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Your Roadmap to Tax Savviness w/Tyler Russell
Episode 429th September 2024 • Wealth Witches • Katelyn Magnuson
00:00:00 00:47:42

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In this insightful episode of the Wealth Witches Podcast, host Katelyn Magnuson sits down with Tyler Russell, a seasoned tax strategist, to explore the essential steps toward achieving tax savviness. Together, they dive deep into key strategies every entrepreneur and small business owner should know. The conversation begins with practical tips on maximizing mileage deductions, ensuring listeners are well-equipped to claim the most from their business travel expenses—a straightforward yet effective way to cut down on taxes.

As the discussion continues, they explore the complexities of health insurance for the self-employed, highlighting crucial deductions that are often overlooked. Tyler also offers expert advice on making smart retirement contributions, helping you navigate the long-term benefits of various retirement plans, and ensuring you’re on the right path to financial security.

A special focus is given to the Augusta Rule, where Tyler explains how business owners can rent out their homes to their businesses for up to 14 days a year without paying taxes on the income—a powerful tax-saving tool when used correctly. Throughout the episode, Katelyn and Tyler provide actionable insights and clarify common misconceptions, making this a must-listen for anyone looking to optimize their tax strategy and enhance their financial well-being.

Key Takeaways

  • Learn how accurately tracking and claiming business mileage can greatly reduce your tax bill.
  • Discover how self-employed individuals can access health insurance tax deductions and why eligibility is key.
  • Find out how smart retirement contributions can ensure long-term financial security and tax benefits.
  • Learn how the Augusta Rule allows business owners to rent their homes to their businesses for up to 14 days tax-free.
  • Understand how choosing the right business entity, like an S Corporation, can lead to significant tax savings.

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Transcripts

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Hello, and welcome magical creatures to the Wealth Witches podcast.

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This is the place where we brew up financial empowerment and mix in a little

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sprinkle of magic. I'm Caitlin Magnuson, your guide on this

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enchanted journey to financial enlightenment. Here, we honor all

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identities and invoke our inner witches to create holistic wealth and prosperity.

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So grab your crystals, open your minds, and let's get ready to conjure some

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financial clarity clarity.

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Hi, and welcome back to the Wealth Witches podcast. I'm your host, Caitlin Magnuson. And

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today we have a very special guest, Tyler Russell from TF

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CFO. Tyler, welcome. Hi, y'all. A little

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bit about Tyler. He's a tax strategist and a problem solver. With over a decade

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of experience in tax planning and financial strategy, Tyler brings a wealth of

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knowledge and a knack simplifying complex tax issues. His approach is all about

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empowering entrepreneurs and individuals to make informed financial decisions.

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Tyler's expertise lies in uncovering hidden tax saving opportunities and

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translating them into actionable strategies for his clients.

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Okay, Tyler, today, we're gonna be talking all about your roadmap to tax

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savviness, and that includes a few

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things to do and to not do potentially. Right. So we're gonna be

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covering maximizing your mileage deduction, health insurance for the self

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employed smart retirement contributions, choosing the best

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business entity and navigating the Augusta rule, which is

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something that's been coming up pretty frequently for us in the last couple of years

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with our clients and with TikTok. So Tyler, tell us a little

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bit more about the mileage deduction side of things. Like what

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are things that listeners here should be paying attention to if they're business

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owners? If you're gonna be using your vehicles

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for business, The first and most important thing that you do

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is track the miles that you drive for business

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purposes. This could be driving to meet potential clients,

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driving to a job site, driving to the store to get

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supplies. It does not include commuting

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to your principal place of business from your household. And

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this becomes very important. If you have a vehicle that you use

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for both personal and business use. As

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a sole proprietor or a partner in a partnership,

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you can deduct auto expenses for business based upon

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a standard mileage rate set by the IRS every year, which

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is normally increased for inflation. And most of our clients take

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the standard mileage rate. The alternative being you can take

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actual vehicle expenses in proportion to the

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business use of that vehicle based upon the

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business mileage driven for the year over the total mile.

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That's why it's so important even if you take actual or the

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standard mileage rate to track your mileage.

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And the more miles you track, the better you are at this bigger

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deduction you'll receive. There's a lot of rules around

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deducting auto expenses that people get confused

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upon, especially watching short videos on social

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media that sensationalize being able to expense

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your car. Or if you buy a luxury vehicle above a certain

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weight, you can write it all off. Sure. In certain situations, you

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can do that. But that doesn't mean that the best strategy

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for you, if you are taxed as a corporation and you're taking the mileage

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rate, that is actually a employee reimbursement

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because corporations have to use the actual

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vehicle expenses. So this is an important thing

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to note because only individuals

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can take the mileage rate. Most of our clients take the standard mileage

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rate. And over the life of the vehicle,

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that generally results in that greatest deduction.

