Owning 45 rental properties and multiple group homes sounds like a dream until a six-figure tax bill arrives.

In this episode of Real Money Talks, Loral Langemeier helps a Virginia couple uncover why their current business structure may be costing them far more in taxes than necessary. After paying approximately $125,000 in taxes, they discover that the issue isn't a lack of deductions it's a lack of an advanced tax strategy.

Loral explains why real estate investors need more than a traditional CPA and explores how business owners can create deductible allowances, improve bookkeeping systems, and use advanced tax strategy tools like gas and oil investments to offset taxable income.

If you're building wealth through real estate, business ownership, or alternative investments, this episode offers valuable insights into using an advanced tax strategy to reduce taxes, increase cash flow, and build long-term wealth.

Loral's Takeaways:

• Tax Planning and Business Structure Overview (00:05)
• Current Financial Situation and Tax Payments (01:03)
• Corporate Structure and Tax Entity Issues (02:21)
• Proposed Tax Strategies and Corporate Structure Adjustments (03:15)
• Behavioral Changes and Tax Compliance (05:41)
• Investment Opportunities and Tax Deductions (07:41)
• Bookkeeping and Accounting Adjustments (10:26)

Meet Loral Langemeier:

Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and best-selling author of five books.

Her goal: to change the conversations people have about money worldwide and empower people to become millionaires.

The CEO and Founder of Live Out Loud, Inc. – a multinational organization — Loral relentlessly and candidly shares her best advice without hesitation or apology. What sets her apart from other wealth experts is her innate ability to recognize and acknowledge the skills & talents of people, inspiring them to generate wealth.

She has created, nurtured, and perfected a 3-5 year strategy to make millions for the “Average Jill and Joe.” To date, she and her team have served thousands of individuals worldwide and created hundreds of millionaires through wealth-building education keynotes, workshops, products, events, programs, and coaching services.

Loral is truly dedicated to helping men and women, from all walks of life, to become millionaires AND be able to enjoy time with their families.

She is living proof that anyone can have the life of their dreams through hard work, persistence, and getting things done in the face of opposition. As a single mother of two children, she is redefining the possibility for women to have it all and raise their children in an entrepreneurial and financially literate environment.

Links and Resources:

Ask Loral App: https://apple.co/3eIgGcX

Loral on Facebook: https://www.facebook.com/askloral/

Loral on YouTube: https://www.youtube.com/user/lorallive/videos

Loral on LinkedIn: https://www.linkedin.com/in/lorallangemeier/

Money Rules: https://integratedwealthsystems.com/money-rules/

Millionaire Maker Store: https://millionairemakerstore.com/

Real Money Talks Podcast: https://integratedwealthsystems.com/podcast/

Integrated Wealth Systems: https://integratedwealthsystems.com/

Affiliate Sign-Up: https://integratedwealthsystems.com/affiliates

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The profit doesn't happen by chance, it

happens by design. Let's dig in on this podcast. We talk a lot

about strategies, systems, consistent sales, and we really

dig into sort of the left brain side of what it means to have a

profitable business. I really do focus on structures and, and

systems. Being a profit strategist, that's kind of my

wheelhouse. And the less often we've talked about something

else that I think is becoming more and more and more important

in our business lives, and that is the topic of connectivity,

being connected to one another in this AI economy. Whenever AI

is coming in, and it can do so much in our businesses, we still

need to be having that human connection to one another, so

let's face it. I mean, AI is everywhere, whether it's here to

stay or it's a passing fad. Right now, it is absolutely

everything. And AI can do so much for you. It can save so

much time. AI can write an email for you, it can build a quote,

it can do all kinds of things that that you need done. It can

generate content, it can take meetings for minutes, and and

compile all of your notes. It can help you work faster, but

what AI can't do is keep that human connection, because let's

face it, people buy from other people. I know it's increasingly

common for us to buy things on our devices, right? You'll see

an ad, and, oh, that looks super cool, or I can use that, that'll

make my life easier, that'll help me with my diet. Oh, that's

a really cool thing for my pregnant daughter. And we are

interacting with the device, however, more often than not,

those ads that we are responding to have a human face to them,

and sometimes that face is an AI-generated face. However,

whenever we are looking for clients, when we are building

our business, when we are building that relationship, it

is a human to human relationship. People buy from

other people that they know, like, and trust. People will

make a referral to your business because they did business with

you and had a good experience. Teams stay in businesses because

of relationships. I don't know if you've heard this, but in a

business setting, whenever you are, when your employees are

working for you that they will leave a job that they love

because they have a manager that they cannot stand, and they will

stay in a job that maybe isn't the most amazing thing they've

ever done. However, they will stay because of the

relationships, because of the thing that you've built

together, I've had employees like that, where the interaction

of working together, of us being a team, was the thing that kept

them there. Relationships and human connectivity is huge in

everything that we do, even in business to business

interactions, those decisions are still made by human beings.

