This is rather interesting. I have a Individual Banker EIN. It is a private bank. Then i have a irrevocable foreign grantor trust. "98ein" i am trustee, then i have estate EIN as executor. I use 1041 forms with 56form fiduciary. Then iset up llc. The trust holds assests, the estate settles debts using tax forms or other negotiable instruments and the llc is my public employee or my front guy. So im set upa little different and treesked it up. This is my first time on this channel and your info was educational and deserves a subscribe
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
This is the second video of yours that I watched. I subscribed because of your enthusiasm and because I’m learning A LOT! I’m not a small business owner, but there’s no reason not to learn about taxes and how they affect us. Thanks so much for sharing your knowledge!
I'm glad I stumbled across this. My boss was asking me how he could strategize his business to make investments with his brothers and family. This is awesome to see thanks a lot, I'm sharing it with him now.
Hi, please, I have a quick question. Let's say someone owns an llc in Wyoming and later relocates to Texas. Because they want to maintain their anonymity, they opt for creating a holding company in Wyoming to own their previous company. My question is what are the tax implications? Can there be a situation of double taxation and what can the owner(s) of the companies do to reduce their tax burden?
I live in Virginia and followed this strategy and now I have to pay twice the tax. If you pass through from llc 1 to llc 2/s-corp the state considers them separate entities and the llc gets taxed and then pushed through the s-corp and taxed again
I think you are supposed to convert the LLC1 into LLC1-SCorp not open a whole new LLC2 on that operational side. LLC2 would be on the separate holding side of the equation.
lol 😂… Yeah he missed the point! Bottom line is.. the video was meant to intrigue people to contact the person running the channel and pay for his services to help accomplish these things and avoid such mistakes! But some people are very slow Learners!!😂😬🤷🏽♂️🤦♀️💩
@markjkohler so, this may be total blasphemy and would love to be corrected but it would appear that the Trifecta has a major design flaw when it comes to privacy. If my estate (RLT) owns the LLCs directly, especially the ones that have risky assets like rental properties, then in the event of a lawsuit my info (I would be the trustee and I hear that would be in the deed of the property) will be part of the public record as to who owns that LLC. That then would lead the potential plaintiff to pursue me personally (a RLT has zero asset protection as it is all about bypassing probate). Why not instead have a WY holding company own the local LLCs that operate or hold property, and then that WY HC is in the RLT? That way, in the event of a potential frivolous lawsuit, when someone looks at the public record as to who owns the LLC that owns the rental property, they will not see my name but will see it is a WY LLC and that, on its own, may deter from even suing since that state will not reveal who owns that WY HC LLC. Kind of making oneself less attractive when an ambulance chasing lawyer is assessing if suing you is even worth it.
Good points. Keep in mind that you first want rock-solid asset protection. In the 90s, I learned from Dr. Arnold Goldstein, an asset protection attorney from Florida, that you should assume you have to turn over your entire plan to the judge and see if you have any protection. Privacy is like icing on the cake; that comes second. There is a blended point of view. Both of you have good points. I have seen several advanced seminars that use multiple land trusts, owned by LLCs, owned by other trusts, in multiple jurisdictions... It all starts with the basics of moving real estate out of your own name personally (all in my opinion and not legal advice).
Hello! Thank you for your support. For tailored advice regarding Estate Planning, please head over to: kkoslawyers.com/contact-us/ Best of luck to you! -MJK Team :)
I’m in about 28 minutes here- so your flow chart is showing your s corp putting $ into your investment LLC for Roth, 401…. Is that the case? Your s corp can invest the $ into your investment LLC? I didn’t think that was allowed. It looks like one company paying another and getting nothing in return. Can you explain this some?
As a small business electrical contractor owner, can you pay yourself as a W2 employee, take a distribution for a high level electrical license and then take typical owner distribution?
What type of LLC can I start to use for day trading? I currently live in Michigan and I'm using prop firms, which are companies that fund traders with an account to trade with specific rules and earn payouts I believe it counts as ordinary income but I'm wondering if I can start an LLC for this purpose to save on taxes. Appreciate your help!
