ANDERSON TAX PLANING ZOOM ON 9.17.22

 4100 without the accountable plan

pay actor rates when they hire professional photographer and create media... and put directly in their Roth you never had to pay any money on what you are paying your kids.

S corp (you can say its easier, it has a balance sheet attached)

Schedule C (more formality. books and records are maintained on all businessesses)

What is an accountable plan?

-employer (not with partnership, s or c corp for tax purposes. llc taxes as a c corp.)

COMMON REIMBURSEMENTS

EDUCATION (GET REIMBURSED)

START UP (ORGANIZATION FEE,

TRAVEL EXPENSES (50% OF TRIP OR MORE IS BUSINESS, WRITE THE TRAVEL OFF)

4 WORK DAYS, ANOTHER  5 DAYS WRITE OFF PLANE TICKET. HOTEL, REIMBURSE MYSELF FOR THE DAYS THAT I WAS THER FOR BUSINESS.

CELL PHONE (INCLUDING ITS DATA)

COMPUTERS AND EQUIPMENT (LAPTOP, ETC)

INTERNET

SUBSCRIPTIONS

BUSINESS MEALS (100% DEDUCTIBLE THIS YEAR AS LONG AS PURPOSE OF THAT MEETING IS BUSINESS)

EMPLOYEE HOME OFFICE (LOOK AT OVERALL EXPENSE OF THAT HOUSEHOLD AND TAKE A PERCENTAGE) 

MEDICAL, DENTAL, VISION, AND LTC (WRITE OFF YOUR INSURANCE PREMIUMS. IF C CORP AND NO OTHER FULL TIME EMPLOYEE, YOU CAN DO THIS. JUST HAVE TO INCLUDE THEM. CAN WRITE OFF 100% EVEN COPAYS AND DEDUCTIBLE)

15K OUT OF DEDUCTIBLE NOT TAXABLE INCOME

#1 ADMINISTRATIVE OFFICE IN YOUR HOME. ADMINISTRATIVE TASK FOR YOUR BUISNES.A LOT 

WYOMIN LLC, TAXED AS C CORP THAT IS MANAGING THAT LLC. I NEED MARRIAGE THAT BUSINESS FROM MY HOME. I SET UP A ROOM THAT IS MY BUSINESS ROOM. I CAN WRITE OFF THE PORPROTION OF THE HOUSE. REIMBUSE MYSELF. DIRECT COST OR INDIRECT COSTS. 

SHOW YOU HOW TO DO THIS. IF HAD TO PAIN IT, REWIRE THAT ROOM, I GET TO WRITE THEM OFF 100% DEDUCTIBLE, BUSINESS CAN REIMBURSE YOU.

MORTAGE, REAL ESTATE TAX, INTERNET, I CAN WRITE OFF 100% OF THE HIGH SPEED INTERNET AND A PORTION OF THE REST OF THE INTERNET. EVEN A HOUSE CLEANER, WRITE IT ALL OFF. 

EVERY 27.5 YEARS THAT HOUSE NEEDS TO BE REPLACED. I DONT HAVE TO PAY TAX ON IT, I DONT HAVE TO REPORT IT. TOTAL SQUARE FOOTAGE. WE EXCLUDE HALLWAYS AND BATHROOMS. WE HAVE EXCLUSIVE BUSINESS USE AREA. THAT IS THE OFFICE. 

THIS IS USABLE SQUARE FEET. DONT INCLUDE GARAGE AND ATTIC. THE NUMBER OF ROOMS, I CAN SAY HOW MANY ROOMS IN THE HOUSE. BIG LIVING ROOM AND BIG LIVING AREA. 6.943 REIMBURSEABLE AMOUNT. 

WRITE 20% OF THAT AMOUNT (DEPRECIATINO EXPENSE). QUESTION, WHERE DO I REPORT IT? DOES IT GO ON MY 1040. COMPANY WRITES THIS OFF AS OFFICE EXPENSE. WHERE DO YOU REPORT IT? YOU DON'T.

$5 PER FOOR PER YEAR SOLE PROPERTIORSHIP CAN GET DEDUCTED

VERSUS 6943 (AND NO EXTRA FORM)

IF YOU ARE RENTING YOU CAN STILL DO IT. OTHER WAY, CORPORATION IS BY DOING 

4K AUGUSTA PROVISION, 14 DAYS OR LESS, YOU DONT HAVE TO PAY TAX ON IT. GET 4K A DAY (RENTING HOUSES TO GOLF PEOPLE) AND GET UNTAXED ON IT (WOW!). 

DEPRECIATION

1031 EXCHANGE

INSTALLMENT SALES

STEP UP IN BASIS (PASS AWAY OR SELL IT TO ANOTHER S CORP)

BUY BORROW DIE (ALL THE WEALTHY DO RIGHT NOW)

INCOME SHIFTING (GIVE IT TO YOUR KIDS, FAMILY MEMBER, INCOME SHIFTING. GETTING OUT OF YOUR TAX BRACKET INTO SOMEONE ELSES)

*IF YOU OWN HOME, WRITE OFF YOUR EXPENSES. 

YOU CAN SELL YOUR HOME IF ITS TOO MUCH GAIN. HIT 500 SELLING 1.5 HITTING 500K IN CAPITAL GAINS. THAT SUCKS WHAT DO I DO?

1031 AND 121 EXCLUSION MAKE IT A RENTAL AND AVOID TAX ON THE WHOEL THING.

WHAT IF HIGH INCOME PERSON?

ALL SORTS OF COOL DIFFEREN NUANCES. SITTING OUT THERE. THERE IS A LOT. 

ALL YOU HAV TO DO IS TALK TO US, AND OUR FOLKS WILL FIND THEM FOR YOU. START GOING TO TAX TUESDAY. GO TO OUR YOURUTBE CHANNEL. TAKE IT SLOW. THERE ARE SO MANY STRATEGIES. DONT DO THEM ALL AT ONCE.

TAX LAWS, BUSINESS OWNERSHIP

PICK 3 THINGS AND IMPLETEMENT THEN IN THE NEXXT 6 MONHTS. THEN IN THE NEXT 6 MONTHS, DO IT AGAIN. 

REALLY EASY FOR US BECAUSE WE DO THIS ALL DAY LONG. JUTS ASK US. IF YOU ARE PLATINUM, IT'S FREE. LAST THING TO COVER, 

EASIEST WAY TO CREATE A LEGACY.

TRUE BELIEVER, WORST IS GIVE THEM MONEY THAT THEY DIDNT EARN. LIFE EVENTS AND YOU ARE HELPING, THAT'S FINE. THE FACTS ARE HORRIFIC. 

REALITY CHECK:

WE ARE ALL GONNA DIE. DIRECT WHAT WE CREATE TO ITS BEST USE.

I LOVE CHARITY WORK. GETTING INVOLVED IN IT. FULFILLING AND REWARDING. 

I WENT TO A SCHOOL THAT REQUIRED COMMUNITY SERVICE. YOU MEET SOME VERY COOL PEOPLE. CHANGE DIRECTION OF YOUR FAMILY IF WE GET INVOLVED IN THIS TYPE OF WORK.