I'm building a new primary residence every 2 years. Looking at property now. Make use of the $500k (married) section 121 tax exemption for selling your primary residence after living in it 2 years.
Have you made a RUclips video covering reasonable comp for S corps? The advice and opinions on this are all over the place, and I would love to hear your thoughts.
Taxes make my brain hurt 😅 I’ve been so focused on hitting income goals, I always ignored the huge tax bill. I do taxes in 20 min online and it’s over. I’m thinking that’s a big mistake after watching some of your videos. Thanks
Love the information in your videos! I was wondering what this work if I am a part-time real estate wholesaler closing the occasional deal or is it better to set up an LLC?
Can you write off food delivery if you attend a zoom event that is business related in your designated home office? Meaning that food was purchased to eat during or during break....
I had no interest when I started making myself listen to you a few months ago. I had to for my new LLC. An unexpected opportunity. I listen to you now and I have learned so much. Sometimes I wish I could interrupt you and be part of your discussion. I have such an inquiring mind now. I need to know it all. Do you make appointments? I have to meet with you. I created my LLC and met with one of your attorneys last month. There is so much to learn. Thank you!
The government has really called things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. It's obvious we are headed for hyperinflation,it is always the poor who take the hit.
It's no longer a story that the world is experiencing a global economic downturn, I'm so happy that I've been receiving $54,000 from my $15,000 investment every 8 days
The crypto market is highly profitable with an expert broker just like Mrs Tara Elizabeth Stewart. I got recommended to her, and since then, my financial life has been a success.
Could you pls talk about how we can save on taxes if our orderly parents live with us. Can we buy a home and not pay property taxes for example? Thank you!
Hello Mark, thanks for this video. I am starting a 1099 job soon, also setting up a Digital Marketing Software Business. Probably in 2024 both combined maybe $40-$50K, not sure exactly if the 1099 position will work out. I am thinking an LLC for sure, but would I need (is it tax advantageous) if I also do a SCorp? Thanks again and I look forward to more videos, have referred 4 people to you already!!
I want to purchase a rental in Texas. I live in Illinois. Do I need an LLC in Texas? I also plan to get a condo in Dominican Republic how would i set that up as a short term rental?
Reducing tax burdens isn't even unethical, the IRS encourages it because it means you are helping them circulate and move revenue to other productive avenues where the value of the same dollars can be retained instead of sent back to the Fed and re-issued. It's a double edged sword, the IRS has a ton of bureacratic nonsense and much of it falls on the lowest income earners, but there are many sensible solutions and strategies if business owners and professionals take the time to learn it and understand the logic.
How long do people had to wait to do taxes with you? Three years? I have tried for the last three years, e-mail you and I can get a dissent CPA in your group to do my taxes.
Mark J Kohler, I'm 63 and I used to mow lawns when I was 13. The whole concept of a young teen diverting some of his income to a Roth IRA was hilarious. You obviously didn't have to work for your own money as a teen and therefore you have no sense of scale as to what a teen needs at the end of his week. I get it that you have a formulaic approach but it doesn't scale to kids.
Most of this bogus advice relies on ignoring the rules. He ignores the rules on business purpose, primary use, record keeping. See my videos on home office and auto use for those. For cell phone, to get any deduction your use must be more than 50% business. For the supplies and misc. items, only the 100$ business use items qualify. In addition, the expenses must be reasonable in relation to the purported business use. If you deduct a lot of non-business stuff and get caught, expect the IRS to impose either the 25% penalty of the 50% penalty. If you make stuff up and have no receipts, expect the 100% penalty. You must keep records and use actual amounts actually paid, not estimates. Deduct the things that legitimately relate to your business, don't deduct the non-business stuff.
I set up LLC in Whyoming in September in 2023 for a Tax preparation business. I won't start making income till February 2024. I reside in California , but will be mainly doing Tax preparation on line with in USA . Will this cause issues with no current assets in LLC at this time?
Hold up…. Now you’ve shown how someone can “work” to pay for the privilege of having the work. Where’s the profit that’s tax free that I can now spend on myself?
I'm not following. If you have 900 or more in expenses and 1000 in earnings, where's the income you put in your pocket? Seems like you're spending all of it on crap just to run the business.
