ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

In this informal tax savings strategies question and answer session, attendees shared some of their favorite and most effective tips. The discussion opened with an in-depth comparison between a Traditional IRA, a ROTH IRA, and a Solo 401k. Are you getting the most out of your retirement account?

Learn the nuances between these qualified retirement plans to ensure you're putting your money in the right vehicle to drive your financial freedom goals. This conversation ran the gamut and took a full 90 minutes. Jump in to discover new ways to lower your taxable income, increase your return on investment, and navigate retirement plan options with confidence.

Want a refresher or to see what you missed? Watch the replay.

*********************************************************************************

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Cost segregation is a tax strategy available to the following:

• investment property owners
• owners of properties used to operate a business

You don't pay the depreciation expense out of pocket. Instead, you claim the fee and have less of a tax burden on your income. Cost segregation maximizes the amount of depreciation expense by accelerating the decline of your property's value.

Want a refresher or to see what you missed? Watch the replay.

ADDITIONAL COST SEGREGATION RESOURCES

Read: Minimize Taxes through Cost Segregation (blog post)

View the Cost Segregation Slide Deck (ppt)

*********************************************************************************

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

It's common knowledge that rental income is typically classified as active income. This income is then reported on a 1099 Schedule C and incurs self-employment tax of around 15%. What you might not know, is that there are ways to structure a short-term rental business so that it qualifies as passive income. Passive income is exempt from self-employment tax. Listen in as Pete presents the distinctions followed by the IRS and as group members chime in with their personal experiences.

Want a refresher or to see what you missed? Watch the replay.

View Short-Term Rental: Active vs. Passive Income Strategies (ppt)

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Pete presents the August Rule opportunity afforded to homeowners in this session of Royal Tax. The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. If applied strategically, this could result in a substantial amount of tax-free earnings. Find out how you can maximize your advantages allowed through the Augusta Rule.

Want a refresher or to see what you missed? Watch the replay.

View the August Rule (ppt)

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of Gryphon Financial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

If you are a sole proprietor or a sole proprietorship taxed as an LLC, you may qualify to deduct home office expenses on your Schedule C when you file taxes. This in effect will lower your taxable income and in turn, your tax bill.

Pete outlined four requirements that must be met to qualify:

1. Exclusive Use. The space is designated solely for work purposes.

2. Regular Use. The space is used on a regular basis.

3. Business Use. The work done must be a trade or for-profit business.

4. Principle Base of Operations. This is the primary space used for your business.

Learn the different ways the deduction can be calculated along with what other related expenses you can include. Finally, Pete and Scott shared a couple of useful strategies real estate investors could employ to legally take advantage of the home office deduction. With some restructuring, you might find that you qualify for this useful tax bill reduction technique after all.

Want a refresher or to see what you missed? Watch the replay.

Home Office Deduction Worksheet (pdf)

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Royal Legal Solutions CPA, Pete Schindele demonstrates the use of a decision tree to decide if it makes sense to convert funds from a Traditional IRA to Roth or a Solo 401K.

When to Convert Decision Tree

Consideration #1: Tax Bracket. Do you think you will be in the same or higher tax bracket when you retire?

• Yes – Move on to question 2
• No – Converting to a Roth may not make sense, but still need to run an analysis

Consideration #2: Time Horizon. Do you expect to start making withdrawals after 5 or more years?

• Yes – Move on to question 3
• No – Converting to a Roth may not make sense, but still need to run an analysis

Consideration #3: Tax Payment. Do you have enough money out of pocket to pay taxes due on conversion?

• Yes – Conversion to a Roth IRA may make sense
• No – Converting to a Roth may not make sense, but still need to run an analysis

Pete continued by providing an explanation of how this might look relative to various income scenarios. Find out if converting retirement funds is worth considering for you.

Want a refresher or to see what you missed? Watch the replay.

FREEBIES

Convert a Traditional IRA to Roth or a Solo 401K (pptx)

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Learn how an S corporation provides significant advantages over sole proprietorships or traditional corporations—both in terms of limited liability and reduced taxation. An S corp is not a separate type of business entity. Rather, it is a designated tax status for businesses that meet certain criteria. S corporations are pass-through entities. Unlike the C corporation, any profits or losses incurred by the S corporation are filed along with the owner’s personal returns. This is where having a tax savings strategy becomes paramount.

Maximize deductions. Pete and attendees shared tips regarding allowable deductions, such as Healthcare Premiums, business meals, travel expenses, equipment, and mileage.

Redirect income to reduce tax. By paying yourself a modest wage, you may be able to lower your taxable income and contribute earnings into a Solo 401k retirement plan.

Keep good records. One participant underscored the importance of maintaining formal agreements and documentation in the event of an audit. Some tools to assist in bookkeeping of expenses include Expensify, veryFi, and a variety of mobile apps for tracking mileage.

Want a refresher or to see what you missed? Watch the replay.

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

Want a refresher or to see what you missed? Watch the replay.

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Who qualifies to set up a defined benefit plan (pension)? Self-employed entrepreneurs and W-2 earners that generate enough income through a side hustle are eligible.

What are the advantages of setting up a self-funded pension? A pension will guarantee you a regular income in your retirement years. Funds that you put into your pension annually reduce your taxable income and therefore result in tax savings while increasing net worth.

Is a self-funded pension a good fit for you? If you have income in excess of $20,000 that you can fund your pension with, it will save you ~$6k in taxes. Before you take action to create a self-funded pension plan, it would be prudent to do a cost-benefit analysis. Other factors such as where you are in your career or age may impact your decision. For example, if you are near retirement age, you won't have as long to wait to access those funds compared to someone younger.

Want a refresher or to see what you missed? Watch the replay.

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/

ROYAL LEGAL SOLUTIONS

Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.

*********************************************************************************

MEET THE HOSTS

Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.

Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.

*********************************************************************************

KEY TAKEAWAYS

Royal Legal Solutions CPA, Pete Schindele walks attendees through the various Solo 401(K) use cases for different kinds of sole proprietors and illustrates the potential tax savings for each.

Solo 401(k) contributions are based on net income from self-employment (i.e., you can't contribute more than you make.)

• For 2021, the contribution limit is $58,000 or $64,000 if 50 years of age or older.
• For 2022, the contribution limit is $61,000 or $67,500 if 50 years of age or older.

There are several types of contributions you can make into your Solo 401(k), including:

Employee Contributions

• Can be applied as pre-tax, Roth, or voluntary after-tax.
• Roth contributions: Includes the catchup amount for those over 50 years old.
• Voluntary after-tax contributions: Do not include the catchup amount for those over 50 years old.

Employer Contributions

• Can only be applied as pre-tax contributions.
• These are not affected by the contributions made to a daytime job 401(k) plan.

Want a refresher or to see what you missed? Watch the replay.

Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.

*********************************************************************************

ENGAGE WITH US

Are you ready to take action on Tax Strategy?

Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0

*********************************************************************************

DISCORD COMMUNITY

https://discord.gg/KKS7rZG5kM

*********************************************************************************

WEBSITE: royallegalsolutions.com

LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/

FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/