How To Setup a Management Company | Karlton Dennis

foreign [Music] [Music] [Music] foreign [Music] [Music] [Music] [Music] foreign [Music] foreign [Music] [Music] [Music] [Music] foreign [Music] [Music] [Music] foreign [Music] [Music] foreign [Music] [Music] foreign [Music] [Music] foreign [Music] [Music] foreign [Music] [Music] [Music] foreign [Music] [Music] foreign [Music] [Music] foreign [Music] foreign [Music] [Music] thank you [Music] foreign [Music] [Music] foreign [Music] [Music] foreign [Music] welcome back welcome back welcome back welcome back yeah how you guys doing today we're on live I'm super excited to be here with you guys and uh I want to know how you're doing put a one in the chat box if you're feeling good if you're excited for today's lesson put a two in the chat box if you're feeling blessed I'm gonna be going over some Tax Strategies with you guys today and I want to make sure that you guys are locked and loaded with me so if you're locked and loaded put a 2 in the chat box right now lets me know that you're attentive lets me know that you at least have some notes nearby you to be able to write down some of the stuff that I'm about to teach you guys today how's everybody doing I want to see I can see the chats I'm live I'm here with you right now I want to see how we're doing beautiful beautiful beautiful guys listen the reason I'm here today the reason I'm here today is because we have 67 days between now and the end of the year to figure out our taxes which means that if you have not implemented some strategies inside of your tax returns or inside of your QuickBooks you're running out of time and so yesterday what I did last night is uh right when I was getting ready to go to dinner with my wife I posted a poll to the community Tab and I asked you guys hey what are some strategies that you guys are looking to learn from me I'm here I'm open I'm ready to teach and I gave you guys some options I put do you want to learn me placing children on payroll as a strategy do you want to learn how to write off a car that weighs over 6 000 pounds like a G wagon 100 percent um or do you want to like learn how to set up a management company and a majority of you guys said that you want to learn how to set up a management company so if that's still true if that is still true put a one in the chat box right now put a one in the chat box right now they'll let me know that you guys want to learn how to set up a community and I'll dive into that strategy for you guys today make sure you understand the purpose of why you would want one and actually how you can end up getting some tax savings so if that's something that you guys want to learn put a one in the chat box lets me know where you're at um one of the things I want to share with you guys is a lot of you guys are reaching out to my firm trying to figure out a way to get on the calendar with me as you guys might have known I don't have like a calendar anymore I took down all my Consulting calendars it's really hard to to get in touch with me but what I did do in July was I launched the tax-free wealth challenge which you guys should see a link down below and it allowed for me to spend five days with tons of entrepreneurs just like yourself where I was able to go over strategies like the one I'm teaching you today and I was helping these entrepreneurs get these strategies implemented into their tax returns during the entire five days that I was coaching them oh I I'm putting on this challenge again because I have some additional Advanced Tax Strategies that I want to discuss and I want to make sure that you guys have access to these strategies prior to the end of the year because the majority of the strategies I'm going to be talking about during the five day challenge have not been mentioned on my YouTube channel like anywhere I've never covered these strategies before so I want to make sure you guys have access to that information also some of the people who joined in the last tax-free wealth challenge that I had in July had me as their tax strategist complete their entire tax plan and so I did over 45 different tax plans for people who joined the challenge and it was really fun I I ended up saving a total of over 14 and a half million dollars uh between those 45 people so I don't take my job lightly that's to say this if you're thinking about possibly partnering with me wanting to work with Carlton that's my guy I want him to be my tax strategist the only way you can work with me is if you've already joined that uh tax-free wealth challenge the link is below and that you've signed up as as a VIP so that way I can actually understand your situation during that time period I'll get to know you and put myself in your shoes so we can figure out what we can do with the time we have left before December 31st now management companies that's part of the reason why we're here today I want you guys to understand why I go over management companies and before we dive into that I just want to kind of create a little bit of a warning here these these companies that I'm talking about management companies they're not for everybody okay they're not for they're certainly not for somebody who wants to pay taxes they're not for just getting started out in business I mean you're barely turning on the lights this is for somebody who's more of like a seasoned business owner somebody who's used to taking some of the basic tax write-offs and they're looking for something a little bit more creative now when you hear the word management company many of you guys are like um what's the point in setting up a separate company Carlton