So, it isn't just a numbers game. We talk a lot about it, is

a numbers game. It is also a relationship interaction. I know

that whenever I have been in businesses that I love to shop

in, there was a particular boutique in our downtown that I

would go and, and look and look through the racks all the time.

I would go in there frequently, even if the inventory hadn't

changed, because when I walked in the door, they said, "Hi,

Sharon, how are you? What's going on? What's new? They knew

my name when I walked in the door. They knew my family. They

knew what was going on in my life, because we had a human

connection, and it made me more willing and more excited about

doing business with them. And increasingly, as we are going

into this economy, where machines are doing a lot of the,

the copy, a lot of the words, a lot of the interactions, there

is a loss of that human feeling. I was talking to someone the

other day and. AI came up, and what they said to me was

everyone sounds the same. Everyone is using the same

tools, so the same voices are coming back, no matter what you

put into the device, whatever you put into that particular

model. If everyone is using that, then everyone becomes the

same, the same sound, and it becomes homogenous, and everyone

sounds like everyone else.

So, what do we do? How do we break open and be show our human

face, along with, you know, the AI is really good at writing

copy. The AI is really good at consolidating our thoughts and

putting them back out to us. So, what do we do? You know, the AI

cannot build genuine trust. It can't. You need another human

being to build that trust. It can't read the temperature of a

room, if you walk into a room and you start talking and you

get a vibe, and you're like something is different about

this room, or you walk into a room prepared to talk to a bunch

of people wearing suits and ties, and, and you know, very

formal, and you walk in and everybody's barefoot wearing

T-shirts, AI can't, can't adjust for that. It can't walk into a

room and see, oh, I need to be a little bit more casual or I need

to be a bit more polished in what I say. It can't read a

room, that's what we are for. It cannot create the experience of

being truly seen. Have you had that experience where you met

someone, or you talked to someone, or you were in a space,

and someone on the stage, or someone who was giving a

presentation to you to buy something, made you feel

completely and fully seen. A machine can't do that. That is a

human to human thing that we need. There is something about

us human beings that we have a presence, we have a spirit, we

have an electricity that a machine doesn't have a machine

has a different kind of electricity, we have a, we just

have a spark, and, and that spark, when we come in contact

with another human being, just makes the difference, it makes

all the difference in the world. So we want to encourage that

spark, that human connection, so you know, what do you do? How do

you show up and be your authentic voice, be that little

quirky-ness that you have? How do you show up that way and

still be professional in business? My biggest advice, my,

if the biggest takeaway, if you can take from this podcast

today, is be authentically you, don't be somebody that you're

not. The problem with creating a, a persona or a face of the

business that is very unlike you is that once people connect with

that version of you, you must maintain that mask, you must

maintain that. I cannot tell you how many stories I have heard of

famous people who created an image. I believe that Lady Gaga

has said this, that she came with this persona, she came out

with this, this character, this character, character, and

caricature of herself, that was Lady Gaga, but Stephanie, the

human being, is not Lady Gaga. There are a lot of entertainers

who have created on stage personas that are different from

who they are in real life, and once the public connects with

that persona, you have to maintain that persona, so unless

you want to have that experience and be put on that specific face

of the business and maintain that continually, because if you

don't maintain it, that will break trust, because now you've

shown up in a different way. Start off just being you. If you

are a person who loves Pokémon cards, it's okay to talk about

it. It's okay to have Pokémon cards and wear Pokémon T-shirts,

depending on where you're going, it's okay to dive into who you

are as a person, as well as a business owner. Myself, I don't

know if you've ever noticed, but in the back of my videos,

sometimes, if the camera is wide enough, you can see my Wizard of

Oz collection, that is my thing that I. Love that lights me up,

and I will bring that into what I do sometimes, and nothing that

I've built precludes me from having that as part of my

identity. So be yourself if you are a really quiet person. If

public speaking is difficult for you, if you are somebody who

just struggles to be the face of the business, and you do need to

be the face of the business, you can be quiet, you can be subtle,

you can speak at a slower pace, you can do whatever you need to

do to be authentically you.