First of all, thanks for all the valuable information. I know I'm going to have to watch this again. Lots of information. I've been looking for the right way to set up a Trust and LLC that's going to more so protect my assets and me as well. I've heard of the S-Corp however I didn't completely understand how all this works. Can you just start off with an S-Corp if you receive a large sum of money and put the LLC in a RLT to cut back taxes?
Each LLC has a minimum tax / fee $1,000 - $1,500 per year to the Franchise Tax Board. Wealthy use irrevocable trusts, not llc's. Ten LLC's would cost thousands per year in minimum taxes and fees.
Interesting. You live in CA right? Here in VA the annual fee is $50. So quite a difference. Therefore, where you are incorporating could be a determining factor as to whether it's worth it or not.
I have heard from many professionals that a single-member LLC has a much higher chance of being audited than a multi-member LLC. Does anyone know if that is true?
This is so interesting. I'm amazed that this wealth of info is free via this video. I'm dirt poor and my main skillset is art, so I doubt I'll ever be able to effectively actualize in this way, but it is certainly interesting and Mark seems great. I'm envious, but with respect!
If I'm trying to hide my name/income/taxes, as an llc who's name is on the taxes being filed? what IF i'm retired and don't want the IRS to know I have a side gig? Great video. Regards.
I have watched many of your videos regarding asset protection using LLCs and a RLT. I think there may be a downside to placing multiple stock investments in an LLC owned by the RLT of the joint spouses upon the first death. I believe the step-up in basis will be on the LLC basis - not the individual stock basis. This situation would cause subsequent gain on sale of an individual stock to be calculated on the "internal" cost (not the stepped-up cost basis) of the stock. The K-1 would show the taxable gain without any regard to the step up. The step-up upon the first death would only affect the sale or dissolution of the LLC. Do I understand this correctly?
I don’t think it would make sense under that structure that you’re describing. It would only make more sense once you approach six figures on the self employed side. But without knowing what your business is about, it’s not sent in stone you could still do it.
Why would the tax return be 1040 as it should be a 1041 being a trust. Exposing it in a 1040 exposes assets. A foreign grantor trust would eliminate taxes.
@11:43, you mentioned a property management Operation LLC in California. Let's say you have Florida and Tennessee holding LLC to take title of investment properties. Can you use the CA LLC to be the manager for FL and TN investment properties? Can CA LLC receive rent, sign leases and etc?
When the new tax laws are in place can we use them in 2024 or have to wait for 2025? Such as buying equipment and getting the bonus depreciation? This question written after his election.
If you are already grossing over the FICA limit on your regular W2, does S-corp still save you for side hustle income? I'm thinking no since you won't save the 7%-ish (Employers always pay the FICA share anyway?).
Question, if I have a ca. retirement from state and planning on investing in some rentals, do I open a llc to protect my state retirement from taxes? Rental?
Well explained. Thanks for bringing up the videos financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
Thank you for your videos on the Trifecta structure. I am looking for a way to deed my house mortgage debt into any pass-through entity constituted for the purpose of paying off the mortgage and generating some passive income, that I may not distribute to myself for some years, while fully reinvesting into the entity. Would the Trifecta help? Any advice?
Ceteris Paribus. Just because you convert to an LLC doesn't mean you're going to become a billionaire overnight. LLCs have just as many problem as non-LLCs... it's a different set of problems...
very cool. one thingI didn't follow you. can my income for the llc ops be a W2? if yes that means I can do the s-corp and report that instead of w2 to IRS? thanks in advance for your clarification :)
no, it has to be 1099 / business / passive income. The company you work for reports your W-2 income to the IRS,. If you don't put it on your indiv tax return, you'll be getting a bill.
@@johnnycasteel7 I dont think he's necessarrly lazy, but not circulating money back into the economy is when it becomes a problem, which is what most people do...
There are tax rules, and tax laws, and some people have been either lucky, at increasing their wealth. If you could put money into a 401k, then you can avoid taxes until you cash out. This is where a few, have hit gross wealth, as unrealized capital gains are not taxed until they are realized. Also, a grossly successful guy, bought a company that was losing money, and turned it around. When he sold, he sold it for $120-$132 million (depending on future sales), note, he sold it 25 years later. But, he also used the success, to buy a business for his son, and his son owned and ran a successful 1950's style restaurant, in a busy location. But, that guy, realized his gain, over two years, and was grossly taxed for those two years. But, as an owner, he was also able to move to a state, that did not tax personal income, by buying a house there. So, he was able to pay less in taxes, for the 25 years of equity, that he cashed out in two years.
