CA resident here excited to hear you mention ADUs. My family and I are discussing how best to plan how do we strategies for an ADU at my parent's home. I listen to every podcast and I always learn something from each video.
I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
@MichealHyde67 It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
I love you guys, great! Great! Great! I wish you both healthy and best to help providing your work-hard and swept to all people like me. Thank you very much Mark and Mat.🙏
If a charity you want to donate appreciated securities to is a smaller organization that does not have the administrative bandwidth to handle noncash stock donations an excellent workaround is to establish a Donor Advised Fund with one of the big brokerage companies (Vanguard, Fidelity, Schwab) which can push out cash from the proceeds to charities while allowing you to benefit from being able to donate appreciated stock.
Any strategies to offset taxes on interest income? I have real estate, and have not owed taxes in years. I am now investing in notes and will have significant earned interest.
Mark, could you make a video of how to pay less taxes being an option trader. Also, can you explain the best way to structure a trading business and what will be the best structure? Thank you in advance. I really appreciate all these awesome knowledges that you and your business partner are sharing with us.
I took my pension from my old employer and rolled it over to my traditional Ira. If i do the backdoor Roth Ira chunk conversion would i be subject to the prorata rule. If so what are my options to avoid the prorata rule. I haven't contributed to it at all.
I have a second home that I rented out as a seasonal rental to our friends for fair market value. The mortgage interest could be a powerful tax write-off this year, but all of the operating expenses could offset some other rental profits and the exceeding costs could be put towards building up a "loss" rollover. Two Questions. 1) Can I write off my interest as a "second home" cost, while writing off the other expenses as a "rental loss", basically having my cake and eating it too. 2) If not, should I grab the $8,000 deduction right now... or pay the extra taxes this year and roll over a $16,000 "rental loss".
Because ROTH IRAs are tax-free, you'll be able to keep more of the money you've worked so hard to earn.I want to invest more than $300k, but I'm not sure how to go.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
Thanks for clearing that up, I curiously searched for Vivian Carol Gioia on the internet and thankfully, I came across her my goal is to retire in 5years time.
Only US residents can own shares of an S corporation. Non-residents who want to own shares of a company should consider other options, such as a C corporation.
I have an LLC that I'm thinking about converting to a holding company. The issue is its in Delaware and has been dormant for 10 or so years... had no clue what I was doing in creating it and just forgot about it. Should I just dissolve it a create a new one??? Thanks in advance..
Mark I see you had a janitorial business for 7 years you said. Why did you stop doing it? Could you talk more about that part of your life? I have a janitorial business right now.
Great video I’ve learned a lot great info thank you. My minor grandchild lives with me . I claim him on my taxes . He works in my small business . Can I use that as expense ? His parents are not in the picture.
Re: on the paying kids in small business. Other tax attorneys channels and articles generally say the IRS allows this for kids starting around 7 years old but not younger. Is this accurate?
The relevant tax court case involved a 7 year old. Doesn't mean it won't work for a 5/6 year old but 7 and up is what had been ruled on by the tax court. As litigation is generally very expensive and the amount you can realistically pay a younger child for services rendered to a business (or other income-producing activity) is minimal this has been the accepted standard.
What about solo 401k for spouse? Can you do a video on this. My wife work for me, but I don’t want payroll for her, I’m an s corp. Can I make her an outside contractor and issue her a 1099
Hello, I’m switching from single owner to S Corp. I was able to contribute 66,000 to my SEP IRA, will I lose the ability to max my contribution to 69,000 this year if I switch S Corp? Thank you and by the way, what a great video.
THANK YOU for FINALLY mentioning the FSA accounts. By the way, my employer (County) does not contribute to your FSA. You don't need receipts, you can use a debit-card that they will issue you 😀.
Our Main Street Tax Pros help clients nationwide and would love to help you! Please get connected to one of them here: markjkohler.com/tax-pro-profiles/ - thanks!
We have a LLC which we are converting to an s-corp in Jan. I was listening to one of your videos where you suggested each partner have a s-corp and keep the business as an LLC ? Three partners you have no accountants or attorneys for TN in your network
And S Corp is a tax election you need your LLC to be in place and let the IRS know you plan to file and want to be taxed ad an S-Corp, I am not sure what you mean by "convert" so wanted to clarify so you don't go cancel your LLC or something. I believe it is IRS tax form 2553 but you can find all the information online. Just trying to help, hope everything goes well.