You don't have to be me. You don't have to talk fast, and you

don't have to talk loud, and you don't have to be in your face.

You don't have to be that. If that's not who you are, that for

me is part of my personality. I am big and loud, and I talk

fast, and I love that part of myself, and I do bring that into

my business. So, whenever you are on a podcast with me, you'll

experience me this way, and when we work together, you, when you

see me on a call or a Zoom workshop, you're going to see

the same person. I'm not showing up in a different way, I'm

bringing my personality, my humanity into the space, so that

people can see who I am and connect with me that way, and

that is a really powerful part of what your business persona

is. I know a lot of people have, instead of or in addition to

business brands, they have personal brands, and your

personal brand goes even deeper into this, whoever you know,

uniqueness of who you are, this originality. There is only one

you on planet earth, no one else can be you or be the person that

you are, and AI can't be that person for you either. So,

embrace who you are. If you have, you know, if, if you are

someone who is, you know, very technical, you like to get into

the weeds of technical stuff, and you like to talk tech. It's

okay to do that. Now, you can't necessarily do that in every

conversation, because you might lose people. However, you can

bring some of that into your conversation. If you want to

talk about, you know, really technical things, you could

start out saying something that's very technical, and then

step back and explain what you mean in plainer, regular person

English, or whatever language you speak, speak the common

language again, so that they can take the journey with you,

because they'll love that you are technical, they'll love that

you get into the weeds on things if you don't speak only in that

language. If they're not a tech person too, if they're a tech

person too, you are golden. You can keep going and going and

going. It's magnificent when you find someone who speaks the same

language as you, but you really just be authentically who you

are, it's so much work to try to be someone else, to try to put

on a mask, and then have to maintain that mask. Now that

being said, there are some things within your industry that

you will have to be, you know, they're, they're, you know,

things that you need to do to be taken seriously or be respected

in the space. So, you always want to be cognizant of those

things, keep those things in mind, but they don't have to

drive who you are and your personality and how you show up,

and when you show up as yourself, when you are are

authentic, when you are true to who you are, you will naturally,

without having to work for it, create and build connections

with other people. Connection isn't luck, connection is

intentional and it is easy and valuable, and will bring you

more of what you want when you actually are being authentic and

making that human connection. So, how do we, you know,

strengthen that connection whenever we're talking to other

people. The first thing that you can do, and this is something

that I will admit I struggle with a little bit, because I'm

very, very literal. When someone tells me something, my brain

goes in and it starts the filing system, and it goes and it puts

it in this little box over here. Here, and so I go, oh, okay,

that's what you told me. I have a deposited it in the box, and I

now have that information. And something that I am getting

better at is getting curious when someone tells me something,

I am learning to ask more questions. Oh, that's really

interesting. What did you mean by that? Or tell me more about

that. Or ask a follow-up question if it's, you know, they

say something and there's a natural follow-up question, you

can ask the follow-up question.

Asking more questions actually enables the person that you're

talking to to feel heard and feel seen, because they didn't

just give you information and you went away and put it in a

box, but you're now interacting with them, you're making a

connection, and the second piece of that is to really seek to

understand when someone says something to you, you can say,

"How you know, tell me more about that. I want to understand

you. I want to understand where you're coming from, that sort of

your mindset, instead of saying, "You know, you need to

understand me, asking those questions and drawing out that

information from them allows you to understand where they're

coming from. I know I've told this story before, but whenever

we had a storefront, people would come in the door and they

would ask a question. It would be a very specific question, and

it was almost always, What does this service cost? And I,

myself, my husband, and we trained our employees to get

curious and ask them, oh yes, we can definitely do that for you.

Tell me about what you have. What's the story behind that?