I completely understand everything discussed here in this video and have a pretty good understanding about such topics. However, the only part I’m not understanding is.. Why would I want to put my HSA in an LLC or even my Roth IRA in an LLC if you don’t take from the Roth until retirement the idea is that your already on a lot lower tax bracket and the HSA just really leaves me scratching my head! 😂🤷🏽♂️..ate you saying to do that just incase someone sues you and you need to protect your Roth IRA and HSA accounts from them!? And even if you are say that… the problem is an HSA is not enough to consider for a law suite, plus I’m not sure it’s legally allowed to be considered as an asset in a law suite, right!? It’s a very limited amount that you can contribute from your paycheque throughout the year (before tax dollars) to use on qualified medical expenses only… and honestly unless you just have a ridiculous high income with little to no other ways to lower your taxes it’s really a dog shit deal/idea I don’t even like using an HSA! 😂🤷🏽♂️…
Shouldn't every rental house be part of two LLC's? One to hold, one to rent. Mark you never explicitly mentioned this for folks. You need an LLC to manage the properties. Two is enough for a few rentals. Once you grow, start S-corp but don't do W2. Have a regular W2 job
My CPA told me of a person in my Mother's trust taking money and he turns out to be an Assistant DA. Him and his uncle have been stealing for 30 years.
Hey and thanks for the video, My question is if i have a duplex rental property that i live in one side and the other side is rented. I cannot put it under the llc as the house is homestead and by laws you can't have both the homestead and llc together. I'd appreciate recommendations
Thank you for reaching out! Unfortunately, Mark is not currently taking on new clients at this time due to his demanding schedule. However, we absolutely want to be of help to you and there are a couple of options. If you are looking for legal and tax advice / a plan, please start with a consultation with one of our amazing tax lawyers at KKOS and they will help get your plan started. Connect with one of the lawyers here: kkoslawyers.com/ For more tax prep and planning, please connect with one of our Main Street Tax Pros who are trained by Mark, speak his language, and can also process tax returns. Get connected to a Pro anywhere in the country here: taxadvisornetwork.markjkohler.com/ Thank you so much! MJK Team
A schedule K-1 itself is not taxed. Instead, it reports your share of income, losses, credits, deductions, and other distributions from a partnership, s-corporation, estate, or trust.
How does this apply to earned(W2) income? Is there a way to pass it thru and LLC scorp. Also what can you do with money mad trading in a taxable account?
this is not an investemnt and or crypro channel and you have 95% of comments scammers scamming utube should do more.about this instead of blocking freespeach about comments they dont like
@@robert549 they talk about asset protection and taxes its not a crypto channel or what to invest in channel is my point, they dont talk about tradding or what to buy , so i was saying dont listen to the comments about what to buy and or invest in , see you are just looking to be contrarian to what ever it is so to have an arguememt but if you would have read what i wrote it clearly says utube should do more about scammers scamming instead of blocking those who just have opinions that the algo flags
On the #2 operational side, I don't understand why you wouldn't just start as an S-Corp?.... Starting as an LLC (unless you have multiple employees) over just starting as an S-Corp - regardless of your revenue - never made any sense to me.
Thank you for reaching out! Unfortunately, Mark is not currently taking on new clients at this time due to his demanding schedule. However, we absolutely want to be of help to you and there are a couple of options. If you are looking for legal and tax advice / a plan, please start with a consultation with one of our amazing tax lawyers at KKOS and they will help get your plan started. Connect with one of the lawyers here: kkoslawyers.com/ For more tax prep and planning, please connect with one of our Main Street Tax Pros who are trained by Mark, speak his language, and can also process tax returns. Get connected to a Pro anywhere in the country here: taxadvisornetwork.markjkohler.com/ Thank you so much! MJK Team
First, thanks Mark for all of your great content. You've provided a map and I'm following along that path. Unrelated question: what digital drawing product do you use in these videos?