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It also makes tracking way easier. Because when you

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take actual expenses, it's incumbent upon you to track all of

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your gas, all of your repairs, all of your maintenance that goes into your vehicle,

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you know, on top of your models. And a lot of small business owners just

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don't have the desire to be as thorough as they should be if

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they want to optimize the actual vehicle expense

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deduction. So when it comes to tracking miles, because

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regardless of whether you're taking actual or you're doing the mileage rate,

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what are the best ways to track or, like, what would recommendations be that you

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would have potentially for someone that's like, I'm a business owner. I haven't been tracking

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my mileage. What do I need to be doing? What kind of proof do I

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need to have? You can either use an app or

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you can have paper in your car or add up the miles at

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year end. I always advise people to look at their odometer

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beginning of the year and the end of the year. And that gives you your

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total miles. And then all you really gotta track is your business mile.

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So many of our clients use MileIQ. Many

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use tracking miles through QuickBooks. What was very important

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here is establishing where your principal place of

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business is. Because commuting is

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not business mileage. So if you

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conduct and manage your business primarily from your

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home, your home is your principal place of business. And this

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is a big tax advantage because then

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your business mileage starts when you leave your house to when you

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come back to your house minus any ancillary personal

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trips that you might take on that journey.

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Whereas if you have an office outside of your home that you

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rent or somewhere else that you drive to on a

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regular basis, and that's where you manage and connect your business, That would be your

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principal license business and driving there and back from your

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home is not business mileage. Another thing I'd like to touch

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upon is section 179 and bonus depreciation

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on vehicle. There's various limits that apply

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to different classes of vehicle generally based upon their

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GBW. But then also bonus depreciation

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is changing year by year.

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So, whereas in 2022, I believe you could

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deduct a 100% of a vehicle with bonus depreciation. I believe

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in 23, that was 80% and it's being reduced.

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But taking section 179 or bonus depreciation, which I believe is

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section 168, allows you to accelerate

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the depreciation on your vehicle if you're taking actual expenses

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on your vehicle into the 1st year that you place it in

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service, which is great. If you have a high income

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in that year, you can get a big deduction from your vehicle.

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And that's what people are attracted to. But the drawback of doing

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that is you lose the ability to take depreciation.

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In future years, you lose the ability to ever use the standard

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mileage rate in the future. And if

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your business use of that vehicle ever drops below 50, there's a good chance

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you'll have to recapture that accelerated depreciation as income in that

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year when the vehicle's use drops below 50%.

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So it's great that you get a large depreciation

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deduction in the 1st year, but you definitely need to be aware

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that in future years, you are stuck using the actual

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expenses. You can never use the mileage rate again, the

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standard mileage rate. And your deductions may

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be quite limited apart from that 1st year that you placed

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the vehicle in service. And you definitely wanna be sure that you're gonna use

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that vehicle more than 50% for business use

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over at least the next 5 years. And then also, if

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you are going to accelerate depreciation on a vehicle, you

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need to be prepared to track all of your vehicle

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expenses to maximize your vehicle

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deductions in the future. What happens too if you were to sell that

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vehicle? Let's say you were to use section 179, and then 2 years later, you

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were to sell that vehicle and you take in most depreciation on it.

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What happens from the business standpoint with expenses? If you sell the

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vehicle at a gain, you pay capital gains

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tax on that. And it depends on the type of

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property, but I believe it would be there may be some sort of depreciation

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recapture at your ordinary income rates. And then

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if you do have capital gains, that might be taxed at a lower

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rate. Depending on your household income and yeah. But

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so if you purchase a vehicle and you take 50,000 of depreciation on

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it and your cost basis in that car is 0, and then you turn it

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around for $50,000 and see sell it for $30,000 2

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years later. You're gonna have to pay tax

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on that $30,000 as income because you have no basis in the vehicle. And that

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would all be a depreciation recapture, which is taxed

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at ordinary income rates. What about with rental vehicles? So I know that

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when we're chatting with clients, a lot of times, they might get confused around, like,

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what the requirements are. We're like, if you fly somewhere for a

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conference and you rent a vehicle, are you supposed to be tracking mileage

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for that? It's not a bad idea. The only time where you really

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would need to track mileage for that is if you were running that car and

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using it for both business and personal purposes on

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that trip. If it's a mix business personal vacation,

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you better be tracking that. But otherwise, if it's a strictly business

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trip, the car rental, I would just sit out to this. Perfect. I think

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that's great. So moving on to our next topic,

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talking all about health insurance. So, Tyler, when it comes to

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health insurance as a self employed individual, I know that we get a ton of

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questions, and we're not health insurance brokers. We're not here to advise you on

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what sort of plans you can or cannot get into. Something definitely worth

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looking at. But in terms of what our

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clients are looking at and what we've been helping them with the last couple of

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years, what are some tax deductions for self employed individuals when it comes

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to health insurance? Generally speaking, as a self

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employed person, you are eligible to take a deduction for the

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premiums that you pay out of pocket

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that are in excess of any credits that you might receive, you know, if

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you have a premium tax credit. But there are limitations to this. If

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you're married and you're eligible to participate in your spouse's health

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insurance plan through their employer, you are not eligible to deduct

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self employed health insurance. Or if you are

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eligible to have health insurance through another employer, you're

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not eligible to deduct. If you're a sole