Hey there, please get connected with one of our Main Street Tax Pros from our network and they can absolutely help you! markjkohler.com/tax-pro-profiles/
To have a chance to get your question answered by one of our Main Street Tax Pros get in contact at markjkohler.com/tax-advisor-network/ OR contact us at directedira.com/appointment/
Wealth/Success is dependent on the action or steps you take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke. Investment is building a safe haven for the future: with the right choices of investment that has minimum risk and with an Expert guidance, profit and interest should be guaranteed
I'm glad I found this, if you don't mind; how did you manage to achieve financial freedom? I am in a lot of debt and I can't seem to do anything right. I'm also at a very critical stage in my life and I'm willing to try whatever you recommend
In my financial journey, MARC DARIUS MESSER has played a crucial role, offering invaluable knowledge, practical advice, and motivational content. The empowers community he fosters has not only boosted my confidence and work engagement but also inspired me to pursue excellence. Considered a secret weapon for significant financial growth, his online presence is essential for anyone seeking to enhance their financial situation
I appreciate the kind response and of course, I'm willing to give this experience a try. I just discovered his exceptional resume when I made a research of his full names online. He appears knowledgeable and well accredited. I will drop him a message and book a session with him!
Having worked with Marc Darius Messer for 3 years, I have come to realize that a dream doesn't become reality through magic; it takes sweat, determination, hard work and that all our dreams can come true if we have the courage to pursue them
The wealthy. The multi multi millionaires. Will all tell you privately the 401K. The IRA. The Roth versions. All of them. We’re made for the middle class. Does anyone think that a person that making a 1M or more a year even has a 401K? I had an executive laugh at me (we are friends) when I asked him about how he is handling his retirement planning and I brought up a 401K. He says it’s the biggest con, created to shut the middle class up. The max you can put in a 401K for 2024 I believe is 23K. He was actually dying laughing. While I just felt like “what the hell is so funny”. Do the math. And your “compounding interest”. Real Estate. Directly. Indirectly. Real Estate. It is the most consistent, and has out produced every single investment in history. 401k lol, he then added we created the HSA because the middle class started whining again.
Mike you are exactly right. I happen to be quite wealthy and all of the strategies mentioned in this video, are for people I would consider middle class or lower. None of these are the best methods to employ if you have sizable wealth or income.
I lost over $80k 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 Mrs. Charlotte Miller
CA resident here excited to hear you mention ADUs. My family and I are discussing how best to plan how do we strategies for an ADU at my parent's home. I listen to every podcast and I always learn something from each video.
Thanks for donating so much of your time and providing information . I have 3 of your books . You guys are great .
S corp audits could go way up, if and when enforcement gets their budget. Holiday board meetings - that is gold! Great video!
Life insurance should be the number one to start with because life insurance is also the income protection.
Thanks!
Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!
Mark Kohler library - years ago I signed up for the MK library - is that still accessible?
I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
@MichealHyde67 It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
@MichealHyde67 Hi, please who is the expert assisting you and how do I reach out to them?
Look up Christ Nagel " Money Multiplier "
I love you guys, great! Great! Great! I wish you both healthy and best to help providing your work-hard and swept to all people like me. Thank you very much Mark and Mat.🙏
Another great podcast, I love listening to you guys whenever I can! Long time fan!
If a charity you want to donate appreciated securities to is a smaller organization that does not have the administrative bandwidth to handle noncash stock donations an excellent workaround is to establish a Donor Advised Fund with one of the big brokerage companies (Vanguard, Fidelity, Schwab) which can push out cash from the proceeds to charities while allowing you to benefit from being able to donate appreciated stock.
Any strategies to offset taxes on interest income? I have real estate, and have not owed taxes in years. I am now investing in notes and will have significant earned interest.
Mark, could you make a video of how to pay less taxes being an option trader. Also, can you explain the best way to structure a trading business and what will be the best structure? Thank you in advance. I really appreciate all these awesome knowledges that you and your business partner are sharing with us.
I bought two properties titles under my name, but used the S Corp funds. Will this count as an owners draw?