Also I hate to point out the obvious but unless I’m missing something here!? Your statements about the Roth IRA being placed in the LLC allows you to make your own investment decisions is extremely misleading 🤣… The entire point of the Roth IRA is to allow the person to use “after tax dollars” (AKA money they already paid taxes on) to purchase securities that they want to hold in there Roth IRA. The freedom of choice is there from the beginning and there is no need to place it in an LLC just to have control over the underlying securities placed within it! As long as the securities are considered (legally by law) suitable for the Roth IRA Investment account/portfolio… They can put anything they want in there, with or without an LLC
I used the company to create an llc for a rental on AZ. It was filed as a partnership instead of husband and wife which has made my taxes much more complex then it would have it it had been a husband and wife LLC.
I do t wanna sound ignorant, I have been in those shoes, but if you can’t afford to have you entities done correctly professionally then you probably don’t need any of these. Good luck folks
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This is gold I will be running through your podcasts and youtube videos. Digestable. No fluff. Great stuff! Thank you!
This is rather interesting. I have a Individual Banker EIN. It is a private bank. Then i have a irrevocable foreign grantor trust. "98ein" i am trustee, then i have estate EIN as executor. I use 1041 forms with 56form fiduciary. Then iset up llc. The trust holds assests, the estate settles debts using tax forms or other negotiable instruments and the llc is my public employee or my front guy. So im set upa little different and treesked it up. This is my first time on this channel and your info was educational and deserves a subscribe
I've been trying to do this but I can't get to n find anyone that wants to open a forgien business trust account but Wells Fargo
@@RobertBrown876 hOW SO?
Nice information.
Thank you, I don't have much but, I own a house and want to continue buying homes for rental.
learn a lot listening to you!
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
De÷e÷
This is the second video of yours that I watched. I subscribed because of your enthusiasm and because I’m learning A LOT! I’m not a small business owner, but there’s no reason not to learn about taxes and how they affect us. Thanks so much for sharing your knowledge!
I'm glad I stumbled across this. My boss was asking me how he could strategize his business to make investments with his brothers and family. This is awesome to see thanks a lot, I'm sharing it with him now.
Hi, please, I have a quick question. Let's say someone owns an llc in Wyoming and later relocates to Texas.
Because they want to maintain their anonymity, they opt for creating a holding company in Wyoming to own their previous company.
My question is what are the tax implications?
Can there be a situation of double taxation and what can the owner(s) of the companies do to reduce their tax burden?
A question this complex most likely will not be answered in the comments section.
I live in Virginia and followed this strategy and now I have to pay twice the tax. If you pass through from llc 1 to llc 2/s-corp the state considers them separate entities and the llc gets taxed and then pushed through the s-corp and taxed again
I think you are supposed to convert the LLC1 into LLC1-SCorp not open a whole new LLC2 on that operational side. LLC2 would be on the separate holding side of the equation.
lol 😂… Yeah he missed the point! Bottom line is.. the video was meant to intrigue people to contact the person running the channel and pay for his services to help accomplish these things and avoid such mistakes! But some people are very slow Learners!!😂😬🤷🏽♂️🤦♀️💩
Thanks!
Before I watch the entire video, could you please confirm if this all applies the same way to Canadians?
When you have one asset, LLC, owning another asset, LLC, don’t you lose some asset protection by structuring it that way?
This has been by far one of the best educational videos I’ve seen on RUclips in a very long time!
@markjkohler so, this may be total blasphemy and would love to be corrected but it would appear that the Trifecta has a major design flaw when it comes to privacy. If my estate (RLT) owns the LLCs directly, especially the ones that have risky assets like rental properties, then in the event of a lawsuit my info (I would be the trustee and I hear that would be in the deed of the property) will be part of the public record as to who owns that LLC. That then would lead the potential plaintiff to pursue me personally (a RLT has zero asset protection as it is all about bypassing probate). Why not instead have a WY holding company own the local LLCs that operate or hold property, and then that WY HC is in the RLT? That way, in the event of a potential frivolous lawsuit, when someone looks at the public record as to who owns the LLC that owns the rental property, they will not see my name but will see it is a WY LLC and that, on its own, may deter from even suing since that state will not reveal who owns that WY HC LLC. Kind of making oneself less attractive when an ambulance chasing lawyer is assessing if suing you is even worth it.