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proprietor or a partner and they're up entity taxes a

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partnership, then you can take the deduction

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on your 10.40. If you are a

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greater than 2% shareholder of an s corp, there's

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specific rules that the s corp can either

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reimburse you for the health insurance that you pay out upon it,

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the health insurance premiums, or the s corp can pay the health

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insurance premiums directly for greater than 2%

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shareholders of an s corp. Those health insurance premiums have to be

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reported as wages on box 1 of the w two,

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meaning that they're subject to income tax withholding, but they're

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not in box 35, which is Medicare and

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social security. So they're not subject to Medicare and Social

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Security withholdings. And then what happens is your s

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corp will deduct the premiums they pay on your

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behalf as a salary deduction on the 11 20

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s. And then the weight it'll be included in your income as wages on your

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10 40 and then deducted as an above the line adjustment

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against income taxes on your 10 40. But if

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the premiums are not on your w two, you can take a

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deduction for them, which is often missed. And

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then if you have health insurance through the marketplace and you're

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receiving a premium, there's a calculation that has to be done on,

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I think it's form 72 203 on your personal return

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to calculate the amount of premiums that would qualify for the self employed

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health insurance deduction. I do think that this is a really good point to have

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brought up though, because especially if you're needing to edit a w two or add

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this information in there, a lot of our listeners that might have salaries or are

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managing their own payroll may not know that they even need to be adding this

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to box 1. So this is definitely a reason that you should be checking in

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whether it's with our firm, whether it's with another firm about your

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individual tax situation to make sure that you're not missing out on potential

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deductions here and to have time to make corrections to your w

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two before the end of the year that you're in.

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Retirement, my favorite topic, I think, to chat about. I get

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really excited. So I feel personally, Tyler, it'll be interesting to hear your thoughts on

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this, but I feel like retirement is something that has really slept on because

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especially coming into q 4, I know we get bombarded with

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the question of, do I need to spend more to save on my tax?

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And the answer to that is generally a no in my opinion, unless there's, like,

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really specific situations. You have a high end of year. There's things you actually need

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to buy. We're not just frivolously spending because you're not getting a one to one

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return on the money out versus tax saving. However,

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if you do have money to burn or extra funds, you feel really

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confident that you have enough save for taxes, I think that retirement is one of

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the best things that you can be spending on to save yourself tax

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money if you do have extra cash available. But in general, I

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think it's a really good thing to be setting up and contributing to even if

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it's a really small amount for now. So I'll hand you the floor here, Tyler,

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but let's chat retirement. Generally speaking,

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there's limits as to how much an employee can

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contribute to an employer sponsored plan and then limits to how

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much an individual contribute to an individual retirement.

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Based upon the plan, there are limits to the amounts that

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employers can contribute to the employee's retirement

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account. And there's so many different types of retirement accounts. But

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broadly speaking, you have employer sponsored plans. You have individual

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plans. Then for employer sponsored plans, you have employer

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contributions and employee contribution, which would be

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a salary deferral for the employer sponsored plan. That's an

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employee contribution. Then there's

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generally 2 types of retirement accounts being

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traditional and Roth. And the idea is that

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traditional retirement accounts are tax deferred,

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meaning you contribute the money. And in the year that you make the

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contribution, you get a deduction on your tax return or

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a reduction of your income subject to income tax.

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Whereas a Roth, you make

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contributions with after tax money, but then

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you take withdrawals that are tax free. And,

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generally, the idea with traditional tax deferred

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retirement accounts is that if your

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marginal tax rate is greater now than it will be when you're

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taking distributions in retirement, you'll get more tax savings now

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than you would receive with a Roth IRA. Because with a

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traditional tax deferred retirement account, distributions

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are taxed as income when you're retired and taking

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distributions from the account. Then for a

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Roth IRA, those are more advantageous for people

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in lower income tax brackets now. The idea being

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that your tax marginal tax rate will probably be higher

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when you're in retirement than it will be now. And a lot of that

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has to do with the uncertainty of what future tax rates will

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be, but that's the general idea. And

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then the big benefit of these accounts besides tax savings on either

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the now or later on the contribution of the distribution

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is that your returns grow tax free. Your investment

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returns grow tax free in the account. It's also

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important to be aware that there are situations where you can take

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early distribution. Normally, with a traditional

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tax deferred retirement account, you cannot take distributions until I believe you're

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59 and a half without a penalty, without a 10%

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penalty. You can always take your money out of the account. But if you just

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take your money out of a traditional retirement account with no that

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has does not qualify for any exceptions before your age

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59, say, you're gonna be assessed at 10% penalty and

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pay income. For Roth IRAs, you can put money in.

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You've already paid the tax on that money, and you could take your basis out.

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The amount of contributions that you put in, you could take that out in time

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without paying tax on it or without without paying any

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penalties. So I really like Roth IRAs. If you think you might want that

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money before you're 59, because then you can put the money into the

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account. It'll grow investment income. You won't pay any tax

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on that. As long as you don't take the investment income amount, you can still

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access that money. Because I think a lot of times people may

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not want to contribute to traditional IRA because maybe

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they want that money to buy a house on the future or

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other purposes. Maybe they just want access to it

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before they're 59, which fair enough.

