LEAKED! Tax Strategist Reveals How LLC Business Owners AVOID Taxes...
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- Опубліковано 18 сер 2022
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
Wow, I had to watch this twice, great intel! no one gives specific tax strategies for free, most youtube chanels are all fluf and no or very little info. Respect!
I PAID $3000 TO A LAWYER WHO EXPLAINED THIS WHOLE THING BUT YOU DID IT BETTER HERE IN THIS VIDEO!! THANK YOU!!
Man, you are the GOAT. The best channel of tax strategy is this one
A couple caveats to his rental depreciation - if you are not a real estate professional, long-term rentals do not offset w-2 wages. Short term rentals do. He skips a few of the details here and there that can have major implications if you do not work with a tax strategist and think you can do this on your own (sales pitches and broad strategy sessions rarely delve into the details)
Also after you get to the point where you have real estate properties that are creating depreciation write offs for you, you will also be able to refinance these properties after 2-5 yrs and pull money out of the asset (real estate properties) tax free 😉. Remember that properties typically go up in value as well as get paid down (principal value) each month. This is where you can decide to re finance the property and pull out cash if you want to spend it and have some fun or use that money for other investments.
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This is definitely one of the most perfect tax strategies that I’ve ever seen. Refreshing to so how well it’s explained. Looking forward to working together
This is so Good! So tired of buying to offset my taxes. I need a consult!
Forming a management group solves the conundrum that many of us have with multiple businesses. Thanks so much for filling in the gap that Robert Kiyosaki left for us to figure out✨️
Does Management group means holding company ?
@@IronMind23 essentially
Exactly
My guy Karlton sharing his wisdom!
My man! Appreciate you brother
Thanks Karlton for all of the generosity of info that you and your mom give on UA-cam!
Karlton, this was great! Thanks for the precise breakdown of how to think about setting up a business or businesses! You really seem to enjoy what you do and it translates into you being excited about teaching it! 💙💫👍🏾
This video really got the gears spinning in my head. Such a new perspective to consider! This is awesome. Thanks for the great info here! New subscriber here 🙂
This was amazing even for those of us with smaller businesses and portfolios
Can’t believe this is free thank you so much
This is a shell game that doesn't actually alleviate ANY tax burden. Yes the mngmt company adds places for writeoffs but it also adds costs that eat up the savings of addt writeoffs.
#KarltonDennis SIR why wouldn't his COPE LLC roll up into a Family Trust? He's the Grantor, he has Grantees / beneficiaries, you could be his Trustee . That way the Trust pays the 'IRS Taxes at a much lower rate, and he owns nothing?" Making him effectively "suit proof."
LLC for active income flows into the s Corp management company
Then s Corp and passive income LLC flow to the revocable trust
This flows down to the 1040.
Maybe he discussed this one off camera 📸....
This was one of the best videos translating accounting to the business owner. Many Accountants that provide tax planning services speak above the business owner and their heads spin during these strategic meetings. Kudos to you, Karlton!
This has got to be the most informative video I think I have ever seen on UA-cam . Incredible!!!! 🔥🔥🔥
broo 😮
Fire 🔥 information Thank you Karlton
why does this not have more views, this is brilliant!!!
Im loving the way he breakin this down
Fantastic video good job 👍🏽!! Very helpful to the industry of today
This strategy holds more value for high-income business owners. I'd like to see a strategy more aligned to high-income W2 employees/families that are just getting started using real estate as a wealth-building and tax saving method. Is that explained in another of his videos?
I would also like to know this. In the video he mentions "easier as a W2 employee" when talking about need for it to be long term rental or Airbnb. A previous video made it sound like this only worked (bonus/accelerated depreciation) if you were a Real Estate professional.
Would really love to know how this can be made to work for people with primarily W2 income. Would buying the property under a real estate LLC be enough and since the gains/loses pass through to your personal income it still works out?
What about offsetting capital gains from stocks or crypto?
@@JB-ko4rp If you’re a w-2 and don’t qualify as a real estate professional there’s a 25k limit on real estate losses that you then phase out of if you make too much. If you’re subject to the limit then the cost seg wouldn’t usually be a good idea
How does ordinary income get offset with passive loss. I thought they couldn't offset each other?
Another great vlog 💪🏾🔥🔥🔥
Woooooooow🔥🔥🔥I have so much to learn about real estate! Thank you for sharing your knowledge 🙏🏽 😊
This is very informative info!