doesn't mean I'm gonna have to file another tax return the answer is yes but I want to talk to you about why we go through the process of setting up management companies in my office for taxpayers many of you guys are managing your own companies and you don't know about it and I know you guys love when I jump into the iPads we'll be jumping into the iPad today and a lot of you guys might be operating as llc's or you might be operating as Corporation owners and this is your operational company okay this is your operation but what are some of the things that many taxpayers do inside of their operational companies I know that when I was getting started with this whole like YouTube thing and some of my tax business and stuff like that I had to go and hire employees Carlton wasn't going to do everything himself hell I I needed to go hire employees because I love to have my time back so one of the things that I had to do was I had to focus on hiring this was one of my managerial tasks that I had to do as a business owner one of the other tasks that I had to do as a business owner after I started hiring people was I had to be the one to figure out you know what when is it time for my business to file its tax returns I'm the person that actually has to figure out when the tax returns get filed so that's a job that I have to figure out that's not a job that my employees have to figure out I wear that hat it's my responsibility as a taxpayer to make sure my business's tax returns are filed it's also my job to make sure that I'm hiring legal and professional Consultants to set up my entities and to file my returns because let's be honest the majority of you business owners aren't going to file your own taxes and if you're still filing your own taxes I'm not really sure what you're doing so a lot of you guys won't be filing your own tax returns have to go find your own legal and Professional Services now I'm sitting here with this cool little program that allows for me to flip between my iPad myself so I had to go to turn determine all of my systems and Technology that is going to be needed in order for me to make money inside of my businesses and I would agree that many of you guys would say you know what Carlton I'm I think I'm starting to understand what you're saying I do these things too I actually do these things too I figure out the systems I figure out the technology inside of my business now last but not least is paying bills the majority of you guys who are business owners are responsible for paying the bills of the business you're wearing that hat as well but all of these different items that I discussed are happening inside of your operational LLC or S corporation or sole proprietor if you're operating as a sole proprietor what I want you to know is that you have a choice as a taxpayer to run your operation hearing all of these different responsibilities inside of your operational company or you can choose to segregate all of these different tasks that we just discussed and place them into a separate entity structure let me explain if I'm operating a McDonald's let's just say I know that I'm going to have these exact same tasks that we talked about hiring uh filing of the tax returns Legal Professional fees Systems and Technology paying bills I am going to run my operation inside of my LLC or S corporation my McDonald's business where I'm receiving income from selling hamburgers and french fries but as a manager of the McDonald's I might choose to do some of these tasks from the convenience of my home and if I'm doing some of these tasks from the convenience of my home can't I take a home office deduction for managing my own business well for many of you guys some of you guys are Physicians chiropractors so you guys have your own places of business and the majority of you guys are just showing up and doing business there but then you come home and you start to think about all of the ways you can grow your business how can you implement better systems how can you implement better technology who should you be hiring such as like attack strategist that can help you reduce your tax bill a lot of these items can be done inside of a separate LLC or S corporation that is strictly ran at your home now I want you guys to really grasp this concept here because for many people they're like wait wait a second why why would I want this why would I want this why would I want a separate company where I'm getting paid to manage my own business well let's just say that you've already written off a lot of items inside of your S corporation and now you're at a place towards the end of the year where you're looking for additional tax deductions one of the additional tax deductions that you can create as a taxpayer is establishing a management company that gets paid for managing your operational entity okay now if I made a hundred thousand dollars inside of my S corporation and I paid my management company 20 grand I'm going to be left over with eighty thousand dollars inside of my S Corp I received a twenty thousand dollar deduction but now I have twenty thousand dollars sitting over here in this management company so didn't I just move money Carlton from my right hand to my left hand how is this actually going to save me tax dollars this is when the real sauce starts to kick in and no we're not talking about McDonald's sauce we're talking about in and out sauce much more appealing this is when we can start to take write-offs inside of your management company that are completely different than the write-offs that you're taking inside of your operational company see your operational company may