Working is like slavery are you kidding me so you put stuff under your kids name and he's not even eighteen yet or not even really working that's kind of slick isn't it?
Mark, I love everything you said UNTIL you told Eli to save money for college ‼️ College sucks ‼️ If the kid is working his own business now, he NEEDS to be hanging out with ENTREPRENEURS that knows how to make money work ‼️ And no kid should be paying any taxes, especially since there's all the illegals migrates here ‼️👍
I'm building a new primary residence every 2 years. Looking at property now. Make use of the $500k (married) section 121 tax exemption for selling your primary residence after living in it 2 years.
Have you made a RUclips video covering reasonable comp for S corps? The advice and opinions on this are all over the place, and I would love to hear your thoughts.
Have tons of write-offs already. Problem is no earnings after all the write-offs.
I like this guy, simple and explains it very easily
We love listening to you Mark. Your advice has always helped us out.
Love seeing hard working people get a chance to save.
Grive Dad all the money. Perfect:)LOL
Taxes make my brain hurt 😅 I’ve been so focused on hitting income goals, I always ignored the huge tax bill. I do taxes in 20 min online and it’s over. I’m thinking that’s a big mistake after watching some of your videos. Thanks
I'm still new to this. Is their a list that reference these writeoffs? Thank you. Future Small Business Owner
EIN: Employer Identification Number
Just found this video. Great stuff. Love the presentation. Learned a few things. Subscribed.
Love the information in your videos! I was wondering what this work if I am a part-time real estate wholesaler closing the occasional deal or is it better to set up an LLC?
Thanks!
Where were you last year when I fell for the LLC in Wyoming scam. Thank God its a write off but lesson learned!
There is Sales Tax as well.
Can you write off food delivery if you attend a zoom event that is business related in your designated home office? Meaning that food was purchased to eat during or during break....
Little slip up. EIN is employer identification number. No biggie great video!
These write-off's will certainly be more than you make. I thought there was a 3-yr IRS rule that said you had to show a profit 1 out of 3 years?
Can't thank you enough brother! Aprecjate your work 🙏🙏
I had no interest when I started making myself listen to you a few months ago. I had to for my new LLC. An unexpected opportunity. I listen to you now and I have learned so much. Sometimes I wish I could interrupt you and be part of your discussion. I have such an inquiring mind now. I need to know it all. Do you make appointments? I have to meet with you. I created my LLC and met with one of your attorneys last month. There is so much to learn. Thank you!
The government has really called things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. It's obvious we are headed for hyperinflation,it is always the poor who take the hit.
It's no longer a story that the world is experiencing a global economic downturn, I'm so happy that I've been receiving $54,000 from my $15,000 investment every 8 days
The crypto market is highly profitable with an expert broker just like Mrs Tara Elizabeth Stewart. I got recommended to her, and since then, my financial life has been a success.
I have been hearing about Mrs Tara and her genius mind in the crypto market also, how good is she??
I just searched about her on Google and yes, she's won my heart. She just gained herself a new client
@JockFloresca
please, how can someone get to speak with Mrs Tara!!?
If you expense all of your side income, that means you saved none of it... so what was the point in the first place?
Ok, dont i have to show a profit to avoid hobby designation?
Anderson Business Advisors diss?... Well deserved... those guys want a lifetime subscription to the common person for services for the 1%.
Can I hire you as my financial advisor when I win mega millions or Powerball? I love you advice and your channel. ❤️🌹💰
39:40 You're writing on the white board but we can't see the white board.
Do you need paper receipts or images of them just for proof or is an Excel sheet with the data logged enough?
Could you pls talk about how we can save on taxes if our orderly parents live with us. Can we buy a home and not pay property taxes for example? Thank you!
Anyone.....best way to set up you tube passive channel? LLC? Trust? S corp? C corp? B corp? etc etc.
Hello Mark, thanks for this video. I am starting a 1099 job soon, also setting up a Digital Marketing Software Business. Probably in 2024 both combined maybe $40-$50K, not sure exactly if the 1099 position will work out. I am thinking an LLC for sure, but would I need (is it tax advantageous) if I also do a SCorp? Thanks again and I look forward to more videos, have referred 4 people to you already!!
If I use my van as a billboard for my business, can I write off any part of my payments? How do I determine how much? Thank you!
I want to know where you get 12% return. You also forget high ROTH fees charged.
