Accountant Q&A: Watch This If You HATE Taxes

Рет қаралды 21,206

Күн бұрын

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00:00 - Introduction and Initial Discussions
03:00 - Question on Tax Benefits of EV Vehicles
08:00 - Question on Converting PLLC to S Corp
13:00 - Query on Business Expenses for Meals
19:30 - Discussion on Real Estate Investment in Different States
25:00 - Question on Owning an S Corporation and Hiring Children
31:00 - Determining the Need for Multiple LLCs for Different Properties
36:30 - Final Remarks and Conclusion
#EV #Realestate #retirement #Taxes #avoidtaxes #paylesstaxes #wealth #tax #realestateinvestment #Markjkohler #KKOSLawyers #markjkohlerLIVE #Entrepreneur #rentalrealestate #taxplanning #smallbusiness #taxlaw

Пікірлер: 40

@rai55 4 ай бұрын

Became a subby this month & obsessed with how informative your show is (& the quirky CPA/ESQ sense of humor is on another level 🤭).

@spookybooscarystorytime 4 ай бұрын

Darn it! I had a mouth full of coffee when they did that pothead/cookehead comment and now it's all over the place.

@spookybooscarystorytime 4 ай бұрын

I don't necessarily hate taxes but I hate that they take so much that it is hard to live when the economy is down and you're not making a lot. That SE tax just peeves me especially when they tax it again when you receive it later on in life yet if you can afford to put away in a savings plan of some sort you're not taxed. It's almost like punishing the thsoe who have worked hard to survive and now, after being on the other side of $100K per year for over a decade, I finally get why people are so peeved. It was hard parting with a couple thousand a month as an employee, but it's much harder trying to live when they take and take when the business is doing so poorly you can't afford expenses or even life itself. And please commenters, don't start on the "get a better job or your biz stinks" because there is stuff you don't know about my situation that I am trying EVERYTHING to fix.

@user-bj6zz1zh2x 4 ай бұрын

Loved my Answer! Thank you!

@susannarducci3350 4 ай бұрын

You both are awesomeness!

@omargavarrete1078 4 ай бұрын

Great video bro thanks

@albongo3949 4 ай бұрын

Always start as an LLC, that was important to hear for self starters.

@gregsmith1116 4 ай бұрын

Thanks Gentlemen!

@jeremiahanderson1159 4 ай бұрын

Thanks Mark ❤🙏 1:48

@calet9959 4 ай бұрын

I feel like I’m glitching in the matrix. The edits are sooo bad. :). That or I have a dial up connection. But you guys are great. I’ll try to finish watching without having a seizure now. Thanks again.

@tankeryankernomore6499 4 ай бұрын

Question. I work remote and live in different state than employer is based. Would I benefit from using a CPA? I contribute the max to fed/state withholdings and still owe like three grand at end of year. Drowning here

@dchien88 4 ай бұрын

How does RMD fit in the picture with a Directed IRA account used to buy rental properties?

@CraigK5thGen 4 ай бұрын

You don’t file both the 8832 and the 2553, the 2553 is one stone that kills both birds Mark.

@LowOutput 4 ай бұрын

I was about to buy Matt’s book but you said a 3rd edition is in the works. How long should we expect it to be before it’s available?

@sandys2672 4 ай бұрын

Now all I could see are your legs sticking out from under an old sink. All I could say is what a great way to spend your time in Italy! Hope it all worked out 😂 kidding aside, thanks guys fir this very upbeat fun and HELPFUL VIDEO! Godspeed.

@mikeb2777 4 ай бұрын

I don't hate taxes, I hate how they are being used.

@shanew7361 4 ай бұрын

My father died in October 2022. My parents filed their 2021 taxes late with an extension shortly before my father died in 2022. They are due a federal refund, and every time I've entered the information onlime, it states its pendimg. This has been pending now for over a year now, the IRS refund. What can I do to get this money refunded back to my mother? Our accountant has called and for the last year they keep saying another 30 days, clearly its been over a year now. Thank you.