be a McDonald's right where you only have expenses associated with running that burger franchise but from a management company you're making management decisions that are completely different than your operational company as a matter of fact maybe some of the management decisions require you to travel maybe even some of the management that you're doing can involve your children um this is when things start to get really fun Carlton why would we want to involve our children your children tend to play a big part in what you're trying to do from a wealth perspective wouldn't you agree I mean most of us start businesses because we want to have more control over finances and we want to have more control over finances because we want to have a better lifestyle typically we want to have a better lifestyle not just for ourself we want to have a better lifestyle for our children because we want to build generational wealth how can we get our children involved at an early age many of us have children who could possibly work in our businesses but there really isn't a whole lot that we could have them do inside of our businesses but maybe we can bring them into a management company business and give them tasks and responsibilities inside of a management company where I can claim them as a tax deduction the IRS updated the standard deduction the standard deduction for 2022 I believe is twelve thousand nine hundred and fifty dollars by placing one child on payroll I'm already receiving a 12 950 deduction against the twenty thousand dollars that I moved over from my S Corp into my management company now what if I decide to claim a vehicle inside of my management company is this something that I can do outside of my S corporation or LLC is this the answer is yes maybe I have a spouse too maybe I have a spouse who wasn't there really when I got the business started but she's been a big support system to me she's been somebody that's helped me manage the finances she's been somebody who's been able to communicate with some of the clients and customers coming in maybe I can place my spouse underneath the management company as well and pay my spouse twelve thousand nine hundred and fifty dollars too this already comes out to twenty five thousand nine hundred which means we already offset it a hundred percent of the 20K that we've moved over now maybe your spouse is working another job which means we're going to increase the amount of taxes that you guys paid together but maybe you have a spouse that's not working a job and maybe she's at home or he's at home taking care of the kids maybe this spouse is designated to take care of the kids and they're not earning a salary anymore which means they're also not growing their retirement accounts wouldn't it be nice for you to be able to set up a management company where your wife is in charge or your husband's in charge of this company with the kids where they're able to create expenses that offsets the business's income and even more so couldn't couldn't your spouse set up a solo 401k if they do not have any type of retirement planning going for themselves and contribute that 12 950 into this solo 401k here are some ways in which we're creating additional tax deductions for our family by just having a management company manage our operational entity now when it comes to management companies there's really three different types of management companies that we like to set up we like to set up family management companies oh family management companies which we're going to talk about we like to set up rental management companies which we're going to talk about and we like to set up off year management companies now you guys are probably watching this thinking like dude when does my CPA go over this stuff with me I'm gonna let you know right now I'm not a CPA I'm a tax strategist and I'm a licensed enrolled agent my job is to leverage the tax code to the fullest extent for my taxpayers when they go into my office and meet with my CPAs that's when they'll just file tax returns they're not going into my CPA's office trying to figure all this out it does it doesn't happen there okay this happens with a tax strategist now when we're going over this type of stuff we need to understand which ones make the best sense to set up a family management company is typically set up for children because we have a lot of uh parents who are operating inside of s Corps if you place your children on payroll inside of your corporation you will pay payroll taxes which means that you're going to pay 15.3 percent 15.3 percent on whatever you've chosen to pay your kids the maximum you can pay your child without your child needing to file a tax return for this year will be twelve thousand nine hundred fifty dollars okay so the S corporation requires you to have your children um pay payroll taxes or you would pay payroll taxes for your children so the purpose of us setting up a family management company is to have a sole proprietor business or a LLC be the management company the reason why we will have a sole proprietor business or an LLC be the management company is because when we place kids on payroll inside of a sole proprietorship no payroll taxes are required so the very first strategy that most of us will look at as tax strategists for someone who needs to set up a management company is do you have children that could be involved in working inside of your business and if so would it be possible for us to establish a family management company prior to the end of the year the reason why we can do this is because we can move money over from your S Corp into the Family