The Tax & Legal Playbook The Rich Use To Beat The IRS

Рет қаралды 49,354

Ай бұрын

Being a Tax Advisor is a lucrative opportunity...Book a FREE demo to become a Main Street Tax Pro today: calendly.com/mark-j-kohler/ma...
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00:01 - Introduction to Business Tax and Legal Guide
02:03 - Importance of Planning for Long-Term Wealth
04:14 - The Trifecta Concept Overview
06:42 - Benefits and Flexibility of the Trifecta
09:31 - Tax Tips for Business Owners
12:49 - Resources and Getting Started
15:31 - Finding the Right Accountant
17:54 - Conclusion and Call to Action

Пікірлер: 62

@hofstra3254 Ай бұрын

I signed up for the tax advisory group and paid $10,000 at the conference two weeks ago I’ve been stood up on both of my on boarding calls to get started in the program. Customer service is terrible. I can’t get a hold of anybody and there has been no support and my first impression when starting to get going has been awful. I’m not sure who’s running things there but if this is what I can expect I’m not gonna be a happy camper

@nicolehubert7308 Ай бұрын

You are using his tax advisory group or who are you reviewing right now?

@eddylopez4141 Ай бұрын

Yup. They are more than busy right now.

@realjdmh22 Ай бұрын

Ohh no thats not good this is why I don't trust these videos on KZfaq and social media it's alot of BS.

@mike2959 20 күн бұрын

@@hofstra3254 Have you heard anything? If so how has your experience been?

@RickGoncher 9 күн бұрын

Yes, they're busy helping everyone all at once and at the moment they're just a bit short-staffed. Give it some time. I signed up last November and it is well worth what you paid. I promise you will not be disappointed! You're one of about 100 that joined.

@GlennGoryl Ай бұрын

Nobody's scared - just overwhelmed. Thank you for doing this.

@jeffbrewer8810 Ай бұрын

You said it! I had a business for twelve years. The first three years were characterized by the entrepreneurial spirit and excitement. The middle six were dedicated to treading water. The final three were trying to figure out how in the world could I escape. Overwhelmed is exactly my experience. So busy keeping up with the “business of the business” I had no time to work ON my business.

@sheeba7846 Ай бұрын

If only we didn't have so much bureaucracy and overly complicated tax-codes, we wouldn't need to play these stupid games :(

@blackfashionweekly Ай бұрын

I'm in love 😂😂😂 just kidding. Great content...top-tier...the best of the best. Thank you sooo much!

@Dwb.x 17 күн бұрын

I paid $1400 ish for a briefing call that included them sending me advice in writing. They stood up first one. On the second the call was only 45mins. They said they’d come back with advice. They never have. Know one answers the phone. I’ve sent two emails asking for their follow up. I don’t care how busy they are. I’m a CEO running a global business and they are not busier than me. To not even acknowledge my emails is beyond unprofessional. Don’t use them. They are rubbish. I was forced to look for another firm.

@loucinci3922 Ай бұрын

Enjoyed the video. Thanks for sharing

@ayayshopping Ай бұрын

thank you

@ismaelhall3990 19 күн бұрын

Thanks.

@Bodybymilk Ай бұрын

Hi Mark, could you do a video on what advice you would give for fresh accounting graduates?

@lisaMauer-sj5el Ай бұрын

With the guidance of my financial advisor, Monica Mary Strigle (my FA), I retired at 50, three years earlier than planned. Her advice to diversify beyond traditional retirement accounts like 401K and IRA led me to explore rental real estate. As a Limited Partner in a potfolio of 1500+ units, I generated passive income and accumulated wealth. Thanks to Monica expertise and tailored strategies, I now enjoy a fulfilling retirement without traditional employment. Her insights in real estate investment have been invaluable on my path to financial freedom.