This is great info.
Subscribed
THANK YOU MARK! YOU ARE SO HELPFUL! XOXOXO
How do I get rid of EIN wrongly opened, associated with LLC. How do I keep EIN and get rid of LLC associated with it. Is that possible?
I thought my EIN, was an Employee Identification Number? Not Electronic?
Employer
Any tax wisdom on early retirement with limited earning income and 1099 work?
To have a chance to get your question answered on a podcast, please submit it to podcast.mainstreetbusiness.com/ Thanks!
I want to purchase a rental in Texas. I live in Illinois. Do I need an LLC in Texas? I also plan to get a condo in Dominican Republic how would i set that up as a short term rental?
HELP: I really need to talk to you. I live in PC and I have investment questions in MI.
Reducing tax burdens isn't even unethical, the IRS encourages it because it means you are helping them circulate and move revenue to other productive avenues where the value of the same dollars can be retained instead of sent back to the Fed and re-issued.
It's a double edged sword, the IRS has a ton of bureacratic nonsense and much of it falls on the lowest income earners, but there are many sensible solutions and strategies if business owners and professionals take the time to learn it and understand the logic.
How long do people had to wait to do taxes with you? Three years? I have tried for the last three years, e-mail you and I can get a dissent CPA in your group to do my taxes.
Better just use your EIN to open a business and everything and not even put your social security ?
So, I drove for Domino's and they paid me 40 cents per mile for my deliveries. Am I able to get the other 25 cents per mile?
Mark J Kohler, I'm 63 and I used to mow lawns when I was 13. The whole concept of a young teen diverting some of his income to a Roth IRA was hilarious. You obviously didn't have to work for your own money as a teen and therefore you have no sense of scale as to what a teen needs at the end of his week. I get it that you have a formulaic approach but it doesn't scale to kids.
Most of this bogus advice relies on ignoring the rules. He ignores the rules on business purpose, primary use, record keeping. See my videos on home office and auto use for those. For cell phone, to get any deduction your use must be more than 50% business. For the supplies and misc. items, only the 100$ business use items qualify. In addition, the expenses must be reasonable in relation to the purported business use. If you deduct a lot of non-business stuff and get caught, expect the IRS to impose either the 25% penalty of the 50% penalty. If you make stuff up and have no receipts, expect the 100% penalty. You must keep records and use actual amounts actually paid, not estimates. Deduct the things that legitimately relate to your business, don't deduct the non-business stuff.
What kind of Trust are you talking about?
I like this video
How can I get you or your firm to help me with my taxes
Subscribed!
Where exactly should the kid invest in his Roth?
Legal age limit for doing taxes putting writing off taxes on your child?
I have done all what you said , I still get scam
My stupid claim that all that is not dedautable
Can I write off credit card interest Ion business-related purchases
Yes sir.
Ok🎉
I set up LLC in Whyoming in September in 2023 for a Tax preparation business. I won't start making income till February 2024. I reside in California , but will be mainly doing Tax preparation on line with in USA . Will this cause issues with no current assets in LLC at this time?
I bought a car in 2020 and now I want to try drive Uber part time, can I write off the purchase of the vehicle this year? (3years later)
So gald you debunked the Wyoming myth lol
Are they laws or codes and what would be the difference?
You still claim him as a defendant?
Hold up…. Now you’ve shown how someone can “work” to pay for the privilege of having the work.
Where’s the profit that’s tax free that I can now spend on myself?
❤
I'm not following. If you have 900 or more in expenses and 1000 in earnings, where's the income you put in your pocket? Seems like you're spending all of it on crap just to run the business.
So your plan is bust ya balls in a side hustle to generate 10% return?
🗽 GREETINGS
I didn't know kids had to file taxes
So you write off all your hustle income, thats called a hobby, you dont have a hustle.
Working is like slavery are you kidding me so you put stuff under your kids name and he's not even eighteen yet or not even really working that's kind of slick isn't it?
Mark, I love everything you said UNTIL you told Eli to save money for college ‼️ College sucks ‼️ If the kid is working his own business now, he NEEDS to be hanging out with ENTREPRENEURS that knows how to make money work ‼️
And no kid should be paying any taxes, especially since there's all the illegals migrates here ‼️👍
Thanks!