselves if you get audited, not coming up with good deductions.
Great content again Mark. Max funded, minimum death benefit life insurance can be funded before some of the other accounts especially for business owners and entrepreneurs. They need liquidity and control before 59.5 unlike retirement accounts to take advantage of opportunities and emergencies.
I'm exploring different investment opportunities and would appreciate others' insights on this matter.
Thanks to these recommendations, I successfully located her online profile and have already reached out to her with a message
I love this guy!! OMG! He's waaaayyy tooo funny. But yet, so knowledgeable. Love his passion, and his love for educating us!! Bingeing on his videos - found him today. So real, and so accurate! Way to go! Love your content @Mark!
Problem with Roth for any 401k. It depends on the stock market. All those decades putting in money and you happen to retire a year before stock market crash. There goes your money and the returns
Only if you blow the whole shebang on a mansion and supercars. For people in a retirement scenaro the fund will go up and down while they take draws from it---totally normal. It doen't matter much at what point you start since the bulk will remain invested.
The closer you get to retirement age those your balance should be in bonds and moving away from stocks. Think about it like those Retirement Date ETFs that are managed, when you're 30 years away from your retirement year it's heavily invested in stocks / higher risk with potential higher rewards....as you get closer each year you slowly and incrementally balance those funds into bonds for a much lower risk buy much more guaranteed return...
@@mikef6911 Less volatile if you hold the bonds, as opposed to a bond fund/ETF, but with a risk of default so diversifying is vital. Street price of bond funds/ETFs follow the fed funds rate, to a large extent. They've been awful for the last 15 years but now that the fed rate is getting back to normal the coupons may be not-so bad. If you're able to buy them at a low price that's even better. It's important to consider the tax too. Long stock gains and Qualified Dividends aren't taxed at the federal level for most in the middle class but coupons are so keeping them in an IRA is a nice touch.
Try watching this at 1.5 speed when he’s explaining LLC, C-Corp and S-Corp. Mark is smart and hilarious 😂
It's hard to predict the future until we see this month’s inflation results. However, historical data consistently show that stocks tend to outperform bonds in the long term. Therefore, I'm staying in the market and focusing on selecting high-quality stocks. The challenge lies in identifying these stocks.
Staying in touch with a financial advisor was my effective tactics. During the pandemic, I outperformed the market, earning about $200k in four months. Its been a remarkable few years for me with my advisor .
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.>
this is mind blowing! i am a young adult with about $500k inheritance and new to stock/investing, would really appreciate if you could direct me to your advisor please, cant afford to make terrible mistakes
I take guidance from a Pennsylvania-based wealth advisor 'Nicole Desiree Simon' you're most likely going to find her basic info on the internet, she's firmly established and well qualified.
Thanks for this. I curiously searched for her full name and her website came first. I looked through her credentials and did my due diligence before contacting her. Once again many thanks
4:25 The (In)Secure Act just removed the Stretch IRA in favor of the government being able to collect revenue sooner. When SS was started the government told the people that they would never have to pay in more than 3%, that have obviously changed many times. What is it that has all of the financial experts convinced that the government won't collect their income tax on the front end of ROTH and then later change ROTH rules to slippery-slope a withdrawal tax or fee??
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@maryHenokNft Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
*Camille Alicia Garcia* is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
Love the passion ... Back door ROTH at 30:44
I am so happy you mention cash value life insurance and who under what condition should consider it
Question? Do you have a video for someone that is a W-2 Employee and an LLC Business owner for tax savings, strategies, common questions ( can you still get a tax return from your W-2 Employee? )
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
Hello Mark K. More than you even know you are helping me and my journey of changing my life from 02 hero moneywise! I research like there's no tomorrow! I am so grateful for you! I have been financially low but I am changing everything. 1 minute at a time! Ty
My understanding is the you cannot contribute to an HSA if you utilize VA healthcare for non service related issues.
Match and out 401k - how do you withdraw money from 401k while still employed with the employer that holds your 401k? Are you suggesting a loan against the 401k?
Hi Mark, I’m pretty sure if you have another health plan, even if you buy an individual plan that is HSA qualified you may not be able to contribute to the HSA. It’s like when you become Medicare eligible they won’t allow you to co tribute anymore because you have a first dollar coverage plan.
I have never seen anybody this excited about taxes!!!! First time viewer here, sir, I’m sold!
