In this episode, we'll dive into the Augusta Rule, which allows you to rent out your vacation property for up to two weeks without paying taxes on the rental income. Learn how to take advantage of this rule to boost your earnings while enjoying your own vacation home.

Tune in now to take your financial journey to new heights!

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#tax #savings #wealth

In this episode, we also delve into the notorious "Dirty Dozen" list compiled by the IRS, unveiling the most prevalent tax scams that individuals and businesses need to be aware of. To add to the intrigue, we explore the fascinating concept of Offer in Compromise, guiding you on how to determine if you qualify for this potential lifeline in resolving your tax liabilities.

Episode Highlights:

LINKS:

Profit & Loss Template

Save Taxes: Free Consultation 

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IRS dirty dozen

IRS pre-qualifier

We discuss buying real estate within retirement accounts. We'll explore the recommended entity structure for retirement accounts, uncover a tax you can easily avoid, and unveil the biggest risk to steer clear of. Whether you're a seasoned investor or just starting out, this episode will provide you with valuable insights and strategies using your retirement savings for real estate investments.

LINKS:

Profit & Loss Template

Save Taxes: Free Consultation 

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#tax #realestate #savings #wealth

In this episode,  we delve into the significance of hiring your first employee and its impact on your retirement plan. We discuss the benefits and features of a Solo 401K. Additionally, we address the question of when it may become necessary to shut down your Solo 401K. Furthermore, we examine the tax savings associated with a 401K plan for employees, highlighting the potential tax deductions and deferrals that can be obtained, providing valuable insights for entrepreneurs navigating retirement planning while expanding their workforce.

Episode Highlights:

Links:

Profit & Loss Template

Save Taxes: Free Consultation 

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#retirement #tax #savings

Discover what qualifies as a business trip, ensuring you never miss out on deducting your meals. Uncover strategies on how to effectively document your meal expenses, allowing you to confidently navigate the complex world of tax deductions. And most importantly, how you can write off 100% of your food expenses, unlocking valuable savings. Tune in and take control of your meal deductions today!

Episode Highlights:

Links:

Profit & Loss Template

Save Taxes: Free Consultation 

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#tax #savetax #wealth

In this episode, Jon McMahon joins us to discuss the financial challenges involved in running outdoor events. From understanding the intricacies of hosting large-scale outdoor events to navigating the potential financial risks, Jon shares invaluable insights. One key point highlighted is the importance of careful planning to address the cash flow problem that often arises during these events. Listeners will gain practical advice on securing sponsorships, budgeting, and managing cash flow to ensure a successful and financially stable outdoor event. Tune in to gain expert knowledge and strategies for overcoming the financial hurdles of hosting outdoor events with Jon McMahon.

Links:

Hudson Valley Rodeo

Elements Music

Email Jon

Profit & Loss Template

Save Taxes: Free Consultation 

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#tax #taxsavings #savings #wealth

In this episode, we dive into three powerful strategies to help you declutter and streamline your business finances. Join us as we explore practical tips and expert advice to enhance your financial management skills and take control of your business's economic well-being.

Episode Highlights:

Links:

Profit & Loss Template

Save Taxes: Free Consultation 

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#finance #savetax #tax #taxsavings #business

In this episode, we have a special guest, Ryan Bakke, CPA, who specializes in helping Real Estate Investors become Tax Smart. Together, we delve into the intriguing world of taxes and real estate investment strategies.

Episode Highlights:

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Ryan’s FB Group

Learning Bundle

HOME OFFICE DEDUCTION TEMPLATE

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#realestate #tax #savings #taxsavings

In this episode of the podcast, we explore important topics related to taxes. We discuss the difference between tax avoidance and tax evasion, highlighting the need to understand the distinction between the two to avoid legal complications. We also examined the reasons why your accountant might be giving you bad advice, emphasizing the importance of identifying and addressing any issues with your accountant's advice. Lastly, we explored strategies for legally avoiding capital gains taxes, which can significantly impact investment returns. By utilizing these approaches, you can reduce your tax liability while still complying with tax laws.

Episode Highlights:

Links:

HOME OFFICE DEDUCTION TEMPLATE

Save Taxes: Free Consultation 

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As an entertainer, there are certain tax deductions that you may be able to take advantage of. While the rules can be complex, it's important to keep detailed records and work with a tax professional who can help you navigate the process. 

In this episode, we will be discussing tax deductions for entertainers. If you're a performer or entertainer, there are certain expenses that you may be able to deduct on your tax return. Here are 5 tax deductions you may be able to take advantage of:

Links:

HOME OFFICE DEDUCTION TEMPLATE

Save Taxes: Free Consultation 

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