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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