Thank you, your spot on.
Thank you!
I doing well, but was getting ready to run into this issue in a year or 2, this helps so much, thank you
EDIT. Cant believe this is free, this is crazy. I set a crazy goal for myself and this will allow me to do it. So thankful
Fire 🔥!! This stuff is fascinating af!
This is insane, thank you for everything you do
Thank you for coming to my office and helping me put a fire game plan together !!!
Dude THis is the best video on UA-cam ..... You are gold.... I did not want this video to end
Sir, how were you able to quickly divide 1,000,000 by 27.5???
You are a genius!😅
Great video but I need to mention as an Enrolled Agent the error about single member LLC. If you as a person are the only member of your LLC the IRS calls it a disregarded entity. Which means you will file form schedule C with your 1040 tax return. You will not receive a K-1.
@JG You are correct. This guy and his mother Karla Dennis are GIVING BAD ADVICE and HALF TRUTHS.
He doesn't say after 3 - 5 yr cost seg is used up then ALL rental income becomes taxable. This is a VERY SHORT term "game".
He needs to get himself a LOT more education before getting on a public forum like this.
You are an Angle for sharing this information.
Also the other problem is: all this is wealth generation; but the issue I take is, even as was expressed in the video - how does one get to enjoy the money they worked so hard to make? Ie you made the $600k, spent $300k on that 20% down property to buy it as an investment, you’re told if you don’t wan to get taxed on the other $300k you gotta invest that too, so then when does anything come to you to go and spend and have fun?
This is gold! Thanks
This was actually a well explained video..wow. no fluff
🔥🔥🔥🔥🔥 Another one!!!
Great information! Thank you!
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Amazing Video....THANKS!
Facts! Learned this at a investment mastermind
Good info but i feel like a vid about making a management company in detail is something you haven't made yet karlton
I love all your content.
Good video Karlton. Question - Which company would you recommend for opening up a Cash Balance Plan?
Bro You Are A Young Goat.!! You Continue to Educate Me and Improve My (" Mind Set ").. Impressive 👋🏽👋🏽👋🏽🔥🔥🔥🔥✍🏽✍🏽✍🏽🔥🔥🔥
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I would definitely buy an online course from this guy
I thought cost seg only offsets passive income? I was told my rental properties depreciation cannot be realized on my active business income.
DAMN! my man is teaching right here thanks for the insight on all of this.
very eye opening how long will cost segregation be around or is it the bonus depreciation that will go away eventually? hopefully it doesn't go away just lower the amount.
Brother Karl Karlton you're a godsend!
Amazing Dude!!!
Karlton is a lefty like me 😀. I appreciate this valuable info to help us during tax season.
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Me,THREE!!!!!
how do you propose he's going to qualify for REP with his other side businesses? That 750 hours when you are not in the real estate is very difficult. It is a high audit probability too. I'm glad you inserted the warning notice in the video.
This is Great!!
I love the Grant Cardone name drop!! Love your content!! You,ve inspired and educated in ways I never dreamt possible!
Nicely done
First off, your awesome!!! Your changing my life financially in the best way. So thank you! I have 2 questions- I’m in texas, does the LLC to s-corp advice still apply since tx doesn’t have state tax? Question 2- do you have any recommendations for a tax person for me to hire in Houston? Of course I would want this person to be as knowledgeable as you or close to it. TIA!!! I’m a fan!
Thanks so much ❤️🔥💎🙌🏽🙏🏽
You're absolutely AMAZING!! Do you help people in Texas?
This is tough !
Wow this is a great video
I swear to God nobody is teaching in America like this the way you're doing this is most amazing strategist and also on UA-cam because you will search the entire UA-cam from top to bottom you will not find detailed explained tax strategy stuff like this ❗❗❗
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Liked and subscribed!
I want to know when are you coming to New York to do an event like this
Bro. For the right person this is life changing. 🤯 it is to me.
this is supper good food. thanks bro
Thank you.
When using regular depreciation along with bonus depreciation does it create a dollar for dollar deduction? Also, If I were to write off $600K in the first year using a cost segregation study and bonus depreciation, what if I do not buy another property the next year? Last question, when doing a 1031 exchange is the current value of the property used to calculate the price of the next property I need to purchase to avoid taxes or is the original purchase price used? Thanks for all your video's, I've learned so much from you.