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When self employed individuals are looking, so we have a lot of businesses that are

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by making under a $150,000 a year. Right? And they come in and

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they haven't been prioritizing retirement. Maybe they've never been traditionally employed or maybe they

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were traditionally employed for a few years, but they've been doing their business now.

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What is one of the easiest ways? Like, if they come to you and they're

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like, Tyler, I have an extra $200 a month. I really wanna be doing

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something with it for my future. Like, where do I even look at starting? If

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you're a high income earner, okay, you're probably gonna wanna do a

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traditional retirement account. And I would say

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maximize your personal retirement account if you're

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below the threshold phase out. Because once your income gets too

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high and you don't have to be that high of an income or I'm not

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sure what the phase out limit is right now. But above a certain income,

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you're unable to take deductions for contributions to a traditional

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IRA, and you're unable to contribute to a Roth IRA. So

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if you're a high income earner, your best bet is an employer sponsored plan. If

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you're self employed, it's through your business. If you're an employee, max out

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your 401 k. And if you're self employed, we like SEP

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IRAs, especially if it's like late in the year. It's

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August 2024. If you wanna contribute to

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an employer sponsored retirement account through your business, Sep

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IRAs are easy to set up. It's an employer only

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contribution plan, and you can contribute to that Sep

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IRA and take a deduction up until the

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deadline of the filing of that corporate tax return, including

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extensions. So if you extended your corporate tax return, you could make

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a contribution to a SEP IRA for 2024 up until

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September 15, 2025. And the limit

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there would be up to 25% of your w two

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wages. We also like really the solo

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401ks, which go by many names, I four zero one ks, individual

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401ks, one purchase 401ks because those allow the same

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employer contribution as the SEP IRA

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being up to a quarter of the employee's w

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two wages. But in addition, that

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employee being the business owner, the shareholder, can

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contribute up to the 401 k limits, which I think is, like, $24,000

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in 2024. So with both the SEP and the I

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four zero one k's, if your wages are higher, you can contribute a lot

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of money to your retirement account. I think it's maxed out, like, 60 some

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$1,000 for an IFO one k between employer and employee

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contributions for 2024. So if you're a high end income

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earner that can't contribute to an individual retirement account,

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that's the best option for just putting away money for

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retirement. The caveat to the I four zero one k is that it

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has to be a business with 1 shareholder, one owner.

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And that so only it's only 1 participant in 401 k. No other

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employees, one owner, one employee. That's an I 401

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ks. There is one exception where if it's a

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business where there's one owner and it's, 2

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spouses. Then 2 spouses can have

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an individual 401 k. There might be other

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modifications, but That's the most common Yeah. Exception. I

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do think I so I love the I four zero one k is for our

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clients. It's a really good fit for, but I feel like it's a really good

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fit for such a smaller group of clients. Because 1, you need to have the

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disposable income to actually be able to contribute.

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And 2, you do need to have payroll. Like, it it needs to be

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refined through payroll, and you need to be contributing in the calendar year just

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like a regular 401 k. Whereas with the SAP, you have so much more

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flexibility with being able to contribute up until you file that corporate return, like Tyler

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said, including the extension deadline. So with the I four zero one

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k, and I'll give you an example of this year, we're chatting with a client

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that wants to start prioritizing retirement. It's already almost q

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4 in the year, and they wouldn't be able to get all the contributions

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we'd like to see if they did an I four zero one k this year.

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However, what we thought that they should probably do this year is do a sub

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IRA. And then in 2024 or 2025, look

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at either an I four zero one k or a simple IRA. And, again, that

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falls because they're not spouses. We're looking at some different options for them. So most

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likely, it'll be a simple IRA in their case. But, again, you're making

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contributions as you go throughout the year with those versus the SEP IRA.

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You can make contributions throughout the year, and then you can also lump sum it

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before your taxes are filed. And then also, you receive

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that same benefit for individual accounts so that you can make that

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contribution to that account up until the tax filing deadline of your

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personal return. So if it's April 1st and you wanna get your tax bill down,

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you can contribute to a traditional IRA. I think it's fun too because we'll have

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clients that contribute to SAP search of traditionals and, you know, they're kind of looking

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for a magic number. Like, maybe they have $10,000 set aside for their tax

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savings. Maybe their taxes came out to $8,000, and so they wanna see, you know,

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hey. Of this pocket of money that I have, what does it look like if

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I put $3,000 into a SAP or into a traditional? What does that change by

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tax bill by? And so that's something that we're able to look at for some

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of our clients too so that they can make an informed decision when it comes

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to their contributions because that's another fear that comes up. It's like, what if I

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need this money at the end of the year? I wanna be contributing throughout the

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year. I recommend just setting it aside into a savings

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account, and that way you have that at the end of the year. And you

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should know, hopefully, what your quarterly estimates are looking like, what your

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potential tax liability is looking so that you can be planning accordingly for both