Management Company without the need for your child to file a tax return based on the amount of money that we have paid them if we have two children that jumps up to a 25 900 deduction which means your S Corp could send over twenty five thousand nine hundred dollars and receive a tax deduction for this amount okay now a majority of you guys understand that I'm a big big real estate tax strategist and part of the reason why is because depreciation is the king of all deductions inside of the tax code and with depreciation we're able to use the losses from rental real estate to offset our W2 our 1099 income yes that's correct with rental real estate we are able to use the losses generated from the rentals to offset our W-2 or 1099 our stock our crypto even the 401K money you shouldn't have touched all of it now let's say we're in a place where you haven't done some of those Advanced strategies that I'm talking about with accelerating depreciation you may need some additional strategies to reduce your tax bill with your real estate majority of taxpayers are managing at least one of their investment properties but they never thought about establishing their own management company that manages their operation when you're running a rental operation you're running your own business somebody's paying you rents and you're paying down the mortgage in return but what you might have not thought about is you might not have thought about paying yourself a management fee for managing your own investment properties I speak with husbands and wives all the time Carlton me and my husband drive to and from our investment properties we made some Renovations uh we met with our mortgage lender we're buying furniture for our Airbnb um we're going to you know these real estate conferences apartment Owners Association we're reading all the Bigger Pockets books you guys are managing your businesses and not getting paid for it just like with a family management company establishing a rental management company creates an additional expense on your operational llc's tax returns the money that I move over into my management company LLC can be offset with management expenses such as a home office such as a cell phone such as me placing children on payroll and these management expenses will be able to offset the income that I moved over into my Management LLC so this is a great way for us to start building out your corporate structure or building out your entity structure because many um many taxpayers start to buy multiple llc's so we start setting up llc's for each different properties that are many taxpayers start to buy multiple investment properties so we start setting up different llc's for all their different investment properties and then we'll come over the top and either create a parent LLC or a management company LLC so we can create some additional tax deductions The Rental Management Company LLC is perfect if you're trying to qualify as a real estate professional it's perfect if you're running your own short-term rental business it's perfect if you're inside of my program tax Alchemy and you're following some of the strategies that I'm discussing the rental management company tends to serve you in the long run with what you're trying to do also I love leveraging business credit so if I'm going to establish a rental property in its own LLC I'm going to establish another LLC that I get paid to build business credit inside of a separate management company okay now the last one I want to go over with you guys is the off-year management company and this is truly for my higher net worth um S corporation owners the reason I say S corporation owners is because I I it's it's rare that I deal with somebody making over 100 to 150k that hasn't already switched over into an S corp like I give I give that strategy away on my YouTube channel it doesn't even it's not even a strategy to me to tell you to switch from an LLC to an S corp these are things you should already know there's multiple videos on my YouTube channel explaining the the reason why it makes sense to switch over to an S corp just replay it a couple of times and you'll get it once you make that switch over to an S corporation congratulations you now get to Take payroll you're eliminating a portion of your self-employment tax you're still going to pay self-employment tax on the amount of money you pay yourself as a matter of fact if you're an S corporation owner and we're going to talk about that strategy if you're an S corporation owner you pay as high as 37 percent in taxes and the reason why is because you're a flow through entity and with a flow through entity there are seven tax brackets which means that depending on how much flow through income you have coming through will determine which tax bracket you fall into I have some S corporation owners who are making one meal or two million plus and now we start to look at whether or not it makes sense to switch them from an S corp to a C corporation or establishing a C corporation as the management company to their S Corp I don't want to lose anybody today but I did want to go over the management company because you guys said that you wanted to learn this strategy on the poll that I uh I I shared with you guys today so I want to make sure that you understand what I'm teaching the management company C Corp is going to be a really cool one but you're going to need to stick with me on this so let's Dive In how does the C corporation management company work well a C Corp has a flat 21 tax rate which is awesome and the S corporation like I just said can go all the way up to 37 percent so there is a net 