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

Рет қаралды 30,283

26 күн бұрын

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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: 47

@lisaMauer-sj5el 11 күн 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.

@hofstra3254 17 күн 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 11 күн бұрын

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

@eddylopez4141 10 күн бұрын

Yup. They are more than busy right now.

@realjdmh22 9 күн 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.

@GlennGoryl 24 күн бұрын

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

@jeffbrewer8810 21 күн 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 23 күн бұрын

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

@shawnm2405 24 күн 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.

@JanMarieKellyAuthor 24 күн 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.

@mike2959 22 күн 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 12 күн бұрын

Tks a lot for sharing your experience Mike!

@Bodybymilk 23 күн бұрын

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

@tookus100 19 күн 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

@loucinci3922 24 күн бұрын

Enjoyed the video. Thanks for sharing

@ayayshopping 19 күн бұрын

thank you

@blackfashionweekly 12 күн бұрын

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

@lisalyons5381 24 күн 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 ?

@DeezBallzz 14 күн 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

@amcreaken 21 күн 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?

@TedThomson-xd8vk 23 күн 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?

@BwanaSparks 22 күн бұрын

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

@montraygibson9802 22 күн 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?

@lisalyons5381 24 күн бұрын

Can you do a video on windfall $$$

@LuisAlfonsoGarciaSegundo 22 күн бұрын

Why don’t you do trifecta in Virginia?

@nguye1971 23 күн бұрын

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

@acarpcreate 22 күн бұрын

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

@medicarebymike9065 24 күн бұрын

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

@acarpcreate 22 күн бұрын

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

@quintinmason3723 23 күн 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 22 күн 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 17 күн бұрын

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

@joshuakemper5863 2 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.

@lanexang8127 23 күн бұрын

How to pay low taxes when every company have profit

@martynsharp5936 23 күн бұрын

So which link do I use to find a CPA?

@MarkJKohler 23 күн бұрын

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

@AYLove1 21 күн 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 21 күн бұрын

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

@hyvision5919 19 күн бұрын

Trifeca sounds so diddy

@scentilatingone2148 24 күн бұрын

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

@freewillchoice8052 24 күн бұрын

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

@MarkJKohler 24 күн 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 23 күн 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 23 күн 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 23 күн бұрын

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

@mike2959 22 күн 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.