Tax Planning Q&A with CPAs - C-Corp vs S-Corp, deducting HELOC, and REPS #419

Get the latest insights on 2023 financial reports for consumer and business finances. This script covers discussions on the impact of tighter monetary policies, the recession phase of the wholesale trade in the U.S., and predictions for an economic rebound in 2025. Discover why certain markets will flourish despite financial hardships, the effect of raising interest rates on the commercial real estate sector, and the impending shift of iconic Disney characters entering the public domain. The session also touches on the importance of diversifying into different sectors to secure long-term wealth, tax planning strategies, filing statuses like Real Estate Professional status, and nuances of active vs passive income. Questions from attendees shed light on aspects of setting up LLCs, real estate investments, tax deductions and more. Tune in for a comprehensive analysis of current economic trends and valuable advice from the experts at Unified Global.

00:00 Introduction 00:00 Economic Outlook for 2023 and Beyond 00:07 Impact of Monetary Policies on the Economy 00:42 Predictions for the Real Estate Sector 01:34 Disney Characters Entering Public Domain 02:06 Intellectual Property and Real Estate Investments 02:44 Investing in Businesses and Real Estate 03:18 Podcast Introduction and Webinar Announcement 03:36 Tax Questions and Answers Session 04:14 Introduction of Tax Advisors 04:24 Unified Global Group Overview 06:40 Discussion on Active vs Passive Income 10:46 Understanding Real Estate Professional Status 20:31 Tax Implications of Paying Children through LLC 23:39 Managing Self-Directed Solo 401k 25:06 Tax Deductions for Long Term Rentals 25:53 Discussion on K1s and Tax Packages 29:56 Transitioning from Primary Residence to Rental 30:15 Understanding Property Taxation 30:36 Exploring Tax Implications of Property Rental 31:16 Debunking Misconceptions about Property Tax 31:49 The Role of CPAs in Property Taxation 32:01 The Impact of Property Rental Duration on Tax 32:55 Strategies for Maximizing Property Rental Income 34:02 Exploring Tax Deductions for Seminars and Retreats 34:27 Understanding the Role of LLCs in Tax Deductions 35:10 The Benefits of Consulting LLCs 35:33 The Importance of Record Keeping in Tax Deductions 36:07 Understanding the Hobby Loss Rule 43:29 The Pros and Cons of Rent-to-Own Sales 44:33 Understanding the Role of LLCs in Property Sales 46:58 The Importance of Accurate Record Keeping in Property Sales 01:00:18 Understanding the Short-Term Rental Loophole 01:02:23 Closing Remarks and Contact Information

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