16 percent difference between what you can pay inside of an S corp and what a C corporation owner pays before taking payroll before taking payroll one of the things about the C corporation that I really really love is that a C corporation can establish its own fiscal year-end what I mean by that is that you and I we finish our year December 31st right when the ball drops in New York and everybody's like on TV or maybe you're celebrating in a club somewhere that's when we all finish the year right we're we're popping the bubbly the year is over a lot of our businesses finished the year December 31st too your LLCs your s corporations the majority of your businesses finished the year December 31st when you establish a C corporation there's something different about these c-corps that is really really unique the C corporation can establish its own fiscal year-end question to you guys is when do we file tax returns like you and I when do we file tax returns April 15th right which is 4 months and 15 days into the next year 2023 the reason why is because your LLC or Corporation begins January 1st no matter when you set it up and its fiscal year end is December 31st which means four months and 15 days from its fiscal year end is when it has to file its tax return if I can give a C Corp its own fiscal year-end then four months and 15 days after the C Corp is created or sorry four months and 15 days after the C corp's fiscal year end is when the C Corp will file its tax returns so let me explain this let's say you meet me during the months of November December and there's like nothing left we can do at the end of the year we've already maxed out 401K plans you've already bought in a vehicle that weighs over 6 000 pounds like we're already taking all the basic strategies those are basic strategies to me now we're in a situation where I'm trying to create a last minute tax deduction for you for something that you're capable of doing which means that you have to be capable of doing this strategy and I'll explain why so let's just say that your S corporation is going to finish the year with 800k net income you're going to end up paying a lot of tax on that 800k because you're going to be in the 37 tax bracket but what if I decide to set you up a C corporation that's going to be a management company the purpose of this C corporation has the exact same purpose of the management companies that we were talking about earlier it's going to manage your operation now when I set up the C Corp let's say that I give this C corporation that I just set up this year in 2022 a fiscal year-end of let's go with September 2023 that's correct and let's just say that I decided to move over from your S corporation a quarter million dollars okay so I'm moving over 250k into your C corporation now inside of your S Corp you're at 550k you receive that 250 000 deduction when you go to file your S Corp tax returns March 15th you will file the S Corp with 550k and then come April 15th I received the K1 form to file the 550k inside of your individual tax returns in 2023 okay what happens to that 250 000 Carlton let's talk about it the 250k that I moved over into your C corporation we will pay taxes on that if we don't do anything so we'll we'll have to figure out what we're going to do but four months and 15 days from the fiscal year end of the C Corp is when that Corporation has to file its tax return so let's do some math with me September we have October November December January 15 days so January 15th 2024 oh whoops January 30th sorry January 30th 2024 is when I would file the tax returns on this 250k I moved over from the C Corp do you think I want to know do you think that if you gave me a year that I can offset 250 000 instead of a C corporation do you think that if you're working with the tax strategist that that's possible to offset 250 000 inside of a C Corp if you give me till January 30th 2024 and I'm setting up the C Corp for you right now now what really makes this fun is when I loan this 250k back to your S corporation since a C corporation is a non-flow through entity and then I get you to take a distribution and then we go by real estate yes these are things that we can do these are absolutely things that we can do with our corporations so Carlton what's the purpose first off let's let's let's revert this back what's the purpose of me having a C corporation management company with my S corporation your S Corp is going to jump up into higher and higher tax brackets which means the benefit of you remaining as an S corporation starts to go down you may not be in a place where you can switch your S Corp to a C corporation to be taxed at a flat 21 so rather than having all of this additional money being taxed at 37 percent we're gonna say all of the money that's in the 37 tax bracket we're going to move that money over into the C Corps where it's taxed at 21 percent but the C corporation doesn't file tax returns until the whole other next year January 2024 and we should be able to create additional expenses inside of the C corporation in a Year's span to completely offset that 250k we have the ability to also use some of the money from the C Corp to loan it back to our escorp if our S Corp needs the money from the C corporation to do jobs responsibilities etc etc which also means that you could take a distribution and my goal would be able to help you do some of these strategies to keep more money in your pocket or just sending money off to the government I'll be honest with you guys I'm not too sure what the government's doing with our money right at this particular second do any of you guys know