If you buy land instead can you use the same strategy, paying someone to cut the grass, and maintain the land? 🤔
I appreciate you man.
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Anyone else feel like he fell off on explaining the benefits of the parent cope llc company? Llc is still pass through, so the management fees that are income for the parent will still be taxed, so what are taxable benefits of the parent company other than management expenses (which were expenses that were independently documented in each llc prior to creating the parent)?
Please explain why this has to be an Airbnb and not a long term rental
You have to be very careful with real estate losses. If you can find a way to qualify as managing an active business/material participation, you may be able to offset income from other active sources (e.g. w-2). Airbnb is more likely to get you this result, but not guaranteed, especially if you hire someone to manage (then it will be limited to passive losses). There are a lot of details missing and more requirements to make sure real estate losses can actually offset other income with depreciation rather than just give you suspended losses to carryover
Very well presented Karlton. One question: With an operational LLC that holds rentals or other cash flowing hard assets, and depreciation is being taken, when you exit a few years down the road (assuming no 1031), how do you deal with recapture on the depreciation that entity has taken?
my guess is you are stuck. it is like hotel California. either you lose by filing all those depreciation as capital gains during the selling or you keep it forever!
Karlton, instead of purchasing a property could I purchase a business to get the same or a similar tax deduction?
minute 13:00 is where it is at: "Expense your investments".
Thanks.
can you just create a LLC to purchase real estate to offset personal capital gains?
Truly the gem I been looking for thank you.
One question is it worth putting the mgmt company in a trust to pass the structure along to my dependent? Or make my dependent 1% partner.
Correct me if I am wrong, but I believe in a 1031 exchange you will carry over the adjusted basis in the property given up. Meaning you will not then be able to reup a cost segregate on the 1.9 million dollar new property received.
You had me at "what's a million divided by twenty seven and a half? "
My question after watching this is how do you maintain your day-to-day if you are not moving money from your operational LLC to the parent company to the end of your fiscal/tax year?? As a W2 employee??
Darn a light bulb went off. Wow!!!
Brilliant.
THIS IS FIRE
this taught me more than college, and i'm still in college lol
This is the type of information that people pay HUNDREDS OF THOUSANDS DOLLARS for!
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Could the management company be a Living Trust? Or would there be an additional layer to add the Trust first then create the Management LLC underneath?
Looked like a good video overall, but the audio was bad
I am glad I watch this game changer
Should the Manegment company be a single file LLC or can it be a multi member? Should the LLC own or manage the LLC’s. If own, what about the board member shareholders of those LLC’s to be managed?
🙌🙏 Knowledge is forever!!
How can i connect?
The only thing i don’t understand is wouldn’t the Management company have to declare the money that was transferred from the other LLC’s as income and it be a wash? Where does the deduction come from?
Yes, it would be a wash - almost all deductions create corresponding taxable income, and definitely income to a management company would be taxable
How do you account for the income generated by the rental property? That can offset the deduction unless you are renting at a loss.
Why are the AirBnB’s preferable?
What is the professional position title that can help with this type of thing? Is this something I should contact an accountant or a tax attorney about?
How do you qualify for cost segregation study? We have commercial buildings, do we qualify? And how do you start? Do you need to hire somebody special?
There are specialists to hire if you google them - make sure whoever you hire, if it's not a new purchase building, then you also need to file an accounting method change form (Form 3115) with your return or the cost seg can be reversed by the IRS. So try to find a specialist who also preps this form since many CPAs will mess it up and not file it properly.
Thank you
Feel free to reach out to me using the info above to know all about my investment tips and strategies that generate passive income for decades✍️
Feel free to reach out to me using the info above to know all about my tips and strategies that generate passive income for decades✍️
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LITTERALLY EVERYTHING is deductible until them new 87,000 IRS agents come online
Invaluable info!! My only question is, if my llc is already being taxed as an s corp and have payroll setup before forming this New Management company. How do I get around the payroll aspect that is required for a S corp? Do I setup the Management company as a contractor and pay that Management company thru my already setup payroll from the s corp? Or do I remove the s corp tax status from my 1st company and setup the Management company as the s corp? Sorry for having diarrhea of the mouth but I didn't know of any other way to simplify this question.
Problem i see, unless ive been misinformed, you cannot open a business account for the operational businesses if they are owned or controlled by a holding/management company