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retirement and your taxes. Another thing I find to

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be very advantageous is currently qualified

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dividend and long term capital gains rates are

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essentially 0 for

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low income earners. So if you're making, like, below $65,000

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a year in total, you can get qualified dividends

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and have long term capital gains and pay zero income tax on

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it. Meaning, what's the point of even putting money into a

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retirement account? Also, if if your income tax

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rate is low, then there's not much tax

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savings benefit anyway because your investment income is not

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being taxed and you're not getting much of a deduction by

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putting the money in to the retirement account. So that point

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would potentially be looking at, like, a taxable brokerage account. Yeah. Yeah. And making contributions

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to there, which you can then pull out at any point in time, and there's

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not the restrictions on that there can be with retirement account. I do think

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that regardless of what account type you look at moving forward with,

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that starting small and automating what you're able to, whether that's with a Roth or

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traditional or a SAP, a lot of times we make the recommendation that,

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like, hey. Take something that you wouldn't miss. Right? Maybe you can go spend

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$25 on something frivolous, and it's not a big deal for you.

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Let let's just take $25 and set up something that's automated. You know, you're contributing

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to something, whether it's a taxable brokerage account, you know, your sub IRA, your

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Roth IRA, and then review that every 3 to 6 months.

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Increase it as you want or as it aligns with your financial goals. But the

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other really big mistake that I see happen is people that

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have been managing their retirement or their investment accounts on their own,

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generally, that money just goes into a holding account when you transfer it from

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your checking or savings account into, let's say, Schwab or

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Betterment or Vanguard. Those funds need to

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be invested. And actually, as recently as 2 years ago, we were working

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with a client and she was like, hey. I wanna really prioritize my retirement.

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Can you guys take a look at where we're at? And I went and looked

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at it. I was like, oh, none of your funds have been invested. They've been

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sitting here for 5 years in this holding account earning a a nominal

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amount of interest, but not having the gains that they could have by

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being invested in the market. And that's something that I feel like is not talked

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about enough. So make sure that you're either checking in with a fiduciary or a

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financial adviser. You're doing your research. You're I mean, even asking your

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accounting firm to take a look at it. We're not here to advise on your

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investments, but we can say, like, yes, it looks like everything's invested. You know,

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continue whatever your strategy is there. I also

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wanna make the point that it's important to know what

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you're investing in because a lot of mutual funds or

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managed funds have a hefty management fee associated with

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them. So the return that they might be advertising

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might be exaggerated because it's not being

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reduced by the management fee. Oftentimes, you get a better rate by

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just investing in an index fund, something with that gives you

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diversification with a low administrative fee. Mhmm. And

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then also it's important to know if you're if you're an employee

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and the options for investments

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when your employer sponsored retirement account might be limited. And

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they might be limited to these managed funds that take large

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management fees. So oftentimes, especially if you're an employee,

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you'll have better options for better

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investment options in an individual retirement account

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than you can invest in through your employer sponsored account.

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But it's always best to at least take the employer map if you're an

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employee. Absolutely. Okay. This is another

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hefty one. So entity selection. So

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many of our clients aren't even aware of what entities are

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potentially available to them, or they've seen something on TikTok or

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Instagram reels, and they pop in and maybe they have an s

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corp election and they shouldn't be. They're not even turning a profit yet, or maybe

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they're making a $150,000 a year in profit and are a great

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candidate, but had no idea that it even existed. So how

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does business structure I mean, this is a very broad term. We're not gonna go

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super deep into it, but how does business structure impact your taxes?

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Yeah. That is a complicated question. Okay. So by default, if

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you're someone who's in business for yourself, it can be a side hustle or it

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can be your full time thing, but you're gonna be classified as

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a sole proprietor. Your your tax entity. It

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it's important to realize that there's legal entities and there's tax

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entities, and they can be different things. The default for

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someone who's self employed is to be taxed as sole proprietorship, which files a

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schedule c to report their income and expenses. And that's goes

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with their personal tax term, their form 1048. Then

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if 2 people are in business together with

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or without a legal entity, they are tasked

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as a partnership by default. And

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we really like, and most people do, LLCs,

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especially for small business owners because LLCs are

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a legal entity, which are organized at the state level.

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And every state has different rules around their LLC.

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LLCs have the advantage that they can elect to be

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classified as an S Corp or a C Corp for

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tax purposes. Or if they're a multi member LLC,

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be taxed as a partnership. And,

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there's different tax advantages to being an s corp, being a c corp, or

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being a partnership, depending upon your ownership structure,

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your business operations, the type of partners

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or investors that you have. And so it's really

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can be endless, but just single member LLCs, if someone if you set up a

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single member LLC for liability protection,

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for tax purposes, that's a disregarded entity. And

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it's you're just a sole proprietor. Your taxes is a sole proprietorship.