To have an HSA you need a high deductible health plan, the point of the HSA is to help save for large medical expenses. I agree if you don’t foresee or have large medical expenses it is beneficial, but could be a bad idea depending on your medical situation. I still think it’s a great strategy just have to take into account your medical expenses
The federal government offers high deductible health plans with HSA's for federal employees.
Great stuff Mark. I shared this with friends who are being taxed out as a single worker making good money.
here is my point of view, say you earned $100K/y now, when you retire you tend to spend less money which means you will pull taxable income from your 401k account less than your annual income now. By withdrawing your 401k less this means you are in a lower tax bracket and pay less taxes. but if you put away to ROTH IRA now you would have to pay more taxes based on your tax bracket now which is higher.
Yes…but once you hit your 401k contribution limit, you should go ahead and put the next $6500 into a Roth/do a backdoor conversion, because you’ve paid taxes on it anyway.
Can you make a video about other situations like unions. Our health insurance is very different for Longshoreman’s.
This is all so crazy weve let this fraudulent theft to go on like this!
Do your research. Then stealing your wealth like this has already been found to be unconstitutional.
But here we are.
I love this guy. But I wish he was my neighbor, so I could chat with him every couple of days, rather than just being a customer.
My brain doesn't work that way.
Your a gift my guy. In this age of self imposed subjugation were living in.
18:05 I'm in a county office and they tell us, NO sorry, but we already pay matching amount into your state pension system. Is there a way to may them see value in having some match in our 457b as well??
I wish I knew of someone like you that I could speak with locally to go over my situation. Everyone I speak with has jut been a one-trick pony trying to sell me their "next big thing", instead of something more customized to my situation.
Federal Government employees can have an HSA w/ a HDHP. CareFirst Blue Cross Blue Shield. You can set it up during open season or life changing event. Ex. Marriage or Birth of a Child
I know a retired R.N., who receives Medicare, buys her own medical ins., and was hired by the state to be a caregiver to her relative. She gets a W2 & paid monthly. Gross yearly income= $76,000. Her patient's insurance monitored by State pays her. Plus, her patient is a renter in her home w/ deductions😊 there. Here are the questions: 1. She uses her personal money to buy her patient's products to care for patient personal needs: she has to clean, feed, wash, do laundry, dishes, house cleaning, buy chucks, baby Wipes, paper towels, personal over counter meds not covered by her patient's ins. So Mark, can she claim these items as tax deduction?
What about the fact that S-Corps are passthrough entities so don't you also pay tax on your K-1 income? K-1 if I'm not mistaken is your share of the Schedule K income from your 1120S. And you pay taxes on your allocable share of the K-1 income as well. So, shareholders of S-Corps need to pay SE tax + Fed and State on their W-2 wages from the S-Corp as well as Fed and State on the K-1 income (albeit no SE tax on the K-1 income).
Brother thanks for info.
Heart to God hand to man.
Appreciate thanks again.
Thank you Mark; What financial advice can you give someone who wants to avoid usury/interest in all respects ?
For the EV tax credit, I heard of a strategy to an option for income individuals. Do a lease and then buy it out. You need to negotiate well, but it's supposed to work to allow high income individuals to take advantage of the tax credit in an indirect manner.
Can you elaborate any further?
The 9th wonder of the world...the Roth IRA. The caveat to a Roth backdoor is covering the taxes on the converted amount added to the yearly income. Thanks again.
I like this guy. He doesn’t tolerate BS !
Mark love ur videos! I learned a lot. But, please adress if still make sense to save money if the inflation is higher than the savings. All the rich are dumping dollars and getting gold and silver🤔 and buying land.
Thanks Mark for always providing great information.
I appreciate your good work: however these question still bother me.
1-If someone is the primary resident of Maryland and wants to get LLC registered in Delaware, is it illegal or against the state law, not to register it as a foreign entity in MD?
2-How the LLC and his personal income from that LLC will be taxed? And 3- how to avoid double Taxation?
Please answer these questions!!!
Thank you
Oversimplified, but a good start for most.
What are you buying in the Roth IRA???? Or Roth 401k???? Very easy to say that without saying what to buy jn there?
The music is very distracting but I love the information!
The HSA is the most underutilized tax free strategy.