@tookus100 Ай бұрын

Mark..what tablet..electronic device did you use for your whiteboard..and what was the setup so that you could see it onscreen...Thanks..Richard

@JanMarieKellyAuthor Ай бұрын

So when you're 57 already this video is not for us?! I wish we had access to so much info when I was in my 20's (or even 30's). They need to teach some basics to everyone in high school, but they don't teach anything for life skills, etc - they just teach being a cog in the wheel at public schools.

@BenvolioCapulet9 18 күн бұрын

Good point - my take now, is to pass the right info on to my kids so they can get the jump I was never apprised of.

@aaroncook5928 16 күн бұрын

Yep, the internet really changed the world... bringing information to peoples finger tips that previous generations simply didn't have. College is pretty much pointless now except for the piece of paper some people/business require. I'm a millennial so I got to experience this transition real time... from rotary/party phone lines to iPhone and internet mayhem. I still feel too old to take advantage of this as I have spent most of my life not having a business; but investigating options.

@shawnm2405 Ай бұрын

So the asset LLC is a holding company. The trust part can be quite complicated and only seem necessary for a personal home or bank account.

@RickGoncher 9 күн бұрын

Shawn, that's not the point of the RLT. When you put your assets into the trust, they stay in an Irrevocable Trust at your death. Tax-Free Wealth.

@lisalyons5381 Ай бұрын

Can you do a video on windfall $$$

@amcreaken Ай бұрын

I make good money on my W2 as a healthcare provider. Is there a way to transfer my W2 to an S-Corp to take advantage of all of these tax strategies?

@lisalyons5381 Ай бұрын

Don’t you need or shouldn’t you have a different trust for homes and diff one for education for kids and diff ones for stocks and crypto etc etc? What is the difference between a trust and an LLC ?

@The_Vangster Ай бұрын

which trust is better? revocable or irrevocable trust dont want to pay alot of taxes and dont want to own anything ..just want toanage it..any info would be appreciated

@andrewday7799 4 күн бұрын

I pay over $100,000 per year in taxes. It's so crazy. If you are financially illiterate (or you dont want to start a business) your tax burden is 40 percent. You have to figure out all these strategies and loopholes or you are basically existing to make money for the government.

@LuisAlfonsoGarciaSegundo Ай бұрын

Why don’t you do trifecta in Virginia?

@SutwinHoldings-h5x 5 сағат бұрын

Hello Max, I live in Orlando Florida, I need your services, how can I find a local professional that can help me? You really opened my “eyes”, I’ve been paying taxes left and right like an ignorant. Thank you. Joe

@TedThomson-xd8vk Ай бұрын

what if you're buiness is trading under an LLC? could you make a video for traders who change their captical gains tax into regular income?

@montraygibson9802 Ай бұрын

Do you also teach us to invest excess money to lower tax burden? Another financial youtuber I like makes 1.2 million but buys real estate in cash to lower his taxable income to 80k. Would this set up help to do such a thing?

@BwanaSparks Ай бұрын

Do you have an office near San Francisco or Miami where I can speak with someone to create an account with?

@nguye1971 Ай бұрын

Who should own the S corp? Trust vs. Individuals? Thanks

@acarpcreate Ай бұрын

On a basic level, a trust gives privacy and separates your name from the entity.

@medicarebymike9065 Ай бұрын

I'm an llc right now. Can i add an s-corp mid year?

@acarpcreate Ай бұрын

Yes, and you can back-date to the beginning of the year.

@quintinmason3723 Ай бұрын

quick question if ya have a s-corp if ya buy a business should ya put it in a s-corp because it is active income

@mike2959 Ай бұрын

I wouldn’t elect a s corp for real estate. Choosing what kind of entity depends on business. Election of S Corp saves money on t eh self employment taxes that sole prop and LLC have to pay.

@TheNextAdventureShow Ай бұрын

How do you move your profit from your Operational LLC to your Asset LLC?