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But we recommend setting up LLCs even if you're gonna be taxed as sole proprietorship

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and getting an EIN because that allows you

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the opportunity to elect to be taxed as something different in

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future. Most often an S Corp and it

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allows you to make late S Corp elections. If you

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your income's higher than you think, or you find out about s corp elections

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after the initial deadline, you can still be eligible

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for that late election, which is never guaranteed, but

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is often approved. Absolutely. I think that with s corps too,

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Tyler, a lot of clients aren't sure what it even makes sense. And I know

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that this varies dramatically by how much work they're putting into the

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business, what their, cost of living is, what their industry is.

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But as a very general rule of thumb for something to sort of

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look at inquiring into further, let's say I come to you and I'm a single

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member LLC, so it's just myself. I am a disregarded entity. It's

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been relatively straightforward. My, you know, taxes have been on a schedule c.

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And I come to you and I'm like, you know, Tyler, I keep hearing about

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these s corps, these s corps, elections. Like, what when should

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I be looking at that? When does it apply to me? I know that our

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plans are really conflicting information for when they should even have that on their

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radar. So what's your kind of general rule of thumb for when they should look

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into it further? Loosely speaking, if your

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net profit after expenses is around 50

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to 60 k, you could probably benefit from

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an SL action. It it depends on

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really what reasonable compensation you would have to pay yourself

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as an officer employee of your business. So what

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happens is when your LLC, if your single member

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LLC makes an S Corp election, your LLC is

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going from being a disregarded entity to being

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taxed as an s corp. So you're setting up a tax entity, which is

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corporation. And whereas before the

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election, there was no separate entity for tax

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purposes. Now there is a separate entity for tax purposes, and

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you need to think of it that way. And as a

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shareholder of an S corporation, you were

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required to pay yourself reasonable compensation for the services

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that you provide as an employee of your s corp.

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And reasonable compensation is generally based upon what is the

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market rate for the services that you're providing. So what kind of work

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are you doing and how much work are you doing and

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what would it cost to replace yourself? That

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was what would be considered reasonable. And that generally

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involves having an idea of how much time you're

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working and what sort of tasks you're doing and what it would cost in your

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area to hire someone. And so that can be

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a pretty complicated analysis. The the best

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practice would be to do some sort of reasonable compensation study. And if

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you have a reasonable compensation study and our audit hit

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our your s corp is audited and the IRS wants to look at how did

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you determine reasonable compensation, that's what you provide to them. And that's what

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they would be looking for. So the tax

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reduction that comes from being classified

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as an s corporation is not a reduction in income taxes, but it

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is a reduction in employment tax. So as a sole

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proprietor, all of your business profits will be

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subject to self employment tax. That's the money that goes into

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Social Security Medicare. So, ultimately, the idea is you're still gonna

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get that money back. But I'd

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rather have the money now invested if it was me than

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rely on the government to invest it on my behalf. So

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the tax savings of the s corp come from the

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profits that come through the s corp after you've paid

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yourself officer's compensation in an amount that's

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reasonable. So, basically, you get about 15%

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reduction in self employment taxes on that portion

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of s corp profit after your salary.

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So to give a real world example, right, using your $60,000 in profit

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and, again, when you say it's time to kind of start potentially looking at an

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s election when you're around the 50 or $60,000 mark,

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it's income minus expenses. Expenses do not, at that point, include what you pay

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yourself when we're looking at profit. Correct. I think a lot of small business owners

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factor their owner's draw, their owner's compensation into that

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number. So if we have $60,000 after expenses,

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and let's say that you do a reasonable compensation study and that reasonable compensation

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study, you feel really confident that $36,000 a year for

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your salary is realistic. So that would leave the

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additional $24,000 of that $60,000

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to be passed through to you as profit. So that

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$24,000 would not be subject to the

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15.3%. Percent.3. Self employment

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taxes that it would have been subject to had you remain taxed as a sole

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proprietorship. So quick numbers, 15%

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of 24,000 is $36100 So that would

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basically be your tax savings, your tax reduction

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of the employment taxes in the situation where you're a single member LLC

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electing to be taxed as an s corporation with profits of

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60,000 that they're then reduced by $36,000

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of reasonable compensation. So that $36100 of

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tax savings that you realize then

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also comes with the added responsibility of

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filing a S Corp tax return and running payroll,

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which comes with additional expenses. That's why there's a

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certain threshold at which it becomes a

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net positive to make an S Corp election when the

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tax savings exceed the hassle and added

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expenses, basically. The hassle and the added expenses of

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filing payroll and filing an s corp tax return.

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That's why it's kind of dependent ultimately on what is your

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reasonable compensation so we can determine what are your tax savings gonna

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be after that amount is paid. Right. Because we don't want and I

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I know we've seen it before, but we've seen businesses come to us that are

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you know, we're single member LLCs. They have an s selection, and they're not

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even turning a profit yet. And so you're having all of these extra

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costs and requirements that don't necessarily make sense to your business

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yet because either they thought that they needed to be. They, again, saw something on

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TikTok somewhere that wasn't applicable to their business yet. So I do think

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it's really important to be having a conversation with someone that knows

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your financial situation, whether it's your accountant or

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your bookkeeper or your tax preparer. You need to be chatting about what this

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looks like in your business before just jumping into it. And, also,

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I know that, like, we both go through and we wanna make sure that you're

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going to be saving money because I don't want you making an s election

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if you need to be paying yourself an $80,000 a year w two

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compensation for it to be reasonable, and you're making $80,000 a year in

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profit right now. All of your profit would be swallowed up by that. You'd have

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some extra requirements, and it really doesn't make sense at that point. Again, super

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general guidelines that you want to be having a bigger conversation

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with a professional when you do get to the point that you think it might

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be worth it. You also need to be ready

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and willing to make sure to stay on top of your accounting

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records and do the necessary bookkeeping

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and running payroll. So you're able to prepare

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the s corp return. It's more responsibility.

