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In this episode, tax advisor Larry Pendleton discusses various tax strategies and deductions for both W2 employees and self-employed individuals. He explains the progressive tax system for W2 employees and how tax brackets work. He also highlights the importance of understanding the tax code and leveraging deductions to lower tax liability. Pendleton provides insights into the benefits of short-term rentals and cost segregation studies for rental properties. He discusses the advantages of different entity structures, such as LLCs and S-corps, and when it's appropriate to make an S-corp election. Pendleton also shares tips for keeping clean books and maximizing deductions for marketing and business travel expenses. The conversation covers topics such as student debt forgiveness, financial education, long-term transition to lower taxes, interest on student loans, investment strategies, investing in mortgage notes, choosing investment locations, affordable housing issues, and hiring a tax professional.
Chapters
00:00 Introduction and Overview
01:03 Understanding W2 Taxes
02:08 How Taxes are Calculated for W2 Employees
03:08 Tax Strategies for W2 Employees
04:07 Tax Deductions for W2 Employees
05:04 Tax Strategies for Self-Employed Individuals
06:29 Tax Benefits of Short-Term Rentals
07:46 Proving Material Participation in Short-Term Rentals
09:06 Cost Segregation Studies for Rental Properties
09:59 Impact of Cost Segregation on Taxable Income
10:57 Tax Strategies for 1099 Contractors
16:32 Tax Implications of Self-Employment
17:54 Writing Off Home Office Expenses
19:22 Deductible Expenses for Business Owners
21:41 Writing Off Vehicle Expenses
23:37 Benefits of Having Multiple Vehicles for Business
24:34 The Role of LLCs and S-Corps in Tax Planning
26:00 When to Consider an S-Corp Election
27:29 Choosing the Right Entity Structure for Rental Properties
30:48 Bookkeeping and Record-Keeping for Small Businesses
32:14 Cash Basis vs Accrual Basis Accounting
38:41 Tax Deductions for Marketing and Influencer Expenses
40:32 Deductible Expenses for Business Travel
43:54 Recent Changes in the Tax Code
45:20 Improvements to the Tax Code for Everyday People
46:43 Tax Strategies for Childcare and Education
47:10 Adjusting Tax Rates for Inflation and Cost of Living
47:18 Student Debt Forgiveness
48:32 Financial Education
49:28 Long-Term Transition to Lower Taxes
50:26 Interest on Student Loans
52:19 Investment Strategies
54:13 Investing in Mortgage Notes
56:37 Choosing Investment Locations
57:59 Affordable Housing Issues
59:25 Hiring a Tax Professional
01:01:19 Single-Member LLCs vs Multi-Member LLCs
****DISCLAIMER*** I AM NOT A CPA, ATTORNEY, INSURANCE, CONTRACTOR, LENDER, OR FINANCIAL ADVISOR. THE CONTENT IN THESE VIDEOS SHALL NOT BE CONSTRUED AS TAX, LEGAL,INSURANCE, CONSTRUCTION, ENGINEERING, HEALTH OR SAFETY, ELECTRICAL, FINANCIAL ADVICE, OR OTHER AND MAY BE OUTDATED OR INACCURATE; IT IS YOUR RESPONSIBILITY TO VERIFY ALL INFORMATION YOURSELF. THIS IS A PODCAST AND YOUTUBE VIDEO FOR ENTERTAINMENT PURPOSES ONLY