I'm new to this... WY = Wyoming; HC - Holding Company?
Just trying to understand what you are communicating. thx.
Correct
Good points. Keep in mind that you first want rock-solid asset protection. In the 90s, I learned from Dr. Arnold Goldstein, an asset protection attorney from Florida, that you should assume you have to turn over your entire plan to the judge and see if you have any protection. Privacy is like icing on the cake; that comes second. There is a blended point of view. Both of you have good points. I have seen several advanced seminars that use multiple land trusts, owned by LLCs, owned by other trusts, in multiple jurisdictions... It all starts with the basics of moving real estate out of your own name personally (all in my opinion and not legal advice).
What do you think of Ron LeGrand's entity structuring for building & protecting wealth and minimizing taxes?
Powerful message thank you so much for this knowledge and wisdom. I have money coming and need help with setting up my estate planning.
Hello! Thank you for your support. For tailored advice regarding Estate Planning, please head over to: kkoslawyers.com/contact-us/ Best of luck to you! -MJK Team :)
I’m in about 28 minutes here- so your flow chart is showing your s corp putting $ into your investment LLC for Roth, 401…. Is that the case? Your s corp can invest the $ into your investment LLC? I didn’t think that was allowed. It looks like one company paying another and getting nothing in return. Can you explain this some?
This is why there are haves and have nots. Those who do the work reap what they sow. This one video is worth a ton.
I totally agree
As a small business electrical contractor owner, can you pay yourself as a W2 employee, take a distribution for a high level electrical license and then take typical owner distribution?
What type of LLC can I start to use for day trading? I currently live in Michigan and I'm using prop firms, which are companies that fund traders with an account to trade with specific rules and earn payouts I believe it counts as ordinary income but I'm wondering if I can start an LLC for this purpose to save on taxes. Appreciate your help!
First of all, thanks for all the valuable information. I know I'm going to have to watch this again. Lots of information. I've been looking for the right way to set up a Trust and LLC that's going to more so protect my assets and me as well. I've heard of the S-Corp however I didn't completely understand how all this works.
Can you just start off with an S-Corp if you receive a large sum of money and put the LLC in a RLT to cut back taxes?
Wondering how this applies to assets in foreign countries?
Each LLC has a minimum tax / fee $1,000 - $1,500 per year to the Franchise Tax Board. Wealthy use irrevocable trusts, not llc's. Ten LLC's would cost thousands per year in minimum taxes and fees.
Interesting. You live in CA right? Here in VA the annual fee is $50. So quite a difference. Therefore, where you are incorporating could be a determining factor as to whether it's worth it or not.
When I lived in Cal, most businesses there incorporated, etc. In Nevada because of liberal incorp laws and low rates.
the IRS is targeting Trusts for tax invasion even more today than ever. Just passed a new law going after tax evaders
😂
I’m in CA and have an llc for our small farm. I pay 800 a year for it.
Why not just start off with an operations S-Corp LLC (#3) rather than starting off with #2 operations LLC & then converting it to type #3?
I have heard from many professionals that a single-member LLC has a much higher chance of being audited than a multi-member LLC. Does anyone know if that is true?
Profit from the scorp is still taxed income though? Fed and state?
This is so interesting. I'm amazed that this wealth of info is free via this video. I'm dirt poor and my main skillset is art, so I doubt I'll ever be able to effectively actualize in this way, but it is certainly interesting and Mark seems great. I'm envious, but with respect!
That's too bad you've decided you will always be dirt poor.
Can you have your stock trading under a s corp to save tax payments from stock gain?
If I'm trying to hide my name/income/taxes, as an llc who's name is on the taxes being filed? what IF i'm retired and don't want the IRS to know I have a side gig? Great video. Regards.
When is a Wyoming LlC required ?
I have watched many of your videos regarding asset protection using LLCs and a RLT. I think there may be a downside to placing multiple stock investments in an LLC owned by the RLT of the joint spouses upon the first death. I believe the step-up in basis will be on the LLC basis - not the individual stock basis. This situation would cause subsequent gain on sale of an individual stock to be calculated on the "internal" cost (not the stepped-up cost basis) of the stock. The K-1 would show the taxable gain without any regard to the step up. The step-up upon the first death would only affect the sale or dissolution of the LLC. Do I understand this correctly?