@joshuakemper5863 24 күн бұрын

Your operational earnings are invested into your retirement accounts (subject to limits). Once in those retirement accounts via self direction you can choose how to invest it. Whether it be in stocks, or other assets like other businesses (asset llc). This could potentially grow tax free depending on the sort of retirement account you use.

@martynsharp5936 Ай бұрын

So which link do I use to find a CPA?

@MarkJKohler Ай бұрын

Hey there, find a Tax Pro here: taxadvisornetwork.markjkohler.com/

@hyvision5919 Ай бұрын

Trifeca sounds so diddy

@lanexang8127 Ай бұрын

How to pay low taxes when every company have profit

@mike2959 Ай бұрын

Mark is right on the money. Here’s my current setup and timeline. 2017-Opened a small cafe LLC multi with wife. 2019- Cafe LLC “loaned” funds to our holding real estate LLC to purchase the plaza the cafe is in. With 4 other commercial tenants in plaza. All have leases with holding LLC including our cafe. Very important. Purchasing this lowered the tax burden of cafe for that year 2021. Cafe elects to be taxed as a S-Corp. 2022 to current… quit both W2 corp jobs wife and I have had for 20 years. Wife is “on payroll” taking a “reasonable comp” at Cafe. Me. I qualify for real estate professional status as I (on paper, but reality WIFE and I) self manage now 40 rentals. Because of this real estate professional status we are able to use the passive losses to offset wife’s w2 taxes from the cafe. We haven’t done the trust portion yet. Or the property mgmt LLC to do a solo 401K.

@maribelrodriguez9351 Ай бұрын

Tks a lot for sharing your experience Mike!

@ArtfulAfrica 11 күн бұрын

It would be a pleasure to learn. After 10 years of working at the bedside as a Nursing Assistant. Am ready to register my LLC. Please share some tips on registering and where did you register your LLC from.

@AYLove1 Ай бұрын

The trust will have to be depleted within 10 years of the owner’s passing, forcing the heirs to sell off everything in the trust and unwillingly generating huge tax bills.

@AYLove1 Ай бұрын

In addition, the trust is generally taxed at a higher rate than personal tax rates which the owner has to pay every year.

@scentilatingone2148 Ай бұрын

How do I get started as a business doing what your doing. Seems fun. Former Civil Engineer

@freewillchoice8052 Ай бұрын

He said he’s a CPA and a lawyer so go to law school and CPA school to do what he does…

@MarkJKohler Ай бұрын

Hey there! Check out our Main Street Tax Pro Certification program, you can get certified and start your own side hustle helping other people. Learn more and sign up here: markjkohler.com/the-main-street-tax-pro-certification/

@AvatarVirtualPost Ай бұрын

Hi I have formed an LLC and I'm using the funds from my BLOC to invest in crypto in my personal crypto wallet accounts How do I Transfer my profits into a ROTH IRA or CRUT What's the ideal set up

@AvatarVirtualPost Ай бұрын

Note I've only created an LLC as an avenue to get Funding for my crypto investments through acquisition of business credit cards so no real operation is taking place in my LLC

@AvatarVirtualPost Ай бұрын

Should I convert to an s-corp if I made over 100K/year

@mike2959 Ай бұрын

@@AvatarVirtualPostIs “made over 100K” in profits? Like everything paid? Or is that gross income for your business? Is that’s gross for your business. Probably not. If it’s net, like your profit yes.

@stewartlogan9894 Ай бұрын

While the strategy is legal, it’s a bit disingenuous to avoid paying SS taxes and then exclaim “You can’t count on it!”

@tsdorsey 20 күн бұрын

SS has been a bucket of IOUs for more than two decades. The promise when it was enacted was that it WOULD NOT tax new people to pay for old people. We were promised that it was a retirement investment account. You would get out what you put in plus investment gains. That promise was broken almost before the ink dried. Then they started raising the age of “retirement” extending the number of years you have to pay and decreasing the number of years they have to pay out. So yeah, we’re gonna do all we can to not pay into what amounts to the largest Ponzi scheme in history.