Where did you find it? Tell me more about that thing, and that

act of asking questions created a connection, and people,

whether they did business with us or not, were felt connected,

felt heard, and seen, and when they left, they were talking

about us in a positive way, because we had a genuine

connection. The second thing that you can do to sort of

strengthen connection, whenever you are interacting with your

potential clients, your clients, people who've already done

business with you, while you're doing customer service, is to be

fully present to stop everything and give that person your full

attention. If you have a phone in your hand, put it down, turn

it upside down. If it's not something urgent that it, that

you, that can't wait a few minutes, put it down, connect

with them, be fully present. If you can bring all of the pieces

of yourself into the room with you at while you're talking to

someone, whether it's by phone, whether it's on Zoom, whether

it's in person, when you are talking to someone, if you can

be fully, fully present, they, it, the, they will feel that

connection. Your interactions will be better. Your business

will be stronger, because you are actually present at that

moment. I have a pet peeve, if you will, and that is when I'm

specifically, when I'm deeply engrossed in something, when

someone interrupts me, it's, it's, you know, it's like nails

on a chalkboard, it's a very.. I have a physical reaction to

being interrupted, and I had to train myself to not be that way

in my business, and that if someone came into the store, if

someone called on the telephone, if someone was reaching out to

me, if someone was in front of me, and I still do this today, I

stop everything, and it wasn't always easy to stop that

interruption, right? So, what I would do was, when it was

particularly when it was phone call, was easiest to train on a

phone call, when the phone would ring, I would go, and then I

would stop. I would take a deep breath, change gears, then I

would answer the phone, and because I practiced it every

single time, instead of taking 10 seconds, it was almost

instantaneous. So you can train yourself to be present with the

person that you're speaking with. You can make eye contact

now. I will give you a caveat here on making eye contact as a

literal person. When someone told me about making eye

contact, I would lock eyes with. Person and never let my, my

sight leave them, and I would stare at them, and for a lot of

people that makes them feel great, that you and you are

locked eyes, you are totally connected with them, and then

there are some people who that becomes too much, it's it's it's

too intense, it's too intimate, so take cues from the person

that you're talking with, make eye contact, and, and make sure

that they are comfortable with that.

If they, you know, stop making eye contact with you completely,

it's maybe a little too much, but you can make eye contact

with them, and you know, make sure that you blink, and you can

look down and look back up, but making them see be seen eye to

eye is a really powerful way to make a connection, and then the

third thing about being fully present is going to be a little

bit hard, because of the way that we are designed, because of

the way that we are in our society, whenever there's a

conversation going on, we are always listening for our turn to

speak, so we're listening to them, and we're formulating the

cool thing, funny, expressive thing that we're going to retort

back to them, so that we can be clever or we can be helpful, and

we don't fully listen when you are listening to someone else.

Be fully present, listen to hear what they're saying, and not to

respond, because if you are listening halfway and you don't

actually know what they're saying, you could actually

answer them in an incorrect way, you might be answering a

question that they never asked, so make sure that you're

listening fully, that you're listening to hear and

understand, and not just listening to respond. And then

the third piece of being connected with our businesses is

following through. If you say that you were going to send an

email, send the email. If you say you're going to do some

research and get back to them, do the research and get back to

them. Follow through on what you say, because that is a part of

the trust. Whenever you make an agreement with them, even if

it's just a verbal agreement for something like I'll send you an

email later that's an agreement, and if you don't follow through,

that will break the trust. Here's a little tip on making

promises to your clients, your potential clients, your vendors,

people that you're working with. If you don't want to do

something, don't offer that thing. Don't say, "Well, yeah,

I'll do research and, and I'll give you numbers, and I'll get

back to you on that. If that's not something that you really

want to do, and they haven't asked for that, you don't have

to over promise something that you really don't want to

deliver, so be aware of what you're, you know, what you're

offering when you're talking to someone. One of my clients would

set, would was talking to me, and she was like, "Oh, I've got

to do this research, and I gotta take this in, I gotta do the

numbers, and I gotta get back to them, and it's just, it's just

so much work, and I just don't want to do it. And I said, well,

did they ask for that? She goes, no, no, no, I was just trying to

be, give really good service, and, and be proactive, and, and

think ahead, and I was like, well, don't, don't offer that if

you don't want to do the work, if you do promise something,

make sure that you follow through, make sure that you are

find a way to remember details that they shared with you. Me,

for me, I am constantly writing notes. I'm writing notes with my

hand on a piece of paper and a pen, not necessarily typing.

