How To Lower Your Taxes | LLC? S-Corp? C-Corp? 🤔

hey heron adams with infinity investing i wanted to uh spend 10 minutes elaborating on this topic of tax write-offs every month i meet investors who are high net worth individuals they're making three four five seven hundred million dollars a year they're very talented they're very bright and they're getting crushed on taxes if you are paying more than twenty percent twenty thirty forty effective tax rate you're gonna want to stay with me for the next 10 minutes because as many of you know 22 years ago i was a high school teacher and i feel like one of my super powers is doing what i call a k through 12. so i want to spend 10 minutes k through 12 for you how the wealthy pay less in taxes and why you want to join us at our next infinity event so that you can get on a path to getting this all set up the first thing that the rich do that the six and five-figure income earners don't do is they pay for more things out of their legitimate business you know many of you maybe have set up an llc but you want to take it one step further and you want to put together either an s corp or a c corp and our team of attorneys from anderson advisors can break that down for you the reason is if you set up an s corp or a c corp as a management company for all of your activities then legitimately you can pay for more things out of there so now you're not going on vacations you're taking business trips and now you aren't just driving around and paying for gas with your after tax income it becomes a business expense and you can pay for it out of that s corp or out of that c corp and now you can employ your children by those businesses and have them work in the business and instead of just giving your high school uh student money it's money that comes out of your business so instead of you paying 30 cents on the dollar 40 cents on the dollar haircut you give 100 bucks to your high school kid they can be paid 100 bucks legitimately out of the business and it's a write-off and so one common thing that the wealthy do is they pay for more out of their business and they make things legitimately more business expenses and we walk you through step by step how to do that trump readed the tax laws we did a lot about the tax laws while he was president i don't care what your politics are but there are some massive opportunities if you are thinking about real estate and many of our students at infinity are interested in real estate investing there is just some grand slam home run opportunities for you let me just give you one example and that would be cost segregation we had a client who came to our summit last month and he's a doctor and he makes a ton of money as a doctor but he's paying 40 taxes and we said to him hey what if you were to buy an airbnb now an airbnb or a short-term rental is not considered a passive real estate investment it's considered a business so we said what if you buy an airbnb and then you do something that's called a cost segregation and he said what's that and i said well uh k through 12 a cost segregation allows you to accelerate the depreciation he's like what does that mean i said well imagine if you were to buy an airbnb and instead of writing it off over the next 26 plus years with depreciation which would give you a few thousand write-offs a year i could show you how to order this 1500 study and it's gonna give you over the next three years a hundred thousand dollars a year in write-offs and he's like now i'm interested he's like but i'm not a real estate professional i'm a doctor i said it doesn't matter because you're doing the cost segregation for your business because the irs sees an airbnb as a business just like if you were to buy a pizza parlor or a yogurt shop and he's like oh i said if your business takes a loss in the first year then those losses can carry forward back to your earned income as a doctor so you have an airbnb that now all of a sudden gives you a hundred thousand dollars off your doctor's salary from the hospital he's like no i'm really interested and so you can combine a side gig in real estate with losses that you carry forward and that's what a lot of medical professionals tried to do back in the 70s and the irs closed that loophole i believe in 1986 but there are some ways to kind of back into that again and we show you how to do that so if you're not familiar with the word cost segregation join us at the next infinity investing workshop we're going to break that down for you toby mathis and i are going to discuss it at length if you're not familiar with this idea of being a real estate professional you know if you are married and your significant other is not currently working every month i meet couples who decide that that significant other is going to qualify as a real estate professional because it will give them all these new write-offs and could get them down under 10 with what they owe the irs qbi qualified business income that was a new trump write-off many of you have never heard of it before i have met many clients doctors professionals attorneys that have gone back and restructured their business just so they can take advantage of the qualifying business income one example is i have a client who's an eye doctor and originally he had his glasses sale part of his business with his eye exam part of the business after qbi came out qualified business income he separated the two businesses and two llc's because the glasses portion of the business and the contacts portion qualifies for this deduction his eye doctor business does not and so he separated the two businesses out to take advantage and that's something that all wealthy people do that i find that six figure income earners and five figure income earners don't understand they say wait a minute so you will redo your whole business structure and change the path that you're using to spend your money to qualify for the tax write-off yes that's exactly what i'm saying the rich people do that they change their s-corps and their c-corps and their llc's and how their money flows through it to maximize the write-offs that they're getting from the irs it's not that they have secret write-offs that you don't they just spend money in a different way than you do and once you realize that then you go oh okay well then maybe i am interested in an airbnb maybe i am interested in understanding more about llcs and segregation and being a real estate professional the point that i'm making and the point that i want you to understand is that if you are paying 25 30 35 40 and you're willing to squeeze more time into your month for this education then we can really help you set it up we can help you change the way that your money moves and the way that your money flows so that you can take advantage of these tax laws that all the wealthy are utilizing and yes the irs does close the loopholes but when you're dialed in with us here at infinity then as those loopholes close other ones open and you can continue to to take advantage of that should taxes be a game no i don't think it should be a game unfortunately it is and either you play the game or you're getting played by the game and that's just the reality of money so if some of these concepts are interesting to you and you have questions because i know that you do then follow the link join me at the next workshop join toby and i as we discuss these and we'll answer your questions directly we'd love to have you start on this path with infinity we're very accessible we want you to learn we want to raise your financial iq so that you're out doing deals and doing deals with us and and move you forward on that financial journey so i appreciate you taking a few extra minutes to to hear about that and i'm looking forward to having you join me at the infinity investing workshop coming up and come ready with a list of questions because we'll be ready to answer

Channel: Infinity Investing

Views: 1,334

Keywords: infinityinvesting, investingstrategies, lowertaxes, investingstrategy, explore, wealthy, financialexpert, stockmarket, realestateinvesting, Scorp, LLC, LowerTaxes

Id: A94MaGKTVC0

Length: 7min 34sec (454 seconds)

Published: Mon Aug 01 2022