do you want to put in the comments are you guys very confident right now in this time period what the government's doing with our taxpayer dollars like are we headed in the right direction do you feel like we're headed in the right direction does it feel like we're headed in the right direction to you I'll let you guys comment on that and I can see the comments coming through but what I want you guys to understand is is if you make a maneuver like this this is a maneuver you just make because you watched a video on YouTube of attack strategies who you've trusted for a while and said I should have a management company this is done after we've leveraged every other strategy you've qualified for this is after I've taken advantage of everything else in the book because then I will send money over into the management company creating this last minute tax deduction for you knowing that I have at least 365 days or close to it to be able to figure out how I can help you offset that income inside of your C corporation guys listen I love teaching Tax Strategies um because when I was growing up my mother was a tax accountant and I would go into her office and my job in order to for me to make money was to pick Staples up off the ground so I was that eager you know young kid that was like an Energizer Bunny so I would try to go through the entire office in like 30 seconds and try to pick up all the Staples and so I used to barge in to my mother's tax accountants offices and they used to be on the phone and I'm barging in picking up Staples off the ground I'm hearing conversations I'm hearing what's going on and most of the time when I'm hearing what's going on is I'm hearing us solve problems for people majority of the problems that we're trying to solve is figuring out what what other things can we do that my CPA may not have thought about we get paid honestly in our firm to think that's truly when I when I scrape away everything else like we don't get we get paid to set up corporations and stuff like that but we truly get paid to just sit there and think like how can I think of creative ways for you to reduce your tax bill that operate within the combines of the tax code and a matter of fact I want to operate very consent with the tax code because I don't want you calling me a couple of months later saying Carlton I got this notice what do we do I want you to feel protected right and so one of the strategies I like to Leverage is the C corporation management company what I want to do right now is I want to do a recap really quick because some of you guys jumped on probably a little bit late and we started talking here the very first thing that we talked about is how do we run a management company well we first have to decide are you already doing management responsibilities inside of your operational company are you are you operating inside of an LLC or a corporation and what things are you currently doing inside of your operational company are you hiring employees are you making sure the tax returns are getting filed are you hiring uh tax strategists getting Legal Professional Services are you setting up Systems Technology crms are you paying the bills okay great well then you've already determined that you're doing managerial roles you're just not currently being paid for that inside of its own company now the next thing that we can determine is when do we set up a management company that's when we have known that we have already written off all the other things that we can write off we can set up an LLC management company or a sole proprietorship management company and we have the ability to place our children on payroll um I know without even looking at the comments that some of you guys are going to ask me this Carlton how old do the kids need to be in order to place them on payroll the youngest child I placed on payroll was eight I think 18 months old okay so the youngest child we placed on payroll and my firm was 18 months old so we have to we have to be able to come up with a way in which it makes sense to place an 18 month old on payroll right because what I'm not going to do is just tell you oh yeah yeah the IRS allows it the IRS allows it just move the money over you're good uh no we need to absolutely make sure that we know exactly what the child is doing and that there's responsibilities written out okay so jumping back in we discussed that we said we can set up a family management company Family Management Company can be set up with a sole proprietorship or an LLC if we want to avoid paying payroll taxes for placing our children on payroll many of you guys are running your own real estate businesses and you haven't thought about setting up a management company that manages your LLCs that your assets are held inside of many of you guys have spouses husbands children who you're not leveraging on the tax return because you haven't thought about the fact that you can have a management company for these spouses children's and husbands to operate in which also allows for you to take a home office right off their cell phone right off when you travel with your kids I want to be able to travel with my future children and know that they're they're going to be a write-off I don't want to only travel by myself or I don't want to have to go somewhere and tell my wife hey you're going to need to pay on your own separate card because I wasn't Savvy enough to make her a manage make her a management company and make her the manager of the management company so now my wife has the ability to travel with me see the tax code is meant for me to serve my lifestyle I just need to understand