I took my pension from my old employer and rolled it over to my traditional Ira. If i do the backdoor Roth Ira chunk conversion would i be subject to the prorata rule. If so what are my options to avoid the prorata rule. I haven't contributed to it at all.
I own a multi unit property ( owner occupied ) can it be concerned as a S Corp ?
I have a second home that I rented out as a seasonal rental to our friends for fair market value. The mortgage interest could be a powerful tax write-off this year, but all of the operating expenses could offset some other rental profits and the exceeding costs could be put towards building up a "loss" rollover. Two Questions. 1) Can I write off my interest as a "second home" cost, while writing off the other expenses as a "rental loss", basically having my cake and eating it too. 2) If not, should I grab the $8,000 deduction right now... or pay the extra taxes this year and roll over a $16,000 "rental loss".
Because ROTH IRAs are tax-free, you'll be able to keep more of the money you've worked so hard to earn.I want to invest more than $300k, but I'm not sure how to go.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
The advisor that guides me is Vivian Carol Gioia, most likely the internet is where to find her basic info, just search her name. She's established.
Thanks for clearing that up, I curiously searched for Vivian Carol Gioia on the internet and thankfully, I came across her my goal is to retire in 5years time.
Will you explain gifting as a tax savings strategy. Thanks
Is the board just listed under your business and they aren't share holders?
Hey Mark I’m listening intently to your 25 tax strategies and is it true that a S Corp is not necessary for passive income under 100k. Let me know.
Great video! Some key points were highlighted that I hadn't heard anyone else discuss. Thank you!
Only US residents can own shares of an S corporation. Non-residents who want to own shares of a company should consider other options, such as a C corporation.
That’s an interesting point about paying your kids and setting up an Ira fund for them. My son is only 3 at what age can I start implementing that?
I have an LLC that I'm thinking about converting to a holding company. The issue is its in Delaware and has been dormant for 10 or so years... had no clue what I was doing in creating it and just forgot about it. Should I just dissolve it a create a new one??? Thanks in advance..
Mark I see you had a janitorial business for 7 years you said. Why did you stop doing it? Could you talk more about that part of your life? I have a janitorial business right now.
2 months back date for S-CORP. That's it. Don't expect to back date 6 months.
Over 18 years old. Paybthem a 1099, and still put it in the Life insurance
I listened all the way through. lol. Good stuff thank you
Great video I’ve learned a lot great info thank you. My minor grandchild lives with me . I claim him on my taxes . He works in my small business . Can I use that as expense ? His parents are not in the picture.
Re: on the paying kids in small business. Other tax attorneys channels and articles generally say the IRS allows this for kids starting around 7 years old but not younger. Is this accurate?
The relevant tax court case involved a 7 year old. Doesn't mean it won't work for a 5/6 year old but 7 and up is what had been ruled on by the tax court. As litigation is generally very expensive and the amount you can realistically pay a younger child for services rendered to a business (or other income-producing activity) is minimal this has been the accepted standard.
I called my payroll company ADP and they told me I can't put any kids on W2s until they are 18 years of age.
What about solo 401k for spouse? Can you do a video on this. My wife work for me, but I don’t want payroll for her, I’m an s corp. Can I make her an outside contractor and issue her a 1099
Hello, I’m switching from single owner to S Corp. I was able to contribute 66,000 to my SEP IRA, will I lose the ability to max my contribution to 69,000 this year if I switch S Corp? Thank you and by the way, what a great video.
No mention of s corp control groups
the beautiful desk is cut out of frame? what the heck lol
Thanks sharing with us your valuable knowledge and experience
THANK YOU for FINALLY mentioning the FSA accounts. By the way, my employer (County) does not contribute to your FSA. You don't need receipts, you can use a debit-card that they will issue you 😀.
Great advice, insights and ideas...💡!
I set up an S Corp and then some CPA said it wouldn't save me any money. Cost me a lot of money because that CPA's advise.
You chose a quack CPA or they didn’t have all the facts they needed to advice you.
I need a good CPA anyone you can recommend in Louisville, CO
Our Main Street Tax Pros help clients nationwide and would love to help you! Please get connected to one of them here: markjkohler.com/tax-pro-profiles/ - thanks!
For scorp election for an llc, what net profit level should be considered before this is the way to go?