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Absolutely. And if you don't wanna do the bookkeeping, you don't wanna hire someone

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to do the bookkeeping, even if the s corp election could save you

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tax money, it might be more of a headache than it is.

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Absolutely. I think that's great, Tyler. Thank you. Last but

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not least, the Augusta rule. And this is something

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that you and I had chatted about quite a bit over the last year and

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some change. So the Augusta rule, I know I've seen

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touted all over TikTok as one of those Tyler, you've shared

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that reel with me forever ago. It was like, hey. How did I write this

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off? How did I write that off? How did I write my house off? It

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was tax fraud. And the Augusta rule, I feel like, is an absolutely legitimate

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option, but it can fall into one of those things that can feel too good

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to be true and can be really misused because I think there's misinformation around

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it. So can you tell our listeners a little bit more about the Augusta rule

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and potentially who it could apply to? And, also, a lot of our business

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owners, I don't think it's applicable for. So who does it not apply to?

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Let me give some background. The Augusta rule comes from

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Augusta, Georgia, and the Masters Golf Championship.

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That's where the lobbying generated this rule,

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but basically you can rent out a

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residence for up to 14 days a year and

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not pay any income tax on the rental lease.

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But if you rent out 1, a residential property that you

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have for more than 14 days, you cannot qualify.

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So, you know, that that can be, if you have a vacation

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home, you can rent it out for 14 days, take the income

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from it and not pay any income tax on it. You still have to report

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the income on schedule leave your personal return. Or if you hold it in

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an LLC, you still gotta put the income on the schedule E.

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You still have to report the income, but then you can take a deduction. And

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that's where you get the Augusta rule exclusion. Business

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owners also. So you can rent out your house to any up to

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14 days and not pay any income tax on the

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rental. And it doesn't have to be consecutive, right? A 100 days, any calendar year.

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If you rent it out more than 14 days, you cannot qualify for the EHUS.

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Now if you're a business owner and many business owners do this,

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if you own if you're a primary residence, if you own your

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primary residence or you own a vacation that is

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not rented out more than 14 days a year and

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is not your principal place of business, you can rent out your primary

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residence or your vacation property for up

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to 14 days to your corporation

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and qualify for the same rule. If your home is your principal place of

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business, you cannot rent it out and qualify for the Augusta. If you could have

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a home office and then also have a vacation property and

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take the Augusta rule on the vacation property. Say for instance,

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you have one house, you own your primary residence. It is not your

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principal place of business, meaning you have another place where you

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commute to on the daily and conduct your business.

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Your business could rent out your home at a fair market

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value, meaning pull comps from Airbnb. Up

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to 14 days, use your home for legitimate business

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reasons. All of that should be documented. The comps, the

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business use of your own and your business, your

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corporation can pay you. Fair market

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value rent for 4 up to 14 days. And there should be an

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actual cut check cut corporation to you as an

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individual. You should invoice your corporation.

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And then that amount of rent that your corporation pays you to

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rent your home can be excluded. So you still have to put the

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income on Schedule E, but then you could take the deduction, the the

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Augusta rule exclusion on Schedule E and

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0 out the income, essentially. And that's the Augusta rule.

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But if your home is your principal place of business,

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you do not qualify to take the Augusta rule on your house

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if paying from your business. But you qualify for the home office deduction,

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which is also fantastic. And the other benefits of the home office deduction is

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that your home being your principal place of business is your

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mileage, your business mileage. Accrues from when you leave your

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house to when you get back for business purposes, which is a bid

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deduction in and of itself. And owned that office deductions can be pretty

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lucrative as well. They seem less sexy than the Augusta

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rule, but they're way more functional. I think that's so much

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of taxes and accounting. Like, the sexy quick fixes generally aren't the sexy

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quick fixes. It's more being consistent over time or the

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documentation required because, like, let's say you can do the Augusta rule because you have

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a situation that works. You need to have documentation. You're not gonna be if you

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have a 2 bedroom house, you're not gonna be running it out to yourself for

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$8,000 a night unless that's what the actual market comps look like or you're

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doing it during the era's tour or doing, you know, there's a Super Bowl there.

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Like, you can plan things strategically. But, again, you have to have documentation to

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back it up for why you're doing this. And I think the documentation

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is sorely lacking for a lot of individuals because they just don't know that they

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even need to have it. You know, they're they find some information somewhere and run

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with it. If you wanna use the gastro, you need to

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plan ahead of time and follow through with that

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plan. You can't just look back and take the Augusta rule.