the rules and once I understand the rules it's about making sure I put the right things in place and then I document it right and then last but not least we discuss the off-year management company which I typically use as the C corporation I see some of the people who are inside of my Mastermind in the comments section some of you guys who are in my Mastermind you guys already have C corporation management companies because I might have set them up for you um and that's exciting right so for those who are wondering yes I do work with clients I do have a select group of clientele that I work with and I only work with about a hundred people a year the reason why I only work with 100 people a year is because of the things that I just said I get paid to think I cannot sit here uh like a tax accountant on a treadmill handling one person after the next person after the next person and I don't want to do that I do not want to do that I would rather work with a few entrepreneurs every couple of months and really understand their businesses really understand what their family Dynamic is where they're trying to go and then put myself in their shoes and be like yeah if I was them I'd be doing this this this this and I would make sure it's documented like this this this IRS looks worth this this this this this now we're set to go right and I think you would like that too so last but not least C corporation management company why is this important you can establish your own fiscal year in for the C corporation Carlton it doesn't make does it make sense it does if you want to net 16 tax savings if you're already in the 37 tax bracket as an S corp I mean we either just pay taxes or we start coming up with ways in which we can um offset taxes now this is a tax deferral strategy this is not a tax elimination strategy we do have tax elimination strategies this is a tax deferral strategy I'm deferring the taxes that you're going to pay you're still going to pay taxes on the C Corp if you do nothing right if you do nothing so my job my job as your tax strategist is to teach you how to offset the money inside of that management company guys I really want to take this last couple of minutes here to explain to you why I'm doing another tax-free wealth challenge the link is below I'm encouraging you to sign up as a VIP if you sign up as a general admission I won't know who you are I won't even get a chance to talk to you um I won't get a chance to um have you unmute and tell me your situation and when you get to have a conversation that won't happen if you're just a general admission if you go VIP I get to actually sit down with you understand your situation figure out if you have llc's escorts management companies children husbands wives spouse parents that are getting older and a state that's being transferred over to you I get to understand your situation put myself in your shoes and then I can start to help you and with the 67 days we have left in the year that might be important to you that might be important for you to establish this relationship right now while everybody's worried about this recession I want you to think recess how can you play and dominate during this time period right now while everybody's turning down how can you turn up what is it going to be and what is it going to take in order for you to be able to reduce your taxes and build wealth quicker this is the time period where you can get ahead of people right now and that's how I look at it I'm going to jump on these lives weekly between now and the end of the year but what I'm not going to do is I'm not going to cover the stuff that's going to be in my tax-free wealth challenge that challenge is for people who are really going to show me the hey Carlton I want your help I want to learn from you I'm willing to show up and get the training from you and so I I say this that I'm grateful for those who have already followed me up to this journey this has been an incredible road that we've been on you guys have seen the growth on the YouTube channel it's been absolutely absolutely phenomenal and that's all because of you guys it's because of you guys sharing my videos because you guys tuning in and listening and um whether you're on the treadmill or working out or driving in the mornings I hear all of it and I love that I love that you guys are tuning in with me what I'm gonna do more of is I'm gonna start ripping back the layers of some of the stuff that I feel like you need to do a lot of my stuff's information based now I'm going to be action based here hey I need you to do these things I need you to look at a management company I need you to look at how we can place a child on payroll I need you to look at real estate I need you to look at accelerated depreciation I need you to start doing these things with me so we can start Building Wealth together if that's something that you guys are open to I want to welcome you to my community and welcome you to my channel if this is your first time here my name is Carlton Dennis licensed tax strategist I will be back on here on Friday teaching you a brand new completely different tax strategy just want to say thank you guys so much for tuning in to my live session I'll see you guys soon take care

Channel: Karlton Dennis

Views: 50,920

Keywords: deductions in taxes, tax planning, tax deductions, tax deductions for rental property, rental property tax, rental property tax deductions, karlton dennis, real estate tax strategies, how to pay yourself llc, when to switch to an s-corp, tax saving strategies

Id: X012a0enTAQ

Length: 53min 18sec (3198 seconds)

Published: Wed Oct 26 2022