I believe you get the benefits if you make at least $50k
We have a LLC which we are converting to an s-corp in Jan. I was listening to one of your videos where you suggested each partner have a s-corp and keep the business as an LLC ? Three partners you have no accountants or attorneys for TN in your network
And S Corp is a tax election you need your LLC to be in place and let the IRS know you plan to file and want to be taxed ad an S-Corp, I am not sure what you mean by "convert" so wanted to clarify so you don't go cancel your LLC or something. I believe it is IRS tax form 2553 but you can find all the information online. Just trying to help, hope everything goes well.
Hahaha, I wonder if the guy in the Whitehouse used the S-corp, you just referenced, in conjunction with all the other LLCs he has been using:)
How to find a good CPA for my s-corp and personal taxes and financial planning?
Hey there, please get connected with one of our Main Street Tax Pros from our network and they can absolutely help you! markjkohler.com/tax-pro-profiles/
I love you guys
Can the health insurance PREMIUMs be paid out of an HSA? Would there be any way to get a tax advantage from paying for the Health Insurance premium?
No
Hi Mark. January 1st FInCEN can you talk about the LLCs and Corporate Transparency act?
I have several videos on this topic, please check them out on my channel!
Can you get an HSA for a 1099 job?
To have a chance to get your question answered by one of our Main Street Tax Pros get in contact at markjkohler.com/tax-advisor-network/ OR contact us at directedira.com/appointment/
I just wanted some one to do mine. I do not want to do it.
I requested an appointment no one called me
Wealth/Success is dependent on the action or steps you take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke. Investment is building a safe haven for the future: with the right choices of investment that has minimum risk and with an Expert guidance, profit and interest should be guaranteed
I'm glad I found this, if you don't mind; how did you manage to achieve financial freedom? I am in a lot of debt and I can't seem to do anything right. I'm also at a very critical stage in my life and I'm willing to try whatever you recommend
In my financial journey, MARC DARIUS MESSER has played a crucial role, offering invaluable knowledge, practical advice, and motivational content. The empowers community he fosters has not only boosted my confidence and work engagement but also inspired me to pursue excellence. Considered a secret weapon for significant financial growth, his online presence is essential for anyone seeking to enhance their financial situation
I appreciate the kind response and of course, I'm willing to give this experience a try. I just discovered his exceptional resume when I made a research of his full names online. He appears knowledgeable and well accredited. I will drop him a message and book a session with him!
Having worked with Marc Darius Messer for 3 years, I have come to realize that a dream doesn't become reality through magic; it takes sweat, determination, hard work and that all our dreams can come true if we have the courage to pursue them
If we all stop paying taxes will governments crumble & the people be ok ?
Too bad I’m watching this on January 3rd.
The wealthy. The multi multi millionaires. Will all tell you privately the 401K. The IRA. The Roth versions. All of them. We’re made for the middle class. Does anyone think that a person that making a 1M or more a year even has a 401K? I had an executive laugh at me (we are friends) when I asked him about how he is handling his retirement planning and I brought up a 401K. He says it’s the biggest con, created to shut the middle class up. The max you can put in a 401K for 2024 I believe is 23K. He was actually dying laughing. While I just felt like “what the hell is so funny”. Do the math. And your “compounding interest”.
Real Estate. Directly. Indirectly. Real Estate. It is the most consistent, and has out produced every single investment in history.
401k lol, he then added we created the HSA because the middle class started whining again.
Mike you are exactly right. I happen to be quite wealthy and all of the strategies mentioned in this video, are for people I would consider middle class or lower. None of these are the best methods to employ if you have sizable wealth or income.
I lost over $80k 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 Mrs. Charlotte Miller
This is not the first time I am hearing of Mrs. Charlotte Miller and her exploits in the trading world but I have no idea how to reach her..
She often interacts on Telegrams, using the user name below❤️
@INVESTINGRACE💯
How can I find this miracle woman?
@JesseAlenehow can I find this lady?
N
Boy, since Joe Biden did it, I REALLY BETTER DO IT!!! FJB!!!
No need to get political but I do agree Biden sucks
All 7 of my kids are employees.
I would watch more of your videos if they were shorter. Way too long.
Dude, there are time stamps. Just read the chapter description and consider each as a separate video and viola you have shorter videos!
I just found this channel. Is there like an introductory course so I can get caught up to speed?