What if you have a 6 figure w2 and a side hustle making over 50K? Does the s corp still make sense?
I don’t think it would make sense under that structure that you’re describing. It would only make more sense once you approach six figures on the self employed side. But without knowing what your business is about, it’s not sent in stone you could still do it.
Why would the tax return be 1040 as it should be a 1041 being a trust. Exposing it in a 1040 exposes assets. A foreign grantor trust would eliminate taxes.
RLT is a grantor trust. Usually no 1041 needed.
Is that not cheating?
@@shenlawthe LLC’s would each be filing their own 1041.
What if I just want to keep my physical address private to open a bank account for now? Opening a farm next year.
Good stuff. Talk about the reasonable income and how to qualify for a mortgage.
@11:43, you mentioned a property management Operation LLC in California. Let's say you have Florida and Tennessee holding LLC to take title of investment properties. Can you use the CA LLC to be the manager for FL and TN investment properties? Can CA LLC receive rent, sign leases and etc?
When the new tax laws are in place can we use them in 2024 or have to wait for 2025? Such as buying equipment and getting the bonus depreciation? This question written after his election.
Can I put my primary residence under an llc to protect it from personal liabilities?
Set up an Wyoming LLC as an holding company and transfer your residence to an land trust, then use Wyoming LLC as trustee
If you are already grossing over the FICA limit on your regular W2, does S-corp still save you for side hustle income? I'm thinking no since you won't save the 7%-ish (Employers always pay the FICA share anyway?).
Amazing content
Question- what does LLC 2
offer that an S Corp does not? In other words why not just have the S Corp?
Don't you run into UBIT tax for businesses in a retirement plan like an IRA LLC?
Question, if I have a ca. retirement from state and planning on investing in some rentals, do I open a llc to protect my state retirement from taxes? Rental?
Well explained. Thanks for bringing up the videos financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
Do all of these llc have different names? Is it possible to have 1 llc and file DBA under the one for the same outcome?
If you pay less self-employment tax doesn't that mean you'll get less social security benefits too?
Thank you for your videos on the Trifecta structure. I am looking for a way to deed my house mortgage debt into any pass-through entity constituted for the purpose of paying off the mortgage and generating some passive income, that I may not distribute to myself for some years, while fully reinvesting into the entity. Would the Trifecta help? Any advice?
Cant your ownership of llcs be seized in judgements ?
Ceteris Paribus. Just because you convert to an LLC doesn't mean you're going to become a billionaire overnight. LLCs have just as many problem as non-LLCs... it's a different set of problems...
So you dont have yo file taxes on the other 2 llcs just the 3rd one or just the one you drw incom from and the 3rd one?
Don't you have to have a certain amount of revenue coming in to qualify for an S~Corp?
He stated if you making over 50k he suggest you convert it to a SCorp
very cool. one thingI didn't follow you. can my income for the llc ops be a W2? if yes that means I can do the s-corp and report that instead of w2 to IRS? thanks in advance for your clarification :)
no, it has to be 1099 / business / passive income. The company you work for reports your W-2 income to the IRS,. If you don't put it on your indiv tax return, you'll be getting a bill.
Isn't this void considering Beneficial ownership reporting?
So why would you say if you make under 50 k it’s not a worth doing a corp yet
Needed that
It’s not hiding and it’s not avoiding taxes, it’s incentives to stimulate the economy.
This should be crime how rich stay rich
@@breonmitchell2443 why? Because you’re too lazy to read up on it?
@@johnnycasteel7 I dont think he's necessarrly lazy, but not circulating money back into the economy is when it becomes a problem, which is what most people do...
@@JackVitick what's wrong with that? the govt pisses it away by the billions. circulating back into the economy is not our responsibility
@@johnnycasteel7 I've been doing some reading up on this, and I really learned a lot when I started asking who owned the slave ships.
Whats the difference feom this to S Corp?