I put money for 15 years into (my employers sponsored) matched 401k AND a Roth IRA. I'm 51. I tried to withdraw some money from my Roth IRA (during the same year I put it in which is supposedly "allowable" without getting the 10% early withdrawal penalty) only to learn that I was not allowed to request funds out of one specific plan. That the fund manager will withdraw money from either plan (as they want) and even if they pull money from your Roth- it isn't shown that way on the tax forms. So I paid tax twice on the Roth Funds they withdrew and penalties. If you put your money in any of these employer plans you don't have access to that money if you need it. I personally don't see any advantage to the pre-tax 401k unless you make under $60k-ish and can take advantage of the additional write off on your taxes for retirement savings. And regardless if the market starts crashing or US dollar is devalued you will lose everything because you won't have a valid reason (within the plan parameters) to withdraw- not to mention the 5-7 days the paperwork takes for approvals, etc.
Can you show which two classes of persons are required to use the W4?
I was told by IRS only Resident Aliens and Nonresident Aliens use the W4. But they couldn't provide a section of law, regulation, Treasury decision or publication.
Please turn down the volume on the background music. It makes it quite challenging to hear/understand you. Why would it be so loud? Appreciate your channel. Thank you
If your family has a lot of medical issues and frequently need to utilize health insurance, is high deductible health plan + HSA a good idea?
Health savings account is different from health care spending account?
Say I bought a piece of land for farming. If I share crop with a local farmer, I can split the input costs of production, and in return, I share the revenue by the same proportion. Is there a legal way to use my expenses from share cropping as a tax deduction off the money I make at my W2 day job or would these only apply to the income I make at my farming businesses?
Thank you again! See ya’ll Tuesday in Phx. Can’t wait!
Hi Mark, I want to trade stocks as my job but I also have part ownerships in a few other Busines's. How do I set them up for tax effeciency? Can I put them all under one name including my brokerage account so money can go in and out all under 1 roof? Thanks for your time. I appreciate you.
Glad you gave the life insurance disclosure. Whole life/universal life does not make sense for 99% of people but if you've maxed out basically everything else, it then makes sense. Everyone else should get term life insurance at a 30 year term or if you can 35
Are HSA's subject to UBIT tax if you self direct and invest in an LLC or partnership
I stumbled across this video and was very impressed. Subbed.
Thank you for the video!!! We learn a lot from you! Thank you!
As a startup, can i deduct cash I put into my new business account from my w2 income? By year end or tax deadline?
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This RUclips channel is really very informative and effective.
I didn’t understand the HSA part. You can’t take money out of HSA unless it’s for a qualified medical expense
You can once you hit a certain age.
I didn't know that, where could i find some documetation on that? i couldn't find it on the IRS's website @@craigholland2274
@@craigholland2274 isn’t it taxed then at regular income tax if it is not a qualified medical expenses ?
@@Shranith
At age 65 no not taxed I believe.
@@craigholland2274HSA withdrawals are taxed as normal income after age 65 unless for qualified medical expenses. Other option is to save up all your medical expenses over the years and make a massive withdrawal.
The match & out of your 401(k) is a brilliant idea! Didn't know it was possible but I got my money's worth the time it took to watch the entire video! Thanks Mark & team!
After match, backdoor or megabackdoor IRA might make more sense.
@@privettoli What the difference between "backdoor" IRA and "mega backdoor" IRA?
@@jeffmeyers3837 mega backdoor is not IRA, it's Roth 401k for up to 60 something k.
Great strategy 7:56 in case you want to rewatch
So what is the strategy for the HSA?? Never discussed in detail. Mostly talked about 401ks and Roths.
When I own a revenue property while I am living there, is my office space deductible? ( 3 unit apartment property, I live in one)
Is HSA better than whole life insurance? Broad grey area question dependent on many variables.
You have the best tax advice Mark. I also like to watch and get Side-Hustle ideas!
Hi, you referenced a Roth IRA for our kids starting at 15 years old. I always wanted to do that but I was told that the children need to be working and making at least what the yearly contribution to the Roth RIA will be. Is this true? If it is, is there a way around this so I can start saving for my kids? Thank you!
I was suggested s C Corp because my family has a lot of Healthcare expenses. I was told employee reimbursement for health expenses was not allowed in S Corps. If this true?