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Okay? Whereas the home office deduction, you might have

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qualified for it and never have planned it and be like,

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oh, at young age, I have an office in my house. Office. Office

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space. And I didn't plan that at all. And, hey, I get this

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deduction. So it's like, home office deduction is way more

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straightforward. In terms of the home office deduction, there's either the

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simplified method or the actual

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expenses. The simplified method is limited to, I believe, 300

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square feet. You get $5 per square foot. So it's limited to $1500

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The other way is you take the exclusive business use

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square footage of your home and over the total square

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footage of your home. And that exclusive business use square

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footage can include storage. So if you have a closet corner of a

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room where you store gear or supplies or equipment that qualifies

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as part of your own office, business square footage. So you have the business

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square footage of your home over the total square footage, and then you can

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take a deduction in that percentage of

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your mortgage interest, your real estate taxes, your homeowners

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insurance, your HOA fees, your landscaping expenses, your repairs

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and maintenance on your home. Am I missing anything? Utilities?

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Utilities. Yeah. No. That's a big it's yeah. You can also

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depreciate your home. But if you ever plan

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on selling that home, you're probably gonna qualify for the homeowner's

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exclusion of that gain. And if you previously

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depreciated your home office, you're gonna have to reclaim that income and

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it's not gonna qualify for the homeowner's exclusion. So I think it's silly

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for people to depreciate their home 99.9%

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of the time because they're gonna have to reclaim that deduction as income later when

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it would have been excluded as a gain when when they sell their house. If

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you're never gonna sell your house, then depreciate it. What

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happens if you have a dedicated we have a couple of clients I know that

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have maybe built a shed in their backyard, and that's their dedicated workspace.

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Yeah. Yeah. That same. Add that square

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footage, put it over the total square footage. You're good to

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go. And when it comes to things like painting that or maintaining

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it, all of those would then be like dedicated home office expenses at that point.

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Yes? So then if when you have a home office, that is your

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principal place of business. Any direct

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expenses to your home office, furniture, fixtures,

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repairs, or maintenance of that home office are direct home

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office expenses. And those are deductible fully. They don't

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need to be deducted as a portion of your

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total home base. Now what happens because I this actually came up last

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year. But what happens if you're you have a dedicated room in your house for

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your home office, and you have to get a new roof, and

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you lay out $30,000 on a new roof for a general that they're

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that cheap. What happens? Do they get to take a portion of that expense? How

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do they track that? That would fall onto the same as

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depreciating your home. Mhmm. It would have a class life that you would have

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to depreciate it over. You would depreciate it in proportion to the square

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footage of your business, of your home office over the total

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home. And again, I would Right. Right. So what are other expenses

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potentially that you've seen pop up that are depreciable like that? I mean, a

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new bathroom, a new kitchen, you know, you're replacing all the

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floors in your house, a new HVAC system. Yeah. The

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big A deck. Yeah. These are not repairs. Yeah.

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Yeah. These are these are new yeah. New or larger

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improvements, I would say to the home and the living space on the whole. I

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mean, in for for businesses, they have the de minimis safe harbor

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election where if you have audited financial statements, you can elect to

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expense anything below any expenditure below

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$5,000. And if you don't have audited financial statements, you can elect to

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deduct any expenditure below $25100.

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And they do change that limit with think it was somewhere that they might

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be increasing it. But I don't know if that would

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directly apply Mhmm. The diminished safe harbor to the home office,

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but I think it's a decent enough guideline. If the expenditure is greater than $25100

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definitely need to consider whether or not it should be capitalized and depreciated.

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And that's great information. So to wrap everything up here,

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we've covered how to maximize your mileage deductions, what you need to be tracking there.

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We've discussed health insurance for self employed individuals,

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smart retirement contributions, and when those are applicable

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for you in your business or in your personal life, how to choose the

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best business entity, and, again, navigating the Augusta

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rule. So if all of this was helpful for you, I do

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encourage you to check out the get your finance shit together mastermind.

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Tyler will be a special guest in there. Oh. Yeah. I know. We're gonna be

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talking all things taxes, and we will have

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a lot of sports, a live group program for business owners that are

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wanting to understand their finances better. We will have a lawyer

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coming in. We have a fiduciary that will be coming in to chat all about

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self employed retirement, and we have some other really special guests. This is a

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10 week program that runs from the week of September 15th until the week

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before Thanksgiving in the US. And I do encourage you all to take

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a moment and check out the link in the notes or follow us on Instagram

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to get more information. Tyler, thank you so much for joining us. I'm really

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excited for this teaser for what will be covered in the Mastermind.

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That's a wrap for this episode of the Wealth Witches podcast. I hope our

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magical money talks have left you feeling empowered and inspired.

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Remember, wealth isn't just about dollars in the bank, it's about abundance and

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financial freedom in all aspects of your life. I'm Caitlin Magnuson

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encouraging you to keep challenging the status quo and embrace your inner witch on

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this financial journey. Until next time, stay

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magical.

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