There are tax rules, and tax laws, and some people have been either lucky, at increasing their wealth. If you could put money into a 401k, then you can avoid taxes until you cash out. This is where a few, have hit gross wealth, as unrealized capital gains are not taxed until they are realized. Also, a grossly successful guy, bought a company that was losing money, and turned it around. When he sold, he sold it for $120-$132 million (depending on future sales), note, he sold it 25 years later. But, he also used the success, to buy a business for his son, and his son owned and ran a successful 1950's style restaurant, in a busy location. But, that guy, realized his gain, over two years, and was grossly taxed for those two years. But, as an owner, he was also able to move to a state, that did not tax personal income, by buying a house there. So, he was able to pay less in taxes, for the 25 years of equity, that he cashed out in two years.
I completely understand everything discussed here in this video and have a pretty good understanding about such topics. However, the only part I’m not understanding is.. Why would I want to put my HSA in an LLC or even my Roth IRA in an LLC
if you don’t take from the Roth until retirement the idea is that your already on a lot lower tax bracket and the HSA just really leaves me scratching my head! 😂🤷🏽♂️..ate you saying to do that just incase someone sues you and you need to protect your Roth IRA and HSA accounts from them!? And even if you are say that… the problem is an HSA is not enough to consider for a law suite, plus I’m not sure it’s legally allowed to be considered as an asset in a law suite, right!? It’s a very limited amount that you can contribute from your paycheque throughout the year (before tax dollars) to use on qualified medical expenses only… and honestly unless you just have a ridiculous high income with little to no other ways to lower your taxes it’s really a dog shit deal/idea I don’t even like using an HSA! 😂🤷🏽♂️…
What happened to the w2's mentioned in the beginning
So the sole owner of all the Entities in the Trifecta is the Trust, and generally you as an individual are the sole Trustee?
Shouldn't every rental house be part of two LLC's? One to hold, one to rent.
Mark you never explicitly mentioned this for folks. You need an LLC to manage the properties.
Two is enough for a few rentals. Once you grow, start S-corp but don't do W2.
Have a regular W2 job
My CPA told me of a person in my Mother's trust taking money and he turns out to be an Assistant DA. Him and his uncle have been stealing for 30 years.
This sounds like what happened to my family.
Outcome?
😮😮😮😮
Never happened
I've heard about this who actually robbed everyone's retirement money. His name was federal reserve. I can't believe he keeps getting away with it.
I still have no idea how to lower the taxes I have to pay from operational business.
Great video thank you sir
Does a RVL use a ein or a itin ?
Where is your charitable remainder trust in your trifecta? The assets side?
Is this what the BOI report is for?
Hey and thanks for the video,
My question is if i have a duplex rental property that i live in one side and the other side is rented. I cannot put it under the llc as the house is homestead and by laws you can't have both the homestead and llc together.
I'd appreciate recommendations
Do you do private coaching?
Thank you for reaching out! Unfortunately, Mark is not currently taking on new clients at this time due to his demanding schedule. However, we absolutely want to be of help to you and there are a couple of options. If you are looking for legal and tax advice / a plan, please start with a consultation with one of our amazing tax lawyers at KKOS and they will help get your plan started. Connect with one of the lawyers here: kkoslawyers.com/
For more tax prep and planning, please connect with one of our Main Street Tax Pros who are trained by Mark, speak his language, and can also process tax returns. Get connected to a Pro anywhere in the country here: taxadvisornetwork.markjkohler.com/
Thank you so much!
MJK Team
How about if you have partner do you need two business account?
What's a "registered CPA and attorney"?
Hi Mark, I’d like to do what you are suggesting like in this video. Is there a number I can call and talk with you on setting this up?
What’s k-1’s taxed at
A schedule K-1 itself is not taxed. Instead, it reports your share of income, losses, credits, deductions, and other distributions from a partnership, s-corporation, estate, or trust.
How does this apply to earned(W2) income? Is there a way to pass it thru and LLC scorp. Also what can you do with money mad trading in a taxable account?
Fab, but what about the Brits / the UK-based super wealthy? I'd like to see a video like this for us entrepreneurs and investors in the UK.
seeing it visually is SO helpful. thank you sir
this is not an investemnt and or crypro channel and you have 95% of comments scammers scamming utube should do more.about this instead of blocking freespeach about comments they dont like
Perfectly said
Wrong. People involved in this channel are involved in crypto, and id you read the description you will see.