@MaxResDefault2600 4 ай бұрын

Crazy idea/question, but if you file as an S-corp (1 employee, yourself), can you re-file 2020/2021 taxes to claim the ERC (Employee Retention Credit) of 50% of your salary you pay to yourself? Also, can you re-file your LLC taxes and retroactively become an S-corp in order to do so?

@williamlynch2798 4 ай бұрын

Can I file crypto separate from personal taxes. And not tell my accountant.

@jenniferkirby6567 4 ай бұрын

This year I get to find out if the IRS has their mistake corrected. I think I have been declared dead by them ever since my spouse died. I checked with SS, where I am alive and well. They repinged my info and I sent a letter and copy of the death cert to the IRS. Heard nothing back. They still owe me 3k from '21. 🙄

@-Jason-L 4 ай бұрын

If your w2 is high enough, you will pay the max into social security and wont need to pay the self employment tax on your side gig.. hence s corp can be pointless.

@nojokeauto 4 ай бұрын

This rideshare company I work for keeps sending me a 1099 NEC with my personal information instead of my business name and S Corp EIN number. After multiple W9 form sent. They still refuse to update my tax status as an Scorp. And say in one of the emails I must do it out of my personal Social Security number. And they don’t accept “business name” as of 2023. Can you point me in the right direction?

@BrigitteBrodski 4 ай бұрын

nmore Q&As please

@loucinci3922 4 ай бұрын

My company HSA indicates "any money you take out of your HSA to pay for qualified medical expenses is income tax-free", how do I "self distribute"? Do you have to prove you are spending HSA $$$ for medical expenses?

@hutchgold6530 4 ай бұрын

I am a sports official. I travel a ton from March through October for umpiring softball. I live about two hours from Kansas City and so I go over Friday night (stay both Friday and Saturday nights) and then return home Sunday evenings. I am thinking I would like to purchase a mini camper, so I won't have to stay in random dingy hotels and not have to room with strangers. Some are just not my type of people! But - if I purchase a camper.... How can I best utilize it for my business ventures?

@williampaskewitz5383 4 ай бұрын

6001 pounds

@johnnyb33good21 4 ай бұрын

Look up Section 179. It's a deduction that is limited to heavy-duty SUVs, with a gross vehicle weight between 6,000 and 14,000 pounds

@hutchgold6530 4 ай бұрын

They are named Runaway Campers.

@jeremiahanderson1159 4 ай бұрын

😂😂😂 2:04

@williamlynch2798 4 ай бұрын

If I never sold my crypto .do I report or not

@williampaskewitz5383 4 ай бұрын

Sell = taxable event

@daviddupuis2597 4 ай бұрын

How can I meet with you & retain your services?

@MarkJKohler 4 ай бұрын

Depending on your situation and your questions, meet with my team at kkoslawyers.com/contact-us/ OR directedira.com/appointment/

@diversityhobbit 4 ай бұрын

guys voice sounds just like Dave Ramsey

@waynehendrix4806 4 ай бұрын

I don't think "Lick my Bass" is a good podcast idea...🤣 "Bassman" is also probably right out. I'm nervous about any activity called a "back door Roth" without some safe words. I think Van Halen learned that early on.

@mariocohen2825 3 ай бұрын

"Promosm" 🌹

@user-mu4sm4nb1d 4 ай бұрын

I just spoke to someone in Retirement at Fidelity. I asked, "I would like to make a Roth conversion from my Self Employed 401(k) to my Roth IRA. Does it already allow that or does the Self Employed 401K need to be amended to allow for in-service distributions or Roth conversions?" She said you can only put in $7500 for 2023 -- even as a backdoor Roth, and you can't move it from a Solo 401K until you're 59 and a half. And you can't roll it from a Solo 401K to a Roth no matter any age. You can only roll from a SEP IRA to a Roth IRA, and that it's only for people who make too much money, and even then the most that can go in is $7,500.