There's nothing wrong with typing, but for me, the using

more of my senses, my sense of touch, my sense of sight, my

sense of sound, my speaking. By using as many senses as I can, I

will remember details better, and I have it written down, so

that when I talk to them again, I can look back over my notes

and go, oh, this was the detail, these were the things that we

talked about. Now, I do have a pretty good memory, and

sometimes I remember it without the notes. However, I speak to a

lot of people, so I can't always rely on my memory. So, here's a

trick that you can try: remember one thing about that person, one

thing, one personal detail. I worked at a university, my

actually my alma mater, I worked there, and I worked very closely

with the president of the university, and he was an

amazing guy, really knew everybody, remembered every.

Buddy and I watched how he interacted with many of the

people around him, and what I figured out was he remembered

one personal salient fact about that one person, and every time

he saw me, because he saw me when I was pregnant with my

oldest daughter, so it was very evident that I was about to have

a child, and that I did have a child, and I continued to work,

and so every time he saw me, he would ask about my daughter.

There was a custodian. Every time he saw that custodian, he

asked about a very specific thing, and it always generated a

really interesting conversation, and it made everyone feel that

despite the fact that this man was a president of a university

with 1000s of students and 1000s of employees and tons and tons

of board members and everybody that he had to interact with,

and he always knew something personal about everyone, because

he chose one thing that is a tip that you can try and see if

remembering one thing about everyone you meet, instead of

trying to remember everything about everyone you meet, will

not help you have a really good connection with people, and then

finally, as you're interacting with people, build those small,

build those small moments of trust, those things where you

return the phone call you promise to make them, you give

them the information that you, they asked for, they ask you a

question, and you have the information that they need. You

have, because of your expertise, you're able to answer that

question and meet that need in a deeper way. Build those small

moments of trust, and these are all things that build that human

connection, because we are humans, and we are doing

business with humans, and even though we're using technology to

make those things easier, there is still that magnificent power

of the human connection. And let's bring it back to business.

When you have your strong relationships, they are going to

make referrals for you. They are going to continue to do business

with you. Like I used to go back into that boutique over and over

and over again. It was my favorite place to shop. It

wasn't that I didn't shop somewhere else, but I was always

going to go back to them because of the strong relationship and

connection we created as humans. There is the loyalty that is

built by those, like we said, the small moments of trust.

Building those small moments of trust builds the loyalty, the

loyalty that keeps them coming back, the loyalty that enables,

or that encourages them to tell others what you do, and

recommend you, and to build your referral network with you. It

gives you collaborations when you have these connections.

People want to do business with you in a wider way. I always

say, I don't have competition, I only have collaborators. No

competition, collaborators. When you have collaborators like I

work with with Janet, she was when I did my, my, my offer the

other day. She is a bonus on my offer because she does something

that I don't do, and we have connected as human beings, and

we like each other so much, and we really vibe on what we do for

business owners. She is now part of my collaboration, because we

had that human connection, and of course, the bottom line, the

big big deal of that human connection, of the collaboration

of bringing together that connection as human beings is

the core of trust, the trust that is built through human

relationship far exceeds what AI can do for you, because an AI

isn't okay, I'm gonna say sometimes not trustworthy.

Sometimes these platforms will say things that are not

accurate. They will give you information that might not be

totally correct. You always need to verify what you're getting

from AI, whenever you're, you know, you're getting that

information back because they are built to create an in a

relationship with you and they want you to continue to use

them, they want to flatter you, they want to make sure that you

are continuing to use them, so that that real basis and

foundation of of. Trust is not, not there with AI, so the trust

is between the human beings, you know.

Revenue is important, profit absolutely matters, but behind

every sale, every referral, every opportunity, and every

thriving business is relationship, so I encourage you

this week to work on those relationships. You know, I'd

love to hear your thoughts on this whole thing, like what..

what is.. what about what we talked about on this podcast

today really popped for you? Was really like, oh, that was an aha

moment. Yes, connection, that's the piece that we need to

maintain in this AI frenzy, where everyone is, you know,

looking towards their computers and not necessarily out towards

the eyeballs of other people. Send me a message, let me know

what you thought, and if this podcast really resonated with

you, I would love it if you would share it with someone

else. Share this podcast with them to encourage them to, you

go ahead and utilize the AI if you would like to, but

understand that beyond, underneath, above, and around

all of that, AI is human beings, and we need connection, we need

relationship, and we need, above all else, trust. So, remember to

build with clarity, grow with intention, and the stronger your

business becomes, the more impact you can make. I'll see

you next time.

Bye.