@@robert549 they talk about asset protection and taxes its not a crypto channel or what to invest in channel is my point, they dont talk about tradding or what to buy , so i was saying dont listen to the comments about what to buy and or invest in , see you are just looking to be contrarian to what ever it is so to have an arguememt but if you would have read what i wrote it clearly says utube should do more about scammers scamming instead of blocking those who just have opinions that the algo flags
On the #2 operational side, I don't understand why you wouldn't just start as an S-Corp?.... Starting as an LLC (unless you have multiple employees) over just starting as an S-Corp - regardless of your revenue - never made any sense to me.
Tax efficiencies differences. S makes sense , cost wise , to start with LLC first.
Rarely businesses are profitable first year.
I,m interested in converting to a S-Corp. How do I reach your firm for support?
Insightful. I have just ordered your book.
A bunch of people tried using LLCs during covid when they got their money now the IRS is after all of them😂😂😂
if my grandma had wheels she would have been a bike... so what does that have to do with this video?
No they didn't. That's why they got busted. They bought a bunch of expensive stuff.
Probably because they weren't even real businesses, so they were just defrauding the govt.
They WHO? And WHAT money for what?
@@BobsterAction funniest reference ever 😂😂
How do I contact you to get tax advice?
Thank you for reaching out! Unfortunately, Mark is not currently taking on new clients at this time due to his demanding schedule. However, we absolutely want to be of help to you and there are a couple of options. If you are looking for legal and tax advice / a plan, please start with a consultation with one of our amazing tax lawyers at KKOS and they will help get your plan started. Connect with one of the lawyers here: kkoslawyers.com/
For more tax prep and planning, please connect with one of our Main Street Tax Pros who are trained by Mark, speak his language, and can also process tax returns. Get connected to a Pro anywhere in the country here: taxadvisornetwork.markjkohler.com/
Thank you so much!
MJK Team
too many llcs end up costing a lot of money for example in calif its 700 yearly...so it's ongoing expense
First, thanks Mark for all of your great content. You've provided a map and I'm following along that path. Unrelated question: what digital drawing product do you use in these videos?
Microsoft Whiteboard
thank you, lots of clear information explained with examples in such a short video.
At what point is something like this worth the effort thought?
Thank you for explaining and this displays your integrity. If people dont sign up and go with someone else they need thsir head read..
As a matter of fact it's sounding more and more like money laundrying being described to me.?!
Can I do this from the UK? Mark
HOW DOES THE OWNER OF LVMH HOLDING COMPANY DO IT 🙋♂️🙋♂️🙋♂️
Video explainer on ROTH IRA - Crypto Mining so we can prepare for 2025 bull run ser, thanks
Thank you so much for the video... And I don't think it's a get rich slow scheme and is a get wealthy incrementally plan
Mark: what is your personal net worth?
What do mean by syndication
Also I hate to point out the obvious but unless I’m missing something here!? Your statements about the Roth IRA being placed in the LLC allows you to make your own investment decisions is extremely misleading 🤣… The entire point of the Roth IRA is to allow the person to use “after tax dollars” (AKA money they already paid taxes on) to purchase securities that they want to hold in there Roth IRA. The freedom of choice is there from the beginning and there is no need to place it in an LLC just to have control over the underlying securities placed within it! As long as the securities are considered (legally by law) suitable for the Roth IRA Investment account/portfolio… They can put anything they want in there, with or without an LLC
I used the company to create an llc for a rental on AZ. It was filed as a partnership instead of husband and wife which has made my taxes much more complex then it would have it it had been a husband and wife LLC.
Peter Thiel can still send 6k to his IRA?
I do t wanna sound ignorant, I have been in those shoes, but if you can’t afford to have you entities done correctly professionally then you probably don’t need any of these. Good luck folks
If you cannot afford it then this isn't for you. Learn how to make money first.
Thank you thank you thank you for your wisdom video is very good and your knowledge was very good
Yeah, try it and see how fast the irs comes breaking your door down. Its a big club, and you are not in it.