Hear me out..... what if you formed a c-corp set your w-4 to a million dependents (I'm exaggerating) pay no income tax all year funnel all your money into the c-corp and write it off on your 1040 as a business investment!? Theoretically this is legal right? And the money in a c-corp isn't taxed until it leaves right?
I've been wanting to start a business but not sure what to call it or class it when I'm just selling myself as a W2 employee but using that money to start my artist company thing.
if interest rates go up where should i look to put money into? I currently have $800k in a high yield savings account, yes I’m making gains but to what extent with inflation eating away at the dollar.
Thank you for sharing such great information ❤ you are really helping everyone out greatly!!
wish we could do an HSA! can't if military or retired from. and can't after age 62 or so, right? Maybe we can get it for daughter and write it off?
Explain the aggregation rule. Seems like a double taxation.
1:51 Your video sounds interesting, but your music track is too hot.... It should be at least 15 - 25% lower so the viewers can hear what is truly important, the message.
Ur in the Apex of whatever the heck ur doing Mark: this style of advising got me to be ur client! Gosh, ur a lot of fun!
Great content! One comment on the S Corp vs LLC, if i have a W-2 job that already maxes out my FICA, would it matter if i go with a S Corp vs LLC. My understanding is that it's a wash at this point.
HSA - that can only be used on medical expenses, right? After a certain age you can use it on anything, but I thought then you'd have to pay tax.
What about investing in an IUL
Can you recommend a legit oil & gas exploration company to deliver IDC write offs? So many seem sketchy
What do you mean chunk into your ROth? From your 401K? You have to pay taxes to convert from a non-roth 401K into your ROTH IRA.
Unfortunately, after funding the 401K up to the match and throwing a little at my Roth IRA, I'm about tapped out. Maxing out my Roth contribution is out of the question, let alone going back into my 401K or an HSA.
I miss these analysis videos. I'm always relearning
Great video, but I think your background music is too loud in your intro.
About getting an hdhp on the side if your employer doesn't offer it. Where do I look for that? If the government employee got one for his family for $337/mo, is that before he funds it (I'm assuming yes)? I had a job with an hdhp and an hsa and I loved it. I got fed up with everything else about the company and switched employers. My current employer doesn't offer this. At my old job, I had no premium cost - instead I put however much I wanted into my hsa every check. I might be willing to pay $330/mo just to have the ability to fund the hsa. Or I may find an employer who offers hdhp's. What do you think I should do?
Can I go straight from sole prop to S Corp? Or do I need to step up to LLC on the way. Side hustle income more than $50k.
My wife and I make well over the threshold for a Roth IRA and looking to use the backdoor method. We both have separate 401k's with our different employers. Do yo do separate Roth IRA's since we have separate 401k's?
High income earner with small air bnb and a Sportfishing tournament passion. need structure and tax guidance
I bought a 30 year term Ins policy the length of my mortgage and investing the difference between whole life and term into my 491k and Roth
I'm so behind, just working on funding my Roth with tech stocks I already have. Love your videos Mark. 😊
I've been maxing out my 401k and Roth IRA for the last 10 years using dollar cost averaging should I only contribute to the company max then take the remainder into a brokerage account to save up to buy rental property?
Dive deeper into your question and get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ OR contact us at directedira.com/appointment/ Thank you!
Why is it expensive to access once it's in?
HSA, restrictions? Or penalties not properly used...
Saved. liked. subscribed. thank you. good job.🎉
GREAT CONTENT 👍
As I listen it makes me ask- shoulder I continue contributing to a 401K recommended by my employer but they do not match anything. Should I roll over to a personal Roth and stop that contribution? Thanks
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ OR if you want to dive deeper into your question, please get connected with one of our Main Street Tax Pros at markjkohler.com/tax-advisor-network/ Thank you!
My company stop max the trad. 401k.
What about FSA.
How to you get to the “out” phase if your 401k doesn’t allow you to pull money out unless you leave, reach age 59 or have a hardship?
AMAZING VIDEO MARK!!!! Thank you so much for this information, insanely good video sir! Please please keep up the great work!!
WOW, your passion is amazing!~!! Thank you for all the energy you put into this information sharing Mega-Tube!!!🤩🤩🤩
Recommend getting a better camera. Video is blurry even at 1080P
Deep breathes, Mark. Deep breathes. 🤣🤣🤣 You're so passionate I had to quickly block the speaker. 🤣🤣🤣 Love ya, man! ❤